The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
•,
06.
'
""
1938
JUL 5
A0W«
library
COPYRIGHTED IN 1938 «Y WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 147.
lssuedW|;6Vpe?Year,Copy~
ENTERED AS SECONO-CIASS MATTER JUNE 3»,vJB*9, ATTHE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACT OP MARCH 3, 1979.
NEW YORK, JULY 2, 1938
NO.3810.
William cor, Spruco Sts., N.Y.G»tY " »
h
i
THE CHASE
BROOKLYN TRUST
NATIONAL BANK
COMPANY
OF
Chartered 1866
;
CITY
THE
OF
NEWJORK
_
The
chase is
tra-
George V McLaughlin
r
ditionally a bankers' bank.
President
For
BROOKLYN
NEW YORK
many
served
years
it has
large number
a
Member Federal Deposit Insurance
;
Corporation ; *■'
of banks and bankers
'
as
New York
correspondent
and
depository.
reserve
Federal Deposit Insurance
Member
Corporation
FUNDAMENTAL
BANK''
AND
INVESTORS
INC.
►
INSURANCE
United States
STOCKS
Prospectus
Government
available from
Securities
local dealers.
Brown Harriman & Co.
The
FIRST BOSTON
CORPORATION
NEW YORK
BOSTON
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
Philadelphia
Boston
Hallgarten & Co.
SAN BRANCISCO
PHILADELPHIA
Established mO
NEW
Chicago
Washington
San Francisco
CHICAGO
AND OTHER
Representatives in other leading Cities
PRINCIPAL CITIES
YORK
London
Chicago
The
and
State
NewYhrkTr u st
Bonds
Municipal
BEAR, STEARNS & CO.
ONE WALL STREET
Barr Brothers & Co.
NEW YORK
■
Capital Funds
.
.
INC.
$37,500,000
Chicago
New York
IOO
40TH
FIFTH
HOMER & CO., INC.
40
BROADWAY
ST. & MADISON AVE.
;
AVE.
& 57TH
ST.
NEW YORK
Exchange Place, New York
European Representative's Office:
8
KING WILLIAM STREET
LONDON, E. C. 4
CarlM.Loeb,Rhoades&Co.
61
to
Banks and
Dealers since 1888
HORNBLOWER
&
WEEKS
Established 1888
40
*
*
BROADWAY
Service
Wall Street
NEW YORK
Members New York,
NEW YORK
London
Paris
Amsterdam
Member of the Federal Reserve System,
Berlin
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
July 2,
Chronicle
Financial
n
COMMITTEE FOR
INTERBOROUGH RAPID TRANSIT COMPANY
FIRST AND REFUNDING MORTGAGE 5% GOLD
DUE JANUARY
To
the
Holders
Bonds Due
In view
of
1, 1966.
Interborough Rapid Transit Company First
January 1, 1966, and of Certificates
of
BQNDS
and
Refunding Mortgage 5% Gold
Deposit Therefor:
of the failure of the Interborough Receiver, under Court order, to pay a
portion of the sinking
July 1, 1938, and to pay the interest due July 1, 1938 on the Bonds of the above
issue held in the sinking fund created for the retirement of such Bonds, which amounts constitute most of
the provision for the retirement of the outstanding Bonds, the Committee urges that Bondholders who
fund installment due
have
in
not
already done
so
should deposit their Bonds with the Committee with
negotiations respecting either (a) the sale of the properties to the City under
a
a
view to being represented
unification plan
or
(b)
an
independent reorganization of the Interborough properties free from the burden of the lease of the Manhat¬
tan
Railway Company.
The Committee has addressed
v
a
letter under date of
July 1, 1938 to holders of Certificates of Deposit for
the above Bonds and will upon request furnish copies thereof to Bondholders who have not yet
deposited
developments regarding the properties which form the
security for the 5% Bonds, including a summary of Judge Patterson's recent decision permitting the Inter¬
borough Receiver to disaffirm the Manhattan Lease.
their Bonds. Such letter
sets
forth the
most recent
Upon the deposit of Bonds,in negotiable form, the Committee's Certificates of Deposit,listed on the New
Exchange, will be issued. If accompanied by interest coupons maturing on July 1, 1938, the
to the collection and distribution to depositors of the amount of the coupon due
York Stock
Committee will attend
July 1, 1938, and thereafter without further action on the part of the depositors will collect and distribute to
the depositors such further interest as may be received by it in respect to the Bond or Bonds so deposited.
New
York, N. Y., July 1, 1938.
J. P. Morgan, Chairman
A.M.Anderson
H. M. Addinsell
Depositary:
F. H. Ecker
J. P. Morgan & Co.,
23 Wall
Street,
New York, N. Y.
jvj. Penrose Hallowell
_
■
_
■
G. Hermann Kinnicutt
Clarance Stanley
Counsel:
Davis Polk Wardwell Gardiner &
15 Broad
Street,
New York, N. Y.
Reed,
■
Robert P. Howe, Acting Secretary,
23 Wall Street, New York, N. Y.
1938
TH<'■
I
omnu'iTia
Vol. 147
No. 3810.
JULY 2, 1938
CONTENTS
Editorials
TheJFinancial Situation
PAGE
_ _ _ _ _ _
The Coming Investigation
_ _ _
2
.
of Monopoly
14
Pressure Politics and Pressure
Groups
That Peculiar Investigation of
"Telephone"
16
______
__
__
17
Comment and Review
Text of Work Relief and Public Workfe
Act
Week
Appropriation
_r_
on
20
_ _
_ _ _
the European Stock Exchanges.
___
Foreign Political and Economic Situation.
Foreign Exchange Rates and Comment
6
7
-
11 & 59
Course of the Bond Market
23
Indications of Business Activity
24
Week
on
the New York Stock Exchange.
Week
on
the New York Curb Exchange
.__
5
58
News
Current Events and Discussions
Bank and Trust
General
35
_
Company I terns
58
_
Corporation and Investment News
Dry Goods Trade.
State and
__' 101
147
_
Municipal Department
148
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and
___61 & 67
Sinking Fund Notices
61
Dividends Declared
62
Auction Sales
-___
New York Stock Exchange—Stock
New York Stock
61
...
Quotations.
_
Exchange—Bond Quotations..
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other Exchanges—Stock
________
and Bond Quotations
Canadian Markets—Stock and Bond
68
68 & 78
84
88
90
—
Quotations
_ _
94
Over-the-Counter Securities—Stock & Bond Quotations.
97
Reports
Foreign Bank Statements
;_____
Course of Bank Clearings
— „
_
Federal Reserve Bank Statements.___________
General
Corporation and Investment News
_
10
59
65
101
Commodities
The Commercial Markets and the
Cotton
—
Breadstuffs
Published Every Saturday
Herbert D
Seibert
-
-
-
__________
Crops.
—
—
138
140
144
Morning by the William B. Dana Company, 25 Spruce Street, New York City.
Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer; William D. Riggs, Business
Manager.
Other offices; Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613)
London—Edwards & Smith, I Drapers' Gardens, London, E. C.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New Yoric, N. Y.. under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
$20.00 per year, $11.50 for 6 months
Transient display advertising matter, 45 cents
request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
foreign subscriptions and advertisements must be made in New York funds.
South and Central America, Spain,
(Except Spain), Asia, Australia and Africa,
agate line.
Contract and card rates on
per
for
The Financial Situation
many
found to realign party
such
the
a
"liberal"
servative,"
with
well
may
appear
people wholly opposed to the President
numbers of
and his
emerge,
Liberalism
Let
intelli¬
an
gent and intelligible manner at election times.
who it
see
us
Conservatism
vs.
really is that he is inviting into
his ranks.
"Roughly speaking," he
President in his latest "fireside talk" has again, and
school of
thought recognizes that the
this time quite
throughout the world call for
The
definitely, undertaken to divide candi¬
dates into two classes
(regardless of existing party
according to some such principle of
affiliations)
and
classification,
eral" leanings.
called
has
the
upon
the
the machin¬
according
American
of
ideas of "liberalism."
has,
however,
first
made
deavor to
from the
which
liberal
harbored groups
to
his latest radio
has continued
remains
fully
be
"have
one
followers
large
than
President
true
can
would be
be
fact
no
other
of
area
one
of the many "blind
set
another
himself
for
that
lies
matter,
nize
the
no
that
State
a
an
economic
theoretical
case
can
new
that
*.
a
The test
but
now
profit,
another
or
of
an
them—that
things
we
many
of
have done
we
old
the
gold standard,
stop all this business of
old-age pensions and
cannot fail to prove
demonstration
initiative
solve
to
about to be inaugurated is in
It
It believes
individual
and go back, for instance,
The
all.
problems.
private philanthropy
the
biting sarcasm of the
the expense of those who
protest
no test at
govern¬
step in and
ought to repeal
alters this obvious truth not at all.
reality
the need for
will
prosperity
President at
general
and
fact
is to be reached.
a
take action to meet these
at least
be made out
dividual in his opportunity to make
if any reasonable degree of lasting
the
as
ment itself to
could
success
Socialism, but it is
thought,
proposition, does not recog¬
just
long must government refrain from taking
steps which destroy the confidence of the in¬
of
un¬
employment insurance,
already
repeal the
self-evident fact.
gain¬
that
defi¬
ing or conservative school
people's
so
is not readily available.
the
with
determines to
action is left the citizens of this
country,
or¬
effective machin¬
There
and
is, however, that so long as any
substantial degree of freedom of economic
parties, to whom conveni¬
saying
try"
more
be made of
called, in the two leading
ery
operations
believe that
ment
conservative elements, so-
ent and
plunger
thinks he finds, the
or
country can prosper economically
half slave and half free.
We do not for a mo¬
more
have
test is not
spots" of the President's advisers, and of the
It
mass
This strange
of liberalism is
against
over
of
fact that
The
a
his
Within the
for it.
ganizing
of
reform
on
conservatism. "The oppos¬
in
admitted that he
in uniting and
are
kind
equally strange account of
must be
progress
The action of the Adminis¬
now.
We
the
which, in effect, is reaction
that failed then
program
to
proc¬
fascism
of
moratorium
money.
can
made
that the
giving the idea another
defect
how
date
opposed
stagger¬
a
instead
communism.
or
need whatever for
from 1933 to 1937 at
test
same
no
problems
our
through democratic
esses
nition
objectives, but it
to
the
not
the prospects
itself."
reach his
has
or
these
who, losing all, finds,
re-em¬
seen
provide
We believe that
dissimilar to that of the stock market
and in
President
to
the
in
men
of course, will cost many
The same question was put
ransoms.
the
tration in
more
phasized these efforts.
which,
will succeed
appeal he
and
to
through continuing effort,
to suppose
than has the
Democratic Party,
is whether
out
business
our
govern¬
government
we use
solve
can
we
na¬
of
instrument of coop¬
an
ing cost, and the results certainly were un¬
equivocal.
There is not the slightest reason
definite inclinations in this
direction
test
test,
kings'
past has
with
Advance¬
the
con¬
the
en¬
leanings
years
for
"the
Precisely; but there is
Republican Party,
for
form
eration
for
business profits can be recreated by the lavish
expenditure of public funds."
draw voters of
so-called
that
about to
He
conscious
be adopted and
can
remedies.
now
the
from
Association
Science
fidence of
his
to
as
question of
tional policy which the United States is
Democratic
Party, and to remold the
party
Costly and Senseless Test
Co., put the matter neatly into a
nutshell when in Ottawa on Tuesday he told
permanently to fasten
of the
remedies
land Trust
ment
ery
new
Colonel Ayres, Vice-President of the Cleve¬
perfect
to
his hold upon
that these
insist
Those
thought
successfully maintained in this country under
to
ment if
A
conditions
new
in America who hold to this school of
The Presi¬
doubtless
and
us
"the liberal
says,
remedies.
new
present
dent's immediate objective
is
people
of
"lib¬
with
those
support
But is it ?
policies have been demanding.
order that the voters be presented
in
to many to be precisely what large
"radical" and the other "con¬
or
opportunity to pass judgment in
an
way
affiliations in this country in
that two major parties would
way
one
some
On the surface, this
servatives" out of his camp.
FOR a long while pastquarters that been forth¬
demands have
coming from
be
Securities
Exchange Act,
it
or
let
or
and
mo¬
nopolies thrive unchecked
desirable, indeed that it is essential, that
the people be given, and be
persuaded
as
far
as pos¬
—return, in effect,
had
in the
to the
twenties."
kind of government
we
Then follows this assertion:
sible to exercise, a choice this autumn between the
"Assuming the mental capacity of all the candidates,
type of policies represented by the New Deal and
the
sensible,
commonsense program
It is at least
a
of constructive effort.
theoretically desirable that the politicians
of the country
be organized into two major
representing respectively
It is for this very reason
these two
all the
more
groups
general
ideas.
important that
the latest
appears
appeal of the President, which superficially
to champion just ,such a cause but which
really does not, be subjected to close analysis.
President
in
effect
sets
himself forth
as
"liberal" leader and asks all "liberals" to
with him.
At the
same
time
the
The
great
join forces
he invites the
"con-
important
question which it
seems
to
primary voter must ask is this: To which
me
the
of these
general schools of thought does the candidate be¬
long?' "
It
would indeed be
candidates this year
"these schools of
of the thirties
twenties.
or
a
catastrophe if all political
belonged to
one
or
the other of
thought," advocates of the follies
apostles of the madness of the latp/
Heaven
forbid!
Yet how
continuously
preached by persuasive and plausible
politicians of this day and time, and how distressingly
this doctrine is
many
of the people of this country
seem
to accept it
Volume
to
a
Financial
147
less extent, difficult as
greater or
believe that it could be
accepted by
The President's definition of
couched
in
a
he has in mind when
he
found
doubt
no
cannily
"continuing
upon
problems for which
during five
to what
as
speaks of "new remedies"
conditions," and insists
effort" to solve
been
"liberal" is
no
to do so in language less likely to mislead, but to
those who are willing to view the situation with
any one.
general terms, but the thoughtful
very
reader of his sentences is left in
for "new
it is to
solution has
realistic
eyes
his position is clear enough.
If he
thinks there is something to be gained by labeling
his platform "liberal"—well, there is no way of
preventing such action
on
his part. The important
thing is to see to it that only those who really believe in what the President stands for support him.
What the public
of experimentation.
years
3
Chronicle
can
hardly be expected to do is
"Continuing effort" has already brought such "new
to permit the President to characterize the opposi-
remedies" into
tion for it. Neither can it afford to turn from those
the
two labor
of
being
ties
acts
the
"social
of
the
and
the
that provided in the securi-
as
utility acts, such "solutions"
security" enactment,
These
order.
same
others
and much
and
measures
and have been
certain
cited by him in his radio address
are
on
many
other occasions
for which "liberals"
measures
willing to "do
as
doing what he
the type
ought always to be
die," and candidly he
or
his intention of
can
announces
to defeat candi-
dates for seats in
Congress who have not shown
sistent
for
who
support
them.
at times to be
The
saying that
dictators but insists
different
conservative,
according
dent, is the man who would put
excellent program
it—and in addition
ard"
whatever
a
an
to
the
Presi-
is applied to
"go back to the old gold stand-
and, strange though it is, "let the monopolies
thrive
unchecked"; who would return "to the kind
government we had in the twenties"!
dent fails to make any
The Presi-
direct reference to the under-
lying characteristic of this earlier period to which
he
often
so
as
with
refers
scorn—inflation—for
doubtless that the "liberals" have
reason
their very own.
cerned, he
tion has
seems
never
As far
as
monopolies
are con-
to forget that his own Administra-
shown
any
consistent opposition to
them, that it has created a vast agricultural mo-
nopoly and is paying for its maintenance with other
people's
ing
that it has come as near to legislat-
money,
labor monopoly in this country as it could,
a
and that
through the National Industrial Recovery
which the President upon
Act,
occasion still de-
fends, it undertook to bring an almost endless series
of
monopolies into existence. The fact that the New
Deal has fallen heir to many
Era does
matter
of the sins of the New
not, of course, in any way sanctify these
They are wholly objectionable, no
transgressions.
who
champions them.
If the people of this
country must choose between the New Deal and
New
Era, it faces
The
Hobson's choice indeed.
Truth Behind Words
and
the
a
The truth of the matter
"conservative"
have
°
isfthat
the terms "liberal"
become
words to conjure
with, and they are being freely employed for that
They ought to be dropped from political
purpose.
is
usage.
There
them.
The issue
are
faced
order.
is,
or
no
intelligible meaning left in
by which the people of this country
ought to be, of a wholly different
It makes not
an
iota of difference wiiat ad-
jectives are applied to the parties thereto. We may,
must, let the President define his own
indeed
we
stand.
It would be helpful if
Least of all should
it permit itself to suppose that all those who look
upon the President's program with disfavor are desirous of a return to the blunders of the 1920's. A
great many formerly labeled "liberals" have turned
from the New Deal in disgust, but they today have
sympathy with what took place during the
decade or two preceding the crash of 1929 than has
the President—not nearly so much, in fact. There
no more
also are many who at the time were unfortunately
misled by the plausible claims of the New Era but
who now fully recognize that its excesses were only
serting that only a very small minority in this conn-
somewhat
end to all this—
name
the President merely because he de-
the
one
of reaching them,
purpose
oppose
adopted it
indeed
"liberal" is
using
upon
technique for the
the
Now
of
a
con-
who
scribes them as "conservative."
little less harmful than those of the New Deal. In
addition, moreover, there exists an army of thoughtful observers who have never had the slightest liking
f()r the war and earlier post-war policies of inflation
and their accompaniments, who during the 1920's
were sometimes listed—and roundly condemned—as
"radicals," and who now are grouped by the President as 'conservatives" and again condemned because they cannot bring themselves to support the
curious conglomeration of programs known as the
New Deal, which has been partly borrowed from the
New Era, partly stolen from the Middle Ages, and
partly originated by the dreamers with whom the
President has surrounded himself. The President
has probably been quite accurate in repeatedly as-
President
champions most of the objectives of the Euro-
pean
an
as
more
equally undesirable for which he has "just
begun to fight"
seems
the
as
acts, such restriction and regimentation
private initiative
of
the agrarian legislation of
as
past four or five years, such "reform"
he could be persuaded
a
try wish to return to the policies of the 1920's.
He, however, is certainly wrong when he says that
only a small number question the soundness of his
type of "liberalism."
Is the President unable to conceive of an opposi-
tion which does not believe in undue interference
with business, whether his particular brand of interference or some other; which does not concede the
wisdom of subsidies, whether granted to farmers or
to "protection"-seeking industrialists; which abhors
monetary arid credit tinkering, whether perpetrated
by himself or the "economic royalists"; which recognizes the unfortunate effects of inflation, whether
called by that name or some other; which is equally
opposed to pampering labor or coddling the "interests"; which is firmly of the opinion, held neither
by him nor by the politicians of the 1920's, that individual initiative, left reasonably unrestricted and
wholly unsubsidized, is the basis upon which the
wealth of the world is enlarged and economic wellbeing enhanced; which is insistent upon full cornpetition as neither he nor his predecessors in power
have been for long years past; which is as much out
of sympathy with his economic planning and his
managed economy programs as with the allegedly
more orthodox means of undertaking to help or to
stimulate this, that, or the other industry or branch
of business professedly unable to stand on its own
feet; and which in a nutshell would institute a re-
Financial
gime of real laissez-faire
Cleveland
There is
understood by Jefferson,
as
Wilson?
or
Chronicle
July 2, 1938
jority of observers.
And the May figures released
this week tend to confirm this
certainly such-an opposition to him and
to
In seeking
opinion.
explain the high levels of the country's exports
his programs, whether or not he is
cognizant of the
in the first four months of the year,
fact, and it is the paramount task of the citizenship
of the
country to organize it and render it effective
dropped far below 1937, the June issue of the Fed¬
at the
polls next November.
"Bulletin" finds that the chief factor
eral Reserve
sustaining exports is:
:
"Continued
Federal Reserve Bank Statement
■
purchases
countries in the face of
OTHER than a further sharp increase of idle
little of unusual interest is
bank
resources,
reflected in the current banking statistics.
in circulation
rency
week to June
the
20, this being
a
excess
normal expansion
Although the
of member banks
reserves
requirements increased
$2,900,000,000.
funds
"The failure of
on
cur¬
legal
over
less than $120,000,000 to
no
liberally from its general account with the 12
banks, but still has
a
long distance
before that account is reduced to normal
portions, and
excess
thus
reserves
to continue the advance.
can
pro¬
be expected
In the week to
Wednesday
night, large reductions of the "other deposits" and
foreign bank deposits also contributed to the ad¬
vance
of member bank balances.
indication
the
that
is
resources
business.
enormous
exercising
any
There is still
total
of
idle
pronounced
a
nominal
a
under the
effect
the
security
collateral
gained
more
Brokers' loans
only
$5,000,000
appears
to indicate
that
in
much
buying of securities has been for
,
completion of enterprises commenced some months
lished
Gold
the
mar¬
of
the
and total
vanced
were
Since
reserves
Reserve
fell
up
the
12
$17,000 to $10,635,-
$5,535,000 to $11,051,839,000.
in
notes
actual
circulation
ad¬
gain of member bank
063,000 to $8,040,951,000;
account
a
reserve
a
balance
greatest since 1930, imports have
July each month has shown
Total deposits
deposits by $119,-
decrease of the Treasury
to
export
has
hovered
around
$100,000,000
With
month.
a
imports in the past 11 months of $2,215,440,000 and
exports of $3,168,407,000, there has resulted
The trade
an ex¬
figures for May, however, indicate the
beginning of
change.
a
Exports in the month,
years
$863,-
decline of foreign bank balances by $10,-
888,000 to $138,612,000, and a drop of other balances
by $68,067,000 to $227,441,000.
The reserve ratio
remained
preceding
a
when
years,
the largest of the respective
were
until that month.
up
aggre¬
the smallest of the year;
are
direct contrast with the two
The May figures
are
6.3% below the April figures of $274,485,000, and
11.3% below the $289,922,000 shipped in May, 1937.
month
failed
have
exports
of the
previous
November, 1936, in which
exceed
to
the
corresponding
year.
Imports have been falling lower and lower, and
they, too,
the smallest of the
were
amounting
to
$148,260,000
only
year
in May,
compared
with
$159,907,000 in April and $284,735,000 in May, 1937.
It is
hardly necessary to look for
the decline
an
importing wheat and
tities
last year
crops,
whereas
satisfy
our
an
explanation of
beyond the depressed state of American
industry and trade, but
$24,585,000 to $9,-
by $64,693,000
an
steadily increased from $2,970,000 in
July to $108,411,000 in October, since which time it
were
270,901,000, with the account variations consisting
897,000;
last
balance which
outflow reduced other cash
currency
$15,874,000 to $4,124,442,000.
general
the
are
dropped to the smallest for that period since 1934.
cash.
holdings of
with the Reserve banks declined
a
date
to
It is the first month since
to reimburse itself for the
certificate
Federal Reserve banks
929,000, but the
Federal
prices for imported manufactures."
Although exports in the five months of the year
000,000, but the Treasury followed its practice of
acquisition.
foreign products of the proceeds
earlier, and the maintenance of previously estab¬
May shipments
Monetary gold stocks of the country increased a
$5,000,000 in the statement week to $12,962,and failed
on
on
further
recent weeks
.
.
abroad, the delivery of orders placed or the
gating $257,177,000,
week, despite the flurry in the stock
ket, which
of
expenditure
of sales
on
increase, and the total remains far
a year ago.
.
imports [of foreign raw material
port balance of $952,967,000.
gain of $3,000,€00 in business loans
figures of
statement
recent
no
credit
during the week to June 29, but this is hardly
material
to respond quickly to the altered
countries—Ed.]
Reporting member banks in New York
City disclosed
by raw
export situation reflects such factors as the delay in
The Treasury continued to disburse
Federal Reserve
than
products in the United States.
increase restrained the advance of idle bank
rency
funds,
abroad
declining markets for their
cur¬
increased $26,000,000 in the
approach of the month-end.
to go
All
while imports
added
corn
reason
is that
in substantial
because of the failure of
now
own
have
we
more
requirements and
our
are,
in fact,
$515,000 in
foodstuffs also showed
unchanged at 82.5%.
Discounts by the
regional banks increased $183,000 to $9,691,000. In¬
year,
dustrial
ex¬
is
exports of these two items in May,
1938, aggregated $26,492,000
than
as
case.
The value of
more
own
than needed to
porting these commodities in large amount,
normally the
we
quan¬
a
as
May,
compared with
1937.
Other
no
crude
substantial gain over last
moderately.
advances
were
marked up
590,000, while commitments
$55,000 to $16,-
$49,000' to $13,649,000. Open market hold¬
ings of bankers' bills were unchanged at $537,000,
and the total of United States Government
security
holdings likewise remained stable at $2,564,015,000.
Foreign Trade in May
tinue at the
the first few months
diminished
of 1938 in face of
imports has been the view
offset
of
sharply
the
ma¬
in
these
items, however,
were
more
rose
than
by sharp declines in the other groups, crude
materials,
finished
manufactures
and
factures, the last-named in particular.
factutes
dropped
semi-manu¬
Semi-manu-
to
only $42,649,000 from $71,Cotton exports in May dropped
only 206,793 bales, with a value of $10,402,651,
772,000
to
THAT the country's exporthigh levels prevailing
trade could not con¬
relatively
in
Gains
to make such advances
increased
while shipments of manufactured foods
from
a year ago.
402,698 bales in April, valued at $20,136,862.
In
May, 1937, 346,155 bales, worth $24,643,069,
shipped.
Imports of wheat and
corn
were
in May amounted to
Volume
no
more
Financial
147
$82,000 in contrast with $8,073,000 in
than
Imports of all crude foodstuffs were
May, 1937.
nearly 50% reduced from May a year ago, while the
decline in
other crude materials was even greater,
Semi-manufactures
were
about half
as
great as last
while finished manufactures, with a drop of
year,
28%, showed the smallest decrease.
export balance in May amounted to $108,-
The
917,000 and in the first five months, $544,226,000,
compared with an export balance of
an
$5,187,000 and
respective
import excess of $125,976,000 in the
periods of 1937.
year's merchandise export excess has
This
been to
by imports of silver totaling $92,-
extent offset
some
346,000
in
the five
arrived
in
May.
of which $17,952,000
months,
Exports of the metal were only
That the excess of
$1,345,000 in the five months.
merchandise
exports is not reflected to a greater
extent in the
gold figures is largely due to a steady
outflow of
foreign funds from the United States dur-
months, particularly in
attracting funds from all
over.
Imports of gold in the month of May amounted
to $52,987,000, and in the five months to $192,536,000.
Exports of gold in May were $212,000, and in the
ing the past seven or eight
May, when France was
five
London and other foreign markets is reported
turning in such directions. There remains the question whether the market as a whole was undervalued
up to two weeks ago, owing to thinness and the
'general attitude of discouragement brought about
by the forays of the Eoosevelt Administration
against business. Future developments will afford
a better indication as to that point than now is
available. Resumption of large-scale spending by
the pump-primers in Washington unquestionably
has significance, whatever the ultimate results may
be of the steady plunging of the country into the
quagmire of unprecedented indebtedness. Satisfactory, for the time being, are indications that
little borrowing is being done to carry the stocks
now being purchased, for brokers' loans show only a
nominal increase.
In the listed bond market, high-grade money market obligations were in fairly good demand at all
times. United States Government securities regained stability, after declines last week that plainly
could be traced to transfers of funds to the equities
market. Best-rated corporate bonds likewise were
firm. The more speculative railroad obligations
months, $5,618,000.
%
The New York Stock
5
Chronicle
Market
followed an uncertain upward trend that compared
with the movements of stocks. Convertible bonds of
all descriptions were in good demand, but foreign
dollar issues made
little progress.
Among agricul-
NOTWITHSTANDING general uncertainty as tural commodities a degree ofmarket was firm. An
waves of at times, but in general this irregularity prevailed
profit-taking and of occasional
to
real
the
significance of the sudden increase of
activity, gains in stock prices again
stock market
were
the rule this week on the
in
continued
which
New York market,
sustained improvement of last
In view of the
week,
Saturday session, market
the
week were encouraging.
The
witnessed an irregular downward
this
performances
first two sessions
sales were absorbed
readily and on Wednesday another sharp advance
took place on a turnover of more than 2,500,000
shares, trading being the heaviest since last Oct. 29.
This movement, in which gains of 2 to 7 points were
tendency,
but
the
realizing
registered by market leaders, established a fresh
level for the marknet as a whole.
After further un-
Thursday, prices again moved higher
certainty
on
during
less active period
a
highs for the year were
and there no longer can
yesterday. Scores of
registered on the upswings,
be any doubt about the feel-
the business future that
is being imparted by the stock market.
Since confidence is a highly important factor at all times,
and especially so at the present juncture, much has
been gained by the price improvement.
Conjecture as to the real essence of the stock
ing of confidence regarding
market advance
continued all week, but the reason-
ing was no more
conclusive than at this time last
Business indices were
week.
watched with utmost
advance in that sphere
is developing.
There are, indeed, small gains to be
noted here and there, but not on a scale comparable
with the equity price upsurge.
This is not necessarily a matter for discouragement, as it often happens that stock prices outrun a business revival in
the initial stages.
One of the best features of the
current situation is a series of base metal price
care,
to determine whether an
increases, and
which
strength of commodities as a whole,
suggests that inventories may
exhaustion in some lines.
advance
is suspect to a
be approaching
But even the commodity
degree, for speculation in
advance of copper yesterday to 9%c. followed previous rises in other base metals and gave the copper
group of stocks particular strength.
Foreign exchange trading developed nothing new, as official
controls held changes to little more than nominal
proportions.
On
the New York
Stock Exchange 283 stocks
touched new high levels for the year while nine
stocks touched new low levels. On the New York
Curb Exchange 145 stocks touched new high levels
and 14 stocks touched new low levels. Call loans
on the New York Stock Exchange remained un¬
changed at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 1,161,700
shares; on Monday they were 2,105,850 shares; on
Tuesday, 1,289,720 shares; on Wednesday, 2,658,690
shares; on Thursday,
2,581,350 shares, and on Fil¬
day, 2,024,920- shares. On the New York Curb
Exchange the sales last Saturday were 127,485
shares; on Monday, 274,740 shares; on Tuesday,
162,395 shares; on Wednesday, 313,025 shares; on
Thursday, 363,205 shares, and on
Friday, 331,880
shares,
The stock market this week made further progress,
accompanied by a heavy trading volume. On Saturday, after early nervousness, the market found its
stride and under the leadership of the steel shares
prices among the better-known stocks rose sharply
to close the day with net gains ranging from one
to four points. An irregular trend developed on
Monday, and profit-taking cut into previous advances of leading stocks^&ytiough the list as a whole
reflected a greater proportion of gains than losses,
A perceptible decline in sales volume occurred on
Tuesday, and share prices closed the day somewhat
irregular. Traders for the moment were inclined
to bide their time, hence the falling off in demand,
The general undertone of the market, however, con-
6
Financial
Chronicle
were once
bid
were
The brakes
again released
the forward movement
on
in vigorous fashion, in
up
trading since last October.
In
the
modest
the heaviest
first
hour
they
Thursday large-scale stock purchases boosted quota¬
points, only to be fol¬
lowed by heavy liquidation which forced
equities
profit-taking the market pointed higher yesterday,
encouraged by the showing of the public utility
issues.
At the
day's close prices among active issues
gains of from one to three points and com¬
reflected
favorably with the close
pare
General
39%
Electric
Friday
on
a
week ago.
closed
yesterday at 41% against
Friday of last week ; Consolidated Edison
on
Co. of N. Y. at
Elec. at
28% against 25%; Columbia Gas &
8% against 7%; Public Service of N. J.
at
32% against 29%; J. I. Case Threshing Machine at
96 against 88; International Harvester at
66%
Tel.
142
at
against 140%.
Western Union closed
yesterday at 30% against 25%
on Friday of last
week; Allied Chemical & Dye at 174 against 168%;
E. I. du Pont de Nemours at
National Cash Register
national
Nickel
121% against 113%;
at 20 against 19%;
Inter¬
at
50%
against 47%;
15%
against
National
14%;
Biscuit at
34
24% against 24; Texas Gulf Sulphur at
against 33%; Continental Can at 47% against
45; Eastman Kodak at 169% against 166; Standard
Brands at 8% against
7%; Westinghouse Elec. &
Mfg. at 99% against 89%; Lorillard at 17% against
16%; Canada Dry at 18% against 18; Schenley Dis¬
tillers at 20
at
against 17%, and National Distillers
22% against 21%.
Wide
week.
States
Steel
closed
motor
yesterday at 3%
group,
against
week; General Motors
ler at
at
on
this
28.7% of
Price de¬
year.
important indus¬
modified, with results that still
what uncertain
electric power
by
the
of
cars
Electric
558,937
at
2,019,036,000
cars
Car
year.
freight for the week to June 25
according to the Association
cars,
Railroads.
the
over
211,008
Institute
against 1,991,115,000 in the previous
revenue
American
are some¬
Production of
2,238,332,000 at this time last
loadings of
totaled
industry.
for the week to June 25 is reported
kilowatt hours
week and
to the
as
Edison
This
previous
was
week,
gain of 3,368
a
but
decrease of
a
from the figure for the corresponding
week of 1937.
As
indicating the
of the commodity
course
mar¬
kets, the July option for wheat in Chicago closed
yesterday at 73%e.
as
Friday of last week.
yesterday at 57%c.
yesterday at 27c.
against 75%c. the close
July
as
Friday of last week.
corn at
against 57%c. the close
on
July oats at Chicago closed
against 27c. the close
as
on
Chicago closed
Friday
on
of last week.
The spot
price for cotton here in New York closed
yesterday at 9.01c.
as
Friday of last week.
13.95c. the close
copper
on
advanced
In London the
15/16
The spot
on
price for rubber
Friday of last week.
yesterday to
aganist 9c. the close
18
against 8.82c. the close
closed yesterday at 15.20c. against
here in New York
on
close
Domestic
9%c.
at
as
Friday of last week.
price of bar silver yesterday
against 19
pence per ounce as
was
pence
per
Friday of last week, and spot silver in
on
Friday of last week.
Auto
closed
Friday of last
37% against 35%; Chrys¬
In
the
transfers
as
closed
yesterday at 42%c., the close
of
matter
the
foreign
London closed
on
at
2.78%c.
on
cable
on
Friday of last
Paris closed yesterday
against 2.79c.
as
exchanges,
on
yesterday at $4.95 11/16
against $4.96 5/16 the close
week, and cable transfers
the
close
Friday
on
of last week.
62% against 54%, and Hupp Motors at %
In the rubber group, Goodyear Tire &
European Stock Markets
against %.
Rubber
Steel opera¬
estimated by
are
try, and the old "basing-point" system of quotations
New York
Auburn
3%
important because
ending today
effected in
yesterday at 59
on Friday of last week; Inland Steel
79% against 75; Bethlehem Steel at 60% against
54%, and Youngstown Sheet & Tube at 41% against
the
been
have
has been
against 52%
In
week
the
steel shares this
at
39%.
more
and 75.0% at this time last
ago,
ounce
gains marked the trend of
United
for
clines
National
Dairy Products at
the
the American Iron and Steel Institute at
against 61%; Sears, Roebuck & Co. at 67% against
64%; Montgomery Ward & Co. at 43% against 38%;
Wool worth at 45%
against 45, and American Tel. &
are
counter to the seasonal trend.
capacity against 28.0% last week, 26.1% a month
lower, principal issues coming in for the greater
declines, which approximated from one to three
In decreased trading volume and scattered
gains, which
run
tions
on
tions from fractions to two
points.
7
•
Major trade and industrial indices reflect very
Wednesday, and prices
on
July 2, 1938
„
..
tinued firm.
closed
yesterday at 22% against 20% on
Friday of last week; United States Rubber at 38%
SMALL advances were the rule on stock exchanges
leading European financial centers,
against 32, and B. F. Goodrich
week, after
at
17% against 15%.
The railroad shares extended their
gains the present
week.
Pennsylvania RR. closed yesterday at 19%
against 18 on Friday of last week; Atchison Topeka
& Santa Fe at
35% against 31%; New York Central
at
16% against 14%; Union Pacific at 83 against
77%; Southern Pacific at 16% against 14%; South¬
ern
Railway at 11% against 9%, and Northern Pa¬
cific at 10% against
10%. Among the oil stocks,
Standard
Oil
against|51%
Oil at
25
of
N.
J.
closed
yesterday
at
55%
on Friday of last week; Shell Union*
10% against 14%, and Atlantic Refining at
against 23%.
In the copper group, Anaconda
Copper closed yesterday at 33 against 29% 011 Fri¬
day of last week; American Smelting &
Refining
at 50 against 45%, and
Phelps Dodge at 29%
against 25.
•
in the
vance
this
a
series of irregular sessions.
in New York
proved increasingly impressive
the other side of the
in
revived
shared
in
waves
ment.
lar,
only to
a
were
quiet,
save
Anglo-American
of
securities.
and
occasional
profit-taking checked the upward
gains somewhat
the
Dealings
for the enhanced inter¬
favorites,
The French and German markets
with
European
modest degree in
investment interest in
at London
est
on
Atlantic, but it resulted mainly
greater interest in American shares.
securities
The ad¬
more
were
move¬
irregu¬
pronounced
than
losses.
etus
European diplomatic difficulties put a qui¬
on
trading in local securities, as the growing
dissension between
England and Italy, occasioned
by "insurgent" sinkings of British ships in Spanish
waters, was anything but comforting. French de¬
crees on
Tuesday provided the Bank of France with
Volume
new
Financial
147
for control of the
powers
introduced
market, and
money
uncertainties
new
the
to
as
outcome of the current trend in that
Ger¬
country.
economic indices suggest that the
man
eventual
totalitarian
State is finding its problem troublesome, and moves
for the
complete control of all German labor
com¬
7
Chronicle
of 1%% contrasted with 1%% in
carry-over, rate
mid-June, but still
operations.
and French
low enough to encourage
was
Rentes
decided improvement,
showed
equities of all descriptions were strong.
Commodity shares and international issues were in
sustained demand.
Irregular tendencies prevailed
pensation and labor relations perturbed the market
yesterday, with rentes and equities affected simi¬
in Berlin.
larly,
European
crop reports were
slightly im¬
proved this week, but it appears that damage caused
by unseasonable weather in the Spring is not likely
be
to
corrected
foodstuffs
entirely and extensive imports of
probably will be necessary. All these fac¬
contributed
tors
stocks,
to
greater interest in American
modified views of European security
and
all changes being small.
Little business
the
initial
The London Stock
of
the
the Berlin Boerse in
on
week, but the tone was
Small gains were common among German
steady.
equities, and losses were occasioned chiefly by spe¬
cial
Fixed-income issues were dull
developments.
Issuance of
and uncertain.
tion of all wages
possibilities.
done
was
session
decree for the regula¬
a
payable to German workers proved
rather active
on
stimulating to the Boerse on Tuesday, as the belief
Monday, but gilt-edged issues receded slightly
as
prevailed that compensation would be fixed at lev¬
funds
Exchange
from such issues to the
diverted
were
was
more
speculative markets. British industrial stocks forged
ahead under the
while
leadership of iron and steel shares,
commodity issues
little
changed
occasioned
Unfavorable reports
from New York
general set-back at London, Tuesday.
a
Gilt-edged issues
from
suffered
active, with prices
were
reports of the inconclusive trend
on
at New York.
in general demand.
were
Anglo-American favorites
dull, while industrial stocks
were
profit-taking.
In
the
commodity
most changes were toward lower levels, and
group
early weakness in Anglo-American issues
was
partly overcome by a late advance.
els
affording
securities
favored
few
tain
start
only
erally in quiet demand.
Industrial stocks and
gen¬
com¬
modity issues gathered strength as the session
attention, however, with late quotations
in New York.
ports of the advance
the London
on
strength
on
were
sues
Activity in¬
Gilt-edged is¬
higher, under the leadership of
Trading
was
quiet yester¬
realizing took place in
week-end
and
re¬
improved. International securities
Anglo-American issues.
day,
on
supported, and most British indus¬
and
active
up
market, Thursday, owing to
side of the Atlantic.
our
well
trial stocks also
were
pro¬
Anglo-American favorites attracted most
creased
some
Gilt-edged issues were firm, but industrial
groups.
Wednesday, prices held close to previous
session
on
levels.
There
advances
were
registered
on
the Paris
Bourse, Monday, with the movement attributed to
the
marked
sharply higher
rumors
on
Bank of France would receive powers
the money
was
the
advance
market to
French
likewise
sues
a
Bank
case.
of
a
that the
for control of
greater extent than formerly
stocks
chemical
and
led
the
and international is¬
equities,
improved.
kets occasioned
Hesitation in other
mar¬
sagging tendency at Paris, Tues¬
Rentes lost part of their previous gains and
day.
French
of the
equities lost all of the earlier improvement
week.
International
issues
suffered
only
a
Another uncertain session followed at Paris
little.
on
Rentes
operations of professional speculators.
were
Wednesday, with rentes fractionally lower and
French
new
equities also inclined to lose ground.
decree for bank power over
occasioned
the
some
eventual
stocks
were
confusion
results
of
and
the
in good demand,
dicative of sentiment.
Berlin
on
obliga¬
Thursday, but the gains exceeded a point
High grade investment
soft.
Trading was
only in a few favored issues.
securities
dull
small
losses than
small
Advancing levels were the rule at
improved.
neglected and
were
yesterday and changes small in all groups.
Peaceful Scandinavia
apprehension
policy.
The
Wil¬
landing of immigrants
joined last Monday in an observance at
mington, Del., of the first
the two
Scandinavian countries in America,
300 years ago.
A monument was raised at the land¬
from
ing place to mark the event, but far more important
than the stone shaft were the sincere expressions
of mutual
regard that accompanied the
Prince Bertil of Sweden
the
of
absence
his
dedication.
made the presentation in
Crown Prince Gustav
father,
board the liner
But Crown Prince
Adolf, who was ill and remained on
Kungsholm,
off Wilmington.
radio address from his
Gustav Adolf later made a
in felicitous
friendship of Sweden for the
United States.
Foreign Minister Rudolph W. Holsti of Finland attended the ceremonies because the
handful of early Scandinavian immigrants included
phrases the
warm
President Roosevelt and Secretary
Finns.
some
State Cordell Hull
country and dilated on the peace
have
tion
of
expressed the sentiments of this
and goodwill that
prevailed without even momentary interrup¬
between the Scandinavian countries and the
United
In
States.
a
world troubled by wars
international disaffections of all kinds,
and
it is indeed
worthy of note that Mr. Roosevelt could refer to
the visit of the Scandinavian representatives as
indicative of "a true
friendship under which we have
lived from the earliest times
unbroken
unmarred by any rift,
by any misunderstanding."
Naval Armaments
over
Gold-mining
which in itslef is in¬
The Bourse turned upward on
quotations at higher levels for the week.
WITH appropriate ceremonies, officialsGovern¬
Swedish, Finnish and United States of the
ments
the money market
Thursday, and advances in that session established
most
more
were
gains among the equities, while fixed-income
tions
The
more.
bedside, and like his son he expressed
and international securities softened.
Sizable
even
Wednesday, prices improved at Lon¬
on
don, with gilt-edged issues and European bonds
gressed.
1 to 2 points, and a
advanced
remained dull. In an uncertain
fixed-interest group
an uncer¬
After
return also to capital. Mining stocks
a
and industrial issues were up
The
Thursday, through
STILL another announced
upward revision of the armaments
scale
utilization
naval
on
was
of
treaty
the
escalator
limiting
clause
navies
step, long anticipated, was
of
the London
qualitatively.
The
announced in the House
8
Financial
of Commons in London
Lord of the British
vious limitation
vessels of this
by Alfred Duff-Cooper, First
Admiralty.
of
As against the pre-
battleship size to 35,(>00 tons,
now can be bu*tlt by Great
category
Britain, the United States and France
Gun
tons.
of 16
that
size will
inches.
The
continued
British
to 45,000
up
the upper
at
limit
Minister indicated also
Germany had agreed to the
new
limitation, and
that Russia is likely to take a similar
step.
increase
of
battleship size results, to
This
all appear-
from the Japanese refusal to disclose offici-
ances,
ally the building plans anticipated
carried out
by that non-signatory.
or
being
now
There is still
an
air of
Chronicle
J^y 2> 1938
for attacks which all the world knows are being
carried out by Italian and German pilots,
Central European developments were not more
perturbing than has been usual in recent months.
German Nazi officials continued to regiment the
people of the Beich and Austria, while scourging all
who
are
A decree was issued in
of Jewish descent.
Berlin, Monday, whereunder all phases of labor remuneration and working conditions are to be regu-
Czechoslovak-
lated throughout Greater Germany.
ian authorities called
troops to the colors on
more
Thursday, but explained that only the usual sumtraining
' mer
Prague continued to
intended.
was
mystery about the matter, however, for the
Japanese Government accompanied its official re-
debate the problem of minorities within the borders
fusal
solution.
to
respond to^tlie demands of
partment by
through
State De-
our
intimation that private inquiries
diplomatic channels would be
an
ordinary
welcome.
it is
with
possible that such inquiries have been made,
the
results
still
undisclosed
increases
of
armaments
tliat
at
ail
are
have been
also
free
significant.
foreshadowing for
escalator
But the
are
clause
to
the
intent
from
on enormous
all
limitations
Washington
some
reports
time the
announced
now
populace
in
use
of
London,
Washington Bureau of the Associated
Press
reported last Sunday that the United States
Government intends for the time
size of
American
new
ton limit which
has
ment
that
now
been
not
of
assurances
ceived from
will
be
The
state-
denied, and it rather suggests
a
private nature have been re-
Japan to the effect that building there
similarly restricted.
The
British
Govern-
ment, according to the First Lord of the Admiralty,
will not exceed the 40,000-ton
size, unless another
European Power does
so.
French authorities long
since made it clear that
the
they desire to keep within
limitation.
The upper figure of
35,000-ton
45,000 tons
now
set thus appears to be
If actual construction to that
or
avoided,
can
potential,
be delayed
latest reports suggest; then
as
deal will have been
perhaps
figure
a
gained by
way
a
good
of economy and
by way of international amity.
more
toward
a
Governments
respect the neutrality of the small country
This step
war.
in
follows the partial with-
drawal of Switzerland from the League of Nations,
and the incident is regarded generally
victory for the fascists.
In Moscow
minor
as a
little
a
concern
voiced last Saturday regarding economic pene-
was
tration of Iran by Germans.
It
reported in the
was
Russian capital that a large airdrome is being constructed at Teheran by
German experts, and it was
not overlooked that such bases
are
within easy fly-
ing distance of the great oil fields at Baku.
being to keep the
be exceeded.
Italian
and
sent notes to Switzerland, last Saturday, promising
to
British Government
battleships within the 35,000can
German
The
the event of
by Governments that plainly
the
of Czechoslovakia, but made no progress
DROBLEMS of
a
most unusual nature are being
faced by the National Cabinet in Great Britain,
and
a
real threat to the Ministry headed by Prime
Neville Chamberlain
Minister
events by
some
observers.
is
in
seen
recent
British foreign policy
plainly is being shaped by Mr. Chamberlain
per-
sonally, with the great aid of the Foreign Secre-
tary, Lord Halifax, but some results of the policy
unpleasant in the extreme. :Continued sinkings
are
of British merchant vessels in Spanish waters by
so-called insurgent airplanes have aroused the
pro-
foundest concern throughout England. Explanations have been made by the Prime Minister, to the
effect that the bombed vessels were sent into the war
zone in disregard of warnings, because of the at¬
traction
European Relations
may
of
high profits, but the problem remains.
pe questioned,
moreover,
whether the
pres-
EUROPEAN week, and affairs again were in tur- tige appeal Chamberlain regime was augmented by
diplomatic
of the to Italy to
whatever
the influence of that
moil this
no progress
was
made
toward
Prime
Minister, Neville Chamberlain, has in mind.
The
the
problem
treaty became
of
appeasement
implementing
more
that
the
complicated than
the
British
Anglo-Italian
ever as
British
an
use
country
with
the
insurgent
Franco to halt the attacks
some
observers this step
that Italian
on
onslaughts of craft nominally under the control of
the Spanish
insurgent command.
Somewhat en-
Wednesday, that attacks
lightening
were diplomatic representations at Rome,
by the British Ambassador, Tuesday, to the effect
that the
bombings of British vessels
ing the treaty.
The Italian
were
endanger-
Government
was
re-
ported willing to undertake the task of curbing the
attacks.
veloped
Another
cities
tacks
threat
same
problem de-
the last week-end, through reported
loyalists in Spain that Italian and Ger-
over
threats by
man
aspect of the
on
would
be
bombed unless the
aerial at-
defenceless loyalist civilians ceased.
created
This
tremendous to-do in Italy, and a
prompt warning from Premier Mussolini that wara
like actions would result if the
loyalists retaliated
by Italian
regime
General
of
British shipping.
seems
like
To
admission
an
airplanes have engaged in the attacks
merchant vessels continued to sink under the aerial
British
on
ships, and the impression is bolstered
assurances,
said to have been extended
on
on
ships flying the British
flag will be modified.
-y,
The home difficulties thus occasioned
are
suf-
ficiently vexing to the Prime Minister, who is try¬
ing to steer the difficult
national
appeasement.
course
The
of peace and inter-
problem
of
parlia-
mentary privilege was added to the confusion this
week, through
a
blundering War Office order for
Member, who happens to be
torial
an
Force, to testify before
a
a
officer of the Terri-
military court
information he happened to possess.
as
to
With prosecu-
tion under the official Secrets Act staring him in
the
the
face, the M. P., Duncan Sandys, properly .raised
question of privilege,'and the order
T^a^^st
Volume
Financial
147
pended.
acidly in the
The question ,was debated
Commons
Thursday, and Prime Minister Cham-
on
berlain announced that the Committee
had
unanimously that
agreed
committed in
summoning Mr. Sandys before a miliFurther consideration of the matter
tary tribunal.
is to be
given by
Occur-
select committee of 14.
a
of this nature
renees
Privileges
on
breach had been
a
nighmares in the lives of
are
responsible officials," who 'must of necessity leave
the
affairs
of
routine
to
while
subordinates
There
shouldering the responsibility for all errors.
is
possibility,
a
moreover,
will be hastened in
that a general election
England by the events.
President Hyde
AFTER
*
\
las
brief
a
was
of Ireland
delay occasioned by parliamentary
elections in the State of
Hyde
Eire, President Doug-
inaugurated last Saturday as the first
President of Ireland under the
that
still
new
Constitution of
relatively small but contented country.
Hyde, 78
Gaelic
old,
years
a
Dr.
poet and a student of the
language, professes the Protestant faith, and
his whole-hearted acceptance
marked
by the people of Eire
distinctly important step in the spirit of
a
amity and general goodwill developing in Ireland,
The
inaugural
ceremony
in Dublin
for the Government leaders and the
was
impressive,
Opposition for-
got their differences while paying homage to the
Prime Minister Eamon de Valera
Executive.
new
remarked
mains to be
accomplished.
counties
Northern
was
His reference to the six
well
understood,
and
is
now
Dublin dispatches indicate that
general
a
expectation that Mr. de
Valera will be able to add to his
fore very
achievements, be-
long, the union of Catholic Eire and Prot-
estant Ulster.
In
accepting the honor thrust
upon
him, Dr. Hyde quietly assured his countrymen that
he would do all in his power
"The
fare.
said
to advance their wel-
days of the Irish Free State are gone,"
dispatch to the New York "Times," "and a
a
rich in
era
new
would result in full-fledged
promise opens before the country."
French authorities
the answer to any air attacks.
reported putting strong pressure on Barcelona
not to carry out the scheme, which in any event is
plainly a counsel of desperation,
The land struggle between loyalists and insurgents was confined throughout the week to the area
south of Teruel, where the Franco forces are driving
were
toward Valencia with the aim of taking that city
and cutting off supplies for Madrid. On the 45-mile
front to the Mediterranean Sea, 100,000 well-armed
insurgents hammered away at. 150,000 less well
trained loyalists, and small gains were reported day
by day. Loyalists contested the ground bitterly,
and casualties were large on either side. The insurgents again were aided mightily by a strength in
artillery that bespeaks the enormous aid being ex-
tended by the Italian and German allies of General
Franco. Airplane attacks on helpless civilians were
less frequent than in previous weeks, but were carried out by the insurgents on occasion. The London
Non-intervention Committee was informed by the
insurgents on Thursday that insurgent leaders view
favorably the plan for eventual withdrawal of some
"volunteers" from both sides in Spain. The question
°f costs of such a withdrawal was debated by the
committee, and on Wednesday it was agreed that
Italy would
Great Britain, France, Germany and
share the $7,000,000 outlay, Russia having
to carry any of the financial burden.
refused
w
Sino-Japanese War
T TNDECLARED
vJ
,
warfare between Japanese in-
vading forces and Chinese defenders now has
and the
precarious for both
been in progress almost exactly one year,
situation today is exceedingly
nations.
Since the "incident" near Peiping started
expedition on July 7,
last year, ever deeper inroads have been made by
the invaders.
But it also has become ever more
apparent that the Chinese are united in a will to
resist by wearing down the invading forces and the
strength of the country that supplies the sinews
the Japanese on their military
of
The War in Spain
participation in
the war against the loyalist regime, and German
spokesmen also indicated that guns would supply
his
holding to what is his own" will set
problem right.
there
cere-
moves
applauded his assurance that "the tenacity
of the Gael in
that
to which the
restricted that the union of Ireland re-
mony was
hearers
Gaelic tongue
the
in
9
Chronicle
war
from its modest resources.
kong rep0rt to the New
In
a
recent Hong-
York "Times" it is sug-
STRANGE this week from the internationalagain tions are the more likely to win outChinese end over
gested rather definitely that the in the calculaemerged and unprecedented incidents
conflict
being waged on Spanish soil and in Spanish
So-called
waters.
insurgent airplanes resumed their
bombing of merchant vessels in the harbors of loyalist
Spain, and
Monday two additional British
on
ships were bombed, with a loss of four
Minister
was
lives.
Prime
made
grimly
through parliamentary debates in London,
aware,
of the
Chamberlain
Neville
mounting resentment occasioned by such con-
temptuous treatment of British ships and seamen,
and
the
British
representations
accepting
any
Lord
Ambassador,
in
Italy
on
Perth, made
Tuesday.
Without
responsibility for the airplane at-
tacks, Foreign Minister Count Galeazzo Ciano provided Italian assurances on Wednesday that the
influence of
Italy with General Francisco Franco
would be exerted with a view to
tacks.
Loyalist officials threatened last Saturday
to retaliate for
insurgent attacks on civilian peoples
by airplane bombings of Italian
It
was
modifying the at-
and German cities,
immediately made clear in Rome that such
the Chinese
weeks' tour
of Eastern China, Hallett Abend, the correspondent
of the journal, declared that "Japan's position, militarily and economically, is precisely similar to that
the Japanese hopes for a collapse of
Government and defense. After a six
of
an
individual floundering helplessly in quick-
stands, every struggling effort resulting only in his
sinking deeper and deeper."
That there is a sound basis for such observations
was demonstrated again on Wednesday, when (a
decree was issued in Tokio forbidding the production for home use of a long list of cotton and iron
articles. The prohibition of cotton manufacturing
and distribution proved surprising, for it reflects
the increasing economic strain of the war even better than the prohibition of commercial iron manu-
factures, since the iron is indispensable for warfare
Exports of cotton products are
in a direct sense.
permitted, as the foreign exchange thus to be realized is becoming ever more vitally necessary to
10
Financial
Japan.
There have been
of the external
resources
ized and used to pay
and the latest
rumors
of
of late that most
to
Japan have been mobil¬
for imports of
more
the
war.
to
Discount Rates of Foreign
step indicates the correctness of such
is
reported in Tokio that
measures
in
are
even
rates
banks.
Present
been
militarists
The
hoped to win in
entire
goods continue to
war
more
people.
more
Since the Yellow River dikes
Japanese
brought to
advance
at the
was
cious
Established
Rate
Mar.
3X
1 1935
4
July
3
vious
Rate
Aug. 24 1935
4
Hungary...
1 1936
Batavia
Belgium
of
Pre¬
Date
Established
Effect
July 1
Country
is
India
3
Nov. 29 1935
3H
Ireland
3
June 30 1932
May 18 1936
Apr.
6 1936
3.65
3
Jan.
14 1937
5
Feb.
1
Lithuania..
7
3 H
5
5H
July
1 1936
4H
Italy
6
2H
Aug. 15 1935
Mar. 11 1935
Chile
4
Jan.
24 1935
4H
Java
Colombia..
4
July
18 1933
5
Jugoslavia
3.29
Japan
Czechoslo¬
.
3
Jan.
1 1936
3X
Morocco...
6H
Jan.
2 1937
5
Norway
3H
Jan.
Oct.
19 1936
3 X
Poland....
4X
Dec.
17 1937
2
June 30 1932
2H
Portugal...
4
Aug. 11 1937
Estonia
5
Sept. 25 1934
5X
Rumania
4H
Dec.
4X
vakia
prodigious
6
5 1938
4
6H
May 28 1935
4
Denmark..
England...
on a
4
1935
Danzig
thus
4H
4H
4
May 30 1938
Bulgaria...
Canada....
breached and
Chengchow
are
Rate in
Date
Argentina..
Prices
centers
...
..
4«
4
5
4X
7 1934
6
Finland
in China.
Matang forts
The chief
on
area
the Yangtze,
4
Dec.
4 1934
3H
May 15 1933
France
2X
May
12 1938
3
Spain
6
July
Germany
scale have been in progress
of conflict
now
Country
difficult daily.
were
toward
halt, troop movements
a
leading
Pre¬
Effect
July 1
Japanese
in Japan, and the problem of
financing the conflict becomes
the
which
few months
a
Japanese
soar
the
shown in the table which follows:
contemplation than have
announced.
affecting the
any
at
rates
Rate in
far
so
Central Banks
THEREdiscount noof
have been changes during the week in
the
of the foreign central
more
necessary merchandise for conduct of
It
post.
materials,
war
clining sharply of late, and is being confined
and
July 2, 1938
Berlin, and some doubt existed as to his return
to his
The foreign trade of Japan has been de¬
reports.
drastic
Chronicle
..
4
Sept. 30 1932
5
Sweden
2H
Dec.
1 1933
3
....
6
Jan.
4 1937
7
Switzerland
1J*
Nov. 25 1936
2
2
Dec.
2 1936
2H
Greece
Holland
...
South Africa
4
10 1935
5H
half-way between Nanking and Hankow, where the
Chinese sank
manner
warships.
nese
the
barrier
junks and created in this
numerous
boom
a
or
barrier to the advance of
dubious
value
this
the
one
Since the Chinese
of delay, with the aim of prolonging
increasing the costs to the invaders,
expedient at Matang must be considered highly
successful.
the
Strategists
Japanese
of the opinion that
now are
will attempt to
push southward of
the
Yangtze from Kiuking, while moving inland at
the
same
time from
Hangchow, with Nanchang
the aim of the drive.
might hope to
ers
the line of
ton
bills,
claim, yesterday, that the Matang
been surmounted.
By such
as
maneuvers the invad¬
within striking distance of
come
supply for the Chinese forces from Can¬
and French
Indo-China.
There
were
also
re¬
as
were
on
Friday of last week, and 9-16@^% for three-months
against 9-16@^s%
as
Money
on
call at London
Paris the open
Switzerland at
<
Friday of last week.
on
Friday
on
lA%>
was
At
market rate remains at 2Yi% and in
*
1%.
and
war
their
on
week, and the
Japanese made gains in the river basin which finally
enabled them to
policy is
IN bills Friday market discountagainst for short
LONDON open
rates %%
9-16%,
The seasonal rise of the river made
of
obstacle had
Foreign Money Rates
Japa¬
,
Bank of England Statement
THE statement of theexpansion of £1,911,000 in
Bank for the week ended
shows
June 29
note
an
circulation, bringing the total outstanding to
£485,183,000, which is slightly less than the £488,-
outstanding
444,243
a
year
Bullion holdings
ago.
increased £29,550 and so the loss to the
reserve
ac¬
count
resulting from the note expansion
was
000.
While
£11,119,000,
deposits
public
fell
off
£1,881,-
ports ^this week of troop movements farther north,
other
where
amount, £19,963,230 represented a gain in bankers'
a
really effective drive might cut the supply
of munitions
taken
not
from
Russia, but these
warfare
was
the vast
area
continued
taken
of
other
of
by the Chinese throughout
in
the
struggle between
A Japanese threat to the island
Hainan, off the southern coast of China,
in
seen
were
was
reports two weeks ago that landing parties
being prepared.
ernments addressed
to
week ago;
last
Hainan dominates the route from
notion
no
Singapore
French Indo-China.
rights than the Chinese in the
occu
pied
area, but this effort to end extraterritoriality
hardly likely to be impressive, since it is a right
granted by the Chinese and not by Japan. German
military advisers of the Chinese Government were
permitted to depart from Hankow, this week, at the
insistence of the German
Government, although the
reported quite anxious to continue its
excellent work
against the invaders.
International
considerations
cost
prevailed, it seems, but only at the
of strained relations between China and Ger¬
many.
kar
The German Ambassador
Trautmann, left Hankow
the
was
latter
The
Government
re¬
Other securities consist
advances, and securities, which
made in the
se¬
£9,315,000 and
rose
£1,843,809 and £439,227, respectively.
2% Bank rate.
rose
No change
Below
we
show the
different items with comparisons for previous years:
BANK OF ENGLAND'S COMPARATIVE
June 29,
on
to
June
30,
1938
STATEMENT
China, Dr. Os-
Monday to return
July 1,
July 3,
July 4,
1936
1937
1935
1934
£
Circulation
485,183, 000 488 ,444,243 439,641,851 401,370,971 385,793,384
10 ,784,997
10,537, 000
9,909,953
9,629,330 26,650,379
161,612, 492 180 ,688,069 151,473,193 148,491,176 132,376,639
Bankers' accounts. 125,475, 934 140 ,533,484 111,707,232 110,512,977
94,879,607
Other accounts...
36,136, 558 40 ,154,585 39,765,961
37,978,199
37,497,032
Govt, securities
119,491, 164 140 ,602,903 110,403,310 98,196,044
82.827,071
Other securities
28,410, 299 29 ,959,430 26,545,852
26,037,530
27,880,457
Public
to
is
was
23.0%.
was
£2,283,036.
of discounts and
deposits
Other deposits
Dlsct. & advances.
Securities
Reserve notes <fc coin
group
it
£
abroad, late last week, that foreigners
more
year
holdings of the Bank
other securities
The British and French Gov¬
Japanese spokesmen in China attempted to spread
have
Of
a
Hongkong, and is close
the
£20,793,833.
proportion dropped to 24.4% from 27.1% a
joint warning to Tokio, Mon¬
day, against occupation of that strategically located
island.
rose
and £829,803 in other accounts.
accounts
serve
curity
developments reflected the in¬
countries
Japan and China.
were
Guerrilla
by the invaders.
Several important
terest
rumors
seriously by military experts.
deposits
Coin and bullion
Proportion of
to
7,343, 997
21,066, 302
42,171, 000
6 ,279,162
10,625,707
13,487,830
17,062,165
23 ,680,268
15,920,145
12,549,700
10,818,292
38 ,875,978
42,428,256
51,892,954
66,357,316
327,354 779 327 ,320,221 222,070,107 193,263,925 192,150,700
reserve
liabilities
24 4%
23.00%
2%
Bank rate
2%
26.27%
2%
32.81%
41,72%
2%
2%
Bank of France Statement
THE Bank's weeklyloss in
statement dated June the
23
again showed
circulation,
note
a
current
decrease
being
222,000,000
francs, which
brought the total down to 99,191,329,390 francs.
Circulation
francs
French
a
year
and the
ago
year
aggregated 85,985,288,350
before 85,106,242,965 francs.
commercial bills
discounted, credit balances
abroad and creditor current accounts
registered in-
Volume
namely, 612,000,000 francs, 1,000,000 francs
creases,
and
Financial
147
francs,
198,000,000
Gold hold¬
respectively.
ings again recorded a slight increase and the total is
55,808,14'8,617 francs, compared with 54,859,-
now
and 53,998,767,878 francs
163,636 francs last
year
the previous year.
A decrease of 66,000,000 francs
appeared in advances against securities, while the
items of bills
State
at
47.42%
unchanged.
years
The
with 52.80%
compares
58.10% two
Below
ago.
ferent items with comparisons
we
at
0.011%
a
and
ago
year
discount, computed on an annual
average
bank discount basis.
Stock
Call loans
Exchange held to 1% for all transactions,
while time loans remained at
90
the New York
on
1%% for datings to
lMz% f°r four to six months' ma¬
days, and
turities.
New York Money
Rates
ratio
reserve
furnish the dif¬
for three
BANK OF FRANCE'S COMPARATIVE
;
000,000 discount bills due in 91 days, with awards
bought abroad and temporary advances
remained
to
11
Chronicle
years:
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
Stock
the
was
ruling quotation all through the week for both new
and
loans
STATEMENT
The
renewals.
continues
quiet,
for
market
money
having been
transactions
no
time
re¬
Cflanges
for Week
June 23,1938
June 24, 1937
Francs
Francs
June 26,1936
Francs
*
Credit bala. abroad.
a
discounted--
b Bills bought abr'd
Adv. against secure.
Note circulation
Credit current accts.
c
up
to 90 days and 1J^% for four to six months ma¬
7,750,183,118
No change
1,277,178,989
—66,000,000
4,012,876,143 3,440,500,950
—222,000,000 99,191,329,390 85,985,288,350 85,106,242,965
7,832,157,356
+ 198,000,000 18,503,367,722 17,919,480,964
+ 612,000,000
7,010,935,384
777,630,547
3,454,626,047
9,356,380,052
1,039,872,036
Temp, advs. with¬
out int. to State.
No change
.
has been very
of
supply
prime commercial
Au¬
thorized by convention of June 18, 1936, law of June 23, 1936, and convention of
June 30, 1937.
The last allows a total of 20,000,000,000 francs, of which 18,050,francs have been taken.
Since the statement of June 29, 1937, gold valuation has
been at rate of 43 mg.
Sept. 26, 1936,
franc; prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
THE market for prime this week. acceptances bills
shownjno improvement bankers'
Few prime has
have been available and transactions have been
There has been
as
Germany Statement
THE statement for the third quarter of June
showed
further loss in note circulation of
a
121,000,000 marks, which brought the total down to
Note circulation
5,724,200,000 marks.
and the
4,428,787,000 marks
a year ago
before
year
Reserves in foreign currency,
other assets, other
3,945,920,000 marks.
silver and other coin, investments,
and
obligations
maturing
daily
quoted at
Bankers' Acceptances
other
liabilities
registered increases, namely 169,000 marks, 26,351,-
no
light.
Dealers' rates
change in rates.
reported by the Federal Reserve Bank of New York
for bills up to
totaled
are
c
gold, 0.9 fine, per franc; previous to that time and subsequent to
Bank of
Rates
available.
paper
58.10%
52.80%
47.42%
b Includes bills discounted abroad,
Includes bills purchased in France,
gold valuation was 49 mg. per
paper
40,133,974,773 21,379,738,771
+ .01%
hand to sight liab.
000,000
for
quiet this week, due largely to the light
M%@1% f°r all maturities.
Propor'n of gold od
a
market
The
turities.
commerc'l
French
bills
Francs
+ 57,299 55,808,148,617 54,859,163,636 53,998,767,878
20,111,592
17,699,619
+ 1,000,000
24,483,398
Gold holdings-
Rates continued nominal at 134%
ported this week.
and including 90 days
asked; for
7-16%
are
bills running for
Yi°/o bid and
months,
four
9-16% bid and %% asked; for five and six months,
;y/8% bid and 9-16% asked.
The bill-buying rate
of the New York Reserve Bank is
of
holdings
lA% for bills
run¬
The Federal Reserve Bank's
ning from 1 to 90 days.
unchanged
remains
acceptances
$537,000.
at
>
Discount Rates of the Federal Reserve Banks
marks, 775,000 marks, 69,700,000 marks, 19,-
000
619,000 marks
and 8,497,000 marks, respectively.
The
Bank's
gold holdings remain
un¬
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
The
following is the schedule of rates
changed at 70,773,000 marks, as against 68,862,000
for
marks last year
now
in effect
Reserve banks:
of
182,753,000
marks.
with
and 71,034,000 marks the previous
Bills of exchange and checks showed a decrease
year.
The
1.69%
and advances of 6,899,000
ratio is now 1.33%, compared
various
the
classes
a year ago
and 1.93% two
years ago.
A
Rate in
Effect on
Boston
--
Date
July 1
Federal Reserve Bank
Established
IX
Sept.
REICHSBANK'S
Sept.
May
IX
Aug.
Atlanta
COMPARATIVE STATEMENT
Aug.
IX
Richmond
below:
1
IX
IX
IX
Aug.
Aug.
IX
Sept.
Minneapolis—
IX
Aug.
Kansas City
IX
Sept.
Dallas
appears
years
Philadelphia..
Cleveland
comparison of the different items for three
IX
Aug.
San Francisco
IX
St. Louis
June
for Week
Reichsmarks
Reichsmarks
Assets—
No change
Gold and bullion
Of which depos.
abr'd
Res've in for'n currency
Bills of exch. & checks.
_
Silver and other coin...
Advances
Investments
23, 1938 June 22, 1937 June 23, 1936
70,773,000
Reichsmarks
68,862,000
Reichsmarks
+ 69,700,000 1,239,816,000
730,195,000
592,998,000
Course of Sterling
-121,000,000 5,724,200,000 4,428,787,000 3,945,920,000
738,956,000
705,983,000
+ 19,619,000 1,029,534,000
186,247,000
209,387,000
260,705,000
+ 8.497,000
Other daily matur. oblig
Other liabilities
Propor'n of gold & for'n
curr. to note circul'n.
1.33%
+ .03%
1.93%
1.69%
Money Market
dollar and
York money
was
partments,
Month-end
market.
as
srn^ll both from business and from
Rates were unchanged in all de¬
security brokers.
continued to mount.
requirements made no difference to the
as
idle
funds
Bankers' bill and commercial paper deal¬
ings continued at the low levels common
and
rates
Treasury
were
has
been extremely
week
has
been
sold
on
2
2
2
2
2
2
2
2
2
2
3, 1937
of late,
Exchange
between
limited.
a
range
and $4.97 J4 last week.
transfers
has
between
been
compared with
a range
in New
this
range
and $4.9634 for
$4.9534
sight, compared with
$4.96 5-16;
The
of between
The
range
$4.95 5-16
for
and
of between $4.95^4
and $4.97 3-16 a week ago.
Commercial business in exchange was
this week
cleaning
up
half-year, which caused considerable
of foreign exchange business.
The upturn in
Monday another issue of $100,-
has
influenced
by the approach of the month-end and also
the end of the
the
over
from last week.
cable
The
carried
IX
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
%>reign exchange trading
York
$4,95 5-16
ECTLE business market, this weekfor accommowas done demand in the New
datibai
«2
from last
bankers'
New York
Rate
1937
STERLING week. The trend continues in favor
exchange presents no new features
of the
Liabilities—
Notes in circulation....
—
Previous
71,034,000
24,537,000
No change
19,359,000
20,333,000
5,316,000
6,085,000
5,918,000
4-169,000
—182,753,000 5,204,724,000 4,468,963,000 4,009,157,OCX)
247,187,000
264,684,000
254,231,000
+ 26,351,000
38,698,000
44,374,000
57,823,000
—6,899,000
530,294,000
403,971,000
845,722,000
+ 775,000
Other assets
2.
27,
4,
11,
27,
21,
21,
2,
24,
3.
31,
Sept.
New York
Chicago
Changes
the different
at
paper
DISCOUNT RATES OF FEDERAL RESERVE BANKS
marks
reserve
of
the New York security markets and
slightly improved tone of commodity markets
given rise to an increase in European
demand for
Financial
12
American
Chronicle
securities, a factor which has helped to
strengthen the dollar in terms of sterling.
July 2, 1938
Despite the persistent
September, the ex¬
change equalization fund.
demand
hoarding
Foreign
last
since
some
change equalization fund increased its gold holdings
largely the result of
security arbitrage business between London and New
by 2,692,000 fine ounces during the half-year ended
March 31.
The third semi-annual report of the
York rather than
British
exchange circles reported
banks
from
outright foreign buying
bought
heavily
Amsterdam than for
No
be
can
4th week-end.
lower
but
which
can
July
week
this
London
in
i ;
expected until after the long July
now be ruling even
the
for
extensive
tourist
requirements,
hardly reach their maximum until around
Steamship
15.
agencies
that
report
while
travel is
running behind 1937, it is
still well ahead of 1936,
as
gold
,,
Sterling might
reserve
is receiving a major share of this travel.
appear,
London is wary
about following the lead of Wall
Great Britain the largest
The
reported for the country.
ever
official report
ounces
ounces
showed that the fund held 42,546,000
March 31, compared with 39,854,000
on
Sept. 30 and with 26,674,000 ounces on
on
March 31, 1937.
In addition the Bank of England
held 76,843,000 ounces on
the
and Great Britain, it would
trans-Atlantic
of March 31 gave
fund
arid
considerable period.
a
combined gold
Treasury disclosed that the
holdings of the Bank of England and the exchange
changes in the foreign exchange
important
situation
selling
or
American stocks have been
of American securities.
more,
active business by
an
security houses,
amount
same
ounces
March 31,
on
Thus, at $35
held
31
March 31, compared with
Sept. 30 and with 73,842,000
on
1937.
the British Government
ounce
an
$1,489,110,000 in the exchange fund on March
as
protection to sterling in addition to
a
Street, while hopeful that the renewed activity here
$2,689,505,000 held by the Bank of England
in securities may
reserve
in fact reflect
upward trend in
an
business.
Nevertheless the stock
Street has
helped share transactions in London and
the
improved tone has served
advance in Wall
slight check
a
on
the
The London Financial News index of 30 industrial
stocks, based
at
and 83.1
a
July 1,
on
1935
month ago.
This index
June 23
on
a year ago
stood
year,
compared with the record high of 124.9
1936 and the low record of 79.4
on
on
Nov. 18,
last March
Heavy buying of gold in London for hoarders
tinues almost
offer each
con¬
The amount of gold
on
day at the time, of price fixing affords
no
real indication of the
to
a
gold actually taken each day by
premium above the price fixed at the opening
of the market.
It
gold
reserves
reliable
in
to attribute the
tors in
It
seems
now
private
amount
ounces.
London expects no
as
a
currency
and six-months bills
Gold
on
rumors
an
The
On Saturday last there
offer
Monday £814,000,
£388,000,
£715,000;
Wednesday
on
£573,000, and
the
At
for
the
on
Port
week
New
of
ended
There
so
are
long
as
there is
an
open
market for
v.\%
•
those who believe that economic forces
again put sterling
can
the level of its gold content
prior to suspension of the gold standard in September,
1931.
It is this apparently
widely held opinion rather
than any operations of the British
zation fund which
exchange equali¬
keeps the high level of gold prices
in London around
or
above 140s
an
pared with the almost invariable
preceding
gold
suspension.
If
ounce,
price
the
of
as com¬
Note—We
was
of
have
vious,, to
for
80
gold suspension.
years
unnecessary
before
Such holdings then and
practically nil and quite
anywhere under the old automatic gold
were
that
The
above
Wednesday.
,
,
Most
market
of the
is
made
gold
on
offer in the London
available
open
through the British
ex¬
York,
was as
approximately
figures
are
for
the
follows:
of
gold
ended
on
for
Canadian
On Friday there
continues
at
a
a
discount
in
discount of 1 1-16% andllnteoiint
!
following tables show the
on
im¬
Montreal funds
15-16%.
rate
were no
foreign account.
exchange
ranged between
The
or
change in gold held
or
of the United States dollar.
terms
imports
were no
change in gold held earmarked
or
foreign account.
earmarked
of
•
$489,000
the. week
On Thursday there
Paris, the
mean
^
London check
market gold price, and the
open
price paid for gold by the United States:
MEAN
LONDON CHECK RATE ON PARIS
Saturday, June 25__
1.177.90
June 27
__._177.90
Tuesday,
June 28
,.177.89
LONDON
Saturday, June 25_
Monday,
June 27
Tuesday, June 28
PRICE
PAID
OPEN
140s. lOd.
1140s. 9d.
FOR GOLD
BY
Monday,
__$35.00
June 27
35.00
35.00
177.89
177.90
177.90
PRICE
Wednesday, June 29___140s. 8J^d.
Thursday,
June 30.__ 140s. 8>£d.
Friday,
July
l.__140s. 9d.
THE
RESERVE
Saturday, June 25
Wednesday, June 29__
Thursday,
June 30
Friday,
July
1
MARKET GOLD
140s. lOd.
Tuesday, June 28
standard.
movement
Gold Earmarked for Foreign Account
No change ■
notified
been
Monday,
private hoardings at around approximately $2,000,000,000 is accurate, it should be compared with the
gold holdings of private individuals or firms pre¬
gold
reported by
received at San Francisco from Hongkong.
84-85s
estimate
as
Exports
Net Change in
\
never
on
Thursday
on
None
ports or exports of the metal
shaping events that Great Britain
the
29,
Imports
for
are
York
June
None
will continue
as
on
GOLD MOVEMENT AT NEW YORK, JUNE 23-JUNE 29, INCLUSIVE
exports of the metal
i
£357,000,
was
Tuesday
on
Friday £400,000.
on
demand for gold in London for private acquisition
;
chiefly for
hoarding account.
interest
the dollar devalued.
or
market at price
have been taken
to
seems
Cur¬
19-32%,
are
%%.
are
offer in the London open
fixing hour
market
money
rently two-, three-, and four-months bills
to
devaluation to specula¬
foreign exchange who might have
seeing either sterling
the metal.
stringency in the
of half-year adjustments.
consequence
entirely unwarranted
gold demand in London and
dollar and other
in
quarters that
acquired in London
about $2,000,000,000.
of
5,200,000 fine
and exports
net import balance
a
Federal Reserve Bank of New
.
estimated
is
7,950,000 ounces, leaving
of
hoarders,. who frequently satisfy their requirements
at
gold holdings at the end of
1938, total imports of gold during the six
March,
16.
unabated, though without the anxiety
apparent a few weeks ago.
fund's
the
in
ounces
week earlier
a
beginning of this
109.6 and at 95.9 at the
at
100,
as
compared with 81.2
84.8,
against note issue.
comparison with the increase of 2,692,000 fine
months amounted to 13,150,000 ounces
general business depression in Great Britain.
stood
In
the
as a
UNITED
STATES
(FEDERAL
BANK)
Wednesday, June 29
$35.00
Thursday,
June 30
35.00
Friday,
July
1_______ 35.00
Referring to day-to-day rates sterling exchange on
was practically unchanged from previous
Saturday last
Volume
close.
Bankers'
sight
During the week ended June 28 the gold stock of the
National Bank of Belgium increased 47,200,000
belgas, bringing the total holdings to 2,818,200,000
belgas. The Bank's ratio of gold to notes stood at
68.89% and its ratio of gold to total sight liabilities
at 63.84%.
$4.96%@$4.96%; cable
On Monday sterling
was
transfers $4.96 3-16@$4.96 5-16.
eased off in dull
The
trading.
range was
$4.95 5-16@
$4.95% f°r bankers' sight and $4.95%@$4.95 11-16
pound
in terms of the dollar in
easy
was
undertone of the
On Tuesday the
for cable transfers.
limited
trading. Bankers' sight was $4.95 7-16@$4.95 11-16;
cable transfers $4.95 9-16@$4.95%. On Wednesday
sterling
The following table shows the relation of the
%
$4.95% for bankers' sight and $4.95 5-16@$4.95
9-16
On Thursday exchange
2.78^ to 2.78%
was
transfers.
cable
for
Bankers' sight was $4.95%@
A7
/-V;
$4.95 5-16(Ct$4.95%.
and steady.
quiet
2*
,,
„
,
$4.95 11-16; cable transfers were
Friday sterling continued steady in
On
The
'
«
,
™
$4.95$* for de-
an
man
f,
x
e
ca
_r^s
bills finished at $4.95 7-16, 60-day bills
mercial sight
u-n
1
00
A,o/
x
grain
c ose
Cotton and gram for pay-
bills at $4 95 3-16
ment
S
a
-
.
,
£
,
u
c
necessity of much
J
.
t x -
i
equilibrium
xi
-tu -4-u
x
-
u
x-
x
xv.
v.
t?
intervention by the Irench
.
aU-o °n ieS'
By
v
r
the past few weeks apparently without
.x
,,
the
r
,,
.
ft
i
xv.
,
,
i
on
j
•
xv»
r
t
t>
+
e
have been authorized for the Bank of
i
a
x
u
i
ii
Bank is empowered to buy and sell
operations
*
mv.
•
ty
The
France.
t
x-
decree effective on June 29 open market
a new
v.
not quoted
on the Bourse, such as
Treasury bills, national defense bonds, and national railway bills, in addition
public securities which are
short-term
which
private bills
to
are
The limit and nature
eligible for discount.
and the Bank is formally
the Treasury or with quasi-govern-
directly with
bills.
It is thus
hoped to prevent the open market policy from being
employed as a means of supplying the Government
with cash by means of direct sales to the Bank.
corporations issuing the
mental
Under
1936
the
Bank of France reform it
was
all government paper
days should be admissible for rediscount,
expressly provided by law that
under 90
but the Bank of France
c
0n May 5> 1938< the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a franc.
^
itself
was
not authorized to
into the market on its own initiative to
sell bills. Now it will have such authority.
go
buy and
u
^
t? • 1
a
1
•
-d
x
177.89
on
Friday of last week.
In
finished a^
0>7Q^/
•
x
0^07/
ui
x
c
+• o
2-78%, against 2.78%; cable transfers at 2.78%,
New York sight bills on the French center
t 2 ?g
closed ftt 16 g5J/. for
A
banW si ht bi0s and at
16My for cable trangfe
againgt 17 0Q and „ 0Q
Fma, quotations for Berlin
bankers' sight bills and
were
40.28^
for
and 40.31. Italian lire closed at 5.26% for bankers'
.
,
,
....
,
i,
,
. .
.
.
*
,
,
sight bills and at 5.26% for cable transfers, against
i
- nnly
^
~
& ,.
5.26% and 5.26%.
Exchange on Czechoslovakia
, :5,
,
0 A-//
.
,
0 7~k/
-n
f
x
x
finished at 3.47%, against 3.47%; on Bucharest at
0-74%, against 0.74%; on Poland at 18.87, against
1C
®
.
//\ 0 inl ✓
.
, o on
% ^
18.87; and on Finland at 2.19%, against 2.20. Greek
'
,
.
.
,
x Am i /
-
_ ni
exchange closed at 0.91, against 0.91%.
'
lT'XCHANGE
Ej
on
the countries neutral during the
of importance,
presents no new features
war
These units
move
in close relationship to sterling,
slight
attributed to in¬
in American securities in the Swiss
tendency toward ease, this fact is
creased interest
an(j Dutch markets.
Sweden continues to send gold
The movement is
the Swedish
central bank authorities to have safe balances here'
as security in the event of war in Europe,
Bankers' sight on Amsterdam finished on Friday
at 55.37, against 55.43 on Friday of last week; cable
gj^e
for
earmarking.
believed to be due entirely to the desire of
transfers at 55.37, agajnst 55.43; and commercial
bills at 55.32, against 55.38.
Swiss francs
c\ose(\ at 22.95 for checks and at 22.95 for cable
sight
transfers,
against
22.98
and 22.98.
checks finished at 22.13 and
June 29 the agreement
Under another decree on
a
T
The London check rate on Pans closed on Friday
at
While Swiss francs and Holland guilders show a
^
of these operations will be
the general counsel of the Bank of I ranee
forbidden to transact them
fixed by
currencies
fromgo?dand allowed to "float" on June 30,1937.
40.28}* for cable transfers, in comparison with 40.31
Exchange
franc has been kept in
French
,
68.06
40.20
parity as before devaluation of the European
a New dollar
marks
.
Continental and Other Foreign
HD
x
documents
(60 days) at U.94 11-16 and seven-day
for payment
T-,™ ^
during
1
90-day bills at $4 94$*
$4.94 11-16
at
or
-
.
22:91^ to 22.98
55.32^ to 65.42^
32.67
Switzerland (franc)—.— 19.30
Holland (guilder)
j
t
-o-j
xx-
.
Closing quotations on Friday were
"iswKto
'
transfers.
cable
for
9-16@$4.95 13-16
$4.95
0.03
3.92
b c France (franc)
dull trading.
$4.95%@$4.95% for bankers' sight
was
range
and
lead-
United States dollar:
°ldparityr &p^Htyllar
msWeek
ing European currencies to the
slightly easier. The range was $4.95%@
was
13
Chronicle
Financial
147
against 22.16 and 22.16.
Copenhagen
cable transfers at 22.13,
Checks
on
signed by the Bank of France and Premier Daladier
soon after he took office received formal ratification,
10,000,000,000 francs (about
$279,000,000) the limit of advances which the Bank
and cable transfers at 24.91, against
Sweden closed
at 25.56
thus
extending
of France may
by
make to the Government. The present
francs. It is be-
debt limit is thus 30,000.000,000
lie ved
that
the
making heavy drafts on the
months and the
has
Government
no
intention
of
Bank in the next few
that it
explanation of the decree is
anc[
and cable transfers at 25.56, against 25.59
25.59; while checks on Norway finished at 24.91
T^XCHANGE on the South American countries
is held through the instrumentality of the exchange controls in close relationship to sterling-dollar
quotations. All the South American countries are
endeavoring to hold down their imports owing to the
Hi
considerable reduction in their exports in the
year. The Argentine Information Bureau
reports that total imports during May were valued
at 110,831,148 pesos, compared with 116,733,359
pesos in April and with 144,403,619 pesos in March,
The import trade balance amounted to only 102,938
pesos compared with 13,000,000 pesos in April and
25,000,000 pesos in March. Despite the general
decline in imports, Argentine purchases from the
against future
very
emergencies. Another decree provides for the creation
of a "Gold Office" under the Ministry of Colonies,
past
represents an
with
000).
a
additional safeguard
($2,790,industrialize gold
colonial possessions,
capitalization of 100,000,000 francs
•
This office is intended to
production
in
the
French
notably French Guiana.
Belgian currency is ruling
to
and
frequently above
especially steady, close
16.95.
dollar parity of
1
24.94 and 24.94.
—-♦—
14
Financial
United
States
May last
were
Kingdom, which
been the
chief
Argentine
bankers'
sharply
up
compared with
as
and exceeded those from the United
year
for the
of
source
closed
paper pesos
several
past
have
years
Argentine imports.
sight bills, against 33.08
Friday of last
on
week; cable transfers at 33.04, against 33.08.
unofficial
or
free
market
against 26.00(5^26.15.
at 5.85
close
Brazilian milreis
(official), against 5.85.
The
26.00(5^26.15,
was
are
quoted
Chilean exchange is
quoted at 5.19 (official), against 5.19.
Peru is nomi¬
July 2, 1938
because of the
members
inability of
attend.
to
It
some
of the Congressional
expected that Senator
was
Joseph C. O'Mahoney of Wyoming, Democrat, who
has
Friday at 33.04 for
on
Chronicle
been
leader in
a
demanding the investigation,
would be chosen chairman.
The Committee is
curi¬
a
ously constituted body, six of its twelve members
representing
equally
while the other
the
Senate
the
and
House,
six, representing respectively the De¬
partments of the Treasury, Justice, Labor and Com¬
the Federal Trade Commission and the Se¬
merce,
curities and
Exchange Commission,
designated
were
nally quoted at 23% against 23%,
by President Roosevelt.
EXCHANGE onAll these units show countries is
the Far Eastern weakness
unchanged.
members, questions of organization and procedure
tween
as
a
of
consequence
the
international trade
disturbance
severe
balances
as
a
result
declared between China and Japan.
dollar situation is
most
part to
money
It
is
in the occupied
thorities seek
Japanese
yen
that
of the
The Shanghai
disrupt Chinese
areas.
check the
Chinese
$200,000,000
and
United States with China is
American
trade
annual
more
au¬
hegemony of the
territory.
the
now
more
the
of
than $150,000,000.
curtail this American trade and would
American money
invested in China.
serve
to freeze
Great Britain's
$1,000,000,000 and her annual
trade totals approximately $750,000,000.
Closing quotations for
28.90, against 28.92
on
yen
checks yesterday
Friday of last week.
were
Hong¬
49.85, against 49.85; Singapore at 57.70, against
57.70; Bombay at 36.79, against 36.81; and Calcutta
at
36.79, against 36.81.
dence
by
its
or
rep¬
agencies shall "appear be¬
designee and present evi¬
introduction of documents and
the
re¬
appropriated for
ex¬
ports," while of the $500,000
$100,000 is for the Committee and $400,000
for distribution
the Federal agencies repre¬
among
sented in such amounts
This would
seem
investigation
members
was
under
or
to
the President may
as
direct.
suggest that the main work
be done by the executive
to
their
direction,
with
the
full
Committee acting only when the executive members
had
the
House
be
It is not at all certain
something to report.
that
members
of
who
represent the
Senate and
Representatives will allow themselves to
relegated to
since
the
subordinate position,
a
Administration
spokesmen
especially
all
are
pro¬
Dealers, -while the Congressional
mem¬
bers, although fairly representative of varying opin¬
ions in the two
than radical.
houses,
the
rather
are
were
allowed to determine either
organization of the Committee
manner
of its
operations.
or
the scope
There has been
no
or
doubt
beginning that Mr. Roosevelt would make
all necessary
the
conservative
more
It would be unfortunate if the Admin¬
istration members
from the
Gold Bullion in European Banks
The joint resolu¬
creating the Committee provides that the
nounced New
kong closed at 30.96@31 1-16, against 30.94@31.00;
Shanghai at 18%@18%, against 18%@18%; Manila
at
exceptional importance.
on
fore the Committee
of
equal division be¬
an
executive and Congressional
or
resentatives of executive
in¬
Exchange control by the Japanese would seriously
investments exceed
take
tion
penses,
vestments in China,
principally in the areas
occupied by Japanese military forces, total
than
un¬
Washington and British
to
means
in
their
especially depressed due for the
Japanese efforts to
believed
of
department
With
effort to dominate the Committee, and
support of only one of the Congressional
mem¬
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at
bers will be necessary
of
jority, but unless the two halves of the Committee
par
exchange) in the principal European banks as of
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
are
shown for the
corresponding dates in the previous
four years:
work
in
Committee's life
gress,
1938
England
Germany b.
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark
1935
£
£
2,479,750
87,323,000
25,332,000
102,265,000
104,242,000
25,803,000
42,575,000
49,069,000
105,656,000
49,318,000
23,980,000
6,540,000
6,548,000
6,553,000
7,394,000
7,442,000
6,602,000
6,604,000
6,602,000
...
Prev. week.
332,116,143
83,596,000
222,070,107
431,990,143
2,360,750
88,092,000
193,263,925
568,139,024
3,176,950
90,781,000
63,046,000
52,255,000
103,127,000
44,914,000
19,711,000
192.150,700
Aiui/khl
inures
avanaoie.
d uoia
2,183,300
or
68,928,000
Committee
tne
April 30, 1938, latest figure available.
Also
first report since Aug. 1, 1936.
The gold of the Bank of France
was revalued on July 23,
1937, at 43 milligrams
of gold 0.9 fine, equal to one
franc; this was the second change in the gold's value
within less than a year, the
previous revaluation took place on Sept. 26,
1936,
vsmen the gold was
given a value of 49 milligrams to the franc as
compared with
66.5 mgs. previously.
On the basis of 65.5 mgs.,
approximately 125 francs equaled
£1 sterling at par; on basis of 49
mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are about 190 francs
to £1.
Coming Investigation of Monopoly
The first
meeting of the monopoly investigating
by the last Congress was scheduled
yesterday at Washington, a meeting previ¬
committee set up
ously announced for Monday having been
postponed
ma¬
the
end
an
a
half years
of the next
(the
Con¬
agglomeration of in¬
opinions.
expected to deal is far from clear.
was
created in response
to the
mo¬
nopoly message, so-called, -which Mr. Roosevelt sent
Congress
on
discoursed
velt
April 29. In that
at
message
Mr. Roose¬
length, and in much his usual
style, about the growing concentration of economic
power
of
in
a
handful of great corporations, the effect
business
slumps
in
speeding the process,
growth of financial control
cline of
over
competition and its effect
the
industry, the de¬
prices and
upon
employment, the difference between competition and
exploitation, and the necessity of choosing between
"industrial
to be held
is
The Committee
76,152,00®
61,209,00(*
15,234,000
7,397,000
6,577,000
Bank of Germany are exclusive of
gold held abroad, the amount of which Is now
reported at £1,016,650.
c As
of
The
group
90.528,000
721108,0(p
noiaings 01
to
in 1940) will be only
636,382,334
1,031,000,078 1,103,627,114 1,028,268,000 1,152,409,899
1,228,849,334
1,030,942,027 1,111,231,363 1,023,104,730 1,149,371,090
1,226,161.945
""""
numerical
Precisely what is the "monopoly" with which the
£
2,522,000
c63,667,000
a25,232,000
123,435,000
79,347,000
72,593,000
29,140,000
•
runs
1934
327,320,221
__
Total week.
-
1936
£
327,354,779
293,727,299
France
Norway
1937
£
of—
a
harmony the report which is to be made
time within the next two and
some
dividual
Banks
to give him
of
empire building" and the maintenance
private initiative and control.
As
far
as
any
particular conception 6f monopoly could be gathered
from these
oly with
went
tach
on
remarks, it appeared to identify
"big business."
The evil, Mr.
monop¬
Roosevelt
characteristically to point out, did not at¬
solely to the acts of "blindly selfish men," for it
Volume
was
147
Financial
comparatively
them.
Chronicle
in
for government to deal with
easy
It concerned far
the
more
who failed to
men
Washington.
realize the
superior wisdom of the New Deal philos¬
"The larger, more important and more diffi¬
ophy.
cult part
men
of
who
not selfish and who
are
but who cannot
interdependent community.
significance of
economic
the
in
of
some
modern
a
most vital
our
light of their
social
They, therefore, fail to
problems for the Nation
The
which
program
as
outlined
extend
to think that
a
at
suggested,
study of monopoly
to
"what is
happening to
There is
anything less ample
-The most that
some
to
can
no
elastic
or
be said for
interpretation is that the
resolution
Roosevelt
Club
newspaper headline
States and to the world."
the message, and the
whole."
a
Mr.
he
appropriate word, but the inquiry
would
restrictive
these
see
Press
traditionally known that problem to
velt's message.
and
men
National
is in the minds of the "inner circle"
whose ideas on
the subject are
presumably to be read in Mr. Roose¬
and"
personal experience and not
own
an
have
and
reason
them only in
see
for
the United
the
the
to be "much broader than
we
be"
conse¬
grasp
perspective with the experience of other
other industries.
as
economically
They fail to
problems because they
was
before
The term "monopoly,"
probably due to the need of
writers
good citizens,
are
the social and economic
see
of their actions in
quences
was
problem," he said, "is to deal with
our
15
address
an
main
a more
points of
corresponding provisions of the
creating the Committee, doub.tless have
relation,
all
near or remote, to monopoly, but for
practical purposes the Committee is in a position
forcement of the anti-trust laws, studies of
mergers
to
widen
and
whatever it thinks
Congress embraced, in addition
interlocking relationships,
continued
to
en¬
financial controls,
The
especially those exercised through investment trusts
and bank
holding companies, the work of trade
be, it
Securities
Commission
and
a
Exchange Commission of corporate
consummation when not
with
upon
the
effective
methods
breaking
up
bers
bestowing business by favor." The Securi¬
ties
and
interlocking relationships and like de¬
Exchange
Commission, it
has had in hand for two years a
trusts,
was
no
the
and
monopoly
and
similar
a
should
"No
was
apparently,
Congress to enact
a
ods
of
associations, it
suggested,
was
"supervision and effective pub¬
competition" and at the
same
and the
"prevent their
which
monopolies," and tax poli¬
cies should
be devised to
agement to
competitive
give "affirmative
agency,
namely,
enterprise."
Finally,
on
inde¬
The in¬
and
Ex¬
a
Commission, the Securities
and
proposed Bureau of Industrial Economics,
same
"reforms"
was
that the
and that
Bureau of Industrial Eco¬
statistics
There is fur¬
time
apparently intended to
from
secure
Congress before tha jnquiry
asked for could get under
way^^^
apparently to be made to convince
business men,
the
industrialists and the public generally
investigation will not be very disturbing,
the only aim is to pave the
way for the
correction
"supplement and supervise the collec¬
of industrial
inquiry of the Securities
Trade
An effort is
encour¬
advocated the creation of still another Fed¬
nomics, to
tion
other
to suppress inventions
use
and to create industrial
eral
apparently to be carried
Exchange Commission, the Department of Justice
time "guard
and at the
message
mo¬
jurisdictions of
the Federal
practices," the patent laws should be amended
to
are
trusts
against their interference with legitimate competi¬
as
expose
to be dealt
that the Administration will exert.
pressure
tive
so
are
Congressional half of the Committee.
will enable them to "combat unfair meth¬
as
be counted
ther ground for difference between the two
groups,
as well
as within
the Congressional
group, in the
fact that Mr. Roosevelt, in his
message, virtually
allocated certain "reforms" to the
vari¬
ety of legislation to prevent the potential evil from
licity"
may
opportunity to
that may or may not meet with the
approval of the
could
yet at the door of bank holding companies,
Trade
an
change Commission, moreover, will produce findings
but he nevertheless asked
spreading.
support,
further Federal control of industry
business, but not all of the Congressional mem¬
are
likely to take that point of view or to yield
vestment
investigation of insurance companies
should receive such
Roosevelt's
pendently of the work of the Committee.
be undertaken.
as
Mr.
has instituted
recommended,
great evil," Mr. Roosevelt admitted,
be laid
The Admin¬
nopoly without also discussing trusts, but the anti¬
trust prosecutions which the
Department of Justice
expected to await the release of the report since
separate action on the subject
course
It will be difficult for the Committee to
discuss
study of investment
committee,
likely to find its
to make the most of
to the
reported,
was
not
alleged evils of monoply that
and
for
vices for
is
include
to
cover.
with and to urge
clearly in the public inter¬
"more
monopoly
representatives, reasonably assured in ad¬
of
vance
provided by the Clayton Act to prevent their
est," together
of
definition should
gulf that will not easily be bridged.
istration
the
consolidations and acquisitions than that
mergers,
now
and
Trade
Committee
a
The equal division of the membership
between executive departments and
Congress creates
suggested, "more rigid scrutiny
was
through the Federal
definition
plain sailing.
as¬
sociations, the patent laws and the tax laws. There
should
the
admitted
by trade associations,"
of
and
abuses
whose
deplored.
existence is
generally
It would be foolish to ac¬
"study trade fluctuations, credit facilities and other
cept such pretensions.
conditions which affect the welfare of the average
of the
business
expressed what is widely feared when he declared
man," and
keep themselves
as
"help
small business
men
well informed about trade
to
on
con¬
National
June
17, in
DeWitt M. Emery, president
Small Business Men's
an
Association,
interview with the New York
*
ditions
as
Such
is
their
the
program
marked out for the
which
Mr. Roosevelt has
that the program goes
members
was
of
the
indicated
as
average
monopoly.
of the inquiry,
as
by Senator O'Mahoney
Government
is
pretending to aid small
reader is
expedition through which the Administration
That such
the Congressional
committee, at least,
the
business, Is really nothing
far beyond anything that has
commonly been regarded
which
The first
monopoly committee.
thing that is likely to strike the
is the purpose
"Sun," that "this monopoly investigation, through
big competitors."
conceive it,
on
June 23
tends to strike at all
There is not the
more
than
a
punitive
in¬
business, both big and small."
slightest
consideration for business
reason
or
to expect greater
industry from the
mo¬
nopoly Committee than has been accorded by the
other Federal
agencies which the Roosevelt Admin-
Financial
16
istration
With scarcely
multiplied.
has
influence of pressure groups in national politics and
excep-
an
tion, the record of these agencies has been marked
by inquisition, hostility, and arbitrary exercise
of
To launch a prolonged investigation at
authority.
time, when industry and business are struggling
this
from the doldrums, on the pretense that
to escape
competition is being stifled by monopoly and that
the anti-trust laws are insufficient to keep it alive,
deepen the conviction that the Administration
much less for business or industrial recovery
is to
cares
the further extension
does for
than it
control.
of Federal
*
J^y 2> 1938
Chronicle
•
the reliance which the Administration places in
such groups to keep itself in power. Pressure groups
are no new thing in American politics, and there is
no novelty in the use of money and patronage to
reward political friends and defeat political enemies, but the Roosevelt Administration seems destined to lead all others in the creation of groups
which it can use to advantage, in the lavish expenditure of public money where it presumably will "do
the most good," and in the unblushing purpose of
the President to intervene in the Congressional elections next November in behalf of
Pressure Politics and Pressure
Groups
candidates whom
heThe
favors and against those whom he disapproves.
political pressure group is to be clearly dis-
The political
The
only things specially notable about the speech
tinguished from a political party.
which
Aubrey Williams, Deputy Administrator of
party, if it be not too small to warrant general at-
Progress Administration and right hand
the Works
ten tion, has recognized rights in
primaries and elec-
Hopkins, made in Washington last
tions and in titles to any offices to which its candi-
circumstances under which the
dates may be chosen. It must, in most States, make
speech was delivered and the open and unabashed
return of its expenditures, and if it enters a national election a similar return must be made to
Congress. A pressure group has none of these rights
of Harry
man
Monday
the
are
partisanship of its appeal. The speech was delivered
in the auditorium of the Interior
Department build-
ing. The occasion was a meeting of the Workers' Alliance,
radical organization of workers on relief
a
obligations.
or
Its distinguishing characteristic is
its representation of a class which, as in the case of
openly boasted, in this city, of its ability
organized labor, is bent upon securing from the gov-
get quick action from the proper authorities on
ernment special favors for itself and its members, or
which has
to
applications of its members for relief.
is
organizations
partisan
The
use
of
meetings of notoriously
government buildings for
considered
generally
highly improper, but no such scruples weighed with
whoever had the
the
disposition of the Interior Depart-
Mr. Williams's
ment's hall.
remarks,
eluded
power,"
impossible for
would like to
go," and
who
for
stand
measures
a
calls them to account, endorses or opposes candi-
It has been reserved for the Roosevelt Adminis-
going to win the elec-
tions."
In
and at the same time add immensely to its
influence. Under Mr. Roosevelt's leadership class
legislation and appeals to class interests, prejudices
group
and antipathies
.
letter the next
a
action at the polls if its wishes or demands are
tration to give a new significance to the pressure
prediction that "the people
are
ens
not met.
of public opinion
government support of work relief
those who
are
us
It usually maintains a lobby at
to go as far as we
x\merica who control the organs
who make it
reforms.
dates although running none of its own, and threat-
reference to the "people in
a
as
Washington, watches the conduct of members of
Congress or public officials and commends them or
reported by
appeal to his hearers to vote to "keep
an
friends in
our
gard
"Times," in-
as
correspondent of the New York
aggregation of societies or special groups equally
an
bent upon obtaining from government what they re-
day to Senator Sheppard of
dent.
have multiplied beyond all prece-
In matters of the gold standard, currency
Texas, Chairman of the Senate Campaign Investi-
manipulation, bank and stock market regulation,
gating Commitee, Mr. Williams declared that he
and taxation, the "have-nots" have been arrayed
against the "haves." Labor legislation has openly'
had
been
misquoted.
said, the question of
low
and, in
high
as
reductions and
Avage
in-
many
instances, too low, but
was as
available funds would permit and as high as
important segment of public opinion would stand
for.
In
secure
discussing the efforts of the workers to
a
urged
higher wage payment," he continued, "I
upon
zation.
it
wage
and had "agreed that the wage scale was
creases,
an
had been discussing, he
He
I
them the strengthening of their organi-
pointed out to them that in
who had their
think
tions
are a
remove
point of view.
what I
said,
intended.
there
that
point of view, just
it-important to
liave their
cal in
a
democracy
important for them to keep in office those
was
few
as
does
people
so
a
and theatrical people have found in government
grants a sure reliance for maintenance.
Never be¬
nothing politi-
pealed to by laws and public administration, and
never before has the appeal been so effective in de'veloping class consciousness and its inevitable accompaniment of organized and aggressive class pres-
happen, however, that
steeped in partisan politics
every
be left to his
sure.
In place, accordingly, of the broad party lines
public official."
Mr. Williams may
unemployment, has magnified in the minds of millions the role of the Government in providing work
and support, and groups of students, writers, artists
political implica-
was
they read insidious political motives into
statement of
hostility to private utilities. The relief program, unsuccessful as it has been in eliminating large scale
fore in our history have so many classes been ap-
There
so
discrimination in prices and incomes would be removed, and Federal power projects have cultivated
from office those who
nor were any
It
their opponents
favored labor against employers, farmers have been
subsidized and bribed on the assurance that unjust
which have appeared in most of our national his-
reflections
re-
garding the "political implications" of his speech
or
tory, we find a long list of groups whose
the
as
interest in politics is in obtaining something for
did,'however,
themselves, and whose support is sought in behalf
peculiarly glaring fashion the
of policies or candidates enjoying Administration
propriety of addressing such
the Workers'Alliance at all.
was
to
illustrate in
own
an
organization
What he
main
Volume 147
favor.
As
Financial
between
Administration
of class and
leadership and
group pressure the honors are divided.
"The
mass,
but there have been
low where he has led.
of
use
17
Chronicle
to fol-
many
There should be
no
surprise,
Federal funds, appropriated by the Congress for the
then, that the Democratic Party has become
relief
sonal
following
unemployed, for political partisan advantage is not
group,
that the Republicans
only indefensible but shocking to the public
ion
of destitute
for
and
providing work for the
con-
rather than
national
a
are as
divided in opin-
the Democrats, and that national
as are
a per-
political
dis-
as
science," Senator Walsh of Massachusetts declared
tinct from local, class or personal issues are every-
on
where confused.
Thursday, but it is notorious that such funds
have been
widely and freely
notorious that the
It is equally
used.
so
It is
makes the partisan
Department of the Interior, in
situation of this kind that
a
use
of public
danger-
money so
ously effective in seducing voters, and at the
allocating Federal funds for local public works, has
time offers extraordinary obstacles to the
systematically exerted its great influence to bring
tion of the scandal.
about
gating Committee, which has made
the
construction
which would
In
the
those
municipal
power
the
case
have
Government
a
effort to enforce
an
the lavish distribution of the people's money done
prefer to
case
groups
they
of financial pressure.
Within
the
fields
much to 'debauch public morals, or given pressure
so
we
public policy by means
a
much
so
labor
and
relief the
'
group
■
outright
was an
That Peculiar Investigation of
gift to organized labor, and its partisan administration has done much to enhance its
the
(gr-
control
of
while
ously
the
each
pressed
neither
union
of
tration in its labor
hesitate to
"On March
The result
a
is
to
on
policies.
and
furtherance
paign, yet he does not
to
appear
its
justify the
There
are
with money,
a
the
at
indirectly in telephone
coin-
holding
company
structure, or otherwise.''
formation
on
the telephone industry, particularly
cam-
the American Telephone & Telegraph Co.,'in aid of
to have said anything
legislation by the Congress and for information of
pressure
the general public,
as
aid to providing more
an
effective rate regulation, and for other purposes in
other groups, many
Government
or
"The purpose of the resolution was to secure in-
means.
which keep
the American
companies related to any of these companies through
suggest that, in his opinion, the end does not al-
ways
*
of
report on
interstate commerce, including all
munication in
organization in fomenting strikes and other
in
directly
engaged
support the Adminis-
Mr. Williams does not
appeal to the Workers' Alliance to sup-
disturbances
and
Telephone & Telegraph Co. and all other companies
although he cannot be ignorant of the activities
of the
investigate
sion to
Congress,
port his bureau in raising the wages of relief workers,
15, 1935, President Roosevelt approved
joint resolution of the Seventy-fourth Congress
'authorizing the Federal Communications Coinmis-
organizations has vigor-
the Administration
be counted
can
labor vote.
those
>
Ernest r. Abbams
the operation of the Act and
over
,,
,
.
I elepnone
a
of Labor and the Committee for Indus-
Organization
that
value, but
rivalry has developed between the American
Federation
trial
for believing that, if only
reason
hard enough, they can get what they
press
want.
of
struggle is fierce. The Wagner Act
bitter
good begin-
a
out for it, for in no previous Administration has
relieved, and at the
dole; in the other
The Senate Campaign Investi-
ning by taking its task seriously, has its work cut
appeal is to the gratitude of
have been
wants
time to the indolence of others who
on
plants
displace service by private companies,
wThose
same
live
one
of
same
prevent
Such are the opening remarks
the public interest.' "
of them well backed
constant pressure
up a
of Commissioner Paul A. Walker, Chairman of the
upon
public
Telephone Division of the Federal Communications
opinion throughout the country in behalf of their
Commission, in his 1,065-page report, exclusive of
appendices, to the full Commission on the telephone
demands.
There
are
trality Act used in
another
Washington and
upon
the societies that want the Neuone way
investigation.
against Spain and in
On Nov. 18, 1934, almost six months before the
against Japan; others that insist that the
United States should cooperate
joint resolution of Congress received presidential
with the League of
reciprocal trade
approval, Walter S. Gifford, President -of American
Telephone & Telegraph Co., outlined the attitude of
agreements in general or a trade agreement with
his company and the Bell System toward the pro-
Nations
join hands with Great Britain;
or
that favor and others
Great Britain in
for
a
Federal
that oppose
some
posed investigation in the following public state-
particular; still others that agitate
ment;
department of education, or a Federal
department of fine arts, or more Federal aid for
public health,
'
,
amendment,
rency or
.
taxation.
department
that
is
no
objection
stituted authorities
at
to
any
mitigations
time.
by
We have
We there-
properly
no
con-
skeletons in
demands from embattled pressure groups
ing t0 confidence, at least until all who have criticisms
or a
almost
t
_
.
o.
.
,
.
or
elsewhere and carry on
a
an
campaign of solicitation and publicity.
Roosevelt has
undoubtedly done
_
.
more
than
t_i.
Mr.
any one
A
i
public life to aid the change by his attacks
business and business leaders and his thinly
disguised appeals to the prejudices and antipathies
.
.
T
people
-
v'
We are primarily concerned with furnishing the
to reply.
service
politics is to disintegrate
party organization and obliterate party lines.
It is regrettable, although per-
have made them and the company has had an opportunity
.
_
The net effect of group
upon
)lave
haps inevitable, that public investigation should be disturb-
lobby at W ashmgton
m
information as to how its affairs are conducted.
fore
the closet to be exposed.
j®_
else
In a business as extensive as ours which so vitally concerns so many people, the public has a right to the fullest
member of Congress
bureau
enough organized and financed to maintain
active
\
daily with appeals,
or
T
„
well
•"
»
tun
.
kinds of "reforms" in cur-
There is probably not a Govern-
bombarded
not
or
|
or various
ment
protests
the adoption of the child labor
or
■
of
at
this
the
country
lowest
with
the
possible
best
cost,
possible
consistent
telephone
with
fair
treatment of employees and of those who have invested
their savings in the business. We believe there is no
confllct between our aim and the aim of the Federal
Communications
timity
manner
to
in
supplied.)
place
Commission,
before
which
our
that
and
body
business
is
we
all
welcome
the facts
conducted.
the opporas
to
the
(Emphasis
Financial
18
proposed
investigation would be conducted in a spirit of fair
play and cooperation; that all parties to the investi¬
gation would be given ample opportunity to present
all the facts pertinent to the inquiry, and that the
final report of the Commission would present a true
and complete picture of American Telephone & Tele¬
graph Co. and the manner in which its affairs are
Quite naturally Mr. Gifford assumed the
A staff of experts was
other ideas.
research
in
upon
most of the subjects
Reports were sub¬
mitted to Commissioner
of
examination
organized and
the resolution.
undertaken
was
enumerated
Walker
as
the result of an
research
records,
company
problems, and the examination
selected
records, and the
continuous from
company
presentation of staff reports were
April, 1935, to July 28, 1937, while
hearings
public
on
of company
of
examination
Research,
witnesses.
had
Walker, however,
Commissioner
conducted.
were
intermittently from
1937. The record
held
16, 1936, through June 30,
March
and
formal staff reports.
Unfortunately, the only witnesses heard were
those summoned by the Commission and, despite
8,441 printed pages of testimony
constituted
2,140 exhibits, including 77
Telephone & Telegraph
repeated requests, American
Co.
nesses
permitted to cross-examine those wit¬
not
was
to
or
The in¬
present witnesses of its own.
therefore, smacks of those celebrated
treason" trials where only one side of the
vestigation,
"Russian
Witnesses were asked those
presented.
was
case
questions to which the "right" answers were
forth¬
granted the com¬
pany to correct gross misstatements of fact or in¬
sinuations of sharp practices, with the result that
the findings contained in the Walker report might
coming, and no opportunity was
without the expense and
well have been reached
as
About the only de¬
formality of public hearings.
technique of those "Russian"
inquisitions was that the "traitor" refused to con¬
fess to non-existent crimes, or to break out in loud
little more than two
public hearings began, Mr. Gifford
the stand, where he appeared as the
early as April 2, 1936, a
As
weeks
after
stated
from
Commission's witness:
I
get
in
have been
disturbed as to whether we
and am a little
not. I hope we do. But
side, as I said when I
before yesterday, may leave the im¬
correct picture of facts or
a
picking out only the facts on one
finished testifying
day
pression that this
is the whole picture
goes
of everything that
on.
In the introduction of his
report to the full
Com:
mission Mr. Walker stated:
The
evidence.
It
ceeding.
t
have
Congress.
nor
not one,
the
a
permitted, nor
not
received in
was
adversary
an
the Congress
proceeding
it
one
Commission
called
involving
for
introduced
right
to
as
no
property
cross-examine
an
agent
of
administrative
rights.
It was
witnesses
or
to call
30, 1937, at the conclusion
inac¬
statistics in the reports
exhibits and the testimony
constitut¬
of the reports and testi¬
inaccurate and mislead¬
ing," said Special Counsel Hurd of American Tele¬
phone & Telegraph Co. in his letter of Sept. 27, 1937,
to Commissioner Walker.
"This is not merely be¬
cause of 'inaccuracies in factual data or statistics.'
Errors of that character are not the serious errors.
of the investigators is
their material, have
practice which ought to
be avoided in an inquiry directed to the ascertaining
of accurate and comprehensive information.
"To illustrate: the investigators, in attempted
investigators, in assembling
The
indulged in almost every
assertions, have em¬
while ignoring other and con¬
trolling facts; they have imparted to tentative office
memoranda prepared for purposse of preliminary
study or discussion the authority of final declara¬
tions of company policy; they have related docu¬
ments to
circumstances other than those under
support of unfair or erroneous
ployed selected facts
used or to which they
and stated utterly
and have professed and
they were prepared or
which
addressed; they have drawn
were
inferences
unwarranted
unfair conclusions. Obviously,
the material errors and inac¬
curacies in such a record by memoranda limited
to 'inaccuracies in factual data or statistics' would
urged illogical and
attempt to correct
an
be futile."
Telephone & Telegraph
reports and
and prepared a series of 41 related
Accordingly, the American
analyzed the investigators'
staff
Co.'s
testimony,
various phases of the record.
merely pointing
out "inaccuracies in factual data or statistics" but
consisted more particularly of brief discussions of
the
investigators' assertions and related facts.
Furthermore, they were not intended to point out
These comments were
all the
errors
of public
not limited to
and conclusions set
in factual data
and testimony to which
the reports
forth in
they
to state all the facts bearing upon the
treated therein.
After a portion of these
related,
or
matters
pamphlet comments had been received and examined
Chairman Walker of the Telephone Division wrote
company,
You
are
comments
the
and
filed
the fact
of
requirements specified for
the
with
in part:
advised that the Commission,
be confined to
their filing (that they
pointing out "inaccuracies in
part of the record.
It is not
The
on
.
Telegraph Co., at their annual
April 20, 1938:
congressional resolution called upon the
procure
Commission
accurate and comprehensive information
business.
of
cutors.
.
in part, to the stockholders of Amer¬
Telephone &
meeting
to
.
factual data or
cannot be made a
surprising, then, that President Gifford
should state,
ican
having considered
their non-compliance
statistics"), finds that these comments
The
record of the investigation
impartial investigators but of partisans
The information assembled is
hearings, Commissioner Walker, while denying the
comprehensive.
company's long-standing request to be permitted to
money
or
"By far the greater part
mony
not
June
data
assembled by the special
investigators. The company immediately expressed
the belief that pointing out "inaccuracies in factual
data or statistics" 'would not be effective to correct
the serious errors with which the record was replete.
our
witnesses in rebuttal.
On
as
might sub¬
writing pointing out any
ing the ex parte record
therefore, in which there were parties litigant with
inherent
in
curacies in factual
committees.
agencies or
own
pro¬
itself might
of convenience, the task was delegated to
Communications
The
not
was
task which
performed through its
Federal
order,
investigation
was
For the purpose
the
was
rebuttal testimony from the company
any
statements
mit
in the manner' of
Cross-examination
hearings.
was
behalf, ruled that the company
own
the
investi¬
gations before legislative committees.
The American Tele¬
phone & Telegraph Co. was represented by counsel at all
The investigation was conducted
the
its
pamphlet comments on
praise of its accusers.
fervent
and
present evidence in
cross-examine witnesses and to
from the
parture
July 2, 1938
Chronicle
about
is a record
and prose¬
neither accurate nor
It is disappointing that so much time and
could not have been
expended more constructively.
Volume
Financial
147
The trend of the
investigation and the exhaustive
one-sidef! research of the special staff, wherein only
such data
might be construed as supporting evi¬
as
dence of misconduct
of American
selected
mismanagement on the part
or
Telephone & Telegraph officials were
non-communication
parte investigation
utility holding companies),
be attributed to the apparent belief of the
may
Telephone Division of the Commis¬
Chairman of the
sion
that
corporation of the size of American
no
Telephone & Telegraph Co. could have arrived and
remained
the communications field
top in
resorting to dishonest and unfair tactics,
without
that
the
at
alone
size
mere
And, proceeding on that false assump¬
corruption.
tion, evidence was gathered to support this precon¬
ceived
witnesses and the introduction
own
hampered by any lack of understanding
have been
the
of testimony of
witnesses—who, incidentally, would not
company
of
Naturally, cross-examination of its
opinion.
industry—would have seriously
telephone
interfered with
uncontested arrival at the desired
an
As indicative of the false
the
following which appears
report, consider the
sub-heading "Corporate Connections" as
under the
subject, "Economic Con¬
division of the general
a
tacts"
By
philosophy contained in
:
the
of
connections
Bell
the corporation
quite extensive.
On
directorates
interlocking
of
means
System
are
Co. had 40 officers and direc¬
23 had official positions with 195 business
1, 1935, the American
Nov.
Of these
tors.
System, 137 of which busi¬
organizations outside the Bell
approximately
organizations controlled net assets of
ness
When the $5,000,000,000
of Bell System assets are added, the total
consolidated
assets with which there 23 men have some control, either
$30,000,000,000 as of Dec. 31, 1934.
individually
through important positions
These contacts were established
held in outside concerns,
Board,
such as President, Chairman of the
Although these men do
Vice-President or director.
exclusive control
have
not
this vast accumulation of
over
wealth, each, with a few exceptions, is an
tive
officer
of
situation
and
broader
is
ramifications of
directoral
important execu¬
corporation, bank or insurance company
a
of the total assets.
which accounts for a substantial portion
The
$35,000,000,000.
approximate
collectively,
or
persuasive
more
Bell
the whole
System
there were,
Jan. 1, 1935, 537 officers and directors,
on
of whom had
272
2,400 positions in 1,468 non-Bell business con¬
1,436
They held 354 presidencies, 63 chairmanships,
cerns.
the
companies,
Considering only the 35 controlled Bell
sidered.
if
is con¬
149
directorships,
105
vice-presidencies,
memberships
on
executive committees,
73 trusteeships, as well as many other
important positions.
Over 90% of the positions were those
Board of Directors, President, Vice-
of
Chairman
President,
finance
of
the
trustee,
director,
With
committee.
Bell companies
companies,
solidated
1,468
organizations,
had two or more people in common.
plus
net
the
Bell
the
assets
of
System,
over
$44,000,000,000.
These
total con¬
represented
The
amount
includes, in addition to 90% of the telephone assets of
country, 11.7 billions, or approximately 20% of
11 billions,
or
and nearly
5V2 billions,
the steam
the banking
or
approximately 18%
of
railroads in the United States.
inference,
tempted
the
approximately 41% of all insurance
assets;
assets,
By
to
Commissioner
Walker
impute sinister motives
conducted and directed
tion
To what other group of men would a
job.
handed person
Commissioner Walker should understand.
to
has
at¬
American
fields of
and
by
men
of
proven
ability in
communication, industry, transporta¬
finance; because it has entrusted its five
billions of net assets to the
judgment of men whose
intergrity is above suspicion—except during Fed-
from
Democrat
a
While
Democratic
predominantly
a
State, he owes his present position as a member of
Federal Communications Commission in no
the
the record he made as a
small way to
demonstrated
his
ability
utilities select their managements
It
communication
from relief rolls.
would, obviously, be impossible, in
the course of
general comment, to discuss all or any
this short
portion of the points raised in
sizable
regulation.
utility
at
regulatory commissions nor
Neither
member of
utility regulatory body in Oklahoma and
the State
Walker's
report
exclusive of
pages,
of the points discussed
or
Telephone & Telegraph's 41 pamphlet
of
comments
Commissioner
mimeographed
1,065
of
appendices,
in American
1,200
printed
Only a few
pages.
observations, selected at random, will be
included
unrealistic, unfair and grossly inac¬
to indicate the
character
of the
In all instances
report.
it has
Telegraph
Co. in its pamphlet comments or by the writer.
"In a word," states the report, "there is no doubt
that by far the greater part of inter-regional com¬
where
emphasis is given to words or phrases,
supplied by American Telephone &
been
munication in the United States
of this control is
ness
of
is at the mercy of
The absolute¬
Telephone & Telegraph Co.
American
modified only by the extent
Yet no submitted facts
President Gifford, speaking
convention of the National Associa¬
government regulation."
justify this language.
before the 1927
Railroad
of
tion
and
Utilities Commissioners in
that year, outlined the
and
American Telegraph & Telephone Co. as ".
.
.
the
most telephone service and the best, at the least cost
to the public.
Without overlooking the fact that we
lack the big money incentive for maximum profits
and the drive for improvement that results from
active and strong competition, we believe the tele¬
Dallas, Tex., on Oct. 20 of
present policy of the Bell System
and
then
phone company is organized to
effective
progress."
able that any
the scope
make continued and
It would hardly seem reason¬
corporation, regardless of its size or
of its activities, which has
adhered strictly
decade either
to that
announced policy for the past
does
desires to hold the
or
public at its mercy.
communicating American
To be charitable, the Commis¬
sioner's choice of words is
regrettable.
Again, the report states that,
their
".
.
.
reduced to
Bell Sys¬
simplest terms, the purposes of the
tem resolve
themselves into these two aims: (1) the
establishment
General
and maintenance
of control by the
Department of the American Co. over
constituent members
of the Bell System; and
pumping of revenue from lower levels
the
Bell
the
(2)
of the
heirarchy to the holding company
Anyone familiar with the capital struc¬
System
reservoir."
Telephone & Telegraph Co. because its affairs are
the
the
and member of executive and
165 of
handle
fore¬
trust the employment of his savings?
agement from among those best qualified to
curate
verdict.
and because, like
undertakings, it has selected its man¬
all successful
prima facie evidence of
was
19
■
erally-conducted investigations;
(a formula previously applied by the Fed¬
eral Trade Commission in its ex
of
Chronicle
ture and
and
of
without public bor¬
financial practices of the Bell System
American
Telephone
whose associated
&
Telegraph
companies
are
Co.,
rowings or funded debt, must realize that
many
American
acted
Telephone & Telegraph Co. has, for decades,
as
the banker for its weaker
units, and has poured
millions of dollars of borrowed
the
credit of the
funds—borrowed on
American Co.—into their facili-
Financial
20
i
ties
of
that
how
section of the country, regardless
every
economically thin, might have the finest
service.
telephone
possible
follow
investment
money
loaned,
in
Naturally,
stocks, interest arises from
should honestly be
payments
and
dividends
ernment
pretends, at least to the taxpayers, to fol¬
low
same
funds
policy; it invests huge
the
of
projects,
the public relations activities
on
the
reflect
Bell
its fifth
as
be judged from the following quotation from
American
Telegraph's
in
and
the
were
first
Government control and regulation
this control
judicial
should
regulation
or
bodies,
acting
after
to
trol
or
economy,
annual
'•
State
advocate
or
be
by
permanent
quasi-
investigation
and that this
con¬
regulation, beyond requiring the greatest efficiency
should
interfere
not
with
management
We believe that these bodies, if they
operation.
effective
permanent,
such
a
and
deliberations
character and should
benefit,
conduct their
so
command
to
as
public
of
and
are
should
of
both
revisions when
it appears that the net return on net book cost is
or
excessive
inadequate.
(8)
To authorize it to establish the prudent cost of tele¬
phone property as the rate base.
To handle the problems occasioned by the dissemina¬
tion of
racing and other sporting
other
telephone facilities
To
the
give
or
Federal
news
through leased wire
service.
Communications
Commission
increased appropriations to do more investigating, including
the
authority
to assess the cost
of
regulation
against the
industry to be regulated.
In addition to the modest powers
requested above,
the Chairman of the
Telephone Division concluded,
largely in
on
attack
an
existing rates and not
as a
regulation, that the depreciation practices
of the Bell
System should be revised, that material
changes should be made in the pension plan, that
of
most
the
present public relations costs of the
System should be borne directly by the stockholders,
and
that the
System's regislative agents should be
required to register.
to be
be
investigations
from
respect
or
to
telephone
of
consolidations
all
already
Commission, and
To extend the authority of the Commission to permit
(7)
and
thorough
the
it to fix temporary rates and to suggest rate
matter of
of public utilities; that
governed by the equities of each case;
and
1913
":"'7
7
believe
We
&
Telephone
report:
over
of
companies.
The utter lack of truth of this statement
panies."
may
jurisdiction
(10)
com¬
authorization
without
con¬
System is opposed to "any
affect the interests of Bell
on or
extend
or
legislation aimed at regulation of corporations that
may
serviced
19)
System, the report cites
that
clusion
"self-
as
of wires in broad¬
cations carrier from extending service into territory
irrigation
them
use
casting and radio communication, to prevent any communi¬
v"'.
■
commenting
of the Bell
and
power
blatantly proclaims
liquidating."
In
in
taxpayers
and
of the
sums
July 2, 1938
discrimination in connection with the
Even the Federal Gov¬
made for services rendered.
the
Chronicle
When
if
and
the
Commission
receives
all
the
authority and jurisdiction recommended in Commis¬
sioner Walker's
report, bureaucratic regulation will
the
public and the corporations that both will without question
largely supplant
accept their conclusions.
spirited managements in the field of American enter¬
Commissioner
received much
lished
might,
benefit from
a
apparently,
have
reading of this pub¬
investigation of American Telephone
Telegraph Co.
As
result
a
of "so-called" facts
that will be left to President Gifford and his fellow
officers will be
aries and of
Federal
developed in the
the
grant
added
(1)
that
Federal
Congress
be
petitioned
Communications
to
Commission
jurisdiction and authority, briefly:
To
review,
approve
disapprove
or
all
group
(2)
System
of the American Co.
first
To regulate the costs and prices of telephone appara¬
To review, approve
or
disapprove all intercompany
(4)
To regulate Bell
bidding
for
System financing, to require com¬
its
securities,
to
determine the
to be
"In
"haywire" telephones without
closing," said President Gifford to the stock¬
holders, last April, "I want to call
the
fact
state
that
and
the
your
attention to
proposed report which has been
called
who
be
a
is
a
Inter¬
report of the Commission.
body of
proposed report is
was
on
Foreign Commerce is not and does not
to
purport
members.
seven
a
report which
The
one
The
so-
member
put in charge of the investigation for the
consideration."
con¬
ditions and prices under which future issues of capital stock
are
Linemen,
Commission has made to the full Commission for its
contracts.
petitive
Commission.
calling the Commission for authority.
Commission
tus and equipment.
(3)
Communications
sent to the Senate and House Committees
Bell
policies and practices promulgated by the central manage¬
ment
privilege of drawing their sal¬
and trotiblemen to fix
phone Division recommended in his report to the
Commission
the
reading the latest regulations from the
presumably, will still be permitted to climb poles
telephone investigation, the Chairman of the Tele¬
full
of the most capable and public-
prise today, and about the only unrestricted duties
Walker
statement before he laid down the rules for
his "Russian"
&
one
Mr. Gifford
matter
of
might also have stated, since it is
common
marketed, to regulate the conditions of loans and
knowledge
and
has
been
a
fre¬
the cost of funds advanced to the associated
companies, and
quently discussed in the
press,
to
dissension
the members of the Com¬
regulate the acquisition of securities in subsidiary tele¬
phone companies.
(5)
the
mission;
To limit the scope of the Bell
communications
field,
and to
System activtiies in
control
the
licensing of
pressed
exists
that
their
certain
To
Chairman of the
clarify
existing
phone services and rates
the division
of
authority
so
as
over
to extend
is
interstate
tele¬
jurisdiction
over
charges of joint interstate rates, to prohibit
no
of
have
openly
ex¬
the findings of
the
Telephone Division, and that there
certainty, despite the
Walker is
that much internal
members
disapproval
patents.
(6)
among
pressure
Commissioner
exerting for approval, that the full Com¬
mission will accept
the report in its present form.
Text of Work Relief and Public Works
Appropriation Act as Signed by President—
Generally Known as "Spending-Lending" Recovery Measure—Appropriations
for PWA, WPA,
Housing, Crop Control Program, Etc.
We are giving below the text of the so-called
"SpendingLending Recovery" measure enacted at the recent sesson of
Congress, and signed on June 21 by President Roosevelt, as
tion Act of 1938."
indicated in these columns June 25,
page 4040.
vides for
ure,
Themeas-
providing for total appropriations of $3,750,000,000,
/
bears the title "Work Relief and Public Works AppropriaFor the Works Progress Administration, the
new
law
pro-
appropriation of $1,425,000,000, together with
the balances of allocations under the Emergency Relief Apan
Volume
Financial
147
propriation Act of 1938 and the Joint Resolution of March 2,
1938 remaining unobligated.
Under Title II of the Act
provision is made for an appropriation of $965,000,000 for
PWA projects.
The Administration's slum clearance and
low-cost housing program is to receive under the Act, $300,000,000 in addition to the $500,000,000 previously appro¬
priated.
Other items in the bill it was noted in Associated
Press advices from Washington June 21 included:
The
Electrification
Rural
Administration,
$100,000,000 for loans and
$700,000 for administrative costs to extend electric power to rural areas.
The
Youth
National
$75,000,000
Administration,
its
for
program
of
helping high schools and coUege students on part-time jobs and youths of
school age on special projects.
Farm
rural
Administration,
Security
$175,000,000
for loans
and grants in
areas.
$130,000,000 pro¬
be spent by PWA for this purpose.
Federal buildings, $25,000,000 to start
In addition, $200,000,000 may
gram.
a
three-year,
The Puerto Rico Reconstruction Administration, $6,000,000.
The administrative costs of writing the pay checks and
the program are expected to total
on
In
addition to these funds,
for payments to
keeping accounts
$30,000,000.
wheat, cotton, corn, tobacco and rice farmers
under the
in our issue of June 18,
The text of the measure follows:
tions for work relief, etc.* were given
page
3885.
[H. J. Res. 679]
JOINT
Making appropriations for
projects.
by the Senate and House of Representatives of the
United States
the
of America in Congress assembled. This joint resolution may be cited as
"Work Relief and Public Works Appropriation Act of 1938".
I—Work Relief and
Title
Section 1. That in order to continue to provide
Relief
work relief on useful public
possessions,
there is hereby appropriated, out of any money in the Treasury not other¬
wise appropriated, to remain available until June 30,
1939, as follows:
(1) To the Works Progress Administration, $1,425,000,000, together
balances of allocations heretofore made or hereafter to
with the
the
be made
under the Emergency Relief Ap¬
Progress Administration
Works
propriation Act of 1937 and the joint resolution of March 2, 1938, which
remain unobligated on June 30, 1938, and such amounts shall be available
for
(a) administration;
(b) the prosecution of projects approved for such
the Emergency Relief Appropriation Act of
of 1935,
Emergency Relief Appropriation Act of 1937, and the
of needy
the benefit
persons;
joint resolution of
associations
(d) the following types of public
and
(1) Highways,
$484,500,000; (2) public buildings; paries and other recrea¬
exceed the respective amounts stated, namely:
roads, and streets,
tional facilities, including buildings therein; public utilities;
mission and distribution lines or systems to serve persons
including projects sponsored by and for the benefit of
electric trans¬
in rural areas,
nonprofit and co¬
purification systems;
facilities^flood control; drainage; irrigation
conservation; eradication of insect pests; projects for the production of
operative associations; sewer systems, water supply and
airports and other transportation
lime and marl in Wisconsin for fertilizing soil for
under such conditions as may
distribution to farmers
be determined by the sponsors of such projects
provisions of State law; and miscellaneous construction
under
projects,
$665,500,000; and (3) educational, professional, clerical, cultural, recrea¬
including
production, service,
tional,
training for domestic service, and
$285,000,000: Provided, That the
miscellaneous non-construction projects,
amount
specified for any of the foregoing classes may be increased by not
15 per centum thereof by
to exceed
from
amounts
any
transfer or retransfer of an amount or
other class or classes; Provided further,
That notwith¬
the Anti-Deficiency Act,
Progress Administrator is authorized, from time to time, out of
standing any other provisions of this Title, or of
the Works
funds
to
appropriated in this sub-section, to use such amount or amounts not
the
in
exceed
aggregate
$25,000,000, as may be determined by the
President to be necessary, for the purpose of
providing direct relief for needy
such amounts may be used in the discretion and under the direction
he may designate;
persons;
of the President and through such agency or agencies as
National Youth Ad¬
(2) To the Works Progress Administration for the
ministration, $75,000,000, together with
fore made or hereafter to be made to
for the
the balances of allocations hereto¬
the Works Progress Administration
National Youth Administration under the Emergency
Relief Ap¬
March 2, 1938, which
remain unobligated on June 30, 1938, and such sums shall be available to
provide, subject to the approval of the President, on projects of the types
specified under (1) (d) hereof for the Works Progress Administration, partpropriation Act of 1937 and the joint resolution of
time work and training to
needy young persons who are no longer in
attendance at school and who have been
to enable needy young persons
regular
unable to obtain employment, and
to continue their education at
schools, col¬
leges, and universities;
(3) To the Secretary of Agriculture, $175,000,000, together with
of allocations heretofore made or hereafter to be made to
Administration
and the joint?
June 30,
under
the
Emergency
resolution of March 2,
balances
the Farm Security
Relief Appropriation Act
of 1937
1938, which remain unobligated on
193&, and such sums shall be available for administration, loans,
Administration,
tofore made
Rico Reconstruction
$6,000,000 together with the balance of allocations here¬
hereafter to be made to such Administration under the
Department of the Interior,
To the
or
Emergency Relief Appropriation Act
March
for needy
Puerto
of 1937 and the joint resolution of
1938, which remain unobligated on June 30,
2,
amounts shall be
1938, and such
available for administration, loans, and rural rehabilitation
persons
and for Federal and non-Federal
projects of the type
specified for the Works Progress Administration under
and
limitations (1), (2),
(3) of (1) (d) hereof;
(5)
administrative expenses incident to
of this title: (a) General Accounting Office,
To the following agencies for
carrying
out
$4,180,000;
the purposes
(b)
Treasury Department: Procurement Division, Branch of
$5,500,000; Division of Disbursement, $3,500,000; Office of the
Treasurer, $750,000; Secret Service Division, $300,000; Office of Com¬
Supply
missioner
Warrants,
of
Accounts
$3,000,000; and
(8)
To
and
Deposits
and
Division
$8,000,000 for administrative accounting;
the
$1,250,000, for administrative ex¬
Department of Justice,
Emergency Relief
in carrying out the provisions of section 5 of the
penses
Appropriation Act of 1935;
Total of appropriations,
title I, $1,712,905,000.
relief
herein.
Sec. 2. The funds appropriated in this title to the Works Progress Ad¬
ministration snail be so apportioned and distributed over the period end¬
ing February 28, 1939, and shall be so administered during sucn period as
The funds made available by this
or
relief for persons in need
tion during such period for
of some
extraordinary
title shall be used only for work
except as otherwise specifically provided
will be furnished to such Administra¬
relief purposes, except that upon the happening
emergency
President, who shall fully set fortn the rea¬
modified by the
or
action and communicate the same to
therefor at the time of any such
sons
which could
unusual circumstance,
or
anticipated at the time of making such appointment, the same may
be waived
Congress in connection with any estimates for additional appropriations
to carry out
thistne purposes of this title, but any sucn
waiver or modifi¬
reducing the total period of apportion¬
provided nerein by more than one month; and the
of such funds
funds
appropriated in this title to the Secretary of Agriculture, to
as
the Works
and to
Progress Administration for the National Youth Administration,
the other
agencies, shall be
apportioned and distributed over the twelve
so
30, 1939, and snail be so adminis¬
months of the fiscal year ending June
be
constitute the total amounts that will
tered during such fiscal year as to
Works Progress Adminis¬
the other agencies
furnished to the Secretary of Agriculture, to the
during sucn fiscal year for the purposes of this
3.
Sec.
Administrator
The
authorized
to allocate to
of
Works
the
title..
Progress
Federal departments,
other
Administration is
establishments, and
agencies, for the purpose of operating projects of the types
specified for the
including ad¬
Progress Administration under section 1 of this title,
Works
ministrative
expenses
of
such department, establishment, or
any
agency
projects, not to exceed $60,000,000 of the
incident to the operation of sucn
Administration and to pre¬
projects: Provided,
allotted to any sucn
shall be expended for such administra¬
funds made available by such section to sucn
regulations for the operation of sucn
rules and
scribe
That not to exceed 5 per centum
Tne Works Progress
Sec. 4.
witnin
istration
of the total amount so
of Bookkeeping and
total, Treasury De¬
Administration, the National Youth
Progress Administration,
Works
the
Administration within the Department of
gency
Admin¬
the Farm Security
Agriculture, the National Emer¬
Council, and tne National Resources Committee are
hereby extended
of this title.
5. No Federal construction project, except flood control and water
until June 30, 1939, to carry out the purposes
Sec.
conservation projects
autnorized under otner law, shall be
undertaken or
unless and until there shall
aside Federal funds sufficient for its
prosecuted under the appropriations in tnis title
have been allocated and irrevocably set
completion; and no non-Federal project shall be
under such
undertaken or prosecuted
has made a written
appropriations unless and until the sponsor
agreement to finance such part of the
entire cost thereof as is not to
be
supplied from Federal funds.
Federal agencies having supervision
Sec. 6.
the appropriations in
non-Federal projects
money to
the
Federal agency.
Sec. 7.
In carrying out the purposes
authorized to prescribe such
Sec. 8.
sucn
such
Such con¬
United States.
utilized as agreed upon between the sponsor
of tnis title, the heads of tne
depart¬
herein
which funds are appropriated
ments, establishments, and agencies to
are
receive from sponsors of
contributions in services, materials or money,
tributions shall be expended or
and
of projects prosecuted under
this title are authorized to
be deposited with the Treasurer of the
rules and regulations as may be necessary.
Tne appropriations in this
and
title for administrative expenses
available for admin¬
be obligated for such administrative expenses in
portion of other appropriations in tnis title as are
istrative expenses shall not
excess
of the
with tne
amounts
which the
department,
approval of the Director of the Bureau
The amounts so certified for
establishment, or agency,
of the Budget, snail have
Treasury as necessary for such purposes.
certified to tne Secretary of the
administrative expenses shall be available
for
establishment, or agency concerned for
Columbia and elsewhere and for the ob¬
jects set forth in subsection (a) of section 3 of the Emergency Relief Appro¬
priation Act of 1935 and with the authority set forth in subsection (b) of
such section of such Act:
Provided, That not to exceed 5 per centum of the
amount made available in section 1 of tnis title to the Works Progress Ad¬
ministration and to tne Works Progress Administration for the National
expenditure by such department,
personal services in the District of
Youth Administration shall be
Sec.
9.
used for administration.
The rates of pay for
persons
engaged upon projects under the
appropriations in this title snail be not less than the prevailing rates of
for work of a similar nature in tne same locality as determined by
pay
the
Provided, That if minimum rates of pay
for persons employed by private employers in any occupation are established
by or pursuant to tne authority conferred by any Labor Standards Act
enacted at the third session of the Seventy-fifth Congress, not less than the
Works Progress
Administration:
minimum rates
of pay
so
established shall be paid to persons in
employed on projects under the
occupations in the same locality
ation in subsection one of section one
Sec.' 10.
relief, and rural rehabilitation for needy persons;
(4)
Department of Labor, United States Employment Service,
(c)
000; and
National
National Resources Committee, $750,-
Emergency Council, $850,000; (b)
department, establishment ,or agency
projects, Federal and non-Federal, subject to the approval of the President,
and the amounts to be used for each class shall not, except as hereinafter
provided,
To the following agencies for administrative expenses: (a)
tive expenses.
(2), and (3) of (d) hereof; (c) aiding self-help and cooperative
for
Relief Appropriation Acts shall not be rescinded or
prior Emergency
(7)
Appropriation
1938, which projects shall not be subject to the limitations (1),
March 2,
or
reallotted for any other purpose;
1936, and the
Administration under the provisions of the Emergency Relief
Act
such Commission under the
tration for the National Youtn Administration, and to
projects, and relief, in the United States and its Territories and
to
$3,500,000; and any allocations herefore made or
ment
relief, and otherwise to increase
work relief,
Compensation Commission for
16 of this title,
hereafter to be made to
Emergency Relief Appropriation Act of 1937
States Employees'
To the United
(6)
expenditure in accordance with the provision of section
cation shall not have the effect of
RESOLUTION
employment by providing loans and grants for public works
Resolved
Commerce, $325,000;
not be
the bill making appropria¬
the enactment of
of
Details
of Air
partment, $18,050,000; and (c) Department of Commerce, Bureau
to constitute the total amount that
Congress included in the bill $212,000,000
control program.
crop
21
Chronicle
In
tne
of this title.
of persons on projects under
employment
similar
appropri¬
the appro¬
actual need whose names have not
relief rolls shall be given tne same eligibility
priations in this title, applicants in
neretofore been placed
on
heretofore appeared on
of the purpose
appropriations are made and to avoid competition between
the Works Progress Administration and other Federal or non-Federal
agencies in the employment of labor on construction projects of any nature
whatsoever, financed In whole or in part by tne Federal Government, no
relief worker shall be eligible for employment on any project of the Works
Progress Administration who nas refused to accept employment on any
other Federal or non-Federal project at a wage rate comparable with or
higner than tne wage rate established for similar work on projects of the
for employment as
such rolls: Provided,
applicants whose named have
That in order to insure the fulfillment
fdr which such
Works Progress Administration:
who has been
engaged
service has been
not lose his
on any
Provided further,
Tnat any relief worker
and wnose
Federal or non-Federal project
regularly terminated
through no fault of his own
eligibility for restoration to the relief rolls or
shall
for reemployment
22
on
Financial
other Federal
any
Provided further.
employment:
to
has
or
received
payment of an
in
non-Federal project
or
either
That
the fact
that
adjusted-service bonds
a
or
a
adjusted-compensation certificate shall
determining actual need of
relief worker employed
every
account of such previous
on
Federal
That
non-Federal Works Progress
or
Administration project shall be required, as a condition to nis continued
employment, to file quarterly
a statement as to
and tne statements
so
Sec. 18.
The
with
connection
Sec. 19.
Farmers in need and
wno need
employment to supple¬
areas as persons on
No alien illegally within the limits of the United
such rolls.
States, and
alien who has not, prior to the date of enactment of this joint
resolution,
filed a declaration of intention to become an American citizen wnich
is
valid and has not expired, shall knowingly be given employment or con¬
no
tinued in employment on any project prosecuted under the
appropriations
in this title: Provided,
That preference in employment on such
given in the following order:
De
of
projects
(1) Veterans of the World War and
Spanisn-American War and veterans of
in which tne United
the
laws
need and
States has been engaged
administered
by
tne
American citizens;
are
Veterans'
any
campaign
expedition
or
(as determined
on
Administration)
the basis
who
are
in
(2) other American citizens, Indians and
other persons owing allegiance to the United
States wno are in need; and
(3) those aliens in need whose declarations of intention to become Ameri¬
can
citizens
and
are
were
filed prior to the date of enactment of
this
joint resolution
Any
No person employed on work projects under the
appropriations
in need who refuses a bona fide offer of
private
in this title and
employ¬
ment under reasonable
working conditions wnich pays as much or more in
length of service as such person receives or
could receive under such appropriations and who is
capable of performing
such work, shall be retained in
employment for the period such private
employment would be available: Provided,
That any persons who takes
such private employment snail at the
expiration tnereof be entitled to
compensation for the
same
immediate resumption of his previous
employment status if ne is still in
need and if he nas lost the private
employment tnrough no fault of his own.
Sec. 13. Appointments to Federal
positions
of
an
administrative
advisory capacity under the appropriations in this title in
be made
from
among
tne
bona fide citizens of that
inconsistent with efficienct administration.
So far as not inconsistent with
efficient
title,
diverts,
or
of any
person
far
so
as
or
not
administration
no
part of the
administrative,
or
actual and bona fide citizen of the
district in which tne office
or
State, Territory, region,
project is situated, but this provision shall
not
apply to the temporary and emergency assignment of
position where the period of service in such
position does
days.
Sec.
the
14.
salary
any person
not
exceed sixty
supervisory
a
candidate for any
or
administrative
State, district, county,
or
office
a
to a
No part of any
appropriation in this title shall be used to pay
expenses of any person in a
or
position who is
municipal
(such office requiring full time of such
person and to which office
or per diem attaches), in
any primary, general or special election,
who is serving as a
campaign manager or assistant thereto for any such
salary
or
candidate.
Sec. 15.
Hereafter,
so
far
tration, all appointments of
within the District of
not
inconsistent
with
efficient
persons to the Federal Service for
Columbia, under
the provisions of this
adminis¬
employment
joint resolution,
census.
In
making separations from the Federal
Service, or furloughs without
long as three montns, of persons
employed within the District
of Columbia, under the
provisions of this joint resolution the
appointing
power shall give preference, as
nearly as good administration will warrant,
pay to last as
in retention to appointees
from States that have not received their share of
appointments
according to population: Provided, however, That
soldiers,
sailors, and marines, the widows of
such, or tne wives of injured soldiers,
sailors, and marines, who themselves are
not qualified, but whose wives
are qualified to hold
a position in the
Government Service, shall be given
preference in retention, in their several
grades and classes, where their
ratings are good or better.
The provisions of
the Act of February 15, 1934
(48 Stat. 351),
amended, relating to disability or death
compensation and benefits shall
apply to persons (except
administrative employees qualifying as civil
employees of the United
States) receiving compensation from the ap¬
propriations in this title for
services rendered
as
employees of the United
States and to persons
receiving assistance in the form of payments from the
United States for services
rendered
under the National Youth Administra¬
tion created
by Executive order of June
26, 1935: Provided, That effective
July 1, 1938, the monthly
compensation in any individual case heretofore
coming witnin the purview of such Act of
February 15,1934, snail not exceed
the rate of $50, and
the aggregate
payments snail not exceed $4,000,
exclusive of medical costs:
Provided further, That so much of the
appropria¬
tion in section 1 of tnis
title to the
Bureau
of
as
the
United States Employees' Compensation
tne
Commission, with the approval of tne Director
Budget, estimates and certifies to the
Secretary
of the
of
the
Treasury will be necessary for the
payment of such compensation and ad¬
ministrative expenses shall be
set aside in a
special fund to be available and
boycott,
services
or
discrimination
or
membership in
or
intent
defraud
to
the
or
assists in diverting, for the benefit
real
administered by tne Commission
during the fiscal year 1939 for such
purposes; and after June
30, 1939, such special fund shall be added to and
become part of the
"Employees' Compensation Fund, Emergency Relief",
in accordance with the
provisions of the Independent Offices
Ap¬
portion of such
any
ap¬
personal property acquired thereunder,
or
he may
be entitled
attempts so to do, or assists in
one year,
affiliations,
under any such
appropriation,
doing, shall be deemed guilty of
so
than
more
$2,000
or
or
mis¬
a
imprisoned not more
than
both.
or
Sec. 20.
of race, religion, political
on account
labor organization, deprives any person of any of the
a
wnich
demeanor and fined not
The Works
Progress Administrator is autnorized to consider,
ascertain, adjust, determine, and pay from the appropriation to the Works
Progress Administration in this title
thereunder
damage to
or
claim arising out of operations
any
after the effective date
accruing
of this
while acting within the scope
on
account
of
of the National Youtn Administration
or
of nis employment: Provided, That
shall be considered hereunder which
accrual
title
loss of property caused by the negligence of an employee of the
Works Progress Administration
is in
thereof: Provided
no
claim
of $500, or which is not
excess
one year
further. That acceptance by
from tne date of
any
claimant of the
amount allowed on account of his claim shall be deemed to be in full settle¬
ment
tnereof,
and
the
of
action
the
Administrator
such
upon
claim
so
accepted by the claimant shall be conclusive.
Sec. 21.
Reports of the operations under the appropriations in this joint
resolution and the appropriation contained
in tne Emergency Relief Ap¬
propriation Act of 1937 and the joint resolution of March 2, 1938, including
a
statement
of the
expenditures made and obligations incurred by classes,
projects, and amounts shall be submitted by the President to Congress
on
before the fifteenth of January in each of the next two regular sessions of
Congress: Provided, That such reports shall be in lieu of the report required
or
by section 14 of such Act of 1937.
Sec. 22.
No part
shall be loaned
or
of the funds made available in this joint resolution
granted, except pursuant to
of its political subdivisions
an
obligation incurred prior
of this joint resolution, to any
State, or any
agencies, for the pupose of carrying out or
or
assisting in carrying out any program
or
project of constructing, rebuilding,
repairing,
or replanning its penal or reformatory institutions, unless tne
President shall find that the projects to be financed witn such loan or grant
will not
tne
cause or
promote competition of the products of convict labor with
products of free laoor.
Sec. 23.
The
funds
nerein appropriated to the Works Progress Ad¬
ministration, exclusive of those used for administrative expenses, shall be
so
administered by tne Works Progress Administrator that, except
after
as herein¬
provided, expenditure authorizations for other than labor costs for
all the
or
projects financed from
such funds in any
State, Territory, possession,
the District of Columbia shall not exceed an
average
worker employed after June 30,
all such
projects: Provided,
of $7 per month per
1938, and prior to February 28, 1939, on
Tnat not to exceed
$25,000,000 of tne funds
herein
appropriated to tne Works Progress Administration may be used
by the Works Progress Administrator to supplement tne amounts so author¬
ized for otner than labor costs In
any
makes
ergency
wnere
in
tne
State, Territory, possession,
opinion of tne Administrator
the
or
em¬
an
additional expenditures necessary to assure the opera¬
sucn
tion of sound projects.
Sec. 24.
This title may be cited
Act of 1938".
as
tne
"Emergency Relief Appropriation
■
Title II—Public Works Administration
Projects
Sec. 201. (a) In order to increase
employment by providing for useful
public works projects of the kind and character which the Federal Em¬
ergency
nas
Administrator of Public Works (herein called the "Administrator")
heretofore financed
aided in financing, pursuant to
or
Title II of tne
National Industrial Recovery Act, the
Emergency Relief Appropriation
Act of 1935, tne Emergency Relief
Appropriation Act of 1936, or the Public
Works Administration Extension Act of
1937, there is nereby appropriated,
out of any money in the
Treasury not otherwise appropriated, to remain
available until June 30, 1940, the sum of
$965,000,000, to be expended by
sucn
Administrator, subject to the approval of tne President, for (1) the
making of allotments to finance Federal projects, or (2) the making of
loans
or
grants,
divisions,
or
or
otner
both, to States, Territories, possessions, political
public bodies (herein called public agencies),
construction and leasing of projects, with
or
this
title
shall
be available for
the
or
suo-
(3) the
without tne privilege of pur¬
chase, to any such public agencies: Provided, That
under
no
funds appropriated
acquisition
of land
to
enlarge
Indian Reservations.
(b)
No
funds
appropriated
under
tnis
project which in the determination of
menced prior to
January
1,
1939,
title shall
the
be
allotted
Administrator cannot
the completion of which
or
for
any
be com¬
cannot
be
substantially accomplished prior to June 30, 1940: Provided, That this
limitation upon time shall not
apply to any project enjoined in any Federal
or State court.
(c)
Under subsection (a)
shall
be
allotted
to
(1) of this section not to exceed $200,000,000
Federal
agencies
(including projects for making
surveys
for
Federal
construction
projects
and maps, not exceeding $2,500,000)
in continental United
States outside tne District of Columbia, and such
projects shall be selected from among the following classes: (1)
Projects
autnorized
to be
set up
with
who knowingly, by means of any fraud, force, tnreat, intimidation, or
as
Commission,
and
entitled thereto,
not
District of Columbia
as
whether such appointments be
within tne classified civil service or other¬
wise, shall be apportioned
among the several States and the District of
Columbia upon the basis of
population as ascertained at the last preceding
Sec. 16.
persons
to the date of the enactment
executive, or supervisory position under this
joint resolution, if the position
is in any office located outside the District
of Columbia or is on any
project
prosecuted in any place outside the District of
Columbia, unless such
an
knowingly
attempts to divert
or
or
or any
benefits to
State shall
any
State
appropriations in this title shall be available to
pay the compensation of
any officer or employee of the United States who
nolds an
person is
who
person
presented in writing to the Administration within
valid and have not expired.
Sec. 12.
(41
for any project, employment, or relief aid under the appropriations in this
or
the
Statutes
filed shall be taken into consideration In assigning
eligibility for employment on projects in rural
snail
Revised
of the
United States makes any false statement In connection with any application
propriation,
11.
3709
foregoing appropriation when the aggregate amount
the
involved is less than $300.
ment their farm income but wno are not on relief rolls shall have the same
Sec.
rental of materials, supplies,.equipment, and tools.
or
provisions of section
U. S. C., 5) snail not apply to any purchase made or service procured in
project,
a
workers to employment on such projects and in continuing them In
such
such employment.
in the nature of revolving funds for use, until June 30, 1939, in the purchase,
repair, distribution,
the amount of his earnings,
if any, from outside employment wnile he was assigned to such
July 2, 1938
of Supply, Treasury Department, and the Works Progress Administration,,
be considered
not
employment: Provided further.
sucn
on any
entitled
Is
person
Treasury check in
Chronicle
projects;
by law and for the acquisition of land for
(2)
projects
for
the
enlargement,
sites for such authorized
extension,
or
remodeling
of
existing Federal plants, institutions,
and
or facilities; (3) projects for hospitals
domiciliary facilities of the Veterans' Administration (including the
acquisition
of land for sites tnerefor)
and
any
such
allotments shall
be
propriation Act, 1939: Provided
further, That said "Employees' Compensa¬
available for the purposes
not be limited in its use to
the United
propriation for "Hospitals and domiciliary facilities" in the Independent
Offices Appropriation Act, 1939; and
(4) projects for penal and correctional
tion
Fund, Emergency Relief" and the
special fund herein authorized shall
States, its Territories, and possessions
and any payments heretofore
made to persons outside the United
States, its
Territories, and possessions from the
special funds set aside to be ad¬
ministered by said
Commission, if otherwise
valid,
are
hereby validated:
Provided further, That tnis section
shall not apply in any case
coming within
the purview of the workmen's
compensation law of any State or
Territory,
or in which the claimant
has received or is entitled to
receive similar benefits
for injury or death.
Sec. 17. In carrying out the
purpose of the appropriations in tnis title,
the Secretary of tne Treasury is
authorized to prescribe rules and regulations
for the establishment of special funds for
the Procurement Division, Branch
and
under the
conditions specified in the
ap¬
facilities under the Department of
Justice, including tne acquisition of land
for sites therefor: Provided, Tnat not to
exceed $15,000,000 of such allot¬
ments shall be made for
military or naval purposes except for the housing
or hospitalization of
personnel or for storage of material, supplies, and
equipment at existing estaolisnments.
(d)
No grant shall be made in
non-Federal project, and
public
no
excess
of 45 per centum of tne cost of any
project shall be constructed for lease to
any
agency unless the Administrator snail determine that the nonrecoverable portion of tne cost of such
project shall not exceed 45 per centum
of the cost tnereof.
Volume
(e)
Not
Financial
147
than
more
$750,000,000 of the funds appropriated under tnis
Chronicle
23
binding, there is appropriated, out of any money in the Treasury not other¬
title shall be used for grants, or for
defraying the estimated non-recoverable
wise
portion of the cost of projects constructed for lease to public agencies.
appropriation contained in this
(f)
Not
available
fiscal
than $15,000,000 of the appropriation in this title shall be
more
for
ending
year
available
administrative
in
tne
June
of
expenses
30,
1939;
Independent
such
Offices
Administration
the
and
amount
the
during
made
amount
Appropriation Act,
the
appropriated,
the
of $700,000: Provided,
sum
That
of any
part
no
other Act for the fiscal
or any
ending
year
June 30, 1939, snail be available for the payment of enlistment allowance
to enlisted
for reenlistment within
men
a
period of three months from date
of discharge as to reenlistments made during tne fiscal year ending June 30,
ad¬
1939, notwithstanding the applicable provisions of sections 9 and 10 of the
ministrative expenses for the Federal Emergency Administration of Public
Works shall be available for administrative expenses tnereof during such
Act entitled "An Act to readjust the pay and allowances of the commissioned
fiscal year for the purposes and under the conditions set forth in such Act,
Coast
for such
1939,
for
Administration, except that tne condition therein that such ad¬
and
is
hereby
rescinded
available, in addition to the other
of
motor-propelled
work
and
in
purchase and
shall
both
vehicles
of Columbia
than
more
exchange for
amounts
purposes, for the
passenger-carrying
District
the
$75,000 but not
and
in
a
District.
in such
official
amount
$1,500 thereof shall be
use
made
exceed
to
And the Administrator
administrative expenses of the Administration for the fiscal year
ending
June 30,1940, for the completion (except liquidation) of the activities of such
Administration, subject to authorization hereafter by annual appropria¬
tion acts for the utilization thereof.
(g) Not
with
than $400,000,000 may be used, from the moneys realized
more
the proceeds
of such securities, for the making
of further loans
hereunder.
(h)
No
Sec. 403.
This title may be cited
Federal
conservation
Sec. 501.
not
Tnere is hereby appropriated out of any money in the Treasury
otherwise
appropriated, to be available until expended,
to
producers of wheat,
cotton,
area), rice, and tobacco pursuant
shall be approtioned among such
Domestic Allotment
commodities in the
construction
project,
flood
except
and
control
water
utilization projects now under actual construction, shall be
or
prosecuted under the appropriation in this title unless and
or
standards set forth
1938:
is not to be supplied from Federal funds.
Sec. 202.
Tne
Federal
Emergency
hereby continued to tne close of the fiscal
perform
year
Works
is
104 of the Agricultural Adjustment
in section
modity shall be made
the date of
on
carrying out
in the
hereof.
enactment
All provisions
of law
of the functions of
any
year,
Administration
such
Emergency Relief Appropriation Act of 1936,
of the
201
Public
Works
are
except that the date speci¬
Administration
as
amended by
Extension Act of
1937,
prior to whicn, in the determination of the Administrator, projects for which
made available by such Act
were authorized to be
granted,
can
be
substantially completed is hereby changed from "July 1, 1939" to "July 1,
1940".
•
Sec. 203.
That portion of section 203 of the Public Works Administra¬
Extension
Act of
1937,
which
reads
as
and after the date of the enactment of this
shall be made by the Administrator for any
for
the
under said program:
206
of
the
Public
follows, is hereby repealed:
joint resolution
no
allotment
project the application for which
Sec. 205.
This title
be cited
may
Works
as
In
Administration
No
loans
grants, for
non-Federal
projects shall be received by the Administration after September 30, 1938:
shall
be confined
to
projects, which, in the determination of the
Administrator,
can
in section 201
times the parity price..
these commodities,
normal year's domestic consumption and
a
be started and completed within the time limits specified
of United
States
In determining parity prices and farm prices for
In case any person who is entitled to payment here¬
disappears before receiving such
under dies, becomes incompetent or
ment
by another who renders or completes
is succeeded
or
performance,
payment
shall,
without regard to any
other
pay¬
the required
provision
of
law, be made as the Secretary of Agriculture may determine to be fair and
reasonable
all
in
the
administration of this
and
circumstances
provide
by
title shall be in accordance with
regulations.
The
the provisions of
1938 and the provisions of other titles
resolution shall not apply to this title.
This title may
be cited
the "Price Adjustment Act of 1938."
as
(a) The first sentence of subsection (b) of section 302 of the
502.
Adjustment
Agricultural
Act of 1938,
as
amended, is amended
(1)
by
15" the words "or at anytime thereafter during such
marketing year;" and (2) by striking out "on such date" and inserting in
lieu thereof "at any such time."
The first sentence of subsection
(b)
(c) of section 302 of such Act, as
amended, is amended (1) by adding after "August 1" the words "or at any
marketing year'; and (2) by striking out "on
time thereafter during such
lieu thereof "at any such time".
such date" and inserting in
The first sentence of subsection
(c)
(d) of section 302 of such Act, as
amended, is amended by inserting after "November 15" wherever it appears
Title III—Federal Public Buildings
Sec. 301.
The
the
area was
that part of the marketing year entitling January 31,
1939, shall be used.
(b) of the Public Works Administration Appropriation Act
of 1938."
centum of the parity price.
production during the five years 1928-32, inclusive), of such commodity
Provided, That this section shall not apply to applications amendatory of
applications for projects received prior to October 1, 1938, and such appli¬
per
corn-producing
in the commercial
production
Sec.
or
75
sumption and exports determined on the basis of the proportion that corn
inserting after "June
for
applications
new
1939 is
(in the case of corn, that part of a normal year's domestic con¬
exports
Extension
appropriate Act of 1938."
"Sec. 206.
conservation
apportioning the funds among commodities, parity income for each
commodity shall be considered
follows:
the "Public Works Administration
as
agricultural
And' provided further, That the rate of payment with
of this joint
Section
1939
allotment established for the commodity
prior to such date."
Sec. 204.
the
to the commodity for harvest on the farm in
the Agricultural Adjustment Act of
Act of 1937 is hereby amended to read
Act of
the normal yieid of the farm acreage allotment
upon
commodity under
has not been approved by the examining divisions of the Administration
program
con¬
and shad be made with respect to a farm only in the event that
farm price of the commodity is less than
ending June 30, 1941, and
the date of enactment hereof, and relating to the availability of
on
hereby continued to the end of such fiscal
bia:
on
respect to any commodity shall not exceed the amount by which the average
Administration of Public
is hereby authorized to continue to perform all functions which it is author¬
cations
proportion that
Provided further, That such payments with respect to any such com¬
not in excess of the farm acreage
Administrator is assured, for financing such part of the entire cost thereof
tion
same
Act would be allocated to such commodities
unless and until adequate provision has been made, or in the opinion of the
moneys
shall be ap¬
Adjustment Act of 1938 and one-half
funds available for sections 7 to 17, inclusive, of the Soil Conservation and
the acreage planted
section
sum
portioned among such commodities in accordance with the provisions of
be paid from the funds made available by this title to any public agency
fied
of
to the provisions of section 303 of the
standing the provisions of said section, one-half of this
program,
funds for
sum
corn-producing
Agricultural Adjustment Act of 1938; Provided, however, That, notwiths-
established
to
(in the commercial
corn
until there shall have been allocated and irrevocably set aside Federal funds
existing
the
$212,000,000 to enable the Secrtary of Agriculture to make parity payments
sufficient for its completion; and no moneys for a non-Federal project snail
ized
the "Rural Electrification Act of
as
nection with the 1939 agricultural conservation program on the basis of the
undertaken
as
Coast Guard,
Service", approved June
Title V—Price Adjustment Act of 1938
said section 303 of. the Agricultural
,
from the sale of securities acquired with funds made available by this title
or
of the Army, Navy, Marine Corps,
Survey, and Public Health
1938".
field
in
use
not
expended for such
so
from the appropriation in this title an adequate amount for
reserve
Geodetic
purchase and exchange
for
total
nereby
are
and
10, 1922 (37 U. S. C. 13. 16).
ministrative expenses are in "connection witn the liquidation of said Ad- •
ministration"
enlisted personnel
the words "or at any time
Construction of Public Buildings Outside the District of Colum¬
total
amount
authorized
be
to
appropriated
for the acquisition of sites and construction of public buildings by
under
paragraph
Buildings
Outside
Deficiency
caption
the
the
District
Appropriation
Act,
of
"Emergency
Columbia",
fiscal
Construction
contained
1937",
year
in
approved
of
Public
Sec. 601.
and adding
25,
10 of the United States Housing Act of 1937 (referred
Section
title
this
in
to
"Third
the
August
thereafter during such marketing year".
Title VI—United States Housing Authority
for the three-year
as
the
is amended by amending subsection "(e)"
"Act")
subsection "(f)" as follows:
new
a
The Authority is authorized on
"(e)
and after the date of the enactment,
which provide for annual contributions
of this Act, to enter into contracts
1937 (50 Stat. 773), is hereby increased from $70,000,000 to $130,000,000.
aggregating
All applicable provisions and authority of sucn paragraph snail be operative
authorization from
with respect to tne enlarged authorization provided in this title except that
beyond those herein authorized shall be entered into by the Authority.
not
more
the list from which projects, including the sites therefor, are to be selected
The faith
by the Postmaster General and the Secretary of the Treasury acting jointly
annual contributions
shall
1879,
be the revision,
dated April 25,
Seventy-third Congress.
hereby
appropriated,
out
of
1938, of House Report Numbered
Toward such increased
any
money
in the
program
Treasury not
there is
otherwise
appropriated, the
sum
be utilized
addition to the fund specified in sucn paragraph in such
as
an
of $25,000,000, of which not to exceed $500,000
not
exceeding
10 per centum of such limits of cost.
The appropriations
heretofore made under the authority of such paragraph, together with the
appropriation in tnis title, snail be consolidated into
a
single fund and be
This
title
may
be
cited
as
the
"Federal
Public
Buildings
such
fiscal year, out of any money
otherwise appropriated, the amounts necessary to pro¬
The Act entitled
velopment
Provided, That annual contributions
payment of interest
or
shall be used first to apply toward the
principal as same mature on any loan due to the
The term 'any loan due to the
Authority' as used in this section shall mean any loan made by the Authority
to assist the development
contributions
by the
of the project to which the annual
relate."
"An Act to provide for rural electrification,
Sec. 602.
Section 20 (a) of the Act is amended to
"Sec. 20.
(a)
follows:
(a) By inserting in subsection (a) of section 3 thereof
immediately following the date "June 30,
000,000 for tne fiscal
the date
"June 30,
year
1937"
the phrase "and
$100,-
ending June 30, 1939" and (b) by striking out
1937" appearing at the end
of subsection
(e)
of such
section 3 and inserting in lieu thereof the date "June 30, 1939".
of notes,
poses
connection with tne
ex¬
supplies, as have been mined or produced in the United States, and only
materials,
and
suplies
as
have been
For
an
or
manufactured,
additional
amount
for
as
tne case may be,
salaries
Rural Electrification Administration, fiscal years
the
same
objects and under the
same
and
expenses
to sucn terms
and conditions, and be issued in such
be prescribed by the Authority with
and sold at such prices as may
approval of the Secretary of the Treasury."
Sec.
603.
This title
may
be cited as the "United States
Housing Act
Approved, June 21, 1938.
or
The Course of the Bond Market
in the
of
the
1938 and 1939, including
conditions specified under this head
in the Independent Offices Appropriation Act, 1939, including printing and
from
of interest not exceeding 4 per centum per
Amendments of 1938."
United States.
Sec. 402.
Such obligations shall be in such forms and
manu¬
factured in the United States substantially all from articles, materials
supplies mined, produced,
be subject
annum,
manner
articles,
The Authority may issue sucn obligations in an amount
denominations, mature within such periods not exceeding sixty years
the
penditure of such funds only such unmanufactured articles, materials, and
read as follows:
authorized to issue obligations in the form
otherwise, which it may sell to obtain funds for the pur¬
exceed $800,000,000.
istration snail require tnat, to the extent practicable and the cost of whicn
manufactured
or
of this Act.
not to
fication Act of 1936, the Administrator of the Rural Electrification Admin¬
is not unreasonable, the oorrower agree to use in
bonds,
The Authority is
date of issue, bear such rates
In making loans pursuant to this title and pursuant to the Rural Electri¬
sucn
be pledged as
public-housing agency to assist the de¬
of the housing project to which the annual contributions relate:
and for other purposes", approved May 20, 1936 (49 Stat. 1363), is nereby
as
all
payments.
Payments under annual contributions contracts shall
"(f)
further
contributions
security for any loans obtained by a
Autnorityj
Title IV—Rural Electrification Loans
amended
Without
contracted for pursuant to this section, and there is
hereby authorized to be appropriated in each
vide for
annum.
contracts for annual
(including any bonds or other evidences of suca loan which are resold
Appropriation Act of 1938".
Sec. 401.
new
no
Authority from the public-housing agency.
available toward the consummation of the entire authorized program.
Sec. 302.
$28,000,000 per
of the United States is solemnly pledged to the payment of
in the Treasury not
may
Act for the augmentation of the limits of cost of selected projects in amounts
than
Congress,
Bonds
have
slower pace.
to
new
continued
last
week's
advance,
but
at
a
Some of the lower-grade utilities have risen
1938 highs, but
the Baa rail group is not back to
Financial
24
mid-May.
of
the levels
General
road
Topeka
this
by high-grade rail¬
& Santa
Fe gen.
4%s, 1960,
have
% to 112.
moved up
of
the steel
advanced
2% to 103.
the Revere
Lower grades have shown
4%s, 2003, have gained 2 at 83%.
Baltimore & Ohio 5s, 1995,
price advances of 1 to 3 points.
closed at 25, up
risen
1%
were
up
up
New York State Electric & Gas 4%s, 1980,
to 53%;
Brooklyn Union Gas 5s, 1950, have ad¬
Western Union Telegraph 4%s, 1950, at 65
Security regis¬
High grades have been steady.
4.
MOODY'S BOND
(Based
S.
U,
Service 5s, 1956, have ad¬
3%; Standard Gas & Electric 6s, 1935, have
to 70;
vanced 1
5%s, 1948.
3%s,
strong,
vanced 3 to 79;
were
Products
laneous
closing at 68; Interstate Public
Govt.
Daily
issues.
Italian
while
South
among
firmed
a
number of
Japanese issues
irregular.
bonds
Uruguayan
issues,
American
moderately.
up
have been
' ■':
■.%
(REVISED)
t
(Based on Individual Closing Prices)
120 Domestic
Corporate by Groups •
All
120 Domestic Corporate *
ForBaa
RR.
68.17
103.02
109.05
July
1-
4.58
3.32
3.95
4.57
6.46
6.40
3.83
102.66
RR.
67.58
'
A
Aa
Aaa
P.
U.
Indus.
Baa
X
30
tic
Corp.
Corporate by Groups *
Domes¬
Averages
120 Domestic
by Ratings
120
1938
P. U.
A
Aa
continued within
strength noted in
bonds have lost some of last week's gains,
Average Yields)
by Ratings
Aaa
Corp.*
Averages
with quiet
limits,
MOODY'S BOND YIELD AVERAGES
He
/
1956,
4%s,
Rand
advancing 4 to par.
narrow
have
Among miscel¬
have been
7 to 79.
risen
have
Remington
Price fluctuations in foreign bonds have
Daily
Domes-
Bonds
1947,
issues,
t
120 Domestic Corporate *
All 120
1938
on
PRICES (REVISED)
the
7% to 72% by Certainteed
In the amusement group, Paramount
largest gain having been one of
Cities Service 5s, 1966, have gained 3 points,
fair, demand.
at 95
■;;;•>
example, advanc¬
Building bonds have been very strong,
ing 2% to 96%.
speculative utility bonds have again been in
Medium and
Copper & Brass 4%s, 1956, for
Pictures
2% points; New York Chicago & St. Louis
4%s, 1978, have gained 3% at 38%.
Oil
4%s, 1962.
Consolidated Oil 3%s, 1951, rising
Metal issues have registered substantial gains,
& Santa Fe conv. 4%s, 1948,
3% points to 99%; Louisville & Nashville
Atchison Topeka
liens.
have
gain has been one
the largest
group,
3% points to 76 in the case of Otis Steel
*
road
week ago in most
Friday at higher levels than a
In
issues have been higher,
rail¬
by the week-end, prices
recovered
have
they
on
cases.
Substantial gains
the order of the day among medium-grade
been
week,
closing
4s,
1995, closed at 103%, up 2 from a week ago, and Pennsyl¬
vania
middle of
Although industrial bond prices receded in the
has been displayed
Atchison
obligations.
utility financing in coming weeks,
new
the average.
on
strength
sizable volume of
trations of the past few days indicate a
High grades have firmed up this
week, and United States Governments have approached the
year's highs,
July 2, 1938
Chronicle
Indus.
elgns
3.51
90.59
112.86
100.88
90.75
June 30— 111.96
90.29
112.86
100.70
90.29
66.89
67.77
108.85
June30—
4.60
3.32
3.96
4.60
6.53
6.44
3.85
29- 111.97
89.99
112.45
100.53
89.99
66.70
67.48
102.48
108.66
29-
4.62
3.34
3.97
4.62
6.55
6.47
3.86
3.53
28-, 111.81
89.40
112.45
100.53
89.25
05.75
60.60
102.30
108.40
28-
4.60
3.34
3.97
4.67
6.65
6.56
3.87
3.54
27- 111.73
89.56
112.66
100.35
89.55
65.75
66.80
102.12
108.40
27-
4.65
3.33
3.98
4.65
6.65
6.54
3.88
3.54
25- 111.82
89.40
112.86
100.35
89.25
65.47
60.51
102.12
108.46
25-
4.66
3.32
3.98
4.67
6.68
6.57
3.88
3.54
24- 111.80
89.25
112.80
100.35
89.10
65.19
06.13
102.12
108.46
24-
4.67
3.32
3.98
4.68
6.71
6.61
3.88
3.54
23- 111.95
88.95
112.45
100.85
89.10
65.94
102.12
108.27
23-
4.69
3.34
3.98
4.68
6.74
6.63
3.88
3.55
22- 112.08
88.22
112.25
88.80
64.64
101.94
107.88
22-
4.74
3.35
3.99
4.70
0.93
6.77
3.89
3.57
21- 112.11
112.25
101.76
107.88
21-
4.80
3.351
4.00
4.74
7.09
6.92
3.90
3.57
111.84
100.00
87.93
62.58
101.76
107.69
20-
4.83
3.37
4.00
4.76
7.18
7.00
3.90
3.58
18- 112.04
86.36
111.84
99.83
87.35
61.81
61.05
60.22
63.28
20- 112.06
87.35
86.92
100.18
100.00
64.91
63.20
61.72
101.58
107.49
18-
4.87
3.37a
4.01
4.80
7.28
7.10
3.91
3.59
17- 112.01
86.50
111.84
99.83
87.35
60.47
01.81
101.58
107.69
17-
4.86
3.37
4:01
4.80
7.25
7.09
3.91
3.58
10- 112.07
86.92
112.45
100.53
87.93
60.63
62.67
101.41
107.88
16-
4.S3
3.34
3.97
4.76
7.23
6.99
3.92
3.57
15- 111.94
87.35
112.66
100.53
88.36
61.05
63.20
101.41
107.88
15—
4.80
3.33
3.97
4.73
7.18
6.93
3.92
3.57
14..
112.02
87.78
113.27
100.88
88.65
61,72
64.00
101.58
108.27
14-
4.77
3.30
3.95
4.71
7.10
6.84
3.91
3.55
13- 112.01
87.93
113.27
101.23
88.65
61.89
64,18
101.76
108.27
13-
4.76
3.30
3.93
4.71
7.08
6.82
3.90
3.55
11- 112.01
88.51
113.48
101.58
89.40
62.41
05.10
101.76
108.46
11-
3.29
3.91
4.66
7.02
6.72
3.90
3.54
10- 112.05
88.95
113.48
101.76
89.40
63.28
65.84
101.94
108.40
10-
4.69
3.29
3.90
4.66
6.92
6.64
3.89
3.54
9- 112.05
88.95
113.48
101.94
89.09
63.20
05.84
101.70
108.46
9-
4.69
3.29
3.89
4.64
6.93
6.64
8- 112.03
89.10
113.68
102.30
89.69
63.28
66.22
101.76
108.66
8-
4.68
3.28
3.87
4.64
6.92
6.60
3.90
3.53
7- 111.97
89.25
113.89
102.12
89.99
03.55
06.51
101,58
108.66
7—
4.67
3.27
3.88
4.62
6.89
6.57
3.91
3.53
6-
112.14
89.40
113.89
102.12
90.14
63.55
66.41
101.58
108.85
0—
4.66
3.27
3.88
4.61
6.89
6.58
3.91
3.52
4— 112.09
89.40
113,68
102.48
90.14
63.55
06.70
101.76
108.85
4-
4.66
3.28
3.86
4.61
6.89
6.55
3.90
3.52
3- 112.10
89.25
113.68
102.48
89.99
63.37
66.51
101.76
108.66
3-
4.67
3.28
3.86
4.62
6.91
6.57
3.90
3.53
2- 112.17
89.40
113.68
102.66
89.99
63.46
66.60
101.58
108.66
2-
4.66
3.28
3.85
4.62
6.90
6.56
3.91
3.53
4.66
1- 111.96
July
JV
V,
88.22
4.72
v
3.90
3.52
...
mmm.
mmm
mmm
...
...
---
...
3.54
-
U. 111.88
•
89.40
113.68
102.84
90.14
63.37
66.80
101.41
108.66
1—
3.28
3.84
4.61
6.91
6.54
3.92
89.25
113.68
102.84
89.99
63.20
66.99
101.23
108.46
May 27—
4.67
3.28
3.84
4.62
'6.93
6.52
3.93
3.54
20- 111.94
91.05
114.30
103.93
91.97
65.66
69.37
102.12
109.44
20-
4.55
3.25
3.78
4.49
6.66
6.28
3.88
92.28
114.09
104.48
92.90
67.97
72.00
102.12
109.24
13-
4.47
3.26
3.75
4.43
6.42
6.03
3.88
-
3.49
13- 111.82
-
-
---
3.53
Weekly—
May 27- 111.77
-
-
3.50
Weekly—
•
---
mmm
111.54
91.20
113.48
103.74
91.66
66.51
70.20
101.70
108.85
6-
4.54
3.29
3.79
4.51
6.57
6.20
3.90
3.52
Apr. 29— 111.42
22- 111.48
14- 110.08
8- 109.69
89.69
113.27
103.02
90.44
63.91
4.64
3.30
3.83
4.59
6.85
6.40
3.98
3.55
102.12
89.55
63.64
108.27
108.08
Apr. 29..
22..
4.68
3.31
3.88
4.65
6.88
6.46
4.03
3.56
100.53
100.18
87.78
97.78
106.17
14..
4.80
3.38
3.97
4.77
7.07
6.60
4.13
3.06
87.93
61.98
62.15
66.22
87.49
113.07
111.64
111.84
68.17
67.58
100.35
89.10
67.38
96.94
4.79
3.37
3.99
•4.76
7.05
6.48
4.18
3.72
85.24
111.64
98.97
86.07
58.70
63.73
96.11
105.04
104.30
8-
1- 109.68
1—
4.95
3.38
4.06
4.89
7.47
6,87
4.23
3.76
Mar.25— 110.34
88.51
113,07
89 55
61.47
6 <.58
98 45
106 73
Mar .26—
4.72
3.31
3.80
4 05
7.13
6 46
4.09
3 63
18- 109 97
89.34
113.89
103.56
103.93
90.44
63.64
69.48
99.14
.07.88
18-
4 63
3.27
3.78
4.69
6 88
6.27
4.05
3 57
mmm
11- 110.67
4- 110.70
91.06
114.51
105.98
92.75
U5.56
72.98
99 48
108.46
11-
4 61
3 24
3.67
4.44
6.67
5.94
4.03
3.54
mmm
94.01
14.93
106 54
77.60
100.00
108.46
4—
4 36
3.22
3.64
4.33
6.26
5.54
4.00
3.54
m
Feb. 25— 110.50
18- 110.21
11— 110.18
94.49
115.14
114:93
115.14
100.92,
94.81
70.62
79.20
99.48
4.33
3.21
3.62
4.31
6.16
5.41
4.03
3.54
m mm
94.01
69.58
78.20
98.80
108.46
108.08
Feb. 25-
107.73
18—
11—
4.37
3.22
3.63
4.36
6.26
5.49
4.07
3.56
mmm
4- 110.16
Jan. 28— 110.07
21- 110.52
92.28
91.81
94.33
14- 110.15
7- 109.97
Hlgh 1938 112.17
Low 1938 109.58
1 Yr. Ago
July 1 '37 108.40
6-
87.35
93.85
93.53
94.49
69.58
99.48
106.54
93.69
68.87
77.96
98.62
3.21
3.64
4.38
6.33
5.51
4.08
92.28
67.68
75.70
98.45
4„
4.47
3.27
3.68
4.47
6.45
5.70
4.09
92.59
66.41
73.99
98.62
107.69
Jan. 28..
4.50
3.26
3.72
4.45
6.58
5.85
4.08
100.73
94.81
69.99
77.84
100.18
109.05
21-
4.34
3.20
3.63
4.31
6.22
5.52
3.99
95.62
72.32
80.84
100.53
109.24
14-
4.25
3.17
3.58
4.26
6.00
5.28
3.97
107.88
95.46
81.35
99.83
108.46
7-
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
95.95
85.24
116.00
111.64
108.27
95.95
72.00
72.65
82.13
102.66
109.64
High 1938
4.95
3.38
4.00
4.89
7.54
7.10
4.23
3.76
98.97
86.07
58.15
61.72
96.11
104.30
Low 1938
100.70
113.48
109.84
99.83
83.46
94.01
100.00
108.66
101.23
114.72
109.24
98.02
85.79
94.01
101.94
108.27
July 1 '37
2 Yrs.Ago
July 1 '36
4.24
3.17
3.65
4.24
5.97
5.18
3.87
3.48
3.96
3.29
3.47
4.01
5.08
4.36
4.00
3.23
3.50
4;08
4.91
4.36
3.89
•
m
m
mm
mm
mmm
mmm
mmm
m
mm
mmm
mmm
3.53
3.93
mm
3.55
■
mmm
1 Yr. Ago
2 Yrs.Ago
July 1 '361109.90
•
3.50
115.78
m
•••
3.51
107.69
95.62
---
3.58
95.78
mmm
3.62
105.04
•»
-
mmm
3.58
105.79
107.69
106.92
4.39
113.89
114.09
115.35
116.00
•
mmm
*
These prices are computed from average yields on the basis of one "typical" bond (4% coupon,
maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market,
the Issue of April 23, 1938, page 2594.
x
Discontinued,
t The latest complete list of bonds used in computing these indexes was published
on
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Fight, July 1, 1938.
The continued buoyancy of the stock market is undoubt¬
edly having
<&rcles,
a most
reflecting
wholesome effect in business and trade
as
better in many lines.
give the economists
securities.
it
does
a
decided
Business indices
some
for
the
coming to hand
explanation for the recent rise in
Some observers believe that
number of industries
change
now
a
surprisingly large
actually will report higher operations
in
higher, while automotive activity registered
duction
declined
moderately.
for several
pending
a
weeks, and buyers
are
have stirred the
industry
system
of
an
pricing steel.
Birmingham
so
the
The periodical
deeply as the step by the lead¬
abandonment of the basing point
Abolishing of price
and
such
points
compares
regarded as giving the industry in the South
with 101.3 for the corresponding week of 1937.
Car load¬
and is
From
differentials
Pittsburgh
as
unchanged from the previous week of *69.5, which
pro¬
of
likely to remain cautious
"Iron Age" declares in its current summary.
between
ings showed another gain last week and electric output was
the highest since early March.
The steel rate also moved
results
states that few events in the steel industry in recent years
business
steady, the figures remaining
Immediate
thorough appraisal of the basing developments,
ing companies toward
is holding
considerable
price reductions in the steel industry will not be apparent
July than in the month just past, despite the seasonal
holiday factors.
According to the "Journal of Commerce,''
activity
a
drop and petroleum runs-to-stills and bituminous coal
a
is
great impetus
likely to have other far-reaching effects, it is stated.
Detroit
come
reports that automobile sales
are
out¬
running production, and substantial steel buying within the
Volume
next 30
days is forecast in view of low inventories of new
Railroad buying of steel is lacking,
cars.
the
Financial
147
Yet
steel
diversified and
recent
orders
become
to
more
buyers are entering the market despite
more
uncertainties,
price
continuing
are
Age"
"Iron
the
Engi¬
states.
neering construction awards for the week, $67,620,000, are
102%
above
the
Revenue
and as last week
shipbuilding and construction industries continue most
active.
preceding week and 22%
above the corre¬
sponding week in 1937, "Engineering News-Record" reported
25
Chronicle
Freight Car Loadings in Week Ended June 25
Gain 3,368 Cars
Loadings of revenue freight for the week ended June 25,
totaled 558,937 cars.
This is a rise of 3,368 cars,
or 0.6%,
from the preceding week; a decrease of 211,008
cars, or 27.4%, from the total for the like week a year ago,
and a drop of 154,651 cars, or 21.7%, from the total loadings
for the corresponding week two years ago.
For the week
ended June 18, 1938, loadings were 26.2% below those for
the like week of 1937, and 19.5% below those for the cor¬
1938,
$1,254,931,000, 3^% below the volume for the 26-week period
responding week of 1936.
Loadings for the week ended
June 11, 1938, showed a loss of 26.2% when compared with
1937 and a drop of 19.3% when comparison is made with
in
the
This week's awards bring the total for 1938 to
yesterday.
1937.
week
Public
76%
and
the large
construction
above
last
volume of highway
Private awards
way.
and
is
161%
drop
gain
the
over
are
due to
projects about to get under
13%
56% below the 1937 week.
sonal
previous
the
above
These gains
year.
from the previous
Scoring
preceding
production
week,
week
better than sea¬
a
of
elec¬
same
week of 1936.
major railroads to report for the week ended
a total of 262,608 cars of revenue
freight on their own lines, compared with 258,777 cars in
the preceding week and 348,899 cars in the seven days
ended June 26, 1937.
A comparative table follows:
The first 18
June
25,
1938, loaded
REVENUE FREIGHT
LOADED AND RECEIVED FROM
*
tricity in
crossed
time
United
the
the
States for the week
ended
2,000,000,000 kilowatt hour mark for the first
mid-March.
Reaching the best level
since
since
Loaded
was
decrease- of
a
9.8% compared with
Electric Institute revealed.
above
the
hours,
previous
a
week's total
of
1,991,115,000
kilowatt
represented a year-to-year drop of 10.1%.
Dun & Bradstreet, Inc., state that retail sales this week
were 4% to 8% better than last week, and the decline from
last year had been whittled down to 10% to 18%.
In the
division
commitments
the
were
trade
being
found
agency
placed
with
more
that advance
freedom and
security in price trends.
With reports of declines
estimated volume of wholesale distribution
this week came within 8% to 18% of the comparative 1937
greater
the
/'
■
:
-
exception,
Despite further schedule curtailment and announce¬
plant closing during July, some factories resumed
full time operations, the Dun report said.
The Association
of American Railroads reported today 558,937 cars of rev¬
enue
freight were loaded during the week ending last
Saturday.
This was an increase of 3,368 cars, or 0.6%,
compared with the preceding week; a decrease of 211,008,
or
27.4%, compared with a year ago, and a decrease of
June 25 June 18 June 26 June 25 June 18 June 26
24,689
22,113
Baltlmore & Ohio RR
22,159
21,891
Chesapeake & Ohio Ry
17,461
13,425
16,931
16,584
13,100
2,103
13,005
Chicago Burlington & Qulncy RR.
Chicago Milw. St. Paul & Pac Ry.
Chicago & North Western Ry
mobile
truck
and
moved
production
in this
and
against the usual seasonal trend this week to total
There was nothing
40,918 in the preceding week.
spectacular in the weather news of the past week.
Although continued rains were unfavorable for harvesting
very
and other outdoor work in
ern
ing
Plains and
Great
crops
some
sections, notably the south¬
central
some
districts,
valley
grow¬
made generally good advance during the week.
was halted by frequent rains in many Eastern
Field work
districts from the Carolinas northward,
of
this
area
flooded.
much
grain
Copious
of
the
was
damaged
rains
of
were
Great
northwestern
locally excessive showers
were
and in some parts
aifd small
streams were
considerable
benefit
although
Plains,
detrimental,
in
some
particularly in
parts of Montana.
noted
in
eastern
Further lodging of winter wheat was
Kansas, while the excessive heat in the
upper Ohio Valley early in the week
to crops.
Harvesting operations are
in
much
delayed
of
the
locally
lower
by
Great
Plains,
caused some injury
nearing completion
but
this
Favorable rains
showers.
work
was
occurred
in
parts of Arizona and New Mexico, but they were scattered
in other
Showers
important localities, and more moisture is needed.
were very helpful in many portions of the Pacific
Northwest, but coast sections continue dry, with some crops
very poor.
In the New York City area the weather has
been more or less unsettled the past week, with cloudy
conditions
and
warm
prevailing most of the time. Today it was cloudy
here, with temperatures ranging from 63 to 75
degrees.
The forecast was for occasional showers without
change in temperature tonight and Saturday.
Over¬
much
night at Boston it was 58 to 74 degrees;
Baltimore, 64
to
80; Pittsburgh, 64 to 78; Portland, Me., 56 to 70; Chicago,
68 to 74:
Cincinnati, 70 to 80; Cleveland, 64 to 76; Detroit,
62 to "72; Charleston, 70 to 78; Milwaukee, 60 to 70; Sa¬
vannah, 72 to 84; Dallas, 74 to 92; Kansas City, 78 to 92;
Springfield, Mo., 66 to 86; Oklahoma City, 74 to 92; Salt
50 to 74; Seattle, 52 to 62; Montreal, 58 to 70,
Lake City,
and
Moody's Commodity Index rose from 140.8 a week ago to
143.1 this Friday. Prices of silk, cocoa, hides, rubber, hogs,
steel scrap, copper, lead and cotton were higher.
Wheat,
corn and sugar declined, while there were no net changes for
silver, wool and coffee.
The movement of the index during the week was as follows:
June 24
25
27
Tues.
28.
Wed.
29
Thurs. June 30_
Sat.
Fri.
7,557
1,974
1,713
1,189
1,904
1,353
2,181
4,109
2,554
2,475
3,497
12,468
7,505
7,560
8,908
42,532
29,057
29,352
41,770
4,184
11,461
28,966
4,074
5,583
14,755
5,361
7,376
7,423
14,526
14,958
21,580
3,843
48,204
49,515
70,816
32,169
4,301
33,763
4,356
3,596
4,467
6,136
3,610
3,577
45,595
4,985
3,709
6,861
3,778
25,174
25,173
32,512
7,272
4,603
6,959
7,455
9,146
4,656
4,515
4,970
7,037
7,252
8,264
Missouri Pacific RR
—
New York Central Lines
Norfolk & Western Ry
Pennsylvania RR
—
Pere Marquette Ry
2,100
29,128
—
N. Y. Chicago & St. Louis Ry—
-
Wabash Ry
1,215
1,917
9,887
5,053
262,608 258,777 348,899 153,630 157,370 207,570
Total
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Week Ended—
June 18, 1938
June 26, 1937
26,406
23,652
29,596
25,041
12,564
24,692
30,195
12,471
15,643
64,011
60,815
75,434
June
Chic Rock Island & Pac
-
Illinois Central System
St. Louis-San Francisco Ry
Total
-
25, 1938
; The Association of American Railroads
week ended June 18 reported as follows:
.
Loading of revenue freight for the week
This was
cars.
a
in reviewing the
ended June 18 totaled 555,569
below the corresponding
40% below the same week
decrease of 197,218 cars or 26.2%
week in 1937 and a decrease of
370,497
cars or
in 1930.
Loading of revenue freight for tne
week of June 18 was an increase
of
1,715 cars or 3-10tbs of 1% above the preceding week.
Miscellaneous freight loading totaled 224,316 cars, a decrease
below the preceding
cars
week, and a
of 2,690
decrease of 84,835 cars below the
corresponding week in 1937.
Loading of merchandise less than
cars,
a
21,942
carload lot freight totaled 146,308
decrease of 1,687 cars below the preceding
cars
above the
30,087 care below the corresponding
amounted to 82,830 cars, an increase of 551 care
Coal loading
preceding week, but a decrease of
week in 1937.
Grain
week, and a decrease of
below the corresponding week in 1937.
and grain products loading
totaled 36,568 cars, an increase of
week, and an increase of 5,551 cars above the
corresponding week in 1937. In the western districts alone, grain and grain
products loading for the week of June 18, totaled 24,962 care, an increase of
5,773 cars above the preceding week, and an increase of 3,761 care above
the corresponding week in 1937.
Live stock loading amounted to 10,064 care, a decrease of 1,438 cars
6,384 care above the preceding
below the
week in
preceding week, and a decrease of 331 care
In the western districts alone,
1937.
week of June
below the corresponding
loading live stock for the
of 1,028 care below the
18, totaled 7,218 care, a decrease
preceding week, and a decrease of
408 cars below the corresponding week
in 1937.
Forest
tne
of 557 care aoove
12,680 care below the corresponding
products loading totaled 26,592 cars, an Increase
preceding week, but a decrease of
week in 1937.
Ore loading
below the
amounted to 24,740 care, a decrease of 181 cars
preceding week, and a decrease
of 47,369 cars below the corresponding
week in 1937.
amounted to 4,151 care, an increase of 219 cars
Coke loading
preceding week, but a decrease of 5,525 care
above the
below the corresponding week
in 1937.
All
districts
reported decreases compared with the
♦
Fri.
8,019
10,234
8,063
corresponding weeks
Winnipeg, 62 to 84.
Moody's Commodity Index Higher
Mon.
6,725
8,843
15,723
2,345
Canada
40,945 units, according to the summary of Ward's Auto¬
motive Reports, Inc.
This was a decrease of 81,945 units
from the 122,890 in the like week of 1937, and 27 units
above the
20,016
10,663
4,350
passenger auto¬
country
16,908
2,098
Pittsburgh & Lake Erie RR
New
6,359
13,533
7,597
6,486
7,297
6,233
6,514
Missourl-Kansas-Texas RR
Southern Pacific Lines
39.3%, compared with 1930.
1937
4,608
13,219
22,145
14,312
13,353
16,603
1938
4,395
29,673
31,605
International Great Northern RR
Gulf Coast Lines
ments of
or
1938
1937
1938
1938
Atchison Topeka & Santa Fe Ry.
figure.
361,708,
Received from Connections
Weeks Ended—
Own Lines
>
i
ago, Edison
27,921,000 k.w.h.
which
wholesale
■'
'■
year
The figure was
on
Weeks Ended—
March 5, last week's output of 2,019,036,000 kilowatt hours
CONNECTIONS
(Number of Cars)
June 25
June
June
June
June
July
1
140.8 Two weeks ago, June 17
136.2
Month ago, June 1
130.1
Year ago, July 1
207.1
13'9.5 1937 High—April 5
228.1
--140.8
Low—Nov. 24
——-—144.6
——141.1 1938 High—Jan. 10
152.9
143.1
Low—June 1
130.1
No Index
140.8
—-
1937
1938
Four weeks In March
Five weeks In April
Week of June
-
4
2,986,166
3,712.906
3,529,907
3,098,632
688,987
3,733,385
860,064
750,500
935,582
Week of June 11—.—.——
555,569
2,763,457
553,854
Week of June 18
Total
13,082,501
—
In the
following
we
9
4.504,284
752,787
926,066
17,467,884
21,343,241
undertake to show also the loadings
for separate roads and systems for the week ended
1938.
During this period only 19 roads showed
when
3,347,717
3,506,230
2,714.449
502,624
—
Four weeks in February
2.256,423
2,155,451
2,222,864
2,649,894
2,185,822
Four weeks in January
Four weeks in May
1930
compared with the same week last year:
June 18,
increa es
Financial
26
REVENUE
LOADED AND
FREIGHT
Total Revenue
1
from Conntc'iont
1938
1937
1936
1938
1938
1937
611
509
457
926
Bangor A Aroostook
1,303
Southern District—(Concl.)
Mobile A Ohio
Chicago Indianapolis A Loulsv.
1,446
1,188
7,337
1,397
292
6,288
1,274
8,084
1,636
250
Boston A Maine
7,924
1,425
9,700
2,301
28
38
14
56
78
.
Central Indiana
Central Vermont
3,595
7,889
Delaware Lackawanna A West.
1,151
from Connections
.
1937
1,557
1,782
2,260
1,705
2,801
2,139
1,897
2,707
2,965
1,804
2,671
2,455
Nashville Chattanooga A St. L.
Norfolk Southern
1938
1936
1937
2,066
897
999
Piedmont Northern
335
363
398
895
903
Richmond Fred. A Potomac
323
375
321
4,219
3,607
13,993
666
1,465
5,718
2,371
4,610
7,402
Southern System
7,954
16,705
8,743
20,557
19,317
4,631
3,472
11,669
9,195
1,644
5.810
9,872
1,210
....
Delaware A Hudson
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Eastern District—
Ann Arbor
July 2, ms
(NUMBER OF CARS)—WEEK ENDED JUNE 18
Total Loads Received
Freight Loaded
Railroads
Chronicle
FROM CONNECTIONS
RECEIVED
5.047
6,786
Tennessee Central
324
421
419
354
Winston-Salem
123
172
147
697
718
83,938
101,501
95,067
54,147
60,811
19,233
20,280
2,416
20,716
8,063
10,004
2,094
6,725
2,766
8,048
3,225
1,111
431
426
388
161
138
1,385
2,585
2,538
730
323
386
1,620
2,657
11,123
13,105
H,777
Seaboard Air Line.
7,199
1,220
176
1
14,586
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Southbound
Total
3,356
4,834
13,441
4,962
4,967
7,135
Northwestern District—
Lehigh A Hudson River
164
239
161
1,550
2,000
Chicago A North Western.....
14,627
Lehigh A New England
2,005
1,546
1,561
928
6,951
8,978
3,090
6,310
1,657
Chicago Great Western
Chicago Milw. St. P. A PacificChicago St. P. Minn. A Omaha.
2,329
16,436
2,437
2,969
1,443
28,966
7,720
1,328
4,074
3,604
8,912
2,703
1,048
8,396
1,854
Erie
Grand Trunk Western...
Lehigh Valley....
Maine Central
—
....
...
4,467
3,743
2,426
42,232
10,589
1,346
5,240
7,019
6,376
6,016
1,438
7,423
4,708
3,577
Pittsburgh A Sbawmut
228
359
203
43
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
280
316
385
238
222
803
1,059
806
1,214
1,907
Spokane
Rutland
564
618
658"
766
5,249
7,252
3,013
4,981
4,799
3,718
1,985
3,370
114,372
155,096
146,605
117,154
159,739
347
524
565
484
648
21,891
2,752
32,416
7,445
30,178
5,765
13,533
17,312
3,109
3,414
7,066
Spokane Portland A Seattle...
4,515
1,069
8,107
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
-
._
Wabash
Wheeling A Lake Erie
Total
203
3,567
262
45
10,141
1,671
5,044
6,535
35
29,352
9,399
2,218
40,033
39,794
12,041
1,781
9,909
7,362
4,727
38
Duluth Missabe A I. R
524
Elgin Joliet A Eastern
Bessemer A Lake Erie
862
252
228
115
6
811
5,096
1,204
6,680
1,062
5,760
9,274
11.594
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
Cornwall
6
6
11
9,373
453
467
154
198
23,505
19,620
2,549
3,024
544
629
492
626
743
2,345
2,595
89
124
Minneapolis A St. Louis
1,847
1,497
4,767
1,619
6,214
2,158
Minn. St. Paul A S. 8. M
6,605
1,795
1,694
2,565
Northern Pacific
7,619
10,102
9,603
3,185
3,966
297
228
322
243
339
1,605
1,650
1,231
1,176
1,270
78,758
126,607
113,339
34,632
45,634
22,113
2,708
24,804
3,016
21,136
4,608
3.092
1,741
6,151
2,297
224
579
274
108
150
13,353
1,391
11,855
14,501
6,486
7,755
545
790
1,968
2,532
15,012
1,309
12,800
2,635
597
6.50
891
1,986
2,466
1,842
7,901
1,945
1,184
2,264
540
333
358
25
34
2,043
1,779
2,171
1,859
1,173
1,471
1,087
1,487
1,589
International
Total
Central Western District—
Bingham A Garfield..
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
Colorado A Southern
542
858
48
55
Denver A Rio Grande Western.
144
266
271
28
35
Denver A Salt Lake
29
133
117
25
40
Long Island
584
677
675
2,521
1,145
33,763
13,199
2,245
2,453
1,535
46,969
866
1,233
1,022
49,515
69,991
15,796
61,773
11,185
4,796
17,406
13,310
Union
Co
(Pittsburgh)
17,576
7,933
30
19
44
1
0
2,761
3,814
2,957
4,641
6,473
137,563
81,781
115,749
West Virginia Northern
Western
13,111
Maryland
Fort Worth A Denver City
Illinois Terminal
158,374*
101,613
1,675
14,043
1,790
9,096
2,548
1,600
2,827
283
335
216
647
1,012
1,804
918
69
101
689
793
917
330
433
38
175
262
0
109
21,264
6,029
1,327
Missouri-Illinois
Nevada
Northern
North Western Pacific
Peoria A Pekln Union
Southern Pacific
24,721
20,989
253
242
344
3,567
1,083
10,621
(Pacific)
12,388
11,258
5,975
Toledo Peoria A Western
Union Pacific System
Total
498
7,056
527
5.54
Reading
298
151
339
3,314
487
Green Bay A Western
Lake Superior A Ishpemlng
Cumberland A Pennsylvania
Ligonler Valley
Penn-Reading Seashore Lines..
Pennsylvania System
2,699
12,416
Ft. Dodge Des Moines A South.
Great Northern
Alton
Baltimore A Ohio
3,975
12,828
1,661
7,426
951
4,054
Dulutb South Shore A Atlantic.
Atch. Top. A Santa Fe System.
Alleghany District—
Akron Canton A Youngstown..
2,422
19,142
3,701
25,125
7,775
90
196
151
9
9
1,543
1,656
1,457
1,842
2,129
96,008
111,251
98,883
42,523
54,571
Utah
Western Pacific
...
Pocahontas District—
Chesapeake A Ohio
Norfolk A Western
16,584
21,971
20,428
4,253
22,515
7,597
10,488
19,517
3,708
3,124
4,301
1,039
5,380
1,123
35,250
46,652
45,160
12,937
16,991
14,958
Virginian
Total
Southwestern District—
152
Burlington-Rock Island
Total..
Fort Smith A Western
Southern District—
International-Great Northern..
Alabama Tennessee <fe Northern
Atl. A W. P.—W. RR. of Ala-
232
230
206
198
225
644
750
794
980
1,259
Atlanta Birmingham A Coast..
Atlantic Coast Line
638
700
776
575
710
8,070
9,914
9,100
3,761
3,736
4,100
3,994
3,025
3,906
2,575
412
479
420
879
1,004
Cllnchfield
981
1,406
1,010
1,294
1,780
Columbus A Greenville
202
333
355
135
120
210
2,332
1,189
1,904
1,558
1,983
Kansas Oklahoma A Gulf
182
164
194
962
979
2,000
2,067
1,638
2,182
1,508
1,525
1,524
968
1,105
Louisiana Arkansas A Texas
162
253
223
379
432
Litchfield A Madison..
301
246
253
693
725
Midland
520
.509
428
227
236
99
200
129
218
219
3,226
8,683
Valley
231
242
Missouri-Kansas-Texas Lines..
159
149
168
320
288
M issouri Pacific
Florida East Coast
374
490
404
443
519
Quanah Acme <fe Pacific
8t. Louis-San Francisco
25
26
41
75
95
867
Georgia
Georgia A Florida
902
812
1,461
1,467
367
307
420
496
Gulf Mobile A Northern
Illinois Central System
1,473
1,739
1,621
806
16,898
20,018
19,771
1,071
10,681
Louisville A Nashville
380
15,995
21,389
20,444
8,270
4,214
Macon Dublin A Savannah....
120
144
153
484
111
165
172
279
St.
4,109
2,475
14,692
7,560
303
156
121
224
7,544
8,687
8,041
2,484
'•
4,545
13,454
257
Louis Southwestern
5,308
11,486
2,417
3,461
2,130
4,419
2,823
6,029
Texas A New Orleans
6,001
2,432
7,091
4,333
5,332
4,198
2,547
4,195
3,172
Texas A Pacific
232
312
291
92
67
33
40
60
47
88
45,630
53,306
50,927
31,248
37,654
365
5,033
389
Mississippi Central
2,310
1,856
Kansas City Southern
Louisiana A Arkansas
Durham A Southern
Gainsvllle Midland
290
105
2,555
2,653
Missouri A Arkansas..
Central of Georgia
Charleston A Western Carolina
322
144
137
90
2,100
2,181
Gulf Coast Lines
Note—Previous year's figures revised.
4,786
Wichita Falls A Southern
Wetherford M. W. A N. W
Total
* Previous figures.
Index of Wholesale Commodity Prices of United States
Department of Labor Declined 0.3% During Week
Ended June 25
The farm products group declined 1.3%
result of decreases of
Quotations
4.1%
lower for
were
during the week, largely
for grains and 2.8%
corn,
rye,
wheat,
calves,
cows,
ended June 25, Commissioner Lubin announced on June 30.
''The reaction in farm products prices placed the combined
index of
800
price series at 78.2% of the 1926 average,"
"The all-commodity index is 0.1% higher
than it was a month ago.
It is 9.8% lower than it was a
year ago.
Commissioner Lubin also stated:
over
Mr. Lubin said.
Five
These
of the
were
10 major
chemicals and drugs,
farm
classifications advanced during the week.
group
textile products, fuel and lighting materials, building
and miscellaneous commodities.
products group,
decreases
materials,
In addition to the
also registered for
were
foods,
hides and
leather products, metals and metal
products, and housefurnishing goods.
Raw materials prices fell 0.4% as a result of lower
,
prices for farm prod¬
The group index—71.3—is 0.1%
ucts.
above the level for the correspond¬
ing week of May and 16.9% below that for the week ended June 26,1937.
Largely because of rising prices for oils, naval stores, pig tin, and silk
yarns, the semi-manufactured commodities group index rose 0.3 and is
1.4% higher than it was a month ago.
Compared with the level of a year
ago,
prices of partially processed commodities
are
down
14.1%
Following the upturn of the previous week, finished
tured
commodities
to equal the
prices slumped 0.1%
level of
a
month ago.
The
or
fully manufac¬
index—82.5—is down 5.7%
from last year.
The indexes for both large groups of "all commodities other than farm
products"
and
remained
"all
unchanged
commodities
at
last
non-agricultural commodities,
week of
May and 7.0%
other
week's
is 0.1%
The
products
former,
and
which
foods"
includes
higher than for the corresponding
lower than for the
trial commodities prices are at the
farm
than
level.
last* week
of June, 1937.
May 28 level and
are
Indus¬
down 5.1%
from
The announcement issued June 30
tained
quoting
the
(Chicago
Higher prices were reported for oats, wethers, cotton,
The decline this week offset the gain of the
past two weeks and placed the farm products index—68.8—at the May 28
level.
It is 22.2%
Wholesale
of decreases of
for
cereal
fresh
1.4%
prices
were
ham,
vegetable oils.
was a year ago.
foods
Lower prices
cured and fresh
pork,
mess
of
0.4%
dropped
for meats, and 0.6%
reported for flour, canned peas,
were
pork,
dressed poultry,
higher for butter, cheese,
pepper,
This week's food index—73.2—is 0.3%
month ago and
13.3% lower than it
edible tallow, and
higher than it
housefurnishing goods
group as a
whole to drop 0.2%
.
the index for the
No changes
of falling prices for goat skins and chrome calf leather.
prices of shoes and other leather manufactures, such
were
were
of furnishings.
The index for the hides and leather products group dropped 0.1%
luggage,
was
was a year ago.
A minor decrease in wholesale prices of furniture caused
reported in prices
and raw sugar.
meal, citrus fruits, bacon,
corn
beans, coffee, oleo oil,
cocoa
because
principally
,
for fruits and vegetables, 0.8%
products.
vegetables,
Quotations
a
lower than it
market
steady.
because
Average wholesale
as
gloves, belting and
,
Lower prices for certain iron and steel
items, mainly reinforcing bars and
automobile body
sheets,
were
responsible for
metals
and metal
products group index.
subgroup,
reflecting higher prices
a
decrease
of 0.1%
in the
The index for the non-ferrous
of babbitt
metal
and
pig tin,
advanced
and
fractionally.
The agricultural implements,
motor
vehicles,
plumbing and heating subgroups remained unchanged at last week's
level.
•
Largely because of rising prices for fats, oils and tankage, the chemicals
drugs group index advanced 0.4%
Wholesale prices of drugs and
pharmaceuticals and mixed fertilizers were steady.
and
.
For the first
vanced.
and
A
time since
early in March, the textile products group ad¬
sharp rise in prices of
Manila hemp
raw
silk, silk yarns, print cloths, burlap,
caused the upward movement.
Woolen
and
worsted
goods declined slightly and clothing and hosiery and underwear remained
a year ago.
Labor,
York).
lemons, oranges and peanuts.
metals
.
during the week ended June 25
group
and New
a
hogs,
steers,
live poultry, hops, flaxseed, onions, sweet potatoes, white potatoes
Weakening prices for farm products, principally grains'
and livestock, largely accounted for a decline of 0.3% in the
United States Department of Labor, Bureau of Labor Sta¬
tistics, index of wholesale commodity prices during the week
as
for livestock and poultry.
Commissioner
following:
unchanged.
by the Department of
as
above, also con¬
Lubin
The building materials group index advanced
0.2%
for
yellow pine
lath and timbers,
and
,
due to higher prices
paint materials such
litharge, Chinawood oil, rosin and turpentine.
as
red lead,
Prices for yellow pine floor-
Volume
Financial
147
27
Chronicle
i
ng. cypress
shingles, bone black, and building lime averaged lower.
"Whole¬
sale prices of brick and tile, cement, and structural steel were steady.
lead and zinc; the effect of the decline in steel prices announced
Higher prices for California and Oklahoma gasoline, together with a slight
Although the all-commodity index declined, price advances outnumbered
advance in prices of anthracite caused the fuel and lighting materials group
declines, 34 to 23; in the preceding week there
index to rise
declines;
0.1%
No changes were reported in prices of bituminous coal
.
and coke.
in the second
preceding week there
30 advances and 26
were
were
28
advances
and
19
declines.
Wholesale prices of crude rubber rose 6.8%
feed advanced
and
last Friday
is not reflected in last week's index.
tube
1.9%
during the week and cattle
Paper and pulp declined 0.8%.
.
WEEKLY
Automobile tire
WHOLESALE COMMODITY PRICE INDEX
Compiled by the National Fertilizer Association.
(1926-1928=100)
prices remained unchanged.
The following table shows index numbers for the main
modities for the past five weeks and
June 29,
of com¬
groups
1936,
June 27,
for June 26, 1937,
Per Cent
Latest
Each Group
Year
Week
June 25,
Total Index
Month
Preced'g
Week
Group
Bears to the
1935 and June 30, 1934.
June
Ago
Ago
18, May 28, June 26,
1938
June
June
June
18
25
1938
June
1938
1938
28
1938
June
June
May
4
11
1938
1936
1937
June
1935
84.1
lata and oils
60.8
59.1
58.3
78.1
75.7
75.5
87.8
65.7
66.5
65.4
86.7
48.8
46.8
45.5
69.7
Grains
23.0
1934
1937
72.9
Cottonseed oil
June
30
29
27
26
1938
73.6
62.8
Foods
25.3
Commodity Groups
1938
73.1
Livestock
(1926=100)
Farm products
Cotton
75.8
78.2
78.4
77.8
77.7
78.1
86.7
79.4
78.9
74.8
65.6
60.2
102.7
70.7
72.0
72.1
85.8
68.8
69.7
68.3
67.2
68.8
88.4
80.2
77.1
64.8
17.3
Fuels
78.0
78.6
79.2
86.1
•_
73.2
73.5
72.7
72.3
73.0
84.4
81.0
81.6
70.9
10.8
Miscellaneous commodities..
76.5
76.2
76.4
Hides and leather products..
Textile products
91.0
91.1
91.1
91.5
91.6 106.8
94.4
89.6
88.2
8.2
Textiles
57.6
57.1
57.6
78.5
64.9
64.8
64.9
65.5
65.8
77.4
69.5
69.7
71.8
7.1
Metals.
94.5
94 1
94.0
105.1
Fuel and lighting materials..
76.8
76.7
76.5
76.5
76.5
78.2
76.4
74.8
73.3
6.1
Building materials
79.7
80.9
79.8
89.8
Metals and metal products..
96.4
96.5
95.7
95.7
95.7
95.1
85.4
86.1
87.0
1.3
93.7
94.0
93.7
90.0
89.8
90.1
90.2
90.9
96.9
85.6
84.9
87.8
.3
Chemicals and drugs
Fertilizer materials
93.7
Building
69.1
69.0
71.5
70.4
76.1
75.8
75.9
75.9
76.0
83.0
78.0
79.5
75.8
.3
Fertilizers
76.8
76.8
76.8
77.3
.3
Farm machinery
98.1
98.1
98.1
96.1
74.1
74.5
74.2
87.4
All
commodities
Farm
...
products
Foods
materials
Chemicals and drugs
Housefurnishing goods
88.4
88.6
88.6
88.6
88.6
91.0
82.6
81.8
83.2
Miscellaneous
72.8
72.7
72.4
72.5
72.7
78.6
70.1
68.0
70.1
Raw materials
71.3
71.6
70.9
70.2
71.2
85.8
78.8
*
*
87.0
*
*
Semi-manufactured articles..
74.3
74.1
72.8
73.0
73.3
86.5
74.2
*
Finished products
82.5
82.6
82.2
82.3
82.5
87.5
80.8
#
80.3
80.3
79.9
80.0
80.2
86.3
79.3
79.3
76.9
81.5
81.5
81.2
81.4
81.5
85.9
78.8
77.9
100.0
78.5
All
commodities
farm
All
other
than
other
than
products
commodities
farm products and foods..
New York Reserve
Bank Reports Loss of 14.7% in De¬
Store Sales During May as Compared
With May 1937—Also Notes Decrease of 13% in
Sales During First Three Weeks of June
partment
.
*
Not computed.
"Annalist"
Wholesale
of
Index
Weekly
Prices Advanced 0.1 of
June 29—June Average
Commodity
During Week Ended
Point
Slightly Below May
Sharp advances in all speculative commodities were prac¬
tically offset by a downward revision in finished steel prices,
and as a result the "Annalist" Weekly Index of Wholesale
Commodity Prices advanced only l-10th of a point in the
period ended June 29.
On that date the index was 80.5
as compared
with 80.4 in the preceding week and 94.2 a
year ago.
An announcement by the "Annalist" further
reported:
It
somewhat of
seems
a
paradox that the steel companies should lower
when wages are high and scrap steel is advanc¬
finished steel prices at a time
ing by leaps and bounds.
The companies explained, however, that lower
prices were being established in an effort to stimulate business.
futures
commodities
all
markets
moved
forward,
with
In the
especially sharp
Cotton and wheat were
place in rubber, silk and hides.
advances taking
May sales of the reporting department stores in the Second
(New York) District were 14.7% lower than in May 1937,
and even after allowing for one less Saturday this year, the
decrease in average daily sales was about 12%%.
Sales of
the reporting department stores in all localities showed sub¬
stantial reductions from a year ago, and sales of apparel
stores also were much lower than last year.
In noting the
foregoing in its "Monthly Review" of July 1, the New York
Federal Reserve Bank, it was announced June 27, also says:
Department store stocks in this district at the end of May remained
below those of
well
WEEKLY
"ANNALIST1
INDEX
PRICES
OF
WHOLESALE
COMMODITY
year
In the country as a whole stocks have continued to move
but at
a
much less
Farm
Fuels
...
weeks
ended
June
18
Chemicals
*
101.2
.......
88.1
x70.4
x
Percentage Change from
a
of
prices during June, the "Annalist"
presented its monthly index as follows:
"ANNALIST"
THE
April 30
on
to
May
1937
1938
51.2
49.7
42.8
New York and Brooklyn
-13.9
—8.2
-9.7
Buffalo
-17.4
-10.1
-4.7
54.1
-11.9
—3.6
-3.5
55.4
-16.5
—6.5
-5.6
42.9
40.4
-18.1
—10.2
-9.9
43.7
42.5
-10.3
—8.6
-10.2
42.3
40.3
-2.9
36.7
33.1
—
Northern New Jersey
—
Bridgeport...^
......—
-17.7
—8.0
Northern New York State
-16.2
-20.4
-13.1
—.
—
-
—7.8
Metals
.
56.6
Chemicals
Miscellaneous
All
.
commodities..*.
89.8
100.2
102.0
71.0
88.0
88.1
69.8
-21.2
-14.2
79.7
80.5
-11.4
108.6
66.5
—2.5
-24.6
80.7
84.9
80.4
materials
57.6
70.1
-
....
...
......
Building
.
84.6
66.1
...
.
81.8
-10.5
100.1
71.7
87.7
_
77.2
71.9
-19.3
Westchester and Stamford
Niagara Falls
June, 1937
May, 1938
54.4
—3.6
Southern New York State....
COMMODITY
77.8
products
Food products
...
May
Month
Central New York State
Fuels..
Collected in
Hand
End of
May
Hudson River Valley District.
Textile products
Per Ct. of Accounts
Outstanding
Stock
Feb.
Elsewhere
INDEX OF WHOLESALE
PRICES (1926=100)
MONTHLY
June, 1938
Farm
reduction
Rochester
94.2
80.4
Revised.
trend
the
to
Year Ago
Net Sales
Locality
Syracuse-
As
no
79.4
80.5
commodities
Preliminary.
in the first week to 8% in
June average rate of sales showed
71.0
87.4
lower than in the corresponding
The progressive decline of preceding months appears to
May.
108.7
66.1
from
90.2
66.1
13%
were
period of 1937, the declines ranging from 19%
79.6
97.6
a year
Total sales of the reporting department stores in this district during the
83.2
84.1
1937
Collec¬
May than
both in the department and apparel stores.
ago,
102.2
72.0
X56.4
71.4
.
materials
Miscellaneous
x77.4
84.1
...
.
Metals
All
June 29,
87.4
...
Building
22, 1938
72.5
78.4
products......
.
June
*57.1
products
Food products
Textile
1938
somewhat lower,
rapid rate than in the last four months of 1937.
tions of accounts in this district continued to be slower in
have been checked, as the
June 29,
previous, but it appears that, after seasonal
has not been followed by further reductions since the beginning of this year.
the third week.
(1926=100)
a
adjustment, the sharp downward movement during the latter part of 1937
three
backward.
THE
All groups combined.
93.2
—
All department stores.
-14.7
-8.3
-8.9
48.7
46.4
Apparel stores...
-17.6
-12.4
-8.2
46.3
44.9
May sales and stocks in the principal departments are compared with
those of
a
year
previous in the following table:
Net Sales
Percentage
Slock
Change
May, 1938
Classification
on
Hand
Percentage Change
May 31, 1938
Compared with
Commodity Prices Declined During Week
Ended June 25 According to the National Fertilizer
Compared with
May, 1937
May 31, 1937
Wholesale
Reversing the upward trend of the two previous weeks,
wholesale commodity price index compiled by the
the
dropped during the week
ended June 25 to 74.1% from 74.5% in the previous week.
A month ago the index (based on the 1926-28 average of
100%) stood at 74.2% and a year ago at 87,4%. The lowest
point registered by the index in the present recession was
73.8% during the week ended June 4.
The Association's
announcement, under date of June 27, continued:
National
The
food
Fertilizer
Association
week following
Although price advances in food¬
price index declined moderately
advances in the three
preceding weeks.
stuffs outnumbered the declines, lower prices
were
sufficient to lower the group index.
the recent
dining the
the index of farm
The livestock average was somewhat lower, while cotton
higher, advancing to the highest point reached since April.
Lower
dropping to the lowest
Declining lumber quotations were responsible for a
Higher prices for cotton, cotton fabrics,
burlap, hemp, and silk, which more than offset the effect of lower prices
for wool and woolen yarns, resulted in an upturn in the textile price index.
A rise in the metal group average reflected higher prices for steel scrap, tin,
prices for fuel oil resulted in the fuel price average
point reached this year.
—
Musical Instruments and radio..
....
Linens and handkerchiefs.
—7.4
—19.6
—7.7
—12.1
Books and stationery
Home
+3.4
—10.5
i.
Women's ready-to-wear
accessories
+ 3.5
—15.2
—4.7
—16.9
furnishings....
—8.7
Men's and boys' wear.
—18.0
—10.8
Luggage and other leather goods.........
—18.7
—6.5
Shoes...
—19.0
—5.2
—19.1
—7.1
Women's and misses' ready-to-wear......
—19.3
—9.9
Silks and velvets
—19.7
—15.3
—20.1
—15.5
Men's
furnishings
—
Furniture.....
—
—-
Toys and sporting goods
—26.7
Mifico'laneons
......
—10.4
—11.5
—
—2.8
—30.1
.......
Woolen goods
—2.9
A decline in grain prices following
sharp rise was largely responsible for a drop in
drop in the lumber price average.
Hosiery
for,several important items
product prices.
was
.....—
—12.9
—9.9
—
Toilet articles and drugs
+ 3.7
—2.6
—6.4
Silverware and jewelry.. —
Association
—21.0
+ 17.2
Cotton goods
Sales
of
Chain
Decreased
Stores
in
New
York
Reserve
District
12% During May Below Year Ago
The Federal Reserve Bank of New York reports in its
"Monthly Review" of July 1 that in May total sales of the
reporting chain store systems in the Second (New York)
District were about 12% lower than last year, and after
allowing for one less Saturday this year than last, the de-
Financial
28
in
crease
to
BUSINESS INDEXES
10%.
about
(1923-1925 average=100)
said:
also
shoe and candy chains were substantially
Sales of the 10-cent and variety,
<
amounted
daily sales
average
Bank
The
July 2, 1938
Chronicle
Adjusted for
Without
Seasonal Variation
of the grocery chain stores continued to show a
below last year, while sales
Seasonal Adjustment
moderate reduction from a year ago.
although total sales were below a year ago, sales per store in
the result that,
higher than in May 1937.
May were about 5%
also reduced the
As the
shoe chain units have occurred.
operation, the percentage decrease in average sales
ber of chain stores in
Industrial production—Total
Manufactures
May,
May,
1937
1938
1938
118
P78
p75
77
118
76
123
101
117
p92
91
117
52
56
pGl
59
68
p87
37
44
p43
43
52
p83
All other
73
p9 4
Residential
65
66
j>76
73
81
Grocery
—
-
-
-
-
—5.8
+ 1.0
—13.0
69 .3
98 .4
p68 .3
70.0
99 .9
89.9
106 .2
p87 A
89.8
104.8
p69 .4
p60 .9
70.7
105.2
61.8
107.5
82.0
102 .3
79.2
p7(i .6
—25.5
—27.0
—16.6
.
■
*
-
p
_
P80.3
mm
-
58
57
80
57
55
80
79
83
93
81
86
95
P69
Freight-car loadings
Department store sales, value
Department store stocks, value
69
76
P71
71
78
Preliminary.
Note—Production, carloadings and department store sales indexes based on dally
—11.4
—12.1
-«.
'■
—13.9
+ 2.1
—5.9
102 .3
P77.5
j>67 A
pHH.5
Durable goods
Non-durable goods
+ 5.1
—8.5
—
—
.
Store
—
—
Candy
Sales
—3.0
Ten-cent and variety——
Shoe...
Sales per
—10.4
-
Total
79.6
102 .2
Durable goods
Non-durable goods
Factory employment—Total
Percentage -Change May, 1938,
Compared with May, 1937
Number of
Stores
122
p7 3
Factory payrolls—Total
Type of Store
1937
78
p51
Minerals
combined was smaller in May than for total sales.
store of all chains
May,
Apr.,
1938
p76
Construction contracts, value—Total.
about 4% during the past year in the total num¬
net decrease of
a
The candy chains have
number of units in operation, while small increases in the
number of 10-cent and variety, and
per
Apr.,
1938
substantial decrease in the total number of stores operated, with
a
result of
May,
1937, and May, 1938, the reporting grocery chains re¬
May,
Between
corded
averages.
Construction contract indexes
based
on
moving average of F.
three-month
W,
Dodge data for 37 Eastern States.
All
types.
-----------
Employment index,
without seasonal adjustment and payrolls index compiled
by Bureau of Labor Statistics.
INDUSTRIAL
Below
a
PRODUCTION
(1923-1925 average=100)
Week Ended June 25, 1938, 9.8%
Electric Output for
Year Ago
Adjusted for
Institute, in its current weekly
The Edison Electric
port, estimated that production of electricity by the electric
light and power industry of the United States for the week
June 25, 1938, was 2,019,036,000 kwh.
This is a
decrease of 9.8% from the output for the corresponding
week of 1937, when production totaled 2,238,332,000 kwh.
The output for the week ended June 18, 1938,,was estimated
to be 1,991,115,000 kwh., a decrease of 10.1% from the like
1947—CMBhloeiscvtgna.pd
a
year ago.
1938 June 11,
8,5
11.7
11.9
11.2
1.7
4.1
5.4
6.7
17.0
17.4
June 4,
1938
16.8
6.1
4.8
5.3
8.8
7.7
23,4
17.3
22.9
28.4
3.6
2.5
1.1
2.8
Rocky Mountain.....
Pacific Coast.
May 14.
May 21-
May 28—
June
4
June 11
June 18
June 25
July
July
July
WEEKS
47
116
52
56
149
49
54
135
59
66
163
67
78
65
92
44
42
223
47
46
234
69
71
115
31
P5
7
28
p77
Automobiles
(THOUSANDS
OF
vl
11.8
74
123
76
123
81
77
130
83
82
134
87
101
109
86
100
108
p77
!
meat
84
packing
2,146,959
2,176,368
2,173,223
2,188,124
2,193,779
2,176,363
2,194,620
2,198,646
2,206,718
2,131,092
2,214,166
1,867,093
1,916,486
1,933,610
1,914,710
1,932,797
1,928,803
1,947,771
1,961,694
1,954,830
1,922,108
—8.5
—9.9
—10.8
—11.6
—10.9
—10.3
—10.5
—10.6
—11.8
1,945,018
1,989,798
2,005,243
2,029,639
1,956,230
2.029,704
—10.0
2,213,783
—10.1
2,238,332
2,238,268
2,096,266
—9.8
2,298.005
1,480,208
1,679,589
1,465,076
1,663,291
1,480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,696,543
1,435,731
64
58
52
100
93
96
110
111
124
125
121
140
151
145
161
142
142
86
90
89
81
81
83
77
98
91
89
109
46
62
54
47
147
129
134
151
133
p9 4
100
122
103
Sugar meltings
Newsprint production
Newsprint consumption
81
53
125
125
P103
103
products..
1,709,331
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
1,689,925
1,699,227
1,702,501
1,723,428
1,440,541
1,456,961
1,341,730
1,592,075
1,415,704
*
Noted in
70
*
72
82
*
65
78
73
133
*
73
124
196
200
*
196
200
253
114
112
105
#
250
*
113
Fuel oil
*
134
130
Lubricating oil
*
109
131
Kerosene
...
Tobacco products
163
.....
Cigars
Cigarettes
159
155
165
108
146
157
70
69
74
72
65
76
237
230
221
240
210
224
84
84
81
84
80
82
Manufactured tobacco
Minerals
Bituminous coal.......
62
p59
Anthracite..
80
52
p5l
70
PQA
45
64
P64
47
64
pim
Petroleum, crude..
170
176
P162
170
177
Lead
60
74
76
69
73
75
Zinc
79
80
116
80
83
117
*
96
101
*
96
98
159
28
Silver.
Iron ore
19
Data not yet available,
Debits
238
Preliminary.
p
EMPLOYMENT
AND
PAYROLLS
(1923-1925 Average=100)
Employment
Payrolls
Adjusted for
Without Sea¬
Without Sea¬
Seasonal Varla'n
week of last year.
sonal Adjustm't
sonal Adjustm't
May, Apr., May, May, Apr., May, May, Apr., May,
Aggregate debits for the 141 cities for which a separate
been maintained since January, 1919, amounted
to $7,116,000,000,
compared with $8,010,000,000 the pre¬
ceding week and $8,226,000,000 the week ended June 23
1938
total has
SUMMARY
BY
FEDERAL RESERVE
1937
1938
1938
1937
1938
1938
1937
Iron and steel
Machinery
Transportation
74.6
76.3 108.7
75.5
76.9 110.1
61.0
89.2
equipment..
92.4 125.6
89.7
93.2 126.1
81.4
84.2 134.9
65.4
68.3 122.2
68.6
72.0 128.3
61.3
65.4
61.2
124.7
134.1
Board
of
66.0
69.0 133.3
69.3
73.1
140.0
58.0
62.5 143.8
Railroad repair shops
Nonferrous metals..
40.9
41.8
62.4
41.6
42.3
63.6
43.4
43.2
82.9
84.1 115.4
82.8
84.9 115.5
68.8
69.3 113.1
Lumber and
released June 27
were
1938
Durable Goods
Automobiles
by the
Governors of the Federal Reserve System:
54.4
55.7
71.7
54.4
55.0
71.6
47.4
47.1
68.2
54.8
56.0
71.3
57.3
56.9
74.4
52.5
49.4
72.0
82.4
84.4 107.6
82.3
86.3 107.3
78.1
products
Stone, clay and glas3
DISTRICTS
67.1
Non-durable Goods
No.
Federal Reserve District
Textiles and
lncl.
17
June 22,
29
274
3—Philadel phia
87,744,359.000
18
25
5—Richmond
24
6—Atlanta
26
41
8—St. Louis
16
17
10—Kansas City
28
11:—Dallas
18
—
Total....
June 15,
1938
8397,055,000
3,458,885,000
404,925,000
494,627,000
278,519,000
213,600,000
1,054,182,000
225,130,000
141,381,000
262,442,000
200,672,000
612,941,000
15
1938
8433,187,000
1,100,230,000
209,348,000
139,155,000
266,149,000
193,137,000
613.976,000
$469,728,000
3,954,505,000
464,709,000
629,682,000
311,383,000
222,191,000
1,255,360,000
256,405,000
168,392,000
298,416,000
220,120,000
675.026,000
$8,628,566,000
$8,925,917,000
4,325,444,000
413,684,000
449.135,000
277,307,000
207,814,000
68.5
96.2
Fabrics..
77.4
77.9 103.2
76.7
102.2
62.9
63.9
98.0
Wearing apparel
91.8
97.1 115.3
93.2 103.0 116.5
63.1
74.6
88.9
Leather
products
Food products..
Tobacco products
Paper and printing
Chemicals & petroleum prods.
A. Chemicals group, except
petroleum refining.
B. Petroleum
Indexes
of
Board
of
Governors
of
Federal Reserve System
duction, factory employment, &c.,
pro¬
as
follows:
...
refining
Rubber products
83.4
86.4
96.0
82.6
88.0
95.1
58.7
67.1
81.6
107.6 107.6 114.8 101.8 101.0 107.9 107.0 104.1 111.6
60.7
59.9
61.2
59.4
59.1
59.9
52.5 49.3
53.6
98.8 100.0 108.0
98.5 99.7 107.7 93.8 94.6 105.9
109.2 109.1 126.0 107.5 110.4 124.5 117.9 116.3
136.7
106.8 106.8 126.1
119.2 118.7 125.4
70.2
72.0 101.7
105.0 108.6 124.6 111.4 110.9 136.2
118.0 117.5 124.1 139.1 133.8 138.3
71.5
72.7 103.6
63.1
61.7 109.2
Note—Indexes of factory employment and payrolls
May, 1938 figures
nearest the middle of the month.
May Sales
Life
The Board of Governors of the Federal Reserve
System
issued on June 23 its monthly indexes of industrial
63.9
A.
June 23, 1937
First
Business
products
B.
Week Ended—
of
Centers
2—New York
12—San Francisco..
*
111
*
Debits to individual accounts, as reported by banks in
leading cities for the week ended June 22, aggregated
$7,744,000,000, or 10% below the total reported for the
preceding week and 13 % below the total for the corresponding
of last year.
These figures
109
72
*
1,711,625
Bank
72
72
#
FACTORY
Decrease
63
*
Calf and kip leathers
Goat and kid leathers
*
Percent
74
54
99
164
1929
1,425,151
1,381,452
1,435,471
1,441,532
76
82
66
105
Petroleum refining
Gasoline
—7.8
76
84
66
103
Tanning
Cattle hide leathers
1932
1937
1,978,753
1,990,447
1,957,573
1,951,456
1,938,660
1,939,100
1,967,613
1,967,807
1,973,278
1,878,851
1,991,787
1,991,115
2,019,036
30
Calves
from
9--._——
16
Monthly
15
Sheep
KILOWATT-HOURS)
1936
1938
146
Non -durable Goods
Cattle
Change
1937
55
31
17
Locomotives
Slaughtering and
Hogs
Percent
1938
2
Thirteen
51
41
136
Leather and
Week Ended
—
10.0
10.1
9.8
RECENT
7
134
114
50
Wheat flour
Total United States.
May
50
44
48
Silk deliveries
10.1
Apr. 23—
Apr. 30
47
40
Steel ingots
Cotton consumption
10.1
9.2
9
Durable Goods
Pig Iron
Iron and steel...
1938
17.8
West Central
16
1937
Manufactures
Textiles
-
Central Industrial....
Apr.
May,
1938
Week Ended
1938 June 18,
Southern States
Apr.
Apr.,
1938
Beehive coke
Week Ended
Week Ended
Week Ended
New England
2
May,
1937
Plate glass
June 25,
Middle Atlantic
Apr.
May,
1938
Tin deliveries.
Major Geoyraphic
Regions
FOR
Apr.,
1938
Cement
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
DATA
Seasonal Adjustment
May,
ended
week
Without
Seasonal Variation
re¬
of
Life
Monthly
Insurance
in
for payroll period
preliminary.
United
Improvement
Insurance Sales
are
are
Research
for
States
1938,
endlDg
Show
Reports
Bureau
Although ordinary life insurance sales for the month of
May, according to the Life Insurance Sales Research Bureau,
Hartford, Conn., were only 76% of those in May,
1937,
this ratio represents
monthly
experience
the first improvement in comparative
in
1938.
The
previous
1933-1937
Volume
Financial
147
monthly comparisons have been:' January, 88%; Feb¬
83%; March, 76%; April, 73%.
Because of this
slight upward tendency, the first five months' sales are at
ruary,
the
level
same
79% of
These data
are
of all companies
As in the
1937.
The Research Bureau further reported:
based
creased to represent
In
the experience of 54 reporting companies
on
in¬
total sales of ordinary insurance (exclusive of group)
previous months, sales of few States have shown gains over
there
These
same
first five months.
Nevada,
three:
were
Mich., for
for
softening plant to cost $500,000; in Muscatine, Iowa,
a water
school
a
building to cost
$470,000; in Raleigh, N. G„ for two
over
apartment houses to cost nearly $1,200,000; in Winston-Salem, N. C., for
apartment houses to cost
buildings to cost
building to cost
$400,000; in Charleston, S. O., for school
over
$750,000 in Chattanooga, Tenn., for
over
North
Dakota,
South
and
three plus Kentucky are also showing gains
for the
and mercantile
TABLE
buildings to cost
1—PERMIT
GETHER
THE
Ratios 1938
Sales
Volume
,
BUILDING
OF
NUMBER
OF
STATES, APRIL,
PROVIDED
34,758,000
133,471,000
74
705,360,000
74
East North Central
101,865,000
70
550,242,000
75
West North Central
51,575,000
84
261,523.000
89
South Atlantic
48,159,000
80
237,947,000
81
86
SI 87,702,000
71%
East South Central
20,424,000
79
43,622,000
92
211,632,000
Mountain
13,928,000
81
71,421,000
42,856,000
86
72%
104,353.000
West South Central...
211,125,000
Geographic Division
April,
All divisions
95
2,025
1938 Mar.,
478
East North Central.....
450
143
86
256
$3,793,731
14,528,135
11,002,075
3,546,236
8,995,246
89
1,095,711
West South Central
"
122
4,461,697
94
1,760,286
195
11,671,627
West North Central.
United States total
$490,658,000
198
South Atlantic
79%
$2,541,305,000
76%
Mountain
Increase in
Building Activity During April Over March
Reported by Secretary of Labor Perkins—However,
all Classes of Construction Below Year Ago
There
was
increase of
an
buildings for which permits
with March,
Percentage change
were
issued in April
as
1938
14,558
898
640
3,427
2,987
2,336
$2,938,625
13,241,098
9,679,584
1,974
1,022
856
2,548
3,263,191
7,395,461
1,234,311
4,552,983
1,387,244
11,341,339
2,056
450
487
1,560
1,773
547
476
3,410
3,309
+ 11.3
Total Construction
New Non-residential
compared
"Seven of the nine geographic divisions shared
Miss Perkins said.
"The largest gains
1938 Mar.,
16,198
+ 10.6
11% in the value of residential
Permit
Unci.
Valuation
Alterations, and
Popu¬
lation
Repairs) Permit Valuation
(.Census
Secretary of Labor Frances Perkins announced
May 28.
on
Pacific
1938 April,
$60,854,744 $55,033,836
New England
Middle Atlantic
87
1
Pacific
Families Provided, for
in New Dwellings
Permit Valuation
of
Cities
East South Central
...
IN
New Residential Buildings
No.
Middle Atlantic
TO¬
FOR
1938
to 1937
New England..
i
,
CONSTRUCTION,
FAMILIES
DWELLINGS, IN 2,025 IDENTICAL CITIES IN NINE REGIONS
Ratios 1938
to 1937
$1,100,000.
over
VALUATION
WITH
OF THE UNITED
Year to Date
Volume
$900,000; and in Los Angeles,
over
Calif., for one-family dwellings to cost more than $2,000,000 and for store
NEW
May, 1938
institutional
approximately $1,100,000; in
Fort Worth, Texas, for a school building to cost nearly $650,000; in Houston,
The volume and ratios by sections are given below:
Sales
an
than $1,140,000; in Shreveport, La., for an addition
more
to the electric light and power plant to cost
Texas, for one-family dwellings to cost
operating in the United States.
May
Dakota.
the sales of the first four months—
were
as
a year ago.
29
Chronicle
April,
All divisions..:
1938 Mar.,
1938
Mar., 1938
April, 1938
of 1930)
$44,675,273 $39,084,242 $136,241,519 $120,748,107 59,512,236
in this increase."
in
were
New
the
States.
Total
England, Mountain and South Atlantic
permit valuation increased 13%, comparing
gain of 14% in the value
of new non-residential buildings and a gain of 15% in the
value of additions, alterations and repairs," she said, adding:
April with March.
Permit
There
valuations for
the current
,
month showed
a
decline
of 24%
for new non-residential buildings 14%
alterations, and repairs 17%
$3,328,594
Middle
12,320,173
10,739,109
1,907,351
4,036,419
Atlantio
East No. Central..
West No. Central..
South Atlantic.
East So. Central
Mountain
3,134,335
813,367
Pacific.
6,787,239
decrease of
value of
new
Percentage change.
This is
compared with the corresponding period of 1937.
decline
a
of 13%
There
this period.
over
was,
however,
a
in permit valuations of new non-residential buildings.
and
The percentage change from
Washington
months
ended
with
The slowing
in the foreign
up
Construction
All Cities
Excl. New York
May.
+ 10.6
+8.3
New non-resldentlal
+ 14.3
+ 14.8
+ 15.3
1937 and again
in May than in
As
+ 12.8
+ 12.8
+ 10.7
family-dwelliDg units provided in the
16,198
a
The
a
gain of 11%
as
new
house¬
percentage change
from April,
1937,
the
on
comparisons
by
months
States merchandise
demand for United
by class of construction, is
population of 2,500
half
were
a year ago,
by
amount
over
up
remarkably well during
in value from April and for the
smaller in value than in the corresponding
Imports have tended downward since early
They
as great as
7%
were
smaller
in May, 1937.
of the sharp reduction in the value of imports
consequence
as com¬
the value of merchandise exports exceeded the value
$100,000,000 in May
as
in other recent months.
The
by which the value of merchandise exports has exceeded the \alue
of merchandise imports was increased to a
total of $544,226,000 for the first
This export balance contrasts sharply with the im¬
five months of 1938.
compared with March.
shown below for 1,546 cities having a
of Commerce
statement
follows:
April and only about one-half
of imports
keeping dwellings for which permits were issued during April in these cities.
This is
as
smaller in value in May.
were
pared with
were
its
Exports, which had held
month of the previous year.
in
New residential
There
with
is
the present set back in business, declined 6%
first time in a year and a
Total
May,
The report
trade figures for
Additions, alterations, repairs
issued
which has been in evidence for several months, is reflected in the foreign
Change from Mar., 1938 to Apr., 1938
Class of
25
June
on
back to 1933.
the following table for
population of 1.000 or over:
a
at
March to April, 1938, in the permit valuation
of the various classes of construction is indicated in
Exports
The Bureau of Statistics of the Department
foreign trade of the United States for May and the five
following is also from an announcement made avail¬
by the United States Department of Labor:
2,025 cities having
+ 12.8
Country's Foreign Trade in May—Imports
a
The
able
+ 14.3
The
residential buildings and of additions, alterations, and repairs
each showed
gain of 1%
as
10,681,615
3,310,296
22,419,976
.
reporting to the Bureau, valued at $526,663,000.
9%
732,949
4,592,892
714,775
6,020,203
and for additions,
During the first four months of 1938, permits were issued for buildings
in the cities
$9,168,843 5,552,098
30,858,897 18,027,858
19,888,327 14,727,399
6.990,527 4,511,842
15,926,565 5,103,480
3,041,112 2,064,306
11,109,339 3,205,123
2,692.508 1,168,765
21,071,989 6,161,365
$9,824,860
35,841,001
27,128,146
7,303,950
15,955,136
3,876,539
4,910,684
1,608.686
West So. Central...
$3,629,560
10,362,399
5,932,990
2,187,790
as
Permit valuations for new residential buildings
compared with April, 1937.
decreased 33%
was a
New England
port balance of $125,976,000 in the correspoding period of 1937.
including
Exports,
or over:
with
Change from Apr., 1937 to Apr., 1938
amounted
re-exports,
to
$257,177,000,
compared
$274,485,000 in April. 1938 and with $289,922,000 in May, 1937,
The value of general imports
(goods entered for storage in bonded
ware¬
houses, plus goods which entered merchandising channels immediately upon
Class of Construction
All Cities
Excl. New
York
arrival in the country)
amounted to $148,260,000 in May compared with
i
New residential
<N
_
—28.2
TTT OH
+
New non-resldentlal
Additions, alterations, repairs
$159,907,000 in April, 1938 and with $284,735,000 in May, 1937.
Imports for consumption
—14.2
—14.7
immediately
from
—24.0
Total
—21.2
Compared with April, 1937, there was a decrease of 26%
of
sponding period of 1937
are
In
Changes from First 4 Mas. in 1937
to First 4 Mos. in 1938
Class of Construction
wrought
All Cities
Excl. New York
—13.0
New residential
—28.9
+ 1.0
contrast,
37%
imports
in May,
1938,
over
a
reduction of 55%
Agricultural products accounted for 25%
.
for May, 1937.
total value of our imports
modities in contrast to 56%
May of 1937.
declined more substantially than
the former registered
exports in May, as against 17%
—12.2
was
non-
and
of total value
the
of
On the other hand, 47%
accounted for by agricultural
com¬
a year ago.
Merchandise Export Trade
It is due
Total
—18.4
The data collected by the Bureau of Labor Statistics show, in addition to
total
that
largely to the marked expansion in exports of crude foodstuffs
exports have
been
so
well maintained during recent months.
During May exports of this group amounted to $34,140,000, whereas they
private and municipal construction, the number and value of buildings for
totaled
which contracts ivere awarded by
Federal and State Governments in the
more
For April, 1938, the value of these public
more
cities included in the report.
agricultural
as
While total exports declined, the value
—7!1
—12.8
Additions, alterations, repairs
significant change in the composition of foreign trade
exports increased 33%
agricultural imports,
latter
of the
New non-residential
a
compared with that of last year.
of agricultural
indicated below:
1937.
The improved agricultural production in the United States during 1937
has
the first 4 months of 1938 and the corre¬
(goods which entered merchandising channels
arrival in this country, plus withdrawals for consumption
499,000 in April 1938, and with $278,118,000 in May,
in the number
family-dwelling units provided.
The changes occurring between
upon
warehouse) amounted to $147,243,000 in MAy, compared with $155,-
only $8,583,000 during May,
than
1%
than 13%
1937.
Accounting for only
a
little
1937, crude foodstuffs represented
of the total in May, 1938.
Wheat exports increased from
of all exports in May,
buildings amounted to $9,241,000; for March, 1938, to $0,804,000, and for
395,000 bushels to 11,041,000, while corn exports reached 25,409,000 bushels
April, 1937, to $6,668,000.
from
Permits
projects:
were
issued
In Newark, N. J., for
New York City—in
cost over
apartment house to cost $800,000; in
over
over
'
a year ago.
value, if
more
erately, from" $12,757,000 in May. 1937 to $14,029,000 in May of this
mod¬
year.
institutional building
the Borough of Queens, for one-family dwellings to
pounds, while exports of lard increased from 13,603,000 pounds to 20.340,000
an
Pa., for university buildings to cost ova* $3,000,000; in Chi¬
for apartment houses to cost over $700,000 and for mercantile
buildings to cost $550,000; in Dearborn, Mich., for a factory building to
cost
11,000
Manufactured foodstuffs exports also increased in
Meat products showed an expansion from 11,098,000 pounds to 14,365,000
$1,800,000 and for apartment houses to cost over $3,700,000; in
State College,
111.,
an
for the following important building
the Borough of Brooklyn, for
to cost $2,750,000; in
cago,
during April
$4,000,000; in
Detroit, Mich., for one-family dwellings to cost
$2,200,000 and for school buildings to cost over $800,000; in Flint,
pounds.
The increase in the value of these exports was not as substantial
prevailed.
The share of manufactured foodstuffs in
because lower prices
total exports increased
Exports
of crude
from 4.5 to 5.5%
over
.
materials declined from
$34,770,000 in May, 1938.
$51,978,000
a
year
ago
to
While petroleum exports increased by slightly
$l,0d0,000, exports of cotton declined from $24,643,000 to $10,403,000
f
Financial
30
$3,960,000.
and tobacco from $5,666,000 to
Chronicle
Month
represented by crude materials declined from 18% a year ago to 14% during
May, 1938.
and
a
steel,
proportion
as
in May,
There
1937.
Exports
abroad.
or
of automobiles
were
103,265
goods, were considerably smaller in both quantity and value than in May,
>937; the value declined from $91,427,000 to $40,248,000.
state of domestic business
The depressed
and the recovery of agriculture from the drought
271,054
197,020
181,386
285,081
256,481
264,613
273.561
293,374
329,373
311,212
315.814
181,667
160.511
176,490
157,161
167,902
169,128
159.791
271,502
253,615
835,841
954,069 1,250,884 1,341,921
as
169,683
188,860
196.040
177,006
175,825
217.925
203,536
167.865
192,156
262,173
223,920
Imports for
92,718
84,164
91.893
163,396
88,107
141,247
147.467
135,067
July
141.018
152,714
147,599
149,288
125.269
......
117,262
149,893
137,975
149,470
127.170
August..
September..........
126,193
124,010
228,680
260,047
295,705
186,377
189,590
194,296
199,776
189,008
194,311
197.458
200,783
218,425
213.419
200,304
240,230
168,482
152,246
175,485
166.070
166.756
155,313
173,096
180,381
168,683
189,806
162.828
179.760
128,976
125,047
109,141
123,931
May.............
June...
163,511
155,941
173,328
280.899
278.118
155.490
147,243
278,300
262.919
248.730
233,959
226,470
212,389
203.602
795,506
959,047 1,343,449
829,039
466,023
696,133
1,048,121 1,539,192 1,633,842 2,013,601 2,614,067 2,183,574
ended Dec. 1.433.013 1,636,003 2,038,905 2,423,977 3.009,818
5 mos. ended May
11 mos. ended May
Crude materials
of our total imports for consumption in May,
169.851
Consumption
December...
only 4,029,000 pounds as contrasted with almost 30,000,000
167.278
1,647,220 2,100,135 2,243,081 2,418,969 3,295,312
January..........
pounds in May, 1937, and the decline of rubber imports from 109,531,000
against
12 mos.
a year ago.
GOLD
Imports of crude foodstuffs also declined sharply from the level of May,
1937, from $37,196,000 to $19,555,000 for May, 1938.
The improvement
in domestic
of grain
Lower prices reduced the value of coffee imports from
This
was
pounds in May, 1938.
the
The share of crude foodstuffe in
The decline of manufactured foodstuffs imports was similarly large, from.
1938.
imports remained virtually the
The decline
May, 1937.
declined to
$27,846,000 from $55,874,000
slightly larger than for total imports; the
was
share of semi-manufactures during the month was 19%
as
last year, same period.
was
The quantity of copper imports
against 20%
The decline in tin imports
767,224
155,362
Excess of imports
.
52,775
767,157
186,918
The decline
was,
All the
1,000
Dollars
+5,551
—574,688
Silver—
1,841
Imports
Excess of Imports
nevertheless, substantial, from
principal
manufactured items
clined, while the drop in imports of textiles and shingles
8,978
28,500
1,345
—7,633
17,952
92,346
+63 845
1,323
......
317
3,165
Exports....
17,636
19,522
91,000
Gold
Silver
1935
1936
1937
1938
1935
♦1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
11
5,067
1,248
1,661
2,112
1,811
355
174
1,546
191
heavy for
was very
Imports of finished manufactures declined less than total imports for
was 23% for May, 1938, in contrast
$33,418,000.
52,987
5,618
192,536
for
consumption; their share in the total
$46,513,000 to
1,000
Dollars
67
slightly larger,
both quantity and value, the latter shrunk to $3,210,000 from $8,138,000.
18% for May, 1937.
1,000
Dollars
212
155,366
Imports
but lower prices led to a decline in the value of imports to $2,336,000 from
$3,240,000 for May, 1937.
1,000
Dollars
4
.
cane sugar,
Semi-amnufactures imports
Increased +)
Decrease (—
1938
1,000
The share of
same as last year at 18%
the most important commodity in this class, fell off
from $20,063,000 a year ago to $12,247,000 in May, 1938,
All the impor¬
tant items in this economic class were mported in lesser amounts.
Imports of
♦1937
Dollars
Gold—
Exports...
$47,109,000 in May, 1937, to $26,177,000 in May,
this class in total
1938
♦1937
our total imports
in May, 1937.
same as
5 Months Ended May
May
Exports and Imports
due to larger imports
from Brazil, which rose from 59,000,000 pounds in May, 1937 to 99,000,000
,
MONTHS
agricultural production is evident in the virtual disappearance
imports.
from 122,000,000 pounds to 156,000,000.
13%
SILVER BY
AND
Exports, Imports and Net Balance
$11,236,000 to $10,157,000, despite an increase in the quantity imported
was
de¬
particularly
Exports—
January
338
46
23,637
640
2,315
39
20
3,128
1,753
1,341
2,337
April
62
51
13
145
1,593
535
1,668
250
May
49
5
4
212
2,885
203
317
June
166
197
1,841
1,144
March
•
-
-
-
81
1,717
695
206
32
169
1,547
2,009
143
42
129
1.472
1,704
285
214
138
Including
Re-exports,
General
Imports,
and
Balance
5 Months Ended
May
of
f)
1,000
1937
1,000
1938
1,000
Excess of exports
Excess of imports
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
289,922
284,735
Exports......
Imports
257,177
148,260
1,271,222
1,397,198
1,359,420
815,194
5,187
108,917
232
260
1,468
380
127
30,084
512
170
99
15,052
769
1,611
536
236
+88,198
—581,994
5 mos.end. May
1,060
26.346
67
5,618
11 mos.end. May
40.607
27.080
1,178
51,490
12 mos.end. Dec.
Decreasei—)
1938
117
242
October
Trade
Increase
May
Exports and Imports
1937
76
November
December......
Exports,
1,960
27,534
46,020
Imports—
January
February
149,755
122,817
544,226
May
June
Exports, Including
Re-exports—
January
February
....
March
1933
1934
1935
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
120,589
101,513
108.015
105,217
114,203
119,790
144,109
131,473
160,119
193.069
172,220
176,223
162,752
163,007
185,026
164,151
184.256
December..
192.638
549,539
865,534
August..
mos.
ended May
1938
1,000
September..........
October............
November..........
April.
May.
June—.............
July
1937
1,000
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
194,712
170,654
-
1936
11 mos. ended May 1,320,543 1,871,198
12 mos. ended Dec. 1,674,994 2,132,800
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223.469
1,000
Dollars
198.564
222,665
182,024
233,125
256,565
195,113
192,795
200,772
185,693
180,390
178,975
220,539
268,945
289,922
265,341
268,184
277,031
296,579
264,949
257,177
83,748
94,860
88.412
June
.......
July......
August
September
October...
November..
December
...
.......
1,345
3,265
12,042
19,085
58,483
2,846
28,708
8,211
16,351
17,536
14,080
15.488
52,947
20,842
8,115
14,440
71,236
52,987
11.002
4,490
5,589
2,821
13.501
4.989
3,165
17,952
23,981
6,025
4,476
7,155
30,230
6,574
67,524 105.013
30.820
16,637
4,964
September
156,805 171,866 145,623
45,689
8,363
8.427
October
315,424 218,929
90,709
48,898
26,931
5.701
210,810
75,962
57.070
52,194
33,033
60,065
47.603
4.451
190.180
2,267
10,633
23.151
80,782
93,613
15,757
28,500
August
46,085
November
December
...
5 mos.end. May 574,851
258,841 767,224 192,536
11 mos.end. May 909,134 1194431
137464° 794,733
12 mos.end. Dec. 174097° 1144117 1631523
*
164,143 356,918
182.816
92,346
93,723 149,698
354.531
°1.877
Adjusted to include exported silver pesos coined for the Government of Cuba,
(value In American dollars).
314.697
319.787
Summary of Business Conditions in United States by
Board
of
Governors
Federal
of
Reserve
System—
Industrial Activity in May and First Three Weeks
of June Showed Little Change from April Level
853,867
969,268 1,271,222 1,359.520
1,950,615 2,228,030 2,572,239 3,168,407
2,282,874 2,455,978 3,345,550
The Board of Governers of the Federal Reserve
96.006
February.......
.......
8,978
14,578
11,965
not included in previous current reports
General Imports—
January
March.............
April
May
6.168
12,738
332,710
226,364
229,800
289,252
262,572
275,934
274,485
10,515
19,342
10,444
140,065 169,957 155,366
230.538 277.851 262 103
16,287
16,074 175,624
July
Month or Period
7,795 154,371
28.106 215,825
527
18,801
45,981 121,336
7,002 120,326
13,543
148.670
March.
April
125*976
233
278
86
September
77
59
102
August
MERCHANDISE TRADE BY MONTHS
*1936
363
February
July
heavy.
5
259,797
850,262
Wool imports of
to
285,953
229,671
252,442
264,627
ended May 1,295,880 1,840,582 1,917,813 2,194,029 2,534,399 3,129,869
mos.
conditions of 1936 both contributed to reduce imports of crude materials.
of
219,063
179,381
192,405
189,574
539,385
5 mos. ended May
11
12 mos. ended Dec.
October..
November
pounds to 62,963,000 exemplify the declines recorded.
195,689
226,666
....
.........
April
Merchandise Import Trade
was
Dollars
106,293
March...........
Crude materials imports which constitute our largest category of imported
33%
Dollars
173,560
160,312
218,184
267,258
220,931
only
and steel-mill manufactures all
more.
accounted for 27%
Dollars
February..
household refrigerators, office appliances,
20%
Dollars
169,577
159.617
187.418
168.442
$20,563,000 as contrasted with $33,219,000 a year ago, while radio apparatus,
declined
Dollars
99,423
189,808
A few leading commodities, however, have begun to show signs
business activity
lower
1938
1,000
118,559
October
Exports of some finished manufactures have held up well and some showed
of
1937
1,000
December........
of total exports—the
was an actual decline of 11%
May to $128,028,000 in May, 1938.
actual increases, such as cotton cloth, gasoline, metal-working machinery
and aircraft.
1936
1,000
Dollars
July..............
August
September
finished manufactures was much less drastic
This class, which is the most important for
export trade, still contributed slightly more than 50%
same
1935
1,000
November.......
lumber, and naval stores.
from $144,992,000 last
1934
1.000
111.845
117,617
141,573
129,315
157,490
190.842
181.291
May
June
The contraction in exports of
than in semi-manufactures.
1933
1.000
Period
January..........
February.........
March..............
April
to
recorded
were
particularly for iron
exports,
year
of total exports, whereas
Sharp declines
to the total.
semi-amanufactures
many
copper,
25%
it contributed
year ago
for
$71,772,000 in May of last
contracting from
This class accounted for 17%
or
Exports—U. 8.
Merchandise—
Semi-manufactures showed the largest relative decline among the five
economic classes,
$42,649,000.
July 2, 1938
The share of total exports
135,706
132,753
258,105
146,523
154,647
106,869
122,197
142,980
154,918
146.643
150,867
128,541
133,518
166,832
152,491
170,500
170,533
156,754
176,631
177.356
136,109
127,229
119,513
169.030
131,658
129.635
150,919
132,258
161,647
189.357
169.385
186,968
187,482
240,444
192,774
198,701
202,779
191,697
191,077
195,056
193,073
215,701
212.692
196.400
277,709
307.474
245,161
issued
on
June 24 its
monthly
summary
System
of general business
208.833
286,837
284,735
286,224
170,726
162,913
173,388
159,907
148,260
and financial conditions in the United
the April level.
265.214
States
based
upon
statistics for May and the first three weeks in June, in which
it stated that "industrial activity showed little change from
Wholesale commodity prices generally de¬
224,299
clined further, but in June wheat and cotton prices advanced
and at the end of the period some other staple commodities
223,090
showed increases."
245.668
233,142
The Board, in its summary,
also stated:
Production
5
mos.
ended May
469,895
727,734
11 mos. ended May 1,045,883 1,585,201
12 mos. ended Dee. 1,449,559 1.655,055
837,712
973,432 1,397,198
815,194
1,628,924 2,026,451 2,655,280 2,215,440
2,047,485 2,422.592 3,083,668
In May the Board's seasonally adjusted index of industrial production
was
at
76%
average
Exports of United States Merchandise
and Imports for
Consumption
about
May
5 Months Ended May
Exports and Imports
Decrease (—)
1937
1936
1,000
Dollars
1,000
Dollars
1938
1.000
Exports (U. S. mdse.)-.
Imports for consumption
Increase(+)
285,081
253,615
278,118
147,243
1.343,449
<
1937
tile
1,000
Dollars
Dollars
Dollars
1,250,884
1,341,921
795,506
+ 91,039
—547,943
31%
as
had been at
a
compared with 77 in April and an
Steel ingot production,
rate of 33%
of capacity, averaged
in May, and automobile output also showed
production increased in May.
and there
cline.
1,000
of the 1923-1925 average
of 79 in the first quarter of the year.
which in March and April
was some
a
decrease.
Activity at woolen mills
rose
Tex¬
sharply
increase at cotton mills, while silk mills showed
a
de¬
Changes In output in most other manufacturing industries were
Output of crude petroleum was curtailed
largely seasonal in character.
sharply in May, and bituminous coal production declined somewhat, while
anthracite
production increased considerably.
Lake shipments of iron
ore
were
in very small volume, reflecting both the low rate of activity in
Volume
the iron and
the previous
Financial
147
steel
industry and the large supply of ore remaining from
season.
In the first three weeks of
June output of steel and petroleum increased
somewhat, but the rate of activity in these industries
remaijned below
average for May.
further decline and
Automobile production showed
continued below sales, so that stocks of new
Value of construction contracts awarded,
Corp., showed
rise
in
for
further reduced.
reported by the P. W. Dodge
publicly-financed projects.
building increased moderately and
May
cars were
as
the
substantial increase in May, reflecting chiefly a marked
a
awards
a
were in
Contracts
about the
residential
for
same
amount as in
Other privately-financed work remained in small volume.
a year ago.
31
Chronicle
Coffee
& Sugar Exchange learned by cable on June 27.
Shipments of sugar in a refined state totaled 103,179 tons,
almost exactly the same as during last year's period when
103,350 tons were exported. Under the Sugar Act of 1937,
Puerto Rico is permitted to enter 809,649 tons for consump¬
tion in the
United
States in which
1938 is 87,414 tons or
permitted to come here last year.
Effective June 27, the AAA requires that all raw sugar
shipped from Puerto Rico to the United States for further
processing shall have a "prior certification" that it is within
about
10% less than
was
the 1938 quota.
Employment
Factory employment and payrolls continued to decline from the middle
of
April to the middle of May.
ment in
the machinery,
in the number
crease
There
further decreases in employ¬
were
steel and automobile industries and a sharp de¬
employed in the men's clothing industry.
In most
other manufacturing lines changes in employment were small in amount.
New. York Coffee and Sugar Exchange Reports Cost of
Coffee in May Decreased 10% from Year Ago While
Imports Increased 28%
The number employed at mines and on the railroads continued to decline.
Distribution
pared with 83 in April.
also decreased from
was
at
of the 1923-1925 average as com¬
79%
Sales at variety stores and by mail order houses
April to May.
cate about the usual decline in
Rei>orts for the first half of June indi¬
department store sales.
The volume Of railroad freight traffic showed little change in May follow¬
ing sharp declines in previous months.
Commodity Prices
Prices of both agricultural and industrial commodities decreased in the
latter part of May.
was
announced
on
June 29 that the American coffee bill
10% less in May, 1938 as compared to that month a
year ago and at the same time 28% more coffee was secured
for the smaller amount of money, the New York Coffee &
Sugar Exchange found from figures released by the Depart¬
ment of Commerce which showed that total imports of coffee
during May were valued at $10,157,000 against $11,236,000
in May, 1937, a decrease of $1,079,000 or about
10%, while
aggregate imports totaled 156,169,000 pounds in May tins
year against but 122,072,000 pounds a year ago, an incre£s0
of 34,097,000 pounds or 28 %. The average value, per pound
of coffee imports this May was 6.503c. against 9.204c.
during May, 1937, a decrease in value of 2.701c. per pound
or about 30%.
was
Department store sales declined considerably in May and the Board's
seasonably adjusted index
It
In the first three weeks of June wheat and cotton
prices advanced, while prices of industrial products generally continued to
decline.
Bank Credit
,
Reserves of member banks continued to increase in May and June, largely
as
the result of
Treasury disbursements from its deposits with the Reserve
banks.
Excess
ment of
and its
Products—Texas Ends Saturday
Shutdowns, Resumes Six-Day Week—Oklahoma and
Kansas Set July Allowables—Crude Output Lower
—Daniels Optimistic on
Mexican Oil Outlook—•
Madison Trial on July 12
Petroleum
Treasury bills and further expansion of banker's balances.
reserves
Demand deposits at
creased
increased chiefly at
city banks, reflecting retire¬
reporting member banks in 101 leading cities in¬
during the first half of June,
total loans
and
and investments,
which had declined in May, also increased, reflecting substantial purchases
of United States Government
obligations by New York City banks.
Although Sunday shutdowns will be continued throughout
Money Rates
Yields
Treasury
on
bonds
June 18, and those on
declined further
in the
four
weeks
Treasury notes reached new low levels.
ending
Rates
on
open-market commercial paper declined somewhat about the middle of June.
Weekly
Report
Movement—Week
Lumber
of
Ended
June 18, 1938
The lumber
industry during the week ended June 18, 1938
stood at 58% of the 1929 weekly average of production and
57% of average 1929 shipments.
Production was about
56% of the corresponding week of 1929; shipments, about
54% of that week's shipments.
Production as reported for
the week ended June 18, 1938, not only exceeded that of the
preceding week, but was the heaviest of any week of 1938
to date.
New
orders were slightly above the preceding
week and were greater than for any previous week but two
of the second quarter.
New business was 4% below output
in the week ended June 18; shipments were also 4% below.
All items in the week ended June 18, 1938 were lower than
during the corresponding week of 1937 but orders continued
to show a more favorable percentage as compared with last
year than in any prior week since early March.
National
production reported for the week ended June 18 by 5% fewer
mills was 2% above the output (revised figure) of the pre¬
ceding week; shipments were 3% below shipments and new
orders were 0.1% above orders of the previous week, accord¬
ing to reported to the National Lumber Manufacturers'
Association from regional associations covering the opera¬
tions of important hardwood and softwood mills.
In the
week ended June 18, 1938, production, shipments and orders
as
reported by 436 softwood mills were respectively 33,
27 and 12 % below similar items in corresponding week of
1937.
The Association further reported:
During the week ended June 18, 1938, 526 mills produced 193,567,000
feet
of
hardwoods
booked orders of
were
softwoods
and
185,886,000 feet.
555;
mills,
production,
combined;
shipped
185,319,000
feet;
Revised figures for the preceding week
190,017,000
feet; shipments,
$190,498,000
feet; orders, 185,780,000 feet.
All
but West Coast.
regions
Southern
Hardwood
June
1938.
18,
and Northern
but Redwood
Southern Pine, California Redwood and
reported orders below production in the week ended
All but West Coast,
Hardwood
Redwood and Southern Hardwood
reported shipments below output.
ments, below similar items in the corresponding week of
Lumber orders reported for the week ended
wood mills totaled
mills.
or
Shipments
5%
All regions
reported orders, and all regions reported production and ship¬
1937.
June 18, 1938, by 456 soft¬
180,564,000 feet; or 4% below the production of the same
reported for the same week were 179,925,000 feet,
as
below production.
Production was
189,058,000 feet.
Reports from 86 hardwood mills give new business as 5,322,000 feet,
or
18% above production.
5,394,000 feet,
or
Shipments as reported for the same week were
20% above production.
Production
was
4,509,000 feet.
Identical Mill Reports
Last week's
feet and
a
production of 436 identical softwood mills was 186,959,000
year
ago
it was 278,160,000 feet; shipments were respectively
177,504,000 feet and 241,797,000 feet; and orders received 177,815,000 feet
and 201,295,000 feet.
Puerto
Rican Raw Sugar Shipments to United States
as
of
June 27 Decreased 23.6% from
Mainland
Year
Ago
Shipments of raw sugar from Puerto Rico to the mainland
of the United States totaled 428,892 short tons to June 27
against 561,692 tons during the similar period of
decrease of 132,800 tons or 23.6%, the New York
this year
1937,
a
July in Texas, the Railroad Commission on June 28 issued
orders voiding the
Saturday shutdown which had been
mid-May, placing the Texas oil industry once
again on a six-day week.
The order also fixed the July
allowable for Texas at 1,359,192 barrels daily, which is
25,253 barrels daily less than the Bureau of Mines estimate
for the month.
The new allowable compares with 1,181,000
barrels daily allowable for June, with the Saturday-Sunday
new
in force since
shutdown in effect.
"Favorable trends
developing in recent weeks continue to
reflect improved conditions
to a statement issued by the
in the oil industry," according
Commission along with the new
proration order.
"Strict production control policies, and
reduced refinery runs are doing much to bring the supply of
crude oil and gasoline more nearly into line with the demand.
We are now entering a period of high gasoline consumption,
which should further reduce excessive stocks and contribute
to additional improvement in the oil industry's position
during the next few months.
Gasoline stocks, however, are
still approximately 10% higher, and fuel oil stocks are 38%
higher than a year ago, and the favorable conditions which
are just now developing have not yet materialized into ac¬
complished facts."
On the next day, the Oklahoma Corporation Commission
set the daily allowable production for July at 428,000 barrels
daily, which is 23,000 barrels above the June allowable but
about the same as actual production for the latter month.
At the pre-deelaration meeting, the Shell Petroleum Corp.,
one of the leaders in the pipeline proration which necessitated
the emergency orders and reduced allowables for May and
June, offered to increase its daily takings from the Burbank
and Lucien fields by 1,500 barrels.
Under the Oklahoma
proration schedule, stripper wells will get an increased share
of the market.
The Kansas Corporation Commission set
July daily allowable at 165,000 barrels, against the Bureau
The Louisiana Con¬
servation Commission ordered a cut of 750 barrels from June,
its
of Mines' estimate of 172,300 barrels.
setting its July schedule at 249,475 barrels daily.
With all of the "Big-five" oil-producing States showed
substantial drops in production, daily average outturn of
petroleum in the United States during the week ended June
dipped 53,400 barrels to a total of 3,083,900 barrels,
more than 230,000 barrels less than the indicated
demand as estimated by the Bureau of Mines.
The Ameri¬
can Petroleum Institute report disclosed that production in
Oklahoma fell off 37,600 barrels during the week to 408,450
barrels while California producers pared their production by
13,000 barrels to dip to 664,400 barrels.
Texas production
was off 1,550 barrels to 1,188,200 barrels; Kansas off 6,550
barrels to 153,000 barrels, and Louisiana off 4,050 barrels to
25
which is
258 050 barrels
held in the United
dropped 1,266,000 barrels during the week ended
June 18 to 295,931,000 barrels, according to the United
States Bureau of Mines.
Domestic stocks were off 1,307,000
barrels, while foreign stocks gained 41,000 barrels.
The
June 18 total is the lowest in more than a year and is within
10,000,000 barrels of the 17-year low hit in January of last
year.
The 1938 high inventory figure of 308,237,000 barrels
was set in the week of April 2, and since then stocks have
reflected the curtailed production by a weekly decline of
around 1,000,000 barrels each week. '
Stocks of domestic and foreign crude
States
Financial
32
The United States is working upon the question of com¬
pensation for lands owned by Americans and seized by
Mexico during the agarian reforms, according to Ambassador
Josephus Daniels upon his return to Mexico City from the
United States although Ambassador Daniels did state that
there have been no specific proposals advanced for the
settlement of the petroleum question, a United Press dispatch
from Mexico City reported on June 29.
"During the days I spent in Washington in conference
with Secretary Hull and other members of the State Depart¬
ment regarding Mexican matters, I found from the President
down, a sincere desire that by the adoption of policies of
fairness and justice, there should be no rift in the cooperative
friendship between the United States and Mexico," he said.
"I talked-with the representatives of some oil companies, who
held frequent conferences with the State Department re¬
garding the situation that grew out of the labor troubles and
expropriation of properties by the Mexican Government. I
have every hope that out of such discussion and interchange
of
views
between
oil
and
executives
Mexican
officials
formula of just adjustment will be reached.
Other
and differences should and will find both countries
a
trast
to
a
of 10 days' supplies between 1938 and 1937
gap
earlier this year.
This sharp narrowing of the gap is due to
the fact that stocks have dwindled at a rate a little faster
than twice that shown
a year ago.
•'
Refinery operations were off 1.7 points to 73.7% of
capacity, with daily average runs of crude oil to stills dropped
55,000 barrels from the previous week to 3,025,000 barrels.
A reduction of 25,000 barrels in daily average production of
cracked gasoline pared the total to 715,000 barrels.
Gas
and fuel oil stocks rose 794,000 barrels during the June 25
period to a new all-time record high, with the lag in industry
and the low rate of consumption of fuel oil during the 1937-38
winter season responsible for the consistent climb of these
of gasoline
octane.
July 12 will see a grand jury convene in Madison, Wis., to
testimony in the second "Madison" case, involving
companies and their officials.
Some 14 companies and
their executives, indicted along with the other defendants,
recently pleaded nolo contendre and agreed to pay fines
totaling approximately $400,000.
The Department of
Justice, which announced its approval of this plea and the
resulting penalties, has indicated that the indictment of the
remaining companies and officials will be vigorously
prosecuted.
There were no crude oil price changes posted during the
take the
8 oil
octane,'and 7#c. for 60-65
reduced tank wagon
prices on third-grade gasoline, tractor fuel and kerosene in
Illinois, Indiana,
Iowa, Minnesota, Missouri, South Dakota and Wisconsin.
Car Lots, F.O.B. Refinery
U. S. Gasoline (Above 65 Octane, Tank
Other Cities—
New York-
New York-
Chicago
$.07 #
Texas
Socony-Vacuum..
.07#
.08#
Shell Eastern
Richfield OIKCal.)
.07#
.07#
Warner-Qulnlan..
$.05#
(Bayonne)
Tulsa
N. Y. (Bayonne)—
Refinery
California 24 plus D
$1.00-1.25
.03#-.04
I New Orleans C—— $.90
PhUa., Bunker C
95
I
1.95
Gas Oil, F.O.B. Refinery or
N. Y.
I Tulsa
Refinery or Terminal
$.95
.
Diesel
(Bayonne)—
| Chicago—
..$.04# |
28-30 D
Terminal
$.02#-.03
I Tulsa—
I
$.053
27 plus...
Gasoline, Service Station, Tax Included
z
New York
$.19
z
Brooklyn.
.19
$.17
$.159 j Buffalo
(Newark.
.1851
(Boston
zNot including 2% city sales tax.
May Production and Shipments
The
Portland Cement
of
Portland cement industry in May,
1938, produced
10,361,000 barrels, shipped 9,752,000 barrels from the mills,
and had in stock at the end of the month 22,871,000 barrels,
according to the Bureau of Mines.
Production and ship¬
ments of Portland cement in May, 1938, showed decreases
of 10.9 and 18%, respectively, as compared with May,
1937.
Portland cement (stocks at mills were 10.B % lower
than a year ago.
The statistics given below are compiled
from reports for May received by the Bureau of Mines, from
all manufacturing plants.
Errata—In the monthly Cement statement issued June 8,
1938 and published on June 18:
Value of New York ship¬
ments changed from $654,000 to $866,000; value of ship¬
ments from New York and Maine District changed from
$710,000 to $922,000; total values by States and districts
from $23,847,000 to $24,059,000.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 160 plants at the close of
May, 1937 and 161 plants at the close of May, 1938.
PRODUCTION TO CAPACITY
RATIO OF
week.
Mar. 1938
May 1937
Prices of
Typical Crudes
per
51.80
May 1938
Apr. 1938
The month
53.2%
47.4%
37.7%
The 12 months ended...
47.9%
41.3%
41.8%
Lima (Ohio Oil Co.)...
1.25
Eldorado, Ark., 40
Rusk, Texas, 40 and over
Corning, Pa
1.17
Darst Creek
1.09
Illinois..
1.35
Central Field, Mich
42.7%
1.42
Western Kentucky..
Mld-Cont't, Okla., 40 and above..
1.30
Sunburst, Mont
Huntington, Calif., 30 and over
1.22
1.22
Rodessa, Ark., 40 and above
Smaokover, Ark., 24 and over
REFINED
NEW
1.30
.—
51.27
1.35
1.25
Kettleman Hills, 39 and over...
Pe troll a, Canada....
Stocks at End
Production
District
1937
YORK
GASOLINE
HARBOR—STANDARD
OF
PRICES
INDIANA
UP
1938
Shipments
1937
of Month
1938
1937
1938
IN
LIFTS
PRICES—GASOLINE STOCKS DECLINE—REFINERY OPERA¬
TIONS
(In Thousands of Barrels)
2.10
CAR
19.8%
43.7%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS, IN MAY, 1937 AND 1938
1.42
0.90
PRODUCTS—TANK
Feb. 1938
26.9%
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
The
—3.05
-.05#
.06#-.07
.05#
04 #-.04#
jNew Orleans_3.05#-.05#
(North Texas
3.04
Los Angeles.. .03#-.05
|
Fuel OH, F.O.B.
Bunker C
.
Gulf ports
Kerosene, 41-43 Water White, Tank Car, F.O.B.
New York—
.
Orleans.
New
08#
07#
Gulf...
Tide Water Oil Co
was
Mexican and American Governments."
advanced the New York harbor tank car price
y£c. a gallon to 7#c. for above 65
Other marketers followed.
June 29—Standard of Indiana restored to normal all
fair settlement."
charged with working up
alleged claims that the oil industries owes it a sum at least
equal to the $450,000,000 at which the oil properties of
foreign companies, which were seized by order of President
Cardenas on March 18, are valued by Eugene Holman,
President of the Huasteca Petroleum Co., a subsidiary of
the Standard Oil Co. of New Jersey, in a statement issued
June 28 in New York City.
In making his statement, Mr.
Holman referred to reports in the Mexican press which said
that a public investigation into reputed irregularities of the
oil industry would be opened June 29. "This announcement,"
he said, "suggests bribery, perjury, robbery and even as¬
sassination on the part of the companies for the purpose of
obtaining concessions."
"The Syndicate of Petroleum Workers has also announced
that claims will be made against the oil companies for more
than 1.50,000,000 pesos to cover damages alleged to be due
them when the labor contracts were declared broken by the
courts
just prior to the expropriation," he continued.
"Furthermore, the Supreme Court has flatly denied for the
first time that 'petroleum existing in the sub-soil is of private
ownership' and held nationalization to be retroactive, re¬
gardless of the fact that the private owners, by lease or
purchase, had acquired their sub-soil titles prior to the
adoption of the 1917 constitution.
The Court thus pur¬
ported to wipe out its own established jurisprudence and
agreements of nearly 20 years' standing reached between the
_
Representative price changes follow:
June 29—Socony-Vacuum
Stand. Oil N. J..3.07#
The Mexican Government
.
stocks into record high areas.
problems
ready for
July 2, 1938
Chronicle
OFF
Eastern Pa., N. J. & Md
New York & Maine
2,332
739
716
653
654
5,203
1,737
Ohio, Western Pa.&W.Va
Michigan..
Wis., 111., Ind. & Ky
Va., Tenn., Ala., Ga., Fla. & La.
East. Mo.. Ia., Minn. & S. Dak..
W. Mo., Neb., Kan., Okla.& Ark.
1,108
865
1,078
873
3,199
Socony-Vacuum Oil Co., Inc., advanced the N. Y. har¬
car price of
gasoline 34c. a gal. to 734c. for 65 octane
and above, and 734c. for 60-65 octane
gasoline on June 29,
followed by other leading marketers in this area, the
general
advance reflecting the betterment in the statistical
position
of the loqal gasoline market as continued
gains in demand
restored a balance between
supply and demand.
Standard Oil of Indiana on June 28 announced that it
would restore to normal on the
following day all reduced
tank wagon prices to consumers on
2,369
2,059
4,036
1,581
2,765
924
736
773
650
2,362
2,101
1,194
644
1,271
845
2,914
1,041
1,020
1,011
1,058
1,781
.
bor tank
2,231
852
1,009
1,223
974
3,155
824
944
618
1,845
2,113
625
717
683
612
688
333
279
358
270
457
460
1,147
1,048
1,078
974
1,319
1,327
461
.....
878
272
449
165
833
513
11.634
Texas..
2,699
1,642
2,676
10,361
11,890
9,752
25,493
22,871
.
Colo.. Mont., Utah, Wyo. & Ida.
California
Oregon & Washington
Total
958
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS
(In Thousands of Barrels)
third-grade gasoline,
tractor fuel and kerosene in
sota,
Missouri,
South
Illinois, Indiana, Iowa, Minne¬
Dakota
and
Wisconsin.
A
Month
earlier the company reduced the tank
wagon
price to dealers
third-grade gasoline 2c. a gallon in Chicago.
Wednes¬
day's readjustment, however, affected only prices to con¬
on
sumers.
The week of June 25 witnessed the heaviest draft
upon
of finished and unfinished
inventories
gasoline for 1938,
stocks dropping 2,064,000 barrels to
82,412,000 barrels,
according to statistics compiled by the Ajnerican Petroleum
Institute.
Although the June 25 figure is approximately
6j375,000 barrels above the corresponding date a year earlier,
on a day-by-day
supply basis, the 1938 total represents only
four more days' supplies than a
year ago.
This is in con¬
Production
week
1937
January
6,616
February
March
April.
May
June
July..
August
September.
October
November
........
December
Total
•
Revised.
5,837
8,443
10,402
11,634
11,163
11,597
11,894
11,223
11,374
9,248
7,047
116,478
1938
4,534
3,916
5,879
7,983
10,361
Shipments
1937
4,689
5,163
7,879
10,272
11,890
12,645
12,237
12,291
12,773
11.190
1938
4,390
4,575
7,259
8,678
9.752
8,188
4,793
114,010
...—
Stocks at End of
Month
1937
24,393
25,059
25,622
25,747
25,493
24,011
23,370
22,940
21,388
21,565
22,634
24,879
......
1938
25,023
24,361
22.979
a22,263
22,871
Volume
Daily
Financial
147
Average
Oil
Crude
coal for the week ended June 18 is estimated at
During Week
Barrels
Production
Ended June 25, 1938, Placed at 3,083,900
The
Petroleum
American
Institute
that
estimates
This is
net tons.
average gross
ESTIMATED UNITED
STATES PRODUCTION OF SOFT
a
164,143
Bituminous Coal
Receipts of California oil at Atlantic and Gulf
117,000 barrels,
a
Coast ports for the week
indicate that the industry as a whole ran to
stills,
on a
as
854
1,007
1,186
1,690
1,475
Subject to revLsion.
c
d Sum of 24 full weeks ended June 18, 1938,
Revised,
and corresponding 24 weeks of 1937 and 1929.
United States,
Bureau of Mines'
ESTIMATED
PRODUCTION
PENNSYLVANIA
OF
ANTHRACITE
AND
COKE
BEEHIVE
^
(In Net Tons)
bulk terminals, in transit and in pipe
unfinished
companies had in storage at refineries,
7,115 143,259 210,051 240,608
C5.125
875
week, and that all
basis, 3,025,000 barrels of crude oil daily during the
lines
b
89.0% of the 4,159,000
daily potential refining capacity of the
estimated
1929
a Includes for purposes of historical comparison and statistical convenience the
production of lignite and semi-anthracite and anthracite outside of Pennsylvania,
daily in the four weeks ended June 25.
Reports received from refining companies owning
barrel
5,250
Daily average
25,286 barrels for the week ended June 18
compared with a daily average of
1937
a—
Total, including mine fuel
daily average of 16,714 barrels,
1938
1937
1938
1938 b
weeks ended June 25.
ended June 25 totaled
Year to Date d
June 18 June 11 June 19
the four
barrels for the week ended June 18 and 134,321 barrels daily for
and 22,036 barrels
Calendar
Week Ended
for the week ended June 25 totaled 808,000 barrels,
States ports
daily average of 115,429 barrels, compared with a daily average of
COAL
(In Thousands of Net Tons)
Imports of petroleum for domestic use and receipts in bond at principal
United
5,250,000
increase of 125,000 tons, or 2.4% over
an
the output in the preceding week.
Production in the
corresponding week of 1937 amounted to 7,115,000 tons.
The cumulative production of soft coal in 1938 to date
now stands
31.8% below that in 1937; cumulation of both
hard and soft coal in the year to date is 30.2% below 1937.
The United States Bureau of Mines in its weekly report;'
showed that the downward trend of Pennsylvania anth¬
racite output continued during the week of June 18.
Total
production, estimated at 706,000 tons, declined 19% from
the week before and 27% from the same week of 1937.
the
crude oil production for the week ended
June 25, 1938, was 3,083,900 barrels. This was a decrease of
53,400 barrels from the output of the previous week, and
the current week's figure was below the 3,333,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during June.
Daily average production
for the four weeks ended June 25, 1938, is estimated at
3,115,150 barrels.
The daily average output for the week
ended June 26, 1937, totaled 3,529,600 barrels.
Further
details as reported by the Institute follow:
daily
33
Chronicle
of the end of the week, 82,412,000 barrels of finished and
gasoline and 137,801,000 barrels of gas and fuel oil.
by companies owning 94.8% of the potential
Cracked gasoline production
charging capacity of all cracking units indicates
Calendar Year to Dale
Week Ended
June 18,
June 11,
June 19,
1938
1938
1937
that the industry as a
whole, on a Bureau of Mines' basis, produced an average
1937
1938
1929
c
c
of 715,000 barrels
Penn.
daily during the week.
Anthracite
973,000 22,231,000 26,348,000 33,040,000
Tot. incl. col. fuela
706,000
870,000
Daily average—
CRUDE OIL PRODUCTION
DAILY AVERAGE
117,700
145,000
162,200
671,000
827,000
924,000 21,161,000 25,021,000 30,661,000
13,200
11,900
61,300
485,100
1,717,000
2,200
1,983
10,217
3,346
11,841
Commercial
(Figures in Barrels)
157,100
186,200
233,500
pro¬
duction b
Beehive Coke—
a
B.
Four
of M.,
Week
United States total
Week
Weeks
Change
Dept. of
Slate
Interior
Allowable
Ended
from
Ended
Ended
June 1
June 25,
Previous
June 25,
June 26,
1938
Week
1938
1937
Calcu¬
lations
{June)
bl54,000
Panhandle Texas
439,950
operations,
—6,550
149,850
61,800
84,650
68,500
28,250
+ 1,250
87,300
72,800
70,600
—1,100
+ 150
180,700
...
West Central Texas-
b Excludes colliery fuel. * c Adjusted to make comparable the number
ESTIMATED WEEKLY PRODUCTION
199,050
+ 1,700
27,950
—2,050
363,850
+350
363,650
465,500
Southwest Texas
203,250
—4,000
205,550
232,450
Coastal Texas
189,800
+2,150
187,950
199,700
Total Texas
1,329,300 C15S8785 1,188,200
East Central Texas
—
Week Ended—
122,200
—1,550 1,189,400 1/409,450
Coastal Louisiana
78,600
85,550
—2,550
180,900
175,150
June
State
June 11
June 4
June 12 June 13
1938 p
1938 p
2
2
3
------
170
—
—
172
218
195
1937
r
1936
June 8
2
Alaska
Alabama
—1,500
79,400
179,250
North Louisiana
T<ins)
[The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revLsion on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
33,400
East Texas
—
OF COAL, BY STATES
(In Thousands of Net
198,750
180,000
91,900
West Texas.
3,122,100
21,532
of working days in the three years.
632,050
153,000
405,000
172,300
408,450 —37,600
66,550
508.300
Kansas
—
Includes washery and dredge coal, and coal shipped by truck from authorized
a
.
Oklahoma
North Texas--
Daily average
1929
r
Avge.
1923
e
s
8
329
387
Arkansas and Oklahoma
16
13
13
18
57
70
Colorado
58
50
86
67
104
175
1
1
s
8
Georgia and North Carolina
*
♦
258,650
Eastern
*
145,400
260,700
Illinois
487
461
557
611
834
1,243
207
171
243
239
309
416
+3,700
43,900
28,350
117,900
Iowa
49
45
16
54
56
Kansas and Missouri
78
62
77
74
93
128
468
527
674
670
862
661
86
81
111
99
195
183
18
16
24
27
46
6
10
3
2
14
12
Montana
38
38
40
39
45
38
New Mexico
48,300
Arkansas
259,500
46,650
140,450
250,475
—4,050
Indiana
250.000
Total Louisiana
23
20
28
29
43
51
—100
142,350
Michigan—
54,000
53,850
—1,350
55,200
42,200
Wyoming
49,700
61,450
+ 6,900
54,700
49,000
Montana
12,700
13,700
—750
14,400
17,450
Colorado
5,000
3,850
+ 50
3,900
4,400
108,300
New Mexico
91,000
Total east of Calif.. 2,683,300
650,000
California
91,250
114,650
90,600
+ 900
2,419,500 —40,400 2,443,750 2,875,200
d6l5,000
664,400 —13,000
654,400
671,400
Kentucky—Eastern
Western
Maryland
—
—
—
3,083,900 —53,400 3,115,150 3,529,600
bituminous
Original June 1 allowable of 160,000 barrels revised to approximately 154,000
417
888
2,791
3,613
71
99
113
71
98
16
15
16
15
21
27
18
33
31
58
89
200
192
214
184
220
240
21
21
35
26
43
44
1,100
1,113
1,553
1,576
1,920
1,380
382
332
535
425
671
856
86
67
84
104
1
s2
s5
6,765
9,324
10,866
Washington
Virginia—Southern a
Northern b_
—
Wyoming---—
70
64
—
*
*
♦
5,125
Other Western States c
Original figures for June 1 of 1,578,726 barrels revised as above,
June 20. Saturday and Sunday shut-downs continued through June,
d Recommendation of Central Committee of California Oil Producers.
356
1,877
-
West
b
814
440
1,942
Utah
withdrawals from crude oil stocks must be deducted from the Bureau's estimate of
c
sl2
217
1,120
Tennessee
Virginia
barrels on June 16 retroactive to June 1.
10
275
1,255
—
based upon certain premises outlined in its detailed forecast for the month of June.
As demand may be supplied either from stocks or from new production, contemplated
demand to determine the amount of new crude oil to be produced.
12
15
12
.—
47
66
Ohio
Texas
These are Bureau of Mines' calculations of the demand for domestic crude oil
a
————
North and South Dakota
Pennsylvania
Total United States. 3,333,300
-
Michigan—
88
4,853
7,058
21
effective
Total bituminous coal
870
1,128
1,086
911
1,021
1,956
5,995
Pennsylvania anthracite d——
5,981
8,144
7,676
10,345
12,822
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Grand total.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED JUNE 25, 1938
Daily Refining
Crude Runs
Capacity
to Stills
Finished and
Unfinished Gasoline
Stocks
of
Unfin'd
Reporting
P.
Oper¬
At Re¬
age
ated
fineries
tial
Rate
Total
P.
C.
Terms., Nap'tha
Distil.
+*
Fuel
Oil
Non-Ferrous
tended
669
Appalachian.
Ind., IlL.Ky.
146
129
529
489
Okla.,
491
73.4
88.4
103
92.4
394
669 100.0
East Coast..
14,293
1,222
79.8
6,992
1,181
1,709
273
12,292
1,180
80.6
8,369
4,211
758
8,704
3,900
2,805
Kan.,
541
452
383
84.7
296
77.3
Inland Texas
355
201
56.6
121
60.2
1,923
172
288
1,741
Texas Gulf..
833
797
95.7
687
86.2
8,157
298
1,915
La. Gulf
174
168
96.6
112
66.7
1,568
800
453
11,142
3,399
Mo
4,143
816
58
63.7
34
58.6
144
77
Mtn.
89
62
69.7
50
80.6
1,883
101
866
California—
821
746
90.9
439
58.8
10,315
2+63
1,359
90,718
3,702
89.0
2,727
73.7
No.
La.,Ark.
Rocky
91
282
...
44,570
26,595
457
Reported
Est. unrepd.
298
3,310
670
6,987 135,001
280
2,800
xEst.tot.U.S
25,'38--
4,159
4,159
3,025
47,880
27,265
June 18, '38—
4,159
4,159
3,080
50,445
26,^43
7,267
7,288 137,007
z3,311
44,836
23,762
7,438 101,169
June
Metals—Advance
Estimated Bureau of Mines basis,
z
June, 1937 daily average.
The National Bituminous Coal Commission in its current
stated that production of bituminous
Zinc Ex¬
30,
*
Copper
Activity in lead and zinc finally spread to copper, though there was no
move
by producers to talk the market up.
tons in
weekly coal report
and
"Metals and Mineral Markets," in its issue of June
trade during the
Weekly Coal Production Statistics
Lead
reported that buying of non-ferrous metals continued active
last week, particularly in the first half of the period.
Com¬
bined sales of copper, lead and zinc for the week were the
largest in volume in more than a year.
Both lead and zinc
advanced in price, but domestic copper remained unchanged.
Tin prices averaged slightly more than lc. higher than in
in the preceding week.
The undertone in all metals was
firm, with producers in most instances confident that the
trend over the remainder of the year will be upward.
The
downward revision in steel prices was generally accepted as
a favorable development.
The publication further reported:
.
x
in
During Week—Copper Sales Larger
U.S. B.ofM.
xJune25,'37
K. & M., B. C. & G,
District and
and
C.
&c.
Panhandle
Gas
in
Daily
Aver¬
Poten¬
Includes operations on the N. & W., C. &.O., Virginian,
Kanawha, Mason, and Clay counties, b Rest of State, incl.
Grant, Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthra¬
cite from published records of the Bureau of Mines,
e Average weekly rate for entire
month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and South
Dakota included with "other Western States."
* Less than 1,000 tons.
the
Stocks of
Finished
District
a
and on the B. & O. in
(Figures in thousands of barrels of 42 gallons each)
tons.
the preceding week.
Final figures for
August, 1937.
Business booked in the domestic
last week totaled 32,550 tons, which compares with 6,604
Sales for the month to June 28 totaled 47,289
June will show the largest monthly total since
With production sharply curtailed, and surplus stocks large,
producers are not expected to advance the price until the statistics take an
unmistakable turn for the better.
So far, the movement of copper products
Financial
34
actual
into
has not responded to the better feeling in the
consumption
week's business was the fact that most of the
demand for copper came from the independents.
Speculators tried to get
hold of a fair tonnage, but trading of that sort was discouraged.
Most of
this business was turned down by producers, which led to rumors that
sellers were restricting their offerings.
Consumers experienced no diffi¬
culty in obtaining copper at 9c., Valley.
On the consuming end, the wire
and cable division reported a moderate increase in business.
The brass
A feature in the
industry.
moved above domestic parity on the bullish inter¬
London the price
Operators there held to the view that
pretation of events in this country.
will be upward and were disap¬
remained unchanged. Buying abroad was in
domestic (U. 8.) copper
the next move in
pointed that the price here
good volume all week.
Lead
for lead during the week, inspired by improved
Continued heavy demand
brought on an increase in the price of lead
on June 23
from 4.25c. to 4.35c., New York, and another increase on
the following day, to 4.50c.
These quotations were also the contract settling
bases of the American Smelting & Refining Co.
Producers believe the
nature of the buying indicated the underbought condition of consumers,
and in many cases metal bought for July shipment was switched to June
delivery.
Sales during the week totaled 11,567 tons, compared with
9,206 tons in the previous week.
This is the highest weekly total since the
week of Jan. 12 this year, when about 15,000 tons were bought.
Buying
sentiment
with numerous carload orders for prompt de¬
livery.
The industry expects shipments in June to show a marked im¬
provement over recent months.
again was well diversified,
at 4.50c.,
closed firm
The market
St. Joseph Lead
New York, and 4.35c., St. Louis.
brands in the East at a premium.
Co. reported sales of its
'
Zinc
On the following day the buying at the
June 22.
startled the industry on
Louis, but late in the day virtually all sellers
The weighted average price for the day was 4.325c.
opening was at 4.25c., St.
moved up to 4.40c.
sold at 4.40c., with the bulk of the transactions
On June 24 a small tonnage
question about the firmness of the 4.50c. basis for
off, but there was no
Sales reported by the producers of the common grades
Prime Western.
week
the
the week the sales volume tapered
For the remainder of
closed at 4.50c.
for
ended June
25 totaled 17,680 tons,
which compares with
preceding calendar week. A substantial tonnage of
during the last week. Zinc concentrate in the
Joplin district advanced $2 per ton, in sympathy with the rise in the metal.
1,875
in the
tons
regarded as
have other far-reaching effects.
Meanwhile,
high grade was purchased
during the last week was not comparable to that
metals.
Sellers concluded the tin-plate industry
metal for current needs, and buying in volume will not be
resumed until present
Quotations reflected the better
stocks are lowered.
and in yesterday's (June 29) strong stock market
offerings of tin.
The tin-plate industry is entering
feeling in Wall Street,
some
sellers limited their
with operations around 35% of capacity.
Chinese tin, 99%
was nominally as follows: June 23, 41.200c.; June 24,
41.500c.; June 25, 41.225c.; June 27, 41.200c.; June 28, 40.850c.; June 29,
a
period of seasonal decline,
for several
pending a thorough appraisal
which the Administration at Washington im¬
mediately hailed as an aid to business recovery.
The steel wage question still is up in the air, with a four weeks' testing
of effects of the new lowered prices likely before any decision is reached
to reduce or maintain current wage rates.
Apparently a sharp run-up in
of the basing developments,
reduction now being discussed in United
operations could prevent the pay
States
manufacturing districts are operating as
the leading steel
week
follows: Pittsburgh up a point to
to
27%
,
Chicago up two and one-half points
,
Wheeling-Weirton up one
,
and Cleveland-Lorain unchanged at 22% .
ingot melting rate held firmly at most points,
While the
,
stronger than
at
any
week's
last
and
mid-June
in
the scrap market
Age" composite
with the year's low of $11
other time this year, the "Iron
$12.08, which compares
price jumping 75c. to
reached
23%
Youngstown down five points to 22%
point to 44%
was
conferences.
Steel Workers Organizing Committee
Steel Corp. and
This
of $11.33.
figure
Pittsburgh
At
higher at $12.50 to $13 a ton.
During events of the past week, the steel industry's largest customers
remained on the sidelines attempting to analyze the new turn in steel pricing,
Heavy melting steel was quoted $1.25 a ton
by steel suppliers to get
following the confusion resulting from competition
business
during the last few weeks.
From Detroit come reports that
year
automobile sales are outrunning production,
automobile manufacturers is near a new high for the
and inventories of cars at a new
the next 30 days is being forecast
will close down entirely during
Harvester Co.
Substantial steel buying within
However, Ford Motor Co.
low.
at Detroit.
the week following July 4 and International
plants at several
will cose its tractor and farm implement
through all of July.
mid-west points
Railroad buying of steel
and
decline, and
holding against the usual sharp seasonal
that optimism among
construction
still is lacking and* as last week, the shipbuilding
Industries
Yet steel orders are
continue most active.
buyers are entering the
market
despite recent price uncertainties.
Orders for fabricated steel
booked in May totaled 74,410 tons compared with 92,130 tons in April.
Structural steel lettings were slightly higher this week than last at 11,625
continuing to become more diversified and more
Included among the sizable awards were 2,700
1,600 tons for
against 8,800 tons.
tons for
Buying interest in tin
reductions will not be apparent
Buyers are likely to remain cautious
weeks.
tons
characteristic of the other
steel price, based on
past 10 years.
Tin
still has sufficient
"Iron Age" composite finished
the
quotations for eight leading products, is now at 2.350c. a lb., compared
with 2.487c. last week, and 1.792c. in May, 1933, the low point for the
that assemblies are
continued active, spurred by the sudden advance that
Demand for zinc
and such points as Pittsburgh is
giving industry in the South a great impetus and is likely to
price differentials between Birmingham
the outlook,
over
Abolishing of
announced until after further study.
prices would not be
Immediate results of the price
industry continued quiet.
In
July 2, 1938
Chronicle
a
World's Fair building for General Motors Corp.,
the Manhattan-Queens
Tunnel, 1,200 tons for an apartment house in New
York, 1,100 tons for a transit shed at Bayonne, N. J., and 900 tons for
buildings for the General Foods Corp. at Hoboken, N. J.
5,900 tons from 30,370 tons a week
New structural projects declined to
ago,
11,000
New
Reinforcing steel awards of
Los Angeles.
and included no jobs above 700 tons.
7,720 tons for flood control work at
tons include
4.280 tons.
projects call for
,
THE
COMPOSITE PRICES
"IRON AGE"
Finished
41.250c.
M. J." Quotations)
OF METALS ("E. &
DAILY PRICES
June 28, 1938,
One week ago
Electrolytic Copper
Dom.,Refy. Exp., Refy.
Lead
Tin
Straits
Zinc
One month ago
One year ago
New York
New York
SI. Louis
2.350c. a Lb.
2.487c.
2.487c.
2.512c.
Steel
Based on steel bars,
These products re present
85% of the United States output.
St. Louis
Lour
High
May
17
2.350c.
June 28
Mar.
9
2.2490.
Mar
Dec. 28
2,512c.
2.512c.
1938
2.016c.
Mar. 10
1
2.056c.
Jan.
8
2
8.775
8.825
42.600
4.35
4.20
4.325
1937
June 24
8.775
8.950
42.900
4.50
4.35
4.500
1936
June 25
8.775
9.000
42.625
4.50
4.35
4.500
1935
2.062c.
Oct.
June 23
beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strl ps.
_2.249c.
-
2
June 27
8.775
9.050
42.600
4.50
4.35
4.500
1934
2.945c.
Jan.
8.775
9.025
42.250
4.50
4.35
4.500
1933
2.118c.
2.953c.
Apr. 24
June 28
Oct.
3
1.811c.
June 29
8.775
8.875
42.650
4.50
4.35
4.500
1932
1.915C.
Sept.
6
1.877c.
Apr. 18
Jan. 12
1930
7
2.962c.
Dec.
9
8.954
42.604
4.476
4.325
4.471
1927
2.192c.
2.402c.
Jan
8.775
Jan.
4
2.212c.
Nov.
1
Average
-
.
ended June 25 are: Domestic copper f.o.b.
refinery, 8.775c.; export copper, 8.746c.; Straits tin, 42.313c.; New York lead,
4.267c.; St. Louis lead, 4,117c.; St. Louis zinc, 4.233c., and silver, 42.750c.
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.
Average
In
prices for calendar week
the trade,
domestic copper prices are quoted on a delivered basis: that is,
As delivery charges vary with the destination, the
delivered at consumers' plants.
refineries on the Atlantic seaboard. Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.350c. per pound
figures shown above are net prices at
above f.o.b. refinery
Pig Iron
$23.25
23.25
One week ago......
One month ago..
One year ago
23.25
3Af
Lead
Tin. Std.
Copper
(Bid)
Spot
Mar.
May 14
May
16.90
Jan.
1933
16.90
Dec.
13.56
Jan.
1932
14.81
18.21
19.71
Jan.
13.56
Dec.
6
Jan.
15.90
Dec.
16
Jan.
17.54
Nov.
1
1930
1927
Steel
$11.33
11.17
17.08
-
1937--.
-
on
$14.00
21.92
17.75
41
186%
187%
131»16
143,8
1935
187%
188%
14%
141,8
14'ie
1934
13.00
June 27
37»u
15i,«
15
14
143,6
1933
185%
186
143%
14%
13%
13%
1932
12.25
8.50
36ni6
37
41%
41%
40%
188
37^,6
38%
37%
187%
June 28
185%
145,8
145,6
131,6
1311x6
1930
15 00
1927
15.25
of the
closing buyers'
Prices for lead and zinc are the official buyer's prices for the first session
prices for copper and tin are the official
All are in pounds sterling per long ton
Changes
in
Basing
continuation of the national rate of steel
of moderate gains.
Age" further reported:
events
in
recent years
have stirred the in¬
dustry so deeply as the step by leading companies toward abandonment of
the basing
point system of pricing steel.
nouncement of price reductions ranging
Steel Corp. subsidiaries,
mill prices
Leading in this
from $3 to $7
a ton
move was an an¬
June
7
June
14
necessary
to
meet
950
6.75
6.43
11.25
13.08
7
Nov. 18
Nov.
9
Apr. 23
Sept. 25
Jan.
3
July
5
Dec.
9
Nov. 22
June 27
an¬
competition
the reduction
or
23.5% Mar. 28
Dec.
19.2% Apr.
4
Apr.
11
32.7%
3
25.6% Apr.
18
32.4%
10
27.8% Apr.
25
32.0%
76.1%
74.4%
Jan.
27
1938—
75.9% Oct.
4
66.1%
Jan.
June 28
75.0% Oct.
11
63.6%
Jan.
17
July
5
55.8%
Jan.
24
29.8% May
32.7% May
July
12
52.1%
48.6%
Jan.
31-
30.5% May
19
2
85.5% Nov. 15
stimulate
9
Aug. 16
Aug. 23
84.6% Nov. 22
83.2% Nov. 29
6
83.8% Dec.
said that their
Aug. 30
84.1% Dec. 13
and
1938
Dec. 20
71.6%
80.4%
26
U. S. Steel
1937—
1937—
July
Chicago and Pitts¬
Forced to revise their own pricing policies after at step which
as
on
June 21
Aug.
described
Steel Institute
91.0% Sept. 7
77.4% Sept. 13
76.2% Sept. 20
76.6% Sept. 27
July
coupled with a significant statement that identical
would be quoted thereafter at Birmingham,
business, leading independents followed
Iron and
67.3% Oct. 18
82.7% Oct. 25
82.5% Nov. 1
84.3% Nov. 8
by United States
burgh.
subsidiaries
1937—
May 31
the steel industry in
American
'
June
June
May 24
Age" stated that a parade
significant developments in the steel industry this week
overshadowed a further slight increase in the volume of
Few
Low
$11.00
12.92
12 67
10.33
*
The
The June 30 issue of the "Iron
"Iron
The
steel
pro¬
Week for the
Industry
duction at 28% after two weeks
melting
telegraphic reports which it had received in¬
dicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 28.7% of
capacity for the week beginning June 27, compared with
28.0% one week ago, 26.1%. one month ago, and 75.0%
one
year ago.
This represents an increase of 0.7 point,
or 2.5% from the estimate for the week ended June 20, 1938.
Weekly indicated rates of steel operations since May 24,
1937, follows:
of
orders and
heavy
1
nounced that
(2,240 lb.).
Points High-Light
Steel
No.
Jan.
4
Mar. 30
Dec. 21
Dec. 10
Mar.13
Aug.
8
Jan. 12
Feb. 18
Jan. 17
13.42
41%
14.%
14%
14%
37"x«
prices.
3
quotations at Pittsburgh. Philadelphia
361318
London Metal Exchange:
27
and Chicago.
36%
37%
June 29
Aug. 11
Scrap
Based
1938, $12.08 a Gross Ton
5
High
3Af
Feb. 16
1934
June 24
184
$20.25
18.73
1936
June 23
9
17.83
Zinc
3M
Spot
Low
Nov.
1938
3M
Spot
and
Valiey,
Nov. 24
-
One month ago
Electro-
Spot
Buffalo,
Southern iron at Cincinnati.
19.73
18.84
17.90
1936
1935
One year ago.-
Copper, Std.
foundry irons at Chicago,
Philadelphia,
$23.25
1937
One week ago
Daily London Prices
furnace and
High
June 28,
quotation.
Based on average of basic iron at Valley
June 28. 1938, $21;91 a Gross Tor
Aug.
Feb.
7
30.7%
35.7%
32.6%
2
30.7%
9
30.4%
16-
30.7%
29.0%
May
23
41.0%
36.4%
Feb.
14
21
31.0% May
30.4% Jun*
31
Feb.
6
26.2%
31.0%
Feb.
28
29.3% JUDO
13
27.1%
29.6%
27.5%
Mar.
7
29.9% June
.32.1% June
20
28.0%
27
28.7%
27.4%
Mar. 21
Mar. 14
33.7%
26.1%
Volume
Financial
147
of the iron and steel
"Steel" of Cleveland, in its summary
markets,
June 27, stated:
on
Whether the current revival in the steel market
portends a continued
situation argue
bottom apparently
improvement remains to be seen but factors underlying the
for
upward movement of moderate degree from the
an
reached two weeks ago.
indicator note a rise of
Buying by steel mills is being reflected
West.
immediately in higher prices and discovery that scrap
not
forecast
quickly.
large and holders are averse to selling too
are
accumulations are
Further advances
Some steel to complete 1938 automotive
of 1939 cars.
The market expects substantial buying for this purpose within 60 days.
Vessel steel requirements are accumulating as shipyards start on work
already awarded and should reach mills before long.
Not much is expected
from railroads but the Pennsylvania will offer some tonnage for the cars and
locomotives it is to build at Altoona.
Fate of the 5,550 cars for the Southern
for that purpose is
Ry. has not been decided and the 80,000 tons of steel
Buying, still held close to current requirements
Under present mill conditions much steel
creasing breadth.
warenouses,
reflected to
by miscellaneous users,
stock, continues at a steady rate and shows in¬
not ordering for
are
Is taken from
be obtained.
This is being
mills in heavier buying by distributors, indicating that con¬
where
immediate delivery
scrap,
Both
has established
•
year.
the highest level since the latter part
all consuming centers the com¬
components of the iron and
cents
by many makers.
Steel ingot production for the week ended June 27, is
placed at 28^% of capacity according to the "Wall/Street
of
This compared with
June 30.
previous week and 26}^% two weeks ago.
further reported:
S. Steel is estimated at 2834%
U.
,
2714% in the
The "Journal"
in the week before and
against 28%
with 2834% ,
)4% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding
27%
two weeks
Leading independents are credited
ago.
compared with 27 34%
in the preceding week and 26
28 J4
Independents
U. S. Steel
Industry
28 X
+ 1
1937
75
centers, somewhat
1936
71H
Pittsburgh gained
0.7 point to 24%, Chicago 2.5 points to 24.5, Eastern Pennsylvania 1 point
to 27, Youngstown 5 points to 32.
Wheeling 3 points to 38 and Detroit
8 points to 29%.
Buffalo held unchanged to 28%, St. Louis declined
2.7 points to 36.6%, Cincinnati 14 points to 14%, New England 10 points
to 15%, Birmingham 16 points to 42% and Cleveland 8 points to 23%.
Automobile production dipped slightly last week with 40,918 units, com¬
pared with 41,790 the preceding week and 121,032 in the corresponding
1935
38
1934
14
2814
66H
14
75
35
45
+
6614
balanced
by
increased
from
resulted
curtailed
activity
at
rates
at
important
other points.
some
of
The finished steel
composite is unchanged at $61.40.
in the national steel operating rate last
1 point to 28%
An increase of
week
Influence of
steel composite brought an increase
highest since mid-January.
$38.51, the
to
This is
83 cents to $11.46.
of April and the first rise of importance
January, practically five months.
since the closing weeks of
13
of last
.
Because of strength in scrap quotations at
scrap
the
Scrap shipments in five months this year
1,636,247 tons, compared with 1,652,363 tons in five months
were
to meet competition wnich
changes have been
these
lower level than that quoted
a
For five months total exports,
967,411 tons, compared with 1,063,678 tons In
were
1938
direct mill sales.
For the most part there is no question of prices, which are firm except
in one or two highly competitive lines.
Recent reduction in galvanized
sheets has been followed by drum stock sheets being marked down $3 by
a number of makers and reinforcing bars have been reduced $5 per ton by
mills.
excluding
Scrap shipments at
monthly shipments in the industry.
the peak
corresponding months of 1937.
can
sumption is better than shown by
most
374,320 tons represented
Journal"
problematical.
who
April and practically 50% less than in May, 1937.
in
posite price of steelmaking grades advanced
models has been placed recently
has ordered steel for the first run
least one builder
compared with 18,175;
13,810, compared with 11,810;
independents produced 4,063, compared with 5,610 the previous week.
Steel exports in May were 166,319 tons, excluding scrap, 7% lower than
Chrysler 6,095, compared with 6.195; Ford
A purchase of 20,000 tons by a
for the immediate future.
Valley interest set a higher price than had prevailed.
at
General Motors turned out 16,950,
week last year.
Japan led in tonnage, with Canada second.
Observers who believe the scrap market a good
II .50 per ton in the East and
and
35
Chronicle
1931
—12
+2
+ 1
X
+
X
-
40
—8
—15
49
43
+3
60
+2
—IX
33 J4
■_
+
40
34
—1
33
—2
69
—2
60
—2
—1
52
1933
—1
86
X
—
1930
64
—2
1929
94
—1
1928
72
—
1927
67)4
97
—2
91
34
75
—1
69
—3H
70
—4
65
14
-
—3
1932 not available.
Current Events and Discussions
deposits with Federal Reserve banks and $80,000,000 in
non-member deposits and other Federal Reserve accounts
and increases of $5,000,000 in gold stock and $2,000,000 in
Treasury currency, offset in part by increases of $26,000,000
in money in circulation and $6,000,000 in Treasury cash.
Excess reserves of member banks on June 29 were estimated
be
June 29 June 22 June 30 June 29
1937
1938
1937
1938
.))
During the week ended June 29 member bank reserve
balances increased $119,000,000.
Additions to member bank
reserves arose from
decreases of $65,000,000 in Treasury
to
Chicago
New York City
Banks
The Week with the Federal Reserve
approximately $2,900,000,000, an increase of $120,-
000,000 for the week.
-
$
Assets—
1937
1938
$
2,885
U. S. Gov't obligations
Obligations fully guaranteed by
United States Government
Other securities
Reserve with Fed. Res. banks..
Cash in vault.
-
-
Balances with domestic banks..
Other assets—net..
2,911
3,010
864
864
911
678
989
3,339
58
71
491
663
1,036
3,219
50
71
490
437
997
2,603
54
67
467
122
302
946
35
216
50
122
303
924
33
215
48
95
294
596
30
158
60
$$$$$$
6,187
6,243
1,550
1,512
1,513
659
718
464
464
456
110
289
87
96
41
Liabilities—
6,277
655
109
Demand deposits—adjusted
Time deposits
deposits
United States Govt,
June 22 June 30
$
?
?
$
Inter-bank deposits:
Principal changes in holdings of bills and securities were
increase of $23,000,000 in United States Treasury notes
and a decrease of $23,000,000 in United States Treasury bills.
The statement in full for the week ended June 29 will be
an
687
6
537
6
Domestic banks.......
...
2,402
2,394
1,957
688
Foreign banks
...
282
277
576
6
301
303
400
20
20
19
Capital account........------
1,485
1,484
1,478
245
245
239
Borrowings
Other liabilities
.
found
on pages 66 and 67.
Changes in the amount of Reserve bank
ing and related items were as follows:
credit outstand¬
June 29, 1938 June
Bills discounted...
Bills bought
U. S. Government securities
Industrial
advances
(not
._
or Decrease
Since
22, 1938
10,000,000
1.000,000
2,564,000,000
(—)
June 30, 1937
$
——....
—3,000,000
+38,000,000
including
17,000,000
$14,000,000 commitm'ts—June 29)
—1,000,000
—1,000,000
2,590,000,000
12,962,000,000
—1,000,000
+ 5,000,000
+ 2,000,000
Other Reserve bank credit
Total Reserve bank credit
Gold stock
(+)
$
$
-
.
Treasury currency
2,712,000,000
..
—5,000,000
—1,000,000
+ 28,000,000
+ 644,000,000
+162,000,000
Member bank reserve balances
8,041,000,000 +119,000,000 +1,141,000,000
Money in circulation
6,428,000,000
2,299,000,000
864,000,000
Treasury cash
bank..
Non-member deposits and other Fed¬
Treasury deposits with F. R.
+ 26,000,000
—19,000,000
+6,000,000 —1,146,000,000
—65,000,000
+ 771,000,000
—80,000,000
+87,000,000
Banks in New York City and
Chicago—Brokers' Loans
Returns of Member
Below is the statement of the
Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks for the cur¬
Reserve
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
rent
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
MEMBER BANKS
Loans and
Investments—total __
Loans—total
Commercial
Industrial
1938
1937
June 20 June 22 June SO
1938
1938
1937
7,584
2,974
%
8,470
4,026
$
1,813
$
1,810
525
521
1,967
667
1,504
129
1,501
130
1,724
166
344
16
339
18
433
27
520
515
1,227
26
26
51
197
279
133
61
436
68
12
1
58
67
12
1
58
81
14
2
59
$
7,552
3,000
$
S
201
118
86
Loans to banks
loans
-
banks.
Commercial,
New
all
industrial, and agricultural loans
York City,
reporting member banks.
declined $7,000,000 each
$23,000,000
at
declined $13,000,000 in
$14,000,000 in the Chicago district and
all
reporting member banks.
$9,000,000 in New York
$42,000,000 at
Loans to brokers and dealers in
securities
Chicago district and
Loans to banks declined
in New York City and in the
City.
States Government direct
obligations declined $194,-
$18,000,000 in the St. Louis district and $250,banks.
Holdings of obligations fully
guaranteed by the United States Government increased $11,000,000 in
New York City, $8,000,000 in the Chicago district and $30,000,000 at all
reporting member banks.
Holdings of "Other securities" increased
000,000
at
all
reporting member
$8,000,000.
purchasing or
carrying securities
Real estate loans
Other
June SO
and
agricultural loans
Open market paper
Loans to brokers and dealers.
Other loans for
June 22
1938
Assets—
member banks in 101 lead¬
principal changes for the week ended June 22:
Decreases of $42,000,000 in commercial, industrial and agricultural loans,
$23,000,000 in loans to brokers and dealers in securities, $250,000,000 in
holdings of United States Government direct obligations, $129,000,000 in
demand deposits-adjusted, and $137,000,000 in deposits credited to domestic
of weekly reporting
ing cities shows the following
000,000 in New York City,
Chicago
New York City—
June 29
Member Banks of the Federal
Preceding Week
System for the
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks temselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business June 22:
Holdings of United
(In Millions of Dollars)
>
Returns of
The condition statement
632,000,000
eral Reserve accounts
Federal
Complete
Reserve
Increase
119
84
442
428
Demand
deposits-adjusted
declined
$73,000,000 in New York City,
Francisco district, $17,000,000 in the Cleveland
district, and $12,000,000 in the Chicago district, and increased $20,000,000
in the St. Louis district, all reporting member banks showing a net decline
of $129,000,000
for the week.
Time deposits increased $15,000,000.
Government deposits declined $23,000,000.
$29,000,000 in the San
36
Financial
Deposits credited to domestic banks declined $87,000,000 in New York
City and $137,000,000 at all reporting member banks.
Borrowings of weekly reporting member banks amounted to $1,000,000
June 22.
on
A
summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended June 22, 1938, follows:
Increase
June
22, 1938
Assets—
.
$
Loans and investments—total
or Decrease
Since
June 15, 1938
—294,000,000 —1,842,000,000
—82,000,000 —1,487,000,000
Commercial, industrial and agri¬
cultural loans *
Open market
—42,000,000
—392,000,000
348,000,000
—6,000,000
—117,000,000
640,000,000
—23,000,000
—804,000,000
680,000,000
—1,000,000
—136,000,000
1,159,000,000
113,000,000
+ 2,000,000
—8,000,000
for
purchasing
—592,000,000
or
Real estate loans
Loans to banks
-
1,523,000,000
U.S. Govt, direct obligations
Obligations
fully
7,782,000,000
guaranteed
+3,000,000
by
United States Government
In
1,481,000,000
+ 30,000,000
modified
the
+8,000,000
by Austria,
the Committee say that the chief results
publication of the last report have been the successful
contractual
of the
service
Danzig and
Hungarian
Virtually all the bondholders of these loans (98% and 96%
,
+43,000,000
+1,113,000,000
397,000,000
+12,000,000
+89,000,000
2,409,000,000
—37,000,000
+ 675,000,000
Cash in vault
in active operations.
are now
Estonia
has
continued,
at
as
all times,
to
transfer tne service of her
League Loan in full.
The loan is callable for redemption and when
Estonian
considers the time ripe
Government
country's record
of Dec. 24,
arrangement
Government
to take
are
for
a
tne
conversion operation
first-class debtor should stand her in good stead.
as a
Bulgaria has continued
—84,000,000
6,448,000,000
to fulfil her
undertakings under tne temporary
Further negotiations with the Bulgarian
1936.
place next December regarding the future service
of tne two League and other
Bulgarian external loans, and in view of the
great
TAaMOiies—
Demand deposits—adjusted
Time deposits...
-14,936.000,000
—353,000,000
5,242,000,000
—129,000,000
+15,000,000
483,000,000
—23,000,000
—66,000,000
United States Government deposits
+9,000,000
Inter-bank deposits:
Domestic banks
5,790,000,000
315,000,000
Foreign banks
Borrowings
—137,000,000
+6,000,000
+ 883,000,000
improvement in Bulgaria's position during tne past two years the
Committee will then expect proposals whicn will take that improvement into
The Committee draws particular attention to tne saving in
Bulgarian foreign exchange requirements wnich nas already resulted from
account.
the recent extensive repatriation
Finally tne Committee has to report that Greece has now been in com¬
—37,000,000
plete default for 18 months and that continued efforts by the bondholders'
representatives to induce the Greek Government to make acceptable pro¬
Including both loans "on securities" and "otherwise secured and unsecured."
posals for either
unsuccessful.
Japan Acts to Curtail Cotton and Iron Imports
proposals
Action to limit home consumption of cotton and iron
products, in order to leave a greater margin of imports for
military purposes, was taken this week by Japan, according
dispatches of July 29.
of Bulgarian external bonds.
—297,000,000
1,000,000
to press
annual report
original
League Loans.
+ 321,000,000
3,030,000,000
Reserve with Fed. Res. banks-
♦
sixth
putting into force of the settlements, proposed last year, which permanently
tne
Other securities
Balances with domestic banks
their
respectively,) nave already accepted the new conditions of service, wnich
carrying securities
Other loans *
American and European members
Bulgaria, Danzig, Estonia, Greece and Hungary (total issued £81 million).
—12,000,000
—29,000,000
—4,000,000
—250,000,000
paper..
securities
loans
Committee comprises British,
representative of holders of the League of Nations' Loans issued
of their work since the
3,916,000,000
Loans to brokers and dealers in
Other
Summary of Sixth Annual Report of League Loans Committee (London)
The Chairman of the League Loans Committee is the Earl of Bessborough,
and the
$
July 2, 1938
into force of the settlements, proposed last year, which per¬
manently modified the original eontractural service of the
Danzig and Hungarian League Loans."
The following is
the summary of the report as made available on June 27 by
Speyer & Co.:
(—)
June 23, 1937
$
'
20,572,000,000
8,279,000,000
Loans—total
(+)
Chronicle
A decree is related to have
temporary or a permanent arrangement have so far been
a
Tne
Committee states that their
for rejecting
reasons
far made by tne Greek Government,
so
the
whicn were set out at
length in tne communique they issued jointly with the Council of Foreign
Bondholders
ened.
on
Aug. 6, 1937, still hold good and nave in fact been strength¬
They recognize the
efforts
the
wnich
Government
present
have
made to strengthen their country's position but say tnat if, as it is believed,
they desire the further improvement which
a permanent
settlement for the
gone into effect on that date restricting cotton imports to
military requirements and for manufacture of articles for
service of tne external debt would bring, they must make a conscientious
export; private imports
sure
ban
a
the
on
prohibited.
are
manufacture
of
At the
iron
numerous
same
and
time
cotton
The
in
decree
cotton
to
textiles,
buy
imports of
to meet
sharp
particularly
materials—a
raw
device
costs.
war
Export
cotton.
prospective
a
the
of
retailers
market
The Government
warning
against
of
had
or
been
available
every
causing
the
hoarding
The Government
were
domestic
ban
scenes
like
of
but
happy,
sales—were
those
finished
in
profiteering,
wnich
announced
itself.
Tnese
documents
also
pleaded for calmness and assured
and
synthetic
a
corps
its
the
any
trade
products
of
Princes
League Council took
Street,
Interest
of
receiving tne
on
Committee's memorial.
giving statistical data regard¬
London, E.
C.
2,
at
5s.
per
Bank Buildings,
copy.
would
be
United
the
appreciable extent.
Made
this year, and
for
States
on
Dollar Tranche of Austrian Loan
Five-Sixths Face Value—Letter of J.
to
German
Government
Austrian
on
P.
to Protest
Bond
The Bank for International Settlements Trustee, asked
J. P. Morgan & Co. to give out for publication on July 1, on
their behalf, the following statement regarding the Austrian
Government International Loan 1930:
The Bank for International Settlements Trustee for the Austrian Govern¬
that
That Japan has already
be Paid
Default
replacement
with
to
1930 at
Morgan & Co. to Bondholders—Relative
70,000,000 people
According to dispatches of June 29 from Washington to
the New York "Times," the United States Department of
Commerce does not believe it likely that Japan's action will
cotton
the
ing the League Loans.
of
thereafter.
the
include
League Loans Committee addressed to the British
American
an
that
used
country to
Committee
the
There is also the usual set of tables and graphs
up.
to last
fiber
cloth
"absolutely necessary," and, with
that
affect
the
whicn
day.
was
set
bolt
that present stocks of raw cotton would be sufficient
staple
and
memorials
Government and the League of Nations in July, 1932, and the resolution
manufacturers
as
manufacturers
curtailment
bargain
on
declared
detectives"
for
tumult,
department store basement
"economic
published during the past year regarding the League Loans, compris¬
bankers
The report is on sale at the offices of the Committee at 3
scramble
to
If they do this, they may be
League Loan debtors who nave made such
ing announcements by the debtor governments, the trustees, tne paying
trade,
promote export
near-panic.
The
added
a
increasing
resources
raw
up
retailers—with
in
part to
brought wild excitement to textile markets
move
to
in
without
expand financial
The
fought
ments
dispatches of the 29th said:
designed
was
of receiving, as have other
efforts, tne help and support of the League Loans Committee.
The appendices to the report contain for reference a full set of the docu¬
products was published.
Associated iPress
effort to meet the bondholders' just claims.
ment
International
instalment due
on
Loan
1930
announces
tnat
the
sixth
monthly service
June 1, 1938 has not been received and that
consequently
only five-sixths of the face value of the coupons of the Loan due
greatly curtailed her imports of cotton from this country is
it
obvious from the figures issued by the Bureau of the Census,
which show exports of American cotton to Japan in the
respect of wnich tne Trustee holds unexpended Sinking Fund moneys which
10
months ended
with
1,478,438
May 31, 1938, at 590,652 bales compared
bales in the same period a year earlier.
In spite of this, however, total exports of
to all countries showed a small increase
American cotton
over
the
earlier
period.
♦
Paraguay Withdraws from World Court—Resignation
from
League of Nations Became Effective Last
Year
can
on
pay
Juiy 1, 1938 except in tne
case
of the Austrian and Swedish issues in
win be drawn upon to complete the coupon payment.
Earlier, under date of June 28, holders of bonds of the
American Tranche of the Austrian Loan of 1930
on
June 21 that
In the letter sent out
on
June 28
by J. P. Morgan & Co.. it
she had decided to withdraw from the World Court at the
"The part-paid coupons should then
Hague.
value)
It
believed that the South American country's
intended to prevent Bolivia from bringing the
was
was
Chaco conflict before the court.
The following concerning
the Chaco affair is from the New York "Herald Tribune" of
June 22:
A
"final"
plan
for
settlement
between Paraguay and
Bolivia
of
the
century-old
handed to the
was
two
boundary
countries'
dispute
foreign
ministers
on
May 27.
The failure of the plan, drafted by six neutral
including the United States, became clear on June 7 when Para¬
refused to modify a previously taken position which amounted to
powers,
guay
rejection of the formula.
^
Her
intention
ment for
to
resign
1935, and became effective two
years
the
League
of
submitted
formally on Feb. 23,
later, according to League procedure.
was
♦
dealing witn tne balance due thereon.
Annual
Report of League
(London)—Notes
Settlements
Hungarian League Loans]
Loans
on
Committee
Danzig
and
Speyer & Co., New York, announced on June 27 the re¬
ceipt of a summary of the Fifth Annual Report of the League
Loams Committee (London) from the Committee for
publi¬
cation
on
June 30.
pending
some
that;
arrange¬
Coupons presented
at our
office for partial payment must be accompanied by a letter of transmittal
duly executed
on
This issue is
forms obtainable at
one
of three
our
office."
internationally floated loans of the
by a
subject
Austrian government now outstanding and is secured
lien on customs and the tobacco monopoly which is
only to the relatively small prior hen of the Czecho-Slovakian
Conversion Loan II and, pending settlement of a gold clause
dispute, to one in favor of the unpresented balance of the
a loan called for
redemption in 1935. The
brought out in 1933 and 1934 did not carry
dollar tranches and in addition to being obligations of the
Austrian government are guaranteed by the governments of
other two issues
the countries of issue.
Sixth
was noted
(after payment of five-sixtns of face
be carefully preserved by the bondholder
dollar tranche of
Paraguay already had withdrawn from membership in
Nations.
advised
agreement.
Paraguay notified the League of Nations
action
were
by J. P. Morgan & Co., Service Agents for the dollar bonds,
that only five-sixths of the amount necessary to service these
bonds July 1 had been received by the Bank for International
Settlements, at that date, although the final installment of
one-sixth was due June 1, under the terms of the bond
The report notes "the successful putting
1
The communication sent out to bondholders
firm
contains
by the Morgan
transcripts of correspondence carried
tween the firm and the Bank for International
on
be¬
Settlements,
relating to the servicing of the bonds, starting March 24,
shortly after the German annexation of Austria at which
time the American agents cabled the trustee calling attention
to the necessity of protecting the interests of bondholders.
Volume
Financial
141[
Also, part of the data to bondholders is a copy of the request
of the United States Government of April 6 that the German
Government furnish assurances of continued servicing of the
various Austrian debt held in the United States and its pro¬
test of June 17, after the June 1 monthly installment on the
1930 international loan had not been discharged by Germany,
and also the protest cabled to
June 24 by J. P. Morgan &
the German Minister of Finance
Co., which reads as follows:
We have been advised by the Bank for
International Settlements, Trustee
it did not receive,
of the Austrian Government International Loan 1930, that
on
June 1, 1938, the service instalment
payable to the Service Agents on
of wnicn the
currencies required for such instalment were to be provided; and that,
therefore, if tnere is no change in the present position before July 1, the
Trustee will not be able to pay more than five-sixths on the July 1, 1938
day and that it has not received the pledged revenues out
that
coupon of bonds
of the American Tranche of the Loan.
already been reminded by the Trustee, the German
As you have
all the assets on which the Loan was amply
has taken
over
secured.
Therefore, in the interest of bondholders, for
associates,
Reich, for
tue part
on
whatsoever, to fulfil its obligations
any reason
We urge upon tne
in respect of the
German Government for the sake of
to the bondholders and of equity
the
ourselves and our
against any failure
of tne Government of the German
protest with the utmost possible vigor
we
under the circumstances
Loan.
Reich
and with priority
continued regular service
good faith
Assented bonds will be
While interest will be reduced from 8%
funds.
per annum,
receive $47.30 per annum as interest
face
as
well
amount
as
of the Austrian Government
International
aggregate amount of
an
$25,000,outstanding
in the United States where
was
instead of $45 per annum.
1963, from the original
payments will
be made in fixed amounts in cash computed on the basis of all bonds out¬
standing, which will be sufficient to retire all assented bonds on or before
Maturity of the issue is to be extended to July 1,
date of July
1,
1950, and equal semi-annual sinking fund
July 1, 1963, according to the terms announced by
Read & Co., New York, as
Mr. Zoltowski.
the offer should present bonds to
Bondholders wishing to assent to
special agent, for stamping and letter
mittal.
Dillon,
of trans-
,
In the
of coupons appertaining to
case
of the offer,
when due,
bonds not presented for acceptance
the zloty equivalent of the face amount of
be paid to
account will remain
a
such coupons will,
from such
blocked account in Poland and transfers
prohibited.
Commenting on the Polish offer, the Foreign Bondholders
Protective Council, Inc., New York, states that it feels it
can recommend this proposal to the favorable consideration
of the bondholders as fair and reasonable and consistent
with their long-view interests.
that steps be taken without delay to assure
$62,000,000
(at foreign exchange rates prevailing at the time of issue)
was offered in Great
Britain, Italy, Sweden, Switzerland,
and Austria
interest in Ameri¬
per annum
the interest will be figured on the redemption price
Agreement
sold.
There
remains
$20,180,800 of the American Tranche, the difference having
been retired through sinking fund operations.
of
External
Austrian
on
Result
The 1930 loan sold in
payable both as to principal and
to 4^%
of the bonds,
which is 105, instead of on par.Thus, when the terms are finally confirmed
by action of the Polish Parliament, a holder of one bond will be entitled to
can
Loan 1930.
000
37
Chronicle
and
British
Loans Reached as
German
Negotiations
reaching of an agreement between British and German
negotiators on Austrian external loans was announced in
the House of Commons yesterday (July 1) by Sir John
Simon, Chancellor of the Exchequer, who stated that:
The
Without prejudice to the question
ment will reimburse the
of legal liability, the German Govern¬
for any sums paid in
United Kingdom Government
respect of their (Britain's)
guaranties of the Austrian guaranteed loans and
of these loans owned by British holders
will insure full service of the bonds
on
Polish Diet Approves Reductions in Interest Rates on
Three
Issues—American Holders Had Previously
Agreed
(Parliament) by a rising vote on June 27
arrangements previously agreed upon between
the Polish Government and American bondholders for low¬
Polish loans, but voted to overprint
the old bonds instead of issuing new ones, said Associated
Press accounts from Warsaw, June 27, which added:
ering interest rates
The bonds affected
on
are:
Interests
was
lowered
loan, of which $5,669,000 is in American
4M%
to
and redemption
extended from
1943 to 1951.
State loan of 1920, of which $12,700,000 is American owned.
lowered to 4H% and redemption extended from 1940 to 1958.
The 6%
t
Interest
was
State stabilization loan of 1928, part of which was converted in
Interest was reduced to a nominal 4% , but
fct The 7%
Poland and part in England.
as
were
coupons
currencies and bondholders have the
issued in several
right to select whatever currency they please,
draw
as
Americans may actually
by selecting a currency which has not been depreciated as much
6%
the United States dollar.
Settlement
Proposal
Bank,
Economic
Made to Holders of National
Warsaw, 7% Loan of 1928
An offer of definitive settlement to holders of the
bonds and
of National Economic Bank, Warsaw, Poland, 7%
1928, due July 1, 1966, by which holders will re¬
ceive principal and interest payments in coin or currency of
the United States, was announced on June 30 by Janusz
Zoltowski, duly authorized representative of the National
Economic Bank.
Under the terms of the offer, interest on
the bonds will be reduced from 7% to 4Yi% commencing
coupons
Loan of
with the coupon due July 1, 1938.
A semi-annual payment
will be made sufficient to retire all assented bonds on or
before
July 1, 1966, the original date of maturity, and the
Republic of Poland, the original guaran¬
tor, agrees to permit the transfer to the United States of the
necessary funds to enable the National Economic Bank to
provide for the service of assented bonds.
The announce¬
ment in the matter further stated:
Government of the
The
offer
is made
all bondholders, who may, at any time,
to
special agent, for stamping.
Copies of the letter of
obtained from the Irving Trust Co.
In the case of coupons pertaining to
of the offer the zloty equivalent of
when due, be paid to a
account will remain
Jan.
2,
deliver
transmittal may be
prohibited.
1937, both coupons and principal were served in full.
by the Republic of Poland, and the in¬
exchange restrictions, the payment of interest has
by the National Economic Bank on the same basis as on the
other Polish external dollar obligations.
Offer
of
Settlement
on
Republic of
term
debts.
Under this arrangement the
service of the foUowing German and
Austrian
loans will be:
"For the Dawes loan and the Austrian
7% loan of 1930, 5% interest
and
2% cumulative sinking fund.
Saarbruecken loan, 4J^ % interest and 1%
cumulative sinking fund, beginning after two
years."
7% and about $80,000,000 is still
outstanding. The Young loan of 1930, was at 5H % and about $200,000,000
is outstanding.
Both were floated to help Germany's reparations settle¬
|The Dawes loan, made in 1924, was at
ment.]
Negotiations for a settlement of the
troublesome debts question have been
in London between Sir Frederick Leith-Itoss, chief
the British Government, and German representatives.
in progress
adviser to
economic
bonds and also of
Austrian Kredit Anstalt bonds owned by British holders will continue in
full," Sir John said.
"In respect of other medium and long-term debts of
Germany and Austria there will be a temporary settlement under which
during the next two years coupons, dividends, &c., will be paid in cash at
50% of their nominal amount with a maximum of 4%.
"The standstill agreement relating to banking debts is not affected.
"As regards trade, an agreement has been reached for revision of the
allocation for United Kingdom exports out of sterling proceeds of German
exports to the United Kingdom on a sliding scale which should enable the
level of United Kingdom exports to the Greater Reich (Germany with
Austria) to be maintained as heretofore.
"The German Government have agreed that a larger proportion of this
allocation will be used for British goods; but if the sterling proceeds of Ger¬
man exports left at the disposal of the German Government are inadequate
to meet their financial obligations to the United Kingdom, it will be open to
the German Government to approach his Majesty's Government with a
view to reduction of the allocation for United Kingdom exports.
"Finally, the two governments have undertaken to enter into further'
negotiations with a view to increasing their mutual trade and improving
"Service of the German
trade relations between
Government 4% funding
the two countries.
"Formal agreements are now
being signed."
pointed out that defaults on payments on Austrian
bond issues since Germany's annexation of Austria have
brought protests from the United States, Britain, France
It is
and other countries.
July
Amount
Co. and First of Boston International
agents for Province of Cordoba, Argentine
Republic, external 17>£-year 7% sinking fund bonds of 1925,
announced on June 30 that coupons due July 1, 1938 on
the bonds will be apid on and after that date in current funds
at the dollar face amount upon presentation at the New York
office of Kidder, Peabody & Co.
Kidder, Peabody &
Corp., fiscal
Drawing
by which terms interest and principal payments may con¬
tinue to be made in United States funds, the Republic of
Poland, through Janusz Zoltowski, financial counselor of
the Embassy of Poland, on July 1, announced an offer of
definite settlement to the holders of bonds and coupons of
Republic of Poland external 8% gold bonds, due
1, 1950.
The terms announced on this loan, the
largest presently outstanding in this country, are
July
second
similar
already made public on other obligations originating
The terms follow:
in Poland.
1 Coupons of Province of
Cordoba (Argentina)
7% Bonds of 1925 to Be Paid at Face
External
for
Redemption of
$343,000 of Kingdom of
Norway 26-Year 4% External Loan Coupon Bonds,
Due Feb. 1, 1963, on Aug. 1 at 100% of Principal
Continuing its program of arriving at settlements with
American holders of dollar obligations originating in Poland,
to those
reached
creditors
service of other German and Austrian long
principles of the arrangement
representatives and the German long term
Poland 8% Gold
Bonds, Due July 1, 1950, Announced
the
>
committee regarding the future
the face amount of such coupons will,
of foreign
been made
between the German
bonds not presented for acceptance
blocked account in Poland and transfers from such
After the suspension of payments
terjection
according to Associated Press accounts
attached to the Irving Trust Co., New York, as
the bonds with coupons
Prior to
The Chancellor,
from London continued:
"For the Young loan and the
The Car Standard Corp. 7%
hands.
.
The settlement also confirms the
The Polish Diet
approved
July 1, 1938.
The National
City Bank of New York, as
fiscal agent, is
notifying holders of Kingdom of Norway 26-year 4% sinking
fund external loan coupon bonds, due Feb. 1, 1963, that
$343,000 principal amount of the bonds have been sleeted by
lot for redemption, through operation of the sinking fund,
on
Aug. 1, 1938 at 100% of the principal thereof.
The
drawn bonds should be surrendered for redemption at the
head office of the fiscal agent, 55 Wall Street, New York
City, on Aug. 1, 1938,
will
after which date interest on the
cease.
/
bonds
38 J
Financial
Chronicle
of Kingdom of Norway 6% External
Loan
Gold Bonds, Due Aug. 1, 1944, Drawn
by Lot for
Redemption Aug. 1
$869,000
154,640 shares, against total transactions of
393,250 shares, a percentage of 19.66%.
In the preceding
week ended May 28 member
trading on the Curb Exchange
was 16.98% of total transactions of 609,310 shares, the
member trading having amounted to 206,910 shares,
The data issued by the Commission is in the series of current figures being published weekly in accordance with its
program embodied in its report to Congress in June, 1936,
The National
City Bank of New York as fiscal agent for
Kingdom of Norway is notifying holders of 20-year 6%
external loan sinking fund gold bonds, due Aug. 1, 1944,
of the Kingdom that there has been drawn by lot for redemption on Aug. 1, 1938, at par, through operation of the
sinking fund, $869,000 principal amount of these bonds,
Payment will be made on and after Aug. 1, at the head office
the
of the
the "Feasibility and Advisability of the Complete Segrega-
on
tion of the Functions of Broker and Dealer."
The figures
for the week ended May 28 were given in these columns of
bank, 55 Wall Street, after which date interest will
cease.
July 2, 1938
of
amount
:
June
25, page 4036-4037.
The Securities and Exchange
Commission, in making available the figures for the week
♦
Drawing for Redemption Aug. 1 of $44,000 of City of
Sydney 25-Year 5^% Gold Bonds, Due Feb. 1, 1955
ended June 4, said:
City Bank Farmers Co., New York, as successor fiscal
agent, is notifying holders of City of Sydney, New South
Wales, Australia,
Y°rk Stock Exchange and tne New York Curb Exchange
Tne figures given for total round-lot volume in
25-ypar 5/£% Sinking fund gold bonds,
volume for tne week
due Feb. 1, 1955, that $44,000 principal amount Oi the bonds
by lot for redemption, out of moneys in the
sinking fund, at the principal amount thereof on Aug. 1, 1938.
2,153,870 shares,
nnaoa
cease
ended
June 4
on
7.2% larger than
the
New
principal office of
Aug. 1, 1938, after which date interest
Be
to
Certain
Certain
Made
1
Coupons
as
follows:
New
of
Number of reports received...
The Cash Office of
Foreign Credits at Budapest, Hungary,
yesterday (July 1) through its Central Paying
Agents in New York, Schroder Trust Co., that it will redeem
coupons dated July 1, 1938 on the following bonds at the rate
of $8.75 per coupon detached from a $1,000 bond:
Hungarian
Reports
mbe?thanas
_
225
are
not strictly
comparable with
dealer
7% 35-year sinking fund communal gold bonds, dollar issue. >
Coupons presented in acceptance of this offer, which expm
)
only to persons resident outside of
Hungary, must be transmitted to Schroder Trust Co., 46
William Street, New York.
as wen as those of the specialist.
may carry
entries in more than one classification.
new
york
stock
exchange—transactions
for account of
members *
in
The announcement also stated that interest
payable July
Hungarian Central Mutual Credit Institute 7%
Mortgage sinking fund gold bonds Series "A
Dollar
issue will be temporarily deferred
pending delivery- of new
Total volume of round-lot sales effected
^
1.
Initiated
Exchange Rules on Hungarian Consolidated Municipal Loan 20-Year
7% Gold Bonds,
r
iT
/m
External Loan of 1926, due 1946 and
7}/2% Gold
Bonds, Due 1945
interest $8.75 per $1,000 bond
on
o?n
Ground lots-Bought
!—
2
of
Committee
on
154,280
(lncludIng od(Wot traMact|ons 0, specialists):
Bought...
Sold
'
Total
749.897
YORK
CURB
EXCHANGE—TRANSACTIONS IN ALL
for account of members * (shares)
_
,
,
„
surrender
on
of the
Consolidated Municipal
bonds, due 1945:
The Committee
coupon
Loan
due July 1,
20-year
7J^%
sinking
fund
„„„
,
,
T
on
.
®
,
4
July 1, 1938;
,,
a
„
Round-lot
delivery
beginning July 1, 1938,
carry the Jan.
ex-
Week
on
the Exchange...__
1. Initiated
on the
floor—Bought
8,450
7»700
Total
lelso
__
ROBERT L. FISHER, Secretary.
♦
Member
Trading on New York Stock and
Exchanges During Week Ended
Curb
The
percentage of trading in stocks
Stock
and
ended
on
the
New
New
York
York Curb
Exchanges during the week
4, by members for their own
account, except
odd-lot dealers on the Stock
Exchange, was higher than in
the preceding week ended
May 28, it was announced yesterday (July 1) by the Securities and Exchange Commission.
Member trading on the Stock
Exchange during the week
ended June 4, which included the
Memorial Day holiday,
Exchange was closed, amounted to 920,835 shares
transactions, the Commission noted, or 21.38%
of total transactions on the
Exchange of 2,153,870. This
compares with 1,068,795 shares of stock
bought and sold on
the Exchange for the account of
members during the pre100-share
WoWK
On
their
01
t0tal
own
New York
aecount
Total
Round-iot
40,300
transactions
of
specialists
in
stocks
in
5.12
which
8mMered~
45825
:—
Total
1
*
—...
98,190
12.49
Total round-iot transactions for accounts of an members;
'
TotaI
154,640
19.66
Odd-lot transactions of specialists in stocks in which
registered:
Bought.
801(1
30,855
:
21'007
r
Total
52,762
* The term "members" Includes all Exchange
members,
their firms and their
tranSaCti0DS that
0,0x1,oliaruo.
the
2 05
—
19,570
_
801(1
York
New
0f
Initiated off the floor—Bought
June 4
June
in
1—
2.
,
of
Sold
must
1, 1939, and subsequent coupons.
Per
Cent a
393,250
=====
^
transactions of members, except transactions
specialists In stocks In which registered:
.
That the bonds shall continue to
be dealt in "Flat" and to be
in settlement of
Exchange Contracts made
Total for
•
Total volume of round-lot sales effected
STOCKS
193g
'
gold
Floor Procedure rules that the bonds be quoted
on
Week Ended June 4
1938, from Hungarian
secured
M
interest $8.75 per $1,000 bond
367,427
382,470
Floor Procedure
1
z7' 9c58,
Notice having been received that
payment of $8.75 per $1,000 bond will
be made
3.58
In od„.Iots
NEW
.
'
101,380
Total
delivery
NEW YORK STOCK EXCHANGE
.
91
_
registered:
Exchange Contracts made beginning July 1, 1938, must
the Jan. 1, 1939, and subsequent coupons.
..
R2
Transactions for account of odd-lot dealers In stocks ln which
July 1, 1938;
a
Q
481,730
439,105
'
1938, from Hungarian
the bonds shall continue to be dealt
to "Flat" and to be
carry
-
Tntai
Floor Procedure rules that the bonds be
quoted ex-
on
_on
*14'590
Sold.....
Consolidated Municipal Loan 20-year
7% secured sinking fund gold bonds,
external loan of 1926, due 1946:
in settlement
—777
.
.
Total
27, 1938.
——
22]
193!o9o
T
Notice having been received that
payment of $8.75 per $1,000 bond will
The Committee
—
sold
Floor Procedure
due July 1,
97,240
i«fi77n
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which
registered—Bought..
June
7.42
on
89,530
of specIalIsts In stocks ln whIch
_
of the coupon
319,475
°a
_
surrender
170,700
148,775
gold
NEW YORK STOCK EXCHANGE
on
the floor—Bought
2. Initiated off the floor—Bought
by its Committee on Floor
Hungarian Consolidated Municipal Loan,
20-year 7% gold bonds, external loan of 1926, due 1946, and
20-year 7^%.gold bonds, due 1945
be made
on
a
=====
„
11
the
on
cent
2,153,870
Total
The New York Stock
Exchange announced as follows, on
June 27, the adoption of rulings
Committee
the Exchange
Sold
New York Stock
„„
on
========
»
on
stocks
r°welk
On
Land
Procedure
all
(shares)
Week Ended June 4, 1938
'
1
similarly
Stock Exchange odd-lot
The number of reports in the various classifications
may total more than
the number of reports received because, at times, a single report
Dec. 31,1938, and is made
rr
data
specialists on the New York
Curb Exchange perform the functions of the New York
Loan 20-year 7% secured sinking fund gold
bonds, external
loan of 1926; and Hungarian Discount and
Exchange Bank
,n,e
654
* vote—On the New York Curb Exchange the round-lot
traasactions of specialists
"in Stocks In which registered"
,
26
597
designated for the New York Stock Exchange, since
,nnc
842
specialist
initiated on floor....
hnnds of 1Q25- Hungarian Consolidated Mnniomal
Donas OI IbteO, nunganan Consolidated lviunicipai
r
York
Curb
Exchange
1,083
Consolidated Municipal Loan 2d-year 7}/o.% secured sinking
.
New
transactions:
fund trn\r1
iuna gold
Coupon sheets.
York
stock
Exchange
Hungarian Ronrls
Hungarian nonas
announced
1, 1938
week,
Exchange by their respective
Tnese reports are classified
„
July
on
Exchange,
tne same
a.T1?efa^ publishedthe New York Curb
are based upon reports filed witn the New York
Exchange and
Stock
^
Payment
Stock
warrants).
accrue.
members.
Partial
York
the volume reported on the ticker,
393,250 shares, exceeded by 4.2% the ticker volume (exclusive of rignts and
onnrna
to
was
On the New York Curb Exchange, total round-lot volume in
bonds will be payable at the
the fiscal agent on
oVioll
snau
represent the
—S
have been drawn
The drawn
the table for the New
Curb Exchange members traded for
during the week ended June 4 to the
* total
Exchange tranaact.ona.
In
calculating these percentages the total of members' transactions Is compared with
reason that the total of members* trans-
twice the total Exchange volume for the
both purchases and sales, while the total Exchange volume Includea
Volume
Financial
147
Odd-Lot Trading on New York Stock Exchange
During
SEC
Reports Sales on National Securities
During May Decreased 22.4% from April
from May, 1937
Week Ended June 25
On June 30 the Securities and Exchange
Commission made
for the week ended June 25, 1938, of the
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended June 18 were given in our issue of
June 25, page 4036.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
public
a summary
DEALERS AND
SPECIALISTS
IN STOCKS. RIGHTS AND WARRANTS ON THE NEW
EXCHANGE—WEEKS ENDED JUNE 25, 1938
YORK STOCK
OF
TRANSACTIONS
ODD-LOT
ODD-LOT
39
Chronicle
The
of sales
dollar value
The Commission added:
Total sales of stocks, including rights and
898 shares
of all sales
(iCustomers' Orders to Sell)
(<Customers' Orders to Buy)
on
a
accounted for 95.5% of the value
The total value of sales
of 4.6%
crease
5,808
6,573
$5,774,810
165,273
8,006
June 20
of stock sales and 99.9% of bond
sales.
Value
Shares
No. Ord.
Value
Shares
from April.
decrease of 10.6%
registered exchanges, 94.6%
Trade Date
Ord.
warrants, in May were 26,634,-
Total principal amount of bonds
under April's total.
25.5%
or
$161,697,470,
was
The two leading New York Exchanges
No.
ex¬
changes in May, 1938, amounted to $682,779,711, a decrease
of 22.4% from the value of sales in April and a decrease of
53.7% from May 1937, according to the monthly tabulation
of the Securities and Exchange Commission, issued June 30.
Stock sales, including rights and warrants, had a value of
$566,384,727, a decrease of 24.5% from April.
Bond sales
were valued at $116,394,351, a decrease of 9.7% from April.
sold
PURCHASES
SALES
securities
all registered
on
Exchanges
and 53.7%
over
on
all exempt exchanges was
$517,911, an in¬
April.
$5,415,371
174,418
6,694,337
8,423
228,370
8,651
224,805
237,269
7,009,214
June 22
263,069
8,255,588
12,282
349,414
7,278,339
10,763,893
9,567
June 23
13,301
370,286
19,381
534,289
17,076,726
20,565
564,005
11,458,238
17,743,096
1,511,050 $47,902,982
58,429
June 21
June 24 and 25
Total for week..
54,128
SEC
Re-adopts
the-Counter
Rules Governing Regulation of OverMarkets—Changes in Numbering of
Rules Made
1,600,148 $49,566,630
Re-adoption of its rules for regulation of the over-thecounter markets was announced on June 28 by the Securities
York
and Exchange Commission.
Under the recent amendment
to the Securities Exchange Act of 1934, effected by enactment
have
been
stricken from the list of legal investments for savings
banks
(1) of the
amended, is now identical
with former Section 15 (c) of this Act.
The Commission has
readopted under the new Section 15 (c) (1), over-the-counter
rules in the same form in which they were in force under
former Section 15 ( c).
The numbering of the rules is changed
so that Rule MCI becomes Rule X-15C1-1, Rule MC2 be¬
comes
Rule X-15C1-2, &c., and all references in the rules
to "Section 15(c)" of the Act have been amended to read
"Section 15(c) (1)".
Regarding the latest action, the Com¬
Railroad
New
in
Bonds Dropped
Legal List
Rail
$3,163,931,000
bonds
York
$3,163,931,000
aggregating
according
State,
New
from
to
issued
report
a
as
of
30, to become effective July 1, by the State Banking
June
Removal of the issues, totaling 256, bars the
Department.
purchase by savings banks in the State of certain securities
of the country's leading carrier systems.
of many
is treated in
(This matter
the "State
and City
a
more
Department,"
a
on
detailed manner in
subsequent page of
this issue.)
of S.
3255
(the Maloney Act), Section 15 (c)
Securities Exchange Act of 1934, as
mission says:
Former Rule OA1 is designated
Orders All Members Acting
New York Stock Exchange
Specialists to Register with Committee
as
on
Floor
Procedure
The
Exchange announced
Stock
on
June 24,
through its Committee on Floor Procedure, a tightening of
rules
its
the
for
of
control
In
specialists.
a
message to
Fisher, Secretary of the Committee,
July 15 no member will be permitted
to act as a specialist in any stock unless he is registered
with the Committee on Floor Procedure either as a regular
states
L.
Robert
members,
that beginning
unless the committee has authorized
temporary relief specialist
relief specialist or
or
the capacity of a
in
to act
him
form
new
of numbering
has been
adopted pursuant to authority
that Act
and "1" indicates that the
as
sent to Exchange members
Governors
Committee
for
X-15C1-9 is contained in Release No.
1934, as amended.
The text of the newly
enacted Maloney Bill (S. 3255) was
the
provisions
the
that
except
Procedure,
from
the rule
of
committee may
in
the
♦
Heretofore members who acted
the
occasions,
each
week
"book"
of
relief
regular
temporarily
specialist
as
relief specialists, in taking
during lunch periods
and other
the Exchange on Monday of
report of their activities during the preceding week.
have been
a
a
permitted
to file with
member will be permitted to act as a
specialist in any 6tock unless he is registered with the Committee on
Floor Procedure either as a regular or relief specialist in 6ueh stock, or
unless the Committee on Floor Procedure has authorized him to act in the
July
Beginning
the
In
is
event
is
so
no
an
great
as
when the volume of business in the particular
stock or
by the regular specialist or
the Committee on Floor Procedure, through
any of its members, may authorize a member of the Exchange who is not
registered as a specialist or relief specialist in such stock or stocks to act
as
a
temporary specialist' for that day only.
A member who acts as a specialist temporarily by such authority will be
Procedure, at the end of the
of the stock or stocks in which he so
acted, (b) the name of the regular specialist, (c) the time of day when he
so
acted, and (d) the name of the committee member who authorized the
arrangement.
The necessary forms may be obtained at the money desk.
The committee
will not give such authority for the purpose of per¬
mitting a member not registered as a specialist or relief specialist habitu¬
ally to relieve a regular specialist at lunch periods, &c.
This
will make
it necessary for each registered specialist to
make
required to file with the Department of Floor
a
report showing (a) the name
arrangements to have at least one
other member of the Exchange registered
which he himself is
be made either with
specialists located at adjoining spaces or with other members of the
Exchange who are not regularly engaged in the specialist business.
In any
event, the same obligations and responsibilities for the maintenance and
permanently as a relief specialist in the stocks in
registered as a specialist.
Such arrangements may
stabilization
of markets which
now
rest upon
regular specialists will rest
member who takes over the "book" temporarily.
Beginning July 1, 1938, the Committee on Floor Procedure will post on
the bulletin boards at the 11 Wall Street entrance and in the Broad Street
upon
any
smoking room,
notice of all applications received by it
from members not
other stocks for permanent registration
either as regular or relief specialists.
No action will be taken on any 6uch
application until one week from the date of the receipt thereof, except
that, if circumstances require immediate action, temporary approval may
be given.
Members wishing to make representations with respect to any
application should file their comments with the committee during the
period when notice is posted.
already registered as specialists in
8-C—Required
Companies
Seeking
Additional Exchange
has amended
of
seek to list and register
Prior to the amendment,
registered on an Exchange,
on another Exchange.
and
securities
only within three years subsequent
Form 8-C could be used
to listing
The
The
first Exchange.
and registration on the
of the Commission's
text
action follows:
Amendment to Rule JB1—Amendment
the absence of the regular and
that it cannot be handled
Form
Exchange Commission
and
the use
for
Form
such
on
Form 8-C to remove a three-year
limitation which heretofore applied to the use of the form,
it was announced on June 23 by the Commission.
Form 8-C
is for the use of companies which, having securities listed
rule
its
specialist only for the day on which such
emergency,
specialists without assistance,
day,
Securities
Tlie
of
Use
for
Limitation
given.
of
rfelief specialists, or
stocks
1938,
temporary relief
capacity of a
authorization
15,
Rule
Listing of Securities on
provide
of
case
specialists.
over
Amends
SEC
Three-Year
Board of
Floor
on
4020.
given in our June 25 issue, page
the floor of the Exchange without the approval of the
on
exemption
of the contents of
No. 1330,
1520 under the
X-15C1-8, inclusive, will be found in Release
Securities Exchange Act of
provides that no member may act
the message,
the
of
specialist
a
as
242
contained in Section 15(c) (1) of
rule is number 1 under that section.
Subject to these changes, the text and a summary
Rules X-15C1-1 to
and the text of Rule
June 24, follows:
Rule
been
Thus, in the case of Rule A-15C1-1, the "X" indicates that the
Exchange Act of 1934, "15C1" indicates that it
rule is under the Securities
only.
text of
The
on
Commission to
thereof under which each rule has
..
for that day
Rule MC7.
has been adopted by the
identify the Act and the section
adopted.
York
New
The
Rule X-17A-1 and is amended to refer to
Rule X-15C1-7 which was formerly
and
Security
Exchange
No. 1 to the Instructions for
8-C
Commission, finding
in the instructions
public interest and
for the protection
of investors, and that, in so far as the information
required by such form is not within the provisions of Section 12(b) of
the Securities Exchange Act of
1934, it is of a character comparable
to such information and is applicable to the class of issuers and securities
to
the requirements of Form 8-C, as defined
form, are necessary and appropriate in the
that
(1)
that
form i6 authorized;
for whom such
and
herein taken is necessary and appropriate in the
public interest and for the proper protection of investors and to insure
fair dealing in the securities registered on such form.
pursuant to authority conferred upon it by the Securities Exchange Act
of 1934,
particularly Sections 12 and 23(a), thereof, hereby takes, the
that
(2)
the action
following action:
The
I.
tration
paragraph of Rule JB1 under the caption "Form 8-C for Regis¬
an Additional Exchange"
and the paragraph under the caption
on
Use of
for the
"Rule
Form 8-C,"
at the beginning of the instructions
for
subparagraphs (a) and (b) thereof
and inserting after the word "if" in the third line the words "securities
of the registrant are registered pursuant to Section 12(b), (c) and (d) on
such
form
another
The
are
amended
exchange."
as
amended
rule
by
deleting
reads
as
follows:
for registration of securities on
which no securities of the registrant are listed and
registered, if securities of the registrant are registered pursuant to Sec¬
tion
12(b), (c) and (d) on another Exchange."
II. Paragraph
4 having the capital
"Exhibits" of the instructions
for Form 8-C is amended by deleting from subparagraph (a) thereof the
words "an application meeting the requirements of paragraph (b) of the
Rule for the Use of this Form" and inserting in lieu thereof the words
"the latest application on a form other than Form 8-A or 8-B or 8-C which
was
filed by the registrant (or any predecessor of the registrant if the
"This
an
form
may
Exchange
be used for applications
upon
registrant had securities
which has become
and
registered pursuant to an application on Form
effective."
8-B)
40
Financial
(a)
Subparagraph
"(a) A
of the
copy
8-C
which
8-B
or
the
registrant
application
reads
filed
follows:
as
latest application
on
other
registrant
(or
registrant had
the
Form
securities
than
registered
8-B)
which
and
has
Chronicle
Form
8-A,
by the predecessor of
pursuant
to
unemployed.
Amended
1*
become effective."
Rules of
Number of firms answering questionnaire:
Number of employees:
Jan.
1, 1937
2.
Practice, Effective
and
Exchange
Commission
June
on
are as
adoption of Amended Itules of Practice,
1, 1938, which will revoke and replace all
previously adopted Rules of Practice as of that date.
The
402.
21.516
19-706
17.091
-
Number released:
Jan. 1, 1937 to Jan,
1.810
2,615
1.282
15, 1938.
Through mergers Jan. 1, 1938 to June 15, 1938
-
Total number released Jan. 1,1937 to June 15, 1938
Number released who have found re-employment:
July
4.
Reported
5.707
questionnaire
Answered questionnaire "unknown" (estimated)
Released through mergers (estimated)
Commission announced that the Amended Rules of Practice
have been printed and are available to all
persons
n,n
,
1,1938
Jan. 1, 1938 to June
27
the
announced
effective
1, 1938
15, 1938
June
3.
July 1
Securities
The
The results of the tabulation to date
follows:
an
Jan.
SEC Adopts
July 2, 1938
who have been released since Jan. 1, 1937, and who are still
form
a
by the
was
if
on
amended
as
on
1-281
771
590
--
upon
The
request.
visions
Amended
contain
the
following
to
case
practice
admitted
In
the
to
are
practice
longer
no
has
been
required,
and
the
register
of
eliminated.
of
hearings before a trial examiner or the Commission,
attorney at law is permitted to represent parties; however, a party
appear in his own behalf and a corporation may be represented
by
an
may
officers.
fications
All
In
for
before
to
the
other
those
be
present
filed
before
the
and
against any such
of any statement,
the
Commission,
Commission,
in
person
opinion
has
prescribe technical
quali¬
who
or
regarded
are
accountant,
ney,
or
to
engineer
disqualify
any
requisite
any
qualifications
integrity
other
or
practicing before it in
the
acter or
prepare
the event of
expert.
and
The
deny him
with
if such
way,
to represent
privilege
is
person
others
found
be
to
or
the
reserves
of
appearing
not
to
possess
lacking in
char¬
improper professional
or
The
disbarment
in
rules
in
prior
be
provide
items
that
items
appearing before the
the registrant
specified
such
be
may
Section
for
such
reasonable
a
to
Postpones Effectiveness of Rule Relating
not
Registered or Admitted to Un¬
Trading Privileges on Any National Securi¬
Exchange
Securities
listed
ties
The
Securities
and Exchange Commission on June 30
postponed the effectiveness of its Rule GB4 until
Aug. 1, 1938, insofar as the rule applies to transactions in
securities not listed or admitted to unlisted trading privileges
on any
exchange.
On May 3, the Commission postponed
the effectiveness of the rule in the same respect until
July 1,
1938.
The action taken .on May 3 was referred to in our
issue of May 7, page 2938.
further
Revenue Act and Tax Problem Discussed by
Guaranty
Trust Co. of New York—Despite Relief Afforded
by Law, Tax Load Constitutes Heavy Burden
by the
on
Business
Securities
shall
The statement that "it would be a serious mistake to over¬
estimate the importance of the new tax law as a factor in the
business outlook," is made by the Guaranty Trust Co. of
examiner, and,
Guaranty Survey",
to
be
notice
of
appear
the
the
to
notice
amendments
trial
time
to
familiarize
noted
during the
New York in the June 27 issue of "The
its monthly review, in which it says:
amendments.
The
Exception to any ruling by a trial examiner must be
hearing in order to be urged before the Commission.
Witnesses
the
which
denied by the
given
ordered
of
particularly in
by amendment
Requests
or
is
8
statement
specified
so
be
2,642
3.065
papers
subject to disquali¬
hearing
a
to
not
are
shall
the taking of testimony.
writing and shall be granted
himself with
those
as
whenever
pursuant
the registration
in
inaccurate
or
such
granted,
above would be
extent
same
to
in
if
the
proceeding
any
1933, and
incomplete
hearing,
forth
set
as
to
person.
further
Commission
of
preparing statements, opinions and other
persons
the Commission
and
Commission
Act
(partially
SEC Further
include the prepara¬
Commission
the
to have engaged in unethical
or
Under this rule,
fication
re-employment
The questionnaire was sent to member firms on June 24
by Robert P. BoyIan, Chairman of the Committee of Re¬
placement.
A reference to the organization of the Com¬
mittee was noted in our issue of June 25, page 4051.
improper conduct.
been defined to
conduct.
filed
found
Estimated total of number still unemployed
practicing
as
or
person
5.
invoke the sanctions of
may
other paper by any attorney, accountant,
engineers or other expert, filed with the Commission in any registration
statement, application or other document with the consent of such attor¬
right
have
who
Commission.
the Commission
Practice before the Commission
tion
do not
the
before
cases
with
Commission,
disbarment
the rules
matters,
practicing
who
persons
material
number
estimated)
persons
only
Total
pro¬
:
Applications
its
Rules
law
modifies
certain
specific
evils
and
reduces
some
formidable
obstacles to business recovery; but the long-term outlook depends on the
solution of the broader aspects of the tax problem, which have not
yet been
summoned
before the Commission shall be paid the same
and mileage that
are
paid witnesses in the courts of the United
States, such fees and mileage to be paid by the party at whose instance
seriously faced.
fees
the witnesses
In
a
the
where
case
hearing
a
appear.
is
registrant
within
15
the
furnish
to
its grounds of
the
confidential
requested,
treatment
Commission,
in
of
material
prior
to
filed
hearing,
is
information in respect of
failure to supply the requested information
a
days after receipt of the request shall be deemed
to public disclosure of that portion
of the
with
respect
to
if
require
writing additional
objection, and
a
objections
filed
sought,
may
which
the
additional
information
waiver
of
information
requested
relates.
Any party to a hearing in any proceeding may submit a
request for
specific findings, which may be accompanied by a brief in
support thereof,
and
which
conclusion
filed
for
in
of
the
in
with
Commission
the
writing
and
for
is
and
filed
the rule
become
also made in
consolidation
requests
served
are
a
within
All
taking of testimony.
accordance
Provision
and
be
must
upon
five
for
the
of
causes
involving
after
specific
parties
part of the record
in
the rules for intervention
days
the
the
findings
and
counsel
cause.
questions
of
law
fact.
or
"Survey," issued June 27, concedes that "the
new
impede recovery, and the modifications of these influences
should be beneficial to trade and industry," but is states that
"the relief afforded by the new law in certain
respects does
not alter the fact that a
large part of the tax load constitutes
direct and heavy burden on business.
This is true even
where the tax itself is partly or wholly passed on to the con¬
a
sumer,
since the
of shifting inevitably involves inter¬
process
ference with the free and normal flow of trade."
to the "Survey" the effects on business "are
According
particularly
directly on business enter¬
business transactions.
This, it says, is the case
marked where the
prises
by interested parties
common
The
Revenue Act represents an attempt to eliminate from the
Federal tax system certain features that were believed to
or on
tax is
levied
with respect to the multitude of excise and sales taxes to which
governmental units have resorted in recent years in their
to raise additional
revenue, and it is conspicuously
efforts
With respect to practice before the Commission
by former
members of the staff of the
Commission,
ploying
the
services
Commission
Under
of
the
Commission
matter,
was
and
issued
the amended
including
by
or
members
of
staff, the
following statement:
of
shall
Practice
in
appear
investigation
former
any
conducted
by
the
the
of
staff
in
capacity
Commission,
any
which
with
which
matter
Commission,
such
or
the
way
case,
as
person
to
in
make
employing
he
has,
familiarity
to
as
which
matter
unethical
his
the
services
during the period of his employment
by virtue of his employment with the
he
be
prejudicial
acted
subsequent
of
any
for
the
to
connection
such
former
the proper
Commission
therewith,
member
such
matters, without first obtaining the consent of the
be held to be lacking in proper professional conduct.
may
An
opinion
covering this
subject
will
issue
of
conduct
in
such
and
the
a
any
staff
Commission,
shortly.
act
»
Exchange Committee of Replacement
Announces Results of
Survey on Unemployment
Problems of Member
Firms—95,707 Employees Re¬
leased from Jan. 1,1937 to June
15, 1938—Estimated
2,642 Found Re-employment
The Committee of
Replacement, composed of representa¬
tives of New York Stock
Exchange member firms who were
invited by William McC. Martin
Jr., newly elected Presi¬
dent of the
Exchange, to organize and direct an effort to
assist unemployed workers in the
financial district in finding
re-employment, announced on June 30 preliminary results
of the questionnaire sent
by the Committee to member firms
of the Exchange in order to
determine the scope of the un¬
employment problem among Stock Exchange firms in New
York Citv.
The
information furnished by the 402
have replied to the questionnaire
are
so
member firms which
far indicates that there
approximately 3,065 former employees of tfyese firms,
strike directly at some of the most formidable obstacles
against
which business has had to contend in the last few
years.
the
tax
on
undistributed profits
will permit
operations and to pay debts without paying
an
The reduction of
corporations to retain
stantial amounts of their earnings to finance
plant
sub¬
expansion and current
excessive penalty for doing so.
At
the same time, it will allow corporations to build up
surpluses, strength¬
ening both their long-term and their short-term credit standing and
making
it easier for them to obtain capital
by borrowing.
The building up of sur¬
pluses should contribute to the stability of the economic structure by allowing more corporations to survive periods of slack business and to maintain
employment and
wage rates at
The modification of the tax
same purposes
taken
New York Stock
payroll taxes under the Social Security Act."
the "Survey" also says:
The changes that have been made in the Federal tax structure under
the
new
member
representative
a
In part,
persons em¬
the
pending before the Commission
of
in
former
the
Rules
who
an
of
true of the
in
higher levels than would be possible otherwise.
on
capital gains will tend to
serve some
by encouraging investors to undergo the risks that
financing business expansion.
Experience
has
shown
of the
must be
that
ex¬
ceptional risks will be taken only when an opportunity exists for proportion¬
ately great rewards and that this type of investment ceases when the
Government
stands
ready to
deprive the successful
investor
of
an
ex¬
cessively large share of his gains through exercise of the taxing power.
In all these ways, the new tax law will tend to
modify some of the ob¬
stacles that business has held partly responsible for the virtual
cessation of
the flow of capital into industry in recent years.
While some of the effects
will require time to become
ment
in
the
Federal
factor in the business
fully operative, the act represents
tax structure
and,
as
far
it
as
goes,
a
an
improve¬
constructive
outloook.
Less Favorable Aspects
Unfortinately, the satisfaction that these changes
seem
be tempered by a recognition of numerous conditions of
a
to warrant must
less
encouraging
One of these is the uncertainty that exists
regarding the perman¬
ency of the act itself.
The refusal of the President to approve the
nature.
bill,
his
expressed hope that Congress will undertake a broad revision of the
whole Federal tax system, and the fact that certain
corporation taxes pro¬
vided by the act are effective for only two
years are among the factors
suggesting that further changes are in prospect.
Perhaps the most disquieting feature of the situation is that the present
tax load, heavy as it is, falls far short of
meeting the cost of government
.
.
Volume
This
Financial
147
that, unless public expenditures
means
burden will be
sharply reduced, the tax
are
The increase in
heavier in the future than it is now.
even
State and local indebtedness has been virtually halted since
Federal Government is closing its fiscal
or more
is in prospect
1933; but the
the end of this month with
year at
the eighth successive annual deficit, and a further deficit
of $3,000,000,000
meaning of "in¬
give a broader
interpretation to the meaning of this term by substituting the words "reason¬
able promptness" for "readily available" and "fair value" for "intrinsic
The other change in
vestment
connection
"doubtful"
and
Current
Statement
Joint
Drexel
&
Co.
J.
of
June
of
as
Morgan & Co. and
P.
30
Shows
Resources
of
According to a joint statement of condition issued today
(July 2), resources of J. P. Morgan & Co., New York, and
Drexel & Co., Philadelphia, at the close of the first half of
1938, amounted to $479,869,888. This figure compares with
assets of $448,656,163 on March 31, 1938 and $457,111,632
on Dec. 31, 1937.
In the latest statement—for June 30—
cash on hand and on deposit in banks is shown at $90,671,822
compared with $81,579,356 and $91,709,066, respectively,
at the two previous dates.
Holdings of United States Govern¬
ment
securities
are to
and IV
at
as
the end of the first half of 1938 are
reported at $279,360,143 against $247,451,159 March 31 and
$260,597,362 Dec. 31, while holdings (June 30, 1938) of
State and municipal bonds and notes are shown to be
$21,785,937, in comparison with $32,925,187 and $18,724,210
at the earlier dates.
deposits at the end of the first, half of 1938 are
$415,070,629; on March 31 the deposits amounted to $388,137,607, and on Dec. 31, $394,997,148. Capital of the two
firms remained
unchanged at $25,000,000; surplus and
partners' balances are now reported at $18,553,712, com¬
pared with $21,733,677 March 31 and $21,792,981 at the
loans
which
There is
ury
Department, Federal Reserve System and Comp¬
of
Currency.—Terms "Slow" "Doubtful"
"Loss" Abandoned Changes Designed to En¬
troller
and
courage
is removal of
procedure in bank examinations as agreed
The revision of
by the Secretary of the Treasury, the Board of Governors
of the Federal Reserve System, the Directors of the Federal
Deposit Insurance Corporation, and the Comptroller of the
Currency, was made public in a joint announcement by the
several departments on June 27.
Deliberations looking to
the working out of new regulations governing bank examina¬
tions had been under way for some time, and as noted in our
June 25 issue, page 4043, unaminous agreement on an ex¬
amination policy was reached on June 21 following a con¬
ference of officials of the four Government agencies dealing
banking—the Comptroller of Currency, the Federal
Deposit Insurance Corporation, the Federal Reserve System
and the Reconstruction Finance Corporation.
Secretary of
with
Morgenthau in announcing at the time that the
compromise had been reached, and that a report thereon
would be made to the President, indicated that the agreement
envisioned a standardized procedure of bank examination
under which the activities of the Comptroller, the FDIC and
the Federal Reserve would be coordinated; also that it pro¬
the Treasury
posed the liberalization of restrictions on bank lending to
permit a greater flow of capital to small business.
Along with the changed bank examination rules, approved
by President Roosevelt, Secretary Morgenthau also made
known on June 27 a new regulation governing the purchase
of "investment securities" effective July 1.
With respect
to the changes we quote the following from the Washington
"Post" of June 27:
Under the new uniform bank examination
code all insured banks in the
United States will be examined by a common
time in the history of
The key phases
agencies
uniform examination procedure.
some
governing security purchases by
of Comptroller of the Currency
national banks, in such a way as to en¬
intermediate and long-term loans to business.
Mr. Eccles
strictions on
The investment securities
regulations, issued by the Comptroller of the
Eccles, Chairman of the Federal Re¬
important concession from the inter-departmental
serve
Board,
group
which drew up the report, because banks are now granted
to finance
won
an
permission
small business.
Mr. Eccles, in his
letter to Senator Vandenberg (Republican), of Michigan
pointed out that small business was no obtaining the capital it needed be¬
cause of stringent bank regulations and the Securities Act of 1935, which
required that securities sold in Interstate Commerce must
be registered.
revised
the
procedure,
banks are
In the appraisal of bonds it is
for
are
thereby must mature not later than 10 years after
of the security and must be of such sound value or so
secured as reasonably to assure its payment and such securities must, by
their terms, provide for the amortization of the debt evidenced thereby
so that at least 75% of the principal will be extinguished by the maturity
date by substantial periodic payment: provided, that no amortizaton need
be required for the period of the first year after the date of issuance of such
"The debt evidenced
securities."
June
From
26
Washington
advices
to
the New
York
"Journal of Commerce" we take the following:
Although
securities,
there is a
10-year maturity limitation on the type of such
it is not felt by officials here that
qank investments in the
this limitation will hamper
securities of a greater maturity.
.
.
.
loss loans.
sound capital of the
III
This is
practice to deduct all of
of III and IV.
of doubtful loans are repaid.
values
Bonds
proposed to get away from market
purchased at a premium
In getting away from rating limitations,
to be carried at cost but if
the premium has to be amortized.
examiner that the se¬
however, it will be up to the bank to prove to the
curities have quality.
Bonds
under
II
Group
are
be valued at the average market
to
There is
of the day
as
real change
no
of examination.
securities profits.
with respect to treatment of
Treasury officials said it is just
re-emphasis of what is being done now.
a
agreed
public
The revision of
procedure in bank examinations as
by the several Government bodies, was made
upon
price
Heretofore, the bonds were
18 months just preceding examination.
valued at the market
follows:
as
Classification of Loans in Bank
The present captions of the classification
ful," and "Loss"
Examinations
The classification units hereafter will be designated
following definitions thereof wiU be printed in
I.
Loans
or
"Doubt¬
units, namely, "Slow,"
be abandoned;
are to
numerically and the
examination reports:
assured.
portions thereof the repayment of which appears
classified in the examination report.
are not
portions tnereof which appear to involve a substantial and
unreasonable degree of risk to the bank by reason of an unfavorable record
or otner unsatisfactory characteristics noted in tne examiner's comments.
Loans
or
There exists in such loans the
possibility of future loss to the
bank unless
tney receive the careful and continued attention of tne bank's management.
No loan is so classified if ultimate-repayment seems reasonably assured in
view of the sound net worth of the makeir or endorser , his earning capacity
and
character,'
the protection of collateral
or
or
other security of sound
intrinsic value.
,
,
Loans or portions tnereof the ultimate collection
and in wnich a substantial loss is probable but not yet
III.
Loans
able in amount.
so
,
„
,
of which is doubtful
definitely ascertain¬
classified should receive the vigorous
attention
whatever value may remain.
the examiner for reasons set
comments as uncollectible and as estimated losses.
Amounts
should be promptly charged off.
of tne management with a view to salvaging
IV. Loans or portions thereof regarded by
forth in nis
so
classified
Present
practice will be continued
II, III»
exapiinerp'
under which the totals of
recapitulation or summery of
and IV above are included in the
classifications.
50%
of the total of III above and all of
IV above will be deducted in
computing the net sound capital of the bank.
The
Appraisal of Bonds
Neither appreciation nor
in
the report.
in Bank
Examinations
will be shown
figuring net sound
depreciation in Group I securities
Neither will be taken into account in
capital of the bank.
Group I securities are marketable obligations in which the investment
are
not distinctly or predominantly speculative.
This
characteristics
group
includes general market obligations in the
four highest grades and
unrated securities of equivalent value.
price for
of the net depreciation
computing the net sound capital.
The securities in Group II will
18 months just preceding
will be deducted in
be valued at the average market
examination and 50%
Group II securities are those in which the investment characteristics are
distinctly or predominantly speculative.
This group includes general
market obligations in grades below the four highest, and unrated securities
of equivalent value.
Present practice
securities in
will be continued under which net
depreciation in the
Group III and Group IV are classified as
Group III securities:
Group IV securities'
loss.
Securities in default.
Stocks.
practice will be continued under
which premiums on securities
purchased at a premium must be amortized.
practice of listing all securities and
Present
showing their book value will
be continued.
of Securities Profits in Bank Examinations
Treatment
Until losses have been written off and adequate reserves
use
of profits from
will not be
established, the
the sale of securities for any purpose other than
those,
approved.
Present practice
will be continued under which estimated
losses must be
charged off.
the establishment and
including reserves against the securities
practice will be continued under which
Present
maintenance of adequate reserves,
account, are encouraged.
Present
practice will be continued under which
is criticised and
The
curities
speculation in securities
penalized.
regulation governing purchases
was announced as follows:
Issued
By virtue of the
the date of issuance
it runs for a long time.
Group I securities and the requirement that they have a rating.
falling in Group I
if they meet the following
requirements:
In other words a
Treasury officials explained,
only 50%
50%
Investment
permitted to purchase local
securities, having a 10-year to 15-year maturity,
classification
this
from
of repayment.
of the restrictions now in force.
Captions Abandoned
Under
classifications
loans), II (slow), III (doubtful)
exclude
slow simply because
because experience has shown that
The
Currency, disclose that Marriner S.
as
IV it is proposed now to deduct
and
bank examination
loans to business generally.
long-term
as
Computation of Capital
Wins Point
procedure designed to remove any re¬
bank lending owing to present requirements and also to foster
in
Changes
to
Whereas formerly it was the
new.
Present
of the new program are as follows:
Liberalization of regulations of the office
courage
This is the first
Federal bank supervision that all Government
banks have agreed upon a
interested in
yardstick.
"slow,"
the terms
abandoned
The practice to be followed in computing the net
bank is
II.
to
be
change with reference to so-called doubtful and
no
These loans
Long Term Loans to Business
as
so
"reasonably assured"
The
Treas¬
to
The idea behind the change in classifications.
♦
Rules Agreed Upon by
narrowed
are
are
end of last year.
New Bank Examination
hereafter
are
loan shall not be classified
for
Total
"loss"
and
be classed numerically as I (good
the securities.
banks
of the
examination
the
with
to
attempt
regulations
new
(loss).-
"Slow"
loans
$479,869,888
the present regulations is in the
The
securities".
values" in connection with the ability to market
In
for next year.
41
Chronicle
of investment se¬
Securities Regulation
by the Comptroller of the Currency
1
authority vested in the Comptroller of the Currency
paragraph Seven of Section 5136 of the
by
Revised Statutes, the following
regulation is promulgated:
Section I
indebtedness which may be purchased for its own
account by a national bank or State member bank of the Federal Reserve
System, in order to come within the classification of "investment securities'
within the meaning of paragraph Seventh of said Section 5136, must be a
marketable obligation, i.e. it must be salable under ordinary circumstances
with reasonable promptness at a fair value; and with respect to the particular
security, there must be present one or more of the following characteristics:
(1) An obligation of
(a) A public distribution of the
made in a manner to protect or
securities must have been provided for or
insure the marketability of the issue; or.
Financial
42
(b) Other existing securities of the obligor must have such a public dis¬
tribution as to protector insure the marketability of the issue under con¬
sideration; or.
case of investment securities for which a public distribution
(a) or (b) above can not be so provided, or so made, and which
issued by established commercial or industrial businesses or enterprises,
that can demonstrate the ability to service such securities, the debt evidenced
(c) In the
set forth in
as
July 2, 1938
Chronicle
$5,698,214,612
Just before the outbreak
Oct. 31, 1920.
on
of the World War, that
is,
June 30, 1914, the total was
on
The following is the full statement:
only $3,459,434,174.
are
thereby must mature not later than 10 years after the date of issuance or
security and must be of such sound value or so secured as reasonably
to assure its payment; and such securities must, by their terras, provide
for the amortization of the debt evidenced thereby so that at least 75%
of the principal will be extinguished by the maturity date by substantial
periodic payments;
Provided, That no amortization need be required
for the period of the first year after the date of issuance of such securities.
l>
trustee independent of the obligor, and such
provide for a
^8
trustee
>
O
o
00
co
e>
©
(3) All purchases of Investment securities by national and State member
own account must be of securities "in the form of bonds,
and every transaction which is in fact
its form,
known
as
investment
©
o
©
©
**©©©© *b
HWOOhCC
co © CO
© eo
CO
to
©
Ci
00
-<
H
«
©
©
Ci
CO
Ci
Ci
to
©
©*
1
,
*-T
! to
for
its
own
for
account
as a
Ci
CO IO
© 00
Ci
©
a
<N
©
<N
CO
oo
IN
lO
©
»-<
o
Ift
oo" CO* o*
io
co
©
—i
eo
©
©
©
©
if
a en *b Ci Ci
I
eo*
t-
! °>
; co
; to
the bank is not permitted otherwise to par¬
—t
J©
! o»
00
H
CO
N
N
obligor
market
or
ci
to
00
S© co eo
os eo IO
9
o
are
in
default, either
hibited.
'■
:
(4) Purchase of
an
principal
as to
■'
-
or
VOCOWO^
ioiccioo-«e<^cjt:y
©
—<
Ci
p
oo eo
,
,
•
©
©
*£
o
3'
Ci
w
4
h
->
eo
-<b
©
interest, is pro¬
©* i>*
to O Ci
©
IO
a
to
oo
CO
IN.
N U5
-c ^
OS
investment security at a price exceeding par is pro¬
CO
CO
-
O
I
CO
IN.
I
CO
© N- ©
"5 <N CD
*
a
©
—c
——
r—
I—
©
-b
a
l
tO
©
©
IO eo
CI
!
.
-T
©"
00*
p* p*
©
©
3
oo
©
independently
is
of the stock
the
© ©
oo
,-1
purchase warrants
or
i
i
! *
eo
00
00
oo
«
£<3 8
chase warrant
or
upon
the presence of
a
18
i
,
'
ft
IN
|
In" ©" 1-T
I
I
I
I
*—I
9
_
©
©
eo
©
w
© ©
© ©
lb © o_ © o
©
III
©
©
©
©
eo
conversion
eo
n.
b-
5
©
©
©_ © ©^ ©_ © O
eligible
©* CD* N*
P* ©*
IN
©
©
©
I
oo
In.
l
©
IO
©
©
©
eo
00
oo n ©
N« N» b»
©
!
stock pur¬
conversion option the purchase of such a security is not
s||s§
(7) As to purchase of securities under repurchase agreement, subject to
restrictions set forth in
eo
O
2
prohibited.
the limitations and
00
yf' «*" IN*
en
H
speculative value based
[
©
N« W
security fairly reflects the investment value of the security itself and does
not include any
©
©
i
©
00* IN* O*
eo
prohibited if the price paid
price paid for an otherwise
—c
rH
»#,N
of the investment value of the security itself,
apparent that
>H
©
I
If it
oo
00
(6) Purchase of securities convertible Into stock at the option of the holder
feature.
rH
.
I
considered
1-"
©
eo_ oo
In" 00*
Ci
©
CO
I
i O
prohibited.
excess
©
to
N
ci
ci ci
"
security is in
00
n
©
©
•<*
oo
OS
eo
eo
eo
©
10
eo
©
i
with stock purchase warrants attached is
H
Ci r* © © © «
no n h ec to
© oeowosN
ID
©
p © ©
rb
.3
(5) Purchase of securities.convertible into stock at the option of the issuer
©* ©"
©
a
eo
;
IN
00
CO
,' '/V:.
(a) Provide for the regular amortization of the premium paid so that the
premium shall be entirely extinguished at or before the maturity of the
security and the security (including premium) shall at no intervening date
be carried at an amount in excess of that at which the obligor may legally
redeem such security; or
(b) Set up a reserve account to amortize the premium, said account to be
credited periodically with an amount not less than the amount required for
amortization under (a) above.
CO-#H|.
CO CO ©
n* IN
©
CO
1:8
.
I
Ci
00
<N* yf ©* IN.* *jf CD"
eo t»* ©
OcDNOlSOHN
-h C4 eo m n oo eo
eo
*
©
©^ ©^ © W «
~
-b* eo*
i
hibited, unless the bank shall:
or
©
© ©
«-i
NCONCC
-b
<N
! oo* ©* o* oo* eo"
I
O eo
I
—^
ICO«
©
©
I
distinctly or predeminatly speculative, or the purchase
are
Ci
i
I
face value of the securities, and not on
value.
of securities which
for such
a
eo
r-i
a
'
1*00
I
maker which may be held by the bank, is to be de¬
The purchase of "investment securities" in which the investment
characteristics
is
w
co" r-i
a
to
Nb
to
Sa
© oo
§* CD*
© N
V
^
r-t
IN
© a
co
00 eo
00 <0
O
06
H
\
co
Ci ©* CO*
N. to -2
CO rt ^ 00
OS
eo
iNooeo-a
!
eo
©^
CO
V
to
00
I
-h
*** <o"
t-* —" 00*
O
t-
i«
I
©
© OS
I
J ©" 00*
■93*11,. I
(2) The satutory limitation on the amount of the "investment securities"
of any one
(3)
©
eo
to
th
r-i
CC
©^ -«
-<b
»o ao co
a
MHMH
*b
N
CD
eo* rJ
©*
to
^
io
^
principal in the marketing of securities.
termined on the basis of the par or
their
K
©
of investment under the provisions of
purposes
R. S. 6130 and this regulation,
ticipate
©
-t
i—i
00 CO
eo r-i
I
i
Section II
©
co
^ n h
co
<N
d -j
O
such a purchase must, regardless of
is'permitted to purchase "investment securities"
eo eo ©
<N © ©
o N «
comply with this regulation.
(1) Although the^bank
-«
oc
C
h
I
© eo
» IN
,
©
©
eo
(N
I
iffg
securities";
©
© O
*h
M
H
I
} -<* "5*
!
banks for their
<n
' ci
1/1
J ci
i
commonly
h»" eo" ©*
w o o
l
i
must be a bank or trust company.
and(or) debentures,
© i
© N.
©
<N
I
notes,
CO CO t-
r-4
©
©
(2) Where the security is issued under a trust agreement, the agreement
must
op
oo
the
„
the law and this regulation:
It is permissible for the bank to purchase "investment securities"
from another under an agreement whereby the bank has an option or a right
to require the seller of the securities to repurchase them from the bank at a
price stated or at a price subject to determination under the terms of the
agreement, but in no case less than the value at the time of repurchase.
N
Ci
Ci
©
Ci
Ci
"
3
^
*b
IN. eo_ ©_ co ©_
©* ©"
1
'"silt3
iiafi*
(a)
I
•
„
*b" In." V -N* 00* ci
n}C
©
In.
N
(N
©__
I- p
.t" ©
NT
©
ID
H
<D
IN*
Ci
CO* 00* 00* -T In" ri
©
<N
~4
O
"
t-
N
i
I
i
I
©
IN
00
CO
1-i
ci O*
£N 1»C
1(5
t-1
i
eo
S8
to
b-
i
©
SIN
W.
eo
i
N
eo
1-t
to
N
a
to
00
<o
00
©
©
eo
O
eo
©
IN
©
i>
nj1
©
oo
©
©
IN
c»
^
©
(N
IN* fi
CO
©
©
©
CO
<N
-c
© ©
eo
oo
f
.
(b)
It is permissible for the bank to purchase "investment securities"
from another under an agreement whereby the seller or a third party guaran¬
tees the bank against loss on resale of the securities.
terms of the agreement.
IN
i.3
tZ oo
t^©_
- CO eo* ci
r
I
(c) It is not permissible for the bank to purchase "investment securities"
from another under an agreement whereby the seller reserves the right or
the option to repurchase said securities itself or through its nominee at a
price stated or at a price subject to determination under the terms of the
agreement, notwithstanding the fact that the bank may also, under such
agreement, have the right or option to compel the seller to repurchase the
securities at a price stated or at a price subject to determination under the
! e>* —T |N."
f* ©"
1—<
C*4
<N
JN
38
rH*
-
1
©
100
so
(a) It is permissible for the bank selling securities to another to agree
that the bank shall have an option or right to repurchase the securities from
the buyer at a price stated or at a price subject to determination under the
terms of the agreement,
time of repurchase.
but in
no case
in
excess
«
•>:
©
9
CD
—'C
Is
e»
Ci
13
b»
©
©^
|nT ci
•4<
to
or
modify
s
:-5
Ci
h
NT
<N
CN
«"
©
h
©
©
IO
o_ CO IN
© t-t
o eo
©
ib
in
N
•#
©* -h*
eo
inT esf
IN.
CO
©
00
©
<N
eo
CO
Nt<
©
©
**
©
(N
oo
©
a
to
ci
lb
r-l
©
eo
oo
"b
""
3
In ©
N. ©
CO
00
<qo ^
*b
CO
Ci
©
IN
eo
IN.
©
© O
Nb
CO
tN
© IN
©^
00 ©
®* ©* ©" nT tsT
©
00* ©* eo*
5
44
Cl
O
-
I
_!
securities
_
O
"o o
O O
©
33
a
o
a
*
a
JO
o
a
!
J-,
o
a
—
—
03
03
02
*4
P
: -5
00 N o N ■b O)
° 3
"S
a
2
5
3
M
co
S
-g
S
S
a
•
a
.
«
W
h
h
n
©
©
©
00
rH
—N
r-4
r-4
*4
Oh
a
»
»—I
£
eo
©
«
_
s
N"
«
..
the bank
9
g
c
ti 3
o
00
g °
U
s
©
I
I ■§
©
■
H
H o
H
g eo eo co « eo
i
L.
a
£
©
a
© © x3 ■s
w
®
C)
®
^
D Pp
o
conform to this regulation,
•
Revised figures.
Existing agreements of the pro¬
a
Does not include gold other than that held by the Treasury,
same so as to
where such action may lawfully be taken.
©^ ©_
©
©* ->b* ©* ®* ©*
r-lm ©^ ©_ N N
InT ©" bT -7 eo*
O
•
form of agreement which is prohibited by this regulation,
eo
JS
termination under tne terms of the agreement.
a
©
©
of the market value at the
In view of the fact that some banks may have bought or sold
.
eo^ Nb © oo <M
ib* eo* in" ci
(b) It is not permissible for the bank selling securities to another to agree
should either terminate
-
oo* eo* ®* ci
! ©
(N
-H
that the purchaser shall have the right or the option to require the bank to
repurchase said securties at a price stated or at a price subject to determina¬
tion under the terms of the agreement, notwithstanding the fact that the
bank may also, undep such agreement, have the right or option to repurchase
the securities from the buyer at a price stated or at a price subject to de¬
under
eo
o
©
©
(8) As to repurchase agreements accompanying sales of securities,
^
©* N*
f>*
<N
I-
©
o
-
r-l
o
to
00
hibited type must not be renewed.
b These amounts
are
not included In the total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
Exception
under gold, Btandard silver dollars, and sliver bullion, respectively.
The restrictions and limitations of this regulation do not apply to se¬
curities acquired through foreclosure on collateral, or acquired in good faith
by
way
of compromise of
in connection with
a
a
doubtful claim
or
to avert an
apprehended loss
debt previously contracted, or to real estate securities
acquired pursuant to Section 24 of the Federal Reserve Act,
as
amended.
This regulation supersedes prior regulations
governing the purchase of
"investment securities" and is effective from and after July 1, 1938.
Signed and promulgated this 27th day of June, 1938.
MARSHALL
R.
DIGGS
Acting Comptroller of the Currency
c
gold
This total Includes credits with the Treasurer of the United States
certificates
In
(1)
the
Gold
Certificate
d Includes $1,800,000,000 Exchange Stabilization Fund,
e
Includes $59,300,000 lawful money deposited as a reserve for Postal Savings
f The amount of gold and sliver certificates and Treasury notes of 1890 should be
deducted from this amount before combining with total money held in the Treasury
to arrive at the total amount of money
g Includes money held
in the United States.
by the Cuban agency of the Federal Reserve
The money
Note—'There is
Stock of
Money in the Country
in the country
the
moneys
and the
amount in circulation after
deducting
held in the United States Treasury and by
Federal Reserve banks and agents.
are
for
The figures this time
May 31, 1938, and show that the money in circula¬
(including, of course, what is held in bank
tion at that date
vaults of member banks of the Federal Reserve
System) was
$6,467,227,891, as against $6,397,263,256 on April 30, 1938,
and $6,461,857,985 on May 31, 1937, and
comparing with
Bank of
Atlanta.
In circulation includes any
tinental limits of the rulted States.
Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
payable in
Federal
of Governors,
the redemption fund for
deposits.
h
The
Fund-Board
Reserve System in the amount of 17,823,450,860 and (2)
Federal Reserve notes In the amount of $8,930,820.
paper
maintained in the Treasury—(i)
currency
as
a
held outside
reserve
the
con¬
tor United States
notes and Treasury notes of 1890—$156,039,431 in gold bullion; (II) as security for
Treasury notes of 1890—an equal dollar amount In standard sliver dollars (these
notes are being canceled and retired on receipt); (ill) as security lor
outstanding
silver certificates—silver in bullion and standard silver dollars of
a monetary value
equal to the face amount of such silver certificates; and (iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first Hen on all the assets of the issuing Federal Reserve Bank. Federal Reserve
notes are secured by the deposit with Federal Reserve agents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act. or. until June 30, 1939, of
direct obligations of the United States if so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%, including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used includes
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are In process of retirement.
Federal
Volume
Financial
147
Tenders of $281,464,000
Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated June 29—
$100,095,000 Accepted at Record Low
Rate of
0.011%
A
total of
$281,464,000
was
tendered to the offering of
thereabouts, of 91-day Treasury bills dated
June 29 and maturing Sept. 28, 1938, it was announced on
June 27 by Secretary of the Treasury Henry Morgenthau Jr.
Of this amount, Mr. Morgenthau said, $100,095,000 was
$100,000,000,
5,1938; on the maturity date the face amount
be payable without interest.
There is a
maturity of two series of Treasury bills on July 6 in amount
of $50,090,000 and $100,325,000.
In inviting the tenders
to the offering of June 28, Secretary Morgenthau said:
a new
Eastern Standard Time, June 27.
Reference to
offering appeared in our issue of June 25, page 4039.
The following regarding the accepted bids to the offering is
from Secretary Morgenthau's announcement of June 27:
to 2 p. m.,
the
Total accepted $100,095,000
Total applied for, $281,464,000
on
bills
the
approximately 0.016%
Low
99.996 Equivalent rate
Average price
99.997 Equivalent rate approximately 0.011%
(37% of the amount bid for at the low price was accepted)
and In
$500,000, and
They (the bills) will be issued in bearer form only,
of
$1,000,
$100,000
$10,000,
amountsfor
$1,000,000
(maturity value).
No
tender
for
amount
an
tender must be in multiples of
less
than
$1,000.
the basis of 100, with not more
on
$1,000 will
Tenders will be accepted without
accompanied by an
bank
the tenders
incorporated
of the face amount of Treasury bills applied for, unless
of 10%
are
guaranty of payment by an
express
trust company.
or
Immediately after the closing hour for receipt of tenders on July 1,
Securities
Government
Held
in
Investments
as
thereof up
closing hour will be opened and public announcement of
the accept¬
possible thereafter, probably on the follow¬
right
The Secretary of the Treasury expressly reserves the
ing morning.
reject any
or
all tenders
or
parts of tenders, and to
allot less than the
Those
applied for, and his action in any such respect shall be final.
thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve banks in cash or other
immediately available funds on
July 6, 1938.
The Treasury bills will be exempt, as to
all taxation, except estate and
Governmental agencies and corporations as of May 25, 1938.
This is the fourth of a new series of monthly reports issued
shall be allowed
gain from the sale
or
principal and interest, and any
also be exempt, from
(Attention is invited to
other disposition thereof will
Secretary of the Treasury Morgenthau on June 28 made
available the figures showing the amount of Government
securities held in
Governmental trust accounts and by
by the Treasury Department.
The previous statement was
given in ou^ issue of June 11, page 3739.
The present state¬
ment—that for May 25—shows a total of $4,404,042,000 of
securities held as investments in trust funds and in accounts
1938,
Reserve banks or branches
all tenders received at the Federal
to
banks
recognized dealers in invest¬
by a deposit
Tenders from others must be accompanied
submitting tenders will be advised of the acceptance or rejection
Trust Funds
99.125.
cash deposit from incorporated
and trust companies and from responsible and
ment securities.
amount
Treasury Department Statement Showing Amount of
Each
be considered.
The price offered must be expressed
than three decimal places, e. g.,
Fractions must not be used.
able prices will follow as soon as
1100.
High
will
denominations
to the
Range of accepted bids:
Oct.
mature
of
or
low average rate of 0.011%, as against
0.016% on a similar issue last week.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof up
accepted at
43
Chronicle
inheritance taxes.
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale
any tax now or
as a
or
other disposition of the Treasury
deduction, or otherwise recognized,
bills
for the purposes of
hereafter imposed by the United States or any
of its posses¬
sions.
Treasury Department Circular No.
418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions
of their
issue.
+
Governmental
agencies, of which $4,090,025,000 were
$269,183,000 Government-guaran¬
teed securities, and $44,834,000 other securities.
The state¬
of
Government
securities,
Corner Stone of Federal
Grounds of New York World's Fair
Says Exposition Will Stand as Symbol of World
Peace—Stresses "Good Neighbor" Policy—Repre¬
President Roosevelt in Laying
Building
ment in fun follows:
AND IN AC¬
CORPORATIONS AND
SECURITIES HELD AS INVESTMENTS IN TRUST FUNDS
COUNTS
OF
CERTAIN
AGENCIES ON
GOVERNMENTAL
Fair
Go i eminent-
Government
Guaranteed
Other
Securities
Fund or Agency
As
Securities
Securities*
$
$
of May 25, J 938:
Postal Savings System
934,948,000
Federal Deposit Insurance Corporation
166.834,000
349,094,000
42,470,000
Individual Indian trust funds.,
Mutual
Insurance
mortgage
fund
Federal Savings & Loan lasurance
"72:666
19,786,000
10,015,000
102",iclooo
20,000
and
housing Insurance fund
Corp.
ClvU service retirement & disability fund
737,842,000
D. C. teachers' retirement fund (2)
fund
(1)
Gen'l Post fund, Veterans' Adminlstrat'n
Library of Congress fund (2)
D. C. workmen's compensation fund (1).
Longshoremen's
and harbor
workers'
compensation fund (1)
...
German special deposit account
National Institute of Health gift fund..
Comptroller of the Currency employees'
Allen Property Custodian
Panama Canal Zone funds
Library
Walter
fund,
5,400.000
30,560,000
95,000
1,965,000
1,850,000
"5:666
"296:666
1,107,000
1,000
1.000
437,000
10,000
11,000
10,000
43,000
269,183,000
44,834,000
762,605,000
1,440,000
101,000
3,957,000
83,000
1,235,000
198,000
12,000
retirement fund
Pershing Hall memorial fund..
National Park trust fund (2)
General
42,067,000
Reed
10,000,000
Hospital
.....
825,665,000
—
Unemployment trust fund
65.000,000
Railroad retirement account
646,900,000
Old age reserve account
Foreign service retirement and disability
3,228,000
fund
Canal
Zone
retirement
and
disability
3,638,000
fund (1)
Adjusted service certificate fund
Alaska railroad retirement and disability
25,800,000
309,000
fund
4,090,025,000
Totals.
AsofMaj 31. 1938—
Federal Farm Mortgage Corporation
57,683,000
6,000
Federal Intermediate Credit banks
63,705,000
10,000,000
Banks for Cooperatives
56,631,000
4,911,000
28,995.000
11,375:666
13,856,000
1,743,000
11,102,000
25,932,000
75,268,000
1,638,000
27,654,000
1,100.000
7,351,000
242,000
9,228,000
Home Owners' Loan Corporation
Reconstruction Finance Corporation
48,020,000
Federal Land banks..
...
Production Credit corporations
Production credit associations
Joint Stock LaDd banks**
Federal Home Loan banks
Inland Waterways Corporation**
Corporation..
U. 8. Spruce Production
267,647,000
Totals
*
Consist principally of
Bank debentures.
4,437,000
125,000
80,538,000
876,862 000
Other
Countries
Guests
at
World's
Laying the cornerstone of the Federal Building of the
York World's Fair in Queens on June 30, President
Roosevelt declared that "this exposition will stand as a
symbol of world peace, for without doubt it is a useful
advance on the patient road to peace that America treads."
Another address was also delivered by the President at the
World's Fair Grounds on the same day; his second speech
in the convention of the
address is referred
to further in another item in this issue.
At the ceremonies
incident to the laying of the cornerstone of the Government
Building the President expressed appreciation that govern¬
ments of other nations have decided to take part in the
Fair and he expressed the hope that many of their country¬
men will visit the Exposition, which is to be formally opened
on April
30 of next year.
The President referred in his
remarks to "the policy of good neighbor," to which he said
"we have steadily adhered and it may well be said that it is
the definite policy of all the American republics."
He went
on to say that "it has proven so successful in the western
hemisphere that the American republics- believe it could
succeed in the rest of the world if the spirit which lies behind
it were better understood."
"In these modern days," said
the President "when so many new economic and social prob¬
lems call for the revision of many old economic and social
tenets, closer personal contacts are an absolute essential to
the well being of nations."
"That is why" he added, "the
New York World's Fair and the San Francisco Fair are welltimed for 1939.
They will encourage that interchange of
thought, of culture, and of trade which are so vital today."
The President made the trip to the World's Fair grounds by
automobile from Hyde Park, N. Y. and with his arrival at
the grounds (and likewise with his departure) received a
21-gun salute.
According to the New York "Sun" the
French Ambassador, Count Doynel de Saint-Quentin, and
the Colombian Minister, Don Miquel Lopez Pumarejo,
addressed to those participating
National Education Association and that
spoke for the diplomatic corps at the corner stone ceremonies.
They both stressed the influence for world peace and under¬
standing that could come from such expositions.
In the New York "Herald-Tribune" of July 1 it was stated:
Federal Farm Loan bonds and Federal Intermediate Credit
Pickets Take a Recess
** Latest figures available:'
and Government-guaran¬
teed securities, and certain funds may also be invested in additional securities as
Indicated: (1) in Federal Farm Loan bonds; (2) no limitations.
Note—All trust funds may be invested in Government
Several hundred pickets had
a new
offering of $100,000,000,
or
thereabouts,
at the Federal Reserve
to 2 p. m., Eastern
Standard Time, yesterday (July 1).
The weekly offering
was advanced from Monday
because of the Independence
Day holiday (July 4).
The tenders to the offering were
invited on June 28 by Secretary of the Treasury Henry
Morgenthau Jr.
The Treasury bills were sold on a discount basis to the
highest bidders.
They will be dated July 6, 1938, and will
of 91-day Treasury bills were received
banks and the branches thereof up
been thrown around the fairgrounds yester¬
of a dispute between electrical workers and the New
Telephone Co. regarding work on the grounds.
Arbitration proceed¬
day morning because
York
ings
$100,000,000 or Thereabouts, of 91-Day
Treasury Bills—To Be Dated July 6, 1938
New Offering of
Tenders to
of
Luncheon
New
was
380,906,000
U. S. Govt, life lasurance fund (1)
Ainsworth
sentatives
INDICATED
DATES
at
at
City Hall Wednesday night
fell through, and workers in other
walked out in sympathy with the electricians.
construction workers were the only ones on the job yesterday.
building trades unions
Further attempts at
Steel
arbitration in City Hall fell through at noon yester¬
In deference to the President, however,
Brotherhood of Electrical Workers called
day, and the picketing went on.
Local
3
of
the
off all pickets
International
before he arrived, so that he would not
be forced to ride
They also provided a skeleton crew of electricians
to operate amplifying and broadcasting systems.
It was announced that
the pickets would be back on the job today.
The President and his party left Hyde Park at 11:15 a. m. yesterday
through a picket line.
and stopped soon
Eastern Parkway
after noon for lunch at a public picnic
and by
grounds off the
in Westchester County.
The President was late
in arriving at the grounds because of
the time he had picked up
the crowds,
Mrs. Roosevelt and Grover A. Whalen,
Financial
44
President of the fair corporation, at the Administration
his way
2:38
to the Federal Building, it was
to appear a
half hour sooner.
Building, and made
He had been scheduled
p.m.
nonTunionism," and denied that only 2%
involved.
of the installation work was
Both sides agreed that the
President's
The
speech follows:
of the Government of the United
delivered
These comments
were contained in an address which he
the New York World's Fair grounds in Queens,
before
on
It
Association.
Education
National
the
his
was
second speech of the day at the World's Fair grounds,
earlier one having marked the laying of the cornerstone
his
by
giving
I gladly express the appreciation
States.
That address we are
The President among other things
in his address to the teachers:
him
representatives of so many other nations who
New York World's Fair of 1939.
them I want
to stress my hope that many of their countrymen will visit the fair next
year. To them also a hearty welcome will be given. I emphasize this on the
ground of reciprocity because for many years the visiting balance has been
Building.
of the Federal
following to
say
No government can create the human touch and
the building
graciously decided to take part in the
have
Government
our
had the
of contention.
occasion we formally commence the construction of
of that government to the
present Administration of
budget of the
has been in the black and not in the red."
elsewhere in this issue.
"pulling" of telephone cables through conduits
beneath the streets of the fair was the immediate bone
On this
July 2, 1938
by the President
...
g|Mr. Whalen issued a statement yesterday explaining that the strike on
the grounds was a jurisdictional affair involving about 2% of the telephoneinstallation service.
Fred Hansen, business delegate of Local No. 3, said
the issue was one of "out and out
Chronicle
of education.
individual teacher gives to the process
freedom
No
Already the plans for their participation are drawn and to
learn.
to
Federal Government to subsidize education any more
wants the
one
self-sacrifice which the
But what government
interference the
provide financial support and to protect from
do is to
can
It has been and will be the
than is absolutely necessary.
of the United States to leave the actual management
curricula to State and local control.
.
.
.
traditional policy
of schools and their
,
especially Europe, than visitors from the other nations
of other continents,
to our shores.
I encourage all of my
compatriots to learn all they can at first
friends there, but I wish that more of
hand about other nations and to make
All of
us
realize, of course, that the affairs of many parts
companies wars and rumors of wars.
happily removed, in large measure, both from
We in this hemisphere are
fear and from the controversies which breed it.
we
In
a
larger sense, however,
You who represent the other nations here today have heard of what is
known
To that policy we have steadily
well be said that it is the definite policy of all the
the policy bf the
as
adhered, and it may
good neighbor.
a
In stressing it the
confident, that it is a bilateral, a
policy which can never be merely unilateral.
American republics
I am
appreciate,
multilateral and that the fair dealing which it
It is
policy which was not in its inception, or subsequently, limited to
a
It has proven so successful in the Western Hemisphere
hemisphere.
one
applies must be reciprocated.
believe that it could succeed in the rest of the
that the American republics
world if the spirit which lies
behind it
were
better understood and more
actively striven for in the other parts of the world.
both, and
In line
are
against
and have agreed among
war
culties in such
the
We
ourselves quietly to discuss diffi¬
problems of international relations which may result in war.
a
way
that the possibility of war has become remote.
In these modern days
when
so many new
economic and social problems
contacts are
an
well timed for 1939.
They will encourage that interchange of thought, of
culture and of trade which is
ends of our country an
all the rest of the
to
so
vital today.
They will give to the opposite
opportunity to see the exhibits and the visitors from
world—they will give to those visitors a splendid chance
something of the length and breadth of the United States.
see
All of
who
us
are
here today are looking forward to
stranded
are never
dust-blown
or
really lost.
but truth, like the yearning for freedom,
men
and
Farm Security
through the
The
women.
and
areas.
.
.
The
.
Books may be burned and cities
humble
lives in the hearts of
victory
ultimate
of tomorrow
with
is
democracy, and through democracy with education, for no people can be
kept eternally ignorant or eternally enslaved.
At the teachers' gathering the President
by Mrs. Roosevelt who said:
"It is the privilege of a presiding
avail myself of that privilege.
introduced
was
I will not
officer to make a speech.
May I present the President of the United
States."
The President
I
spoke
follows:
as
glad to come here today to this great meeting, and I am especially
am
happy that, I think for the first time in my life, I was introduced by my
wife.
If you
have followed the arguments of financial experts over the last few
have guessed that they have as many theories of keeping books
years, you
there
as
ends to serve.
are
They do not always
the definition of
agree on
capital, and they even disagree on what is an asset and what is a liability.
That is true both in private business stud in government.
But whatever differences bookkeepers and
rules of their
professions,
financiers
no man or woman
have
may
the
over
of common sense can forget,
allow government to forget, what are the true and ultimate assets and
or
April, 1939, when this
flooded,
Administration
Youth
National
the
of
relief and through work
Resettlement Administration and the
sacked,
personal
Francisco Fair are
We have done it through direct
gains of education
essential to the wellbeing of nations.
That is why the New York World's Fair and the San
policy, the Federal Government during the last five
through the
Administration,
policy involves also matters of trade and matters affecting the inter¬
call for the revision of many old economic and social tenets, closer
need.
must therefore confine ourselves to the greater
we
with this
than to the rich.
But
change of culture.
.
.
has given relatively fair more assistance to the poorer communities
relief,
Furthermore, the policy of the good neighbor is, as we know, not limited
to those
.
demand that the Federal Govern¬
provide financial assistance to all communities.
rehabilitation
American republics.
It is
by extending aid to those less fortunate.
Our aid for many
reasons, financial and otherwise, must be confined to lifting the level at the
bottom rather than to giving assistance at the top.
Today we cannot do
years
friendship and good relations with all nations.
immediate task to seek to close
by decreasing the facilities of the richer com¬
any way
All of this leads me to ask you not to
ment to
especially because it is our fortune to enjoy
cannot remain unconcerned,
100 years ago; and it is, therefore, our
was
that gap—not in
of the world are,
Such a condition necessarily ac¬
it politely, somewhat distraught.
to put
between the richest communities and the poorest communities
munities but
friends here.
the citizens of other nations could visit us and make
today in the standard of education
than there
There is probably a wider divergence
Far more Americans have been traveling to the shores
somewhat uneven.
liabilities of
a
nation.
great exposition will be formally opened.
It has been well said that you cannot hate a man you know.
this exposition will stand as a symbol of
it is
useful advance
a
on
world
peace,
for, without doubt,
the patient road to peace.
The
guests were
received
by Edward J.
Flynn
United
Spofford, Assistant United States Commissioner
Count
for
the
Rene
Daniel C.
were
Roper, Secretary of Com¬
Doynel de Saint-Quentin, French Ambassador;
Fulvio de Suvich, Italian Ambassador; C. T. Wang, Chinese Ambassador,
and Count Jerzy
The invited
Potocld, Polish Ambassador,
guests also included Miguel
Minister; Marc Peter,
nation—whether
Minister from
we
Lopez Pumarejo,
Switzerland;
Wilhelm
Colombian
Munthe
de
to the fair, and Arturo E. Constantino, Italian
Deputy High Commissioner,
as
well
as
the Consul Generals and Consuls
stationed in New York.
President
Roosevelt
Before
National
only real capital of
30
a nation" said President Roose¬
"is its natural resources and its human
beings."
"This capital structure" he added, "has to be
maintained at all times."
"Before we can think straight as
a nation"
the President stated "we have to consider—in
addition to the old kind—a new kind of government balance
sheet—a long-range sheet which shows survival values for
our
population and for
our
democratic way of living, bal¬
anced against what we have paid for them.
Judged by that
test—history's test—I venture to say that the long-range
resources
shall
the
go
are
If we skimp on that capital, if
and weaken the
capacity of
our
human
of all weak nations.
way
of Government Balance
to the old kind, a new kind of government
which shows
survival
values
for
our
balance sheet,
a
long-range sheet
population and for
our
of living, balanced against what we have paid for them.
that
test—history's test—I venture to
say
democratic
Judged by
that the long-range budget of
the present Administration of our government has been in
the black and
not in the red.
people who
are
I, like
have been
you,
a
pedagogue—of
not strong on spelling will get that word
course
many
mixed up with
demagogue—striving to inculcate in the yquth of America a greater knowl¬
edge of and interest in the problems which, with such force, strike the whole
world in the face today.
In
these
recent
years
we
have taught
the prudent husbandry of
national estate, our rivers, our soil, our forests, our phosphates,
our
minerals and
our
Along these lines
our
our
oils,
wild life.
we
have made mighty strides, come further than in all
the years before in knowledge of how to grapple with the problems of main¬
taining the estate that
I
our
forefathers handed down to
us.
begrudge what that action has cost, because it has
am
thankful that I live in
an
tize to one's self the importance
up,
age of
on
see.
building, for it is far easier to drama¬
see
you see it while it is going
it only in its completed stage.
fortunate today in seeing the New York World's Fair of 1939 in
are
the construction stage.
we come
Few
been based
of the object if
than if you come along later and
We
and
its Human Beings—Views "Long
Range Budget" Showing Values for
our Popula-
June
we
natural
New Kind
Edu¬
lation "In Black and Not in Red"—Reviews Govern¬
ment Aid to Poorer Communities
on
our
Operations physically large and spectacular, dramatic, easy to
Association at World's Fair Grounds—
Says Only Real Capital of Nation Is Its Natural
velt
of budgets
other kinds
we
progressive
With the dissemination of this knowledge, we have taken action.
cational
"The
say
a
Before .we can think straight as a nation we have to consider, in addition
men
Resources
bookkeepers
by year to meet increasing needs.
exhaust
beings, then
Stephen Ropp, Polish High Commissioner; Andre Popovicic, Rumanian
Deputy High Commissioner
of
successful nation and
a
The plant has to be kept up and new capital put
maintained at all times.
in year
For many years
Brennan, charge d-affaires of the Irish Legation; Counte
Bernadotte, Swedish High Commissioner to the fair; Baron
Address
the
not
or
of and make the most of both of them,
care
nation,
This capital structure—natural resources and human beings—has to be
Also Robert
de
take
strong
a
from time to time out of balance.
v
Morgenstierne, Norwegian Minister; J. Richling, Minister from Uruguay;
H. M. van Haersma de With, Minister from The Netherlands, and Otto
Wadsted, Minister from Denmark.
Folke
as we
as
way
Among those who attended
and
So long
survive
States Com¬
fair, and Mrs. Spofford.
merce,
shall
Flynn; Henry A. Wallace, Secretary
of Agriculture and Chairman of the United States World's Fair Commission,
and Charles M.
The only real capital of a nation is its natural resources and its human
beings.
Diplomatic representatives from many countries were the
guests of the New York World's Fair at a buffet luncheon
on June 30 at the Hotel Plaza.
After the luncheon they
were escorted to the fair grounds to witness the dedication
of the Federal Government's building by President Roose¬
velt, said the New York "Times" of July 1. from which we
also take the following:
missioner General for the fair, and Mrs.
Real Capital of Nation
Therefore,
back and
see
it
This glimpse will make it
completed next
mean more to us
when
year.
The other half of the preservation of our national capital is likewise a
problem of husbandry, the conserving of health, energy, skill and morale
of
our
population, and especially of that part of
our
population which will
be the America of tomorrow.
This also is
sources
unused.
of
a
problem of tne fullest
and development of precious re¬
ability whicn cannot be stored and will be lost if they remain
No nation
can
meet
dividually and collectively,
new
use
knowledge
as
this
grow
changing world unless its people, in¬
in ability to understand and handle the
applied to increasingly intricate human relationships.
Teachers Ultimate Guardians of Human Capital
trie ultimate gruardians of the
capital of America, the assets wnich must be made to pay social
That is why the teachers of America are
human
dividends if democracy is to survive.
Volume
Financial
147
We have beiieved wholeneartedly, in investing tne money of
on
ail the people
That conviction, backed up by taxes and
the education of the people.
dollars, is
accident, for it is the logical application of our faitn in democ¬
no
racy.
Man's present-day control
of the affiars of nature is the direct result of
And the democratization of education has made it
investment in education.
possible for outstanding ability, whicn would otherwise be completely lost,
to make its
outstanding contribution to the
common
weal.
We cannot afford to overlook any source of human raw
material.
flowers in most unexpected places; "it is the impetus of the
host that hurls forth
Diomed
a
or a
No government can create the
But what government
freedom to learn.
Financing of Education by Government
No
wants the Federal Government to
one
of schools and their
of the United States to leave the actual management
But
know that in many places
we
local government unfortunately can¬
adequately finance either the freedom or the facilities to learn.
there the Federal Government can properly supplement
Here is where the whole
natural
resources
community
And
local resources.
problem of education ties in definitely with the
of the country and the economic picture
We all know that the best schools are, in most cases,
munities which
spend the most money on them, the most
afford to
can
located in those com¬
for modern
equipment of all kinds.
We know too that the weakest educational link in
the system lies in those communities which nave the lowest taxable values,
and, therefore, the smahest per capita tax receipts, and, therefore, the lowest
money
for adequate teachers' salaries, for modern buildings and
teachers' salaries and the most inadequate buildings
facili ties, but simply have not
and equipment.
They want better educational
We do not blame these latter communities.
enough money to pay the cost.
between the
was
100 years ago; and
that
it is, therefore, our immediate task to seek to close
not in any way by decreasing the
gap,
facilities of the richer com¬
munities, but by extending aid to those less fortunate.
We all know that, if we
do not close this gap, it will continue to widen,
for the best brains in the poor communities will either have no chance
develop
to
will migrate to those places where their ability wili stand a better
or
chance
To continue the
parallel between natural and human resources, it is well
tnat our poorest
to remember
communities exist where the land is most
greatly eroded, where farming does not pay, where
out, wnere flood and
facilities
are
industries have moved
drought have done their work, where transportation
electricity is unavailable for the
of the poorest and where cheap
the believer in
these
meet
to
the need for government itself to step in and take action
problems.
new
Federal Govern¬
Our aid for many
financial and otherwise, must be confined to lifting the level at
provide financial assistance to all communities.
reasons,
the bottom rather than to
we
have done and go back, for instance, to the old gold
stop all this business of old-age pensions and
or
repeal the Securities and Exchange Act, or let monopolies thrive un¬
checked—return, in effect, to the kind of government we had in
In the
early part of his talk, broadcast from Washington
(Daylight Saving Time) June 24, the President
at 10:30 p. m.
be no session
He referred
things undone,"
stated that, barring unforeseen events, there will
until the new Congress assembles in January.
Congress as having "left many
saying that "it refused to provide more business-like machin¬
ery for running the executive branch of the Government,"
and "failed to meet my suggestion that it take the far-reach¬
ing steps necessary to put the railroads of the country back
to the 75th
their feet."
important legislation of
recently-adjourned Congress, viz., the further amendment
of the agricultural laws; the passage of the wage and hour
bill; the "spending-lending" recovery measure; the tax bill;
provision for the creation of a commission to inquire into
monopolies; action toward the creation of a Civil Aero¬
nautics Authority; the setting up of a United States Housing
Authority, &c.
Reference was made by the President to his message of
Feb. 5, 1937, dealing with the court reform and said:
The President reviewed the more
the
In
one
the real
another, during the sessions of this Congress,
way or
to
collaborate with the two other branches
In his further reference
Never in our lifetime has
thrown at the heads of
policy, the Federal Government during the past five
given relatively more assistance to the poorer communities
than
to the rich.
through direct relief and through work relief, through
We have done it
the
National
Farm Security Administration,
Resettlement Administration and the
the
Youth
stranded
or
Administration, and
dust-blown areas.
through the rehabilitation of
We have provided school houses,
educational equipment and sanitation in every State in
Union, and I include "sanitation" because it has always seemed to me
colleges, libraries,
the
hand in hand.
We have placed many millions of dollars in the field of adult education
through the Works Progress Administration, and, here again, most of the
money has been expended in the poorer communities of the land.
I have spoken of the twin interlocking assets of national and human
that
good health and good education must go
resources
and of the need of developing them hand in hand.
goes
tne equally important
tion
intellectually free.
But witn this
and equally difficult problem of keeping educa¬
freedom to learn is the first necessity of
For
guaranteeing that man himself shall be self-reliant enough to be free.
Such things did not need as much emphasis a generation ago; but
the clock of civilization can
scientists, artists,
when
be turned back by burning libraries, by exiling
musicians, writers and teachers, by dispersing univer¬
sities, and by censoring news
and literature and art, an added burden is
placed upon those countries where the torch
of free thought and free learn¬
the case of this 75th
If the fires of freedom
Efforts to Keep Press Free
and civil liberties burn low in other lands, they
If in other lands the press
his Congress give up
to peace—peace
provide
a
safe place herei for their perpetuation.
times when men and women in the turmoil of change lose
There may be
gains of
education are never really lost.
Books may be burned and cities sacked,
but truth, like the yearning for freedom, lives in the hearts of humble men
the civilized gains of centuries of education; but the
and women.
The ultimate
mocracy
victory of tomorrow is with democracy, and through
de¬
with education, for no people can be kept eternally ignorant or
eternally enslaved.
President
Roosevelt
in "Fireside Chat"
Indicates In¬
Primary Issues—Expects
Between
Liberals
and
Conservatives—
Congressional Measures—Comments on
tention of Participating in
Clashes
Reviews
"Copperheads"—Hopes for Cooperation of Leaders
of Private Enterprise, Labor and Government
Expressing the hope that "everybody affiliated with any
party" will vote in the coming primaries, President Roosevelt,
in his "fireside chat" of a week ago, predicted that there will
be in these primaries "many clashes between two schools of
thought, generally classified as liberal and conservative,"
and he declared that, as the head of the Democratic Party,
"charged with the responsibility of carrying out the defi¬
the copperheads who, in the
I
at any price.
My faith in the
themselves—have been justified.
congratulate the Congress and the leadership thereof and I congratulate
ended on the side of the people.
their
people—and
the American
faith
in
people on their own staying power.
private enterprise, labor and the Government
pictured by the President as having made mistakes
last year, but the mistakes of the last-named, viz., the Gov¬
ernment, were referred to as those of "optimism in assuming
that industry and labor would themselves make no mistakes—
and Government made a mistake of timing in not passing
a Farm Bill or a Wages and Hours Bill last year."
He added:
Leaders of
were
As a result of
the lessons of all these mistakes, we
hope that in the future
enterprise—capital and labor alike—will operate more intelligently
together and in greater cooperation with their own Government than they
have in the past.
Such cooperation on the part of both of them will be
private
very
welcome to me.
,
process,
chat" follows, in full:
happily, is a democracy.
As part of the democratic
is again taking an opportunity to report on the
of national affairs to the real rulers of this country—the voting
your President
public.
The 75th Congress,
lands the eternal truths of the past are threatened by in¬
been
in
Never before have we had so many cop¬
the States, tried their best to make Lincoln and
the fight, let the Nation remain split in two and return
Congress has
This
American
progress
is censored, we must redouble our efforts here
it free.
tolerance, we must
such a concerted campaign of defeatism
days of the war between
Our Government,
brighter in our own.
must be made
toucn with
Congress the President com¬
the President and Senators and Congressmen as
Congress.
The President's "fireside
Must Redouble
If in other
to
perheads—and you will remember that it was
ing still burns bright.
to keep
questions is
democracy work.
More Assistance to Poorer Communities Than to Rich
or
Supreme Court toward constitutional
Its recent decisions are eloquent testimony of a willing¬
of government to make
entirely changed.
ness
the ends—
attained.
objectives—sought in the message have been substantially
mented:
In the line with this
flooded
the Twen¬
ties.)
therefore confine ourselves to the
greater need.
years nas
of the
standard,
unemployment insurance,
or
giving assistance at the top.
Today we cannot do both, and we must
believes that individual initiative and
It
private philanthropy will solve them—that we ought to repeal many
The attitude of the
All of this leads me to ask you nob to demand that the
school of thought, as a general proposition
The opposing, or conservative
home.
ment
remedies."
the word
use
does not recognize
on
wider divergence today in the standard of education
richest communities and tne poorest communities than there
There is probably a
new
'liberal," " the President said, "I
progressive principles of democratic,
representative government and not the wild man who, in
effect, leans in the direction of communism, for that is just
as dangerous as fascism."
He added:
"When I
of the individual
State.
or
out the world call for
things
curriculum to State and local control.
not
principles or involving a clear misuse of my own name."
"Roughly speaking," said the President, "the liberal
school of thought recognizes that the new conditions through¬
these
,
subsidize education any more
It has been and will be the traditional policy
than is absolutely necessary.
nitely liberal declaration of principles set forth in the 1936
Democratic platform, I feel that I have every right to speak
in those few instances where there may be a clear issue be¬
tween candidates for a Democratic nomination involving
mean
human touch and self-sacrifice which the
provide financial support and to protect from interference the
do is to
can
Genius
undistinguished
Hector "
individual teacher gives to the process of education.
45
Chronicle
elected in November, 1936, on a platform uncom¬
promisingly liberal, has adjourned.
Barring unforeseen events,
be no session until the new Congress, to be elected in November,
there will
assembles
January.
next
On the one
For
hand, the 75th Congress has
example, it refused to provide more
left many things undone.
businesslike machinery for run¬
branch of the Government.
The Congress also failed
to meet my suggestion that it take the far-reaching steps necessary to put
the railroads of the country back on their feet.
But, on the other hand, the Congress, striving to carry out the platform
on which most of them were elected, achieved more for the future good of
the country than any Congress between the end of the World War and the
ning the executive
spring of 1933.
I mention only the more important of these
achievements.
still further our agricultural laws to give the farmer a
national income, to preserve our soil, to provide an allgranary, to help the farm tenant toward independence, to find newfarm products, and to begin crop insurance.
It improved
1.
fairer share of the
weather
uses
for
the Congress passed a Fair Labor
products in interstate commerce—
floor below wages and a ceiling over hours of labor.
2. After many requests on my part,
Standards Act.
That Act—applying to
ends child labor, sets a
Except perhaps for the
Social Security Act, it is the most far-sighted pro¬
for the benefit of workers ever adopted.
Without question it starts
toward a better standard of living and increases purchasing power to
gram
us
buy the products of farm
Do not let any
day,
and factory.
calamity-howling executive with an income of
rolls in order to preserve
$1,000 a
to the Government relief
his company's undistributed reserves, tell you—
who has been turning his employees over
Financial
46
using his stockholders' money to pay
that
a
Chronicle
Government,
the postage for his personal opinions—
that industry and
of $11 a week is going to have a disastrous effect on all American
wage
timing in not passing a farm bill or a wage and hour
bill last year.
with whom most business executives
tion, that type of executive is a rarity
of optimism in assuming
labor would themselves make no mistakes—and Govern¬
ment made a mistake of
Fortunately for business as a whole, and therefore for the Na¬
Industry.
July 2, 1938
made mistakes—mistakes
too,
As
heartily disagree.
result of the lessons of all these mistakes we hope that in the future
a
private enterprise—capital and labor alike—will operate more intelligently
3. The Congress has provided a fact-finding commission to find a path
through the jungle of contradictory theories about wise business practices—
to find the necessary facts for any intelligent legislation on monopoly, on
together, and in greater cooperation with their own Government than they
Bice-fixing, and on thepart of the wond, we in America persist in our belief
ifferent from
great relationship between big business and little business,
welcome to
enterprise and in the profit motive; but we realize we must
continually seek improved practices to insure the continuance of reasonable
the part of both of them to resist wage cuts
have in the past.
a
in individual
If this is done, it ought to result in conditions
or
glaced all postmasters under the civil service for the first time in our
A Congress set up the United States Housing Authority to help
and provide low-rent housing for the lowincome groups in our cities.
And by Improving the Federal Housing Act,
the Congress made it easier for private capital to build modest homes and
low-rental dwellings.
6. The Congress has
properly reduced taxes on small corporate enter¬
prises and has made it easier for the Reconstruction Finance Corporation
to make credit
available to all business.
fairly be expected to participate in
can
I think the bankers of the country
From March 4,
dence."
Corporation, offers to take
the Reconstruction Finance
fair portion of the
a
♦
'
the Civilian Conservation Corps and other agencies,
of what we hope is a temporary additional number of
in order to take care
unemployed, and to encourage
prise.
every
well
It is a program of balanced action—of moving on all
in intelligent recognition that all our economic problems, of
additions to the national armed defense of our shores
has been
an
subject the net result of
struggle in the Congress
a
important victory for the people of the United States—a lost
battle which
won a war.
In
another, during the session of this Congress, the ends—the real
objectives—sought in the message have been substantially attained.
Its recent decisions are eloquent testimony of
in litigation
interests
cases
involving the constitutionality of Federal statutes; and
as
to its constitutionality.
retire at the age of seventy
now
ber of additional judgships
of cases, and greater
willing¬
single
no
on
They demanded "restoration of confidence" last
rid of
after ten years' service;
substantial
a
num¬
flexibility has been added to the Federal judicial system
responsibility
to
a
a year, a
or even a
by the inescapable
and
ment
to it.
two
gov¬
and some of my associates have considered that I
money,
purpose
and
govern¬
The second is sincere respect
chance to
a
save
an easy
Presidency for four
cratic platform too seriously.
They told
me
years, and not
that people
through political effort and would
minority which, in spite of its
were
a
Congress.
days of the
war
getting
oppose
peace—peace at any
Never before have
was
Congressmen
had
we
so many
been
as
Fifty
filled
on
their
price.
My faith in the Amer¬
I congrat¬
our
economic situation.
It makes
whether you call it a recession or a depression.
income of all the
What I
am
going to say to
With each succeeding
it had risen to 70 billion
no
difference to
Democratic,
other.
Farmer-Labor,
Republican,
year
it
dollars—despite definitely
rose.
hope that everybody affiliated with
primaries, and that
worse
business and agri¬
This
estimate,
an
income will not fall below 60 billion dollars.
ing and business and farming
are not
we
year,
1938, while
We remember also that bank¬
falling apart like the one-hoss shay,
of Leaders of Private Enterprise, Labor and Government
Last year mistakes were made by the leaders of private
enterprise,
the leaders of labor and by the leaders of government—all three.
by
Last year the leaders of private enterprise
pleaded for a sudden curtail¬
public spending and said they would take
up
the slack.
made the mistake of increasing their inventories too fast and
of their
But they
setting
or more
national parties
in their
principles and aims as
of
going too far.
They
were
frightened many well-wishing people.
fc
a
healthy choice
which merely have different
peas
names
but
alike
are as
in the same pod.
Declares in Behalf of Liberal Candidates
schools
two
of
thought,
generally classified
as
liberal
and
conservative.
new
conditions throughout the world call for new remedies.
Those of
hew
us
remedies
solve
our
in America who hold to this school of thought, insist that these
be
can
our
adopted and successfully maintained in this country
present form of government if we use government
of cooperation
to provide these remedies.
torium
as
an instru¬
We believe that
we
can
problems through continuing effort, through democratic processes
instead of Fascism or Communism.
on
We
opposed to the kind of
are
mora¬
reform which, in effect, is reaction itself.
Be it clearly understood, however, that when I use the word "liberal,"
I
mean
the believer in progressive principles of democratic, representative
government and not the wild man who, in effect, leans in the direction of
Communism, for that is just
as dangerous as
Fascism.
The opposing or conservative school of thought, as a general
proposition,
to meet these new
vate
problems.
Government itself to step in and take action
It believes that individual initiative and pri¬
we ought to repeal many of the
philanthropy will solve them—that
things
we have done and go
back, for instance, to the old gold standard,
stop all this business of old-age pensions and unemployment insurance,
repeal the
Securities and Exchange Act,
not
wise
or
let monopolies thrive
checked—return, in effect, to the kind of government
ties.
we had in
the
un¬
Twen¬
■
Assuming the mental capacity of all the candidates, the important
tion which it
seems
to me the
primary voter must ask is this:
of these general schools of thought does the candidate
As President of the United
States, I
am not
try to vote for Democrats next November
members of any other party.
Nor
am
I,
as
asking the voters of the
as
ques¬
"To which
belong?"
coun¬
opposed to Republicans, or
President, taking part in Demo¬
in
using methods which
Party; however, charged with the
respon¬
sibility of carrying out the definitely liberal declaration of principles set
forth in the 1936 Democratic platform, I feel that I have
every right to
speak in those few instances where there
didates for
a
a
may
be
a
clear issue between
can¬
Democratic nomination involving these principles or involving
clear misuse of my own name.
Do not misunderstand
in
They asked employers not only to
bargain with them but to put up with jurisdictional disputes at the same
time,
That makes for
In the coming primaries in all parties, there will be many clashes between
many
prices too high for their goods to sell.
Some labor leaders, goaded by decades of oppression of labor, made the
mistake
any
such voter will consider the fundamental princi¬
every
As the head of the Democratic
ment of
or
cratic primaries.
they did in the terrible winter of 1932-1933.
Mistakes
Socialist,
party will vote in the
ber.
hope that the national
than give
any
between the candidates of the opposing parties on Election Day in Novem¬
Last year, 1937,
it is too
more
principle in all parties—
Progressive,
Let that be clearly understood.
It is my
me
In 1932 the total national
cultural prices in the last four months of last year.
early to do
tonight does not relate to the primaries
you
of any particular political party, but to matters of
or
people in the country had reached the low point of 38 billion
dollars in that year.
as
who made out the party slates.
room
or
staying power.
won
generally made in convention—
The direct primary was invented to make the nominating process a more
does not recognize the need for
ulate the Congress and the leadership thereof, and I congratulate the Ameri¬
people
were
demoractic one—to give the party voters themselves a chance to pick theit
fight, let the Nation remain split in two and return to
This Congress has ended on the side of the people.
One word about
nominations
years ago party
system typified in the public imagination by a little group in a smoke-
in
Copper¬
the Copperheads who, in the
ican people—and their faith in themselves—have been justified.
can
k
about the coming political primaries.
that small
between the States, tried their best to make Lincoln and his
up the
help
more
Political Primaries
weary
concerted campaign of defeatism
heads—and you will remember that it
Congress give
get—and I see signs of getting
can
who have fought against progress with tooth and
And now, following out this line of thought, I want to say a few words
ment
longer
thrown at the heads of the President and Senators and
of this 75th
In simple frankness and in simple
trying to solve them.
'
under
the Government of the United States.
lifetime has such
our
no
take the Demo¬
disastrous leadership in 1929, is always
own
eager to resume its control over
case
on
nail.
Increasing number of politically—and worldly—wise people that I should
the
keep
Roughly speaking, the liberal school of thought recognizes that the
and rise.
After the election of 1936 I was told, and the Congress was told, by an
Never in
business and agricultural and social
our
An election cannot give a country a firm sense of direction if it has two
1932, continue to
for the need of all at the bottom to get work—and through work to get a
of reform
solving
honesty, I need all the help I
in the future from many
and in apportioning and paying individual and
really fair share of the good things of life, and
along, enjoy
to
problems.
problems that I believe the great majority of you want your own Govern¬
the American people.
corporate taxes according to ability to pay.
coast
own
have made in finally
we
day just because
requisites of private enterprise, and the relationship of
people's
It is
It is because you are not satisfied, and I am not satisfied, with the progress
The first is complete honesty at the top in looking after the
of other
over¬
willing to talk cooperation instead.
of the American people do have confidence in them¬
ples for which his party is on record.
still convinced that the American people, since
on
that
pace of this modern
mistakenly sentimental judgment as to the tenacity of
am
Insist
use
problems,
month
6.
the general level of intelligence of
I
are now
mass
selves—have confidence in their ability, with the aid of Government,
response to
live.
Some of my opponents
have
beginning today to realize that that hand has been
are
party candidates.
Congress has been its
continuing
meet
holiday of
few people are tired or frightened
we
when the automo¬
year
belief that many of these people who have been crying aloud for
belief that the
my
have been created in order to expedite the trial
The Congress has understood that under modern conditions government has a
world in which
coun¬
automobile surplus and has shut down its factories as a result.
an
It is my
"confidence"
may
the devotion of the American people to a course of sane consistent liberalism.
a
were
bile industry was running three shifts, and turning out more cars than the
a
Justices of the Supreme Court
Another indirect accomplishment of this
ernment cannot take a
were
excessive crops.
his sole
by allowing judges to be assigned to congested districts.
continuing
confidence" when the banks
between private parties involving the constitu¬
judge is any longer empowered to suspend a Federal statute
judgment
having what they called
They demanded "restoration of confidence" when droughts hit the
tionality of Federal statutes, and to appeal directly to the Supreme Court in
all
admit
to work.
The Government has been granted the right to protect
democracy work.
its
a
with the two other branches of government to make
to collaborate
ness
going
were
thronging the streets—and again when the hungry people were fed and put
ment to
The attitude of the Supreme Court towards constitutional questions is
entirely changed.
whether things
They demanded "restoration of confidence" when hungry people
solve their
dealing with the real need of Federal Court reforms of several kinds.
or
something, to restore confi¬
of people in this country, with
closed—and again when the banks were reopened.
You will remember that on Feb. 5, 1937,1 sent a message to the Congress
one way
before they would
of view
point
These people demanded "restoration of
played, and that they
On another important
group
country could buy—and again this year when the industry is trying to get
8. Because of increasing armaments in other nations and an international
situation which is definitely disturbing to all of us, the Congress has au¬
thorized important
and our people.
articulate
try—and again now, when our fields are laden with bounteous yields and
of every section, are essentially one.
every group,
very
"confidence."
economic system.
fronts at once
a
going badly, on the ground that they required more concessions to
or
their
kind by private enter¬
I call our program for the national defense of
All these things together
our
production of
There is
plenty of ability to procure publicity for their views, who have consistently
The Congress has
tion Administration,
single week has passed without a cry
a
■.
provided additional funds for the Works Progress
Administration, the Public Works Administration, the Rural Electrifica¬
7
1933, down, not
refused to cooperate with the mass of the people,
loans where the Government, through
fisk
this year.
necessary
from the opposition "to do something, to say
finance large-scale slum clearance
which will replace a great
Government spending which the failure of cooperation made
part of the
coordinated the supervision of commercial aviation
by establishing a new Civil Aeronautics Authority; and it has
The Congress has
and air mail
which would further reduce
purchasing power.
the together with scientific progress, individual initiative, opportunities
{jrofits,little fellow, fair prices, decent wages and continuing employment.
4.
Such cooperation on the part of both of them will be very
Certainly at this stage there should be a united stand on
me.
a
me.
I certainly would not indicate a preference
State primary merely because a candidate, otherwise liberal in outlook,
had conscientiously differed with me on any single issue.
more
day problems and his
in
a
I should be far
concerned about the general attitude of a candidate toward
present-
practical
way.
own
inward desire to get practical needs attended to
We all know that progress may be blocked by out¬
spoken reactionaries and also by those who say "yes" to
a
progressive objec-
Volume
Financial
147
tiye but who always find
some reason to oppose any specific proposal
I call that type of candidate a "yes, but" fellow.
gain that objective.
And I
concerned about the attitude of
am
a
candidate
with respect to the rights of American citizens to assemble
express
publicly their views and opinions
issues.
There
can
be
on
or
to
peaceably and to
important social and economic
constitutional democracy in any community which
no
tion of
Election Day.
tack and
a
By "blows" I
appeals to prejudice.
lot of
mean
blows struck between now
misrepresentations, personal at¬
mean
It would be
a
In nine
cases
out of ten the
blows, hurts himself
The Chinese have
midst of
struck.
that
a
1.
a
coolies
Chinese
his ideas have
friend replied:
"The
being
who strikes first admits
man
be¬
used
wnen
as
prescribed
the label; against
on
law
new
that the American public will be protected
means
cosmetics such
2.
differs from the present law are:
measure
jurisdiction over all cosmetics except toilet soaps.
nas
have
against dangerous
eyelash dyes that have been known to
as
Brings tneraputic devices under control.
been
made
for
devices such
blindness.
cause
In the past, many curative
electric belts
as
which
have
no
value.
3.
Regulates
underweight
drugs
intended
overweight,
or
for
diagnosing
otherwise
or
illness
affecting
for
or
bodily
remedying
structure
or
Included in this group are the so-called "slenderizers," many of
which have caused blindness and death.
4.
Requres adequate testing of new drugs for safety before they
the
on
market.
nearly
The elixir
100 persons last
of sulfanilamide
which
caused the
put
are
of
death
emphasized dramatically the need for this
year
provision.
given out."
I know that neither in the
This
arguing heatedly in the
were
A stranger expressed surprise that no blows were
crowd.
His
opponent.
Chinese
from the
year
Comparison With Old Law
The
function.
story on this—a story based on three or four thousand
of civilization: Two
years
one
been tested; against drugs which are
nave
Important respects in which the
speaker or writer, who, seek¬
descends from calm argument to unfair
more than his
consumer
—^
claims
I hope the liberal candidates will confine themselves to argument and not
ing to influence public opinion,
drugs before they
dangerous to the
lot better, of course, if cam¬
paigns everywhere could be waged with arguments instead of blows.
resort to blows.
new
effective
Certain provisions, however,
These include pronibitions against introduc¬
cosmetics which may be injurious to users.
This being a free country, with freedom of expression—especially with
and
effective immediately.
come
The
American people will not be deceived by anyone who attempts to suppress
individual liberty under the pretense of patriotism.
freedom of the press—there will be
47
General provisions of tne new law become
date of its signature by the President.
his sponsors
denies to the individual his freedom to speak and worship as he wishes.
Chronicle
5. Provides
primaries nor in the November elec¬
summer
tions will the American voters fail to spot
the candidate whose ideas have
Tne old law
given out.
for
of definitions
promulgation
contained
such authority
no
that definitions
means
and
standards
foods.
for
except for canned foods.
and standards which
under
This
tne old law were
not
b nding, but merely advisory, will now have legal force and effect.
President
Roosevelt
Signs So-Called Wage and
ments,"—the so-called wage and hour bill.
the
on
recorded
measure was
Final Congres¬
on
June 14, when
both the Senate and House
the
compromise
House
measure
Conferees.
adopted the report embodying
worked out by the Senate and
This action
was
noted in
our
issue of
June 18, page 3884, in which was given
details of the new
legislation. The law goes into effect 120 days after its ap¬
proval by the President. It provides for the creation in the
Department of Labor of a Wage and Hour Division, to be
under the direction of
salary of $10,000
vices
the
to
a
New
an
6.
Administrator, who is to receive
a
From Washington June 27, ad¬
York "Herald Tribune", we take the
year.
following:
Under the old law the maximum
Under the new Act
be punished with a fine of $100 or one year
first offense may
a
imprisonment
subsequent offenses under the old law the maximum fine
imprisonment
year
to
maximum
a
for
first
of
offenses
both.
or
$10,000
or
the
where
imprisonment
or
7. Provides
or
For
botn.
$300
was
or
one
Under the new law this penalty is increased
three years' imprisonment
finds
court
intent to violate the Act maximum
evidence
or
of fraud
both.
or
Even
deliberate
penalties are $10,000 fine or three years'
both.
Federal courts
authority for
violations by
to restrain
in¬
junctions.
8.
Eliminates
necessity for proving
patent medicines.
Under the
fraudulent intent
in the labels
law any such medicine proved
new
of
be
to
worthless may be removed from the market.
9.
Requires drugs intended for
by man to bear labels warning against
use
nabit formation if they contain any of a list of narcotic or
forming substances,
hypnotic nabit
derivative of any such substance which
or any
possesses
the same properties.
10.
Falls Short of Original Plan
Violations
Increases penalties for violations.
fine for the first offense was $200.
On June 25, President Roosevelt signed the bill "to pro¬
vide for the establishment of fair labor standards in employ¬
sional action
Penalties for
Hour
Bill
Requires the labels
of non-official
(those
drugs
not listed in
the
pharmacopoeias and formulary) to list active ingredients, and in addition,
The measure, for which the President personally fought despite repeated
to show the
quantity
proportion of certain specified substances.
or
defeats in the House, falls considerably short of the aims of the original legis¬
lation recommended last year.
It does write back into law, however, the
principle of Federal establishment of wage and hour standards for industry,
which
was
decision
first undertaken in the NRA and erased by the Supreme
declaring that plan unconstitutional.
subjected to
The
wage
program
aims at
a
That the
new act
House
will be
industry in seven years.
however,
and
provides machinery
flexibility, insisted
upon
It approaches those goals gradually,
permitting a
considerable amount of
differentials, will be set at 25 cents
an
hour for all affected industries oper¬
ating in interstate commerce as soon as the act becomes effective.
That
rigid standard will be raised to 30 cents after one year.
Shortly before the adjournment of Congress
and
the second year and
40 hours thereafter.
Foreign Commerce Committee,
the bill
on
Considerable latitude for the making of exceptions is allowed, however,
in the act.
Food and Drug Bill—Amends
Wiley Law of 1906
signing of the food and drug bill by President Roose¬
made known on June 27 in press advices from Wash¬
was
ington.
The completion of congressional action on the bill
was reported
in our June 18 issue, page 3887.
The bill
amends the Wiley food and drug act of 1906.
Secretary of
Agriculture Wallace is said to have described the new law
as "a great step forward in the protection of the American
public."
He is likewise quoted as saying "it broadens the scope of
the old law and, in many respects, re-enforces those pro¬
visions which have stood the test of time."
Act will "stand
He asserts that
legislative monument to the
memory of Senator Royal S. Copeland of New York, who
fought for a really effective measure throughout the fiveyear struggle over revision of the Act of 1906."
Senator Copeland, who was joint author of the CopelandLea pure food law, died on June 17, induced it was said by
overwork during the closing days of the 75th Congress.
In
Washington advices, June 27, from Washington Secretary
Wallace was quoted as saying:
as
a
Because of the five-year struggle to get the new
many persons are
confused
as
of which contained
bill tnrough Congress,
Trade
Federal
While the bill is not
perfect, the conference committee corrected principal points of difference
recommend that the President
From the
same
tive requirements
advices We also take the following:
farther than tne old law in that it contains posi¬
for informative labeling in the interest of consumers in
addition to negative prohibitions against
statute.
F.
Clarence
The
21
June
known
Lea, in which it
the
as
Federal
the
Trade
bill by Repre¬
indicated that
was
"the subcommittee invites constructive criticism of this pro¬
of aiding the committee to
and effective legislation on this subject in
the next session of Congress."
Representative Lea was also
reported to the following effect by the Commission:
Lea
Mr.
that
stated
the
disclosed
evidence
fiber used by wool manufacturing
that
about
50%
the
of
industries in this country is other
than
virgin wool.
The
total
weight
the
of
used
fibers
other
production.
The
annually
substitute
The
not
in
materials
annual
our
wool
wool
equals about 50% of the
used
new
wool
Ordinarily the reworked wool and
distinguishable by the average purchaser.
country.
this
are
not
failure to make proper
disclosure of their presence in fabrics operates
only to the deception of the consumer, but also to the very substantial
reduction of
Mr.
the American
The intending
producers' market for new wool.
do not get the kind of fabric they think they are buying.
purchasers
the
reworked
amount of
produced
equals
'
Lea
states
situation
the subcommittee
that
remedial
for
calls
was
action
unanimous
to
protect
in
the
believing
that
consumer;
to
protect the market that belongs to the American wool grower, and to give
wool manufacturers protection against these
legitimate
unfair competitive
methods.
Mr. Lea, "is to write supple¬
mental legislation that is practicable from an administrative standpoint,
and that will accomplish these purposes without unwarranted hardship to
"The
for the committee,"
problem
said
legitimate industry.
"It will not be the
fiber
particular
not
a
purpose
of the legislation to prohibit the use of any
relative merit of any fiber.
determine the
to
nor
It is
question of determining what the purchaser shall buy but simply to
"The
position to use his own judgment.
general
require the
plan
of
legislation
which
label to give proper information
the administration of
the law to the Federal
seems
most
desirable
is
to
to the consumer, and leave
Trade Commission procedure.
could be permtited, and there
flexibility in administration and to
avoid the undue hardship that might attend rigid, arbitrary requirements.
Practices calculated to deceive the purchaser should be restrained.
Penalties
should be provided in cases'where there are clear evidences of a purpose
Under
this
practice reasonable
would be suitable
sign tne bill.
The new Act goes mucn
On
bill.
Commission made public a statement on the
versions of the bill, some
provisions wholly unsatisfactory.
in such fashion that I could wholeheartedly
Commission, and is also
"Truth-in-Fabrics"
put him in
to its merits.
This is not surprising, as there nave been many
John A. Martin of Colorado.
posed legislation with a view
President Roosevelt Signs
new
subcommittee
as
revised measure worked out after conference with
a
write practical
the
acted
commonly called "The Wool Labeling Bill," in¬
troduced by Congressman
sentative
in the administrative set-up provided
The
subcommit¬
a
Congressman Lea, Chairman of the Interstate
Chairman, made a favorable report to the main committee
the
universal "ceiling" for the standard work-week will be estab¬
lished at 44 hours the first year, to be decreased to 42 in
velt
So-Called
Sub-Committee, Which Invites Views Prior
Session—Bill Passed by Senate
tee of which
bill is
"Ceiling" for Hours
a
or
by Southern and other opponents in Congress.
The universal "floor" for wages, without provision for sectional or other
Similarly,
Wool Labeling Bill
on
Next
to
national standard of a minimum
of 40 cents an hour and a maximum work-week of 40 hours, to be at¬
tained in
by Congress
"Truth-in-Fabrics" Measure—Favorable Report by
similar test is taken for granted.
a
wage-hour
new
Action
Court's
to
mislabeling contained in the old
defraud
The
or
tolerances
discretion to permit
deceive."
pending bill, H. R. 10884, has these general purposes in view.
Tne new Act amplifies and strengthens the provisions designed to
safeguard public health and prevent deception, and extends the scope of
the law to include cosmetics, therapeutic devices, and certain drugs that
now escape
regulation.
On June 13
a
similar bill, sponsored by Senator
passed the Senate.
of
the
National
Schwartz,
Early in May, Arthur Besse, President
Association
of
Wool
Manufacturers,
ap-
Financial
48
peared before the subcommittee of the House Interstate and
Foreign Commerce Committee in opposition to the measure,
at which time he was reported as saying that since there
are
no
laboratory tests for distinguishing between virgin
wool and reworked wool fiber in a fabric, then there can
be
enforcement, and there can be no advantage to the
no
in
consumer
to make a distinction.
He was
follows in Washington advices (May 4)
attempting
further reported as
He
than prevent fraud,
because of the difficulty of enforcement.
The essence of the Association's
opposition, Mr.
Besse declared, lies in the lack of advantage to the
consumer.
There are so many grades of both new wool and reworked
wool that "a virgin wool designation means little or nothing," he said.
Senator
the
that
the bill
that
charged
Besse and Mr.
rather
promote
Senate
stating in the
alone
who
witnesses
separate classification
Mr.
would
Schwartz, in
two
of reclaimed
Fox
June
on
objected
have
shoddy,
wool or
of the National Retail Dry
13
the
to
were
Goods
Senator Schwartz added that two amendments
Association.
offered by Mr.
Fox had been incorporated in the bill.
mended
"A
Authorized in Resolution Passed
of United States
by Congress and
number
committee
theories of
its
in
Resolved,
&c.,
That
there is
hereby
(hereinafter referred to
of three Senators, to be
established
the
as
joint Congressional
a
"committee")
to
be composed
appointed by the President of the Senate, and three
attempt
allocation
cost
to
reach
should
be
House of Representatives.
"All
reasonable
method
involves
on
possibilities
assigned
A vacancy in the committee shall not
The committee shall select
ment.
Sec. 2.
as
"Of
of the phosphate resources of the United
particular reference to
agriculture,
(2)
the
(1) the
domestic
States, with
and service of phosphate to American
use
consumption
and
of
exports
phosphate,
(3) the adequacy of the supply of phosphate in the United States, (4) the
development of phosphate deposits in the Western States, and (5) methods
of conserving the phosphate resources of the United States, to the end that
there may
be insured
a
continuous supply of phosphate to meet the present
and future needs of agriculture in
shall report to
rebuilding soil fertility.
The committee
the Senate and the House of Representatives, on
before
or
Feb. 15, 1939, the results of its study and investigation, together with such
recommendations
Sec. 3.
as
it deems advisable.
The committee, or any subcommittee thereof, shall have power
to hold hearings and to sit and act at such
subpoena
places and times; to require by
otherwise the attendance of such witnesses and the production
or
of such books, papers, and documents; to administer such oaths; to take
such testimony; to have such printing and binding done; and to make such
expenditures
as
signature of the
it deems advisable.
Subpoenas shall be issued under the
chairman of the committee and shall be served by any
person
designated by him.
of the
Revised Statutes shall apply in case of any failure of any witness
to
comply with
any
The provisions of Sections 102 to 104, inclusive,
subpoena,
shall not exceed
to testify when summoned,
or
thority of this joint resolution.
The
expenses
of the
under
of
allocating
assumptions
the
au¬
$10,000, shall be paid one-half from the contingent fund
the
cannot
total investment
be
is
of
one
that
determined
judgment
Haroourt
Roosevelt
Sec.
The
4.
committee shall have power to
employ and fix the com¬
in the
it deems necessary
as
performance of its duties, but the compensation
exceed
the
compensation fixed
under
amended, for comparable duties.
the services,
the
so
Classification
A.
that
three
by
Morgan,
Policy,
the
the
of
order
in
1923,
engineers'
the
a
Authority's
power
agencies of the executive branch of the Government.
any
to
allocated
to
of
46-page
the
•President
on Financial Organization
Congress Shows Investment of $94,125,671
Roosevelt
June
on
of
the
16
sent
Tennessee
to
Congress
cost
Valley
Authority,
recommending that $49,360,170, or 52% of the $94,125,671
investment in the Wilson, Norris and Wheeler
dams, the
keystone of
be
the
government's
"yardstick"
utility
program,
allocated
to power.
The TVA pointed out that in its
completed projects the investment subject to alloca¬
three
tion
is
$30,120,009 for Wilson dam, $31,532,120 for Norris
dam, and $32,473,542 for Wheeler dam, representing the
construction cost of the Wheeler and Norris
projects and
the "present value" of the Wilson
project, it was noted in
Washington advices, June 16, to the New York "Journal of
Commerce,"
From Washington accounts (June 16)
York "Herald Tribune" we take the following:
New
Board's recommendations
The
dams
1.
The
Wilson
Of
clusively
total
allocation is
investment
in
$94,125,671, divided
$30,120,009; Norris
$94,125,671.
dam,
allocations
for
total
single
power,
of
$94,125,671,
purposes
of
Deducting the total of
the
that
investments
in
total,
sums
from the total of $94,125,671,
Wheeler
■
three
will
be
which
the
sufficient
depreciation
facilities
tion,
flood control and generation of electricitv.
the joint investment,
or
$32,-
installed
allocated
The
for
and
to
3%
normal
cover
interest
expenditure,
all
President
to
Committee
stated:
"The
reasonable
capacity
the
of
the
on
years
problem
to
the
of
costs
of
investment
the entire invest¬
navigation and flood control.
Conclusions
to
will
returns
be
sufficient
and
navigation
Financial
Policy
costs
the
of
power
Chairman;
T.
B. Baker,
to
...
drew
which
Hohler,
Power
all
cover
flood control."
Committee
recommendations
Water Control
to
in addition, a large share of the investment which may be
President's
up
Congress,
the report,
was
Chief Engineer;
the
basis
composed of E.
S. M.
Woodward,
L.
Chief
Planning Engineer; W. O. Fitts, Solicitor; J. A. Krug, Chief
Planning
Engineer,
and
Paul
Ager,
W.
Chief
Officer,
Budget
Secretary.
♦
Increase
WPA
in
Wage Scale in Southern States
by Administrator Hopkins at Direction
Announced
of President
Wage increases ranging from $4 to $11 per month for some
Works Progress Administration workers in 13
Southern States were announced on June 26 by WPA
Administrator Harry L. Hopkins—the greater advances
being granted, it is said, to intermediate and unskilled
workers in Kentucky and Oklahoma.
The other States
affected, it is stated, are North Carolina, South Carolina,
Virginia, Florida, Arkansas, Alabama, Georgia, Louisiana,
Tennessee, Mississippi and Texas.
The action taken, a
WPA announcement is reported as saying, was in accordance
with "a general Administration policy of bringing income
levels of lowest paid workers of the South more nearly in
line with income levels of such workers in other parts of the
country."
The move is interpreted as another Administration effort
to bring about private industry wage increases in that sec¬
tion, preceding administration of the new wages and hours
law, said Washington advices June 26 to the New York
"Journal of Commerce," which, in part, also stated:
500,000
"This wage scale means that no one who works in the WPA will receive
than $1 per day in any region," the relief administrator declared.
ess
"
We have felt for
some
time that
our
security wages in certain areas of
and decency and did not bear sufficient realistic relationship to the actual
cost of
living.
500,000 Workers Benefit
"The
minimum
new
wage
rates created
for these 500,000 workers re¬
ceiving the lowest monthly security wages,
judgment, give these people something
wnile still inadequate in my
to
nearer
business, this is
67.5%.
income which will
beginnings of
an upturn
particularly advantageous time to accelerate that
a
While they are generally
the
directed to wages for unskilled labor, in four of
Virginia and North Carolina,
Oklahoma and Kentucky and
States,
adjustments were made in the monthly security wages of all WPA workers.
Previous
official
to
announcement
by
Administrator
Lasser, President, Workers Alliance, released
a
Hopkins,
David
statement that the action
would be taken in response to demands by that organization.
The Workers
Alliance President also stated tnat Aubrey Williams, WPA deputy adminis¬
trator, had informed him that the $1,000
WPA
collar
schedmed for
projects
June
on
white
30, nad been rescinded.
Mr.
man-year
limitation
Lasser estimated the limitation would have resulted in wage cuts
of 20%
for that type of relief work.
New Rate for
The
New York
Hopkins announcement did not bear this statement out, however,
although it did reveal
new
a
rate of $98.70 per
month for
professional and technical WPA workers in New York City.
that tne increase over tne $94
areas was
made
to
on
Barkley is
up
was
stated
the basis of higher living costs in the city.
WPA
in
advanced
higher paid
It
monthly wage for this class in other Northern
wages
in
Kentucky and Oklahoma ranged from $4
$6 above the raises in the rest of the Southern States.
for this
by WPA.
It is recalled,
No explanation
however,
that
Senator
for re-election in the former State.
♦
Commerce Report Shows Decline of
American Direct
Investments Abroad
Department
10%
of
in
Between
End
for naviga¬
an
minimum standard of living.
upturn by creating additional purchasing power in the lower brackets."
ex¬
exclusively for single pur¬
common
letter
appears
addition, to return in 30
the
navigation,
there remains $63,482,506, or
represents
projects
dam,
a
allocations,
from
derived
revenues
in
for
basis
a
The
...
of the Authority's
basis
on
follows:
•
control, $2,600,000;
$30,634,165.
invested
as
is the
purpose
the normal
financial
Increases
the
completed
the three
among
This
three
Flood
are:
$23,967,177;
the
$31,532,120;
'
total,
the
$4,075,988;
3.
and
one
obviously only tentative conclusions
from
operation and,
was
Authority's
dam,
473,542;
poses
valuations
to the
follow:
subject to
2.
on
dependent
are now
possible regarding
capacity of the ultimate 10-dam system authorized
by Congress for construction or investigation, preliminary studies indicate
in
52% of Costs of Three Dams Be Allocated
statistics
necessarily
is
measurement.
TVA,
report
the
Tentative
"While
revenues
assure a
Power—First Report
allocation
which
calculation."
"We have also believed that with the apparent
Sent to
of
result.
a
multipurpose projects, the
with
of
scientific
Chairman
estimate,
including
.
unit
common
than
the
completed projects
operation,
as
The committee is authorized to utilize
information, facilities, and personnel of the departments and
TVA Suggests
the
reach
to
investment
formulation
be associated
explaining
fixed shall not
Act
the
the country were based on a standard of living below the levels of health
by the chairman of the committee.
pensation of such officers, experts, and employees
of
individuals.
in
can
rather
accompanying
Financial
on
of the Senate and one-half from the contingent fund of the House of
Repre¬
sentatives upon vouchers approved
shares
functions,"
various
plant
common
and estimates
only definite portion
which
committee,
35%;
cost made necessary by the inclusion of that purpose.
Whether the
required additional expenditure is warranted is a question of policy necessi¬
tating the consideration of many factors the relative importance of which
chairman from among its members.
a
recom¬
or
added
the original appoint¬
It shall be the duty of the committee to make a thorough study
and investigation
is
carefully by the
the
to
as
the
to
explored
were
widely varying opinions of
affect the power of the remaining members to execute the functions of the
committee and shall be filled in the same manner
studied
were
conclusion
a
Members of the House of Representatives, to be appointed by the Speaker
of the
$63,482,506
of
navigation, $22,218,877,
committee states.
ment
adequacy and the use of phos¬
phate resources of the United States is authorized under a
resolution passed by the Senate on June 13 and the House
on
June 14.
The signing of the.resolution by President
Roosevelt was announced on June 16.
The appointment
of a committee to study phosphate resources was recom¬
mended by the President in a message to Congress on May
20, referred to in our issue of May 21, page 3272.
The
resolution, as passed by Congress and signed by the Presi¬
dent, follows:
25%;
or
40%.
or
investment that
expenditure
follows:
as
allocated to power and, in
Signed by President
common
of
An investigation as to the
committee
or
control, $15,870,627,
$25,393,002,
power,
joint
July 2, 1938
investment
for allocation
Flood
us,
Resources
Phosphate
into
joint
Authority's
+
Inquiry
The
Every
York "Times":
to the New
Chronicle
of
1929
1936
and
1936—Total
American private investments
10% from
on
1929
to
Investments
at
$6,691,000,000
the end
abroad dropped more than
of 1936,
according to a report
June 19 by the Department of Commerce, which revealed
Volume
Financial
147
that direct private investments of American individuals and
for
companies in foreign enterprises and properties at the end
was
by municipalities which are close to their debt limit
strongly condemned in the report, which said:
use
of 1936
totaled $0,691,000,000 as compared
with $7,528,000,000 at the end of 1929. The report stressed that Amer¬
opinion
ican
evasion of State
direct
investments
at
sub¬
stantial value, despite conditions in many foreign countries
which have been markedly unfavorable for years.
It is
pointed out that American investments in foreign dollar
bonds and other "non-controlling" holdings of foreign securi¬
ties which amount to about $4,2194,000,000 are not included
in
the
present estimate.
The report is based on the
exhaustive survey in which American corporations cooper¬
ated
generously.
It was prepared by Paul D. Dickens,
Finance Division, Bureau of Foreign and Domestic Com¬
present
represent
the
for
other geographic
any
the report,
A
area.
part:
totak
$111,000,000;
the
Asia,
$416,000,000;
Oceania,
Cuba,
large
very
1929,
was
industry.
sugar
Chile,
in
entirely by the decrease in the value of investments
almost
for
agricultural groups.
The
from $919,000,000 in
utility and
public
investments
the
in
accounted
$479,000,000,
with
third
were
and
mining and smelting enterprises comprised the principal group of
United
Kingdom
was
fifth,
with
American
direct
investments
in
country totaling $474,000,000, over half of which were in the manu¬
facturing field.
foreign investments in public utility and transportation enter¬
American
amounting to $1,640,000,000, were larger at the end of 1936 than
prises,
in
investments
industrial
other
any
Such
group.
amounted
and
Canada
Europe.
branch
material
of
investments were con¬
Investments in manufacturing
were
largely concentrated in
the Western Hemisphere.
to
$1,441,000,000 and
largely to
interests
in the raw
industry, with investments of $1,075,000,000 in .petro¬
The
remaining important
groups
were
$480,000,000 in agri¬
cultural properties.
Petroleum lands in Venezuela, Mexico and Colombia;
copper mines in
Chile, Peru, Mexico and Canada, and sugar and banana
plantations in Cuba and Central America, accounted for important parts
totals.
of these
The
1,750
American
the
Whereas
countries.
the
and
investments
About
briefly,
analyzes,
report
direct
and smelting, and
mining
$1,035,000,000 in
leum,
type
the
financial
found
organizations
of
structure
of
the
foreign
Bonds
accounts.
The
corporations have direct investments in foreign
foreign holdings averaged under $4,000,000 per
world
were
and notes
of
analysis
comprised
18.2%; advances and intercompany
the
factors
7.0% of the total.
affecting American direct
investments
in
during the years 1930-36, inclusive, revealed that the
undoubtedly the most important, as shown by the
countries
foreign
depression
was
large number of enterprises that were liquidated or
abandoned during that
foreigners were another cause of substantial reductions.
the other hand, numerous and fairly large new direct invest¬
Sales to
period.
There were, on
while the reinvestment of the earnings of existing enterprises were
ments,
quite large,
particularly in
1934,
1935 and 1936.
be
hoped
this
or
similar
Settlement
in
Tax
Case
of
Late
Andrew
W.
$3,000,000
Claim Started Four Years Ago—No Appeal Clause
Included in Pact
Commissioner of Internal Revenue Guy T. Helvering an¬
nounced on June 21 that, by agreement with representatives
Properties Are Sufficiently Self-Supporting—Atti¬
Advances by PWA
tude Toward Money
The Chamber of Commerce of the State
Mellon, C. D. Marshall and H. H. McClintic
Treasury's announcement, which added:
estate of R. B.
Under decision of the Board of Tax Appeals a deficiency
found in the case of Andrew W. Mellon involving tax
was
this
1931.
decision
of $403,053.85
liability for the
While the Government had under consideration the appeal of
representatives of the estate of the taxpayer conceded the
principal question of law that would have been involved in
such an appeal.
Deficiency in Andrew W. Mellon's tax payment for the calendar year
was
asserted by the Bureau of Internal Revenue
Feb. 12, 1936.
1938.
March 24,
The facts elicited and the precedents set in
great importance to the
result,
1931
Hearing
Board of Tax Appeals began in Pittsburgh on Feb.
1935, and was concluded at Washington on
opinion was
in March, 1934.
18,
The Board's
promulgated Dec. 7, 1937, and the final order was entered on
of the case by the
the Mellon case have been of
Bureau in the determiniation of other cases.
As a
deficiencies have been asserted and collections made in amounts
those involved in this case.
much larger than
The decision of the U.S. Board of Tax
Appeals
on
Dec. 7
exonerating Mr. Mellon of alleged income tax evasion was
noted in these columns Dec. 18, 1937, page 3906.
Strike of
of New York
on
public an interim report from its Committee
on Taxation opposing any amendment to the State constitu¬
tion to exempt further municipal bond issues from the 10 %
debt limitation unless the properties or proposed public
improvements covered were and continued to be sufficiently
self-supporting to take care of all charges.
The report said:
June 28 made
State debt and municipal debt in the City of New York on
The increases in
have been out of all
proportion to tne increase in population, to the value of manufactured
products, increases in wealth, or any otner basis of comparison. It should be
apparent that the cost of Government has reached a point involving serious
the Employees of
the Long Island Lighting
Company Averted
A contract was
signed
on
June 21 by Edward F. Barrett,
Long Island Lighting Company, which
ended the threat of a strike of the 1,400 employees of the
President
of
the
The contract is with the International Brother¬
Workers, an American Federation of
made possible by the intervention
of the State Mediation Board.
The contract had previously
been ratified by the company's board of directors and the
general membership of the six locals of the International
Brotherhood of Electrical Workers immediately concerned.
The main provisions of the contract are taken from the
company.
hood
Electrical
of
Labor affiliate, and was
New York "Times" of June 22:
The
5%
Report of New York State Chamber of Commerce
Opposes Further Exemption of State and Municipal
Bond Issues Beyond 10% Debt Limitation Unless
The growth of
stipulation has been filed with the Board of
Appeals accepting settlement in the amount of $485,809.49, plus interest of approximately $182,220, or a total
payment of approximately $668,000, on account of deficien¬
cies in tax payment by the late Andrew W. Mellon for the
calendar year 1931.
The stipulation, says the Treasury
Department, involves agreement that no appeal in this case
will be taken either by the Government or by the taxpayer.
Action on the same basis has been taken in the cases of the
Tax
agency
♦
as the sole collective bargaining
provides for uniform sick benefits, a
increase for those earning less than 60 cents an hour and a six
agreement
recognizes the union
for mechanical employees and
wage
months' limitation on probationary
periods.
.
Island Lighting Company
at a meeting on June 8, had voted 721 to 71 to go on strike
at midnight June 10 if the union demands for a closed shop
and a minimum wage of $26.00 in the construction depart¬
ment for laborers who were receiving $21.60 for a 44 hour
week were not met.
The Union had also asked to have all
men doing identical work paid the same wages.
The strike
was deferred
when acting Chairman Arthur S. Meyer, of
the State Mediation Board appealed to the International
Brotherhood of Electrical Workers to grant a reasonable
time for study.
The Union agreed to Mr. Myer's proposal
and arranged for a postponement until June 22.
Some 800 members of the Long
capita basis nave been enormous in recent years.
Rail Unions Agree to Wage
debt, interest cnarges and Government expenditures
to
Hazards
curtailment
be
Government
is
made,
credit.
The
time
is
approaching
when, unless
wholesale repudiation will be tne inevitable conse¬
This Chamber believes that possibilities in this direction
quence.
not
Certainly,
reprehensible.
to
among
14.1%, and preferred stock,
accounts,
pa*.
is
enterprises.
several which exceeded $100,000,000.
Most of
the very large foreign interests were in the public utility and raw material
producing industries.
The corporate form of organization was employed
in about 94% of American direct investments in foreign countries at the
end of 1936.
Of the capital invested in those corporations, 47.1% waB
in the form of common stock and an additional 13.6% in net surplus
there
corporation,
a
It
officials.
Mellon—Government Accepts $668,029 on
year
followed by public utilities.
investments,
fined
Government
♦
Final
said the
totaled $484,000,000, and
fourth in value.
In both
investments
direct
American
where
countries
that
respectively.
Direct investments in
order:
West Indies, $753,000,000 ;
$628,000,000 ;
$93,000,000.
Africa,
in
decrease
The
following
value
in
Mexico,
the
Mexico,
foreign direct investments in Cuba amounted to $660,000,000,
to that of Canada.
These investments were largely con¬
American
centrated
the
in
and
America
second
$1,245,000,000,
and
ranked
areas
Central
which followed in order, were
South America and Europe,
for
$1,406,000,000
in
would be highly
Federal laws by private concerns or individuals is roundly
of the taxpayer, a
The
other
by
municipalities to violate their own laws, in the
Committee,
or
The following members of the Committee on Taxation
signed the report: Jesse S. Phillips, Chairman; Frank C.
Belser, Thatcher M. Brown, George H. Coppers, Robert
Louis Hoguet, and James T. Lee.
Copies of the report,
which represents only the opinion of the Committee until it
is acted upon by the Chamber, were sent to members of the
Constitutional Convention at Albany.
of
summary
furnished by the Department of Commerce,
of Foreign and Domestic Commerce, also said, in
report,
Bureau
your
proposals to evade debt limitation laws will never be carried out.
and not only exceeded invest¬
country but were larger than those
other
any
recorded
of
denounced
$1,936,000,000
to
in
ments
Thus to invite State and
of the same
merce, with the assistance of Robert L. Zellman
division.
Direct investments in Canada, says
amounted
very
a
49
Chronicle
enlarged
by
issues which are not
exempting
from the
should
constitutional debt limit bond
self-supporting.<]
Conference
Representatives of the railroad unions and of the manage¬
ments agreed on June 28 to start negotiations in Chicago on
July 20 on the proposal of the railroads to cut wages 15 %.
George M. Harrison, Chairman of the Railway Labor
Executives Association, headed the union delegation, and
H. A. Enochs,
Chairman of the joint conference com¬
mittee of the railroads, headed the management group.
Referring to the proposal to amend the constitution to
enable municipalities to create debt for public housing
Eighteen brotherhoods were represented.
The Pullman
conductors and the train dispatchers are not
affected by the
projects which wall be exempt from constitutional limita¬
tions, the report had the following to say:
is acting
It snould be well recognized by this time
that unbridled municipal com¬
petition with private industry in nousing or other
enterprises will not aid
business recovery
re-employment in private industry upon whicn permanent
depends.
The
proposed plan to have the Public Works Administra¬
Authorities or similar public agencies
tion advance money to
proposal and the Brotherhood of Railway Trainmen
separately.
The railroads ordered the wage reduction effective July 1,
but the present scale will be continued pending the ne¬
gotiations.
Mr. Harrison pointed out that it was not feasible for the
brotherhoods to start negotiations with the managements
on a national scale until the conferences on the individua
wage
Financial
50
railroads between management and the unions had been con¬
cluded and about a third of these meetings were yet to be
Chronicle
who
said
that 820,000 of
bars from benefits all members of tne union
employed at the time of tne strike and who,
were
stoppage of work at the Thompsonville mill was due to a breach of contract
the 900,000 railroad
men
now
by the
in cutting its wage scale 10%.
company
employed were represented by his organizations.
The total
of rail employees, he added, was now the smallest in the
Republic
records of the Interstate Commerce Commission.
Steel
Denied
Appeal
From
at
The way
Busch Jewelry Stores Pending
Judge
Cotillo's
Injunction
Contempt proceedings against pickets charged with violat¬
ing New York Supreme Court Justice Salvatore A Cotillo's
injunction against picketing of the stores of the Busch
Jewelry Company, Inc., were adjourned indefinitely yester¬
day (July 1) by the Supreme Court after the attorney for the
defendants promised to withdraw all pickets until the ruling
of a higher court was obtained on Justice Cotillo's order.
The pickets were paroled in the custody of their attorney,
Harry Sacher.
Justice Cotillo set Sept. 27 as the time
within which the appeal from his ruling must be filed.
Despite the issuance of the injunction on June 28 by
Justice Cotillo against picketing of the retail stores operated
by Busch Jewelry Co., Inc., and its affiliates Busch Kredit
Jewelry Co., Inc., and Klark Kredit Clothes, Inc., members
of United Retail Employees Union, Local 830, and United
Optical Workers Union, Local 208, both affiliated with the
C. I. O., continued to picket.
They were cited for contempt
of court in proceedings brought by the
corporations before
Supreme Court Justice Hammer.
The latter signed a show
Philadelphia,
Board.
The
ing
the
The
and to
case
board
which
the
from
Federal
Norris-La
an opinion
accompanying tne order, Justice Cotillo said the AntiInjunction Act did not prohibit such a decree If the trial court found that
strikers had abused the right to picket.
The unions, he declared, had com¬
mitted "numerous acts of misconduct, some of which are violative of law
and order ^and
distinctly conducive to a breakdown of the public peace."
They also had resorted, the opinion said, to "threats, Intimidation and
coercion
exceeding legal bounds" in attempting to persuade non-striking
employees to Join them.
back
Pittsburgh Newspapers Resume Publication After
Settlement of Strike—Printing Was Suspended for
Nine Days
Settlement of the strike of business office employees of the
"Press" and the Pittsburgh "Sun-Telegraph"
occurred on June 23 when a contract was signed
by the union
Pittsburgh
and the publishers
providing for
increases; it did not,
however, include the original demand for a closed shop.
The strike was called on June 17
by the Newspaper and News
Distributors Office. Workers' Union, an American Federation
of Labor affiliate, after weeks of negotiations for a "union"
or "closed"
shop had failed.
Ten craft unions employed in
the mechanical departments of the
newspapers refused to
pass through the picket lines and forced suspension of publi¬
The newspapers were able to resume
publication
June 26, when the craft unions agreed to return to work
pending arbitration of their demands for payment of salaries
on
during the strike.
Press
Clipping
The plea of Gov. Herbert Lehman of N. Y. State made
June 23, that strikers at the
Amsterdam, N. Y. plants of
the Bigelow-Sanford Carpet Co. and officials of the
company
place their case in the hands of an arbiter, appointed by the
State Board of Mediation, was
accepted by the company
and union two days later in a
joint reply.
An Associated Press
dispatch of June 27 reported that the
employees, who struck seven weeks before in protest against
a
10% wage cut, returned to work that day under the arbi¬
tration plan.
Continuing the dispatch said:
About
tne
was
1,000 workers entered the factory
plant superintendent,
on
the day shift at 7 a. m.»
James Donnelly, reported.
expected to report for the night shift at 4 p. m.
An
No demonstration accompanied the
resumption o f work.
of tne Textile Workers Organizing Committee (C. I.
on
11, were posted at entrances to the plant, nowever, and
applications for union membership to all workers.
May
distributed
The strikers returned to work under
cut
an
agreement to accept the wage
temporarily and to abide by the decision of an arbiter as to whether the
reduction
or
tomorrow
any
by
part of it should be restored.
Arthur
S.
Meyer,
The arbiter will
acting-chairman of the
be appointed
State
Board
of
Mediation.
A
strike
is also in progress at the
company's plant in
Thompsonville, Conn., where a 10% wage cut was ordered
Attempts of strikers there to obtain State unemploy¬
ment compensation were denied
by Unemployment Com¬
pensation Commissioner F. R. Odium on June 21.
The
also.
Hartford "Courant" of the day following said:
the
jurisdiction to restrain
no
based
was
that
on
5,000
dismissed
alleged
employees
with
Bureau
Enters
was
referred to in
Contract
into
with
Henry Romeike, Inc., press clipping bureau of New York
a labor agreement with the United Office and
City, signed
June
23,
union affiliated with the C. I. O.,
York June 27 after having
to New
and returned
days earlier, in
wage contract with its
a
an
effort to evade the issue
employees.
The agreement
was
signed at the offices of the NLRB.
Reporting the
settlement of the dispute, the New
Tribune," in its June 24 issue continued:
The clipping
because
union
bureau
negotiations
A
filed
moved away,
for
renewal
10%
proposed
calletl
both
The
sides
into
with
contract
a
cut
the
was
as
wage
York
locking out 100 of its 125 employees,
of
soon
charges with the NLRB
Hudson River, and Mrs.
the
union
been
had
principal difficulty.
the
as
firm
moved
The
the
across
Elinore M. Herrick, regional director of the NLRB
conferences
which
led
to
settlement.
a
Mr. Wahl said, provides for a modified closed shop,
similar to those in the previous agreement, precluding any
10% pay cut; vacations with pay, sick leave with pay and exclusive bar¬
gaining rights. The question of back pay for the locked-out employees will
new
minimum
remain
contract,
wages
until December,
open
if
the
company
when
they will receive it in their Christmas
afford
can
it,
it
said
was
by
Sidney E.
Cohn,
attorney for the union.
Miss Norma Aronson, organizer, who
first
had
time that
been
a
signed for the union, said it
firm, which did not have
runaway
the
was
contract at the time,
a
brought back to the city.
National Industrial Conference Board Publishes
Report
States,
1935-1937"—Analysis of Social Security Finances
"Cost
on
A
of
Government
the
in
United
and comprehensive report, "Cost of Government in
new
the
United
National
States,
1935-1937,"
has
been
published
by
the
Industrial Conference Board, according to an an¬
issued by the Board on June 22.
A summary
nouncement
of
outstanding
furnished
disclosures resulting from the study
follows by the Conference Board:
expenditures
totaled
approximately $16,900,000,000
as
Governmental
1937
Per
basis
the
on
amounted
to
capita
in
of
The
tax
governmental
collections
of
low
in
1937
1931
$117.09
in
1935
to
at
$10,498,000,000
including
social
for
security
and
at
1936
for
taxes,
1937.
16.5% of national
17.5% in 1935 and 11.0% in 1923.
governments
while the
in
Federal
gross
$36,400,000,000 in
to
debt
has
risen
from
1937.
debt amounted to $429.99 in 1937 compared with the
1929
Federal
amounted
Corporations
in
compared
State
1937,
with
and
ranked
capita
a
from
rose
$277.23
of
with
and
the
figure
pre-war
of
only
receipts
to
from personal
$2,149,000,000,
or
and
corporation
188%
income
than the
more
taxes
depression
$747,000,000 in 1933.
taxes
as
in
have
to
1913.
Combined
low of
estimated
governmental units represented
all
stationary,
Per capita public
in
are
on
June 30, 1937, amounted to
Since 1931 the debt of State and local governments has
almost
$16,800,000,000 in
$59.28
estimated
are
all
compared with
debt
$55,600,000,000.
poet-war
expenditures
$12,300,000,000,
1936
gross
remained
information
1936.
Tax collections of
income in
complete
more
is
$17,047,000,000 in 1936.
approximately
York
O.), which had caUed the
strike
reinstate
to
Professional Workers, a
equal number
Representatives
to
Supreme Court
Workers After Failing to Avoid Issue
Total
Conn.
States
action
ruling of May 31
4, page 3602.
issue of June
$132.73
Bigelow-Sanford Carpet Strikers at Amsterdam, N.Y.
Agree to Arbitration—Strike at Thompsonville,
Today's
case.
The Supreme Court
our
wage
cation.
present record
its
pay.
bonuses,
Two
the
unions and
company-fostered
fruitless.
In
certify
The Labor Board's original order directed Republic to disestablish
"Herald
the
to
to the United
case
ruling.
New York State since the enactment in 1935 of the Anti-
after
force the board
reopening
most
patterned
Appeals
A long series of court dis¬
May 31 ruled that the Circuit Court has
on
NLRB
of
It added:
filed April' 18.
was
finally carried the
summer schedules about to go into effect in the courts.
The New York "Times" of June 29 said that the
injunc¬
tion issued by Justice Cotillo was regarded
by
Act,
of
COUrt.
the
Injunction
Circuit Court
followed in which Republic sought to prevent the board from reopen¬
putes
fled the city ten
Guardia Act.
States
These advices added:
company's petition
The union counsel sought to condone their disregard of the
injunction by the fact that the State Anti-Injunction Law
forbids courts to issue permanent orders against picketing
and that an appeal to a higher court might be
delayed by
attorneys as the
labor dispute in
United
the
dismissed the petition of the corporation for a review of the
order returned against it by the National Labor Relations
order and referred warrants for the arrest of union
members to Justice Cotillo, who issued them.
a
Labor Relations
Board to reopen its order against the Republic Steel Corp.
when on June 27, according to United IPress dispatches from
cause
sweeping restraining order issued in
by
of
opened for the National
was
Order
NLRB
Review of
Appeals
Court
Withdrawal of Pickets
union members,
as
The decision is a denial of the union's claim that
participating in it.
are
held.
He
July 2, 1938
Inferentially his decision
contributed
an
85%
of
$1,057,000,000
of
total
a
increase
compared
with
in
Federal
income
of
168%
$6,619,000,000.
New
1935,
and
1933.
local
collections
tax
first with
compared
a
total
a
with
per
of
in
1936
totaled
$1,196,000,000,
capita
figure
of
representing $92.46 per
$51.54 for the country
whole.
Payments
by the Federal Government to the States reached a total of
1937.
New York ranked first in the amonut received
$3,729,000,000 in
($407,000,000), while Delaware ranked lowest with only $6,000,000.
In 1936 the railroads paid $320,000,000 in taxes and 26 steel companies
paid
$97,000,000.
000,000;
finance
An
trade
In
1935
corporations,
corporations,
analysis of
manufacturing
$354,000,000,
corporations
and
hanking,
paid
$1,315,-
and
insurance
$518,000,000.
Social Security financing in the
re¬
new
port, 'Cost of Government in the United States, 1935-1937,"
by the National Industrial Conference Board, points out
that investments for the old-age reserve account will con¬
tinue
to
increase
over
a
period
of
years
until
approximately $47,000,000,000 is reached in 1980.
a
level
In
a
of
dis-
Volume
cussion
of the effects of this accumulation of reserves the
Conference
This
of
Financial
147
Board
fiscal
debt
gross
of June 30, 1935, or the close
as
Security Act,
by $18.3 billion.
It is $9.7 billion larger than the gross Federal debt on
Dec. 31,
1937.
At the actuarial rate of 3% it will require an annual
interest
$1,410 million,
of
payment
Treasury
borrow
can
entire
regardless of
apples, when they
The
majority
I
sponsibility will do the job.
on
analysis also notes that absorption of the Federal
debt into Treasury-managed funds will not only require a
change in banking policy and credit practices, but will also
in connection with the
problems particularly
Youth in these matters will not brook delay.
In
be
these
present levels conversion of debt
near
or
obliga¬
increase in the
annual interest charge.
Under these conditions there would
be no improvement in the finances of the government, and
the only possible gain would be found in the relative free¬
dom of the Treasury in conducting its public debt transac¬
tions, particularly refunding operations.
The conclusion
reached
rate of 3%
a
an
performs an
in the old-age benefit system, it should be
essential function
of
abandoned in favor
full
the
unless
that
is
may mean
plan
reserve
contingent reserve.
a
which have resulted in plagues elsewhere need not
Table
Viewed
Technique"
Chairman
by
Under
of view"
Exchange
Securities
the
Act
was
the viewpoint expressed
of
1934
we
also have jurisdiction
an
important market for thousands of
of the public.
Last week the Maloney Bill was
the over-the-counter market,
securities in
the hands
by giving the Commission broader
passed which would amend that statute
that market and by permitting brokers and
power over
may
formed by stock exchanges in the exchange
field.
investment bankers known as the Investment
Back of that bill were
Bankers Conference.
of
These
working on a host
of specific problems.
The Commission promulgated rules grounded in
part on the techincal phases of these round table discussions.
And the
Maloney Bill, in part the result of that cooperation, was endorsed not only
round table conferences with the Commission
sat at many
by the Commission but by the Conference group.
example in the SEC
Another
two and one half years
workshop is the current program under
I have mentioned the
of litigation and the change which took place both
Company Act of 1935.
the Public Utility Holding
decision of the Supreme Court on the issue of con¬
before and after the
A new climate of opinion was created
stitutionality in March of this year.
Once more did we adopt a round table
in this 12 billion dollar industry.
Singly and in groups leaders of the industry came to
method.
not
Washington
just to talk but to make specific plans for adapting their companies to
A committee of certain groups in the industry
the standards of the Act.
was
organized to consult and advise with the SEC on
practical problems
under the Act.
,
York Stock Exchange and we have done,
What the New
and
Conference
Bankers
vestment
we
have done, can
what the In¬
be done by other
groups.
The round table technique in
the hands of business is productive; the
political technique in the hands of business is not.
table technique business is
In the
With the political
and democracy
These
They
This
goes
With
charts its way to the broad and open
deeper than the fact that a lawyer is no statesman
economist
politician) just because he has made profits forjhis stockholders.
just because he has won a lot of cases, or that a business man is no
(let alone
a
It strikes at the very basis of our democratic
form of government, for the
will of
Congress.
That does not mean that there are no justiciable issues for the
Supreme Court nor that the decision of agencies like the SEC should be
political technique of business has as its objective negation of the
final
and conclusive.
But it does mean,
in cases like the Public Utility
Holding Company Act, that precious years are lost on
the economic and
problems after Congress has acted.
business
It is the rate of change,
not change itself,
which constitutes the peril.
But a myriad of circum¬
accelerated the rate of change in recent decades.
That rate
Change has always been a fomenting influence.
has
stances
of change is not
only fomenting; it is electrifying.
It, rather than change,
constitutes the challenge.
This is not solely a challenge to government.
and finance
as
well.
In
each
It is a challenge to business
there is an element of trusteeship.
The
Nation. The
in trust In
and above the
powers
which government holds are powers in trust for the
powers
which business and finance hold are likewise powers
many
areas
interest
the law has recognized a public interest over
of investors.
layman's view of the matter.
and finance are so
surpass
But that is not precisely the trusteeship of which
much as I am with
The vast powers held by business
I am not concerned with legal aspects here so
I speak.
the broader,
strategic to the welfare of our whole economy that they
the concern of scattered security holders.
They must be exercised
public interest.
To be used most constructively in
with the view of the
that
solve
manner,
the
they must be employed in
common
partnership with government to
problems of capitalism and democracy.
united front and the
Give us that
solution of the difficulties which lie ahead become easy.
For these reasons the round
from the National point
table technique holds out such great promise
of view.
preserving capitalism,
for humanity.
theoretical
not
are
social
and
matters.
They
are
practical
live,
issues.
created by political forces; they are the convergence of eco¬
are not
nomic
pressures—world
rather
wide
National.
than
Sub¬
political influences abroad capitalized on them and canalized the
versive
energies of youth towards objectives
resourcefulness
and
those
democracy.
The challenge of the day is for
government and business, energized by the spirit of
and through
resources
destructive
Your government is interested in canalizing
energies for the preservation of our in¬
capitalism and democracy.
heritance—capitalism and
youth, to pool their
the round table method to wake into living realities
the broad social reforms which have been achieved.
General
It is the method of making government
Conclusion
Is That
Bottom of Depression
Is
Leonard P. Ayres in Addressing
Graduate School of
Banking—Describes "Pump
Priming" as "Laboratory Experiment in Applied
Says Col.
Near,
Economics"
"The general
conclusion which seems justified is that we
probably
now
are
at
near
or
the bottom
of the present
depression," said Colonel Leonard P. Ayres, Vice-President
of the Cleveland Trust Co., Cleveland, Ohio, on June 24.
He went
year,
It
risks
in the final quarter of this
probably be some improvement
moderate advances are likely to develop next year.
probable that venturesome capital will embark on many
enterprises during this recovery movement.
Business men take the
involved in new investments only when they think that they can see
and
further
does not
new
to say:
on
There will
seem
reasonable prospects for
profits continuing over a somewhat extended period
of time.
comments by
These
address
School
"The
on
Colonel Ayres were contained in an
Outlook for Business with Special
Refer¬
Spending," delivered to the Graduate
Banking at Rutgers University, at New Bruns¬
Government
to
ence
of
by Colonel
of pump-priming, which, he
said, is "a really important laboratory experiment in applied
economics.
We are going to test out a great program of
national pump-priming," he stated, "to find out whether
or
not the rapid expenditure of huge amounts of Federal
funds will avail to push the vast machine of American
In his speech reference was made
wick, N. J.
Ayres to the current program
industry into normal motion, and so overcome
this renewed
WTe have tried this experiment once before, and
so this time we are better equipped in technique,
and we
know more about some previous mistakes that should be
depression.
avoided."
Asserting
those specific problems are neglected.
technique business heads for the trackless desert.
the round table technique business
highways.
In the use of the round
exercising its basic skills on specific problems.
of the political technique
use
only a
It is also the stimulus to youth for renewed effort to keep on the
ascendency and to join the legions who are bent on
dealers to form as¬
table work between the Commission and a group
three years of round
The mental bankruptcy of those who want
wander unmolested in the rosy haze of the good old days is not
danger.
the over-the-counter functions similar to those per¬
sociations to perform in
and stodgy conservatism.
merely an opportunity to be let alone so that by some magic or other they
by William 0. Douglas, Chairman of the Securities and
Exchange Commission in an address at Denver, Colo, on
June 22 before the Foundation for the advancement of the
Social Sciences.
The title of the address was "A Program
for Government and Business" and in part Mr. Douglas said:
over
They cannot
imbued with the spirit of youth.
technique holds out great promise
That "the round table
from the National point
result in plagues here.
they be harnessed by wails against these plagues nor by mere lip
can
service to the need for change.
of
Douglas of SEC as Holding Out Great Promise—
Urges Government and Business to Pool Resources
Through that Method.
The
The world forces
be harnessed under capitalism and democracy by a continuing
can
be harnessed by the forces of inaction, smugness,
Nor
that
"Round
future of America is involved.
crucial issues will be in balance during its term.
resourcefulness and the
—♦
and
Nor shoald youth
perilous times, youth will not be denied.
denied for its whole stake in the
most
constructive statesmanship
at
Youth with power and re¬
to stand in the way of health
vitality for capitalism and democracy.
ing under subnormal demand for banking funds.
Attention is also called to the fact that if interest rates
bearing
perquisites of
Youth will not permit emotions, generated
battle grounds of lost causes,
the
They
remain
of government.
personal favor will not cooperate, it is time for them to step aside for youth.
employment of banking funds and the maintenance of earn¬
tions
And I
these principles.
recognizes
If the Old Guard in business who have found in it only easy
expenditures.
other
feel,
increasing willingness for business by the round
an
in
The
their
not attempting purely obstructive tactics.
are
of business,
time.
necessary
to stress that a law that will require investment in
government obligations in excess of existing debt will promote extravagance
regardless of the condition of the Federal budget at any given
not
It
of the will of Congress.
sitting down at the round table operate as do
is
create
approaching their common
are
alleged leaders of the investment banking business—by polishing
some
own
SEC
or express acceptance
table method to pool its technical resources with the powers
security financing is based on the Federal
social
of
implied
on
will not work where those
also feel that there is
points out that:
structure
problems only
It
credit
It will work in the manner in which
the New York Stock Exchange and the
the rate at which the
the market.
in
The study also
The
prior to the enactment of the Social
just
year
and of
It is the method of solving intensely practical problems
effective.
bringing peace and profits to business.
study states:
huge total exceeds the
the
51
Chronicle
of
that
that
the central
problem of the depression is
increase in the purchasing
bringing about a great
of durable goods such as machinery, transportation,
utility and office equipment, Colonel Ayres
power
communication
said:
That
really
depend
enterprises.
the
prospects for
lasting recovery largely
durable goods by business
a
'
men
in
the hope of
The
that
,
Business
confidence
is
means
general increase in the buying of
a
on
buy durable goods on a large
the prospects
scale when they have enough
for profits to make them take present
risks in
making future gains.
question of national policy which the United
or
not the confidence of business men
whether
States is about to test
in
the prospects for
be recreated by the lavish expenditure of public funds.
Probably the most important result of our great laboratory experiment
business profits can
in
pump-priming is that it has produced a new sort of political machine
is armed with the power to create a certain kind of prosperity, as
that
Walter Lippman
ment
the
pointed out in a recent article.
Under this new arrange¬
increasingly take over activities formerly exercised
politicians
and investors.
The party in power does the borrowing,
spending and the investing, and with that power it fixes farm prices
industrial wages.
It lavishly spends money which individuals use to
by bankers
consumer
goods,
despite
the
fact
that
a
normal
recovery
spending for durable goods.
ask these politicians to promote a normal recovery
the
and
buy
depends on
business
To
through private
asking them to give up a vast new power that they have
just acquired.
It would be asking them to surrender the most perfect
device ever invented for winning elections and staying in office.
The new system of politically primed prosperity can be made to work
well enough to get the people into the habit of becoming dependent on it.
That process is already well under way.
Moreover, it is true that American
resources
are so great
that they can support such a program for a long
time to come.
This is a very serious condition, for in the long run the
enterprise 'would be
52
Financial
of
system
new
political
destroy gradually
the
prosperity can
be made to work
self-help and
habits of
enterprise
well
enough to
which
on
free
a
society depends.
We
are
Even
is
It
now
is the
of
course
far
so
other
will
have already travaled
if
the
the
economic
the
laws
trade,
or
of
course
a
but the winning
American
much
business
clearly.
or
1939
in
One of them
possible
to
business
is
roads
Federal
judge
business
is
Already
States.
recovery
here
a
avoid
approaching
It
that
effect
insolvency
influence
on
railroad
change
it
seems
into existence
come
systems.
will
that
wholly probable that
seems
now
Government and the
what
important
relationship will have
new
some
an
the
it.
find
we
have
on
It
is
the
not
now
of
course
Relations
Program by Banks Stressed
by William H. Neal, President of Financial Adver¬
tisers Association
"There
certain factors in the business of
are
banking which
public relations program
as a permanent function of bank
management," said William
H. Neal, President of the Financial Advertisers
Association,
make necessary the
adoption of
luncheon meeting of the
Club, in
factor," he said,
basic feeling of antagonism and criticism that exists
respect to all financial institutions."
In part, Mr.
New
New
"is a
a
York Financial Advertisers at the
Lawyers
York City, on June 27.
"The first
with
Neal
also said:
During recent
volume of
years
the banking system has had to digest an enormous
laws and regulations that
new
rendering of bank services.
The
place further restrictions
additional limitations
on
justifying different lists
from
banking func¬
tions
Furthermore,
tnere is abroad
public
out
as some sort of
banks create credit
exclusively in
great deal of misinterpretation and mis¬
Banking is frequently pictured to the
parasite that feeds from the stream of business with¬
giving anything useful in
that
a
banking functions.
The average citizen has been told
return.
and control
business.
Since
money and credit it has been easy to
shoulders the responsibility for all economic ills.
A
public relations program involves
If any
an
institution
lasting accomplishment is
.
the fair
proper methods and media for the purpose of
ing. approval and support for
to come
banks
which operate
but
or
itself.
be
In
our
prepared
policies,
to
merit
public approval.
our
.
deal
consideration, not
is it free of criticism even in the States
nor
as a
of all
use
organization.
.
.
plan to substitute the discretion and responsibility
as a
There
before
be no sound
can
we
our
can
service, we must
successfully
attain
public relations unless there is
a
policy.
From policies we proceed to
personnel.
At the point of contact lasting
impressions are made.
We have thousands of bank officers and employees
throughout the country who each day nave many thousands of personal
contacts with customers and the general
public,
Here is a tremendous
potential force for building good public relations.
Consciously or uncon¬
sciously, these officers and employees are interpreting your institution and
contact.
.
of
banking service to
everyone
with whom tney
come
in
The banker who wishes to plan a constructive
public relations program for
he
excuse
can
easily find many helpful aids and agencies.
inaction
on
tne
No longer
grounds that he does not know what to do
more
than 20 years, the Financial Advertisers
Association, a nation¬
wide cooperative organization of bank
officers, trust men and advertising
executives, has directed its attention
methods
and
tecnnique,
and is
to the
development of public relations
assisting hundreds of member banks in
every section of the country to promote better public relations.
The
American Bankers Association, through its various divisions and commit¬
tees, and through its advertising department,
assistance.
is prepared to render able
No matter how helpful these agencies
may be, they cannot do the job
for us; they can suggest ways and
means, but the initiative and promotion
resos
of providing a more
subject
good faith.
'
,
Discussed
Rules
Examination
Bank
New
by
Acting
Comptroller of Currency Diggs Before Graduate
School of Banking at Rutgers University—Credit
Needs of Small Business one of Main Objectives
According to Acting Comptroller of the Currency Marshall
Diggs, the most important change in the new bank
examination regulations, made public this week at Washing¬
ton, has to do with the purchase of investment securities
issued by established commercial or industrial businesses or
enterprises.
Mr. Diggs, in an address on June 28 before the
Graduate School of Banking, Rutgers
University, New
R.
Brunswick, N. J. went
Under this
established
new
to say:
on
regulation provision is made for those cases in which an
commercial
or
industrial
that
business
demonstrate
can
its
ability to service its securities may issue investment securities which may
purchased by national and State member banks for their own account,
be
though
even
such
a
public distribution of such securities is not provided for.
after the date of the issuance of the security
reasonably to assure its
and must be of such sound value or so secured as
Also, in such
.
of the debt
tion
In
the debt evidenced by the security must
it is necessary that
cases
mature not later than 10 years
the securities must provide for the amortiza¬
cases
least 75%
evidenced by the securities so that at
of the
principal will be extinguished by the maturity date by substantial periodic
It is not required, however, that there be any amortization of
payments.
the debt for the first year after the date of the issuance
Federal banking agencies,
State and National banks, were aware of the needs of
loans
for
this
and
for
goal
for
marketing their
I will ask you to
There
provision.
it
with
is
small business, both
have worked
announce
toward
this solution.
keep clearly in mind the objective being sought by this
of course, many points of difference between large
are,
national corporations and small local ones.
as
We
securities.
months and were happy to
many
of the securities.
dealing with the small
particularly those
banks
that
size
It is just as true with business
soundness are
and
This
not synonymous.
regulation aims to facilitate the satisfaction of credit needs of sound small
The
businesses.
large
national
that need which are not
corporations
have
we are
not here talking
loans to sound small businesses, but rather of the
securities issued
means
of satisfying
generally available to small businesses.
It must also be borne in mind that
about long term
purchase of investment
I think that in many cases'the bankers will find
by them.
that the credit needs of their local sound business can be satisfied through
the making of long term loans,
or
through the making of real estate loans
under the provisions of Section 24 of
combination of both.
But in
cases
with individual
institutions located in
every section of the land.
It appears,
thousands
member
of communities in
each individual institution to carry
on
the campaign back
home.
be
the Federal Reserve Act, or through a
where this is not feasible, some form of
by National
purchased
banks if the securities
banks and State
comply with the requirements of this new
An experienced banker would not make a long term loan without
provision.
having credit data that
would support
the granting of such loan.
pertinent
and
essential
information
concerning
issue
any
securities by sound small businesses under the new provision
the
White
Legal Investments—Views of
and
Irving A. J. Lawres
According to William R. White and Irving A. J. Lawres,
"in modernizing our lists of
legal investments the one para¬
mount problem is to
provide investment standards which
broad enough to permit of the
profitable and safe in¬
of the vast amount of funds which are held
by
trustees and savings institutions."
"The
are
vestment
problem"
observed "is not
a new
of the regula¬
examiner.
In
item elsewhere in this issue
an
bank
examination
rules
we
refer at length to the
announced
by the Treasury
Department, the Board of Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation and the
Comptroller of the Currency.
new
Primary Function of Bank Supervision Protection of
Depositors' Funds, Says Acting Comptroller Diggs
Michigan Bankers Indicates
Long-Term Working Capital Loans
tendent of Banks and President of the National Association
of Supervisors of State Banks. Mr. Lawres is Confidential
Assistant to Mr. White as State
Superintendent.
In sum¬
marizing their views in the article they state:
on
The subject of bank examinations was discussed by Mar
Diggs, Acting Comptroller of the Currency, before
Michigan Bankers Association at Grand Rapids on
June 24.
"I dare say," said Mr. Diggs, "you are all inter¬
the
in
ested
efforts
what
of
you
have
It
must
in
years
that
in
be
remembered
banking laws
bank
of
seen
the press recently
in
banking authorities to arrive at
of bank examination."
it is
presented in
Contemporary Problems, published by
Duke University Law School,
(Durham, N. C.) and made
public on June 25. Mr. White is New York State Superin¬
Views
shall R.
one."
The views of Messrs White and
Lawres, are
an article in Law and
of investment
Not only will he want it for his protection but for the information of
tion.
—Before
R.
The
experienced banker will recognize the necessity for having in his files all
Modernization of Lists of
William
securities may
therefore, that the best assistance
any association can give is to supply plans and perhaps some of the material,
and rely upon
invesetment
or
how to proceed.
For
means
.
.
his institution
can
the
as
always to the rule that he act with reasonable diligence, prudence, and in
All
sound public
the institution
but
which the trustee may select investments,
satisfactory list from
.
result of ail the current talk
It must begin within the institution
approval
possibilities deserving
Nevertheless, it suggests
being tried.
,
attaining public understand¬
or an
of the
of inflexibility, have
the defect
overcome
This plan of qualifying investments has not been
ditions to the legal list.
where it is
standards
broad list which is reasonably free
Some States, desiring to maintain the principle
wishing to
but
a
public official or board to exercise discretion in making ad¬
a
adequately tested by experience,
almost
upon the bankers'
and legitimate
practices and the quality of
public
discourages corporate
in the maintenance of
Examination of generally accepted tests governing two
of inferior securities.
authorized
investment procedure.
Where does the program begin?
because it
also
effectively to maintain
statutory list
payment
place
about public
relations, it will come only through the recognition and adop¬
tion of a sound
public relations policy as a definite and permanent phase
of bank management.
It must be just as permanent as accounting, account
analysis, credit administration
of savings banks but,
use
assuming responsibility for assisting
modern standards.
the
on
imposed by these new laws and regulations must be carefully and
sympathetically explained to depositors and borrowers.
representation of
the
list also serve the purposes of trustees.
the
policy is unsound, not only because it fails to recognize that factors
a
a
and Vice-President of the Wachovia Bank and Trust Co. of
Winston-Salem, N. C., at
In reviewing
fundamental difficulty of attempting to prescribe fixed statutory
of
conditions.
Public
years.
conflicting standards due,
A number of States which have statutory invest¬
existing needs.
of the State for that of the trustee,
Need of
of recent
numerous
important classes of securities, railroads and municipals, demonstrates the
exercise
growing crisis among the railroads
third of the mileage is in receivership
rapidly
so
can
Such
exist
there,
development
States
matter of convenience, make
as a
trustees
promises to
this objective has been emphasized by
achieving
political
standards provide a list primarily for
ment
Business activity is
decreasing in Europe,
If the depression spreads
and
of different
usually, to historical influence, rather than to well-defined policies designed
only moderate.
continues to gain momentum
which
before the end of 1939
the
provide a list which is broad enough to permit of judicious
The difficulty in
ity.
long distance
foresee either
have been
and
third
the
between
general
that
business abroad.
factor
United
problem in modernizing legal investment standards, today as
business by persons whose principal
certainly be slow and restricted.
another
doubtful
second vast experiment in pump-
our
we
finance, agriculture
now
of American
course
and
cannot
countries,
other
the
in
upon
so
shaped by two other factors [aside from pump-primingl
the declines
almost
The
July 2, 1938
In the past, is to
to meet
probable
we
the
do
we
...
seems
about which
to
enter
industry,
and in 1940 will be
but
to
before
not
elections.
of
about
the road that leads to control of
occupation
Our basic
investment of the vast amount of funds which are held in a fiduciary capac¬
now
priming.
upon
Chronicle
supervision
mind,
a
He added
that
while
in
economic
and
is
still
the
there have
been
conditions,
protection
plan has been agreed
a
of the
uniform plan
:
upon
of
the
changes
primary
depositors'
which
in
recent
function
funds.
will be put into
With
opera¬
tion
very
shortly.
In the opinion of those participating in the discussions,
the
plan
contains
nothing
to
themselves.
the
which
the
banks
cannot
reasonably
adjust
Surely it will be
agencies
In
use
same
a great boon to everybody when all examining
yardstick for their work.
taking occasion "to attempt to lay at rest an erroneous
periodically receives publicity," Mr. Diggs said:
idea that
Volume
I
refer
there
are
is
to
true
that
the
Federal
insured
authority.
have
accept
the
Insurance
by
that
60
refund the balance of
subject to examination by
State
the
and
their
supervisory
several
authority
supervising
The alert banker will find the opportunity to suggest such loans to many
may
of his customers, with profits both to his bank and to them.
of one of
required by State law.
Through the cooperation of
supervisors, a practical plan has been worked out to
of
report
State
examination
avoid inconvenience to
tion
laws
their
lished, both of medium and large size, which can profitably
use serial and longer term loans given by a bank, either to
a security issue which has been sold on
the general market, a mortgage, or for plant or business
expansion."
Mr.
Brown
added:
but there
It is likewise
bank.
same
that
true
insurance corporation
the
of
is
banks,
examines
are
Corporation
establishment
amended
and
which
banks
non-member
State
It
examinations.
of
agency
agencies that examine the
the
examinations
Federal
duplication
Federal
one
Deposit
Since
States
the
eo-called
than
Federal
two
no
the
more
made
the FDIC
by
lieu
in
novelty of
the
of
all
examination
Reserve
agencies
financial
banks
National
of
government.
These reports of
to the FDIC, to the Federal
the
of
months," Mr. Diggs noted, "the Comptroller's
received some inquiries as to its
long-term working capital loans."
He went on
recent
on
Many
to
preclude
have also
making
trom
there is
stated,
loans.
before, there is nothing in the National banking law
bank
a
for
reason
no
a
as
loans
be
can
made
upon
basis, but
sound
a
Generally speaking, in the
study by the banker.
The customary method
and
time to time
renewing
reexamine
it from
the
loan
the
affords the banker
an
This privilege will be lost to him
periodically.
long-term loan unless
of making a
on
to a bank are:
first,
protection which are really valuable
agreement on the part of the borrower to maintain a
an
certain minimum amount of current assets above all liabilities, and a mini¬
ratio of currrent assets above all liabilities, and a mimimum ratio of
mum
a
current assets to current liabilities with a proviso
safeguards are provided.
proper
of a longer term loan to an industrial or
case
commercial business, the three forms of
careful
short-term loan
opportunity to
require
they
of the larger banks later,
than five, if satisfied with the credit risk.
by the examiner because of the element of time involved in its maturity.
Such
approached the larger commercial banks for serial
A few bankers at first, and many more
willing to make loans serially over a period of years, generally not more
were
I
long-term loan being classified
if it wishes and,
loan
long-term
a
In his comments he also said:
which would normally have gone to the public with an
concerns
issue of securities, instead
have stated
I
Brown
liabilities of the Act."
to say:
As
them increases among the borrowing public
undoubtedly seek them without any suggestion on the
explained that following the passage of the
was almost a complete cessation
of new public financing "due to the unwillingness of corporate
officials and investment bankers to subject themselves to the
office in Washington has
position
such loans become more
as
Securities Act of 1933 there
banks.
"In
but
part.
Mr.
available
are
customer will
banker's
Currency, and the reports of examination made by his examiners serve the
purposes
and the knowledge of
common
No National bank is subject to examina¬
the banks.
Owing to the
this type of loan, the initial suggestion today generally comes
from the banker and not from the customer,
of the Government other than by the Comptroller of the
any agency
53
Chronicle
Financial
147
that the term bank loan
may
Earlier in
remarks Mr.
his
over
following to
Diggs had the
It
has
been
deterrent
argued
bankers
the
to
that
the
who
wish
the
of
presence
make
to
column
slow
slow.
as
There is
loans should not
Such
be
acts
will
maturities.
nothing in the National banking laws to preclude a banker making
We all know that for some time past bankers have in
long-term loan.
fact
been
making long-term
customary
of
manner
This custom
time.
of
but
loans,
short-term
a
did
not grow
they
doing so in the
from time to
been
have
which
loan
they
renew
out of any banking law or any regulation
the
National
supervising authority.
The slow column has existed in
bank reports of condition continuously for more than 20 years.
Experi¬
enced, capable bankers are not frightened by the presence of an item there.
To
them
the
counsel
stitch
in
in
time
of
be
included
order
is
contain
loans
characteristics
unreasonable
index
an
their
protect
In
by
noted
of
risk.
This
slow
be
vising authority,
but
words,
column
in
have
not
calls
involve
to
there exists
the bank unless
column
under
and
some
officers,
well
doubtful
become
yet
attention
that they must
this
they should give
column
acts
loan should not be
assured
as
in
view
If
the
and
bank,
the
first
these
of
whatever value may
"loss"
and
for
loss.
estimated
This
loans
forth
Amounts
so
I have heard
the classification
I will
The
as
a
letter
McCulloch,
a
a
bank with
no
to
assets
.
the
of
other than
"doubtful"
and
of which is
comments,
of
shuold
should
a
groups
portions thereof
or
classified
one
that
classification
as
assets
should
be
receive
or
changed
exam¬
as
an
off by
promptly charged
be
or
elimi¬
the first
all National
banks
in
December
are
the same
May I quote from
of
1863,
by
Hugh
of the Currency:
Comptroller
reasonable contingency.
concentrate them
loans rather than
in a few hands.
Large
loans to a single Individual or firm, although sometimes proper and necessary, are
generally injudicious, and frequently unsafe.
Large borrowers are apt to control
the bank; and when this Is the relation between a bank and Its customers, It Is not
difficult to decide which in the end will suffer.
Every dollar that a bank loans
above Its capital and surplus it owes
strongest
obligations
to
for, and Its managers are therefore under the
its creditors,
as
well as to its stockholders, to keep Its
discounts constantly under its control.
"Treat your customers
as
investment where
The interest rates
be.
its customers prosper,
E.
liberally, bearintr in mind the fact that a bank prospers
but never permit them to dictate your policy."
Brown of
in A. B. A.
Long-Term
An
First
National Bank of Chicago
Journal Describes New Development in
Loans
to
Business
important trend in American banking toward furnish¬
ing industrial and commercial enterprises with long-term
funds is described by Edward E. Brown, President of the
First National Bank of Chicago, in an article in the July
issue of "Banking," the official publication of the American
Bankers Association.
Mr. Brown points out that "there
are
many
industrial and commercial enterprises, well estab¬
on
a
might
serial loan of the highest class will generally
between 3% and 4% over all maturities, which is a much
average
than can now be obtained on marketable
better rate
securities of short-term maturities.
Houston
ciation—President
Allowed
Be
Railroads
Urges
C.
Business—O.
with
Is
Legislation
Says
Private Capital—J. J. Pelley
Needed to Encourage
Opportunity
Equal
Carmichael
on
"Liberty
vs.
Urged to Provide Own Retire¬
I. Parkinson on Inquiry into
Security"—Banks
ment
System—T.
Monopolies
Stating that "if given a chance and the proper encourage¬
ment, I believe business would do its own pump-priming on
a
far more successful scale than the Government can pos¬
sibly do," Frank Iv. Houston, at the New
of
borrow and spend its way out
more
no
York State Bank¬
Convention, declared it as his "belief that a nation can
ers
a
depression than
individual can."
an
Chemical Bank &
of the
Association on June 25 as its [President.
The meeting was
held at Saranac
Inn, Upper Saranac, N. Y.
From his
Houston, who is President of the
Mr.
remarks
the
In
but
did
addressed the convention
York,
of New
Co.
Trust
quote:
we
of
depression
1921
did not resort to Government
we
spending
private enterprise and private investment.
In that year
its budget, reduced its debt over a billion dollars
encourage
the Government balanced
comparatively rapid recovery.
and business made a
What
capital
need
we
be
to
with
to work
retain
a
legislation
encourage
private
that it will be allowed
We need relief from punitive
reasonable reward.
in the Labor Relations Act; reductions in
cessation of restriction and overregulation of
Government proclamation that it will stop increas¬
payments;
need
We
a
ing its active participation in business.
.
.
To have a permanent business recovery in
that
supply
laws
of
get our
did,
fathers
that will
expectancy
an
need amendments
we
security
business.
amended
is
now
put
and
receive
to
.
this country it is not only
confidence be restored but we must stop disregarding the
and demand; stop trying to run water upstream.
We
people to depend more upon their own efforts, as our fore¬
and look more to themselves than to the Government for
support.
that
3,000,000
families
cheeks;
families
3,000,000
pensions, and
taxes
and
of
on
fall
on
local
will
see
4,000,000
Works Progress
relief; 2,000,000
farmers eligible
for
Administration; another
others getting old age
PWA jobs, all of which means more and bigger
dependents on the Government.
12,000,000 unemployed.
The Government
many
more
said
is
It
this
estimated
is
It
itself
Edward
considerable rise in the interest level would
a
heavy price decline in the bonds, no matter how sound they
must
Give facilities only to legitimate
transactions.
your
bank's
result in a
necessary
a
bank
general level of interest
long-term bonds for a
In this respect such loans are far superior to
social
loans be made that are not secured beyond
"Distribute
against serious loss should there be a sharp rise in the
taxes;
Mr. Diggs stated:
to
Considering that the rates of in¬
least twice as high as the rate on prime six
rates.
the loss
these two items without any further oemment.
They
bank made an equal amount of such
months' loans, this is a short enough average maturity to protect a
is commonly known
regarded by the
uncollectable and
either
the
view to salvaging
contend that either the doubtful
Do nothing to foster and encourage speculation.
and prudent
groups
as
collection
the first deposit and the first loan were made.
addressed
the
.
.
disclose
of
his
endorser,
or
to
include two
the ultimate
principles of sound banking remain unchanged.
when
"Let
no
over
pass
In conclusion
is
his
in
column
so
is
condition
The other of these
remain.
the bank.
in
assets
the
commonly known
thereof
the management of
set
maker
substantial loss is probable but not yet definitely
a
represents
reasons
bank
course,
is
groups
amount.
in
the
of
authority
portions
rigorous treatment of
nated,
of
classification
doubtful, and in which
iner,
worth
a
the average maturity of its portfolio on
18 months.
terest on such loans average at
but
A
reasonably
the protection of the collateral.
or
supervising
loans and
ascertainable
this class of loans would be
The presence
its ultimate repayment seems
if
net
If
maturity of three years.
loans for five consecutive years,
restoring
toward
special attention
equal instalments in one to five years has an
A serial loan maturing in
average
or
against the making of additional loans of
the clasification must, of
The
represents
as
sound
character
examiner's
an
slow.
criticized
the
earning capacity and
directors
mortgage on fixed assets or a pledge of inventory.
other
In
sickness
to liquidate the account,
proceed
their
Covenants for the maintenance of
preclude serial maturities.
quick assets and serial payments may frequently be properly combined with
a
super¬
service to both the banker and the borrower.
a
so
of
check
a
type, and is
same
it
exceptional cases, for example when the borrower is of the
highest credit standing and of large size, or the situation of the borrower
very
in this column does not
The inclusion
satisfactory status before matters have gone too far.
the
term loan save in
is such as to
Annual Convention of New York State Bankers Asso¬
of
evidence
it
of
t
should
the
as
worthless.
or
first
the
to
should always be embodied in a longer
they receive
other name,
as
that
a
in
the bank's management.
merely
to
unfavorable
substantial and
a
because
important
directors
borrowing account.
the bankers
to
mean
a
which will
number in
during the life of
rapid serial payments by the borrower.
These three protective features
list of loans which have retrograded from the class of
a
satisfactory,
weakness
the
or
because of certain
appear
is
of
similar
a
or
affords
it
as
this
it is important that a report
possibility of future less to
column,
retained
borrowers need advice
(just another case where a
some
name
some
by the examiner,
the careful and continued attention
The
credit
opinion
my
column
a
pointing out danger spots and in
fact that
portions thereof which,
or
degree
the
loans
to
nine).
saves
examination
such
column
slow
calling attention to the
cases
many
and
the ratio is not maintained; second, an agreement on the
or
the loan; and, third, fairly
a
would be classi¬
classified because of
so
as
but
loans
long-term
hesitate because such loans, on account of their maturities,
a
liabilities,
part of the borrower not to mortgage or pledge any assets
say:
fied
be pre-matured at the option of the bank if the excess of current assets
on
that today we have
cannot
course
employ them.
The only
way
to get them back in
private business, and the only way
private business Can do it is to get confidence restored among all classes so
that business can get going.
The way to do this, in the recent words of
Senator Bailey, is "to revise every policy that puts a handicap on business
and to put into effect every policy that will encourage men and money
employment
to
go
The
is through the efforts of
to work."
conditions
...
face
we
today
are
they have been tried
not
new,
as
the
same
not
new.
The panaceas
offered are
time and time again, but always
with
result.
We
to
bankers
sound
conditions
must have faith
thinking.
We must have Confidence that
and combat
false
will return
can meet present
that sooner or later the people
we
teachings by applying the same
fundamental
54
Financial
principles of
honesty, integrity and sound
what
country
it
is
and
have
that
Chronicle
economics that have made this
successful
proven
throughout
in
the
there
history.
and
Allow
the railroads to operate as a business and give
equality of treatment and opx>ortunity and they will
solve their own problems, J. J. Pelley, President of the
If
require
shall
we
that national prosperity is geared to rail¬
see
prosperity."
Give
have
the
to
He went
railroads
reasonable freedom
sell—transportation
principles
that
preferential.
Give
them
competitive situations;
and
to
to
reasonable
"price" the only product they
of course, to the general
freedom
greater
to adjust
neither
and
to
adjust
discriminatory
their
rates
to
spirit which
barbarism
result
solve
need
we
efforts
is
democratic
of
difficulties.
own
today.
reactionism which
of
of the
our
independent
This
will
of responsibility that will manifest itself in
on the part of all groups and classes, and
sense
a
is that
the
must
we
public welfare
rededication
a
Thomas
service—subject,
be
shall
rates
and
the
to
part
our
It
from
will be the
it
and
also great courage
was
of
all
citizens
to
liberty
the
as
motivating
I.
Parkinson,
President
of
the
Equitable Life
Assurance Society, speaking at the final session on Monday,
June 27, urged the bankers to oppose the "trend toward"
to say:
on
do
courage
all
destiny.
saved
be
to
world,
There
free
principle.
of
more
To
devotion
above
suggestions for changes in legislation and in public policies
transportation are carried out, Mr. Pelley said, "once
is
the
in
countries.
Association of American Railroads, told the New York State
Bankers Association on June 25.
If the railroads' specific
manifest
of
sense
rampant
colonies declared themselves
the
uncertainty and instability.
great
civilization
them
road
was
a
July 2, 1938
When
past.
democratization of
privilege"—the attempt by government
special economic privileges to large classes of per¬
at the expense of all.
A dispatch (by Elliott T. Bell)
to give
nor
meet
sons
their services to the demands of traffic,
Saranac
from
adjust their expenses to the conditions of their business.
Lake
New
the
to
York
'Times"
further
re¬
ported Mr. Parkinson, in part, as follows:
Exjdaining that by equality of treatment and opportunity
"equality with all other forms of transportation
Urging the bankers to seize the
he meant
in
matters
of
regulation, taxation,
the speaker continued:
If
regulations
equal
be
to
are
to
measure
applied
If
mittee,
subsidy and the like,"
the
railroads,
to
competitors.
our
investigation
let
subsidies
them
applied
paid
in
to
head,
Mr.
which
cost
to
ceases
be
can
hidden
same
in
the
exist," he stated.
Referring to the
which,
within
over
of
sands
of
Chief
those
among
fact
that
to
run
as
be
for
*
taxation
problem,
than
business
a
might almost
30 years
under
They have been regulated
as
fair
if
other
done.
forms
aided
the
At
Pelley told
of
transportation
by the public
the root
say
equal
monopoly,
a
were
conditions
Of
late,
have
far
Mr.
both
the
the railroads have had to compete with
subject
Congress
boundaries
he
to
such
no
restrictions
and
even
and
of
the public
regulation
|he carriers
Pelley held, "highlights the lengths
have gone in taking the actual management of
responsible
are
regulated and controlled
monopolistic, quasi-public institutions, rather
if they were
than the business institutions which
they are," he stated.
Mr. Pelley emphasized that "there is no one
solution,
which
railroads have been
our
driven."
However, he
and
this
the
if the railroads are given a square deal, "you will
longer have to worry about the 'railroad problem.'"
Another speaker at the convention was O. C.
Carmichael,
for
speaking
of
Nash, Tenn., who in
Security," said:
vs.
for
of
sense
liberty
in
the
determination
to
the
the
as
responsibility
faith
our
to
object of
this
to
innate
and
worth
social
The
effort.
succeeding
and
this
preserve
importance
conception in
the
of
renewal
a
individual,
American
of
restoration
generations,
life,
are
and
a
.
It is
the
as
defeat.
.
of
is
It
Republic
development
individual
a
life
progress.
American
to
under
born
was
part
industries,
the
too
of
and
much
capital
new
concern
contemplated
concentration
of
all
men
aegis
of
which
dominant
I
am
not
of
on
every
liberalism
establish
principle,
over
the
security
on
as
world
of
a
the
principle
upsetting
of
what
is
State
could
make
study
a
of monopoly
good
privileges
on
and other
it
eco¬
"God-given
Only
for the business
opportunity
business
world."
Hearing
a
have
to
which
giving
imposed
about
people.
which
we
few people in the country know
as
opportunity to bring
an
us
policy,"
the
upon
involving matters
know
we
will
our
experi¬
our
New
York
referred
is
Superintendent
to under
Banks
of
separate head in
a
George
the
larger
banks
employees,
Security Act
and
Seccurity
selves,
your
York
is now,
If
than
Social
the
the
Social
plan
them¬
Security
New
the
in
for
the
small
the
system,
retirement
the
Act.
State
York
action in respect to requests
no
State.
If
and
cooperate
can
under
command,
the
take
New
their
own
follow.
will
States
State
York
of
care
other
and if after this convention you are moved to go
and
get
bank
your
take
to
favorable
action,
again head the list in providing pensions, by having
may
State-wide
of
bankers'
cooperative
reports
system.
retirement
submitted
were
the
at
conven¬
viz.:
Report
of
President
Committee
of
Central
of
Report
Assistant
Education
on
National
Committee
by
by
Legislation
on
Chairman
Yonkers,
Bank,
N.
Secure Public
Report
of
Chairman
Couzens,
Harld
-Klein,
F.
N. Y.
Legislation
on
S.
on
Pledge of
Assets
Deposits by Mr. Klein.
Committee
of
Committee
Gerald
Y.
Secretary of Brooklyn Trust Co., Brooklyn,
Supplemental Report
to
the
Federal
bank
own
State
number
tion,
they
benefits
under
taking
are
outside
without
act
successful
banks
that
needs
to
to
by
show
banks.
retirement
the
interest
an
provisions
banks
of
small
own
better
if
than
shown
plan, but the trustees
time
A
already
of
control
can
retirement
inclusion
their
have
can
less
pay
the
providing
banks
the
will
have
can
retirement
New
by
provided
for
employees
from
comes
employees
participation
back
generally
demand
problem
they
States
bankers
The
the
affordB,
Act
bankers'
for
the
their
and
Other
have
and
meet
Bank
on
by
Costs
L.
Chairman
Floyd
Smith,
Comptroller of the Lincoln National Bank & Trust Co., Syracuse, N. Y.
of
Report
H.
William
Committee
Stackel,
Trust
on
Vice-President
presented
Functions,
and
Trust Officer,
by
Chairman
Security Trust
Co.
Rochester.
of
advices from Saranac Lake it was stated:
In the "Times"
Resolutions
;
Thomas
a
"We
until
in
budget
must
by
and
bankers
the
the silver
of
recommended
purchase
the
and
program
repeal
of
the
declared that
essential.
was
recognize
that
no
permanent
and sound
economy
is
possible
national
budget is balanced," one resolution said.
"We are firm
conviction that we cannot spend ourselves into economic and social
cur
the
adopted
amendment
balanced
is
relegated
of
in
right
its
of
world have
the
been
odds
that
to
and
collective
wages,
and
progress.
Too
profits will
business
This
rise
industry.
.
.
against which leaders
from
Likewise
bargaining,
Co.
on
Wilson,
of
President
the
Marine
Midland
Mr. Houston.
Joseph E. Hughes,
Irving Trust Co., Tarrytown,
Y., heretofore Treasurer of the Association, was made
the Association, succeeding
President of
N.
of
Binghamton, N. Y., was elected President of
the Washington
Vice-President, while Robert R. Dew, President of the Dun¬
kirk Trust
Co., Dunkirk, N. Y., was elected Treasurer.
new
caution
accrue
the type and
A.
Thomas
Trust
spirit
to
great
well-being by the unrestrained use of borrowed money."
the
opportunity
life.
giving
already established.
its
amount
American
enterprise,
making certain
stagnation
labor
phase of
stimulate
those
to
mean
unmindful
industrial
to
philosophy that the
dynamics of its growth
the
seeking to
employment, has slowed the wheels of
and
today between
tendency toward
public policy
by
Social
.
and
this
from
In
would
life
length of its hours, the
of
stagnation
means
place which is its rightful position.
To place freedom
good of all at the head of the list of desirable goals would
transforming effect
a
and
the
as
have
the
the
derived.
were
initiative
subordinate
efforts
.
of individuals concentration upon
importance
rededication
a
is
common
and
in that
as
paramount
and the
on
the
of
parts
at
.
American
of
for
well
as
goal
becoming increasingly clear that the great need in the world today
in
and
the
a
ask
not
White
R.
banks
necessary
.
Imthe life of nations
security
way
as
feel
must
continuance
founded,
and
institutions
hearing by those who frame public
a
without
address
banks
a
of
of the principles upon which the American
Republic
and by which it has developed.
In proportion as we return
to these fundamental
ideals will liberty be restored to the
position of
importance which it formerly occupied in American thought and life.
was
other
such
the sanctity of contracts
such
knowledge to the benefit of those who do frame public policy.
issue.
their
In
overemphasizing the rights and privileges of the individual without
regard to his responsibilities we have been led into the error of substituting
security
this
B. Buck, consulting actuary, likewise
convention, and after explaining the retire¬
ment systems in New York State, he closed with the fol¬
lowing remarks:
Yanderbilt University,
"Liberty
on
in
the banking
no
Chancellor
com¬
of
institutions
thrift
upon
of
issue
an
offered
the
framed
our
addressed
con¬
cluded,
do
that
ask
be
not
An
a
sovereign
magic formula for remedying the situation into
no
people
banking conditions and the value of the dollar,
including
declared
"We
do
we
William
Mr.
the railroads out of the hands of those who
for results.
Railroads have been
as
and
Congress of
nothing except
assured.
ence
we
unreasonable, preferential or discriminatory, but because in their
judgment the rates would not produce as much revenue as those previously
prescribed.
we
that
placed
officials
was
so
by
particularly
ask
The
regulatory authorities
until
problems,
and
shall
rates were
decision,
there
have had experience and
passenger
This
reliance
that
country
authority
Parkinson
But
Commission
to which
the
companies
Ask
have, as in the
fare decision, a majority of the Interstate Commerce
denying the railroads the chance to try to increase admittedly
inadequate earnings by changing passenger fares, not because the proposed
recent
this
authorization
"We
same
purse.
however,
extended
that
the
over
the
off the sanctity of contracts and to permit readjustment
that
State
to
world
competition.
while at the
of railroad regulation
quarrel, Mr. Pelley said, adding:
no
that,
to
economic
nomic
of all-
cause
of
With the original idea
have
Com¬
insure.
the
not due to
are
have not allowed the railroads
we
and
they
time,
same
declared
The
the public resources have been used
lavishly to create and subsidize
competing forms of transportation.
In almost every phase of the railroad
business public authority has
increasingly dictated what might and might
be
of
concern
"in
ease
absolute
time
not
spoke
insurance
the
tried
Mr.
the
causes—one
it
to
see
Congress and
Economic
the knowledge
.
railroad
more
take
not
privilege.
Actually, he said, this apparent movement to eliminate privilege was a
process
of
"democratization of privilege," which,
to succeed, required
raised expenses until the margin between income and outgo
has been squeezed to the vanishing point.
He likewise said:
is the
National
the
must
we
the
to
go
inviolability of contracts and
called
industry itself, but rather to causes
period of years, have reduced revenues and
a
before
obligations."
He
the
..
bankers that the carriers' current difficulties
conditions
evidence
tendency to
time
relieving the
user of most other forms of transportation of a
large part
of their true costs, by putting them on the
taxpayer.
"It
is a curiously ostrich-like policy which seems to think that
any
described
the
of rail transportation to pay all the costs of producing
the service which he uses, including taxes for the
support
the
"then
offer,
facts
our
life
and
user
at
to
Parkinson
banks«and
According to Mr. Pelley, the long-standing public policy
toward transportation has been, in effect, to require the
in general,
had
by the monopoly
opportunity afforded
views
country."
our
competitors, let them likewise be made available to railroads.
of government
their
he said that if the committee would
bankers
mittee's
be
be
to
are
place
to
the
certainty
Comments
by
Superintendent White of New York
on Regulations for Uniform
Banking Department
Bank Examinations—At State Bankers' Convention
Views
Loan
Remarks
as
Classification
to
as
Progressive
Step—
Views of Marriner S. Eccles
.
in
the
financial
laboring, but there have been uncertainties
Before
Saranac
the
New
Inn, N. Y.
York
on
State
Bankers'
Association
at
June 25, the recently promulgated
Volume
Financial
147
55
Chronicle
bank examination rules
trated when, at the same time, examination and investment
New
restrictive and indeed
were discussed by Willam R. White,
Banking Superintendent who noted that
"a number of bank officials with whom I have come in con¬
York
State
tact have
inquired what advantages or disadvantages have
these changes for the average banker."
"As I see it, there
are no
disadvantages," he said, and he added:
Bank.
eliminate the possibility of different tests being applied in
of
examinations,
evolve an examining procedure which will
If these three agencies can
loans, then bankers will be in
that
assurance
the classification
reasonable
by all
position to extend credit with
a
particular loan will receive uniform treatment
any
examining authorities.
While I believe that this work in reference to loan classification
a
is that bank examination should be made
a
that
bank
unless
examiner
he
knows
the
business
banking
I
have said before,
ceptable loan for
The
a
criticism
Tercentenary
agreed
by the
upon
part:
bank supervisors with respect to
been going on for the past two or three years.
interested in the subject and asked the
out
a
uniform plan for examining
Since that time many conferences
have been held, with the result that on Tuesday of this
have noted from the
President, which
the National
press,
a
Association of
National
week, as you may
the
and by
classification of loans and
I believe that the Executive
Commissioners
Association of Bank
was
has
It
long been recognized that this caption is so vague as to be susceptible
In New York I believe that our
approach of individual examiners.
examining staff has adhered to a fairly consistent policy in the use of this
classification.
business
and
Bankers
reasonably assured.
that
this
When we began to formulate
though their eventual repayment seems
even
State
classification should be
a
more
clearly defined.
definition in cooperation with the
of these agencies favored the
on
States,
have for sometime been
Supervisors
Federal agencies, it was found that one
complete elimination of the slow loan column
the ground that so long as it was
no
question concerning the eventual
of the opinion that the classification
should be retained under a heading
the examiner was not expected to
list loans merely because they were of a
long term character.
question
essential
was
as a means
of emphasizing to the banker the neces¬
When Secretary Morgenthau called in a group of
question with him,
as
a
bankers to discuss this
he found, I believe, that the bankers with whom
also of the opinion that
were
abandoned
he
their loan accounts.
Having therefore decided to recaption this classification, it was also thought
ordinarly employed by bank supervisors.
The second subject upon which an agreement has been
given to this phase of bank management.
made great strides in
.
.
And
attention has
evolving standards relative to quality, diversification,
Partly as a means of promoting adherence
of maturities.
standards, and partly because market quotations are not always a
of bank examinations,
have been accepted are as
Briefy stated, the principles which
follows:
of market quotations over a stated period.
The difference between
book value and the estimated value will be deducted from net sound capital,
but not charged off.
Stocks and securities in default will be priced at market and the net
depreciation will be charged off.
to
these standards,
Bank
have agreed to the
Supervisors
following principles: First, that profits from the sale of securities should be
portfolio
to
are
account until
reserve
built
adequate reserves against the security
Second, speculative trading in the bond market is
up.
be severly criticised.
Third, all securities are to be amortized.
The purpose of these standards is to encourage
consideration to quality in purchasing securities, to
the security account
the market for profits.
concluding my remarks,
to
build up reserves against
.
discussed, have been adopted with a
pedients to be abandoned at some future time when economic conditions
Adolf, who was
welcome of "true
the
as
behalf
Prince
.
Delaware,
in
that
four
Crown
miles
Prince
sailed
in
aboard the motorship Kungsholm,
bed
and
10
days
the
Thursday.
Salem,
in
the speech
Bertii,
tomorrow
of the
at
all
and in
Read Speech
to
Prince decided, however, to par¬
the extent of delivering by telephone from
to have given this afternoon at
was
Rodney Square,
Hull will also talk.
Holsti of
from the Kungsholm after it docked at the terminal
and twenty official delegates of the two countries
One hundred
landed at the park from the
shuttled
were
park.
to
Kungsholm's cutters.
Tourists from the
Line steamers lying at anchor off
Wilson
two
...
Presentation of Monument
Swedish
by
presented
monument
The
Wednesday,
and
the Crown Princess, Foreign Minister Rudolf W.
taken
were
attendance
forego
to
...
State Cordell
Secretary of
10:30.
the
he
Prince
the Crown
pain,
the ceremonies to
ticipate
his bed
Prince
the voyage
retrace
to
ago
Crown
Philadelphia
in
here,
Despite considerable
Finland,
docked
1628.
Crown Prince
liner
Christina
Gustaf
in
was
forced
has
celebrations
Swedesboro
at
"The Rocks,"
speaking at
Finnish colonists landed, expressed "keen
Adolf, Sweden's future king, was
and
Sweden
from
Nyekel
illness
where
acting
Marine Terminal, suffering his third
colic, symptom of kidney or gall stones, since he and his
renal
of
party
the
the President,
the Wilmington
away at
attack
The
came
Prince
Crown
to
topped by a replica of the tiny
to the Delaware's shores 300 years ago.
attend.
to
Kalmar
presented
.
the President,
accepting,
where those Swedish
Park,
sorrow"
.
.
monument
a
forefathers
vessel in which his
And
shiny wet umbrellas a crowd of thousands looked
of
sea
.
.
one
the
medals,
"mighty in honor."
a
of
Holsti for one of
President referred to
European debtor not in default to the
W.
Minister Rudolf
Foreign
Prince
Bertil
■
.$50,000 gift of the
granite by Carl Millee,
is
a
heroic size from black
sculptor of world renown.
people, carved in
Swedish-American
President Roosevelt, following the
In his recent letter to Senator Vandenberg,
of the
Chairman Eccles of the Board
Federal Reserve System stated that, "**#* monetary
policies which have aimed at providing this abundance of money are frus¬
is referred to further below,
which
President
Your
for
is
I welcome you,
times,
is
welcome
thrice
are
It
Roosevelt's Speech
happy significance to three nations.
day of
a
represent a true friendship under which we have lived from the
unmarred by any rift, unbroken by any misunderstanding.
you
earliest
You
speech of Prince Bertil,
spoke as follows:
Highnesses:
Royal
This
to
our
shores.
to me that His Royal
matter of
keen
unable to
a
Prince is
be at this historic spot today,
sorrow
will be speedy and complete; and I
his recovery
his family at Hyde Park or
Highness the Crown
but all of us pray that
personally look forward to
at Washington the end of
week.
this
Bertil for the message he has given us from
I hope that when he returns to Stockholm
profound regards and the regards of all the
to Prince
grateful
am
his
distinguished grandfather.
he
will
give
American
my
people.
with profound gratitude, in behalf of the
I accept
States,
people
of
monument
Sweden.
the
and in
people of the United
placed here through the generosity of the
I am confident that to generations yet unborn in
United States it will typify close association and con¬
noble
this
Sweden
him
to
goodwill between our two nations.
am
fortunate in having personal association with the colony of New
tinued
I
Sweden,
Director
from
for
or
1658
veins,
one
of
Governor
to
ancestors, William Beekman. served as Vice-,
of New Sweden on the Delaware River
my
of the colony
And I
1663.
also proud that Swedish blood runs in my
am
for another of mv ancestors,
of
Martin Hoffman, was an early Swedish
New Amsterdam.
My
friend,
succession
pioneer
the
from
recent rhyme
who
Governor
the
of
Governors
Delaware, holds
of
New
office in
Sweden—which
direct
reminds
descriptive of the famous Governor Johan Printz, that
is said
to have tipped the scales at
No Governor
satisfactory.
of Governors
a
.
improving permanently our examination methods and not as ex¬
are more
Gustaf
Prince
President extended
the
commemorative
gold
as
under
in
settler
.
I wish to emphasize that the principles of
examination procedure which I have
view
bankers to give primary
in sufficient amounts to absorb possible future losses,
and to avoid trading in
In
States,
on
I
Other securities not in default will be taken at a value based upon the
average
maintained in a
27:
Prince Bertil, acting in the
stepson,
Crown
father,
ship,
Baltic republic, the
tiny
From
from net sound capital.
addition
three
welcoming him and
Securities of the first four grades will be valued at cost less amortiza¬
tion,
No appreciation will be allowed and no depreciation will be deducted
1.
In
aboard
thanking Finnish
United
We have, for example,
by the Supervisory agencies ignores market prices to a substantial degree
3.
seriously-ill
bed
to
and her
LouiBe
friendship."
fair basis for the valuation of securities, the plan which has been agreed to
2.
his
of
Finland's
.
reached relates
bank portfolios during the past few years, more and more
for the purposes
Princess
As the volume of securities has increased in
to the valuation of securities.
to these
Describing
Philadelphia "Evening Bulletin" bad the
further and re-define the doubtful and loss columns—the
two other classifications
and the spacing
welcome was ex¬
a
gift from the people of Sweden.
a
while the term "Slow" should be
because of its value in reminding bankers of trends in
been
stead
confined
caption,- the classification should nevertheless be retained
wise to go a step
Crown
were
sity of giving constant and careful attention to the loans listed.
consulted
To
The reason
by the majority group was that the classification in
June 27, when
on
following to say, in part, in Wilmington advices, June
collectibility.
which would make it perfectly clear that
for the position taken
as
loans of long maturities even
The State Supervisors and a majority of the Federal supervisory agencies
were
unveiled
the ceremonies, the
allowed to exist under any heading, it
would be used by examiners to comment upon
though there might be
with the result
of the opinion that
the first permanent settlement
celebrated
by President Roosevelt to the visiting Swedish
royalty, and the President accepted in behalf of the people
of the United States a monument presented by Prince Bertil,
The
Similar questions have been raised in other
the
Board Steamer
on
Wilmington, Del.,
unable
have
and
tended
frequently
however,
all loans which cannot be readily
to unfavorable comment with respect to
liquidated
at
the term "Slow" does not lead
men,
raised the question as to whether the use of
Bertil
in America of Swedish and Finnish colonists was
of meaning, depending upon the training
of many interpretations and shades
and
Adolf Remains
Committee of
the first group to
give serious consideration to the so-called "Slow Loan" classification.
Greeted
by President
Secretary Hull Also
Visitors
Speakers—Owing to Illness Crown Prince Gustaf
that
Supervisors of State Banks.
to the valuation of securities.
Swedish
Roosevelt—Prince
report was prepared for submission to
endorsed by the Federal supervisory agencies
was
The subjects covered in the report relate to the
the
Royal
President Roosevelt became
Federal examining agencies to work
banks.
of a sound
at
Wilmington, Del., of
and Finnish Colonists—
Swedish
of
The 300th anniversary of
Treasury Department and other Federal bodies, are referred
elsewhere in these columns to-day.
In his comments
Mr. White, who is also President of the National Association
of Supervisors of State Banks had the following to say in
Some progress had already been made when
designed to accommodate the
only operate ^through the medium
can
Observance
Settlement
the sound banker
to
standards of supervision has
by relaxation of
constitutes
commercial banking institution.
An effort to arrive at agreement among
defeated
References to Mr. Eccles' letter to Senator Vandenberg
appeared in these columns June 18, page 3893 and June 25,
page 4044.
the question of what constitutes an ac¬
examination rules,
be
to
banking system.
understands the problems
that the experienced examiner and
bank
new
tends
purpose
dered ineffective, since monetary measures
Upon this point I can only repeat what
seldom in disagreement upon
are
and
disapproval of bankers
Bank examinations have been developed to promote
If this
credit needs of business
In the State of New York a man cannot
he has had substantial banking experience,
confronting financial institutions.
control,
instrument of monetary
examination standards, then the instruments of monetary control are ren¬
from the examining authorities.
so
banking.
and in¬
Mr. Eccles means
the view that bankers are
definite progressive step, I do not subscribe to
declining at the present time to make sound loans because of fear of
be
an
then I believe that his view will meet with the general
sound
by the State and another either by the FDIC or the Federal Reserve
It is for
closely coordinated with monetary policy."
This statement is not entirely clear to me, but if what
which should result
the State commercial banking institutions are subject to two
one
vestment policies must be
agencies which are
At the present time nearly all
authorized to examine banks in New York.
policies remain
exactly contrary to monetary policy.
are
that I have likewise contended that bank examination
reason
and bank supervisors.
On the other hand, there are certain distinct benefits
from the adoption of uniform standards by the four
this
Before
Has
or
weighed
As
Johan
of
Delaware
since
as
much
Printz.
300 pounds.
official
me
of a
doughty
Financial
56
the
this
To
phase
of
and
science
added their strength
and
shores
to our
come
Nation.
In every
endeavor—in commerce and industry, in
agriculture, in education and religion, in statecraft
art,
in
in
every
and
government, they have well played their part.
Nor have we as Americans forgotten that after the War of the Revolu¬
Sweden-
tion
of
/
you
an
contributed
also
All these
struggling Nation.
and
young
our
treaty
to negotiate a
power
who are here as representatives of the people of Finland I
equally hearty welcome.
Men and women from Finland have
to
extend
trade with
European
recall today with grateful hearts.
we
And
neutral
first
the
was
and
amity
things
greatly to
American civilization.
our
'
Finland, small in size but mighty in honor, occupies as especially warm
heart.
Sweden, Finland and the United States will continue their service in the
the American
place in
days to
of
friendship and of peace among the nations
in the cause of
come
the
threats, without
the
world.
Prince Berth's speech follows, in
part:
colonists
land
savage
will
I
after.
It
needless
To
and
Finns,
their
part
Western
On
friends
of
of
our
soil,
want
beloved
own
should have prevented him from
From
extend
we
to
our
you,
Sweden.
country,
profoundly regrets that a sudden illness
the Crown Prince,
My father,
being present among us today.
.
.
.
be
the
I
of
not
speaking on behalf of
representing a great
that
mission
has
modern
in
Cabinet
count
times
been
ever
Ministers,
r.o
the
church,
education, of the administration
trade,
We
the
of
Swedish
delegation
participation
assurance
that
American
people.
President,
Sweden
in
this
houses
friendly
spirit
which
the United
like
wherein
hundred
several
part.
by
this
years
were
ago,
relations
the Fort
spot,
in
few
between
should
Christina
Delaware
the
and to your
to you
exists
feel
to
you
thousands
of
people of Sweden
in number and of
two
our
nations.
that
commemorate
the
event,
fitting
is
it
here
300
Yet, thus began the
means.
poor
Indeed,
the first permanent
who landed
of
inauguration
together,
that,
unbroken
an
We
shall
famous
recall
the
their
have been
facts
almost
That
In
our
united,
in
as
such
were
integrity
birth.
and
enough
for
official
celebration
We
down
our
of
Rocks"
future
and
in
as
that in
early
a
we
Sweden
of
Fort
of
in
heritage
years
Delaware,
of
the
State
birth
memory
in
of
the first
who
well
and
their
contribute
to
country
the
their
as
of their
valor
were
formation
people of the present
as
as
has
to make
Swedish-American
my
Swedish
day.
first landing
turned
it
a
he
of America
State
of
An
to
be kept in custody in
I
history.
This
thi6 Port Christina State Park by the
address
by Secretary of State Cordell Hull also
celebration, as to which he said "the presence
of Sweden and of Finland and from the States of Delaware,
Pennsylvania, New Jersey and other States testify to the
importance of the occasion."
In part, he also said:
was
on
a
historic day in March,
colonists
landed
at
the
1638, that the first small band of 25
rocks—a spot
forever to be marked by the
magnificent and fitting memorial unveiled this morning.
The flood tide of Swedish power had touched at last the shores of
New
World.
The
plans of
Gustavus Adolphus
had matured.
threaten
and
men
of civilization give such power to
very
destruction of civilization
the
devoted
nations
principles
the
to
of
able to
nations
their
for
respect
their
meet
problems
difficult
most
and nations 6trong
sense—men
common
legitimate rights and aspira¬
own
aspirations of others.
from
Adolf
Gustaf
Prince
Crown
Philadelphia
on
broadcast
more
I
it is
course,
to
in
well
so
possibly
that it has not
dedication of the new
Philadelphia this morning.
to you
express
Museum
at
looking forward to this event for several years,
keen disappointment to
a
illness,
my
docked
were
Historical
know, I have been
and, of
is
In part,
be present in person at the
to
me
I can
than
sorry
given to
owing
an
board the Kungsholm dedi¬
follows:
as
American-Swedish
cabin
to leave my
that it wasn't possible,
which
me
board the Kungsholm,
on
Philadelphia.
remember
12
years
ago
when the Crown Princess and myself
foundation stone of this new museum, and I had so
hoped to be able to dedicate it by being present in pereon.
.
.
.
understand, ladies and gentlemen, that this new museum is to stand as
laying
the
much
I
tribute
three
This
the
to
great number
left
centuries
their
Swedes who
of
land
native
the
in
make
to
their
of the last
course
in
homes
America.
immigration has especially taken place during the last 100 years.
Among
the
and
son,
generation
young
Americans
of
Swedish
of
.
.
.
there
descent
surely be another Hansson, another Dahlgren ; why not another Erics¬
another
perhaps
even
achievements
found
are
Jenny
important
Lind?
enough,
time to come, if
In
their
their
will be added to
names
already large and impressive list.
an
I
be difficult to overestimate the importance of
believe it would
alive'in
our
historical
minds
and
events
deeds
keeping
past generations, for in
of
the past and present.
They carry with them an atmosphere of respect for the achievements of
those who, having passed on after having carried out their duty to the
particular
a
limit
of
of
their
they
way
capacity,
can
American-Swedish
The
think,
a
gift of
some
America, but
also
King Gustaf
which
time
form
a
link
between
longer act.
no
Historical
Museum
thus,
is
should
I
like
to
importance not only to the Swedish sons and daughters
to
Incidentally it
the whole American
people.
be noted that the 80th birthday of
celebrated at Stockholm on June 15, at
may
was
of Norway and King Christian
to join in the festivities.
A
birthday check of $1,000,000, raised through subscriptions
by King Gustaf's subjects, was put to a use similar to the
check received by President Roosevelt's as a result of his
King Haakon
Denmark
of
were
present
birthday celebrations, i.e., turned over to a fund in behalf
of victims of infantile paralysis.
President Roosevelt and
State Cordell Hull
Secretary of
behalf of the American
on
President
cabled
The President extended
King Gustaf.
Roosevelt,
congratulations to
sincere felicitations
people and "in my
during
his visit
own
name."
to New York
City
Thursday (June 30), during which he made two speeches
the World's Fair grounds, visited the Crown Prince at
on
on
the Medical
Center, where he has been since Tuesday.
R.e Spratt
Death of W.
country feels for yours
on
the banks of
Sweden, and of official delegations from the Governments
It
in
and justice.
28
June
am
been
Jr., Head of Securities and Ex¬
change Commission's Investigation of Investment
settlers
today of the President of the United States, of Their Royal
Highnesses the Orown Prince and the Crown Princess of
Swedish
before,
ever
among
landmark
Delaware.
featured the
and
reasonableness and
"The
it is my solemn duty to present it to you, Mr. Presi¬
gift from the Swedish people to the people of the United States
as a
to
as
command
to
spoke
Trusts
the Delaware River
dent,
than
need
greater
a
cating the American-Swedish Historical Museum.
of
deeply impressed by the
are
generously
so
symbol of the affection which
everlasting
stand
of
land
as
able
the
virtue
helped
We
Park,
of
high
our
Sweden,
the
were
their
thus
American
ago.
part
Sweden
ago, we
from
they,
country,
which
take
of
We
years
from
measure
your
and
the
Congress of
to
today wishes to perpetuate the
Christina
generations
a
300
settlers
that
think
to
descendants
admire
and
men
of the reasons for the high
you
this country.
in
when the resources
and
men
rights and
address
Their deeds
Their love of freedom and their
some
greatness of
proud
their
State
the
is
monument
them
forebears of 300
the
into
into
are
to
President,
action
those
of
to
thanks.
historic event of
the intervening three centuries,
which
traits
place of
most sincere
our
an
happy to feel
during
adoption.
Mr.
carried with
are
development
brought
those
you
of
admiration
our
they
successors
for
enough
the
came
It meets with
esteem.
we
braved
of gallant
event.
our
What
pride
who
Sweden
to
historic
worthy and resourceful people.
We
the
offer
acclaim
your
who
the President and
this
of
with
of history.
invitation
an
is
and
band
pages
extend
we
common
little
the
on
Nyckel,
by
cut
Sweden.
of
It
pioneers
important
to
commemorative
appreciation
Kalmar
Sweden.
monument,
granite
legendary
the
names
the
like this!
monument
a
their
by
black
the
in
vessel,
New
inscribed
States
these
deeply moved by this mark of
are
to
for
little
considered
United
of
Milles,
of those
colony of
have
the
Carl
memory
in
the
women
in
reminded
summoned
are
Altantic
found
be
sculptor,
memories
the
needs
quite
period of international friendship.
remind
to
held
perhaps
needs
friendship
calmness,
mate
took
citizens
our
was
Swedes,
The
that,
you
of the first
one
tions—tolerant, self-restrained, just and wise enough to respect the legiti¬
in
raised through public
were
State Park,
Valley.
national heritage.
remind
was
me
is
individuals
world
the
It
the1
Mr.
to you,
for
today,
influences
evil
...
Near
New
women,
early days
our
to
me
Sweden
Finland
need
among
tolerance,
a
The funds
and
men
along the Delaware have
professional, scientific, artistic and
names are known to every school child,
Their
for
necessary
which
prevalent, and
must
settlement
we
to
Your
us the
States.
people of the United States.
subscription,
honored
States.
conveys
convey
may
science
tercentenary
The monument to be unvailed today is a gift from the
to the
too
these
itself,
You
addressed
are
should
we
of
greatly
and
the
to
Sweden
from
illustrious
the
name
nations, for those same qualities
and principles which characterized the colonizers of New Sweden.
At a time when prejudice, hatred and violence are unhappily still all
Swedish
of the
fields
it
is
relations
and otherB,
moved
attached
is
Our greetings
members
our
representatives of business
Roosevelt,
Mr.
event,
importance
great
regards
as
deeply
are
I
representative
more
various
workers
the fervent hope that they
in
that
country
as
men
and interests.
here today of the President of the United
presence
gracious
well
as
the
of
composed
Amongst
both
of
of
industrial
peasantry,
or
Sweden.
Speakers
the
of
delegation
numerous
from
and
by the
is
in
There
On
more
and
of the
Y,
occupations
variety of
abroad
sent
representatives
Riksdag,
Gustaf
King
Swedish
a
women
believe
we
Majesty
cleared.
was
established.
law
political,
our
necessary
independence,
our
celebrations.
these
outcome of
am
and
His
land
more
of
courts
in the earliest years
Powers to conclude a
treaty of commerce and amity with our new republic; that in our present
effort to promote prosperity and stability within nations and confidence
among nations through the restoration and increase of mutually beneficial
trade, Sweden was among the first to conclude with us a reciprocal trade
is
with
I carry a special
message.
He commissioned me to say to you that his thoughts are with
us on
this day of jubilation.
With all his heart he rejoices in the hope
and conviction, shared by all Swedes, that new bonds of friendship shall
grandfather,
my
to
who since those
in
and
more
and
...
agreement.
speaking for the whole people
are
we
here
me
contributions are a part of
It
Nor
when
that,
know
to
you
these greetings,
America,
numbers
churches
prospered.
accomplishments.
their
to all the people of these United
you,
for
played
Address
States we
bring,
at the moment,
tidings of goodwill and friendship from the
country of Sweden, far beyond the ocean.
We members of the official
Swedish delegation to the New Sweden Tercentenary, who have just landed
on
the very same spot where, 300 years ago, our forefathers first set foot
and through
you
in
grew
Swedes
other
of that first
and discouragements
of
and
took form
esteem
Bertil's
Prince
and
Sweden
violence marked their arrival.
no
difficulties
the
on
constructed,
were
is
Though
significance.
following the manner of just men,
force,
and
colony
the
Roads
not without
is
those others, Swedes and Finns, who followed
villages were built, the fur trade developed and as
settlers,
Forts
slowly
soldiers,
were
dwell
not
of
group
contact
With¬
they chose
they needed and negotiated for its purchase.
No Indian wars,
massacres, mar the annals of the New Sweden on the Delaware.
first
no
first
that
the
qualities of citizenship to the American
history,
our
the succeeding centuries tens
But in
pioneers.
have
others
of
fine
their
and
the
spot came
thousands
of
manner
out
life by men and
national
to our
blood.
Swedish
of
made
contributions
outstanding
women
of
The
Royal Highnesses, it is a privilege to make grateful acknowledgement
Your
of
July 2, 193S
Chronicle
Since
1935
William R.
Spratt Jr., chief of the Securities and Exchange
Commission's investment trust inquiry, died on June 20 in
Washington.
He was 47 years old.
Mr. Spratt joined the
SEC in 1935 when he was appointed to head the investment
trust study which was nearing its completion at the time of
his death.
The following regarding his career is from the
New York "Herald Tribune" of June 21:
A native of
ment of the
Chicago, Mr. Spratt went to work in the accounting depart¬
Chicago Telephone Co. at 14, and remained for 12
years.
At
22 he became the youngest certified public accountant in the United States.
After leaving the employ of the telephone company,
the
firm
of Haskin
&
Sells,
a
New
York
accounting
Mr. Spratt joined
organization.
worked in their Chicago office for four years, leaving in
associated
witn
Howe,
Snow
&
Bertles, of New
York,
He
1919 to become
and
was
named
Vice-President of the firm.
the
The merger of Howe, Snow
& Bertles, with E. H. Rollins & Sons,
York banking firm, gave Mr. Spratt another advancement.
a
New
He joined the
Volume
new
organization
Mr.
Financial
147
Spratt
directing the work of 20 certified public accountants in
Officials said
the investigation was so near completion that the presentation
of the final
report could be made to the next Congress.
Death
Frederick
of
W.
Vanderbilt, Railroad Director
Capitalist—Was Director of New York Central
and
Railroad for 61 Years
Frederick
William
Vanderbilt, railroad
director
and
capitalist, died on June 29 at his country estate in Hyde
Park, N. Y.
He was 82 years old.
For 61 years he was a
Director of the New York Central Railroad.
At the time of
his death he
In
Vice-President and held that office from 1929 to 1932.
as
was
the investment trust investigation at the time of his death.
also
& Lake
Director of the Pittsburgh
57
Chronicle
retiring from Congress I shall in
political and economical welfare of
no
our
degree lose
my
interest in the future
Nation and I shall continue to work,
in every available manner, for the further development and
the north country which has so
prosperity of
signally honored me for so many years.
Mr. Snell is an avowed conservative and has been a con¬
sistent and outspoken critic of President Roosevelt and the
New Deal.
He played a leading part in the defeat of
Administration
measures
to
enlarge
the United States
Supreme Court and to give the President power to reorganize
the administrative bureaus of the Federal government.
He
also declared against the spending-lending
the last session of Congress regarding it as
up
bill passed during
calculated to buy
the coming fall elections and fought for a return of the
"Herald
Erie Railroad and the
management of relief to the States. The New York
Tribune" of June 28 had the following to say:
from the New York "Times" of June 30:
When the last Congress opened, Mr. Snell offered the Administration a
"positive eight-point plan" to counteract the depression of 1937-38.
It
was
a
Chicago & North Western Railway.
The following regarding Mr. Vanderbilt's career is taken
Mr. Vanderbilt
was
Director of 22 railroads, the Western
a
Union Tele¬
Niagara
graph Co., Hudson River Bridge Co., Detroit River Tunnel Co.,
River Bridge Co., and the New York State Realty and
He
the family tradition in keeping his business interests closely tied
the transportation industry.
His chief holdings were in the New
followed
with
up
Terminal Co.
York Central Railroad, and directorships in other railroads
that system, with which
stemmed, from
its
the name of Vanderbilt has been linked since
beginning.
He
was
the third
son
of the late William Henry
Vanderbilt and Maria
Louisa Kissam Vanderbilt and tne last surviving son.
Feb. 2,
versity and
was
of course,
became railroad
Vanderbilt'sons,
The
as a mat¬
He entered the offices of the New
men.
York Central,
acquired
a
nis father's railroad, and in one department after another
thorough knowledge of the business.
He was a director for 61
years.
At first, however, his was not a "front-office" job with a namepiate on
the door and negligible office hours.
He worked in minor jobs, submitted
to the usual rules and regulations of tne various offices, and won the com¬
mendation of department heads for his industry and
His training completed, he spent several years in
recent years
as
application.
active work, but in
had devoted less and less time to business and more time to
world
traveling and yachting, wnich is almost
railroading.
as
fixed
a
Vanderbilt tradition
First steps toward organization of dealers in the over-thecounter markets under the recently enacted Maloney Bill
taken at
York
on
meeting held at the Bankers Club in New
a
"The
by representatives of the I. B. C.
and the I. B. A. from all parts of the country.
An an¬
nouncement by the
Investment Bankers' Association of
America said:
Arrangements
& Patterson
were
made to undertake
of Cleveland,
Act.
was
study in order to determine
a
Joseph C. Hostetler of Baker, Hostetler
asked to make
a
study of the law and to
report on the subject of organization at as early a date as possible.
Joseph P. Kennedy Returns to Post in London—Had
Been
on
relief,
an end to
whole
11,000,000
1938
cooperation
11,000,000
As the session closed,
Brief Visit to United States
Joseph P. Kennedy, United States Ambassador to Great
Britain, sailed for Europe on June 29 aboard the French
liner Normandie.
Mr. Kennedy had been in this country
since June 20 during which time he conferred with President
Roosevelt on European affairs.
up
in the following sentence:
national
a
debt
unemployed and
of
James
Speyer for
Europe
Two-Month
Stay
involve in the next few months.
Private Life
Representative Bertrand H. Snell (of Potsdam, N. Y.), a
member of the House of Representatives for the past 24
years, from the 31st district of New York, announced on
Mr.
that
he
would
seek
not
re-election
this
year.
Snell, who has been the
Republican minority leader
1930, said that he had considered leaving public life
for four years and felt that he must do so now on account of
the demands of personal business and a desire to conserve his
since
health.
Mr.
Snell's
of his retirement
announcement
said
in part:
From all parts
of the four counties comprising the Congressional district
which I have had the privilege of representing for the past
and
telegrams have
come
re-election to Congress.
very
to
me
This attitude
candidate.
and
This is
real pangs of regret.
has
on
the part of
naturally has been most gratifying to me.
careful
mature
no
years
so many
of my friends
I have said I would make
I
have
on my part
For 24 years practically
been devoted to the duties of my office.
my
decided
not
the
a
entire time and attention
I have greatly enjoyed the
.
.
but for various
reasons
more
I have listened to
of my friends and associates that I
I feel that the time has come to make the decision.
The public
responsibilities which have been mine for a number of years past have been
exceedingly heavy and constant and my own business accordingly has been
very
have
greatly neglected.
some
The time comes when one's family and health must
consideration.
Furthermore, it is only fair that
long years of bootstrap recovery."
program would
»
he has been active in concert with John D. M.
Hamilton, national chairman of the Republican party and
Senator Charles L. McNary, minority leader of the Senate,
in a series of conferences at the national capital in which
legislative and political issues have been studied, and small
groups of experts in social, labor and agricultural problems
have discussed the party alignment in coming political
contests.
man
scheduled to succeed Mr. Snell
as the Republican
Representative is Assemblyman W.
St. Lawrence County, who announced on the
nominee and the next
Allen Newell of
first of June that he would not be
to the
other
some
Special
candidate for re-election
Committees for Study of
Discussions
Toward
Bond Market Begin
Formulation
of Joint
Recom¬
mendations to SEC
The committees for the study of the bond market, recently
appointed by the New York Stock Exchange and by the
Investment Bankers Conference, Inc. and the Investment
Bankers Association, have begun discussions looking toward
the formulation of joint recommendations to the Securities
and Exchange Commission, in accordance with the recom¬
mendation for such a joint study made by Chairman William
0. Douglas. A series of committee conferences will be held
terminating in consultations with Chairman Douglas and his
associates
on
the Commission.
Bankers
ment
June 30
Committee
on
Chairman; R. Parker Kuhn, First of Boston;
Lee, Lee, Higginson &
Bros. & Hutzler and J. L. Stubbs,
Joseph
the first meeting
were:
Lee Limbert, Blyth & Co.,
James J.
The members of the Invest¬
present at
Co.; Henry L. Rosenfeld Jr., Salomon
Whiting, Weeks & Knowles.
Klingenstein,
Wertheim &
represented by:
Co., Chairman; Howard B. Dean»
Vice-Chairman; James F. Burns Jr., Harris, Upham &
Co.; Reginald G. Coombe, Smitn,
Barney & Co.; Abraham Eller, Salomon
& Co.; Clinton T.
Bros. & Hutzier; Rowland H. George, Wood, Struthers
Wood, Gilbert Eliott & Co. and A. Tate Smith, Technical Assistant.
The
appointment of the Committee was reported in these
4037.
columns of June 25, page
William McC.Martin Jr. Elected First Salaried President
of New York Stock
William O.
Exchange—Selection Praised by
Douglas and Carle C. Conway
William McC. Martin Jr. was unanimously elected
the first
paid President of the New York Stock Exchange at a special
meeting of the Board of Governors on June 30.
His salary
was fixed at $48,000 a year.
Mr. Martin, who had been
Chairman of the Board of Governors since his election on
May 9, resigned this position in compliance with the new
Constitution of the Exchange.
He will also transfer his
seat on the Exchange and dispose of his interest in the firm
of A. G. Edwards & Sons of St. Louis for which he was the
New York
representative.
created by Mr. Martin's resignation as Chair¬
man was temporarily filled
by Charles B. Harding, ViceChairman of the Board.
He will serve as Acting Chairman
until the Exchange's Nominating Committee calls a special
election to choose Mr. Martin's successor
The official statement of the Board of Governors issued
The vacancy
after the
special meeting on June 30 follows:
of a Special Committee appointed on May 16,
York Stock Exchange today
unanimously elected Mr. William McC. Martin, Jr. as President.
Mr.
Martin has resigned as Chairman of the Board, and office to which he was
elected on May 9.
He will transfer his membership and dispose of his
interest in the firm of A. G. Edwards & Sons, of St. Louis, thus complying
with the Constitution of the Exchange which provides that the President
"shall not engage in any other business during his incumbency and who,
1938,
if
a
the
Board of Governors of the New
membership."
which, through the vote of the people, I have held for so many years.
appointed to make recommendations
.
.
of his election, shall promptly
The Special Committee which was
member of the Exchange at the time
thereafter dispose of his
.
a
Assembly.
resident of the district may be given the opportunity of occupying the office
and in
of $37,000,-
Upon recommendation
.
has been my desire to retire and give
counsel and expressions of many
continue.
be
to
and is not made without
work and the many pleasant associations it has brought me.
attention to my personal affairs,
a
of Congress.
consideration,
hasty decision
For the past four years it
letters
urging that I again be a candidate for
statement following the adjournment
After
24
national debt
the last year
•
27
he
In 1932 we had
Mr. Snell, who is 67 years old, served as permanent chair"
man of the 1932 and 1936
Republican conventions. Within
Struthers & Dean,
Representative-Bertrand H. Snell, Republican Minority
Leader of the House of Representatives, to Retire
June
labor and
of 820,000,000,000,
a
^pointing to the extra debt which the spending-lending
in
James Speyer of Speyer & Co., New York, is sailing today
(July 2) on the "Rex" for his usual two months' trip to
Europe, and expects to return early in September.
to
for
June 17, he had not altered his opinion, but was
The Stock Exchange group was
Departure
and labor;
government
protection
Roosevelt administration,"
of the
the results of five
are
equal
government competition with private business.
unemployed and
Such
of business,
social security,
theory and history
have
we
000,000.
June 27, attended
how best to organize under the
tax
pay-as-you-go
charged, "may be summed
The
Steps Toward Organization of Dealers In Over-Counter
Markets Under Maloney Act Taken at Meeting In
New York of Representatives of I. B. C. and I. B. A.
were
of
economy,
Uni¬
graduated from the Sheffield Scientific School in 1878.
Then began nis education in railroading.
ter
He was born on
After completing his academic work he entered Yale
1856.
consisted
capital, and
with regard to the Preisdency has.
Financial
58
for
more
than
weeks,
six
made
exhaustivejand careful
an
It
canvass.
than 200 possibilities from the viewpoint of suitability
has considered more
having in mind the essential requirements of the office
and availability,
of President of the Exchange,
namely: character, executive capacity, leader¬
of social responsibility and acquaintance
familiarity with the peculiar problems of our industry.
The special
ship quality, public spirit, sense
and
Committee
authorized to offer the position to any one.
not
was
It ex¬
qualifications of a great many persons in business, finance,
amined into the
professions. After extensive
the Special Committee was convinced that the selection
Chronicle
and
The Board of Governors, in accepting unanimously the
Special Committee, had in mind Mr. Martin's
capability.
of the
demonstrated in the difficult period of transition
successfully, his qualities of
through which he is guiding the Exchange so
his vision and his fine public spirit.
leadership, his sound judgment,
Martin was fixed at $48,000 a year.
The salary of Mr.
William 0. Douglas, Chairman of the Securities and Ex¬
change Commission, sent the following letter on learning of
Mr. Martin's election:
,
informed of the action of the Governing Committee in
I have just been
of the New York Stock Exchange.
elevating you to the Presidency
first
you—the
I offer
Exchange—my heartiest
foremost
President of our
paid
congratulations.
Your actions
Chairman of the Board give clear evidence of your de¬
as
termination to render conscientious
public service and of
your courage
and
ability to bring about expeditious action towards the objectives which must
At this time I want to pledge to you our fullest
be jointly ours and yours.
cooperation, and our unqualified support in working out the solutions to
before us.
thl
items of unfinished business which are
_
I
C.
Conway, Chairman of the Committee for the
Study of the Organization and Administration of the New
York Stock Exchange, made the following statement re¬
garding the election of Mr. Martin:
Carle
|l The New York Stock Exchange, after exhaustive study by its special
committee, has chosen Mr. William McC. Martin Jr. for its new President.
I
happy to congratulate Mr. Martin and the Stock Exchange, where,
am
during
difficult transition period as Chairman and as President Pro Tern,
a
Mr. Martin has given
which will be
Those of
who had the
in the work of the
new
position.
privilege of close association with Mr. Martin
Reorganization Committee, of which he was a member,
his indefatigable energy
impressed by his intelligence, hie courage,
were
and
substantial evidence of those qualities of leadership
essential in his
so
us
by his intense public spirit, as well as by his great faith in the future
of the Stock Exchange as a public institution.
All those who wish to
see
the Exchange measure up to its public respon¬
sibilities and who recognize the essential usefulness of an efficient and well
managed market place will extend sincere good wishes to Mr. Martin and
will cooperate
with him in every way possible for the achievement of these
ends.
The
issued
William McC.
Martin Jr. is
Edwards & Sons.
1931,
a
announcement concerning Mr. Martin's
by the Stock Exchange on June 30:
following
career was
partner in the
a
member of the Exchange since June 18,
He has been
1935,
Governor since May,
May 10, 1938.
Mr. Martin
St. Louis firm of A. G,
a
was a
and
Chairman
of the
Board since
member and secretary of the Committee
for the Study of the Organization and Administration of the Exchange, and
a
member of the Special
Committee of Three which drafted the amendments
Constitution to give effect to the recommendations of the special
to the
Organization and Administration Committee.
change, Mr. Martin served
the Committees
on
on
As a Governor of the Ex¬
several of its important committees, including
Admissions,
Customers'
Men,
Quotations and Com¬
missions, and Constitution, of which latter Committee he
was
Chairman
for several years.
Mr. Martin
began his business
career
ment of the Federal Reserve Bank of St.
associated
partner
with
A.
G.
in the firm
Exchange later that
Edwards
early in
year.
1932, of Economic Forum,
Social Research and
Social
a
&
1931
in the bank examination depart¬
doors for
during
589.
the
deposits of $26,260,235 and total resources of $30,167,During the years three banks have been merged with
First National,
namely the Yale National Bank in
1918
(in which year also the
First National instituted
a
Department and became the First National Bank &
Trust Co.) ; the East Haven Bank & Trust Co. in 1931, and
the Merchants National Bank in 1932. Subsequently (1936)
Trust
a
branch was opened at 574 Campbell Avenue, West Haven.
The institution is a member of the Federal Reserve
System,
New
House Association. Its chief officers at the
present time are: Thomas M. Steele, President; Dwight L.
Chamberlain, First Vice-President, and Warren M. Craw¬
ford (and Cashier), Frederick D. Grave, William McArthur
(and Comptroller, Edward B. Spalding, William G. Cleaver
(and Trust Officer), and Napoleon Patry (in Charge of
Savings Department), Vice-Presidents.
During the week of the celebration, it is announced, ex¬
hibits, consisting of old currency and coins, first minute
the
Federal
Insurance Corporation
Deposit
and
the
Haven Clearing
of
the
Board
of
Directors,
first
signature book
and
with photographs of early banking
buildings, are being shown in the lobby of the bank.
In
the windows are a scale model of the Cutler Building as
it was in
1863 and a lifelike reproduction of the first
general
ledger,
banking
room
men
along
with miniature figures of ladies and gentle¬
arrayed in costumes of the Civil War period.
—
.
The
Philadelphia National Bank, Philadelphia, Pa., in
its statement of condition as of June 30, shows total deposits
of $405,069,815 and total resources of $454,117,926 as com¬
pared with $370,312,761 and $423,027,158, respectively, on
Dec. 31,1937. Cash and due from banks on June 30 amounted
to $156,862,417, up from $137,062,925 on the earlier date.
The bank's holdings of United States securities rose to $149,037,884 from $128,220,284, but loans and discounts fell to
$77,923,342 from $92,817,165 at the close of 1937.
The
bank's capital remains the same at $14,000,000/J5ut surplus
and undivided profits have risen to $25,244,232 from $24,378,827.
The Philadelphia National Bank was organized
in 1803.
Joseph Wayne, Jr. is President.
,
»
The
organized Wabeek State Bank of Detroit,
Mich, (reference to which was made in our May 7 issue,
page 2954) was to open yesterday, July 1, in quarters in
the Fisher Building, Second Street and West Grand Boule¬
vard.
It begins with a capital structure of $1,100,000. The
full
newly
personnel
Detroit
"Free
of
the
Press"
institution,
June
of
26,
it
is
is
learned
as
from the
follows:
Frank
Couzens (former Mayor of Detroit), Chairman of the Board
of Directors;
George B. Judson, President; Henry T. Ewald
Evans, Jr., Vice-Presidents; F. C. Schlorff,
Cashier; B. F. Saylor, Assistant Vice-President, and Evan
Prowse and Leo J. Coleman, Assistant Cashiers.
and
Frank
R.
Louis, resigning in 1929 to become
Sons,
and
Mr. Martin
He is also
member of the
its
showing today (according to its statement
31, 1938) a capital structure of $4,188,477;
March
of
book
personally wish you every success.
opened
the oldest National Bank
New
in
Starting
total
recommendation
Co.)
the years,
out
study and search,
administrative ability as
Trust
Its charter, Number 2,
England, was issued on June 20 of that
the Civil War with a capital of
$300,000 in banking quarters on the second floor of the
Cutler Building, the institution has grown steadily through¬
charter
year.
as
consideration of personal equipment
&
Bank
National
First
business.
Industry, in the field of education, and in the
of Mr. Martin was dictated by every
2, ms
as
statistician.
purchased
was
a
a
He
became
a
membership in the
co-founder and co-editor, in
trustee
Graduate
of the New
School for
Faculty of Political and
Science.
From the Cincinnati
"Enquirer" of June 23 it is learned
of Newport, Ky., on June
22 took over the assets and assumed the deposit liabilities
of the Central Savings Bank of Newport, and, beginning
June 23, the banking business of the latter is now being
that
the Newport National Bank
transacted at the banking quarters of the Newport National.
ITEMS
ABOUT
Arrangements
BANKS,
TRUST
COMPANIES,
&c.
made June 29 for the transfer of a
New York Stock Exchange membership at $65,000.
The
previous transaction was at $58,000, on June 22.
were
The
it is understood, gives the enlarged bank de¬
$6,250,000 and total resources of more than
merger,
posits
of
$7,000,000.
-
THE
CURB
EXCHANGE
1
Arrangements were completed June 29 for the sale of a
membership in the Chicago Stock Exchange at $1,600, up
$100 from the last previous sale.
*
.
The Chicago Mercantile Exchange inaugurated its Satur¬
day summer closing schedule today (July 1), providing hide,
butter, egg, cheese and potato futures traders with a threeday period for observance of Independence Day, July 4.
The short week will be in effect for the
until after Labor
exchange's markets
Day.
1—,
The Bank of New York & Trust Co., New York
City,
which recently stated its intention to change its name to
"Bank of New York," announced that the new name of the
bank became effective yesterday, July 1. The change marks
the return of the name by which the Bank was known for
138 years of its 154-year existanee.
John C. Traphagen,
President, stated that the change in name will involve no
change in the policies or character of the bank's business
and that both trust and commercial
banking
be conducted as heretofore.
The Bank was
business will
granted per¬
mission to change its name on June 18 by the New York
State Banking Department. An item regarding the proposed
change was given in our issue of May 28, page 3424.
'
♦
Seventy-five years ago yesterday—July 1, 1863—the First
National Bank of New Haven, Conn, (now known as the
the New York Curb Exchange was on a larger
scale than in any previous week since the middle of April.
There were occasional periods of profit taking but this was
generally absorbed without serious check to the upward
swing. On Thursday the market was strong in the forenoon
and many active shares recorded substantial gains.
In the
closing hour stocks turned sharply downward and in a number
of instances much of the gains registered earlier in the week
were canceled.
Industrial specialties have been active and
public utilities have shown good recuperative powers.
Oil
shares have been moderately higher but mining and metal
stocks have been somewhat irregular.
Curb prices were moderately firm during the two hour
session on Saturday, and while the greater part of the ad¬
vances were in small fractions, there were a number of
strong
spots scattered through the list that gave the market an
appearance of strength.
The transfers climbed up to ap¬
proximately 127,000 shares, the highest level since April 16.
There were 776 issues traded in, of which 527 were on the
Trading
on
side of the advance and 104
on
the downside.
Fisk Rubber
pref. was an outstanding strong stock as it moved up 4%
points to 60. Jones & Laughlin Steel improved 3 points to
36 H; Pittsburgh & Lake Erie moved forward 5% points to
48 and Aluminum Co. of America forged ahead 2 points to 86.
Industrial specialties led the advance on Monday as the
market continued its upward climb.
There were occasional
bursts of profit taking apparent as the day progressed but
Volume
these
not
were
Financial
147
59
Chronicle
particularly strong and had little effect on the
trend of the market.
Some of the public utilities, especially
preferred group, were active and a number of the oil
stocks registered substantial gains.
Outstanding on the side
of the advance were Pittsburgh Plate Glass, 4% points to
90%; Pepperell Manufacturig Co., 7 points to 73; Singer
Manufacturing Co., 15 points to 250; Sherwin-Williams, 1
point to 91; Mead Johnson, 3% points to 108; Lynch Corp.,
2 points to 34; and Lake Shore Mines, 1 % points to 49%.
Following a brief period of hesitation during the early
trading on Tuesday, Curb prices again advanced though the
gains, on the whole, were less pronounced than during the
preceding session. Transfers fell off, the total sales slipping
back to 161,270 against 275,315 on Monday. ~ Babcock &
Wilcox touched a new top at 26% and Axton Fisher did like¬
wise as it climbed 2 points to 27.
The public utility shares
were moderately higher.
Oil stocks showed small gains and
mining and metal issues were generally lower.
Stocks
closing on the side of the advance included among others
Nehi Corp., 2% points to 46; Pa. Salt, 15 points to 150;
Pratt & Lambert, 2% points to 20; Brill pref., 1 point to 25;
Central New York Power pref., 2% points to 91 and Detroit
Steel Products, 1% points to 25%.
New highs for the year were registered by a number of the
trading favorites as the market continued its advance on
Wednesday.
Transfers were fairly heavy, the volume of
business reaching approximately 315,625 shares as compared
with 161,270 on the preceding day.
The gains were not
particularly noteworthy though the Aluminum shares were
higher by about 5 points and a number of speculative
in the
registered substantial advances. Prominent in the
latter group were Carrier Corp., 3% points to 28; Ford
Motor of Canada B, 2 points to 20; Mead Johnson, 3%
points to 111%; Pepperell Manufacturing Co., 6% points
to 79%; Pittsburgh & Lake Erie,.4 points to 52; Pittsburgh
Plate Glass, 6% points to 95%; and. Sherwin-Williams Co.,
3% points to 93%.
On Thursday the early trading drew gains among the
speculative favorites ranging from 1 to 4 or more points,
many active issues moving up to new tops for the movement
and in some cases to new high levels for the year.
As the
day advanced the market slowed down, and as considerable
profit taking became apparent, price changes were somewhat
favorites
mixed and
a
number of substantial variations from the morn¬
ing tops were established.
The transfers totaled approxi¬
mately 362,920 shares with 520 issues traded in.
Of these
227 closed on the side of the advance and 149 on the down¬
Prominent
side.
the gains
among
American Super¬
were
1st pref., 9% points to 68; Chesebrough Manufactur¬
ing Co., 6 points to 107 and Royal Typewriter which moved
ahead 1 point to a new top at 50.
Higher prices prevailed during most of the dealings on
Friday, the gains ranging from 1 to 4 or more points. Some
profit taking was in evidence during the opening hour but
this was quickly absorbed as the buying gathered headway.
The advances were not confined to any one group of stocks as
power
section of the market participated in the general
Specialties and public utilities attracted condiserable speculative attention and there was a good demand for
the oil stocks and mining and metal issues.
Outstanding
among the advances were Aluminium Ltd., 3% points to
101%; Childs Co. pref., 5 points to 46; Pa. Salt, 10 points
to 160; Sherwin Williams, 4% points to 98, and Standard
Power & Light pref., 3% points to 20%.
As compared with
Friday of last week prices were higher, Aluminum Co.
of America closing last night at 89% against 84 on Friday
a
week ago; American Cyanamid B at 23% against 20;
American Gas & Electric at 30% against 28; Carrier Corp.
at 28% against 25%; Gulf Oil Corp. at 42% against 40%;
Humble Oil (New) at 69 against 65%; Sherwin Williams Co.
at 98 against 90; Standard Oil of Kentucky at 18% against
17 % and United Shoe Machinery at 71 % against 70.
nearly
We act
AT
THE
NEW
Week Ended
Shares)
Foreign
Saturday
,
•
Monday
Domestic
Member Federal Reserve
Member Federal
EXCHANGE
FOREIGN
Unit
June 25
Total
June 30
$
$
$
.169575
.169611
.169536
.169496
.169472
.012387*
.012400*
.012400*
.012425*
.012400*
.034730
.034722
.034712
.034703
.034708
Denmark,
.221475
.221152
.221196
.221121
.221137
.221225
Engl'd, pound sterl'g 4.961597
4.954722
4.955625
4.953472
4.954027
4.955833
Finland, markka
France, franc
.021890
.021860
.021885
.021877
.021880
.021823
.027884
.027854
.027856
.027843
.027845
.027860
Germany, relchsmark
.403050
.402812
.402743
.402737
.402662
.402681
Greece, drachma
.009089*
.009076*
.009057*
.009080*
.009075*
.009083*
Hungary,
.197650*
.197500*
.197525*
.197525*
.197525*
.197500*
Italy, lira
.052600
.052603
.052603
.052604
.052600
.052600
Netherlands, guilder.
.554005
.553322
.553488
.653261
.553383
.553538
.249281
.248933
.248975
.248890
.248925
.249015
Poland, zloty..
Portugal, escudo...
.188333
.188333
.188333
.188333
.188333
.188425
.044720
.044816
.044758
.044754
.044820
.044858
Rumania, leu
.007300*
.007300*
.007300*
.007303*
.007303*
.007307*
Spain, peseta
.057500*
.055625*
.056500*
.056500*
.056875*
.058000*
Sweden, krona
.255781
.255416
.255478
.255375
.255431
.255518
Switzerland, franc..
Yugoslavia, dinar...
.229666
.229325
.229250
.229166
.229172
.229430
.023250*
.023225*
.023237*
.023225*
.023225*
.023237*
Chefoo (yuan) dol'r
.182916*
.182916*
.182916*
.183333*
.182916*
.182916*
Hankow (yuan) dol
.182916*
.182916*
.182916*
.183333*
.182961*
.182916*
Shanghai (yuan) dol
.183125*
.182812*
.182812*
.183125*
.182187*
.182187*
.181562*
.181875*
.182916*
.182916*
krone
pengo
krone
Norway,
China—
.181875*
.181562*
dollar.
.308937
.308703
.308812
.308625
.308546
.308781
British India, rupee..
.367650
.367167
.367323
.367298
.367379
.367762
Japan, yen
.289141
.288680
.288669
.288685
.288660
.288714
Stra'ts Settlem'ts, dol
.575562
.575000
.575250
.575250
.675250
.575250
3.952070
3.948593
3.948625
3.947000
3.947687
3.949250
pound- 3.983430
3.980000
3.979687
3.978187
3.979218
3.980208
South Africa, pound- 4.912250
4.906000
4.908250
4.903854
4.904583
4.906979
.990019
.989921
.989902
.990449
Tientsin (yuan) dol
Hongkong,
Australasia—
Australia, pound...
New Zealand,
Africa—
North America—
Canada, dollar......
Cuba, peso
.990312
.989511
.999333
.999333
.999333
.999333
.999333
.999333
Mexico,
.208125*
.206875*
.206875*
.203820*
.207000*
.205625*
.987656
.987031
.987500
.987421
.987500
.987968
Argentina, peso
.330730*
.330305*
.330315*
.330260*
.330285*
.330380*
Brazil, mllrels
Chile, peso—official.
.058440*
.058550*
.058675*
.058675*
.058675*
.058675*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
"
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.554800*
.554800*
.555500* |
.555500*
.555500*
.555500*
.652712*
.752112*
.652125*
.652020*
.652039*
.652175*
peso
dollar-
Newfoundl'd,
South America—
Colombia,
exportpeso
Uruguay, peso
*
Nominal rate.
COURSE
Bank
OF
$9,027,000
from
which it is
Our
possible to obtain weekly returns will be
total stands at
preliminary
$7,817,759,728 for the
there is
a
same
summary
Boston
Kansas city
St LnnlH
Detroit
Cleveland
York
New
Curb
1937
1938
Exchange
1938
1937
1,572,730
1,421,860
21,068,311
$164,779,000
—19.7
—17.5
—28.3
—19.1
—13.4
—30.6
—44.4
—24.0
—16.1
$5,730,377,717
847,668,670
—27.8
$6,578,046,387
1,239,713,341
1to co b>ft
to
$5,729,114,507
All cities, one day
63,758,439
954,852,418
Total all cities, five days.-
75,796,369
$470,510,000
10,433,000
—29.8
—21,5
$4,774,262,089
five days
days
Total all cities for week
Stocks—No. of shares.
$4,141,397,770
301,385,925
365,000,000
207,458,000
96,889,615
83,200,000
127,124,000
138,609,755
116,923,947
88,730,366
$4,136,881,059
637,381,030
Baltimore
Eleven cities,
1937
236,495,746
293,000,000
171,214,008
69,448,148
67,300,000
110,074,000
96,113,440
65,061,083
67,467,336
53,516,139
Pittsburgh
Jan. 1 to July 1
Per
Cent
1938
$2,907,191,159
,
1,569,000
2,130,000
Our
for the week follows:
Clearings—Returns by Telegraph
Week Ending July 2
2,000
$5,729,114,507, against
At this center
week in 1937.
loss for the week ended Friday of 29.8%.
comparative
1,312,000
Week Ended July 1
(Saturday,
26.7% below those for the corresponding week last year.
Other cities, five
Sales at
com¬
July 2) bank clearings from all cities of the United States
2,037,000
$9,291,000
decrease
telegraphic advices from the chief cities of the
based upon
51,000
$123,000
a
Preliminary figures compiled by us,
a year ago.
country, indicate that for the week ended today
37,000
$141,000
CLEARINGS
BANK
clearings this week will again show
pared with
17,000
16,000
.034705
Asia—
San Francisco
29,000
1
.169833
1,543,000
1,535,000
July
.012425*
16,000
2,099,000
1,572,730
June 29
$
Belgium, belga
45,000
363,205
.
Friday
June 28
$
Bulgaria, lev
Czechoslov'la, koruna
$700,000
331,880
Thursday
June 27
$
Europe—
$1,000
27,000
18,000
RESERVE
Buylno Rate for Cable Transfers in New York
Value in
United Stales Money
Noon
Country and Monetary
$5,000
1,244,000
1,973,000
313,025
FEDERAL
TARIFF ACT OF 1930
1938, TO JULY 1, 1938, INCLUSIVE
JUNE 25,
1,482,000
162,395
Wednesday.
Total
BY
CERTIFIED
RATES
BANKS TO TREASURY UNDER
$694,000
127,485
274,740
Tuesday
Corporate
System
Clearing House Association
Deposit Insurance Corporation
Philadelphia
Foreign
Government
STREET, NEW YORK
Member New York
Chicago
of
July 1. 1938
BROAD
55
New York
Bonds (Par Value)
Stocks
(Number
COMPANY
European Representative Office: 1, Cornhill, London, E.C.3
EXCHANGE
CURB
YORK
of the world.
PRINCIPAL OFFICE AND FOREIGN DEPARTMENT
every
TRANSACTIONS
correspondent for
TRUST
MANUFACTURERS
upturn.
DAILY
New York
as
commercial banks in all parts
$7,817,759,728
—26.7
—24.8
1
Bonds
Foreign government..
Foreign corporate
$9,027,000
141,000
123,000
$13,019,000
299,000
282,000
3,588,000
3,297,000
$9,291,000
Domestic
$13,600,000
$171,664,000
7,106,000
Complete and exact details fo* the week covered by the
foregoing will
furnish
Total
them
$488,049,000
appear
today,
in
our
issue of Dext week.
inasmuch
as
the
We cannot
week ends
today
(Saturday) and the Saturday figures will not be available
until
FOREIGN
EXCHANGE
RATES
give below
a
record for the week just passed:
today.
Accordingly, in the above the last day
cases
has to be estimated.
In the elaborate detailed statement,
Pursuant to the
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
noon
of the week in all
however, which
we
present further below, we are able to give final and complete
results for the week previous—the week ended June 25.
For that week there was a decrease of 16.4%, the aggregate
of
clearings for
the whole country having amounted to
Financial
60
$4,953,077,345, against $5,927,128,104 in the same week in
1937.
Outside of this city there was a decrease of 17.2%,
the bank clearings at this center having recorded a loss of
15.9%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
that in the New York Reserve district (including
this city) the totals record a falling off of 16.2%, in the
Boston Reserve District of 9.7%, and in the Philadelphia
Reserve District of
16.2%.
In the Cleveland Reserve
District the totals register a drop of 28.9%, in the Richmond
Reserve District of 14.3%, and in the Atlanta Reserve
District of 9.4%.
In the Chicago Reserve District the
totals show a loss of 18.5%, in the St. Louis Reserve Dis¬
trict of 18.7%, and in the Minneapolis Reserve District
of 17.0%.
In the Kansas City Reserve District the de¬
crease is 15.7%, in the Dallas Reserve District 11.2%, and
in the San Francisco Reserve District 12.9%.
In the following we furnish a summary by Federal Reserve
appears
Chronicle
July 2, 1938
Week Ended
June
25
Clearings at—
.
Inc.
1938
1937
$
Dec.
$
' (
or
1936
1935
S
%
$
Seventh Feder al Reserve D istrict—Chi cago—
Mich.-Ann Arbor
269,460
76,278,768
2,081,130
946,174
801,537
Grand
Rapids.
Ind.—Ft.
Wayne
Indianapolis...
+ 7.2
—33.1
3,002,711
1,496,899
962,757
—30.7
13,980,000
955,872
Detroit
Lansing
251,351
113,999,503
Wis.—Milwaukee
10,919,375
la—Ced. Rapids
Springfield
1,042,770
6,324,560
2,760,221
304,926
259,885,612
715,064
3,225,325
941,480
1,046,773
15,427,000
1,386,812
4,598,697
18,270,781
995,252
7,051,361
2,721,715
323,058
304,030,168
972,440
3,855,268
1,291,469
1,345,070
Total (18 cities)
393,036,480
481,982,312
South Bend
Terre Haute.
4,497,427
Des Moines
Sioux
City
111.—Bloomington
Chicago
Decatur..
Peoria
Rockford
—
._
—36.8
—10.5
—9.4
313,460
097,266
96,517,954
1,810,084
1,021,203
040,911
113,420,312
2,373,117
1,154,345
1,002,859
14,965,000
—22.2
1,245,373
4,798,774
18,143,585
1,021,528
7,275,442
3,429,434
766,228
290,065,096
749,645
4,103,102
1,273,732
1,077,358
14,080,000
673,835
4,928,134
15,353,290
948,805
6,900,946
2,460,804
335,756
234,690,058
629,496
2,405,987
1,145,545
888,364
—18.5
467,178,390
386,128,438
81,400,000
29,385,525
13,887,031
72,500,000
25,761,186
11,813,250
—31.1
—2.2
—7-4
+4.8
—10.3
+ 1.4
—5.6
—14.5
—26.5
—16.3
—27.1
districts:
SUMMARY OF BANK
CLEARINGS
Inc.or
Week End. June 25, 1938
1938
1937
Dec.
1930
1935
$
$
%
S
%
Eighth Federa 1 Reserve Dis trict—St. Lo
71,300,000
91,100,000
32,846,037
29,023,000
Tenn.—Memphis
13,885,180
16,700,460
uis—
Mo.—St. Louis..
Federal
Reserve
Dists.
Boston
2nd
3rd
New York. 13
PhiladelphlalO
4th
Cleveland..
5th
Richmond
6th
Atlanta
219,975,344
$*
44
117,155,844
6
.
44
8th
—14.3
136,716,361
Minneapolis 7
—21.7
—11.6
_
126,108,565
113,329,743
146,466,941
—9.4
137,468,567
—18.5
467,178,390
—18.7
125,118,556
110,447,436
—17.0
96,754,992
84,379,424
Minn.—Duluth..
144,157,862
-15.7
130,277,539
120,642,797
Minneapolis—
61,342,280
44
'
.
69,074,670
—11.2
57,255,433
43,085,757
219,754,733
252,213,702
—12.9
219,245,219
196,985,656
4,953,077,345
5,927,128,104
—16.4
5,565,673,904
5,482,467,581
2,136,030,037
Outside N. Y. City.
32 cities
Canada
373,000
141,146,497
—18.7
125,118,556
110,447.436
3,034,963
64,312,932
23,220,169
1,805,425
2,580,428
54,147,342
22,161,155
1,564,890
629,070
605,843
2,579,179,448
—17.2
2,359,202.407
2,079,338,207
308,875,414
312,684,844
—1.2
301,068,394
318,527,451
<
Helena
Total (7 cities).
87,520,057
We now add our detailed statement showing last week's
figures for each city separately for the four years:
N. D.—Fargo....
Mont.—Billings
_
Week, Ended
June
%
Reserve Diat rlct-
-22.1
1,585,201
189,735,813
612,210
-17.5
349,286
1,920,701
210,239,170
782,190
438,769
544,281
2,960,610
640,328
-15.0
Springfield
3,041.048
—2.6
Worcester
1,637,774
1,987,500
—17.6
8,000,752
4,302,962
9,334,300
420,645
9,166,250
4,063,257
10,241,900
-12.7
—8.9
3,426,512
8,691,000
488,104
-13.8
505,899
Mass.—Boston
_
.
Fall River....
Lowell
New Bedford..
Conn.—Hartford
New Haven
R. I.—Providence
N.H.—Manches'r
(Total 12 cities)
—9.8
-21.7
-20.4
219,975,344
—9.7
Feder al Reserve D istrict—New
Second
548,238
1,881,005
230,156,136
611,891
401,728
555,706
3,089,301
1,800,323
9,804,746
310,762
573,494
2,775,804
1,474,388
10,576,153
3,135,661
8,794,200
457,635
—30.3
28,300,000
13,054,932
1,245,474
40,000,000
—29.3
430,864
571,886
—24.7
632,198
702,806
2,817,047,308 3,347,948,656
—10.0
5,936,705
6,951,949
—14.6
3,296,239
4,660,241
—29.3
4,155,820
2,871,380
3,942,309
494,158
16,205,935
22,517,470
2,995,914
4,180,765
—4.2
2,653,916
—5.7
325,998
18,139,336
31,731,894
+ 51.6
—10.7
3,637,733
375,358
19,049,735
—29.0
29,393,174
New York
Westchester Co
Conn.—Stamford
J.—Montclair
Newark
Northern N. J.
Pueblo
Total (10 cities)
—29.3
—15.9
(Total 13 cities)
2,911,655,407 3,472,509,851
Third Federal
29,800,000
509,330
547,927
,403,129,374
312,940
Chester..
421,023
218,308
1,076,838
333,000,000
1,332,223
1,798,122
-35.2
-29.7
—9.9
1,375,539
2,377,000
Total (10 cities)
342,675,013
408,792,799
Reading
Scranton
..
Wilkes-Barre.
Fourth
763,020
.
York
-56.3
310,699
N. J.—Trenton..
__
-16.2
483,096
963,708
1,194,784
397,000,000
1,221,035
2,167,478
839,890
1,338,109
3,274,000
Philadelphia.
Cleveland
Columbus
Mansfield.....
x
47,742,549
74,249,634
7,893,800
1,492,419
Youngstown...
Pa.—Pittsburgh
_
Fifth Federal
W.Va.—Hunt'ton
_
Mobile:...
99,693,677
231,072,079
156,812,252
324,989,686
Reserve Dist rict
3 83,267
320,789
321,366
973,456
352,000,000
352,481,770
361,424,903
1,199,186
2,025,690
893,549
1,234,600
1,143,928
—7.6
3,104,199
3,467,758
—10.5
3,277,833
61,342,280
69,074,670
—11.2
57,255,433
43,085,757
Galveston
Wichita Falls
-36.4
-28.9
x
53,282,228
77,688,254
9,195,600
1,409,954
x
129,771,399
45,084,934
63,855,304
8,239,300
1,234,973
x
104,408,228
271,347,435
222,822,739
419,842
-31.4
332,459
151,625
-28.5
2,480,000
32,021,880
2,218,000
-31.1
3,240,937
14,913,079
47,200,000
1,046,139
667,352
17,655,000
16,714,152
1,241,089
Vicksburg
3,026,134
17,950,650
50,500,000
1,042,489
834,614
32,263,666
-13.9
1,026,942
68,393,183
-23.7
21,854,101
1,044,825
57,086,898
20,564,729
-14.3
126,108,565
113,329,743
+ 7.1
2,968,250
14,192,175
53,100,000
893,174
808,672
13,682,000
18,030,351
1,223,590
2,397,293
13,407,166
36,000,000
748,850
637,257
12,223,000
13,679,903
1,130,063
32,834,946
7,875,000
842,634
Spokane......
Yakima
+0.4
17,362,000
21,203,421
+ 1.7
-21.2
1,699,780
-27.0
x
91,795
29,897,349
—6.5
-20.0
x
103,237
-11.1
32,744,616
—8.7
132,666,892
146,466,941
—9.4
—12.8
^
1,352+09
32,313,056
_
_
_
total
x
84,360
32,485,995
x
95,403
22,591,262
137,468,567
—20.1
31,498,599
—13.5
—1.7
8,318,000
730,097
27,197,494
14,112,648
33,539,061
14,989,274
4,061,752
3,426,701
139,103,000
2,539,370
—16.3
—16.5
27,505,339
8,122,000
571,128
25,320,284
12,000,000
3,130,649
2,218,665
113,958,349
1,785,927
—7.0
252,213,702
—12.9
219,245,219
196,985,656
4,953,077,345 5,927,128,104
—16.4 5,565,673,904
5,482,467,581
2,136,030,037 2,579,179,448
—17.2 2,359,202,407 2,079,338,207
San Jose—....
Santa Barbara-
Grand
Franc isco—
41,117,163
9,104,000
857,580
r
1,192,364
2,283,437
San Francisco.
219,754,733
+ 6.6
+ 6.4
—11.0
—2.1
+ 5.7
769,503
1,597,812
(112
cities).
Outside NewYork
Week Ended
June 23
Clearings atInc. or
1938
Montreal..
'
Winnipeg
Vancouver
Ottawa.
Quebec
Halifax..
Hamilton
St. John....
Victoria
Edmonton
Regina
1937
S
Canada—
$
111,091,578
96.982,880
23,263,862
15,947,530
16,254,723
4,977,982
2,394,863
5,273,469
5,043,932
1,716,433
1,786,493
3,624,039
3,859,116
2,714,802
Brandon
316,100
Lethbridge......
Saskatoon
Moose Jaw
Fort William....
Peterborough
Sherbrooke
Kitchener..
Windsor
Prince Albert..
395,476
1,090,878
456,316
995,113
801,607
569,695
193,428
585,357
751,142
1,095,995
2,874,470
295,963
Moncton
816,837
Kingston...
565,471
562,438
584*266
993,160
Chatham
Sarnia
Sudbury
Total (32 cities)
Total (10 cities)
—8.0
4,372,804
2,836,049
125,016,355
2,044,211
1,133,076
1,985,886
Pasadena
Medicine Hat
-16.9
—29.8
Twelfth Feder al Reserve D is trict—San
Wash.—Seattle..
London
-Richm ond-
—6.2
+ 14.6
10,707,048
1,878,000
1,638,000
1,057,899
..
Toronto
x
Reserve Dist rict—Atlant
Miss.—Jackson
La.—NewOrleans
—1.1
1,464,580
50,353,350
7,556,917
New Westminster
Fla.—Jack 'nville.
—10.1
District—Da lias—
1,678,846
Ft. Worth
Brantford
Ala.—Birm'ham
—17.3
46,306,419
.
Total (11 cities)
476,676
*300,000
-16.2
x
136,716,361
Macon
—40.3
102,479,956
3,059,973
5,900,356
1,177,315
630,354
1,712,267
..
2,073,000
+2.8
-25.8
117,155,844
Augusta;
120,642,797
3,320,964,953 3,506,108,102
-27.4
2,010,093
x
Total (6 cities).
Ga.—Atlanta
130,277,539
4,331,016
3,646,982
123,760,000
2,485,992
1,260,462
2,123,241
947,169
1,225,578
6,997,000
-26.8
20,409,023
Nashville
—15.7
Calif.—L'g Beach
2,133,416
-21.6
C.—Wash'g'n
Sixth Federal
725,276
144,157,862
2,559,290
2,532,187
392,063
17,714,787
31,817,797
+ 9.1
-21.4
D.
Tenn.—Knoxville
583,411
12,508,735
—9.2
10,780,500
Md.—Baltimore.
S. C.—Charleston
2,591,407
—7.3
28,085,725
-17.0
-16.1
94,680,820
3,010,000
37,092,784
1,448,866
68,002,983
26,741,886
Richmond
—5.5
—15.4
Utah—S. L. City
268,850
1,115,201
338,000,000
1,017,880
60,706,021
288,145
2,153,000
34,782,035
998,390
58,525,251
Va.—Norfolk
4,572,524
2,674,340
30,468,718
1,916,290
3,738,238
87,371,772
1,127,201
44,321,063
6,051,471
1,697,000
780,865
Dallas
Calgary
Total (6 cities).
86,610
—1.2
593,964
Ore.—Portland..
Feder al Reserve D istrict—Clev eland-
Ohio—Canton...
Cincinnati....
115,090
2,342,592
27,684,738
2,694,231
545,451
6,285,602
3,761,544
Reserve Dist rict—Philad elphia
Pa.—Altoona
Lancaster.....
75,142
+ 10.5
1,911,699
25,426,095
3,742,214
2,706,644
83,133,051
2,595,637
466,000
499,705
Eleventh Fede ral Reserve
Texas—Austin...
Stockton
Bethlehem
92,937
+ 15.5
6,137,542
920,659
Syracuse..
880,224
Elmlra
Jamestown....
City
81,602
102,831
234,202,389
Rochester
Blnghamton
Buffalo
as
2,690,696
84,379,424
Total (6 cities).
York-
9,100,617
261,472,485
13,173,680
978,098
32,800,000
663,849
595,501
3,206,471,497
7,016,592
N.
875,285
1,475,437
203,094,645
658,925
96,754,992
La.—Shreveport.
+ 5.9
243,640,143
N. Y.—Albany..
...
Colo.—Col. Sprgs
630,926
Portland...—
Wichita
St. Joseph
Boston
491,510
Me.—Bangor
1935
105,437,280 —17.0
121,461,030
Kan.—Topeka...
1936
Mo.—Kan. City.
S
First Federal
Dec.
652,736
620,610
3,108,157
—1.2
—11.3
505,593
Omaha
1937
+2.4
—28.2
707,217
2,708,902
502,090
Lincoln..
Inc. or
1938
1,995,230
825,008
94,269
113,586
2,315,520
24,879,726
3,026,190
2,732,008
84,744,046
2,547,396
Hastings
25
—16.2
—12.7
Reserve Dis trict—Kans
Tenth Federal
Neb.—Fremont..
Clearings at—
70,276,393
23,224,20.3
58,904,805
20,265,315
2,042,450
815,168
627,214
1,945,756
St. Paul
S. D.—Aberdeen-
112 cities
X
446,000
Reserve Dis trict—Minn eapolis
—48.8
2,919,349
5,700,327
Ninth Federal
105,437,280
44
Fran.. 11
X
X
+ 10.8
114,762,186
Total (4 cities).
87,520.057
44
Total
X
500,000
386,128,438
141,146,497
X
554,000
Quincy...
102,910,197
481,982,312
111.—Jacksonville
121,461,030
44
—16.9
222,822,739
132,666,892
44
10th Kansas City 10
11th Dallas
6
12th Ban
361,424,903
271,347,435
114,762,186
Chicago ...18
St.Louis... 4
9th
3,506,108,102
352,481,770
393,036,480
10
44
7th
3,320,964,953
—16.2
324,989,686
234,202,389
—16.2
408,792,799
261,472,485
—28.9
3,472,509,851
342,675,013
231,072,079
*#
Jt#
5
—9.7
243,640,143
2,911,655,407
12 cities
1st
Ky.—Louisville.
308,875,414
107,190,189
%
+ 3.6
90,875,262
+0.7
33,618,511
18,445,934
16,363,998
3,784,851
2,159,237
5,297,507
5,502,450
1,773,489
1,734,682
3,104,341
3,736,865
3,557,458
294,311
429,515
1,353,488
535,655
1,028,361
932,996
682,310
182,981
627,919
688,807
1,003,014
3,936,679
338,227
879,324
559,487
542,809
563,109
Estimated,
x
1936
S
+3.3
104,782,435
79,889,167
48,001,710
15,826,137
14,085.236
2,739,064
1,864,036
4,270,536
5,005,426
1,582,074
1,483,310
2,783,360
3,129,480
—23.7
2,542,849
+ 7.4
239,839
—30.8
—13.5
—
0.7
+31.5
+ 10.9
—0.5
—8.3
—3.2
+3.0
+ 16.7
—7.9
405,829
—19.4
1,207,652
—14.8
473,196
—3.2
824,217
1,116,360
499,272
224,112
563,767
411,088
—14.1
—16.5
+5.7
—6.8
+9.0
+9.3
961,018
+3.3
945,846
2,437,535
308,925
903,453
445,303
390,568
589,178
1,097,374
312,684,844
—1.2
301,068.394
102,910,197
*
Dec.
No figures available.
—27.0
—12.5
—7.1
+ 1.1
+3.6
+3.8
1935
$
113,631,859
93,574,189
37,368,675
14,579,498
20,745,994
3,332,754
1,880,654
3,824,157
5,099,400
1,473,550
1,452,393
2,356,530
3,541,488
2,631,282
277,114
411,972
1,296,695
449,863
755,186
925,522
477,275
197,437
577,047
542,080
972,136
2,303,538
368,840
1,098,948
543,479
380,011
541,650
916,235
318,527,451
Volume
Financial
147
Quotations of representative
each
stocks
as
Sat.,
Man.,
Tues.,
Wed.,
June 28
Jane 29
June 30
99/4
Canadian Marconi
99/6
£50%
£48
4/-
£21 %
104
£21%
£8%
£8%
£8%
£8%
99/6
12/18/6
4/6
1/6
23/136/6
99/12/18/6
4/6
99/12 h
18/6
Imp Tob of G B & I_.
99/6
ni¬
ls /6
4/6
1/6
22 ft
136/-
London Midland
£17*$
Beers
Distillers
„
Co
HOLI-
Electric & Musical Ind.
Ford
DAY
Ltd
Gaumont Pictures ord.
A
Budsons
Metal
Bay
Co
Ry_.
4/6
1/6
22IQ
1/6
22/6
136/-
12/S
18/9
4/6
1/6
22 ft
140/-
.
£16%
71 /£14%"
£14%
16/9
98/9
17/98/6
16/6
100/-
16/9
102/6
17/6
103/1%
£37%
£37%
£38%
£39%
£4%
£39
£4%
38/22/9
22/-
United Molasses
VIckers
42%
42%
42%
64.64
64.64
64.64
64.64
BANKS
banks is
following information regarding National
from the office of the
Comptroller of the Currency, Treasury
Department:
£4%
VOLUNTARY LIQUIDATION
Amount
38/3
37/9
22/6
22
IS
21/10%
21/10 %
Fresno, Calif
H. Ramsay, Red
$500,000
June 21—The First National Bank of Van Wert, Ohio
Effective June 14, 1938.
Liq. Com.: Kerns Wright, W. P.
Brumback and J. M. Collette, all of Van Wert .Ohio.
Ab¬
GOLD
ENGLISH
150,000
June 17—Pacific National Agricultural Corp.,
Effective June 15, 1938.
Liq. Agent, T.
MARKETS
SILVER
AND
sorbed
No.
& Co. of London, written under
date of
Wert,
Van
Bank,
National
Wert
13,797.
Van
by
Charter
the weekly circular of
the following from
Samuel Montagu
£7%
£7%
£7%
£7%
£7»i«
reprint
42%
64.64
64.64
Bluff, Calif.
Areas
THE
42%
Closed
Treasury
The
Witwatersrand
We
£113%
£8%
£8%
38/23/3
22/4%
£113%
NATIONAL
£14%
£4
£102
£113%
72/-
£14%
38/23/22/9
£102.
£113%
£16%
£87i«
£4%
S.
(newly mined)
68/-
Unilever Ltd
£101%
Holiday £113%
Bar N.Y.(for'n)
£14*$
Royal Dutch Co
£74»i«
£74»is
£101%
4%
1960-90
U.
£87ie
Shell Transport
£74%
price of silver per ounce (in cents) in the United
States on the same days has been:
70'/-
Roan Antelope Cop M.
Rolls Royce
July 1
1815-16d.
140s.9d.
£74 9-16
The
97/6
70/-
Rio Tin to
West
£8%
137/—
£16%
£17
British
;
£8 %
Box
Rand Mines
Fri.,
Thurs.,
June 30
197i«d.
19h6d.
140s.8%d. 140s.8%d.
£74®i8
£747u
Holiday £101%
Holiday
War Loan
75/37/-
74/4 %
36/-
De
140s. lOd.
Consols. 2%%.
£22
£22
73/1%
37/-
73/1%
oz.
Wed.,
June 29
Tues.,
June 28
19h«d.
140s. 9d.
19h«d.
140s. lOd.
19d.
London,
week:
British 3%%
37/3
Courtaulds S & Co
Gold, p. fine
-
£50%
73/1*$
37/3
Cons Goldflelds of S A.
Silver, per oz._
4/—
4/-
£21%
h
Mon.,
June 27
June 25
July 1
43/3
43/3
99/-
£48%
43/3
Central Mln & Invest.
42/9
43/6
99/3
£48 %
Sat.,
Fri.,
Tkurs.,
June 27
Cable & W ordinary
daily closing quotations for securities, &c., at
reported by cable, have been as follows the past
as
June 25
MARKET—PER CABLE
The
received by cable
day of the past week:
Boots Pure Drugs
British Amer Tobacco.
FINANCIAL
ENGLISH
LONDON STOCK EXCHANGE
THE
61
Chronicle
Ohio,
BRANCH AUTHORIZED
18—Seattle-First National Bank, Seattle,
June
Wash. Location of branch.
Certificate No. 1,410-A,
Wash.
Town of Oakesdale, Whitman County,
June 15, 1938:
::■
GOLD
r
\
amounted to £326,410,111
on June 8 as compared with £326,409,953 on the previous Wednesday.
The recrudescence of fears prevailing abroad of imminent devaluation
of the dollar and sterling, although the justification for these fears is hard
to find, caused a great deal of activity in the open market.
At the daily
fixing during the week about £6,150,000 of bar gold was sold, there being a
very keen general demand; the price advanced steadily in spite of the
weakness of the dollar against sterling, the premium over dollar parity
increasing sharply and having reached Is. %d. today.
Quotations—
June
June
June
June
June
Per Fine Ounce
Vv;-V
•
140s.
140s.
11-——2-—140s.
13
140s.
14
140s.
15_—i----—' 140s.
9
6%d.
-—
June 10-»--2—
7d.
—---
-----
-
(all of which are secured by legal tender deposits)
at the beginning of May and June, and the amount of the
decrease in notes afloat during the month of May, for the
afloat
current year
the United Kingdom imports
The following were
registered from midday on the 4th inst. to
Amount of bank notes
British Soutn Africa
British India
AustraliaNew Zealand
-——
British Guiana
Canada
Peru———-
—-
Venezuela—
Soviet Union
Belgium.
Germany
£1,447,440
20,910
257,879
22,258
23,010
9,289
102,917
25,903
27,857
2,270,887
—
,
France
Other countries
United States of
value of about
10,631
141,802
France
Netherlands
84,472
*$223,242,440
*$278,084,675
SALES
Wednesday
securities were sold at auction on
Finland
21,717
5,430
Other countries
By R. L. Day & Co.,
Boston:
$ per Share
Stocks
Shares
Co., Cambridge, par $20-.——_ — -——61%
& Power Co., par $10
9%
525 Wrigley Pharmaceutical Co. common A, par $100; 10 A. L. Sayles &
Sons Co., preferred, par $50; 5 South Carolina Gas & Electric Co. 2d pref.,
par $100; 10 J. R. Whipple Corp. 1st preferred, par $100; 546 Tercaolkan
Oil & Gas Co., par $1
----1 Hartford Fire Insurance Co., par $10-—-—
—
74%
150 North Texas Co., par $10
1%
100 Rockland Light & Power Co., par $10—
——
9%
34 warrants Consolidated Investment Trust--—-——-——-—--——
6c
1 Harvard Trust
100 Rockland Light
By Crockett & Co., Boston:
£866,216
sailed from Bombay on June 11 carries
gold to the
- ^
& Manufacturers, Inc., par
Slocks
Shares
11 United Merchants
15 Saco Lowell Shops common, par
10 Western
speculative selling
caused prices to decline, cash delivery being
fixed 3-16d. lower at 18%d. and two months delivery %d. lower at 18%d.
Today cash recovered to 18%d., the difference between the two quotations
widening to %d. owing to bear carrying operations.
The features of the week included buying and selling by the Indian
poorly supported market
for American trade
^v..
Conditions are quiet and the outlook at the moment seems rather un¬
certain, with the market still readily responsive to even moderate pressure.
yesterday's fall attracted further enquiry
$5
Share
8
—
———
Massachusetts Cos.--
By Barnes & Lofland,
Philadelphia:
Bank & Trust Co., par $5--Pennsylvania Co. for Insurances on Lives
50 Land Title
45
and Granting Annuities, par
Bond—
$10,000 Union Traction
6s due 1932,
Co. of Indiana gen. mtge. 5s, July
stamped bonds)---...
—
$ ver Share
3%$10. 27%
Per Cent
1, 1919 (extended
—..——$2 lot
— —
Negotiable warehouse receipt for 127 barrels
rum,
stored in the F. C. Linde Co.,
No. 2————
7%
28%
-----—
-
Stocks
Shares
little change until yesterday, when
$ per
—
$1
—
silver
Bazaars and
— — —
afloat June 1
AUCTION
£101,000.
Pricas showed very
$284,239,865
6,155,190
by Secretary of the Treasury.
Note—$2,258,881.50 Federal Reserve bank notes outstanding June 1, 1938,
secured by lawful money, against $2,279,182 on June 1, 1937.
America--£602,164
Canada.-
£6,732,670
The ss. Chitral which
1937
$226,494,440
3,252,000
—
of the current week:
8,901
1,400
34,999
7,444
---
Switzerland
1938
-
».—
--------
for called bonds redeemed
Includes proceeds
The following
2,463,728
7,848
Netherlands
year:
Legal Tender Notes—
-
and exports of gold,
Exports
British East Africa———
a
1
during May
Net decrease
midday on the 13th inst.:
Imports
on
and last
National Bank Notes—All
Amount afloat May
140s. 7.33d.
Average
of National bank notes
The following shows the amount
*
7d.
6%d.
8d.
9d.:
NATIONAL BANK NOTES
CHANGES IN
England gold reserve against notes
The Bank of
(originally 140 barrels) of Mantilla
Inc., Special Bonded Warehouse
——--$2,800 lot
———— ———— — —
purposes.
The following were the
registered from midday on the 4th inst. to
to
Exports
a£29,601
Belgium
Czechoslovakia-
—-—-
Ffance
*
Australia
New Zealand
Ecuador—
-----
Other countries
14,000
2,932
1,366
1,426
c,3,451
d2,350
5,129
United States of America.b£891,555
2,445
Bombay
France
27,056
-
15,040
Italy
1,946
Sweden
Palestine
c4,300
—
cl9,500
ell,380
cl ,400
cl,800
Kenya...
Dependencies
Aden &
Egypt
Iraq
2,630
Other countries
£979,046
£60,255
legal tender in the United Kingdom,
Including £860,000 in coin not of legal tender in the United Kingdom,
Coin not of legal tender in the United Kingdom,
d Coin of legal tender
a
b
c
Including £18,351 in coin not of
in the United
Quotations during the week:
Bar Siker per
Cash
June
9.——19d.
19d.
11
19d.
13
18 15-16d.
14
18%d.
15
18%d.
June 10
June
June
June
June
Average
18.927d.
The highest rate
from June 9 to June
June
8
June
9
18%d.
June 14
June 10
June 11
June 13
43
43
43
43
-_43
.43
cents
cents
cents
cents
cents
cents
18.573d.
recorded during the period
$4.94%.
15,1938 was $4.98% and the lowest
James
Stachelberg and Herbert Beit
—The firm
of G.
Seligmann has been dissolved
& A.
and George A.
formed by George A. Seligmann, Frank H.
Buliey, John J. Kane and Leo Trencher, with offices at 42 Broadway and
membership on the New York Stock Exchange.
Seligmann
—Henry
Co.,
W.
& Co. has been
R.
Johnston,
Pomeroy &
formerly Vice-President of Case,
Inc. has been elected President of the company, succeeding Walter
resigned as President and has been elected Chairman
Stewart who has
of the Board of Directors.
—The stockholders of
New
York
City,
King, Crandall & Latham, Inc.,
of 70 Pine St.,
dealers in securities, have voted to
The officers have not as yet announced their
underwriters and
dissolve the corporation.
plans.
CALLS
AND
SINKING
FUND
NOTICES
2 Mos.
18 ll-16d.
18 11-16d.
18 ll-16d.
18%d.
18%d.
Other partners of the firm are
Lindsay, Charles G.
{Per Ounce .999 Fine)
Oz. Std.
of exchange on New York
George N.
Speyer.
von
REDEMPTION
IN NEW YORK
IN LONDON
1938.
partnership on July 15,
Speyer,
future
Kingdom.
NOTICES
retires from Speyer & Co. and Otto de Neufville, who
heretofore held single Power of Attorney for the firm, will be admitted
has
midday on the 13th inst.:
Imports
Eire
CURRENT
—Henry Herrman
United Kingdom imports and exports of silver,
a list of bonds, notes and preferred
called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Pope
Company and Issue—
Date
103
Below will be
found
stocks of corporations
Corp. 1st mtge. 6%s, 1942
Inc. 15-year 3% debs
♦Atlantic Beach Bridge
Brown Shoe Co.,
Aug.
Aug.
1
1
3946
Financial
62
Page
Date
Company and Issue—
first
we
Kennedy's, Inc., preferred (quar.)—
Lane Bryant, Inc., 7% pref. (quar.)-—.
3332
Lazarus F. & R__
111
show
the
we
follow with
Link Belt Co
113
3670
3670
3958
3670
3809
4126
124
2383
127
4128
131
3820
3679
3679
4130
15
1
133
3822
2398
26
1
a
week
are:
Share
Company
Abraham & Straus, Inc
Adams (J. D.) Mfg. (quar.)
37 He
—
15c
Administered Fund Second
AU-Penn Oil & Gas (quar.)
Aluminium Ltd., prer. (quar.).
4c
— —
10c
81H
-
—
Amalgamated Sugar 5% pref. (quar.)
Amerada Corp. (quar.)
American Asphalt Roof Corp., 6% pref.
American Beverage Corp. preferred (no
-
-
(quar.)_
action)
$1%
81
American Can Co. common (quar.)
American Cities Power & Light $3 class A
37Hc
Opt. div., l-64th sh. of class B stk. or cash.
American Fidelity & Casualty (quar.)
American Fork & Hoe pref. (quar.)
—
American Light & Traction (quar.)
Preferred (quar.)------.--American
15c
When
July
July
July
Aug.
July
July
Sept.
Aug.
July
July
15
15
June 30
July
Aug.
July
July
11
15
16
15
June 30
Aug. 15 July
Aug.
1 July
t$3
10c
25*
11
June 30
June
10c
-
Holders
Payable of Record
July
July
Aug.
Aug.
July
July
Aug.
$1%
30c
37Hc
—
AssociatedTelep. Co., Ltd., -11% pref. (quar.).
Atchison Topeka & Santa Fe Ry. pf. (no action)
31 He
July
5
July
July
July
15
15
5
June 20
July
5
July 15
Autocar Co.
preferred (omitted)
Beatty Bros., Ltd., 1st pref. (quar.)
Bloomingdale
—...
Bros., Inc
Boston Edison Co. (quar.)
Brooklyn National Corp
Brown-Forman Distillery pref. (no action)
Bruce (E. L.) Co. 7% cum. preferred (quar.) —3%% cum. preferred (quar.)
Buffalo Ankerfte Gold Mines, Ltd. (quar.)
Calamba Sugar Estates (quar.)
Canada Bud Breweries, Ltd
Canadian Bronze Co., Ltd
Preferred (quar.)
Canadian General Investments, Ltd. (quar.)
Registered (quar.) —.i
Carolina Clinchfield & Ohio Ry
Central Hudson Gas & Electric (quar.)
Central N. Y. Power, preferred (quar.).
Chesapeake Corp
Clinton Trust Co. (N. Y.) (quar.)
Commodity Corp. (irregular)
Coon (W. B.) Co. (quar.)
7% preferred (quar.)
Corn Products Refining (quar.)
Preferred (quar.)Creamery Package Mfg. (quar.)
Cypress-Abbey Co
Dayton Rubber Mfg., class A
81H
18%c
82
25c
87
40c
t3$Hc
t$i %
12Hc
12%c
$1%
20c
81H
35c
-
75c
10c
15c
-------
81H
75c
$1%
30c
2c
_
-
-
.
Early & Daniel Co., pref. (quar.).
—
—
Federated Department Stores, Inc.--conv.
preferred (quar.)
-
Preferred (quar.)
A
Fisk Rubber Co., pref, (quar.)
Froedtert Grain & Malting Co., pref. (quar.)___
Fyr-Fyter Co., class A (quar.)
.
Gardner-Denver Co. (quar.)-—
,
Preferred (quar.)
General Mills Inc. common (quar.)
General Telephone Allied Corp. $6 pref. (quar.)
General Theatres Equipment
Gilchrist Co
Goodman Manufacturing Co
Goodyear Tire & Rubber Co. $5
Gotham Credit Corp, (quar.)
-
conv.
pref. (qu.)
Griesedieck-Western Brewery Co. (extra)—.
Halle Bros, (no action).
Preferred (quar.)
1
1
15
July 20
July 20
15
15 June 30
20 July
9
1 June 30
1
July
20c
-----
12 He
17 He
17Hc
62 He
—
25c
15c
81H
81%
81H
81H
81 %
—
1 July
1 July
20 July
15 July
.
16
16
5
5
11 June 30
15 June 30
25 July
15 July
15 July
30 Sept.
Dec. 31 Dec.
Mar. 31 Mar.
June 30 June
30 July
30 July
15
30
30
20
20
20
20
20
15 June
20
10
25 July
25 July
21
20
11
July
23 July
15
15
15 June 30
20 July
8
75c
$:
S2,i
81H
25c
15c
50c
25c
—
Reading Co. (quar.)
1st preferred (quar.)
2nd preferred (quar.)
—
Reed (C. A.) 82 preferred A
Rike-Kumler Co. (omitted)
Reinsurance Corp. of N. Y——
Roos Bros., Inc., preferred (quar.)
—
Royal Typewriters Co., Inc
Preferred (quar.)
San Diego Consolidated Gas & Electric Co.—
Preferred (quar.)
Silbak Premier Mines, Ltd. (initial)
Southern Calif. Edison Co., Ltd. (quar.)
Southern New England Telep. (quar.)
—
SpicerMfg. Corp., 83 preferred (quar.)
Springfield Fire & Marine Insurance (quar.)
Sterling Brewers, Inc. (no action).
Sun Ray Drug-Preferred (quar.)
Superheat Co. (quar.)
Super Mold Corp. of Calif, (quar.)
37 He
5c
■
Holly Sugar Corp. preferred (quar.)
Tr»/»
\
Horder's, Inc. \quar.)_.
5c
81X
rtitnti
(N. Y.) (quar.)
—--I
Hyde Park Breweries Assoc. (reduced)
Interchemical Corp. preferred (quar.)
International Business Machines Corp. (quar.).
International Metal Industries, 6% pref
6% preferred, class A
Interstate Dept. Stores, Inc., pref, (quar.)
I
Investors Fund C, Inc
Jewel Tea Co., Inc. (quar.)
25c
30c
50c
$1%
$1%
$1%
81H
81 %
9c
July
July
Aug.
Aug.
Aug.
July
Aug.
Oct.
10
Aug.
23
23
12
30
16
15
1 June 20
Sept. 19 Aug.
Aug. 19 July
1 Aug.
Sept.
July 15 July
1 June
July
1 July
Aug.
1 July
Aug.
Aug. 15 Aug.
1 July
Aug.
31
30
15
1
30
20
20
5
21
15 June 30
25c
50c
50c
t50c
7 He
75c
81%
37 He
$2
75c
$1.12
10c
37 He
12 He
20c
20c
81
Stockyards of Omaha.
25c
United Gas Improvement (quar.)..
Preferred (quar.)
81%
United Light & Railways, 7% prior pref. (mo.). 58 l-3c
58 l-3c
7 % prior preferred (monthly)
581-3c
7% prior preierred (monthly)
53c
6.36% prior preferred (monthly)
53c
6.36% prior preferred (monthly)
53c
6-36% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)--1—
t$l
Utility Equities Corp., $5% priority stock
50c
Warren Foundry & Pipe Corp
25c
Westmoreland, Inc. (quar.)
81,
West Penn Electric Co., 6% pref. (quar.)
$1
7% preferred (quar.)
37 He
Westvaco Chlorine Products, preferred (quar.).
Willys-Overland Motors, preferred (omitted)
Wilson & Co., preferred (omitted)
■
—
_
Below
we
1 Sept.
July
Aug. 11 July
Sept. 8 Aug.
Oct. 13 Sept.
1 July
Aug.
July 15 July
Aug.
1 July
July 15 July
July 15 July
July
July
Aug.
July
July
July
15
25
15
1,5
15
9
9
19*
14
18
22
20
5
15
5
5
June 30
July
5
July 20
June 30
July
5
1 June 23
Aug.
1 July
Aug.
1 July
July 15 July
July 11 July
July 11 July
Aug.
1 July
July
1 June
Sept.15 Aug.
20
30
June
20
Sept.30
Sept. 30
1
1
Aug.
Aug.
July
Aug.
31
31
15
15
Oct.
1
Sept. 15
Aug.
Sept.
1 July 15
1 Aug. 15
June
Aug.
Sept.
18
18
5
1
1
15
10*
Oct.
1
Aug.
Sept.
1 July 15
1 Aug. 15
Oct.
1
Sept. 15
Sept. 15
July 15 July
Aug.
1 July
Oct.
1
5
15
Sept. 15
Aug. 15 July 22
Aug. 15 July 22
Aug.
1 July 11
give the dividends announced in previous weeks
and not yet paid.
The list does not
nounced this week, these being given in
include dividends an¬
the preceding table.
P<r
Shaie
Name of Company
Abbott Laboratories pref.
$1%
(quar.)
Adams Express Co. common
Affiliated Fund, Inc
10c
6c
.
Agnew-Surpass Shoe Stores, preferred
Alaska Juneau Gold Mining (quar.)
Extra--..
15c
.
—
Alberta Wood Preserving Co. 7 % pref.
Air Reduction Co. (qua.)
Alabama Power Co., $5 pref. (quar.)
Allied International Investing,
(quar.)
- .
25c
—
preferred
$1%
t50c
25c
Alpha Portland Cement
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Amerex
$1%
50c
50c
$1%
$1%
70c
Holding Corp. (s.-a.)
American District Teleg.
American Envelope Co.,
(N. J.) pref. (quar.)_
7% pref. A (qu.)
7% preferred A (quarterly)
-
American Gas & Electric Co. pref. (quar.)
American Home Products Corp. (monthly)-
$1%
$1%
$1%
81H
20c
30c
American Meter Co
25c
American News Co
10c
American Renublics Corp
15
15
15
15
1
15
15
1
1
1
15
1
Sept.
15
7
15
July
Union Gas Co. of Canada (quar.)
American Rolling Mill, pref.
American Ship Building
Sept. 15 Aug. 15
July 29 July 27
July 29 July 27
5 June 28
July
-----
20
30
20 July
1 Aug.
82.65
10c
50c
Extra.-.
30
20
Sept.
-
Telautograph Corp
Texas Corp. (quar.)—
15
10
15
16
Oct.
_.
—
July
15
15
81%
7c
1
June 30 June 30
—
1
30
59c
82 H
Premier Shares, Inc
SIX
(quar.)
American Smelting & Refining
Preferred (quarI)
50c
50c
Co--...-
25c
American Sugar Refining
Preferred (quar.)
$1%
$2%
American Telep. & Teleg. (quar.)
American Thermos Bottle-
—
July
8
Aug.
4
July 25
July 25
Aug. 16
June 30
June 30
July 15
July 20
July 12
July
6
July 20
Sept. 22
July 15
July 15
July 20
June 30
1
Aug.
1
Aug.
1
July 15
Sept. 20 Sept.
6
25c
—
Amoskeag Co., common (f.-a.)—............
Preferred (semi-ann.)
Atlantic Refining Co., pref. (quar.)
Aviation Corp. $3 par capital stock
...............
Extra
75c
81H
(quar.)
Philadelphia Electric Power pref. (quar.)
Pittsburgh Cincinnati Chicago & St. Louis RR_.
Pittsburgh Coke & Iron, 85 pref. (quar.)
1
15c
July
Aug.
Aug.
Aug.
Holders
July 15 June
1 July
Aug.
July 25 July
1 July
Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Aug. 31 Aug.
1 June
July
July 15 June
July 15 June
July 15 June
1 July
Aug.
July 15 July
1 July
Aug.
1 June
July
1 June
July
1 July
Aug.
July 15 June
1 July
Aug.
$1.18% Aug.
July
81%
1
15 July 11
1 June 24
9 July
2
81H
9%c
l%c
50c
When
Payable of Record
26 July
July 20
9*
July
1 July 15
15 July
8
July 25 July 15
60c
Hershey Chocolate (quar.)
Preferred (quar.)
Hobart Mfg. class A (quar.)
Hollinger Consol. Gold Mines (monthly)
July
Aug.
Aug.
July
July
July
Aug.
Aug.
July
July
July
Aug.
Aug.
July
July
July
July
July
Aug.
Aug.
Sept.
July
$1.06% July
1"8l %
July
25c
July
$1.18% July
81H
July
30c
July
25c
July
25c
July
75c
Aug.
75c
Aug.
81%
Aug.
25c
July
Hercules Powder Co. preferred (quar.)_
Horn & Hardart
June 29 June 28
June 29 June 28
Aug. 15 Aug.
1
1 Sept. 15
Oct.
25c
_
-
.
Aug.
1 July 15
July 25 July 15
Aug.
1 July 11
July 15 June 30
25c
Fenton United Cleaning & Dyeing Co., 7 % prefFilene's (Wm.) Sons
Extra
81
81H
$1%
81H
81H
-----
Preferred (quar—
Preferred (quar.)
4H %
1
75c
81H
—
Preferred (quar.)
He
t25c
—
Dow Chemical
Preferred (quar.)
81 %
—
Union
Superpower Corp.. 1st pref. (quar.)
Ashland Oil & Refining Co. (quar.)—
Associated Insurance Fund (semi-ann.)-
25c
——
—
Manning, Maxwell & Moore
Maritime Telep. & Teleg. Co., Ltd. (quar.)
7% preferred (quar.)
Massachusetts Utilities Assoc., pref. (qu.)__
McCall Corp. (quar.)—
Midwest Piping & Supply
Milwaukee Electric Ry. & Light Co., pref
Mississippi Power Co., 87pref. (quar.)
86 preferred (quar.)
Montana Power $6 preferred (quar.)
Mountain States Telep. & Teleg
National City Lines 83 pref. (quar.)
National Pumps Corp., pref. (no action)
Neisner Bros., Inc., preferred (quar.)
New York Trap Rock Corp., preferred
Norfolk & Western Ry. (quar.)
Preferred (quar.)
North American Edison Co., pref. (quar.)
Northeastern Water & Electric (special)
Noxema Chemical Co. (semi-ann.)
Oliver United Filters, class A (quar.)_
Pan American AirwaysPenmans, Ltd. (quar.)
Preferred
Per
Name of
25c
—
—
dividends previously
The dividends announced this
— —
Preferred (quar.)
Madison Square Garden.—
second table in which
announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we
Lee Rubber & Tire
111
112
31%c
1%%
12 He
—
—
111
grouped in two separate tables.
Then
current week.
Share
Company
4112
In the
bring together all the dividends announced the
are
Name of
3800
DIVIDENDS
Dividends
Per
108
3800
♦Chicago Union Station Co. 3%s guar, bonds 1951---—Sept. 1
Commonwealth Edison Co.—ist mtge. 5s, series A & B-.-July 18
1st mtge. coll. 5s, series AJc B_-__—-—-—.—-----July 18
Commonwealth Subsidiary Corp.
(Commonwealth Edison Co.) 5%% debentures, 1948.——
-July 18
Dakota Power Co. 1st mtge. 6s, 1938-——"7117"
il
•Diamond State Telephone Co. &H% pref. ft&g*
V w 3>a
♦Eastern Gas & Fuel Associates 1st mtge. 4s, 1956—
.July 20
♦El Paso Natural Gas Co. 1st mtge. 4Hb, 1951--.----— Aug.
1
♦Great Consol. Elec. Power Co., Ltd., 1st mtge. 7s, 1944—Aug.
1
♦Hazleton Water Co. 1st mtge. 5s,—Sept, 1
Houston Oil Co. of Texas oHs, 1940--i
Kansas City Gas Co. 1st mtge. 5s. 1946
Aug. 1
Kirby Lumber Corp. 1st mtge. bonds
—.July 16
Lawrence Gas & Elec. Co. 20-year 4 He. — _ - - - _ - -Aug. 1
Massachusetts Utilities Associates, o% debs., 1949- ....Aug.
9
New York Fire Protection Co. 1st mtge. 4s——-——July
6
♦North American Gas & Elec. Co. 6% cum. inc. debs—-July 19
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
♦Phila. Elec. Power Co. 1st mtge. 5%s, 1972-—Aug. 1
Poll-New England Theatres, Inc., 1st mtge. bonds
--—July 20
♦St. Joseph Ry., Lt., Ht. & Pr. Co. 1st mtge. 4%s, 1947—Aug.
1
St. Joseph Stock Yards Co., 1st mtge. 6s, 1940
Aug. 1
San Antonio Public Service Co., 1st mtge. 5s
Aug. 1
1st mtge. 6s
-Jan. *
Shippers Car Line Com. 5% gold ctfs. series H
—--.July
♦(A. E0 Staley Mfg. Co. 1st mtge. 4s, 1946
Aug.
Texas Terminal Ry. 1st mtge. 6s. 1941--- —-—
July
(Raphael) Weill & Co.. 8% preferred stock
Sept.
•
Announcements this week.
July 2, 1938
Chronicle
„
SI
S2%
$1
18Hc
30c
Bangor Hydro-Electric (quar.)
Bank of Nova Scotia
$3
(quar.)
Bayuk Cigar, Inc. 7% 1st pref. (quar.)
$1%
Ltd—
Beatty Bros. Ltd. 7% 2nd pref. (s.-a.)
5c
Beattie Gold Mines,
$3%
Belding-Corticelli, Ltd. (quar.)
Preferred (quar A
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania pref. (quar.)
Bellows & Co. class A (quar.)
Class A (quar.)
Beneficial Industrial Loan Corp. pref. ser. A (qr.)
Biltmore Hats Ltd. (s.-a.)
Bon Ami Co. class A (quar.)
—Class B (quar.)
Brantford Cordage Co., 81.30, 1st pref. (quar.)—
$1
$
SIX
2oc
25c
87 He
25c
SI
62%c
32 He
Holders
When
Payable of Record
July
July
July
July
Aug.
Aug.
July
July
Aug.
Aug.
Sept.
Sept.
15
12
15
2
1
I
2
15
1
1
24
30
July
July
1
1
June 30
June
July
July
15
5
5
June 25
June 30
July 20
July 15
Sept. 1
Sept. 15
Dec. 31 Dec.
15
Sept. 30 Sept. 15
Dec. 31 Dec.
Aug.
July
Sept.
Dec.
Aug.
Aug.
July
July
Tuly
July
Aug.
Aug.
July
July
July
July
Aug.
July
July
Aug.
July
Aug.
July
July
Aug.
July
July
July
July
July
Sept.
15
1 July 12
15 June 15
1 Aug. 25
1 Nov. 25
1
1
15
15
11
15
1
31
30
2
2
15
1
5
5
1
22
1
2
15
20
2
2
2
15
15
16
July
July
July
July
8
14*
1
5
Tune 30
June
15
July 15
Aug.
5
July
8
June
6
June
6
June 15
July 20
June 25
June 25
July
July
July
5
1
11
June
15
June
30
July
29
June 15
June 15
June
15
June 23
June 20
Sept.
Dec. 16 Dec.
1
I
July 30 July 15
July 15 June 30
July 30 July 15
July 30 July 15
July 15 June 20
Volume
Financial
147
Per
Name of
Share
Company
Bralorne Mines Ltd. (quar.)
Extra----
;J.
—
Bunte Bros., 5% pref. (quar.)
Canada Life Assurance Co. (quar.)
Canada Northern Power Corp., Ltd.
7% cumul. preferred (quar.)
Canada Packers, Ltd. (quar.)
1
<B>U
t30c
(quar.)—L
111 H%
75c
(quar.)
Canadian Fairbanks Morsepref. (quar.)
Canadian Fire Insurance (Winnipeg,
Canadian Industries, A and B
$2
Man.)—
XUH
$1H
(quar.)
50c
Canadian Light & Power (s.-a.)
Canadian Oil, Ltd. 8% pref.(quar.).
Canadian Wallpaper Mfg., cl. A & B
II?
t37 y-xc
2Hc
lHc
Canadian Wire bound Boxes, $1H> class A
Cariboo Gold Quartz Mining Co. (quar.)
Extra
Celotex Corp., preferred (quar.)-_
Central Power Co. 7% cum. pref. (quar.)—-
preferred (quar.)
Central Power & Light, 7% preferred
6% preferred
Central & South West Utilities 7 % pr. pfd. (qu.)
6% prior preferred (quar.)
Centrifugal Pipe Corp. (quar.)...
Quarterly
Champion Paper & Fiber Co. 6% pref. (quar.)__|
Chilton Co., common
Cincinnati Union Terminal 5% pref. (qu.)—
5% preferred (quar.).
Cleveland & Pittsb. RR. Co., reg. guar. (quar.)|
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Clinton Water Works 7% preferred (quar.)
Coca-Cola Bottling (St. Louis) (quar.)
_|
cum.
—
UH
W-%
t81H
%IV\
$1H
10c
UK
__....—.
HH
81K
—
87 He
50c
s7m
SIM
25c
25c
—
Extra
Corp. v.t.c (payable in stock)
Columbus & South. Ohio
Elect.Co.6H%Pf*(qr.)|
10c
Commercial Alcohols Ltd., 8% pref. (quar.)...
Commercial Discount (Los Angeles;—
20c
8% preferred (quar.).
7% preferred (quar.
17 He
1 31 He
Commonwealth Edison Co. (quar.)
Confederation Life Assoc. (Toronto) (quar.)
]
Quarterly
Coniagas Mines, Ltd.
Connecticut & Passumpsic RR. 6% pref. (s.-a.) J
Consolidated Bakeries of Canada, Ltd. (quar.)_.|
Consolidated Cigar Corp. preferred (quar.)
Prior preferred (quar.)
Consolidated Edison Co. of New York, Inc—
$5 pref. (qu.)
...
Consolidated Laundries, pref. (quar.)
Consolidated Mining & Smelting Co. (Can.)
1
Hi
l2%
25c
81M
%IK
81K
.
J50c
Bonus
Consolidated Oil Corp. (quar.)
Consolidated Traction Co. (N.
20c
2 June
J.) (s.-a.)
(quar.)
(s.-a.)
Cosmos Imperial Mills Ltd. 5% pref. (quar.)
Crum & Forster (quar.)
Preferred (quar.)
I
Darby Petroleum Corp. (semi-annual)
Dayton & Michigan RR. Co. 8% pref. (quar.)..
Dentist's Supply Co. of N. Y. (quar.)
Quarterly.
11 June 30
2 June 15
21 June 16
16
15 June 30
June 20
25 June 30
July
20
2 June 20
2 June
15
2 June 38
2 June 15
2 June
30
(quar.)
Greening (B.) Wire Co. Ltd. (quar.)
Guarantee Co. of North Amer. (Que.) (quar.)
July
July
15
15
Harding Carpets Ltd
Harrisburg Gas Co. 7% pref. (quar.)
Hecker Products Corp. (quar.)
Hedley Mascot Gold Mines (quar.)
Extra
30
-
-
Monthly
Monthly
Holland Furnace
Holly Development Co. (quar.)
Oct.
Sept.
15
Jan.
July
5
Sept. 19
Dec. 19
Sept.
Sept.
Aug. 10
Aug. 10
Dec.
Nov. 10
Dec.
Nov. 10
July
July
July
Sept.
Aug.
July
July
July
1
July
July
Aug.
Sept.
9 July
1
1
9
Nov.
Oct.
July
July
1
10
10
Sept. 2
July 15
July
July
Sept.
25
Dec.
Dec.
25
Aug.
Aug.
July
Sept.
Aug.
July 30
July
1
Aug.
Aug.
July
July
Aug.
July
June
15
Aug. 15
July 15
1 June 30
l'July 15
15 June
15 June
15 July
15iJune
2lJune
Oct.
25c
July
July
July
Aug.
25c
20 June
20 lJuno
29 June
31 IAug.
2 |June
30
30
July
—
International
Harvester.
International Milling 5% preferred (quar.)
International Nickel Co. of Canada, Ltd.,pref._
International Power 7% preferred
International Product*. 6% pref. (s.-a.)
International Utilities Corp. $7 prior
——
pref. (qu.)_
83 H prior preferred (quar.)
22
June 20
June
July
2
15
15
25
15
12
June 15
'June 30
Aug.
5
July
8
July
8
June 15
July
9
June 30
July
6
July
6
Sept. 20
Sept. 20
June 30
July
2
|July
2
June 30
1
9
2
15
15
15
t87^c
mxc
\75c
7% preferred A--*.,.
6 H% preferred B
6% preferred C
Iron Fireman Mfg. vtc conv. (quar.)
vtc com. quarterly
Joliet & Chicago RR. (quar.)--
30c
30c
UK
Knott
25c
l2Hc
15c
—
Corp
'
----
Kroehler Mfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)--...
Kroger Grocery & Baking Co., 7% pref. (quar.)
Landis Machine (quar.)
Quarterly
7% preferred (quar.).
7% preferred (quar
Lang (John A.) & Sons, Ltd. (quar.)
Lanston Monotype Machine
.
Lawrence Gas & Electric Co,
Lehman Corp
Lerner Stores Corp-Preferred (quar.)
Lincoln National Life Insurance (Ft. Wayne)
Quarterly
—
-----------
-
Teleg. A & B (quar.)
6% preferred (quar.)
Lincoln Telep. &
Lion Oil Refining (quar.)
Little Miami RR., special
guaranteed (quar.)-
Special quaranteed (quarterly)
Original capital
Original capital
Little Schuylkill Nav., RR. & Coal Co
Lockhart Power 7% pref. (s.-a.)
Lock-Joint Pipe Co. 8% pref. (quar.)
8% preferred (quarterly)
—
Lone Star Gas Corp
Preferred (quar.)
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)-.—
Extra
'
5% refunding participating pref
(quar.) —
Extra
2nd preferred (quar.)Louisville Gas & Electric Co.,
7% cum. preferred (quar *
6% cum. preferred (quar
5% cum.preferred (quar
uis RR.
Louisville Henderson & St.
6% preferred (semi-ann.)
Lord & Taylor,
i
-
81 Vi
81H
%1H
Kootenay Belle Gold Mines (quar.)
Extra--------
%l&
12
23
1
1
20
15
15
15
15
15
30
30
18
10
6
15
30
11
1
1
19
16
20
17
30
30
30*
30*
20|July
211 July
1
2 June 15
11
2IJune 30
1 Sept.
30
3 Dec. 31
15 June 30
15 July
11
2 June 22
2 June 22
15 June 30
15 June 30
11 June 22
15 June 20
15 July
1 July
2
2
2 June
15
15 June 30
1
July 20*
20*
1 July
15 July
July
Intertype Corp., common
Iowa Electric Light & Power—
15
|June 15
11
30
Oct.
■fuiy'
Interstate Home Equipment
22
Nov.
81-20
Inter'allied Investing Corp. class A (s.-a.)_Intercolonial Coal Co. (s.-a.)
8% preferred (s.-a.)__
*
International Bronze Powder, Ltd. (quar.)
6% cum. partic. preferred (quar.)
-_
International Business Machines Corp. (quar.)_
Kearney (James R.) (reduced)
—
Kellogg Switchboard & Supply-Preferred (quar.)
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)
Kentucky Utilities, 6% preferred (quar.)
Klein (D. Emil) 5% pref. (quar.)
1 Nov. 18
11
24
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
Aug.
Insurance Co. of North Amer. (semi-ann.)
15 June 30
5 Dec. 20
5 June 20
15
22
30
30
June 30
Oct.
Jan.
*
Kaufmann Dept. Stores, Inc
1 Aug. 20
15 June 25
Oct.
Quarterly
Julian & Kokonge Co. (s.-a.)
Oct.
(quar.j>_.
Imperial Life Assurance Co. (Canada) (quar.) —
Quarterly
Joplin Water Works Co. 6% preferred (quar.) —
23
25
July
July
July
July
Huron & Erie Mtge. Corp. (Ont.) (quar.)
Idaho Maryland Mines (monthly)
15
5
1 Oct.
July
July
20
20
15
30
23 Dec.
Aug.
Aug.
5% preferred (quar.)
Houston Oil Field Material
11 June 30
15 July
30
Aug. 20
July 25
_
Hibbard, Spencer, Bartlett & Co. (monthly) —
June 30
June
Corp. of Amer.,6)4% Pref. (quar.)*.
Honolulu Plantation (monthly)
Household Finance Corp
July
July
July
Aug.
July
July
July
July
Aug.
July
July
Aug.
July
.July
July
July
July
.,
—
Extra
5
Dec.
......
—
_
8
July 15 June 20
Sept. 1 Aug. 12
Sept. 1 Aug. 18
Dictaphone Corp. preferred (quar.)
Dr. Pepper Co. (quar.)..
Quarterly
Dome Mines, Ltd., old stock
—
Preferred
2 June
26
June
June
July
June
July
June
July
July
Aug.
July
Aug.
June
July
June
July
June
July
July
Aug.
June
July
July
July
June
July
June
July
lJuly
Aug.
2 June
July
2 June
July
July 29 July
Aug. 26 Aug.
Sept. 30 Sept.
8 June
July
July 15 June
July 10 June
July 15 June
July 15 June
(quar.)
Hat
2 July
5
June 25
June 30
Oct.
Quarterly
Great Western Life Assurance Co.
Halifax Fire Insurance Co. (N. S.) (s.-a.)
Harbison-Walker Refractories Co., pref. (quar.)
15 June 30
15 June 30
16
June 30
July
Aug.
Aug.
July
July
preferred (quar.)
4
15
8
2 June
1 Aug. 10
Sept.
2-10-39
3-1-39
—
Dominguez Oil Fields (monthly)
Monthly
Dominion Coal Co., Lt
6% pref. quar
Dominion Foundries & Steel, Ltd., interim
Dominion Glass Co. (quar.)
Preferred (quar.)
Dominion Tar & Chemical pref. (quar.)
Dominion Textile, Ltd. (quar.)
Preferred (quar.)
Duplan Silk Corp. (semi-ann.)
du Pont de Nemours (E. I.) & Co. pref. (quar.)
Debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (qu.)
East Penna. RR. 6% gtd. (s.-a.)
Eastern Theatres, Ltd., 7% preferred (s.-a.)
Eastern Township Telephone.
Electric Bond & Share Co. $6 pref. (quar.)—_
$5 preferred
Elizabeth & Trenton BR. Co. (semi-ann.)
5% preferred (semi-ann.)
El Paso Electric Co. (Texas) 86 pref. (quar.)
Ely & Walker Dry Goods Co., 1st prer. (s.-a.)-2d preferred (s.-a.)
Empire Casualty (Dallas) (quar.)
Quarterly
Excelsior Life Insurance Co. (s.-a.)
cum.
11 July
2 June
15 July
8
Sept. 1 Aug. 10
Dec.
1 Nov. 10
...—
Diamond State Telephone 6H% Pref. (quar.)
7%
15 June 25
2 June 20
'July
(quar.)
--
Great Lakes Engineering Works (quar.)
Great Lakes Power Co., Ltd., ser. A. pref. (qu.)
Great Southern Life Insurance Co. (quar.)
5
Jan.
Quarterly
_
Green (H. L.) Co. (quar.)
Preferred (quar.)
15 June
July
1
11
20
15
15
15
1
1
Gotham Silk Hosiery Co., Inc.,
Aug.
July
.....
_
Goderich Elevator & Transit Co., Ld.
(s.-a.)—
Goodyear Tire & Rubber (Can.) quar.)
Preferred quar.)
2 June 17
15 June 30
2 June 18
30 June 30
1
15 July
2 June 14
2 June 14
July 23 July
Oct.
1 Sept.
July 15 June
July 11 June
Aug.
1 July
July 25| June
Aug.
1 July
July 15 June
Aug.
1 July
July 25 July
July 20 July
July
2 June
July
2 June
July
2 June
General Shoe Corp
Gillette Safety Razor pref. (quar.)
Gimbel Bros, preferred (quar.)
Glen Alden Coal (interim)
Nov.
July
-
preferred
Par tic.
preferred
General Capital Corp
General Foods Corp. $4H pref. (initial quar.)
General Electric Co—
General Motors Corp. 85 pref. (quar.) —
17
1 Sept.10
1 Sept.20
Nov.
82H prior preferred (quar.)..
L
Froedtert Grain & Malting
Fuller (Geo. A.) 7% pref. (quar.)
Gardner Electric Light (s.-a.)
Great Western Sugar Co. (quar.)
Sept.
Detroit Gray Iron Foundry (semi-annual)
Detroit Hillsdale & Southwestern (s.-a.)
Detroit River Tunnel (s.-a.)
........
Par tic.
5% preferred (quar.)
15
Sept. 30 Sept. 20
(quar.)
class A_
Ford Motor of Canada, 5H% pref. (semi-ann.)I
Franklin Rayon Corp., 82 H prior pref. (quar.)
11 June 24
2 June 17
Dec.
(quar.)
Fibreboard Products, 6% prior pref. (quar.)
15 June 30
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
Aug.
Aug.
July
July
Aug.
June
July 15 July
1
July
5 June 15
Sept. 1 Aug. 22
Dec.
1 Nov. 19
1
lOct.
1 Oct.
7% preferred (quar.).
15
1 Aug. 26
1 Nov. 25
1 Sept.
3 Dec. 24
July
July
July
Aug.
July
July
July
July
July
Sept.
Aug.
Fidelity-Phenix Fire Insurance (s.-a.)
20
20
1 July 15
2 June
Oct.
Extra
Firestone Tire & Rubber
First National Corp. (Portland, Ore.) $2
Fishman (M. H.) Co., 7% pref. (quar.)
Holders
When
PayableI of Record
Jan.
Oct.
Oct.
Emporium Capwell Co. AH % pref. A (quar.)-.
4H% preferred A (quar.).-Farmers & Traders Life Insurance (Syracuse)
Federal Insurance Co. (J. O., N. J.) (quar.)
Federal Mogul Corp
Fernie Brewing Co., Ltd
*.
30
1 July
1 July
2 June
Share
of Company
16
July
July
July
July
New stock
July
2 June 30
[July
Diamond Match Company
1
11 June
2 June 16
Consumers Gas of Toronto
Detroit Edison Co.
1
15
15 July
3
15 June 30
July
Continental Insurance Co.
7% preferred (quar
Denver Union Stockyards pref.
Name
July
10c
—
Columbia Pictures
11 July
July
July
July
July
Canadian Car & Foundry, pref
Canadian Cottons, Ltd. (quar.)..
6%
5 May 31
15 June 30
July 15 June 30
Aug. 15 July 30
Aug. 15| July 30
Oct.
1 Sept. l6
Canada Southern Ry. (semi-ann.)
Canadian Canncrs, 1st pref. (quar.)
2nd preferred (quar.)
Preferred
15 June 30
July
July
July
July
July
Burlington Steel Ltd. (quar.)
Burt (P. M.)\ Ltd. (quar.)
Preferred (quar.)
Calif. Oregon Power Co., 6% pref. (quar.)
7% preferred (quar.)
California Packing
Preferred (quar.)
Cambria iron Co. (semi-annual).
Canada Bread, Ltd., preferred B
Preferred B (quar.)
Preferred A (quar.).
Canada Foundries & Fcrgings Ltd., cl A—,
Preferred
15 June 30
Dec.
6% pref. (quar.)
Burdine's $2.80 pref. (quar.)
Per
Holders
When
Payable of Record
July
July
July
July
July
July
July
July
Aug.
July
Aug.
Aug.
Aug.
July
Sept.
...——,
Brazilian Traction Light & Power Co., Ltd—
Bridgeport Hydraulic Co. (quar.)
Bridgeport Machine Co., pref. (quar.)
British American Oil (quar.)
British Columbia Elec. Ry. 5% perp. pref
British Columbia Power Corp. Ltd. cl. A (qu.)_British Columbia Telep. 6% 2nd pref. (quar.)
Brooklyn Borough Gas Co. (quar.)
Buckeye Steel Casting prior pref. (quar.)
6% preferred (quar.)
Buffalo Niagara & Eastern Power $5 pref. (qu.)_
Building Products, class A & B (quar.)
63
Chronicle
15 July
1
1
July 20 June 30
July 20 June 30
July 20 June 30
Sept. 1 Aug. 10
Dec.
July
July
July
July
July
July
July
Sept.
Dec.
July
Aug.
July
July
July
Sept.
1 Nov. 10
5 June 22
15 July
15 July
1
1
28 July
9
15 June 15
31 July
31 July
11
11
1 Aug. 22
I Nov. 21
15 June 25
1 July
15 July
20
1
22 June
15
22 June
15
30
Dec. 311
i! July 20
Aug.
5
Aug. 15 Aug.
Nov. 15 Nov.
5
Sept. 15 Sept.
3
Dec.
15 Dec.
5
2 June 15
July
Aug. 31 Aug. 19
July 13 June 30
8 June 24
July
6
July 15 July
1 July 20
Aug.
1 July 26
Aug.
Nov.
July
July
July
Sept.
Dec.
1 Oct. 26
II June 30
11 June 30
25 July
5
10 Aug. 25
10 Nov. 25
Sept. 10 Aug. 25
Dec.
10 Nov. 25
July 15 June 17
Sept. 30 Sept. 30
Oct.
1 Sept. 21
Jan.
3 Dec. 24
Aug. 20 July
1 July
Aug.
20
15
Sept.
Sept.
1 Aug. 20
1 Aug. 20
Dec.
Dec.
1 Nov. 21
1 Nov. 21
Aug.
1 July
15
June 30
June 30
June 30
Aug.
1
Aug. 15 Aug.
1
July
July
July
15
15
15
Aug. 15
Financial
64
Per
Name of
Share
Company
6M% preferred (quarterly).
6M% preferred (quarterly)
Lunkenhelmer Co
,
Preferred
(quar.)
$1M
$1H
50c
Mac Andrews & Forbes
—
McClatchy Newspapers. 7% pref (quar.)..
7% preferred (quarterly) .
McColl-Frontenac Oil Co. pref. (quar.)
McCrory Stores preferred vquar.)
McLellan Stores, preferred (quar.)
Magnln (I.) & Co. 0% pref
(quar.)
Preferred (quarterly)
Mahon (It. C.) Co. class A preferred (quar.).—
Convertible preferred (quar.).
Manischewitz (13.)
Manufacturers Life Insurance (Toronto (s.-a.)-.
Marchant Calculating Machine (quar.)
Preferred (a.-a.)
—
Margay Oil Corp. (quar.)
.
.
•
SIM
48Mc
43 Mc
SIM
SIM
$1M
SIM
SIM
50c
55c
$1
$6
25c
35c
25c
17c
Massachusetts investors Trust
May Dept. Stores (quar.)
75c
Melville Shoe Corp. common (quar.)
Preferred (quar.)
50c
7Mc
Michigan Bakeries, Inc...
Michigan Bakeries, Inc., $7 pref. (quar.)
$1 non-cum. prior preferred (quar.)
Mill Creek & Mine Hill Nav. RR. Co. (s.-a.)_.
Mitchel (J. S.) & Co., Ltd., 7% pref. tquar.)___
Monongahela Valley Water 7% pref. (quar.)
Monsanto Chemical Co. $4M class A pref. (qu.)
Montgomery Ward & Co
Montreal Light Heat & Power Consol. (quar.)..
Montreal Telegraph Co
Montreal Tramways (quar.)
—
—
Moore
10c
SI M
25c
SIM
SIM
SIM
S2M
__
National Biscuit Co
Newberry (J.J.) Realty Co., 6M% Pref- A (qu.)
0% preferred B (quar.)
Niagara Hudson Power 1st pref. (quar.)
2d preferred class A & B (quar.)
19UU
Class A (quar /
Class A (quar.)
North Star Oil Ltd., 7% preferred
Northern Central Railway Co
t or p.,
75c
84c
SI
SI
10c
SIM
SIM
SIM
SIM
$2
SIM
SIM
SIM
I75c
0%
preferred (quar.)
Northern State. Power Co.
(Minn.) $5pref.(qu.)
Northern States Power (Del.) 7 %
preferred
0% preferred
Northwestern Yeast (liquidating)
Liquidating
(quar.)
20c
Co., Inc. (Va.)
25c
SIM
:si
t40c
Co., Ltd
Ottawa Electric Ry. Co
Pacific Gas & Electric (quar.)
Pacific Finance Corp. 8% pref.
I
_______
50c
(quar.)IIIIII-.
6M% preferred (quar.)
5% preferred (quar.)
Pacific Gas & Electric Co
(quar.)"
Cos
,
Inc. 4%
conv.
II
75c
pref. (quar.)
SI
common
40c
.
7% A preferred
Penn Traffic Co.
(s.-a.)
II I.I
Pennsylvania Power Co. $6 preferred (quar.)
...
I11
$0.60preferred (monthly).
.60 preferred
(monthly).
(monthly)
55c
Pet Milk Co. common.
25c
Peterborough RR. Co. (s.-a.)
Philadelphia Co. (quar.)
Pioneer Gold Mines of B.
SIM
10c
6. (quar.)IIIIIIII
Pittsburgh Bessemer & Lake Erie (s.-a.)
™
'#
* % Chicago Ry. 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar,)..............
7% preferred (quar.).....
7 % preferred
(quar.)
7% preferred (quar.)
IIIIIIIIII
Pittsburgh Youngs town & Ashtabula Ry.—
7% preferred (quarterly)
......
.....
.
_
Preferred (quarterly)
fperCo* « % preferred (quar.)..
7% preferred (quar.)
Porto Rico Power Co.,
Ltd.,
Power Corp. of Canada
7% pref." (quar.") 11
(interim).......... 11
am
—
"
8% pref. (quar.).
Prosperity Co., Inc., pref. (q
Prudential Investors $6
preferred (quar.)..
Public Service of New Jersey
8% preferred (quar.)
7% preferred (quar.) ...I.H
$5preferred (quar.)
6% preferred (monthly)
"
6% preferred (monthly)..III
6% preferred (monthly)...
6% preferred (monthly).
'
_
Public Service of Northern Illinois
No par common
(quar.)
5
15 June 30
15 June 30
1 lJuly
1
2 June 27
15 June 30
15 June 30
9 June 20
2u June 30
1 Aug. 15
1 July
1 July
15 July
1 July
1 July
14 July
2 June
15 July
15
15
5
JlOc
75c
SIM
tii
SIM
SIM
SIM
SIM
Oct.
1
Jan.
2
1
4
Oct.
Nov. 26
July
2 June 15
July 14 July
2
July
2 June 24
Sept. 28 Sept. 15
Dec
Dec.
28
July
15 June 17
15
Aug. 31 Aug. 12
July 15 June 30
July
2 June 15
July
2 June 15
July 15 June 30
Aug.
1 July 15
July 15 June 30
July 2u June 30
July 20 June 3 )
Aug.
1 July 22
Aug.15 July 30
Putnam (George) Fund
(quar.)IIIII
Quaker Oats Co. pref. (quar.)
..."
Railroad Employees
Corp., class A and
80c. preferred
(quar.)
B~
50c
t$l
10c
(interim)
L
Reliance Manufacturing Co
Reno Gold Mines, Ltd. (quar.)
Rickel (H. W.) & Co
8c
12c
Extra
50c
Rolls-Royce Ltd.. Amer. dep. rec.ord reg.(final)
—
pref—
Valley Navigation & RR. (s.-a.)-
Servel, Inc
-
- -
(quarterly)
Preferred (quarterly)
Sheaffer (W. R.) Pen Co. 8% pref. (quar.)
Sheep Creek Gold Mines (quar.)
prer.
.
$1
6% preferred (quar.)
....
Smith (S. Morgan) Co. (quar.).
Quarterly
Smith (H.) Paper Mills, pref. (quar.)
Solvay American Corp. 5M% pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)_.
6% preferred (quar.)
5% preferred (quar.)
Southern California Edison Co., Ltd—
Original preferred (quar.)
5M% series C, preferred (quar.)
Southern Calif. Gas 6% pref. (quar.)
6 % preferred A (quar.)
Southern Canada Power Co., Ltd. (quar.)
Preferred
(quar.)
4.8% preferred (quar.)
Standard Brands, Inc., pref.
(quar.)
Standard Oil of Ohio pref. (quar.)
--
.-
Steel Co. of Canada (quar.)
Preferred (quar.)
Superheater Co. (quar.)
—
...
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)_.
Supertest Petroleum Corp., Ltd. (semi-ann.)
—
Extra
Extra
_
15
Dec.
15
July
July
July
July
July
July
July
July
July
2
15
2
15
2
2
June
—
-
-
-
2
2
15
Aug.
1
Aug.
1
Aug.
1
July 15
July 15
July 15
July 21
July 15
June
15
June
15
June 30
July
July
July
15
15
15
June 30*
June 30
June 30
5
July 25 July 11
Sept.
Aug. 20
Aug.
July 20
Sept.
Aug. 20
June 1 S
July
Sept. 24
July 25 July
1
1
July
2 June
Oct.
1 Sept. 15
July
5 June 10
Oct.
4
Sept
10
12-10-38
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
3-10-39
9-10-39
t2-10-39
Sept
1
Aug
20
Dec
1
Nov
21
Sept. 15 Sept. 15
15 Dec.
July
2
July 25
July 25
July 15
July 15
July 15
July 15
imy
Sept. 30
Sept. 15
Sept. 15
-
-
.
15
June 15
June 30
June 30
90c
15c
SIM
SI
2c
Extra
2c
Todd Shipyards Corp
$1
SIM
SIM
SIM
SIM
SIM
7% preferred B (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
Tucket Tobacco Co. preferred (quar.)
208 So. La Salle St. Corp. (quar.).
July
July
Aug.
July
July
July
Sept.
Aug.
July
July
July
Aug.
50c
Oct.
SIM
Aug
July
United Dyewood Corp. pref.
Preferred (quarterly).
SIM
20c
.
(quar )
Oct
SIM
Jan.
United Fruit Co
;
75c
United Gold Equities of Canada standard shs
United New Jersey RR. & Canal (quar )
13c
62 Mc
July
July
July
July
July
37 Mc
Machinery (quar.)
Preferred (quar.)
United States Guarantee (quar.)
t50c
__
Sept.
United States Hoffman Machine pref. (quar.)__
United States Pipe & Foundry Co., com
iquar.)
Common (quarterly)
(quar.)
United States
SI
87 Mc
SIM
v
Sugar Corp
pref. (quar
»
United Stock Yards Corp. (interim)
Preferred (quar.)
12Mc
17Mc
Universal Leaf Tobacco Co., Inc.-
Vapor Car Heating Co., Inc.. 7% pref
7% preferred (quar.)
Ventures, Ltd. (interim)
75c
(quar.).
Virginian Railway pref. (quar.)
Vulcan Detinning Co. (interim)
Preferred
(quar.)
Preferred (quarterly)
Waltham Watch Co., 0%
50c
50c
United States Smelting, Refg. & Min. Co
Preferred
68 Mc
pref. (quar.)
preferred (quarterly)
preferred (quar .)
Prior preferred (quar
0%
Ware River RR. guaranteed (s.-a.)
Weill (Raphael) & Co., 8% pref (s.-a.)
—
West Kootenay Power & Light Co. (increased).
West Penn Power 7% preferred (quar.)
.
6% preferred (quar.)
Western Grocers, Ltd. (quar.)..
Preferred (quar.)
Western Kootenay Power & Light, pref. (quar.)
Western Pipe & Steel Co. (quar.).
SIM
SIM
12Mc
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
S3M
$4
10c
SIM
SIM
75c
SIM
SIM
25c
Dec.
Oct
July
Oct
Aug.
1
1 July
Quarterly
25c
...
Ltd. (quar.)
(quarterly)
Extra
Quarterly.
Extra
Worcester Salt Co. 6%
pref. (quar.).
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
*
Yale & Towne Manufacturing Co
*
25c
3c
15
15 Sept.
1
15 June 30
15 June 30
15 June 30
2 June 20
2 June 20
1 July
1 July
7
7
15 July
5
2 June 17
2 June 17
2 June
17
2 June 17
2 June 17
2
2
2
2
2 June
17
15 June 30
1 June
17
2 June
17
2 June
17
2 June
10
15 Sept. 1
15 July
30
2 June
17
2 June
17
15 July
2-z July
1
22
1 Sept
1 July
17
15
15 June 30
1
Sept
9
3
Dec
9
15 June 23
15 July
5
10 June 20
25 June 25
5 June
June
3'
14
14
SeDt. 18
Nov
15 June 30
15 June 30
15 June
15
15 June 29
15 June 29
1
July
10 Sept.
10 Dec.
19
1
1
3 Sept. 24
2 June 25
3 Sept 24
6 June 30
31 Sept
30
2 June
15
SIM
June 30
15 June 20
Oct.
Wlnsted Hosier Co
June 30
15 June 20
30 June 30
July
June 30
15 June 20
July
Sept.
July
Aug.
Aug.
July
July
July
July
July
July
July
15
15
1
5 June 17
July
1 July
Aug.
16
July 20 July 11
July 20 July 11
Oct. 20 Oct. 10
2 June 25
July
20c
July
July
6
1
3( ♦
SIM
1
1
15
31
20
20
July
20
Wichita Water Co., 7% pref. (quar.)
Wicklund (J. V.) Development Co. (reduced)..
Aug.
Aug.
July
Aug.
July
July
1
1 Aug
1 Nov.
Dec
Weston (Geo.)
Sept. 15
20
Sept
July
July
July
July
July
Aug.
Sept.
July
15
July
21
31*
June 24
Sept. 1
Aug. 15
Aug. 15
Sept. 15 Aug. 15
July 15 June 15
Aug. 15 July 15
Sept. 15 Aug. 15
1
15 June 30
25 June 20
1 July
20 Aug
Aug.
Westlnghouse Air Brake Co., quarterly
June 30
15 July
1
2 June 15
July
S§M
United Printers & Publishers, Inc., $2 pref
United Shoe
June 30
June 15
1
15 June 20
15 June 20
Aug. 22 July 22
1
July 15 June
9
July 15 July
2 June 15
July
2 June 15
July
Dec. 15 Dec
1
July 15 June 30
United Biscuit Co. of Amer. pref. (quar.).
United Bond & Share Ltd.. common....
Prior
6-10-39
50c
50c
---
(quar.)
Towle Manufacturing Co. (quar.)__
Traders Finance Corp. 6% pref. A (quar.).
1
50c
50c
25c
20c
Toburn Gold Mines (quar.).
July
12Mc
S2M
62 Mc
10c
(quar.)__
Teck-Hughes Gold Mines (quar.)
June 30
June 25
June 15
43 Mc
43 Mc
SIM
Tobacco & Allied Stocl
^ks.
5
25c
6c
Tip Top Tailors, Ltd
7% preferred (quar.)_.
18
Aug.
Sept.
July
July
July
July
July
Aug.
Aug.
July
July
July
July
July
July
July
July
July
July
75c
Preferred
June 30
June 20
July
1.2%
SIM
SIM
25c
June 30
June 30
15 Nov
Oct.
Extra
Texas Gulf Sulphur (quar.)
July
1
July
I
Oct.
1 Sept. 15
Aug. 15 Aug
5
Nov
—
$1 M preferred B (semi-ann.)
Supervised Shares
Tacony-Palmyra Bridge pref. (quar.)
Tamblyn (G.), Ltd. (quar.)
Thatcher Mfg. preferred
July
t20c
50c
June 30
June 30
17
20 June 30
July 15 June 30
Aug. 15 July 15
July 15 July
1
July 15 July
1
Aug. 19 Aug. 10
tSIM
25c
June 30
June 30
3 Dec
5
2
16
July 15 June 30
July 15 June 30
Aug. 15 July 30
25c
*•
Ordinary (semi-ann.)
Nov
June 30
Sept
July
July
10c
1
15
14
14
14
25
25
15
20
20
15
1
37Mc
34Mc
15c
15 Aug.
1
15 July
37 Mc
37 Mc
20c
Aug.
Nov
SIM
$1M
SIM
1
15 Nov. 30
14 July
Nov.
c
Stedman Bros. Ltd. (quar.)
Extra
Ordinary bearer (semi-ann.)
June, 15
19
Aug.
$1
25c
Standard Wholesale Phosphate & Acid Works—
State Street Investment Corp
Bearer (semi-ann.)
2
1 Aug.
9 May
Southern Indiana Gas & Electric Co.—
Extra
July
July
July
July
July
July
July
July
July
July
Sept.
14
Jan
July
July
July
July
July
Aug.
July
July
Aug.
5
16
16
$1 M
$2
$1M
...
1
2 June
Oct.
35c
t$1.75
Skelly Oil Co
27
15
15
Dec.
July
July
lc
30
1
75c
3c
Silverwood Dairies, Ltd., 40c. cum. pref
25 July
25 July
19
2
July 20 July
Sept. 30 Sept. 14
t50c
$1M
Extra
June
Aug.
July
July
July
SIM
_
Holders
of Record
July 25 June 30
14 June 23
July
2 June 17
July
1
July 15 July
1 July 21
Aug.
2 June 10
July
flM
Quarterly
Schumacher Wall Board Corp. $2 partic.
Payable
37 Mc
Sept.
16 M% July
20c
75c
San Carlos Milling Co.. Ltd
San Francisco Remedial Loan Assn. (quar.)
Schuylkill
c
3c
-
Riverside 8ilk Mills Co., class A (quar.)
Rochester Button Co. preferred (quar.)-
July 15 June
Aug.
i July
Aug.
1 July
Aug.
1 July
Aug.
1 July
Oct.
(quar!) I
Reed Drug Co.
$1M
Sierra Pacific Power Co. pref. (quar.)
2 Jan.
1
Railway Equip. & Realty Co., Ltd.—
6% 1st preferred (quar.)
Reading Co., 2d preferred (quar.)
Real Estate Loan Co. (Canada) (s.-a ).
18
15 July
Sept.
1 Aug. 15
Sept. 1 Aug. 27
Dec.
Share
of Company
Shell Union Oil Corp. common (interim)
8 her win & Williams (Canada) preferred
15
When
Per
Name
18
July
Dec.
1st preferred
(quar.)
2d preferred (quar.)
Premier Gold Mining Col
(quar.)
Dnrtnf
ff—
Procter & Gamble Co.,
SIM
SIM
7 Mc
SIM
55c
.
«
20c
16Mc
SIM
2%
SIM
SIM
Telegraph pref. (quar.)
Panhandle Eastern
Pipe Line
Paraffine
$1$3
Uj4
luc
25c
Ontario Loan & Debenture
(quar.)
Ottawa Car Manufacturing
Peninsular Telephone Co.
7% A preferred
ISIM
*2
$1X
Nova Scotia Light & Power
Oahu Sugar Co., Ltd.
(monthly)
Ogilvie Flour Mills (quar.)
Pacific Lighting Corp., pref.
Pacific Telephone &
2Mc
SIM
SIM
SIM
J50c
SI %
SIM
SIM
SIM
50c
Northern Ontario Power Co. Ltd.
(quar.)...
Old Colony Trust Asso.
Old Dominion Fire Ins.
17 Mc
t8Mc
6% preferred (quar.)
5M % preferred
July
luly
July
July
July
July
July
July
Sept.
Aug.
Aug.
July
Aug.
Aug.
July
July
July
Nov.
15 July
2 June
2 June
50c
Northern Indiana Puolic Service 7%
pref.
Nov. 16
July
July
July
SIM
SIM
SIM
25c
National Paper & Type. 6% pref. (semi-ann.)
National Power & Light Co., $6 pref. (quar.)..
National Steel Car Corp
_
S2M
National Fuel Gas Co
^
29
15 June 30
50c
Funding Corp., class A & B (quar.)._
Nov
July
25c
Class A and B (extra)
30
July 15 June 30
Aug.
July 20
Aug.
July 11
Aug. 15 Aug.
6
68c
50c
44c
National Lead Co. pref. B
21
38c
National Disfillers Products tquar.)
National
Dec
1 Nov. 10
25c
(quar.)
National Cash Register
Sept. 21
1
15 June 10
3o June 30
SIM
Preferred
1
Dec.
40c
Preferred (quar.)
National Bond & Share Corp
National Breweries, Ltd. (quar.)
Oct.
Jan.
July 15 June 30
July 15 June 30
Aug. 31 Aug. 30
Nov
July 2, 1938
Holders
Payable of Record
July
July
25c
40c
Corp. (quar.)
Preferred A & B (quar.)
Moore (W. R.) Dry Goods (quar.)—
Quftrtorly
Morris (Philip) & Co., Ltd., Inc
5% conv. cum. preferred series A (initial)
Morris Plan Insurance Society (quar.)
Quarterly..
Morristown Securities Corp
Mount Carbon & Port Carbon RR. (s.-a.)
Murphy (G. C.) Co., 5% pref. (quar.)
Mutual Chemical Co. of Amer. 6% pref. (qu.)_.
0% preferred (quar.)
When
Chronicle
1
2 June 20
1 July
1 July
5
5
15 June 20
15 June 20
2 June 20
10 June 24
15 July
1
20 July
1 July
Aug.
10
15
Nov.
1 July
1 Oct.
15
SIM
50c
Nov.
1 Oct.
15
50c
Aug.
15
25c
5
Aug. 15 Aug.
1 July 20
Aug.
1 Aug. 20
Sept,
Oct.
1 Sept. 20
15c
Oct.
SIM
25c
25c
1 Sept.
9
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X 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.
deduction of
Volume
STATEMENT
The
City
Net Demand
Time
Undivided
Deposits,
Capital
Average
Average
Members
June
Gold certificates ou hand and due from
11.439,000
6.000.000
13,389, 000
146 ,100,000
Bank of Manhattan Co.
20.000,000
25,867, 200
379 ,213,000
38,933.000
National City
77,500,000
58,493 500 al,459 ,524,000
484, 054,000
54,648 700
175,918,000
20,000,000
Chem Bank A Trust Co.
90,000,000
Manufacturers Trust Co
42,381,000
Cent Hanover BkATr Co
21,000,000
70,902 100
15,000,000
Flrst National Bank:
10,000,000
50.000,000
Other cash
4,565,920,000 4,536,692,000 3,479,000,000
Total reserves.
91,034,000
54,670,000
535 ,733,000
2,856,000
456,,359,000
6,055,000
61,612 ,100
97,882,000
t
1,555,000
76,695,000
1,085,000
98,646,000
980,000
Redemption fund—F. R. notes
C742,,883,000
245,,223,000
18,309 200
109,384 500
Irving Trust Co..
4,467,058,000 4,436,961,000 3,400,750,000
United States Treasury.x
7,871,000
54,311,000
181,840 400 b 1,328, 911,000
474,,243,000
45,129 400
Guaranty Trust Co
Corn Exch Bank Tr Co.
June 30,1937
5: vv:
Assets—
\
S
S
%
29, 1938 June 22, 1938
$
Bank ol N Y A Trust Co
Bank._.
the corresponding
Depot its,
Profits
Surplus and
*
comparison with the previous week and
in
date last year:
ASSOCIATION FOR THE
Clearing House
following shows the condition of the Federal Reserve
of business June 29, 1938,
Bank of New York at the close
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED SATURDAY. JUNE 25. 1938
OF
York
New
New York
The weekly statement issued
by the
Clearing House is given in full below:
Bank of
of the Federal Reserve
Condition
York City
Weekly Return of the Neu)
Clearing House
65
Chronicle
Financial
147
Bills discounted:
25,261,000
Secured
U,
by
S. Govt, obligations,
guaranteed
,119,000
128,391 ,400 d 1,932 ,193,000
45 ,421,000
3,674 ,700
<2794 ,991,000
77,113 ,500
12 ,361,000
1,129 ,100
4.000,000
100,270,000
500,000
Fifth Avenue Bank
Bankers Trust Co
25.000,000
Title Guar A Trust Co..
10,000,000
9,026 ,800
27,812 ,800
288 ,460,000
7,000,000
83 ,117,000
National, March 7, 1938; State, March
official reports:
4,271,000
5,897,000
216,454,000
338,922,000
216,454,000
332,148,000
197,253,000
210,233,000
336,001.000
190,479.000
745,855,000
745,855,000
725,029,000
754,013,000
753,634,000
68,000
3,401,000
126,367,000
9,890,000
68,000
3,720,000
135,871,000
9,890,000
190,137,000
12,385,000
11,724,000
United States Government securities:
Bonds
....
178,795,000
670.524,000
9.624,300.000
<>08.102.600
523.151.000
.
1,545,000
4,267,000
Treasury notes
50,176,000
As per
market
advances.......
Industrial
2,881,000
7,000,000
8,247 ,400
8,932 ,000
75 ,457,000
Public Nat Bk A Tr Co.
*
4,912,000
211,000
Bills bought in open
32,886,000
5,000,000
Totals
3,297,000
211,000
9,479,000
12,500.000
Marine Midland Tr Co.
3,680,000
bills discounted
Total
2,335,000
Com m l Nat Bk A Tr Co
New York Trust Co
3,284.000
1,628,000
3,155,000
2,190,000
46,063,000
,938,000
91
2,772,000
525,000
Treasury bills
Continental Bk A Tr Co
Chase National Bank...
525,000
1,395,000
54,771,000
48
4,198 ,800
direct or fully
Other bills discounted
8. Government securities..
Total U
31, 1938: trust
companies, March 31, 1938.
$269,075,000;
foreign branches:
(a)
$6,551,000; (d) $116,896,000; (e) $32,782,000.
Includes
deposits
(b) $88,803,000; (c)
Total bills and securities
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
returns
not
following
NOT
INSTITUTIONS
Uncollected Items
...
.
Bank premises
12,865,0001
All other assets
HOUSE WITH THE CL03ING
ENDED FRIDAY, JUNE 24. 1938
BANKS—AVERAGE FIGURES
CLEARING
IN
.
Federal Reserve notes of other bankB...
the figures for the week ended June 24:
are
737,383,000
1 ■
Due from foreign banks.
York "Times"
The New
are
in
,
•.
83,000
5,528,000
10,053,000
5,472,524,000 5,452,260,000 4,433,908.000
Total assets.......
OF
■
•
BUSINESS FOR THE WEEK
STATE
NATIONAL AND
Liabilities—
929,245,000
888,820,000
901,498,000
3,822,759,000 3,708,180,000 3,064,437,000
16,746,000
299,932,000
275,269,000
55,336,000
53,753,000
50,309,000
61,825,000
246,523,000
177,848,000
F. R. notes In actual circulation
Other Cash,
Disc, and
Ret. Dep.,
Including
Banks and
Gross
and
Bank Notes
Elsewhere
Trust Cos
$
$
Deposits—Member bank reserve acc't
U. 8. Treasurer—General account...
Deposits
S
Investments
%
$
Manhattan—
Dep. Other
N.Y
Loans,
Foreign bank
Other deposits
26,563,500
20,316,500
121,800
7,097,200
19,571,000
456,000
6.478,000
3,009,500
4.688,000
4,190,380
293,998
2,334,706
299,135
27,458,000
5,957,048
Lafayette National..
6,475,200
312,600
1,330,800
295,000
7,490,800
People's National
5,025,000
y 1,000
613,000
386,000
5,444,000
National
Grace
Sterling National
Trade Bank of N. Y.
...
4,326,185,000 4,308,388,000 3,198,344,000
Total deposits
122,224,000
50,937.000
51,943,000
7,744,000
8,210,000
3,783,000
Deferred availability Items
Brooklyn—
Capital paid in
Total liabilities
Trust Cot.
Deposits
$
I
$
Dep
.
$
$
Manhattan—
51.174,200
185,562,000
50,937,000
51,196.000
51,943,000
7,744,000
8,210,000
3.581,000
51,474,000
7,744,000
9,117,000
1,226,000
5,472,524,000 5,452,260,000 4.433,908,000
Y. and
Ratio
of
total
.....
reserve
deposit
to
and
F. R. note liabilities combined
Empire.
132,637,000
Gross
Elsewhere
N.
Cash
Disc, and
.
All other liabilities
Dep. Other
Bank» and
Res.
Investments
Surplus (Section 13b).
Reserve for contingencies
FIGURES
TRUST COMPANIES—AVERAGE
Loans,
Surplus (Section 7).....
*4,898,900
9,944,900
3,606,100
liability on bills
for foreign correspondents
Contingent
60,280,900
0,428,666
202,760
1,399,825
13,092,576
*1,860,894
1,397,856
1.301,610
17,042
19,088,200
*4,905,400
304,700
260,600
20,022,000
*7,984,200
598,600
78,369,691
34,277,000
53,000 107,839,000
10,116.597
39.533.784
3,965,000
5,747,000
;
33,485,200
*44,020,318
84.3%
1,449,000
541,000
10,293,350
Fiduciary
Fulton
87.3%
605,000
87.3%
purchased
Federation
Lawyers..
27.208,500
United States
63,790,400
13,608,369
Commitments
3,239,000
2,364.094
77,979,000
Kings
32,640.376
*
Countyr
Includes amount with Federal
ciary,
$1,231,086;
484,790.
Fulton, $4,692, 000;
Lawyers,
ad
4,027,000
Reserve notes or a bank's own Federal
from the Reserve banks when the dollar was, on Jan. 31.
100 cents
to
59.06 cents,
these certificates
being worth less to the extent of
difference, the difference Itself having been appropriated as
$7,351,000: United States, $24,-
gold taken
1934, devalued from
thr
profit by the Treasurj
by the United States Treasury for the
These are certificates given
x
over
Empire, $2,998,600; Fldu-
follows:
Reserve as
Industrial
make
t "Other cash" does not Include Federal
Reserve bank notes.
Brooklyn—
Brooklyn
to
vancee
under the provisions of the
Gold Reserve Act of 1934
.
Weekly Return for the Member Banks of the
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System, giving the principal
of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement
Items of the
resources
These figures are
and liabilities
always
the Federal Reserve
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
a
upon
themselves.
the figures for the latest week appears in our department
immediately preceding which we
Commencing with the statement of May 19, 1937, various changes were made in
an announcement of the Federal Reserve Bank of New York of April 20,
the breakdown of loan* an reported in this statement which we^
1937, as follows:
discounts. This classification has been changed primarily to show tht
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 City and those located
•utside 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 loan*'
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle." page 3590.
described in
The changes in the report form are confined to the classification of loans and
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other
ASSETS AND
LIABILITIES OF WEEKLY REPORTING
Total
ASSETS
York
$
20,572
Loans and Investments—total..
MEMBER BANKS IN 101 LEADING CITIES
Ntto
Boston
$
Federal Reserve Districts—
Richmond
tevtiann
Pbila.
BY DISTRICTS ON JUNE 22. 1938, tin VHlllonv of Dollars)
St. Louis
Chicago
l tlanta
Kan. City
Minneap
UuUat
•>UTi
FfUfi
%
$
%
1,152
8,413
%
1,119
1,744
605
544
2,817
619
360
600
476
280
828
277
154
236
222
986
2,123
Loans—total
8,279
594
3,371
422
679
230
1.614
193
267
100
148
470
163
71
142
337
Commercial. Indus.and agricul. loaur*
271
140
3,916
21
11
10
3
33
7
4
17
2
30
16
21
2
6
29
5
2
4
2
10
15
78
12
7
12
14
55
Open market paper
348
69
141
Loans to brokers and dealers In sees..
640
20
523
Other loans for purchasing or carrylu.
580
*
Other loans*
United States Government obligatlon-
267
34
37
83
224
58
173
31
28
6
22
20
375
113
Loans to banks
32
1,159
securities
Real estate loans
17
4
85
2
2
1
4
5
7
35
""64
38
""44
177
186
149
207
171
710
;
91
1,523
115
517
98
168
69
76
122
7,782
398
3,132
333
725
284
146
1,341
48
2
1
27
713
90
29
39
16
42
33
134
1,481
61
Obllgations fully guar, by U. 8. Govt
133
1,197
274
255
62
79
95
41
115
50
293
3,030
436
Other securities
3,341
255
356
138
91
1,126
190
72
151
97
333
85
6,448
298
124
67
17
38
18
11
63
10
6
12
11
20
397
Reserve with Federal Reserve Bank.
Cash In vault
138
160
159
267
137
132
432
126
120
294
217
227
2.409
79
23
16
23
25
214
'
Balances with domestic banks
Other assets—net
1,345
73
637
14,936
1,010
5,242
261
82
101
34
38
6,776
775
1,030
405
321
2,213
402
266
478
395
865
1,053
291
740
199
185
878
186
119
145
131
1,054
23
124
19
2
18
25
91
190
899
265
123
341
187
255
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits
483
12
118
20
18
13
337
200
1
1
7
1
12
"""23
"~~7
""310
373
56
330
Inter-bank deposits:
Domestic banks
5,790
2,463
9
279
5
1
1
.....
Capital account
*
231
299
315
.
Foreign banks
Borrowings
Other liabilities..
212
756
""~22
315
"Of
~"~20
"~6
3,648
240
1,613
225
360
90
Including both loans "on securities" and
"otherwise secured and unsecured."
Financial
66
Chronicle
July 2, 1938
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the twelve Reserve banks at the close of business
for the
on
Wednesday.
on
Thursday afternoon, June 30,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
statement (third table following) gives details regarding transactions in Federal Reserve notes between the
System
as a
week last year.
Reserve note
Reserve Agents
and the Federal Reserve banks.
COMBINED RESOURCES AND
LIABILITIES OF THE FEDERAL RESERVE
June 29,
1938
Thru ciphers (000) owttWd
June
22,
15,
June
8,
1,
ths
upon
May 11.
May 4,
June 30,
1938.
1938.
1937
1938.
1938.
1938.
S
%
$
%
1
$
10,635,929
9,387
406,523
10,635,912
9,900
10,637,401
10.637,400
9,619
411,562
9,164
401.326
11,057,374
11,047,891
6,054
3,454
9,691
537
10,639,417
397,797
10.638,900
8,186
389,350
11,044,816
11,036,436
5,992
3,404
5,442
3,126
9,508
9,396
537
537
16,590
16,535
744,105
1,165,105
654.805
1938
May 18.
25.
May
1938.
6,111
3,580
U.S. Treas.x
June
1938.
11,051,839
Gold ctfs. on hand and due from
June
BANKS AT THE CLOSE OF BUSINESS JUNE 29,
1938.
S
ASSETS
*
%
S
—
reserves
10,640,912
10,641,412
8,835,907
8,886
8,386
10,471
411,903
10,639,916
8,948
414,244
427.070
434,876
312,309
11,060,201
11,063,108
11,076,868
11,084,674
9,158,687
5,479
2,935
5,661
3,007
4,932
2,903
5,321
2,844
5,379
2,813
2,887
8,568
8,414
8,668
7,835
8,165
8,192
9,929
536
534
534
534
550
550
3,801
16,635
16,732
16,818
16,771
16,899
18,421
16,798
22,152
744,105
1,141,819
678,091
744,105
1,132,053
687,857
657,253
1,191,905
714,857
657,253
1,191,905
714,857
657,253
1,191,905
657.253
1,191,905
714,857
657,253
1,191,905
714,867
657,253
1,191,905
714,857
1,170,713
714,857
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
2,526,190
2,590,833
Redemption fund (Federal Reserve notes)
Other cash *
Total
The comments of the Board of Governors of the Federal Reserve System
for the latest week appear in our department of " Current Events and Discussions
returns
2,590,595
2,590,583
2,589,851
2,589,781
2,589,988
2,589,283
2,589,151
2,589.555
2,562,072
8,881
Bills discounted:
Secured
by U.
S. Government obligations,
direct or fully guaranteed
—
Other bills discounted
Total bills discounted
-
Bills bought In open market
-
Industrial advances
United States Government securities—Bonds..
Treasury notes
Treasury bills
Total U. S. Government securities.......
Total bills and securities
Gold held abroad
"""183
Due from foreign banks
Bank
732,508
622,969
v
Federal Reserve notes of other banks
Uncollected
7.042
19,505
520,057
44,616
44,953
Items
premises
All other assets
——
Total assets
14,271,986
183
183
184
186
186
186
""170
22,473
549,768
44,621
42,560
22,109
682,909
44,657
41,525
20,816
513,229
44,641
49,267
18,742
582,086
44,641
48,070
20,427
527,851
44,695
47,547
21,109
597,351
44,730
46,746
19,973
627,996
44,730
14,307,574
14,429,857
14,262,804
14,319,942
14,290,895
14.362,513
'
""170
""219
23,005
23,933
664,235
46,396
550,492
44,717
45.214
14,305.284
14,337,827
12,496,481
45,615
41,720
LIABILITIES
Federal Reserve notes In actual circulation
4,124,442
4,108,568
4.123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4.147.997
4,206,477
Deposits—Member banks' reserve account
8,040,951
863,897
138,612
227,441
7,921,888
928,590
149,500
295,508
7,904,250
934,887
7,847,605
298,579
7,622,253
1,283,396
137,609
245,233
236,245
7,503,630
1,428,693
125,674
227,746
6,900,288
131,989
267,141
7,716,352
1,182,761
133,118
253,844
7,560,482
1,361,133
139,487
7,744,949
1,092,819
130,200
262,794
7,278,172
United States Treasurer—General acoount..
Foreign banks
Other
..........
deposits
—
Total deposits
1,004,684
133,908
92,813
157,400
127,671
9,270,901
9,295,486
9,277,203
9,251,419
9,230.762
9,286,075
9,288,491
9,291.768
9,285,743
Deferred availability Items
521,301
549,504
578,995
133,570
147,739
27,683
133,569
147,739
534,887
133,575
597,742
133,575
147,739
27,683
32,880
10,800
527,933
133,523
147,739
27,683
32,915
11,386
551,583
133,482
664.852
Capital paid in
Surplus (Section 7)
Surplus (Section 13-Bh
521,177
133,558
147,739
27,683
147,739
27,683
32,915
145,854
Reserve for contingencies
32,846
27,683
32,846
All
13,504
12,179
675,937
133,551
147,739
27,683
32,846
11,796
14,271,986
14,307,574
82.5%
1,506
other
Total liabilities
32,880
12,563
11,145
147,739
27,683
32,880
11,181
14,429,857
14,262,804
14,319,942
14,290,895
14.362,513
82.5%
82.4%
82.5%
82.4%
82.5%
1,686
1,840
1,703
1,530
1,460
13,649
13,600
13,638
13,373
13,140
7,807
liabilities
133,582
147,739
27,683
32,880
7,556
7,685
6,913
•
J
132,302
27,490
35,906
10,685
5,428
14,305,284
14,337,827
12,496.481
82.6%
82.5%
82.5%
79.7%
1,357
1,357
1,357
4,015
13,260
13,144
12,700
12,678
16,331
8,044
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
purobased
for
correspondents
Commitments to make Industrial advances...
'
Maturity Distribution of Bills and
Short-term Securities—
1-16 days bills discounted
6,986
6,198
464
6,572
6.527
477
559
599
359
410
330
285
477
358
321
369
613
607
702
709
724
355
Over 90 days bills discounted
6,677
471
477
16-30 days bills discounted
81-60 days bills discounted
61-90 days bills discounted
403
292
235
169
184
242
268
362
206
581
1-15 days bills bought In open market
16-30 days bills bought In open market..
31-60 days bills bought In open market
61-90 days bills bought In open market
595
597
540
600
526
378
293
309
359
9,691
Total bills discounted
9,508
9,396
8,568
8,414
8,668
7,835
8,165
8,192
9,929
128
4
110
127
87
178
166
232
107
110
4
117
117
117
75
87
298
299
1,523
247
164
104
104
129
...
75
69
229
128
158
253
238
226
Over 90 days bills bought In open market....
Total bills bought In open market
419
""297
""297
1,627
3,801
537
61-90 days industrial advances
Over 90 days Industrial advanoes
537
536
534
534
534
550
550
1,290
1,259
1,544
1,607
1,472
1,526
1,419
1,581
849
171
160
274
263
263
274
275
234
204
246
286
•
537
1,239
1-15 days Industrial advances
16-30 days Industrial advances
81-60 days Industrial advances
Total Industrial
596
316
298
405
262
367
406
522
567
1,022
13,498
798
923
937
960
974
813
13,888
13,735
13,755
13,286
13.472
19,523
934
advances
920
885
13,960
13,849
13,919
721
16,590
......
Over 90 days U. 8. Government securities
Total U, S, Government securities
16,535
16,635
16,732
16,818
16,771
16,899
16,421
16,798
22,152
155,437
101,541
193,239
171,040
1,942,758
264,905
109,604
95,524
252,711
32,247
232,997
173,696
1,809,087
104,311
217,598
237,770
193,239
1,811,097
85,874
357,781
191,294
116,668
104,311
353,460
186,586
148,926
1,803,467
183,017
186,171
208,287
174,203
1,812,337
115,354
112,246
174,203
215,480
1,955,310
117;172
128,893
173,696
192,780
1,951,474
1,813,712
1,802,990
2,243,381
2,564,015
......
106,776
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,190
4,418,328
293,886
4,416,044
307,476
4,420,471
297,369
4,434,946
299,161
4,425,573
268,417
4,412,650
295,775
4,411,710
288,197
4,425,484
293,147
4,425,523
277,526
4,508,973
4,124,442
1-15 days U. 8. Government securities
16-30 days U. 8, Government securities
81-60 days U. 8. Government securities
61-90 days U. 8. Government securities
4,108,568
4,123,102
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4,147,997
4,206,477
4,533,632
4,531,632
8,505
4,535,632
4,535,632
4.527,632
7,707
4.539,632
4,519,632
4,552,632
7.659
4.535,632
7,047
4,535,632
8.321
6,865
7,208
7,271
204,754
181,285
35,561
66,075
1-15 days other securities
16-30 days other securities
81-60 days other securities
61-90 days other securities
Over 90 days other securities
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent
as
302,496
Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper..
United States Government securities
7,810
5.000
Total collateral
•
"Other
cash"
4,541,442
does
not
include
Federal
Reserve
4,540,137
notes,
f
4,543,953
Revised
4,543,291
4,542,6791
4,540.339
9,984
20,000
4,542,497
4,546,840
4.526,903
4,582,616
figure.
These are certificates given by the United
States Treasury for the gold taken over from the Reserve banks when the dollar was devalued
from 100 cents to 59.06
cents on Jan. 31, 1934, these certificates being worth
less to the extent ef the difference, the difference itself having been appropriated as
profit by the Treasury under
provisions of the Qold Reserve Act of 1934.
a
Volume
Financial
147
67
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 29, 1938
Three Ciphers (000) Omitted
Federal Reserve Aoent at—
Gold
certificates
and
Cleveland Richmond
Phila.
9
9
9
Atlanta
Chicago
9
9
9
9
9
9
San Fran.
Dallas
Minneap. Kan. City
St. Louis
1
9
due
from United States Treasury
512,785
595,370 4,467,058
10,635,929
701,163
296,809
686,016
181,571
254,728
208,227
320.202
215,548 2,196,452
9,387
1,008
980
1,299
1,481
628
365
441
479
853
268
362
1,223
406,523
39,075
97,882
25,346
31,812
23,565
25,303
56,898
18,565
10,311
26,680
16,923
34,163
635,453 4,565,920
539,430
734,456
321,002
241,216 2,253,791
339,246
219,391
281,676
198,856
721,402
25
50
32
44
50
288
60
94
182
329
262
550
Redemption fund—Fed. Res. notes..
Other cash
New York
9
9
hand
on
Boston
Total
ASSETS
*
Total reserves
11,051,839
-
Bills discounted:
Secured by U, S. Govt, obligations,
direct and (or)
6,111
743
242
649
237
525
598
202
402
756
766
3,680
1,341
444
1,051
993
25
110
126
226
379
537
Total bills discounted-.
3,155
170
9,691
..
596
3,580
fully guaranteed
Other bills discounted
40
211
55
49
23
19
66
2
> 2
16
16
Bills bought In open market
;v
:
38
16,590
2,381
4,267
2,947
851
1,537
121
559
137
1,185
433
827
1,345
744,105
53,679
216,454
61,097
71,357
40,623
80,458
34,599
25,646
36,169
28,232
1,165,105
84,047
111,727
63,608
125,979
54,174
40,159
56,631
47,236
338,922
190,479
95,666
654,805
53,765
62,793
35,748
32,335
50,628
28,453
70,802
30,447
22,570
31,827
44,206
24,845
63,456
99,358
55,840
2,564,015
184,962
745,855
210,528
245,877,
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
2,590,833
188,149
754,013
214,871
247,221
142,590
112,549
277,889
119,469
89,688
125,302
98,505
220,587
Industrial advances
U. S. Government securities—Bonds-
Treasury notes
Treasury bills
Total U
•
-
-
8. Govt, securities
Total bills and securities
183
14
68
19
17
8
6
23
3
2
5
5
13
19,505
431
3,401
871
855
1,738
2,352
2,867
1,348
1,178
559
520,057
56,159
126,367
37,113
58,594
44,249
18,091
67,303
16,247
2,511
28,342
44,616
2,973
9,890
4,762
6,138
2,661
2,097
4,538
1,277
3,295
All other assets
44,953
2,661
12,865
4,906
4,766
2,944
2,030
4,111
1,770
1,542
1,596
26,833
3,126
18,804
premises
1,394
21,955
2,317
1,956
1,564
3,784
801,972 1,052,047
515,192
378,341 2,610,522
486,154
329,814
440,076
319,570
979,934
'
Due from foreign banks
Fed. Res. notes of other banks—
Uncollected
Bank
Items
Total assets
885,840 5,472,524
14,271,986
V.
,|
LIABILITIES
V. R. notes In actual circulation
901,498
302,065
404,520
190,375
140,449
956,763
173,643
133,002
162,634
75,852
328,603
390,927 3,822,759
275,269
44,820
4,124,442
368,194
204,549
155,604 1,344,232
176,051
41,925
242,420
122,627
164,117
24,605
43,702
5,924
4,821
16,393
4,133
3,168
218,101
16,542
3,995
4,902
355,038
i
Deposits:
U. 8. Treasurer—General account-
863,897
45,827
461,248
72,741
Foreign
138,612
9,919
50,309
13,500
12,674
227,441
4,103
177,848
1,617
9,386
449,769 4,326,185
1,826
6,819
2,773
775
1,875
546,173
28,593
9,781
12,572
207,252 1,538,502
277,977
172,270
239,413
210,417
597,119
69,634
23,730
14,074
27,583
21,991
3,904
4,667
4,159
3,613
29,228
10,142
9,805
2,945
266,810
Member bank
Other
8,040,951
account
reserve
bank
deposits
53,392
40,430
3,995
429,138
556,049
521,301
56,474
122,224
36,8.37
58,398
42.732
17,496
Capital paid In..
133,570
9,405
50,937
12,245
13,377
4,954
4,449
13,153
Surplus
147,739
51,943
7,744
13,466
14,323
4,964
5,626
22,387
27,683
9,900
2,874
4,411
1,007
3,409
730
1,429
545
32,846
1,448
8,210
2,000
3,177
1,401
1,603
7,174
1,215
2.907
3,153
1,001
1.908
934
1,270
1,776
13,504
932
3,783
1,810
1,196
547
736
1,480
473
599
598
434
916
801,972 1.052,047
515,192
378,341 2,610,522
486,154
329,814
440,076
319,570
979,934
Total deposits
9,270,901
Deferred availability items-
(Section 7)
Surplus (Section
13-B)
Reserve for contingencies
AH other liabilities
VV
Total liabilities
885,840 5,472,524
14,271,986
1,142
Contingent liability on bills purchased
1,506
•
•
Other
cash"
does
not
1,414
include Federal
147
53
1,856
.V-'
24
44
44
107
443
91
3,145
Reserve notes
RESERVE
FEDERAL
STATEMENT
NOTE
Three Ciphers (000) Omitted
Federal Reserve Bank of—
Collateral held
for notes
Gold
St. Louis
Minneap.
Kan. Citi
$
$
$
s
$
$
200,480
155,864
982,643
186,538
138,160
172,048
84,636
374,528
16,161
22,873
10,105
15,415
25,880
12,895
5,158
9,414
8,784
45,925
302,065
404,520
190,375
140,449
956,763
173,643
133,002
162,634
75,852
328,603
337,000
432,000
202,000
159,000 1,000,000
192,632
141,500
177,00(
88,500
404,000
989
269
942
25
50
126
217
379
544
337,989
390,000 1,010,000
3,506
4,541,442
San Fran.
Dallas
$
390,000 1.013,506
432,269
202,942
159,763 1,000,025
192,682
141,626
177,217
88,879
404,544
Agent as security
Issued
certificates
Chicago
S
427,393
95,302
901,498
7,810
by
25,974
355,038
4,533,632
In actual circulation
Atlanta
$
318,220
996,800
381,012
4,124,442
Held by Federal Reserve Bank
Richmond
$
$
$
S
4,418,328
293,886
Issued to F. R. Bank by F. R. Agent
Cleveland
Phila.
New York
Boston
Tola
Federal Reserve notes:
2,000
35
569 |
'
2,121
237
45
179
183
65
1,542
r
4,027
r
138
118
541
108
13,649
for foreign correspondents
Commitments to make Indus, ad vs..
3,938
3,892
<
banks:
to
on
hand
and
due
from United States Treasury....
Eligible paper
763
U. S. Government Securities
Total collateral
Rates
quoted
Bid
Transactions
July
13 1938
0
0.08%
08%
20 1938
0.08%
271938
3 1038
10 1938
Aug. 17 1938
0.08%
0.08%
0.08%
7
Sept. 14
0.08%
1——
Aug, 24 1938.
t.-—
Aug. 31 1938.
July
July
Aug.
Aug.
Asked
Bid
Asked
on
the New
at
the
New
York
Daily, Weekly and Yearly—See page
Stock and Bond
Stock
Exchange,
83.
Averages—See page 83.
0.08%
0.08%
Sept.
1—1——
0,08%
0.08%
Sept. 21 1938.
THE
0.08%
1—i'——
0.08%
.
Securities
Exchange—See following page.
York Stock
for discount at purchase.
are
July 6 1938
Bills—Friday, July 1
Government
States
United
United States Treasury
PARIS
BOURSE
Quotations of representative stocks as
received by
June 29 June 30
Francs Francs
June 25
June 27
Francs
Francs
June 28
Francs
—...
7,000
7,000
6,800
7,000
Baa
Banque de l'Unlon Parisleone..
1,264
464
1.225
454
L206
450
C257
462
Pacific.—.-—--—--
223
22,800
660
1,390
226
22,600
654
L370
31
50o
246
23,100
676
1,430
---------------
226
22,800
684
1,440
30
503
Quotations for United States Treasury Notes—Friday,
July 1
Bank of France
Banq uede Paris et Des Pays
Figures after decimal point represent
a
one
32ds of
more
or
point.
Canadian
Canal de Suez cap
———-
Cte Dtstr d'Electricite
int.
int.
Bid
Rale
Maturity
Asked
Cle Generale d Electriclte
Rate
Maturity
Bid
Asked
Cle
Transatlantlque.-
Generale
Citroen
101.23
fune
15 1940
Dec.
16 1940...
Comptolr Natlonale d'Eacompte
783
790
785
799
102.30
103
Coty
102.24
102.26
^urrierefc"-
103.31
Credit
200
236
492
190
231
480
200
229
475
200
233
103.29
1 H%
2%
104.14
104.16
Credit
105.11
105.13
Eaux dee Lyonnalse cap
2M%
102.19
102.21
Energle Electrlque du
2 H7c
100.14
1,630
1,440
311
563
1,580
1,390
306
5j4
1,580
1,390
306
536
102.19
102.21
Mar. 15 1940
Sept. 15 1939...
Dec. 15 1939._.
102.3
102.5
Mar. 15 1942
102.6
102.8
Dec.
June 15 1941
—
1H%
102.23
102.25
Sept. 15 1942—.
—
1H%
101.21
101.23
June
1«%
102.31
103.1
Sept. 15 1938...
16 1941...
Mar. 15 1939
Mar. 15 1941
—
—
.
101.16
15 1942
102.26
1*4%
...
15 1939
S A
Commercial
de France—
Lyonnalse
Nord--..
Energle Electrlque du Littoral—
HOLIDAY
Llqulde
Lyon (P L M)
Nord
THE
BERLIN
STOCK
EXCHANGE
Ry.--.I-1
Or'eans Ry 6%
Pathe
Closing prices of representative stocks
each
as
received by cable
day of the past week:
June
25'
27
June
June
June
July
28
29
30
1
(4K%).—,
(8%)
Siemens & Halske (8%)--—
Verelnigte Stahlwerke
(5%)
Rentes 4K%
E24*%
5%
—
1932
-
A.
——
1932 B
Dukh-—
118
119
Royal
161
161
162
Sa'nt Gobalc
120
120
120
Schneider <fe Cle
156
.112
—193
—
201
.
—
.
120
'
638
660
1,230
791
1,220
785
801
361
23
1,504
74.25
72.30
72.00
1,250
798
820
361
81.50
79.50
C & C—2,015
124
124
124
124
Bociete
112
112
112
112
Soclete
156
156
156
156
Soclete
Lyonnalse..—
113
112
113
115
Soclete
195
195
196
Tubize Artificial 811k
203
200
204
204
Union d'Electricite——
107
108
108
Wwnn-I,ltH.
1,060
69
91
1,439
Marseillaise
194
..
x
I
Francalse Ford
Generale Fonciere
...
Ex-dividend,
—
preferred—
—
124
446
85
828
361
21
1,521
75.20
73.20
73.00
80.70
78.75
98.30
6,770
1,966
1,048
64
89
1,388
560
118
432
84
79.80
77.80
97.30
6,780
1,960
1,038
64
"245
23,100
1,420
33
200
1,640
1,410
o47
644
1,260
814
827
356
21
1,542
75.80
74.10
73.75
99.30
6,750
1920-.--—
118
112
Reichsbank
1917--
1918.:::
161
Dresdner Bank (4%)
Mannesmann Roehren
Perpetual 3%-.-
4%
119
.162
Deutsche Bank (5%)
—120
Deutsche Reichsbahn (German Rys pf. 7 %) 124
—
Farbenindustrie I. G. (7%)
—-
118
161
120
124
111
156
112
194
Allgemeine Elektrlzltaets-Gesellschaft 4%-.118
.
RentS
Rentes
■Per Cent of Par
(8%)
Rentes
.
Rentes 4%
June
Berliner Kraft u. Licht
Capital.—----.—-—---
Pechlney
490
1,620
1,450
314
658
Kuhlrnann
L'Alr
7,100
523
1H%
101.14
IH%
1%%
1H%
161938
Dec.
1H%
July 1
Francs
—.
1 H%
1 M%
Dec.
102.24
506
—
101.21
i
——
—
y8%
June 15 1943—
cable
day of the past week:
each
1,280
361
21
1,565
75.10
72.80
72.90
80.50
78.60
98.60
6,930
90
2,013
*>069
64
91
1,389
560
1,448
.560
116
427
84
125
446
88
74.90
73.00
2:72.00
80.50
78.40
98.40
6,920
65
July 2, 1938
68
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 transaction
such sales in computing the range for the year.
No
of the day.
unt
account is taken of
United States Government Securities
furnish
York Stock Exchange
the New
on
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 'S2ds of a point.
Below
we
a
Daily Record of V. S. Bond Pricea June 25
Treasury
4 lis,
(High
1947-62
118.19
118.18
June 30
Daily Record of U. 8. Bond Prices June 25 June 27 June 28 June 29
118.20
Treasury
118.22
118.22
118.19
118.18
118.22
118.19
118.18
118.22
Total nates in $1,000 units.
2
104.12
104.16
104.20
104.12
104.16
104.20
104.19
Total scats in $1,000 units...
1
185
2c
2*s, 1948-51
1
109.23
109.21
109.25
109.24
109.25
109.19
109.21
109.21
109.24
109.24
109.19
109.21
109.25
109.24
109.24
12
(High
-{Low.
1 Close
17
35
2
3
VwwV
•
WW
WW
-www
103.12
103.12
103.6
Total sales in $1,000 units...
Total tales in $1,000 units.,
July 1
104.19
104.19
118.20
1
104.21
104.17
104.12
(High
{ Low.
Close
118.20
118.22
Low
[Close
i
3 lis. 1943-46
July 1
June 27 June 28 June 29 June 30
118.22
(High
103.7
103.5
Low.
103.7
103.1
103.6
103.9
103.10
Close
103.7
103.5
103.6
103.11
103.11
68
36
2*s. 1951-54—
25
WW
WW
ww
ww
114.13
114.12
114.17
114.14
102.26
102.26
102.26
114.9
114.13
114.12
114.13
(High
102.16
114.13
114.13
Low.
102.16
102.17
102.18
102.22
102.24
102.26
[Close
114.13
114.9
114.13
114.12
114.13
114.14
Close
102.16
102. n
102.18
102.26
102.26
102.26
Total tales in $1,000 units...
10
1
1
4
4
Total tales in $1,000 units...
3
50
13
9
2
(High
101.25
101.25
101.23
101.28
102
Low.
101.20
101.19
101.22
101.26
101.28
101.30
Close
101.25
101.19
101.22
101.28
101.30
101.30
23
13
55
39
9
10
105.29
105.30
114.13
(High
j Low.
4s, 1944-64—
114.11
113.1
High
•
Low.
113.1
Close
3 lis, 1946-66_.
2*s, 1956-59
113.1
2 KB.
Total tales in $1,000 units...
(High
110.14
-J Low.
1943-47
110.16
110.16
110.16
8 Hs.
1949-53
Total sales in $1,000 units..
110.16
110.17
110.14
110.14
110.17
110.15
110.15
110.14
110.16
110.17
110.15
110.15
53
1
3
110.19
110.15
[High
w
w
-
w
105.30
106.2
105.30
106.5
1
(High
106.5
106.5
106.6
106.9
106.10
{Low.
106.5
106
106.4
106.8
106.9
106.9
I Close
3e, 1961-66
105.29
Close
15
Total sales in $1,000 units
2
106.5
106
106.5
106.10
106.9
106.10
(Close
2
30
12
133
'
12
(High
2*s, 1948
•
'
'
V
Low.
»
—
104.9
www
--ww
104.11
1
WW
——
-WW
104.15
ww
104.11
104.9
-www'
•
WW
9
104.11
104.9
Total sales in $1,000 units.....
Total sales in 11,000 units..
106.10
4
101.30
106.5
105.29
! Low.
2KB. 1946
"
Total tales in $1,000 unUs...
102.19
102.17
-www
104.15
•
1
w
-
104.15
ww-
w
-
1
w
-
High
107.25
3s. 1946-48
107.26
107.25
107.26
101.24
101.31
101.30
101.31
Low.
2*s, 1958-63
101.25
101.24
101.19
101.21
101.27
101.30
101.31
Close
107.26
107.22
(High
[Low
I Close
101.24
101.24
101.19
101.23
101.30
101.30
101.31
Total sates in $1,000 units...
Federal Farm Mortgage
3 * 8. 1944-64
4
(High
106.19
106.21
106.17
\Low.
[Close
3*8. 1940-43
106.19
106.21
106.17
106.19
106.21
106.17
"w
High
w
-
Low.
Close
Total sales in $1,000 units.
-
-
—
107.23
'w
W
107.25
107.23
107.25
■
Total tales in $1,000 units...
1
-
.-{
'
•
...
108.15
[Close
108.15
108.18
108.13
Total talet in $1,000 units...
2
1
2
108.18
108.13
108.14
w
w
Ww
w
w
1
105.31
106
-
106.3
WW WW
'www
1
-
105.31
105.31
105.31
106
'
106.3
-
Low.
w
-
-
-
—
—
—
'
„
-
WW
-
w
w
www
w
'
w
WMw'w
w
w
w
106"
'
.ww'-w
_
l»ww
105.30
_
r
105.30
~
-
_
_
„
w
'
w
*
w
w'
•
-
-
-
w
w
w
w
w
W
-
WW
106
1
w-w
106.1
106
106.2
106.1
106
106.1
106.2
106
5
ww-
106
-
106.2
2
w
w
8
29
w
105.30
-
-
W
-
WW.ww
•'
1
High
Total salts in $1,000 units
Federal Farm Mortgage
; High
108.16
3
1
105.3
105.2
— www
105.3
105.2
w
105.3
105.2
'
108.15
108.18
108.13
108.13
2*s, 1942-47
108.15
[
High
108.13
108.16
^
Close
x
107.5
Total talet in $1,000 units.
ww
w
w
w
108.3
108.5
108.5
108.3
108.5
108.4
108.5
108.3
108.5
108.4
108.5
108.5
109.20
109.21
109.24
109.24
109.20
109.21
109.24
109.24
109.20
109.23
109.24
106.2
"
106
105.31
106
*12
5
2
103
102.28
102.29
103
102.31
102.29
Low.
102.30
102.27
102.27
102.28
102.27
102.28
103
102.27
102.29
102.28
102.31
102.29
48
19
*
109.24
Odd
5
10
19
24
104.3
104.5
104.6
104.3
Low.
| Close
104.1
104
104.4
104.3
■
lot sales,
104.5
104.3
Total sales in $1.000 unus
109.25
109.20
105.31
106.2
36
106
( High
2*8, 1942-44
Total talet in $1,000 units...
(High
105.29
105.29
8
1
Total sales in $1,000 units...
Home Owners* Loan
■{ Low.
[Close
105.29
106.2
w
WW
105.31
106.2
105.29
106.2
W
High
gerl«i EL, 1939-49—■
2*s,
Close
106"
www
2
17
Close
25
Low.
www-
106". 1
106~.2~
units...
Home Owners' Loan
.-www*
.
-WW
1 Close
A
Totai^aies in $1,000
(High
•ww'ww
( Hlgn
\ Low.
3s. series A, 1944-52
108.5
Close
Total talet in $1,000 units...
w
-
_
Totaf sates in $1 000 units.
3
108.5
Low
109.20
Low
'
Home Olwners' Loan
3*8. 1944-46
-www
-w
Ww
w
Low.
Close
1
3s, 1942-47
High
Low.
3*8, 1941
-
ww
W
106.3
Total sales in $1,000 units.
Federal Farm Mortgage
'
1949-52
w
106.28
107
w,
''
High
3s, 1944-49
107.25
107.23
Close
3 Kb,
106.28
107
-WWW
-
'
Low.
3*8, 1946-49
29
-Www
'
Federal Farm Mortgage
3
High
»Hb. 1941-43
6
20,
106.28
107
w
Close
Total talet in $1.000 units.
306
18
20
'
'
Total tales in $1,000 units..
104.3
104.6
78
6
i
2
6
t Deferred delivery sale.
3
19
7
4
2
IHigh
103.25
103.23
103.22
103.29
103.31
103.29
-{Low.
[Close
103.20
103.17
103.20
103.23
103.27
103.29
103.25
103.17
103.21
103.29
103.28
103.29
1
Treas. 4*s. 1947-52
Total tales in $1,000 unitt...
3
12
66
18
9
1
1
Treas. 3*s. 1943-47
High
106.13
106.10
106.13
106.15
106.14
106.14
■
Note-—1The
2*8, 1956-60
2*8. 1946-47
Low.
106.12
106.10
106.10
106.12
106.12
106.13
Close
106.13
106.10
106.13
106.15
106.12
5
1
47
41
51
2
above
table
includes
only
of
sales
coupon
Transactions in registered bonds were:
___
_
——
__
118.16 to 118.16
110.14 to 110.14
—
,
106.13
Total talet in $1,000 units...
bonds.
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
.
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
June 25
June 27
June 28
June 21
June 39
$ per share
S per share
$ per share
$ per share
3 per share
*46
July
47
*4412
47
46%
47
47%
47%
*4634
48
*33
39
*33%
39
39
39
*32
40
42
41
41
*40%
43
41%
*42
10%
10%,
10
10%
18
IS
21
20%
18%
20%
*18%
20%
9%
19%
41%
a;10%
43
10%
2%
58%
1%
10%
2%
56%
1%
10%
10%
*17%
20%
2%
56
1%
10%
2%
*2%
20
21
2%
58%
59%
58
1%
1
1
10%
10%
10%
21%
2%
x58%
1%
10%
42
10%
191?
22%
2%
62%
1%
10%
*19%
22
2%
60%
1%
10%
11%
20
22%
2%
62%
1%
10%
43%
11%
18,100
*19%
20
2234
700
22%
60
*2%
1%
*10%
1%
10%
No par
Address-Multigr
2,500
600
2%
61%
No par
Adams-Mlllis
Corp..—.10
Advance Rumely
No par
Atr Reduction Ino
12,600
No pa:
9,800
A.bany A Susq RR
1
1%
8%
8%
8%
8%
8%
8%
8%
81?
8
8%
7%
8
*7%
91?
7%
8
*10
11
18 h
*25%
*7%
W
w
170
*8
8%
12
12
*25%
7%
-
*7
*60
62
17%
18%
*fifi%.
*
60
8%
12%
8%
U
11
19
19%
*25%
7%
166
1
9%
878
9
11%
187S*25%
8%
8%
12%
13i?
7%
8%
46
48
45%
47%
50
47%
15
1534
15
151?
16%
16%
18%
2%
18%,
2%
*17%
46%
15%
2%
69
72
*58
18%
*56%
61%
19%
*58%
60
*57
17%
2%
21?
*18
22
72
61%
"
75
62
71%
61%
18%
18%
19%
60
AO
«n
Bid and asked prices; no sales on this day.
1978
13
8%
10
3,100
9%
*12%
10
4,500
2%
*19
71%
62%
18%
*58
8%
5478
51%
18%
2%
22
171
~
8%
174
Allied Chemical A
300
*8%
12%
8%
9%
12%
4,600
8%
34,800
55%
55%
4978
1,100
44,100
17%
2%
5,000
48%
16%
2%
21
*18
2,500
100
75
71%
75%
7,300
64
64%
64%
1,000
20
18%
*50
19%
10,100
60
t In receivership,
60
a
20
Def. delivery,
1
Dye.2Vc
pen
Allied Kid Co
Oct
4%
44% Nov
80%
Mar 30
7
4% Mar 26
38
Mar 31
Mar 30
May 27
49
10
10
46%
gate,
x
1%
7
%
36
Jan
Jan
Jan
5%
Jan
1534
Feb
Feb
2
8
Oct
95
Apr 16
146
Oct
1%
177g
17%
17%
17%
21%
22% Mar
28% Feb
Oct
13%
166
Aug
7
1
Oct
5%
Jan 12
11
Oct
6934
Feb
Jan 12
11
Oct
59
Feb
Jan 12
10
Oct
58%
52%
Feb
Jan
Jan 12
10%
Oct
Feb
Feb
Jan 17
13
Oct
May 11
9% Jan 17
103
Apr
110
Oct
23% Apr
258% Mar
17% Aug
33% Jan
28
176%
9%
14%
9%
24
10
55
50
Cash
1% Jan
11% Apr 1
1% Mar 26
50
No par
Am Agric Chem (Del)..No par
r
23
55%
5134
18%
3%
34% Mar 31
6% conv preferred..
Amerada Corp
\'ew stock,
Mar 31
8% Mar 28
preferred
100
Alils-ChaJmers Mfg
No par
Alpha Portland Cem
No par
Amalgam Leather Coo Inc.—1
n
Mavll
4% Mar 30
124 Mar 31
5
preferred..
Aug
Jan 24
5% June 17
734June 18
5%
6%
85
2%June 24
z62%June 29
5
Allied Mills Co Inc.—No par
Allied 8tores', Corp
No par
American Bank Note
Jan 14
4
11% Mar 31
Allen Industries Inc....
Mar
52
43*4 Dec
778 Nov
17% Oct
16% Oct
28
4,500
share
Mar
69
1138 July 1
*20*4 Jan 20
AJegheny
T.ooo
55
Nov
3
Alleghany A W. Ry 6% gtd 100
7,400
19%
~
Nov
37
per
30
31
31
78 Mar 31
6% June 17
$2.50 prior conv pref.No par
Steel Co
No par
900
13%
19
*25%
13%
Corp
..No par
5K% pf A with $30 war.100
5K% pf A with $40 war.100
5*% pf A without war.100
17,700
9%
100
Allegheny
10,800
1%
11%
1%
10%
8
53%
19
12%
173%
8%
8%
52
71
9%
9%
171
52
2%
1%
11
"7%
1701"
50%
151?
2%
7%
167
7%
1%
9%
8%
7%
51%
15
18%
68%
*8
71*
11
*7%
11%
7%
50%
47%
2%
19%
....
165
50
68%
w
7%
50
*17
1%
7%
*1012
18%
165% 167%
81?
*8%
12
12%
7%
8%
7%
48%
45%
8%
19%
-
,1
*25%
11
19
W
7%
167
1%
10%
19
-
1
36
June 30
share
June
2
30
8'4 Mar 31
95
Apr 16
Air Way El Appliance.-Nt par
Alaska Juneau Gold Mln...l0
2,300
Highest
share $ per
4734June 30
per
6% Mar
14% Mar
16% Mar
1% Jan
40 May
% Mar
25
Express
$
39
$
28
Adams
Lowest
Highest
share
30% Feb 4
30% Mar 23
Abraham
700
10%
per
Acme Steel Co
10
*41
$
Abbott Laboratories.—No par
A Straus
No par
400
38
,
100-Share Lots
Lowest
Par
Shares
*44
46%
391?
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of
STOCK
Week
1
$ per share
*33
*33
YORK
EXCHANGE
the
Friday
0%
Jan 10
Jan 10
Jan 19
Jan 12
145
1
Jan 11
July 1
Jan 11
49
Dec
34
Oct
July
Jan 12
7%
10
0%
Nov
Dec
Oct
Oct
8%
Oct
1%
Oct
19
Oct
51% Nov
53% Oct
45% Mar
Jan
21?s Mar
85
Mar
83% Jan
39*4 Jan
87§ Mar
52% Mar
1147t Mar
75% July
1
Mar 26
06
8
10U*
Jan
Mar 30
20
June 30
10
Oct
41%
Jan
A r>r 27
60
June 29
50
TV*
761.
'■ nb
Ex-dlv.
y
Jan
Ex-rights
T Called for redemption.
Volume
LOW
SALE
HIGH
AND
PRICES—PER
SHARE,
NOT PER
NEW
June 25
June 27
June 28
June 29
June 30
$ per share
$ per share
$ per share
S per share
$ per share
35
34%
*122%
95
94%
166
34%
*122%
*«•*.
166
36%
3534 36%
122% 122% *122%
35%
>
-'m
-f
95
98
95%
165% 166
23
43
42%
1434
14%
14%
*15
•24%
7
10%
11%
10%
71
24
25
23%
2434
43
44
45
45
12,300
2,400
1534
16%
23,400
4
11
734
13%
72%
75
11%
72%
'm
3%
384
21%
10
19%
984
10%
9%
1634
1634
*15%
16%
12
*10
12
*10
3%
3%
...
4
*
«
-
4%
6
5%
334
4,300
20%
334
500
4
9%
10%
16%
18%
*11
39
40
40%
40
40
39%
*134
1%
1834
2
*134
2
134
19
18%
184
19
684
19
18%
20%
54
54%
14-
14%
14%
4%
34%
4%
*'•
54
'
33%
6
5%
35
35%
30%
13
*142
4034
41
40
*1%
19
7%
20%
7%
7%
19%
21%
20%
20%
54
54%
58
58
58%
60
62%
1,800
14%
1434
1434
15%
15
60%
15%
59%
15%
1434
16%
5,400
4%
3%
4%
4%
4%
4%
34
35%
:
33% 35%
104% 104% *103% 104%
27
2534
26%
26%
6%
5%
6%
6%
36
38
37
37%
31
32
3334
33%
15
1434
1534
13%
4%
33%
34%
6%
6%
4%
25%
34%
534
13%
20
19%
74
31%
13%
*142
150
*142
150
634
59,100
9,900
*6
32%
16,200
$5
14%
15% 146,100
20%
21%
42,400
80
7934
80%
3,000
16%
*17
17%
17
*16%
17%
1,400
4,400
American Seating
1,090
Amer Ship Building
17%
12
12%
12
1234
12%
12%
3034
31%
48%
32%
31
31
50%
48
50%
49%
45% 47%
4734
45% 47%
124
124%
12934 *123% 127
12934 *123
55
53»4
54%
55
*53% 54%
*53%
*53%
141
141
*139% 144% *139% 144% *139% 144%
2634
25%
2634
24% 2534
25%
24%
24%
45
125
*123
27
*103
19%
8%
*12
27
140
139% 140%
75%
76
78
79
78
27
27
7934
10
*73
484
35%
7
*33
'2834
*35%
15%
10
10%
78
*75
5
5
36
36
6%
7%
*32
37
6
5%
5%
36%
3634
38%
7%
6%
7%
41
44
44
45
45
45
15%
1534
16
16%
1634
16%
16%
16
*3%
26
95
5% "5
3%
*3%
4
26%
26%
27%
27b
26
5%
95%
5%
45
94
46
*52
44%
7934
16%
3%
*
7934
"7%
*58%
*28%
34
32%
84
*79%
31%
65
61
65
300
57
*50
o7
*50
57
100
*28%
34
*28%
34
*29%
34
84
84
83
*81
*81
84
*79%
*81
-
CO
30
33%
*
-
JM
46%
4834
45%
4834
19%
20%
19
19%
2334
8%
*42
42%
*47
48%
*117
118%
584
5%
3%
3%
3
*234
17%
17%
6%
6%
*6%
634
1034
23%
11%
24%
11%
11%
106% 106%
8
41%
*47%
5%
2334
7%
*106
200
107
May 12
58
June 2s
27
Mar 30
72
Mar 29
72
pref with warrants..100
50%
120
834June 30
69
68
Dec
5
83
Nov
Jan 10
33
Dec
71*4
Dec
70
Dec
Jan 12
68I4 Mar
35
Dec
May 20
Jan 12
6
May 27
72
Jan 14
327g Nov
66%
27«a Jan 12
18
7*4 Jan 11
14i2 Jan 10
6
Oct
9
Oot
25
1734 Mar 31
18
Oct
A...100
1
60
1017g Apr 12
5»4 Mar 30
3834 Mar 26
255gJune 30
l07i4May 20
97« Jan 10
Refining
preferred
...No par
Powder
36
100
105
5% conv preferred..
June 29
7%
39%
3
1
38
Mar
3
101
119
1,500
Atlas Tack
No par
4% Apr
1
7*s Jan 12
4%
3%
3%
2,100
2i2June
2
2%
21%
2%
2%
6i2 Jan 12
31* Jan 19
3%
2%
JAuourn Automobile.-No par
Austin Nichols........No par
*15%
1934
40
4%
4%
4%
18,600
2%
~
4-%
4%
4%
4%
87g
8%
8%
8%
9
6%
6%
6%
6
6%
85"
35
"
7%
8%
34
*31
8
*31
8%
34
94%
94%
18%
19%
19
94%
20%
8%
8%
9
9%
*90
9
30
*16%
z4%
8%
7
8%
*32
94%
19%
9
*29
28
28
16%
15
1534
15%
16%
1534
12
12
12
12
12%
12 •%
28
28
*110% 112
16%
*93% 100%
..
109
7%
*16%
17
*93% 100%
29
*25
*10534 109
7
76%
7
7534
7%
75%
*110% 112
7534
13
13%
13%
*109
112
17
16%
*93-% 100%
*26%
*108
6%
*76
13%
9%
8%
9%
35,800
No par
Del (The). .3
Baldwin Loco Works vtc —13
7%
7%
8%
734
55,400
Baltimore A Ohio
9%
34
94%
20%
934
30
94%
*8884
19%
20%
9
9
14,100
2,500
31
30
30
16%
13%
16%
17%
46,600
13%
1334
4.400
180
110% 110%
10
17%
*93% 100%
1,300
*93% 100%
*27
109
14%
300
17
17
29
7
15,800
9%
34
34
*110% 112
109
78%
800
6%
*76
1334
Corp
17%
....
109
7
78%
14%
*106
$5 prior A
Aviation Corp of
Conv
Barber
...No par
Barker Brothers
preferred
5*S%
Bayuk
....
Cigars
Inc
1st preferred.
Beatrice
Creamery
preferred w w....No par
Creek
RR
10c
Beech Nut Packing
7%
79%
1,300
14%
*7
13%
31,600
Co
50
20
Beldlng Hemlnway
114
*76
50
5
No par
100
25
Co
OU
Barnsdall
Beech
_
100
50
6% preferred—..100
Asphalt Corp
10
preferred
4%
Bangor A Aroostook
S5
.
100
300
No par
Belgian Nat Rye part pref....
5
.No par
No par
Bethlehem Steel (Del).No par
Bendlx
Aviation..
18
18
18
18
17%
17%
17%
13
1734
18
17%
18
2,200
Beneficial Indus Loan.
38
38
38
39
38%
38%
39%
41%
42%
43%
41%
43%
5,100
Beat A Co
53%
58%
56
58
553i
57%
56
60%
14%
92%
113^
14%
15
15
15
15
15
15
15
15%
4,100
93
93
94%
95
96%
96%
98%
98%
1,400
22%
23
23%
94%
23%
14-%
93%
23%
25%
25
27
25
25%
2,600
15%
13%
15 s
16
16
15
15%
14%
16
16
16
16
2,1
14%
15
1384
17%
1434
13%
14%
*14%
23
50
93%
23%
1434
14
14
58%
61%
*15
17%
*14%
17%
*14
17%
*35%
62
*40
62
*40
62
61% 141,200
58%
1434
14%
45
45
62
26
27
26%
27 h
26%
27%
2634
27%
26
27%
25%
2634
23
23%
22%
23%
*22%
23%
23%
24
2434
25%
24%
25
sales on tins day
t In reoe'vershlp
9,900
17%
*15
*37
Bid and asked prices; no
0
a
Del
20
40,800
2,300
delivery,
preferred....
20
p.eferred......
100
Blgelow S»ni Carp Inc No par
Black A Decker Mfg Co No par
5%
7%
Blaw
Knox Co....
No par
Bloom'agdale Brotbers.No par
B'urn en thai A Co pref
100
Boeing Airplane
Bohn Aluminum
a
New stock,
2
Mar 25
12% Mar 30
212 Mar 29
5
Mar 30
4
Mar 31
5% Mar 29
29
Mar 31
86
Jan 21
12ig Mar 30
5
Mar 23
10% Mar 30
9
109
Mar 30
9
Apr
Oct
5
Oct
8%
10
Oct
30
Oct
Mar 22
89
Deo
20%June 30
10% Jan 12
30
Jan 19
17% July
1
13*4 July
*
115
Jan 31
10%
7*4
15% Mar 31
267« Mar 31
3934May 27
l234June 14
75
Mar 31
17%June
3
30% Mar 12
June 30
8*8 Jan 17
83
Jan 11
147* Jan 15
10
Oct
9%
108
Oct
82%
Deo
8%
Oct
Oct
15
Oct
Dec
98% July
28
1
Jan 12
177* Jan II
60
y
Dec
90*4
7%
29
Mar
37
x Ex-dlv.
Oct
Oct
Nov
2
19
15% Mar 5
17*4 Jan 20
1538 Mar 31
29%
Oct
43%June 30
05% Jan 11
16% Jan 12
9*4 Mar 30
10% Mar 31
13i2 Apr 4
May 10
Oot
Deo
Nov
92
109
Oct
20
96% Jan 17
20%May 27
Cash sale,
Dec
10*4 Feb 23
1078 Jan 11
13*4 Jan II
34
Feb 23
90i2 Apr 29
25
Apr
9
94% Apr
2
-.6
r
Sept
2%
13%
A Brass....5
Co
2
17*4 Jan 13
75%June 27
8% Mar 29
Dec
Oct
Dec
15
113s Mar 30
5«4 Mar 31
Deo
Oct
Nov
2012 Jan 25
45g Jan 10
95
215,} Mar 29
Oct
101*8 Sept
60% July
Mar 29
Jan
44
6-%
»~
Dec
Mar 31
4% Mar 25
6% Mar 26
....
2%
Oct
6
3%
*16%
Oct
Nov
6%
19%
*41
Oot
47g
2%
*117%
18%
14%
17%
Feb
30
1
3%
118% 118% *118%
Oct
Oct
96
July
9%June 30
518 Jan 13
6%
9
*14%
4%
—100
4% conv pref series
Corp
Atlas
50%
93
41
June
preferred
800
49
116*4 May
94i2 Jan 31
42
14
600
45
49
Dec
Dec
84
—100
Atlas
*43
Oct
Dec
57
80
RR...100
Lines..No par
preferred..
2%
Jan 12
Jan 22
Atl G A W I SS
Atlantic Coast Line
6%
121l2 Mar 2
100i2 Jan 18
678 Jan 10
2214 Mar 31
40
17,700
8%
100
Santa Fe-.lOO
Atch Topeka A
44
7%
44
7
22
....
19
12%
8%
Jan 11
3%
9
12%
107
*52
Atlantic
Oot
6
18
12%
8
100
5%
Oct
80
7% 2d preferred....
100
Co.-No par
1st preferred
Oct
10
96
3
90
7%
*106
8%
16,700
2i2 Mar 30
Mar 29
5%
Jan 11
Jan 15
June 30
6
90
78
107
1,500
Mar 19
4
5%
60
39
3
3
*106
24%
Oct
Oct
24% Nov
6
94%
100%
25%
*27%
3%
6%
*105% 109
25%
24
1,000
1134
25%
*6%
*1034
634
Oct
Jan 10
6
19%
16%
11%
119
6%
16
11
634
3%
5%
8%
*110% 113
4,600
11,900
7
812 Jan 10
3%
19%
15%
7
1134
118
*2%
*11%
22%
36,600
51
21%
Oct
72
24% Mar 26
5i2 Mar 25
Dry Goods......1
6%
Oct
5%
3
*24
51
2234
48%
7
12
36%
33%
51
44
9
15%
100
60
Oct
8
Deo
—^00
Preferred
Associated
$5 pref without warrant*
21%
48%
7%
27%
35
Cork
Assoc Investments
*80
50
43
4%
12
734
83
....
*61
21%
48
4%
14%
24%
*105
32%
61
43%
4284
19
9
6%
11%
33%
48
234
8%
45%
18%
*80
«
4234
*15%
*31
30%
-
4.8
4%
8%
7%
*79%
41%
41"
34
24%
107
107
8%
118% 118%
3
22,200
*61
19%
7%
'
...
*50
46
*1063.1 107%
834
34
19%
6
7934
"8%
58
45%
1034
834
*28%
34
83
""8%
*
65
60
83
8%
*
preferred
Armstrong
1,600
58
60
*28%
4%
*81
60
*45
*79
7934
*4%
Mar 30
28% Mar 28
7%
4%
4%
82
.....No par
100
Co—No par
Arnold Constable Corp
5
Artloom Corp
No par
1,400
2,600
4
'
4%
3%June 28
Jan 13
3% Mar 26
$6 conv pref
10,200
9
1
128% May
3%
25%
30 U
1
Apr
Dec
19
6
5
Armour A Co of Illinois
94
9
Apr
117i2June 21
100
preferred
7%
41
9%
4%
7984
*
20
Armour ACo(Del)pf 7% gtdlOO
500
19,400
46%
46%
*52
94
9
"_734
8
534
5%
9
3%
3%
Danleta Midl'd.No par
Archer
1,000
95
95
834
8%
*
*52
27%
*117% 120
*26%
39%
8%
4
734
28%
Copper Mining
68*4
18
Mar 31
A P W Paper Co
Dec
108
Mar 31
2
Andes
600
40%
36%
10
800
4
39%
3634
20
No par
1634
*3
Oct
57
June 29
Jan 20
638June 30
43
Mar 29
Oct
140
82
86
1084Mar 31
$6.50 conv preferred. No par
20
108
14li2June 29
778 Jan 12
13i2 Jan 12
May 26
97
16
27
29
Anaconda W A Cable.-No par
AnchorHockGlass Corp No par
108
39%
35%
800
2,200
16
3%
June 24
40
108
3%
94
*52
94
*52
37%
8%
7934
"7%
*14
*117% 120
*117% 120
*117% 120
95
95
*95
95%
95%
*93%
5%
5%
5%
5%
5%
5%
44
47
*45
46%
4434 4534
94
3%
1
Oct
36*4 Jan 11
16
16%
*15%
3%
Dec
14
21
25
Dec
24
80
314 Mar 31
Mining..50
Oct
7%
10478
Jan 11
4% Mar 30
Mar 26
25
86 prior conv pref
22%
1934May 24
149*4 Jan 10
77 June 30
235g Mar 31
Anaoonda Copper
Dec
9
100
108
107
16%
*117% 120
95-%
*106
107
*105
*104% 107
16%
Jan 18
Amer Zinc I^ead A Smelt....1
190,100
45
15%
7%
*6%
33
Nov
31
Apr 16
Preferred
200
44
*31%
40%
59
*75
38
1534
60
*93
*30
68
1st
125
1171s Mar 14
Mar 30
pref erred .....No par
American Woolen
No par
35,700
41
59
16
38
37
6
86
10,100
7%
7%
7%
.100
10
Elec.No par
Am Water Wks A
11,200
3734
37
40
15%
*40
*24
7%
7%
41
4
*90
43
7
5%
534
6%
Am Type Founders Inc
200
78
*70
75
preferred
6%
100
9,200
66,800
Oct
June 23
1234June
5834 Mar 31
130
Apr
1
37g Mar 28
Common class B........25
10,500
46
1184
Mar 30
15%
4
8
58
NOV
122
34*4 Jan 10
June 10
25
Tobacco
American
3,300
76
41
Jan 17
141
Mar 30
12,100
7% Oot
24% Dec
Dec
5434June 30
Jan 17
111
40
8
33
5%
3734
12
Oct
Deo
131
7
1558 Mar 31
6% Mar 31
par
Oct
63%
15%
14U Jan 12
3512 Jan 11
56*4 Jan 12
Mar 29
Co.—100
31
8%
23%
38 %
40
*33
6%
130
Oct
1
207* Jan 12
7% Mar 26
45«4 Apr
9%
140
16%
80*8 July
22s4 Apr 1
28ig Mar 31
103
24*4 Nov
227* Jan 15
Mar 29
Amer Telep A Teieg
32%
36
6
534
•
Mar 30
21l2 Mar 30
75%
77
3478 July
10188 Mar 31
125g Mar 30
*70
75
Oct
Refining..100
10%
75
26
Preferred..............100
79
77%
78%
78%
7734
141% 141% *140% 14184 *140% 142
7
6%
6%
634
6%
6%
12
11
10%
9%
10%
10-%
6%
Oct
1
I584June 30
165% Jan 12
Am Sumatra Tobacco.-No par
3034
36%
*10
753g
Oct
31
800
31%
35%
8%
31
76
Dec
40% Jan 12
600
141
Oct
Mar 31
153g Mar 31
stores......No par
American Sugar
Oct
3
Nov
1934
142%
29%
*117% 120
....
2,000
Oct
10%
3
103
30%
27
*
26%
Oct
53
1
26
102
25%
Oct
7% Jan 12
58
Amer Steel Foundries ..No par
No
Oct
Dec
161s July
Mar 30
*19%
29%
*24
*52
75
42
American
American Stove Co
30«4
3
5%
44%
10%
78
900
300
29%
3
*94
6%
9%
6%
...100
preferred..
6%
20
6*4
14%
100
9
25
1234
1234
77
78%
100
Snuff..;
American
36,200
30%
*104% 107
*14%
6%
6%
900
14
Oct
Oct
2312 Feb 25
74% Jan 17
l4834July
1
13i8 Mar 30
Co.No par
Preferred
500
54
75
77%
*140% 141% *140% 141% *140% 141%
6
27%
75
125
54
5434
1234
1234
*26% 27
102% 103
19%
19%
141% 14434
139% 144%
139% 140%
75
75%
142%
76%
8%
1234
8%
125
125
Oct
16ig Mar 31
Co.-No par
144%
139% 139% *140
27
25%
25%
27%
8%
8%
8%
8%
102% 102% *102% 104
19
19
19%
*18%
19%
76
*12
1234
2534
103
*1834
19%
*12
28
103
27%
105
81"
8%
8%
1234
53
2%
20%
32%
1%
2912 Jan 18
19
Refg.No par
Amer Smelting A
58,000
June 30
314 Mar 29
..100
454% conv pref
Jan
Dec
Oct
Mar 29
23
American Safety Raior.. 18.50
30%
46%
8%
1234
25
2134
11%
8%
100
Mill
Rolling
38%
514 Jan 12
38®4 Jan 12
107 June 21
20
No par
Am Rad A Stand San'jr.No par
Preferred
Jan
Jan
Oct
99i2 Mar 30
...No par
79%
32
43g Jan 13
Jan 13
238Mar 31
100
20-%
11%
Jan 18
12
13*4
6878
14%
7*4
1
July
20
19i2June 20
7% Jan 11
7834
31
Mar 26
Oct
Dec
6*4
1334 Mar 28
4% Mar 30
12% Mar 29
20%
12
17%
2% June 23
19%
16%
17%
Mar
li2 Mar 30
78
31%
Jan
225
41
77%
11%
17
Oct
2%
3034 Mar 26
preferred
30%
Oct
175
100
preferred.
12
5
Jan 22
5*8 July
1
25% I eb 25
12% July
1
5% Mar 30
Amer Power A Light...No par
American
Oot
177
13% Mar 29
Ltd...No par
33% Jan
99% Mar
13% Jan
Nov
0% Jan 17
Jan 22
American News Co new No par
30% Mar
2
1
preferred
Jau
23% Mar
80
484 Jan 12
Mar 31
39%
34%
30%
16«4 Jan 12
Jan 18
26
600
20
1
June 30
83
June 17
conv
7
8% July
June 20
10
6%
400
Aug
29
14
44
Amer Metal Co
13,700
Apr
112
Mar 29
Mar 29
Amer Mach A Metals..No par
4,500
150
Oct
20% Dec
5% Oct
8% Oct
12% Oct
90
100
Jan
104% Feb
33*4 Aug
May 16
10i2 Feb
Mar 29
Preferred
Feb
Oct
110
10
Feb
Oct
100% Jan 24
Amer Mach A Fdy Co..No par
6%
11%
Oct
80*4
11%
86
4
American Locomotive..No par
36%
30
36
173s Jan 17
Mar 29
20
"
Mar 31
May 26
17,600
14834 149
Feb
9
19%
76
16%
150
71
2
76
20
73%
36%
*142
150
19
6%
35%
3034
1234
6%
36%
3134
37
34%
Oct
2U Mar 30
Amer Internet Corp...No par
104% 104%
2634
*25%
15%
12
8,500
4%
Jan
27% Jan 12
50
Jan 16
1
6% non-cum pref
700
174
No par
Ice
American
300
Oct
177
10
preferred..
American Home Products
1,700
2
*17%
6%
15178
Feb
50
American Hide A Leather
600
19
72%
17%
8,400
8
167
212 Mar 25
.No par
preferred..
Amer Hawaiian SS Co
300
4%
23
20
684
25%
13%
113s
4
*22
19
*18
18%
105%
25
30%
56
734
7
25
150
2,100
1*4
18*4
7%
*134
*17%
*10034 105% *103% 105% *104
24%
$7 2d preferred A
121
8I4 Mar 30
No par
No par
preferred
8,300
20%
1834
7
40%
$7
11,300
12%
11%
4%
23%
*22
33,800
Dec
69
Amer A For'n Power...No par
20
934
18
1134
4
4
3%
5%
24
69
9
Amer European Sees...No par
100
share
160
88i2 Mar 31
7
19i2 Feb
4i2 Mar 29
100
Amer Express Co
22
12
*1034
3%
4
22
18
9%
17
11
3%
3%
1st preferred
per
Oct
Dec
42lz Jan
89i2 Feb 18
American Encaustic Tiling..1
6
2034
4
20
39
*12
6%
340
share $
28
109
9*2 Mar 29
No par
15,500
*170
21%
10%
334
334
19%
22%
40%
*17
4%
4%
5%
22%
13%
1,600
4%
Chicle
per
3
12512 Feb 2
100
June 29
27
100
_
J(AllegCo>25
American Color type Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
7,900
*170
22
29
8%
13%
12
21
*142
8%
No par
$
share
$ per
share
Apr 21
7034 Jan 3
I6OI4 Mar 30
12% Mar 30
Am Coal Co oi N
■
1234
74
21
*24%
578
34%
-
8
11%
Year 1937
Lowest
Highest
23% Mar 31
114
preferred ..........100
American
1,100
14
73%
21
333J
23
12%
2O84
37g
23
75
3%
20%
6*4
110
II84
■
7
*170
9%
17%
134
*17%
110
5%
110
*15
Preferred
'
20%
978
*100
73%
.
4%
*5
7
8
12%
12%
4
4%
*5
*168%
20%
*16%
*10%
*15
734
10%
1034
4
7
23
7%
1034
*71%
4%
*5
*15
23
■
*168%
$ per
Am Chain A Cable Inc. No par
*168%
3%
_
100
43%
7%
10-%
72
6
Preferred
500
24%
1134
70
4
25
42
14%
*15
10%
11%
3%
Can
22%
11
70
*4%
166
100
43
7%
7%
11
*164
American
10,400
pref
American Car A Fdy
17
14%
16%
15%
*901" 120
110
*100
*90% 120
110
109
107% 107% *107% 110
23
*15
166
oonv
24
14%
*90% 120
105% 106
23
7
166
99%
9834
99%
5H%
10
23
43
13%
110
96%
Par
Am Brake Shoe A Fdy-No par
6.100
*122%
*122%
100
39
3834
40%
Shares
4234
24%
40
no
38
*165% 166
*165% 166
22%
*90% 120
95
96%
39%
8 per share
Range for Previous
100-Share Lots
Lowest
Week
1
July
On Basis of
STOCK
YORK
EXCHANGE
the
Friday
Thursday
Range Since Jan. 1
STOCKS
Sales
CENT
for
Wednesday
Tuesday
Monday
Saturday
69
New York Stock Record—Continued—Page 2
147
41
Oct
14
Oct
85% Nov
22%
Deo
13% Nov
9
Oct
15%
Dec
Feb 16
50
Deo
35% Jan 17
30
Jan 17
16
Oct
21
Oct
Ex-rlghta.
T Called for redemption.
New York Stock Record—Continued—Page 3
70
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Sales
Monday
Tuesday
Wednesday
June 25
June 27
June 28
$ per share
$ per share
$ per share
j
.
June 29
I
$ per share
Thursday
June 30
S per share
July
90
90%
92
93
93
93
94
94
94
94
*90
4434
44%
44i2
43
44
45
45%
45
45
45
10%
10%
*1034
*11%
12%
10%
16%
2734
3%
19%
11%
16%
1678
16%
25
27
26
3
3
314
18'%
18%
19%
8%
217«
8i2
2314
8%
227«
30
30
33%
33 >4
34
34
17
2734
314
1934
9
24
33%
34
*11%
16%
33%
34%
1%
7%
♦1%
1%
1«4
738
73s
9»8
9%
9%
7%
9%
27%
1534
*32%
1934
8%
8%
23%
23
3334
34
32%
1%
7
7%
*678
7%
*634
9%
♦27J2
*1434
9%
38%
9%
26%
9%
2734
16
1578
9%
27%
14%
*2812
83
*30%
87S
9%
3%
19%
8%
22%
134
9
10%
27%
*19%
134
8I2
9%
17
*30%
3
17g
*79
16%
30%
3%
1978
9%
2434
32%
36%
26%
*13j
16
12%
16%
2784
3%
15
*30%
80
80
5%
3934
*8%
9%
9
9
4%
2334
24%
231.1
2412
23%
24%
24
25
17
17
17
18
18
18
17%
1734
2%
*7%
8%
17
2%
8%
15%
16
1534
1012
33
32%
33%
17%
1978
17%
2034
10%
*32
17%
1734
20
2034
*48
50l4
*46
17«
178
7'2
12%
734
13
7%
12%
1734
18%
17%
134
*37i2
48
638
32
3234
634
7
*37
6%
33
6
50%
178
8%
13%
18%
45
6%
6%
10
2834
1634
35
*33
934
8%
18%
1%
178
17%
177S
*38
6%
*6%
178
178
8
734
44
8%
13%
17%
*37%
14%
1334
1838
44
17%
*37%
6%
6%
34
7
34
67g
36
36
7
7.
7
7
8%
4,900
8%
22
40
780
*17%
18%
2,700
21%
*49%
22
3,500
51
2
8%
14%
18%
47
14%
17%
*37%
7%
36%
51
1%
678
7
*33
39
35
35
*33%
40
*35
*65%
72
*66
75
*67
75
67
16
16
18
*16%
334
89
91
89% 91%
92i2
109% 109%
109i2 *107% 110
51
50
5134
5034
51%
52%
*10334 105
*103i2 10412 *10334 105
15%
16%
1512
16%
15%
157S
*
*65
80
*65
80
8478
*105
"1914
197«
*59
61
19
19%
*58
*59
61
21%
21%
21%
2J34
21%
3i2
3%
3%
378
3%
*103%
103l2 103% *103%
*9i2
Ilia
6
5%
5%
*90
*9
*90
104
4234
634
7%
7%
7%
2614
26%
2734
95
95
95
2234
10
3712
2278
3712
28%
287s
86is
*938
*75
2534
*9%
37%
10
38%
28
2778
28%
28%
29%
*75
84%
*75
*75
84%
84%
7«
*%
%
'Hlo
2%
2%
34
3%
*2%
%
%
1%
1%
*234
1314
2914
*3934
*78
33g
1334
2914
4014
1
212
1%
10
1434
6U
25
24%
*10%
3934
10
10
38%
2934
39
2%
34
34
34
%
%
1%
1%
%
1
1
3
3
278
13%
33%
*3934
3
3
1%
1%
3%
1534
1
31
41
1
1
2%
2%
*2
134
1%
*9%
*13%
1434
6%
1378
%
6%
%
147g
33%
4334
1
%
*2
14%
34
34
*3934
%
14
2
1%
1%
10
2%
134
9
2%
9
1%
*9%
1434
14%
6%
6%
14%
6%
6%
*32%
4334
70
70
69
69
70
70
*69
71
*69
71
62
*52
62
*52
62
*49
62
*49
62
4
4
18
18
18
*11012 112
*2014 22
*62
6714
4038
4134
16i2
1738
*11334
118
137
137
*58
59
*1000
57%
12
12
12
4%
19
110% 111%
22% 22%
*65
67%
41% 42
17
1634
*114
118
137% 139
*58
59
*1000
978
*87l2
To%
94
23
24%
*88
9012
24%
*14
14i2
6
16
6
7i2
7%
10
*87%
4%
4%
4%
18%
18%
18%
94
110
110% 110%
22%
22%
*60% 67%
40% 41%
17
16%
2178
*64
40%
1634
10%
*87%
10%
94
23f 2
90%
24%
15%
88
88
23%
25%
15%
15%
6
6
15%
5%
*14
7%
5%
7%
*7
7%
12%
7
11
*7
17
16%
17
1634
12%
1634
1678
1678
16%
78%
17
*16%
17
79
79
7834
13
13%
*31
33%
7
7%
12%
*31
7%
79%
13%
33%
7%
1234
127g
33
33
7
6134
12
4%
116
94
1%
3,900
1
1%
3
4
8,000
1,600
400
34
10
100
15
1434
6%
1,500
13,900
734
38
59%
1134
7034
80
Ti"
10%
*88
70
"
M00
2,400
150
7%
97g
7%
9%
7%
620
83
83
85
7%
13
13%
1334
14
*33
3378
33
33
678
7%
7%
734
320
460
40
67%
68
70
67%
68
1,000
54
54
58
60
60
160
3634
3834
93%
39
*90
44%
44
5834
3978
93%
4534
*9978 101%
8i4
834
Hz
1%
40%
*40
2534
26%
*95
101%
8%
834
1%
1%
40%
26%
41%
26%
36%
42%
*98
37%
93%
43%
101%
*90
42%
*9978 101
8%
8%
1%
4034
1%
41%
40%
26%
26%
26
8
1%
834
1%
425g
2634
,
38
101% 101%
38%
Bid and asked prices; no sales
on
this day,
4
100
conv
Apr 26
% Mar 18
1% Mar 23
% Jan 26
2% Mar 26
1
July
1
878 Mar 31
% Mar 28
84 Mar 26
% Mar 29
2
100
preferred
par
"
96
June
Oct
Oct
Co
1
Mar 25
Mar 29
No par
1584 June 30
Dec
Oct
28*4 Dec
1% Jan 20
84
2?s Jan 11
1%
Oct
2% Jan 12
1284 Jan 12
I684 Feb 18
1
Oct
6%
Oct
12
1
3
Feb 23
36
734 July
37
Dec
Oct
Oct
Oct
Dec
1
57
Dec
Feb 28
68
Dec
478 June 29
2
Oct
17%
Dec
July
24
Jan 12
112
Mar 12
26% Jan 10
78
Jan 27
45%May 11
177gJune 30
IO284 June
19%
82
Dec
Oct
24 % Nov
May 5
7% Mar 30
976
May 5
117g Jan 12
8%
78
Dec
Dec
Oct
Jan
Oct
4
95
Dec
27%June 30
18
Deo
8 7% June 29
20 June 24
98
Jan 22
98% Nov
29-
Feb
26
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr
1
13% Mar 29
20
Jan
11%
Oct
8% Jan
II84 Jan
6%
Deo
13
21% Jan
May 31
13% Mar 31
100
100
100
t c No par
Mar 29
5384 Apr
6
No par
50
May 3
May 16
1%
1%
1%
Common Wltk A Sou—.No par
*6 preferred aeries...No par
1
25
Commonwealth Edison Co..25
22% Mar 30
Jan 31
57s Mar 30
June
15% Jan
8
7%
I684
16%
65
10
Dec
Dec
Dec
Dec
Nov
Oct
Mar
2584
9% Jan
x4%
z68%
Oct
Oct
64%
308s
Dec
Dec
79
Jan
65
Jan
397gJune
95%May
Dec
80
Dec
4534Juue
34
Dec
86
Dec
10
Jan
5
Mar 29
2
Jan
1
Oct
Mar 31
45
May
28
May
"wJune
34
Oct
"««June
*
June
Jan
l01%June
31% Mar 31
1%
10
22% Jan
34
1
5% Mar 30
57
95% Jan
85
1
Mar 30
27% Apr
28,300
Cash sale.
Dec
May 12
8%
r
Dec
2%
684
May 17
8
New stock."
Oct
7a
June 23
9
n
%
1%
Jan
60
8
Dot, delivery,
6
17g Jan 10
I84 Jan 10
4% Jan 12
139
90
14,700
Dec
118
34.25 conv pf ser '35.No par
Commercial Solvents
No par
27%
Oct
2% Dec
10
3
Jan
*9978 102%
26%
1
June 30
Mar 28
Mar 28
26 34
2% Jan 22
15
84
13%
110%
9384
56%
100
26
Oct
71
Mar 30
43%
Oct
1
60
84
42
2
5
Jan
23
43
Oct
3
Mar 24
10
42
Dec
1% Jan 10
58g Jan 10
Mar 22
4)4 % conv preferred
100
Comm'l Invest Trust..No par
52,100
7,600
Oct
89
105% Mar 30
OU—.No par
v
6
Oct
Nov
31
Oct
111
No par
No par
v t c
Jan
5
x40
1% Feb 23
3>4 Jan 13
2
Columbia Br'd Syslnc clA 2.50
Class
B
2.50
Columbia Plct
89
64
Colo Fuel A Iron Corp.Nc par
Colorado A Southern
100
Columbian Carbon
48% Mar 2
38% Jan 17
11
Mar 30
976
4% 1st preferred
4% 2d preferred
30% Jan 12
12% Jan 11
3% Oct
18% Oct
103% Dec
25% Nov
13% Jan 12
58
Beacon
4
Dec
46 %
69
100
5% conv preferred
Mar
3484
63% Jan 15
No par
Colonial
834June 30
32% Feb 23
106
Oct
Sept
10
..100
100
5
Preferred
Coca-Cola Co (The)
Class A—
46%
Oct
95
3% Mar 30
May 31
358s Mar 31
25
-.25
5
.No par
Corp
City Ioe A Fuel.
Mar 28
12
10
No paj
Chile Copper Co
2
Jan 11
Apr
June 27
8
6% preferred
100
Chicago Yellow Cab...No par
Chllds
104
June 30
Commercial Credit
a
Oct
Jan 25
105
34
10", 400
f in receivership,
2
41
14,200
93%
4334
4% Jan 12
Mar 30
4434
*90
Oct
24
37%June 9
% Mar 31
1% Mar 28
par
tChlc Rock Isl A Pacific... 100
7% preferred
100
Chlckasha Cotton Oil
Mar 31
67g Mar 31
22
No par
($2.50)cumdlv._No
June 18
70
{Chic Mil St P A Pac..No par
5% preferred
100
JChlcago A North West'n.100
Chicago Pneumat Tool No
June 14
22
Rights
♦
May
6
27% Mar 30
6% preferred series A...100
5% preferred
100
67%
*90
1
J Chic A East HI Ry Co
100
6% preferred.
...100
JChlcago Great Western.. 100
4% preferred
100
JChlc Ind A Loulsv 4% pf.100
Chicago Mall Order Co
6
Preferred
June 15
June
6
No par
Chesapeake A Ohio Ry
25
Columbia Gas A Elec..No par
54
93%
52
8
18
No par
Cab
Chesapeake Corp
96,700
68
3678
Dec
1
3
ll%June 29
94
32.75 conv preferred.No par
*51
43
Common
Checker
200
*65%
41%
1
100
Cham Pap A Fib Co 6% pf 100
4,300
8,500
8%
19%
Mar 26
90
Oct
7
7
100
14
7%
27g
26% Jan
9984 Apr 11
34
53
3534
Dec
94
Central HI Lt 4 >4% pref-100
Central RR of New Jersey. 100
85
1378
65
*90
Dec
90
4
Mar 26
83
*31
53
93%
Dec
Jan 12
Jan
2
1,500
63%
41%
Nov
13
Jan
18
66
35%
40
97
18?* Jan 12
28
4,100
9%
58
34
56% June 30
106 May 11
Mar 30
Mar 31
18
*63
4114
Dec
20
9%
1734
*17%
*53
*90
Nov
12% Mar 26
100
120
17%
Oct
13% Nov
80
92
6% preferred
Collins A Alkman
4,700
17
Deo
90
97
100
lb'500
16%
17
37%
110% June 29
9
par
91
978
Dec
Jan 17
July
6% prior preferred
Oct1
Nov
4%
31
3
par
Colgate-Palmolive-Peet No
26%
10
678
28
Jan 11
65
Preferred
Oct
Dec
29% Mar 31
100% Jan 4
par
100
2~3~506
15%
18
98% Jan
40
44
4% Jan 12
97% Jan 20
Coca-Cola Inter. Corp._No par
*20
8%
Jan 10
Apr 18
10% Mar 31
*90
1634
Jan 11
8%
9%
18
Cluett Peabody A Co..No par
1678
10
1984 Feb 23
86
5,000
26%
9
Oct
13
25
67% Apr 16
32% Mar 29
91
9
1
14
Clev A Pitts RR Co 7% gtd_60
Climax Molybdenum ..No par
16
1738
63% Apr
1238June
2% Mar
62% Mar
6
1
2,100
*20
9
Jan 10
7% Feb 25
12", 400
*90
8
Dec
Dec
36% June 30
Clev El mum 34.60 pf.No par
Clev Graph Bronse Co (The) 1
100
1678
26%
Oct
18%
4978
2
May
10% Mar 26
106
Apr 7
15% Mar 26
94
26%
12%
Jan 11
Feb 18
Mar 28
6H% preferred
City Investing Co—
City Stores
Clark
Equipment
62
4%
434
19%
19%
10934 10934
22%
22%
*60% 67%
42
43%
17%
1778
19*4 Jan 12
24%
49%
2%
10%
4% Mar 3i
34% Mar 28
No par
Co
71
*49
*1000
16%
16%
78%
21
Mar 30
100
Chrysler
100
7%
Mar 31
100
62% 179,300
1134
1,500
88%
26%
634
Mar 31
46
1,400
27
15%
6%
Mar 30
preferred
100
Central Agulrre Assoc..No par
Central Foundry Co
1
33
23%
*20
Oct
1
6%
Pr pf
4,500
94
Celotex
500
5834
27%
24
13
1
10
Caterpillar Tractor
No
6% preferred
Celanese Corp of Amer.No
7% prior preferred
800
13,700
118
25%
June 30
26
Case (J I) Co
Preferred
15%
136%
*88
41
No par
$3 preferred A
44
118
11%
Mar 31
6
Carpenter Steel Co
Carriers A General Corp
33
136
10%
Oct
15% Mar 30
Carolina Clinch A Ohio Ry 100
14%
*58
5778
6
..1
Capital Admin class A
33
*57%
116
June 30
45
60
Cannon Mills
*40
134% 139
*1000
11%
*%
1%
80
1,400
8734
*7i2
16i2
77
59%
1134
478
19
1834
19%
110
*109% 10934
23
23
23%
67%
*64%
67%
42
43
43%
17%
17%
1778
10%
*88
22
*88
47g
*1000
24%
23%
60%
1178
116
11334 11334 *115
135
137%
136% 137%
*5878 59
5878
5878
*1000
To"%
56%
1134
1
1334
1,100
*58
55%
1,600
1,100
2,200
1%
1214
334
1,500
1
*30
Oct
12
3%
1%
*97g
634
Oct
Mar 31
20
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
Callahan Zinc-Lead
Oct
6
Byers Co (A M)
preferred
5%
2%
4
1%
1434
22% June 30
48s Jan 10
534June 30
900
36
5%May 31
16% Mar 30
2% Mar 30
Oct
8% Jan 10
1
10
10
30
6
Butler Bros
17% June 30
8% Feb 25
Mar 29
4,300
3
2%
Dec
3% Mar 31
2%
12
58%
16%
Oct
8%
4
1
53%
38
10
Jan 17
11
Central Vloleta Sugar Co... 19
2%
57 is
*33
684 Mar 30
Oct
I84
Century Ribbon Mills.-No par
1
33
38
JBush Term Bldg gu pf ctfs 100
Debentures
16
Oct
3% Jan 15
500
2%
33
*32
Dec
20
2,000
1334
134
15
1
13%
33
100
34
41
6
50
334
1%
584
Preferred serlee A
3%
31
1434
22,100
1
34
31
32%
55%
*1134
4,500
25,600
3%
41
10
120
400
34
30
1%
~7~306
11
3%
40%
*9
"
78
2%
*%
11% July
1
20% Jan 10
100
6% Mar 29
14% Mar 31
1% Mar 28
4% Mar 26
1
No par
JBush Terminal
4% Mar 30
17% Mar 31
34
13%
Oct
Certain-Teed Products
3%
134
13%
13
10%
No par
Co
40
2%
Oct
Jan 11
Bui lard
16,800
2,030
34
3%
*%
127g
*%
3%
1378
13%
100
40%
*34
1
*3
14,400
19,700
2478
Jan
Oct
44
1,100
8%
*72
1
2%
24%
25% Feb.
117% Ma r
Dec
No par
31
80%
Oct
Dec
37% Apr 29
10
32
*34
Oct
6%
4
Mar 26
26% Mar 29
30
68s Jan 12
Jan 11
58s Jan 20
6
76
32% Mar
Watch
Mar 26
3
Gerro da Pasco Copper.No par
31%
1
June 30
15% Mar 26
13% Mar 31
25
par
95
8%
Jan 10
10
11% July
83
2%
24%
....No
14,400
'2%
*%
<>8
95
Dec
Dec
36
preferred
45
42%
84
*11%
*%
1%
1
31
95
834
3% Mar 31
No par
100
Dec
15%
34
Jan 24
547g
7%
10
3%
134
134
1%
31
*74
Budd (E G) Mr*
99
2%
13%
%
44%
*90
*%
*%
1
92
"24%
100
—
21
21% Jan 11
41
Canadian Pacific Ry
200
3%
1234
13
l's
534
26%
9
37%
*%
14
26%
9
3%
1%
25
7% preferred
Ja
Dec
Oct
8,000
*
5
Feb
Dec
7
Jan
Deo
96
8%
30%
8%
97
Bruns-Balke-Collender.No par
Jan 13
37
6%
4
111
42%
3134
*3638
*58
*9
7%
2834
*
97
97g
38
29%
978
3734
*312
*2
7%
29%
*%
*12
*178
*l2
*12l2
678
zl6% Mar 31
10% Mar 29
27%May 27
5% Mar 26
57gMar31
75
Apr 18
13
13
10
91
96
92
4478
8
30
13
Jan 11
30
....
100
42%
4334
27%
*94
25
*92
Oct
1% Mar 25
3% Mar 26
5% Mar 30
37% June
284 Jan
9*4 Jan
138s Jan
1584 Jan 10
109% 109% *110
378
....
6%
*5%
100
4234
44
2534
2212
12
578
*5
*._..
334
*10334
11%
5%
6
5i2
43
2134
6
6I8
4114
2134
334
12
512
104
59
Jan
1
3
Feb
8%May 27
12% Mar 30
2,200
54
53%
56%
54%
104% 104% *104
105%
16%
1734
16%
17%
*66
*65
847g
687g
22
21
22%
23
228g
61
62
65
65
61%
22
22
22
2234
22%
4
4%
4%
4%
4%
*10334
*10334
*10
12
11%
*10%
12
6%
6%
6%
6%
534
5%
*5%
578
20
*9
6
*90
....
19%
61
18%
Dec
28
6% Mar 30
18
37g
91
28
47
Calumet A Hecla Cons Cop. .6
900
67
16
37g
Dec
Campbell W A C Fdy_.No par
Canada Dry Ginger Ale
6
Canada Sou Ry Co
100
1,200
37
75
3%
90
94%
109% 110%
51%
55%
*10334 105
15%
1678
*65
847g
22
Mar 30
47,200
7
39
3%
June 28
Mar 29
June 29
38,800
7%
36%
*35
7
13~200
28,900
6,400
42
*65
334
Feb
34
Bucyrus-Erle Co
5%
1%
8%
14%
18%
8
*32
3%
Feb
18
697g
53%
No par
11,400
*14%
334
Aug
23%
Oct
14
$6 preferred series A.No par
Brooklyn Union Gaa.—No par
Brown Shoe Co
117g
16
*3%
34
Oct
18
6% conv preferred
69
3%
Dec
7
26%June 30
Butte Copper A Zinc
39
*312
8734
1678
5% Mar 31
12% Mar 30
Mar 23
Transit.-A'0 par
700
69
1734
50% Aug
1584 Mar
Roller Bearing Co.. 17
Bridgeport Brass Co—No par
Brlggs Manufacturing-No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
Brooklyn A Queens Tr.No par
56 preferred
No par
4,700
*31
17
Jan
Oct
Bower
378
*14
16%
28
Dec
3
2
100
160
22
8
Deo
2284
484 Jan 10
22% Jan 13
107g Jan 11
15 May 31
16% Mar 31
16
5
Corp...
Boston A Maine RR
17
18%
13%
16
30% June 29
Borden Co (The)
Borg-Warner
*13
21%
134
Aug
600
11%
3734
734
25
9
1134
37%
1278
Dec
9
1034
*49
11
Burroughs Add Maeh-.Nc par
1078
35
1S34
1378 Jan 13
19% Jan 12
Burlington Mills Corp
10%
50%
2
2,200
3%
11%
3734
21%
June
15,600
22
1778
20%
*48%
9
12,700
3%
12
41
19
1734
Apr
1
2%
22%
50%
46%
18%
3%
20%
93
Oct
11%
8
share
Oct
39
2%
22%
per
7684
4584 July
10%
1778
3%
share %
94
6
18%
8%
22%
per
6
Bulova
3%
3
Jan
8,700
3,400
22%
Lowest
share
Apr
27%
3%
per
82
Budd Wheel
22%
1734
1,490
%
40
8,900
7%
20%
17,900
share
No par
A
Bond Stores Inc
Bklyn-Manh
per
No par
mass
B
41
3%
34
280
5%
4134
*21%
*48
2,100
24,900
5%
40%
4%
25%
17%
8%
33%
200
9
9
16
7%
2,100
36
1578
7%
*14
34
33
4%
25%
18%
1734
*14
77g
22%
3%
11%
9,200
934
8%
7%
1734
2%
*7%
8%
3%
10%
28
6,400
2,400
17%
8
*21%
9%
2%
*7
734
1,200
17%
9
17
312
7%
*2%
9%
17%
2%
22
7%
9%
*27%
1634
18%
10%
2%
7%
7%
10
5%
43
4%
26%
1934
10%
18%
27g
5%
4178
4%
*3U
800
5%
41%
5%
*21l2
134
36
11%
39%
16
1%
36
83
5%
914
400
10%
40
4%
17%
35
83
5%
39%
4%
2%
40,400
9%
1034
4%
914
1,600
25,300
83
4%
1734
19
26
9%
9
38
1714
*214
19
24%
*32%
2,000
26%
33%
37%
ia4
10
514
39i2
414
*9
9,600
33,600
83
4%
5%
16%
297S
334
10%
79%
5
Class
84
9%
*80
83
37
16%
28%
3%
3%
1934
Bon Ami
590
87g
33
27%
17
30%
230
24%
33%
36%
28%
1534
33
27%
15
33
834
934
33
878
10
79%
95
600
Range for Previous
Year 1937
Lots
Highest
Lowest
3
Par
Shares
4534
14
*1178
On Basis of 100- Share
YORK STOCK
1938
EXCHANGE
Week
1
% per share
*43%
12
the
Friday
Range Since Jan. 1
8TOCK8
NEW
for
Saturday
July 2,
Ex-dlv.
8
y
Ex-rlghts.
Oct
^ Called for redemption.
Volume
LOW
AND
Saturday
New York Stock
147
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Tuesday
Wednesday
Thursday
June 27
June 28
June 29
$ per share
$ per share
$ per share
§ per share
57g
6
*6
7
*6
19%
*6%
*11U
15%
7I2
20^
*62
67
*61
67
61
61
*75
80
*75
80
*75%
*114
*6%
80
6%
22%
59
*76
20
8
*634
12
IH4
16%
10i8
-J.H
*1%
13g
75s
13s
205fi
20U
8I4
12
*6%
12%
167g
16
734
2034
8%
*61"
13%
8%
13
1634
16
7h
1%
2034
7%
1%
13%
16%
7%
6%
22
22
13
16
16%
59%
*60%
80
*76
6%
6%
6&g
684
26i2
27U
26
267g
26
1%
7%
271-1
26%
977g
*37g
98
26%
98i2
99
99
99%
z98%
99%
99
60%
60%
76%
50
1%
1758
2
*85
87
44i2
1334
165g
1?8
14%
1334
14%
17i2
17
17%
2%
87
87
2
2
1,600
1%
1%
7%
7%
26%
3,900
987S
4%
87%
4614
4534 4712
*J 11%
112% *llli2 112i2
8
8i2
8U
8%
32i2 32i2
32i2 34
1
1
Us
1%
30
307s
305S 31%
15
15U
1534
1534
47
47
68
15
4U
28%
29i2
98
99
24%
2418
85s
68%
169%
4%
478
30
33
lOOU 10034
24%
24%
8%
*8%
32
34
30i2
3012
29U
30
30
10i2
*67
10%
1078
31%
303.1
*29%
10%
76
*72
80
*70
2934
31%
31
32
80
80
80
*%
*8U
834
4%
4U
*5812
1534
6H4
5l2
*38l2
47g
5i2
*734
4%
5812
*15%
5%
1934
20%
1534
39
5
478
1934
75%
31%
82%
*75
6U
*158
78%
%
8%
4%
87g
4%
7%
4%
41
5%
20%
6
658
134
*90%
20
*29%
23%
6%
1%
91%
1%
91
6%
6%
43
478
59%
24
2234
11,700
1,130
9,300
31
30
6,900
62
62%
*60%
65
320
16
16%
*16
16%
900
6
15
6%
22
8%
6%
6%
20%
03
63
*29%
2578
6%
15
23
8%
22
*12%
12%
12%
22%
13
13%
2
2
93
93
2
69
June 27
,
3
*1
3
*3
•1^*
*1
3
*3
7i2
32I2
31
3234
31%
t.
3
Oct
3434June 30
103
June 30
25
Jan 11
10i2 Jan U
3384
72i2 Jan 12
3
*4
Dec
60i2
Jan 12
30t2
Dec
47U
Jan
12U Jan 12
8l2
Oct
25%
Apr
57%
Dec1
6% Jan 10
27%
36%
7%
13%
27%
27%
28%
2,700
36%
37
26%
36%
27%
37
36%
778
2,400
12,400
26%
27
27
27%
37
37
37
3634
7
3634
7%
13%
7
13i«
13%
66
60
*65
68
15
15
*15
15U
3012
1612
2734
*30
31
*2012
157g
27l2
5
5
4614
471"
*115
11778
*19
20i2
*934
lOU
2*4
214
*9
10U
*10112 108
11134 11034
*135
1361s
*11514 115%
*11434 116%
6
6I4
166
167
161
161
16
165s
334
4
13U
16%
27i2
47g
47
I3i2
13%
*66%
68
15
15
31
1734
*29%
16%
287g
29
5
20U
101.1
2012
101-1
2*8
101.1
*10112 113
31"
162
5
50
48
128
*21
22
*97g
1034
2%
2%
new No par
June
8
Mar 31
1314 Mar 31
412 Mar 29
13% Mar 29
0i4June
102i2 Jan
4
87
Jan
10
18% Jan
116
116
-
11
2%
10%
19
114%
135%
*115%
116%
16
3%
*3%
27g
197g
3%
20
9
87g
3
278
1
2578 June 30
2%
10%
10%
*102
*102
108
118
165
17%
135
135
116
116
116
6%
116
6%
17%
19
4
Oct
18i2
Jan
1212
Oct
24
Feb
96%
7
Jan 10
Jan
Nov
Mar 30
Mar 31
Mar 26
Mar 31
Jan 20
15i2 Jan 11
1778 Jan 12
Oct
Oct
Deo
47g Jan 24
7% July 1
39% Feb 28
6
Oct
22
May
12%
29%
Oct
Dec
30
May
Feb
28%
287a
29%
29
27%
28
23
23
23
397g
105
105
6%
23%
397g
397S
*105% 108
6%
6%
56
6%
*537g
5834
*55%
58
*56%
58%
*617g
6334
*60
63%
2%
2%
6334
57%
*54
1%
2
2
2
2
278
2%
4%
2%
4%
234
4i2
4%
2%
4%
3
3
3
3
3
47g
3%
4i2
*4ig
4l2
914
9
9%
1334
8%
1%
Feb
'
Dec
20i2
Oot
B
-—100
3%
6%
3%
4%
87g
9%
9%
10%
14%
*1%
145g
1%
14%
1%
15
1%
7%
8
8%
7%
8
29%
33
Eaton Manufacturing Co
Eltingon
—
Boat
preferred
No
$0 preferred
—No
Elec Storage Battery.-No
Elk Horn Coal Corp new No
Corp
Endlcott-Jobnson
-6
3
22i2 Mar 31
par
18
par
2184 Mar 31
i2 Mar 20
par
17
Feb
3
33
Apr
6
J Erie Railroad
3%
4%
134 June 21
284 Mar 30
Eureka Vacuum Cleaner
5
Evans Products Co
5,000
909
11
li2 Mar 29
...100
100
100
5
2i8 Mar 26
5i4Mar 31
Ids Apr 9
4% 1st preferred
4% 2d preferred
10,800
9,800
2
1,400
1,400
Fairbanks Co 8%
30
31%
2
Ex Cell-O Corp
3
Exchange Buffet Corp.IVo par
7%
14%
18,300
10,800
Fairbanks Morse A Co-No par
19i2May 27
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction—15
2,700
77l2
7 712
77
77
79%
79%
80
80
*79
80
80
82
80
82
84
86
3%
3%
3%
3%
3%
3%
3%
3,300
Federal Motor Truck.-No par
3%
1%
3%
3%
3%
3%
1,900
Federal Screw Works.-No par
17g
178
•2%
7,200
Federal Water Serv A.-No par
li8 Mar 31
19%
19%
1%
197g
3%
178
22l2May 31
078 Mar 30
07
April
52% Apr 5
90i2 Feb 2
2ig Mar 30
17g Mar 30
1978
*18
1934
900
Federated Dept Stores.No par
80
79%
81
*79%
82
900
Fed Dept Storea ih %
Pf—100
34%
197g
34
35
17%
17%
*85
90
$0
290
88
100
preferred
Federal Mln A Smelting Co 100
700
'
191%
*161"
*
20
187g
3%
134
187g
77%
77
77
80
33%
197g
33
33
2:33
*17
197g
*17
Bid and asked prices'
no
4
lig Mar 31
3i2 Mar 30
7,500
32
June
pref.___-100
14%
3134
Mar 31
50
100
1
3,900
6
29%
*16
Jan
Jan
par
4,700
278
12%
76
Feb
0i8
Males on this day.
Lfm
-
-
*97
to
34
-
-
3434
20
*13%
t In receivership,
to
a
I>ef
mm
mm
1
27
Oct
40i2May 11
24
Oct
87
Jan
3114 Mar
22
Oct
44i2
Jan
45
July
.
n
New stock,
r
Cash sale
1
33
Nov
100
Nov
1
3
Oct
17«4
57% June 30
41
Oct
78U
Jan
June 30
45
Nov
81
Feb
0334June 30
27g Jan 11
6% Jan 3
51
Nov
80%
Feb
7
July
884
Jan
0
0i2 Jan 6
6% Jan 13
11
15
July
1
1412
Jan
Jan
Dec
Oct
934 Jan
23% Mar
Oct
353* Mar
28% Mar
14ig Jan
34% Mar
15*
5
Oct
3
Oct
0i2
Dec
June 30
684
17gJune 30
11U Jan 12
33% Jan 7
1%
Oct
7i2
Oct
28
23%
Oct
717g
333* Feb 18
20
Jan
Jan
Jan
Oct
70
Jan
1438 July
1
7%
Oct
298*
Jan
82
1
7284
Dec
103
Jan
July
June 30
00
Nov
150
Mar
17
90
Oct
129
Apr
4% Jan 12
2
Oct
lis*
Feb
Oct
Oct
Deo
lli2
Feb
43«4 Mar
Oct
1087g Mar
90
99i2May
Jan 12
81
June 30
35
June 30
1
115%
4U
1484
g
Oct
8%
197gjune 30
June
Feb
1
July
1
Ex-div
Jan
60
July
41
2U
1%
15
t
29
25
100% Jan 18
677g Jan 4
22i2 Mar 30
Fllene's (Wm) Sons Co. No par
70
7
13gJune 30
12U Mar 30
Fidel Phen Fire Ins N Y..2.50
6,600
delivery
100
Preferred
to to
Feb
Mar
205*
92%
59
29
76
Feb
714
13% Jan 12
Oct
Oct
Mar 31
1278
*18i2
77t2
3234
10
3^8
Mar 29
29%
18*4
384
Jan 11
4
40
28%
*12%
1%
Feb
10% Jan 17
2i4May 27
0i8 Mar 29
40
127g
134
45i2
Mar 30
Dec
Oct
0
preferred
No par
Equitable Office Bidg--No par
28
1%
18U
10
$0
12%
134
37i2
Dec
100
29%
3'2
134
Deo
284
1478
38i2 Mar 31
27
3U
15%
200
64%
2%
Jan
Jan 12
22%June 30
434
No par
$5H preferred w w..No par
300
2%
213s Jan 15
$5 conv preferred
preferred
Engineers Public Service
5%
41,100
12
3U
5
94i2 Apr 5
2i2 Mar 29
27
3%
Jan
—3
El Paso Natural Gas
40
29%
85
109%
1314 Mar 30
No par
Schild
$7
900
12
*97
1
Jan 12
7%
Mar 23
2
Electric Power A Light. No par
3,400
26%
*97
115i2
116l2Mar
Jan
Feb
Nov
1012 Mar 30
4
Elec A Mus Ind Am shares
2,200
12%
^
Oct
Oct
107i2
Nov
27
«
112
0
164
27%
84
Oct
June
Jan
Apr
12l2
_
1801*
135i2
150
26
3%
33g
Oct
Apr 20
26i2
*97
122
Nov
171
12
3%
Nov
98
130
157
100
0% cum preferred
180
5,800
26
3U
Mar 16
Mar
12
*97
1233g Feb 23
Aug
*25U
3%
115
17
32
3U
106
Apr 23
90i2 Mar 31
198
27
*97
Jan 27
102
Jan
Nov
1%
7%
Jan
144
7,700
*1%
I7i2
June 30
2878
14
1%
Jan
Oct
174
40%
978
4%
4%
39U
8%
12li2 Mar 31
300
5%
Jan
Oct
5
12,700
5%
65
Dec
ll2
Eastern Rolling Mills
$4.60 pref
12% 116,500
45
24,300
2%
5%
3%
4%
Dec
8%
10
Jan
312
Eastman Kodak (N I)-No par
25
2%
21
8
10% June 30
8i2Mar28
Du P de Nemours(El) A Co.20
90
41
3
Jan 10
123s Jan 17
184Mav
6
123* Mar
77U Jan
14384 July
7,700
23
2%
22
5
79*2 Nov
0i2 Mar 25
1
No par
preferred
Mar 26
June 29
116
41
2%
15
8% Jan 20
SOU June 27
133
109% Apr J
11134 Jan 3
3% Mar 31
40
2%
2
Mar 30
130«4 Mar 31
23%
63%
4i2June
No par
Duquesne Light 6% 1st pf 100
23%
*56%
29% June 28
0% non-voting deb..—100
40
63%
27%June 23
10
6,000
108
106% 106% *106
7
6%
6%
6%
56
56
57%
57%
59
59
*58% 60%
9
*80
4084
22% Jan 11
700
25U
80
Oct
4
Mar 30
800
7%
27%
*74
Jan
10%
12
2
Mar
137
1%
3%
4%
14%
41U
No par
Silk
1%
43g
43g
87g
1378
1%
147g
H2
7%
57%
Oct
Electric
36%
287g
*1%
*36%
27
20,700
38%
1%
Jan 12
3
37
1%
Feb
34
9%
38%
29%
1%
Mar
2884June
9
35%
*1
Mar
3
37
Oct
90
3
36
Apr
29
3
377g
Feb
Feb
23
25
No par
Duplan
18%
43
4018
Oct
.8%
4378
30i2
Deo
Oct
Electric Auto-Lite (The)
41%
Oct
Oct
684
15
9,800
43
18%
30
00%
25,500
40%
Jan 12
Jan 5
Jan 12
4%
39%
6
June 22
914
17
877g Jan 27
100
6%
11%
37
70i8
16
21%
12%
28i2May
5
24U Mar
1078 Feb
Jan
146i2
75
3%
9%
3%
Jan
6
3
11
588s Mar
I84
88%
31% Jan
Mar 30
29
Oct
8i2 Feb 25
2i2 Jan 10
Jan 12
108
2084 Jan
5
Oct
Mar 18
20%
3%
19%
Mar 30
8
13
0518 June 17
13i8MHy 25
22%
9%
378
21%
2i2May 31
45gJune 11
25
25
International
116
17%
Oot
0
15% June 24
3134 Mar
31
Class
116
6%
Feb
27
27
No par
8%
Jan
02
109
No par
DunhlJl
1337g 1337«
1157* 11578
100
Dresser (SR)Mfg conv A No par
37,800
86
18% Nov
Oct
Dow Chemical Co
...—
2384 Mar
24
19% Nov
Douglas Aircraft...
400
121%
Oct
Dec
Nov
8%
54%
No par
A
1,000
108
Feb
Jan
No par
11
*10%
838 Mar
20%
109i2
20% Nov
1
Dominion Stores Ltd .-No par
400
Oct
25
4
-.100
Co
3
1078
107g
*2%
11%
2
7%
2%
11
Oct
Dec
2
25U Feb 25
76
100
Dome Mines Ltd new
1,500
4
39%
9i2 Feb 17
107i4June 7
7% Mar 29
Doehler Die Casting Co No par
3,400
1178
1%
Class
73,400
11
234
14*8
1%
11
6%
49%
127% 130
20%
20%
11%
4134
23
21i2 22%
22%
*37
397S
*377g
3978
*1047g 105
*1047g 105
6%
6i2
634
6%
7
21%
10
5%
47%
5%
106
28i2
*l3g
50
166
29
1334
5%
47%
124% 129%
19%
19%
Jan
3
9
100
5% pref with warrants-.100
14,900
133
Jan
1934 Mar 29
Distil Corp-Seagr's Ltd No par
Dixie-Vortex
3,900
28%
166
36
9
20%
27%
166
36l2
2
19%
28%
165
36
2l2
414
278
*414
1978
27%
16
42
*57
18%
29%
5%
50%
164
41
*56
18
143g
1334May 27
20
0% participating pref
40
16
4
11%
59
31%
163
18%
11*2
63
*31
170
105s
393s
63
31
169
116%
13534
8%
*27S
107g
*55
31
Oct
July
Diamond T Motor Car Co...2
400
31
284
May 31
5% preferred......
200
15%
174
9
56
6978
*14%
169
8%
278
107g
39%
56
15%
*68%
15
6%
168%
834
*53
14%
69%
15
Jan
17%
63
par
Devoe A Raynolds A--No par
Diamond Match
No par
2,400
137g
69%
118% 122%
85g
*234
*1
*7%
120%
135%
116
116%
6
6%
166% 170
20U
1%
7%
15%
15%
*9
lOi-i
*101% 108
*101% 108
181"
1
7%
70
*2%
*9
19U
*28
5
*17
1834
27g
17%
z28%
*4%
11714
113%
1353* 13534 *135%
115i2 11578
115%
116
*11434 116I.1
6I4
6%
6%
166
166i2 168
15i2
18
29%
115
162
*30
47%
2%
*9
15%
119% 121
.
50%
11778 1181s
*68
7%
14%
Mar
3
Oct
23
Det A Mackinac Ry Co
20
3,010
27
135
3
21%May 10
No
Detroit Edison
60
7%
35%
7
7i2
4%
7
34
Dec
IO884 Apr
8184 Mar
18
A
preferred
JDenv A R G West 6% pf.100
500
7
Oct
Nov
t2
Jan
12% Mar 30
35
1
Diesel Wemmer-Gll bert
1,500
37%
Jan
Feb
48ig Jan 11
pa:
Delaware Lack A Western..50
*3
3
3
Jan
1007*
34
4
21
58i2May 31
12
May 25
43g Mar 31
No par
13,100
*5
Aug
2884
1
(The)__2VO
7%
34
37
3U Mar 30
Co
Delaware A Hudson
500
Lto
37
7U
3
115
Jan
11,200
35%
tot'*.
Dec
Nov
6% Dec
28% Nov
Mar
13%
31%
-to «.
22% Nov
21
80
Mar 29
Jan
88%
4483 Jan 11
3
Feb
71U
17H2 Jan
10U Mar
56i2 Feb
94i2 Jan 17
1% Jan 7
1312 Feb 7
Apr 8
3gJune 20
July
77
43
Preferred
1,600
32%
355g Mar
47gjune 27
*
3
*4%
31U
*26%
49
Oct
4684 Nov
50i2 Oct
Apr
Jan
Mar 29
Oct
912
24
163
37
Apr 13
Oct
3
160i2May
3978 Jan 17
5% Mar 31
Dayton Pow&Lt 4>$% pf.100
Deere & Co new
..No par
80
17S
5
Jan 12
Jan
Jan
Feb
78
19% Mar 31
6
..25
Davison Chemical Co (The).l
2,700
95
Jan 31
Mar 31
10i2 Jan 10
56
Deo
Dec
12%
94
Mar 20
Oct
12
22%
1%
93%
1*4 Jan 15
343g Jan 11
23
70
50
22%
*12%
6%
7
6%
*1%
911"
Oct
3534june 30
58
Davega Stores Corp
Conv 6% pref
82,200
14
Dec
5%
ll2i2June28
9% Jan 17
0
7% Jan 12
50% Jan 18
5% Jan 10
Packing...
Cutler-Hammer Inc
700
8
1007s
June 17
127
Class
600
8
5
Deo
Cushman's Sons 7% pref..100
9,800
6
Jan
37%
Jan
Dec
$8
15
6
*13%
Jan
June 30
25% Apr 1
7% Mar 29
10
Curtlss-Wright
30
337s
24 78
69is
108i2
2584
42s4
378
49
29
100
Preferred
49,100
20%
3378
Feb
05
Ap
70
Curtis Pub
71,000
60%
10934
June 30
3784
3
Cudahy
2,600
5
478
Jan
Oct
93
514 Mar 31
2214 Mar 30
No par
100
Preferred
5,600
46
45
5%
21%
106% 106% *106% 107%
21
21
2278
22%
12%
6%
678
Apr
Apr
92i2 Aug
6U
19
100
4%
13U
6284
37»8
21% Apr
6
Preferred
Oct
3
Jan
Oot
85
.
Crucible Steel of America..100
400
80
4%
6
8%
26,206
35%
33%
*75
Feb
Oct'
Oct
234 Mar 20
No par
4%
20%
«60%
*29%
23%
22%
$5 conv pref
80
Jan
1%
1
10
No par
ex-warrants
Crown Zellerbach Corp
105*
Oct
7%
23s Jan 13
7gMay 20
21i4 Mar 30
pref w w..No par
Cuba RR 0% pref
Cuban-American Sugar
21%
59%
337g
25%
107
Pref
300
21,200
10578
Oct
8g
IO84
6
No par
31
Dec
25g
Jan 18
Jan 12
21U Mar 30
No par
Crown Cork & Seal
) 00
Jan
Feb
Apr
103g
107
25
11,900
13i2
1778
1934 June 30
H4 Mar 29
05i2 Mar 31
36% Mar 30
1
33%
Oct
9%May 27'
8% Mar 26
Apr 12
32%
Oct
7
Oct
Apr
Crosley Radio Corp
22
3U
Deo
102
4,100
55s Jan 12
108
16
z53
9%
7
4
Nov
79«4
.25
9%
i2 Jan
Jan
Jan
92
8884 June 30
100
Co
712 Jan
Jan
18<4
497g
Apr 18
1
5% conv preferred
100
Cream of Wheat ctfs.—IVo par
684 Jan 15
10i2 Jan 10
103 June 20
684
Oot
Mar 31
Apr
1,800
June 30
Oct
Dec
10
40
1,200
100
1
4%
21%
78
5
580
45
9834 Mar 24
26g Mar 31
% Mar 21
2i4 Mar 19
par
25
11%
Mar 31
Mar 30
7
1
8%
6%
5
par
103
11%
17S Jan 11
7i2 June 30
28i2 July 1
1
l
oonv
Mar 20
4ig Mar 20
887S Apr 10
27g Mar 30
Motors
8%
47g
Mar
20
9
44
Mar
95
100
JCuba Co (The)
5%
87
Oct
*24
$2.26
Jan
Oct
Coty Inc
500
1878
63
17
preferred
Crane
Oot
65
No par
600
15
8%
46,500
484
Jan 16
No par
%
6
21%
217g
12%
10%
33%
32%
Jan
July
Mar 19
1
Corn Products Refining
Preferred
9J00
Jan
26
80
No par
%
15
107
"4%
4%
19U
22
Oct
68
Continental Steel Corp. A^o par
Corn Exch Bank Trust Co..20
1,300
Dec
67g Deo
8
1
Continental Oil of Del
38,700
Jan 17
8
7%
share
5
No par
B
Continental
5
per
19is Feb
45i2 Mar
Jan
$4.50 pref
No par
Continental Diamond Fibre..6
Continental Insurance
$2.50
200
2,600
9,200
4,300
Jan
Oot
Dec
Apr
Continental Can Inc.--
*165
%
634
41%
*5%
6%
*13%
15%
85S
*8%
834
106
106
*106% 107
21
2U4 22i3
217g
22
22
22
217g
12
*12%
1H2
12%
10%
11%
11% 1178
6I4
1%
9012
36%
78%
47g
6i2
15%
2
34%
%
6%
40%
337g
90
337g
79%
16
63
8%
1,300
65%
S64%
Class
8
13l2June 29
19% Jan 17
4%
20
55
Container Corp of America.20
Continental Bak class A No par
21,500
21,500
12,400
50
47%
*71
%
16
20
80
*71
79%
16
8i2
4%
*59
03g
90
84
30%
58
*28
8U
1878
2%
2
7ig Jan 14
24i2 Jan 22
Highest
71
*28
1178
15%
*5l2
*1312
8i2
9
30
63
24i2
14%
18%
300
$ per share $
share
100
102
24%
97g
11%
62
2234
34%
24%
30
10%
60
21
32
102% 103
11%
*29
60
5%
4%
4%
30%
30%
11%
3378
8
4%
327g
34%
10034 102%
24
24%
8%
87g
__
31%
63
*10614 107U
22
20i8
*22
22%
*11%
12U
11%
12*8
4%
58%
6i"
6878
31%
4%
40
66
*165
31%
*59
15U
>-
*8
7
*6
'
34%
31%
*28
*14
to.
32%
%
10
13%
200
'
*165
%
8i2
4U
23
2H2
68%
49%
34
63
•
67%
47%
33
337S
*59
*28
48%
303i
*75
%
2%
33
30
80
*12
48
49
68
3414
3112
32%
*27%
29U
10%
15%
19%
2%
2,100
90
897g
93
90
90
90
49
4534
45% 48%
47%
46% 47%
112i2 *110% 112% *110% 112% *110% 112
8i"
9
8%
8%
87g
8%
8%
34
35%
35%
3378 a:33
33%
3478
1%
1%
1%
1%
1%
1%
1%
31
31%
31
30%
3278
31%
32%
15
15
15
15%
15%
15%
15%
*165
4i8
478
295g 31
9834 10018
24l2 24%
8%
834
18%
2%
4% Mar 29
Consol RR of Cuba 0% pf.100
^Consolidated Textile
No par
Consol Coal Co (Del) v t C..25
6% preferred v t o
100
Consumers P Co$4.50pLVo par
8,600
87%
48%
*165
*8
*8%
33%
1%
30i4
69
*165
4
112U
49
68%
6714
47
45U
14
19
2
~i~20(j
Mar 29
per
100
Consol Laundries Corp
Consol Oil Corp
No
$5 preferred—No
2,800
49,700
434 Mar 30
No par
12 partlo pref
Consol Edison of N Y
$5 preferred
2,400
7%
28% 115,700
98%
100
15
3334
17%
Consolidated Cigar
7% preferred
6>£ % prior pref w w
Consol Film Industries
80
76%
4
4
4
4
*334
4%
4%
4%
4%
9%
934
93g
934
9%
9%
97g
9%
10
9%
97«
*ion2 110
*10H2 110
*101% 110
*101% 105
*101% 107
*101% 105%
*414
4
4
43S
4'4
4%
4
4%
4%
4%
4%
4%
'4
%
%
%
*4
%
%
%
%
%
%
%
3%
312
4
37g
378
4%
4
4
334
4%
4%
3%
*12
15
14
14
15
15
*16
18
17
*14%
16% *14
89
*88%
8812 8812 *86% 89
88%
88%
88%
89%
88% *85
14U
Mar 29
80
4
165g
1?8
0
11
1,000
9%
1334
Congress Cigar
No par
Conn Ry A Ltg 4X% pref.100
Consol Aircraft Corp
1
21,300
67
27%
1
Mar 29
8
1%
$
15
8
7
378 Apr
Lowest
Highest
share
350
13
16%
-
No par
per
Congoleum-Nairn Inc.-No par
8%
13%
8
Conde Nast Pub Ino
%
Range for Previous
Year 1937
100-Share Lots
Lowest
Par
600
16
7%
On Basis of
6,300
22%
*6%
8%
Range Since Jan. 1
Shares
7
*6%
6%
7%
1%
634
EXCHANGE
Week
1
*13
25%
034
July
71
4
STOCKS
NEW YORK STOCK
the
S per share
22%
*6%
Sales
Friday
June 30
$ per share
614
CENT
for
Monday
June 25
D'4
Record—Continued—Page
4*a
2ig July
173gJune 30
Ex-rlghts
z65
22l2
20
Oct
Deo
6
455*
3984
Jan
Jan
Feb
f Called for redemption.
New York Stock Record—Continued—Page 5
72
LOW
Saturday
Monday
Tuesday
Wednesday
June 27
June 28
June 29
June 30
19*4
*827$
297$
10%
*2314
20
85%
19%
82%
30
2%
27%
1012
57%
3%
17
9
3%
12%
14
13%
49
7
43%
8%
96%
43%
44%
8%
8%
35
35
28
28
28%
4%
9%
4,'%
4%
10%
1%
2
4
;
5%
*14
49
7
10
1% '7f 2%
28
2%
4%
50
11,200
1,800
9,000
4
14
14%
14%
15%
*12%
14%
15%
*91
93%
6%
91
91
*90
93%
20
6
6%
5%
49
7
8%
4%
10%
8%
20%
87S
*55
8%
General
11%
22%
14,800
6,500
21
54
57%
57
57
58
60
62
62
61%
65
24
24
24%
25
25
26
26
26
26%
1,000
113% 113%
*109
50%
62
*32
62
120
120
61%
120
8%
9%
18%
*85%
1%
"l%
9%
25%
21%
12%
20%
22%
12%
8%
*85%
15%
*
100
"l2%
95
12
15;
*
19
21%
26%
22%
12%
8%
27%
22%
12%
15%
♦
100
"l3~
8%
1%
21%
26%
21%
11%
*14%
1%
22
8%
95
91
1%
1%
22%
21%
29%
24%
12
13%
*15%
16%
16%
99
57
56
67
9%
52%
8%
49%
20%
45
42
47
51
20%
20%
*40
40
40
2%
*3%
*65
2%
3%
70
2%
3%
2%
2%
3%
3%
16
15%
42
43
80%
80%
4%
4%
62%
62%
1
1
20%
21%
82
86
4%
1
4%
4%
5
1%
11%
1%
13$
12
18%
27
157$
227$
12%
19%
27
*126
18%
267$
129%
*35
12
11%
173$
19
267$
127
127
*35
50
16
27%
22%
125$
26%
*127
45
*35
1%
1%
1%
18%
*18%
*4%
5
5
18%
27%
*30
34
6%June 13
6%
9%
16%
90%
90%
86
89%
90
II,500
1%
600
15%
15%
17
27%
*26%
*22%
12%
28
22%
12%
183$
10
17%
11
9%
*1%
1%
20
18%
1834
*4%
53$
50
117$
11
11%
9%
1%
9%
9
9%
5%
1%
1%
*19
53$
53$
26
1%
5%
40
100
64,500
3,500
1%
*1%
700
t
19
5
512
*89
27%
*257$
*32
35
*32
35
9%
9
9
9
800
100
60
35
35
*88%
90%
86
*14
90%
*88%
*84
86
86
93$
9
9
4,400
1634
*16
17
100
88%
93$
167$
90%
9
*15
88%
89
89
86
16%
*15
17
80
90%
*60
17$
7%
7%
112
*145
149%
13%
52%
*130% 134
12%
51
*50
53%
*90%
70
65
*60
70
2
2
2
2
2
91
91
*92
95
7%
75$
*86% 105
7%
7%
*86% 105
149% *145
*145
13%
14%
523$
91
7%
*86%
86
86
86
90
5,500
50
15%
*90%
913$
*62
1%
*92
7%
86%
75$
90
61
65
250
2
2
2
2,800
95%
77$
86%
95%
7%
100
77$
*91
11,700
100
105
*88
15
149%
14934 *147
14%
14%
15%
56
56%
55%
53%
14%
15%
53
54
131
131
131
*51
52
*51
*90%
91
91
56%
9%
58
*96
59%
59
22%
9%
23%
9%
*227$
58
*22
58%
22%
93$
58
58
58%
100%
7%
41
77$
*97
77$
98%
8%
415$
43%
17$
*17$
2
*5%
27%
5%
27%
*47$
27%
28
7
7
7%
%
%
10%
9%
17
*32%
33%
*5%
6%
*
9%
*577$
99% 100
8
7%
41%
17$
5%
*5
425$
17$
53$
275$
7%
7$
9%
17
59%
23%
60
17$
43
93$
28%
7%
73$
%
7$
9%
7$
97$
9
*16%
17
*16%
*32%
*534
33
32%
*5%
6%
59%
23%
160
56
200
913$
*88%
91
24%
25
1,100
11
17,300
58
400
58
59
98
98
*98
42%
17$
53$
17$
53$
8%
8%
43%
45
2
2
5%
28%
73$
%
30
7%
£7$
44
*17$
5%
45%
2%
6
30%
29
6%
29%
7%
73$
8
300
100
8%
7$
63,300
5,200
1,500
500
90%June 30
5
June 30
June 29
Jan 12
55
6% Jan 12
17$ Jan 11
3
13% Jan 11
18% Jan 10
10
Oct
13
Dec
28%June 24
22
Dec
23
19%
Dec
2
Jan 24
Oct
1%
Oct
1%
20%
Jan 14
23%
129%June 30
40
Jan 22
21% Jan 12
June 30
50
Oct
Oct
10
15% Jan 12
26% Jan 12
32
Oct
129
Dec
Oct
Dec
60% Sept
15%
Oct
Nov
60
784 Mar 31
4
117$ June 29
9%June 29
7%
Oct
7%
Deo
7$ Mar 31
1% Jan 10
7$
7% Feb
Mar 28
28
Jan 12
35
28
Mar 11
12
3%
12
Oct
Oct
59% Mar
23% Dec
26% Apr
24
30
Apr 28
Apr 1
10
5
Mar 25
Hamilton Watch Co ...No par
12
Mar 41
95
6
92
27%June 35
120% Feb 28
*7% Jan 19
18
Oct
121
Dec
Hall
6%
8834June 30
preferred
100
Co 35 pf.No par
83
Refrac.No par
preferred
Hat Corp of Amer class
100
A..1
25
Hecker Prod Corp
Apr
7
4%June 3
50% Mar 31
l%June 14
2
Hazel-Atlas Glass Co
Mar 29
120
100
6*4% preferred w w
Hayes Body Corp
June 23
15
Hanna (M A)
Harbison-Walk
7034June
1
5% Mar 25
1
...—.25
81
May
5
100
Helme (G W)
*40
Jan
8
June
6
Jan
Feb
Dec
31
Feb
Nov
108
Feb
Oct
105
9%June 29
21% Jan 15
100
Jan 18
17%
5
Oct
17%
Jan
Dec
106%
Feb
1%
Oct
8
Jan
95
Feb 24
77$ Jan 17
81
5%
Nov
Dec
86
Dec
126
129
Nov
166
Jan 11
11
Oct
Jan 11
50
Nov
100
126% Jah 19
131% Apr 18
125
May
517$ June 22
95
May 20
39%
2
16%
No par
40
Mar 19
preferred—No par
80
Mar 28
34
conv
Hinde A Dauche Paper
16% Mar 25
Co. 10
No par
17
Jan 31
5% conv preferred—No par
98
Jan 10
Holland Furnace
534 Mar 26
5
.No par
100
preferred
Mining
12.50
Houdallle-Hershey cl A .No par
1
102
Class
5%
com
5%
17%
18%
32
32
33%
33%
33
33
170
Leased lines 4%
6%
6%
100
RR Sec ctfs series
n
New stock,
r
Oct
109
Oct
*39%
Oct
43%
Jan
Jan
114% Mar
53% Deo
41
Jan
277$
Feb
73
Jan
100
94
Mar
25
Jan 12
June 28
78%
Dec
Mar 31
87$ Jan 11
4%
Oct
17%
63% Jan 13
Oct
90% Mar
5
1
x
Jan
2% Jan 13
1%
Oct
Mar 29
7% Jan 13
30%June 30
3%
Oct
157$
Jan
4
Oct
23%
Feb
Mar 30
10
Jan 13
57$
Jan
4% Aug
1%
Dec
8
Oct
38
6
20
Jan 10
16
Oct
67% Mar
Mar 30
38
Jan
4
34
Dec
72
7% Feb 25
5
Dec
25% Mar
Apr
3% Apr
A...J000
37
7
May
%June15
6% Mar 30
100
Cash sale,
15%
Feb
3034 Mar
Oct
23
177$
32%
52%
120%
Dec
Oct
3
100
Illinois Central
Oct
Nov
7«4
Dec
12
Car Corp
500
June
0
6% preferred series A... 100
Hupp Motor
%
Jan
37
44
20% Mar 30
No par
18
Jan
Dec
21
Hudson Bay Mln A Sm Ltd 100
10%
May 27
65% Jan 20
Feb
67%
111
June 30
1
100
100
preferred
108
135%
Nov
117$ Jan 12
5
5
Hudson Motor Car
25% Jan 12
15%
93
Dec
23% Mar 30
100
Howe Sound Co
June 30
10 7% June 27
11
Jan 12
Feb
64
59
Mar 30
40% Jan
Houston Oil of Texas v t c—25
Hudson A Manhattan
39
Mar
Dec
Jan
39%
83% Jan 20
stk.No par
preferred
Mar 16
20
83
Jan
Feb
4
6
No par
B
1
48% Apr 1
17% Mar 31
Homestake
Household Fin
l5$June
157$
Feb 25
94
58
6% cum preferred
Chocolate
117% Aug
152% Feb 17
17
Hershey
Feb
65%
Mar 26
10
140
8
Feb
4234 Mar 31
No par
Motors
Jan
58% Mar
2% Jan 11
67
Hercules Powder new ..No par
Hercules
Feb
20%
Oct
Jan
34%
36
4%
96
Jan
17% Mar
Oct
25
Water
preferred class A
Printing
59
Oct
25
7%
10,900
16,500
7,500
19,200
Def. delivery,
Dec
65
100
Hackensack
7$
a
12%
Dec
Jan 12
105$
In receivership.
Oct
Dec
Oct
Dec
Dec
Feb 16
18
1
Oct
*83%
721$
3%
6
18
6%
Oct
1%
2
10%
19
preferred
43
46
Mar 29
10
*6%
19% Jan 15
57% Jan 16
Feb 23
Mar 25
0%
Oct
Dec
24
8
7$
6%
Jan 17
3
10%
6%
80
Gulf Mobile A Northern—100
%
6%
27% Jan 11
51% Jan 19
3% Jan 10
37a Jan 11
12
9%
17%
11
68
100
preferred
8%
7%
11%
99%
85$
45%
13% Mar 30
Greyhound Corp (The)-No par
5*4% preferred
10
No par
Holly Sugar Corp.,
2434
103$
105$
Jan 22
40
Guantanamo Sugar
3,100
~7~, 200
9% Mar 30
12% Mar 31
23% Apr 8
122
Apr 12
34% Mar 29
Hollander A Sons (A)
*24
59%
25
Bid and asked prices; no sales on this day
40
3
1
2,100
59%
60
7%
12,200
58%
*96
28
200
59%
103$
*56%
7%
100
58
*58
9%
16,300
131
*51
22
*16%
185$
*16%
185$
18% *16%
*16%
185$
*15%
185$
185$
34
38
39
37%
36%
36%
32% 35
34% 353$
36%
35%
107% *107% 121% *107% 121% *1073$ 115
*1073$ 121%
*105% 121% 107
10
11
11%
*11%
934
10%
10%
934
10%
10%
10%
103$
16
17
17
16%
16%
163$
17%
16%
16%
167$
15% 16%
*104%
*104%
*104% 107% *104% 107% *104% 107% *104% 107%
58 %
~6~300
Jan
100
Co Ino
Preferred
131
131
Green (H L)
Mar 30
20
100
Greene Cananea Copper
6%
~2~, 200
65
149% *147
149% *145
13%
50%
517$ 53%
*131
134
130% 131
51
51
517$
517$
91
91
*60
94
17$
*92
95
*87
1,800
27%
18
*257$
35
*84
60
178
70
18
18%
*257$
16%
27%
18
27%
25
60
~4~, 900
117$
9%
9
—100
Preferred
Green Bay A West RR
20%
113$
*32
16%
3,000
55
*25
10
Great Northern pref
100
Great Western Sugar..No par
40
19%
34
16
Gt Nor Iron Ore Prop .No par
26%
19
20
6,300
129
129
preferred
5%
35,700
13
20%
*40
107$
500
Mar 31
10%May 26
19
Apr 5
—10
20
*35
40
207$
50
1
No par
Grant (W T)
195$
20
20
Granite City Steel
1,800
18%
50
20
3,100
13%
*35
40
17
17
8
33 conv pref series...No par
26%
22%
12%
20%
20
*46
Grand Union (The) Co
31
30
30
a4 Mar 29
2% Mar 31
1
6
1
Motors
Mar 31
June 18
15% Mar
69% June
2% Mar
52% Mar
100
17
*22%
125$
26% 27
129% 12934
10
32
No par
Preferred
Apr
2%May 27
60% Apr 26
preferred...No par
Gotham Silk Hose
20%
27%
225$
185$
19%
27
26% 27
129% *127% 129%
*35
i
800
11
22%
22%
12%
17%
1%
1
1% Mar 26
No par
No par
5%
4%
Oct
Oct
Granby Consol MSA P
11
56
Dec
37
1
preferred
conv
Oct
Feb 26
8
19%
Mar 30
13
50
1
preferred
Graham-Paige
35
Nov
8
49%
58,600
23%
95
Jan 13
37%June 18
Goodyear Tire & Rubb.No par
22%
8
0%
Gold & Stock Telegraph Co 100
5%
June
14% Jan 15
11% Feb 26
10% June 30
Goodrich Co (B F)
177$
4834
Deo
Mar 29
43,100
5,100
17
10
5
No par
(The)
conv
,
6
100
1
Mar 29
Jan
61
69%
47
17%
26%
9
4
Oct
Oct
20
Mar 29
No par
preferred
Glldden Co
Dec
51
20
183$
26%
*14%
36
June
1%
No par
Brothers
Glmoel
500
25
265$
247$
26% 27%
25%
25%
247$
26%
*1205$ 132
*120% 132
*1205$ 132
*120% 132
*1205$ 132
*1205$ 132
6
6
6%
6
57$
6%
57$
5%
5%
55$
55$
5%
24%
28,300
13
Feb
No par
35 conv preferred
400
10%
27
7%
16%
*84
9
Gillette Safety Razor..No par
18,600
5
*16
98
General Tire & Rubber Co. .5
9,300
56
9%
34
*26%
*15%
preferred--..--..—100
6,500
1
42
9
1%
14%May 23
1
197$
18%
Gen Time Instru Corp.No par
1
45
9
300
hi
19%
10%
9%
1
43
9
14%June 30
1
19%
10%
8% Mar 23
1
43
9%
k4,800
Gen Theatre Eq Corp..No par
20
19%
10%
Oct
13%
100
Mar 25
1
Gen Steel Cast 36 pref. No par
1,100
3,200
42
9
Oct
Mar 31
14,200
2,070
5
ill%
1 16%
i 27%
Deo
15% Mar 31
51
13$
11%
0% Mar 29
101% Apr 9
l%May 21
12% Mar 30
85% Mar 19
8%
13%
*19%
*63%
5
Oct
Oct
8%
Oct
Gobel (Adolf)
13$
3%
18
Goebel Brewing Co
1
Oct
7% June 30
June 24
10
14
1,700
147$
Oct
21%
June 25
4,900
1%
111
Dec
22
5,000
3
5
May
28%
June 29
38
Mar 31
4
1
Oct
117
30% June 30
28% Jan 10
,12,800
68
12
118% July
Oct
Nov
48
13% Mar 29
1%
22
29%
24%
137$
20
5
47$
4
25% Mar 31
1117$ Apr 25
21% Mar 30
%
33
13%
1%
21%
28%
23%
*62
12
Jan
3
Oct
5
*13$
35
Mar 25
50% Jan
1
68
13$
Oct
28% Nov
Jan 10
*65
5%
34
347$ June 30
2
preferred
100
Gen Realty A Utilities
1
36 preferred
No par
General Refractories...No par
6%
65
12
Deo
Nov
No par
Signal...No par
Gen Railway
27$
90%
Deo
1% Jan 11
May 24
62%June 24
123
Apr 30
38% Jan 15
1
No par
preferred
Gen Public Service
23$
#*.4%
22
x99
% Mar 30
65
4%
Oct
Feb 23
109%June 27
10
Ink
Oct
Oct
120% Feb 11
45% Jan 10
27% Mar 31
227$ Mar 30
22%
89%
434
19%
10
Printing
Oct
66
24
108% June 28
205$
89%
4%
42
19%
*32
28
65
4%
13$
*11%
15%
27%
223$
12%
wan
No par
3
88
14%
72
No par
2%
23%
Jan 10
Mar 30
Gen Outdoor Adv A...No par
3%
22%
89%
Oct
13
35
118
2%
21%
Oct
2%
0%
85
52% *4-500
il3,000
24
45
5
117
June 29
42
*167$
Jan 16
9
2578 Jan 12
100
Common
Oct
Nov
91
31% Nov
123%June 13
6% Jan 12
Mar 30
preferred
preferred
Feb
91
42
17
1
11
General Motors Corp
General
5%
1
47% July
207$ Mar 31
108% Apr 1
Jan
Oct
4
19%
17
507$
22%
49
97
Mar 29
0% Mar 31
Apr 12
2% Mar 31
5% Mar 31
Jan
33
100%
x99
24%
15%
Mar 29
115
<r39% June
Oct
1
Feb 11
82
25
35
July
Deo
Nov
88
June 25
8% July
29
$6 conv pref series A .No par
General Mills
No par
3%
69% j
70
49
10%
15% July
3
6,000
«
|20
95
56
54%
15
June 25
4% Mar 31
'
Gen Gas A Elec A..—No par
0%
7% Jan 12
13%June25
49
6
June
7% Mar
Dec
11%
7
Jan
16% Jan 20
Oct
2% Jan 8
20% Jan 15
20%
19%
42
52
§4,50 preferred
36
~5~,400
41
3%
70
4,100
2
8%
59
10
93
No par
Foods
General
0,800
22%
44
7$
4%
27
8%
*53%
10
*61
*1%
11%
15%
26%
*22%
3%
9
3
1%
No par
No par
General Electric
99
9
43
1.
12%
15%
27%
22%
.
7%
9%
13
14
10%
2%
21%
3,800
3,600
38
99
12%
70
4%
4%
65
*61
1634
15%
42%
20%
157$
42
21%
16%
87
15%
42
20%
13%
24%
14%
*65%
70
*65
30%
23%
52
23
42%
2%
50%
*40
2%
3
28
10
21%
42
59
9
50
20%
*56
9%
1%
21%
~
8%
1%
*6%
Jan 17
5
50
No par
100
preferred
7%
Jan
Oct
4% Mar 29
No par
5
5
No par
-5
7% cum preferred
Jan
32%
18
Mar 30
Jan
Jan
83
28% June 30
2% Jan 12
9% Mar 29
MarlO
Feb
18%
Dec
5
54%
135
Oct
40
100
A
General Cigar Inc
500
40
*90
95
1%
21%
137$
8%
20%
♦
99
13
8%
54%
20
8%
*
13%
1
2
20%
1%
21%
14,900
109
109
5% Jan 12
Jan 13
Oct
Dec
2%
No par
No par
Cable
Class
*103
2
*90
21%
27-%
22%
12
9%
2
91
9
8l2
50%
9%
19%
27%
7%
*103
...
1%
33%
*36
36
7
7
9
2
20%
56
*54
6%
9%
1%
12%
8%
133$
35%
38
19%
20
1%
1%
22
35%
37%
118% 118%
38
42
33
*32
40
118,500
40
63
62
"i',300
*61%
0234
230
120% 120% *120% 123
37% 181,900
30%
35%
377$
2,700
118% 118%
118% 118%
02%
120%
*103
"
1%
*85%
95
21
*14
"i%
19
1.9%
62
9%
8%
*103
1%
*32
40
120
6%
6
6%
*103
1%
62
120% 120%
35%
36%
118
118%
34% 36%
35
5%
5%
*32
40
62
61%
36%
34
*103
*32
118% 118%
34
5%
9%
%
50%
120%
35
34% 36
*118% 118%
32
109%
109
1
*32
39%
32%
%
v: i
113%
111% 111% *111
397$ 42%
39%
41%
40%
33
32
347$
34%
32% 32%
108% 108% *108% 109% *108% 109
1
1
1
1
%
1
111% 111%
40%
Bronze
General
120
32
Baking
$8 1st preferred
General
1,000
24
39%
preferred
J0
20
20
111% 1.11%
Corp
6,900
20%
32%
109%
Container
5*4% conv preferred
11%
197$ Mar 30
Gen Amer Investors...No par
Gen Am Transportation
122
21
00
Galr Co
500
10%
11%
22%
Jan 18
2% Mar 31
9,900
4%
10%
05
40%
Gaylord
11,100
4%
21
Mar 29
3,300
2,900
4%
Mar 31
1% Mar 29
100
47%
8%
Apr
Sept
2% Mar 31
Apr 13
Gamewell Co (The)
Feb
97$
58
25
Sulphur Co
10
A—No par
Ino (Robert)
1
.....
Oct
98
11
preferred
1%
Feb
Feb
Oct
Gabriel Co (The) ci
$3
39% Mar
Oct
50
10
20
24% 24%
*109% 111%
40%
38%
31%
Free port
46%
58%
Dec
80
100
10
preferred..—No par
No par
pf 100
Deo
15
27
Mar 25
F'k'n SimonACoInc 7%
per share
41% Mar
107% Feb
52% Mar
22
Jan 10
3
Mar 29
Francisco Sugar Co
26% Dec
11% Oct
5
Jan
Nov
33% Jan 10
98%June 30
20% Jan 12
18
85
I,400
15
8%
*119
122
par
100
Corp
4 >4% conv pref
Foster-Wheeler
$7 conv
21
Oct
10%
347$ Feb 11
19% June 29
29% Jan 12
Apr
share $
per
90
Jan 11
92
7
1% Mar 20
Brothers..No par
t Follansbeo
$
share
25% Jan 15
85
100
45%
4%
11%
22
20%
46%
.
10
60
19%
par
No par
Gannet Co conv $0 pf.-No par
Gar Wood Industries Inc.—3
320
49
8
*97
100
45
4-%
10%
8%
7%
*97
14%
*47
49
122
122
4%
10
14%
14%
7%
*120
6%
*47
.
96%
46
8%
44%
8%
4%
6
14%
14%
96%
4%
10%
par
Florence Stove Co
Food Machinery
per
1934jUne 13
par
Flintkote Co
Florshelm
S
share
15
First National
1,500
15
44%
4%
700
Stores.-No
(The)..—No
No
Shoe class A .No
per
16% Mar 31
76
Apr 14
24% Mar 30
107g Mar 26
Rubber—10
0% preferred series A.-.100
180
14%
*47
122
122
4%
35
28%
2%
4%
120
13%
7%
8%
8%
11,900
61
13%
102
44
18%
64%
*98%
17%
2
4%
14%
*47
*95
1,600
2,100
14
14
97
44
2%
31
*1%
3%
5%
5%
135
*118
130
*122
35
100
20
*4%
*28%
4
3%
1,900
3
Firestone Tire A
500
2%
*30%
:
27
7
7
7%
97
27%
49
13%
*47
4
25
>
*17
.
2%
35
93%
13%
49
18
2%
*27%
26%
*91
5%
18
4
91
6%
*84
3%
14
91
21%
20%
3%
3%
35
3%
*13%
93%
*95
19
62%
*12%
3%
3%
13%
14
*5%
98%
17%
14
*1%
25
62
14
9
26
98%
14
27%
25
98
35
27
1%
4
14
30
24.300
18%
62%
02
63
02
*12%
30
26%
*91
17%
62
3%
*27%
26%
2,300
19%
17
*16%
2%
28%
*96% 100
16% 17%
62
17%
59
3%
29%
18%
97%
*16
2%
29
*97
*96
29
19%
31
25
18
18
*16
29%
30
24%
2l2
86
31
25
18%
25
14,300
18%
*2%
24
17%
Shares
29
29
16%
29
207$
86
20%
857$
*2%
85%
30
29%
17%
28%
212
28
*83
17
19%
85%
Par
Lowest
Highest
Lowest
Week
1
8 per share
$ per share
20%
85%
29%
19%
25%
18
2%
28%
30
17%
24
S per share
19%
19%
20
83
30%
18
*16
$ per share
$ per share
$ ;per share
July
Previous
Year 1937
EXCHANGE
the
Friday
Thursday
June 25
Range for
1
100-Share Lots
On Basis of
STOCK
YORK
NEW
for
Range Since Jan.
1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
July 2, 1933
Ex-div.
2
y
17$ Jan 10
12% Feb 25
Ex-rlghts.
Mar
Jan
f Called for redemption.
=5F5i
Volume
LOW
New York Stock
147
AND
HIGH
SALE PRICES—PER
Monday
June 25
8 ;per share
Tuesday
Wednesday
June 27
June 28
June 29
$ per share
S per share
5 per share
185s
7i8
19
19
85
85
*136
138
*136
7U
7%
76
11%
12%
4%
12%
4%
4%
4%
85
*378
434
2034
*83
11
278
3
4
65%
*151
153
6
*3%
24
64
153
6
3%
358
49
47%
7%
*134
8%
138
138
139
139
76
81
77
82
79
13%
434
13
1334
4%
4l2
13%
*4%
4%
14%
1338
4%
4%
43g
4%
23
22
22%
2H4
85
83
83
4%
43S
2134
*83
4%
2134
4
43g
4%
2II4
*83
85
10%
7l2
4i8
1034
278
24i2
7%
21%
86%
234
4%
85
458
10%
234
24%
7%
4%
2%
2434
26
3
6%
378
4
4
4
9%
9%
9%
9%
4734
48%
*134
137
7%
48%
4934
*134
137
8
49
9
8%
ii
Z135
80,900
1,600
2,400
4,500
3
9%
4
36
33%
3%
34%
3%
35%
38
*36
37
37
22%
35%
22%
39%
3%
23
23
23%
31%
23%
3%
35%
22%
36%
22
22
31%
*16%
31%
19%
*55
68
34%
*2134
31%
3%
3%
4
4
3634
38
24
500
9%
9%
10%
ll3g
*65
31%
3134
31
31%
19
*18
31%
19%
3134
19
19
20
21
21
20
20
*55
65
64
64
63
63
63
63
No par
48
100
141
10%
9%
10%
11%
10%
75
10%
11%
*68
9%
9%
10%
75
60
82
*59
*69
8434
*127
140
60
84
65%
6534
19
19
19
9%
20%
*18
17
70
74
67
73
66
18%
18%
19
20
19%
20
20%' 20%
*120
«.
9
*18
14
*12%
*65%
12%
*65%
92
*7%
8%
8
5
5
5
*85%
88%
3734
*85%
36%
88%
36%
9%
93g
9%
24
24
*1834
14%
14%
*13%
15
183g
18%
18
7
7%
30%
*28
15
14%
*14%
23%
12778 May
0% Deo
8% Sept
4% Sept
29% Deo
2% Oct
4% Sept
135% Jan
19% Sept
conv pref
24%
2%
*2
48
24%
2434
2
2%
48
*19%
13%
14
15%
17%
18%
7%
7%
7%
*5%
18%
7%
27%
1434
27%
27
28
15
14%
1434
*6
28
27%
14%
15
2534
2%
*19%
14%
18%
2%
48
5,600
1,800
28%
15%
16
conv
80
12%
5%
16%
12%
5%
13%
5%
12%
634
3,000
16%
17
12%
*5%
16%
Lee Rubber A Tire
22
2334
22
16%
22%
2,800
22
5,900
27%
9%
101%
175
%
•
3%
27%
9%
2634
36%
7%
29%
9734 9734
101% 10134
3%
26%
*8%
26%
34%
7%
29%
234
49
30
*95
9734
96
100
175
*168
*17
18
*17
29%
39%
7%
30
96
100%
.
*17
168
%
4%
334
27
287g
7%
37%
7%
30
*166
Dec
Jan
4
25
Mar 30
81
Mar 30
81% Mar 31
157
49%
47%
49%
4
3%
*120%
22%
m
«
17%
17%
93
93
93
51% £52%
3%
4%
18
17%
94%
94%
17%
17%
17%
17%
17%
1734
140
*140
140
143% *141% 143%
*16%
17% *17
17%
1634
1634
39
40
39% 41
42%
43%
18
18
18%
18%
18%
19%
*28
30
*27% 30
28%
28%
4
30
-
17%
93
-
*48
*122
23%
4
125
4
xl22
122
24
*122
Apr
37%
37%
38%
*12%
1234
2834
1%
1%
7%
1%
1%
7%
*1%
1%
7%
1034
5%
1%
7%
1%
7%
934
934
47g
13%
1%
5%
5%
13%
7
9%
*5%
1134
1*4
5%
%
12%
*1%
6
26
26
10
934
23%
3%
36
2534
*145
4334
5%
*19%
*7%
11
*934
6
5%
11%
6
34
160
45
12
134
6%
34
6
6
13
1334
*1%
1%
*26
2634
934
10
24%
25
3%
3%
*7%
*9%
5%
12%
1«4
5%
12%
1%
6
*%
*434
13
1%
27
9%
24
3%
34
6%
1
Apr 1
12% Mar 31
19
7,200
Ludlum
*28%
2934
MacAndrews A Forbes
100
"
11,500
31,400
38%
12%
29%
1%
8%
9%
5%
13%
2%
28
1%
*7%
9%
5
*1234
1%
57g
6
29
11
247g
3%
41%
26%
334
3%
*145
160
43%
44
45
5%
5
5%
20
t Manhattan Ry 7% guar. 100
Modified 5% guar
100
5% Mar 20
Mandel
230
Bros.
1,900
1,200
Manhattan Shirt
3,700
Maracalbo
Marine
140
Midland
Corp
500
42
27
26
2034
160
*145
160
4334 .45%
5%
5%
43
44
20
197g
5%
5%
20
(Glenn L.)
3,000
Martin-Parry Corp
0,300
2,900
Co
Masonlte Corp
~
~
~
"2" 900
12,200
1,300
-100
81
81
81
*76%
1134
1134
11%
12
11%
1134
*76%
11%
12%
12%
1334
*76%
13%
9%
9%
9%
9%
934
9%
10%
10%
10%
10
10
12,100
*72
79
100
*72
10%
79
*72
~
79
79
*76%
79
Bid and asked prices; no sales on this day.
*72
~
-
79
t In receivership,
_
13"%
a
10
2,000
Def. delivery,
6% conv
n
New stock,
r
25
Dec
13% Feb 10
3078 Jan 11
18%
Oct
"0"
Dec
2
Jan 10
Oct
36
Feb
132% Feb
62% Mar
58% Mar
15% Jan
63
Mar
Mar 15
9
8%
Jan
41% Mar
20% Jan 13
9
Jan 13
10
10%
Jan
Jan
Oct
39
Oct
Oct
16%
29%
Jan
Oct
684
Feb
14%
Feb
Jan
2
l%May 12
7% May 11
14% May 11
%
Dec
3
Oct
20
Jan
6%
Dec
39
Jan
2%May 11
1%
Oct
7
Mar 29
Jan 26
29
Jan 14
24
11% July 1
25%June 27
10
1%
20
4% Jan 24
43
June 30
27% Mar 10
105
Feb 23
7%
3% Mar
6% Mar
Dec
6I84
Mar
Dec
30%
Mar
Oct
29%
Apr
Oct
13%
Jan
Oct
74
Feb
22
Dec
142
4184
Jan
May
105
Jan
45% June 30
0?8 Jan 12
25
Jan 10
33%
Dec
66
Mar
4%
Oct
15%
Jan
Dec
44
Jan
21
Apr 22
35
June
45
Jan
Apr 5
8% Mar 31
91% Feb 10
93
Nov
111
10
10% June 29
Dec
Oct
Jan
Mar 23
11%
7%
30
6
24%
Feb
61
Mar 31
79
3% Mar 26
16%June
20
1
Mar 29
75
1
100
Cash sale,
Dec
Jan
Mar
Jan 28
28% Mar 31
No par
Corp
preferre.
17%
99
Jan
May
Feb
Oct
157
preferred ex-warr.No par
$6 1st cum. pref..—No par
McCall Corp
No par
Stores
247gJune 30
38%June 30
28%
147%
28%
5%
19% Mar 31
Department Stores—10
Maytag Co
No par
McCrory
13% Oct
26% Oct
123% Nov
43%
110
7% Jan 11
25
May
$3 preferred w w
Oct
75% Mar
10% Jan
Mar 31
2% May 24
$3
'
Oct
14%
48% Nov
Jan
Feb
2% Jan 11
18% Mar 30
5% Mar 30
14% Mar 30
1
No par
No par
preferred
125
Dec
3%
7g Mar 30
Mathleson Alkali Wks.No par
7%
7
Jan 21
Oct
15%
87% Aug
110
13% Tune 30
7
Marshall Field A Co ...No par
Martin
Jan
2% Oct
17% Dec
Feb
Aug
Mar 30
%May
3% Feb
100
18,300
Dec
63
26% July
5
5
64,800
83%
4%
9%
1%
9
100
preferred
Oct
99% Nov
101
Feb
1% Mar 31
26
Market Street Ry
6%
2% Mar 26
OH Exploration. .1
11%
24%
10%
237g
3%
3%
4234
20%
4% Mar 30
400
Mar 26
10
6% prior preferred.—. 100
6% 2d preferred
100
Marlln-Rockwell Corp
1
43
*145
No par
Sugar Co.—
2934
*27
10%
23%
18% Mar 31
% Mar 29
Manatl
100
29
2478 Mar 30
Copper
1
31
120
Mar 29
Jan 14
18
July
1
56% Jan 10
21% Jan 12
Mar 29
16
Jan 18
•
l41%June 21
116% Mar 30
10
...1
Magma
1
22
10
Macy (R H) Co Inc
No par
Madison Square Gard..No par
1,000
1
l2%May 27
No par
Mack Trucks Inc
3,000
2,100
16,700
100
-.1
preferred—.No par
6%
20
24
23%
3634
12%
1%
10%
18
297g Apr 20
1%
25
106
Louisville A Nashville
30
27%
June 22
13% Mar 31
Aug
23% May
Oct
43%
29
Oct
Oct
Louisville Gas A El A ..No par
Steel.
Jan
15%
32
1,600
18%
175
5234June 30
4% Feb 23
2,900
7%
Jan
May
151
Mar 31
18
100
113%
June
125
Jan
Jan
15% Mar
114
Nov
Jan 12
58%
79
Oct
14
21
Jan
Feb
Oct
18%
1
18%
43% June
21%
Dec
33
107% July
Feb
23
34% Jan 12
Jan 12
Feb
24% Mar
3%
Jan
83%
1
45
1,010
1%
(P) Co
preferred
Feb 28
203
82
2% June 25
17
*%
*434
6
92
100
10
-100
preferred
Lorillard
18
a:
Oct
Oct
% Mar 26
*43
6
2634
19%
2
5%
140
12
26%
20
7,700
*8
26%
*19%
9434
1734
140
12%
2534
5
2% Mar 28
14% Mar 31
June 29
5278 Jan 12
Apr 18
Long Bell Lumber A...No par
Loose-Wiles
Biscuit
25
2,600
*%
*434
42
160
4
*10%
38
42%
28
No par
108
5
Oct
45-%June 30
Mar 31
26
6
3734
*145
2478
23%
102
Lone Star Cement Corp No par
17%
17
140
33
No par
16,500
5,300
52
378
No par
Loft
13
37
5%
20
5%
%
6
13%
1%
26%
10%
25%
3%
37%
2634
10
11%
134
534
134
*%
13%
37
23%
t
17%
9434
Inc
Jan 10
8
20
Mar 25
12% Mar 31
$6.50 preferred
30%June 24
100
102% Jan 11
9
60,000
*122
1234
28%
23%
«
No par
Inc
278 Dec
22% Dec
23
400
2%
Dec
33% Dec
27,400
2%
50%
%
Jan 11
507«
*
Oct
Jan 10
49
2%1*2%
Dec
4%
9
107% 107%
2%
51%
4%
17%
97
29% June 29
Mar 29
52%
2%
Jan 14
27% Mar
51%
42
0
49%
2%
Jan 13
Jan 12
17% Mar
Oct
Oct
9%
23% Mar 31
48%
2%
11
July
1
Feb 25
Jan 12
Mar
14
07g Mar 29
19% Mar 30
47%
2%
6%
1%
5%
28%
19% Mar 30
48%
23g
Jan
June 30
114
Mar 29
% Mar 20
178 Mar 29
48
Loew's
0
17
3
29
35%
*
5
2334june 30
Link
27%
79
24
Lima Locomotive Wks.No par
*12%
*72
Dec
Liquid Carbonic Corp..No par
12%
*76%
10%
13%June 30
4,900
27%
19%
Jan
Jan
7,700
3,100
12%
19%
27%
41%
31%
45%
1834
48%
Jan
Oct
Oct
18
106% 106% *106% 108
Jan
24%
0
45
106% 106% *106% 108
Jan
47%
Deo
8
19%
*26%
5%
I,
100
Co
15%
Dec
14
Jan 12
95
50
Lily Tulip Cup Corp...No par
Belt
Oct
22
Jan 12
4534
3034
4
June 30
7% June 27
18
18%
17
Feb
30
43
36%
5%
100
17
9% Mar
17%* Jan 17
13% Mar 30
5
Preferred
20% Mar
40% Apr
Mar 29
29
12%
28%
44
100
1
69% Mar
Mar 20
19%
5134
35
160
29
Mar 20
40
12%
27%
43
15% Dec
19
13
*145
1878 July
39
35%
3%
37%
26%
71
35% July
29%
Jan
2834
28
24%
175
Jan
8% Mar 31
3%May 13
10% Mar 31
........-.—-25
Series B
109%
Dec
19
13
1%
3,100
Jan
Dec
Jan
Dec
39
*17
27%
6
500
1,100
101
*166
178
2234
3434
*%
I
100%
Feb
19%
110
11
Mar 30
29
*27
1%
5%
30
*95
90%
100%
23%
Oct
8
No par
6% conv preferred
50
Lehman Corp (The)
1
Lehn A Fink Prod Corp
5
Lerner Stores Corp
No par
Llbbey Owens Ford Gl.No par
Libby McNeill A Llbby No par
Life Savers Corp
5
Liggett A Myers Tobacco..25
3,300
14,900
2,200
Oct
17% Dec
1% Oct
1834
18%
1134
7%
30
96%
100
97g
29%
387g
7%
30%
9734
28%
40
38
4%
28
97g
Nov
7
4
Jan
20
38%
18%
1134
1%
5%
*334
27%
28;%
934
9%
2734
80
Jan 10
Mar
May 5
16% Jan 12
Lehigh Valley Coal
1,300
1,600
10,300
1,100
Jan
May 27
9% Jan 10
35
27%
16
28%
18%
6
%
44%
Oct
15
——No par
Lehigh Valley RR
8,700
Mar
26%June 30
2% Jan 10
38%
19%
42
6
350
5%
%
Oct
Mar
29
Nov
6%
3
Feb
29%
40%
1%
6%
11%
47g
14%
Jan
121
28% Nov
5% Oct
18%
29%
37%
41
-
9%
5%
34
Oct
80
14% Mar 31
20% Mar 20
18
30
17%
168
3%
27%
434
5
43% Jan 10
978 Jan 12
17%
32%
40
2234
175
30
4%
34
Feb
40
87%May 20
17%
31%
48
334
-
*29
100% 100%
*168
106%
-
.
114
'
136
15
85
Mar 26
12% Mar 31
Lehigh Portland Cement...25
4% conv preferred
100
Bryant
Jan
64% Nov
15% Dec
116% Apr
22
No par
Lane
800
Jan
126
6
9
100
Lambert Co (The)
Jan
Mar
.13
14% Jan 12
1% Mar 29
12% Jan 7
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
preferred..
1
8
10% July
1
21% July
1
18%June30
155
Apr
Aug
15% Mar 31
2% Mar 26
1
prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (S H) A Co
No par
5%
20% July
119%June
Mar 29
Jan
Jan 10
65% Nov
120
30
87%
19
No par
—No par
12%
5%
1434
19%
45g
127
Jan
26%May 27
6% Mar 31
$5
400
8
2
6
63
Apr 5
4% Mar 29
3
preferred
Mar
12% Apr
lO%May
1
12
3
«.
12
cl A.l
12
114
Nov
20%
78
5% Mar 29
6
12%
114
Deo
9
Jan 15
129%June 23
49% Apr 1
12% Mar 25
100
660
*110
70
Jan 18
June 30
830
6%
15%
1934
105% 106% *109
4%
4%
4%
34
34
34
3%
3%
334
27
26%
26%
9%
9%
9%
2534
26%
2734
37
3534
37%
*7
7%
7*8
Jan 11
12
97
118
Feb
75
8
Jan 24
100
15%
36% Jan
107% Apr
20% Jan
24
Feb 10
Mar 31
June
Oct
Mar 29
16
19%
8% Nov
Dec
58
27
15%
Oct
8%
122
15
*5%
6%
13% Jan 12
100
26
*538
15%
19%
104%
10%June 30
10% June 30
4
4
No par
15
12%
6%
15%
20%
105%
434
34
4
Feb
Deo
B
Jan
6% Mar 30
Oct
Sept
Kimberly-Clark.
2,900
7,900
*6
28
Feb
49
Kinney (G R) Co
1,200
11,400
7%
110
6
Kendall Co S0 pt pf A ..No par
Kennecott Copper
No par
Keystone Steel A W Co No par
""680
15
Oct
zllO
$8
29
65
8
Class
48
187g
7%
Mar
June 30
Kelsey Hayes Wh'l
99~, 900
18%
62
5% Feb
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn.-.IO
4,700
15
49%
Oct
Johns-Manvllle
"2,200
15
Oct
10
64
preferred
Jan
30
117
4%
Feb
35% Jan 24
July 30
68% Jan 25
44% Mar 30
City Southern
10
Jan
113% Apr 30
Kansas
Apr
9% Apr
68% Sept
Feb
1
Preferred
Jan
8%
No par
preferred
25%
1734
17% *17%
94% *92
94%
16%
16%
16%
17%
140
141
140% *140
17%
1738
1738
17%
35%
26%
16
14
3%
*17%
3%
8
1
25%
*92
934
03
.No par
Apr 16
21
46% Mar 30
15
2%
23
Mar 28
2534
18%
49%
*24
June 17
12
14
39
12%
*1%
28
100
25
17%
*4
No par
14
39
11%
Shoe
25
29
*6%
19%
14
17%
29%
I3g
24
$6
1,800
1834
*6
19% Mar 31
18
Jan
57%
28%
Deo
Jewel Tea Inc
2,490
15%
2734
1434
No par
10%
Oct
34
Inter type Corp
Island Creek Coal
88%
9%
26%
2%
.
48% Jan 21
Keith-Albee-Orpheum pf—100
40
Jan 21
6
28% Mar 25
Interstate Dept Stores. No par
Preferred
100
92
*85%
37%
9%
26%
2%
*19%
39%
9%
2634
2U Mar 30
100
24%
%
*17
213g
34%
23%
*19%
13%
17%
9%
88%
9
4078 June 30
No par
preferred
Kaufmann Dept SUMres.S12.50
87g
578
135% Mar 1
978 Jan 12
18% Mar 31
100
15%
25%
34% 3534
*7%
7%
*29% 31%
*9634 100
*28
9%
*85%
37%
4U Mar 29
No par
Kayser (J) A Co
534
Jan 19
No par
C
26
25%
*120%
9%
9
132
15
B
500
8%
Oct
73% Mar
800
*67
3
Nov
600
6
7% Jan 12
37
1778
12%
9
Nov
52% Feb 23
2134
5%
Jan
138
307g Mar 31
1778
834
Aug
Jan 11
June 27
15% Apr
14
9
46%
*85%
36%
8%
5%
88%
38%
Jan
120
162
70
153
18%
20
92
189
Oct
123g
6%
*234
2634
4734
88%
37%
*67
Apr
Apr
127% Nov
63% Nov
Oct
Kan City P A L pf ser B No par
12%
154% Jan 21
l7g
preferred
100
Inter Telep & Teleg
No par
Foreign share ctfs...No par
Yo% ~4~506
934
9%
03%
0
25
%
*106
47g
9%
20%
18%
13%
Oct
47S Jan 11
15
*5%
15
1434
19% 20
104% 105
434
434
*170
8%
*85%
92
70
Oct
117t Jan 21
7%
*120
9%
*18%
18%
13%
13%
*
28% Mar
2
18%
Jan 17
111% July
11% Mar
Mar 25
2
1
24%
12%
101
18
8
2%
18%
21
18
92
36%
34
*2
9%
13%
*65%
4%
24
2
34
*120
8%
20%
4%
9%
2
18
12%
*734
38
*18
20%
18
8%
*434
2334
*120
9
*8%
20%
19%
*16
14
95
69
Oct
International Silver
A
19
*18
*16
12
66
*8%
*12%
*65%
12
9%
67%
*120
*8%
84%
129%
140
62%
*120
60
85%
*127
10%
11%
Oec
0
International
1,900
10% 132,000
10% 22,800
1134
8,200
75
75
75
*70
*70
77%
10
77%
1134
*10% 1134 zll%
11%
500
*10%
1134
19
1834
24
18% 1834
20%
*20%
1,600
122
*117% 122
*117% 122
*117% 122
60
63
64
*60% 63
*59
64
""566
8 6 34
94
89%
97
94
92
91%
19,400
*129
132
129% *126% 132
*128
132
10
11%
11%
11%
1134 *10%
19
19
*18%
18%
18%
*1171® 122
*117% 122
♦117%
*58
10
11%
9%
11
Dec
2%
International Salt
97g
11%
10%
934
92
3ig Mar 31
5%
97g
1034
9%
11
9
Jan
Oct
Apr 25
4% Jan 12
May 27
Mar
Feb
0% Mar 31
Corp.
Internat Rys of Cent Am..100
70
3134
Jan
Apr
33%
20
Mar 31
5%
700
65
6
13%
64%
29
360
*23
Oct
Mar 26
Inter Paper A Power Co
1,970
37
Oct
Mar 26
Harvester
Feb
Oct
2
70,000
334
98
58% Nov
July
131% Mar
1%
15
Int Nickel of Canada_.No par
Preferred
100
65,200
*55
10
10%
32
36
143
Jan 12
par
Voting trust ctfs
35
*34%
144
Oct
Int Hydro-Elec Sys cl A
25
Int Mercantile Marine.No par
100
40
Nov
Internat Mining
2,600
8,100
38%
334
407g
Apr
72
32
1
June 30
per
6%
378
Mar 29
Class
34%
share
Jan
47%
6% Jan 13
678 Mar 30
Class
30%
*3%
22%
Dec
5%
15% Jan 11
4%June 28
June 10
2
Oct
15
July
100
Preferred
84,100
8%
25
80
Agricultural..No
Internat
25,600
9%
Mar 30
No par
Prior preferred
500
50%
82
Highest
share §
per
Jan 18
Int Business Machines.No par *130
46,000
*13034 135
$
1
July
140
15
100
Lowest
share
87%June 30
8
No par
Rubber
Iron
9
22
Mar 25
Feb
per
13% Jan 12
378 Jan 17
3,300
4834
50
preferred
Interlake
$
56i4June 17
7ig Mar 30
3% Apr 1
27fi Mar 26
.No par
t Interboro Rap Transit.-.100
Interchemlcal Corp
No par
Internat
7
378
10
60
135
Range for Previous
Year 1937
Highest
share
Mar 29
1438 Mar 31
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
1
3,300
1,600
2414
4
100
Steel
Intercont'l
per
10
preferred
6%
3,700
36,000
6%
334
9%
135
834
9,800
6%
S
...No par
No par
Ingersoll Rand
Inland
20
4%
11%
■'
Indian Refining...
Industrial Rayon
190
80%
14%
43g
4%
2278
15334 154
6414
66%
I5H4 151%
6%
358
9i4
2,200
85l4
3
154%
64%
6938
151% 151%
11,300
83
2414
153
Par
3,800
.
140
412
11%
12
Lowest
Shares
21
*82
4%
11
9
20%
8434
87%
35g
8%
8
21%
9%
137
8
7%
20
Range Since Jan. 1
On Basis of 100-<S/»ars Lots
EXCHANGE
Week
1
140
78
1278
4834
4734
137
138
334
914
878
*134
19
8312
11%
27g
25
24
24%
150
14912 148
149% 15238
68
63%
65%
635g 6678
153
*15H2
*15134
6
6
614
6%
6%
148
6I4
7%
19%
75
4%
11%
3%
3
July
STOCK8
NEW YORK STOCK
the
$ per share
138
85
10%
24% 24%
147i2 148
62
73
Sales
Friday
85
19
77%
13%
4%
478
22I2
*414
4
10%
7%
Thursday
*82
138
76i4
22
»
19%
86l2
7334
*82
CENT
June 30
$ per share
84
22
NOT PER
6
for
Saturday
7
SHARE,
Record—Continued—Page
x
Ex-dlv
y
Jan 18
Jan 18
Ex-rlghts,
20%
X06
Oct
Jan
106% Mar
*|f Called for redemption.
New York Stock Record—Continued—Page 7
74
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
NEW
June 27
June 28
June 29
June 30
$ per share
$ per share
14%
14%
$ per share
$ per share
June 25
$
per
share
14%
14%
14%
14%
14%
9%
9%
9%
9*2
41%
41%
42
18%
*9%
41%
18%
18%
19%
0%
29%
18*2
6%
6%
6%
31
32%
31
31*4
31%
8%
8
8
*75
94
42%
18%
6%
29%
7%
42%
7%
10%
94
*75
94
*75
7%
6%
7%
11%
11%
11%
11%
9%
41%
18%
9%
7%
11%
15
15
9%
11%
July
McGraw Elec Co new
1
10
1,800
McGraw-Hill Pub Co—No par
7
Mar 26
42
5,300
Mclntyre Porcupine Mines..5
20
13,400
McKeesport Tin Plate
10
7%
3112
8%
13,900
McKesson A Robblns
41
20%
7*4
32%
8%
19%
21
6%
31%
32%
8%
1634
9'2
6%
31*2
8%
8%
7*2
93
12*4
13%
Shares
9%
42
*75
4,600
9,700
~9~800
61
*55
61
*50
61
*59%
61%
*59*2
65%
613s
*44
46
46
46
47
47%
47%
*59*2
4012
514
*1912
*12*2
5
5
5*4
4%
5*2
19
*12%
14
12%
37
37
37%
18%
19%
*12%
37%
9%
17%
10
9%
9
17%
22%
94%
17%
18%
22
22*2
*93
95
95
*90
93
*88
93
8%
17
21%
71
74%
109% *105
71
*105
0%
52
13%
12%
20%
12%
38%
38%
39
9%
9*2
17%
5%
20*2
10
18
*90
93
75
74%
10512
6%
678
6%
65
63
61
*
79
76%
79%
107% *105% 107%
7%
6%
7%
68
62
*%
%
*%
%
*%
%
1%
*%
*%
*%
1%
1%
2%
1%
1%
15%
2%
7%
7%
%
8
1%
2
15
86%
114
38%
16
2%
7%
8%
2%
8%
1%
1%
*1%
1%
2
2
2
2
2%
15
90
92
16%
94%
15%
1%
91
114
*113%
40%
29%
38%
*25
40%
29%
39%
43
114
41%
4434
10,700
6%
6,500
11
17%
17%
17%
18%
17%
5%
18%
17%
12%
20%
36%
*12%
37%
36
13%
*12%
*48%
99%
50
13
13
*48%
*12%
13%
50
49% 49%
*99% 100%
6%
7%
*43% 48
8%
9%
100
100
7
0%
*43
48
9%
8%
11
5%
48%
99%
7
6%
*44%
10%
8%
12%
*152
7%
8%
157
9
25
155
13%
13%
*13%
14%
14
14
*81
85
*81
85
*81
85
*81
85
*40%
44%
*41%
44
*42
44
*44
155
44
15%
*81
44%
9%
15
12%
19%
*1234
1,090
*14
«
-
25%
*152
17
*11
17
7%
9
8%
20%
*12%
878
26%
9%
27
25%
*13%
17
9%
27
160
*152
160
*152
134
134
133
26%
*152
160
*133% 135
133
21%
9
21%
160
45
19%
15%
20
700
700
8,900
15,100
21%
7%
7%
7
7%
57%
62
60%
62%
60
61%
60
19%
20
20
19
19%
19%
28
28%
19%
27%
27%
27%
74%
74%
*70%
7%
3%
*10%
20%
20%
*100
28
76
*72
75
74%
72
72
72
*70%
10%
85"
-
-
-
10%
19%
75
70
40
*35%
35
*35
*100
104
*100
*6
7%
14%
30
30
31%
14%
15%
13%
14%
14%
13%
103 <4 *100
4%
7%
15%
4%
15
112
112
20
112%
7%
7,200
5
5
1,200
2234
23%
*15
150
16,800
17
10
100
10%
83,500
29%
27%
*150
25,400
158
-•4#
-
«.«.
•
130
5,500
47,000
1
4
Mar 25
26
Mar 30
37
conv
7%
32
32
32%
15%
1634
1534
15%
17
15%
32%
1,000
16% 159,200
1634
8,100
32
14%
14%
16
13
13%
13%
15%
*33
23
25
24
24%
23
23%
23%
26%
25%
27%
26
27%
11,800
28%
28%
28%
29
28%
28%
29
29%
28%
29%
2834
29%
7,300
4
220
10
650
*110
115
*110
115
*110
115
*110
115
111
111
*110
115
10
*108
123
*108
123
*108
123
*108
123
*108
123
*108
123
*4
*4
4%
10%
10%
%
%
%
*
4%
1038
10%
57
1%
4%
*%
7%
4%
*45
53
*45
%
%
.
%
*155
159
101% 102
20% 21%
*52%
9%
*93%
55
*76
79
9%
*93%
10%
94%
*28
30
*2
*15%
10%
26
12
*89
9%
95
2%
18%
16%
*38
7%
3%
4
4%
4%
4%
5%
6,500
%
%
*7%
7%
*51
*52
57
4%
%
4%
1
1
*34
1
400
7%
8
7%
8%
7%
8
5,300
*45
52
%
%
160
21%
163%
102% 103
21% 22%
55
*54
52
*45
52
%
*%
157% 157%
20
34
*%
156
700
156
600
360
103
10%
94%
*92l4
96
*93%
96
*93
*101% 110
21%
23%
55
54%
54%
10%
934
10%
96
96
*9484
*76
92
*76%
92
79
79
*79
81
9%
*93%
10%
94%
9%
10
55
55
9%
94%
29
*54
29
*16
90
6
6%
22
22%
125% 127
10%
10%
*44% 50
17
17%
*38% 45
64
7%
4
-
-
-
-
65
7%
4%
16
*6%
6%
7%
*11%
27%
12%
28%
*11%
12%
28%
28
94
10%
9%
9%
94%
*93
54%
10%
934
11
94
94%
*9334
10%
9434
28
28
*28%
16
3012
30%
2%
18%
2%
12
2%
18%
11%
27%
12%
89
6
21%
126
10%
*44%
*17
*38%
*88
6%
22%
127
7%
19
2%
2%
800
*18%
30
24%
129
*129
240
634
3,700
23%
14,500
132
190
10%
10%
17,900
50
18
17%
*18
400
600
45
17%
*41%
52%
18%
45
*41%
"
4%
4%
15%
16%
7%
*11%
7%
12%
27%
28%
67
7%
4%
16
70%
8
4%
16
8
8
12%
12%
28%
2-28
*115
*115
*115
65
8%
4%
16%
7%
12%
27%
69
834
4%
16%
8
12%
29%
65%
8%
*4%
16
7%
13%
28®4
t tn receivership
45
67%
8%
9,200
4,000
5
370
16%
260
8
13%
2934
620
400
9,800
a Per. delivery,
69
Mar
Dec
46
Feb
36%
Dec
Jan
12%
Oct
66*2
38*2
Oct
Jan
7% Jan 15
64% Jan
13'
14% Feb 23
Oct
15% Aug
Dec
4%
50
99% Mar
9% Dec
36*2
57
Jan 12
50
Nov
90
104
Jan 12
102
Apr
108*2
20%
7% Jan 17
3
Oct
47% Feb 24
12% Jan 10
15% Feb 18
13% Jan 11
1034 Jan 6
25% June 21
44
Dec
5
Jan
Oct
24%
Oct
47*2 Mar
8
Oct
24
6%
Oct
17
Dec
145
May
17% Jan 10
June 24
13
Dec
90
Aug
Feb
Jan
Feb
Mar
10
5
157
71
Feb
Mar
18%
Mar
Jan
33% Mar
167
Jan
33%
103l2
Feb
Jan
17% Mar 29
Feb
112
May
23% Feb 17
17
Oct
35
20
Feb 25
17%
Dec
3h
10%June 40
29% Jan 7
4%
Oct
18% Apr
Oct
44
18
Mar
Mar
Mar
154
June
3
159
Jan 20
153
Oct
171
Jan
127
June
1
136
Jan
4
127
July
150
Jan
13% Mar 29
24
Nat Mall A St'l Cast Co No par
National Power A Light No par
National Steel Corp
25
16*2
Dec
61%
Jan
8% Jan 12
5
66%June 30
55
14% Mar 31
23
21
6)4% prior preferred. ..100
6% prior preferred
100
29% Mar
1
2
Dec
Dec
Dec
30
79% Mar
17%
20%
63*2
80%
Oot
Feb 23
75
Dec
75
Deo
4% Jan 14
3
Dec
12%
13%
Jan
Jan
63
4
Mar 31
70
-No par
Co
Mar 29
6
Jan 11
44% Mar 31
National Supply (The) Pa.. 10
32 preferred...
...40
i%%
Mar 30
112% Mar 2
112%June 30
7% Jau 11
5% Feb 1
26% Feb
112% Mar
100
Feb
1
2%May 24
758 Mar 31
...No par
75
Feb 25
11% June 20
Oct
Oct
14% Jan
99% Aug
26% Nov
Oct
Feb
Oct
23% Jan
22%
Dec
57*4
5
70
Feb 11
02
Dec
87
Mar 31
40
Jan 14
32
Dec
64% Mar
99% Apr 26
pref...100
Newberry Co (J J)
No par
5% pref series A.
100
t New Orl Tex A Mex
100
6%
14% June 17
58
1
conv serial
106
Jan 18
99*2 Nov
12
Jan 10
Apr
28
7
9
Nov
Feb
Sept
109
Jan
37
Mar
N Y Air Brake
No par
4% Tune 28
9% Mar 31
20
Mar 26
New York Central
No par
10
Mar 29
19% Jan 12
15%
Oct
55% Mar
100
7
Mar 25
22% Jan 10
14
Oct
72
Mar
12% Mar 31
38% Jan 12
30*4 Nov
100
Jan
18
Mar 30
29% June 30
15
2
Mar 25
Newport
Industries
1
N Y Chic A St Louis Co
6% preferred series A...100
NYC Omnibus
New York
5%
Corp. .No
Dock
par
No par
preferred
No par
5% Mar 26
10*8
39
29
Jan 10
4% Jan 11
JNYNHA Hartford
2%
Oct
31% Mar
12% Jan
25% Jan
1
5
110
Oct
135
Jan
111
Apr 28
111
Apr 28
113
Nov
137
Mar
!
par
54
June
1
l%June 10
2% Mar 30
% Jan 5
4% Mar 29
38
Mar 31
100
%June 16
100
133
100
.
Northern Pacific
June
3
Mar 29
13% Mar 31
4534 Apr 1
5% Mar 30
87%May 3
No Amer Edison 36 pf No par
Northern Central Ry Co.—50
1134Mar
75
June 21
61
%
Oct
2
Jan
Jan 18
54%
Dec
97
Feb
2
Oct
2% Jan 10
6% Jan 10
4%
Oct
26*2
Feb
1% Jan 15
1
Oct
Oct
6%
1538
70*2
Feb
3
62
Jan 10
198
Oct
272
Jan
102
Apr
114
Jan
55
June 27
Feb
17%
Jan
Jan 13
93
Oct
104*2
Jan
93*4 Jan 13
13% Jan 12
91% June 28
31% Jan 21
91
Oct
105
Jan
99
1234Mar30
22
Jan 13
No par
preferred
100
Jan 14
129
June 30
6% Mar 31
30% Apr 1
12
Jan 12
56
10
Mar 30
39% Apr 28
40
Mar 30
6
Mar 30
Pacific
2%
10%
3>4
9%
10
.No par
No par
(Cal)_10
Cash sale
Mar 10
7»4 Jan 21
24% Jan 11
Apr 19
Oct
Nov
114
Jan
Feb
5*2
Oct
19% Mar
20%
Oct
45%
125
6%
Nov
140
Jan
Feb
Oct
24% Mar
48
Dec
97
17% June 27
1234
Dec
28
50
Jan 12
44
Dec
75
Jan
115
Apr 19
114
May
115
June
Mar
Jan
70% June 29
11% Jaa 17
51% Nov
Mar 26
5% Jan 11
Oct
15%
Mar 25
17% Feb 23
8% Jan 21
14% Jan 13
Oct
40
Oct
27%
32%
Feb
38
J an
Mar 29
Mar 26
*22% Mar 30
r
Jan 11
6%
90
Jan
0% Mar
22% Apr
73
Apr
20% Feb
Oct
13% June 30
63*2
40
Nov
96
36% Mar
Oct
9
Owens-Illlnols Glass Co..12.50
Pacific Amer Fisheries Inc
5
r
Oct
24
115
25
15
Dec
14% Jan 10
100
Pacific Gas A Electric
1%
32% Feb 23
122
No par
1st pref.-No par
Outboard Marine A Mfg
.5
Outlet Co
No par
Pacific Finance Corp
30
Oct
May 26
1334 Mar 25
conv
Coast
1st preferred
2d preferred
9%
19%May 31
7% Mar 30
83% Apr 1
Mar 28
Jan
57*4
Jan 12
4
34%
Oct
3
Steel,
14% Oct
48% June
3
10% Jan 10
1% Mar 30
No par
Jan
Jan
484 Mar
180
1
Norwalk Tire A Rubber No par
Preferred50
Otis Elevator
Oct
Jan 13
23% July
9334 June 15
25
May 12
Oppenheim Coll A Co
*2
IO684 Jan 17
NorthernStatesPowerCo.$5pf 1
Northwestern Telegraph
60
9
Oct
30
1% Jan 11
eag Mar 31
No par
984 Mar
10% Jan 24
100
Co
Oct
% Jan 10
% Mar 26
100
preferred
New stock,
Oct
Feb
Apr 25
Adjust 4% pref
100
North American Co...No par
6% preferred
..50
North Amer Aviation
I
n
98*2
120
100
X Norfolk Southern
Norfolk A Western
35.50
Nov
Jan
Mar 30
100
Conv preferred
6%
41%
101
t N Y Ontario A Western. .100
N Y Shlpbldg Corp part stk..l
Otis
Oct
50
t N Y Investors Inc.._No
7%
19% Jan 15
50
N Y A Harlem
Preferred
-
-
Oct
21
Nov
100
18,000
93
*38%
7%
...10
7% preferred A
6% preferred B
Mar 30
5
....1
13
12%
11%
IS
No par
Ohio Oil
51
45
Nat Distillers Prod
Mar 31
Mar 30
Mar 29
3% Mar 30
17% Mar 31
11% Apr 1
Oliver Farm Equip
No par
Omnibus Corp(The)vte No par
8% preferred A
100
*42
10%
11%
106%
105%
3%
Nat Enam A Stamping.No par
Nat Gypsum Co
National Lead
18,500
*6%
2234
30
17
13
21% Jan 10
30
24% Mar
10% Jan
34,200
*88
105
Oct
28%
634
*71
Oct
11%
93
129
60
2%
50
50
lO%May 27
10
26%
*88
23
500
29
22
94%June
114% Apr
4434June
30% Jan
39% Jan
5%
100
No par
preferred.
12
93
6%
40,200
12% Mar
40% Jan
107*2 Aug
109
Sept
4
6%
28%
13%
11%
28%
12%
6%
10%
6% Mar
Oct
Dec
Dec
Oct
100
19%
11%
20
Bid and asked prices; no sales on this day,
40
*17%
10%
67
*2%
*18%
11%
26%
12%
22% 23%
128% 128%
10%
11%
50
*115
65%
6%
100
30
30
11
500
67,800
92
*74
10
2%
*16%
1078
26%
26%
12%
97,400
22%
10%
93%
89
11%
*115
9%
103
21%
54%
*28
2%
2%
21
Jan 17
65
N Y Lack A West Ry Co.. 100
57
*%
%
160
*52
56
52
52
%
101
16%
7%
•
4,500
101
89
4
4
15
2
*150
22%
12%
7%
i®4
101
21%
91
65
63
800
•%
%
%
*%
Dec
1%
100*2
104*2
7% pref class A
7% pref class B
Nat Dept Stores
10% pref.........
is4
101
11
16%
9%
1%
%
26%
45
3%
1%
160
11
*115
%
4
10%
1%
160
27%
50
*%
9%
1%
*45
*%
*3%
10%
1%
*50
18%
11%
28%
12%
6
5%
21% 22%
*125% 127
9%
10%
50
7%
9%
%
56%
52
4
1
7%
4
4
%
56%
1%
4%
%
7%
1%
4%
10%
%
*
"l%
4%
10
1%
12%
67% Aug
Nelsner Bros Inc
14%
8
3% Jan 11
Jan 12
2% Jan
Apr
38%
Natomas
14
34% Mar
17
34
Oct
1,500
15%
Oct
Oct
1,100
32
9% Mar
5%
Oct
10%
10
Oct
12
20%
50
Deo
2
13
10%
42,200
Oct
15
39
20%
7%
Mar 25
6
15% Mar 31
150
No par
National Tea Co
16%
%
Aug
2% Jan
5% Mar
6% Jan
June 30
4,400
103
Dec
20%June 30
16% Jan 12
3
15%
Dec
45
3
*6%
*2
%
18% Mar
108
12% Mar 31
Register
3
103
Oct
37% Apr 12
Cash
3
6
6% Mar 30
100
w w
Nat Dairy Products...No par
100
16%
Oct
Dec
Nat
800
6
Mar
4%
60
Nat Bond A Share Corp No par
3,300
15%
124
98%
Jan
81
75
15%
Mar
Mar 31
7834
7%
14%
4
Nat Bond A Invest Co .No par
29
100
6
Mar 29
Apr
37% Mar 29
5
100
28
40
95
10
pref
cum
*70%
36%
*6
9% Apr 7
34% Mar 26
1
Acme
73%
14%
31%
8
preferred-.-No par
Munslngwear Inc.—
.No par
Mulllns Mfg Co class B
29
*36
Jan
120
Mar
28
40
*35%
103
103% *100
100
51
*70%
40
Oct
Nov
Dec
73%
3%
10%
100
91
53
48*a Mar
15%
28%
74%
*08%
122
June 30
25,500
10%
35% Mar
Oct
Nov
22
Co
20,300
20%
Oct
15
87
11% Mar 29
Brass
20
10%
14
Jan
72% Mar
26*4 Feb
1
Mueller
64
20%
41
Oct
Feb
19
*68%
Dec
4%
20
62%
20
14
33% Nov
Oct
21
75
34 Jan 10
1% Jan 11
1% Jan 12
17% Jan 13
3% Jan 12
11% Jan 10
16%
47% Mar
8%
66%
75
784 Jan 12
June 29
68
Oct
Dec
Jan 10
19
75
94% Jan 26
79% June 30
110 May 27
3
1018
14
62
65%
20%
70
10%
20
35
15%
3
19%
*68
-
14%
3%
10%
10%
20%
20
*68%
3%
3%
3%
10%
104
*5
28
75
*70>4
72
3%
*68%
*32%
21%
112
1
Mar 31
5% pref series A
1538
Mar
10% Mar 31
Nat Aviation Corp
National Biscuit
700
678 Jan 11
23
Motor Products Corp..No par
Motor Wheel...
5
7,200
45
160
Mar 31
17,400
*132% 140
*132% 140
132% 134
22
23%
21%
22%
23%
21%
7%
7%
7%
8%
7%
7%
18%
7%
21%
26%
*155
22%May 27
24%
155
45
10%
28%
5
8% Mar 30
17%
17
2
Jan
Mar 31
7% Mar 22
85
10%
May
National
*81
17
Mar 30
Nashv Chatt A St Louis.. 100
*17
10%
27%
10
890
15%
17
% Mar 30
1% Mar 25
100
20
5,600
934
9
*13%
11%
7%
2
42,800
15,200
200
85
»
% Feb
%June 22
% Mar 28
1058May 27
1% Mar 26
4*4 Mar 29
100
'
.
1
Mar 26
Mar 31
11%
8%
7%
8%
19%
Apr
4
35
Murphy Co (G C)____ No par
5% preferred
100
Murray Corp of America...10
Myers (F A E) Bros...No par
Nash-Kelvlnator Corp
5
50
46
24%
14%
49*2 Jan 28
100
14%
7%
155
155
20
20%
20%
19% *19% 20-%
19%
15
15
15%
14%
14%
14% 14%
14%
*111
*111%
*111%
*111%
*111%
111% 111% *111% 111% ♦111
ni% 111% 111% 111% 112%
7
7
7%
7%
*0%
7%
6%
6%
6%
7%
5
5%
5%
*4%
4%
4%
*4%
4%
5%
•4%
21%
22%
21% 22%
21% 21%
21% 22
21%
21%
19%
14%
40
46
45
11%
8%
*12%
13%
-
24%
10%
8%
24%
*152
7%
45
25
10%
8%
24%
157
7%
50
24
10%
8%
*152
800
15%
9%
24%
157
100
52
51
49%
*49%
100%
100% 100% *100
13%
23%
10%
14%
50
38%
39
9%
8%
10%
6%
6%
37%
*12%
14%
11%
8%
8%
12%
13
8%
24
6%
6%
155
8%
12%
11%
10%
8%
24%
11
20% .22
37%
15%
1.00% 100%
48
6%
*44
,
Apr 25
25
20%
11%
1
60
20
10%
4
Apr
Morris A Essex
6.900
11%
Jan
Feb
Montg Ward A Co Ino No par
Morrell (J) A Co
No par
12%
11
5%
41%
*25
12
11
86
67
13%
10%
93% Aug
Dec
25
7,600
16%
12%
Dec
37%
111
18
17%
60
Jan 13
10
17%
10
29%
Jan 19
89
10
5% conv preferred
Carpet Mills
Feb
Jan 25
15%June
No par
t Missouri Pacific
101
72
61
*48
76
Preferred series A......100
34.50
66*8 Dec
34% Apr
5
preferred.....No par
18%
28%
16%
28%
1678
27%
17
6
Monsanto Chemical Co
140
250
28%
37%
8,300
114
Dec
4
43% 128,200
29%
89%
31
16%
5%
Mohawk
30
28%
36
16%
92%
3,700
29
16%
5%
2,300
*25
15%
35%
Mo-Kan-Texas RR
29%
*27'4
5%
Mission Corp
2.800
400
10
Jan
Minn Mollne Pow
3,100
9,800
Jan 12
16% Jan 13
Minn-Honeywell Regu.No par
2%
8%
1%
2%
16%
29
34
1%
Jan
43*2 Jan 17
11% Jan 11
22% Jan 11
27% Jan 12
101% Jan 12
pf—100^
2%
884
1%
17
16
29%
28%
*27%
*%
112%
Apr
11
JMlnn St Paul ASS M...100
7% preferred
100
4% leased line ctfs
100
%
2
2%
89%
94%
113% 113%
114
*25
*%
*%
Jan
Dec
June 13
10
65
19
78*8
5% Mar 31
12% Mar 30
2,100
20,900
Jan
Oct
26% Mar 30
4% conv pref series B...100
Impl
1
16.60 preferredNo par
100
7%
16
17
2%
7%
15
1%
90%
114
38%
*251i
*%
16
2%
2
15
14%
15%
15
2%
114
40%
*%
15
8%
1%
88
87%
114
*25
15%
2%
2
2
15
%
15%
2%
7%
1%
%
1%
1%
5,400
77%
10% Mar
47*2
6
6
Mllw El Ry A Lt 6%
105%
684
65
62
*%
*%
74%
105
1st pref
conv
100
93
73%
5%
Meets Machine Co
Jan
32*2 Apr 1
3% Mar 30
14
May 31
No par
*90
Oct
Sept
42% Jan
42*8 Mar
50
Merch & Mln Trans Co .No par
8% cum 1st pref
93
5%
28*s Dec
share
55
1
50
(The)
Co
Midland Steel Prod
*90
Dec
6% Mar 26
50
93
18%
Mead Corp
5,700
98
22%
26% Jan 12
8% Jan 10
35% Feb 23
8% Jan 15
15
I
*96
25
Oct
Mar 26
| 10,500
100
23%
30%
84
19
*96
1
Apr 12
24%
18%
23%
95
105
58
60
2,900
30,600
45% Feb
70
Miami Copper
5
Mld-Contlnent Petroleum.. 10
22%
*%
7%
*1%
9%
1734
95
%
2%
10%
18%
800
14
40%
10%
95
1%
1%
15
39
22%
*%
*%
12
39%
9%
*%
14*2
2%
20%
12
39
*90
7%
17%
5%
95
74%
55
19
5*4
47
22%
1
109
6%
7%
53%
4%
19%
19
19%
12%
37
5
47
28*2
100
Mengel
*50
61%
21
Dec
Mar 26
4,000
61
*57
Dec
7%
June 14
5%
20%
*50
80
per
11
5
1,700
64
*52
Highest
16% July 1
10% Jan 12
27
preferred
share $
13%May 27
5% Mar 29
.No par
$6 pref series A
No par
$5.50 pref ser B w w.No par
Melville Shoe.
No par
12%
*50
75
per
1
47U
12*2
65
*55
Lowest
f per share
35% Mar 25
5
Stores
conv
per
No par
preferred
conv
6%
93
*50
48
13
McLellan
3
Highest
4,600
42
12%
Par
share
Jan 31
15
Range for Previous
Year 1937
,
100-Share Lots
Lowest
Week
1
$ per share
9%
42%
*75
On Basis of
STOCK
YORK
EXCHANGE
19%
15%
8%
94
*75
the
Thursday
| Wednesday
Range Since Jan. 1
STOCKS
Sales
for
Tuesday
Monday
Saturday
July 2, 1938
Ex-dlv
v
29% July
Ex-rights
1
*9*2
2%
7*2
4
10%
22
Dec
Dec
Oct
103>4 Aug
23
Jan
Feb
Mar
Jan
1 Called for redemption
Volume 147
LOW
AND
New York Stock
HIGH
SALE
PRICES—PER
SHARE.
Monday
Tuesday
June 25
Wednesday
June 27
June 28
June 29
39%
16
*104
*140
*24%
*1H«
4I4
*734
*1
56
*3734
*
S per share
89
83%
978
89
978
9%
90%
IOI4
8614
10i8
20
2%
3734
1778
*---.
10
92
10%
18
|
2i8
2
5
*1'%
June 30
I
July
? per share
5%
89
X89
95
113s
18
18
178
*18
2'
2
2
1,200
5%
5%
5%
534
8,800
Pathe Film
9%
11%
1034
11,700
2%
10
3%
%
114%
114%
*3%
%
%
%
102
115
115
102
116
117
*5
6
6
7
*40
59
*40
45
*40
45
39%
39%
*2%
*34%
*6%
23%
39%
3%
39
*47
52
38%
*3
*29
39
39%
334
3
39
*6%
*30%
22-%
22%
23
*47%
52%
5%
*47
*5%
*24%
5%
*57%
*147
7
60
"7%
*2%
23
26
52
5%
27%
7
7%
65
*59
24
25%
*34
40
7%
13%
42%
40
24
23%
40
39
*34
34
*%
*6
7%
13%
42%
23%
*%
*5
6%
7-%
13%
34
1034
11
%
*%
20%
21
20
*9
10
*9
7~, 300
100
8%
8
51
10
%
10
9,200
2,800
48,400
800
140
*234
334
100
40
8
20
51
7
'"'200
27
27
7
7
800
7
62
150
43
46%
42
43%
27
27
27
27
27
45
*36
40
*%
3.1
6%
6%
6%
%
%
*%
%
%
100
20-%
21%
2034
2134
21
21%
9,900
9
9
*8
10
*8
10
12%
11%
12%
*%
1,700
11
2%
3%
3%
3%
3%
4,100
8%
8
8%
8%
834
3%
8%
834
18,800
8%
8%
834
834
834
33%
30%
118
115
3134
*10%
*75
99
*75
55
2%
18%
54%
2%
18%
11%
55
*193.4
6%
115
30%
11%
11%
*90
11534 11534 *113
32.%'
3134
12%
11%
100
34%
12%
11%
Pressed
11%
6%
10%
*10%
638
99
*75
54
53
2%
18%
11%
13%
1334
15%
14
14%
6,900
20
20
20%
22
20%
20%
16
16%
4,100
22
22
*20%
*22
23%
400
18%
5%
19%
18%
17
23%
18%
lb%
23%
*17%
16%
22
16%
23%
18'2
5%
5%
800
18%
5
5
*41
45%
*41%
%
734
*8%
*10%
50
50
34
734
*8%
*11
13
58
48
34
734
8%
11%
13%
13
18%
78
5
50
*8
734
834
8%
11
13%
2
58%
13%
58%
59
44
44
*44
2
2
Quaker State Oil Ref Corp.. 10
Radio
Corp of Amer—No
85 preferred B
No
83.50 conv 1st pref..No
{Radio-Kelth-Orph
No
Raybestos Manhattan.No
12%
12%
2634
13%
13%
13%
13%
1434
14%
27
27
27
28
28
29
78
*65
78
*65
78
*66
59
13
85%
7
7%
*68
*
59
~
12f2
*70
734
13%
85%
8%
40%
41
41
42%
55
55
54%
55
6
*5%
6U
6%
6%
*9%
9%
6
6%
*8%
9%
17
17
21%
21%
36%
2%
38%
38
1
1
2
22
60
"12%
*70
12%
85%
8
8
40%
41%
*53
*5%
6
55
6%
6%
%
69%
58
08
58
15%
30%
1434
15%
8,500
3034
32
*
*
60
13%
"13%
85%
85%
8i->
42
42%
*53
55
60
14
"I334
85%
14
% Mar 31
3
Jan
15
Mar 31
2184 June 30
13
Oct
29%
Apr
8
Mar 28
11
Jan
5
9
Dec
5% Mar 29
1% Mar 26
12
Jan 15
7
Oct
22% Aug
33% Feb
1%
84
11%
Jan
Oct
3%
Jan
Oct
Oct
15%
31%
Jan
8%
834
41%
42%
55
*53
*5%
6%
6%
55
*5%
6%
9,900
13,100
10
10%
10
10
*9
10%
500
17
1734
18
18%
18%
18%
2,700
2134
23%
24
24%
24
*1%
37%
41%
%
34
1
*%
1%
2
Bid and asked prloee: no sales on this day.
2%
1%
39
%
2%
25%
18.000
4,500
1%
*1%
2%
200
4034
38%
40%
16,300
1
1
2,700
2%
2%
{ In reoelvershlp.
2%
25
July
1
Mar 25
112
a Def. delivery,
10% Jan 15
31% Jan
52% July
122%May
35% Jan
98% Jan
108
Jan
17
1
18
13
12
6
123% Jan 13
2%
5%
5%
20
Oct
31
Feb
86
Feb
43% Oct
114% Mar
308$ Oct
91
103%
117
Feb
Oct
Oct
Oct
Oct
Apr
8
Oct
21%May 27
8%May 26
Apr 19
7
Mar 29
9
June 16
484 Mar 31
60% Jan 31
37% Mar 31
178June 2
1434June 20
8%May 26
Mar 30
86% Jan 17
13% Jan 11
Jan 18
83%June 30
11% June 30
16% Jan 14
7% Jan 11
98%
85
Oct
634
Oct
13%
484
4
5584 June 30
6% Jan 11
96%
Dec
Oct
Dec
44
Dec
23*4 Jan
24% Jan 11
29% Jan 18
19%
Oct
Dec
20
Dec
26
Dec
18%
77%May
2%
65%
Jan
118%
6284
Jan
112%
128%
Feb
Jan
Jan
18%
Feb
Feb
Jan
1234 Mar
115
Nov
80
Jan
10% Apr
.37% Jug
26
£ -50
Jan
Dec
43*4
Jan
Oct
133$
Jan
34% Mar 29
% Mar 29
5
Apr
1
6% Mar 30
51
83
Jan
No par
100
-
9
June 10
9% Mar 30
.25
49%May
40
2
Apr 28
3%
July
1
1
39
Dec
1% Jan
3
1
Sept
11
Jan 10
9*4
Jan 10
12% July
15
1
Feb 25
7%
7*4
9*4
30
Dec
22%
Oct
35% Mar
29% Mar
67% Feb 24
8% Oct
61% Nov
66% Jan
69
g
Dec
65
Dec
60
Dec
100
preferred
3
Jan
1*4
12%
Oct
Oct
38
May 26
778 Mar 30
73
5
9
Oct
10
17% Mar 30
37
Jan
26
Dec
65
85
J an
76*4
Dec
6% conv prior pref ser A. 100
Revere Copper A
Brass
Class A
100
H% preferred
Reynolds Metals Co.
62% Feb 24
100
No par
10%June 9
84% Apr 25
5H% conv pref
100
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
4% Mar 30
3334 Mar 30
51% Jan 31
10
Common
Apr 27
5%June 21
Richfield
5
Oil Corp
Rltter Dental
Mfg
No par
No
7% Apr 11
14% Mar 30
par
Roan Antelope Copper Mines.
Ruberoid Co (The)
{Rutland RR 7% pref
13
preferred
100
%
Jan
1284
Jan
Jan
Jan
Jan
Jan
Jan
Jan
80
Jan
25% July
2% Jan
41%June
1% Jan
Bx-dlv.
y
60
17%
Mar 31
1% Mar 25
WH1
rOasnsaie.
64% Jan
87%
10%
46%
58%
8%
7%
11%
20%
l%June 18
25%May 27
%June 13
No par
Joseph Lead.
—10
{St Louts-San Francisco... 100
tit.
New stock.
Mar 25
Jan
17% Jan
9
Jan
Ex-rlghta.
4% Mar
Dec
20*4 Jan
75% Jan
a
2334
Jan
23
5% July
1% Mar 30
conv
107
Jan
27% Jan 25
Jan 13
ll%May 31
39% Mar 29
3,000
%
116
Rhine Westphalia Elee A Pow.
17%
2134
2%
39% Mar 31
1% Jan 22
4% Jan 17
10% Jan 10
5
6%
40
17
2U
25
25
30
3% Jan 13
Republic Steel Corp...No par
5
*9-%
2134
6
30
13%June2l
234 Mar 25
Reo Motor Car
"
7%
6%
%June
1% Mar
484 Mar
4% Mar
1384 Mar
D*.c
7% preferred
100
47% Mar
Mar
Preferred with warrants
700
4",500
Oct
Oct
47
Rensselaer A Bar RR Co—100
78
*84% 100
8%
8%
42
41%
*53
7%
*5%
*66
♦
60
l234
*70
8
78
8%
%
Jan
49
1st preferred
1,000
6
38-%
%
2%
*57
July
—100
Preferred
1,500
61
19% 160,600
6%
*1%
2
1%
18%
58%
2%
6
37%
2%
13,300
19%
58
10
39
*1%
2
17%
♦
2
2
18%
58
141
50
5
Rels (Robt) A Co
900
18%
55%
Apr
29%
1
30
Jan
*97%
Deo
Remington-Rand
62
57
Dec
13,400
50
28
8
30
14%
62
Deo
Jan
30% Jan 15
4% 2d preferred
500
*44
8
May 10
12
Mar 22
13%
61
Dec
4
30
18
14%
48%
Deo
45
6
22
10
8%
30
Dec
% Nov
Jan
10% June 17
Reliance Mfg Co
1,200
June 29
Jan 18
1
16% Jan 10
*4 Jan 19
18
Reliable Stores Corp..-No par
60%
23
45
Mar
50
50
Real 811k Hosiery
170
%
2%
*57
preferred
600
55
60
82
600
58
*55
1
25
Rayonler Inc....
Reading
4% 1st preferred
9%
17%
17%
55%
par
12%
57
18
par
par
12%
55
56%
51
par
*9
55
17%
56%
1.600
par
9
57
18%
33,600
No par
Purity Bakeries
8%
*46
27
9
74% June 18
13%
48
2
4,200
2%
20%
51
%
8
May 2i
%June
81
12
55
*70
Dec
23
32
100
9
54
78
Mar
46%June 30
100
*34
*8%
8%
60
47
2%
No par
preferred
12
8%
834
11%
1334
58
58
*46%
%
54
2%
1934
50
50
1
%
11
,*>%
2%
18%
27
122
7
Feb
900
5%
18%
*47S
13%
Mar
Dec
20% Apr
11% Apr
July
2438
2,900
15
12%
43
Oct
11%
15%
23%
8
20
Oct
884
*11
12
8%
141
Oct
8
Feb
11%
20
11
Apr
4%
72%
No par
11
14%
11
97%
Oct
Pure Oil (The)
20
34
Mar 14
8% Jan 10
16% Jan 12
25%
67,700
15%
50
174
Jan
11%
54
Jan
14% Aug
140%
162%
113%
14,500
2%
76%
Dec
Sept
11%
20
Oct
4
June
11
5534
Jan
25
132
11%
2%
Feb
18%
110
11
1934
Feb 26
Jan
66
Oct
Jan 14
113s
5434
Jan 17
Oct
Dec
4%
June 13
preferred
2%
1934
36
143
12%
~
20%
116
Pullman Inc
100
Apr
Jan 12
conv
*75
Jan
20*4
333s
Mar 29
5%
100
74%
Oct
132
6%
*75
Oct
4
May 10
7% Jan 17
7%
Jan
9%
27
8% July
85
Jan
Jan
July
112
300
100
1%
20
100
31,600
200
64
Oct
June 21
478May 26
7% Mar 29
.100
136,900
87%
Oct
Dec
145
7% preferred
8% preferred
34%
7
Nov
Pub Ser El A Gas pf 85.No par
6,100
6%
5%
50
30%
100% Aug
86% Mar 31
83%
7%
June 27
Dec
10178 Apr 23
83
6%
Feb
4884
...100
90
7
3%
June 30
No par
150
94
Jan
14
95% Aug
62
6% preferred
100
Oct
65
Mar 30
15 preferred
200
Feb
41
800
12%
5%
No par
5% pf (ser of Feb 1 *29). 100
Corp of N J.-No par
83%
55%
19%
5
50
Pub Serv
83
2%
5
Inc.-l
Procter A Gamble
90
19
*21
Co
Jan
7%
June 30
52
May
5
378 Mar 30
Jan
100%
7
8
20
54%
Dec
Dec
2% Oct
% Oct
184
50% Mar 9
42% Jan 10
3% Mar 31
600
21
18%
Car
Steel
5% conv 1st pref...
5% conv 2d pref
130
15%
11%
19%
16%
1%
{Postal Tel & Cable 7% pf.100
500
53%
2%
18%
11%
2%
18%
No par
83%
82
*86
Class B
900
116
3214
Pond
18% Nov
34% Nov
119
3
Jan
Oct
62
7
Mar
40
No par
3
11%
634
*
PIttston Co (The)
1
20% Jan
Mar 29
Plymouth Oil Co
37% Jan 12
May 21
66
1
24% Jan 12
100
*234
734
734
*115
Jan
June 30
6
Pittsburgh & West Va
3
118
Jan
25
June 24
Porto Rio-Am Tob cl A .No par
13,800
Jan
91
3
May 28
May 3
100
9,600
87
11
6
Jan
39
Mar 29
48
600
*8%
48% Mar
Mar 31
4
pf unstmp 100
6,600
10%
22
con
%
10%
100
2
6
2%
8%
734
Oct
Dec
30% Jan 18
100
*34
10%
*10%
6%
21%
*1%
preferred
2%
lllo
*1634
6%
June 25
May 4
27% Mar 31
1
9%
10%
*60
Term Coal Corp
%
10
*25
100
9%
*10%
6%
*5%
5% pref class A
5M 1st scr conv prior pref 100
2%
88
*56
100
*34
81%
10%
13"
7% Pref class B
9%
2%
83i
9
30% Dec
4% Mar 30
38
No par
1
11%
*
Pittsburgh Steel Co
2%
80
*40
conv
9%
87
12%
15
*%
H3i
19%
100
8%
2%
87
16%
6% preferred
1
80%
684
114
Pitts Coke A Iron Corp No par
8%
234
10%
15%
25
*34
10
Jan
Feb
Mar
30
104% June 27
100
8%
*86
11%
Mills
*2%
79%
34
Flour
2%
34
100
17
Jan 12
14 Mar 26
75% Mar 29
5
100
Pittsburgh Coal of Pa
30
20%
79%
87
2
Phoenix Hosiery
Preferred.
Pitts
12
79%
7%
No par
100
9-%
29%
2%
18%
100
Phillips Petroleum
80
3A
Oct
2% Feb 19
4% Jan 12
No par
570
*40
30
*8%
5% conv pref series A
Phillips Jones Corp
7% preferred
1,200
40
3
37% Jan 11
38% Jan 16
1% Arp 25
2% Mar 26
Plttsb Screw & Bolt...No par
*115
53%
No par
10
50
118
*41
{Phila Rapid Trans Co....50
7% preferred
50
17,700
14%
7%
29
106
*117
Apr 12
8
*14
*115
11734
30%
94%
94%
30
Mar 28
153
8%
1434
11
30
60
*150
7%
*4
17% Mar 31
50
pref
-No par
Pitts Ft W & Chi 7% gtd pf 100
14%
*%
.25
3
No par
64
11934
*136% 137%
*117
*5
Phelps-Dodge Corp
Philadelphia Co 6% pref
*61%
70
Oct
13% Feb
69% Mar
Pirelli Co of Italy "Am shares"
I*
Mar
22
Oct
400
27%
>.
50% Mar
63
11684
65%
3
Plllsbury
24
*6
Feb
Feb
7% June 21
31% Jan 10
1,500
24
*47
Feb
484 Jan
Pierce Oil 8% conv pref...100
24
Oct
Dec
12%
76%
2934
.21% Mar
5,000
8%
20
27
110% Sept
Jan
Oct
400
*29
Oct
13% Dec
Jan
6*8
9%
3,100
3%
15
64
10334 Mar
13% Jan 11
634
8%
15
Oct
Nov
Jan
7«4 Mar 30
118%
~34~7o6
Mar 23
1
4% Jan 12
2%
37
57% Nov
1% Oct
2% Oct
7%
10% Jan
23% Mar
78s Feb
Petroleum Corp of Am
5
Pfeiffer Brewing Co
No par
118
41%
31
Oct
15
Philip Morris & Co Ltd... 10
40%
5%June 30
28% June 30
15% Jan 11
24% Jan 15
357g July
5% Mar 26
8
8% Mar 29
Phila & Read C A I
49
2% Jan 10
Oct
Oct
No par
16 preferred
%
1
22% Mar 26
184 Mar 26
178s Mar 26
Pet Milk
July
June 29
9
15
1%
4
63gMay 14
4
100
5
Creek Pocahon..No par
Poor A Co class B
No par
*8%
29% Aug
Feb
100
1034
%
*%
Oct
112% Feb
100
2,400
5%
150
7
Feb
Feb
Mar 29
5% prior preferred
300
3%
*6
His Mar 31
1914 Mar 28
110
5% preferred
8,000
*40
Mar 30
Jan
8%
4484
13aJune 13
2i2 Mar 30
1012 Mar 30
34%
Oct
Oct
12
2% Jan 10
10
Oct
1
28
684 Jan 12
12% Jan 8
930
102
%
39
*6
100
18%
109% Mar
Jan 10
1*4 Mar 29
550
•
25
25
24%
25%
25
2o
25%
25% *24
25
50
5134
50%
50%
51%
50%
50%
5034
50%
52%
116% 117
*116% 116% *116% 116% 116% 116% 116
116%
30
31
30
30%
31
30%
29%
30% 31%
3234
95
95
*94
95
94%
94%
95
95
97
95%
107
107
107
106% 106% 107
*108
109
*106% 108
*117
118% *117
119
118% *117
119
118% *117
118%
136
137
137
137 I 137
136% 136%
137
137
137%
*75
Pere Marquette
8
34
3
25
IO84
Peoria A Eastern
400
52
61%
Peoples Drug Stores...No par
6% cum pref..
100
People's G L & C (Chic)-.100
234
2%
*85
~
50
834
2%
34
9
*2%
106
-
7%
*4
10
20%
50%
i-
Pennsylvania RR
Pitts United
11%
2334
500
—
2%
3%
42%
27%
34
Mar 31
3% Mar 30
884 Mar 31
Corp... 10
100
94
*%
40,300
14%
42%
*38
7
*2
45
5%
150
13
Jan 20
3%
/95
38%June 24
2084 Feb 23
200
23
65
*148
24
2%
*
7%
Mar 29
1% Mar 30
*1%
7%
23
*5%
*26%
5%
16
3114 Mar 31
2
39
7%
*47
23%
Jau
53
*2%
39
7%
Jan
2684
78
39%
3%
*29
7%
jai)
200%
Oct
Mar 26
par
Mar
Oct
Mar 31
No
90
32% Nov
Sept
8
Mar 30
v t c No par
Jan
May
80 %
4
A ...No par
121
12% Jan 10
41
ser
Oct
97% Jan 10
65
Corp
29
Mar 26
No par
pref
Jan
4%
6% Mar 31
No par
conv
17%
Oct
65
Penney (J. C)
$7
12%
Oct
1
2S34
Penick & Ford
Penn G1 Sand
Oct
7
0"t
1,700
Penn-Dlxle Cement
K«-b
4
8%
8,600
800
Apr
Jan 10
3,300
2,200
Jan
2984
Feb 11
6
9,000
Dec
127g
77%
Penn Coal A Coke
1184
Jan
94
53
*42
42
39%
153
35
9%
734
45
*59
25
8%
8
•
*147
7%
13%
7
*6
*40
149
6
*3%
60
43
84
6 34
Apr
7534
%
%
%
10334 Z100
103
118% 11834 119
*5
634
7
153
13%
*%
3
26
*634
40
35
*8
7
60
7%
13%
*5
534
25
*
153
,
52
6
5%
24
*%
20%
23%
25
40
*63%
934
7
534
25
12%
39%
*4
3
39
7
7%
*534
133
Jan
Jan
June 27
52
3%
*3%
%
101
104%
Jan 28
30
6%
22
3%
140
78
2%
3%
44%
152
52%
*2
5334
Oct
Nov
7534
*134
2%
Oct
10%
110
50%
6
share
per
x34»4
8834June 21
534 Mar 31
No par
'
1%
*2
Corp
Mar 31
Highest
Jan 31
Patlno Mines A Enterprise par
Peerlees Corp
3
6
5%
"
13
103
1
2
*13.1
4%
%
Park A Tllford Inc
*4 Ma,r 25
10
1,600
78
103
100
6% 2d preferred
17%
52%
%
1
17%
7434
1%
4%
3%
100
18
534
11%
10
23S
334
No par
preferred
conv
18
52
*2
4%
Park Utah CM
1
Parke Davis & Co
No par
Parker Rust Proof Co...2.50
Parmelee Trans porta'n. No par
52
23g
Parafflne Co Inc
Paramount Pictures Inc
6% 1st preferred.,
500
7434
*2
100
2,600
74%
2%
334
preferred
conv
14,700
534
*50%
*1%
114
46% July
1,000
4%
4%
5
4%
5
5%
5%
21
22
23%
25
21%
26
26
25% 28%
12%
12%
12%
13
12% *12%
14
13%
13%
13%
1734
18%
I734
17%
18%
18%
17%
1834
18%
19%
18%
1934
*27
30
30
32
*2834
*27%
27% 28 34
*26
28
27%
27%
*112
11684 *112% 11634 *112% 11634 *113
11634 *113
11634 *113
11634
32
32
32
33
34
32%
34
33% 35%
35%
33%
35%
*334
3io
4%
*4
434
*3%
3%
*4
4%
5
434
*3%
*9
*9
11
103s
10%
11%
11
11
*10%
11%
11
11
27
26% 2634
25
25%
24% 24%
26%
24%
26%
24% 25%
24
24
25
24%
25% *22
24%
24%
2434
25%
24% 25
*12
151?
*13
*13
16%
16%
14
13%
13%
1434
*14%
15%
11
11
11
11
11
113s
1034
11-%
10%
11%
1034
11%
73s
7%
7%
7%
7%
7%
7-%
7%
7%
7%
7%
7%
25
27
26
27
27%
26%
27
26% 28%
28%
27%
29%
*35
36
*35
36
3534 *35%
35
35
36
35
*34%
3434
65
66
*62%
*62%
65
*62% 66
65
65
*62%
*62%
*62%
97
29
8%
1,280
234
76
4%
27% Mar 26
5% Jan 12
9% Feb 25
1% Jan 7
63% July
No par
Pan-Amer Petrol A Transp__5
{Panhandle Prod A Ret No par
3678
52
21%
3% Mar 30
7
Mar 29
""400
Apr
1937
share 3
per
18% Jan 10
20%
74
4%
Mar 18
2%
51
21%
*12
18%June18
10
10
2
5%
5%
par
(sp.stk) No
3634
1%
5
10%
PaclflcTin Corp.
Packard Motor Car
37
234
l4j
Pac Western Oil
Corp
18
1%
934
20
Jan
$
1738June 30
116
87
100
37
212
9% Mar 30
"
1,900
44,100
11%
*18
40
32i4 Mar 31
No par
share
per
"""366
95
1134
No par
I
1
2,800
12,400
96
1112
Corp
share
per
Year
Lowest
Highest
100 zl32% Mar 30
20
94
Ltg
i
Range for Previous
Pacific Telep A Teleg
6% preferred
10
100,200
lll2
19i2
234
37
2%
Pacific Mills
11
95%
19l2
Pacific
90
90
5
2%
3,800
10l2
1078
1034
19%
2i2
3678
Par
4,400
11
73%
2%
*1%
4%
*-...
Lowest
Shares
10%
90
3678
Range Since Jan. i
On Basis, of 100-Share Lots
EXCHANGE
Week
1
S per share
89
STOCKS
NEW YORK STOCK
the
1034
9i2
2i2
3634
5%
10%
6%
75
Sales
Friday
105s
2
5%
6%
*87
978
51
71
i
88
*18
18
934
89
9l2
20
234
37
10
6
*50
Thursday
$ per share
18
1912
2i2
36i8
2%
3734
17%
2%
5%
9%
$ per share
1
39
3914
39%
3934 40
3914
40
39U
3934
39U
40
16
1BU
1534
16
16
I6I4
1634
16
1634
173s
16%
121% *1031;. 12 Its *103
121% *104i2 12119 105
*105
105
12H2
142
*140
142
*140
142
*138i4 140 ~ *13812 140
*138% 140
28
*27
30
2934
30
*28i2
30
*27
*27
30
30
12
12
12i8
12.3S
12%
1234
14
1378
1378
13%
1334
4*8
4%
4%
414
412
414
4%
458
478
434
478
9%
*734
918
*734
9i8
*734
9'8
*778
9i8
*734
8%
1%
1%
1
*'8
1
*%
1
1%
1U
H8
Us
58
59
5814
63
6H2
57% 5914
58
63%
60%
63%
40
42
42i->
3934
42
4512 4512
44% 44%
46% 46l2
9%
*18
Record—Continued—Page 8
CENT
for
Saturday
$ per share
NOT PER
Nov
Oct
Nov
94%
110
Mar
Feb
Jan
Feb
9% Feb
47% Mar
Apr
110% Mar
49% Apr
98
Apr
139
Apr
124
95*4
30%
112
Jan
Jan
Jan
5%
Dec
34%
Jan
40%
Dec
58
Jan
55
Oct
67
Jan
10% Nov
14
Feb
4%
Oct
6%
31%
19%
M*4
Dec
18%
17%
Dec
1
Oct
Oct
26% Nov
38
9«4
65
Oct
Feb
Dec
June
Feb
Mar
1
Oct
4«4
Mar
1%
Oct
11%
Feb
Called for redemption.
New York Stock Record—Continued—Page 9
76
LOW
AND
SALE PRICES—PER SHARE,
HIGH
NOT PER CENT
Sales
Wednesday
June 25
June 27
June 28
June 29
June 30
$ per share
$ per share
3%
*1%
*5%
17
16%
$ per share
$ per share
$ per share
■
*1%
*5%
3%
*1%
*5%
10%
70%
....
3%
*1»4
*5%
17
17
3%
*1 %
$ per share
*1%
*0%
3%
*6
18%
Shares
Seaboard Oil Co of Del-No par
1,100
61,400
Seagrave Corp
No par
Sears, Roebuck A Co..No par
3
June 16
47
Mar 30
68% June 30!
Servel Inc
Sbaron Steel Corp..^__No par
9% Mar 30
10
Mar 26
10% Jan 12
20% Jan 11
pref-———-No par
45% Mar 31
60
*7C
74
*70
71
70
70
20
*80
85
*80
85
85
85
*80
88
10
*94
97
*94
97
*94
97
95
95
97
97
96
96
60
12%
12%
16%
17
17
67
67
67%
%
6%
41
%
1%
21%
3%
63%
14%
16%
*56%
%
%
7%
7%
41%
41
22%
4
4
65
00
60
3%
14%
5
*24
4%
20
*39
8%
8%
24%
15
21
90
95%
18%
95%
14
1%
16%
4%
40
8%
23%
14%
14
88%
*96
18%
*14
11
10%
20%
21%
234
19
27%
91%
*2%
*16%
20%
*90
90
91
100
18%
15
*97
18%
*12%
11
11
*132
150
134
13
19%
20
71
74
75
7
*6
42%
%
43%
44%
%
2
%
1%
24%
1%
23
24%
3%
66
14%
17%
64%
17
4%
41
8%
8%
*24
24
15
62%
484
4%
40%
8%
42
9%
26
15%
103
n7'4
*25
16%
103%
7%
20%
*2%
19
19
29%
28%
90%
94%
30%
2%
90%
96
2%
91
97
100
100
99%
18%
1812
14
14
11%
11%
102
19%
14
%
7
44
%
2%
24%
23%,
*3%
66%
14%
4
68%
15%
17%
62%
12
18%
*14
11%
4
67%
15
130
130
130
960
2,200
16
17
60
4%
41%
00
300
4%
434
42
*40%
9%
8%
26
9%
*25
102
*99
19%
26
106
18%
14%
14%
12
130
1,600
54,600
2,400
18,600
8,100
8,700
30
13,600
700
7,800
17,100
600
200
15,100
200
1,930
00
2,400
12
*11%
*128
3,600
900
19%
14%
1,600
15
14%
14%
15%
14%
15%
111% 111% *111% 113
*111% 113
2
2%
2%
2%
2%
2%
20
19%
20%
21%
20% 20%
134
6,000
1,200
20,500
a;15%
16%
15%
16%
*102
101% 103
103
7%
7%
7%
7%
22
23%
22% 23%
2%
2%
2%
2%
*20
20
20
20%
30
31%
29% 31
94
*91%
93% *91
93
93
97
93%
22
19
®8
*534
43%
%
1%
7
15%
4%
%
%
%
67%
40
10%
15
14%
14%
14%
14%
14%
*111% 113
*111% 113
*111% 112
2
2
2%
2%
2%
2%
19
19
18%
19%
19% 19%
150
13
20
16%
*58%
63
4%
40%
8%
24%
14
18%
71
14%
17
*58%
13%
64%
65%
1434
17%
12%
19%
69%
4
4
7%
20%
*90
19
*1%
22%
4
102%
20%
92
%
23%
7
*17
18
27%
42
%
102
20%
2%
2%
82
42
7%
7
7
*90
7
14%
15%
102
102
*101% 102
%
6%
%
14
04%
66%
14%
18
64%
14%
17%
65
40%
6%
20%
234
*16%
25%
41%
%
1%
22%
%
21%
4%
*38%
8%
14%
7
2
4
17%
08%
%
41
%
*1%
12%
17%
68%
12
7%
%
1%
22%
12%
17%
68
12%
17%
07%
%
150
$5
conv
14%
15%
14%
10
14%
13%
15%
10%
16%
15%
16%
15%
16%
85,000
10%
36,500
23,500
100
*3
*3
3%
*35
*36
41
3
3
3%
*7%
*
21%
22
*10%
*34%
9%
8%
8%
75
21%
22%
11%
38
10%
57
58
21%
21%
7%
7%
*10012 101%
'
3%
41
*3%
*36
3
3%
8%
*7%
75
75
22%
23%
11%
11%
11%
11%
12
*34%
38
10%
58%
22%
11%
37%
10%
60
23
36
36
9%
57%
21%
7%
101
1%
7%
101
4
4
8%
8%
17%
18
18%
21%
21
22%
1
30%
*%
30%
31%
9%
58%
22%
7%
7%
101% 101%
1%
2
4
4%
8%
8%
18%
18%
22% 23%
1
31
31%
*30
51%
31%
42
52%
24
*23
51%
*20%
66%
8%
66%
7
7
7
9%
5%
53%
10%
14%
10%
25%
2%
14%
24%
24%
24
2%
*17%
26%
7%
5%
6%
54
6%
9%
30%
31%
67
6734
66
67
67
67
8%
9
9
5%
5%
5%
5%
11%
25
2%
15
25%
6%
44%
6
6%
*41
*5%
6%
6%
42%
3%
32%
9%
9%
8
*41,
5%
6%
42%
3%
32%
5%
7
44
4%
33%
1034
9%
56
*43
49
*43
49
3%
*15
25
10%
9%
19%
42
44
10
10%
6%
7%
3%
*15
*1%
4%
13%
2%
11%
21%
*20
.*53%
4%
4%
*43
3%
25
3%
*15
1%
14
88
90
91
11%
43%
11%
44a4
10
10%
11%
42%
10%
13%
2%
*11%
7
13%
6%
7%
7%
4
4%
4
*65
77
77
30
7%
2%
4%
42%
4
4
33
33
10%
9%
19%
10%
77
4%
77
*434
4%
77
6%
44%
5%
7%
44%
1034
"
4%
41
334
4%
1%
4%
14%
3
13%
14%
93%
12%
49
11
6%
8%
78%
5
10
10
9%
*8
10
23%
23
23%
23
24%
31
32
32
4%
31
8%
32%
4%
33
*3%
30%
4%
*30
784
*134
4%
33
8%
52
54
53
2%
54%
10%
11
11
12%
76%
79%
20%
76%
20
20
77
79
78
8
6%
*41
5%
6%
6%
43
6%
*42
5%
2%
54%
12%
*32
43
7%
44%
4%
5%
43%
4
7
20%
2%
5434
12%
78%
1934
80
77
79%
79
30
24,600
4,800
3,400
lb" 400
115
6%
Feb
Oct
42%
Jan
130
Oct
155
Jan
17
Oct
15
Oct
Jan 14
27
Dec
Mar
Mar
Mar
Jan
Mar
Mar
Jan
32
1%
35%
1%
46
5%
Jan 21
4
Jan 12
Mar 26
Oct
Oct
Oct
9
3%June 29
Mar 30
Mar 25
05%
43%
60%
65%
11%
77%
9%
Oct
19% Mar 26
15% Mar 30
7% Mar 31
29
Mar 30
6% Mar 31
48%May 26
12% Mar 31
6% Mar 31
94
Mar 18
l%June 13
2
Mar 31
4% Mar 30
10% Mar 30
13
Mar 29
21
31
30
8
31
29
9
Mar 14
31
Feb
94
Feb
19% Dec
Jan 12
24*
Dec
73% Sept
36
1,000
7%
8,500
56,300
4*^8
19,200
35
10,500
11
33%
10%
34
9%
10%
25,400
9%
10
934
10
22.900
1,600
20%
*4%
*43
384
*15
1%
4
4
*43
49
3%
30
*4
14
15%
3%
3
13
1438
93%
15
11%
47%
10%
6%
8%
78%
13
50%
Oct
23%
15% Jan 10
10
Dec
35
39
Dec
50
Jan
Dec
28%
95%
48%
16%
107%
12%
14%
32%
Feb
*39
Jan
5
8%
11% Jan 10
49
16
64%June 30
24%June 30
9% Jan 10
107% Feb 5
3% Jan 10
5% Jan 12
11% Jan 12
Nov
7%
101
Oct
Oct
2%
2%
Oct
Oct
8%
4%
Jan 13
Jan
Oct
72%
Jan
4
42
43
Dec
70
Mar
48
Mar
io
*9%
2234
32
8%
834
2%
5734
13%
8034
20%
20%
82
4%
33
8%
2
2
56%
58%
12%
1384
80%
76%
20%
85%
33
4%
3434
8%
9%
*2
2%
*56
58
1234
11,500
200
3,600
13%
46,500
77
80
43,600
20%
21%
10,400
81
83
8,000
72
74
72
72
73
73%
73%
74
20%
20%
2734
20%
20%
21
28%
20%
27%
21
28%
20%
29%
21
28%
2884
27%
28%
86,700
Def
delivery
day,
73%
73%
{ In receivership
a
1,700
700
7
Jan 18
4
47
Jan 10
41
17%
Dec
5%June 29
4
Oct
Oct
Oct
Oct
5%
Oct
Oct
Texas A Pacific Ry Co
13
The Fair..
—100
1
15
cum
pref
$4.50
conv
10
pref—...No par
Mar 30
478 Apr 1
2% Mar 30
No par
No par
77
No par
Trusoon Steel..
......10
20th Cen Fox Film CorpNo par
$1.50 preferred..
No par
Twin Coach Co
Ulen A Co....
Mar 30
4
Truax Traer Coal
Twin City Rap Trans
Preferred
Mar 24
2% Jan 13
5% Jan 12
June 27
15% Jan 15
3% Jan 8
65
2%
36
1%
Nov
Oct
Sept
Oct
4
Dec
10
Oct
1%
6%
13%
72
Oct
Oct
Oct
Dec
40
Sept
8% Jan
15% Mar
28% Feb
10% Jan
40% Jan
21% Feb
98% Aug
Oct
28%
30
12
15
10
1
36
Oct
79
Feb
10
Oct
17
Aug
4
Oct
Jan
5%
3%
22%
27%
Dec
Jan 10
82
50%June
12% Jan
7% Jan
9% Jan
4% July
83
*
8%
Oct
Dec
Feb
Jan
11% Mar
109% Jan
12
Mar
6% Jan 10
4%
7
Dec
18%
Oct
6
Jan 13
Oct
17%
.100
16
Mar 30
44
Jan 11
39
Dec
94
Jan
1
0
Mar 25
7
Oct
25
Mar
1% Mar 26
10% Jan 12
2% Jan 13
Mar 31
69% Feb 23
7% Mar 30
13%June 30
80% June 29
21% Feb 23
88% Jan 12
No par
...No par
4% preferred
.—100
Union Tank Car...
No par
United Aircraft Corp..
5
20
r
Jan 13
10% Jan 11
24%June 29
33% JUly
1
—
.
Jan
13% Mar
93% Jan
13% Feb
3% Mar 28
57
New stock.
Feb
64
Oct
5% Mar 31
16% Mar 29
25% Mar 25
2% Mar 29
Under Elliott fisher Co No par
Union Bag A Pap new.No par
Union Carbide A Carb.No par
Union Oil California...
25
Union Pacific..—
100
n
48
Oct
3%
17
13% Jan 11
8
Mar
16% Jan
15% Jan
54% Mar
15% Nov
18% Dec
Mar 31
31% Mar 30
44
55
4% Jan 12
15
v
21
13% Jan 11
15% Jan 6
93% June 29
8
—10
Trl-Contlnental Corp
$6 preferred
Mar 31
56
Jan
101
1
231
3% Mar 30
8% Mar 28
1% Mar 28
5% Mar 30
10% Mar 29
77% Apr 29
—No par
Tide Water Assoc Oil
Mar 24
1
—.10
..100
Thompson (J R)
—.25
Thompson Prods Inc.-No par
Thornpson-Starrett Co-No par
$3.50
Mar 30
53% June 23
278 Apr 13
35
Apr 12
2% Mar 31
No par
..
Mar 31
15
100
..No par
No par
5%
Jan
57% Feb
8% Jan
15% Mar
65% Apr
9% Mar
Oct
23%
June 30
Jan
1534
Oct
6% Dec
Mar 31
June 30
Transcont A West'n Air Inc. 5
Transue A Williams StT No par
2,000
240
Oct
4%
Jan
47% Mar
39% Jan
20% Jan
28% Mar
33% Mar
23% Jan
Oct
Oct
4%
11
7,900
2,100
700
Oct
35
Timken Roller Bearing. No par
Transamerica Corp.... .....2
1,700
Oct
15%
22%
Jan
20% July
61% Feb
7% Mar
17% Dec
7% Oct
Mar 30
8,700
28,700
1,800
1%
8
3% Jan 11
17% Jan 10
26i4Juna 29
8% Feb 7
18% Jan 10
27%June 30
10% Jan 11
8% Jan 11
Mar 30
13,500
35
Oct
7
Tlmken Detroit Axle
10%
23%
33%
4%
125
Aug
Oct
26
7,500
5
434
24%
3434
Jan
Texas Pacific Coal A Oil.—10
Texas Pacific Land Trust
1
22,300
700
77%
44% Dec
6%
4,000
78%
77
Feb
2
$3 dlv conv pref
Third Avenue Ry
11,000
20
34%
Thermold Co
8%
4%
Oct
Jan 11
""400
1,800
Oct
9
11% Feb
24% Mar
24% Feb
58% Feb
4% Jan
Jan
Feb
3
45% July 1
47s Jan 10
"2",700
300
75
21
17%
33%
18
0% Mar 31
Feb
6%
11% Jan 12
7% Jan 12
57% Jan 24
8
Feb
Nov
Mar 31
Mar 30
Mar 30
Mar 29
Preferred
300
Jan 15
Jan
50
50
% Dec
27% Dec
26% Oct
30% May
118
Apr
Mar
Mar
14
4%
3%
32%
2%
4,900
7%
8%
4%
78%
50
Jan
65
Telautograph Corp
6
Tennessee Corp
5
Texas Corp (The)
.25
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
12%
4884
11%
10%
6%
7
5
34
Jan
Dec
Oct
14% Mar 10
29% Jan 13
Mar 30
Mar
Oct
125%June 27
13
Apr
5
33% Jan 12
35% Jan 7
36% Feb 15
55% July
1
26
Aug
10
22% Jan 14
26% Jan 12
1
Nov
8
30
Jan
10
31
31
26
31
3%May27
9
(James)
14%
93%
47%
11%
Talcott Inc
1
15
11%
15
-25
3%
13%
3
13%
14%
91%
5
10
2234
*33%
4%
1%
4%
*14%
93%
700
25
1%
4%
4%
*12%
4
384
*15
1%
Sutherland Paper Co
10
Sweets Co of Amer (The)...60
Thatcher Mfg
$3.60 conv pref.
49
5%
Mar 29
119% Feb
9% Mar
17% Mar
1% Mar
8% Mar
17% Mar
6%June
6% preferred
100
10
Superheater Co (The)-.No par
Superior Oil.......
1
Superior Steel.....
_.100
Sunshine Mining Co
preferred.
"""eoo
45%
7
4
45
No par
Jan
23% June 30
1
5% Mar 29
3% Mar 30
1
Without warrants....
Jan
22% Jan 12
13% Jan 12
21% Jan 10
Mar3l7
4
No par
Swift A Co
June
Oct
20%
Jan 10
32%
4% Mar 30
27%
Oct
Mar
1%
Oct
22% Mar 30
*20%
no sales on this
13
110
Jan
17%
Symington-Gould Corp ww..l
72
Bid and asked prices:
Oct
24% June 29
Swift International Ltd——.
21
•
28
9%
140% Mar 26
Jan
1,600
*20%
27%
Apr 14
10,300
4,400
*71
26%
40% Feb
29% Feb
23% Aug
Sterling Products Inc..
3334
82
78%
20%
*134
54%
11%
77%
1934
78%
4%
33
8%
Dec
2,200
43
5%
4%
22%
30%
9%
10
Studebaker Corp
Sun Oil
24
*72%
Mar
20% Jan 10
15% Jan 15
13% Jan 15
10% Jan 10
113% Feb 28
3% Jan 13
Apr
Mar 31
Stone A Webster..
*15
7%
4%
Mar
54%
26.000
49
6-%
197
120
2
Standard Oil of Kansas.....10
4,300
Oct
Oct
Starrett Co (The) L S__No par
22,300
Apr
60% Apr
10214 Feb
Nov
Standard OU of New Jersey.25
1,400
Mar
June
66,000
*43
10%
4%
13
400
57
44%
58
26
96
65,900
23
11%
34% Feb
105% Feb
17% Mar
67
29
{Stand Comm Tobacco.—.1
{Stand Gas A El Co
No par
$4 preferred
...No par
$6 cum prior pref
No par
$7 cum prior pref
No par
(The)
Feb
June 30
9%
9%
9%
10%
6
584
584
6%
57
57
57
57
56%
129
*125% 129
*124% 129
11
11
10%
10%
11%
26%
25% 27
x25% 25%
234
2%
.2%
284
3%
16»4
1584
15%
15% 16
26
25
25
26
26%
8
8
*7%
*7%
9
18
17
17
1734
17%
27
27%
2784
2634 27
8
7%
7%
7%
784
534
6
6%
534
5%
584
22
1134
44%
10%
6%
7%
44
6% Dec
20
13%
Nov
Jan 13
*53%
284
13%
13%
91%
88
11
*20
13%
14
91%
1
Feb
67%June 24
11% Jan 12
57
13%
284
93
Mar 29
21
*4
26% Dec
June 17
23
1%
34% Jan 10
Jan
17% Feb
17% Oct
2% Nov
15% Dec
May 28
*53%
.
Jan 13
22
5
57
3%
Oct
6
*5314
24
Nov
49
57
49
5%
1
*20
*4%
91
103%June 29
9% Jan 11
24% Jan 11
3% Jan 17
6
10
7
20U
22%
4%
Feb
10
9%
7%
*21
20%
14
65
Stokely Bros A Co Inc..
4%
34%
9%
Oct
Dec
Stewart-Warner
10
23
4%
7%
9
6%
43%
*4
4%
13%
2%
11%
14%
6%
*41
5%
634
1%
4
4%
44%
5%
*1%
4
23%
31%
418
8
9% June 30
27% Jan 27
18% Jan 11
Oct
24% Dec
14% Nov
3%
6%
9,300
7
25
44
2,000
9%
7%
9%
*125%
10%
5% Jan 10
Jan 14
Mar
7%
9
7
57
48
Feb
120
1912 Dec
53% Dec
5% Oct
8%
55
Dec
June 29
%June
25% Mar
24% Mar
32% Apr
3934 Mar
17% Mar
37
*30
60
Aug
42% Mar
Oct
Jan 14
Mar
97
Stand Investing Corp. .No par
Standard Oil of Calif. _No par
Standard Oil of Indiana
25
34",000
15
34
102
24,100
1
31%
33
31%
67%
8%
7%
6%
11%
*%
30%
7
5%
11%
24,400
7
5%
13%
*85%
26%
67%
9%
5%
4%
13%
2%
13%
14%
88%
24%
5584
24%
7%
5%
1%
2,800
Oct
Jan
Jan
Apr
2
8
6% Mar 30
8% Mar 30
17%June 17
2t2 Mar 29
No par
13,300
16
3% Oct
49% Nov
12% Dec
Jan
2%
8%
54%
11%
98%
Oct
4
9%
Conv $4.50 preferred-No par
Square D Co class B
1
$4.50 preferred
1%
19% Mar 31
..2
.....
,
128
Spalding (A G) A Bros. No par
1st preferred
—...100
Sparks Wlthington
No par
Spear A Co..
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
8 perry Corp (The) v t c——1
Splcer Mfg Co
No par
$3 conv preferred A-.No par
Spiegel Inc
3
Feb
23% Feb
45%
Mar 28
May
1% Mar 29
16%May 24
Mobile A Ohio Stk tr ctfs 100
1,000
26,200
Mar 30
3%
Oct
3% Oct
34% Nov
% Oct
7% Jan 11
% Jan
Dec
%
44%June 30
10% Mar 31
-No par
3,700
51% Mar
98% Mar
111
100
5% preferred.
Standard Brands
9%
24
55
1,680
4,600
71
8% Mar 29
25
39,200
21%
53%
54
44,000
9
5334
24%
37
10
20
52%
24%
*30
1,400
2
484
23%
7%
5%
3%
1%
4%
53
17
26%
327g
10
1
31%
32%
101
37
7%
5%
3%
*%
4%
9%
20%
24%
101
23%
*53%
4%
7%
*1%
1
31
32%
2
64
23%
8%
8
52
23
4
*%
29%
31%
100
55,400
*30
21
30
24%
63%
22%
8%
T.266
52%
24
*20
8%
22%
64%
24%
1,300
23%
13
36
10%
42
56
4%
4%
438
9%
1934
11
50
25
*22%
22%
12%
*33%
10%
51%
*20%
67%
8%
22
22%
*30%
4%
8%
19
1%
4%
8%
19%
23%
26%
22
6%
7%
2
36
9
1,200
10,900
75
*30
*19%" 23
2%
1%
13
9
*
52%
23%
*53%
*12
100
7%
9
*1%
*3%
12%
100% 101
17%
9
*4
8
26%
16%
26%
43%
3%
32%
63
2234
8
7
*6%
5%
42
10%
63%
7%
6i
23%
3%
37
125% 125% *125%
10%
10%
10%
2434
24% 25%
2%
2%
2%
15
15
14%
25
24% 25%
18
43
*5
8%
26%
*6
22%
4
41
3%
9
22%
12%
*35
*384
*35
3
"22%
23%
1
30%
31%
334
41
75
60
*6%
16%
*41
10%
8%
*
22%
7%
2%
14%
25%
*6%
17%
26%
8
*6
*%
29%
31%
22
934
3
9%
*30
66%
8%
8%
5%
*51%
*125%
75
22%
22%
3%
*%
8%
►
22%
22%
*35
334
*37
3%
9
22%
22%
1%
4%
30%
334
41
3%
22%
22%
1%
30
41
3%
8%
22
1%
17%
20%
41
Dec
Feb 23
Jan
4
10
Southern Railway—..No par
17%
25
11%
17%
3434
11%
25
3434
22
1
13
Southern Pacific Co.—-100
25
14%
9%
14%
30
3%
13%
15%
14%
9%
13%
16%
6
85
5
14% Mar 30
18% Mar 31
x84
Apr 1
100
12,800
10%
27% Jan
June 14
91
24%
♦25
27% Mar
45
24
16
Feb
Oct
No par
10
No par
No par
$6 preferred
Smith (A O) Corp—
24%
*25
113
11
Sloss Sheff Steel A iron—100
24
3434
Dec
4
2% Apr
25
.100
24%
9%
14%
*24%
3%
x98
Jan
4% Mar 31
12% Mar 30
Slmonds Saw A Steel.-No par
23%
9
Feb 11
19
3
10
24
14
105
Mar 30
22%
*22%
Jan
Mar 26
Mar 20
23%
10
Mar
113
10
22%
9%
103
Dec
3778June 3
6% Mar 12
20% Apr l
par
22%
14%
Jan
Dec
80
34% Mar 28
% Jan 6
par
22%
*22
46
70
Jan 18
% Feb 10
3
Mar 30
So Porto Rico Sugar...No par
70
Dec
Jan 20
93
8% Mar 29
14%June10
par
7,300
100
18
81
62
par
2,400
63,300
23% Jan 12
79
Smith A Cor Typewr
Snider Packing Corp
Socony Vacuum OH Co lno.15
Solvay Am Corp 5H% preflOO
South Am Gold A Platinum. 1
500
Mar 30
Mar 24
93
Skelly Oil Co
6% preferred
share
Mar 29
No par
Simms Petroleum.
per
20% Mar
37% Mar
Oct
Nov
i2
5h% conv preferred.-.100
Silver King Coalition Mlnes.5
Simmons Co
No par
Shell Union Oil
10
68
1
Sharpe A Dohme——No
$3.50 conv pref ser A .No
Shattuck (Frank G.). .No
Sbeaffer (W A) Pen Co-No
6
68
_
8% preferred
Southern Calif Edison
*132
3%
Jan 26
May 28
1,000
70%
85
*11%
5%
18,100
75
*80
18%
May 28
2% Jan 13
27% Feb 25
5% Jan 14
18%
*70
85
17%
6
Highest
$ per share $
$ per share
1% Mar 29
15% Mar 29
18
75
*80
17
share
Mar 26
per
Lowest
Highest
2
Par
{St Louis Southwestern...100
5% preferred
.100
Safeway Stores
—No par
5% preferred..
100
6% preferred..
—100
7% preferred
.....100
Savage Arms Corp
No par
Schenley Distillers Corp...—5
5H% preferred
100
{Schulte Retail Stores......1
8% preferred
-100
Scott Paper Co
—No par
{Seaboard Air Line—No par
4-2% preferred
—100
3%
*
*70
10%
Range for Previous
Year 1937
100-Share Lots
.Lowest
Week
1
July
On Basis of
YORK STOCK
1938
EXCHANGE
the
Friday
Thursday
Range Since Jan. 1
STOCKS
NEW
Tuesday
Monday
Saturday
July 2,
Cash sale,
41
Mar 31
17% Mar 31
55% Mar 31
5934 Apr 20
Mar 30
19% Mar 30
x
Ex-dlv.
y
25
2%
Oct
Nov
1% Oct
40% Nov
8% Dec
61% NOV
17% Oct
80
Nov
6
78
Oct
23% Jan 12
29% June 29
22
Nov
81
Jan
Ex-rights.
10%
Oct
26% Mar
40% Mar
50
Mar
Jan
6% Jan
100% Jan
18% Sept
111
Feb
28% Feb
148% Mar
9934
Jan
31% Feb
35% Mar
1 Called for redemption.
Volume
LOW
New York Stock
147
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
June 25.
Thursday
June 27
June 28
June 29
June 30
$ per share
5 per share
8%
*8
.
S per share
8og
S per share
8%
8%
8%
8%
10
*8
10
*7%
17%
17%
17%
17%
*11218 115
*113
46%
46%
17
17
2%
57%
55
55%
17
17
17
17
3%
28%
2%
27%
6%
5%
7%
7%
8
72%
*68
5
31%
*30
61
63
75
74%
*%
1
7
6%
6%
7
8
8
*27%
19%
29
20
5%
9%
9%
9%
9%
67
64
64
37
36%
5%
36%
32%
5%
31%
71%
33
73%
32%
71%
66
66
61%
5%
66
61%
51%
66%
61%
52% 54%
103% 104%
35%
35%
*43% 45%
103% 104
36
45%
4%
2
4%
11%
57%
*123
135%
31% 31%
%
%
9
86
76
66%
62%
54%
52%
102% 103%
*35%
43%
4%
36
431*
*4%
%
*55
65
*61
69
65
70
136
136
%
%
%
17%
22
22%
22%
23
22%
23
107
33
33
34%
50
I'll'
15
*
50
*13%
4%
4%
26
24%
4%
25%
22
*17
*100
107
33%
*
434
2%
34%
14%
14%
4%
26
4%
24%
4%
25%
4%
2%
43
300
300
*100
14%
4%
25%
%
21
21
17%
18%
2%
7H
16%
7%
39%
*18%
*14
17
17
79
*76
*1%
7%
24
24%
24
24
106
106
79
79
35
7%
.
15%
458
27%
34%
*
50
"15%
4%
26
40
18%
14%
3%
*35
38
34%
3%
*12
3%
13%
26
27
15%
24%
15%
2%
%
25
2%
%
78%
*93
85%
*120
7-%
17%
79
79
83
8%
39%
18%
15%
3%
8%
39%
18%
14%
3%
38
39
39%
18%
*18%
14%
14
3
3%
37%
5%
3
40
*34%
5%
*32
24%
2%
2%
26
25%
2%
79
94
95
94
85
85
*85
78%
*121
118
18%
3%
3%
7
1%
2%
1%
*1%
1%
25%
24%
23%
92%
24
35
14%
27
23%
15
*33
14
*26%
23%
*73%
51
7%
7%
*1%
1%
*12%
9%
7%
1%
14%
14%
14%
2%
2%
1%
2%
1%
4
4
9%
4%
46
46
15
15%
44%
45
1%
4%
4%
46%
15%
44%
16%
17%
17
57
57
56%
2%
26%
24%
35
15
15
15
*33
35
*33
16%
16%
15%
24%
*75
95
*75
95
50
51
*50%
52
*13%
15
15
15
95
*73%
95
51
*45
50%
15
*12%
10%
9%
7%
1%
7%
1%
15%
2%
*14%
2%
2
4%
2
4%
15
10%
7%
1%
15%
2%
2%
4%
4%
9%
10%
934
7%
*1%
7%
7%
*1%
15%
2%
2
4%
4%
1%
15%
2%
2%
4%
4%
4%
46%
15%
45%
17%
56%
33%
16%
17%
17
55
55
*30
35
*36%
42
*41
87
89
88
92%
*68%
33%
13%
88%
70%
*29%
31
71
4l.i
40
46
14%
15
14%
15%
45%
44%
57%
4534
18%
59%
34
34
45
31
32
*68%
31%
13%
14
13%
81
17%
41
102
17
16%
16%
15%
15
15%
4
4%
84
16%
39%
*71
70%
32
14%
84
17%
41
100
16%
14%
15%
4
4
16%
38
16
39%
*71
16%
14%
4%
43%
44
34%
14%
90%
17%
42%
100
41
6%
70
6
6
Chem
No par
preferred
100
7%June 13
13% Jan 14
21
Nov
86
May 11
27% Mar 30
147% Mar 11
135
Nov
164
Jan
29
Oct
108
Jan
% Mar 30
1% Jan 7
1% Jan 10
500
2,200
%June 22
16
Mar 26
11% Mar 31
14% Mar 31
97
June 19
107
June 22
42
Jan 22
1%
Oct
97
Oct
May
Jan
478 Jan
2% Jan
68% Jan
39% Mar
44%
Jan
Oct
115
Mar
35% Nov
47
May
2% Mar 29
15% Mar 30
105
14%
66
80
Mar
Oct
Oct
Mar 30
110% Mar 19
105
June
4% Jan 20
3
Dec
12%
8
Oct
37
Jan
113
Deo
135
Mar
50
Deo
98
Mar
117%
Feb
2
Oct
2%
Oct
Dec
3%
Oct
30
32
Feb 18
17
100
Mar 29
37
Mar 31
117% Jan 11
conv
No par
2
Mar 26
100
23
Mar 31
48
par
8
5
pref
conv
Mar 26
3% Mar 26
20
No par
No par
Mar 26
1>4 Mar 31
6
Mar 31
Oct
Oct
16
Mar
19% Feb
49
Feb
92% Aug
18% Mar
61% July
1978 Jan
60%
Feb
2
Oct
10%
Feb
Jan 18
26%
Deo
99% Mar
Jan 13
4% Jan 13
13% Jan 13
77g
4%
33
2%
Oct
Oct
18
Jan
Deo
69%
Jan
Oct
12%
35%
Jan
9
Nov
29
16
Oct
46
Mar 30
17% Jan 17
11%
Oct
38U
1
17
Mar 30
2934 Jan 17
20
Oct
60% Aug
9% Feb
preferred
36
June 24
23%
71
Apr
8
76
June 29
73% Nov
70
100
Apr
1
82%May 28
74
Mar 29
116
Mar 31
preferred
June 30
1% Mar 26
%June 9
25% Mar 31
preferred.—No par
preferred
6%
Oct
122% Jan
10% Mar
18% Mar
11
100
6%
Deo
Jan
16% Mar 31
Wes tPenn Power 7% pref. 100
60
Oct
6%
Feb
Jan 15
Jan 13
7% Jan 10
40
2%
115
5
No par
West Penn El class A..No par
7%
Mar 31
17%May 18
Wesson Oil A Snowdrift No par
$4
Mar 29
4% Mar 30
3% Feb 4
8% Jan 17
8%
447g
19%
16%
3%
No par
12% Apr
74% Apr
1% Apr 13
5% Mar 26
$3 convertible pref--Wo par
3
Jan 12
1% Jan 28
1
Oct
July
Oct
Feb
2%
66
Jan
Mar
84% Feb
108
Aug
109
Feb
102% *Jan
102% Jan
3
84
Oct
3
88
Oct
9734 Jan
3
76
Oct
117%
Oct
123% Mar
110% Apr
116% Jan
29% July
11% Mar
23% Mar
121
Feb
1
6
118
June 27
1234May 31
19
111% Jan
100
2%
Jan
Nov
103
Aug
9,800
Western Auto Supply Co.—10
Feb 23
14%
Dec
1,200
Western Maryland
100
2% Mar 31
4% Jan 10
2d preferred
100
3
9
2%
6%
Oct
1
Oct
4% Mar
11% Mar
83% Jan
57% Mar
167% Jan
500
4%
Western Pacific
800
1,800
34,300
8,600
100
preferred
—100
6%
1%
16%
1534
6134
Westlngh'se Air Brake. Wo par
Westlnghouee El A Mfg
50
58,900
70
103
50
1st preferred
Mar 25
%Mar 23
Western Union Telegraph. 100
Mar 18
1097g Jan 15
140
9% Mar 30
31% Mar 28
69%
35%
14%
35%
36
37
15%
14%
15% 124,400
91
92%
17%
lb", 800
26,500
1.600
65
75
Nov
126% Aug
59
Jan 14
65
Dec
15
Jan 13
14%
Oct
90% Aug
23% May
May 27
Mar 26
Mar
33%
Feb
8%
Oct
187s
Jan
1%
Oct
No par
834 Mar 31
21%
5
1% Mar 30
3% July
1
1%
Oct
1
10
l%June 16
3
7
2
Dec
Dec
preferred
3% June 16
Wo par
3
Mar 24
.---.-..100
preferred
32
Mar 30
10
10% Mar 29
36
n
New stock
Oct
12%
Dec
91% Mar
10%
Dec
Deo
46%June 30
13%
65%
47
Jan
34
Dec
12
Oct
64%
Oct
Mar 28
Mar 30
9% Mar 31
24
No par
Cash sale,
4%
Jan 25
71
Mar 30
62% Mar 31
11% Mar 29
9
Mar 31
234 Jun
z
Ex-dlv.
3
y
12
4%
Feb 25
3
Jan
6% Jan
5% Sept
49%
20
8% Jan
46%
678 Jan 10
66
61% Mar 31
2034 Jan 31
6% Mar
5% Jan 6
60% Jan 21
19% Jan 17
Mar 29
28% Mar 30
55% Mar 30
100
r
Oct
27
10
5^% preferred
.100
Youngst'wn Steel Door. Wo par
Zenith Radio Corp
Wo par
Zonite Products Corp
1
Det. delivery,
3
11
11% Mar 29
pref 4 H % series... 10
Youngstown S A T
Jan
Jan 24
Jan
42
Young Spring A Wire--Wo par
4,400
70,700
18
Feb
Jan
3478
Oct
21%
Jan 21
Preferred.-.-
230
18%
27%
Dec
Jan
Jan 22
'
17%
Jan
Jan
May
3
Prior pt4M% conv series,
1,700
99
39
19
95
12
Wright Aeronautical.-_Wo par
Wrlgley (Wm) Jr (Del).Wo par
Vale A Towne Mfg Co
25
Yellow Truck A Coach cl B ,_l
200
41%
30%
11
Prior
130
200
68%
170
4
Mar 29
42
Woolwortb (F W) Co
10
WorthlngtonPAM(Del) No par
Preferred A 7%
100
1,270
69%
Oct
Oct
1% Mar 31
Woodward Iron Co
500
3334
10%
31% Nov
10% Oct
Oct
$6
12,500
90
Oct
6
Wilson A Co Inc.-
24,600
43
9
17%
87% Nov
113
13% Jan 12
$4 conv
6,000
86
Mar
Oct
Dec
6% Mar 31
6%June 20
Willys-Overland Motors
6% conv preferred
8,800
*40
16%June 36
x27
75
1
Wilcox Oil A Gas
2,600
91
June 17
1%
22%
White Rock Mln Spr ctf Wo par
14,000
59
17% Jan 16
2*33
27% Jan 12
"
16
Jan 27
Oct
White Sewing Mach.—Wo par
1,000
3,300
42
3078 July 1
27% Jan 15
14% Mar 26
$5 conv prior pref. --Wo par
White Dent'l Mfg (The S 8) .20
White Motor Co
1% Jan 11
3% Jan 11
Mar 31
...No par
Class A
Jan 10
Mar 31
Mar 31
Mar 31
Weston Elec Instrum't.Wo par
3,800
15,600
4%
Sept
71%
$3.85
150
14%
3%
2%
5%
4%
95
2%
18%
June 30
Jan 15
f Warren Bros
600
46%
18%
8
June 29
Class B__
26,600
1,400
18
June
July 1
5% Jan 21
32% Jan 21
83
Preferred..
100
1%
a
Oct
9%
14%
74
...No par
Warner Bros Pictures
230
8
4U
Oct
16
18
400
10%
4to
24%June 30
Oct
20% Jan 10
4,300
10
9%
7%
17%
17%
Jan 17
%
%
1% Apr 22
5% Mar 31
13%June 10
No par
Co
Preferred
100
i In receivership,
25
20% Jan 12
30% Mar 30
Ward Baking class A..No par
"""966
18%
Jan 12
100
200
1,000
17
18%
64
9%
4% Jan 11
5% preferred B
56,200
50
17%
39%
Jan
Dec
47
70
Mar 21
Walgreen
50
*71
Feb
June 30
Mar 31
1
Waldorf System
95
*92
"9% "Feb
8%
1% Mar 23
120
*75
33%
Feb 24
84%
Mar 31
17%
5
Oct
Mar 31
45%
Jan
mwrmm
45%June24
Oct
10
15%
Jan
160
Oct
20
4%
Mar
76%
1
Westvaco Chlor Prod--Wo par
4%
105
126% Mar
27,
5% conv preferred
30
Wheeling Steel Corp.—Wo par
Preferred
100
41
Feb
46
500
2%
June 20
Oct
100
1,700
16
173s
36
Deo
48% Nov
100
100
1,100
35
17%
4%
62% Nov
Jan
72% Mar
118
2% Jan 10
12,800
43%
Mar
Oct
Dec
19%
43%June 29
"MOO
100
43%
3% Mar 30
16
34%
44%
20
Mar 21
15% Jan 11
1207« Feb 26
61%June30
118% Mar 21
2% Jan 11
fWabash Railway
5% preferredA
2,400
59
4
100
Mar
Walk(H)Good A W Ltd No
1,000
4,000
36
18%
17%
40%
100
Mar
72%
Oct
1% Mar 26
37
Feb 3
No par
Preferred
.1
59
*73
Apr 26
112
Oct
81
8
Feb
Dec
3%
4 M % pref with warrants 100
Walworth Co
No par
140
4,400
46%
*69
Sales
5% preferred
....100
Virginia Ry Co 6% pref-.lOO
Vulcan Detlnnlng
100
54,800
58
44%
87%
40
25
Va El A Pow $0 pref
No par
Virginia Iron Coal A Coke. 100
10
6%
15%
45%
1734
*33
No par
new
new
26%
23%
16%
24
6% Jan 10
38% July 1
H OO
16
5%
4%
65
6978 July
114% Jan 10
91%May 31
29% Mar 30
26%
21%
45
1
38%June 30
58
7% 1st pref
490
35%
3%
16
2%
Oct
71
Vlck Chemical Co
8,200
2
*33
2%
6%
15% Mar
22% Mar
16
*127% 140
234
10%June 30
Mar
43%
Oct
70% Mar 5
62% Jan 25
1
18
Bid and asked prices, no sales on tills day.
14%
2%
2%
4%
4-%
70
Oct
3%
Mar 31
16%
15
Dec
16%
Mar 31
28
10%
7%
1%
2978
40
82%
*13%.
Feb
38
Preferred
330
35
Feb
172
z65
Vanadium Corp of Am.iVo par
Van Raalte Co Inc
5
730
15%
137
53
z44% Mar 31
futilities Pow A Light A—1
230
*33
Nov
164% Nov
35% Jan 12
23% Jan 15
6% Jan 13
9
80
35
Jan
Jan
50
United Stockyards Corp
1 <•'
United Stores class A ..No par
$6 conv pref A
No par
Vadsco
20%
3478
23% Mar
8
97%
15%
*26%
22%
15%
Preferred
Jan
Oct
Oct
Dec
Apr
80
128
3
9
3%
4%
5%
June
97
128
Mar 31
45% Jan
June 29
24% Mar
100% Feb
Oct
87g Jan 11
14
97%
24
*69%
16%
127
21
96
Jan
5%
Feb 15
169% Feb
Mar
Dec
%
778 Jan 12
10
9% Mar
Nov
5%
70
50
U 8 Tobacco
-
80
27
*68%
4
93
127
21% Mar 30
2% Mar 31
June 30
June 28
1% Jan 18
40
-
85%
85%
86
85%
12034 121
*118%
115% 116
a:114% 114%
18
17
16%
17
3%
3%
3%
3%
7
7
6%
7%
*1
1
1%
%
2
2%
2%
2%
29
29
30%
30%
25
23%
23%
24%
9534 100
95% 100
23
91%
•
95
126
5% Mar 26
50
Mar 29
9
75
Oct
3%
.No par
100
Preferred
Wells Fargo A Co
*%
35%
*26%
40
39%
2:23
92
126
29%
24%
98%
June 20
13% Mar 31
3% Mar 30
100
No par
*75%
15
85
*71
2%
25
1%
2%
Mar 31
24
10
U S Steel Corp
7% pref.
1
May 6
%May 16
55
20
Webster ii.lsenlohr
36
23%
40
4
23%
*1
Feb
162% Mar 28
4% Mar 29
100
Wayne Pump Co
80
26%
71
17
*1%
25%
1%
2%
26%
24%
Jan
16%
3% Mar 26
5% Mar 30
No par
1,200
2
14%
84
41%
*1
1137g
4% Apr
conv class A .No par
7,300
27
23
41
102
120
115% 115% *115% 118
17
17%
18%
17%
3%
3%
3%
3%
*6
7
7
6%
Oct
Oct
62
20
Warren Fdy A Pipe
Waukesha Motor Co
2%
97
101
100
900
27%
26%
84
81
120
79%
95
85%
17
No par
1,900
2
14%
*40
80%
79%
Oct
Deo
2%
6%June 30
7,100
26
24%
33%
13%
79%
9
8% Mar 30
109%June 30
16%
27%
2%
26%
16%
*%
35%
*75%
7934
86% Mar
Mar 26
27
17
1
63
Oct
Mar 14
13
29
27
*30
*28%
78%
120% 120%
l"l~8 ~
17%
*6
50
15%
14%
76
95
9
16
36
76
85
50
37%
3.5%
76
94%
*12%
*75
35%
85
95
80%
*%
1
86
*75
13
1
Oct
3
8% 1st preferred
U S Smelting Ref A Mln
26% Apr
106% Feb
62
100
U S Rubber
Oct
6%
Jan
Jan
Mar
24
No par
12
16%
16
Jan 12
No par
35
27
467$
Oct
66%June 30
11% Jan 5
Mar 31
Va-Carollna
6%
3%
Oct
5
50
..No par
Victor Chem. Works
42
3
24%
2%
*%
35%
35
3%
*11%
26%
25%
35
Vlcksburg ShrevAPacRy ColOO
*39
*2%
16
34
8%
74
1,166
39
25%
15
*75
6%
82%
Oct
9% Jan 10
8,500
-
39%
18%
15%
3%
3%
12%
15
76
6%
*1%
7%
17%
2
Feb
21% Mar 31
5
preferred
Oct
80% Jan 10
6% Jan 11
4%
27%
110%
8%
39%
18%
*14%
3%
8%
1
Apr
Mar 26
16
4%
7%
17%
82%
8%
40%
18%
14%
3%
3%
*11%
15%
35%
*79
7%
17%
82%
35
26
1
2
7%
3%
12%
28%
16%
27%
3%
11%
26%
2%
2
17
1
7% Jan 12
4% Mar 29
110
8
10
USA Foreign Secur.—Wo par
$5 first preferred
100
U S Dlstrlb Corp
No par
20
50
"ie"
15%
4%
27%
6%
35%
33
94%
95%
131% *126
131%
15%
15%
14-%
15%
4%
5%
78%
94%
88%
14%
26%
21%
3%
38
5%
3%
11%
25%
*126
*33
3%
37
5%
33
33%
3%
13%
*%
35
*35
2.1%
3%
*11%
25%
14%
7
24%
23%
7%
*14
*74%
____
1%
7%
39%
*18%
35
*115% 120
16
17%
*3%
3%
*6
1%
7%
17%
14%
76
34%
*75
17%
18%
5%
*32%
7%
17%
*18%
*13%
3%
5%
*7%
7%
39%
39
2
*1%
7%
7%
3
10
Prior preferred
2,500
7%
*77
60
5
180
35
107
34
2%
2%
100
U S Pipe A Foundry
U S Realty A Imp
13,900
2,200
•
16%
United Dyewood Corp
Preferred
Partlc &
14,100
1,900
18%
*100
Mar
134
20
*
Feb
35
8% preferred
100
Universal Pictures 1st pref. 100
17%
50
91
Deo
160
20
35
Dec
17%
48
18%
23%
107
34%
36'4
No par
1%
%
Jan
Mar 29
Universal Leaf Tob
1
30%
117%
June 20
2
5^% conv pref
50
U S Industrial Alcohol-No par
U 8 Leather
No par
390
Oct
58
500
"
Feb
15
19% Jan 10
Universal-Cyclops Steel Corp 1
39~~
Jan
31%
114
500
m
24%
Oct
1
325g July
United Gas Improvt
S5 preferred
United Pa per board
Oct
7
4
22% Mar 31
4% June 18
United Fruit
share
per
5%
Jan
39
3% Jan
United Electric Coal Cos
United Eng A Fdy
Highest
share $
12% Apr
No par
70
70
%
%
14% Mar 31
110% Jan 20
$ per
9%May 10
10% Feb 26
19% Jan 11
Mar 26
80
20
17%
23%
Mar 30
7% preferred
100
U S Hoffman Mach Corp...5
2,000
share
6% Mar 31
6
100
United Carbon
Conv
2,800
10,000
per
No par
U S Freight.
U S Gypsum
800
46%
4%
2%
6
$
Lowest
No par
Bosch
Year 1937
Highest
share
per
Range for Precious
United Carr Fast Corp.No par
United Corp
No par
$3 preferred
..No par
United Drug Inc
5
510
2,200
11,200
110
110
110% *110
110
110
110
110%
110
*110
31*
*27g
3%
*3%
*3
3
3
*2%
3%
3%
3
*2%
12
10%
10
10
10% *10
10
11% *10
10%
*7%
10%
*100% 113
*102% 113
*102% 113
*102% 113
*102% 113
*102% 113
*52
57
57
*54
*51%
58
60
60
60
58%
61%
61%
*116% 125
*116% 125
*116% 125
*116% 125
*116% 125
*116% 125
1%
1%
*1%
1%
1%
1%
1%
1%
1%
1%
*1%
1%
2%
2%
2%
2%
3
2%
3
2%
3
2%
2%
2%
*7
8,000
8,100
$
11%
110
*1%
800
43
*11
1
%
%
%
*17
50
15
32,300
33
138% 138% *138%
39
*38%- 41
%
%
%
17
22
2%
138% 138%
41
38%
17%
33%
*43%
11%
17
*
43%
4%
2%
11%
18
*100
33
11
%
5,200
7%
8%
8%
35%
11
22
107
44%
34%
43%
10
37
700
1%
*5%
43
17
*100
4%
36
43
*18
*17%
*35%
*43%
2%
35%
50
9,400
80
*%
,
10
135% 135%
35
31%
%
%
17,400
10,100
2,700
6
*74
7%
4%
2%
43%
65
%
80
42
10
32%
96
86
85%
86
89
94%
169% 169% *170
175
175
*170
50
7%
7%
7%
7%
1,900
7%
7%
35
29% 29% *28
28
700
28%
22
19% 22%
23%
8,200
21%
21%
5%
6
6%
5%
4,000
638
5%
9%
10%
934
9%
10%
7,100
10%
*61
70
63
66
500
69%
69%
37
38%
38
36%
37
38%
22,900
6
5%
5%
5%
11,800
5%
5%
38
33%
36%
35%
36% 38% 166,500
75
76
79%
75%
79%
79% 40,100
67
z64%
71
67
66%
67%
3,400
62
62
62
62
2:61%
62
700
53% 56%
59
55%
583g
56%
209,800
102% 107%
109
108% 109%
6,000
109%
4%
2
42
*59
*74
42
2%
42%
9%
%
7%
8%
66%
2
*10%
57%
7%
8%
6%
8%
85,400
5%
1%
*61%
42
2%
44
*%
6%
72
73%
61%
54%
1
8%
85
20%
5%
80
1
169% 169%
7
7%
.27
27%
*19%
19%
5%
5%
10
9%
65% 65%
36% 36%
5%
5%
31% 33%
30
5%
*74
1
8%
.
7
5%
75
*6%
8%
83%
83%
83%
*169% 175
6%
65
*%
8%
7
63
*68
10
10%
10%
10%
109% 109% *109
109%
5%
5%
5%
6%
8
7%
7%
8%
8%
74
32
63
62%
10
10%
109% 109%
5%
5%
7%
31%
5%
700
3%
30%
5%
8%
74%
~5~200
8
8%
8%
70%
70%
5%
.5%
5%
5%
33
*30
32%
33%
65
66
64%
66%
10%
10%
10%
11%
109% 109% *109% 109%
6
6
6
6%
9
8%
8%
8%
72%
5%
33%
5%
30
5%
8%
*69%
3
3%
29
5%
7%
i
1
*40
30
5%
5%
72%
*43%
4%
28
5%
72%
8%
36
28
3
3%
Amer
Preferred
_
54%
17
31%
5%
8%
35%
5%
114
58
5
5%
*64
United
United Biscuit
17
2%
Transport
500
800
52
*69
10%
10%
109% 109%
19%
*113
33,000
9
3
31%
60%
*26
114
9%
Par
Un Air Lines
17%
18
5
*6%
*113
8%
8%
17%
51
8
81%
*169%
115
9%
9%
17%
Lowest
Shares
50
28%
70%
5
*5g
*113
$ per share
*16%
5%
7%
7%
70i2
*66
115
Ranoe Since Jan. 1
On Basis of 100-Share Lou
EXCHANGE
Week
1
18%
6
60%
8%
*8%
17%
8ii
17%
July
50%
28%
*30%
*113 '
8%
17%
STOCKS
NEW YORK STOCK
the
47
2%
77
Sales
Friday
*17
3%
27%
5%
115
9
8%
9
17%
*17
10
for
Saturday
S per share
Record—Concluded—Page
Sept
Feb
Jan
112% Mar
40% Deo
35% Feb 24
34
Dec
40
Jan 10
39%
Dec
54
Nov
94
Jan 10
38
Oct
128
Mar
70%June 23
58%
Oct
76
37
1
21%
Dec
62%
Jan
15%June 30
7%
Oct
37%
Feb
93
July
Jan 11
68
Dec
Dec
18%
43%
Jan 10
12%
Jan 12
34% Nov
75
Jan 26
70
Oct
22%
Dec
Jan
Jan 10
11%
2%
142
Jan
1834June 30
5% Mar
Ex-rights
7
Oct
46%
Feb
101% Mar
115
Jan
43% Aug
9%
Jan
s Called for redemption.
July 2,
78
NEW
YORK
Bond Record,
Friday, Weekly and Yearly
Cash and deferred delivery sales are
No account Is taken of such sales In computing the range for the year.
Friday
»
Friday
Week'*
w"§| Last
Range or
I
Friday's
Bid &
Asked
§1
No.
2r>
EXCHANGE
8TOCK
Week Ended July
|
Sale
Low
BONOS
•Sift.
1
Price
a
High
N.
Since
Jan.
Low
118.22
11
10.4
119
109.25
69
07.2
110.5
114.17
24
11.22114.23
Treasury 3%s_-Mar. 16 1946-1956
Treasury 3%s__.June 15 1943-1947
Treasury 3s
Sept. 15 1961-1955
Treasury 3s
June 15 1946-1948
Treasury 3%a...June 15 1940-1943
Treasury 3%s...Mar. 16 1941-1943
Treasury 3%s.__June 15 1946-1949
Treasury 3%s_._Dec. 15 1949-1952
Treasury 3%s
Aug. 16 1941
Treasury 3%a._.Apr. 15 1944-1946
Treasury 2%s...Mar. 16 1955-1960
Treasury 2%a...Sept. 15 1945-1947
Treasury 2%a...Sept. 15 1948-1951
Treasury 2%a...June 15 1951-1954
Treasury 2%8.__Sept. 15 1958-1959
Treasury 2 Ms—June. 15 1958-1963
Treasury 2Hs...Dec. 15 1949-1953
Deo. 16 1945
Treasury 2Mb....
1948
113.1
|
7
10.8
113.11
110.19
74
07.18110.25
106.10
190
107.25
3
05.21106.27
06.29108.2
9
05.27108.25
External loan 4%s ser C
25
05.19108.16
Sinking fund 5%a—Jan.15 1953
♦Public wka 6%s
June 30 1945
108.18
108.5
108.5
24
07.4
108.14
109.25
35
07
110.3
103.31
109
01.24104.15
106.15
147
216
01.27104.27
103.12
133
00.26103.18
102.26
81
101.31
149
01.19 102.1
25
99.18102.2
108.5
102
106.5
104.15
3
399
00.14103.10
02.14100.7
01
104.17
2
3
External gold 5%s
External g 4 %s
1955
Apr 151962
Deutsche Bk Am part ctf 0s.—1932
f♦Stamped extd to Sept 1 1935._
Dominican Rep Cust Ad 6%8—1942
1st ser 5%sof 1920
1940
2d aeries sink fund 5%s
1940
Customs Admins 6%i 2d ser.1961
5%s 1st series--1969
5%a 2d aeries
1909
23%
23%
23%
23%
16%
17%
23%
95
96
95
96
7%
7%
8
8
8
23%
8%
8%
8%
8%
7%
7%
7%
6%
6%
6%
4%
7%
5
7%
7
5%
7%
92 M
92%
1971 M N
89%
89%
90%
90
88
1972 F
A
80 M
80
80%
83
1972 A
O
80
80%
104%
48
78%
78%
77
99
104%
9
100%
39
96% 102
24
28
100%
104%
100%
"
32
J
93%
90% 100%
30
21%
34
22
J
103%
103%
21%
105%
104%
External 30-year s f 7s
D
1955
T Bergen (Norway) extl s f 5s.. 1960 M %
♦Berlin (Germany) a 16Mb
A O
1950
110%
111
4
100%
100%
100%
2
*20%
21%
1945 F A
1949 M S
1955
♦External sinking fund 0a...1958
D
1948
Estonia (Republic of) 7a
-.1967
Finland (Republic) ext 0s
1945
♦Frankfort (City of) • f 6%s...l953
French Republic 7%s stamped. 1941
7%s unstamped
.——1941
External 7s stamped.-----.1949
7a unstamped
1949
105
"21
21
90%
88%
88%
100%
98% 106%
19%
20
100
17
105%
23
100
"ii
108
107%
107% 116%
100
102%
19%
23%
J
105
104%
105
63
101%
100%
96%
101%
41
98
104
98%
98%
73
94%
102
97
M S
56%
57%
55
67
57
57
1
55
62
A
O
56%
57
4
56
M S
57%
57%
1
55
04
62
55%
02
55%
51
62
A
O
*57%
A
O
55%
*21
95
J
M
20%
D
103%
J
1
95
95
2
-20%
103
113
2
99%
100%
24%
25
90
24%
28%
22%
19
21%
24%
*99%
1905 J
♦5%a of 1930 stamped
D
♦5%s unstamped
1965
♦5%s stamp(Canad'n Holder) *66
♦German Rep extl 7a stamped. 1949 A O
♦7s unstamped
1949
25
*22%
33
31
26
*27%
♦(Cons Agrlc Loan) 0%s
1958 J D
♦Greek Government a f ser 7s.. 1904 M N
♦7s part paid
♦Sink fund secured 0s
*9Q
*27%
—.1964
27
85
*20%
1979 F
f 5a
10%
13%
11%
19
13
11%
18%
13%
12%
11%
13
43
37
69%
41%
A
41%
32%
41%
1960 M N
112% 117%
13%
38
10%
96% 102
55%
54%
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Leipzig (Germany) s f 7a
1947 F
6
41%
A
41%
*22%
Lower Austria (Province) 7%s.l950 J
D
*20
D
106
78
♦6Ks stamped
External s f 4%-4%a
.1961 F
A
23
♦Medellln (Colombia) 6%s
78%
8
54%
11
36%
63
64
55
"57%
71
51
_]
58
58%
20
52%
56
60
11
53
"60%;
60
61%
37%
40
1976
External re-adj 4Ks-4Ka...l976 A O
External a f 4%s-4%b._—1976 M N
8% external s f $ bonds
1984 J
J
Bulgaria (Kingdom of)—
f 7s
1967 J
♦Stabilisation loan 7%a
1988 M N
Canada (Dom of) 30-yr 4a
*32%
J
"33%
33%
35
33%
31%
28
32%
34%
35%
O
109%
109%
110
55
1952 M N
112%
111%
112%
47
A
102%
102
102%
34
103
28
102%
98% 103
i6i~~
102%
100%
101%
14
97% 101%
98%
38
1960 A
10-year 2Kb
Aug 15 1945 f
26-year 3 Ks
1961 J
7-year 2Mb
30-year 3s
1944 J
1907 J
♦Carlsbad (City) af 8s
11-1964
♦Cent Agrlo Bank (Ger) 7s
1950
♦Farm Loan a f
0s..July 15 1960
♦Farm Loan 0 f 6a
Oct 15 1960
♦Chile (Rep)—Extl s f 7s.
1942
♦External sinking fund 6s.."l960
♦Extl sinking fund 6s...Feb 1961
♦Ry ref extl s f 0s
Jan 1961
♦Extl sinking fund
.
*
Externa' sinking fund
♦Chile Mtge Bank 6 Ks
♦Sink fund 0%a of
♦Guar sink fund 0s
♦Guar sink fund 6s
"34%
*25%
34%
J
J
30%
30%
A
O
30%
A
see page
38
12
29
32
30%
30%
30%
14
28
32
19%
19%
19%
19%
19%
19%
19%
19
19%
21
19%
19
19%
30
14%
14%
O
19%
19
19%
30
15
F
A
19
19%
41
15
19
J
19%
15
15
19%
20
15
19
19%
50
14%
D
17%
17%
17%
7
12%
19%
18%
17
17%
22
12%
18%
17
17%
5
12%
18
17
17%
4
13
16%
16%
14
11%
16%
24%
30
19%
21%
16%
16%
23%
23%
23%
1954 J
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
1945 Q
♦4s Of 1904
1954 J
1954 J
♦Assenting
♦Assenting
♦Assenting
♦
ITreas 6s
♦
i Small
111
_
4s of 1904
70%
80%
56
66%
70
69
70%
48
68%
81
55%
73
49%
42
16
35
64%
45%
20%
23
.....
24%
8%
*1%
*1%
*1%
J
D
6
2%'
1%
9%
2%
1%
4
1%
1%
4%
T%'
1%
*1%
*1%
D
3
1%
of '13 assent (large)
*33 J
J
—1958 M
%s—
J
62%
♦0s series A
S
"64""
1%
1%
A
102
12
9%
1
9%
D
38%
*37
50
100%
100%
101%
100%
101%
12
106
105%
106
29
1944
106
105%
106%
11
104
103%
104%
48
102%
69
20
External sink fund 4%a
External a f 4%s
1956
4s
1963 F
A
102%
102
103%
102%
f 5a.—1970 J
D
102%
102%
102%
1
20%
20%
20%
2
1 ext loan
Municipal Bank extl
s
1965 A
S
O
♦Nuremburg (City) extl 6s
1952
F
A
Oriental Devel guar 6s
Extl deb 5%s
1953 M
8
Oslo (City) a f 4%s
Panama (Rep) extl 5%s
♦Extl a f 5s ser A
1955 A O
103%
3%
3
07
10%
11
37
100%
M
6%
7
60
1943
(State) ext! 6a__1967
—Apr 1958
f 5s
Norway 20-year extl 6a
20-year external 0s
57
*43%
1959 M N
F
2%
"61%
3%
2%
20
J
O
1959 M S
1952 J
1%
*1%
4s of 1910 small..
New 80 Wales
82
7
25
4s of 1910 large..
♦Sec extl a f 0
a
72
79
63
1%
♦Sec extl a f 0%s
♦Montevideo (City) 7s
s
79%
77
61
1%
Milan (City, Italy) extl 6%S—1952 A
Minas Geraes (State)—
External
78%
79
35
61
57%
97% 104%
98% 103%
103% 107
104
107%
99% 106%
99% 104%
98% 103%
102% 103%
20
21%
60%
62%
47
57%
96% 103%
86
104%
18%
J
D
A
O
"17%
M
J
16%
D
8
*13
"20%
Oct 1901 A
jan 1961 J
20%
"20%
14
A
"23%
14%
10
13%
1947 A O
1940 M N
1947 F
83
02%
34%
O
♦Cologne (City) Germany 5
ka 1950 M
Colombia (Republfo of)—
For footnotes
98%
20
34%
19%
1*1900
5fl.III1951
♦Sinking fund 7a of 1927
92%
30
A
1902 M N
♦Colombia Mtge Bank
0Ka..
♦Sinking fund 7s of 1926.
113%
98
19%
11901
♦6s extl a f gold...
109%
M N
1967 J
♦0e of 1928
110
19%
1920..II' 1901
Ry)
S
0s... 1903
♦Chilean Cons Munlo
7a...
♦Chinese (Hukuang
97%
M
105%
1902 M S
M N
0s..Sept 1901
♦Externa! sinking fund
0s.
98
J
78%
61%
♦Mexican Irrig assenting 4%a.l943 MN
♦Mexico (US) extl 5s of 1899 £.1945 Q J
85
78%
79%
70%
70%
70%
72%
65
*63%
57%
1977
f 4Ks-4Ks
12
13%
18
19%
43
*12%
Japanese Govt 30-yr s f 0 %s.—1954 F A
Extl sinking fund 5%s
1905 IVI N
13%
22%
17%
106%
12%
19%
19%
*63
104
13
12%
10%
*75
105
13%
J
J
♦7s secured s f g
1946
♦Hungarian Land M Inst 7%s.l961 IVI N
♦Sinking fund 7%s ser B
1961 IVI N
♦Hungary (Kingdom of) 7%s..l944 F A
a
19
17%
*104
Hungarian Cons Municipal Loan—
♦7%s secured s f g
J 945
Extended at 4%s to..
20%
17%
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7%a '60
Helslngfors (City) ext 0%s
1960
Irish Free State extl
32%
19%
70
1962 J D
♦Buenos Aires (Prov) extl 6a... 1961 M 8
♦6s stamped
198I M 8
29
70
14
♦Budapest (City of) 6s
30%
22%
•
73%
13%
12%
101%
102%
20%
/ •'
25
13%
12%
95
29
"36"
73
s
98
27%
24%
29%
25
♦External
9
24%
25
1952
Italy (Kingdom of) extl 7a
1951 J D
Italian Cred Consortium 7s aer B '47 M S
Italian Public Utility extl 7a.—1952 J
J
4
4
28%
1908
Haiti (Republic) a f 6a ser A
19%
100%
26
"30% "34%
27%
24
102%
"si
27
23
102
33
27%
18%
100%
23
1968 FA
12%
100%
104% 113
German Prov A Communal Bks
10%
A
22
108%
93% 101
22%
D
17
D
19%
99
7
35
J
28
95
100%
104% 108%
100
14
1958 F
103%
6!
30
99
15%
...1..1950
21%
22
21%
113
100
J
22
S al06% Ol06% al06%
IVI N
04
19
22
J
13%
10
99
S
14%
101
83
O
13%
100
3
A
14%
101
99
M
D
1952 J D
1957 M S
101% 106%
4
6%s of 1926...1957 A O
f 6Kb of 1927... 1957 A O
♦7s (Central Ry)
Brisbane (City) 0 f 5s
105
A
a 1
1941 J
104
50
O
♦External
♦Brasll (U 8 of) external 8s
78%
50
German Govt International—
♦08 part paid—
103%
62%
106
A
104.15
80%
110%
96% 102
100
F
—1942 J
Denmark 20-year extl 6a
103.13
104
1
176
01.9
J
1957 M S
1966 M N
10%
24
101% 104
103
"~6
102%
76
01.5
1955 J
1
74%
92
6%
2
a73%
125
103
105.6
*6%
18%
101%
72%
♦Dresden (City) external 7s.-.1945 MN
Akershus (King of Norway) 4s. 1968 M S
♦Antloqula (Dept) coll 7s A...1945 J
J
♦External s f 7s series B
1945 J
*
♦External s f 7s series C
1945 J
♦External a f 7s series D
1945 J
♦External s f 7s 1st series
1957 A O
♦External sec s f 7s 2d series. 1957 A O
♦External sec s f 7s 3d series. 1957 A O
Antwerp (City) external 6s
1958 J
D
Argentine (National Government)—
90
*72%
♦E! Salvador 8s ctfs of dep
23 M
02%
80%
a73%
72%
106.23
O
80
43
1942
B
02.13 105.10
--..1948 A
6s
ser
03.9
♦Gtd sink fund 6s
Belgium 25-yr extl 6 Kb
Sinking fund 8s
19
A
80
1951
Czechoslovak (Rep of) 8s
64
104
92% 101%
92% 100%
55
"98%
106.2
1947 F
s
High
81%
18%
102%
105.3
♦Gtd sink fund 6a
♦Secured
18
101%
1949
105.2
100.17
Agricultural Mtge Bank (Colombia)
•
34
95
*103%
03.22 106.18
J 104.3
""
80%
8
8
1942-1944 J
♦Bavaria (Free State) 6 Ha
(Rep of) 7s
Cuba (Republic) 5s of 1904
1944 M
External 6a of 1914 ser A—.1949
11
03.28 107.7
Govt. & Municipals—
Refunding
97%
Low
03.25106.23
104.21
♦Costa Rica
100.2
105.29
M N 106
1 1939-1949 F A 102.29 102.27
Sinking fund gold 5s
20-year 8 f 6s
No.
79
*52
1951 M N
05.2
6
105.30
Mar.
s f
Jan. 1
03
03.26 106.20
9
106.21
03.4
2Kb
1 1942-1947 M
94%
J
39
Home Owners* Loan Corp—
3s series A
May
1 1944-1952
External
Ask
High
*
A
J
J 106
15 1942-1947 J
f 7s..-...1957
F
106.3
Jan.
s
&
96%
97%
A
105.31
3s
External g 4)4* of 1928
D
F
106
3s...
Austrian (Govt's)
J
M N
107
8
May 16 1944-1949 M N
8 f external 4%s
8 f extl conv loan 4s Feb
8 f extl conv loan 4s Apr
Australia 30-year 5s
External 5s of 1927
Copenhagen (City) 5a
1952
25-year gold 4 %s
1953
§♦ Cordoba (City) 7a
1957
{♦7a stamped
1957
Cordoba (Prov) Argentina 7s. .1942
106.28
Mar. 15 1944-1964 M
2%s series B_.Aug.
2Mb series G
Bid
Low
107.20
Federal Farm Mortgage Corp—
3%s...
Price
Since
Friday's
Sale
ii
1
High
D 114.14 114.9
M 8
113.1
J D 110.15 110.14
M S 106.10 106
J D 107.26 107.22
J D 106.17 106.17
M S
107.23
J D 108.16 108.13
J D
J108.5
F A 108.4 1108.3
A O 109.24 109.20
M 8 103.29 103.17
M S 106.13,106.10
M S
— 104.12
J D
J103.1
M S 102.26 102.16
J D 101.31 101.19
J D 101.30 101.19
J D
1105.29
M S 104.15 104.9
Treasury 2%s
EXCHANGE
Foreign Govt. & Mun. (Com.)
Dec. 16 1944-1954 J
Treasury 4s
STOCK
Week Ended July
1
16 1947-1952 A O 118.20 118.18
15 1943-1945 A O 109.24 109.19
Treasury 4 %8._.OeE
Treasury 3%a__.Oct.
Y.
Range
Last
BONDS
Range
„
U. S. Government
Foreign
disregarded in the week's range,
in the week In which they
transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
unless they are the only
occur.
Y
EXCHANGE
STOCK
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds
N
1938
14
10
23
23%
17%
23
23
10%
23%
17
*23%
50%
50%
102%
102%
1958 M N
D
92
1963 IVI N
52
48
47%
22
102%
10
*43
.1953
J
47
92%
3
40
46
32
45
..——1903 M N
41%
40%
"41%
"15
♦Pernambuco (State of) 7a
1947 M 8
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl s f 6s 1st ser—1960 J
D
7%
7%
7%
1
5%
9%
9%
9%
22
7%
11%
9%
8%
8%
8%
45%
9%
52
7%
9%
46
♦Stamped.—
♦Nat Loan extl a f 6s 2d aer.. 1961 A
•Poland (Rep of) gold 68
—1940 A
♦Stabilization loan s f 7a..—1947 A
♦External dnk fund g 8a.—1950 J
O
O
O
J
45%
*59%
44%
9%
7%
11%
11%
44%
07%
63%
59%
82%
45%
42
62
46
2
Volume
147
New York Bond Record—Continued—Page 2
v
BONDS
N.
Y.
STOCK
feS
EXCHANGE
Week Ended July
-a
c
1
£
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of)8s
1961 J D
♦Extl loan 7%s
J
1966 J
Prague (Greater City) 7Hb
1962 M N
♦Prussia (Free State) extl 6 Ha. 1951 M S
♦External
f 6s
s
..1952 A
O
Queensland (State) extl s f 7s. .1941 A
25-year external 6s
1947 F
♦Rhlne-Maln-Danube 7s A
1950 M
1946 A
A
Sale
Price
Low
*8
♦Extl
sec
♦6a extl
s
f g
1968 J
♦7a extl loan of 1926—
♦7a municipal loan
A
80
85%
34
62
20%
20%
20%
20%
2
19
22%
19
23
20%
105%
2
106%
107
8
30
2
20%
106%
30
8%
7%
7%
1953 J
J
*8%
71%
1957 M N
1936 J
"72"
26%
26
*21%
1950 J
J
Secured
1940 A
O
1945 J
D
1946 J
D
6 Hs
g
Serba Croats & Slovenes (Kingdom
♦8a secured extl
1962 M N
♦7a aeries B sec extl
1962 M N
♦Slleala (Prov of) extl 7s
1958 J
♦Slle8lan Landowners Assn 6s._1947 F
Sydney (City)
1955 F
s f 6 Ha
102
6%
73%
20%
92
—-
38
1
1
7%
8%
1
5%
18
10%
60
7
13%
1
1
1
1
1
11%
10%
s
f 5 Ha
1971 J
Tokyo City 5s loan of 1912
External
f6%a
J
47%
O
♦Uruguay (Republic) extl 8s.-.1946 F
1960 M N
1964 M N
3%-4-4%% extl readj
4-4%-4%% extl read]
1979 M N
42
1978 F
A
3%a extl readjustment
1984 J
J
♦External
a f
f 6s
6s
Venetian Prov Mtge Bank 7s__1952 A
Vienna (City of) 6s
♦Warsaw (City) external 7s
Yokohama (City) extl 6s
1958 F
17
AND
J
IVI N
60
lBt lien A ref 6s series A....1947 M N
Debenture gold 5s
1950 J D
1st Hen A ref 6s series B
1957 M N
13
Brown Shoe
33%
32
24%
25%
23
Buffalo Gen Elec 4 %s ser B
1981 F A
Buff Nlag Elec 3%s series C..1967 J D
Buff Roch A Pitta consol 4%s..l957 IVI N
25%
1
24
26
29%
21
35
29%
26
20%
20%
34%
5
41%
60%
25
33
33
6
48
58
45
13%
s f
.17
46
2
50
41
60%
64%
14
38%
64
44%
6
40%
63%
46
37%
53
38
50
38%
42%
67%
69%
42
*
6
38
69%
-
"26"
D
22
2
18
42%
50%
20
43
6
40%
53
50%
65
100
6a A
Canadian Nat gold 4%s
Guaranteed gold 5s
Guaranteed gold 5s
1946
A
1952
O
Ala Gt Sou 1st cons A 5s
1943
1943
D
1948
4s series B
Albany Perfor Wrap Pap 6s
6a with
assented
o
A
71%
.1949
D
61
6s
1950
101 %
67
78
100
105
43
44
25
67%
41%
16%
38
36%
Allied Stores Corp deb 4%s
1950
A
O
88
1951 F
A
88
83
J
1961 A
O
334s debentures
1966 J
D
♦Am Type Founders conv deb. 1950 J
M N
Amer Wat Wks A Elec 6s ser A. 1975 M N
Anaconda Cop Mln s f deb 4 Ha 1950 A
O
88
lOi" I69"
2
79
27%
13
27
Sf Income deb
g
1967
4s
Jan
1995 Q
J
202
100%
5
104%
97%
75
95
38%
95
69
100%
43
103
113
99% 105%
80
98%
112% 113%
102%
89
102%
116
100%
2
95%
20
105%
160
99% 103
99% 102%
97% 107
84
97
102% 105%
31%
31%
33
74
26%
33
25%
25
25%
10
23
41
98
100
Ark A Mem Bridge A Term 6S.1964 M
8
Armour A Co (Del) 4s series B.1955 F
lat M b f 4a ser C (Del)
1967 J
A
"96%
J
96
*
98
"94%
96%
134
93%
96%
30
88
96%
86%
96%
Atchison Top A Santa Fe—
General
4s
1995 A
♦Adjustment gold 4s
♦
O
103%
101%
*74%
84%
1995 NOV
Stamped 4s
1995 M N
"88"
Conv gold 4s of 1909
Conv 4a of 1906
1955 J
D
1955 J
D
89*
Conv gold 4s of 1910
1960 J
D
83
Conv deb 4%a
1948 J
D
Rocky Mtn Dlv 1st 4s
1965 J
Trans-Con Short L 1st 4s
1958 J
Cal-Ariz 1st A ref 4 %s A
1962 M 8
D
1946 J
Atl Knox A Nor 1st g 5s
Atl A Cbarl A L 1st 4%s A
lat 30-year 6s series B
At! Coast Line 1st
ser
General unified 4 Ha A
1964 J
{♦Auburn Auto
conv
Cent Hud G A E 1st A ref 3%s.l965 M
Cent 111 Elec A Gas 1st 5s..
1951 F
General 4s
104
232
101
88
92
100
3
100%
132
96%
6
103%
101%
18
5
*105
*70
98% 110%
76% 103
75% 103%
87% 106%
95% 103%
100
.
m,
~
—
112%
104
86%
99
47%
94% 108
80%
89
35
56
59
83
20
32
Mf
~
26
35
50
12%
"e" "16"
24%
10
9
9
2
95
112
1
54
70
109%
5
107
99%
51
109%
8
105%
60
99
109%
109%
89
100%
105% 109%
30
15
25
46
29
14
20
34%
24%
25
7
18
105%
23
101
67%
425
I^Cent RR A Bkg of Ga coll 5s 1937 M N
M N
5s extended to May 1 1942
1941 M N
1948 M 8
Champion Pap A Fibre deb 4%s *60 M S
Ches A Ohio 1st con g 6s
1939 M N
General gold 4%s
1992 M 8
Ref A Imp mtge 3%s ser D..1996 M N
Ref A lmpt M 3 %s aer E
1996 F A
J
Craig Valley 1st 6s
May 1940
Central Steel 1st g s f 8s
Certaln-teed Prod 6%s A
RAA Dlv 1st con g
4s
34
67
82%
79
69
94
25
24%
29
55
5
15%
2
15%
♦
22%
42%
104%
116
94%
94%
115%
94%
14%
31%
14
*
60
*105%
93
93
120
59
.
107%
13%
36
8
68
105
75
109%
90
69
100
14
90%
8%
17%
7%
16%
56% 108
22%
16%
67%
17%
20
13
9
15
13
8%
13
12
12
9
14%
5
J
J
*4
J
J
J
D
6
142
5
*50
♦Gen 4g series A
%
111%
23%
3
6%
3%
68
60
111%
111%
7%
7%
85%
112
15%
45
30%
28%
33
104
27%
70
♦General 4s
59%
{♦Chic A No West gen g 3%s:.1987
M N
-.1987 M N
32%
86
24
26%
.24
17%
46
20
24
81
13%
38%
♦Stpd 4s non-p Fed lnc tax 1987 M N
♦Gen 4%s stpd Fed lnc tax..1987 M N
♦Gen 6s stpd Fed lnc tax.—1987 M N
Conv
1960
20
18
20%
640
11%
34
♦4%s stamped
1996
21
24
158
1943
*107%
98%
101%
19
14
105
39
112%
|*8ecured 6%a
♦1st ref g 5a
...
"If
17
M N
J
18%
101
17
95
106
♦1st A ref 4%s stpd.May 1 2037 J
D
12
99
108
♦1st A ref 4%s ser
48
"9
99% 100
115% 119%
125% 129
N
24%
10%
3%
7
19%
7%
200
2%
14%
4
15
17
74
17
20
15%
16
18
13%
13%
13%
14%
15%
16%
8%
2%
351
9
14
17
"l"8% "l4
10
18
6
8%
9
8
D
40
C.May 1 2037 J
♦Conv 4%a series A..
1949 M
21
9%
D
102%
9
*15%
1987 M N
1936
May 1 2037
36
25
15%
3%
J
35%
20%
20%
15
9%
O
19%
7
71
14%
A
J
58
24
26
22
97% 102
26
23%
23
J
J
196
26
22
J
May 1 1989
♦Gen g 3 %a series B..May 11989
{♦Chic Mllw St P A Pac fis A.. 1975
♦Conv ad J 5s
Jan 1 2000
11
26%
85
90% 111%
81% 109
*11
J
30
78%
129
11%
54
13
85
39%
82%
128%
32
56
60%
19%
15
15%
-
lis"
{Cblc Milwaukee A St Paul—
34%
»
101%
12%
M N
37
43
97
—II
90%
*52
♦lat A
190
—
85%
106
12
105
86%
110% 121
85%
97
95
83
273
60
73
95% 106
103% 106
106
78%
45
118%
57
28
26
49
100%
91
25%
117%
23
20
17
93%
98%
89%
42
6
40
64
112% 116%
104%
85%
♦Gen 4%s series C
May 1 1989
♦Gen 4 %s series E—May 1 1989
♦Gen 4%s series F...May 1 1989
99
77
73
109%
1971
1958
1947
gen 5a series A
1966
gen 6s series B__May 1966
A Sou 50-yr 4s
1956
A East 1st 4%s
1969
97%
65
74%
31
60%
93%
...1977
J
♦1st A
94
94
100
♦Refunding 4s series C
26
*37%
114%
2
97
103%
♦Certificates of deposit..
23
*
95%
103%
81%
78
98%
39%
103%
{♦C A E 111 Ry (new Co) gen 5s. 1961 M N
Chic L 8
27%
55
63%
{!♦ Chicago A East III 1st 6s_._1934
Chic Ind
19%
60
115%
60
64%
35%
54
"69
115%
15%
72%
18%
94%
1949
Chic Burl A Q—111 Dlv 3 %s__. 1949
Illinois Division 4s
1949
76%
24
51%
29
106%
B
{♦Chicago Great West 1st 4a...1969 M S
J
{♦Chic Ind A Loulsv ref 6s
1947 J
J
♦Refunding g 5s aeries B
1947 J
79%
70
45%
J
5s...—1941 M
Chic A Alton RR ref g 3s
*
Chicago A Erie 1st gold 6s...—1982 M N
97
70
1959
67%
"49%
J
1989
1989
2d consol gold 4s
63
J
Potts Creek Branch 1st 4s...1946
Warm Spring V 1st g
105%
105%
1962
23
1
39%
83
109%
"25
A
88
...1960
92
26
1987
2000
1st A ref 5s series C
89
103%
35
85
74%
73
90
111% 114%
26
A
77%
117%
"17
85
109%
O
53
101
101%
*37%
8
108
84%
76%
1961
85
"82"
A
1960 F
45
....—1961
100
60
98% 112
105
97
1948
4s stamped
65
102%
Ref A gen 5a series D
Con ret 4s
30
111
115%
120% 125%
15
—1987
Guaranteed g 5s
63
Battle Creek A Stur 1st gu 3a.. 1989
Beech Creek ext 1st g 3 Ha
1951
Bell Telep of Pa fie series B
1948
11
92%
83%
*7
Through Short L 1st gu 4s... 1954 A
16
Ref A gen M 5s series F
6
"*6%
Cent Pacific 1st ref gu gold 4s..1949 F
77
Bangor A Aroostook 1st 5e
3
80
120%
114% 118%
112% 116%
*5
1966 A
1961 J
Cent Illinois Light 3%s
88
4 Ha
8
79
98%
....1941 M
Gen mortgage 6s
102%
J
16
114%
124%
111%
90%
121
116
96
111%
♦Mid Ga A At Dlv pur m fie. 1947 J
♦Mobile Dlv 1st g 5s
1946 J
Central Foundry mtge 6s..
1941 M
61
1950 J
115%
124%
77%
117
7
59%
Southwest Dlv 1st 3%s-6s
115%
114%
124%
78%
96%
111%
98%
92%
115%
114% 117%
7%
J
Tol A Cln Dlv 1st ref 4s A—1969
115%
♦Chatt Dlv pur money g 4S..1961 J
♦Mac A Nor Dlv lBt g 6s
1946 J
J
1941 M N
117%
111
3%
1st A ref 5s aeries A...
D
117%
3
12
74
1995 J
119%
74% 109
6
54%
Ref A gen 6s series C
P L E A W Va Sys ref 4s
21
.1959 A
lat A ref 4 %a Berles B
25
9
119%
119%
"101%
A1952
1959 A
General 4s
44
116%
93%
61
5
101
41
114%
115%
119%
79
101,,»il04%
4
102
D
114%
"25
7
104%
O
1
"82"
9
5
57
Refund A gen 5s series A
1995 J
1st gold 6a
July 1948 A
9
42
5
81
Baldwin Loco Works 5s stmpd.1940 M N
Bait A Ohio 1st g 4s
July 1948 A O
50%
90%
26%
35%
O
89
deb 4%s.l939
1941
"29
10
8
82
Austin A N W 1st gu g 5s
41%
85%
1
69%
Second mortgage 4s
38
44
9%
61
Atl Gulf A W I 88 coll tr 5s
33
60
7
J
7%
75
19%
74
1948 J
2
9%
Oct 1952 MN
Atl A Dan 1st g 4s
107
85
8
8
111%
16%
7%
6%
*14
11
D
39
*25
May 1 1945 M N
10-year coll tr 5s
LAN coll gold 4s
110
"23%
4s
1948 J D
6s..Nov 1945 F A
1945 M N
g
♦Consol gold 5s
♦Ref A gen 5 %s series B
♦Ref A gen 5a series C
83
79
105% 107%
106
*108%
23%
21%
{♦Central of Ga 1st
89
J
1
107%
111%
108%
95% 106%
59%
73
78%
96%
♦Cent Branch U P 1st g
82
1944 J
54
*40
Carriers A Gen Corp deb 5s w w 1960 M N
Cart A Adlr lat gu gold 4s
1981 F A
D
Celotex Corp deb 4%s w w
1947
79%
96%
96%
4s July 1962 M 8
cons
11
119%
1960 J
1949
82
J
85
84%
107%
*110%
114%
116%
Deo 1 1954 J
4s
guar
82
1944 J
100
16
68
100
59
♦Anglo-Chilean Nitrate—
{Ann Arbor 1st
58
70%
98%
70
"so"
1944 J
.
{♦Cent New Eng 1st gu 4a
109%
112%
102%
101%
100%
94%
104%
105%
105%
99%
99%
90%
Canadian Northern deb 6 %s
J
1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4%a
..1946 M
Central of N J gen g 5s.....
96
54%
"95%
78%
105
50%
...1970
Guar gold 4%s
June 15 1965 J
Guaranteed gold 4%s
1956 F
Guaranteed gold 4%s..8ept 1951 M S
87
79
104
112%
102%
102%
30
59
105
F
92%
28
305
100
J
1943
19
63%
20
1962
Central N Y Power 3%s
58%
100%
104%
97%
20-year sinking fund 5 Ha
3%a debentures
422
86%
109%
107%
27%
D
29%
59%
103%
27
"l09%
8
1949 J
Corp conv 5 Ha
Amer Telep A Teleg—
*30
8
1949 M N
57
61
"20%
..1963 J
35
59
♦
102%
f deb 6s..
4
76
"103%
s
64
90
"29"
Am Internat
35
45
8
Amer I G Chem conv 5 Hs
2
90
o
American Ice
95% 103%
78
O
1955 M
2030 M
19
74
1998
Am A Foreign Pow deb 5s
»
72
1942
Alplne-Montan Steel 7s
98%
-
38
1950
1952 M S
•
68
Allegh A West let gu 48
4%a debentures
-
1
*60
O
Allls-Chalmers Mfg conv 4s
104
36
Allegh Val gen guar g 4s
♦6s stamped
72
36
O
6s
94%
94
2
93%
100%
35
1944
conv
86
11
""98%
1946
conv
23
*102%
98%
1948
Coll A
95
70
Alleghany Corp coll trust 5s
♦Coll A
62%
87%
72
Alb A Susq 1st guar 3 Ha
warr
37%
36
89
O
cons
95
92
100
D
1st
62%
88%
100%
45%
35%
41
40
1957 J
Coll trust gold 5s
55
"93%
24
*62
COMPANIES
10-year deb 4%s stamped
160
"76"
A
July 1969 J
Oct 1969 A
Caro Clinch A Ohio 1st 6s
Adriatic Elec Co extl 7s
61
106%
72
1966
cons gu
12
30
101
*26
1960
deb 5s
6s equip trust ctfa
INDUSTRIAL
61%
~23
1940
conv
{♦Car Cent 1st
J{♦Abltlbl Pow A Paper 1st 5s_1953 J D
Adams Express coll tr g 4s
1948 M 8
Coll trust 4s of 1907—
D
1947
106"
*18%
1955
{Bush Term Bldgs 5s gu
7
104% 107%
19%
45%
76
1952
HCal Pack
92
8%
6%
Consol 6s
4
31
58
deposit.
Guaranteed gold 6s
62
52%
96%
105
60
47%
44%
42%
of
Calif-Oregon Power 4s
99% 104%
46%
..1950 F
deb 3%s
{Bush Terminal 1st 4s
40
50
41
98%
82
105%
{ |*Burl C R A Nor 1st A coll 6s 1934 A O
44
92%
950
*37
106
11%
47%
25%
102
396
96%
8%
(VI N
con gtd 58.1941 M N
1st 6a stamped
J
1941 J
Bklyn Union El lat g 5s
1950 F A
Bklyn Un Gas 1st cons g 5s
1946 M N
Collateral trust 4 %s
RAILROAD
J
7%
42%
A
1961 J
41
A
7%
*..
O
1962 M N
45
18%
5%
F
6%
45%
43%
44%
44%
s
20%
26
6
49
"44%
♦External
31
29
""3
*41%
"56"
A
guar
31
27
8%
47
1952 M S
1961 A
s
29%
98%
93%
Bklyn Qu Co A Sub
Canada Sou
Taiwan Elec Pow
29
10%
12%
101%
22%
29
99% 104%
31
J* Boston A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3%s..l966
Bklyn Manhat Transit 4%s
1966
♦Certificates
A
"75
97%
1961
28%
28%
43%
*28%
28%
104%
1955 M N
A O
4%a series JJ
*25%
25%
D
A
5%
1st g
31%
28%
28%
7
105
10%
10%
308
25
29%
29%
21
27%
29%
31
13
..
27
High
26%
20%
105
1952
7%
9%
*14%
9%
*8%
8%
1956 M S
1968 J
-
10
S
1966
a f conv debs
6
8%
8%
J
♦8a external.
♦6a extl Dollar loan
—
Low
7
D
Cons mtge 3%a series E
1967 M
9
73%
No
29%
29%
103%
1944 J
9
J
♦7a extl Water loan
«.
Since
Jan. 1
104%
98%
96%
Boston A Maine 1st 5s A C
1st M 5a aeries II
8%
A
Undergr 8 %s 1966
4%s ser D..1960
Beth Steel cons M
Askea
Hioh
29%
27%
*27%
1955
Big Sandy 1st 4s
9
O
♦Debenture 6s
3%a
31
dk
29%
1959
10%
36
D
sinking fund 6%s
Range
Is
Friday's
Bia
29%
5%
9
l»8a extl loan of 1921
♦Sinking fund
25
♦Deb
♦Berlin Elec El A
102% 108%
103% 109%
Ranoe or
Sale
Price
Low
Belvldere Delaware cons 3%s..l943
♦Berlin City Elec Co deb 6%s..l951
9
8%
1959 F
fe
A.
12
9
1952 A
K
N
1
6%
7%
8
Last
EXCHANGE
2
8%
7%
9
1952 M N
♦Saxon State Mtge Inat 7s
5%
16
105
STOCK
High
7H
11%
10%
98%
7%
8%
1967 J
f 7s
Low
-
...
Y.
Week Ended July
5
—
O
Sao Paulo (City of, Brazil)—
♦8a extl secured a f
s
No.
N.
1
7%
m.
D
Rome (City) extl 6%8
♦Roumanla (Kingdom of) 7s
♦Saarbruecken (City) 6s
♦6 Hb extl secured a f
San Paulo (State ol)—
Jan
High
m
7%
S
1966 M N
BONDS
Since
Ask
A
Week's
Friday
Range
Friday's
Bid
O
6%a
.1953 F
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
1946 A
Range or
79
Weeks
Last
O
♦Rio de Janeiro (City of) 8s
Friday
9%
1
5%
6%
147
15
7
10
7
14
6%
3%
30
36%
34%
13%
4%
18
18%
18%
17%
22
18%
22%
12%
11%
11%
7%
New York Bond Record—Continued—Page 3
80
July 2, 1938
Friday
EXCHANGE
STOCK
Week Ended July
Hewlett Hros. & Johnson
Gen A ref 5s
Chicago, III.
On* Walt Street
,
Trivate Wire
T. 1-701 -<•
F
ser
Gen A ref mtge 3Xs ser
A
Friday
I «
EXCHANGE
Week Ended July
1
Week's
Last
I
BONDS
STOCK
Y.
»*a.
Price
Bid
&
Asked
Low
High
Low
High
{{♦Chicago Railways 1st 6s stpd
Feb 1 1938 26% part
F
paid.....
♦Certificates
of
1951 J
19 X
14X
18X
9X
8X
"Th
8X
40
S*
7
48
5
SH
29
"~4X
"65
*6H
"~4X
4X
55 X
D
5X
5X
3
10
8X
6X
61
*35"
55
70
65
*
86
86
46
D
Dec 1 1960 M
5s
14X
11
8
D
gu
62
17
6H
7X
D
June 16 1951 J
Memphis Dlv 1st g 4s.
1951 J
Chic THA So'eastern 1st 6s,-1960 J
Gold 3Xs
17X
16
O
(♦Refunding gold 4s
-.1934
♦Certificates of deposit
{♦Secured 4Xs series A
1952 m"s
♦Certificates of deposit
♦Conv g 4Xs
.1960 MN
Inc
51
17
17X
A
Ch St L A New Orleans 5s
42
45 X
J
1988
deposit...
{♦Chic Rl&PIty gen 4s
53
44
44
78 X
14
78X
46
55
S
67
36
54X
Chicago Union StationO
Guaranteed 4s.—..
.1944
lst mtge 4s series D. .
1st mtge Z%n series E—.
J
-1963
J
.1963
.1951 M S
3Xs
guaranteed
J
103 X
106 X
103
98 X
85
Chic & West Indiana con 4s.
.1952
1st & ret M 4X» series D..
Cbllds Co deb 6s...
.1962 M S
84
-1943 A
72 X
O
{♦Choc Okla & Gulf cons 5s.. 1952 MN
Cincinnati Gas A Elec 3Xs— 1966 F A
105 H
1957 N N
102 X 107X
10
103
J
99
109 X
97X 105X
71
85
23
71
92 X
68 X
72X
46
48X
72X
14X
18
106 H
105X
14
"21
*96
100X
108 X
109
102X
106 X
100X
107 X
106X
102
*109
108 X
100
M N
105
Clearfield A Mah 1st gu 5s— .1943
J
109 X
*30
106 X
109X
102
109X
108 X
75
1993
D
1993
D
1977
J
1939
J
Cin Wabash & M Dlv 1st 4s. 1991
..
General 6s series B
Ref & impt 4 Xs series
E
*65X
97 X
99
99
go
96
97X
105X
105X
103 X 108
109
O
109
107X H2X
*105X
A
4s..l948
.....
J
105 X
104X
O
80
80
74 X
70
74
106 X 108
♦101X
*101 x
J
1972
O
5s series B guar
1973
o
4348 series C
1977
o
1945
73"
D
Coal River Ry 1st gu 4s
A
Colo Fuel A Iron Co gen s f 5s.. 1943
♦5s income mtge
1970 A O
Colo A South 4Xs series A
1980 M N
Columbia G A E deb 5s.. .May 1952 M N
Debenture 5s..
Apr 15 1952 A O
J
Debenture 6s
Jan 15 1961 J
Columbia A H V 1st extg 4s.-.1948 A
71
102 X
108
92
111X
iosx
1965
107 x
1951
52
12
40
65
42
18
30
47 X
5s
90 X
♦1st consol gen
1953
conv
4s series D
104 X H2X
106 X 109 X
100
82
102 X
52
104
104 X
63
17
111X
108 X
106X
112X
111X
108 X
107 X
100
2
82
22
108X
107X
108
6
103
104
47
102 X
103 X
25
101X
102 X
101
J
D
22 X
103
J
♦Debenture 4s
1955
1956
J
1960 J
J
Consumers Power 3Xs-May 1 1965 IVI N
1st mtge 3Xs
May 1 1965 IVI N
1st mtge 3Xb
.....1967 M N
100 X
*10X
O
13
22 X
*10 x
45
108 X
1
1954 F
Ernesto Breda 7s
Fairbanks Morse deb 4s.-.-.-1966 J
Federal Light A Traction 1st 6s 1942 IVI
5s International series
1942 IVI
1st lien
s
1942
1942
.1954
f 5s stamped
1st lien 68 stamped
30-year deb 6s series B
Flat deb
s
1
102 X
53
"97*"
93 X
103 X
97
26
J
D
6s series B extended to 1946...
D
J
Dayton Pow A Lt 1st A ref 3 Xs 1960 A
Del A Hudson 1st A ref 4s
O
..1943 IVI N
Del Power A Light 1st 4Xs
1971 J
1st A ref 4Xs—-—.1969 J
Penna tax
g 4s.
1936 J
J
-.1936 J
J
For footnotes see page 83.
108 X
105
102 X 107 X
lOOX 101
100
105 X
97X 103 X
99X 102X
20X
24X
104 X 109
Gas A El of Berg Co cons g 5s.. 1949 J
Gen Araer Investors deb 5s A.. 1952 F
5s.—1947 J
1st A gen a f 6Xs
1950
1973
J
1976
1977
J
General mtge 4s series G
Gen mtge 4s series H._
1946
J
1946
J
J
Gen mtge 3Xs series I
1967
Feb
♦Green Bay A West deb ctfs A.
Feb
♦Debentures ctfs B
108 X
12
103 X
1
106
2
106
*108X
108 X
11X
*10
106 X 108 X
108 X
108 X
13
45
108
39
10I8
9
48 X
39
48 X
49 X
48 X
"7
105 X
104X
46
98
55 X
53
9
180
93 X
21
20
13
25
25X
78 X
34
95
98
103 X
85
104X
*25
31X
3
90
98
105X
85
54
145
1
86
"81X
75 X
72
"78"
85
104
~70X
"65" "77"
60 X
71X
95 X
111X
80
104
81X
72 X
83
15
28
""
20
64
68
89 X
103X
63
100X
90 X
91
91
271
74
80 X
74
80 X
251
69 X
95
71X
29
60
82
54
60
66
70 X
*45
.....
8X
t
60
"16
7
10
80
55
81
65
55
82
90X
91
91X
92
9
106
*66"
64X
104
104 X
10
1999
110X
1944
*65
1949 M N
A. 1957 F A
A O
O
1951 J
A
Loulsv Dlv A Term g
...
1952 J
3X9— 1953
16
Western Lines 1st g
1951
3Xs... 1951
1951
4a
g
31X
119X
52
74
65
29
38 X
*120 X
46 X
"47 X
"41
40
60
17X
71
11X
23X
109X
14
106 X
85
110X
16
17
108 X
109X
85
24
63
85
3
99X 102 X
13
30 X
118X 121
98
88
93 X
77 X
77X
75
43
43
47
t
J
1953 MN
108 X
108
22 X
"23"
45 X
47
12
7
"37 X "54"
34X
49X
45
"50
31
6
39
55 X
205
23
39X
84
78
84
65
"46"
"45"
63
63
56
47
72
52
55
45
50
48X
50
39
34
39 X
*65
I
*47"
45X
59 X
1951
Omaha Dlv 1st gold 3s
St Louis Div A Term g 3s... 1951
Gold 3Xs.
Springfield Dlv 1st
11
"l7
102
s
Collateral trust gold 4s—... 1952 A O
1955 MN
Refunding 4s
100X 104X
27
111
O
1951 IVI
89 X
99X 105 X
108
J
1951
76
32 X
102 X
24 X
29
31X
J
1951 J
Extended 1st gold 3Xs
1st gold 38 sterling
"85"
*28 X
♦Adjustment Income 5s .Feb. 1957
99 X
90 X
57
1949
1937 M N
67
78
*109
Illinois Central 1st gold 4s
1st gold 3Xs
106 X
72 X
82 X
105
Illinois Bell Telep 3Xs ser B_. 1970 A
98
84
99X
101X 106X
74X 86
104
1952
ser
57 X
14X
*15X
31X
89 X
1946
.....
37X
26
40
1966
10-year deb 4Xs
48 X
39
101X 105 X
104 X
98 X
101
89
*15
105X
15
108 X
99 X
39
6
1955 MN
Refunding 5s
40-year 4Xs
Aug 1 1966 F A
1950
Cairo Bridge gold 4s
Litchfield Dlv 1st gold 3s... 1951
106
103X
85
6
89 X
62
6
100
25
89 X
105
.
35
108 X
14
96 X
1961
4Xs
Purchased lines 3Xs
108 X
103 X
103 X
*45
Collateral trust gold 4s
54X
106 X 108 X
104
103
44 X
49X
*45
54X
28
96 X
54"
34
1952
Stamped.
58 X
162
104
17
Gulf A 8 I 1st ref A ter 5s Feb 1952
41
44 X
48
104 X
104 X
104 X
Greenbrier Ry 1st gu 4s
1940 MN
Gulf Mob A Nor 1st 5Xs B._. 1950 A O
1st mtge 5s series C
1950
31X
37
37
119X
101X
95 X
48 X
*47X
J
31
44
35
36 X
J
...
General 4Xs series D
General 4 Xs series E
27
105X 109
2
103 X 103 X
103
105»«w
100
98 X
22
1
X
4X
*85
62
37
21
2
99X
39
108 X
2X
IX
62
36
40
2X
2X
J
37 X
48
2
8X
7H
17X
70X
37X
49 X
40
58
*2X
*1X
70
105X
43
40
49
D
A
105X
36 X
102 X 106
5
*3X
J
10
3
85
93X 100
35 X
3X
D
General 5s series C
Hudson Co Gas 1st g 5s.
97
92 X
97X
52
J
J
Great Northern 4Xs series A.. 1961
1952
General 5Xs series B
Hudson A Manhat 1st 5s
91X
89 X
89X 100
7X
96
s t
97
75
90
100
55
58
71X
102X
7
102
101X 106 X
99 X 104
106 X
100
95
59
97
89 X
3X
A
102 X 105X
100 X 105 X
83
5
287
J
1947 J
J
1945 J
D
♦Sinking fund deb 6XS-.---1940 J
♦20-year s f deb 6s.—
1948 IVI N
Gen Motors Accept Corp deb 3s.'46 F A
15-year 3Xs deb
.1951 F
Gen Pub Serv deb 6Xs
1939 J
Gen Steel Cast 5Xs with warr.1949 J
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45 J
{{♦Ga Caro A Nor 1st ext 6s.-1934 J
♦Good Hope Steel A Ir sec 7s. .1945 A
Goodrich (B F) conv deb 6s.-.1945 J
1st mtge 4Xs
1956 J
Goodyear Tire A Rub 1st 5s. .1957 IVI N
Gotham Silk Hosiery deb 5s w w *46 IVI s
3
6
3
37
8X
D
5Xs A—
12
98 X 102X
98 X 105 X
71X
102
92 X
7
J
J
Francisco Sugar coll trust 6s... 1956 M N
Gulf States Steel
101X
7X
--
20
J
1951 WIN
...
109 X 112X
109 X 112X
85
75
1952
♦Certificates of deposit.—-Fort Stu D Co lstg 4Xs—1941 J
TFramericanlnd Dev 20-yr 7 Xs 1942 J
gu
43
42 X
105
7X
S
103 X
108 X
57
D
102 X
105 X
J
1st mortgage 4 Xs.—..
.1969 J
J
Den Gas A El 1st A ref sf 6s.-.1951 IVI N
t {♦Dfen A R G 1st oons
{♦Consol gold 4Xs-
98 X
*38 X
103
40
*75 X
J
100 X
108 X
92
J
102 X
48
71
(Amended) 1st cons 2-4s
1982
{{*Proof of claim filed by owner MN
f
36
92
{{♦Proof of claim filed by owner. M N
s
1
101X
102
D
Houston Oil sink gund 5 Xs A. 1940 IVI N
Hudson Coal 1st s f 5s ser A... 1962 J D
102 X
1962 J
41X
*75
70 X
53
*60
4
♦Certificates of deposit—
Gen Cable 1st
38
"4
..1974 IVI
♦1st A ref 6s series A
7
94 X
{♦Fla Cent A Penin 5s
1943 J
{♦Florida East Coast 1st 4 Xs- -1959 J
9X
9X
42
99 X
54
11
1966 MN
7Xs series A extended to 1946— J
355
14X
97
15X
48
26
D
248
13X
"l4X
92
40
"13"
104X
J
21X
*91
17X
16X
11X
15X
104X
102 X
103 X
Crown Willamette Paper 6s
1951 J
Cuba Nor Ry 1st 5Xs.-_-_--.1942 J
36 X
15
S
10X
lix
..1970 MN
-.1950 MN
12X
16
s
10
105
A
13
15X
13X
s
13
108 X
105 X
D
51
16
"17X
IVI
12
104 X
D
13
IVI
1946
f 7s
S
Hackensack Water 1st 4s
105
1951 F
25
A
D
♦Harpen Mining 6s—
Hocking Val 1st cons g 4Xs...
Hoe (R) A Co 1st mtge
{{♦Housatonic Ry cons g 5s
408
104 X
104 X
1946 J
1943 J
58
16X
♦N Y A Erie RR ext 1st 4s__ 1947 Wl N
{♦3d mtge 4Xs
—1938 Wl s
92 X 103
103
*10X
48
22 X
33 X
16
J
♦Genessee River 1st s f 6s._1957
103
40
o
♦Ref A impt 5s of 1927
1967 IVI N
♦Ref A impt 5s of 1930——1975 A O
J
♦Erie A Jersey 1st s f 6s.. ..1955 J
Gulf States Utll 4s series C
iosx
Cuba RR 1st 5s g
104 X
107X 108 X
104 X 108
102 X
J
f 4s
95 X 100X
99 X 102 X
100
107X 108 X
103
1955
s
108 X
♦108X
107 X
103 X
O
A
96 X
99 X
101X
111X
A
1953
♦Series B
♦Gen
Gt Cons El Pow (Japan) 7s.. .1944 F
105
101
100 X 103
27
44 X
23 X
J
Grays Point Term 1st
16
109X
102X 104X
*45
;_1953 A O
♦Conv 4s series A
94X 106 X
106
104X
J
98
109 X
154
*106
J
4s prior. .1996
lien g 4s
.1996
86
108X
131X 132X
*131X
104X
105X
*45
7
108
108
68 X
90 X
101X 103 X
*101X
99
*106 X
108-
101
75
J
86
85
23
110
*101X
51
71
14
*101X
J
cons g
102X 106
106
*100
O
Erie A Pitts g gu 3X8 ser B—1940 J
Series C 3X9.-.-.
1940 J
{♦Erie RR 1st
109
1
1965
stamped
33
88
31
1956 MN
Gouv A Oswegatchie 1st 5s
1942 J
Grand R A I ext 1st gu g 4X8—1941 J
*107
♦Debenture 4s.
Container Corp 1st 6s
15-year deb 5s
Crane Co s f deb 3Xs...
92X
101X
50
♦105X
1981
1st mtge 3Xs._
1st mtge 3Xs._
65 X
95 X
25
...
99
93 X
92 X
1943
as to
99
77
48
*60
J
1956
1957
Stamped guar 4Xs
1951
Conn Rlv Pow s f 3Xs A
..1961
Consol Edison (N Y) deb 3 #8-1946
3Xa debentures.....
1956
3Xs debentures.
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s... 1956
Consol Oil conv deb 3Xs
-.1951
{♦Consol Ry non-conv deb 4s..l954
Stamped
70
49
76 X
73
91X
102 X
104 X
D
73
81X
X
93
2Xs debentures.
—.1942 J
Commercial Invest Tr deb 3 Mb 1951 J
Commonwealth Edison Co—
f 5s
1
104 X
105 X
94
108 X
99 X
Conn Ry A L 1st A ref 4Mb
73
106X
101X 101X
mmmrnm
91X
A
1955 F
1st mtge SXs series H.
Conn & Passum Rlv 1st 4s
100
'mmmmm.
93
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3Xs—.1951 A O
1st mtge g 4Xs series C
1st mtge g 4Xs series D
1st mtge g 4s series F
■
39
,mmmm
O
Columbus A Tol 1st ext 4s
73
*103 X
mm
106X
104X 108
104X
*102
Gen & ret mtge 4 Xa series B. 1981
Cleve Short Line 1st gu 4 Xs. .. 1961
23
109X
Electric Auto Lite conv 4s
1952 F A
Elgin Joliet A East 1st g 5s
1941 IVI N
D
El Paso Nat Gas 4Xs ser A...1951
El Paso A S W lBt 5s
1965
37
20
93
♦Gen Elec (Germany) 7s Jan 15
O
Cleve Union Term gu 5Xs
»
61
78 X
97 X
A
Crown Cork A Seal
57
*60 X
1977
s
102X
50
*47""
1948 MN
1950 F A
Series C 3Xs guar
Series D 3Hs guar
Gen 4Xs series A
♦Debenture 4s
♦Consolidation Coal
97
82 X
70
j
Cleve A Pgh gen gu 4Xa ser B. 1942
1942
Series B 3 He guar
1942
Series A 4 Xs guar
1st a f
92X
73 X
63
57 X
1940 M S
Spr & Col Dlv 1st g 4s
J
W W Val Dlv 1st g 4s.
1940
Cleve-Cllffs Iron 1st mtge 4Xs. 1960 M N
J
Cleve Elec Ilium 1st M 3X s... 1966
s f
90 X
92 X
41
75
53X
1990 M N
Cairo Dlv 1st gold 4s—
St L Dlv 1st coll tr g 4s
1st
59
70
*70
56 X
37
44
"17"
J
Fonda Johns A Glov 4Xs
Cleve Cln Chic & St L gen 4s.
103X1 09X
D
110
25
83
D .1971
lst mtge guar 3Xs series
10
35
62
*14
D
1967
1st mtge 334s
Cin Leb A Nor 1st con gu 4s.. .1942 M N
Cln Un Term 1st gu 5s ser C..
103 X
106 X
103H
98 X
105X
102 X
97X
84 X
19
109X
106 X 109 X
107
111X
23
nix
M
111X 113X
14
Ed El 111 Bklyn 1st cons 4s
1939 J
Ed El 111 (N Y) 1st cons g 5s..1995 J
Jan. 1
No,
42
21
113X
D
East T Va A Ga Dlv 1st 5s
Since
4
42
F
East Ry Minn Nor Dlv 1st
Range
7X
10X
3
-.1951 J
{{♦Dul Sou Shore A At! g 5s.. 1937 J
|
5X
8
4
IVI
—1995
High
4X
65
Dow Chemical deb 3s
Range or
Friday's
Sale
Low
1
J
Duquesne Light 1st M 3Xs—-1965
N.
Since
Jan. 1
15
8
Detroit Term A Tunnel 4XS--1961 IVIN
•>- C&o. 543
No
Range
6
6X
G ..1966
♦Second gold 4s
%andolph 7711
£3
A
♦Detroit A Mac 1st lien g 4s.-.1995 J
135 So. La Salle St.
Connections
'Bell System Teletype
SDlgby 4 •5200
F
-1952 A
—1965 A
E
ser
Gen A ref M 4s
View York, <5^. Y.
Friday's
Bid
&
As*
Price
1
{♦Den A R G West gen 5s.Aug 1955
♦Assented (subj
to plan).
♦Ref A impt 5s ser B—Apr 1978
{♦Des M A Ft Dodge 4s ctfS—1935
{♦Des Plains Va! 1st gu 4X8—1947
Detroit Edison Co 4Xs ser D__ 1961
%AILRQAD 'BONDS
Range or
Sale
Low
Y.
Week's
Last
BONDS
N.
75
*45
60
95
60
"50X "75"
t:
Volume
New York Bond Record—Continued—Page 4
147
BONDS
N.
Y.
8TOCK
\
EXCHANGE
Week Ended July
g
Price
A
®
1st & ref 4Xs series C
1963
1940
?
Illinois Steel del) 4Xs
Ind. Bloom & West 1st ext 4s.-1940
Ind
42 X
High
38 X
36 X
106X
38 X
J
J
106X
J
111 & Iowa 1st g 4s
1950
^♦Ind A Louisville 1st gu 4s
1956
Ind Union Ry 3Xs series B--1986
Inland Steel 3% s series D
1961
flnterboro Rap Tran 1st 5s.-.1966
*
NO.
43
121
29
46
40 X
85
28
42
106X
10
Low
107
J
47
-
1932
»
s
17
}
85 X
1952
J
17
A..July 1952
J
1956
J
—1956
1944
J
ser
1942
♦1st 5s series B
♦1st g 5s series C_.
Internat Hydro El deb 6a
Merc Marine s f 6s
39
51X
80 X
54
3
Low
4X
14X
12
2
1
12
19
15X
69 X
15X
72 X
5
12
44
48
36
91X
89X
91 X
42
48 X
35 H
80H
84
72
54
68
70
33
13
*
O
_79_"
April 1940 Q
72
Mead Corp 1st 6s with warr.. 1945 IVI N
1968 IVI
1950 A O
f'*Met West Side El (Chic) 4s.l938 F A
Metrop Ed 1st 4Xs ser D
Metrop Wat Sew A D 5Xs
X
5X
s
—1951
1952
1979
1st gold 3Xs
Ref A Impt 4 Xs series C
t*Mld of N J 1st ext 5s
Miiw EI Ry A Lt 1st 5s B
alOl
X ♦Minn A St Louis 5s ctfs
102X
5X
24
6X
26 X
60
89 X
16
14X
19 X
102
101
t'♦Mil A No 1st ext 4 Xs(1880) 1934
94
9X
5X
91
103 X 100X
99X 103 X
87 X
62
102 X
82
7
10
88 X
103X
77
18
"60""
1961
1971
75
97
*60
15X
54
90
72
94
I
J
Con ext 4Xb.
1939
t*MIJ Spar A N W 1st gu 4s.-1947 IVI
t*Milw A State Line 1st 3Xs—1941 J
13X
65
*70
M N
72 H
51
X
8
*26 X
J
M
94 H
84
102 X
liox
75
20
87 X
alOl
*5X
1940
1st mtge 5s
70
82
100 X
109 X
110X
D
1956 J
f 7s
Jack Lans A Sag 3Xs
19
46X
>
Market St Ry 7s ser A
87
19X
4
75
♦♦Man G B A N W 1st 3X8—1941 J
Marion Steam Shove
i J6s
1947 A
101H
13
— —
96
*68
Michigan Central Detroit A Bay
City Air Line 4s—
1940
65
High
85
57X
100
Low
1959 IVI N
1st ext 4s
40
6
No.
"99"
♦Miag Mill Mach 1st
14X
.
High
*81
♦Mex Internat 1st 4s asstd
1977 M
♦4s (Sept 1914 coupon).—.1977 M
11
Since
Jan. 1
As ted
*96
24
57
17
101 x
15
A
s
58 X
94
87
60
Range
Friday's
Bid
Price
1939 IVI N
Manila RR (South Lines) 4s
10
•
Sale
3$
1
Week's
Range or
Last
fe-a
EXCHANGE
40
42 H
5
19
52 X
101
42 H
5
49 X
18
100 H
101H 107 X
92
51X
Iut Agric Corp 5s stamped
^♦Int-Grt Nor 1st 6s ser A
96
...
-
51
47 X
1947
-
107 X
17
de'u 4a
12 X
98
106 X
49 X
50 X
H
90
87
23
*
*
7%
conv
STOCK
Hioh
106H 107 X
86
*
s
notes.. 1932
♦Certificates of deposit.
—
Y.
Week Ended July
100
*55
J
♦Certificates of deposit—
♦Adjustment 6s
Jan. 1
Manila Elec RRALtsf 58—1953 IVI
1963
Interlake Iron
BONDS
N
Since
Ashed
St L & N
Joint 1st ref 5s series A
'♦10-year 6s
'♦10-year conv
Range
•M
Friday's
Bid
Low
111 Cent and Chic
Friday I
Range or
Sale
u
1
81
Weet's
Friday
Last
103 X
102 X
I
94
101
79 X
-
103
98 X 103X
97
102X
J
|
83 X
50
1st lien & ref 6Ms
Int Telep A Teleg deb g
1947
4Ha..1952
1
81
81
a81 X
6
»
69 X
68
69 X
183
39H
69 H
♦1st A ref gold 4s
IVI
s
1939
J
98 X
96
99
2154
74
99
♦Ref A ext 60-yr 5e ser A.. ..1962 Q
72 X
70
X
73
193
42 H
3
60
IX
3
52
60
60
13 X
20
77
73
2X
51
39
F
h
77
50
*22
>
95
*27 ~~
1941
Internat Paper 5s ser A & B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B.-.1972
Int
Conv deb 4 Ha.
Debenture 5s
J
1955
t*Iowa Central Ry 1st & ref 4s. 1951
3
James Frankl & Clear 1st 4s —1959
)
Jones A Laughlin Steel
79X
*78 X
3
3
80
1st ext 4Xs
X*M St p A 8S M
♦1st
4Xs A..1961
Kanawha & Mich 1st gu g 4s. .1990
»♦ K C Ft S & M Ry ref g 4s.l936
*42 X
96
>
80
City Sou 1st gold 3s
Ref & impt 5s
Kansas City Term
1st 4s
stmp (par
Plain
78
90
♦25-year
24 X
5
20X
10
29 H
27 X
63
42
71X
62
70 X
67 X
16 H
60
44X
67 X
105
106
77
104
103X
104X
28
1954
1st & ref 6 Ha
1954
Kinney (G R) 5X* ext to
1941
Koppers Co 4s ser A
1951
Kresge Foundation coll tr 4s.. 1945
3Ha collateral trust notes. —1947
^♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 5s. 1939
Coll & ref 5X8 series C
1953
Coll & ref 5Ha series D
1960
Coll tr 6s series A
1942
1942
-
-
-
-
*25
86
87
*99
1
105
*
*50
93
*70
-
-
98
-
----
4
92
10
98
*95 X
-
27
80
87
103
62
102 X
102 X
103
95
150
29
71
100
98 H
103H
26 X
83 X
26X
26 X
3
25X
31H
82
F
55
53
83 X
55X
F
54
49
18
75
70
48
90 H
61X
55
9
47
60
5
41H
48
62
44
63 H
47H
*65
......
49
*47
87
89
2d gold 5s
Lake Sh A Mich So g 3 Ha
.—1941
J
_
J
1st & ref. s f 58
Leb Val N Y 1st gu g 4
Ha
Lehigh Val (Pa) cons g 4s
General cons 4 Ha
General
cons
Leh Val Term Ry 1st gu g
Lex & East 1st 50-yr 5s
90
16X
18X
140
10
23 X
19 X
18X
20 X
71
15X
25X
17X
17X
3
15X
23
ex
18X
iex
18X
20
"4 X
7
20X
18X
20X
"4 x.
19X
O
F
♦Ref A
42X
84
4
352
15
25X
19
15
23
18X
8
15
25X
15
50
"86
18X
20 X
23
3
103
17X
28
17X
14X
14X
M S
M S
65
15X
6X
25X
23
15
25H
14X
23
85
*50
A
46
20 X
*60
M S
1977
♦Secured 6% 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 4Xs--...
.......I960
6s debentures....—.—1965
mpt 4Xs
16X
11X
12
*
19
14X
14X
50
70
29
13X
167
8X
21X
14X
105
9
15
68
IVI N
A
~98X
O
A
O
3X8-1966
Ayef 5s....1941
1955
50 X
98 X
98X 107 X
Gen A ref
s
I
55
8
48
65
Gen A ref
s f
85
95
27
35
*78 X
85
-
«
-
35
2
95
66
99 H
*36
38
26X
45
18 X
39X
*22 X
27
*22 X
75
24 X
4Xe series C—1955
5s series D
1955
Morris A Essex 1st gu 3Xs
Constr M 5s BerJes A
93
94
98 X
93 X
95X
58
60
99
20
85
95X
100
84
94X
98X
9
73
74 X
79
72X
72X
69
69
74
74
71X
A
CI—I
A
"52"
J
_80~"
52
53
47
34X
34X
43 X
44
Constr M 4 Xs series B
1955 M N
Mutual Fuel Gas 1st gu g 5s—1947 MN
44
41X
44
Mut Un Tel gtd 6s ext at
5%-.1941
19 H
75
85
6
30
62
Nassau Elec gu g 4s stpd
34
50 H
Nat Acme 4X« extended to
Nat Dairy Prod deb 3X8 w
113X
IVI N
112
113H
99 X
62
55 X
113H
40
2
96H 101
84
*._.—
44
75
106X
*
.....
1955 MN
35X
35
2000
106
95
J
71
Montreal Tram 1st
105X
105X
95X
J
Montana Power 1st & ref
48
1978 F A
Nash Chatt A St L 4s ser A
1951
1946
W..1951
J
55
J
J
55
D
IVI N
1940
46
44 X
46
2003
2003
22 X
19X
23 X
11H
30 X
22 X
25
53
13
32
26
6
17
40
100X
102 X
105X
68
18
28
96X 100X
92 X 102 X
1
National Rys of Mexlco-
25
100X
100X
50
7
2
55
90
21
22
Nat Distillers Prod deb 4Xs—1945 IVI N
24 X
45
7
260
50
3
105X
i
111X
00
2
130 X
123
13
107 X
—
105X
129
121X
-
111X
31
16
45
52
121X 126
99
111X
100
96
94 X
100X
62
62
2
55X
63 X
*55
65
75
90
87
85
87
73 X
88 X
*
79 X
79 X
78
79
31
78X
79
6
127X
128
4
*119X
120
73X
73 X
.1940
100
1st A ref 6s series B
.2003
90
86 X
1st A ref 4 Ha series C
.2003
83 X
81
1st A ref 4s series D
.2003
1st A ref
.2003
76
.1945
Mob A Montg 1st g 4 Ha
South Ry joint Monon 4s.. .1952
.1955
Atl Knox A Cin Div 4s
Lower Austria Hydro EI6X*- .1944
41
9
104
14
♦Assent warr A rets No
99X
76
*108X
*
98 X
*
111X
75 X
100X
79 X
101X 106
102
107X
Conso 1 guar 4s
N
N
93 X
74
90
65
82
100
1
-
-
-
-
-
-
20
25
76
109
74H
98
98
3
102
23
74X
75
10
107 X
82
112
111X
98X
97X 103 X
93X 102
74X
91X
11
37
55
26 X
12
20
28 X
21X
23 X
24 X
22 X
74
21 X
D
40
26
23
21
17X
16 X
23 X
4
32 X
31X
23X
44
J
10
2X
X
2X
*1X
IX
3X
IX
J
A
1«
O
A
O
"*ix
J
D
107H
"lX "2X
"IX
106X
107 X
*30
D
J
D
IVI N
F
A
123X
122 X
---
D
♦1st 5Xs series A
—
Conv secured 3Xa
C
5
107 X
"6
55
56X
12
43
5
96
98
50
98 X
96 X
55
98 X
58
*25
F
A
A
O
A
29
31X
29
35
28 X
30 X
F
25
26 X
J
*110
61X
57
O
72
68
o
56
O
59 X
51X
54 X
61X
IVI N
68
32X
31
120 X 123X
x
104 X 108
38
34
64 X
60
70
98 X
98 X
13
47
23
76
31
"l6
22
36
8
24
32
7
22
20
23
35X
33 X
35
80
22
37
32
5
26 X
35X
31X
26 X
31X
29 X
111
A
A
24X
24 X
122 X 125
86X
84 X
29
30 X
25
Newport A C Bdge gen gu 4 Xs 1945
N Y Cent RR 4s series A
1998
Ref A Impt 5s series
1
4
18
98
1956
1948
2013
2013
1952
27X
108 X
95
-
♦Certificates of deposit
10-year 3Xa sec s f
Ref A Impt 4X» series A
30 X
124
103
I10X 120"
40
1956
1954
.
123 X
*
-
55
♦Certificates of deposit
♦1st 5s series C
30 X
25X
123X
122X
J
J
48
...
119X
107X
J
1954
♦1st 5s series B
65
119X
J'*N O Tex A Mex n-c lnc 58—1935
80
24
X
2X
*ix
1983
N O A N E 1st ref A imp 4Xs A 1952
New Orl Pub Serv 1st 5s ser A..1952
1st A ref 5s series B
—1955
New Orleans Term 1st gu 4e—1953
44
1960
Feb 11957
J»Manhat Ry (N Y) cons 4s—1990
♦Certificates of deposit
♦Second 4s
2013 J
103
100X
IX
IX
O
New Orl Great Nor 5s A
-
106
2 X
IX
IX
A
5s—1948 J
5s—1945
1945
Tel A Tel 5s A.. 1952
1st g 4 Xs series B
....1961
J Junction RR guar 1st 4s.. 1986
J Pow A Light 1st 4X8
I960
♦
75
-
100
J
AO
J*New England RR guar
83X 102
103
102
1965
f 4s
New England
♦1st 4Xs series
McCrory Stores Corp s f deb 58.1951
McKesson A Bobbins deb 5 Ms. 1950
Maine Central RR 4s ser A—1945
s
98 X 105
76
20
J
^♦Naugatuck RR 1st g 4s_.—1954 IVI N
Newark Conso! Gas cons
14
63
294
J
J
105
*57
1914 coupon on
41
-
on
J
J
102 %
88 X
129X
115X 122X
60
4
1977
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior lien 4 Xs—
'♦Assent warr A rets No 4 onl926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr A rets No 4 on '51
♦4s April
111
100 x
90
75
*95
.1980
_
95
71
Paducah A Mem Div 4s— .1946
_
105X
84
♦
75
„
73 X
71
104X
103 X
100 x
_
126
1957
1957
1957
♦4X8 Jan 1914 coup on
♦4Xs July 1914 coup on
♦4Xs July 1914 coup off
105 X118
128X 131
99
105 X
45
~17~X
17X
1
Louis A Jeff Bdge Co gu 4s— .1945
Louisville A Nashville RR—
For footnotes see page 83
25
19X
52 X
Louisville Gas A Elec 3Ha— .1966
Gen mtge 4Xs ser A
Manatl Sugar 4s s f
2
A
Louisiana A Ark 1st 5s ser A— .1969
St Louis Div 2d gold 3s
36
f♦Mobile A Ohio gen gold 4s... 1938 M S
Nat Steel 1st coll
3X« series E
36
1955 A
.1951
——
28
1981
5s series A
.1944
Unified gold 4a
35
July 1938 MN
f 5s series B
*80 X
1949
1949
5s
34 X
♦Certificates of deposit
s f
—
....
32 X
23
A
s
1952
deb 7s
48 X
33X
MN
Gen A ref
♦Long Dock Co 3Ua ext to—1950
Long Island Unified 4s
1949
4s stamped.
67
J
.....
1949
1980
32H
35
Liquid Carbonic 4a conv debs. .1947
Little Miami gen 4s series A... 1962
Loews Inc s f deb 3Ha
1946
Lorillard (P) Co
48
28 X
of
24X
1951
Guar ref gold 4s
34X
11
30
19X
63
5s—1941
gu—1965
Lombard Elec 7s ser A
"18 X
55
42 X
S
.—.1977 M
51
Liggett & Myers Tobacco 7s..-1944
5s...
4
24
54 X
"ex
23
A
5X
69 X
39
A
89
2003
5s.
"24""
F
30 X
■
2X
60 X
40 X
ivi's
83
F
9X
6X
J
1965
A
52 X
F
1st A ref s f 5s
Sec 6% notes extend to——-1943 J
Leh Val Harbor Term gu 5s—-1954 F
3X
96
deposit
Gen A ref
1954
.1964
1974
f 5s
ser
of
30X
F
3
4H
4X
70
*65
J
95 X
95H
78
102
.
14 X
8X
12
3X
J
O
89
D
1975
Lehigh C & Nav s f 4Ha A—-1954
Cons sink fund 4 Ha ser C—1954
Lehigh & New Eng RR 4s A—1965
Lehigh & N Y 1st gu g 4s. ——1945
Lehigh Val Coal 1st & ref s f 6s. 1944
s
s
J
30 X
1997 J
5X
7X
10
4X
A
1978
Jan 1967
4s
Mo Pac 3d 7s ext at 4%
Lautaro Nitrate Co Ltd—
1st mtge income reg
14
6X
3X
9034
*50
F
7X
MN
♦Montgomery D'v 1st g 5s_. 1947
F
"io"
D
♦1st A ref 5s series I
81H
95 X 103
85X
95H
X
53X
12
9
J
♦Conv gold 5Xs
♦1st A ref g 5s series H
♦Certificates of deposit
88 H 100 X
95
103X
3
A
IX
8X
J
deposit...
♦1st A ref 5s series G
—.1978 MN
95
Lake Erie & Western RR—
3% to-1947
♦Certificates
♦General
155"
95 X
......
l*Mo Pac 1st A ref 5s
♦Certificates
95X
F
IX
3
9
3X
25
97
98 X
102
IVI
3
J
1990 J
1962
a... 1962 J
""4
6X
♦Certificates of deposit.
-
-
103
J
20 H
-
---
IVI
16
50
ex
J
1959 J
Prior lien 4 Xs series D__
X
156
79 X
90
-
1941
♦Cum adjust 5s ser A
♦1st A ref 5s series F
-
15 X
*16
1975
41
40
99 H 108 H
85
*50
98
7
98
*150X
92
40-year 4s series B
92 X
*70
1
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
27
19 X
*23
—
103 X 108 H
103 X 106 X
16
J
1978 J
14 H
41
*17X
M N1
63
5Xs
fist Chicago Term s f 4s
X♦Mo-Ill RR 1st 5s series A
23X
*37
Kings Co Lighting 1st 5s
Coll tr 6s series B
80
J
1946
♦1st ref 5Xs series B
22 X
78
1961
-
1st & ref
1949
6
24
Kings County Elev 1st g 4s—1949
♦
1938
105X
4 Xs unguaranteed
1961
Kings County El L & P 6s...-1997
5s 1937 extended at
1938 J
5s
70 X
67 X
1950
Apr I960
1960
$925)-.1943
♦Ctfs with warr (par $925).-1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4Xs—1961
Stamped
1961
w
cons
4s int gu *38 J
•1st cons 5s gu as to int
♦1st A ref 6s series A
78 H
98 X
21
♦Karstadt (Rudolph) 1st 6s—1943
♦Ctfs w w stmp (par §645)—1943
w
90
24
Kansas Gas & Electric 4Xs—1980
♦Ctfs
40
12
96
con g
S
--1934 MN
..1949
22
>
♦Certificates of deposit
Kan
....
49 X
1939
—
110X 111X
48X
82
64
52
72X
56 X
43
62
91X
165
38X
85 X
62
270
42
73
68
134
51
84
New York Bond Record—Continued—Page 5
82
bonds
K
Lorn
C
hid
A
2 J
—-
3-year 6a
--Oct 1
4a collateral trust—-——
A
N Y Connect 1st gu 4%s
series B.
N Y Dock 1st gold 4s
1st guar 6s
O
54 h
6 F
a
65
7 A
O
3 F
a
a
1
F
E—
N Y A Erie—See Erie RR
N Y Gas El Lt H & Pow g 6s~
Purchase money gold 4s—
Lake 6a—
A Harlem gold 3Hb-~*---:
Lack & West 4s ser A
♦N Y A Greenwood
a
o
O
A.A
♦Non-conv debenture
3%s.
9 f
'•'
A
.
6 IW N
V
'■
W
m m
-
0 IW N
43 h
If 3
30
74
33 h
39
418
20%
62
54 h
137
59
65
105h
105h
35
1
32
54
m
—
-
-
-
•.
m
48 h
-
-
♦98 h
-
*
»
^
j
•»
«
*
••
•
♦General 4s
8
16
-
95
103
-
-
60
80
75
93
96 %
-
-
*
11
"i.3" "l9%
-
12
12
12
16h
33
11
21
17
73
II
20 H
11
-
8!
11%
17%
8
12
19
h
14h
o
14
34
II
18H
18h
91
13
23 H
23 h
17h
27 h
42
19H
7h
d
17
—
15h
*51h
——
35
15
5
12
30
13
D
4s.
a
79
61
O
4s..
A
49
106h
j
M n
N Y Telep 1st & gen s f
Ref mtge 3%s ser B
N Y Trap Rock 1st 6s
Niagara Falls Power 3 Ha
196<
j
50
49
50
82 %
106 h
3
12
43
*107 h
*57
108 h
64
64 %
04
2
4H
23
39
iw N
92 H
108H
86H
98M
98 H
108H
92%
98 H
68
o
10 H
ion
9H
11H
18
10H
16
A
....
——
*
iw N
A
A
105
B
1.14H
114H
f
F
*102
a
m
MN
iw
-
-
-
104
-
101H
101
*
s
iw
105
1
10
47 H
115
104
o
iw
S
Q
16
11%
8%
52
105H 107
I04H 108%
62
60
70
3%
6%
104% 109 %
107H 108 H
82
95%
86%
8H
9
99
16 H
16%
23
1
d
5s series A
F
57 H
f
A
j
{♦Og & L Cham 1st gu g 4s—1948
♦Stamped
Ohio Connecting Ry 1st 4s—
Ohio Edison 1st mtge 4s
j
J
J
M
57 H
s
102
J
J
57
*
102 H
iw
M
103 H
101
101H
100H
J
A
J
D
104H
1946 J
d
100 H
1946 j
1946 J
1946 J
5s
107
O
»*
-
2
45
34
105% 110
104
115
97% 110%
99
109%
78%
95%
106
109%
16
13%
39
4%
65
3
15%
108%
3%
14%
108
-
-
-
94
26
11
6
108
8
101% 108%
103
110%
12
*
10
20
6%
31
109%
97%
*80 ""
Series D 4s guar
gold
gold
4s
cons guar
Gen 4%s
O
O
1942
1942 M n
1945 M n
1949 F a
1953 J d
1957 M n
19601F A
—19631F a
1964 IVI N
1970 j D
1975 a o
j
1977 j
Series C 4Hs guar-
Series F 4s guar
S
A
4 Ha
A
B
series C.
Pitts Va A Char 1st 4s
M
J
a
o
A
-
-
—'
-
-
-
-
—
-
1st gen 6s series
1st gen 5s series
1948
A
1902
1974
1977
I960
B—
C
1st 4 Ha series D—
Port Gen Elec 1st 4%s..
f
-----
-
—
——
—
—
—
—
—
——
—
87%
109
103% 104%
105% 106%
'
-----
—
166" —1|
*108
107%
■
"L
'
—
—
—
-
99
35
92
90%
*105
109
107% 117
107
■
106% "32
95%
10 0
,
_
95
99
106
—■
—
—
— —
*99%
7
110%
94% 112%
112%
71% 104%
90
4
40
42
43
6
38
55%
40
42
108
42"
42
------
100
41%
41%
43
9
32
55%
107
109%
109
115%
'
—
*100
D
j
-
100
A
j
■
*105%
100%
2
106
*103
*99%
D
Pitts Y A Ash 1st 4s ser
106
*105
*102
O
j
—
-
d
guar—1943
A—1958
1st mtge 4 Ha series B
—1959
1st mtge 4Ha series C
--I960
104%
105
106
•-
77%
90
104
104%
n
Pitts A W Va 1st 4Ha ser
-----
m
107%
D
*98%
*98%
——
"eo"
M
J
1st 5s 1935 extended to 1950-.
Porto Rican Am Tob conv 6s—1942 j
,4-
—
—
-
-
——
"59% "el" "95
*
102%
"45""
-----
{{♦Postal Teleg A Cable coll 5s.l953
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951
107
—
—
"
—
-
45
12
14%
2
531
14%
107%
107
80
1956
1948
23
23
IW N
8
85
7
5
6
"43" "el""
101
40
9%
104%
65
18
103% 108
74%
85
105
96H 103 %
4%
4%
8
Nl
s
32
32
1
32
32
j
j
92%
92%
6
82%
92%
"69"
"65%
57%
57%
58
19
48%
76
69%
68
69%
92
58
93%
69
gu—_1941
69%
10
69
93
84
100
"69" ~~75
"52% "79%
s
41
7
40
76
Republic Steel Corp 4Hs aer A.1950 M S
Gen mtge 4Hs series B
1961 f A
Purch money 1st M conv 6%s '54 M n
53%
88%
59
46
79
45
80
18
27
65
02%
100% 102
102
102%
Gen mtge 4 Ha aeries C
Revere Cop A Br 1st mtge
8H
3
»
13
12
4H
108 H 108 H
1956
4%s_1956
100
96
iw N
112"
"90%
92%
95
96%
35%
J
—
-
-
-
-
-
-
-
-
-
W
-
-
-
-
F
a
a
4s
s
iw
96%
*34%
---
22
-
-----
98
98
103
18
91%
104
104%
29
98 H 104 H
♦Rio Grande June 1st gu 5s.—1939
100%
54
96 H
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st con A coll trust 4s A
1949 a
101
"27
35%
20
24
27
4
30%
31%
1
101
104
63
27
32
26
32
26%
'
30%
30%
97
92
28%
—
32%
89% 100
104%
36
41
—
31
104
102
111
22%
30%
30%
*29%
S
97%
44
*30%
O
-1952
f conv debentures
71%
90%
94% 112
72
92%
90%
112
88%
J
1953
1955
73
88%
107%
J
♦Rhine-Westphalia El Pr 78—1950 M n
♦Direct mtge 6s
-1952 iw N
100" IIh"
-----
j
1928
126
118" "26
-----
♦Rhelnelbe Union s f 7s
1946 j
♦Rhine-Ruhr Water Service 08-1953 j
♦Cons mtge 6s of 1930—
Richfield Oil Corp—
100
rw N
Rensselaer A Saratoga 6s
103%
101H
100H
H3H
106
J
99% 111%
108%
108%
15
93 %
Richm Term Ry 1st gen 5s
98 H
113%
14
101%
111% 113%
110
113
107
20
103
110
10
109
116H
U0H U8H
90 % 100%
*110
D
70
5
-
101%
92
IW N
M
96
1943 f A
1945 iw n
75%
50
106
99%
4%
J
28
327
6
S
cons g
.
59%
101%
102%
5H
J
4s
56
*102
M
Ontario Power N F 1st g 5s
Ontario Transmission 1st 5s
49%
1
101
108%
S
67
11
M n
4s debentures
80%
171
108
13
a
1940
Hs A
Pitts C C C A St L 4
♦Cons mtge 6s of
97
8%
53%
58
101
94
s
{♦Radlo-Keith-Orph pt pd ctfs
for deb 6s A com stk (66% pd)_.
{♦Debenture gold 6s
1941
Reading Co Jersey Cent coll 48-1951
Gen A ref 4 Ha series A
1997
Gen A ref 4%s series B
1991
101
100
1st mtge 4s_.
—1972
Oklahoma Gas A Elec 3%s
1966
60
107
23
56%
105%
101%
j
179
76H
*6 H
1st mtge
3%s
4
100
28
111%
*103
---
—
445
52%
58
40
3
63%
55
113% 117
107
112%
51
101
108%
A
28
69
j
12
91
101%
70
52 H
63
j
22
58
106
J
sec
{♦Providence Sec guar deb 4s—1957
lib" nb~H
47H
o
3
109%
46%
5%
60
-
1967
3 Ha-—1967
{♦Phila A Reading C AI ref 68.1973
•Conv deb 6s
—1949
{{♦Philippine Ry 1st s f 4s
1937
Plllsbury Flour Mills 20-yr 68-1943
Pirelli Co (Italy) conv 7s
1952
Pitts Coke A Iron conv 4Hs A-1952
Phila Co
Phlla Electric 1st A ref
{♦Providence Term 1st 4s
Purity Bakeries s f deb 5s
14
51X
A
87
84% 101%
05%
89
106
53
99% 104
21
67H
J
J
75
16
115%
4%
55%
D
105H
101%
71
J
89
100%
-
-
111
j
119%
104
*22
7
48
*35
j
-
D
M n
97
110
76 H
F
J
Ore Short Line 1st
j
Remington Rand deb 4Hs w w.1956 iw
J
con g
J
J
Series J cons guar
♦Ctfs of dep stamped
j
67
108%
5%
—
iw
1977
1981
HI
102%
23
Q
89% 111%
74
62
1943
1974
48
110
rjtf
82
138
115%
45%
J
4s
General g 4 Ha series
General 4 Ha series D
26
.
♦{Northern Ohio Ry 1st guar 6s—
-----
80
O
C.
General 5s series B
Gen mtge 5s series
Gen mtge 6s series
62
108 H
♦Certificates of deposit
—
106 H
106 H
40%
40
3H
f
A 5s—1956
1st 4s series B
-1956
1st g 4 Ha series C——
1980
Phelps Doidge conv 3Ha deb—-1962
Series I cons 4%9—
7
m-mm---
O
O
1943 A O
"109"
1947 M
Pere Marquette 1st ser
04H
106 H
6%
107 H
a
a
1952
♦Income 4s
April 1990 Apr
Peoria A Pekln Un 1st 6 Ha—1974 F a
70
10
4H
A
151
110
95
86
Conv deb3Hs—
103% 111%
74
95%
109% 120%
102%
82%
89%
85%
89%
Series G 4s guar
16
107 %
kink fund 6Ha---1961
| {♦Norfolk South let A ref 68-196
Oregon RR & Nav
89
Series H
104
103
j
Nord Ry ext
23
80
O
102 H
103
-
7h
105h
-
46
89%
a
109
2
10
105 h
mmm-mi
94
102%
j
02
13
10 %
105h
—
12
106h
106h
IMS
Nlag Lock & O Pow 1st 5s A—196:
Niagara Share (Mo) deb 6Ha-196(
8
106
43
d
j
iih
4
1
*5h
6h
j
j
5%
-
9
9
-
IW N
4%s—1081
—196
194i
6a stamped-,--194i
{8*N Y Westch & Bost 1st 4 Ha 194i
-
-
a
194:
-
A
F
—
8
106h
j
f
194i
-
108h
106h
105h
106
M n
ref 6s. 193
--193
♦General gold 6s
♦Terminal 1st gold 6s
-
102h
80
n
IW is
196'
8..
107 h
-.---.a-
IW n
IW
51
10h
102h
m.
108h
.1
D
86
112
81%
110%
89%
97%
— — —
Gen
Series E 3Hs guar
C
j
9h
*5h
M N
-----
1st mtge 68---
10h
-
79
Series B 4%s guar---
S
J
8
104%
23
51
8h
18
•
i
6
8
82
Phila Bait A Wash 1st g
95
13
IW N
4i
-
—
-
-
15h
7 IW N
j
-
-
86
100
22
104%
108%
108%
O
Peoria A Eastern 1st cons 4s—1940 a
18
103% 109%
103% 114
83
104%
a
121H 124%
112H 114%
124
12h
-
-
-
J
Queens El Lt & Pow 3 %s.
{N Y Rys prior lien 6s stamp..
N Y & Richm Gas 1st 6» A—
N Y Steam 6s series A
{♦2d gold 4 Ha—
48H
106
11h
a.
J
N Y
.{♦{N»Y Susq A West 1st
46
"92% loi"
-
107%
107%
86
j
-.—1970
D
1981
mtge 4Ha series E
1984
Peop Gas L A C 1st cons 6s
14
j
I M
(♦NY Providence & Boston
—
100 H
"99% "227
-
-
90
104%
Debenture g 4Ha
General 4H8 series
101
95
*60
S
-----
N Y A Putnam 1st con gu
55H
44
75
*
—
—
o
- .
4s
{♦N Y Ont & West ref g
39 %
j
77
88%
100% 104%
-
-
108%
108%
—
I
High
9
88 %
•
"99% "97%
-
Low
42
—
o
3 a
{♦Harlem R & Pt Cbes 1st
109 H
101H 106
75
8 j
-----
96 H
108
18
00 %
1 j
of 1927.
9
65
98
103
F
No
High
84%
*105%
*85%
——-
IW N
M N
M N
a o
Pennsylvania RR cons g 4s
1943
Consolid gold 4s—
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3%s series C
1970
Consol sinking fund 4 Ha
1960
General 4Ha series A.—
1965
General 6s series B
1968
20
♦16
m
*.
♦123h
*115h
3 IW N
1st A rel 4 %s ser
-
77
90
4 Ha series B
Pennsylvania P A L 1st 4Ha—1981 a O
106
♦52
7 IW
Collateral trust 6s-
—
30
51H
88%
4%s A. 1977 a O
-1981 j
105 %
♦45 h
5 j
♦Debenture 4s
9
65 h
99
103
j IW N
4 a
1st mtge 5s
84
135
Refunding gold 5s
d
7 IW
*»- - -
♦
82%
58%
48
I IW N
u~v UVM
♦
53
3
52
105h
105h
8 j
0 a
Ofc
19
♦10oh
1 M s
JUL
62
61
98
53 h
6 a o
3 j
AY
Pa Ohio & Det 1st & ref
3 IW N
4%s series B-..
X
Penn Glass Sand 1st M 4 Ha—1960 J
05%
65
99
o
7 a
D-.
1st lien & ref 3%s ser
98 H
103
6 A
Conv 5% notes.—-
N Y
8 A
"
Penn-Plxle Cement 1st 6s
64
38
38h
43 h
38 h
94%
14
202
47 h
57 h
s
8 a
N Y Edison 3%s ser
N Y
0
67
h
56 h
59
02
8 M
-
{♦Serial 5% notes
A—1941 M
78 h
72
Since
Jan.
Asked
A
Loir
High
51%
60 %
55h
8 fa
a
Low
69
0
8 fa
4
A'o
Range
Friday's
Bid
Price
Nfl.
1938
1
Range or
Sale
8 6
1
76
77 H
a
3 A
3 F
3%s extended to—
1st mtge
j
7 j
River 3 %s...
&impt4%sser A
Lake Shore coll gold 3%a—
Mich Cent coll gold 3 Ha
N Y Chic & St Louie
Kef 5%s series A
Kef 4He series C.
------
Week Ended July
Jan. 1
Hi,;/
1!
N. Y. STOCK EXCHANGE
Sjnce
Askeif
Lou
Kef
gl
Friday's
Price
bonds
Range
Rang? or
Sale
N. Y. STOCK EXCHANGE
Week Ended July 1
N Y Cent & Hud
Debenture 4b
July 2,
Week's
Fridai/i
Last
1
frtaat
iti
j
113
UlH
112H
-.1961
j
J
99
96 X
99
134
Otis Steel 1st mtge A 4Hs
1962
j
J
76
72
76
85
59
1946 J
D
52
47
52
7
45
d
110
109H
1st A ref mtge 3%s Ber H—1901 j
1st & ref mtge 3 Ha ser 1—1966 j
d
106 %
d
103H
106 H
102 H
*
o
1977
iw
16%
M s
1962
s
-
—
-
■
—
-
13
-
108%
8%
'
_
-
108%
10%
*22%
5%
*6%
-
—
17
*120%
-
—-
34
32%
15%
104
105%
""5%
34
50
41
41
28%
—
68%
*35"
33
1
28%
-----
44%
20%
13%
118% 121
107% 110
52
1964 J
1955
Roch G A E 4Ha series D
Gen mtge 5s series E
76
Paclflo Coast Co 1st g 6s
Pacific Gas A El 4s Beries G
1952
♦Rlma Steel 1st s f 7s
Guar stpd cons 5s_
Ore-Wash RR & Nav 4s
Pac RR of Mo 1st ext g 4s
2d ext gold 6s
112%
113%
14
{{♦R I Ark A Louis 1st 4H8-1934 iw
1948 a
{♦Rut-Canadian 4s stmp—1949 j
{♦Rutland RR 1st con 4Hs—1941 J
♦Ruhr Chemical s f 6s
♦Stamped
1938 f
—.1938 j
Pacific Tel & Tel 3%s ser B—1966 a
Ref mtge 3Ha aer C
-.1966 j
Paducab & 111 1st s f g 4Ha
1956 j
a
J
o
d
J
70
-
70
-
105%
105H
......
*40
no%
107%
103%
70
33
61
106H 111H
102% 107%
98% 103%
Safeway Stores s f deb 4s
1947
Saguenay Pow Ltd 1st M 4%s_1966
4
65
102%
94
70
2d gold 0s
1966 A
St Louis Iron Men A Southern—
O
*!!""
91
49%
54
105H
105H
14
106
106
57
106
*95
102%
1933
♦§Riv A G Dlv lBt g 4s
♦Certificates of deposit—
103
61%
12
66%
94
20
81
3%s conv debentures
Paris-Orleans RR ext 6Ha
s
79
72
79
64
57
79
87 H
87%
78H
31H
92%
♦Prior lien 5s series B
41H
45
♦Certificates of deposit
♦Con M 4 Ha series A
—1978
♦Ctfs of deposit stamped
{♦St L SW 1st 4s bond ctfs—1989
iw
8
-ui
a
d
Guar 3Hs trust ctfs D
1944 j
<
------
1952 iw n
u ir
4s
ser
E trust ctfs
2a-year 4s.........
1963 f
d
a
1
45
17
122
—-
*21H
♦100H
103
*99H
90
*92 H
88 H
87,
59%
90
26
{♦S L Peor a N W 1st gu 5s—1948 J
Ss^stpd—1955 J
{♦St L-San Fran pr lien 4s A..1950 J
St L Rocky Mt A P
♦Certifiestee of deposit-
70
]102 H 103
8
96
89%
61H
97 H
97 H 103 M
-----
15
12%
100% 104
99% 103%
—
-
103
109
mmmmm
mmwtmm
-----
1
—
mmmsmm
42%
04
46
66
59%
H
90
103 %
88 H 104
83
100%
-
j
j
12
j"j
12
iw"s
10%
11%
mn
51
-
.1950
14
-----
j
62
9%
9%
♦2d g 4s ine bond ctfs...Nov 1989 J
{♦1st terminal A unifying 5s. 1952 j
♦Gen A ref g 5s series A
1990 J
J
-----
J
20%
J
15
14
15
50
50
10%
12%
9%
125
8%
7%
12
137
8%
8%
10%
8%
9%
3
12
18%
1
50
69
151
10%
11%
8
35
647
9%
93
7
13%
16%
13%
14
6%
11%
67%
51
30
30
18%
13%
20%
15%
54
9
!
16
7%
48
,
For footnotes see page 83,
13
—
11
23
10%
102 H
I18H 120
60
54
...
93
98
IW N
♦
59M
*119
-
12
104%
*_____
106
2
—
5%
12%
6
103%
104%
j
93 H
Penn Co gu 3Hs coll tr ser B..1941 f
Guar SHs trust ctfs C
1942 j
103
j
61H
45
O
—
104
1996 J
j
8
a
103%
1947 J
a
8
103%
St Lawr A Adir 1st g 5s
1st M s f g 3s loan ctfs
-.1955 f
Paramount Pictures deb 6s—.1955 j
o
D
—
7%
20%
1
19
St Jos A Grand Island 1st 4s
102%
a
j
14
*6%
82
102H
iw
-----
69
102H
iw
j
j
23
_
60
196
s
1968
Parmelee Trans deb 6s
1944
Pat A Passaic G & E cons 6s
1949
♦Paullsta Ry 1st ref s f 7s._—1942
10%
j
J
-
Panhandle Eastern Pipe L 4s_.p 52 iw
Paramount Broadway Corp—
1947 iw
s
o
29
38
5
20
67
13
34%
24%
17
Volume
New York Bond
147
Friday
BONDS
Week Ended July
Last
if
N. Y. STOCK EXCHANGE
1
Bid
A
_
D
1968 J
1947 J
{♦St Paul & K C Sh L gu 4 /s.1941 F
{♦St Paul E Gr Trk 1st 4 /s.
St Paul
8/
1943
J
♦Guar
s
J
1946
25
1121/6
12
110/
5
110
*
J
16/
28/
O
1989
4s. .1950 A
g
O
A
O
1950
Oct 1949 F
14
O
cons
♦Series B
1935 F
certificates
{♦Siemens A Halske
1935 J
2
2/
5/
17/
4/
8/
8
10/
9/
7/
34
86
2/
5/
3/
1
2/
4/
18
205
103/
59/
*98/
„
-
5/
13
22
7
8
28
*22/
—
106/
-
126
94/
102/
106/
91/
101/
-
2
73
73
96/ 103/
*99
-
'J
M
-
93/
M
10-year secured 3/s
1946
San Fran Term 1st 4s
1950 A
J
68
40
79/
:
-
'
110
-
120/
101/ 105
9
106/ 109
94
20
87/ 100
90/
19
83
51/
17
100
43
47/
129
47/
51/
91
100
35/
O
59
79
55/
74
6
68 M
82
70
75
171
{♦Warren Bros Co deb 6s
1941 IVI
S
41
42
13
63 M
29
79 M
43 M
Warren RR 1st ref gu g 3 Ma
2000
F
A
*20
50
Wash Term 1st gu 3 Ms
lBt 40-year guar 4s.
1945 F
1945
West Va Pulp A Paper 4Mb
Western Maryland 1st 4s
120/
108
111/
109/
9
"io»H
109M
*104/
O
79
68/
17
73/
98/
25
97 M
108/
15
16
21
77
104/
44
54/
55/
100
26
122
28
64/
1938
s
-
100
6
-
212
109/
104/
21
104
-
J
-----
17
35
60
75
90/
108/
109
-»
.
69/
87
-
49
*65
..
A
D
D
Wheeling & L E Ry 4s
—
-
-
-
J
9
101
105
103
131
100
—
21
91
57
104/
104/
106/
Texas A Pac 1st gold 5s
Gen & ref 5s series B
2000
108/
Gen & ref 5s series C
__.1979
GeD & ref 6s series D
1980
101/
100/
—
-
-
78/
Tex Pac Mo Pac Ter 5 Ms A...1964 M S
106/
77
46
106
108/
27
119/ 125
102
95
70/
94
103/ 106/
109/ 114
99
108/
70
81
103/ 106/
104/ 116/
79
68
70
88/
75/
77/
2
69
32
76
78/
23
■.
—
6/
51
115
27
90
90
103/
104/
114
51/
104/
71/
D
53
53/
88
85
*80
'
»r
—
—
-
-
24/
3/
S
2
99
*94/
S
J
20
A
18
18
.1945 IVI
S
71
J
.1945
108/
—
-
80
95
103/
103
20
18
3
18
96
71
13
67
transaction
107/
108/
100/
S
34-year 3/s deb
.1970 A
35-year 3/s debenture
30
....
O
O
United Drug Co (Del) 5s
U N J RR A Canal gen 4s
.1953 IVI
s
1944 M
90/
S
J
{{♦United Rys St L 1st g 4s__. 1934 J
U S Pipe A Fdy conv deb 3 Ms. 1946 IVI N
J
102/
110/
70
98/
-
_
-
„
68/
during
week,
current
n
week,
a Deferred delivery sale; only
Odd lot sale, not included In year's range,
exchange rate of $4.8484.
K Bonds called for redemption or neariDg maturity.
receivership, or reorganized under
securities assumed by such companies.
{ Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act. or
•
No sales transacted during current week.
Friday's bid and asked price.
♦
Bonds selling flat.
f
Deferred delivery sales
transacted during the current week and not included
In the yearly range:
No sales.
Transactions
York
New
the
at
116
105
J
Stock
Exchange,
Daily, Weekly and Yearly
108/
97
109
105
Total
United
Stocks,
Week
Ended
Railroad &
Stale,
Number of
Mis cell.
Municipal &
Stales
Bond
Shares
Bonds
For'n Bonds
Bonds
Sales
July 1 1938
$166,000
1,161,700
$2,906,000
$469,000
Monday
2,105,850
6,175,000
760,000
193,000
$3,541,000
7,128,000
Tuesday
1,289,720
6,143,000
762,000
2,658,690
10,484,000
9,269,000
654,000
827,000
1,067,000
439,000
11,577,000
166,000
10,262,000
Saturday
...
Wednesday
...
2,581,350
Thursday
7,972,000
2,024,920
6,717,000
890,000
127,000
7,734,000
11,822,230
$41,694,000
$4,362,000
$2,158,000
$48,214,000
—
Total
7/
9/
Week Ended July
Sales at
109/
107/ 114/
Exchange
100/
318
97
107/
109/ 116
Stocks—No. of shares.
30
111
91
48
91
34
82
10
103
107/
75/
39
69
59
65/
20/
112/
i
.
78
73
*106
102/
Jan. 1 to
1
July 1
New York Stock
88/
106/
5/
96
150
Ex-interest.
116/ 119
104/ 110/
88/
O
United Clgar-Whelan Sts 5s—. .1952 A
43
111
.1971 M N
United Biscuit of Am deb 5s__. .1950 A
100/
102 /
6/
5
1.
8
118/
108/
109
S
9/
{ Negotiability impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued interest payable at
x
80
i
109
109
-June 2008 M
*3M
106/
No sales.
63/
117/ 119
118/
Union Pac RR 1st A Id gr 4s... .1947
1st lien A ref 4s
June 2008 M
J
104
Cash sale: only transaction during current
r
102
50
8
*7
-
Union Oil of Calif 6s series A... .1942
.1952
1943 J
8/
6/
,
I06M
Cash sales transacted during the current week and not Included in the yearly
e
Friday
.1962 J
*5/
106M
104/
98
49/
4
70
15/
14/
5M
range.
8/
20/
20
1952 F
8
6/
8
D
1961 IVI N
7/
96/ 101/
71
87/
105/ 109 M
14
.1961 J
1st mtge s f 4s ser C
90
106/
105/
♦Tyrol Hydro-Elec Pow 7 Ms.. 1955 IVI N
....
121
*119
99
4
"l2M
12
*6/
*103
D
93
91/
6/
*8
{♦Wor A Conn East 1st 4 Ms
Youngstown Sheet A Tube—
34
71
85
50/
50/
79 M
85
92/
*105/
12
♦Certificates of deposit..
Tokyo Elec Light Co Ltd—
D
O
106
104
90
32/
7/
30/
6/
99 /
87 M
J
1960 J. J
J
1949 J
Wisconsin Pubic Service 4s
88/
85/
97
98 /
86
110/
100 M
{♦Sup A Dul div A term 1st 4s '36 M N
81/
*90
1952
6
74/
105/ 108
46/
74
79
1937
10
8
81
74
106/
*
1960
18
114
.
Tri-Cont Corp 6s conv deb A..1953 J
.
4s
gen
90/
*97 M
*5M
105/
105
"l2
105 /
♦Certificates of deposit
102
95
-
102
89/
1950
1951
1943
Jan I960
-
119/
...
-
-
60
105/
104/
1977
-
74/
106/
120/
*110
M
1955 J
1947 A
.
63
100
104
*101
75/
46/
22
24
48
163
50
92 M
A
.1940 M N
5s. .1942 J D
gu
Winston-Salem S B 1st 4s
103/
69
91
1949
1966 F
70
20 M
56 M
106" "
..1949 M S
Wilson & Co 1 st M 4s series A
15
1
102
_,
O
4
104
*103/
71/
106/
102
Trenton G & El 1st g 5s
233/
105/
101
15
102/
102/
s
ser C
Toronto Ham & Buff 1st g 4s. .1946 J
48/
47/
72/
150
D... 1966 M S
ser
RR 1st consol 4s
97/
104
-
•
1944 IVI 8
1947 J D
1942 M
106
66 M
58/
90/
106/ 110
12
-
Tol W V & Ohio 4s
68
46/
{♦Wis Cent 50-yr 1st
1938 M S
O
68/
62 M
60 M
49/
63
o
Tol & Ohio Cent ref & Imp 3%s 1960 J
Tol St Louis & West 1st 4s. —.1950 A
20
51 M
J
84/
o
1953 J
15/
59
2361 J
{ {♦Wilkes-Barre A East
1956
1996
1951
J
S
29
67 M
66 M
D
18M
65 M
56/
47/
1961 J
17
60
J
Registered..
93
65
2361 J
White Sew Mach deb 6s
59/
106/ 109/
101/ 105
64
79
18M
West Shore 1st 4s guar
83/
48
102/
81M
101
*23 M
52 M
63
23/
F
l02~
J
43/
447
1955 J
1951 J
1960 IVI
30-year 5s
30/
*46
98 M
102 M
20
76 M
80
S
157
42
TU S Rubber 1st A ref 5s ser A. .1947
♦Un Steel Works Corp 6/s A_. 1951
116
19
1950 IVI N
396
34
1st lien A ref 5s
8
111/
1946 IVI
♦5s assented
Western Union g 4Mb
25- year gold 5s
55/
85/
41/
54/
55/
debentures
119M
S
46
49
"30
102 M
1946 IVI
ser A
Conv deb 3/s
J
110
123
121M
108
{♦Western Pac 1st 5s
51
J
108/
107M
103/ 106/
119M
J
41
1013/
3Ms
"I
102 M
O
Wheeling Steel 4 Ms series A
1956
..
102 M
104
3
109 M
104 M
J
1977 J
76
46/
71
S
1943 A
83
3/s
104/
103/
104/
*121 M
1952 A
1st & ref 5 Ms series A
63/
93
{ {♦Union Elev Ry (Chic) 5s.
66
105
100
34
104/
♦
West N Y & Pa gen gold 4s
63/
1953
Union Electric (Mo)
104/
1952
41
52
f 7s
A
E..1963 M
ser
31/
30
—1944
s
104
91
Westchester Ltg 5s stpd gtd__.1950
Gen mtge 3 Ms
1967
162
45/
7s
104/
1939
114
217
Term Assn of St L 1st g 4/8—1939 A
sec s f
D
Washington Cent 1st gold 4s.-.1948 Q M
354
37
10
71
46
J
Teun Coal Iron & RR gen 5s..-1951 J
TenD Cop & Chem deb 6s B
1944 IVI
Guar
6/
74 M
42
85
J
♦Studebaker Corp conv deb 68.1945 J
J
Swift & Co 1st M 3/s
1950 IVI N
UJigawa Elec Power
~~6/ "13"
74
45/
348
1st 6s dollar series
13
.....
8/
*7/
64
41
67
Tide Water Asso Oil 3/s
7
9 3/8
8/
*7 Vs.
S
41/
62
5s
11M
O
46
D
So'western Bell Tel 3 Josser B..1964 J
So'western Gas & Elec 4s ser D.1960 M N
g
6
O
453/
45/
54/
S
58/
Third Ave Ry 1st ref 4s
11/
13M
8
Warner Bros Plct deb 6s..—-.1939 M
69/
56/
Texarkana A Ft S gu 5 Ms A
"9H
♦Certificates of deposit
94/
.__..._-1956
♦AdJ income 5s
{♦Third Ave RR 1st
1978 AO
1980 AO
7M
6M
Walker (Hiram) G&W deb 4Mb. 1945 J
Walworth Co 1st M 4s
1955 A
6s debentures
-.1955 A
105/ 108/
9
87
14M
8
9M
94/
102/
6/
10
8M
8
♦Ref & gen 5s series D
104/ 108
60/
Texas Corp deb 3/s
Tex& N O con gold 5s
"~8M
10
"9H
1966
66/
f g 4s
91/
8
♦Certificates of deposit
♦Ref A gen 4Mb series C
♦Certificates of deposit
77/
90/
39M
*
1976 FA
64
J
gold 5s.-*.
s
Ms A .1975
deposit
1st mtge 3 Ms series I
O
Tenn Elec Pow 1st 6s ser A
IVI
gen 6
of
24
1994
Tennessee Corp deb 6s ser C
S
1961 J
106/
98/
J
1955
1955
1943
1941 IVI
1st mtge 4s ser H
108/
47
1981 M N
Standard Oil N J deb 3s
Staten Island Ry 1st 4Mb
30
75
♦Westphalia Un El Power 6s.-.1953 J
1969 IVI N
1946
20
20
West Penn Power 1st 5s
108/
93/
--
-
------
1968
♦{Spokane Internat 1st g 5s
Staley (A E) Mfg 1st M 4s
45
1
20
*30
70/
106/
106/
S
Gold 4/s
Gold 4/s
St Louis Dlv 1st g 4s
East Tenn reorg lien g 5s
Mobile & Ohio coll tr 4s
39
82
34
103/
A
Gold 4/s.
Mem Dlv 1st g 5s
35
'"4
45
"39"
54
104/
104/
1st mtge pipe line 4/s
1951 A O
So Pac coll 48 (Cent Pac coll).-1949 J D
1st 4/s (Oregon Lines) A...1977 IV1 8
Devel & gen 6s
Devel & gen 6 34a
67 M
16M
*
'
D
1st 4s stamped
32
8
61/
20/
....
-
82
78
73
1946 J
Southern Ry 1st cons g 6s
Devel & gen 4s series A
8
24 /
20
16/
4/
59
J
So Pac RR 1st ref guar 4s
323
102/
A
..1947 J
Southern Kraft Corp 4/s
Southern Natural Gas—
s
9
8/
6/
94/
1965 F
Gen refund
12
99/ 105M
40
22
1939
109/ 116
3/
■
1963
cons
*
2
37
4
101/
1st mtge A ref 4s
Southern Colo Power 6s A
79
39
A
1941
♦Certificates
31
4
106/
1962
1961
102 /
100/
1
High
1939 F
♦Ref A gen 5s series B
30
24
15
16
103/
1950
South & North Ala RR gu 5s
102/
L^J)
1939 IVI N
Wash Water Power s f 5s
1951
South Bell Tel & Tel 3/s
Southern Calif Gas 4 Ms
1st
24
1
59
.
-
1952
Skelly Oil deb 4s
Socony-Vacuum Oil 3/s
No.
1941
{♦Wabash Ry ref &
23
1
5/
43/
S
♦Silesia Elec Corp 6 Ms
Sile8ian-Am Corp coll tr 7s
Simmons Co deb 4a
•
12
3/
7/
J
1951 M
1946 F
1941
f 7s
b
f 6/s
s
S
1966 IVI
Jan.
High
♦Omaha Dlv 1st g 3 Ms
♦Toledo A Chic Dlv g 4s
112/
6
A
Shlnyetsu El Pow 1st 6/s
A sked
A
1954
110/
3/
7/
1951 M S
1952 J D
♦Debenture
108
10
13/
!
81/
109/ 113/,
5/
8/
♦Certificates of deposit
{♦Alt & Blrm 1st gu 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs—1935 F A
Shell Union Oil deb 3/s
Bid
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s
45
3/
5/
1945 M S
6s series A
Virginian Ry 3Ma series A
{{♦Wabash RR 1st gold 6s
♦2d gold 5s
20
19
11
♦Certificates of deposit
♦1st A
9/
9/
Since
Friday's
Price
Low
102/
109/ 118/
4
8♦Refunding 4s
98
15
113/
*112/
13/
A
1959 A
7/
6/
Ranae
Range or
Sale
1
High
1
28
28
M N
{♦Gold 4s stamped...
♦Adjustment 5s
Last
Y. STOCK EXCHANGE
Week Ended July
104
109/
18/
18/
28/
18/
O
A
8 {♦Seaboard Air Line 1st
53/
J
1946 A
f 6/s series B
♦Stamped
Scioto V & N E 1st gu 4s
SO
113/
112 "32
S
J
{♦Schulco Co guar 6 >$8
♦Stamped
N.
1
98
50/
J
Santa Fe Pres & Phen 1st 5s—1942 M
-
113
98
113
113/
1965 M N
San Diego Consol G & E 4s
Low
93
4.
8/
*90
J
If San Antonio Pub Serv 1st 6s. .1952 J
Week's
♦1st lien g term 4a
J
1940 J
1972 J. J
S A & ArPass latgu g4s
20
7/
Minn & Man—
tPaclflc ext gu 4a (large)
St Paul Un Dep 5s guar
No.
92
*7
A
Jan.
03
High
*88
J
..
83
BONDS
Since
Asked
Low
St Paul & Duluth 1st con g 4s.
Range
■H
Friday'8
Price
6
Friday
Range or
Sale
si,
Record—Concluded—Page
Week's
«
—
-
116
105
69/
2
107
7
119,190,103
263,813,606
$78,024,000
Bonds
96
95/
107/
State and foreign.....
4,362,000
6,208,000
122,746,000
77/
Railroad and industrial
41,694,000
34,957,000
675,591,000
$149,272,000
177,088,000
1,489,082,000
$48,214,000
$45,381,000
$876,361,000
$1,815,442,000
60
109/
$4,216,000
$2,158,000
Government
81 /
107
-
20/
83/
5,017,915
11,822,230
1937
1938
1937
1938
19/
107
Total
27
116
103/ 106/
27/
36/
Stock and Bond Averages
33/
33/
33/
2
1951
1
27/
36
♦Sink fund deb 6 Ms ser A... 1947
Utah Lt A Trac 1st A ref 5s
,1944
33/
33/
1
27/
38
83
82/
83
81
73
Utah Power <fc Light 1st 5s
1944
87/
85
87/
53
78/
89/
92
stocks and bonds listed on the New York
{♦Utll Pow A Light 5 Ms
1947
55
50
55
24
45
55
as
55
50
55
161
45
55
94/
91
95
23
77
95
♦Sec
s
f 6 Ms series C
{♦Debenture 5s
...
33/
1959
Vanadium Corp of Am conv 58.1941 A
O
1955 F
A
Vandalla
Cons
s
cons g
4s series A
ser
A
1934
J
Va Iron Coal A Coke 1st g 5s_—1949 IVI
Va A Southwest 1st gu 5s
1st
cons
5s
2003
J
1958 A
daily
closing
averages
of representative
Stock Exchange
Bonds
Stocks
10
2/
10
30
109/
109/
l09/ "l2
*10
52
85
48
52
35
42/
*50
J
100/ 109/
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
20
Indus¬
Vt
S
O
the
compiled by Dow, Jones & Co.:
J
1955 M N
are
104" l04"
J
J
{♦Vera Cruz A P let gu 4 Ms
Below
-----
1957 M N
f 4s series B
{♦July coupon off
Virginia El A Pow 4s
33/
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
45
1
39
61
136.53
26.69
22.05
45.02
105.99
88.78
50.13
105.29
June 30.
133.88
26.02
21.06
43.97
105.79
88.33
49.25
105.01
87.11
June 29.
—-----
6
135.87
26.18
21.21
44.51
105.54
88.31
48.75
105.10
86.90
June 28.
130.38
24.57
20.60
42.60
105.60
87.23
47.58
104.90
86.33
June 27.
130.48
25.00
20.65
42.76
105.66
87.71
48.20
104.91
86.62
June 25.
131.94
25.45
20.58
43.23
105.73
87.84
48.18
104.98
86.68
July
1.
87.55
New York Curb
84
NOTICE—Cash and deferred delivery sales
are
week In which they
of the regular weekly range are shown In a footnote in the
In the following extensive list we
furnish
July 2, 1938
Exchange—Weekly and Yearly Record
disregarded In the week's range unless they
the only transactions of the week, and when selling outside
are
No account Is taken of such sales in computing the range for the year.
occur.
complete record of the transactions.on the New York Curb Exchange for the
beginning on Saturday last (June 25, 193S) and ending the present Friday (July 1,1938).
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:
a
week
from the
Friday
Sales
Last
Par
Price
36
25
"3%
33
800
June
34
Feb
17
Apr
7%
8%
8%
200
%
1%
%
900
%
300
11%
Mar
1,000
1
300
S3
80
44%
Mar
63
May
Bowman-Biltmore
%
Feb
10%
'*14%
11%
4%
Breeze Corp
Brewster
Mar
15
Feb
Mar
5,500
58
1,050
93
Apr
200
15
Apr
June
4,500
67
Mar
94%
,8
%
Feb
103%
May
2,000
Mar
14%
June
Mar
1%
Jan
44
Mar
52
Feb
Mar
10%
Jan
93
102
13%
14%
1%
100
"8% ""9% ""800
6%
90
Feb
106%
10%
5%
102
Jan
Mar
Feb
July
3
3%
"is"
"19% ""506
66
66
1%
600
66
2
1%
50
2
Mar
%
10%
56
1,400
Mar
Mar
Apr
1%
3%
May
%
23%
66
July
Apr
Jan
July
3%
Mar
& IA—
warrants.25
— 1
X27
"23%
700
Apr
16%
1%
28
Jan
Apr
x27
July
Mar
3
3,700
10
20
32,900
700
8%
Mar
12%
Feb
18,100
19%
Mar
31%
May
Apr
111%
Feb
Mar
5
Jan
1%
1%
11%
28%
31
10c
109% 111.
4%
980
4
4%
2,200
25
1
26
26%
650
June
15%
%
1,100
104
2%
Mar
Mar
3%
27%
26%
1%
Jan
"ii% "12"" ""150
Corp class B
*
7% preferred
Am dep rets ord
bearer£l
Amer dep rets reg
£1
Am dep rets ord
Service.*
Amer Potash A Chemical.*
American Republics..-.10
Amer 8eal-Kap com
2
Am Superpower Corp com *
Amer Pneumatic
Feb
$6 preferred
*
Brown Rubber Co com—1
Bruce (E L) Co com
5
$5
21%
Mar
Mar
18%
Jar
Cable Elec Prods
v
Mar
14%
July
June
24%
May
23
Jan
Apr
63%
Feb
B non-voting
—1
20%
Jan
Apr
%
June
Capital City Products
*
June
Carib Syndicate
Carman A Co class A
25c
%
200
9%
9,200
5
Mar
9%
Jan
4%
1,000
3
Mar
7%
Jan
"16
9,200
%
Mar
1%
Jan
Carnation Co common.—*
200
Carolina P A L $7 prel—. *
*
1%
2
700
1%
Mar
2%
Jan
3%
400
3%
June
4
11%
600
7%
Apr
102%
160
Apr
618
*16
400
"*3%
3%
4
4
3%
4%
4,000
15,800
6%
2,500
1
"4%
6
73%
7%
%
2%
2%
4%
8
*!#
Feb
Mar
4%
Jan
Jan
Mar
7%
75
Mar
8
May
May
1st
4%
2,100
3%
Mar
4%
July
200
8%
Mar
11%
Jan
1
1%
6,900
%
Apr
8%
9%
1,300
3%
Mar
1%
9%
May
Jan
hi
%
Mar
%
....
Atlas Corp warrants
Austin
Automatic
Products
5
""%
k£aeh__*
Avery (B F)
-.——5
6% preferred
6% pref xw.
60
Class A
7%
3%
14%
7%
Mar
13
Mar
3,700
1%
1%
13%
Mar
*
com
Cent Maine Pw7% pref 100
Cent N Y Pow 5% pref. 100
Steel Prod
14
5,000
2%
-
200
3
1
3%
21%
300
1%
13%
300
1
1,500
75
20
24%
5%
Jan
Jan
Cent States Elec
.
com
100
.
16
Strip Co
Charls Corp
Cherry-Burrell com
Chesebrough Mfg
Chic Rivet A Mach
4
Chief Consol Mining
Chllds Co preferred
Cities Service
69
1
100
new com..
10
2%
Jan
Preferred
*
2%
Jan
Preferred B...
*
Jan
Mar
1 %
Jan
17%
Apr
% May
05% Mar
Jan
80
Jan
32
Jan
Mar
6,300
85
Ap
Mar
6%
1,700
Mar
27% June
30% June
4%
Jan
21%
50
14
Mar
58%
20
50
June
10%
xl3%
900
3%
13%
400
"92"
"""460
7%
600
6%
Jan
15%
Jan
25
Jan
64
1
$6 preferred
City Auto Stamping
*
City A Suburban Homes. 10
2%
Jar
Clark
Controller Co
*
35%
J&D
Cleveland Tractor com...*
5%
June
6% June
6
6%
3,200
4%
May
8%
Cllnchfield Coal Corp.. 100
Club Alum Utensil Co...*
Mar
2%
Jan
Mar
3%
800
2%
147
Apr
165
115% 116%
""30
114%
Apr
119%
5%
Mar
7
June
14%
Mar
20
Mar
Mar
%
May
«il May
9% Mar
Mar
10
4%
Jar
Jan
Mar
750
8
Mar
16
May
July
Apr
10
Apr
6
6%
800
3
Mar
7%
4
500
3%
Mar
4
Jan
7%
400
5
June
8%
Jan
15%
""456
Feb
Cleveland Elec Ilium
Cohn A
6% conv pref
£1
Jan
Colorado Fuel A Iron
Jan
Colt's Patent Fire Arms.25
Jan
7%
Jan
21
Jan
50
97
Mar
110
Mar
58
69
1,250
40
Jan
69
June
8%
900
718
%
700
1,225
3%
4%
41
50
5%
4%
15%
1%
6%
4%
17%
4,000
1%
700
300
250
12% June
Jan
5% Mar
% June
20% Mar
»i.
Jan
46%
July
7% May
Mar
11
47%
May
May
May
May
9%
June
5
20
Mar
40
Feb
72
Feb
67
4
Mar
6%
July
2%
Mar
4%
June
13% June
1
Jan
Feb
Feb
20
Jan
2%
4
Jan
34%
5%
1%
1%
35%
200
2%
30%
Feb
36%
5%
1,500
3%
Mar
0%
Feb
1%
100
1% June
1%
600
1
Mar
3%
1%
June
Mar
Rosenberger Inc.*
Colon Development ord...
Mar
109
7
Mar
June
5
1%
8%
June
2%
%
7%
20
1
600
83
29
7
3,200
Apr
16
13
40
200
1%
Mar
Jan
3
*
450
14%
Mar
%
8%
7
Cities Serv P A L $7 pref.*
6,800
1%
June
12,400
1,575
%
1%
6%
12%
3%
Feb
June
4%
21%
8
Jan
May
400
3%
1%
Mar
14
84
92
5,800
1%
6%
Mar
68% May
75%
Apr
5,500
1%
63%
Feb
Feb
Jan
46
17%
Mar
4%
Jan
Jan
23%
46%
10%
1
May
3%
82
69
100
2
Mar
43
Claude Neon Lights Inc__l
JaD
3
2,200
83
Clayton A Lambert Mfg..*
10
Apr
June
37%
9%
Jan
Feb
1%
60
3%
20%
58%
100
10%
Jan
17
Apr
46
1%
Apr
17
65
8%
46
*
Mar
3
89
3%
21%
May
3%
2%
""%
9%
30
16
5
Mar
100
Jan
Feb
Apr
4%
50
13%
June
1,600
1 %
Jan
109
5
25
Chicago Flexible Shaft Co 6
%
716
Jan
Jan
300
10
-
4%
10%
10%
6%
5
11%
616
Jan
%
8
700
10%
1%
Chamberlin Metal Weather
Mar
51
*
Mar
Apr
7
Jan
Mar
"11
4%
3%
5%
Cockshutt Plow Co com..*
Bickfords Inc common...*
Mar
Jan
3%
6%
*
1,800
700
2%
Apr
100
Conv pref opt ser '29.100
Centrifugal Pipe
1,500
%
June
17%
13
1%
1
'
Jan
28
37,100
22%
80
2
7%
%
22
29%
11
6%
6
Purchase warrants
6
Apr
2,200
21
"9l"" "87"
15%
*
Apr
Mar
65
6%
13%
Jan
19
4,700
22%
6%
*
m
7
1
see page
27%
75
60
1
May
June
19
3%
3%
100
pref—,
June
75
6%
1%
%
%
75
1
1
Berkey <fe Gay Furniture. 1
For footnotes
Cent Hud G A E
Preferred BB
Bell Tel of Pa 6 % % Pf-100
conv
Jan
Jan
470
Beech Aircraft Corp
1
Bell Aircraft Corp com...l
$2.50
Mar
8%
21
6,600
Corp__.l
-
Jan
Apr
7% 1st pref....
100
Beaunlt Mills Inc com..10
pref
2%
8%
Mar
Baumann (L) & Co com..*
Conv
Jan
4
27%
1
Benson <fc Hedges com
1%
15%
%
15
30%
5
Bell Tel of Canada
Mar
7%
5%
25
Stainless Steel
com
Jan
Mar
24
Barlow & Seellg Mfg A
Bellanca Aircraft
30
%
6%
29%
Basic Dolomite Inc com..]
Bath Iron Works
Mar
500
27%
30
Bardstown Distill Inc
Jan
Mar
*
Baldwin Rubber Co com.l
Barium
4%
Mar
""i%
com.
1
preferred
Mar
June
%
Baldwin Locomotive—
Purch warrants for
Jan
7% preferred
Conv preferred
%
6%
10
common
Babcock & Wilcox Co.
hi
Jan
800
....
Tobacco—
300
5%
1,200
-----
Axton-Flsher
Jan
%
6%
70
13
Warrants..
Aviation & Trans Corp_._l
3%
6% pref without warr 100
8,700
200
Jan
3%
Mar
Jan
1%
900
18
Apr
1%
%
11%
%
1%
.....
Jan
2%
%
10%
%
1%
5%
25
25
w w
Mar
July
300
1
80
Mar
*
Cent A South West Utll 50c
Mar
10
June
200
20%
Cent Pow A Lt 7% preflOO
7%
1
Automatic Voting
21
1
Corp.....*
Mines
811ver
19%
21
preferred....-——.*
Jan
Mar
2%
1
Jan
1
70
Atlantic Coast Line Co..50
Atlas Plywood
Mar
07
2,300
4%
10
2%
15
10
$7 div preferred
June
9%
4
Apr
Jan
May
2%
1%
7%
"
4
3%
2%
Jan
40
2%
8
a8
1st partlc pref.-.100
Celluloid Corp common. 15
1%
3%
3,600
May
3%
Celanese Corp of America
4%
Mar
Mar
Coast
100
*
Mar
9%
Atlanta Gas Lt 0 % pref 100
Atlantic Coast Fisheries..*
8
22
2
1%
12%
5
Assoc Laundries of Amer.*
*
*
Castle (A M) com
Catalin Corp of Amer
hi
Atlan Brlmlngham &
RR Co pref
Jan
Apr
1% May
2%
2%
Casco Products
69
•u
Mar
6
14
4%
Jan
10
200
Jan
18
Feb
*
preferred....
Option warrants
Jan
31
100
4%
27
1
com
$6 preferred
Cent Ohio
$5
33
Mar
%
16%
-1
--1
Class A
Jan
15%
2%
2%
103%
Assoc Gas & Eleo—
Common
16
Jan
9%
£1
100%
28%
Industries
Elec
4
8
Carrier Corp
Carter (J W)Co common. 1
300
73%
Jan
"11 June
400
*
Carnegie Metals
96
26%
1,000
7
*
Class B
Jan
100
May
17%
*
Canadian Marconi
Apr
Jan
Amer deposit rets
4%
10
Canadian Indus Alcohol A*
3%
10%
Apr
40
Canadian Car & Fdy pfd 25
Feb
Associated
2
Amer dep rets pref shs.£l
Calamba Sugar Estate. .20
Apr
45
27%
Cables A Wireless Ltd—
11%
Jan
Mar
2%
17%
2%
t c...*
10
30
Jan
22%
25%
10
4
Ashland Oil & Ref Co
400
25%
3,700
Corp_I12%c
18
6%
25%
Mar
22
150
21%
20%
July
275
43
June
Apr
101%
June
%
Jan
Feb
May
Apr
Burry Biscuit
Jan
8%
88
Bunker Hill & Sullivan 2.50
1
27%
30
Apr
33
Burma Corp Am dep rets..
Mar
Apr
Mar
Mar
450
Jan
H
Jan
100% 101%
15%
16%
*
1st preferred.
Jan
10
Jan
22%
76
73%
15
6%
28%
2%
4%
Apr
Mar
5
450
Jan
Mar
Apr
2
300
8
Jan
Mar
Vs
18%
200
1,000
%
600
1,300
10%
88
700
June
--10
1%
4%
May
May
June
70
21%
June
Preferred
10
Jan
May
21%
June
3,100
5%
27%
pref25
Buff Niag & East Pr
3%
Arkansas P & L $7 pref.—*
7~500
Apr
Jan
June
39
55%
8%
Art Metal Works com
7
6
May
31% June
200
*
7%
Mar
150
2,900
—
Mar
700
3%
Common class A...
4
2%
900
Feb
10
17%
Arkansas Nat Gas com—*
12%
32
1,900
%
102%
Mar
31%
4
"3%
7%
Feb
July
50
Buckeye Pipe Line
68
Wupperman._l
Apex Elec Mfg Co com—*
Appalachian El Pow pref. *
lArcturus Radio Tube.—1
1,700
"24% "29% "Ooo
*
14%
3%
Angostura
1%
3%
6%
Class A pref
Brown Forman Distillery. 1
65
Anchor Post Fence
3%
June
Brown Fence & Wire com
7%
17%
25%
100
18%
42
*
Jan
Jan
Jan
._—..—*
iBrown Co 6% pref
14%
llie
--*
Mar
1%
British Col Power class A.*
American Thread pref.—.6
Preferred
%
7
8,800
Jan
Mar
250
reg--10s
22
»i <
11
Apr
British Celanese Ltd—
16
22% x25%
Mar
Mar
18
64
%
10%
10
Jan
Jan
19%
13
-
Jan
2%
16%
Jan
Tobacco—
Amer
13
14%
39%
9%
Mar
900
Registered.....--.—.
27%
700,
Mar
600
1%
British Amer Oil coupon..
26%
18
Apr
4%
34
3%
12%
5
6%
79
8
Apr
21
July
14
24
22
14%
18%
3%
100
Mar
400
1%
4%
1%
16%
Class A
Mar
21%
June
%
Brlllo Mfg Co common—*
8
17
17
40
100
"~6% "7%
79
1%
Class A
23
21
Jan
%
*
Jan
July
21%
25
100
Preferred
Brill
5
"6%
Bridgeport Machine
25
-1
Co.-60
Amer Invest of 111 com...*
Amer Laundry Mach
.20
Amer Lt & Trac com
25
6% preferred
25
Amer Mfg Co common 100
Preferred.. ——-—100
Amer Maracalbo Co
1
Amer Meter Co
*
$2.50 preferred
Amer Hard Rubber
preferred..
16
26
"30%
111
preferred
275
2
24%
1%
12
Amer Foreign Pow warr...
«
25%
26
Amer Fork & Hoe com—
*
24
23% x27
2%
Cyanamld class A. 10
Class Bn-v...
10
Generai Corp
5
6
Class
25%
Amer
Amer Gas & Elec com
1
Aeronautical... 1
Bright Star Elec cIB
British
-—if
600
Bridgeport Gas Light Co. *
97
......
~iw
Preferred
12%
Jan
90
1%
*
Corp.-l
A
Brazilian Tr Lt & Pow...*
Jan
3
—--*
Am Cities Power
2%
9
83
15%
1%
13
3%
May
94%
15%
89 %
1%
14
100
12%
3%
1st
Feb
100
1st preferred
Feb
Mar
2%
com..*
2d preferred
6
common--.-10c
Common class B—10c
$2
Feb
%
Class A
American
7%
Apr
2%
1%
Jan
%
Capital—
B
1st preferred
Mar
9%
11
2,800
9
14%
100
preferred
7%
175
11
Mar
7%
9
11
1
35%
"9
14
Jan
Jan
June
Mar
4%
Bohack (H C) Co com...*
11
101%
Inc—10
com.,1
Book Co
100
Class A with
$3 opt. conv pref.——*
(8) & Co
*
Blumenthal
1%
100
2
Ltd common
$5.60 prior pref
Amer Centrifugal
2,400
18%
"i%
Borne Scrymaer Co.-.—25
Bourjois Inc..—-...-.—*
Amer Box Board Co com
Class
1
May
100
American Airlines
Class
Ridge Corp com
%
49%
68%
American Beverage
$3
1%
36
6
Mar
Apr
High
Mar
6%
6,200
%
33%
50%
Mfg—*
Industries com *
American
Laughiln com
8% June
0% preferred.
8%
20
50
56 %
preference
7
7%
525
Aluminum Goods
American
Jan
1
67
58%
com
10
Class A conv com.—-25
Aluminum Co common..*
Aluminium
Blue
6%
10
com
new
41%
%
pref..
Aluminum
June
May
Jan
Low
400
6%
"8%
com
(E W)
65%
54%
Products com
6%
8%
Bliss &
1%
1. 1938
Range Since Jan
Shares
High
37
com...*
*
Internat Invest com*
conv
Machine Co com—...*
Bliss
2
Low
Birdsboro Steel Foundry &
B La Liner's
June
16% June
Price
67
preferred..--
Allied
Jan
9
Mar
Mar
Jan
36
Mar
16%
Alles & Fisher Inc
Allied
Week
41%
pref—.
Invest
for
of Prices
Par
Feb
4%
5% Mar
7% June
15%
Warrants-—.^———Gt Southern.-50
Alliance
Jan
23
1,600
8%
Alabama
Ala Power $7
36
Week's Range
Sale
High
1
2%
17%
~2,600
8%
Conv preferred
$6
25%
"Th
common—*
Investors
Low
Shares
14%
Agfa A ohco Corp com
1
AInsworth Mfg common..6
Air Associates Inc com—1
Air Devices Corp com
1
Last
Range Since Jan, 1, 1938
25%
3%
B-.
Sales
Friday
STOCKS
(Continued)
Week
Mfg class A_*
Aero Supply
Air
for
of Prices
Low
High
20
Acme wire v t c com
Class
Week's Range
Sale
STOCKS
5%
2%
4%
6%
2%
4%
5%
Mar
Mar
10
June
Jan
Jan
May
June
6%
Mar
4%
Jan
Mar
7%
June
Jan
2%
2,700
4%
7%
200
1%
3%
4,600
3%
700
45
Mar
01
Feb
480
47% June
2% Mar
60
Jan
3%
Jan
Columbia Gas A Elec—
Feb
1%
Jan
%
10%
30%
Mar
Jan
Jan
Conv 5%
warr.
preferred ..100
Columbia Oil A
Gas
1
56%
54
56%
52
49
52
4
3%
4%
%
hi
17,000
4%
Jan
%
%
Jan
Commonwealth A Southern
Warrants
Commonw Distribut
....
1
•
1,500
%
Jan
%
Feb
May
Volume
New York Curb Exchange—Continued—Page 2
147
West's Range
for
Sale
Community P & L J6 pref *
Community Pub Service 25
of Prices
Low
High
Weet
Price
25%
25
25 %
Stores
High
Low
125
Mar
16
28
Jan
23 %
150
18%
Mar
25X
X
X
200
X
Apr
1
Jan
12N
14 x
1,200
Mar
15
leo
May
1
Consol Copper Mines
5
Consol G E L P Bait com *
5n
5%
71
1,900
5N
21,200
71
2,000
100
"u
56 n
3n
8% preferred
100
Consol Royalty Oil
-10
Consol Stee Corp com—*
3
59
100
3N
75
75
5%
1,500
20
Apr
5X May
6%
116%
June
2%
Mar
3X
Jan
Mar
81X
Jan
Fruehauf Trailer Co
25
67X
~3J00
4%
7%
"""loo
3,000
16n
5%
17
400
21
~6X
9
23
Mar
5%
Jan
Apr
May
Jan
80
X
Jan
8%
June
4
Feb
Cramp (Wra) & Sons com.l
Creole Petroleum
...5
Crocker Wheeler Elec
*
"ill
2x
S3 conv preferred
20
4%
5%
preferred
June
Mar
9%
17X
Jan
Feb
Gen Fireproofing com
7%
Jan
General
Mar
May
Jan
23
1,300
ix
1,200
Mar
May
%
June
3,400
9Va
IX
July
General Alloys Co
Jan
Jan
X
22%
13X
May
IX
Feb
Mar
27%
8%
X
Jan
7,300
17%
2,700
3%
21%
6%
23%
X
ht
2,300
3n
3%
200
3
3%
7
4
400
7
Mar
Mar
Jan
Jan
Jan
iox
iox
IX
25c
100
6
Jan
5
Jan
IX
700
.-25
*
—10
ox
Cuban Tobacco com v t c.*
3X
3%
Mar
8%
Mar
10N
Feb
1
Mar
IX
Jan
14
Crown Cork Internat A.
June
Jan
2N
Apr
7%
7%
15X
9
500
6N
350
700
50
700
100
12
3X
100
X
7
Jan
Jan
2X
Mar
IX
15
7%
32
4X
May
25
May
33
Apr
102
Jan
106
Mar
6%
June
10
Feb
5X
Mar
5
Curtis Mfg Co (Mo)
Darby Petroleum com—5
8%
Davenport Hosiery Mills.*
10
Dayton Rubber Mfg com.*
Class A
35
20 H
1
Dennlson Mfg 7% pref. 100
Derby Oil & Ref Corp »om*
10
10 X
Dejay Stores
9N
2,400
10N
1,400
1,900
5N
2N
500
10
13%
Mar
10N
Jan
22
Feb
3%
Mar
25
Mar
2
Mar
37%
June
5%
Preferred
Jan
Apr
1,200
3
8X
Apr
May
5N
17
10
30
30
2X
800
20 N
19
5N
30
8N
11N
7N
June
6% pref ww
—..20
Detroit Gray Iron Fdy—1
IX
Det Mich Stove Co com_-l
2 X
IX
2
4,600
40
3X
Distillers Co Ltd
13
X
14X
260
60
IX
61
"l8X
iox
*
17 preferred series A...*
1,000
100
83
125
76
33
33
33
1,000
Gorham
5n
x5%
2,200
31x
31x
15n
100
500
hi
%
2%
100
14
Non-vot
com
*
stock
Jan
Grumman Aircraft Engr.-l
June
86
*
Jan
63
Jan
IX
23
22 X
1,300
Hecla Mining Co
64
Mar
66
Jan
Helena
40X
200
19X
1,000
9X
IOX
50
IX
lX
23
550
800
3%
13%
3X
13%
1,200
2
12%
13
1
Elec Bond & Share com..5
»»16
Economy Grocery Stores
Elsler Electric Corp
*
*
X
Mar
Class
Apr
6N
9N
Jan
Heller Co
Feb
5%
50 X
4%
Jan
Mar
6N
Jan
48%
29N
51
30
650
May
31
Jan
Hollinger Consol G M...5
Jan
"Ion"
Apr
25 N
Apr
13
4N
Mar
7N
IN
10N
100
N
Mar
3
2,500
8N
May
9N
300
-42 x
10N
X
Horn
Apr
14
Feb
preferred
Hubbell (Harvey)
Jan
Humble Oil & Ref
"i%
*
9%
Mar
10N
Jan
49
51 %
900
36
Mar
54 X
May
57
52
57
5,000
May
4N
IN
42
Mar
59
4
3%
4
1,700
2
Mar
4
Jan
4
3X
4
1,500
2
Mar
4
Jan
35
29 X
5X
30 X
27
4%
1,100
15N
Mar
5%
1,900
2N
Mar
Jan
5%
July
Electric Shareholding—
1
*
Elec Shovel Coal $4 pref.. *
J6 conv pref ww
2X
1%
2%
4,200
IN
Apr
July
75
125
60
Apr
3
May
6
Jan
10
1
10
500
10
Mar
13
Jan
1
1
IX
IX
1,600
15
Empire Diet El 6% pf.100
Empire Gas & Fuel Co—
6% preferred
100
6N% preferred
100
7% preferred
100
8% preferred
100
19%
19%
25
51
49%
51
40N
43N
91
91
12,200
50
50 X
50%
53
450
28
54
32
Jan
Empire Power part stock. *
21
51X
18%
350
21
500
17X
May
Emsco Derrick & Equip..5
9
8%
9
500
6N
Mar
Jan
75N
Jan
Common..
""IN "ix
51x
100
7% pref unstamped-.100
Hydro Electric Securities. *
Hygrade Food Prod
5
5%
50
preferred
Div arrear ctfs
Illinois
*
Zinc....
Feb
Jan
55
May
Jan
56
May
Imperial Oil (Can) coup..*
Registered
...*
50
28
Feb
65N
May
Jan
57 N
58
May
24
"u
%
9%
10%
3,300
Mar
22 %
May
Mar
23
50
23
7
Ireland
Britain
Feb
Indiana Pipe Line
10N
Feb
Indiana Service 6%
»u
13
Jan
Jan
31
Jan
80
Jan
Jan
91
July
June
5
June
42%
Feb
Jan
IN
Mar
9
Mar
12
Jan
Apr
Apr
60
June
1
3N
IN
Jan
4%
16n
5N
25
16
5N
25
Apr
IN
Jan
Mar
IN
Jan
200
2N
June
16 N
900
6N
4,100
13N
4N
May
9
Apr
30
Jan
10N
Jan
4N
25
9N
9n
100
8,400
20
Mar
6N
May
Mar
21N
8N
50
Apr
5N
21N
Mar
18
Mar
6
Jan
16N
May
Jan
Jan
7
7N
6N
21N
June
June
Jau
Feb
6
Mar
8N
35
200
27
Mar
37N
50
100
40
Mar
50
June
10N
14n
1,200
35
50
8N
35
10N
100
5N
Mar
13N
14N
13N
2,100
11N
Mar
12N
15N
June
May
14 N
Feb
7N
13
200
9
Feb
Jan
Mar
6
Apr
June
20
Apr
3N
Apr
4
400
21N
Jan
28 X
July
20
98 X
8
Jan
102N
May
Mar
11
56
Mar
70
5N
18
28 n
26N
100
69
28 N
100
"65N "69N
V,900
4N
1,000
2N
Mar
6N
350
X
4N
7N
4N
6N
Feb
Jan
Feb
6N
Jan
Mar
N
Mar
7N
Jan
Feb
Jan
7N
3
Jan
7%
Mar
6N
Jan
June
2N
Jan
June
IN
33 N
Jan
4N
July
IN
2
400
22
400
4N
18N
3N
4N
3,100
2
Mar
17N
15N
2,900
12
Mar
4N
17N
5N
9N
8N
9%
450
IN
22
6
Jan
Mar
5N
Mar
13N
Jan
49 X
16N
17N
4,300
Jan
Feb
Feb
8N
Jan
Mar
15
19 N
Mar
19
Mar
15N
13 X
7N
7N
300
June
Mar
14 N
Feb
32
Mar
37 N
12
Jan
Mar
6N
Jan
"94"
Indpls PAL 6N% PI--100
Indian Ter Tllum Oil—
70
10
Feb
10
13
100
preferred
17 N June
3N
7X
16N
£1
10
pf.100
15
48N
1,800
Imperial Tobacco of Can.5
Imperial Tobacco of Great
22
Mar
9,800
10%
X
»u
H
1
Eureka Pipe Line com—50
May
Feb
X
Illuminating Shares cl A..*
28
June
Mar
81
5N
Hygrade Sylvania Corp..*
Illinois Iowa Power Co—*
200
16N
T*
33
»i«
Imperial Chem Indus—
Am dep rets ord reg..£l
10c
23
T266
1
...
7% pref stamped
Jan
IN
20
IHuylere of Del Inc—
SIN
Elgin Nat Watch Co
Esquire-Coronet
2N
70
75
June
June
100
Hummel-Ross Fibre Corp 5
Mar
5%
Jan
10N
60
100
Inc...5
1
*
*
Hardart
Jan
Jan
Elec Power Assoc com_._l
Option warrants
&
Feb
Feb
Feb
5
91
com*
C) Co common. .1
Jan
4N
Jan
Jan
33
1,200
Co cl A..*
14
June
Jan
June
51
124N
5N
Hormel (Geo A) & Co
51 X
8%
Holt (Henry) &
Jan
2%
100
Mar
117N
5N
N
A...10
Horn (A
1,500
96,700
OX
Hoe (R) & Co class
Jan
24
20 X
IN
5N
Holophane Co common..*
Jan
36
175
750
6X
52
Mar
June
,June
3N
118% 120
25
June
13
Jan
2%
20
4,500
...2
common
11
IN
Feb
Apr
Feb
June
>11
IN
A
Preferred ww.
Hewitt Rubber common..5
11
2
2N
Heyden Chemical
10
Hires (Chas E) Co cl A...*
26
95
200
Jan
Apr
17N
Apr
May
9N
400
Jan
Mar
Mar
ht
Jan
Jan
Mar
400
3N
500
1 x
Jan
Mar
10
Jan
6N
35
Mar
2N
13 X
%
Mar
Mar
10N
Mar
6N
May
X
2N
June
June
14
4N
26
Jan
Feb
6N
5N
10N
1X
33X
600
Apr
June
41
8N
5%
Rubensteln
May
7
900
June
May
6N
13 N
2N
50
25c
preferred
Feb
22 n
*
6%
Mar
2
16
19x
Jan
110
11,300
30
62
100
10n
1
Hat Corp of Am cl B com. 1
Hazeltine Corp
Hearn Dept Store com—5
Mar
2X
Mar
200
Brewing Co
June
6
Apr
May
2,200
*
25
1
Elec Light
1
3 X
68
June
716
%
8N
5
Jan
67
200
June
72
25
preferred
Hartford Rayon vtc
Jan
"moo
Jan
6
31N
76N
18X
18
1
Guardian Investors
Hartford
Mar
7
11%
88
Apr
Mar
16
7% 1st preferred
Gt Northern Paper
Greenfield Tap & Die
Jan
47
~~5%
June
89
n
extend.*
3X
20N
Mar
Mfg Co—
Vtc agreement
3X
Mar
Jan
44
1,100
2%
5n
*
25%
15%
14
Mar
4N
*
preferred
Mar
Mar
Jan
Mar
40
57
75
Mines.-l
Gorham Inc class A
103
19
SO preferred series -B—*
Equity Corp com
13n
43
1...*
Consol
40
39X
100
Electrol Inc vtc
43
*
B
preferred
May
X
"5H "T
Iron.25
Electrographlc Corp
87
150
1%
61
66
4N% prior preferrd.100
Common
Class
Goldfield
May
11X
103x
2%
Elec P & L 2d pref A
*
Haloid Co.
2X
Class A
Coal
lX
9X
8N
IN
73
■12n
Godchaux Sugars olass A.*
Hall Lamp Co
Till
$6 preferred
13
Co
Jan
*
$5 preferred
Jan
May
5
*
Preferred
Feb
Eagle Picher Lead
10
East Gas & Fuel Assoc—
Edison Bros Stores
Jan
47
*
3%
6%
10%
Easy Washing Mach B._
preferred
24%
53%
Duval Texas Sulphur
Eastern States Corp
70
Mar
Gypsum Lime & Alabast.*
io3
100
6% preferred
85
Gilbert (A C) common
Jan
10
Common
Feb
30
1
*
*
Georgia Power 86 pref
Jan
e300
Jan
65
4N
9
'izx "ilx
'h
70
26N
Jan
13
Mar
700
*
Jan
Mar
May
19,300
Feb
N June
60
70
1
Jan
Mar
A pr
40
100
preferred A
preferred
2
67
60
100
B com *
1
*
83
Harvard
Dubiller Condenser Corp.l
Duro-Test Corp com
*33
14
Apr
37
Hartman Tobacco Co...
*
Duke Power Co
6%
Gen Water G & E com
14
Mar
Mar
X
General Tire & Rubber—
Mar
2%
9%
June
70
40
*
preferred
conv
Mar
Jan
100
7% preferred
83
16
Dominion Textile com—*
Driver Harris Co
Co A stock
*
General Telephone com.20
Mar
400
83X
Great Atl & Pac Tea—
com.*
5N% preferred
*
IX
IX
22 %
Dominion Steel & Coal B 25
Draper Corp
164
pref
9
41
Gen Outdoor Adv 6% pflOO
May
3
Jan
June
Apr
600
250
3
;
11N
900
11
1
May
87
Mar
H
14
--£1
Dobeckmun Co com
34
Jan
75
*
Gulf OH Corp..
Divco-Twln Truck com.-l
Mar
13n
*
600
14
28
7N
Investment com.l
preferred
1,000
Corp—5
May
12
86
2%
12%
Distilled Liquors
21N
86
Gulf States Util 85.50 pref
Diamond Shoe Corp com
Mar
Jan
Jan
Jan
Jan
-10
Preferred
June
Jan
2X
26%
100
11
2N
2%
24
Mar
19 X
3
Detroit Steel
Jan
6N
Mar
100
.25
*
Grocery Sts Prod com__25c
9%
11
Mar
{Grand Natlon'l Films Inc 1
Grand Rapids Varnish...*
Gray Telep Pay Station. 10
Feb
58
16N
Mar
IN
Jan
7X
Jan
5N
16N
2%
1
Products—*
De Vilbiss Co com..—-.10
Detroit Paper Prod
50
Jan
14 X
500
iox
Detroit Gasket & Mfg
32
8N
1,100
Glen Alden
*
6N% preferred
11
11
Jan
Mar
18
7n
15n
2h
Feb
100
Cuneo Press Inc.-
Apr
5
18n
Gilchrist
June
12
2N
10N June
in
Feb
18
Mar
7%
200
Gen Rayon
12
Jan
18n
Jan
June
June
*
2X
June
June
20
June
Amer dep rets ord reg.£l
Gen Pub Serv {6
4%
19
Mar
14N
15
5N
Gen Electric Co Ltd—
Jan
72
8%
Crown Cent Petrol (Md)_5
__
3%
May
Mar
3N
45 N
4%
.100
10%
June
High
Mar
IN
preferred...100
conv
64%
4%
Low
26
4X
Gamewelf Co $6 conv pf__*
Gatlneau Power Co com..*
Arp
14
200
*
Mar
18%
8-
1
Crowley, Milner & Co—*
Malleable
15
preferred
Mar
4%
500
IX
Croft Brewing Co
Eastern
19
Warrants
3%
5% conv preferred—-50
Courtaulds Ltd
—£1
6% preferred
Conv
1
OX
53 X
—1
S6 preferred A
*
Cosden Petroleum com—1
Crystal Oil Ref com
Common
Mar
600
6X
18n
4%
19
1
6,600
1,200
2,200
4%
18N
1
Fuller (Geo A) Co com
Jan
4%
100
5
Jan
Corroon & Reynolds—
Preferred..
Brow Co
May
IX
45 X
44
Franklin Rayon Corp
1
Froedtert Grain & Malt—
IX
June
Range Since Jan. 1, 1938
for
Weet
Shares
Motor of France—
(Peter)
64 N
75
of Prices
High
Amer dep rets...100 Ires
Fox
Apr
61
9
*
com
Ford
Weet's Range
Low
19
B
Apr
5N
"Ion "Ion
*
*
Common
Class
3X
Copper Range Co.
*
Copperweld Steel com..10
Durham Hosiery cl
rctSord reg._£l
•i«
5
"6N "8N
Jan
July
71
'it May
Cook Paint & Varnish—*
Domin Tar & Chem
Am dep
Price
*
48 N
IX
2%
{Continental Secur com..5
prior preference
113 X
100
77
Jan
Mar
Mar
IN
77
~8%
Cont Roll & Steel Fdy—*
$4 preferred
3%
3%
55
IN
Cont G & E 7% prior pi 100
Continental Oil ol Mex—1
Cooper Bessemer com
11
300
»ie
59
1
Consol Retail Stores
5%
4N
116N 116N
1
Consol Mln & Smelt Ltd .5
5
68 X
100
5% pref class A
Consol Gas Utilities
Co
Florida P & L $7 pref
Ford Motor Co Ltd—
Ford Motor of Can cl A..*
1946
Consol Biscuit Co
Crown Drug
Sale
Par
Compo Shoe Mach—
S3
Last
C Continued)
22 n
Community Water Serv
V t c ext to
STOCKS
Range Since Jan. 1, 1938
Last
Par
Friday
Sales
Friday
STOCKS
(Continued)
85
Sales
May
"94""
""25
82
Apr
IN
100
1
13
8N
16
Mar
19N
May
94
June
Non-voting class A
European Electric Corp—
Option warrants
Falrchlld Aviation
1
Falstaff Brewing
2
Mar
4
4N
Mar
10
4
4X
1,300
9
1
X
9%
800
6N
18%
600
16N
X
Jan
June
Apr
*
June
IN
Class
*
IN
Mar
IN
Feb
Vtc common
1
H
Mar
N
June
preferred
B
IN
IN
Jan
Industrial Finance—
Mar
20N
Jan
100
10
10
10N
125
11X
June
Fansteel Metallurgical
*
5
5
300
4
Mar
6N
Insurance Co of No Am. 10
66
65
67N
2,200
48 X
Mar
67
Jan
N
June
Feddere Mfg Co
5
5%
6
400
4N
Mar
8N
Jan
International Cigar Mach *
19N
19N
100
16 X
Mar
22
18N
14N
18N
3,300
8H
Apr
18N
July
May
3N
25 X
2N
3N
16,100
24 N
25N
10,000
18%
Fanny Farmer Candy coml
Internat
Federal Compress <fc
Warehouse Co com
Ferro Enamel Corp
32
25
1
Fire Association (Phlla).lO
22X
1,600
'it
1,100
X
Fldello Brewery
16 preferred
Jan
32
Jan
A stock
50
1
100
60
6X
June
23
Mar
14N
Mar
X
Jan
Tu
Jan
Internat Paper <fe Pow warr
Jan
Jan
Mar
International Petroleum..*
230
39N
Apr
60 X
6X
7X
6,800
4N
Mar
58%
61X
175
48 X
Mar
7N
63 X
54
60
Registered
1
B_.*
Mar
Apr
23
Mar
24 N
*
International Products...*
Internat Radio Corp
Jan
N
Feb
IN
6
Internat Metal Indus cl A
Internat Safety Razor
For footnotes see page 89.
Feb
N
purch warrants.
*
14N
Jan
7
Hydro-Elec—
Pref 83.50 series
11N
18
1
Fiat Amer dep rights..
Flsk Rubber Corp
7%
June
7
Mar
3N
31N
Jan
Mar
31
Mar
4
3N
4
1,200
2N
Mar
4N
9X
8N
9N
2,700
5
Mar
9
X
Jan
X
Feb
June
June
New York Curb Exchange—Continued—Page 3
86
Sales
Friday
Week's Ranoe
IjOSI
STOCKS
Sale
(iContinued)
Par
Price
of Prices
High
Low
for
Range Since Jan. 1, 1938
Class A
1
Par
High
$1.76 preferred
500
Mar
9
Jan
!'4
600
34
Mar
1
Jan
"2934 "2934
*
54
54
$3.50 prior pref
—*
Warrants series of 1940—
Vitamin..-1
Interstate Home Equip.-1
Interstate Hosiery Mills--*
Interstate Power $7 pref--*
Investors Royalty
1
Iron Fireman Mfg v t C--10
934
Jan
Apr
2934
July
he
Feb
34
Jan
354
2,700
234
Mar
4
Jan
x3X
400
234
June
434
Jan
Feb
"m
"l,200
2534
234
34
he
600
•11
1434
1534
nx
150
900
1134
7J4
X
800
34
Mar
10M
54
28
334
4
6,300
2
May
2%
1,300
134
June
Nat Mfg «fc Stores cornNational Oil Products
Jan
Jan
81X
20
68
Apr
85
Jan
7,400
21
Mar
4334
Jan
20
106
May
10834
Mar
Jan
Jan
Mar
Jan
2134
Mar
954
10
150
1134
1
300
534
34
Apr
7%
40
40
30
2834
Mar
42
Mar
27
27
20
22
Mar
30
Jan
"5"
Klrby Petroleum..
"sx
'""400
Jan
134
June
334
JAh
1,000
3
June
5
Feb
Nat Union Radio Corp
134
Jan
Navarro OH Co..—..
Nebel (Oscar) Co com
*
934
300
634
*534
Mar
1034
934
934
May
Jan
Mar
37V2
nx
734
ox
37J4
nx
734
40
4834
~49k~
40
50K
2X
2%
50
100
900
10
Jan
1534
634 May
934 June
Feb
1234
Mar
May
lno—1
334
434,
he]
X
2134
22 X
5
-*
12
*
common
Lockheed Aircraft
1
Lone Star Gas Corp
*
7%
preferred—---100
6% pref class B
.100
Loudon Packing
,_*
Louisiana Land & Explor. 1
3834
Mar
63
""534 "~i~x "6"
3^500
3
T4~"
"1/266
""§"
""§34
""eoo
234
2,200
2
10734
4834
(Herman) Corp
Neptune Meter class A—*
1034
hi
2
Feb
45
June
1834
Jan
Jan
434
734 June
634
Jan
934
Jan
Jan
100
134
34
1234
May
34
34
10734 10734
200
hi
3
Jan
15
Feb
Mar
700
Feb
43
434
Feb
Mar
34
14
Jan
June
6
May
1434
34
'"1434
Jan
Mar
134
32
834
234
Jan
July
Jan
434
Mar
Mar
'"360
"12"
3
May
234
hi
"134 "in "134"
1434
105
40
May
Jan
34
Mar
4834
July
111
48 34
1,500
2934
Mar
534
6
500
334
June
400
Jan
6
Jan
Jan
534
Apr
534
Apr
New Engl Pow Assoc
11
Jan
46
Feb
Feb
Jan
Mar
8634
Jan
'
700
165100
May
Apr
34
1234
234
May
34
600
100
7,600
200
14
534
134
13
Jan
Feb
Mar
1134
1534
June
1034
1934
Jan
Apr
Mar
1
Mar
Mar
May
14
June
$2 pref
Apr
Mar
97
2o
Newmout Mining Corp. 10
New Process Co com
8
"60"
61
3,450
"76"
134
6434
134
70
5,500
*
5
Feb
N Y Auction Co
Jan
10
Jan
13
June
12
4534
134
500
Mar
Mar
72
Mar
1934
com.
Warrants
1234 June
2634
Jan
14
Feb
N Y Merchandise..——10
N Y Pr & Lt 7% pref. .100
25
Jan
$6 preferred.
234
2234
Jan
N Y Shipbuilding
2734
1134
2734
634
9834
134
Mar
2
Jan
534
Mar
13
June
30
Jan
8834
20
2734
100
634
99
100
634
Apr
10
50
9134
Mar
Apr
101
90
50
81
Apr
7
700
834
3,900
Mar
934
Jan
Niagara Hudson Power—
Common
10
134
2,700
1
Mar
134
Jan
5% 1st pref
100
8234
79
83
625
70
Mar
220
30
Apr
42
Jan
5% 2d preferred
100
6834
6834
125
60
May
300
25
June
Jan
Class A opt wanClass B opt wan-
6634
34
134
Founders shares
1
New York Transit Co
134
Mar
3434
234
Jan
8 34
10,000
634
Mar
934
Jan
34
Mar
34
Jan
34
134
Mar
134
Jan
Class A pref
-4-100
Niles-Bement Pond
Apr
334
Jan
"33
3 5 34
"""600
IX
1
134
4,000
Mangel
1
234
234
1,000
"l6~"
"""166
24
Mar
38
Jan
2934 June
"l.fl"
5
45
15
1934
May
Feb
Mar
Marconi Intl Marine
Mar
4
"le"
9
734
1634
934
Jan
1034
20
33,000
534
Jan
Mar
Mar
934
Jan
4 34
Jan
19
934
83
6834
Jan
July
July
July
he
4,400
34
Feb
he
Jan
134
900
34
Apr
134
June
634
2,900
634
8934
July
July
Apr
3834
Mar
934
Jan
Feb
Feb
Nineteen Hundred Corp B1
"34 X
34
634
5
300
1
Jan
Jan
9434
Corp—
N Y Water Serv 6% pf.100
734
"~8%
Jan
Jan
Mar
1,000
13
June
2
Jan
"""166
13
N Y & Honduras Rosario 10
1334
2734
234
Mar
18
Mar
134
72 34
42
634
634
2634
Jan
N Y City Omnibus—
June
Mar
May
434
300
400
*
23
15
102
34,600
2734
Jan
Apr
Apr
Mar
1334
33
May
'
May
11X June
33
Mar
1034
85
70
13
1
May
July
97
634
1234
5634
8
com
New Jersey Zinc
New Mex & Ariz Land
97
Mar
1234
50
62
15
New England Tel & Tel 100
New Haven Clock Co.—^*
734
5
Niagara Share—
Class B
5
common
-
NIpissing Mines...
5
Noma Electric
.534
80
80
80
3334
36
334
80
25
3534
2,200
1
2434
734
Mar
Jan
134
334
400
134
Mar
234
334
134
100
3
Mar
4 34
Jan
134
134
13,400
34
Mar
234
May
134
Nor Amer Lt & Pow—
Communlca'ns ord reg £1
Margay Oil Corp—
734
*
16
Marlon Steam Shovel--.*
Mass Utll Assoc v t c
Massey Harris common..*
1
734
Mead Johnson & Co
Mar
734
234
Mar
8
800
134
Mar
734
Mar
11134
275
Mar
434
434
400
1834
1834
1834
100
434
434
100
3
Mar
25
21
Mar
2
Mar
334
Mar
Jan
Jan
June
1634
53
Jan
May
334
17
Jan
June
11134
June
434
Mar
Common.———-1
$6 preferred
*
North Amer Rayon cl A..*
Class B
*
com
25
25
334
434
434
4,500
4634
250
34
34
1
134
7% preferred
Northern Pipe Line
Nor Sts Pow
com
cl A.. 100
Jan
19
Jan
Engineering..*
Novadel-Agene Corp
*
Jan
Oil
25
June
Michigan Steel Tube..2.50
Michigan Sugar Co
Preferred..
Middle States Petrol—
Class A vtc
Jan
Apr
34
100
3,600
7,600
7
8
800
Mar
2
5
Apr
May
*ii
334
334
3
"734
6
*
334
800
134
Mar
May
Apr
Mar
34
34
7 34
1,100
5,400
534
Apr
34
Middle West Corp com...5
Warrants..'
Midland Oil Corp—
$2 conv pref..
34
34
May
Mar
1
3,000
34
May
34
34
334
Apr
85
May
*•11
34
634
834
34
1234
10
934
65
50c
"7X
134
734
Midwest Piping & Sup...*
Mining Corp of Canada. _*
11
Minnesota Mining & Mfg.*
"3l"
5
pref
100
4
Mar
6
13
11
10,100
634
Mar
13
13
300
'"2334
22
23 34
400
834
18
Mar
2634
2834
125
2034^
June
93
87
May
May
1334
1
^
25
Pacific Can Co
Apr
734
July
1
June
10
300
80
Feb
700
734
June
*1434
225
134
600
May
June
7J4
900
5934
34
634
100
834
Mar
Mar
Jan
8034
Jan
134
834 May
Feb
xll34
Feb
234
11
"31"
"166
Mar
Mar
434
500
31
June
76
Mar
103
434
Feb
June
May
10834
June
Mar
434
June
2434
$1.30 1st preferred
""2"
1
Parker Pen Co
Class B
234
834
834
834
600
1
534
434
534
4,500
234
234
234
6,500
$2.80 preferred
9134
Jan
934
Jan
Mar
1034
3234
900
2134
Jan
95
134
2
6
"§6"
2934
2,000
""206
6
100
30
1,800
2734 2734
10534 10634
634
6
18
100
525
634
18
900
100
134
100
5 34
100
.1
134
Montana Dakota Utll...10
534
149
*
Pow.
100
Pennroad Corp v t o_.
1
Penn Cent Airlines com—1
July
Pa Pr & Lt $7 pref
134
434
June
20
122
900
28
Apr
2
534
Jan
May
Penn Traffic Co
29 34
25
3 0 34
25
50
June
Apr
31
Feb
*
Pepperell Mfg Co
2034
May
27
Mar
Perfect Circle Co
May
145
Jan
%
_
3334
145
Feb
Jan
434
2734
2534
9834
334
95
June
Jan
234
534
Mar
334
June
Mar
634
Feb
Mar
3054
Apr
27 H
Jan
Mar
10634
June
Apr
Mar
61
Jan
June
.634 June
1434
434
1634
"4466
534
15,300
Apr
18
June
June
88
June
1234
334
May
May
1934
Jan
7%
Feb
334 June
1534
434
434
1534
14
16
23
434
1634
23
434
1,700
Jan
50
200
Feb
15
Jan
1234 June
19
Jan
13
1634
May
23
Jan
18
Mar
234
21
10734
24
334
134
Mar
2434
Jan
434
June
Jan
26
Jan
Apr
110
Feb
Mar
26
400
234
Apr
834
Feb
134
200
134
June
134
June
234 Mar
134 Mar
434 May
79 34 Mar
234
Mar
"2
92
634
"2 34"
3",700
634
1,400
9334
350
*
74
50
160
145
160
150
*
68
67
68
500
7834
6434
80
1,375
100
-
234
"93""
Apr
4
2.50
$6 preferred
Penn Salt Mfg Co
Pa Water & Power Co
Mar *149
2834
3034
*
For footnotes see page 89.
149
Mar
Jan
3234 June
87
1
Mar
Feb
134
May
534 Mar
254 June
46
*
13
234
89
75
*
Penn Gas & Elec cl A
Mar
Mar
Apr
Mar
100
Mar
134
Mar
Penn Edison Co—
Mar
1234
Monarch Machine Tool..*
Monogram Pictures com.l
June
10134
634
*
1834
634
Jan
634
334
10934
11234
»
*
Peninsular Telph com
Preferred
Jan
Apr
June
4,900
10
Parkersburg Rig <& Reel-.l
Patchogue-Ply mo uthMIlls *
Pender (D) Grocery A
*
Feb
934
""§34 "334
*
Pantepec Oil of Venez
Jan
9434
834
3134
Page-IIersey Tubes com..*
*
Jan
Jan
95
32
25
Pacific Ltg $6 pref
*
Pacific P & L 7% pref.100
Pacific Public Service
*
Jan
2434
3434
834
*
com
534% 1st preferred
Penn Mex Fuel Co
434
100
1434
1334
Jan
Feb
10934
85
*
Pacific G & E 6% 1st pf.25
Mar
6
9334
.100
Jan
Jan
34
conv
Jan
Feb
4
6%
50
Oldetyme Distillers
1 234
$2.50
Moody Investors pref
Moore Corp Ltd com...
June
he June
5
Overseas Securities
Voehrlnger—
Montgomery Ward A
7734
Oliver United Filters cl B.*
69
Missouri Pub Serv com.—1
Monroe Loan Soc A
66
Apr
6
15
Jan
70 34
Minnesota P & L 7% pf 100
Miss River Power pref.100
Corp
Jan
Apr
7734
50
100
com.
Jan
134
*
Midwest Oil Co
he
47
Paramount Motors Corp.l
*
Co
June
10
112
Jan
Midland Steel Products—
non-cum dlv shs
434
300
10434
Pan-Amer Airways
*
Mar
34
112
Oklahoma Nat Gas
Jan
334
he
7734
103
6% 1st preferred
Ollstocks Ltd com
134
800
112
Feb
Mar
434
10434
Jan
34
334
100
Feb
Apr
Jan
"""206
1
Ohio PS7% 1st pref—100
34
134
2934
400
*
t c
43
100
Ohio Power 6% pref
Jan
Mar
34
34
*
July
Apr
42
.....
93
Jan
34
3 34
10
July
25
"93""
June
50
34
34
.
June
2534
Mar
*
34
Mar
2 34
34
#16
334
734
41
Mar
1134
Ohio Edison $6 pref
Ohio Oil 6% pref.
434
34
3034
7434
*
Mar
1234
500
Ohio Brass Co cl B com..*
434
$3 preferred
Michigan Bumper Corp..l
Michigan Gas & Oil
.1
31
900
25
Northwest
55
25
♦
250
2534
22
-
10
Mar
Metropolitan Ddison
$6 pref
41
21
-
100
Mar
200
34
Metal Textile Corp new 25c
New partlc preferred..15
39
2534
2434
Nor European Oil com
1
Nor Ind Pub Ser 6% pf. 100
1334
4,500
134
43
4634
134
6% prior preferred. ...50
No Am Utility Securities.*
Nor Central Texas Oil
5
45
Warrants
...
90
"ix
Participating preferred.*
Merrltt Chapman & Scott *
Mesabl Iron Co
Feb
200
2,800
234
17
108
Mar
Jan
Mar
Mar
134
434
1134
47
15
Merchants & Mfg cl A... 1
634% A preferred... 100
24
334
Memphis P & L $7 pref...*
Mercantile Stores com...*
June
734
MOO
8
1434
234
234
1634
*
Memphis Nat Gas com...5
14
1434
May Hosiery Mills Inc—
$4 preierred w w
*
McCord Rad & Mfg B—*
Dredging.—*
Jan
3,200
1
Master Electric Co
Common
100
1,400
common
Mid-West Abrasive
52
"l,066
33
$5 conv preferred
*
Mapes Consol Mfg Co.—*
45
52
10
36
*
100
2 34
Majestic Radio & Tel
Stores
534
7% preferred.———.100
6% preferred
June
Mar
6,700
Lucky Tiger Comb G M.10
Class A 7% pref
1,200
62
134
IX
Montreal Lt Ht <fe
2934
Apr
8
8%
*
Molybdenum
Mar
Nevada Calif Elec com. 100
Island Lighting—
Common
Mock, Jud,
Mar
"u%
"ii"
12X
$2
2
15
3734 June
1234
Feb
334
19
nx
Midvale
1234
400
1,800
Mar
6834
34
12
134
6
v
2,000
234
2934
62
2034
5734
34
Mar
Loblaw Groceterias cl A..*
Class B
*
Feb
£13 34
*
common
Jan
9
13
"28""
Jan
37
534
734
Mar
25
Locke Steel Chain
Mexico-Ohio
Corp
Apr
June
1134
Mar
134
434
23
1134
1 2 34
2134 £2334
x23X
Llpton (Thos J) class A...1
McWilllams
Nehl
Jan
May
600
*
Nebraska Pow 7% pref.100
1
7
June
4534
3
IX
..*
Develop...25
preferred
534
38
14
Line Material Co new
Lynch Corp
25
100
35
Jan
Mar
May
Apr
734
Nelson
New Idea Inc
Lehigh Coal & Nav
Long
7*
34
Jan
600
.—»■—*
Lion Oil Refining
3734 June
1134 June
65
Realty common. 1
*
Lit Brothers
June
7
434
10234
5,000
Preferred
6%
Mar
734
Nestle Le Mur Co cl A...*
Mar
A_w——
Oil
834
Mar
June
7
1
200
I^key Foundry & Mach—1
Lane Bryant 7% pref.-100
Langendorf United Bak-
Leonard
Nat Tunnel & Mines
3,500
1
Lake Shores Mines Ltd. —1
Le Tourneau (R G)
35
734
1334
12.50
1
4% conv 1st pref——100
Kress (S H) & Co
10
Kreuger Brewing Co.—-.1
Lackawanna RR (N J)-100
B——
National Transit
4
Koppers Co 6% pref... 100
Class
*
2X
1334
June
*
1
Kresge Dept Stores
Lefcourt
Conv part preferred
National Steel Car Ltd
3%
Mar
7
334
4
634
National Sugar Refining.*
National Tea 534 % pref.10
234
»i»
1234
1
1
Kobacker Stores common. *
Class
.*
Nat Service common
4
(D Emil) Co com..*
KJeinert (I B) Rubber ColO
Corp common
Feb
National P & L $6 pref...*
National Refining Co—25
Nat Rubber Mach
"16
234
4
"234
Klein
Knott
4
June
National City Lines com.l
$3 conv pref
50
73
42
6
Jan
66
107 X
Jan
300
3,000
Apr
3234
Jan
Jan
9
"1.
Apr
Jan
10
Mar
National Candy Co com..*
61
May
6
Jan
10
34
900
Jan
National Container (Del).l
National Fuel Gas
*
Jan
121
100
Jan
Mar
Mar
200
71
106
434
7,300
81 X
Klrkl'd Lake G M Co Ltd 1
Jan
834
734
834
734
5234
40
June
934
534
X
*
Jan
Jan
434
May
100
534
—
2
Feb
334
1,800
734
Kingsbury Breweries
1
Kings Co Ltg 7% Pf B 100
100
1
1
534
734
Ken-Rad Tube & Lamp A *
6% preferred D
Kingston Products
534
434
34
71
6
534
6
34
734
334
Mar
Machman-Springfllled
1, 1938
High
1
34 June
1,200
13~706
534
Jan
2134
734
Inc
6
7
July
34
1634
1234
2
Keith(G E)7% 1st pref.100
Kennedy's
Low
334
534
National Baking Co com.l
Nat Bellas Hess com
1
734
234
3954
Range Since Jan
for
Nat Auto Fibre com
Jan
Mar
May
Mar
334
Steel-100
pref. 100
13
he
6
Murray Ohio Mfg Co
*
Muskegon Piston Ring.234
:
1938
Week
Shares
Mountain Sts Tel & Tel 100
3
34
of Prices
High
Low
IMountain States Power.*
900
""734
1
Italian Superpower A
*
Jacobs (FL)Co—
1
Jeannette Glass Co.
*
Jersey Central Pow & Lt—
bX% preferred—---100
6% preferred
100
7% preferred
-.100
Kansas G & E 7%
•734
2434
May
"""166
3
Irving Aur Chute
I Week's Range
tMoore (Tom) Distillery.1
Mtge Bk of Col Am shs
34
'
he
Price
Mountain City Cop com 5c
Mountain Producers
10
34
""354
Jones & Laughlln
6
3%
~29%
International
Sale
(Continued)
Low
734
7
734
,
Last
STOCKS
Week
Shares
International Utility—
Class
July 2,
Sales
Friday \
12134
59
5434
24
Mar
May
Mar
Apr
Mar
2 H
Jan
OX
June
9334
8334
June
160
7234
80
2434
June
July
Jan
June
Mar
Volume
New York Curb Exchange—Continued—Page 4
147
STOCKS
Last
Par
Pilaris Tire & Rubber
Price
Week
Shares
6H
ex
116
*
3 54
6
700
ex
200
116
~~3
25
3X
3~900
1
3 54
3
Conv pre! series A
10
Pierce Governor common.*
Pines Winterfront
1
2194
20
17 H
1594
Pioneer Gold Mines Ltd-.l
394
Pltney-Bowes
3X
ex
112H
Apr
Mar
Feb
Mar
254
Mar
6
June
Sioux
794
May
Feb
Smith (H) Paper Mills...*
Solar Mfg. Co
1
Sonotone Corp
1
Jan
Boss Mfg com
l
South Coast Corp com
Southern Calif Edison—
1
$6
_
3
3%
22 X
1794
3X
116
June
3194
4
IX
Mar
394
June
400
10X
Mar
xlOX
Mar
2294
1794
July
1,700
Jan
194
Jan
Mar
394
Jan
2 54
Jan
Mar
794
June
7
June
7H
Jan
9694
June
June
194
Jan
Junft
894
394
Jan
Mar
Mar
194
Jan
Am dep rots ord bearer £1
Spencer Shoe Corp
*
Mar
494
Jan
10
June
1494
Feb
Standard Brewing Co
Feb
95
Feb
17
June
22
June
3X
1,800
X
454
13X
200
900
25
6
2H
•u
254
Feb
""400
400
June
37
iex
iex
400
OX
Mar
18
y%
X
Apr
»!•
ex
1,500
1,400
h$
694
X
ex
3H
Mar
694
Jan
7X
2~300
ex
3X
Mar
6
794
794
June
1H
33
88
Mar
Mar
June
294
Feb
Mar
Jan
98
Jan
Jan
Jan
36
3494
36X
380
1954
19
20
170
22
Jan
3794
UX
Jan
June
8494
8494
10
Jan
106
75 X
Apr
May
87
Oil
6%
1
Common class B
100
18
Jan
Apr
Apr
Mar
294
1894
2 54
500
2
1254
1194
1 254
50
11
994
1794
12
1 854
250
5
1,800
15
Mar
694
1694
Mar
654
300
7
"2194"
20
2254
4,000
194
1
194
12,800
194
194
100
2094
794
90
454
Apr
Starrett (The) Corp v t c.l
315
10X
Mar
1794
Feb
4X
794
Jan
q
May
May
9
June
ex
Mar
7
Jan
94
25
200
7
4X
99
101
50
90
Mar
101
June
146
146
60
136
May
146
July
1394
794
Mar
1594
Mar
10
X
Feb
400
Mar
Jan
94
Feb
X
Mar
94
Jan
Jan
94
Jan
iex
450
1094
Feb
1694
Feb
34
"3X
"260
IX
Mar
6
1,100
800
3X
Jan
394
50
20
Sterling Aluminum Prod.l
Sterling Brewers Ine
1
Sterling Inc
—
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co
*
Sullivan Machinery
*
Sunray Drug Co
*
Sunray Oil
1
July
May
®n
May
1194
Jan
Mar
394
June
Technicolor Inc common.*
ex
100
4
1
94
June
June
June
X June
5,400
3H
7,200
x
U4
Jan
Mar
5 94
Jan
95
150
13X
100
ref—£
2
5
90
Apr
9694
Feb
1194
Apr
1394
June
7X
600
4
500
1
2X
800
IX
6
400
3X
600
X
1,150
3094
Apr
8t#
4934
Royal Typewriter
4654
294
5H
ex
sx
7X
x
50
ex
8X
600
Mar
2294 June
Tobacco Prod Exports...*
Jan
1,700
$2.50 conv pref
494
794
294
July
394
Jan
Mar
994
Jan
June
'it
Feb
Mar
50
June
Jan
Tonopah Belmont Devel.l
Tonopah Mining of Nev.l
Fet
Trans
2X
Mar
4
Jan
X
1
1,300
X
Mar
194
Jan
494
16
50
5
100
3X
3X
61
8294
350
4X
100
16
25
4
16,300
61
100
48
Mar
4X
1294
June
Apr
92
494
16
IX
Savoy Oil Co
June
Mar
494
Jan
6394
Jan
2,300
194
Mar
394
Jan
IX
400
194
May
294
Jan
300
13
12X
13
20X
22 X
2,400
8
Mar
1594
June
11194
25
Apr
15
Lace common..
June
15
2994
113
25
Jan
Transwestern Oil Co
10
Tublze ChatiHon Corp.
16 X
400
ex
%
Warrants
7
X
IX
200
Mar
100
IX
Jan
394
Mar
June
1
7,600
"it
Segal Lock & Hardware..
Selberling Rubber com...
Selby Shoe Co
*
Selected Industries Inc—
X
2994
IX
Securities Corp general...
Seem an Bros Inc
Mar
X
May
—*
10
Series B pref
Jan
Unexcelled Mfg Co
Union Gas of Cauada
Feb
Union
Investment
23
June
754
Jan
194
194
July
35
194
494
Jan
Mar
Jan
June
$17.50
United
Aircraft
$3
Un
cum
4,900
Mar
10
300
48 94
Mar
6294 June
4994
Mar
6194
United
194
May
•i« May
394 June
194
Jan
United
4
394 June
Feb
594
United
9
17
Jan
154
June
June
June
£1
1
5
Seton Leather common—.*
Seversky Aircraft Corp...1
2%
2X
Shattuck
Mining..5
8X
7
Shawlnigan Wat & Pow__*
Sherwin-Williams com..25
"98"
5% cum pref ser AAA 100
ex
300
2%
8X
4,100
20X
11094
20X
89 X
98
uox nox
6,200
500
3,750
30
Shreveport El Dorado Pipe
Line stamped
...25
Silex Co common..
*
Mar
194
594
1894
Feb
Jan
354
Apr
Mar
1094
Jan
107
Apr
2094
June
Apr
66
98
July
Jan
94
594
11194
Apr
May
Jan
Jan
10
May
Slmmons-Broadman Pub—
1694
Conv preferred
..*
Simmons H'ware & Paint.*
2X
Simplicity Pattern com...l
3X
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
IX
3X
250
2X
3X
250
2,900
800
10
194
294
212
Mar
Mar
Mar
Mar
Mar
1394
Feb
394
Mar
100
2994
Apr
394
3694
Feb
Apr
11
Jan
May
7
Feb
7,600
254
Mar
6
300
2654
Feb
July
June
54
Mar
"""960
54
1494
Mar
1X
Jan
16,400
Mar
24 X
May
2,300
454
May
ex
Jan
7094
June
35
3154
2254
2254
494
24
454
6
1st 97 pref
494
494
900
394
Mar
1 254
1194
900
694
Mar
1,300
794
Mar
"5694 "59""
"266
1054
394
3 94
5954
5954
1694
Mar
294 June
594
250
Jan
June
3 54
For footnotes tee page 89
3154
54
102
Jan
Jan
494
June
1254 June
1194
June
Apr
5
Feb
50
Mar
59
June
294
594
Jan
3,000
1594
154
104"
175
60
Mar
Feb
Feb
Mar
Apr
104"
"""16
9894
Mar
1.
300
'18
354 June
54
1694
IX
60
3,000
54
Jan
Jan
June
9594
Jan
'18
»ie
44,
85*4
Jan
June
104
Jan
Mar
194
Jan
Mar
1
»18
594
1
2
394
594
94
Jan
794
894
22
254
1,500
3,400
494
June
754
Jan
194
794
1054
2,500
X
June
194
June
100
794
June
794
Mar
1154
Jan
2894
294
35
Jan
254
694
4,400
594
Mar
1,500
18
June
3
800
2
Mar
394
454
Apr
794
Jan
Jan
6
554
6
200
3X
394
294
394
294
200
154
Mar
394
July
100
2
Mar
2
Mar
154
Mar
"460
94
1194
Mar
"1394 "l"354
100
3 94
Mar
694
Jan
1494
Jan
294
Mar
294
Mar
494
Mar
2
Mar
30
Mar
294
4
1394
4
1254
1394
1,600
3
$3
1
_
Lt & Pow com A.*
*
*
1st preferred
$6
Milk
17.400
700
10
Mar
15
Jan
Jan
—*
1294
Jan
454
July
34
Feb
8,500
16
94
494
94
354
8954
94
94
494
93
»u
67
67
94
June
».i
Jan
800
94
Mar
54
Jan
254
Mar
594
36.800
600
69
40
Mar
•it
2;200
62
Mar
Apr
100
194
77
Jan
Jan
Jan
Jan
"76""
18,600
194
Mar
354
800
154
Apr
494
Jan
2654
18,100
1394
Mar
2654
23 54
394
?6
354
394
23
394
Products—*
preferred
1094
454
994
4
2 3 54
1794
Jan
2354
July
June
70
70
65
Apr
70
May
254
254
25
125
Jan
Molasses Co—
554
21594
Am
dep rets ord reg
United N J RR & Canal 100
United Profit Shar new 25c
54
10
894
54
894
United Shipyards cl A—1
Class B
1
894
894
Preferred
United Shoe Mach
com.25
pref..
Playing Card
Jan
Jun
May
June
100
894
June
7,500
7,500
3,000
294
Jan
54
May
5094
Mar
77 X
Jan
Jan
42 X
May
"is
894
9
.1*18
39
1
894
954
3
Jan
June
May
Feb
4094
1
394
494
400
254
Mar
654
Jan
1
4
5 94
1,700
394
June
694
Jan
94
Mar
194
Jan
1*
.....*
10
1
54
94
94
5194
1
2,000
55
250
25
2594
57
Feb
394
4
2 94
254
42
Mar
1
1
U S Radiator com—
230
54
280
U S and Int'l Securities-.*
1st pref with warr
694
7194
>*i«
69
40
—25
Preferred
United Specialties com
IT 8 Foil Co Class B
U S Lines
"18
7194
June
200
L S Rubber Reclaiming..*
Mar
Jan
3
non-voting.*
Option warrants
U 8
4X
Mar
1194
494
12
"is
United
Common class B
Selfridge Prov Stores—
Serrick Corp (The)..—I
10
Mar
294
494
United G & E 7% pref. 100
300
400
Jan
100
4,000
*
& part pref
Cigar-Whelan Sts.. 10c
Corp warrants
IX
9X
eix
7
854
994
12%
60
Jan
Transport
Warrants
United Chemicals com...*
Mar
60
994
5
12
50
paid-in
June
25
Mar
"954~
Union Traction Co (Pa)—
2
Allotment certificates...
"600
Jan
94
3054
com..*
11
Mar
Feb
6
*
250
94
Jan
2
31
254
2,700
IX
10
62 X
IX
854
Jan
594
1094
United Gas Corp com
1
Mar
194
794
8
2894
4 X
3X
594
35
1
—
A
12X
4X
675
6
8
l
Class
Union Premier Foods Sts. 1
Service pref
Jan
354
3
Tung-Sol Lamp Works...I
80c div. preferred
*
Ulen & Co ser A pref
Jan
Scranton Spring Brook
Scullin Steel Co com
494
Mar
854
Trunz Pork Stores Inc...*
2X
Scranton Elec $6 pref
Jan
June
2
"8
1
Common
Trl-Contlnental warrants-_
IX
22
Schiff Co common
754
3
1,500
Screen—
Plot
Jan
IX
Samson United Corp com "
Lux
June
Mar
2X
42
Corp
*
Toledo Edison 6% pref-100
7% preferred A
100
Jan
38
400
72
Apr
500
294
def reg—£1
Am dep rets
994
Mar
Mar
3
X
594
594
354
294
554
dep rets ord reg—£1
Am
Todd Shipyards
6
5
2X
Ryan Consol Petrol
Ryerson & Haynes com..
Safety Car Heat & Lt
St Lawrence Corp Ltd...*
354
Mar
Tobacco Securities Trust-
Jan
Mar
35
Rustless Iron & Steel
1,200
Jan
7
394
Tllo Roofing Inc
1
Tlshman Realty & Constr*
Tobacco Allied Stocks—.*
2X
Jan
29
June
Thew Shovel Co com
IX
Jan
Mar
44
Jan
7
6
9294
June
June
Apr
June
494
254
1
100
pref—100
Ti«
2X
5
654
62
June
2494
.....
Tenn El Pow 7% 1st pf.
394
2294
1,100
"""50
Mines
Teck-Hughes
Mar
X
394
Texas P & L 7%
Mar
100
he
Jan
June
$3.30 class A partlcipat.*
June
4
Rolls-Royce Ltd—
6
254
3,000
Swan Finch Oil Corp
2X
1,800
2994
...
594% conv pref
50
Superior Ptld Cement B..*
8X
Mar
May
394
preferred
100
19
8
354
1st preferred
2d
2,600
13X
20
454
454
5X«
95
Rossia International—
Apr
Apr
3X
X
2X
■
Mar
2
July
954 July
*i«
Jan
994
Jan
3 94 June
294
*
Texon OH & Land Co
2X
694
700
Jan
100
preferred
694%
Sterchl Bros Stores
lix
29 X
x
2H
500
Jan
1294
June
May
Co-
Root Petroleum Co
Mar
Jan
154
194
2094
Apr
»I«
Roosevelt Field Inc
*11
9954
1094
X
Rome Cable Corp com...
1794 June
394 Mar
100
5,000
1,700
254
Feb
1254 June
62
11X
2X
100
June
Mar
1494
Jan
1854 July
794
Jan
2254 June
Stein (A) & Co common.
15
Taggart Corp com
1
Tampa Electric Co com..*
Tastyeast Inc class A—1
Taylor DistUling Co
1
294
Roeser & Pendleton Inc..
54
Jan
2294
Steel Co of Can Ltd
June
99
3X
*16
Mar
June
Ilie May
18
& Acid Works com...20
ex
Sentry Safety Control
2294
494
June
146
Radiator...—
Jan
Jan
Mar
Wholesale Phosp
Standard
92
700
ex
Jan
Jon
2294
3 94
ex
"z
Jan
194
54
1254
9
3594
16
e
X
454
Jan
100
1
q
"3~X
Feb
1694
5
4X
16
•it
1694
*
Preferred.
Jan
Feb
Jan
Mar
94
100
preferred..
2294
94
25
(Neb)
Jan
Mar
39
194
3
Standard Steel Spring
32%
14%
Voting trust ctfs
I)enn
Standard
Standard Oil (Ohio) com 25
94
100
Apr
Jan
May
200
94
preferred. .20
conv
94
94
Standard Dredging Corp—
Common...
.1
June
37
Reybarn Co Inc
Reynolds Investing
Rice Stix Dry Goods
Amer dep rets reg
2854
2094
954
94
954
3 94
Mar
Reliance Elec & Eng'g...
stock
1,200
994
May
Reiter-Foster Oil new. _50c
$5.50 prior stock
3694
3594
"2094
X
28
Common
794
1
23 X
Reed Roller Bit Co
Scovlll Mfg
I"
Mar
*
325
Reeves (Daniel) common.
preferred
Mar
554
1
"200
1594
~
$2 conv pref A
2
600
Standard Silver Lead
Mar
""X
34
50c
St Regis Paper com
354
400
694
19
*
Standard Cap & Seal eom.l
Conv preferred
10
8494
29
Russeks Fifth Ave
100
294
Feb
100
95
200
pref
3594
Spanish & Gen Corp—
Am dep rets ord reg—£1
$1.60
Apr
494
694
West Pa Pipe Line..50
Standard Invest $594 Pref*
Standard Oil (Ky)
10
Feb
294
June
2294
Mar
103 H
10
100
$3 conv preferred
Convertible
25
Mar
Feb
14094
494
294
ex
Standard Products Co
iex
J 1.20 conv
So
Standard Pow & Lt
100
2354
194
Stahl-Meyer Inc com....*
500
X
200
ex
Red Bank Oil Co
Water
135
Mar
1694
Common
Scranton
50
Mar
55
Raymond Concrete Pile—
7%
Feb
135
4X
300
3,300
X
Am dep rets ord
2594
Apr
135
*
.
Rochester G&E6%pfD
39
May
2794 NVlay
Mar
Jan
Jan
South New Engl Tel... 100
Southern Pipe Line
10
5
B
Richmond
Mar
90
38
Standard Tube cl B.
Quaker Oats common
*
6% preferred
100
Quebec Power Co.—
r
Ry & Light Secur com...
Railway & Util Invest A..
Rainbow Luminous Prod-
Rio Grande Valley Gas
8494
2594
38
Mar
May
Southland Royalty Co
South Penn Oil
2X
100
100
Raytheon Mfg com
194
654
394
Jan
Mar
500
2
Southern Union Gas
~22"
Pyrene Manufacturing.. 1
A
194
394
2X
Mar
300
45
Jan
2X
6% prior lien pref...100
7% pi lor lien pref—100
fPub Util Secur 97 pt pf-*
Puget Sound I & L—
$5 preferred
$6 preferred
Puget Sound Pulp & Tim.
Pyle-Natlonal Co com...
Class
6,500
294
Mar
Jan
Mar
Public Service of Okla—
Class
154
594
294
June
994
Public Service of Colorado-
6% 1st preferred
7% 1st preferred
154
494
154
294
30
6294
3
*
--*
Mar
20
Mar
Public Service of Indiana—
$7 prior preferred
$6 preferred—
394
33
Mar
Vs
~20"
Mar
Mar
30
4X
ex
13 X
13
194
100
preferred
34X
H
X
354
Mar
600
254
100
1,540
ex
494
Jan
13
254
254
300
3,800
96 54
86
88
2794
754
52
7
7
94 94
Jan
25
1,700
39
High
Low
27
95
4294
Range Since Jan. 1. 1«38
for
Week
Shares
25
794
—*
preferred-
ex
37X
7
7%
52
of Prices
High
Southern Colo Pow cl A.25
2,200
Jan
7%
6X
Week's Range
Low
88
5% original preferred.25
6% preferred B
25
594% pref series C
25
4,000
Postage
—
Price
City G & E 7% Pf 100
1
...*
Pitts Bess & iJe RR
50
Pittsburgh Forglngs
1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc..
*
Polaris Mining Co
25c
Potrero Sugar common.—5
Powdrell & Alexander
6
Power Corp of Canada—*
6% 1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Prentice-Hall Inc
*
Pressed MetaJs of Amer..*
Producers Corp
1
Prosperity Co class B
*
Providence Gas
*
Prudential Investors
*
Meter
Sale
Par
Phoenix Securities—
Common
Last
(Continued)
High
Low
2994
*
*
PhUa Elec Pow 8% pre! 25
Co
High
5 94
Co com
Phlla Elec Co $5 pre!
Phillips Packing
for
of Prices
Low
l
Philadelphia
STOCKS
Range Since Jan. 1, 1938
Week's Range
Sale
(.Continued)
87
Sales
Friday
Sales
Friday
Mar
194
Jan
200
22
Feb
2594
June
3,700
2
Mar
494
Jan
IX
Mar
394
Jan
900
New York Curb
88
I
STOCKS
U S Stores Corp com
$7 conv 1st pref
of Prices
High
Low
Price
*
3*
Feb
900
%
8,000
1%
2%
5,400
1%
;,7-v:
Mar
"moo
1%
June
7
United Wall Paper......2
Universal Consol Oil
10
2%
1
May
1 v*
8
Universal Pictures com...1
Universal Products Co.
—
4%
*
Utahldaho Sugar......_5
Utah Pow & Lt $7 pref.
"ili
13
1%
a
May
1
Mar
\
Mar
June
%
Mar
2%
%
Mar
Mar
2%
23%
19%
4%
4,400
.....1
"mi
6
19
25
19
Venezuela Mex Oil Co..10
4%
1
Petroleum... 1
3
1
V*
pref.,100
Vogt Manufacturing.....*
6%
7%.
July
Jan
Cuban Telephone 7 %s 1941
Cuban Tobacco 5s
1944
Jan
Cudahy Packing 3%s.l955
"93%
June
z7%
3%
Feb
Delaware El Pow 5 %s. 1959
102%
Jan
Denver Gas & Elec 5s. 1949
5%
Mar
*
%
%
100
1%
IX
IX
300
Wellington Oil Co
1
Wentworth Mfg—...1.25
4%
4%
800
Western Air Express
1
Western Grocery Co—-20
T%
4%
3%
3%
Wayne Knitting Mills..
6
1st preferred
May
8
30%
Mar
*
10%
May
9
West Texas Util 10 pref—*
West Va Coal A Coke
*
Weyenberg Shoe Mfg
Williams (R C) A Co
1%
%
Apr
Apr
400
4%
2%
Jan
Jan
El
Jan
68%
Petroleum
Wool worth (F W) Ltd—
68%
2%
"6%
2
Woodley
9
8
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
68%
3%
5%
7
6%
6%
1
Arner dep rets
5c
0% preferred
.£1
Wright Hargreaves Ltd..*
7%
7%
Yukon-Pacific Mining Co.5
2
IV*
15%
2%
Jan
Jan
1942
1st A ref 5s..
Jan
98%
May
9%
Jan
10
58%
Apr
68%
3%
July
Jan
10
15%
7%
2
98
2
Mar
3%
Mar
7%
Jan
5%
May
6%
Jan
Jan
100
14%
Mar
16%
9,400
0%
Mar
8%
5,300
1%
Mar
2%
102
91
86
87
5,000
80
81
57,000
Amer G A El debt 5s.. 2028
Am Pow A Lt deb 6s..2016
Amer Radiator 4%s..1947
106
85
105% 106%
108
108%
82%
85
6,000
58,000
Ark-Loulslana Gas 4s. 1951
101%
Arkansas Pr A Lt 5s. .1956
97%
Associated Elec 4%s.-1953
44%
Associated Gas A El Co—
Conv deb 5^8.!...1938
125,000
15,000
87
6,000
114%
Appalac Power Deb 0s 2024
105% 106
83%
Amer Seating 0s stp._1940
Jan
103%
115
6,000
101% 101%
60,000
94%
97%
77,000
41%
44% 165,000
89
Jan
78
70%
Apr
Apr
Apr
76%
65
105%
106
54
65%
Mar
Jan
82%
Apr
63%
100%
Jan
May
May
103
Jan
87%
100
Jan
11,066
47
Mar
61.
June
90%
Mar
96%
16.000
5,000
97%
Mar
103%
108
June
110
93
Mar
105%
91
108% 109
2,000
104% 105% 114,000
100% 101%
45,000
Mar
103
11,000
3%
3%
3,000
4
3%
1
Jan
Jan
May
Jan
Feb
90%
5%
June
June
5
Feb
65
June
106
Apr
109%
%
53%
97%
Jpn
78
Mar
103
98
Mar
83%
71%
92% 203,000
May
Apr
May
May
May
Jan
104%
Apr
Feb
Feb
1%
1%
81%
1%
Mar
95%
Apr
92%
May
May
July
92
94
26,000
Feb
6s
Jan
June
107%
May
Hackensack Water 5s.1977
May
Hall Print 6s stpd
90
Jan
♦Hamburg Elec 7s
June
Feb
115
Apr
102
Feb
Jan
98
Mar
44%
94
July
32
July
July
Jan
32
29%
32
75,000
21
Mar
33
Jan
Ill Northern Util 5s... 1957
29%
Mar
Apr
June
62
Apr
80%
Jan
92%
Feb
99%
100%
June
77
...1949
Sf deb5%s...May 1957
Indiana Electric Corp—
June
77
95
Mar
1953
-
-
-
107%
Mar
112%
119%
5s series C
...1960
Bethlehem Steel 6s....1998
112
112%
119% 120%
122% 122%
j130
Birmingham Elec 4%sl968
84
82%
84
69%
66
69%
80
80
93
104% 104%
102
91%
110%
Apr
32,000
117%
Apr
18,000
120%
Jan
134
Birmingham Gas 5s._.1959
Broad River Pow 5s. .1954
Canada Northern Pr 5s '63
104%
103%
39,000
79
Feb
103%
93
8,000
114%
Jan
122%
Feb
122% June
Indiana Service 5s
140
1957
1st lien <fe ref 5s.
1950
98%
May
Apr
85%
May
Ind'polis P L 5s ser A. 1957
Jan
69%
July
71%
Mar
101%
Mar
100%
73
Mar
Mar
87
104%
108%
98
Jan
6 %s series C
7s series F
Jan
\Jan
....*.1957
113%
Mar
115%
May
Interstate Power 5s...1957
101%
101% 102%
29,000
94%
97% 114,000
99% 100%
47,000
94%
85%
Mar
May
Interstate Publl
Debenture
94
Cent Ohio LtAPr5s..l950
Cent Power 5s ser D..1957
96%
29,000
95
95
10,000
78
78
78
3,000
93
Cent Pow A Lt 1st 53.1956
Cent States Elec 5s...1948
92
35%
1954
36%
Cent States P <fc L 5%s '53
Chic Dist Elec Gen 4%s'70
52%
106%
1961
Chicago A Illinois Midland
Apr
102%
97%
92
Apr
101%
June
85
Mar
96%
July
88
Apr
97
1,000
.
May
June
68
Jan
Apr
33%
Feb
62
16,000
*34
July
94
30%
„
63
77
86
49%
12,66#
84
Jan
Apr
Mar
Feb
71 %
63
Jan
June
93%
Mar
Jan
107%
65%
'•
60
53
81%
107
Apr
Jan
Jan
Apr
65
Jan
51
June
59
Feb
29
Mar
50%
65
39
Jan
May'
Apr
78
-
28^660
65%
77'
"
36%
38
*106
106%
#000
-
105%
76%
-
-
96
29.000
33
2,000
33
June
38
Jan
107%
Mar
96
June
June
34%
Jan
May
102
21%
Feb
28
June
83%
97%
Feb
92
June
Apr
104
4,066
96
Apr
102%
June
6,000
27%
103
Apr
107%
July
4,000
97
-
102%
......
102
107% 107%
*12%
25
'
Feb
12%
May
15
59
2.000
43
Mar
63
57
3,000
43
Mar
62%
1,000
106
June
110
Apr
100
"
—-
97
98%
V-
-
39,000
85%
June
Jan
Jan
Feb
Jan
93%
11,000
79
Apr
94%
Jan
90%
81
50,000
76
Mar
91%
Jan
17,000
68
Mar
85%
Jan
Mar
.....
91%
-----
81%
81%
79%
89
91
79%
*109
81
91
$
6,000
79
*1,000
84
Apr
7,000
91
64
Apr
81%
.....
-"
108%
-
8^000
82
*106% 107%
*110%
75
104%
91%
93
Jan
82
Mar
July
May
82%
109%
May
Mar
June
-
57
109%
Apr
57
57%
"31,660
45%
Mar
63%
May
57%
23,000
43
Mar
61%
May
70
-
107%
111%
56%
-
70
Jan
72%
106%
May
Apr
Apr
58%
Mar
.....
Apr
Jan
Jan
81
May
94%
May
104%
55
58
58
55%
60%
59
-----
54
1,000
104% 104%
60
108
108
50,000
6,000
8,000
9,000
'
49%
100%
48
56%
Apr
51%
Mar
Jan
65%
June
60%
June
8,000
107
35
Mar
54
July
18%
Mar
35
July
80
May
July
109
Jan
Apr
50%
30%
54
165,000
35
80,000
75%
71%
95%
79
17,000
64
Mar
73%
95%
20,000
57%
Mar
73%
10,000
90
Mar
98%
Jan
93
35
93
91
June
Service—
....1956
79
1958
73%
.....
4%s series F
SsseiiesB
1961
Iowa Pow & Lt 4%s._1958
Iowa Pub Serv 5s
1957
103%
Jan
Isarco Hydro Elec 7s. 1952
.....
Jan
63,000
35% 124,000
36% 187,000
79%
23%
Mar
41
24
Mar
41
Isotta
Frascblnl 7s...1942
43,000
32%
Mar
52%
June
Italian
Superpower 0s. 1963
5,000
12,000
105%
Jan
107%
May
Jacksonville
105%
June
107%
Jan
33%
33%
51%
52%
106% 106%
105% 105%
75
Jan
87%
Mar
91%
Iowa-Neb L & P 5s._. 1957
May
Jan
1952
c
5sseries D
July
66%
6s
Mar
93%
62
Jan
Jan
88%
1952
International Salt 5s..1951
2,000
96%
100%
75%
5,000
35,000
73
92%
1955
7s series E
Mar
113% 114%
1981
Apr
Apr
Feb
International Power Sec—
Mar
114%
Central 111 Public Service—
63
May
90
1963
70
1,000
8,000
10,000
106% 106%
.
♦Indianapolis Gas 5s A1952
5s
55%
11.000
40,000
Mar
57
i '«i
Indiana Hydro Elec 5s 1958
129
23~666
100
78
*30%
64%
Apr
Mar
10,000
67%
*74
99%
57
-----
.
Indiana & Mich Elec 6s '55
1st M 5s series A...1955
1st M 5s series B
1957
Ry 4%s A__
1956
Chic Jet Ry A Union Stock
Yards 5s
.1940
{♦Chic R.vs 5s ctfs
1927
57
102
27%
*92
5s series C—......1951
76,000
78
15,000
10,000
*101
1947
0 %s series B
88
70%
90%
104%
101%
101%
31,000
101% 101%
101% 101%
93
Indiana Gen,Serv 5s_.1948
1950
Apr
88%
90%
103% 104
33
1st & ref 5%s ser B.1954
1st & ref 5s ser C...1956
6s series B
Works—
..1968
96
Ill Pr & Lt 1st 6s ser A. 1953
23
29%
38%
June
38%
3,000
1,000
16,000
26
38%
76%
Bell Telep of Canada—
1st A ret 4%s ser F.1967
m
i-
-
1938
6s series A
1956
-
^
_
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A...1949
& St Ry 5%s
30%
175
--
Houston Gulf Gas 6S..1943
34%
Apr
91%
♦Hamburg El Underground
Mar
Feb
Apr
Mar
*55
J'*,
Houston Lt & Pr 3%s.l966
90
76
74
51%
Heller (W E) 4s w w ..1946
30
May
July
96%
May
June
30,000
91% 148,000
86
4935
Mar
17166
Jan
87
85%
89%
*107% 112
1947
Mar
91%
95
'
85
107%
20%
189
Jan
Jan
June
84
Guardian Investors 5s. 1948
July
108%
21%
warrantsl947
Feb
105%
105%
51%
Grocery Store Prod 08.1945
Guantanamo & West 6s '58
20%
warrants...!947
105
Apr
92% 146,000
53
10,000
62%
35,000
99%
100% 100%
June
Mar
81
(Adolf) 4%s._.1941
Gobel
32
*98
July
75
102%
91%
Gt Nor Pow 5s stpd.,1950
1,000
30% 109,000
79%
-
"65""
32
79%
Feb
106%
102%
92
Grand Trunk West 4s. 1950
Jan
.
9,000
85%
1965
32
Avery A Sons (B F)—
Canadian Pac Ry 6s..1942
Carolina Pr A Lt 5s...]956
Cedar Rapids M A P 5s '53
'.i-—-
1953
Glen Alden Coal 4s
May
96%
62
Feb
7814
67
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 5s..1978
86
107%
56
Apr
Apr
101% May
2,000
76%
May
Jan
58
60,000
82
May
May
Apr
Apr
102% 102%
103% 104%
104% 105
74%
May
Mar
102%
11,000
82
96%
Mar
"i~66o
75
76%
94
58%
43
54
106% 106%
82"
27%
30%
Atlantic City Eloe 4%s '64
106% 106%
102% 103%
61
62
1.000
1,000
105%
Mar
96%
106%
Feb
27,000
98%
Jan
103%
May
52%
2,000
Apr
63
78
Jan
85
Feb
39
Jan
49
June
3,000
32
Feb
42
May
3,000
100
Apr
106
*66
79
48
49
15,066
41%
-----
Jan
42
,
.
Jan
Gas—
'
5s stamped
1942
Jersey Central Pow & Lt
90
105%
44%
Cincinnati St Ry 5 %s A '52
6s series B
7,000
Feb
21,000
Gen Pub Util 6%s A. 1956
♦General Rayon 6s A. 1948
Gen Wat Wks & El 5s. 1943
32
Assoc TAT deb 5 %s_A'55
Atlanta Gas Lt 4%s_.1955
6s series B.
May
94
General Pub Serv 5s.. 1953
Feb
Jan
89%
83%
104%
79
101
90%
103%
101%
1940
29
6 Ms ex-warrants
108% June
Gary Electric & Gas—
30%
31%
1977
5s series G
128
Jan
84%
"90%
8%s ex-warrants...1943
94
Conv deb 4 Mis C...1948
Conv deb 4%s
1949
Conv deb 5s
..1950
Debenture 5s
1968
4%s series H
Apr
*55
Deb gold 6s. June 15 1941
Deb 6s series B....1941
91%
lo%
104%
Gatlneau Power 1st 5s. 1956
91x
m%
108 x
5s series E..
125%
103%
Jan
59%
73
105
5s ex-warr stamped. 1944
100
500
91x
1st A ref 4%s .....1967
Aluminium Ltd debt 5sl948
75
Florida Power & Lt 5s. 1954
4,200
98% $16,000
5,000
92%
10,000
91%
1968
T ocom
July
93
*52%
106%
First Bohemian Glass 7s '57
Florida Power 4s ser C 1966
6%
♦Gesfurel
1956
ist A ref 5s..
♦Convertible 6s
92%
Firestone Cot Mills 5s. 1948
Firestone Tire & Rub 5s '42
600
*102% 104%
.
Baldwin
June
99%
^
Banks 6s- 5sstpd...l961
Feb
Jan
General Bronze 6s
Alabama Power Co
1st A ref 6s.
...1940
1st A ref 5s..
1951
5a without
75%
Jan
*1
1% v.-...
70%
73% 116,660
109% 109%
9,000
70%
75%
75% 200,000
104% 104%
104%
8,000
k'— -ir*102% 103% •i:
1 %ooo
92%
94
1950
7%
BONDS
Registered
Conv deb 5%s
Mar
94%
73%
109%
0%s series A
1953
Erie Lighting 5s
1967
Federal Wat 8erv 5%s 1954
Finland Residential Mtge
'
5s with
Paso Elec 5s A
5%
4%
Apr
June
1
Dairy 6s
Apr
62
203,000
3%
Empire Dist El 5s....1952
Empire Oil & Ref 5 %s. 1942
6
*
Wilson Products Inc
Abott's
104
100
May
Apr
*1
Edison El III (Boat) 3 %s 65
Elec Power <fe Light 58.2030
22% Mar
9% Mar
78% June
Mar
4%
1%
Mar
1
♦
Wilson-Jones Co...
Feb
67%
Williams Oll-O-Mat Ht-_*
com
July
62% July
100% June
Ercole Marelli Elec Mfg
com
Westmoreland Coal Co—*
Wolverine Tube
.
30,000
81
3%
Elmira Wat Lt & RR 5s '56
75
Jan
9,000
101% 102%
*95%
97
1952
♦Deb 7s
Western Tab & Stat—
Vot tr ctfs
101%
♦Certificates of deposit
Aug 1 1952
♦Certificates of deposit
Eastern Gas & Fuel 4s. 1950
Jan
100
"l05%
♦6%s.—..Aug 1
Jan
Western Maryland Ry
7%
A.1947
8
Mar
2
Mar
11,000
101% 102%
...1950
ser
5s 1st series B
4%
June
1%
2,500
1,100
Apr
3%
63%
Mar
40
Detroit Internat Bridge—
Mar
%
Jan
1%
Jan
7%
Apr
6%
Jan
0%
Jan
3% June
Mar
4%
2%
7
Det City Gas 6s
Jan
Jan
1%
%
Apr
"j# June
Welsbaum Bros-Brower._l
2%
11%
83
Apr
Feb
Feb
59
4%
1%
77%
6
100
51,000
62%
79
Apr
Jan
40
70
107% 108%
61%
81
101%
4%
1%
*
'
Jan
Mar
Mar
July
102%
124
Mar
1%
Apr
Mai
106%
%
83
Walker Mining Co
2%
Jan
2%
700
100
Waitt & Bond class A
108%
6s ser A stamped... 1943
Cont'l Gas & El 5s... 1958
(The) Co common.*
86%
91%
102
59%
63%
Crucible Steel 5s.....1940
17%
Mar
Mar
37,000
33,000
63% 159,000
44,000
62%
99
101
104% June
July
200
99%
99
101
120%
June
"loo
July
1,000
28%
7%
65%
2,000
20%
2%
Mai
29,000
122% 122%
Mar
2%
43
65%
May
104% 104%
June
2%
June
1oao
11
6 %
v t c._
5s
1%
20%
1,500
65
Gen mtge 4%s. —1954
Consol Gas Util Co—
Jan
Jan
475
59
*
Jan
*n
2
600
7
Waco Aircraft Co
2%
44
Mar
1,200
66%
65
63%
""65%
1943
7
Va Pub c»erv 7%
Mai
Mai
High
62%
(But) 3%sser N...1971
Consol Gas (Bait City)—
Apr
June
%
'""366
43%
42%
Low
Consol Gas El Lt & Power
1%
31%
100
13%
66% 720,000
61,000
63
Jan
June
675
"mi
69
Jan
Jan
Jan
2
600
2
13%
Mai
Jan
Feb
1%
43%
%
100
47%
Cities Serv P & L 5 %s. 1952
y3
"moo
14,000
68
5%s
1949
60
62%
♦Commerz & Prlvat 5%s'37
*100%
Com'wealth Subsld 5%s '48 102«a2 102»a2102*i32
Community Pr & Lt 5s *57
73%
74%
74%
Community P 3 5s—1900
98%
99%
99%
Conn Lt & Pr 7s A...1951
*129
130
Jan
16%
Mar
1
65
1958
Line 6s
Jan
Shares
8
Mar
9
31
1950
Range Since Jan. 1. 1938
for
Week
of Prices
Higf
8% June
3
150
Week's Kangi
Low
65%
66%
Debenture 5s
1969
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Mar
3%
..1966
Debenture 5s
July
11
2%
"""k
Venezuelan
Class B
Jan
Jan
1%
..7
1
7% preferred
Feb
200
....
S4 conv pref.—..
Wagner Baking
1%
2%
5
42%
40
H
Van Norman Mach Tool.5
Wall!
Mar
200
2
2
x42
common..
7% preferred...
Valspar Corp com
»i»
Jan
1,500
1
35 %
IV*
Utility Equities Corp..
Priority stock......
Utility & Ind Corp com..5
Conv preferred
>
1
34%
-
Feb
Cities Service 5s
Conv deb 5s..
Jan
Sales
1
Sale
Price
%
450
4
14
13
Utah Radio Products..new
{Util Pow <fc Lt
Class B...
180
A
1%
2%
1%
Universal Corp v t C
Universal Insurance
Jan
4
V*
Last.
High
100
4
60c
BONDS
(Continued)
Low
IVh
*
United Verde Exten
July 2, 1938
Friday
Range Since Jan. 1, 1938
for
Week
Shares
%
%
*
tc
v
Week's Ranoe
Sale
Par
United Stores
Friday
Last
(Concluded)
Exchange—Continued—Page 5
Sales
1955
75
90%
4,000
105%
43%
45%
15,000
105
75
75
*65
82
84
lffl%
Apr
95
Jan
5s series B
1947
Jan
4%s series C_.
1961
Kansas Elec Pow 3 %s_1966
Kansas Gas <fe Elec 6s.2022
87
Jan
Kansas Power 5s
91%
Feb
104%
105
104% 104%
103% 105
100% 101
67,000
98%
34,000
97
Mar
101
115% 115%
4.000
112
Mar
101
8,000
95%
115%
101%
8,000
65
Jan
Kentucky Utilities Co—
Apr
106%
24,000
42
Apr
52%
2,000
75
May
79
Apr
Jan
1947
1st mtge 5s ser H
1961
6 %8 series D
1948
5%s series F—
..1955
5s series I.—_.___196P
115%
.....
80%
101%
80%
*94
83
*86
90
81%
96%
82
------
------
5,000
84%
Apr
105%*, Jan
Apr
Mar
Apr
83
*
97
*rOune
June
Mar
June
Jan
78
Mai-
90
Jan
65
Ma^
82
June
\
For
footnotes
see
page 89
II
Volume
New York Curb
147
Week's
Last
BONDS
Sale
(Continued)
Price
Lake Sup Dlst Pow 3 %s '66
Lehlgb Pow Secur 6s_.2026
Lexington Utilities 5s. 1952
Llbby McN & Llbby 5s '42
Range
"ioo"
99
86 %
June
84
Apr
103
Jan
Mar
27
May
1.000
84
Apr
97%
Jan
101
Apr
104%
105
76
Apr
100
Mar
105
4,000
July
109%
Apr
28%
June
Jan
101%
May
Sou Indiana Ry 4s
55
Apr
83
Jan
5,000
87
2,000
67%
1951
86%
2030
Deb 5s series B
80
Jan
40,000
38
Mar
55
Jan
108%
July
54%
51
54%
23,000
39
Mar
55
Jan
53%
51
53%
75,000
39%
Mar
65
Jan
55
52%
55
109,000
37%
Mar
56
Jan
54%
52%
*73
55
36,000
36%
Mar
56
Jan
75%
7,000
50
Apr
63
Feb
96 H
97
25,000
88%
Jan
98
June
Debenture 6s.Dec 11966
39,000
83
Apr
June
Standard Investg 5 Ha 1939
18,000
87%
Apr
July
{Standard Pow A Lt 6sl957
81
May
♦Starrett Corp Inc 5s. 1950
89
May
Stmnes
77
4,000
61%
Mar
83
85
10,000
70
Mar
1.000
109
Jan
35,000
54
Apr
94%
102
110%
70%
82 H
New Amsterdam Gas 5s '48
N E Gas & El Assn 5s 1947
5s
Conv deb 5s
1950
New Eng Power 3%s.l961
New Eng Pow Assn 5s. 1948
2d stamped 4s
92%
Texas Elec Service 5s. 1960
9,000
7,000
40
June
44%
Jan
Texas Power A Lt 5s..1956
108
Mar
110%
May
3,000
111
June
120
80%
82%
27,000
69
Apr
83
Jan
118
116
3,000
51,000
52%
54%
55
22,000
54
49,000
10,000
104% 104%
93%
Jan
May
Jan
Twin
Mar
57%
Feb
57%
Feb
39%
Mar
58%
Feb
102
Feb
105
May
85
Jan
42,000
70
88%
34,000
74
Mar
88%
92
91%
92%
12,000
86%
Feb
June
♦Income 6s series A. 1949
80
78
80
18,000
64
Feb
92%
80%
99 %
99%
99%
1,000
93
June
100%
Mar
68
68
May
May
New York Penn <fe Ohio—
1954
5s
Apr
108%
Apr
Jan
6,000
*3*666
♦1st
86
88%
30,000
45%
47%
18,000
107% 107%
87 H
46 %
12,000
103%
112%
Jan
97%
105%
Jan
113%
Mar
53%
Jan
62%
.1966
....1969
D
101% 102%
"l02 %
19,000
H
Mar
104%
May
90%
Mar
99%
Jan
75%
Apr
86%
Jan
106
Feb
108%
Jan
Jan
96
83%
8,000
36,000
Feb
61
Apr
62
55,000
44
Mar
63%
6,000
30
Mar
47
114% 114%
*59%
61%
*26%
40
68 series A
1952
6s series A
70
Apr
88%
June
30
Mar
47%
108%
Mar
1*03%
-
«
Jan
114%
62
Jan
Mar
Feb
27%
June
Jan
56
Apr
28
Mar
77
24,660
Mar
77
July
77
3,000
57%
Apr
77
6,000
94%
Feb
-*103%
July
54,000
64%
Feb
82%
May
Fob
79%
106%
80
78
106
75 H
107 %
May
53 H
Jan
75H
June
4,000
64
Feb
80H
May
May
85,000
76
75
Feb
86
75
Apr
90 %
84%
3,000
75
Apr
85
Jan
80
5,000
65
Apr
84 H
Feb
88
1st ref 5s series B...1950
83 H
1946
79 H
87
96
*1*8*660
84
86
1944
A..1946
July
4,000
106%
75 H
75
*80
4Ha
Apr
52
23
„
40
103% 103%
1973
Va Pub Serv 5Hs
112%
24
-
76
Utah Pow A Lt 6s A..2022
June
Apr
1,000
-
-
75
*26%
77
105%
Jan
Hotel—
Waldorf-Astoria
23
Mar
June
23
*105% 105%
36,000
12%
Wash Gas A Light 5s.1958
106
106 H
43,000
103 H
Apr
loo%
106% 105 %
4,000
106%
June
107%
Apr
106
Feb
102H
June
Mar
103H
July
♦5s
93
Feb
102%
June
Wash Water Power 5s 1960
93%
Apr
102%
July
104 %
40,000
101 H
27,000
99 %
97
104 H 108H
104%
104%
101
West Penn Elec 5s...2030
Apr
20 H
23
1954
Income deb
14,000
96
97%
West Penn Traction 5s '60
Tosh
Feb
105%
May
West Texas Utll 5s A 1957
91 H
Apr
92%
July
West Newspaper Un 6s
'44
49 %
17,000
103%
104%
Jan
105%
May
West United G A E 5Hs'55
105
Jan
Wheeling Elec Co 6s.. 1941
106%
Wise-Minn Lt A Pow 5s '44
106 % 106%
*»
w
M
~
86%
102
Mar
107
Jan
90
106%
35,000
96
Jan
102%
July
Wise Pow A Lt 4s
1966
96
1946
94 H
94
95
23,000
83
Apr
95
Mar
Yadkin River Power 5s '41
101
82
79
82
6,000
69
Apr
82
May
100
Mar
103%
Jan
Mar
116%
74 H
Apr
1,000
106
June
5,000
105 H
101,000
5,000
4
H\
106% *
Mar
Jan
May
55
June
55
June
93
Mar
32
103
69,000
91%'
105
40 %
106%
104%
101 %
Feb
1951
1st & ref 4%s ser
94
80%
_
92%
'
June
Jan
105 H
108
May
Jan
107
Mar
96 %
105 H
June
Feb
D.1956
58 conv debs
Jan
71,000
15,066
23,000
97%
90%
104% 105
Ohio Power 1st 5s B..1952
Okla Nat Gas 4^s
100%
June
*104% 106%
"92
1945
Ogden Gas 5s
9,000
101% 102%
97
1970
4%s series E
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
Mar
42
1945
f 6s
s
-.1974
5Hs
1959
Un Lt A Rys (Del) 5Hs '52
United Lt A Rys (Me)—
Mar
Northern Indiana P S—
5s series
82%
Wash Ry A Elec 4s...1951
No Indiana G & E 6s..1952
5s series C
May
18,000
80,000
41
6Hs
6s
1956
5%s series A
96
84,000
92
56%
♦United Industrial 6Hs *41
No Amer Lt & Power—
Nor Cont'l Utll 5%s.-1948
Feb
Jan
94
60%
62
1956
Apr
55
May
65%
57%
48%
42
1949
United El Serv 7s
Jan
88
55
Nippon El Pow 6%s..l953
91%
28,000
105% 106%
105%
City Rap Tr 5Hs '52
United Elec N J 4s
Feb
45
105
57.000
104% 105
*113%
N Y & Westch'r Ltg 4s 2004
Debenture
84
1,000
34,000
95
107% 107%
92
95
Feb
Feb
85
82
83
United Lt A Pow 6S...1975
68
106%
*91
^
Conv 6s 4th stamp. 1950
July
1942
107H
Apr
Ulen Co—
Apr
84%
♦Ext 4%s stamped. 1950
1962
Toledo Edison 5s
40
103%
Leonard
see
40
115%
86%
NY P & L Corp 1st 4 %s'67
(L)
June
10,000
102% 104
„
Tide Water Power 5s..1979
Tietz
51%
106%
Jan
90
104
Apr
Apr
Jan
Apr
43
97%
92
2022
39
104
3,000
83
Ternl Hydro-El 6 Hs..1953
A
Juno
4,000
14,000
60
Tenn Public Service 5s 1970
series
52
50
105% 105%
Jan
83%
NY State E&G 4%s 1980
52
50
50
85
84 H
N V Central Elec 5%s 1950
50
72,000
105% 106
1940
1946
Tennessee Elec Pow 5s 1956
New Orleans Pub Serv—
5s stamped
May
Feb
87%
1954
31%
May
Mar
Debenture 5%s
Mar
May
53
54
«...
18%
May
53
55
30%
80%
80%
116
"54 %
1948
Jan
28%
28%
87%
15,000
Jan
54%
Apr
91%
72%
Mar
Mar
115
Apr
36
58%
71
_
64
53% 142.000
Super Power of 111 4Hs 68
1st 4Hs
1970
6s
77
Jan
49%
62%
41
July
53%
17,000
May
95
-
88,000
109% 109%
115
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s_1956
5%
-
80
40
~l09%
June
97
«
82
105%
(Hugo) Corp—
2d stamped 4s
Apr
May
-
86%
78%
{♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4%s.l981
6s series A
....2022
Apr
1%
81%
86H
*83%
85%
June
53%
Montana Dakota Power
Nat Pow & Lt 6s A...2026
June
101%
51%
4,000
5
98%
Apr
53%
60%
*2
Feb
♦Certificates of deposit
♦Convertible 6s
1935
76%
♦Munson SS 6 Ha ctfs.1937
Nassau & Suffolk Ltg 5s '45
Apr
85
93
Jan
60
86
35%
7,000
10,000
106%
82
♦Certificates of deposit
Debenture 6s
1951
4,000
22,000
98%
55
Jan
96%
Jan
47
99% 101%
98
98%
Mar
93
84
95
56%
July
Mar
Apr
95
Mar
Mar
95
1944
106%
46
S'westem Assoc Tel 5s 1961
83
5%s
Apr
40
Mar
69%
103%
93
101%
66%
4,000
55%
106 H 108H
109% 109%
June
15,000
7,000
15,000
Apr
69 %
110%
79%
82
99% 100%
51%
54%
100
109%
Apr
102%
54%
16,000
Missouri Pub Serv 5s.P
110%
106%
{♦Stand Gas A Elec 6s 1935
108 H
Miss River Pow 1st 5s.l951
102%
15,000
So'west Pub Serv 6S..1945
105H 106
H
13,000
108%
108%
July
108%
104% 104%
108
So'west Pow & Lt 6s..2022
105%
"84
24,000
Jan
May
Jan
June
102
108%
107
Apr
Apr
Apr
May
70
93%
93%
100 H 102
101%
June
10,000
93 %
17,000
92%
87
Minn P & L 4%s
105%
Jan
June
92%
89%
"96 %
95%
Feb
92 H
83
7,000
82
Mar
Apr
92 H
89H
87
Mar
11,000
41,000
103%
107%
107%
109%
S'western Lt & Pow 5s 1957
~~89%
Metropolitan Ed 4s E.1971
Debenture 3%s
97
73
73
70
71%
82
Sou Calif Edison Ltd—
103%
108%
Memphis Com ml Appeal-
May
1,000
95
63%
54
57
94%
High
Low
Shares
81
5s. 1957
Southeast PAL 6s.-.2025
1st & ref mtge 4s
1960
Sou Counties Gas 4Hs 1968
24%
*26%
*100% 102%
Range Since Jan. 1. 1938
for
Week
High
57
1945
Ref M 3%s_May 1 1960
Ref M 3Ha B.July 1 '60
Mansfield Mln & Smeltr—
♦7s without wair'ts.1941
Carolina Pow
Sou
Feb
100
Sheridan Wyo Coal 6s 1947
Mar
77,000
86%
86%
98
51,000
1,000
91
103% 103 H
104
105
Jan
Range
of Prices
Low
Price
25
28
91
93
Sale
High
Low
Week's
Last
(Concluded)
14,000
64,000
100H
*26 H
103 H
BONDS
Range Since Jan. l. 1938
for
Shares•
98
89
Sales
Friday
Week
of Prices
High
Low
92
♦Leonard Tietz 7%s..l946
Exchange—Concluded—Page 6
Sales
Friday
Okla Power & Water 5s '48
Pacific Coast Power 5s '40
104% 104%
101% 102%
"7^000
103%
*101% 103%
.......
115% 115%
5,000
114
26,000
79
♦York Rys
•14,000
80 %
2,000
80
—1947
Stamped 5s
101 H
80 H
1937
Co 5s
26,000
95%
81
101
10,000
86 H
Apr
96
Feb
58 H
Apr
85
May
May
81
June
72
Feb
Pacific Gas & Elec Co—
1941
1st 6s series B
Pacific Invest 5s ser A.1948
92
Pacific Ltg & Pow 5s.. 1942
Pacific Pow & Ltg 5s-.1955
85%
92
113
Apr
115
May
67,000
55
Mar
77
July
*114% 116%
"77"
73
77
30%
July
Apr
92
30%
Penn Cent L & P
1,000
28
Mar
34%
Jan
83
84
Mar
89%
May
89
57,000
5,000
74%
88%
78
Mar
93
May
1971
88%
89%
11,000
76
Apr
89%
June
97%
98%
8,000
82
Apr
98%
May
94%
96
104% 104%
*101% 102%
106% 107%
41,000
75
Mar
96
June
♦7 Ha
3,000
99
Mar
107%
Feb
♦Cauca
93
Mar
103%
Jan
Cent Bk of German State A
9Jj*
9H
108%
May
♦Prov Banks 6s B..1951
26%
26%
1952
26 %
26 H
1955
99%
99%
1,000
1964
4%s_1977
1st 5s
Penn Electric 4s F
"83 %
1950
6s series A
98
Deb 514a series B..1959
Penn Pub Serv 6s C..1947
11954
D
Penn Water & Pow 5s_1940
4 Ha series B
1968
Peoples Gas L <fc Coke—
"£65"
108
_
To'ooo
106%
June
9,000
106%
Apr
108
1981
90
89%
90
13,000
4s^erles D
1961
92 %
92%
93%
25,000
Pow 5%s._1972
Phlla Rapid Transit 6s
1962
112
6S..1949
Pittsburgh Steel 6s... 1948
"l05"
89H
♦Pomeranian Elec 6s..1953
Portland Gas & Coke 5s '40
Ha
ser^s
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4%sB
Jan
112
29,000
Mar
91
Mar
93%
May
113%
Mar
Jan
May
Apr
71%
2,000
65
59%
105%
16,000
9,000
53
105
89%
'59
6,000
90
23%
59%
62
*36
98%
22%.
♦Prussian Electric 6s..1954
m
„
«.
12,000
16,000
79
Feb
61
......
5 Ha
23%
23 H
21H
Feb
May
76
Feb
20
1,000
Jan
Apr
Apr
Apr
48
Jan
62
July
Apr
108
June
Apr
108
Apr
June
65
Jan
Jan
103
25%
Apr
137%
19.000
130
Jan
137%
2.000
110
Apr
113
Feb
5s series C
1966
105
5,000
103%
Apr
107
Mar
102%
Apr
104%
Jan
101%
Apr
105%
101%
Mar
104%
106%
*104% 105
104% 104%
104% 104%
1st A ref 4Hs ser F.1981
1960
~i~6o6
13,000
105
3,000
106
104
1958
7a
1966
Puget Sound PAL 5%s *49
103
"72%
103%
72
73%
8,000
64,000
98%
Mar
60%
Mar
103%
75
June
70
69
71%
21.000
59
Apr
72%
65%
65%
66%
31,000
53
Jan
66%
93%
25
27,000
107
June
12*000
9%
102%
Jan
23
Mar
Jan
23
Mar
Jan
22 H
Mar
9%
Apr
16 H
Jan
13H
18 H
Jan
Feb
7H
Jan
9H
May
Feb
80%
June
30
23
19
10
13
9
9
10,000
"
5*000
79 H
79 %
80 %
23 %
Jan
23%
123%
17%
♦Issue of Oct 1927
28,000
64
June
Jan
25
June
>7%
1931
6s stamped
1931
Mtge Bk of Denmark 5s '72
99%
7s... 1958
♦Rio de Janeiro 6 Ha. 1959
"7%
7%
8%
1919
v*
%
%
17,000
1919
1921
1921
%
%
%
7,000
18
99H 100
114
♦Russian Govt 6Hs.._
♦6Hs certificates
♦5Ha
♦5%s certificates
*%
1961
♦7s
Mar
10H
6
Apr
10H
Jan
%
Jan
H
Mar
H
Jan
%
Mar
H
H
%
16
116
1949
♦Santiago 7s
Apr
7
45
57H
16
16
19
Feb
96
1,000
10,000
%
1H
*55
102 H
14,000
10
10
(State)
♦Parana
May
Mar
22 H
19%
19%
20
Mar
1
Jan
Jan
%
Jan
Feb
65
Mar
Jan
11H
Jan
16%
June
11%
1,000
Jan
16%
June
Jan
29%
21
Jan
Mar
Mar
May
72% June
Feb
25%
59 H
Feb
May
1 st & ref 4 Hs ser D. 1950
May
June
23 %
May
1st A ref 5s ser C...1950
98
39
19
.....
♦Sant3 Fe 7s stamped. 1945
Pub Serv of Oklahoma—
1,000
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
Feb
1978
1980
105%
Mar
4,000
E.1951
♦Mendoza 4s stamped-1951
May
Apr
June
Jan
28
98
10
10
♦Medellln 7s series
May
136
27
44
120%
(City) 7s—1939
Ha. 1949
(City) Peru 6 Ha '58
♦Maranhao
June
110% 110%
137%
Jan
May
101H
100H
2,000
♦Lima
June
Jan
Apr
10,000
22
20%
Apr
98 H
20H
Jan
98%
22 H
25
20%
19
5,000
8,000
4,000
fiH
♦Hanover (Prov) 6
15~66O
10
98
♦Hanover
22%
80%
%
\2 %
Jan
29%
Apr
Apr
5,000
44
1952
Feb
10.7
65
6%
2,000
#
1947
♦Secured fis...
100
40
98%
70
♦German Con Munlc 7s '47
108
105%
80
70
1953
5s
External 6Hs
June
1956
4s series A
7s
June
1st & ref 5s
I.#.
J69
♦Mtge Bk of Chile 6s.
6% perpetual certificates
4Hs series
Valley
89
104%
Pub ftferv of Nor Illinois
4 Hs series D
20%
Danzig Port A Waterways
Feb
Public Service of N J—
4 Hs series E
stamped
♦6s series A
Jan
78%
71%
107% 108
*108
109%
1961
F
111
*20%
"62"
Potomac Edison 5s E.1956
4
109
82%
111
57%
71 %
Pledm't Hydro El 6 Ha '60
Coal
Jan
May
17%
23 H
23 H
20%
20 H
68
*23%
*23%
20 %
..1952
1947
1948
♦7s stamped
Danish
4s series B
Pittsburgh
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦20-year 7s
..1947
♦Baden 7s
1951
Buenos Aires (Province)—
Penn Ohio Edison—
PhllC'EIec
GOVERNMENT
MUNICIPALITIES
1979
Park Lexington 3s
5s series
FOREIGN
AND
Queens Boro Gas & Elec—
1952
5Hs series A
♦Ruhr Gas
Corp 6%S.1953
6HS--1958
♦Ruhr Housing
Safe Harbor Water 4Ha '79
{♦St L Gas & Coke 6s. 1947
^San Antonio P S 5s B 1958
San Joaquin L <fc P 6a B '52
"loin
25%
♦Schulte Real Est 6s. .1951
101
1951
51
SculUn Steel 3s
Shawlnigan WAP 4Hs '67
1st 4 Hs series B
1st 4Hs series
D
1968
1970
27*000
1,000
25%
26
Scrlpp (E W) Co 5 Ha. 1943
110%
♦
Apr
Mar
No par value,
the
rule
sales
not
a
101
Jan
105% May
Feb
130%
Apr
Ex-dlvidend.
} Friday's bid and asked price.
♦
Bonds being traded flat.
108%
June
112
Feb
{ Reported
Jan
28
Mar
25
Apr
15
May
5,000
21%
Jan
27
May
25,000
96%
Apr
102
range,
51
38%
106%
Apr
Apr
107%
Jan
4,000
101%
Mar
105%
May
104% 104%
4,000
102
Mer
105%
6 000
102
Mar
105
*
51
_
Apr
,
transacted during the current week and not Included In
weekly or
No sales.
Mar
104% 104%
46
*107%
No sales were transacted during current week,
In receivership.
yearly range;
July
3,000
104%
x
Cash sales
e
Jan
26%
100
104
Deferred delivery sales not Included In year's range,
n Under
in year's range,
r Cash sales not Included In year's
Included
128%
108% 109
♦Saxon Pub Wks 6s... 1937
Servel Inc 5s.1948
5,000
2,000
*131
..1955
Sauda Falls 5s
72%
72%
29%
29%
*22%
26%
108% 110%
*14%
14%
105%105u32
9
Under-the-rule sales transacted during the current week and not
Included In
weekly or yearly range:
No sales.
z
in
Deferred
delivery
sales transacted during
the current week and not Included
weekly or yearly range:
No sales.
Abbreviations
"cons," consolidated;
convertible; "M," mortgage; "n-v," non-voting stock;
1," when Issued; "w w," with warrants- "x-w.'
Used Above—"cod," certificates of deposit;
•cum," cumulative; "conv,"
"v t
c," voting trust certificates; "w
without warrants
90
Financial
Chronicle
July 2, 1938
Other Stock Exchanges
Estate Securities
New York Real
Exchange
CHICAGO
Closing bid and asked quotations, Friday, July 1
Unlisted Bonds
^38th
Bid
Ask
Unlisted Bonds
Bid
1945
75
Park Place Dodge Corp—
Income 5fl 1952 v tc...
6
Bryant Park Bldg 6%sl945
24
mmm
10 East 40th St Bldg 5sl953
77
11
33
mmm
250 W 39th St Bldgs 6s *37
9
B'way
St
Bldg—
7s
West 42d St 6%S—1945
Internat Commerce Bldg—
Paul H.Davis &
'm'm-
Members
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Board of Trade
4
6%8
SECURITIES
Listed and Unlisted
Ask
10 So. La Salle St., CHICAGO
Baltimore Stock
June 25
to
Exchange
Chicago Stock Exchange
July 1, both inclusive, compiled from official sales lists
June 25
Friday
Last
Week's Range
Sale
Stocks—
Par
Arundel Corp
Price
*
Atlantic Coast L
of Prices
High
Low
17%
18%
21
(Conn) 50
1st pref v t c
1%
*
16 X
Comm Credit 4 %% pref 100
Consol Gas E L <k Pow
*
6% preferred
*71'
15
330
65%
Mar
71
July
11
112%
Apr
116
June
115%
7%
15
70
1
2X
1
2%
23 %
216%
Jan
104%
Jan
35%
Jan
16%
17%
1,785
Mar
17%
Jan
%
6%
%
Jan
273
4
%
June
%
May
%
Jan
1,390
1%
1%
May
190
22%
June
25
June
Apr
220
June
13
24%
4
3
Mar
215
10
Mar
16%
Jan
21
Apr
25%
Jan
7%
Mar
11%
Jan
June
1%
94%
Jan
1%
79%
2,385
%
450
618
Mar
35
59%
Apr
300
12%
68%
3%
12%
10
12%
June
13%
14%
2,475
8%
Mar
17%
18%
$7,500
3,900
68 %
67
14%
17 X
3
Jan
150
%
*
Jan
2%
235
787
11
1%
Penna Water <fc Pow
*
Jan
2,670
2%
2%
25
216% 216%
x7H%
Seaboard Cornrnl com
10
U S Fidelity & Guar.....2
7
2
10%
1X
Apr
6
2
23%
"~x
_
Jan
Mar
12%
11
1
_
8%
18%
June
24
50
com
Mar
Mar
11
27%
11%
1
Phillips Packing Co
93% June
75%
Owings Mills Distillery
com.
Jan
162
13
Casualty 5
Northern Central Ry
4%
17%
30
24
MonWPenn P 87% pref.25
North Amer Oil com
92% June
32
Martin (Glenn L) Co com.l
Mercantile Trust Co
50
Merch & Miners Transp..*
New Amsterdam
Mar
266
*
Common class A
9%
575
Jan
Apr
%
6%
17%
*
Mar Tex Oil..
Jan
1
2%
Apr
Mar
29%
25
2d pref erred
28
71
50
%
%
99% 101
100
1st preferred
18% June
261
12%
10
Houston Oil pref
Mar
June
21
69
20
Mfrs Finance corn v t
12%
17
42
5%
1
—
59
Stocks—
X
115
31
1
72
June
3
May
Jan
%
Jan
76
Jan
3% June
12% June
15%
Jan
Par
5s flat
1975
20
20%
...1975
B 5s flat..
80
80
500
15
Mar
15%
Mar
27
Jan
78
Mar
85
Feb
23%
Jan
Common (new).
Adams Oil & Gas
Boston Stock
Sale
Stocks-
Par
Low
American Pub Serv pref 100
100
50c
141%
Associated G & E clasR A1
Blgelow-Sanford Carp com*
Preferred
100
Boston & Albany
Boston Edison Co
100
Boston Elevated
High
Shares
Low
High
50c
100
32c
Mar
80c
Feb
139% 144%
2,508
110%
Mar
149%
Jan
1
1
100
%
June
100
124%
50
17
June
24
June
39
80
June
94
Jan
79
221
60
Mar
749
108
Apr
117% 124%
Jan
125
ADr
53%
598
48%
Jan
58%
May
15%
49%
1
9%
Class A 1st pref (stpd) 100
15%
105
13%
Mar
20%
Jan
9%
3
8%
2%
50
70
Class D 1st pref std__ 100
Boston Personal Prop Tr_ *
9%
Calumet & Hecla
8%
6%
5
3%
25
Copper Range
25
3%
8
9
9%
1,070
7%
8%
624
6%
574
East Gas & Fuel Assn—
30
*
2
4%% prior preferred 100
40
2
8
244
39%
40%
16
18
35
2
.100
2
75
East Mass 8t Ry—
Adjustment
.100
Eastern SS Lines
2
*
3%
_*
18%
com
Employers Group
Gilchrist Co
*
Gillette safety Razor
*
*
*/*. :
3
•
8%
5
Class A
*
Helvetia Oil Cote..
4
1
3%
.
14
Berghoff Brewing Co
4
1
(New) common
5
Brach & Sons (E J) cap—*
Brown Fence & Wire cl A. *
Common
Bruce Co (ET) com.
.5
Burd Piston Ring com..
5%
Cent 111 Pub Serv pref
Central 111 Sec—
1
Common
June
Apr
10
1,650
10
8
20%
Jan
Jan
2%
71%
.....
96c
65
9%
8%
(New)
Q
10
Club Aluminum Uten Co.*
69%
10%
40
86c
61%
200
22
Mar
28
18%
18
19
1,100
12
May
25
Consolidated Biscuit com.l
5%
5
vtc pref part shares -.50
Com part shs vtcB
Common
6%
com.
*
"14%
10%
3%
7%
98
5%
Mar
900
1%
Mar
2%
„•
1%
15%
Jan
5%
Mar
10%
3%
6%
Jan
150
96.
$2,000
49
Mar
4
10
300
29
May
34
Jan
15%
200
13
May
16%
Jan
3%
18
11%
350
3%
2,250
20
6%
9%
2%
*
13%
450
7
,100
9%
600
2%
250
7%
9
1
2%
Mar
Jan
4%
14%
4%
Jan
Mar
Mar
2%
15
24
Jan
Apr
7
Jan
8
Mar
1%
Mar
14
250
10
5
200
8%
3
1,350
2%
1%
3,550
10
Mar
Jan
11%
June
2%
Jan
16
Jan
May
10%
Jan
June
4%
Jan
May
Jan
Gen Household Utll—
Common...
1%
Jan
July
18
1%
X
15%
15
8%
17%
6%
Fein Werner Motor Parts 3
Heller (W
500
13
June
8%
200
6
Mar
2%
23%
8%
Mar
18
18
2,000
12%
Hupp Motors com
.1
7%
22
Indiana Steel Prod com—1
Mar
Katz
Drug Co
1
Kellogg Switchboard com
Preferred
.
*
100
11%
Jan
27
Jan
Jan
La Salle Ext Univ com
May
8%
80
Jan
Jan
22
20
5%
15
15
*
15%
20%
37
4%
7%
80
10
7%
Libby McNeill & Llbby..*
Lincoln Printing com
*
S3 % preferred
_.*
27%
7%
3%
14% Mar
3% June
29
Jan
7
Jan
12% May
10% June
15%
18%
Mar
28%
40%
5%
8%
250
600
100
1,250
100
15%
100
35
May
550
3
Mar
8%
2,200
5%
Mar
140
7
3%
3%
450
1
May
250
29
100
8
450
7%
1,400
4
1,000
27%
90
3%
3%
'3%
100
*
23%
22%
23%
1,100
Loudon Packing com
Lynch Corp com
*
5
1%
35
1%
34%
65
1%
35
Feb
80
Mar
12
Mar
5%
20
450
10
com.
Jan
108
400
25
Jan
8%
Mar
Mar
4%
2%
2
5
10
7%
June
Feb
Jan
11%
11% June
100
26
29
Le Roi Co com.
%
Apr
July
Mar
120
130
2%
Lawbeck Corp 6%cm pflOO
Mar
650
80
1
8%
7
20%
45%
June
3,650
9%
5
...
%
5%
7%
106% 107%
650
25%
3%
Jan
Jan
35% June
5% Mai-
36
4%
Jan
J&D
2,210
11%
%
20%
Ken-Rad Tube&Lp com A*
Kentucky Utll Jr cum pf 50
Kerlyn Oil Co com A
5
Kingsbury Brewing cap—1
77%
120
11
15
15%
5
com
40
9%
4
*
com
Mar
""%
106%
1
Mar
18
10
10
B) Co cap
4
300
36
11
100
*
4,r0
18
5%
Hibbard Spen Bart com_25
*
7
18
E) pref ex-warrs25
Houdaille-Hershey cl B
65
Jan
31
Lion Oil Ref Co com
63
1% Mar
3% June
30%
_.l
com..
General Candy Corp A
Gen Fipance Corp com
Lindsay Lit & Chem
63
July
Apr
Feb
Apr
7%
Bonds—
Eastern Mass St Ry—.
Series A 4%s
1948
6%
%
11%
1,960
10%
10%
3%
(Peter) Brewing com_5
Jan
8%
4%
9%
Feb
4
50
Jan
Jan
3%
May
5%
Jan
3%
Jan
5%
650
4%
10%
7%
*
Mar
500
14%
4
31
;______*
2%
1%
3%
15%
(The) com..—5
Dodge Mfg Corp com
*
Elec Household Utll cap.5
15
180
6%
1
14
2%
CohncomlO
...
5%
1
*
24%
43
3,550
5%
Co—
Jan
103
June
May
June
24%
Jan
1%
June
May
Mar
Jan
'
June
June
1%
9%
8%
1%
55c
May
Mar
845
56%
Jan
Ao%
Mar
922
38%
12%
June
July
June
71
Mar
7%
11,000
Jefferson Electric Co com. *
30
8
800
1%
Jan
2,555
195
10%
27%
5
1.00
65
10%
9%
1%
Apr
Mar
Jan
June
25%
2
50
Jan
10
70
1%
Iron Fireman Mfg vtc
1,732
5% Mar
57% May
27%
Jar vis (W
71%
40%
50
1%
capital
25
Compressed Ind Gases cap*
New
Jan
Apr
10
:
Feb
69% June
Commonwealth Edison—
Jan
Mar
Q
Jan
9%
C9 Inc..*
com
79c
May
July
Cities Service Co—
Mar
5%
Mar
63
June
8
12% June
59%
•
17
12
200
Jan
Jan
Mar
5%
17%
998
Apr
300
2%
97
33%
5%
"62~~
37o
688
2%
Apr
5
Mar
1.620
Mar
;
Urtrne
130
9%
13%
9%
25
1
90
25%
34
Indep Pneu Tool vtc
10%
24%
360
Mar
Joslyn Mfg & Sply
9%
1%
100
Jan
10%
Jan
Jan
9%
Feb
25
8,100
%
6%
8%
7%
68
*
2%
Mar
7
102
2%
May
9
Jan
19%
%
3%
Hall Printing Co com... 10
Mar
17%
2%
150
Harnischfeger Corp com. 10
Heileman Brew Co G cap.l
81
2%
200
%
Jan
65
19%
%
6%
-
Feb
10
25
%
9
636
8%
583
151
57% June
40
1
15%
97
17%
Mar
12%
Gossard Co (H W) com
*
Great Lakes D & D com—*
65
16%
14
41%
14
Goldblatt Bros Inc com..*
92%
16%
Mar
450
6%
Mar
65
*
11
57%
%
1%
Jan
97
75
Jan
11
56
1
111 North Utll pref
2%
Jan
Chic & Northw Ry com 100
Chic Rivet & Machine cap 4
Jan
2%
Jan
25
Mar
30%
50c
Apr
Mar
Feb
2%
14
1%
Feb
2%
500
Jan
25%
38%
June
2
July
1,650
11%
Apr
5%
8%
22%
Mar
3,450
Gardner Denver Co
1
17%
12,700
Fuller Mfg Co com
4
July
2% May
5% Mar
600
2%
Jan
Feb
10
69%
May
7%
Jan
Mar
May
6
8
33
3
11
22%
Jan
5%
2%
15c
151
15
14
300
58%
5%
3,825
see page
Mar
50
7
29%
52
65
United Shoe Mach Corp. 25
For footnotes
10
17
6%
2%
Jan
52c
Warren Brothers..
50
17
Jan
69
June
1%
25
June
32%
Illinois Brick Co.—
.*
Preferred
30
15% Mar
21%
Jan
2% June
5c
1%
Utah Metal & Tunnel Co. 1
Vermont & Mass Ry Co 100
Waldorf System..
Mar
5%
14%
15%
Cherry Burreill Corp com .5
Chicago Corp common..*
3%
45c
„*
16%
200
1,000
52c
Torrlngton Co (The)
7,100
15
5
2,270
1%
Shawmut Assn T C
Stone & Webster
30
15
Hubbell. Harvey Inc com.5
50
Qunicy Mining Co.
22%
25%
5%
June
20c
100
RR
Mar
29%
1,420
23
Mar
Pacific Mills Co..j...
5%
12%
FitzSimms&ConD&Dcom *
1%
Colony RR
950
1,300
95
Jan
100
2.50
8
30%
7%
18%
North Butte
Mar
14%
Jan
8% May
93
May
1%
100
Jan
Mar
4,500
29
4%
766
NYNH&HRR
13
8%
14%
8%
21%
Elgin Nat Watch
Mar
7c
6% June
10
95
—*
pref
Jan
June
5
Jan
300
9%
30%
lien
Jan
%
5c
Jan
13
._*
Prior
12%
618
4%
Jan
10%
Mar
%
10%
1,815
4%
2%
June
8
1% June
18%
*
Mar
40c
com t c
1
New England Tel & Tel 100
New River Co pref
100
8
..1
Common
5%
2
National Ser
Mar
7%
Mar
Central S W—
Dixie-Vortex Co cl A.....*
250
22%
1%
100
1
21%
56%
Dexter Co
June
Jan
800
12%
*
Jan
2
19
9%
Castle & Co. (A M) com. 10
Central Cold Storage com20
Jan
May
Jan
1,450
500
Feb
4%
6%
Mar
11%
11
7,200
5
3%
20
Jan
36%
4%
Mar
June
Jan
150
3%
4%
Apr
%
2%
27
Jan
6%
1%
1%
2
7%
8%
22%
23%
2%
2
Mar
Jan
100
7%
Mar
1% June
Apr
3%
700
300
3%
June
1%
1%
22%
July
21%
2% June
8%
Apr
40c
l
11%
56%
22%
Decker (Alf)
2
Linotype..*
June
"SX
Dayton Rubber Mfg
2
Inc
7
45
4,650
1
-10
Jan
2
Narragaosett Racing Ass'n
70
130
56%
5%
1%
conv pref........30
Butler Brothers.
Feb
Isle Royal Copper Co...15
t c.l
Jan
3%
7%
1
—
4
Mass Utilities Assoc
v
7%
July
Borg Warner Corp—
12
Apr
120
Mar
31
IX
10
Mar
2%
305
4
7%
1%
Belden Mfg Co com
Bendix Aviation com
Mar
15%
8%
Jan
300
36%
4%
3%
11%
1%
1
870
7%
8%
Hathaway Bakeries—
5%
Aviation & Trans C cap.l
5%
450
3%
19
18%
5%
Barlow&Seellg Mfg A com 5
Bastlan-Blessing Co com.
Fox
Common
6% preferred
160
223
4%
100
9
1
*
Bliss & Laughlin Inc com.5
47%
Mar
9
53
Asbestos Mfg Co com
Cunningham Dr Stores 2 %
.......100
9
56%
Associates Invest Co
5
Apr
Mar
2
5%
A they Truss Wheel cap.. .4
Automatic Products com.5
Consumers
49
Class A 1st pref
100
Class B 1st pref (stpd) 100
Pennsylvania
108%
*
Prior pref
Old
Apr
24
84
73
79
Boston Herald Traveler..*
Boston & Maine-
Mergenthaler
1%
24
84
100
6%
6
com.
850
400
3%
Allied Laboratories com..*
Chic Yellow Cab
Amer Pneumatic Serv com*
Amer Tel & Tel
Range Since Jan. 1, 1938
of Prices
Price
High
7%
3%
6%
6%
"3%
Armour & Co common
.
for
Low
47%
46
*
Preferred.........
*
Chic Flexible Shaft com. .5
Sales
Week's Range
Range Since Jan. 1, 1938;*
Week
Chicago Towel Co com...*
July 1, both inclusive, compiled from official sales lists
Last
Shares
Price
Central States P & L pfd--*
Chain Belt Co com......*
Exchange
Friday
fin-
of Prices
Low
High
47%
.
com
Advanced Alum Castings.5
Aetna Ball Bearing com._l
Preferred
June 25 to
Week's Range
Abbott Laboratories-
Convertible pref
Bonds—
Bait Transit 4s flat... 1975
A
Last
Sale
High
-ix
16X
92 X
Eastern Sugar Assoc com.l
Preferred.,
1,033
Low
Sales
Friday
Range Since Jan. 1, 1938
IX
14%
92 X
100
Fidelity <fe Deposit
Fidelity & Guar Fire
for
X
*
-
com
-
July 1, both inclusive, compiled from official sales lists
Week
Shares
21
Bait Transit Co com vtc.*
Black & Decker
to
Sales
28%
3% June
%
Feb
1% May
16
6%
6
2
24%
2
16%
Jan
Jan
Jan
Jan
Jan
Jan
July
May
Jan
Jan
5
Mar
1%
Mar
3%
Feb
Mar
30
.Jan
May
10
Feb
9
Jan
Mar
Apr
4
Mar
30
Mar
Mar
50
1%
Apr
200
24%
Mar
3%
25
2%
35
Jan
Jan
Apr
Jan
Jan
June
Volume
Financial
147
Sales
Friday
Range Since Jan. 1, 1938
Last
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Low
High
Week
Price
Par
Mar
Mar
14
114
July
320
54
Mar
144
Jan
1,720
24
Mar
44
Jan
400
114
84
McCord Rad & Mfg A...*
"~44
Mer & Mfrs Sec cl A com. 1
Ohio Listed and Unlisted Securities
12,100
4
54
H
94
11
*
High
Low
Shares
4
10
Manhatt-Dearborn com..*
Marshall Field com
91
Chronicle
44
44
,
Jan
Members Cleveland Stock Exchange
Mlckelberry's Food Prod—
1
34
24
34
3,650
14
Mar
3 4
July
Middle West Corp cap
5
Stock purchase warrants
7 4
>64
74
19,200
44
July
V.\
1H
7,000
4
Mar
Mar
74
4
4
4
250
4
Jan
4
Common
2
Jan
Midland United Co—
Common
*
...
Conv preferred A
Midland Utll-—
6% prior lien
4
44
400
3
Feb
5
Jan
14
14
14
90
1
Feb
2
7% prior lien..
2
44
1
Mar
3%
24 4
214
34
244
34
IX
100
pref.*
conv
Modine Mfg com
Monroe Chemical Co
*
*
com
Preferred
~~35~~
*
Building, Cleveland
May
...100
Miller Hart Inc
Union Commerce
Jan
4
*
2
Jan
24 June
50
110
300
44
Feb
Apr
274
44
Jan
Jan
18
100
24 May
35
35
70
35
150
20
126
Apr
414
June
150
Montgomery Ward cl A..* *150
A. T. & T. CLEV. 565& 566
Telephone: CHerry 5050
150
Cleveland Stock
June 25 to
Exchange
July 1, both inclusive, compiled from official sales lists
Feb
Sales
Friday
June
7
Conv pref
(stpd)._
National Standard
23
184
4
100
4
Mar
4
Jan
24
200
74
1,150
Mar
5
17
84
Mar
13
Mar
40
18 4
Apr
32
Jan
84
Mar
100
4
H
Jan
4
300
11
Apr
•144
Mar
34
100
3
June
94
Jan
354
270
244
Mar
354
July
23
25
80
22
May
29
3
Mar
44
Jan
Mar
14
Jan
34
34
34
50
H
4
H
400
1
98
Rath Packing Co com
4
450
14
Jan
460
85
Mar
1004
Jan
10
129
Mar
145
145
145
100
4
May
4
224
224
50
164
Jan
24
34
1,250
14
1
10
Jan
1004
4
_l
Quaker Oats Co common.*
Preferred
Jan
314
..
com
June
1
144
Pictorial Paper Pkge com.5
Potter Co
17
34
14
-
3 54
Pines Winterfront com
194 May
Apr
14
200
Peoples G Lt&Coke cap 100
Perfect Circle Co
*
.
Jan
150
15
17
Penn Elec Switch com A 10
Penn Gas <fc Elec A com..*
_
Jan
250
13
224
124
*
24
84
Apr
14
June
24
Mar
12
2,250
124
"ih"
10
B
Jan
22,4
13
*
Northw Utll pr lien pref 100
7% preferred
100
com
June
June
234
24
14
300
4
Mar
Jan
.
June
224 June
Raytheon Mfg Co—
Common
v
6% pref vt
34
14
__50c
t c.
...5
c
34
June
14
Feb
Mar
Mar
12
4
*184
184
14
184
1,100
*
10
184
July
204
Feb
*
254
224
254
45C
27
Jan
84
94
650
134
Jan
684'
34
684
June
300
2
Jan
120
20
June
54
28 4
Mar
174
Jan
13
Feb
12
104
330
12
74
Par
Stocks-
of Prices
Price
Low
High
Low
June
City Ice & Fuel
Clark
Cleveland Ry_.
10
Mar
124
Jan
245
14
June
204
Jan
48
57
1,008
42
May
644
21
22
152
19
May
32
164
204
7,063
11
Mar
104
104
165
10
May
13
"75"
70
75
45
60
Jan
75
114
114
Apr
114
~25~~
25
25
25
25
Jan
29
Jan
27
*
27
10
26
Apr
35
Feb
15
May
..100
"194
Cliffs Corp v t c__-.-_-..*
Colonial Finance
._1
Elect Controller & Mfg
*
Federal Knitting Mills
*
Great Lakes To wing... 100
Grelf Bros Cooperage A__*
100
Preferred
174
Jan
374
Jan
Jan
64
Jan
27
Mar
44 4
Jan
10
130
54
_
54
314
.*
31
34
49
*
16
17
265
124
June
20
Jan
*
Interlake Steamship
Jaeger Machine.
com... 10
com
Sangamo Electric Co
14
1
com
com.
Schwitzer Cummins cap__l
'Sears Roebuck <fe Co com.*
~67~*
644
Set rick Corp cl B com....!
3 4
34
900
22
22
*
13
154
150
*
104
11
150
Slgnode Steel Strap pref.20
Common
Slvyer Steel Cstgs
corn
154 Mar
64 May
47 4 Mar
,
84
10
Mar
May
Sou Bend Lathe Wks cap.5
164
16
164
250
Southw Gas & El 7% pf 100
1014
100
1014
70
24
1,200
14
13 4
Mar
14 June
14
144
255
13
June
184
Jan
44
275
Mar
64
_.... _ _
Kelley Isl Lime & Tra
Larason & Sessions
*
_
54
*
204
Metro Paving Brick.....*
*
BrassB
.._..*
2
Apr
395
13
Mar
204
June
3
180
Mar
34
Apr
65
"34
55
100
National Tile
34
24
24
2
4
210
55
10
45
Apr
695
2
Mar
10
34
294
Jan
Feb
17
Apr
1014
July
Mar
34
294
294
20
4
13
725
84
334
33
35
1,046
34
6
64
June
Jan
33
Mar
104
Feb
60
June
130
"n"~
Jan
44
Mar
24
Mar
65
Mar
65
65
.6
Corp...........3
Reliance Elec & Eng
Jan
150
204
24
24
7% cum pref..100
National Refining
25
Peerless
Jan
4
34
19
1
Medusa Port Cement
Preferred
34
3
Lima Cord Sole & Heel
Ohio
July
June
Apr
15
34
*
Jan
Mar
5
15
34
Harbauer Co
94
Jan
June
204
20
5
100
Halle Bros
May
12
17
57
...1
Cleve Cliffs Iron pref
8
Apr
44
8
12
154
_._._*
Controller.
100
8
12
164
Airway Elec Appl pref. 100
Ricliman Bros.._.......*
Reliance Mfg Co
Rollins Hos Mills
Roos Gear & Tool
1, 1938
Range Since Jan.
for
Week
Shares
High
July
Apr
7
"m
Northwest Bancorp com..*
Peabody Coal
Mar
134
24
North American Car com20
com..
84
25
150
4
Noblltt-Sparks Ind com..5
Parker Pen Co
Apr
Mar
194
National Union Radio com!
Northwest Eng Co com
7
20
210
*
10
com..
250
230
74
25
22
25
Week's Range
Sale
Nachman Springfield com *
National Battery Co pref. *
National Invest Trust—
Last
May
64
13
Apr
June
Jan
30
Mar
4
126
2
Mar
100
20
23
170
12
Apr
..1
12
13
188
94
Mar
13
June
5
5
100
34
Mar
5
June
10
10
..*
Seiberling Rubber
8% cum pref....
S M A Corp
4
34
Troxel Mfg.....—
1
Union Metal Mfg.......*
Upson-Walton.
_
4
June
Jan
324
—
10
9
Mar
11
Jan
.1
54
54
40
44
May
7
Feb
.*
.......
Van Dorn Iron Works
364
24
24
320
14
June
34
Apr
74
June
*
Vlchek Tool......
54
74
33
5
Mar
154
74
164
237
15
June
20
Jan
Jan
90
Weinberger Drug Inc....*
Standard Dredge—
Common
24
.1
Convertible pref
Sterling Brewers Inc
Mar
Mar
54
Jan
34
June
3 4
June
64
500
4
Mar
64
Apr
Mar
274
June
184
Jan
New York Stock
Jan
Detroit Stock Exchange
94
264
15
94
200
74
274
1,240
224
18
2,400
Mar
15
174
17
150
3 4
Mar
17
16
17
750
144
Feb
77 4
804
155
634
Mar
854
25
Thompson <J R) com
74
24
100
26 4
comn
Swift & Co
200
34
5
10
com
Swift International
Jan
25C
44
34
"44
com..
Suastrand Mach Tool
13
124
44
12
20
Standard G & Ecom..___*
Storklines Furn
24
894
58
77 4
June
24
6,200
4
Mar
4
500
25
44
Trane Co (The) common.2
Union Carb & Carbon cap *
U
S Gypsum Co com...20
Utah Radio Products com *
2
24
44
Jan
Watling, Lerchen & Hayes
Jan
13
54
17
June
24
4
June
4
Jan
7
2
200
*
16
16
30
14
14
4
M ar
Mar
*
1
1
100
1
Mar
14
Jan
4
Wahl Co com
Walgreen Co
...
*
164
_*
94
174
10
common
Wieboldt Stores Inc
com
Williams Oil-O-Matic
14
_
2
Feb
18
Jan
1,250
134
June
204
Jan
100
9 4
June
124
Jan
June 25 to
Detroit Stock Exchange
official sales lists
July 1, both inclusive, compiled from
34
34
50
24
Mar
44
Jan
44
34
May
54
Jan
Last
44
54
44
1,950
4
600
24
Mar
54
Jan
Sale
2
24
2,600
1 4
2 4
Mar
184
14,000
94
May
May
184
June
81,000
Woodall Industries com..2
6
June
Yates-Amer Mach cap...5
Zenith Radio Corp com..*
Sales
Friaay
54
*
com
WisconsinBankshares com*
DETROIT
Telephone: Randolph 6530
June
Convertible pref
■-r
Chicago Stock Exchange
Buhl Building
894 June
Viking Pump Co com
Utility & Ind. Corp com..5
New York Curb Associate
June
804
Members
Exchange
184
144
Par
Stocks-
1
Allen Electiic com...
com.__.-l
Rubber com.
1
Price
14
of Prices
High
Low
14
14
Range
for
fiince
2,020
High
Low
1*16
Jan
900
64
4,851
4%
194
194
234
124
23
254
3,620
134
254
184
174
184
1,343
154
Burry Biscuit com.... 124
1938
June
24
24
14
24
2,000
14
Mar
Mar
Mar
June
June
14
2,350
1
74
74
100
Baldwin
,—
Bower Roller....-
—
Brown McClaren........
Capital City Prod com
Chrysler Corp com.
'74
...6
.
.*
..5
14
_
14
Jan
4
Jan
94
Jan
35c June
55c
74
Briggs Mfg com ...... *
Burroughs Add Mach
*
MetWestSideEl 1st 4s
6
1, 1938
Jan.
Week
Shares
50c
Auto City Brew
Bonds—
Week's Range
214
Jan
26
Jan
204
34
Jan
May
14
June
74 June
74
Apr
Jan
544
624
10,050
36
Mat
62 4
Jan
Consolidated Paper com. 10
144
154
350
13
May
Continental Motors com.. 1
14
14
500
1
May
154
14
Mar
14
850
70c
May
14
June
14
415
1
June
177
77
Mar
108
Jan
2
Jan
Jan
—
Consura Stl-...-—......
*624
14
Detroit Edison com
Det Gray Iron
.
..100
"97""
com——6
14
.1
.
...
Det Paper Prod com.....
1
Week's
Last
Sale
Par
Stocks—
Range
of Prices
Low
Price
High
Range Since Jan. 1, 1938
for
Fruehauf Trailer
17 4
20
Ldy Mach
14
Burger Brewing
*
Champ Paper & FibrePreferred
-
-
-
95
984
98
*
Cin Union Stock Yard.
_
*
Crystal Tissue
*
♦
Ho bar t A
154
514
♦
*
10
.
-
f
May
9
104
34
370
0
620
24
Mar
14
14
2,250
1
Mar
14
Mar
104
Mar
74
265
114
May
—
1
24
556
354
374
10,664
254
Mar
May
34
1,590
24
95c
1.00
1,360
70c June
60c
60c
500
3
.1
Graham-Paige com
"~99c
Grand Valley Brew com.. 1
300
24
Hall Lamp com
..*
24
Jan
Home Dairy class A
74
74
Hoover Ball & Bear com. 10
84
9
814
1
75
Jan
„..*
154
154
110
104
104
12
10
Apr
23
23
360
64
6 4
25
6
Mar
74
Mar
114
60
25
10
122
20
94
Apr
52
30
Apr
Mar
7
Apr
144
74
154
208
716
124
Mar
14
14
38
14
Jan
10
314
494
32
524
801
12
85
5
965
394
Mar
124
26
124
324
94
174
2
524
74
Mar
124
Jan
Fel)
224
17
Jan
Mar
23
June
114
3,045
6
Mar
114
Jan
74
Mar
Jan
2,435
54
3,400
37c
Apr
94
4
2,420
14
Mar
34
60c
65c
825
40c
Mar
4
Jan
174
1,345
154
Mar
184
June
14
184
14
1,360
80c
June
14
Jan
Jan
Mar
Jan
Kingston Prod com
;.
Kinsel Drug com..
"Kresge (SS) com
M asco Screw Prod com
.
.
...
74
1
7
Jan
Jan
McClanaban Oil com
32c
32c
40c
5,100
4
Mar
55c
Jan
Apr
90c
76c
90c
1,000
69c
Mar
14
Jan
July
McClanahan Ref com
8
74
84
600
5
60c
60c
63c
400
40c
Mar
24
Mar
Jan
13 4
June
27
Jan
214
Jan
26
June
Mar
7
Feb
96,
June
61c
June
104
June
74
64
15
24
5
Mar
Jan
56c
16
7 4
34
24
6
50
Jan
Feb
58c
175
84
2
70c
1
24
14
84
Jan
4
Jan
Mar
4
1
...1
.10
June
5
Jan
Jan
3 4
Hudson Motor Car com..*
26
157
94
44
38
Hurd Lock & Mfg com—1
14
6
104
Jan
Jan
June
13
Jan
Feb
254
5
Houdaille-Hershey A ,___*
R
*
50
470
Apr
July
14 June
8
Hoskins Mfg corn
June
2
24
374
Jan
,26
104 June
Jan
44
44
Apr
Jan
Mar
54
94
Jan
.
600
5
74
June
3,840
1004
13
15
94
Feb
June
Mar
.
64
Apr
814
June
54
May
6 4
14
..10
For footnotes see page
1054
254
50
U S Printing pref
June
2,396
13
Jan
164
Apr
84
10
General Motors com
Goebel Brewing com.
15
3
14
..
...
94
Jan
12
90
8
*
Randall B
73
14
31
480
20
74
..
U S Playing Card..
Wurlltzer
32
_
P & G
Rapid
10
*
Randall A
Jan
May
164
94
11
*
*
14
184
Jan
July
10
12
Jan
Jan
16
200
118
26
..
Moores Coney A
10
300
18 4
2,200
9 4
114
*
Kroger
Mar
24
14
3 4
26
*
Formica Insulation
-
64
10
Eagle-Picher
Early & Daniel
95 4
15
14 June
May
34
994
94
34
-.50
Cin Telephone
26
91
34
814
*•
50
Cin Street
com
25
954
..
14
"
-
Churngold.
Cin Gas & Elect pref.. .100
Kahn
14
174
May
1
.,.*
Gemmer Mfg B_.
High
Low
Shares
14
General Finance com.... 1
Amer
Mar
14
.3
....
Gar Wood Ind corn
Week
14
3,496
34
Fed Motor Truck com__.
Frankenrnuth Brew com.. 1
Sales
Friaay
2,000
10
..*
Federal Mogul com
2
14
Ex-Cell-O Aircraft com. _'_3
July 1, both inclusive, compiled from official sales lists
14
134
164
.A
Eaton Mfg corn...
97
24
24
Det Steel Corp com.... .6
June 25 to
914
14
24
Det-M ich Stove com
Cincinnati Stock Exchange
14
14
Det & Cleve Nav corn..,. 10
Feb
May
1
1
Mich Steel Tube Prod.2.50
—,._...*
Micro ma tic Hone com.._l
Mid-West A/brasive com50c
Motor Productscom
*
Motor Wheel com
5
M lch Sugar com
34
"lx
150
3 4
114
14
875
174
14
174
1,576
134
,
690
May
87c June
11
84
84 June
Jan
4
44 Feb
2
Jan
Mar
18 4
Jan
June
134
Jan
92
Financial
Last
Par
,
Week's Range
for
Sale
0Concluded)
July 2, 1938
Sales
FrlcUiy
Stocks
Chronicle
of Prices
Low
High
Friday
Week
Price
Murray Corp com
10
Muskegon Piston Ring..50
754
Packard Motor Car com..*
"4%
7,587
4%
Low
3,015
4% Mar
6% June
100
Stocks (Concluded)
High
Par
Jan
7%
10
Jan
McKesson & Bobbins
3734
June
Parker Rust-mot com 2.50
1734
18
992
14 % June
20%
Parker Wolverine com...*
9 34
17 H
8
'
12
comr..l
254
7%
Penln Metal Prod
Rlekel
1
Tlmken-DetAxlecom...lO
TlvoliBrewing com
1
Tom Moore Dist com_._.l
United Shirt Dist com
Universal Cooler
1
Wayne Screw Prod com..4
300
1054
Mar
1954
Jan
Jan
9%
10%
1,900
6
Mar
1054
June
Jan
North American Co
*
23%
22%
23%
400
15
Mar
2354
July
—.*
10%
M ar
2%
Mar
4
Mar
4%
Jan
340
3%
12%
1%
4,753
4
1,120
2,415
1% Apr
8% Mar
2% June
73c
1,970
40c June
4%
500
3% May
800
2%
4
2%
1,850
14%
22
1
Jan
400
654
7
500
5
Mar
18%
600
13
May
Republic Steel Corp
6%
.*
18%
17%
Socony-Vacuum Oil Co.. 15
June
14%
200
1254
52%
100
5%
300
Tide Water Assoc Oil Co. 10
14%
14%
28%
200
28%
14%
28%
United Aircraft Corp
5
Jan
United Corp (The)
(Del).*
3%
5
Jan
US Rubber Co
*
32%
U S Steel Corp
-*
32%
54%
3%
32%
Jan
53%
54%
200
Warner Bros Pictures Inc. 5
6%
5%
6%
1,000
1034
Apr
14% June
Jan
22
June
Apr
Mar
14%
June
May
28
Apr
2%
July
100
(
June
5%
100
3%
1454
5034
Apr
10%
24%
100
3%
Apr
5
Jan
1854 June
44% May
5%
Apr
June
734
Alpr
14%
52%
5%
Jan
20
12%
11
Apr
14%
52%
1%
0%
May
1
Mar
230
65c
300
11
434
425
1,153
11%
10
7
Standard Oil Co (N J)...25
Apr
iy$
11
11
Studebaker Corp.
Mar
515
11%
Jan
%
2%
Ohio OilCo.--.
Radio Corp of America...*
Jan
2554
38%
3%
June
3%
July
3254 June
Mar
6154
Jan
Mar
734
Jan
June
2%
Jan
Jan
75c
80c
Mar
1M
234
300
400
1% June
22c June
3%
30c
6%
65*
100
3% May
30c
5%
Paramount Pictures Inc..l
4
30c
.
2
June
14
2%
_
10
100
Jan
2
2%
1
Wolverine Tube com
16%
689
13%
21%
*
*
Warner A ircraft com
15%
921
2
2
Universal Prod com......*
Wolverine Brew com
16%
Jan
334
754 June
4% Mar
1% May
568
Stf
*
B....;..*
Walker & Co A
42%
3%
Apr
1% May
65c
70c
Union Investment com...»
May
6%
Mar
3
6%
4
~3%
June
Mar
29
2
2%
11%
3h
3%
7
954
600
35*
2%
Standard Tube B com
7
High
Mar
5%
42%
2%
2%
7%
..2
(H W) com
100
9%
38%
2
River Raisin Paper com..*
7
Low
Shares
42%
9%
2%
7%
2%
2%
5
Reo Motor com
9%
Range Since Jan. 1,1938
for
Week
*
New York Central RR—*
North American Aviation. 1
23*
*
Pfelffer Brewing com
Prudential Investing com.l
1,180
3,485
1,132
5
Range
of Prices
Low
High
9%
Montgomery Ward
996
Mar
Mar
Jan
37
3%
31%
5%
37
4 34
Week's
Price
International Tel & Tel... *
37
*
Parke Davis com
Sales
Last
Sale
Shares
7%
9%
934
Range Since Jan. 1, 1938
Established
Jan
1874
Jan
%
DeHaven
July
fit Townsend
Members
New York Stock
Exchange
Philadelphia Stock Exchange
Wm.Cavalier&Co.
PHILADELPHIA
NEW
1513 Walnut Street
YORK
30 Broad Street
MEMBERS
Veto York Stock Exchange
Lot Angeles
Chicago Board of Trade
Stock Exchange
Los Angeles
623 W. 6th St.
Philadelphia Stock Exchange
San Francisco Stock Exchange
June 25
to
July 1, both inclusive, compiled from official sales lists
Friday
Teletype L.A. 290
Sales
Last
Stocks—
Los
June 25
to
Angeles Stock Exchange
Par
Week'8 Range
for
Sale
Stocks-
of Prices
Low
High
Barker Bros 5% % pre!..50
Barnhart-Morro w Cons.. 1
3034
254
30
Shares
334
Low
2,100
3034
195
24
3034
Apr
154 Mar
654 June
45c
June
40c
800
354
2,400
Broadway Dept Stores...
Central Invest Corp...100
Chrysler Corp..........5
834
7%
834
200
1634
6234
1534
1534
56 34
6234
Claude Neon Elec Prods..*
954
834
954
800
634
Consolidated Oil Corp...*
934
934
734
534
5
934
534
500
Consolidated Steel Corp. .*
*
1034
10
1034
300
8
t c. 1
434
434
400
3%
Preferred.........
v
..25
Emsco Derrick & Equip..5
Exeter Oil Co A com._.__l
Farmers & Merchs Natl 100
General Motors com
10
General Paint Corp com
.
434
4%
434
854
854
7734c
7234c 7734c
375
375
10
Apr
36
Mar
700
30
:
200
Mar
Mar
52c May
95c
734
734
100
654
Mar
9
834
1034
534
600
534
2054
2234
200
17
Mar
Apr
31
33
1,800
25
May
7734c 7734c
34
%
100
100
7
Jan
354
65c
Mar
200
50c June
50c
50c
50c
200
36c June
1
7c
4c
7c
6,310
13c
13c
13c
2,348
2c May
10c Apr
Lockheed Aircraft Corp..l
12 34
1354
3
254
334
2
154
2
55c
1234
Los Ang Industries Inc...2
Menasco MfgCo
1
Mt Diablo OilM&DeV-.l
Nordon Corp Ltd
Occidental Petroleum
1
13c
55c 5734c
13c
19c
1
20c
20c
Oceanic Oil Co
Pacific Clay Products
.1
1.00
95c
*
7
Pacific Finance Corp comlO
Pacific G & E com
25
6% 1st pref...
1034
399
Co. 10c
Petroleum
434
Apr
Mar
534
Petroleum
Klnner Airpl & Motor
1034
454
2554
2234
634
3,700
554
4,100
2
11,700
700
Mar
_.
com...
212
454
454
201
6234
5354
6234
4,581
634
7
140
"~29~"
2754
3454
334
29
284
—v.
*
...
3734
38
Mar
36
«
5,571
V
Mar
Mar
454
2134
2534
Mar
Mar
Mar
5
Jan
Jan
6?4
Jan
554
Jan
6334
Jan
734
3154 May
Feb
4154
Feb
434
Feb
634
4%
434
3,077
3
May
5%
434
554
405
3
Mar
8.
7
8
642
434
Mar
834
Jan
234
134
234
2,643
Mar
4,616
234
3034
Jan
19 34
134
1434
-50
Pennroad Corp v t c
,
1034
534
;
Jan
Salt Dome Oil Corp—
Scott Paper.....
Mar
1.50
134
2
554
634
1854
2134
2,154
41
45
-
W
34
34
-
-
-
W
*
34
254
Wk.*
354
32%
♦
234
2734
1134
*
.
10
10954
v
;
5
158
234
Apr
Jan
110
354
1,285
3234
1134
11,047
Mar
10834 10934
167
12.000
Jan
Jan
Jan
34
June
Jan
134
234
Mar
3254
May
Mar
534
Mar
Mar
334
354
Mar
134
2234
854
9934
197
Feb
2734 May
Jan
4534
2634 Mar
34 May
Apr
34
Jan
154
552
134
Jan
June
3234
2%
434
754
Apr
Mar
454
1054
3534
219
145
Apr
1134
Jan
Mar
Jan
10934 June
554
554
Apr
7
Jan
Apr
Jan
50
85
234
-
634
»
Apr
2934
898
-
**!•
.
com.
2
Mar
123
354
:L
*
Elec & Peoples tr etfs 4s '45
May
18c
465
Bonds—
Jan
c
12c
50
31
3054
2 >;
1
United Corp com
Preferred
Apr
14454 145
tm
31
21
Transit Invest Corp pref...
Union Traction.
..50
United Gas Imp
Preferred
1734
-
44
Tonnnah Minlnsr
June
5734
i*
»
1
...
Tacony-Palmyra Bridge..*
Jan
Jan
Mar
June
June
Feb
95c
1954
-
..50
7% preferred....
Philadelphia Traction- -.50
Jan
33
-.50
Phila Elec Pow pref— -25
Phila Rapid Transit.. ..50
Jan
23 34
1
—
.
Penna Salt Mfg
Jan
Jan
3754
-
Pennsylvania RR.... ..50
June
1354
334
Mar
234
Mar
June
,
June
Jan
80c
554
"."*
'"5
Natl Power & Light... ...*
June
5
Jan
634
340
1034
700
3254
11934
434
wW
.
Mar
Jan
375-4
7734c
34
Mar
Mar
357
Lehigh Coal & Navigation*
Jan
734
1034
*
11134
1234
.11434
354
234
411
Lehigh Valley
July
18
Mar
Apr
434
3,200
1
375
234
Mar
Mar
834
July
6234
934
3534
Holly Development Co...l
Hupp Motor Car Corp...l
Lincoln
10
3754
Gladding-McBean & Co..*
Globe Grain & Milling._25
Goodyear Tire & Rubber.*
Hancock Oil Co A com...*
Intercoast
854
25c
500
434
705
Jan
1154
Jan
14954
2054 June
11554 11754
—
Jan
354
35c
234
Creameries of Amer
Mar
13954 14434
1854
2054
Chrysler Corp
Apr
40c
District Bond Co
634
2034
.
High
540
11554
*
Electric Storage BatterylOO
General Motors
..10
Jan
Low
854
834
x-10
—
Budd (E G) Mfg Co
Budd Wheel Co
High
4
234 May
234
.
Range Since Jan. 1, 1938
Shares
Barber Co
Range Since Jan. 1, 1938
com.. 10
Bolsa-Cbica Oil A
854
14134
:
High
I160
Curtis Pub Co
334
.
Low
American Tel & Tel...
Week
Price
Week
Bell Tel Co of Pa pref. .100
Sales
Last
Bandlni Petroleum Co...l
for
of Prices
Price
*
American Stores.....
July 1, both inclusive, compiled from official sales lists
Frlaay
Par
Week's Range
Sale
May
70c
6c May
19c
June
25c
2,400
18c June
30c
Jan
1.00
1,100
75c May
1.20
H. S. EDWARDS & CO.
Jan
45,700
Jan
7
600
5234
c
5
Jan
1254
12
1254
400
2854
28
2854
300
934
2334
Mar
Mar
734
1434
2854
UNION
BANK
120
Mar
Jan
July
25
30
100
28
Mar
30
June
5%% 1st pref
....25
Pacific Indemnity Co... 10
27
2734
200
2234
24
200
Mar
24
Pacific Lighting com.....*
40
40
Mar
40
PITTSBURGH, PA
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Specialists in Pittsburgh Securities
Jan
June
40
2634
1854
3254
2734
24
BLDG.,
Tel. Court-6800
June
30
2734
Republic Petroleum com.l
Rice Ranch Oil Co..
1
Richfield Oil Corp com...*
.
30
100
554
5
534
6,400
16c
16c
16c
300
654
534
3
Apr
Mar
534
June
16c June
26c
May
Pittsburgh Stock Exchange
June 25
to
July 1, both inclusive, compiled from official sales lists
654
8,200
Ridge OIL.
11c
10c
11c
Roberts Public Markets..2
17,700
10c June
11c June
Last
3
Week's Range
3
3
for
600
Ryan Aeronautical Co...l
234
Apr
Sale
154
134
154
500
1.05
Mar
334
154
of Prices
Low
High
Shares
Samson Corp B
134
134
134
76
1.25
Apr
2334
Mar
May
2734
Apr
Jan
834
2434
2754
Feb
2334
Apr
2834 Apr
934 Mar
2534 Mar
234 June
2534
3034
Feb
June
2154
3334
334
Jan
26
403*4
July
_*
com
Security Co units
5
Mar
ben Int.*
28
28
28
69
Signal Oil & Gas Co A....*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..25
27
2534
27
600
18
854
2234
854
2454
100
600
754
1954
Mar
2734
2534
27
2734
1,300
2554
Apr
25
2534
400
3034
3034
3034
200
6% pref B
854
24
25
534% pref C
25
So Calif Gas Co
6% pf A 25
Southern Pacific Co
100
Standard Oil Co of Calif..*
1654
14
1654
2,500
3134
....
3034
234
3134
3,400
37
4034
734
Jan
June
2.00 May
3%
*
4054
3554
40%
Blaw-Knox Co...
*
14%
13%
14%
374
Jan
Byers (AM) com
*
Carnegie Metals Co
1
Clark (D L)-Candy Co
*
Columbia Gas & Elec....*
12
1 ok
12
Copper weld Steel.
June
June
Lone Star Gas Co..
634
Jan
McKinney Mfg Co
334
Jan
Mesta Machine Co.—...5
May
Mountain Fuel Suply Co 10
Natl Fireprooling com
5
Phoenix Oil com
—25c
7,400
834
Mar
1254
Jan
3,300
Mar
2154
Feb
17
1734
734
4,500
1734
654
554
Jan
1534
734
7%
454
Yosemlte Ptld Cement pflO
434
454
800
3
3
3
100
800
Mar
354 June
234 May
Mining—
Blk
Mammoth Cons MIOc
Calumet Gold.
20c
Cons Chollar G & S
Mng. 1
Imperial
Develop
20c
20c
250
5c
4c
5c
7,000
34c May
1,600
234 June
10c
3
3
3
12c
Mar
23c
5c June
..
...
*
434
Apr
134c
134c
7,000
lc
Mar
3c
Apr
1
Pittsburgh Plate Glass. .25
434c
5c
2,000
3c
Mar
9c
Jan
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry
Unlisted—
1434
1334
1434
500
32
30
32
400
554
5%
100
434
434
600
754
Solvents
554
434
Aviation Corp (The)
(Del) 3
Columbia Gas & Elec
754
754
100
834
200
854
Continental Oil Co (Del).
32
Curttss-Wright Corp.....
5
Electric Bond & Share...
General Electric Co......
954
3934
For footnotes see page 96.
4054
July
Mar
15
Alar
Mar
12
95c
610
3%
7
8%
543
5
Mar
21%
2,500
67
50c May
*
Jan
854
32
434
9
3834
32
100
534
800
954
300
3934
200
954 Mar
2134 May
454 June
3
Mar
1054
634 June
834
Jan
23
Jan
Mar
20
Feb
Apr
14
Jan
Mar
9%
11%
458
5
75c
75c
200
70c
Feb
100
5034
Apr
96
Apr
105
834
Jan
9
Jan
67
7
99% 100
210
1
154
400
90e
Apr
1.50
Feb
37%
37%
100
2754
Mar
4354
Jan
5%
5%
2,555
2%
454
454
134
Apr
Mar
654
334
Jan
2%
2c
5%
3c
1,710
2c May
5c
Jan
2534
93*
Feb
23
7%
93%
8
50
7%
25
19 %
434
88%
95
251
7%
8
795
4%
10
120
6
10
56
Mar
Mar
95
June
9
Jan
Alar
10
600
134
Mar
534
954
4554
534
Feb
Mar
Jan
Jan
Jan
10
7%
31%
*
33
28
5
28
7%
Pennroad Corp v t c_.
1
Apr
ISO
7
Jan
782
22
Alar
10
28
June
50c
50c
50c
1,060
23 34
23%
855
1534
Mar
99%
88%
24%
99%
537
62%
Alar
2%
41
Unlisted—
....
1%-
Jan
Apr
3%
3
Jan
May
3634
Jan
554 June
434
Jan
754 June
334
28
Jan
Mar
75c May
lc
Jan
_
Jan
654
500
.
7334
1,732
300
.
80c
8%
3c
Vanadium Alloy Steel
113* June
8%
95c
Victor Brewing Co
1
Westinghouse Air Brake. *
Westing ho use EI & Mfg. 50
Jan
June
3c
Jan
934
8
85c
-"June
Jan
June
17
1
9
6
19
1
32
July
1.75
102
San Toy Mining Co
Mar
Jan
2,582
Shamrock Oil & Gas Co..l
2234
Jan
18
14% June
6% preferred..
4
11
67
10
United Eng & Fdry Co
2134
10%
Renner Co
Amer Rad & Std
Sanitary.
50
Mar
Mar
6
23
5c
226
Mar
1054
6%
52
4
High
1134
234
24%
18
Pittsburgh Brew Co pref.
Pittsburgh Forging Co
134c
290
80c
21%
11
..__*
.1
Anaconda Copper.
Armour & Co (111)....
Commercial
.
Co.25c
Zenda Gold..
8%
10
1154
19%
6
.....
10
Devonian Oil Co
Duquesne Brewing Co
5
Follansbee Bros pref
100
Fort Pitt Brewing.
1
Jones & LaughSteel preflOO
Koppers G & Coke pref. 100
2154
.
com
Jan
10
VandeKamp'sH D Rak._*
Wellington Oil Co of Del .1
Arkansas Nat Gas
Jan
20
1354
734
Low
250
1134
Mar
19%
Range Since Jan. 1, 1938
Week
Armstrong Cork Co
2134
1,700
*
com
Price
*
Jan
Union Oil of Calif.......25
Universal Consol Oil....10
200
Allegheny Steel
Par
Jan
29
40
3
Stocks—
Sales
18%
3%
Sunray Oil Corp..
1
Superior Oil Co (The)...25
Transamerica Corp
2
234
Friday
Jan
45c June
154 June
Jan
1.25
Jan
3c June
4
Jan
734 June
Jan
3434
45
Jan
65c
Feb
273*
10754
Jan
3
Jan
Jan
Volume
Financial
147
93
Chronicle
Sales
Friday
Range Since Jan. 1,
Last
ST. LOUIS MARKETS
Stocks (Continued)
i. m. simon &co.
Golden State Co Ltd
Apr
4%
Apr
13%
Jan
June
32%
460
25%
Mar
25%
448
20%
Apr
June
32%
25
29%
80c
22%
80c
80c
19
66c June
200
3,319
23
10
1.00
1.00
1.00
2.90
2.75
2.90
235
13%
Mar
88c May
100
....10
14%
14
14%
40
39
40
Langendorf Ltd Bk B..
Leslie Salt Co
36%
6%
36%
23
21
6%
10
9
9
8
785
12
Apr
15%
6%
36%
1,180
3%
32%
23
1,990
404
12%
12%
13%
5%
5%
70c
70c
70c
810
Apr
Apr
Jan
85c June
June
23
1.50
Jan
2.90
June
Jan
17
14%
May
40
June
6%
June
6%
June
Mar
5
23
June
Mar
13%
June
Jah
5%
150
Magnavox Co Ltd.....2%
June
13
10,247
5%
Lyons .Magnus A
Apr
90
*
Lockheed Aircraft Corp_.l
Mar
2.00
10
9
Langend'fUtdBakA unstpd
Pref
„„_50
5%
Mar
50c Jan
Jan
1%
Range Since Jan. 1, 1938
for
Week
Magnln & Co (I) com....*
11
10
11
1,874
7
Mar
13
Jan
Marchant Cal
Sale*
Week's Range
May
31%
Preferred
compiled from official sales lists
June
10%
6%
2%
*11%
25%
Hunt Bros com
St. Louis Stock Exchange
Last
1,135
3,492
139
13
High
Low
Shares
32%
LeTourneau (R G) Inc.-.l
Friday
10%
4%
Hutchinson Sugar Plant. 15
St., St. Louis, Mo.
July 1, both inclusive,
4
13
Honolulu Oil Corp cap...*
Telephone Central 3350
June 25 to
8%
4%
13
Holly Develop Co Gp.._.l
Chicago Stock Exchange
315 North Fourth
High
Hawaiian Pine CO Ltd...*
New York Curb (Associate)
Chicago Board of Trade
York Stock Exchange
Low
Hancock Oil of Calif A.
MEMBERS
1983
Week
10
*
Hale Bros Stores Inc.....*
Enquiries Invited on all
Mid-Western and Southern Securities
St. Louis Stock Exchange
for
of Prices
Price
Gladding-McBean & Co..*
Business Established 1874
New
Par
Week's Range
Sale
14
13
14%
1,586
8%
14%
Jan
600
9%
Mar
Feb
100
Machine..5
Market Street Ry pr pf 100
10
10
13
14% June
Jan
9%
High
Low
20
30
100
103
4
7% pref.
8% pref
Columbia Brew
103
14
15
10% June
21
Jan
55
27% May
40%
Jan
21
22
172
20
23
Mar
4
150
2%
Jan
4
June
40
23%
Jan
10
4
"30%
30%
30%
—
Ill
Johnson-S-S Shoe com
m*.
"
1st pref...
—
11
290
June
14%
Jan
12
Mar
5
75
Apr
80
June
45
195
27
Jan
45
June
7% May
100
500
7%
6%
40
1,814
3%
Mar
8%
8%
325
7%
Apr
10
6
6%
535
4%
Mar
7
7
104
6
Jan
7
1.00
Feb
Oliver Utd Filters B
*
Pacific Clay Prod cap
*
6% 1st pref
7
5%% 1st pref........25
*
Pac Light Corp com
*
86 Div
Pac Pub Ser non-v com..*
*.
30c June
28% May
9% Mar
36
Jan
13
Jan
Apr
8
Feb
Paraffine Cos common...*
46%
10
7
70
4%
100
10%
1st preferred
*
Preferred
19
100
Pac Tel & Tel com
106
100
.....
Jan
Jan
23
Mar
29% June
27
Mar
30%
28
Jan
Jan
27%
27%
756
25%
Mar
40
40
411
32%
Mar
30
Jan
110
99
Mar
106
June
105% 106
6
6%
17%
104
140
40
3%
5,256
Mar
6%
19
19
1,283
13%
Mar
106
160
119%
140
87%
131%
Apr
30
Apr
140
714
29%
Mar
46%
46%
June
June
Jan
June
June
Mar
Paraffiifc Co's pref..... 100
89
89
89
30
89
June
93
Feb
Jan
Phillips Petroleum Co cap *
41
41
41
370
31%
May
41
June
100
1.75
Feb
25
June
32
Jan
13% June
May
30
Jan
Mar
10
July
50
8%
'
Feb
11%
July
Pig'n Whistle pref
..*
Puget Sound P & T com..*
6%
Richfield Oil Corp com...*
4
Apr
99
June
12c
100
12c June
4%
5
616
4
Apr
6
6
12
97
97
10
97
July
115%
1,267
115
June
1
5%
5
5%
1,250
7%
7%
30
*
75c
15
23%
Roos Bros pref ser A... 100
Mar
Schlesinger Co (B F) com *
20%
7,000
20%
20
10.000
13%
1,971
Mar
6%
6,704
7%
Jan
140
12
June
17
Jan
10
87
June
92
June
6
14%
14%
14%
92
92
92
1.75
1.75
1.75
80c
May
Jan
1.75 June
5%
16%
June
Schleslnger (B F) 7% pf.25
6%
6%
6%
255
Jan
Shell Union Oil com.....*
14%
14%
14%
135
10
A pi
7%
Jan
18
May
26
Apr
11%
Mar
23
Jan
60
Mar
88% June
Mar
22%
101
123%
Feb
Mar
Signal Oil
Soundview
*
5
26
25%
26
555
22%
19
23
5,773
100
88%
88%
88%
Gas Co A
Pulp com
Preferred.....
7%
Jan
Southern
Feb
So Cal Gas Co pref ser A.25
1.23
Jan
Standard Oil Co of Calif..*
31%
29%
31%
Jan
Super Mold Corp cap.-.10
19
19%
22
27
Pacific Co.-.100
20
May
27
Jan
Thomas Allec Corp A
19%
June
28
Jan
Tidewater Ass'd Oil com 10
27
Jan
June
13f
Mar
13c June
8%
19
4%
June
6%
Bonds—
$2,000
Jan
Jan
9%
5%
14%
3
Texas Consolidated Oil... 1
20%
29%
Mar
June
45c June
20%
June
June
16% June
20%
25
17%
2%
7
120
25
1
Roos Bros com
Mar
12%
May
3,540
5%
4%
795
75c
50c
24%
Apr
3%
5%
102
8
13%
Feb
July
27
Feb
4,423
June
250
6%
15
17
5%
Feb
Jan
22
103
17
7
5
5
Mar
100
3% June
11
June
5%
1,415
6
20
15
99
6
6
5%
95
Jan
5%
6
14%
15
2.50
6
20%
100
90%
2.50
1
Preferred
125
Mar
2.50
25
Rayonler Inc com..
90%
77%
2.50
1,140
5,495
*
RE&RCoLtdcom
Republic Petroleum com.l
Rheem Manufacturing... 1
9%
12c
C-ds
2.05
June
June
t City & Suburb P S 5s *34
t United Railways 4s_1934
Jan
July
11
11%
5
Stix Baer & Fuller com.. 10
Jan
Jan
,
19
Jan
9
97
Jan
6%
May
18
"
Jan
10%
June
6%
60
5
5,630
1,568
30%
30c
May
14
100
1,350
~
29%
June
1.40
120
28%
29%
Jan
17c
5
125
7%
10
'
1.85
23
19
10%
7%
13%
m
140
1.65
9%
18%
10%
23
-
6%
160
20
•
27%
40
105%
456
50
17
«
7
1.85
55c
115
t
30c
7%
5%
32%
55c
115%
Wagner Electric com
23c
7%
30
S'western Bell Tel pref.100
Scullin Steel Warrants
30c
O'Connor Moffat cl AA__*
29
90 %
Securities Invest pref..100
Sterling Alum com
Occidental Petroleum.... 1
100% 101%
*
com....
30
25
145
9%
5
Scullin Steel
26%
Pacific Gas & Elec com..25
11%
*
Scruggs-V-B Inc com
26%
27%
130
..100 "ioo"
St Louis Pub Serv com
26%
Pacific Coast Aggregates 10
23
*
Rice-Stlx D Gds com
Insurance... 10
Apr
11%
*
National Oats Co com
Occidental
10
9%
28%
1,655
Mar
12
Feb
Mar
70
12
6%
80
Jan
13%
34
11%
360
2% June
Feb
40
Mar
25
9
46% June
Apr
17
42
12
Jan
Jan
Mar
23
34
preferred
118
Apr
20
100
5%%
June
1
5%
No American Oil Cons.. 10
107
28
100
100
_
1st pref..
6%
36
9
10%
National Candy com.....*
2d pref
June
36
6%
111
25
Mo Ptld Cement com—25
Natl Bearing Metals com.*
6%
36
Pacific Can Co com..
11%
28
*
MidwestPipe & Sply com.*
com
Mar
9
100
preferred
Feb
10
trn'mimmm*
3%
6%
97
31
10%
-
June
900
Amer Invest com..100
No
June
7
Knapp Monarch com
*
Laclede-ChrClayProd com*
Laclede Steel com.
20
McQuay-Norris
33% May
44
10
11%
95
9%
*
Mar
10
95
11%
*
Key Co com
June
80
55c
7%
6%
75
31
June
1.254
8%
6%
160
Hydraulic Pr Brick comlOO
7%
10%
*
*
2%
International Shoe com. ..*
June
Mar
10%
Natomas Co
Pacific Amer Fisheries com5
43%
Hyde Park Brew com —10
2.20
3%
Jan
2%
44
Mar
7,735
June
42%
.
80c
7%
10%
11
43%
100
3,425
5%
21
Griesed'k-West Brew com *
*
...5
2.00
7%
9
9
Feb
130
8%
Harnilton-BrownShoe com*
1.90
10
18% June
20
11
111
—
19%
95
—
11
18%
m
8%
.
Mar
33%
Falstaff Brew com.._._..l
Preferred
Apr
5
21%
*
Elder Mfg com
*
Ely & Walker D Gds com25
2d pref
..100
1st pref
100
Huttig S & D com.
109
June
14
Dr Pepper com...
Hussmann-I Jgonier com
June
4
30
305
4%
June
32
5
com
30
30
33
25
-.25
-.25
Gonv. pref
June
10
103
*
Preferred
American Invest com
Mar
1.95
Meier & Frank Co Inc
High
Low
Shares
30
A S Aloe Co com
7%
Menasco Mfg Co com..__l
National Auto Fibres com 1
of Prices
Sale
Price
Par
Stocks—
Preferred
.
14
16%
30
30
1.00
*
_.__.*
.
_
16%
30
Transamerica Corp
2
75c
15
o
I
11%
Apr
30%
25%
Mar
33%
13
Mar
23
28
5,726
782
70c
1,500
Mar
15
Feb
Jan
Jan
Jan
June
1.20
Jan
Jan
220
75c
May
1.50
1,295
1.00
75c
14
9%
7,624
10
1.00
85c
10
Apr
10%
Mar
15%
76%
Feb
Jan
84
Jan
12%
Jan
91%
91%
10
10
11%
34,626
83c
2,675
45c
Feb
83c Juue
8
Mar
"
Corp.. 1
80c
Union Oil Co of Calif...25
21%
20
21%
1,889
17%
Mar
21% June
25
1
12%
12
12%
885
9%
Mar
16%
13%
11,730
Jan
22%
17%
June
1
3%
3%
17%
3%
6%
450
2%
Mar
4%
Jan
7%
Tread well-Y ukon
Co.
Dean Witter &
Union Sugar com
Universal Consol Oil
Victor Equip Co com
3,106
6
May
10%
Jan
31
31
31
40
25
May
41%
Jan
280
270
280
25
Exchange, Chicago Board ofTrade
Wells Fargo Bk & Un TrlOO
Western Pipe & Steel... 10
22
20
22
705
(AssoJ, San Francisco Cu rb Exchange, Honolulu Stock Exchange
Yel Checker Cab ser 1...50
29
28
29
..5
Preferred
Ar/vate Leestd Wlrts
BONDS
Members: NevYorlt Stock Exchange, SanFranciscoStock
San Francisco
Oakland
Tocomo
Seattle
Stockton
Sacramento
Portland
Fresno
Honolulu los Ang«les
Beverly Hills Ppsadeno Long Beoch
New York
Yosemlte Port Cera pref. 10
7%
3%
7%
90
June 25 to
Exchange
July 1, both inclusive, compiled from
Last
Sale
Par
Stocks—
Price
official sales lists
Sales
Friday
Week's Range
of Prices
High
Low
Range Sines Jan. 1, 1938
for
Week
Am Rad & St
*
Sntry
American Tel & Tel Co. 100
15%
142%
Bridge (Del).vl
43c
Mar
May
3%
2.75 June
15%
15%
139% 142%
315
10%
252
111%
Apr
43c
500
42c
June
3%
43c
1.255
31%
29%
31%
Anglo Nat Corp A com.,
Argonaut Mining Co.
Ark Nat Gas Corp A
15
12%
15
254
4
365
Atch Top & Santa
5
Aviation Corp of Del....
...
4
4
Fe..l00
Bait & Ohio RR com
High
Low
Shares
14%
22
Apr
160
Anaconda Copper Mln_.50
Francisco Stock
257%
100
Bancameriea Blair Corp.. 1
4
150
4
4
31%
4%
31%
31%
4%
4%
6%
6%
6%
4%
5
4%
Mar
10
Gold
Anglo-American Mining.. 1
Anglo Calif Nat Bank___20
Assoc Insur Fund Inc...10
10%
21c
15
4%
Engine..5
9
Bank of California N A. .80
190
Atlas Imp Diesel
5
*
Bishop Oil Corp
Byron Jackson Co
Calam ba Sugar com
20
20
Calamba Sugar pref
Calaveras Cement Co com *
Preferred........ ...100
Calif Cotton Mills
com.
100
Calif Packing Corp com..*
Preferred.............50
1
10
4%
2,743
65
4%
19%
4%
20%
180
4%
290
50
50
40
12%
10
15
770
21%
20%
21%
594
1.95
1.95
59
35
49%
25c
51
104%
50
25c
190
10
19%
Jan
21
Jaa
Mar
Mar
20%
May
50
Apr
5%
Mar
15
June
15%
Mar
24
Jan
50
Jan
19%
3%
45
30
Mar
99%
Mar
1.65
Jan
1.65
Mar
37%
Mar
9
9
219
35
35
140
30
Mar
60
101
Apr
103% 103%
4,450
27%
24%
27%
1,027
4%
4%
4%
150
Jan
Mar
800
1.95
1^95
May
Mar
3,998
1.90
Jan
Jan
June
Mar
61
1.90
55%
Feb
5%
Apr
2,263
4%
Jan
Apr
55%
45c
19
Mar
Mar
15c
104%
13%
10
45%
103%
6%
Mar
22%'May
3%
Mar
4%
30c
Jan
Jan
Jan
55% June
105
May
2
3
Mar
Mar
3%
May
4%
175
4% June
9%
5%
3
Mar
June
33
4%
Jan
12
Mar
75%
420
56
Mar
75%
June
3
Mar
5%
Jan
22%
4%
22%
1,090
100
4%
22%
*
4
Jan
50
18%
Mar
28
Jan
200
3%
June
5
Jan
13%
12%
13%
650
9%
Mar
14%
50
Emsco Derrick <fc Equip..5
36
34
36
230
26%
Mar
36
Mar
10%
Ewa Plantation Co cap..20
34
34
34
100
30
June
46%
Fireman's Fund Ins Co..25
88
85
88
240
62
Mar
88
31%
855
17
Mar
33
Jan
2.25
250
Emporium Cap well Corp.*
Preferred (w w)
9%
Food Machine Corp com 10
31%
Foster & Kleiser com_ ..2 %
2.25
Gen Metals Corp cap_.2%
9
10
37%
General Paint Corp com..*
8%
General Motors com
General Paint Corp pref..*
26%
9%
28%
2.258
35
7%
26%
93
395
6%
1.25
Mar
May
640
1%
Jan
200
2%
Jan
June
1
5
9%
*
Goodrich (B F) Co
Hawaiian Sugar Co
Intl Tel & Tel Co com....*
Italo Pet of Amer com
Preferred
1
42%
16
Mar
25
26%
May
17% June
Feb
35%
768
4.95
Mar
17%
17%
28
l\i
7%
25c May
50c
1.50
Mar
3.20
15c
Mar
38c
2.35
2.60
20c
22c
6,800
15
100
7
7
41%
705
24%
10%
24%
6%
12
..50
_
*
Schumarcher Wall Bd pref*
So Calif Edison Ltd com.25
Radio-Kelt h-Orpheum
4%
4%
4%
330
19%
19%
19%
100
7%
Packard Motor Car com.. *
RR
24%
1,125
5,525
39%
6%
6%
7%
2,418
2%
2%
7%
10
40
22C
10
Feb
6
2.60
34
Mar
1,229
4
20
100
3%
10
7
Onomea Sugar Co
1,065
2,860
3,070
41^
Jan
July
Mar
June
4
Copper..5c
Jan
31% June
5%
10
8% pref
Jan
32%
28
40
2%
650
17%
9%
1.50
10% May
1,237
28
7
Jan
14% June
Jan
17%
9%
5%
8%
Monolith Port Cera corn. .*
2%
15
4
6%
31
June
Feb
June
3% May
6%
22
3%
16
4%
250
2
300
7%
Mar
May
Mar
Mar
Mar
4
Jan
June
June
Jan
Jan
Jan
June
7% May
41% June
9%
Jan
10%
June
35
5%
19
7%
Jan
Jan
June
Jan
June
3
.Apr
Apr
15
June
15
13
24%
25%
22%
25%
24%
25%
1.256
pref...25
260
24
25
27%
27
27%
667
25%
Mar
24%
25%
20%
Sterling Oil & Develop... 1
United Aircraft Corp cap.5
25c
25e
200
25c
Feb
30c
Jan
19%
Mar
27%
June
2%
Apr
3%
Jan
Jan
So Cal Ed 5%%
6 % preferred
25c
19%
Mar
Apr
July
Feb
Jan
27%
27%
27%
538
3%
3%
3%
355
Mar
1.55
United States Steel com..*
58%
53%
58%
1,704
40
May
60%
Warner Bros Pictures. ..J5
6%
5%
6%
658
4
Mar
7%
Jan
June
11%
Feb
United Corp of Del..
*
Feb
U 8 Petroleum Co
1
Feb
June
5
West Coast Life Insur
1
6%
6%
1,100
1
6%
45
75c
6%
.Tan
Mar
Mar
9
June
Mar
38
Jan
r
6%
Mar
9
Jan
t
Mar
28
Mar
25
1
1
42%
Jan
June
42%
5
40
30% June
17
Jan
5%
9%
4
25%
200
.........
MJ<«-M<tM Cons
1.041
26%
com..*
20
Mines.. 1
Idaho-Maryland
2,172
6
31%
5
8%
1.305
1%
30%
General Electric Co
37%
9
1%
30%
Curtlss-Wrlght Corp.
Eiec Bon & Share Co
Radio Corp of America.
10%
4
8%
Pepnsylvanla
75
4
1.10 May
221
Jan
4%
Doernbecher Mfg Co
30
9%
Feb
75%
Preferred
1.10
9%
North American Aviation. 1
11%
7%
1.10
Montgomery Ward A- Co
.*
11,445
650
1.10
Mountain City
com...10
Preferred....
16
1C
1
Jan
255
11,150
13% June
10% Mar
.
Jan
3%
June
100
Claude Neon Lights com
4.25
31%
420
Crucible Steel Co of Am 100
Jan
31% June
100
14%
9%
1%
Jan
Jan
17
Cities Service Co com... 10
70c
17
13%
15%
Calwa Co common
149%
Apr
17
Jan
June
July
Jan
15% June
11
13%
15%
Jan
9%
Jan
Jan
17
Jan
35
Jan
3%
36
5
Bunker Hill & Sullivan 2.50
Bendix Aviation Corp
2.35
106%
22%
32
May
17
2.35
62%
12
Crown Zellerbach com...5
Di Giorgio Fruit
Jan
100
*
Creameries of Amer vtc.l
Mar
140
Coast Cos G & E 1st pf. 100
Consol Chem Ind A
4%
171
17
50
50
2%
13%
100
Mar
16c June
12
3%
1,523
20%
9
200
19%
9
C Neon El Pd Corp (Del)
Clorox Chemical Co
9%
187% 190
496
350
5
19%
55%
51
1,300
4%
19%
104%
com
7%
21c
15
18
47-1
Caterpillar Tract Co pf. 1G0
Central Eureka Mining
*
Preferred
4%
820
19%
Caterpillar Tractor com_.l
Chrysler Corp
20c
13
10%
18%
25c
Carson Hill Gold
10%
Jan
21
Barnsdall Oil Co capital.
Alaska-Juneau
285
Unlisted—
Amer Toll
San
Mar
Waialua Agricultural Co 20
MUNICIPAL AND CORPORATION
New York Curb Exchange
79c
*
No par value
a
2nd Liq
Div. Pay
Endorsed
h Ex-fltnok dividend,
x Ex-dlvidend.
y Ex-rlghts
Cash sale—Not lnc'uded In range for year,
Listed,
t In default.
94
Financial
Chronicle
July 2, 1938
ill
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Municipal Issues
Montreal Stock Exchange
Closing bid and asked quotations, Friday, July 1
Province ot Alberta—
Bid
...Jan
1 1948
Oct
5a
1 1950
4%s
Ask
Province of Ontario—
5s
Oct
53%
6s
Sept
15 1943
May
1 1959
48
June
1
4%s
Jan
Prov ot Britlab Columbia—
5a
4%s_
—
July
...Oct
12 1949
1 1953
99
100
95
97
Thurs.
1
1942
1962
15 1965
111%
117%
121%
108%
115
Province of Manitoba—
4%s
Last
Week's Range
for
Sale
of Prices
Week
Stocks (Concluded)
118
122%
109%
117
Par
Price
Massey-Harris
*
McColl-Frontenac Oil.... *
95%
5a
92
94
4%s
Mar
2 1950
5a
Dec
92%
94%
4s
Feb
1 1958
119% 110%
108% 109%
1 1961
110% 111%
National Breweries
Province of Quebec—
Prov of New Brunswick—
4%s
4%s
4%s.. ——May
Apr
15 1900
100
108
Apr
15 1901
103
105
109
110
4%s
Sept
5a
Mar
5b
15 1952
1
1900
June
15 1943
5%s
Nov
15 1946
4%s
117
Oct
1
1951
84
87
•
6a
.Sept
15 1942
4%s
Dec
15 1944
5s
July
1 1944
4%s
102% 103%
95%
96%
111%
..Sept
Sept
98%
98%
92
4%s
June 15 1955
Feb
1 1950
July
1 1957
5s
July
1 1909
117% 118
115% 115%
114% 114%
116% 116%
Dec
1
4%s
July
1 1900
1954
Bonds
Bid
5s
Oct
1 1909
119%
5s
Feb
1 J 970
119%
0%s——July
1 1940
Grand Trunk Pacific Ry—
4s
Jan
1 1902
Ask
124% 124%
Jan
1
1902
109% 111
98%
99
Last
Sale
Acme Glove Works Ltd..*
Exchange
*
67%
63%
67%
5,896
48
Mar
67%
June
♦
30
29%
30
256
23
Mar
31
Feb
130
5
May
8
Feb
10
80
Feb
86
6
99
Apr
2
23
May
47
June
Mines
Ontario Steel Products...*
Power
.
50
*
June
7
Feb
June
75
June
10
10
105
5
4
Bathurst Power & Paper A *
Bawlf
25
14
100
(N) Grain
"16%
*
Preferred.....
100
Bell Telephone
100
Brazilian Tr Lt & Power. *
162%
British Col Power Corp A. *
B.
Bruck Silk Mills.....
*
Building Products A
Apr
10
6,685
Apr
June
510
20
Apr
109%
6%
1.15
Mar
66
15
312
147
"36"
30
30
484
4%
3%
3
*
"10%
90%
50
4%
3%
350
57
100
10%
11%
2,632
96
96%
165
.
Apr
11%
10
162%
57
26
Mar
338
4,965
100
Preferred
JaD
2
12
*
Canada Cement
2
12
11%
4%
11
110
40
2
10
Apr
Mar
100
3
25
162
9%
104
995
25%
14
14%
109% 109%
8%
10%
2
2%
27%
3%
2%
38
7%
86%
4
Jan
Mai
99
99
23
23
.._.*
3
14%
Apr
30.
14%
111
10%
16
Mai
17
Shawinigan W & Pow.
Simon (H) <k Sons.
166
Apr
33%
5
4
100
57
Mar
June
12%
110
12
12%
5,085
7%
Mar
12%
942
18%
Mar
28%
471
9
June
20
7%..
100
Canadian Converters..100
96
96
96
1
97
Apr
106
Jan
30
25
*
Con Mln & Smelt new...25
Distill Corp Seagrams..—*
7%
7%
7
6%
7
9%
56
14%
13%
25
18%
Dominion Steel & Coal B 25
150
14%
*
8
100
Preferred
81
Dominion Textile
*
Preferred
*
13%
7%
76
Preferred
100
Howard Smith Paper...
Preferred
...100
Hudson Bay Mining
Imperial Oil Ltd
*
...*
Imperial Tobacco of Can
Mar
10%
Mar
Mar
8%
Jan
11%
64%
Jan
6%
11
Mar
June
32%
18%
1,115
1C0
5
150
50
15%
20,901
8%
2,840
81
89
16
96%
145
9
4%
75
14%
17
Mar
64
61
64
.25
64
June
15
9
June
*
5% -.-:r 4%
5%
2,655
3
Mar
6
Jan
*
2%
2%
25
1%
Mar
3
May
June
20
•
_
Winnipeg Electric
.
15
*
A
15
2%
15
2%
170
15
1.50
Apr
2%
2%
2%
371
*
215
1.25
Mar
100
Preferred
13%
13%
180
10%
7
Mar
Apr
Jan
3
Jan
June
2%
17
50
June
58
100
Montreal
58
17
64
June
161
20
160
Jan
162%
165% 172
100
Commerce
58
160
Apr
178
Jan
161
172
60
Feb
Feb
100
220
210
223
108
197
Mar
212
June
...100
Nova Scotia..
300
300
300
10
295
June
305
Feb
188
188
97
170
Mar
235
235
26
235
June
Royal
100
Toro nto_.
100
191%
Jan
236
Feb
Canadian Government Municipal
Public
Utility and Industrial Bonds
HANSON BROS., Inc.
Established
255
56
St.
James
1883
St., Montreal
Sparks St., Ottawa
330
Bay Street, Toronto
Montreal Curb Market
June 25
to
July 1, both inclusive, compiled from official sales lists
Thurs.
Sales
Last
Par
Week's Range
Sale
Stocks—
of Prices
Price
TJOW
High
for
Abitibl Pow & Paper Co..*
3%
V
2%
3%
34.806
cum
pref—
9,760
Aluminim Limited.
AsDestos
.*
100
*
Corp Ltd
Bathurst P & P Ltd B
73
9%
100
25
100
100
83%
74
3%
Mar
June
21%
June
June
31
June
June
100
47
Mar
73
3%
4%
596
2
June
4%
June
3%
Beauharnols Pow Corp
*
Brewers & Distill of Van..5
Apr
3,520
4%
*
3%
3%
5%
21%
1,378
Mar
Feb
_;
■
*
67%
5%
_
20%
20%
2%
50
5
May
5%
7%
1,637
17
Mar
21%
>,■.
June
Jan
Jan
10
Jan
14
Mar
40
59%
Apr
74
May
32%
Jan
16%
Jan
Mar
10
Jan
June
84
Feb
*
Canada Malting Co
*
Can Nor P 7% cum pf.100
Can Breweries Ltd
*
Preferred
Jan
Cndn Marconi Co
150
Feb
Cnd
1.35
15
Jan
Jan
Jan
Apr
3
32
Jan
Jan
10
Jan
2%
21
Cndn Dredge <fc Dock
*
Cndn General Electric Co50
May
n
5%
7%
pref
1.25
,v
10
150
21
65
1.10
14%
«.
..
-
Mar
188
191%
20
178
Apr
202
Mar
1.25
1.15
23%
W«
150
95c
2
*
ft.
34
180
2
43
1.00
10
40
8
Feb
9
315
3
Mar
10
18
Mar
34
8%
8%
105
40
500
Commercial
Alcohols
*
8%
Mar
15%
Jan
7%
Mar
12%
June
83%
174
75
Mar
86%
June
4,065
5
Mar
Mar
David & Frere Ltee A
1.50
5
*
*
25c
Mar
1,35
Jan
2.00
May
70c
Jan
Jan
Jan
May
May
May
Mar
1.50
1.60
1,950
90c
Mar
1.60
4%
Consolidated Paper Corp. *
8%
Pref ei red
Consol Bakeries of Can
June
Apr
Mar
32
323
22
Jan
Feb
June
176
31
345
Apr
2%
5
40
14
110
35
100
11
36
Jan
27
Jan
10%
Apr
Mar
180
City Gas & Elec Corp.._.*
cum
29%
103
10
2
*
*
2%
27
*
pref
Can Vickers Ltd
cum
200
33%
104
180
i..
1
Pow & Paper Inv
32
104
Cndn Industries Ltd B__.*
June
8%
33%
*
70
Apr
High
Mar
34
May
Mar
Low
1.00
13
150
Mar
Range Since Jan. 1, 1938
Week
Shares
71%
Mar
4%
25
4
Mar
4%
Jan
50
13
May
14%
Feb
Mar
7%
June
14
7%
14
_
6%
8%
4
4
50
3
Apr
30
_
33
25
21
May
5
5
35
4%
June
8%
32,060
3%
4
Feb
Apr
39
45
Mar
8
505
5
Mar
8%
June
Dominion Stores Ltd
6%
7%
4,705
4
Mar
8%
Jan
14%
Donnacona Paper A
*
14%
1,545
7%
6%
15%
8%
8,801
3%
Mar
June
8
Donnacona Paper B
June
18
*
Mar
6%
5%
7
1,485
11%
10%
Mar
15%
17% June
4,000
3
Mar
7
Ea
June
Fairchild Aircraft Ltd
10
17
70
Mar
95
90
Mar
98
Feb
27%
30
1,545
20%
Mar
30
June
17
17%
4,060
15
Mar
19%
147%
15
26
26%
40
40
■
.
25
3,155
13%
23
Apr
10
40
Mar
48
50%
9,913
37
24
24
10c
24
25
25
26
2,838
20
*
3%
To"
15
3%
80
80
15%
16%
4
4
Jan
455
49%
Mar
54%
Jan
12
7
1%
Jan
71
Feb
Mar
55c
June
69
Can & Dom Sugar Co
Jan
4
11%
17
Mar
British Columbia Packers *
Jan
144
20'
8
210
9
Mar
56
10%
Jan
26
100
2%
270
1,100
Mar
7%
11%
Jan
108
1,220
8%
24
*
110
15%
95
"26"
14%
International Power pf. 100
Lake of the Woods
*
9
75
Mar
58
Int Nickel of Canada...
•_
Jan
June
60
Internat Pet Co Ltd
Lindsay (CW)
Mar
Mar
21
Intl Bronze Powder oref.25
Power
9
Feb
8
7%
Industrial Accept Corp..
Intercolonial Coal
100
International
Mar
21%
39
*
Gypsum Lime & Alabas..*
Hollmger Gold Mines
5
Jan
J 20
100
6
5
24
6%
16
Jan
24%
80
7%
Mar
105
31
55
*
Gurd (Charles)
19
8
83%
General Steel Wares
Jan
29
83%
10
15
Jan
29
...100
280
9
.100
13%
11
Preferred
10%
108
8
._
Mar
17
108
25
15
Foundation Co of Can.
17%
15
108
20
25
Gatineau
1,505
Jan
17
24%
68
144
2
21%
20
21%
V~--Vm
14
2%
Jan
100
14
29
48
100
1
*
Apr
6% cum pref
Electrolux Corp..
.»
24
7%
90
Heating Prod..*
2,393
40
Jan
75
B
Feb
Jan
65
70
6%
20
Feb
*
Enamel &
June
630
144
7%
June
4
Eastern Dairies
English Electric A
Jan
1,085
65
.100
Paper
Mar
45
68
17%
17
15
Feb
6,725
15
6S
31%
100
10
5%
108
*
Brit Amer Oil Co Ltd
...100
Jan
17%
46%
4%
47
Feb
17%
w
*
Mar
2,255
Feb
100
17
Mar
4,372
17%
Feb
Mar
2%
10%
May
8%
1.50
59%
~~32~"
Dom Tar & Chemical
Dry den
7%
10%
58%
9%
11
12%
95
Feb
2,700
260
3
100
Preferred
40
104
Mar
17%
1,555
3%
100
Dominion Glass
Mar
10
*
Preferred
Dominion Bridge.
Dominion Coal pref
30
90
14%
14%
.
June
415
15
18
Mar
Jan
4%
16% June
10
2%
19%
Mar
Mar
106
Mar
June
7
14
2%
Mar
10%
2
10
3
June
1.134
100
3
17%
14
14%
Mar
44
Jan
Locomotive...*
25
100
Jan
2%
it.
-
-
June
12
1,585
351
June
16
*
Apr
28
10%
19%
9
50
11,591
Jan
27
75
Jan
17%
Mar
8%
5%
67%
Jan
12
Canadian
100
15
Mar
34
3%
12%
June
12%
27%
Canadian Pacific Ry
Cockahutt Plow..
100
Mar
June
5
65%
Jan
Apr
*
Canadian Indus Alcohol..*
Class B
*
17
Feb
Canadian Car & Foundry. *
Preferred
...25
......
17
66
Feb
Mar
June
Canadian
—
20
15
Jan
3%
14%
Canadian Cottons pref.100
Cndn Foreign Invest
*
525
16
47
Jan
12%
40
10
16
16
*
Southern Canada Power.. *
Jan
Mar
June
14
Preferred
16
*
St Lawrence Flour Mills.. *
St Lawrence Paper pref 100
Apr
40
Celanese
563
9%
11,218
*
Saguenay Power pref... 100
St Lawrence Corp..
*
A preferred..
50
Jan
2.25
40
10
1,060
19
48
Jan
Mar
Jan
14%
3%
14%
14%
41
17
Power
Feb
Canada Steamship (new). *
Preferred
50
3%
13%
18%
48
Jan
101%
33%
June
Canadian Bronze
*
47
K
June
"l9%
18
•
47
*
25% June
Can Forgiogs class A
*
Can Northern Power....*
9
82
*
Canadlenne
5
75
4
82
100
-
Canada
20
2%
....
High
110
25%
Preferred
Low
5
100
Preferred........
Associated Breweries
Shares
10
Alberta Pacific Grain A..*
8%
Banks—
75
Amalgamated Elec Corp..*
82
Corp of Canada...*
Quebec
Range Since Jan. 1, 1938
105
....
100
_.
8
8%
5% preferred.......100
Week
High
Jan
41%
June
B
for
of Prices
Apr
34%
June
Wabasso Cotton.
5
preferred..... 100
A gnew-Sur pass Shoe.
*
Preferred
.....100
Preferred
Week's Range.
1,335
42%
Viau Biscuit
75
6%%
40%
46
Sales
Low
Jan
Feb
Mar
Preferred
Thurs
Price
62
89
Mar
119%
July 1, both inclusive, compiled from official sales lists
Par
Jan
Apr
38
Sherwin-Williams of Can.*
Preferred
100
119%
Montreal Stock
Stocks—
56
80
31
Tooke Bros pref.
United Steel Corp
June 25 to
35
107
40
40
69
82
Steel Co ot Canada
3a.
Jan
58
82
—
92%
5a
Canadian Northern Ry—
4%s
4 Ha
Feb
Mar
31
50
97
Ask
114% 114%
Mtr
1,090
Rolland Paper.
Rolland Paper v t
1 1951
' '
„
27
June
98%
46
Price Bros & Co Ltd
96%
1J 2
Canadian National Ry—
4%s
Ask
1 1940
Dominion Government Guaranteed
hid
59
Apr
42%
Ottawa Electric Ry
Bid
79
2,773
June
44%
Perimans
Ask
30
10
95
:
8
14
y,
42%
Ogilvie Flour Mills
-
Canadian Pacific Ry—
78%
20
High
,vV
Mar
44%
Preferred-
Bid
546
4%
Nor and a
86
85
80
Railway Bonds
4a perpetual debentures.
10%
97
29
29%
Low
8,505
95
*
Ottawa L H & Power.
Canadian Pacific Ry—
8%
Preferred
25
National Steel Car Corp..*
Prov of Saskatchewan—
Province of Nova Scotia—
Range Since Jan. 1, 19 38
Shares
High
7%
10%
10%
Montreal Telegraph
40
Montreal Tram ways.-.100
2 1959
97
Low
7%
Montreal Cottons pref-100
Mont L H & P Consol
*
i 1941
June 15 1954
..Aug
Sales
Ask
112%
Bid
55
5s
/53
/5 2
100
1,600
20
Mar
Apr
15
29%
40
Feb
June
Jan
Mar
Dom
Engineering Works.*
4%
1,655
1,055
18
16
19%
2,546
9
18
16
20
8,184
10
1.70
Mar
4.50
Companies Ltd...*
Voting trust ctfs
Intl Paints
.*
(Can) Ltd A..*
Jan
Mackenzie Air Service
*u
74
May
84
Feb
10%
Mar
16%
Jan
5
*
Jan
3
14%
Mar
3%
No par value
.20
3%
250
Apr
Apr
June
Mar
18
June
Mar
18% June
Jan
13%
13%
Mar
15
Jan
85
33%
*
3%
6%
Jan
19
Mar
Fraser Companies Ltd—
1
Mar
10
5%
19%
5% cum pref-..
4%
Feb
5%
18%
Intl Utilities Corp B
Lake Sulphite
Lake St John P&P
31%
9
5%
19%
Jan
Mar
35
5
Ford Motor Co of Can A.*
Feb
3%
4%
Feb
Fraser
52%
23%
Mar
-
Kooteriay P 7%cmpfl00
27
Mar
3
*
85
325
55c
Mar
1.00
Jan
2%
Mar
12%
Jan
Mar
31
Jan
3%
20
„•«.
4
1.050
23
34
34
525
70
70
100
12
13
40c
Mar
1.00
Jan
Volume
147
Financial
Chronicle
95
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Thurs.
Week
14
11
49 H
44
96
_
Massey-Har 5% cum pf 10
McColl-Fron 6% cm pf. 100
94
Preferred
"~5H
—
...
13
Mitchell (Robt) Co Ltd..
"Ix
32 H
535
87 H
200
1.50
May
5X
June
7H
Mar
5H
290
14
90 H
10
4H
60
4%
104
1.50
941
Jan
Brown Oil
Apr
Feb
Buffalo Ankerite..
98
May
78
Apr
4%
May-
9%
75
5
May
58
104
June
1.50
50
39 H
325
32H
Mar
19
3
17H
May
1.10
Apr
2 Yn
Feb
Buffalo-Canadian. J
53c 54 He
Corp—
lc
"20c
Beaufor Gold
Mar
lc
Mar
Big Missouri Mines
"lie
_*
13
13
Feb
Burt
25
17%
17
4%
Jan
0%
June
106
Jan
1.60
Jan
*
44H
Feb
2.47
9,025
33c
34c
1,803
4
88
88 %
45%
45%
50
45%
*
June
3
May
4H
26
80
Mar
92 %
Jan
40
June
46
Mar
381
7
Mar
13
Jan
90
89
Apr
108
32
33 H
335
29
Apr
36
Jan
18H
18H
30
11
97
18H
100
17%
Mar
20
Mar
•Tan
68
66
68
45
58
Mar
72
100
132
128
132
16
128
May
150
*
4
4
273
2
Mar
18C
20c
2,900
Mar
June
17c
4%
33c
Feb
50
14
867
6H
Apr
Canada Wire B
16H
June
35c
1.500
32c June
57c
Jan
9(
4,600
6Xo June
13Hc
Feb
1,000
3%c June
4Hc May
1,440
24 X
June
30
77c
Mar
SHc
28
Jan
100
Breweries
*
Preferred
3H
14
17
*
Cndn Bakeries pref
Canadian
15H
2 .00
Central Cadillac G M Ltd
25,250
75c
Apr
28 H
27 %
5c
5c
1.70
2.46
Central Patricia Gold
2.46
20c
20c
Chibougamau
Dome Mines Ltd
—
Duparquet Mining Co—
1.74
East Malartic Mines
29
400
100
2.12
20c
Mar
Mar
3.20
Mar
41c
Feb
1,520
27 H
June
30H
June
5c
7.200
3Hc May
6Hc
Jan
1.77
6,500
1.05
Jan
1.77
June
4,950
1.96
Mar
3.25
Mar
2d
*
20 H
Can Car & Foundry
2.12
2.18
6.00
1,450
4.90
Mar
6.95
Jan
Canadian
32c
32c
2,400
28c
Mar
55 He
Feb
Canadian Oil.
40c
40c
1,000
40c June
45c June
10c
Ike
11,475
10c June
15Hc May
7He
1.20
1,700
7c
June
200
99c
Mar
1.50
Jan
920
46 X
Mar
58 X
Feb
Carnation pref
5Hc June
14c
Jan
Mar
2Hc
Jan
7c
1.10
49
10c
10c
"lHc
lHc
lHc
5,000
4.60
4.60
4.60
455
1.11
1.11
750
42 H
Lebel-Oro Mines
Lee Gold
Mines
Lake
42
lHc
27c
Feb
Mar
5.50
Jan
730
June
1.12
June
3.50
Cad
Jan
185
June
Jan
2%
Canadian Locomotive.. 100
—
Preferred.
.
Cndn Wirebound Box
74c
Mar
10
10
May
120 X
20
110
Jan
120H
June
7%
10,947
5
Mar
8H
Jan
17
May
Feb
2.70
1.98
Feb
Feb
Mining..
*
10H
Coniaurum Mines
Cons
*
Bakeries
Jan
Consol
Cons
100
177
Jan
Consumers
Feb
Cosmos
Jan
Gas
16c
16c
10
13H
Mar
17H
Feb
2.07
2.07
200
1.85
Jan
2.35
Feb
43c
500
43c June
65c
Jan
Davies
*
Petroleum
2.75
2.80
7Hc
7Hc
1,000
3 %c
4c
2,500
3Hc
Apr
10c
10 c
5,100
10c
June
3,200
91 He
May
1.78
Jan
Dominion Bank
2.01
May
3.40
Jan
Dominion Coal pref
Mar
1.39
Mar
1.22
1.17
1.25
2.28
2.35
2,130
1.09
1.05
1.14
9,405
88c
Jan
Denison Nickel Mines
42c
Jan
Distillers Seagrams
6Hc
Feb
Preferred
Mar
Dome Mines
43c
53 c
35,008
1.00
1.00
4,550
Mar
1.23
Mar
3.30
900
2.70
Mar
3.60
Feb
4.65
4.65
4.70
525
4.40
Apr
5.60
Jan
23 J^c
May
19c
Mar
38c
Jan
18,500
22c
Mar
43 c
Jan
7.40
7.40
175
Jan
Mar
8.10
1.40
1.45
800
1.35 June
1.51
May
15c
Jan
9c
9c
1,000
39c
39c
45c
2,200
2.50
2.45
2.50
400
45c
47c
550
40c
1.15
1.29
3,335
95c
Mar
1.45
1.43
1.43
300
1.08
June
2.20
9c
9c
500
9c
Apr
17c
1.055
33 k
Mar
47%
Feb
8c
June
34c June
Calgary & Edmonton
Dalhousle Oil Co Ltd
Home Oil Co
1.24
Okalta Oils Ltd
Pacalta Oil..
44
45
Royalite Oil Co
46
1.86
199 %
172
176
June
19
11
16
June
24
Feb
5
102
Apr
105
Mar
188
29
32
10c
5,000
40c
12,300
24c
4,900
21 He
27H
29 H
202
197
18
115
203
4,449
Last
Pa
Stocks—
Week's Range
of Prices
Low
High
Price
3%
Abitibi
preferred
25
10
Apr
Apr
19%
Feb
7c
Mar
*
325
42
44
13H
15 X
9,269
9
Mar
16H
Jan
*
4%
5H
530
4%
June
8%
Jan
8
8H
405
4%
Mar
10
May
84
June
26c
June
15c
100
80
73 H
1
*
c
1
—
c
1
*
Apr
Federal-Klrkland
1
1
Fernland Gold...
—1
*
FontanaGold
1
*
31,555
5
2.21
15,975
2.10
c
Fleury-Bissell.
1.78
14%
3H
c
Jan
Feb
30
.
[)
5.85
6.00
4,375
18H
6c
2,050
25,200
21c
25c
67,300
3
3
5c
5
10H
11
83
.
84 H
Atton Mines Ltd
<•*«•«•
-
Alberta Pacific Grain pf 100
A P Consolidated Oil
2c
2%c
1,900
3%
4%
970
-
4H
Alberta Pacific Grain.
26
~
„
Copper
53 c
Amm Gold Mines
25
26
2
10 X
19c
19c
1,600
51c
58c
68,485
40c
16Hc
June
4Hc
Mar
Apr
lHo
4%
June
Jan
16 He June
Mar
June
26
36 He
Jan
70c
Feb
23 He
23c
27c
43,050
Anglo-Can Hold Dev
1.40
1.40
1.45
1.950
Anglo-H uronian
3.25
3.25
3.30
2,206
2.90
18c
18c
18c
1,000
15c
Feb
33c
Mar
3,500
5e
Mar
10c
Jan
Arntfield Gold
6Hc
Astoria-Rouyn
Augite-Porcupine Gold
27c
57 He
6Hc
2c
.
2c
700
25c 29He
44,900
15c
Cons
Bank of Canada
50
-100
Bank of Nova Scotia
Bank of Toronto
100
220
100
Base Metals Mln
1,600
70c
7,925
57 He
58c
210
220
46
236
36c
298
236
236
35c
9
1.13
—
9
Beaubarnois
Bell Tel Co of Canada.
3H
100
Bloodgood Klrkland.....
162
12H
June
14
June
25c
75
38c
24c 25He
35c
38c
9
9
3%
50
30
6H
June
2%
May
10H
4H
1.00 May
8
June
Mar
5%
Jan
Mar
166 X
Jan
Feb
50c
16 625
9,700
50
9
3%
45
20c
30c
9
58c
Jan
11%
Mar
3H June
29
20
7c
Mar
Mines
9.85
9.75
9.85
4,500
4,990
8.00
Mar
Traction
11%
11%
12 H
7,536
7%
Mar
70
20%
5X
21%
3,271
30 X
30 X
30
Brit Col Power A
20%
Feb
Mar
June
9c
5
Jan
Jan
2
30 H
Brewers & Distillers.—
Jan
146 H
8Hc
B A Oil..
Mar
423
8Hc
Bobjo Mines
1.45
15
Feb
107
3%
*
June
5
Jan
34
Jan
12c
Jan
10.25 June
13
Jan
4% June
10% Mar
7%
Feb
21%
June
28
34
Apr
Jan
Hunts A
.
.
.
Mar
58
7c
2,000
5c
Mar
8 He June
11H
10
78c
3,750
7%
5,330
3Hc
1.05
14H
14H
3%
Jan
2.72
June
17c
Mar
20c
12H
Feb
Mar
15X
June
1.47
Apr
15
1.00 May
1.40
29
8
1.25
4,280
3,855
18c 20 He
10,500
May
37c
26c
8,410
22c
Mar
33c
30 X
5,264
20 %
Mar
30X
1.15
8
8
17%
69)
60H
200
*
7H
69H
203
7H
15
11
91o
15c
Mar
7H June
14
57
Apr
7
190
Mar
7,084
710
100
15
Mar
19 H
Mar
15
4%
Mar
75
*
75
20
65
June
100
12
98%
May
47 H
International Pete
50 H
24%
International Nickel...
26
25,886
37
7,074
23
a
80c
90c
550
2
42c
49c
29,800
Mines
2
18c
24c
18,465
Cons
2
33c
40c
32,84(1
22
50c
Feb
Jan
Jan
Jan
June
Mar
69H June
214
13 X
100
Preferred....... —.100
No par value.
Jan
Feb
Apr
15
*
Apr
Mar
34
Mar
16H
Jelllcoe
9c
Jan
4c June
Apr
Mar
8c
14%
—
2c
27
Jan
Mar
13%
17
Jacola
8X
800
15
Jack Waite
1.09
Mar
305
*
5
Utilities B
12
Mar
1,000
203
Intl
May
4X
lie
100
Intl Milling pref
10
61c
1.10
15
100
Inter. Metals A
Jan
Jan
27 H
)
e
Jan
12
33
2%
Imperial Bank
Tobacco
11c
Mar
1.10
21,500
Jan
June
Mar
75
3
72%
26C
*
Imperial Oil
5c June
4%
2.72 126,805
Huron & Erie
Imperial
35
Apr
16
500
32
lie
1
——'. *
Jan
51 X
2.41
1
-.1
Hudson Bay Mln & Sm_.*
Jan
Feb
52
lOHc 11%c
15
Holllnger Consolidated.—6
Howey Gold
12c
Jan
June
179
3
1
40o
Apr
110
32
.
*
Homestead Oil
100
163
......
Home Oil Co
Feb
45c
4.000
May
3Hc May
29c
Mar
58
75c
'
249
4c
2c
59
6H
3Hc
5
Mar
lfic
11H
-
7H
£
c
May
20,500
8c
54 H
*
227
22c
1,139
1
Bed ley-Mascot
High wood-Sarcee.
Mar
1,500
1,793
1
Hinde & Dauch
14c
11
1
Jan
175,429
6Hc
Hard Rock
Feb
68c
27 H
Harding Carpets
Feb
Mar
5Hc
Harker
27c
31c
8H
23
Jan
1.03
5c
6Hc
Feb
60c
32o
c
"6 He
—
8%
Mar
S
-1
Mar
June
57
4HC
c
5
June
3 He
c
-
44
Feb
5,900
9
c
Hamilton Cottons pref..30
June
615
27 He 40 He
1
1
Halcrow-Swayze
305
10H
c
.*
220
20c
10,600
.1
Mar
10,400
Biltmore Hats
Preferred
Jan
50c
Greening Wire..
June
38c
Big Missouri
Blue Ribbon
Mar
June
47 He
Gypsum Lime & Alabas..*
195
4%
3%
Mar
Jan
c
3H June
6,300
59
Feb
Feb
86H
99,600
18c
20c
Feb
20r
Gunnar Gold
285
1.18
161
54c
June
4.15
Jan
7
1.12
9
13c
62c
June
33c June
1.65
20
4X
-
Realty Bros A
2c
20c
Jan
Mar
Preferred
5c June
Mar
2Hc
-
prandoro Mines....'.....*
Great Lakes Paper
*
79
295
10 H
Bathurst Power A
16c
67c
Bagamac Mines..
95c
Granada Mines
Anr
6%
17c
c
50
Jan
30c May
5
June
74%
2Hc
--*
Preferred
14c
18c June
3
58
1
Goodfish Mining
Goodyear Tire
3 He May
Jan
37
Goldale Mines.....
June
Jan
19H June
*
June
Jan
21%
53c
1
May
6.95
Mai
Mar
1
14c
4
Mar
Mar
Glenora
26H
4.70
16
32
14%
257
Mar
Mar
Mar
27c
Gold Eagle
Mar
Feb
5
3.25
29 H
7,000
8
Mar
Feb
6,200
7
7c
Mar
Jan
June
8.204
*
8 H
2%
1.97 May
1.79
17
8c
30
1.00
Mar
June
33c
4
1.000
1.05
12
19H
4
6,835
6Hc
Jan
Jan
Mar
5c
*
—
9c
June
44
30c
c
*
Rights
73
Jan
18H
c
19
100
Preferred
1
10
30
18M
*
Gatineau Power
1,000
1.69
2.10
0
25 H
37,200
14%
3H
Fanny Farmer
A
83
80
10c 14 He
8c
8c
*
1
35.760
Feb
206
25
Eldorado
9c
9c
*
June
3He June
Easy Washing..........*
26 H
2%
19
4
29X
27H June
16
Falconbridge
High
Mar
189
Jan
Low
Jan
75
51
God's Lake Mine...
Shares
Jan
16
Jan
295
70c
Range Since Jan. 1, 1938
460
Mar
66 H
1,000
Mar
Week
June
Feb
Mar
4 He
Gillies Lake Gold—
for
Sale
17c
11
73
18H
Mar
Sales
Feb
38
23 He
June
4Hc
General Steel Wares
Thurs.
June
18
English Electric A—-—.*
Exchange
2,310
Apr
9c
30
.Tan
1
58 Ho Apr
3.10
Jan
July 1, both inclusive, compiled from official sales lists
Jan
16
178
28
Francoeur
Toronto Stock
Jan
9C
Ford
——
Feb
64 H
25
Eastern Steel
Anaconda Oil Co...._—.
Brown Oil
42c
Mar
70
East Malartic
Anglo-Canadian OIL,
Mar
15%
East Crest Oil
6.55
Mar
20c
13H
Dorval Siscoe
Oil-
Jan
11H
100
Preferred
27 c
7.40
Wright Hargreaves
10,700
22C
1.84
46 H
*
Dom Steel Coal B_,
23c 25 He
Mar
1,400
69
Dominion Foundry..
25c
Cad
Cad--...~—
Jan
1.10
4,776
34c
Dominion Tar
78c
Jan
11%
22c
70
Dominion Stores
June
155
85c May
43c
Mar
59 H
31
35c
*
Dominion Explorers—
3.20
39C
13 H
June
7
19
1
(new)
52c
80c
700
100
~3~30
Sullivan Consolidated
1.30
103 H 103 H
Crows Nest Coal-...-.100
Dark water
....1
43c
2.80
24He June
176
*
100
Preferred
3%c
64c
1,600
2.232
22c
59
1.77
—
13 H
1,800
31c
55%
Chibougama.
5.15
(new)
1.25
Smelters......—.5
2.65
68c
10H
9
*
Mar
Sylvanite Gold
Teck-Hughes Gold......
67c
30c
Cockshutt Plow
3.90
2.30
Feb
1Rc
72o
1.37 May
Jan
1.02
Siscoe Gold Mines Ltd—
June
Mar
100
Sladen Mai
3.20
June
5,800
Sherritt-Gordon
Feb
85c
Jan
35c
15,200
33c
2.45 June
8 He
1.45
Shawkey
2.10
Feb
20
104
10,700
Jan
4.50
8,875
Jan
38,600
4.60
Mar
2.51
Jan
Mar
13c
2.08
7c June
4,200
54c
57c
1.38
2.60
80c
12c
4.60
825
98 H
Jan
50c
1.38
Red Crest Gold
1.65
12
Feb
Central Porcupine._.
4.60
Read Authier Mine
200
1.28
16
Chromium
Pickle Crow Gd M Ltd—
Reward Mining
2.45
102
2.40
100
4.30
35
18
2.40
102
79c
2.75
62c
Placer Development
18
2.45
2,800
Apr
Quebec Gold
OX
.*
3.50
Mar
Premier Gold-..,-.---—
120
..100
3.70
June
1.99
6,807
7
3.55
20c
Mar
10
94c
25
Commoil Ltd
1.55
June
4%
10H
Commonwealth Petroluem
2.90
6
Mar
89c
120
Mar
205
5
2%
June
10H
.100
„
....
June
18,800
7
1,460
June
*
——
.
C P R
Perron Gold Mines Ltd—
Pend-Oreille M & M Co..
7
3H
2,105
*
Malartic
80c
25c
28%
35
44%
2.05
12%
Mar
Apr
Jan
21c
Mar
June
Mar
1.99
7H
Jan
175
35 H
2.05
——
Pato Consol Gd Dredging
Jan
14
30Hc
24Hc
Pamour-Porcupine
9
185
100
Jan
Apr
185
500
5.40
Feb
6%
625
June
18%
500
Mar
5%
22
3.50
3.60
Gold
177
Apr
415
73c
73c June
21
Mar
4
375
50c
73c June
8
Mar
157
85
12%
73c
-
.
14 H
37
27
50c
Mclntyre-Porcupine
McWatters Gold
105
4H
28 H
Central Patricia
1.10
59 H
May
12
Castle-Trethewey
7Hc
—
May
2.65
Mar
27
Caribou Gold
50 IN!
.
Jan
26
1.10
*
Canadian Ind Alcohol A.
6.00
Kirkland Lake Gold
22
June
20 H
7%
Cndn General Electric..50
2.15
Klrkland Gd Rand Ltd
June
25
25
6.00
Lake Shore Mines
15
25
Preferred
Falconbridge Nickel
Francoeur Gold M Ltd—
lOHc
Jan
15
1,585
4%
Canadian Dredge
Eldorado Gold M Ltd
Inspiration Min & Dev
J-M Consol Gold(New)..
Jan
115
2.25
168
165
4%
*
preferred
17
25
2.00
Cndn Bk of Commerce. 100
Canadian Canners
1.27
14H
25
"
*
Feb
Brazil
Jan
Canada Steamships
Preferred
Feb
Bralorne
Jan
Feb
Canada Permanent
15c
B
62c
Jan
Jan
Beattie Gold
fPo
25c
125
Feb
Jan
Mar
Bank of Montreal
Mar
Jan
June
Feb
5c
Bankfield
1.80
June
22o
13
40c
8C
Ashley Gold
May
58
2Hc
3Mc
24c
Aldermac
15
Mar
Jan
1,000
6%
9H
Apr
7,600
Acme Gas & Oil
Apr
9Hc Mar
lc
90c
June 25 to
37
37c
34c
Wood
Feb
6Ho May
200
96c
Thompson
17He
Mar
1,500
90c
Btadacona
Mar
2Hc
10%
11
~33
Canada Malting
Can Northern Power
Jan
11c
95 H
*
100
30c
Pandora
260
4
95 He
O'Brien
17H
2.35
Canada Cement
Jan
67c
.
30
*
B
19
13
1
Oils
A
Jan
11 He
1C0
Calmont
Canada Bread
32c
.
18,600
Bunker
Burlington Steel
95 He
Oro-Plata.
14c
Jan
Cartier-Malartlc G M Ltd
Macassa
56 H
26
68Hc
2c
SHc
27H
_ _
Dredging—
Mackenzie-Red
995
30,500
High
June
36c
35c
—
Goldf
Cndn Malartic Gold
Consol
16c
3 He
56
Jan
(FN)
Calgary & Edmonton
33c
3c
3 He
6H
*
Low
25,400
15 He
*
Hill
44c
2c
Bouscadillac Gold
Gold
42c
40c
36c
Base Metals Mining
Bulolo
4,200
2,000
40c
Range Since Jan. 1. 1938
-
Shares
Canada Packers
2c
Arno Mines.
Buffalo-Canadian
lc
Price
15H
95
Mines—
Aldermac Copper
Week
*
Building Products
Preferred
Alexandria Gold M Ltd.-
for
of Prices
Low
High
1
Jan
Week's Range
*
50
19
pref
1.50
Par
17
39
Walkervllle Brewery
Walker-Good & Worts(H)
Continued)
Mar
7
104 H
6H
Sou Can Pow 6% cm pf 10
cum
5H
Stocks
High
495
12
Reliance Grain Co Ltd
Low
440
90 H
Page-Hersey Tubes Ltd..
Quebec Tel & Pow A
$1
Shares
49 H
1.50
Sales
Last
Sate
96
1.50
Melchers Distillers Ltd—
Range Since Jan. 1. 1938
15
%
Exchange
Thurs.
for
of Prices
Low
High
Price
Pa
MacLaren Pow & Paper.
Week's Range
Sale
Stocks (Concluded)
Toronto Stock
Sales
Last
9X
76
102 H
Jan
Mar
June
Jan
Mar
Mar
Mar
52%
Feb
Mar
31H
Mar
Mar
1.00
Jan
FeD
53 c
Jan
13X0 May
37c May
40c
Mar
82c
Mar
32c
Financial
96
July 2, 1938
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
J
Week
Price
Par
49,508
-*
1.75
1.70
1.80
18,433
10,258
29c
31c
1,728
"~~8c
—
Gold
Little Long Lac
20
1.02
5,800
7c
6c
7c
13,034
67c
67c
71c
3.55
3.55
3.65
850
92c
1.50
59c
9,600
52c
58
Mar
58%
Mar
3c
56
Jan
Mar
Waite
13
Feb
Jan
Feb
74C
Mar
65
39%
39%
40
3,528
30%
Mar
18%
18%
18%
366
15c
14c
16c
18,900
...
*
Preferred
J
Wendlgo Gold
3%
3%
10c
11c
4,500
10%c 10%c
400
.*
Western Canada Flour.
Westflank Oil
West Turner Petroleum 50c
10%
5c
2%
19%
Mar
24
18
Mar
21%
Jan
3.50
Mar
5.55
Jan
3.15
3.30
37c
39c
28,890
11,400
2%
4%
3%
940
9%c
12c
Jan
3.90
Mar
3% June
Apr
6
May
York
9c
Mar
19 %c
4%
96
3
44%
8%
49%
7,990
47
905
28
Mar
50
10%
10%
605
10
June
14
Feb
94
96
227
86%
35%
Jan
99
7.25
7.45
13,593
6.50
Mar
14c
17c
4,600
14c
May
*
4
4
4
4
June
Mar
45
8% June
—
Toronto Stock
Jan
June 25 to
106
1,799
24,225
4,300
69c
Mar
June
Last
Week's Range
18c
10c
Mar
24c
Mar
Sate
of Prices
53c
52c
54c
9,000
32c
Jan
80c
Mar
Moore Corp
Morris
1,500
15c
15c
1,000
F98
*
26c
1.85
2.04
19.320
*
1
*
—1
Moneta Porcupine
-
Kirkland
32
55
National
Sewerplpe———*
12
12
37c
—
...
~~~18c
1.75
1.75
66%
64%
1
New Godett Rose-
Nlplsslng....
Noranda Mines
NordonOll..
53 e
1
*
-1
6
*
Newbec Mines
16%e
14c
—
35%
5c May
40%
Naybob Gold..
Apr
25
1 %c June
38
May
40%
1
3c
12
19c
16c
1.80
2c
4,600
450
1.65
7,925
58
16%c
5c
48
Mar
Mar
7c
4,540
3c
June
Apr
May
12c May
3,000
2c
Apr
Mar
50c
Mar
27c
Range Since Jan. 1, 1938
for
Week
Low
Shares
High
High
.
-
*.
Canada Vinegars
JaD
Canadian
Jan
Cobalt Contact
41%
Jan
Jan
Corrugated Box pref—
19
55c June
4%e
38c
2.15
Mar
1.35
2,175
%c
l%c
500
6%
8%
19,988
Apr
70c
74c
13,600
4,843
37c
3,608
Northern Empires Mines.]
7.85
7.75
7.85
9,820
7.50 May
8.10
Apr
3%
3%
100
3%. May
4%
55
16
75
75
75
90c
17%
68
10
Feb
1.40
Jan
l%c Mar
8% June
%c June
3% Mar
82
June
Jan
11
5
Mar
14%
June
15
65
June
70
June
33
340
Mar
33
June
7%
41%
150
70
31%
32
*
14%
65
"
»
21%
7%
95
5
Mar
8%
41%
41%
15
32
June
50%
17
17
Zt
17
June
17
*
16
16
*
Howard Smith
35c
Apr
June
1.15
*
16%c June
5%c May
73c
15
16
-100
16%
19%
10
10
29%"
29%
29%
45
44%
46
2%c
2%c
1,600
lie 11 %c
3,000
5c
Mar
l%c
9,500
lc
May
2c
1.30
Mar
2.62
Jan
3c
Jan
Hamilton Bridge
Preferred—
35c
.100
Dominion Bridge
Jan
June
68
2%
6
1.35
1100
—
Jan
50
80
.
*
Preferred-
Jan
9
3%
6%
7%
DeHavilland
Jan
4
3%
«.
16
Consolidated Paper...
Jan
May
June
11,000
6
Marconi... I —1
—-1
w
3c
6
*
Jan
-
12c
2%c June
2%c
2%c
*
Canada Bud
17c
Northern Canada.. ..—*
—
7
—
12
130
Mar
Jan
Feb
June
20%
Feb
Mar
Norgold Mines.
4c
1
Norrnetal
*
———
North Star pref
O'Brien Gold
—J
3
3*65
———*
1.45
"~49c
-----I
Omega Gold--
1.50
Orange Crush
Orange Crusn pref
*
Plata
Pacalta
Oils
*'75o
---'
Page-Hersey
*
*
Porcupine
Pandora-Cadillac—
Paulore
2.75
7,300
1.07 June
1,200
45c 49 %c
19,718
1.50
1.50
2c
31c
1.00
31
35
5
73c
75c
—
-.
7c
4
46c
9.000
June
22c
Mar
69c
Feb
United Fuel pref
12c June
23c
Mar
38c
9,200
....
Perron Gold
——._
58
58
*
1.35
58
5
1.30
1.48
15%
]
15%
Apr
4
29,350
June
1.02
18,300
Jar
17c
96
58
1.76
Feb
Robt Simpson pref
~4~55
4.55
4.80
9,240
3 .80
Mar
5.10
2.95
3.00
3,560
2.80
Mar
3.30
Mar
97%
97%
Porto Rico pref
Powell Rouyn
10(
Power Corp.....
Prairie Royalties
*
25c
2.22
Premier
—
—
—
2.25
13%
14
35c
2T1
.*
Preston E Dome
1
Quebec Mining...
~~89c
1
Quemont Mines..*
Read Authier..—
l
Red Crest..
—
35c
Mar
2.41
15
52c
Mar
2.42
Mar
1.81
10
19
41c
Mar
70c
f%c
Mar
42c
42c
500
l,44f
3.725
2.60
Mar
10r
2.75
2.85
8c
1,000
7c June
45c
15c
49,100
13%c June
36 %c
35c
35c
800
25c June
Remington Rand
A
_
Gold
13%
.1
48c
#
Riverside Silk........
9%c 10 %c
100
190
44
100
11c
1
St Lawrence Corp.......*
5%
17
.—50
San Antonio....
24
177
*
..
50c
24
9%.c
...100
Saguenay Power pref.
St Anthony......
48c
24
..Ll
Roche Long Lac
13%
45%
96% 100
11c ll%e
4
5%
17
17
1.25
1.30
30
10%
8,800
39%c
415
21
170
56
34%
95
30
Jan
Apr
9c
13,850
775
Mar
June
Feb
Mar
June
10c
Mar
3
5,500
June
579
50
12% June
55c
64c
25
190
48%
100
20c
June
3
May
18
May
Jan
2
Mar
20
12
Mar
4%
23
15
31
Apr
Feb
Apr
21%
760
20
37
He
2,000
9%c
20
35%
30
200
175
4
Mar
Mar
Jan
Jan
37
June
25c
Jan
42
May
Apr
1.00
Jan
1.75
May
Jan
Feb
9%c
12c
19,000
1.18
1.15
1.24
24,255
9lc
May
1.00
1.00
100
1.00
Apr
4?
1%
May
10
8%
June
May
Apr
95
May
3.40
Mar
1.38
Apr
Mav
24c
39%c May
77c
94
par
-
3%s
3%s
-
1973
Montreal Tramway 5s 1941
86%
Ottawa Valley Pow5 %s '70
Power Corp. of Can 4%s'59
55
85
5s
1956
74
95
Dec
1
1957
Price Brothers 1st 5s..1957
.
2nd
51
53
98
99
104% 105
39
/38
103
50
100
96%
99%
105
106
99
100
101
103
92
4s. —1957
Provincial Pap Ltd 5%s '47
100
Saguenay Power 4%s A '66
93%
90
96
94
50%
98
95%
98%
50
48
Eraser Co 6s—Jan 11950
1939
1956
value) 3s..
49
47
1961
Gatlneau Power 5s.—1956
103
conv
deb
4 % s series B
103% 103%
103%
103
103%
89
90
Shawinigan W & P 4%s '67
104
104%
Int Pr & Pap of Nfld 5s '68
June
1966
Gt Lakes Pap Co 1st 5s *55
May
7
92
114
Montreal Island Pr 5%s '57
Montreal L H & P (S50
78
101
103
Smith H Pa Mills 4%s '51
United Grain Grow 5s. 1948
95
97
92
94
1961
88
90
United Securs Ltd 5%s *52
68
69
..1951
52
5 4
Winnipeg Elec 6s Oct 2 '54
78
—
Mar
7c
93%
Jan
86c
Minn & Ont Paper 63.1945
92%
99%
100% 101%
Jan
2.00
104% 105
4s
Jan
.1
2%s'to '38-5 %s to '49—
Massey-Harris Co5s.. 1947
McColl Frontenac Oil 6s '49
106%
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Mar
Sherritt Gordon
98
55
Donnacona Paper Co—
Jan
Jan
10c
53
5%s ex-stock
June
1
Maple Leaf Milling—
111% 112%
Dom Gas & Elec 6%s.l945
Feb
Shawkey Gold.
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s_1951
91%
90%
Ask
Bid
61%
84
82
Cedar Rapids M & P 5s '53
Consol Pap Corp 5%s 1961
Mar
1.25
Utility Bonds
Ask
/61%
Canadian Vickers Co 6s '47
Jan
._..]
Sllverwoods
*
Preferred
*
8
*
—
Simpsons A.
Simpsons B
Simpsons pref-
10
*
6
4
6
100
82
81
84
2.25
2.35
1.10
1.04
1.15
14c
11c
15 c
3%c
3%c
53c
83,963
.1
l
__1
Sladen Malartic
Slave Lake..
2.30
South End Petroleum
*
Stadacona..
*
Standard Chemical
"53c
7
„.*
Stedman Bros Ltd..-
*
Preferred
"ml
..25
63
100
7
Mar
June
17%
69 %
285
54
Apr
10
4
June
4
2.70
2.75
lie 13 % c
3.35
1.450
2.00
Mar
3.80
10c
Mar
100
3,10
3.35
12%
12%
4.75
3,025
.*
1.34
1.30
1.35
1,945
Tip Top Tailors.......*
Preferred...
100
12
lot"
Toburn
12
101
101
Toronto Elevators—
*
Preferred-
1.05
June
1.57
17
255
4.1
20
75
13%
108
—Edmondo
!
2.90
Mar
17
40
J'.w
48
85
a new
A.
Withey,
announce
that, effective July 1, 1938, the
name
They have
York, N. Y., and National City Bank
become "associated
has
with
Goodbody
&
Co,
as
Mr. Gerli specializes
66c
—.1
1.95
1.83
1.98
90c
Jan
*
13%
13%
13%
19,200
2,014
15c
15c
3.500
11
13c
facilitate the
handling of silk futures
as
contracts,
partnership as of July 1 of the same
name
has been announced.
Mar
15%
Jan
Mar
2fic
Jan
The
new
Newborg, limited partner.
Jan i
1.98 June
Goodbody & Co.
Exchange Silk Clearing Association, Inc.
of June 30 of Newborg & Co. and the formatiori of
partnership will be Frank J. C. Weinberg, Exchange
member, Herbert J, Marx, F. A. Morgan Easton and the Estate of Leopold
Mar
Mar
To
members of the
Feb
Mar
Gerli
—The dissolution
Jan
73
*
Howard
changed to Franke, Hannon & Withey.
have joined the Commodity
Jan
12
33c
.
was
.
Jan
Ma-
3,500
Gas..—
partnership
F et)
Mar
June
78
1
45c
5
Hannon and
assistant to the partner in charge of commodities.
; in the silk futures market
Jan
41c
Tawagmac Exploration. .1
Unttod ot]
16
NOTICES
Raymond J.
Building, Troy, N. Y.
Jan
Feb
43c
Toronto General Trusts 100
TJchi Gold—
Jan
5.70
10
75
50
16
Mar
100
44.
"17"
3.60
Mar
May
4.40
5
825
Franke,
.
»
15
2.25
Jan
Mar
2.60
3,100
2.15
Nominal.
offices at 444 Madison Avenue, New
Jan
12%
20
4.55
n
May
9,900
4.55
of the
June
5
Apr
*
~
64
15%c
6c
56,500
B.
Franke, Graef & Hannon,
Jan
64
f Flat price,
who have been engaged in the practice of accountancy under the name of
Apr
Mar
4
l
—William
.Tan
4
60%
No par value,
CURRENT
Jan
16
2.70
*
_
Hughes...—
Texas Canadian...
10c
*
Jan
56
13 %c
Sylvanlte Gold
8%
60
l
Teck
6s
Mar
604
*
Tamblyns..
25
5%s—
3,% June
18
16%
10c
Sudbury Basin....
Sudbury Contact-
'> % c
Lake St John Pr & Pap Co
Jan
1.25 June
67%
9c
*
3
71
1.80
Mar
65
~9%c
Straw Lake Beach
Union
7
16
25
8,295
15,950
84,800
34c
Jan
16%
*
Steel of Canada
Mar
9%c June
1,000
42c
_..
Slscoe Gold
Sterling Coal
3%
10
1.11
1,875
1.55'
105
117
3%
18%
150
Apr
2%c
115
390
3%
35%
.100
Jan
16c June
21
109
35%
10%C
Jan
4%c
lc'June
18%
*
Canadian Inter Pap 6s 1949
Canadian Lt & Pow 5s 1949
5% June
17
11,600
Canada North Pow 5s. 1953
Jan
13% June
24c
June
1%C
Canada Bread 6s...-.1941
Jan
*
46
l%c June
3
Li oo
Calgary Power Co 5s..
Jan
13 %c
4.55
Mar
2%c June
2,500
20%
2%
3
Burns & Co 5s
12c June
10c
2~80
"
*
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 5s.
Jan
Jan
67e
32
34,450
3%
Bid
Feb
72,590
Mar
lc
21
Abitibi P & Pap ctfs 5s 1953
Feb
1.34
98c
31
2.07
105
*
Alberta Pac Grain 6s. -1946
Apr
May
81c
Mar
Closing bid and asked quotations, Friday, July 1
Jan
30c
7,600
300
27
768
Industrial and Public
Feb
Apr
Mar
3,200
2.15
15
305
l%c
lc
99% May
1.37
7c
Reeves-Macdonald
A.
May
Feb
14 He
'
Royal Bank
Royalite 011—...
96
21(1
2.00
—
Red Lake Gold
Reno
It
11,950
15
1
Pressed Metals.
2.17
14
1
19%
1.93
Temlskamlng Mines- LLLi
Jan
2.95
19
June
10c
Feb
l
15% June
24c
10
June
1
5
June
100
6,500
l%c
►—I o O
Stop & Shop—
Mar
Pioneer
*
1
Preferred
Jan
Photo Engravers.i
Pickle Crow
Gold——
lc
Waterloo Mfg A
5c
Pen mans
Mar
Feb
78
41,200
13c
---1
1.45
7%
20c
7%c
48c
Robb-Montbray
Jan
May
Jan
100
12c
1.99
...1
5%
Standard Paving
2,900
45 %c
—-1
Ritchie Gold
1.50 June
...
Feb
5c
12%e
Pend Oreille
Pawnee-Kirkland
63c
5c
46 %c
1c
June
22c June
10c 10%c
1
1
55C
"*
Rogers Majestic—
)
1
--.-3
11c
__*
National Steel Car
Shawinigan
1,000
Paymaster Cons
Payore Gold
Oslsko Lake Mines.— —1
Feb
22c
9%c
Gil Selections
Jan
Feb
22c
5c
Jan
4.30
8,940
9c
Jan
2.30
Mar
3.50
25
1100
Montreal L H & P
June
90
3.40
J
Gold.
Mercury Mills pref...
5.45
Mar
Apr
Jan
Mandy
5%c
June
Mar
Humbeistone
Jan
37c June
6c
7,200
88
3.50
7c
Mar
1.14
2.90
9c
88
3
Pamour
Pantepec Oil.
Partanen-Malar tic
7,055
1.51
2%c
3.50
5
!
Oro
3.70
1.39
2%c
Okalta Oils
Olga Gas...
.
1
...
3%c
13 %c
56c 525,080
3c
Bruck Silk
Apr
Mar
1,000
1
Brett Trethewey
20c
8,266
Brew.———*
Jan
Low
Price
Jan
2.56
1%C
National
18c
Mar
5%c
For
Stocks—
2.49
12c June
1.60
5C
1%C
Murphy Gold..,
Mar
Ma
4%
Sates
Thurs.
Jan
1.15
8c June
1.45
900
34
30
Feb
Feb
Exchange—Curb Section
1.15
Monarch Oils..
Jan
8.20
30c
July 1, both inclusive, compiled from official sales lists
42%
5,727
Jan
43c
%c June
14c
1.08
lie
21
7.35
41%
1.95
Jan
*
17 %c
1.80
Jail
93
13,150
18c
10 %C
16
Apr
27c
1.09
1.87
Jan
Mar
May
7%
65
21 %c
~41%
"
Jan
June
1%
40
.*
Knitting..-..
8c
12c
3%
2%
May
Feb
May
25c
Yankee Girl
May
—
4c
1%
50
1
1
*
McWatters Gold
Feb
Mar
3c
164
14%
66
1.90
6
Mercury Oil
Mining Corp
14
3%c
Mar
Mar
Mar
1%
8,725
Mar
Mar
9
l%c
1
Wood-Cadillac..—
Ymir
3.00
14
65
Winnipeg Electric pref. 100
Wood (Alex) pref...... 100
Wright Hargreaves
Feb
"z'.QO
.*
B
Jan
49c
*
Mines—
Mclntyre
Jan
Apr
162
White Eagle
McKenzte Red Lake
McVlttle-Graham
34c
14%c
74,400
2%
Mar
Jan
Mar
Mar
1,100
12c
Winnipeg Electric A
1.30
June
4%
8c
1,000
Feb
25c
Feb
19%
20C
Mai
9%C
180
t%c
10%
10%
Westons
Jan
44%
Mar
So
Jan
4.85 June
Mar
17
'Z2
10
6.00
260
100
Mar
3.50 May
10%
Preferred
1.02
9c
342
7%
50,464
5c
8,200
7%
4.40
l%c
38c
100
Preferred
4.00
5c
3.30
McColl Frontenac
4.05
1%C
4.70
5
»
Amulet
11%C
22%
12c
1.25
I
20%
—
-1
Jan
7.40
Apr
1
*
4.55
5
Mines
Massey Harris
Mar
90c
Whitewater
22%
Preferred
Maraigo
4.00
200
Wiltsey-Cogblan
Feb
20%
Maple Leal Milling.——
6,070
1.05
Jan
1.13
15c
3%
MacLeod Cockshutt
Madsen Red Lake
5.75
1.05
Feb
60c
4.60
1
1
1
5.60
1.05
1.12
Apr
5%c June
Jan
6
Mar
5.75
Mar
85c
High
Low
3
5,615
Apr
22%
—
Mines-—-
5%
5
*
May
5c
Week
*
—
Walkers
Mar
13%
Mar
37%o
Shares
5%
Vulcan Oils..
Jan
Jan
1.50
Mar
2
24,850
53c
59%
55c June
Mar
11% June
for
of Prices
Low
High
Price
Par
Ventures
20%
A
B
54c
1
—-*
*
Oro
Mar
June
2.500
—*
.—-1
1
1
Cap Gold
2.30
27c
100
14%
3%c
59%
3c
Range Since Jan. 1, 1938
Week's Range
United Steel
46
440
4
•3%
14%
Lamaque Contact
Lapa Cadillac
95c
10,700
50%
3%
Laura Secord
Macassa
1.12
49%
Sulphite
Lake oI Woods
May
52c June
60c
30c
\
Loblaw
1.300
1,700
49 %
»
Lake Shore
Lava
65c
78c
1.07
1.09
16c
June
78c
J
Laguna Gold
9%c June
1.25
Stocks (Concluded)
High
52c
1
1
Kirkland Lake
Leltch
Low
11c
Kerr Lake-..-—-
Lebel
Shares
9% ft
Kirkland-Hudson
Lake
Range Since Jan. 1, 1938
10%c
Kerr Addison
Sales
Last
Sale
for
of Prices
Low
High
stock) .1
Consol (New
M
Week's Ran^e
Sale
Exchange
Thurs
Sales
Last
Stocks (Continued>
Toronto Stock
Exchange
rtXUTS.
—Emil H. Kessler, formerly Editor of the- "Bulletin" and Manager of
' the Statistical
Dept. at Bryan, Penington & Colbert is now affiliated with
Hartshorne, Fales & Co.. 71 Broadway, New York.
Volume
147
111999577865
Financial
Quotations
a3s
Jan
19760
New York
Bid
1 1977
a3%sJuly
1
99
a3 %s May 1 1954
a3 %s Nov 1 1954
a3 %s Mar 1 1960
a3%sJan 15
a3%sJuly
Oct
115%
115% 117
117%
118
1 1980
<z4%sSept 1
a4%s Mar 1 1962
a4%sMar 1 1964
Ask
May 1 1957
115% 117
108 % 109%
Nov
11957
a4%s Mar
1 1963
115% 117
117% 118%
a4%8 June 1 1965
<z4%s July 1 1967
«4%s Dec 15 1971
119
Merchants
National Bronx Bank
Bensonhurst National... 50
75
100
13.55
32
34
Commercial National..100
124
130
Penn
Avenue
100
700
First National of N Y..100 1580
Flatbush National
100
34
730
Peoples National
122
122% 124
113%
112% 114
113
114%
113% 115
3s 1974
116%
11977
Nov
15
116% 118%
117
118%
Mar
1 1981
'78
119
118
11979
Fifth
Klngsboro
National... 100
1
62.40 less
5s Jan & Mar 1964 to '71
Bank & Trust
First
Bid
35
40
12%
27%
28%
National Safety Bank. 12%
13%
National City
1620
Exchange...:
15%
10
Public National
9
11
50
43
48
25
27
28%
Sterling Nat Bank & Tr 25
22%
24%
Trade
44
65
16
19
Bank
12%
*
Bid
Ask
Par
Bid
Ask
Harris Trust & Savings. 100
160
255
270
Northern Trust Co
180
490
520
100
1
33 1-3
70
72
100
225
230
National
4%s April 1940 to 1949..
61.70
Highway 'Improvement—
4s Mar & Sept 1958 to *67
62.55
-*.
-
112%
Barge C T 4%s Jan 1 1945.
Ask
106%
115%
Home Fire
47%
Homestead Fire
10
24%
Importers & Exporters
5
Ins Co of North Amer. ..10
7%
65%
Knickerbocker
5
11
Lincoln
5
Life
21
25%
75%
22%
5
22%
24%
.10
6%
American of Newark...2%
American Re-Insurance. 10
11%
31%
33%
American Reserve
10
24%
26%
1.25
41%
43%
32%
Agricultural
25
72%
10
Gen & ref 3d
100% 101%
96%
97%
97%
98%
ser
3 %s '76
ser
Ask
Holland Tunnel 4%s ser E
104%
3s 1976
Gen & ref 3%s
1977
George Washington Bridge
4%s ser B 1940-53.M&N
106
..M&S 50.50 to
1942-1960
M&S
111
1.25%
American Surety
1939-1941
M&S 60.75 to
M&S
1.60%
107% 109%
Bankers & Shippers
Boston
4s 1946
100
Ask
101%
Bid
Honolulu
5s
Ask
63.50
4%s Oct
1959
103% 104%
U S Panama 3s June 1 1961
4%s July
1952
5s
Apr
1955..
103% 104%
100% 102
5s
Feb
1952
106
108
108
110
3.00
Govt of Puerto Rico—
1941...
Hawaii 4 %8 Oct 1956
Camden Fire
Carolina..
6
14
lire.
Casualty
80
573
5
17%
62
2
7
20
109
New Amsterdam Cas
New Brunswick
2
26 %
28
30
Northern
2%
North
41%
5%
3%
43%
6%
Northwestern
Pacific Fire
43
Phoenix
io
22
5
116
Fidelity & Dep of Md...20
Fire Assn of Phila
10
110%
__10
109
111
111
Franklin Fire
10
Hampshire Fire
42
44
40
43
New York Fire
2.50
Preferred
61
Bid
Ask
3%s 1955 opt 1945...M&N
104%
104%
4s 1946 opt 1944
111
111%
3s 1956 opt 1946
1037,6 103%
4%s 1958 opt 1938
J&J
M&N
101% 101%
10
8%
25
Accident
Reinsurance Corp (N Y)„2
26%
Republic (Texas)
Bid
Atlanta 3s..
3s
...
Burlington 5s
4%s
/45
California 5s
101
Central Illinois 5s
/28
/5%
/45
Chicago 4%s and 5s
Dallas 3s
....
Denver 5s
Ask
99% 100%
99% 100%
38
Rhode Island
Rossla
100%
50
St Paul Fire & Marine. ..25
39%
12%
26%
41%
14%
Seaboard
29
Security New Haven
Globe & Republic
5
Globe & Rutgers Fire... 15
2d preferred
15
98
First of Fort Wayne 4%s..
First of Montgomery 5s...
100
Ask
31
6%
63
66
..5
24%
26
8%
Great American
10
•.
99%
99% 100%
First of New Orleans 5s
99% 100%
First Texas of Houston 5s.
5s
88
91
New York 5s
99% 100%
North Carolina 5s
99%
99%
100%
Oregon-Washington 5s
/34
38
Pacific Coast of Portland 5s
100
101
Pennsylvania 5s
100
101
105
107
Phoenix
-
4%s
5s
106% 108
Potomac 3s.
99% 100%
.....
100
101
St Louis 5s
/28
101
Chicago 4 %s
Fletcher 3%s
102%
80
San Antonio 3s
100
77
78
Southwest
5s
3s
99% 100%
88
91
93
96
121
3%
4%
500
550
23
Travelers
__.100
445
455
33%
14
15
51
53
47
50
31%
33%
76
79
U S Fidelity & Guar Co..2
U S Fire
4
54%
(J 8 Guarantee..
27%
29
Westchester
30
100%
Bid
10
Fire
2.50
All series 2-5s
1953
84
Arundel Bond Corp 2-5s,'53
Arundel Deb Corp 3-6s '53
.......
'
-
-
-
-
76
Associated Mtge Cos Ino—
Debenture 3-6s
1953
Series B 2-5s
Ask
40
42
77
.•
48
Issues)
........
........
52%
1954
Potomac Bond Corp
Cont'l Inv Bd Corp 2-52 '53
Cont'l Inv DebCorp3-6s '53
74
2-3s_.
_
_.
-
«.
-
2-5s
•>
•
—
—
1953
74
Potomac Cons Deb Corp—
3-6s
...1953
42
44
42
44
>
Potomac Franklin Deb Co
1945
49
34
68
Interstate Deb Corp 2-5s'55
16
•
-
3-6s
--
Mortgage Bond Co of Md
100%
Inc 2-5s
_
-
(all
Potomac Deb Corp 3-6s '53
Empire Properties Corp—
100
99% 100%
99% 101
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
55
99%
5s
Virginian 5s
Virginia-Carolina 3s
Ask
Allied Mtge Cos Inc—
99
64
Union of Detroit 4 %s
Illinois Midwest 5s....
Iowa of Sioux City 4%s...
118
5
8%
22%
32%
Surety Guaranteed Mortgage Bonds and Debentures
/14
Southern Minnesota 5s
81
Springfield Fire & Mar..25
52%
Hartford Steamboiler___10
Home
5
100%
99% 100%
Fremont 4%s...
5s
10
10
5%
199
6%
20%
31%
10
Stuyvesant
7
4%
Sun Life Assurance....100
9%
21%
31%
10
5
90
101%
102
23%
191
Seaboard Fire & Marine..5
Surety
8%
25
101
87
Ohio-Pennsylvania 5s
50
103
99% 100%
First Carolinas 5s.
Bid
100
Lincoln 4%s
xG %
5
20
17%
23%
5
22
19
Hartford Fire
Lafayette 5s
34
22
10
...10
20
Hanover
Bank Bonds
81%
32
5
35%
Halifax
Joint Stock Land
77%
15%
89
Great Amer Indemnity... 1
M&N
.
115
27%
120%
103% 108
Providence-Washington .10
General Reinsurance Corp 5
Georgia Home
..10
Gibraltar Fire & Marine. 10
Ask
17
83
25%
National.25
Glens Falls Fire
Bid
15%
80
5
12.50
River
£86
5
29
10
59
5
11%
20
New Jersey
99% 102%
Fireman's Fd of San Fr.25
Firemen's of Newark....5
109
New
8
114%
10%
27%
25
41
Excess
109
103716 103%
103716 103%
6
60
Revere (Paul) Fire
3s 1955 opt 1945.. ....J&J
8%
10
Eagle Fire.
2%
Employers Re-Insurance 10
113
3s 1956 opt 1946.. ....J&J
7%
'*■ 4
21%
19%
23%
18%
28%
58
Federal Land Bank Bonds
45
19%
17%
Federal
Conversion 3s 1947
42
10
10
.........10
120%
U S conversion 3s 1946
4
45%
National Liberty
National Union Fire
84
560
118
July 1948 opt 1243.
2%
3%
43
Merch & Mfrs Fire New'k 5
Merchants (Providence)..5
National
2%
15%
8%
67%
12%
2
1
Mass Bonding & Ins..
12%
Merch Fire Assur com
5
7
25
4%s July 1952
115% 117%
2
10
Connecticut Gen Life.-.10
Continental Casualty....5
1110
United States Insular Bonds
Bid
10
Maryland Casualty
13%
100
City of New York
Philippine Government—
Security
National Fire
Baltimore American...2%
Inland Terminal 4%s ser D
8
30%
112%
1942-1960
109
Equitable
American Home
Bid
1939-1941
Ask
94
45%
Aetna
Authority Bonds
Ask
105 %
48%
Bid
90
io
American
Port of New York
Par
10
-
American Alliance
Gen & ref 2d ser 3%s '65
46%
Aetna
129
Barge C T 4s Jan '42 & '46.
134
Bid
.Par
Canal Imp 4s J&J '60 to '67
137
Gen & ref 4s Mar 1 1975.
12%
Aetna Cas & Surety
137
Port of New York—
FRANCISCO—
Insurance Companies
~
129
Canal Imp 4%s Jan 1964.Can & High Imp 4%s 1965
Bid
SAN
Bk of Amer N T & S A
Ask
Highway Imp 4%s Sept '63
Greensboro
104
World War Bonus—
Canal & Highway—
First Trust of
Ask
98
50
Chicago & San Francisco Banks
Par
American National Bank
& Trust.
100
Ask
62.30 less
3s 1981.
Atlantic
Bid
100
Continental Illinois Natl
Bid
5%s Aug
Bank
120%
120%
a4%s Dec
19%
48
118% 119%
109%
Feb 15 1976
Jan
New York State Bonds
Gen & ref 4th
Pur
.
17%
40
Chase
a4%s
a4%s
a4%s
a4%s
fl4%s
a4%s
108% 109%
—
Bid
Bank of Manhattan Co. 10
Bank of Yorktown_.66 2-3
116
112
May 1
a4s
114
111% 112%
Nov
Par
11966
108%
May 1 1957..,
a4s
May 1
a4%s Apr
Ask
a4%s Apr 15 1972
a4%s June 1 1974
% 100%
104% 107%
a4s
a4s
New York Bank Stocks
Bid
104%
103
104%
102% 103%
102 & 103%
a4s
1
City Bonds
99
103
1 1975
97
Over-the-Counter Securities-Friday July 2
op
Ask
98
Chronicle
1953
42
Potomac Maryland Deben¬
1953
85
-----
Nat Bondholders part ctfs
(Central Fund'gseries)..
/22
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-68.1953
74
25
-
42
-
ture Corp 3-6s
1953
Potomac Realty Atlantic
Deb Corp 3-6s-_
1953
72
42
Realty Bond & Mortgage
«.
deb
3-6s.
1953
44
Unified Deben Corp 5s 1955
31
33
Bid
Ask
-
44
-
-
Joint Stock Land Bank Stocks
Par
Atlanta
100
Bid
Ask
Par
New York
30
38
100
Denver
North
83
86
25
Ask
Telephone and Telegraph Stocks
9
12
..100
58
64
Bar
100
19
23
Am Dist Teleg (N J) com.*
100
75
85
...100
53
57
Potomac
55
Bid
......100
Pennsylvania
45
Dallas
45*"
20
Atlantic
San Antonio
Carolina
...
Preferred-....
Bid
Ask
89%
.100
..
First Carollna3
100
4
7
Fremont
100
I
2%
Lincoln
100
4
.
.
96
par
New York Mutual Tel.100
16
Pac & Atl
13
Virginia..
5
Virgi ni a-Carol I na
.
100
1%
80
6
Federal Intermediate Credit Bank Debentures
Bid
F I C 1 %s
Ask
Bid
15 1938 6 .20%
15 1938 6 .20%
F I C 1 %8
Dec
F I C 1 %s
Jan
F I C 1 %s—Sept
K I C I %s
Oct
15 1938 6 .25%
15 1938 6 .30%
F I C 1 %s
Feb
F I C 1
%s
Apr
F I C 1 %s
15 1938 6 .30%
%
158
164
115
118
Cuban Telep 7% pref.,100
30
40
50
58
Franklin Telegraph
25
30
90%
93%
So & Atl Telegraph
Sou New Eng Telep
57
61
Mtn States Tel & Tel.. 100
1%
70
Bell Telepof Canada...100
Bell Telep of Pa pref...l00
110
115
8'western Bell Tel pref. 100
Wisconsin Telep 7% pf.100
—
July
%s—Aug
Nov
IF I C
1
100
Gen Telep Allied Corp—
$6 preferred
*
Ask
June 15 1939 6 .45%
F I C I
15 1938 6 .35%
16 1939 6 .35%
Par
Banca Comm Italiana._100
Bk of New York & Tr__100
Bankers
Bronx
County
Brooklyn
Central Hanover
10
7
100
20
Bid
90
359
369
46
48
4%
Associates Invest 3s. 1946
6%
79
84
River Bridge 7s... 1953
100
Bid
Ask
Irving
190
205
231
Guaranty
County
Lawyers
1550
12
1590
28
87%
40
42
53%
59%
11
14
New York
Title Guarantee & Tr. ..20
32
38
40
90%
Chemical Bank & Trust. 10
Colonial Trust
..25
12%
13%
Corn Exch Bk & Tr
20
49%
.50%
Underwriters
Empire
10
16%
17%
United States
20
Preferred—
Continental Bank & Tr.10
26
115
100
109
25
100
Ask
97%
12
16
136
140
114%
115%
115
117
Bid
Home Owners' I/n
z49
..25
100
2s
101
.
% % notes Nov 2 1939.
89%
6%
80
1475
51
92%
7%
100.19 100.21
June
Ask
Corp
15 1938
100.6
100.9
1939
101.7
101.9
1
York City Park¬
way
Authority 3 %s '68
104%
105%
3%s
1%e......Sept
J
1939
101.15 101.17
Fed'l Home Loan Banks
Dec
2s
Apr
Federal
2s
Natl.
May 16
..1944 b
2.40
less
1
revenue
1949 b
2.'»0
less
1
Reynolds Invest'g 5s 1948
Triborough
50
52
Bridge—
I
1939
100,17 100,19
4s s f revenue '77 AAO
1940
....July
2s
revenue
3%s
Federal Farm Mtge Corp
102.18 102.21
4s serial revenue.-1942 b
2.10
less
I
1943
101.22 101.25
4s serial revenue.. 1968 b
3.50
less
1
Mtge Assn
1943.ont'39
For footnotes see
page
108%
109%
United Stats Steel Corp—
101.8
90
15 25
Aug
1 %s
New
Commodity Credit Corp
Is
Manufacturers
96%
236
11
Kings
Clinton Trust..
50
23
110
Telephone—
$6.50 let pref
Bear-Mountain-Hudson
Par
Fulton
16
*
100
Preferred A
Rochester
25
Miscellaneous Bonds
Companies
Asfc
102
Telegraph
Peninsular Telep com
15 1939 6 .35%
15 1939 6 .40%
Bid
New York Trust
19
117%
Int Ocean Telegraph... 100
Moines
114%
Emp & Bay State Tel.. 100
Des
99.
101.11
Debentures
3%s..l948
102%
102%
Financial
98
Chronicle
July 2, 1938
•
»
Quotations on Over-the-Counter Securities—Friday July 1—Continued
Railroad Bonds
Bid
Guaranteed Railroad Stocks
Asked
26
.1945
21
.1945
21
.1939
91
923*
.1939
343*
353*
.1943
65
70
.1940
30
.1944
26
.1955
90
95~~
Chicago Indiana & Southern 4s
Chicago St. Louis & New Orleans 5s
Chicago Stock Yards 5s.
.1956
60
68
.1951
60
.1961
93
Cleveland Terminal & Valley 4s
.1995
30
.1951
105
Akron Canton and Youngstown 53*s
Atlantic Coast Line 4s
3oscpb Walker $ Sons
Baltimore & Ohio 43*s
Boston & Albany 43*s
fork Stork Exchange
Mrmbtrt
Dealer* in
120 Broadway
Boston & Maine 5s
43*
Cambria & Clearfield 4s
Tel. RE ctor
GUARANTEED
NEW YORK
—
2-6600
STOCKS
^inc®1855x
...
Connecting Railway of Philadelphia 4s
Duluth Missabe & Iron Range 1st 33*s
Guaranteed Railroad Stocks
j.—
26
33
67
34~~
1073*
.1962
63
.1953
100
993*
.1945
Florida Southern 4s
49
68
Illinois Central—
(Guarantor In Parentheses)
Louisville Div. & Terminal 33*s
55
Asked
53
10.50
58
85
90
6.00
29
34
2.00
26
30
8.75
78
82
8.50
30
—..100
2.85
42
47
Carolina Cllnchfleld & Ohio common 5% stamped.. 100
5.00
68
73
Canada Southern (New York Central)...
5.00
Cleve Cinn Chicago & St Louis pref (N Y Central)-.100
Cleveland & Pittsburgh (Pennsylvania)
.....50
Fort Wayne &
40
62
55
65
3.50
69
;
Jackson pre! (N Y Central)
2.00
40
44
2.00
35
39
5.50
45
50
Georgia Hit & Banking (L & N-A C L)._.
Lackawanna RR of N J (Del Lack & Western)
134
9.00
100
100
4.00
40
100
Michigan Central (New York Central)..
Morris & Essex (Del Lack & Western)...
New York Lackawanna & Western (D L & W)
85
Memphis Union Station 5s
.1959
108
110
.1940
963*
100
New York & Harlem 33*s—•
.2000
98
100
New York Philadelphia &
50.00
..
500
45
28
5.00
52
83
.1947
80
90
.1939
45
48
.1941
102
1033*
.1947
1143*
1163*
Norfolk 4s
Portland Terminal 4s
..
_
_.
Providence & Worcester 4s.
4.00
77
Terre Haute & Pecorla 5s
.....
82
.1947
—
—
60
70
.1942
98
101
79
Toledo Peoria & Western 4s
.1967
Toledo Terminal 43*8
.1957
Toronto Hamilton & Buffalo 4s
.1946
United New Jersey Railroad & Canal 333s
.1951
.1940
65
Washington County Ry 33*s
West Virginia
Pittsburgh 4s
.1954
35
40
.1990
30
33
81
60
50
4.50
32
36
1.50
37
3.00
75
Pittsburgh Fort Wayne & Chicago (Pennsylvania)..100
7.00
135
100
7.00
149
Preferred
—
Preferred
Second
preferred.—..
-
Pa'
1023*
145
Arkansas Pr & Lt 7% pref *
73
75
154
Associated
6.82
46
50
6.00
119
124
3.00
58
63
Mississippi Power $6 pref *
§7 preferred
*
3
$6.50 preferred
*
6
Mississippi P & L $6 pref. *
Miss Riv Pow 6% pref. 100
Missouri Kan Pipe Line._5
63*
Monongahela
Gas &
Electric
$7 preferred
*
Atlantic City El 6% pref.*
...
107
no
Pub Serv 7% pref....25
665*
215*
223*
Nassau & Suf Ltg 7% pf 100
743*
753*
_*
663*
693*
Nebraska Pow 7% pref. 100
Newark Consol Gas.... 100
-.100
$6 preferred.
100
Cent Pr & Lt 7% pref.. 100
Consol Elec & Gas $6 pref *
715*
613*
743*
64
813*
63*
365*
983*
833*
83*
405*
17 prior lien pref
New Orl Pub Serv 37 pf..*
New York Power & Light—
993*
763*
785*
119
124
10.00
212
217
6.00
42
46
100
5.00
50
5.00
43
48
5.00
47
55
Central Maine Power—
Preferred
100
.....
Railroad
$1.60
preferred...—25
Carolina Pr & Lt $7 pref. *
_
50
3.50
22
26
..50
3.00
48
51
Warren RR of N J (Del Lack & Western)
West Jersey & Seashore (Pennsylvania)
6% preferred-..
7% preferred
Bid
Ask
Ask
Atlantic Coast Line 43*s_.
52.60
2.00
New Orl Tex & Mex 43*s._
65.50
5.00
Baltimore & Ohio 4J*s
5s
57.50
6.50
New York Central 43*8
63.75
2.75
57.50
6.50
63.00
2.00
Boston & Maine 43*s.__.
5s.
55.00
4.00
55.00
4.00
33*8 Dee 1 1936-1944...
Canadian National 43*s..
55.00
5s.
4.00
N Y Chic & St L 43*s
65.75
5.00
65.75
5.00
66.00
5.00
66.00
5s
NYNH & Hartf 43* s
5.00
'
53.25
2.75
53.25
2.75
Canadian Pacific 43*s
53.10
2.50
Cent RR New Jersey 43*s.
55.75
5.00
4)*s—
52.75
2.00
5s
51.75
1.00
57.00
6.00
5s.
5s...
Northern Pacific 43*s.
62.25
1.50
Pennsylvania RR 43*s
62.25
1.50
61.75
1.10
5s
Chesapeake & Ohio—
Chicago & Nor West 43*8-
4s series E due
July 1937-49
Jan &
57.00
6.00
2f*s series G non-call
82
Denver & R G West 43*s..
5s—
84
56.00
5.00
56.00
5.00
56.00
S3*s...
2.25
63.50
2.75
63.25
2.50
62.50
2.00
6.00
Chicago R I & Pacific—
Trustees' ctfs 33*s
62.85
Pere Marquette 43*s
6.00
57.00
57.00
5s
5.00
Dec 1
1937-50
5s
90
43*s
...
6s
88
92
88
Great Northern 43*8
92
88
...
92
88
—
5s
92
52.25
1.25
95
5s.
*,■«»
«-«■«. *.
3.00
63.00
«'«*-
Texas Pacific 4s
—
51.75
1.00
Illinois Central 43*s.
5s—
55.00
4.25
55.00
4.25
Internat Great Nor 43*s_
Long Island 4^s........
55.75
5.00
54.25
Loulsv & Nash 4HS5s—
3.25
54.25
5s
3.25
51.75
1.10
51.75
1.10
43*8..
63.25
2.75
62.25
1.50
61.50
1.00
61.50
1.00
Union Pacific 43*s
5s
...
.
.
.
—
.......
.
Essex Hudson Gas
187
Federal Water Serv
..100
61.70
58--
1.00
61,70
Virginia Ry43*s—
1.00
75
Wabash Ry 43*s
-.100
pf-*
7%
cum
Maine Central 5s.
54.50
53*s
3.75
54.50
3.75
54.25
Minn St P & S S M 4s...
Missouri Pacific 43*s
3.50
55.50
5s
4.75
55.50
53*s_
——-
85
75
85
75
6s
Western Pacific 5s
85
75
53*s
85
63.50
Western Maryland 43*s
—
66.00
2.50
5.00
4.75
66.00
5.00
22
$6.50 cum preferred...*
23
$7 cum preferred _._...*
Gas & Elec of Bergen.. 100
Hudson County Gas
100
233*
243*
253*
126
233*
Par
/G Foods Inc
6
100
70
85
common *
1
Bickfords Inc
$2.50
conv
Ask
3
7% preferred
B
Bid
*
13*
Par
Kress (S H) 6% pref
10
11
Miller (I) Sons common.
*
30
35
*
2
3
63*% preferred..
100
Murphy (G C) $5 prcf-100
Reeves (Daniel) pref
100
United Cigar-Whelan Stores
7% preferred.
100
Diamond Shoe pref....100
97
105
Fishman (M H) Co Inc..*
7
9
135*
16
Ask
$5 preferred
.
.*
*
65
75
113*
100
*
pref
Bohack (H C) common
Bid
Kobacker Stores
7% preferred
115*
preferred
743*
983*
993*
55
573*
933*
95
*
913*
100
(Del)
$0 preferred
*
1003* 1023*
100
112
110
Gas..*
23
7% preferred.
Interstate Natural
Interstate Power $7 pref.*
243*
..100
7% preferred
100
-.100
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr. 100
7% preferred.
100
Bid
Ask
6 % preferred....... 100
Republic Natural Gas.... 1
40
42
53
553*
81
83
106
108
423*
283*
393*
265*
323*
343*
Preferred
..1
For footnotes see page
73*
63*
133*
85*
27
66
68
Public
1
West Indies Sugar Corp__l
5
94
95
6% pref series B......25
South Jersey Gas & El. 100
Tenn Elec Pow 6% pf.100
7% preferred
100
833*
86
263*
28
Texas Pow & Lt 7% pf.100
Toledo Edison 7% pf A. 100
187
58
193
60
62
64
943*
963*
102
104
....100
67
70
Utah Pow & Lt 57 pref...*
Virginian Ry
100
363*
38
120
7% preferred
Ask
663*
Bid
675*
Appalachian Elec Power—
Cumberl'd Co P&L 33*s'66
Dallas Pow & Lt 33*s.l967
1963
1053* 1063*
Federated Util 53*s.. .1957
f debenture 43*s._1948
1013* 1015*
49
50
Green Mountain Pr 5s. 1948
1st mtge 4s
s
,
Assoc Gas & Elec Corp—
Income deb 33*s
1978
Income deb 33*s.._1978
Income deb 4s
1978
Idaho Power 33*s_—1967
Iowa Sou Util 53*3—1950
26
255*
Kan City Pub Serv 4s, 1957
263*
27
293*
Kan Pow & Lt 1st 43* s '65
Keystone Telep 53*s._1955
Income deb 43*s
Conv deb 4s
1978
285*
315*
1973
52
Conv
1973
523*
54
1973
573*
59
Conv deb 53* s
1973
8-year 8s with warr.1940
633*
873*
893*
873*
89
N Y State Elec & Gas
283*
303*
233*
Sink fund Inc 4J*s__1983
Sink fund inc 5s
1983
22
Sink fund inc 53*8.-1983
Sink fund inc 4-5s—1986
25
43*s
Conv deb 5s
S f Inc 43*s-53*s
1986
Sink fund inc 5-6s._1986
3
6
22
S f Inc 53*s-63*s—1986
Bellows Falls Hy EI 5s 1958
Blackstone V G & E 4s 1965
98
325*
«.
-
-
30
Bid
Ask
283*
30
3
4
108
66
673*
1033*
1053*
99
1005*
275*
295*
1093* 1095*
88
923*
1015* 102 }*
102
105
Debentures
-
-
233*
50
99
24
Penn Telep Corp 1st 4s '65
273*
Peoples Light & Power
28
1st lien 3-6s
1005* 1023*
1093*
-
-
-
773*
1962
1962
103
725*
1053*
1948
..1961
Pub Util Cons 53*S—1948
52 3*
-
«.
101
1063* 107
645*
663*
66
68
St Joseph Ry Lt Heat & Pow
43*s
1947
1033*
—
3an Antonio Pub Serv—41
1st mtge 4s
1963
993*
993*
1035*
Sioux City G & E 4S..1966
Sou Cities Util 5s A.,1958
993* 100
42
433*
33*
Tel Bond & Share 5s.. 1958
62}*
843*
64
...
Texas Public Serv 5s
.1961
Utica Gas & El Co 5s. 1957
105
1055*
423*
433*
42
433*
Consolidated Edison Co—
Debenture 33*s
95
1063*
1023* 1025*
90
733*
6s series B_
94
106
Pennsylvania Elec 5s. 1962
753*
1968
Secured notes 3 3* s.. 1947
Ohio Pub Service 4s..l962
21
713*
3 3*s series 1—
89
Corp
.1965
Parr Shoals Power 5s.. 1952
Central G & E 53*s.._1946
1st lien coll trust 6s_1946
Cent Maine Pr 4s ser G '60
1953
87
1013* 1023*
1055* 1055*
1023* 1043*
Old Dominion par 5S..1951
•
273*
85
__
33*s—1968
Narragansett Elec 33*s '66
Newport N & Ham 5s. 1944
4s
21
82
Colorado Power 5s.
Missouri Pr & Lt 33*s.l966
Mtn States Pow 1st 6s. 1938
Mountain States Tel & Tel
Cent Ark Pub Serv 5s. 1948
28
sk
A
1013* 1015*
North Boston Ltg Prop's—
deb
16
75*
15
253*
4
Utility Bonds
Bid
Amer Utility Serv 6s. 1964
Consol E & G 6s A
Savannah Sug Ref com
233*
(Jnited Gas & El (Conn)—
25
Commonwealth Edison—
Cuban Atlantic Sugar...10
Eastern Sugar Assoc
1
663*
933*
Southern Calif Edison—
■_
Central Public Utility—
Income 53*s with stk *52
Par
64
*
Queens Borough G & E—
6% preferred C
100
Sioux City G & E 57 pf. 100
Mass Utilities Associates—
5% conv partic pref..50
Memphis Pr & Lt $7 pref. *
93
100
1115* 1123*
923*
943*
1013* 1033*
99
1013*
Rochester Gas & Elec—...
Jamaica Water Supply—
73*% preferred......50
Jer Cent P & L 7% pf.,100
Kan Gas & El 7% pref. 100
99
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf__100
7
53*
Iowa Southern Utilities—
7% preferred
7% pref
(Minn) 5% pref.
Penn Pow & Lt 87 pref
Idaho Power—
983* 101
Sugar Stocks
Par
if"
34
92
Okla G & E 7% pref.. 100
Pacific Pr & Lt 7% pf-100
187
Assoc Gas & Elec Co—
Chain Store Stocks
Berland Shoe Stores
IP
32
90
Cons ref deb 43*s._1958
Sink fund Inc 4s
1983
—
4.75
55.50
—
5s.
126
73
_*
88 without warrants. 1940
....
233*
203*
133*
153*
1063* 1083*
*
$6 cum preferred
Ohio Edison 56 pref-—
57 preferred.
Corp—
$6 cum preferred
Associated Electric 5s. 1961
.
.ii;
53*
253*
34
2.75
5s
Hocking Valley 5s—_
116
31
4.25
63.25
24
4.25
65.25
114
2.50
65.25
■
Southern Ry 43*8
5S-
4.75
4.75
63.75
Southern Pacifiv 43*s
65.50
65.50
St Louis Southwestern 5s_.
100
Dallas Pr & Lt 7% pref. 100
Derby Gas & El $7 pref..*
7% preferred
1.75
51.80
5s...
94
92
St Louis-San Fran 4s
53*s
43*S
2.25
Reading Co 43*S—
5s
Chic Mllw & St Paul 43*s.
ErleRR53*s
63.00
110
53*
Northern States Power—
Continental Gas & El—
Bid
62?*
108
Mountain States Power-
New Eng G & E 53* %
7% preferred
Consol Traction (N J). 100
Consumers Power $5 pref*
Equipment Bonds
573*
663*
643*
New Eng Pub Serv Co—
6.00
100
100
Valley (Delaware Lackawanna & Western).
Ask
54
Penn
64 ?*
Birmingham Elec $7 pref.*
Buffalo Niagara & Electern
100
United New Jersey
Vicksburg Shreveport & Pacific (Illinois Central)...100
West
Bid
63
...
Original preferred
Tunnel RR St Louis (Terminal RR)
RR & Canal (Pennsylvania)
Bar
Ask
68
.100
Utica Chenango & Susquehanna (D L & W)
98
95
Utility Stocks
Bid
663*
....100
pref (Terminal RR)..
Public
Alabama Power $7 pref..*
....100
Rensselaer & Saratoga (Delaware & Hudson).
St Louis Bridge 1st
1063*
1013*
39
50
—
90
.1961
._
56
50
50
(Pennsylvania)
Oswego & Syracuse (Del Lack & Western).....
Pittsburgh Bessemer & Lake Erie (U S Steel)
85
.1948
Norwich <fc Worcester 4 3*8
31
3.875
100
Northern Central
!
Pennsylvania <fe New York Canal 5s...
Philadelphia & Reading Terminal 5s
Pittsburgh Bessemer & Lake Erie 5s
Vermont Valley 43*s
50
25
....100
stock
Betterment
Delaware (Pennsylvania)
70
82
New London Northern 4s
Bid
6.00
100
Albany & Susquehanna (Delaware & Hudson)...... 100
Allegheny & Western (Buff Roch & Pitts)
_
.100
Beech Creek (New York Central)....
---50
Boston & Albany (New York Central)
100
Boston & Providence (New Haven)
100
63
.1978
Indiana Illinois & Iowa 4s
Par in Dollars
Alabama & Vicksburg (Illinois Central)
.1950
Kansas Oklahoma & Gulf 5s
Dividend
Western Mass Co 33*s 1946
1053*
Western Pub Serv 53*s '60
Wisconsin G & E 3 3*8.1966
Wis Mich Pow 33*8-1961
1035* 1033*
86 3*
122
79
..
81
1043* 105
1053* 106
Volume
Quotations
on
Over-the-Counter Securities—Friday July 1—Continued
Water Bonds
Bid
Alabama Wat Serv 5s. 1957
97M
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
100
Industrial Stocks and Bonds
Ask
Bid
98M
102
*
-
-
102 M
Muncie Water Works 5s '65
5s series C
1957
104M
5s series B
1954
101
5 Ms series A
1954
104 M
Butler Water Co 5s.-.1957
104 X
Calif Water Service 4s 1961
102 M 104
Chester Wat Serv 4 Ms '58
104M 106 M
5Ms series A
.-.1951
-
^
1941
m
101M
5Ms
85
91
100
90
76
99
1954
Ore-Wash Wat Serv 5s 1957
81M
4M8--1966
94
62
1950
100
99
100
1948
103 M
70
1C2
1958
90
101
4M
53 X
54 X
4
5
38
41
*
*
Crowell Publishing com..*
57 preferred
..100
Dennlson Mfg class A... 10
101M 103 M
107
105
100
Dentist's Supply com
10
Devoe & Raynolds B com *
106 M
Dictaphone Corp
Preferred
...
101M
6s series B
1942
102
5s series D
1960
104M 105M
*66
1958
4MB
Scranton-Sprlng Brook
Water Service 5s. 1961
1st & ref 5s A
Greenwich Water & Gas—
1967
77 M
1952
99
101
5s series B
1952
97
99
Hackensack Wat Co 5s. '77
1977
106
110
—
Huntington Water—
....1954
6s
1954
5s
1962
DllnoJ8 Water Serv 5s A '52
101M
1958
1960
102
104M 106
1949
6s series A
103 M 105 M
105
Long Island Wat SMs.1955
102M
Middlesex Wat Co 5 Ms '57
107
*
1
93 M
Monongabela Valley Water
5Ms
1950
■
m m m
■
mrnm
m
m
m
mm,**
101M
*
31M
35 X
mmm
38
9X
United Artists Theat
10M
IX
com
United Merch & Mfg com *
2M
9
8
United Piece Dye Works. *
X
X
3
4
42
46
15M
...100
17M
3X
63
60
Warren (Northam)—
5X
4X
33
35
14M
15M
6M
7M
West Va
18M
com v t c
1
17M
91X
IX
100
West Dairies Inc
95 X
2
1BX
18M
$7 1st preferred
100
Wick wire Spencer Steel..*
77
87
50
10
13
5
18
20
100
40
$3
7
105
100
Pulp & Pap com.*
Preferred
3M
5
1.*
preferred
preferred
7%
3
2J*
2M
conv
Welch Grape Juice com..5
cum
*
preferred
White Rock Min Sprlng-
Great Northern Paper..25
29M
32M
Worcester Salt
6X
7X
1st mtge 5s
1951
94
97
1st mtge 5 Ms
1950
99M 101X
95 M
Westmoreland Water 5s *52
100 M
m mm
105
...
101
1960
6s series A
1949
104M
104 M
W'msport Water 5s
1952
Bid
12.24
mmm
16
18
150
com
.
.
.
9
8
mrnm
common.
Preferred
100M 103 M
Par
common..
---
107
90
1
22 M
24M
Chicago Stock Yds 5s 1961
Cont'l Roll <fc Steel Fdy—
92 M
113
...
90
107
Series B-l
24.75
Series B-2
21.16
23.21
Series B-3
14.31
15.18
13.81
15.14
New Britain Machine
10.82
12.02
9M
8M
«...
65c
Series K-2
Am Insurance Stock
4
4M
63*
Series S-4
Assoc. Stand Oil Shares..2
55*
Bankers Nat Invest Corp *
1.80
Series S-2
...
-
7
9M
Major Shares Corp
*
Maryland Fund Inc.10c
16.91
30c
20.56
3.21
3.31
8
43*
3M
20
Nat Radiator
18M
20
N Y Shipbuilding 5S..1946
107
20 M
86
1945
1946
5s
Scovlll Mfg 6 Ms
fl8M
108M
61
55
40
43
..1962
100
102
indome 5s-.1962
87
42
45
Witherbee Sherman 6s 1963
33 X
35M
Woodward Iron—
9M
113*
1st 5s
8M
10
2d
Pharmacal
-*
conv
12.34
Nation Wide Securities 25c
77 X
75
17
Ohio Match Co
21.81
11.29
/6M
1948
Ohio Leather common...*
6.04
84
/75M
1
Mutual Invest Fund
45c
Broad St Invest Co Inc..5
5.47
95
81
1940
f 6s.
5
Norwich
+
10
Mass Investors Trust
3.34
15.82
1
mmm
mm
*
Northwestern
5.43
4.85
mm
100
Preferred 6M%
100
Yeast...100
15.8
15.72
.....
'
•
preferred
s
Deep Rock Oil 7s
1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
Conv. deb 6s
New Haven Clock—
58c
Nat Paper & Type com...*
.
1st conv
*
Preferred
5%
Bonds—
Am Wire Fabrics 7s..1942
42
3.73
Series K-I
122
American Tobacco 4s. 1951
*
Casket
4.24
7
100
preferred
7%
4M
3
80
245*
6
85
33 M
100
3.85
Continental Corp
Amer Gen Equities Inc 25c
58 M
75
...
100
National
Ask
Bid
55 M
29 M
*
7% preferred
100
Muskegon Piston Rlng_2M
Keystone Custodian Funds
113*
7% preferred
100
Young (J S) Co com...100
*
Macfadden Pub
mrnm
12*
York Ice Machinery....
200
100
Mock Judson & Voehringer
Ask
13.02
7M
100
Lord & Taylor com
1956
5s series B
X
M
6
1st 6% preferred
100
2d 8% pref erred..... 100
Lawrence Portl Cement 100
mrnm
Wichita Water—
3.38
Inc
65
pf.10
Harrlsburg Steel Corp
5
Kildun Mining Corp
1
King Seeley Corp com...l
97 M
23 X
Fund
50
cum
pref
99 M 101M
94M
t
X
Boston
2M
Stock Yards Cora—
cum
W J R The Goodwill Sta
Amer Business Shares
Basic Industry Shares..10
IX
Tublze Chatillon
Wilcox & Gibbs
Amerex Holding Corp...»
new
9
8
31
45
27.09
Class A
7M
14M
29
29 M
Investing Companies
Corp*
6M
*
42
6% preferred.-i
Amer &
1M
3
27M
13M
...*
27
Merck Co Inc
1
common...
100
Preferred
-
105
25
Trico Products Corp.....*
70c
18M
shares
2
20
Standard Screw
Great Lakes SS Co com..*
5s series C
Monmouth Consol W 5s '56
Affiliated Fund Inc
5
Preferred
Union
17
Good Humor Corp
Graton & Knight com
...
1950
5s series B
95
105
Par
7M
X
Western N Y Water Co—
90
1957
Adminls'd Fund 2nd Inc. *
59
38
20
Garlock Packing com
*
Gen Fire Extinguisher...*
...
102
UDion Water Serv 5 Ms '51
W Va Water Serv 4s__1961
IX
56
*
American
95
Texarkana Wat 1st 5s. 1958
104
1
-
17
Foundation Co For shs...*
...
101M
53*
5M
Standard Coated Prod. 10c
Steel
«.
30
Preferred
76
22M
258
Skenandoa Rayon Corp..*
53
105
Springf City Wat 4s A '56
*
21X
250
4X
Tennessee Products
34
2X
*
*
Scovlll Manufacturing..25
Preferred
Federal Bake Shops
104
101M 103 M
Kokomo W W Co 5S..1958
Morgantown Water 5s 1965
1960
M
34
Fohs Oil Co
Terre Haute Water 5s B '56
105
Indianapolis Water—
1st mtge 3 Ms
1966
Indianapolis W W Secure—
104
5s series A
72
"
103
109
112
Draper Corp
...
99 M 101
8 %
2M
*
"h
5M
13M
9%
33*
Taylor Wharton Iron &
15
34
82
79
Shenango Val 4s Ber B 1961
South Bay Cons Wat 5s '50
South Pittsburgh Water—
1st mtge 5s
.1955
5s series B
5s series A
*
12
Stromberg-Carlson Tel Mfg
Sylvanla Indus Corp
*
8
6
13
32
100
Douglas (W L) Shoe—
Conv prior pref
99 M 101
M
4M
3M
z2M
Dixon (Jos) Crucible... 100
Water Co
Scranton Gas &
1942
Joplin W W Co 5s
3M
Columbia Baking com
$1 cum preferred
mrnm
108
99
*
Corp
St Joseph Wat 4s ser A.
5s series A
5s
19X
2M
Richmond W W Co 5s. 1957
99
5s series B
18M
...
com
Singer Manufacturing..100
Singer Mfg Ltd
Chic Burl & Quincy—.100
Chilton Co common
.10
93
96
5 Ms series B
43
*
Roch & L Ont Wat 5s. 1938
1st mtge 5s
1958
E St L & Interurb Water—
4Ms
65
41
Radio
97
1
Exploration
Remington Arms
27X
16M
Beneficial Indus Loan pf. *
Bur dines Inc common
1
mrnm
106
Plainfield Union Wat 5s *61
65
100
Consol Water of Utlca—
90
26M
14M
55
Belmont
101
1948
Pittsburgh Sub Wat 5s '58
1946
*
Corp
Art Metal Construction. 10
103
1948
66
Connelisville Water 5s 1939
25
Products
Pilgrim
Pollack Manufacturing
100
American Mfg. 5% pref 100
95
Phila Suburb Wat 4s—1965
_
Maize
Pathe Film 7% pref
*
Petroleum Con version... 1
Petroleum Heat & Power. *
Bankers Indus Service A.*
Pinellas Water Co 5 Ms. "59
m
HM
pref
cum
Amer
85
Prior Hen 5s.
105 H
11
Andian National
mm»
1st consol 4s
101M
1957
28 X
...10
pref
conv
8%
101
1st consol 5s
1st 5s series C
4M
25
Asl
Bid
Par
Ask
4
*
American Hardware
81
105
1st & ref 5s
101
Bid
._*
American Hard Rubber—
94
97
Peoria Water Works Co—
103
5s series B
6s series A
5%
85
80
1951
1st coll trust
m
Inc
American Cynamid—
1951
Penna State Water—
Community Water Service
...1946
American Arch
mm
New Rochelle Water—
Ohio Water Service 5s. 1958
City Water (Chattanooga)
5Ms series B
m
New York Wat Serv 5s '51
m
.
m
City of New Castle Water
5s
Alabama Mills
Newport Water Co 5s 1953
Ohio Cities Water 5 Ms *53
m
'
Par
mrnm
101
5s 1950
Ohio Valley Water 5s_1954
Citizens Wat Co (Wash)
5s
1951
Ask
105
New Jersey Water
58 series B
Birmingham Water Wks—
99
Chronicle
Financial
147
British Type Invest A
24.09
25.76
1
14X
15M
Canadian Inv Fund Ltd__l
3.80
4.15
Century Shares Trust...*
22.55
24.24
Commonwealth In vest ...1
3.34
3.58
Bullock Fund Ltd
1.32
Voting shares
National Investors Corp.l
New England Fund
1
5.51
12.83
Real Estate Bonds and Title Co. Mortgage
1.44
5.46
13.80
N Y Stocks Inc—
Continental Shares pf.100
7X
8.29
2.24
Aviation
7.51
8.13
2.21
Bank stock
7.55
8.17
Accumulative series...1
2.21
Building supplies
7.83
8.47
Series AA mod
__1
2.66
Electrical equipment
7.69
8.32
Series ACC mod
..1
2.66
Insurance stock
8.88
9.60
Machinery
7.75
8.39
Metals
8.47
9.16
Oils
9.25
10.00
Railroad equipment
7.04
7.62
Steel
7.98
B'way Barclay 1st 2s..1956
8.97
Corporate Trust Shares.. 1
Series AA__...
..1
8.63
Cram & Forster
Crum &
10 Z22.24
com
8% preferred
100
114
8M
mrnm
mm
-
m
-
Forster Insurance
Common B share
10
30
28
100
7% preferred
110
....
Agriculture
4.59
No Amer Bond Trust ctfs.
51}*
Deposited Bank Shs ser A1
1.45
No Amer Tr Shares 1953.*
2.15
Deposited Insur Shs A...1
2.92
Deposited Insur Shs ser B1
2.62
Cumulative Trust Shares. *
mrnm
m
m
mm
Series 1955
1
Series 1956
1
2.58
1
mm
Diversified Trustee Shares
3.50
3.60
D
1
5.55
6.75
25c
1.28
1.39
Dividend Shares
Eaton <k Howard Manage¬
ment Fund series A-l
m
m
25 M
28M
Fidelity Fund Inc
18.98
20.43
Fiscal Fund Inc—
Bank
stock
Royalties Management.. 1
series...10c
2.41
Insurance stk series. 10c
3.29
9.09
m mm
m
mmm
m
3.66
102
9.77
32c
40c
60c
4.10
•mm
10
7.17
70c
6.55
7.11
Spencer Trask Fund
*
15.18
4.25
Standard Am Trust Shares
1.90
Standard Utilities Inc. 50c-
55c
State Street Invest Corp. *
76M
Super Corp of Am Tr ShsA
3.19
Fundamental Invest Inc. 2
16.80
18.13
Fundamental Tr Shares A2
4.79
5.38
*
4.32
B
Investors
AA
General Capital
General
30.27
Corp...
32.55
2.16
B
3.33
4.71
5.18
BB
2.16
C
Investors Trust.*
Group Securities—
5.77
1.15
1.26
86c
95c
Aviation shares
1.16
1.27
Building shares
1.39
1.51
Series C
I
1.26
1.37
Series D
1
2.34
83c
Food shares
...3
9.77
59c
6.20
Tobacco shares
■mm
mm
m
94c
1.05
U S El Lt & Pr Shares A__
13M
14 M
1.81
1.91
1.31
1.08
X
*
1
1
12.95
1.06
1.17
Central Nat Corp cl A...*
zl.26
1.40
Bank Group
shares
Insurance Group Shares.
of Amer
com.
10
Investors Fund of Am Inc.
Investors Fund C
1
99c
2 X
Wellington Fund
Class B
*
30
32
First Boston Corp
2.60
2.97
10.36
11.04
Schoeikopf, Hutton &
Pomeroy Tnc com__.10c
10
33
1956
27
28M
36
39
Sherneth Corp—
/20
21M
45 M
1956
60 Park Place (Newark)
1st fee & leasehold
1947
40
1950
36
38
64
65M
1958
37
38M
1939
47
43 M
49 M
with stock
56
—
3Ms
61 Broadway Bldg—
1950
34 M
...
3Ms with stock
Syracuse Hotel (Syracuse)
1955
1947
90
91J*
Textile Bldg—
40
42 M
Trinity Bldgs Corp—
1st 6s
.
—
1952
3s w-s
'
1st 4s (w-s)
1st 5M8
1947
..1951
1st 5s (L I)
Mad (The) Ave
56
...
-
2 Park Ave Bldg 1st
4s 1946
52 M
62
Apt Hotel
29
1st 3s 1957 w-s...
...
Walbridge Bldg (Buffalo)—
3s with stock
1950
17M
Wall & Beaver St Corp—
Majestic Apt Inc-^—
4s w-s 1948 stamped
5
6
85
88
Metropolitan Chain Prop—
1948
6s
1st 3s
1st 4M8
w-s..J
1951
Westlnghouse Bldg—
1st fee & leasehold 4s *48
20M
22
67
IX
5X
33
o
5
19X
No
/Flat
a Interchangeable,
b Basis price,
d Coupon,
e Ex-interest.
Nominal quotation.
wiWhen issued,
w-s With stock.
iExz Ex-stock dividend,
value,
par
price,
dlvidend.
v
n
Now selling on New York Curb Exchange,
t Now listed
on
New York Stock
Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure
1M
51M
14.27
30
18M
3s with stock
2s
.
Corp—
63
*
4M
Savoy Plaza
47
Lexington units
m
2
UnNYTr Shs serF
Investm't Banking Corp
Bancamerica-Blair Corp.l
Institutional Securities Ltd
m
67c
90c
90c
31
1st 5s (Bklyn)
Trusteed Industry Shares.
18.70
63
mrnm
84c
M
39
1st & gen
1.23
50c
37
61
Ludwig Baumann—
1.38
17.39
1949
1946
1957
1st 4s
London Terrace Apts—
mm*.—
76c
1
1st 2M-4s (w-s)
Graybar Bldg 5s
Roxy Theatre—
w-s—1963
Loew's Theatre Rlty Corp
10.62
56c
Investors-.*
Huron Holding Corp
1944
33
Income 5Ms
5.90
Guardian Inv Trust com.*
47
/43
1943
income
48 M
56
30
Lincoln Building—
1
Voting shares
5s
5X
Lewis Morris Apt Bldg—
mm
m
Trusteed Amer Bank Shs B
Un N Y Bank Trust C-3_*
/47
/4
mm
m
99c
Steel shares
—
18
Bldg 1st 5Ms '51
165 Bway
1957
1st 4s
mm
86c
B
6Ms stamped..1948
mm mm
1.20
.
103 E 57th St 1st 6s—1941
42"
Broadway Bldg—
1st 4-5s extended to 1948
mmmm
1.13
Petroleum shares
35M
5Ms stamped
1961
Realty Assoc Sec Corp—
mtge 6s
'
1.27
Mining shares
..1939
Prudence Co—
2d
Lefcourt Manhattan Bldg
1.10
Series B
40
1951
60
Hotel St George 4s—1950
Trustee Stand Invest Shs—
Trustee Stand Oil Shs A.l
/6M
Nov 15 1939
1st 6s
1 Park Avenue—
40
Hotel
80
78c
RR equipment shares..
Invest Co.
5.77
._
29 M
Oliver Cromwell (The)—
'
1.00
Investing shares
Merchandise shares
Incorporated
91c
D
Supervised Shares
/19
July 7 1939
1st 6s
26~"
Hearst Brisbane Prop 6s *42
2.39
Chemical shares
Agricultural shares
Automobile shares
48
44 M
Harrirnan Bldg 1st 68.1951
'
2.35
Sovereign
50
Fuller Bldg deb 6s
15.98
3.95
40
33}*
19th & Walnut Sts (Phila)
6
39
1st
78c
Foreign Bd Associates Inc.
-
1958
Income 3s
mm
Foundation Trust Shs A.l
B
6Ms series Q
Fox Theatre & Off Bldg—
10.03
9.20
Selected Income Shares
5Ms series F-l
46
6
50
f38
5Ms series C-2
34
1400
10.27
30c
Selected Amter Shares..2M
...
5X
42 Bway 1st 6s
2.67
Fixed Trust Shares A... 10
25
Film Center Bldg 1st 4s '43
11.61
25
/5
/48
/31M
/47M
40 Wall St Corp 6s
47c
10.60
Majestic Corp—
stmp..l956
N Y Title & Mtge Co—
4s with stock
lst leasehold 3s. Jan 1 '52
IX
98
28
500 Fifth Avenue 6Ms. 1949
X
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
...1950
Eastern Ambassador
Eqult Off Bldg deb 5s. 1952
Deb 5s 1952 legended..
62 X
22 M
..1946
2s
5Ms series BK
52d & Madison Off Bldg-
42c
28.04
34
m
*
26.36
48 M
Dorset 1st & fixed 2s._1957
mm
10c
Eqult Inv Corp (Mass) ..5
Equity Corp $3 conv pref 1
46
3Ms
91
60 X
Metropol Playhouses Inc—
S f deb 5s
1945
N Y
Court & Remsen St Off Bid
8
Quarterly Inc Shares..10c
55
Colonade Constr'n 4s. 1948
28
18.10
64 X.
52
1st
87
1947
6s_...
N Y Athletic Club—
62 M
1945
Chesebrough Bldg 1st 6s *48
1948
4-6s
Chanln Bldg inc 4s
2.28
7
Class B
—
50 Bway Bldg 1st 3s Inc '46
26
Plymouth Fund Inc
32
mm
mrnm
*
Class A
16.85
*
mm
23"
Broadway Motors Bldg-
mrnm
Pacific Southern Inv pref. *
C
1944
1st 3s
A si
Bid
Metropolitan Corp (Can)
31M
/21
B'way & 41st Street—
Hotel units
m
2.62
m
Series 1958.
mm
mm
1957
Certificates
Ask
Bid
1st 3s
Alden
2M
gold.
Financial
100
Chronicle
July 2,
ms
Quotations on Over-the-Counter Securities—Friday July 2—Concluded
Foreign Unlisted Dollar Bonds
Foreign Stocks, Bonds and Coupons
bid
Inactive Exchanges
-
-
/40
.
Jan to June 1936
—
July to Dec 1936..—..
-
-
:
-1960-19C 0
4s
Bid
m
Ant
22 M
Colombia 4s
...1946
Antloquia 8s
8
30
7
/23
25
Costa Rica funding 5s. '51
8
/23
/I7
/20M
25
Costa Rica Pac Ry 7 Ms *49
5s
-.1949
Barranqullla .8*35-40
8
Bavaria 6 Ms to
Bavarian Palatlnite
5
5
Cities 7s to.......
/10
/12M
/12
7
8s.
5
7
fZX
7s
8
/3M
7s
9
/3M
0
20
21X
Duisburg 7% to1945
East Prussian Pow 6s. 1953
3x
3H
3%
f20H
21M
1
/19
20
/33
-
5
194 3
«
-
196 2
7s
1953
& In¬
1966
1966
7s income
1967
Farmers Natl Mtge
Frankfurt 7s to.
/17M
.1945
6
17M
7
/24
/44
47
22
7
L
3
/15M
ft>X
/10M
/2
16M
6M
r
11M
4
Central Agrlc Bank
see German Central Bk
51M
/54
...
/42
mmm
/22
/50
f24
3
/22M
Luneberg Power Light &
I
66 M
3
Munich 7s to.
J22X
/22
/20M
/20M
f22X
3
23 M
/30M
1946
/25
31
Chile Govt 6s assented-..
/16
/16
/64
7s assented...
Chilean Nitrate 5s
196:
18
18
67
16M
City Savings Bank
/II
General
mmm
13
mm m
mm*
/8
9
59
61
/13M
8
mx
mx
Saxon State Mtge 6s—1947
/24
Siem & Halske deb 6s_2930 /425
State Mtge Bk Jugoslavia
5s
1956
/59
2d series 5s
1956
/59
24 M
24
1951
Coupons—
Oct 1932 to April 1935
Oct 1935 to April 1937
68 M
22
22
14M
/7
Sao Paulo (Brazil) 6s..1943
Saxon Pub Works 7s..1945
/62
/47
mx
7s unstamped
1946
Certificates 4s—1946
/69
/57
23 M
23 M
---
62
62
23 X
f70
f58
—
64
/96
/ io
10X
12M
/n
m
«r
m
mmm
■
mmm
60
11
4s
1943 J86.82 91.43
mx 23 X
mx 23 X
.1945
mx 22 X
7% gold ruble
/n
/99
61M
Mtge 7s
orth German
62 M
f Flat price.
720
...
25
/23
/2 2
1947
8%
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
SM
/10
/12
mmm
2ZX
23 M
10
/5
1948
mmm
r
6M
Lerman Young coupons:
Dec 1 '35 stamped
...
June 1 '35 to June *38---
4s scrip
/96
PVa
floX
Dec 1934 stamped
Apr 15'35 to Apr 15*38.
/21
/13M
/12
-
deposit. 1948
mmm
mmm
8
f22
-
m + m
/7
Saarbruecken M Bk 6s '47
37
/34
/6M
193
8
R C Church Welfare 7s *46
-
Salvador 7%
1957
7s ctfs of deposit-1957
Nat Bank Panama
Central German Power
Madgeburg 6s
f7
37
/22
/21M
/21M
/20
/72
/27
Certificates 4s—1936
)
Office
Conversion
Funding 3s
29
—
7
31M
'36
1941
-
6 Ms
3
3
...
/24
m
mx
51M
t
/30M
1938
Agricultural 6s
erman
M
3
/22
1948
49
Coupons—
Ling & Landbank 6Ms.
Rhine Westph Elec 7%
8s ctfs of
49M
5
22
Santa Catharlna (Brazil)
7
22
1941
...
J
24
6s................1937 n 00
6s...
1940 /100
11X
mmm
6
23 M
24
/45
10X
3
-
mmm
ft4
/28
8
96 M 100M
) /118
mmm
mm
29
-.1968
many) 78
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
8s..
6
22
Gelsenkirchen Mln 6s. 1934 /100
3
•
/II
/II
2
9M
24M
/20M
French Nat Mail 88 6s '52
/15
Brown Coal Ind Corp—
/22
/90
f22
9
23 M
/20M
/25
/31
-1933
Rom Cath Church 6 Ms '46
70
Ask
/22
Protestant Church (Ger¬
Rio de Janeiro 6 %
60
8
63 H
/H
/H
7s.'63
...
WX
3
Hansa SB 6s.
-.1956
1936-1937
Coupons
6s
/18
/H
/18
1967
—
18
/16
British Hungarian Bank
7Ms...~
Electric Pr (Ger'y) 6 Ms '50
6 Ms
European Mortgage
vestment 7 Ha
7Ms income.
17M
18
f9H
WX
/20M
/20M
/22
/22M
/22M
Dortmund Mun Util 6s '48
Duesseldorf 7s to.....1945
13
—
1952
City 6 Ms
Panama 5% scrip
Poland 3s
Porto Alegre 7s
mmm
/20
7
62
62 X
1959
19
3
6s.....
1977
13M
8M
/5
Cuba 4Mb
Cundinamarca 6Ms
mim'm
Panama
-
An*
36
W
/60
/16M
/16
/16M
Cordoba 7s stamped.. 1937
Bank of Colombia 7%
7s_.......
-
-
Oberpfals Elec 7s
1946
Oldenburg-Free State
7s to
1945
111M 112M
194 8
Guatemala 8s
/20M
/27
-
-
Great Britain & Ireland-
Foreign Unlisted Dollar Bonds
6
-
/25
-
Jan to June 1938
mmm
/34
/26M
/25M
-
Jan to June 1937
Tel. H An over 2-5422
St., N. Y.
-
/35M
-
July to Dec 1937
52 William
-
mmm
/38M
/37
-
July to Dec 1935
BRAUNL & CO., INC.
-
ft 0
-
Jan to June 1935
Bid
Ask
/58
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However,
FILING
OF
REGISTRATION
it
they
is
not
are
always possible to arrange companies in exact alphabetical
always
near
UNDER
STATEMENTS
SECURITIES
as
ACT
The
following additional registration statements (Nos.
refiling) have been filed
Commission under the
Securities Act of 1933.
The total involved is approximately
3728 to 3735, inclusive, and 3674, a
with the Securities and Exchange
$53,936.
Southwestern Bell Telephone Co. (2-3728, Form A-2) of St. Louis
Mo., has filed a registration statement covering $30,000,000 1st and
refunding mortgage 3% bonds, series C, due July 1, 1968. Filed June 23,
1938. (For further details see''Chronicle" June 25, p. 4130.)
Sears Roebuck & Co. (2-3729, Form A-2) of Chicago, 111., has filed a
registration statement covering 50,000 shares of capital stock, no par,
to be sold by the company to its employees under an employees subscription
plan at $45 per share.
The proceeds are to be used for general business
purposes.
No underwriter. Robert E. Wood is President of the company.
Filed June 24, 1938.
■
Jones & Laughlin Steel Corp. (2-3730, Form A-2) of Pittsburgh, Pa.,
has filed a registration statement covering $8,100,000 1st mortgage bonds,
series B, 4 %, due serially July 1, 1940-1946, and $5,400,000 of 1st mortgage
bonds, series B, 4M%, due serially July 1,1947-1950. To be sold to Metro¬
politan Life Insurance Co. and to hanks. Filed June 25, 1938. (For further
details
^
see
subsequent page.)
Cornucopia Gold Mines (2-3731, Form A-l)
filed
a
of Seattle,
Wash., has
registration statement
covering 300,000 shares of 5-cent par value
common stock.
Of the shares registered, 100,000 will be offered to the
public by an underwriter at the market, but for not less than $1.50 a share:
25,000 shares issued to the underwriter as a bonus; 42,500 will be offered
througkdirectors at the market, but not less than $1.50 a share; 2,500
shares will be issued to Ryan, Askren &
Ryan for services; 120,000 optioned
to the President of the
company as payment, at $1.25 a share, of $150,000
or promissory
notes, and 10,000 to the President for the Bourne mining
claim.
alphabetical position
as
order.
possible.
American Agents Plate Glass Insurance Co. (2-3674, Form A-l, a
refiling) has filed a registration statement covering subscription agreements
to be issued to insurance agents for $100 par value common stock and 2,500
shares of $100 par value common stock reserved for the exercise of the sub¬
scription agreements. The stock will be offered at $200 per share and the
proceeds used for capital and surplus.
No underwriters were named.
Major A. White, director. Filed June 24,1938.
The last
in
our
previous list of registration statements
4104.
was
given
issue of June 25, page
■V';;.
RAILROAD
BOND
REMOVED
MENT
ISSUES
FROM
TOTALING
NEW
YORK
$3,163,931,000
LEGAL
INVEST¬
LIST
More than $3,000,000,000 face amount of railroad bonds,
including equipment trust certificates, has been stricken
from the list of legal investments for savings banks in
New York State, the action being effective as of July 1,
1938, according to the annual summary of additions to and
removals from the legal list, issued on June 30 by the State
Banking Department.
Of the total amount removed from
the list, $29,384,000 was removed because the issues matured,
while $3,134,547,000 was "disqualified."
The disqualifica¬
tion of the issues was due principally to the Legislature's
revision of the railroad moratorium statute.
This matter is treated in
in the "State and
a
more
comprehensive manner
on a subsequent page
City Department,"
of this issue.
Proceeds received
by the company will be used for debt retirement,
development, equipment, plant, machinery, property and working capital.
John A. Caraher was named underwriter.
of the company. Filed June 27,1938.
ouI^u<,ue*"e Mj,nin? Co-» Ltd. (2-3732.
riled
a
Richard E. Puller is President
Form A-l) of Toronto, Ont., has
registration statement covering 537,356 shares
of common stock
p3»r«
Stock will be offered first to shareholders through
rights at 15 cents each
and any unsubscribed shares to be offered to the
public.
Proceeds will be
used for surface work and diamond
drilling. No underwriter named.
A.
Bruce Davidson is President of the
company. Filed June 27,1937.
Federal Screw Works (2-3733, Form Dl-A) of
Detroit, Mich., has filed a
registrationstatement: cowaring under a plan of reorganization, certificates of
deposit for $102,000 of 6 M % 10-year convertible gold notes due in 1939 and
Is,certificates of interest representing $1,635,000
6M% 10-year gold notes deposited under an
The company also registered (2-3734, Form
principal amount of
escrow
A-2),
mortgage bonds, due 1949, 86,850 shares 50 cents
Preferred stock, no par and 108,562 shares common
trust
agreement.
$868,500 5% 1st
c^iRative'conv^tible
stock and
scrip
certificates for fractional shares to be reserved for
conversion purposes.
The bonds and preferred stock are to be issued under a
plan of
reorganization.
^?e^une28 1938m
Frank
Edgar is President of the
company.
Lndustrial Rayon Corp. (2-3735.
Form A-2) of Cleveland, Ohio, has
registration statement covering $7,500,000 of 1st
mtge. sinking fund
bonds, series A, due July 1, 1953.
The interest rate is to be furnished
by amendment to the registration statement.
Filed June 29, 1938
(For
...
filed
a
further details
see
subsequent page.)
Abraham & Straus,
v
Inc.—ZlYi-Cent Dividend—
Directors have declared
a dividend of 37 M cents per share on the com¬
value, payable July 25 to holders of record July 15.
A
like amount was paid on April 25 last, and previously regular
quarterly
dividends of 75 cents per share were distributed.
See also V. 146, p. 2521.
mon
stock,
Adams
no par
Express Co.—Corrected Dividend Record—
The Board of Managers on June 21 declared a dividend of 10 cents
per
on the common stock, no par value, payable
July 12 to holders of
share
record July 1.
This compares with 30 cents (not 20 cents as stated in last
week's "Chronicle") paid on Dec. 20 and on June 25, 1937; 35 cents
paid
on Dec. 23, 1936, and 10 cents paid on July 15 and on Jan.
10, 1936, this
last being the first dividend paid since Sept. 30, 1931, when a
dividend of 25 cents per share was distributed.—V.
quarterly
146, p. 4104.
Administered Fund Second, Inc.—4-Cent Dividend—
Directors have declared a dividend of four cents per share on the common
stock, payable July 20 to holders of record June 30.
This compares with
10 cents paid on April 20 last; 25 cents paid on Dec. 23 last; 10 cents on
Oct. 20, 1937; 18 cents on April 20, 1937, and dividends of 10 cents
paid on
Dec. 21, 1936; Oct. 20, 1936, and each three months
previously.
In
addition, a special dividend of 23 cents was paid on Dec. 21, 1936, and a
special dividend of five cents was paid on Oct. 20, 1936.—V. 146, p. 1060.
Aeronautical Securities, Inc.—Common Stock
Public
Offered—
offering of 300,000 shares of common stock was
by Aeronautical Securities Research Corp.,
made June 28
Volume
Financial
147
underwriters of the issue.
offered
was
The first 5,000 shares of stock
share; thereafter shares will be
value plus a stated commission.
$7:50
at
sold at the net asset
per
Aeronautical Securities, Inc.
is
an
investment company of the general
American I. G. Chemical Corp.—Interim Dividend—
Directors have declared an interim dividend of $2 per share on the no
par common A stock and an interim dividend of 20 cents on the $1 par
common B stock both payable June 30 to holders of record June 28.
Like
amounts were
management type, having redeemable shares, and has been formed for the
purpose of offering to investors an opportunity to participate in the aviation
industry through
investment primarily in
the securities
of aircraft and
air transportation companies engaged principaUy or partly in such activities
or in the
fabrication, manufacture, supply or development of products for
use in the aviation
industry.
It is presently contemplated that the original portfolio will consist almost
entirely of a diversified list of aviation common stocks.
Not more than
20 % of the value of all the assets of the company can be invested in securities
not listed or admitted to trading privileges or regularly dealt in on the
New York Stock Exchange or New York Curb Exchange; no more than
10% of the value of all assets can be invested in the securities of any one
corporation.
Officers and directors of the company are: Minton M. Warren, former
officer of Curtiss-Wright, President and director; A. Pendleton Taliaferro Jr.
former official of the Bureau of Air Commerce and aeronautical consultant,
Vice-President
and director;
Rawson Lloyd, Secretary and Treasurer;
Col. Henry Breckinbridge, lawyer, Assistant Secretary of War under Presi¬
dent Wilson, director; Charles R. Stevenson, President, Stevenson, Jordan
&
Harrison,
engineers,
management
director;
Frank
Vanderlip Jr.,
A.
director.
Although the company's investments and affairs will be wholly under
the control of its board of directors, the company has entered into a con¬
tract with the Aeronautical Securities Research Corp. to act as its invest¬
ment
adviser.
Dr.
Alexander
Klexrin, technical expert on aeronautical
problems, is technical adviser for the Research corporation.
The Commercial Trust Co. of New Jersey will hold all securities and cash
of Aeronautical Securities, Inc. as custodian and will receive all income and
make all disbursements for the company.
Periodically it will certify to
the securities held for the account of the company.
The bank will also act
transfer agent.
Shares of the new company are redeemable at net asset value per share
time either at the offices of the company, 15 Exchange Place, Jersey
City, or at the Commercial Trust Co. of New Jersey.—V. 146, p. 3170.
as
at any
Alabama Great Southern
Man
RR.—Earnings—
1Q38
Gross from railway
Net from railway—
1Q37
193fi
IQRfi
$522,430
93,527
65,227
$615,060
147,170
72,685
$540,820
137,746
71,377
$429,940
53.417
289
2,489,270
377,659
343,590
3,124,299
895,105
547,342
2,510,771
593,508
303,263
2,002,860
227,626
28,890
— _
Netafter rents
From Jan. 1—
Gross from railway
<
Net from railway
Ner after rents
...
—V. 146, p. 3486.
Alton
RR.—Earnings—
Man
1QRR
Net after rents
From Jan. 1—
Gross from railway.....
Net from railway
Netafter rents.
—V.
146,
1QR7
IQRfi
IQQ'i
$1,187,876
189,512
def76.460
Gross from railway
Net from railway.
$1,355,058
241,254
def30,440
$1,234,407
208,342
def38,077
$1,105,535
def34.330
def261,793
5,902,059
926,826
def369,680
6,797,846
1,820,809
470,452
6,198,282
1,238,121
def24,554
5,311,346
766,734
def298,422
Co.—Registers
with SEC—
See list given on first page of this department.—V. 146, p. 3326.
American Cities Power&Light
Directors have declared
an
Corp.—Optional Dividend
optional dividend of 37 M cents
per
share
on
the convertible class A stock, optional dividend series, payable Aug. 1 to
holders of record July 11.
Like amount was paid on May 2 last and pre¬
viously regular quarterly dividends of 75 cents
146,
per share were
distributed.—
3797.
p.
American European Securities Co.-—Accum. Dividend—
Directors have declared a dividend of $3 per share on account of accumu¬
lations on the $6 cumulative preferred stock, no par value, payable June 29
to holders of record June 23.
This dividend covers the six months' period
ended July 31, 1935.
See V. 145, p. 3489 for record of previous dividend
payments.—V. 146, p. 2523.
American Fork & Hoe Co.—New Director—
Patrick Calhoun Jr. of Cincinnati
at the recent annual
p.
y
was
elected to the board of directors
meeting, succeeding H. A. Bayless, retired.—V. 146,
3657.
American
x
Forging & Socket Co.—Earnings—
Period Ended May 31, 1938—
income..
x
After
9 Months
$10,675
share
per
$32,593
$0.14
$0.04
...
depreciation, Federal income taxes, &c.—V. 146,
American Gas & Electric Co. (&
Period End. May 31—
Subs. cos consolidated—
Operating
Operating
Officials—
Calvin Verity has been elected Executive Vice-President and General
Manager and W. W. Sebald, Vice-President and Assistant General Manager,
according to Charles R. Hook, President.-^-V. 146, p. 3173.
American Superpower Corp.
(Del.)-—Preferred Dividend
The board of directors at a meeting held June 30 declared a dividend of
$3 per share on the first preferred stock, payable July 15 to holders of record
July 5.
This payment covers the dividends regularly due on the first
preferred stock at the rate of $1.50 per share, on April 1 and July 1, 1938.
—V. 146, p. 2354.
American Television Corp.—Stock Offered—Public offer¬
ing of 99,500 shares of capital stock was made July 1 at
par ($1 per share) by J. A. Sisto & Co., New York.
These
shares
are
offered
as
speculation.
a
Capitalization—
Authorized
1,000,000 shs.
Common capital stock ($1 par value)
x
Outstanding
xl85,000 shs.
Not including present offering.
Transfer Agent, United States Corporation Co., New York.
Registrar•
Registrar and Transfer Co., New York.
History—Corporation was organized June 2,1938 in New York. Corpora¬
tion is authorized, among other things, to engage in the business of design¬
ing, developing, building, manufacturing and selling television, broadcast¬
ing and receiving sets, as well as all other articles necessary for or incidental
to the creation, direction, control and transmission of sound and light, and
communications of all sorts, as well as to create, install, operate and exploit
circuits, networks and systems.
On June 9, 1938, the company acquired all of the outstanding common
capital stock of the C. S. I. Development Corp.
Among the assets of
C. S. I. Development Corp. is the 100% ownership of the total authorized
*and outstanding capital stock of the Communicating Systems, Inc. 185,000
shares of the common capital stock of the corporation have been issued to
the holders of the C. S. I. Development Corp., as a consideration for this
transfer.
Directors and officers:
S. M. Saltzman (Pres.), C. H. Sterenfeld (V.Pres.), E. C. Santilli (Sec.-Treas.), J. A. Sisto, M. B. Burnside, W. Ray
Johnston, C. H. Dragert, Dr. Joseph C. Alexander.
Underwriter—The principal underwriter is J. A. Sisto & Co., New York.
No firm commitment has been made by J. A. Sisto & Co. Corporation has
entered into a contract with the underwriter, constituting the underwriter
as their selling agent for a
period of 45 days, for the purposes of this offering.
Purposes—Net proceeds are to be used by the corporation for the acquisi¬
tion of additional machinery, for the financing of inventory, for sales
development and for general working capital purposes in connection with
the expansion of the corporation's business.
American
Telephone
Telegraph
&
Co.—Employees
A plan designed to afford employees of the company with a medium for
the investment of part of their earnings through the purchase of U. 8. Gov¬
ernment
"Baby" bonds
was
announced
on
June 29 by President
p.
Depreciation
Taxes
stock
purchase plan.
The distribution of U.
S. Government savings bonds, advertised by the
S. Treasury as "Baby" bonds, previously was limited to such govern¬
mental agencies as the U.S. Post Office, Federal Reserve banks and various
U.
Treasury offices.
The Telephone company will act as agent for its em¬
ployees in the distribution of subscription blanks and the handling of col¬
lections and will also bear all accounting and other costs incidental to pur¬
chases by employees.
The "Baby" bonds are sold on a disount basis, with the Treasury
agreeing to pay, 10 years from date of issuance, the face value of the
which is 33 1-3% greater than the purchase price, this difference
an
At
the recent
monthly meeting of the board of directors,
George W.
elected a
Hill Jr., who has been head of the advertising department, was
Vice-President.--V. 146, p. 2354.
$5,944,550 $73,302,406 $72,041,367
1,854,506
22,883,620
22,355,705
347,040
4,418,272
4,131,249
801,714
10,131,119
9,546,815
822,255
10,228,461
9,962,830
$1,774,752
Dr3,079
$2,119,033 $25,640,933 $26,044,766
20,789
61,203
411,820
$1,771,674
873,649
424,394
$2,139,823 $25,702,136 $26,456,585
930,137
10,637,189
11,208,874
417,884
5,046,517
5,014,393
Works & Electric Co.,
Water
Inc.—-Weekly
Output—
Output of electric energy of the electric properties of American Water
Works and Electric Co. for the week ending June 25, 1938,
totaled 37,879,of 49,972,000
000 kilowatt hours, a decrease of 24.2% under the output
kilowatt hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
follows:
years
1938
1937
1936
1935
36,060,000 48,018,000 43,061,000 36,5u5,000
-....38,670,000 50,718,000 44,155,000 38,100,000
June 18— --38,033,000 50,609,000 45,115,000 36,711,000
June 15- ——37,879,000 49,972,000 45,601,000 35,261,000
1934
Week Ended—
Operating income
Other income.
Total income
Int. & other deductions.
Pref. stock dividends...
Balance.
$473,630
$791,801
Amer. Gas & Elec. Co—
cos*
Total income
Expenses.
Int. & other deductions.
Pref. stock div. to public
-
$473,630
213,629
165,681
4,863
cos..
Other income.
_
-
„
earns.
applic. to A.G.&E.Co.
Int. from subs, cos
Pref. stk. div. from sub-
Balance.
$10,018,430 $10,233,318
,,.
$857,803
53,562
170,853
177,811
$455,576
-
$791,801 $10,018,430 $10,233,318
238,500
2,917,503
3,242,854
159,171
4,517
1,942,166
71,793
1,910,050
229,131
$1,193,990 $14,949,892 $15,615,354
77,453
722,327
665,996
170,853
2,051,046
2,347,809
177,811
2,133,738
2,133.738
$767,872 $10,042,781
$10,467,811
Note—Figures for periods prior to Jan. 1, 1938 restated to include an
additional charge at tne rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937 also
restated to conform with new classification of accounts.—V. 146, p. 3797.
American-Hawaiian
Steamship Co. (& Sub.)-—Earns.
Period End.
May 31—
1938—Month—1937
Operating earnings
$1,333,641
$1,792,028
Operating expenses
1,318,761
1,551,586
1938—5 Mos.—1937
$6,219,521
$5,026,409
6,117,808
4,968.248
June
4-.-.
June 11.
—
3.012
$240,442
7,274
$101,713
14,475
$58,161
24,552
$17,893
77,681
$247,717
67,300
$116,188
378,579
Crl5,058
$82,713
322,471
Cr5,764
$14,880
profit
Prov. for depreciation..
Profit
on
sale of securities
Exps. incident to mari¬
time strike.
Net
loss
before
158,583
——
Andian National
3487.
Corp., Ltd.—Capital Reduced-—
a recent special meeting approved the by-law enacted
by directors which reduced capitalization from $25,500,000 to $10,200,000
by repaying $6 in cash for each share held.
Reduction in capitalization was
thought advisable because present
authorized capitalization was in excess of needs of the con pany, Captain
J. W. Flanagan explained.
Supplementary letters patent will be sought
authorizing the change and no date for effecting the $6 distribution will
be set until djfter these are received.—V. 146, p. 3173.
Shareholders at
Androscoggin & Kennebec Ry.—Earnings—
$58,602 prof$180.417
$247,333
$392,577
1935
1936
1937
Calendar Years—
1934
$194,755
175,882
$256,149
228.376
$267,828
221,920
$263,114
212,634
$18,873
7,935
$27,774
8,103
$45,908
9,522
$50,479
10,621
$26,808
58,553
$35,877
56,845
$55,431
55,118
$61,101
54,227
$31,744
Operating revenues
Operating expenses.
$20,968
sur$313
sur$6,873
'
Net oper. revenue
_
_
Gross income
Deficit
ments.
Balance
Sheet
Dec.
31,
property
sold,
$90,624;
miscellaneous accounts
1937
deposits in lieu of mortgaged
investments, $101,762; cash, $221,032;
receivable, $1,176; material and supplies, $25,060;
Assets—Road and equipment, $3,753,609;
Fed,
income taxes......
—V. 146, p.
Crl,186
34,472,000
The power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of May totaled 167,094,057 kilowatt
hours, against 218,599,986 kilowatt hours for the corresponding month of
1937 3< dccrGasc of 24%
For the five months ended May 31, 1938. power output totaled 846,556,209 kilowatt hours, as against 1,091,747,523 kilowatt hours for the
same period last year, a decrease of 22%.—V. 146, p. 4106.
Deductions from income
Total
33,692,000
35,014,000
34,334,000
May Power Output Off 24%—
Miscellaneous income.
Net profit from oper..
Other income
bond,
being
annual interest yield of 2.9 % compounded semi-annually.
Under the plan employees may authorize deductions from their pay
as low as 75 cents a week and when the price of a bond has been accumu¬
lated the company will arrange for the purchase thereof for the employee
through a Federal Reserve bank or a local postmaster.
At the minimum
rate of 75 cents weekly, deductions will permit the purchasing of a $25 bond
—cost $18.75—in 25 weeks.—V. 146, p. 3797.
equivalent to
American
1938—12 Mos.—1937
342,445
881,850
773,954
expenses
Maintenance
be given the
opportunity through a regular payroll deduction to buy the "Baby" bonds
in five denominations ranging from $25 to $1,000.
The plan, according to
Mr. Gifford, has been formulated to supplement other thrift plans which
the company has set up, offering employees a systematic method of saving.
The company has a savings bank plan and until the end of 1936 operated a
2522.
Subs.)—Earnings—
1938—Month—1937
$5,614,272
1,841,270
revenue
Bal. of subs,
Walter
The plan, effective July 1, stipulates that employees are to
American Tobacco Co.—New Vice-President—
3 Months
Net
Earnings
Dec. 28, last.—V. 146, p. 3487.
on
S. Gifford.
American Agents Plate Glass Insurance
V.
paid
American Rolling Mill Co.—New
Saving Plan—
3486.
p.
101
Chronicle
other
102
Financial
Chronicle
Interest receivable, $2,092; rents and insurance premium paid in advance,
$4,928; prepaid taxes, $716; unadjusted debits, $869; bonds in treasury,
$61,500; total, $4,263,370.
Liabilities—First pref. stock, $1,468,500; 2d pref. stock, $1,708,200;
Consolidated Balance Sheet Dec. 31
Assets—
1937
Gas and oil producing properties, &c
$96,582,198
Investments
303,827
funded debt unmatured,
$845,000; audited accounts and wages payable,
$7,364; accrued interest and rents payable, $15,670; other deferred lia¬
bilities, $131; operating reserves, $8,263; accrued depreciation, $244,825;
other unadjusted credits, $16,540; profit and loss deficit,
$51,124; total,
$4,263,370.—V. 144, p. 2639.
Angostura-Wuppermann Corp.—To Pay Five-Cent Div.
Directors have declared
di vidend of five cents per share on the capital
a
stock payable July 1 to holders of record June 27.
This compares with
dividends of 10 cents per share previously distributed each three months.
See V. 145, p. 3966 for record of previous dividend payments.—V.
146,
1701.
p.
July 2, 1938
270,049
4,968,734
2,318,851
Inventories....
Prepaid insurance, rentals, &c—
Balance in closed banks, less reserve
Notes and accounts receivable, not current
Unliquidated proceeds of leases sold, less
reserve.
Notes and accounts receivable, employees
Deferred charges
RR.—Earnings—
1938
$267,055
Gross from railway
Net from railway
1937
$320,017
46,512
12,185
21,919
11.201
Net after rents
From Jan. 1—
Gross from railway
1,358.005
120,417
50,488
Net from railway..—__
Net after rents
1936
$298,972
38,658
11,073
<
1,726,416
Total..'t
1935
$304,893
87,078
39,278
1,602.747
266,788
1,563,110
354,255
121,000
338,314
155,859
190.681
—V. 146, p. 3659.
Calendar Years—
1937
Operating revenues
a
1936
$581,752
195,370
Provision for other Federal taxes
Provision for State and local taxes
$627,412
243,937
54,306
65,000
20,815
10,996
44,544
Operating income
Non-operating income
$197,813
2,663
$187,999
11,828
Ordinary expenses.
Maintenance
Provision for renewals and replacements.
b Provision for Federal income taxes
Gross
Interest
income
on
$199,827
86,777
147
1,872
2,830
y Class A common
Reserve to provide
for
of stock
exchange
of
4,693
64,175
17,820,391
328,450
240,000
predecessor
Minority interest in subsidiary
—
Funded debt
—
—*
$114,061
$111,439
respectively.
These provisions are based upon advice of counsel for the
corporation with respect to amounts claimed or proposed to be claimed in
its Federal income tax returns as credits for contract
restricting payment of
dividends, in the amounts of $114,862 and $91,789 for the
respective years.
The amounts of surtax in the event of disallowance of such
credits, wouid
be approximately $25,000 for 1937 and $20,000 for 1936, as
compared with
the amounts provided.
Balance Sheet Dec. 31, 1937
Assets—Property, plant and equipment (incl. intangioies), $5,708,940;
investments, $2; sinking and reserve funds, $15,341; note receivable, cus¬
tomer (receivable after Dec. 31,
1938), $2,385; cash, $77,292; interest
deposit, $2,310; working fund, $300; notes receivable, customers, $767;
accounts receivable
(net), $70,700; interest receivable. $203; materials
and supplies, $46,082; deferred
charges, $22,061; total, $5,946,385.
Liabilities—$6 preferred stock (issued, 12,037no par shares), $1,203,750; common stock (issued, 16,623^ no par shares), $1,661,425; long-term
debt, $1,702,550; accounts payable, $23,663; customers'
deposits, $22,071;
accrued accounts, $82,223; deferred credits,
$38,722; reserves, $1,110,583;
contributions in aid of construction,
$93,749; earned surplus, $7,648;
total, $5,946,385.—V. 146, p. 3002.
P
Corp. (&Subs.)—Earnings—
of Dates of Acquisition
582,586
3,144,351
714
Other notes, accounts. Sec., payable
Notes payable to others maturing after one-year
Drilling and lease costs and eng. fees payable out
of future production.
3,016,910
395.300
1,454,264
Current accounts, affiliated companies
Current portion of note (secured), accounts and
interest payable to parent company..
Provision for Federal income taxes
454,492
761,777
240,000
505,033
5,763
286,311
.
„
...
690,554
542,355
16,882,005
22,406,832
13,563,164
289,955
590,235
17,818,037
22,406,832
16,240,426
Reserves
Capital surplus
Earned surplus
$111,166,632 $108579.230
Represented by 4,082,587 no par shades,
y Represented by 3,522,271
z Louisiana Oil Refining Corp., payable in preferred stock
and. (or) cash of Arkansas Fuel Co.—V. 146, p. 2839.
x
1936 figures re-stated for comparative
purposes.
Consolidated Statement of Earnings and Expenses
480,000
121,801
-
Notes payable to others
Accounts payable and accrued exps., incl. interest
and taxis..
Total
b Provision for Federal income taxes includes Federal surtax
on undis¬
tributed profits in the amounts of $593 and $428 for years 1937 and
1936,
Associated Gas & Electric
4,693
18,532,367
871,575
1,464
.
Other income deductions
Net income
726,259
$21,895,050 $21,895,050
4,082,587
4,082,587
3,522,271
3,522,271
preferred stock
Common stock
Customers'deposits and line extension deposits—
146
interest
on
Other interest
a
8,800
66,569
$200,476
81,566
long-term debt
Taxes assumed
51,671
55,000
16,342
..3-126
258,077
125,038
5,061
Liabilities—
6%
x
Liability to stockholders
Note payable to bank
Notes payable to banks (unsecured)
Corp.—Earnings—
242,973
48,840
3,842,502
225,351
$111,166,632 $108579,230
z
Arizona Power
312,665
202,422
85,790
4,684,651
248,767
2,960
374,639
110,547
1,751
681,603
receivable^
Notes and other accounts receiv., less reserve—
Current accounts with affiliated companies
—
Ann Arbor
May—
247,337
270,662
<4,505,310
2,339,580
329,841
Special cash deposit
Cash in banks and on hand
Customers' accounts receivable
Merchandise accounts
1936
$95,426,447
of Properties Irrespective
no
par shares,
Arkansas Power & Light Co.
(& Subs.)—Earnings—
Calendar Years—
Operating
Operating
1937
5,285,569
1,499
964,891
reserve
appropriations.—
Net operating revenues
Rent from lease of plant (net)
Operating income
—
„
Other income (net)
$2,972,009
Z>r5,753
$3,320,151
of limited-term investments
Property retirement
$8,557,916
4,977,510
1,778
606,618
$3,318,551
1,600
including taxes
expenses,
Amortization
1936o<
$9,570,511
revenues
$2,966,256
7,852
18,090
$3,328,003
1,813,497
109,548
$2,984,346
1,814,302
78,215
Cr6,957
....—
Gross income
Irtterest on mortgage bonds
Other interest and deductions
Interest charged to construction
-
Crl7,110
^
Net income
Dividends on $7 preferred stock
Dividends on $6 preferred stock-
JL
$1,098,786
671,401
$1,422,070
671,405
277,860
277,860
Note—No provisions have been made for Federal surtax on undistriouted
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.
Increase
12 Months Ended May 31—
Electric
1938
Transportation.
Water
1937
2,622,789
1,588,328
1,341,616
...
Heating
Ice..-
Consolidated Balance Sheet, Dec. 31
Amount
$102,655,851 $99,067,210
14,172,932
13,396,352
6,743,853
6,022,005
Gas.
$3,588,641
776,580
721,848
42,799
14,461
65,935
2,579,990
1,573,867
1,275,681
1937
1
Non-current receiv
Plant, prop. & eq.69,040,623
14,338,769
$5,210,264
4,446,680
1,902,610
4
7
13
46,137
Sinking fund
$45,888,989 $47,028,015 x$l,139,026
11,198,685
10,661,231
537,454
x2
5
$34,690,304 $36,366,784 x$l,676,480
x5
257
1,191,345
7,082
19,487
19,349
Special deposits
Notes receivable..
■
Accounts recei v'le.
1,166,097
Indicates decrease.
Note—No provision is included for Federal surtax on
undistributed profits,
if any, of the corporation
and(or) or its subsidiaries, for the year 1938.
—V. 146, p. 3798.
x
ac-
Calendar Years—
Gross oper. revenue
61,455
discount & exp.
Other def'd chgs..
1936
1935
Net oper. revenue
$9,212,624
285,681
$8,419,839
$5,096,192
697,760
$5,679,757
685,242
$9,105,081
572.454
547,416
$6,293,952
794,340
456,942
$6,105,301
794,340
520,616
108,650
619,627
1,382,219
4,152,054
3,850
2,621,499
2,028,435
1,901,409
$4,298,87u
$5,255,062
$2,394,609
$1,506,716
Minority int. in subs
Net income
425,544
x No provision has been made
in the accounts of the parent
company for
Federal income tax or for surtax on undistributed
profits.
In the case of
no provision has-been made
for surtax on undistributed
profits as it is considered probable that none will be incurred,
y Includes
$333,000 provision forflsurtax on undistributed profits.
the subsidiaries
Note—The company in its report for 1937 states;
In view of the acquisi¬
tion of the properties of LouisianafOil
Refining Corp. and subsidiary com¬
panies at Nov. 24, 1936 and the refinancingJwhich occurred in
July, 1936,
the figures in the abovejstatement for 1937 are not
comparable with those
shown in the statement of income for the
year ended Dec. 31, 1936.
Statement
of
Consolidated
Adjust, applic. to
a
Earned
Earned
Surplus
Surplus
$4,285,468
22,178
Net income for year end.
Dec. 31,1937
22,178
4,298,870
-$40,291,045 $22,406,832
pref. stock.
1,313,703
-
$9,277,695
prior
K® period
Total
x
—
Div. paid on
Surplusfearned by sub.
prior to dates of
acquisition fapplied in
4,298,870
1,285,468 $13,598,744
1,313,703
24,890
reduc'n of fixed assets.
28,632
84,101
Deferred credits..
Contra accounts..
330,083
x.Of merged and subsidiary companies at date of
330,083
$3,955,385 $12,285,041
merger or
acquisition.
488,381
73,156,355 71,973,446
Includes loans receivable,
c
458,833
1 ,079,615
484,995
1,449,062
14,496
19,349
184,065
22,181
4 373,084
2,238,915
9,913
28,632
3 067,229
Capital surplus...
Represented
by
216
Total
8~4~i6I
2,667,307
1,795,036
73,156,355 71,973,446
b On long-term debt and redemption ac¬
$7. preferred stock and 34 shares
shares
$6 preferred stock.
d Represented by $7 preferred, cumulative (entitled upon
liquidation to
$100 a share); pari passu with $6 preferred; authorized, 150,000 shares,
outstanding, 96,131 shares (including 3 shares exchangeable for stock of
merged company); $6 preferred cumulative (entitled upon liquidation to
$106 a share); pari passu with $7 preferred: authorized, 100,000 shares,
issued, 50,000 shares; in treasury, 3,656 shares; outstanding, 46,344 shares.
Common, authorized, 1,300.000 shares; outstanding, 1,233,638 shareo.—
V. 146, p. 4106.
Armstrong Cork Co.—Acquisition—
Company has contracted to acquire the business of Whitall Tatum Co. of
Millville, N. J., as of June 20, 1938, for 34,500 shares of new preferred
stock.
It has been considered advisable by the management that additional
shares of new preferred and common stock be authorized in connection
with any acquisitions which may be deemed advisable in the
future, or for
other corporate purposes.—V. 146, p. 3944.
Co.—Weekly Output—
For the week ended June 24, Associated Gas & Electric
System reports
of 82,476,587 units (kwh.).
This is a decrease of 6,143,230 units or 6.9% below the comparable week a year ago.
net electric output
Gross output, including sales to other utilities, amounted to
90,765,683
units for the week.—V. 146, p. 4107.
Associated Railways Co.—Loan
Application Dismissed—
The Interstate Commerce Commission has dismissed the
application of
the company for approval of a Reconstruction Finance
Corporation loan
of $7,200,000.
The Commission said that denial of the company's appli¬
on
June 13,
St. Louis RR.,
Surplus at Dec. 31 1937.$38,647,259 $22,406,832
28,274
4,848
Interest---...—
accrued liabil-..
Earned surplus
Total
33,000
b Matured & accr.
Contributions
count.
237,500
Other current and
Reserves
cation
fccos.
Taxes accrued
24,890
Associated Gas & Electric
Surplus
Capital.
Surplus
Surplus at Dec. 31,1936 $35,969,996 $22,406,832
Total
^
Contracts payable
Matured long-term
debt & interest.
26,218
1934
$9,498,305
Interest on funded debt390,934
Other interest charges._
652,596
Prop, of loss of controlled
company for year
Approp. for replacement
237,521
Currently
matur¬
ing l'g-term debt 1,028,182
929,855
$32,974,819 $21,240,460 $19,895,683 $18,009,975
Oper. exps., maintenance
and all taxes.
-y23,762,195 xl2,820,621
14,299,491
12,330,218
Non-operating income..
Dividends declared
883,627
8,279
Corp. (& Subs.)—Earnings—
1937
$
26 579,250 26,579,250
Long-term debt...35 338,522 36,136,704
Accounts payable.
237,619 ■> 223,934
par)
Interest accrued..
Reacquired capi¬
tal stock
1936
$
d Capital stock (no
Customers' depos.
>
debt
Contra accounts..
Arkansas Natural Gas
1,079,317
370,448
22,143
38,588
Other current &
c
al7,434
478,046
23,804
suppl 's
Prepayments
Unamortized
207,349
496
crued assets
Operating income
13,155
1,389,463
M ater i als &
Net operating revenue
Provision for retirements
67,926,128
1,100
Cash In banks
Total gross operating
revs...$129,125,369$123,915,105
Oper. exps. & maintenance
66,995,001
62,548,321
Provision for taxes
16,241,379
1937
Liabilities—
Miscell. securities.
5
1936
A.S8CtS"mm^
6
12
2
1938, to acquire the properties of the MinneapolisJ&
eliminated the necessity for the loan.—V. 146, p. 3945.
Atlantic Mutual Insurance
Co.—Secretary Retires—
F»F. D. Denton, Secretary of the company having reached the retirement
age of 65, retired from active service on June 30 after almost half a
century
of association with the
company.—Y. 146,
p.
2356.
Volume
Financial
147
Atlantic Coast Fisheries Co.
Atlantic Refining Co.—May Increase Shares—
This company has notified the New York Stock Exchange
of
a
proposed
increase in authorized comnion stock from 4,000,000 shares to 5,000,000
shares.—V. 146, p. 2676.
Atchison
Dividend
or
&:
Topeka
Ry.—No
Fe
Santa
Interest Payments—
on
interest
on
company's stamped adjustment 4s of 1995
upon preferred and common dividends.
A semi-annual dividend of $2.50 per share was paid on the preferred stock
on Feb. 1 last.
A dividend of $2 per share was paid on the common shares
on
Sept. 1, 1937.
See May 1938 issueTof "Railway Number" of "Railway
Compendium
for detailed record of previous dividend pay¬
& Industrial
ments.
'
■
on the adjustment 4s of 1995 is'payable only if earned, and was
on May 1 last.
The question of this interest may be consid¬
by the directors at another meeting before the next payment date,
Interest
omitted first
ered
Nov.
Cost
1.
1935
$7,223,023
$6,650,595
$6,099,712
5,374,601
6,101,103
800,173
5,469,851
732,883
5,271,050
a688,651
$105,805
Crl7,441
x4,445
$321,748
Cr30,359
xl8,177
$447,860
Cr4,228
25,065
loss$31,310
15,535
31,774
96,280
materials,
raw
of fleets, plants,
&c
-
Gross profit
Federal income taxes
vessels
71~951
Net profit
Profit from sale of inv. in
[Includes Gulf Colorado Santa Fe Ry. and Panhandle & Santa Fe Ry.]
Net ry. oper. income..
$424,501def$l,089,121 $5,171,628
$1,369,326
ment and
unemployment insurance taxes.—V. 146, p. 3488.
def7,272
Net from rail way
Net after rents
def55,862
5,828
defl7,962
1,668,125
257,113
1.219,583
59,902
def84,673
1,370.747
45,983
1,402,481
100,417
defl52,339
def24,250
129,604
—Y. 146, p. 3488.
1936
1935
def23,862
$139,426
17,597
def8,260
$122,113
2,825
13,332
647,224
773,683
10,260
101,449
defl07,230
defl4,137
696,615
83,909
defl9,440
610,326
48,587
def40,208
<
574
Net after rents.
Consolidated Balance Sheet
Assets—
Net after rents
Beach
Bridge Corp.—Bonds Called—
A total of $20,500 first mortgage sinking fund 634 % gold bonds due
Feb. 1, 1942 has been called for redemption on Aug. 1 at 103 and accrued
will be made at the Marine Midland Trust
Payment
Col. of
hand
Atlantic Coast Line
Operating revenues—Operating expenses
RR.—Earnings—
1938—Month—1937
1938—5 Mos.—1937
$3,729,689
$4,023,322 $21,831,839 $23,700,544
2,878,957
3,045,219
15,950,073
16,177,067
$850,732
$978,103
450,000
450,000
$5,881,766
2,575,000
$7,523,477
2,825,000
Operating income
Equip, and jt. fac. rents
$400,732
275,482
$528,103
194,879
$3,306,766
1,137,306
$4,698,477
920,536
Net ry. oper. income.
—V. 146, p. 3661.
$125,250
$333,224
$2,169,460
$3,777,941
Net oper. revenues
Taxes
Income
Account for
Years Ended April 30
1937
1936
1935
$2,305,075
19,735
Total income
$2,463,683
19,189
$2,122,121
$2,106,914
29,737
21,548
17,554
$2,136,651
2,051,611
29,083
33,976
x43,500
15,000
5,100
$2,482,872
2,215,238
50,189
950
expenses.
Depreciation
Res. for Fed. inc. taxes.
capital
of insurance
31,117
26,699
Prepaid insur.,tax.
50,616
56,182
143,090
3,154
profl7,682
401
4,823
loss$118,184
prior A stock.-
$174,073
142,655
$89,705
57,042
$12,059
142,869
(net)
45,000
5,593
$32,663 def$130,810
$31,418
def$118.184
Balance, surplus
Includes surtax
14,054
8,705
11,350
17,176
2,377,718
2,377,718
31,829
31,829
281,330
296.921
opt. to purch .cer¬
24,780
tain pat't rights.
x
Common stock..
Capital surplus...
1,603,587
1,186,160
Earned surpl. from
2,494
_
6,265
May 1,1935...
$2,966,844 $2,873,502
$2,966,844 $2,873,602
Total
1539
Represented by 299,185 no par shares.—Y. 146, p.
Baltimore & Ohio RR.—Earnings1938—5 Mos.—1937
Period End. May 31—
1938—Month—1937
Freight revenue
$8,620,583 $13,287,174 $43,033,827 $64,920,371
4,236,957
4,382,712
Passenger revenue
929,236
982,923
Mail..:
1,304,098
1,288,426
27o,781
291,525
451,983
707,335
Express
72,361
120,571
1,783 390
2,208,201
All other oper. revenues.
361,191
482,683
revs.._$10,2o4,lo2 $15,164,876 $50,810,255 $73,507,045
4,86o,762
6,895,982
800,733
1,635,328
17,066,411
11,923,541
2,210,296
3,769,846
2,034,114
Traffic
1,865,520
375,106
433,077
25,267,829
22,006,657
Transportation—railline
4,231,551
5,162,672
657,810
618,469
Miscell. operations
126,370
151,444
2,835,567
2,104,050
General expenses
I.
403,257
565,039
01,299
05,030
Transp. for investment.
Cr810
080
Railway
oper.
Railway tax accruals
Equipment rents (net)-Joint facil. rents (net)--
$2,107,649
88u,705
214,524
166,184
$3,447,550
796,571
236,206
159,252
$7,431,286 $18,750,631
4,517,202
5,045,319
915,236
1,196,475
865,865
764,595
Net ry. oper. income.-
$841,236
$2,255,521
$1,132,983 $11,744,242
Net
rev.
from ry.opers
—V. 146, p. 4108.
1938
Consolidated Contributed Surplus
-$197,090
44,675
def8,717
$143,428
53,463
8,490
1,392,550
666,016
371,288
railway
Net after rents
1,548,187
1,050,118
376,318
105,303
754,432
213,983
defl3,223
Bessemer & Lake Erie RR.
Arising from exchange of
'shares of pref. stock.-
1,238
1937
1936
1935
$2,139,395
1,317,164
1,060,105
$1,396,803
735,873
599,629
$1,015,632
525,586
516,450
1,833,102
def313,379
def435,535
6,082,126
2,564,182
2,225,785
3,911,617
936,710
905,811
3,056,578
1938
-
Net from railway
From Jan. 1—
Gross from railway
Net after rents
$532,365
494,610
502,033
3661.
Bethlehem Steel Corp.—Prices
Reduced—
States Steel Corp. of
$531,677
$529,545
drastic price reductions on a broad list of products, this company posted on
June 27 new prices for shipment of products not later than Sept. 30, with
2,133
$ 531,677
$531,677
ranging up to 17%.
This company went even further than United
wiped out all price differentials.
According to Bethlehem's new schedule of prices, which apply for delivery
and consumption only in the United States, the base-point system appears
to have been destroyed and prices for steel products are now virtually the
same at every manufacturing center.—V. 146, p. 4108.
688
$533,604
—Earnings
$544,855
78,537
51,142
May—
Following closely the anouncement by the United
1935
1936
$531,677
$532,365
810,540
456,895
—V. 146, p. 3661.
April 30
1937
1938
Previous balance May 1-
1935
1936
$271,385
106,065
42,457
From Jan. 1—
Gross from railway
—V. 146, p.
undistributed profits.
on
Ry.-—Earnings-
1937
$276,762
125,776
68,284
Net from railway
x
125,000
stock taxes
Depos. rec. under
contract
giving
45,000
13,569
rent, &c
Sundry inv. & adv.
Net after rents
on
to
cap.
163,069
Leaseholds
Gross from railway.
Net profit
Divs.
payable
Sundry accruals._
Prov. for Inc. and
Net after rents
$2,143,669
1,989,074
31,528
17,960
$2,324,810
2,344,297
73,991
20,601
Interest
assets
380,702
$116,373
$125,564
;
banks
435,352
449,486
Cash surrender val.
Net from
of
455,036
Gross from railway
Net from railway
1938
sale
Notes
less reserves)..
Beaumont Sour Lake & Western
Gross profit from sales.Inc. from other sources.
on
payable
$568,480
May—
Austin, Nichols & Co., Inc. (& Subs.)—Earnings—
gen.
$172,850
Total
1937
1938
Accts.&ins.prem.
or way & structs.
Maintenance of equip
Period End. May 31—
Consolidated
April 30
Liabilities—
1937
Maint.
N. Y.—V. 146, p. 100.
Selling &
1938
Inventories
x
—V. 146, p. 3661.
Interest.
on
Deferred items
From Jan. 1—
Gross from railway
Net from railway
Atlantic
surtax
equip, less res.)
1937
$147,544
18,502
def4,915
1938
$128,004
Nil
undistributed
profits,
y Includes
$63,482 net
operating profit of Canadian subsidiaries from May 1, 1936, to Feb. 28,
1937, the effective date of their sale,
z Includes $229,459 provided as of
April 30, 1937, as a contingency reserve for possible reduction in value
of fixed assets,
a Includes $50,395 for State local and capital stock taxes.
x
Vessels, plants and
Atlanta & West Point RR. —Earnings—
May—
Gross from railway
Net from railway
$175,719
$1.03
$0.56
Nil
Pats. & trademarks
Net from rail way
Net after rents
$309,626 loss$175,719
$483,602
312,924
com.
on
no par
Includes
91,974
$309,626 loss$175,719
$15,591prof$170,678prof$309,626
-
sh.
per
stock,
Accts. & notes rec.
1935
$218,509
$252,451
8,689
defl6,568
From Jan. 1—
Gross from rail way
Earns,
on
1936
1937
$312,118
29,062
defl0,650
1938
$249,950
May—
818
z226,526
$46,850
62,442
Cash in banks and
Atlanta Birmingham & Coast RR.- -EarningsGross from rail way
y$257,076
Canadian subs
Net loss
x Includes $308,851 and $384,951 for month and $1,751,643 and $1,805,627 for 5 months of 1938 and 1937, respectively, accruals of railroad retire¬
76~853
$46,850
Depreciation
Other charges (net).
Period End. May 31—
1938—Month—1937
1938—5 Mos.—1937
Railway oper. revenues_$ll,508,303 $13,418,515 $54,734,068 $65,801,387
Railway oper. expenses.
8,844,663
11,886,015
49,202,465
54,466,310
x Railway tax accruals._
1,176,405
1,117,152
6,111,292
6,065,310
Other debits or credits
Drll7,909
Cr9,154
Dr509,431
Dr98,138
859,972
Charges for idle plants &
Total.
Earnings of System
Loss
1936
25,424
of
1937
April 30—
Sell. & admin, costs, &c_
or
-Earnings—
(& Subs.)-
1938
$6,169,057
Year End.
oper.
Action
.
Directors at their meeting on June 28 failed to take any action with regard
to payment of either
103
Chronicle
cuts
States Steel in that it
Total
Consolidated Earned Surplus April 30
-
$183,532
3,941
174,073
$218,891
Adj. of res. of subs, (net)
Profit (as above)
lossll8,184
on
$100,708
$218,891
$183,532
1938
402
1,980
2,080,277
Notes&accts.rec. 1,596,805
1,969,283
9,557
rec.
13,522
12,946
20,047
22,000
402
1,750,000
1,980
102,711
114,124
Common stock__
Bank loans
Divs. payable
a Dlv. notes pay'le
cur.
291,926
337,415
Special deposits...
27,190
60,799
25,870
156,440
288,159
29,367
318,505
1,042,912
1,159,857
.
Special deposits
33,903
12,068
Deferred charges..
202
2,261
18,148
26,448
Other assets.
125,581
136,380
liabs
Accrued wages
Accrued taxes
Accounts payable
not)
current)
855,930
Prior A stock
Other
comm.
■less reserve)
1937
$24,900
856,470
125,603
1,750,000
y
x
2,292,444
Salesmen's
1938
$23,100
7% cum. pref.stk.
meet dividend.-
Miscel. receivables
30
Liabilities—
1937
$50,292
deposit to
Inventories
Cash
Surplus
$4,375,514
•4,567.293
Represented by 125,603 no par shares in 1938 and 125,581 in 1937.
y Represented by 28,549 no par shares in 1938 and 28,531 no par shares in
1937.
x After reserves of $111,809 in 1938 and $91,269 in 1937.
a $11,412
dividend notes due within one year.—V. 146, p. 742.
Autocar
Co.—Preferred Dividend Omitted—
meeting held June 24 decided to omit the dividend normally
due at this time on the $3 preferred stock.
A regular quarterly dividend of
a
75 cents per share was
paid
Sept. 25 and on
Bobbs-Merrill Co.—Dividends Resumed—
Company paid a dividend of 60 cents per share on the common stock,
June 20 to holders of record June 15.
This was the first dividend paid
on
since Feb. 29, 1932 when a
—V. 145, P.
on
April 1 last.—V. 146, p. 2526.
dividend of 15 cents per share was distributed.
2383.
Blackstone Valley Gas & Electric
1937
1936
$5,813,342
$5,926,206
Operating expenses
2,917,288
2,982,174
Maintenance
223,481
255,963
Retire, reserve accruals.
544,453
530,000
Taxes (incl. inc. taxes)..
588,838
557,238
Calendar Years—
Total gross earnings
$1,539,282
Net earnings
$1,600,831
Co.—Earnings—
1935
1934
$5,847,817
2,932,216
$5,524,483
2,668,220
252,189
530,000
219,506
530,000
449,410
509,298
$1,684,002
$1,597,459
534,656
524,854
579,426
563,776
$1,004,626
1,597,791
$1,075,977
1,686,502
$1,142,576
3,934,407
$1,033,682
4,100,555
$2,602,417
1,631
$2,762,479
4,323
$5,038,983
2,148,386
$5,134,237
Crl0,034
$2,600,786
$2,758,156
$2,890,597
$5,144,271
77,652
1,082,713
77,652
1,082,712
43,730
77,652
1,082,712
49,500
77,652
1,082,712
Earned surplus Dec. 31 $1,440,421
$1,597,791
$1,686,502
$3,934,407
Interest & amortization.
Earned surplus Jan. 1...
Total..
x
Directors at
a dividend of 18 % cents per share on the com¬
holders of record July 15.
Like amount was
and compares with dividends of 37cents paid on
June 25, 1937.—V. 146, p. 2527.
declared
stock payable July 25 to
paid on April 25 last,
Balance
57,093
54,375,514 54,567,293
Total
Bloomingdale Bros., Inc.—18%-Cent Dividend—
Directors have
mon
$150,869
$60,312
Assets—
depreciation
Mtges.
12",058
$293,737
142,869
Plant & equip, less
z
89,705
$240,574
57,042
Consolidated Balance Sheet April
on
$281,679
$361,546
142,655
prior A stock._
Balance, April 30
Cash
$150,869
$100,708
Total
Divs.
1935
1936
1937
1938
Previous balance May 1
Total surplus
Direct charges (net)
Balance.
.....
....
Pref. divs. (B. G. Co.
-
of
N.J.)
Preferred dividends
Common dividends...>.
104
Financial
Chronicle
July 2, 1938
Balance Sheet Dec. 31
1937
Property,
8
plant
1937
Liabilities—
equipment
27,244,621 27,060,862
■
8
8
799,150
7,479
8.204
Prem.oncom. stk.
740,503
Notes receivable..
Accts. receivable—
$
Bonds
Notes
payable
519,895
669,757
Mdse. & Jobbing
646,557
111,906
537.548
105,024 ■
122,510
527,441
545,866
Miscellaneous..
Mat'ls & supplies.
Prepayments
Sinking funds
Special deposits...
Liabilities—
1,294,200
Cash
Montaup E. Co.
14,721
Retirement
reserve
553,820
360,297
208,463
240,017
134,088
132,113
31,281
59,487
Water rates
supplies.....—
59,563
Mat'ls & supplies.
18,753
252,108
5,634
4,991
6,177
218,871
225,671
570,424
252,302
50,006
51,027
35,125
37,769
15,188
14,938
49,845
Gas
Contrlb. for exten.
Unadjusted debits
208,043
161,532
Operating reserves
Unadjusted credits
37,502
3,345
19,991
Earned surplus.-.
1,440,421
1,597,791
maint.
Total
.,..30,284,379 30,079,841
Total
-
In
a
Operating
dividend
of 62Mc.
Inc.—Reports Earnings—
earnings
Mr. Wismer's letter states:
"After one year's operation, the company in
of distributing dividends semi-annually from
1934 inaugurated a policy
earnings.
Beginning in April,
1934, semi-annual dividends of 2A% on the declared value of the stock
have been continued regularly, and in December, 1937 an extra dividend
of2^% in addition to the regular 2 A % dividend was paid to stockholders.
"Because in the earlier stages of the company's development most of the
earnings were in form of real estate bonds received in trades and exchanges
and not readily convertible into cash
except at sacrifice prices, the first
five semi-annual dividends were distributed in form, of
stock, which,
excepting fractional shares so issued, participated in subsequent dividends.
The later dividends were all declared
payable in cash at the rate of 62 A
share."
Light & Power Co., Ltd.—Earnings
1938—5 Afos.—1937
$15,245,637 $15,055,029
7,216,634
6,884,367
1,446,438
$1,845,581
earns,
before
de¬
British Columbia Power Corp.,
$104,339;
formed "as a measure for the protection of holders of real
estate bonds issued by Bankers Trust Co. of Detroit.
It was designed to
incorporate their holdings into a unified agency for the better handling of
the bonds and for the better ultimate realization on their
investments,"
17,060,645 17,046,f
1,500,592
expenses
Period End. May
Gross earnings
$8,029,003
$8,170,662
Ltd.—Earnings—
1938—Month—1937
31—
$1,200,211
733,810
Operating expenses
1937, $192,507.
was
Total
3,656,391
Empire Trust Co. has been appointed depositary under agreement dated
May 2, 1938 for the first mtge. 63^% gold certificates of the corporation.
account.
cents per
52,178
*5*106
Brigby Realty Corp.—Depositary—
from Jun. I, 1938 to June 10,
per
The report reviews the company's operations from its
inception in 1933,
when earnings of $13,575 were established.
Earnings by years since that
time have been as follows:
1934, $79,955; 1935, $81,708; 1936,
Company
88,309
-V. 146, p. 3798.
share was recently declared which will
balance of $20,143 to be added to the undivided
require $38,573, leaving a
surplus
88,309
133*806
3,728
Misc.unadj.credits
Surplus as adjust- 3,606,246
preciation & amortiz $1,680,348
....30,284,379 30,079,841
Net
has earned net surplus
cash
140,958
Res. for bad debts.
Res. for Fed. taxes
17,060,645 17,046,888
_
Brazilian Traction,
1938 of $58,717.
A
12,947
130,000
93,329
Taxes accrued
Period End. May 31—
1938—Month—1937
Gross earns, from oper.. $3,180,940
$3,292,019
letter to stockholders, Otto G. Wisrrer, President, reports that the
company
6,461,000
130,000
—V. 144, p. 2987.
-V. 146, P. 101.
Bondholders Management,
6,500,000
44,227
V-
5,512,338
20.431
Total
6,500,000
$20)
Long-term debt— 6,461,000
Accounts payable.
Divs. declared
Interest accrued..
.
—25,299
136,897
108,259
Prop, aband. acct.
5,943,266
76,531
bench
1936
$
Capital stock (par
775,843
Non-oper. equip. &
Prepaid accounts.
Unamort. debt...
4,168
reserve..
rec.
265,352
57,107
debt
accr_.
824,000
disct. & expense
Unamortized
accts. rec.
27,093
Interest accrued..
41,312
704,314
270,928
Custom,
917,300
191,978
Taxes accrued
11,486
41,490
14,559,905
Notes receivable—
Sundry accts.
Consumer's depos.
Mlscell. liabilities.
1937
1936
Fixed cap. (net)-.14,780,387
8,661,700
12,390
12,390
11,384,000 11,421.000
Accounts payable.
80,055
rental.
on
1937
$
to
Consumers.....
Appl.
1936
,
6% preferred stock
(S100 par)
1,294,200
Com. stk.($50 par) 8,661,700
&
Investments
Cash
Balance Sheet Dec. 31
1936
§
"
Assets—
Net earnings....
—V. 146, p. 3662.
1937
1938—11 Mos.
$1,213,033 $13,858,585 $13,696,495
745,806
8,096,569
7,888,099
%55,762,01*6
$467,227
$466,401
$5,808,396
$884,936
720,744
Brockton Gas Light Co.—-Earnings—
Calendar Years—
Gross earnings
1937
1936
$808,449
743,851
$830,315
691,999
1935
$836,494
686,788
$64,598
20,360
$138,316
14,713
$149,706
12,421
$164,192
$153,029
Income deductions
$84,958
29,628
$162,127
40,720
$164,486
43,714
Net income.
Dividends
$55,330
47,703
$120,005
47,703
$121,407
83,481
$120,771
164,576
$7,627
$72,302
$37,926
def$43,805
Oper. expenses & taxes.
Net earnings
Other income
Gross income
33,025
1934
293
To
date, there has been paid a total of 12 lA% in stock dividends and
$3.12H Per share in cash. The total amount or net surplus retained in the
company's undivided surplus accounted is reported at $165,525.33.
The facilities of the company have also been
widened, Mr. Wismer
explained, so that a complete real estate and property management service
is
conducted.
Boston &
The company
Albany RR.—To Issue Bonds—
has applied to the Interstate Commerce Commission for
authority to issue $3,015,000 main line 4A% mortgage bonds for the
purpose of refunding a like principal amount of matured and
maturing bonds.
The
bonds are to be delivered to New York Central
RR., in satisfac¬
an advance of
$1,000,000 to the B. & A. last year to pay off a ma¬
turing issue of 4A% improvement bonds, and for a new advance of $2,015,000 to meet maturity July 1, this year of that amount of B. & A.
5%
improvement bonds.
The New York Central in a concurrent
application asked authority to
guarantee the new issue.—V. 144, p. 98.
new
Balance
Balance Sheet, Dec. 31, 1937
Assets-—Plant and equipment, $4,085,003; miscellaneous physical prop¬
erty, $7,884; other investments (at cost), $7,784; cash, $70,852; notes
receivable, $910; accounts receivable, $265,306; materials and supplies (at
cost or less), $124,674; prepaid accounts, $8,625; debt discount and ex¬
pense, $11,477; total, $4,582,518.
Liabilities—Capital stock ($25 par), $2,981,450; 4% coupon notes, due
Nov. 1, 1942, $850,000; accounts payable, $42,230; consumers'
deposits,
$5,242; accrued liabilities, $12,703; unadjusted credits, $116; reserves,
$253,639; surplus, $437,137; total, $4,582,518 —V. 145, p. 3002.
tion of
Boston Elevated
Month of
Net earnings from operations
1938
_
.
_
....
_
Subway, tunnel and rapid transit line rentals
on
bonds.
__
Miscellaneous items
Excess of cost of service
over
receipts
$2,129,189
1,589,133
135,802
103,259
235,530
329,373
6,787
$270,696
1937
$2,236,090
1,547,342
143,682
103,259
235,361
328,373
6,435
Amort,
May 31—
expenses.....
Net oper.
Taxes
revenue
Rate
x
$549,638
200,000
48,367
3,786
3,786
501
3,786
582
477
50,712
year
44,925
at actual
charged
reserve
$317,053
$258,889
$252,082
41,508
less related taxes, adjusted
Surplus for the year
$210,573
x After
giving effect to rate reserve and related taxes, adjusted.
Note—It is estimated that there will be no Federal income tax
payable for
the year 1937 after deductions of rate refund for
year ended March 15,
1935 and interest accrued thereon in accordance with the Public Service
Commission Amendatory Order, dated July 2, 1937, in Case No.
and
7908,
after
allowing for
RR.—Earnings—
annual
depreciation
deductible
under
$700,824
328,745
$993,260
308,848
182,298
7,480
$2,745,003
1,571,760
934,593
44,074
$5,842,416
1,524,942
981,300
65,429
$190,345
93,844
$494,634
78,803
$194,576
497,444
$573,437
$692,020
172,947
.
Liabilities—
$102,444
501,123
Vouchers payable
Notes payable
247,937
Accounts receivable..
Materials and supplies
Dividends
Miscellaneous assets
457
$3,721,418
rents-Dr
Other income
Assets—
Cash
$3,270,744
450,674
$284,189
-
Treasury
Balance Sheet, Dec. 31, 1937
1938—Month—1937
1938—5 Mos.—1937
$3,294,968
$3,954,002 $16,078,140 $20,197,048
2,594,144
2,96v,,742
13,333,137
14,354,632
8,787
Equipment
200,000
41,239
38,476
and
regulations.
Boston & Maine
revenues
$555,209
200,000
discount
expense.
rates
stock of the company, the so-called public
to efforts of
In the morning the bill failed of
passage 18 to 18, but in the afternoon a
was entertained to reconsider the
vote.
Reconsideration prevailed
on a roll call of "yes"
18, "no" 17.
When Senator Wragg found how the
vote stood he ordered the Senate
Clerk to poll him.
He then voted "no,"
thus tying the vote and making the
proposed legislation impossible of pas¬
sage this year.—V. 146, p. 4108.
End.
bond
$539,570
10,067
$128,364
motion
Period
of
$540,235
14,974
Miscellaneous income deduct'ns
Income tax (estimated)
ownership bill, was killed in tne Massachusetts Senate due
President Wragg of the Senate.
Operating
Operating
1935
$559,817
Total income.
Interest on funded debt
Other interest charges
Surplus for the
common
1936
$553,101
6,716
Other income.
Purchase Bill Killed—
The bill to acquire the
1937
sold (cu. feet)..2 ,002,818,000 1,,990,612,400 IA>89,669,700
$2,483,070
$2,486,401
$2,488,377
Oper. exps. incl. retire, expense
1,553,534
1,565,718
1,662,698
Taxes excl. Fed. income tax—
376,435
380,447
286,107
gas
Revenue from sale of gas
Ry.—Earnings—
May—
Total receipts
Total operating expenses
Federal, State and municipal tax accruals
Rent for leased roads
Interest
Brooklyn Borough Gas Co.—Earnings—
Calendar Years—
Quantity of
Prepaym't and suspense Items
$57,156
175.000
payable
Accrued int.
on
133,223
Accrued taxes
and expense...
100,234
Accrued
Fixed capital....
9,726,175
Unamortized
bond
discount
22,500
funded debt.
.
_
Miscellaneous liabilities
int.
on
82,158
74,809
...
26,844
consumers'
deposits....
58,999
Consumers' deposits.
610,069
Retirement
298,839
reserve
Contingencies
reserve.......
529,277
624,452
632,001
$340,263
$58,564
Misceil. reserves and suspense
$2,420,406prof$564,927
1st mortgage bonds
General & ref. mtge. bonds..
Common stock (40,000 shs.,
Bridgeport
Hydraulic
Co.—Sells
Bonds
Privately—
Through Lee Higginson Corp. as agent, the
company has
placed privately an issue of $1,490,000 30-year
3^s/ The
proceeds of this issue, together with other
funds, will be
used to retire a like
principal amount of indebtedness already
outstanding.
Income for Calendar Years
1937
Taxes.
185,498
113.894
res. and
$1,859,874
$1,829,802
605,337
200,563
$1,737,909
613,871
209,031
$1,015,416
20.908
$1,023,902
19,646
$915,007
18,508
$1,036,324
132,237
$1,043,548
264,523
142,950
$933,516
295.774
85,212
$669,165
520,000
$636,075
520,000
$552,530
520,000
no
Pref.
Total income..
Interest and amortization
Federal taxes..
234 922
Net income.
Dividends-
...
$149,165
-Y.
$10,811,596
145, p.
$32,530
stock
282,000
3,718.000
1,675,000
-.
(30,000
shares,
1,500,000
Total......
1,184,250
$10,811,596
1893.
Brooklyn Manhattan Transit Corp.—Collateral Released
The Brooklyn Trust Co. has notified the New York
Stock Exchange that
has released from the indenture
securing rapid transit collateral trust
bonds of this corporation, for
it
amount
sinking fund purposes, $382,000 principal
Williamsburgh Power Plant Corp. general mortgage 5% sinking
fund gold
bonds, series A, due July 1, 1968, leaving $20,487,600
principal
bonds on deposit.—V. 146, p. 4109.
of such
Burlington-Rock Island RR.—-Earnings
May—
$116,075
par)
Corporate surplus...
Total.
1938
Gross from
Net from
railway
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-
217,299
-..
$50 par)-
amount
Balance
Other income (net)
1935
633 245
_
Balance
1936
211,213
ad juts.).
^...
3,156,491
3,112,426
items..
Net deficit
-V. 146, p. 3490.
Oper .rev. (net after
Operating expenses
Contributions for extensions.
Rate reserve.
-
—V. 146, p. 3662.
$112,850
def4,025
def21,043
554,436
8,107
def82,645
L.
1937
$112,986
1936
$58,523
18,351
def6,320
def30,872
542,402
80,990
324,535
def54,398
defl6,661
def41,164^defl33,537
1935
$71,409
defl5,963
def30,599
338,309
def63,743
defl39,897
I
Volume
Financial
147
Burroughs Adding Machine Co.—Stock Sold—Stern,
Wampler <fc Co., Inc., late on Thurdsay, June 23, released
an
offering of 27,500 shares of common stock.
The stock
Chronicle
105
Balance Sheet April 30
Assets—
1938
Cap.
mach., goodwill,
&c—
Stock of merchan-
dealers.
Accounts
All of the available stock
was
reported sold before
June 24.—V. 146, p. 1868.
noon
dise, stores, <fcc.
495,267
559,875
131,385
160,117
10,758
8,296
9,105
...
9,741
Bills receivable
Inc.—Listing Approved—
on
hand and
in bank
The New York Curb Exchange has approved for listing the voting trust
certificates representing 56,047 additional shares of common stock, no par,
upon official notice of issuance.—V. 144, p. 4337.
$1,733,500 $1,733,500
Accounts payable49,149
127,890
Dividend payable.
8,667
Wages accrued...
4,999
14,221
Reserve for deprec
399,034
387,614
Earned surplus...
475,604
466,911
3,226
15,116
(less
rec.
reserve)
Cash
Cable Electric Products,
—
....
Suspended
assets,
insur. prepaid
—
Total...-—$2,662,286 $2,738,8111
California
Net
oper.
rev.
1938
1937
$4,633,041
$4,583,959
Canadian Industrial Alcohol Co.,
and after
reserve
Gross income
xNet income........
2,564,053
300,000
$2,457,452
$1,109,652
taxes
reserve
j
Montreal,
2,757,452
300,000
$2,264,053
$908,664
Appropriation for retirement
as
Canadian National Lines in New EnglandMay—
def35,734
507,730
def87,762
def302,014
609,708
12,333
def213,144
a
Before interest and Federal income taxes.—V.
Cambria & Indiana
May—
Gross from railway
Net from railway
Canadian National Ry.—Financing
466,721
107,873
300,196
559,550
232,428
418,705
Net from railway..
Netafterrents
—Y. 146, p. 3491.
$80,666
def64,648
defl,589
457,147
141,027
404,159
16,846
279,885
bill authorizing the Government to lend the road
Earnings for Month of May and Year to Date
[All-inclusive System]
Period End. May 31—
Canada Bud Breweries, Ltd.—20-Cent Dividend—
The directors have declared
stock,
no par
Operating
Operating
dividend of 20 cents per share on the com¬
a
value, payable July 26 to holders of record July 15.
This
paid on Dec. 15 and July 20, 1937, and on Dec. 19
Net
compares with 40 cents
terly dividend of 15 cents
per
Canada Northern
Period End. May 31—
share
was
Power
paid.—V. 146,
Operating expenses
Net earnings
-V. 146. p. 3662.
$235,235
Canada Packers, Ltd.
$243,437
a
4,166
121,577
sale of invest.
on
Netafterrents.
88,167
53,140
bonds
Gross from railway
$59,186,658
110,234
Net from railway
Net after rents
51,986,638
9,055,753
784",998
748,019
49,758
213,110
48,335,203
8,420,656
15,324
747,674
149,321
622,350
507,514
Period End.
on
$1,100,559
6,099,836
$1,522,663
5,177,174
$1,288,011
5,379,414
$7,200,396
$6,699,836
$6,667,425
600,000
600,666
600,000
Canadian
Year Ended
$6,099,836
$5,177,174
$5,379,414
$7.61
$4.85
$4.48
redemption thereof.
Consolidated Balance Sheet
Assets—
let earnings
Liabilities—
serve
for losses..
1,438,284
1.438,284
5,062,268
Acc'ts payable and
8,748.406
9,421,443
accrued charges.
443,320
478,576
191,273
139,971
Invest. In & advs.
^Provision
for
390
depreciation..—
Net profit
Earned surplus,
expenses
& Provincial
-
_
— — —
come
& sales tax
149,571
Dividends payable
Investments......
184.594
137,133
310,665
276,104
Coll. trust bonds—
1,098,106
1,136,720
54,702
564,510
47,243
150,000
150,000
4,500,000
5,250,000
124,308
1
Surplus
15,367,850 14,762,381
6.600,396
6,099,836
34.719,466 35,252.064
Total
34,719,466 35,252,064
20,353.463
.£°0
34,674
—
12,149
fonnsB
lzu.uob
-
previous years
$173,878
—
disposal of interest in Chateau Gay Ltd— _ __ — - — ----- 200,235
deficit of Chateau Gay Ltd., at April 30, 1937,
which had been charged to consolidated surplus at that date
053,609
Dividend
payable June 1, 1938
surp. on approp.
-.---
Earns, per
17,100
$10,1,52
$0.47
April 30, 1938—share on 114,000 shares capital stock (no par)
Consolidated Balance Sheet, April 30,
447,801,
Res. for deprec. &
hold. pl't & eq..21,515,416
Goodwill
1
-—•«. -
Balance of earned surplus at
Advs. from sub. co
Life ins. prem. paid
Land, bldgs.,lease¬
209,639
-
on
in¬
Accrued bond Int.
Sundry dep. & bal.
receivable-
_
Accumulated
Res. for Dominion
to sub. cos
$113,285
from the sale of wine, cider & grape juice
5,678,782
x
4,274.793
3,101,359
Inventories
Prepaid
S
Common shares.
Go's' bankers (sec)
21,009
for
Subs.)—Earnings
(Sc
Ltd.
Wineries
Executive officers' salaries & legal fees.
Loss
Mar. 31*38 Mai. 25*37
?
S
14,792
Acc'ts rec., less re
$358,000
April 30, 1938
Total.
Mar. 31'38 Mar. 25'37
Cash....
$2,604,000
^Dominion and Provincial income taxes
and William Davies Co., Inc., in
on
--$2,246,000
directors' fees
573.550
redemption of the bonds of Harris Abattoir Co., Ltd.,
prior years, less premium paid or payable
on
Decrease
1937
1938
,
Realized
$7,065,043
—V. 146, p. 4110.
7% cum. pref,
stock red. Jan. 1, 1936
a
$2,169,620
$1,574,219
$422,119
Traffic earnings.
$5,951,701
422,287
150,000
316,701
1938—5 Mos.—■1937
Earnings for Week Ended June 21
$1,318,663
4,633,038
Surplus end of period. $6,600,396
Earns, per sh. on 200,000
shs. com. stk. (no par)
$5.50
393,623
def103,596
def312,205
$55,371,298
48,306,255
Net earnings
Preferred
Prem.
406,280
defl85,944
def312,779
$10,562,621 $11,834,197 $51,142,584
lo,14^,502
10,259,978 48,972,963
27,299
Total surplus
dividends
1935
$88,436
def 14,909
def36,264
$94,0^5
Ry.—Earnings—
1938—Month—1937
May 31—
>
Common dividends
511,185
def62,795
363,000
slaes thereof
Net profit for the year
Previous surplus.
def31,294
def57,873
146, p. 3662.
Gross earnings
Amts. written off invest,
less profits realized on
def196,460
Canadian Pacific
Working expenses
497,297
$115,138
def 1,190
def31,567
323,587
def224,513
def354,340
Gross from railway
Reserve for Dominion &
Provincial inc. taxes..
169,323
30,330
1936
$71,418
def41,424
def66,926
Net from railway
Netafterrents
—V.
59,613,721
10,083,985
836.760
200,644
948,354
176,402
23,642
From Jan. 1—
-
...
def38,764
1,131,830
1937
1938
Mar. 28 '35
$63,586,883
48,811
$84,271,640 $72,840,826 $63,635,694 $59,377,141
fixed assets..
on
1935
$139,892
def 14,981
Canadian Pacific Lines in Vermont- —Earnings—
Mar. 26 '36
Prov. for losses of subsid
on
1936
$160,136
def6,266
def33,881
146, p. 3662.
May—
80,249
packages, &c
70,605,809
Exp., wages, salaries, &c 11,030,571
Deprec.
1,286,477
350,062
189,416
—Y.
Cost of mat'ls, supplies,
Interest
1,302,407
325,746
151,939
Netafterrents
$1,184,967
Profits
Total income
def60,560
Earnings—
1937
$156,442
def24,939
def56J25
From Jan. 1—
Gross from railway
Net from railway
$1,999,622
814,655
$1,159,441
1938
$138,978
def29,769
May—
(& Subs.)—Earnings—
Years Ended—
far. 31 '38 Mar. 25 '37
Net sales
---.-..$84,145,897 $72,699,519
Income from investments
Gross from railway
Net from railway
1938—5 Mos.—1937
$2,098,752
939,311
$4,909,400pf$6,232,761
$478,614pf$l,666,250
Canadian Pacific Lines in Maine-
2198.
Corp., Ltd.—Earnings—
1938—Month—1937
$421,964
$408,285
186,729
164,848
Gross earnings
p.
deificit—
revenue
1938—5 Mos.—1937
1938—Month—1937
$13,909,678 $16,870,826 $69,057,315 $78,904,413
14,388,292
15,204,576
73,966.715 72,671,652
revenues
expenses
-V. 146, p. 4110.
and July 20, 1936; 20 cents was paid on Dec. 20, 1935, and dividends of
15 cents per share were distributed on April 15 and Jan. 15, 1935.
This
latter was the first dividend paid since Oct. 16, 1933, when a regular quar¬
Profit
June 28 to
$17,574,233 for capital
expenditures, including equipment buying, during 1938.
A maturity of £1,381,949, falling due in London, June 30, is being paid
in cash through a loan to the railway by the Dominion Government, it was
earned.
A refunding issue to take care of this and other maturities is
expected later in the year.
$87,007
22,502
69,504
499.023
68,238
a
1935
—V. 146. p. 3662.
mon
Bill—
First reading was given in the Canadian House of Commons
1936
$82,583
19,018
From Jan. 1—
Gross from railway
438,153
defl30,947
def334,682
541,285
defl22,166
def329,480
146, p. 3799.
1937
$69,965
def5,416
25,968
Netafterrents
Net after rents.
RR.—Earnings-
1938
$77,239
def37,607
def77,620
1—
Gross from railway
Net from railway
1937
$2,412,625
970,851
1938
$2,474,935
935,075
__
$129,347
9,287
$96,876
Net after rents.
.
1935
defl9,813
def61,639
$93,788
def51,694
def97,911
railway
Net from railway
From Jan.
Earnings—
1936
1937
1938
Gross from
California Water Service Co.—Earnings—
Gross corporate income
a
—V. 146, p. 3800.
ment, and other income deductions.—V. 146, p. 4110.
a
Beaupre, of
better offer for the stock¬
by Hiram Walker-Gooderham & Worts, Ltd.,
by a small majority of the class B holders.
chairman to attempt to obtain
holders than that submitted
which was recently rejected
x After deductions
including rent for lease of electric properties, interest
charges, amortization of debt discount and expense, amortization of pre¬
liminary costs of projects abandoned, amortization of limited-term invest¬
12 Months Ended May 31—
Gross revenues
Ltd.—Committee—
A committee of stockholders has been formed with Ernest
and other income before approp.
for retirement
.$2,662,286 $2,738,811
Total.
—V. 145, p. 429.
Oregon Power Co.—Earnings—
12 Months Ended Man 31—
Gross operating revenues
($100
stock
par)
$2,000,655 $1,997,558
was
priced at the last sale on the New York Stock Exchange
and distribution was effected
through a selected list of security
1937
1938
Liabilities—
1937
Res. estate, plant,
1938
Assets—Cash, $69,144; accounts receivable, less reserve for doubtful
$107,194; stock of wine and supplies at the lower of cost or
market, $487,908; fixed assets, ($781,500, less, reserve for depreciation
$314,788), $466,712; deferred charges, $4,829; total, $1,135,786.
Liabilities—Trade and sundry creditors, $14,644; taxes, $22,563; dividend
accounts,
payable, June 1,1938, $17,100; capital stock (issued and fully paid, 114,000
value, $1,071,327; earned surplus, $10,152;
shares without nominal or par
total, $1,135,786.—V. 145, p. 3969.
Canal Construction Co.- Earning s-
Total
x
Represented by 200,000 no-par shares.—V.
144, p. 4337.
Gross
Canadian Converters'
Years End. Apr. 30—
Gain
on
in v. realized
res.,
Div.
paid
payable May
1937
$22,810
2,207
5,317
1936
$46,003
2,475
1935
$40,690
2,484
$37,553
28,860
$30,334
29,098
$48,478
45,100
$43,174
15,003
$1,237
34.670
$3,378
34,670
$28,171
(26,002
)
1 8,668
J
Balance, deficit
sur$8,693
$33,433
$31,292
$6,499
17,335
17,335
17.335
17,335
Shares of cap. stock out¬
standing (par $100)..
Earnings per share on
capital stock.
rev.
1936
$0.07
$0.19
$1.62
1934
Cost of construction
Gen. & adT in. expenses
Miscellaneous
Depreciation-..
— — —
Net lass
...
$34,168
51,324
23,170
$80,571
90,860
23,511
12,492
21,344
Cr2,240
23,384
20,997
24,735
$146,346
341,138
44,038
Cr98,910
45,000
10,504
$210,497
$82,467
$82,536
$195,424
$6,540
167,654
16,042
0495
Consolidated Balance Sheet,
24",000
Dec. 31, 1937
$6,465: accounts receivable (sundry receivables
net), $10,010; inventory of operating supplies, small tools,
Assets—Cash in bank,
and advances,
equipment, parts, &c., $5,375; deposit on machinery purchase contract,
$5,000; Pomello drainage district bonds (net), $1; fixed assets ($299,170,
less reserve for depreciation $174,741), $124,429; total, $151,280.
Liabilities—Accounts payable, $7,971; accrued payroll, taxes and insur.,
$14,646; convertible preference stock (no par value, stated value $10 per
outstanding 77,000 shares),
$151,280—V. 146, p. 2359.
share), $400,000; Common stock (no par value,
$0.50
1935
from construc¬
tion contracts, &c
Sundry deduct. from inc.
$8,693
&c_
Net income
Dividends
$37,5.53
—
Total income
Dep. & inc. tax
Co., Ltd. (& Subs.)—Earnings—
1938
Net profits (sub. cos.)..
Interest on investments.
1937
Calendar Years—
$77,000; surplus (deficit), $348,337; total,
106
Financial
Chronicle
Years Ended Dec. 31—
;
July 2, 1938
Liabilities—Accounts payable, $99,998; accrued taxes (other than Federa1
income taxes), salaries, commissions, &c., $33,424; reserve for Federal
income taxes (subject to review by U. S. Treasury Dept.), $19,850; reserve
for contingencies, $44,500;
minority interest in capital stock and surplus
of Henry K. Davies & Co., Inc., $7,001; class A stock ($2 cum., no par)
(issued, 34,381 shs. at assigned and redemption value of $32.50 per share),
$1,117,383; class B (no par) stock (issued, 76,814 shares at assigned value
of $2.50 per share), $192,035; capital surplus, $82,702; earned surplus
(excluding $64,861 applied to tne acquisition of 3,927 shares of class A stock
and 1,821 shs. of class B stk. held in treasury), $135,326; total, $1,732,220.
—V. 146, p. 2529.
Cape & Vineyard Electric Co.—Earnings—
revenue
1937
551,509
122,924
119,077
88,781
14,554
112,109
61,508
10,000
106,816
$204,613
1,508
$183,329
$206,121
28,333
$182,851
30,000
75,490
a—
$1,032,238
551,396
$236,521
Dr799
Maintenance
1935
$1,094,377
120,671
25,804
123,673
(electric)
Operating expenses
1936
$1,145,470
536,842
101,958
$235,722
Operating
75,978
102,397
Commissions earned
Gross income
Cost of sales, expenses and taxes
Provision for retirements, renewals &
replacements of fixed capital
Federal income taxes
Other taxes
;
Other income (net)-.
Interest
on
Interest
on
funded debt-unfunded debt
Amort, of debt disct. & expense
Interest charged to construction
Net income
Dividends on
Z>r477
937
1937
$3,067,438
6,243
CV617
Cr 1,796
,$101,775
$2,718,563
8,088
$3,073,682
2,997,371
$2,726,651
2,651,615
1936
■
—
651
CY38
$129,333
common
Carpel Corp. (& Subs.)—Earnings—
Years Ended Dec. 31—
Gross sales
$82,251
stock
Net profit from operations
per share
135,OOOJMfcfc97,500
—V. 146, p. 2843.
$76,311
$3.58
Earnings
■
$75,036
;
$3.52
Consolidated Balance Sheet, Dec. 31, 1937
Capital Savings Plan, Inc.—Sale of Securities Enjoined—
Assets—Cash, $17,959; accounts receivable, $136,892; notes receivable,
$2,023; inventories, $241,616; prepaid expenses, $5,214; cash value (officer's
insurance policy), $4,152; cash in closed banks, $2,390; investments, $5,305;
capital assets (after provision for depreciation), $189,933; total, $605,486.
Liabilities—Accounts payable, $15*. ,462; notes payable, $46,250; em¬
ployees bond fund, $9,598; accrued expenses and taxes, $19,701; mortgages
payable, $35,000; capital stock (without par value, authorized 25,000
shares, outstanding 21,343), $133,775; surplus, $210,700; total, $605,486.—
V. 146, p. 2034.
The Securities and Exchange Commission reported June 23 that the
U. 8. District Court at Philadelphia had enjoined Capital
Savings Plan,
Inc., and its wholly-owned subsidiary, Independence Shares Corp., from
selling securities in violation of Section 17(a) (2) of the Securities Act of 1933.
The Commission in its bill of complaint said that Capital
Savings Plan,
Inc., through its 500 or more salesmen in Pennsylvania had sold securities,
called "Capital Savings Plan Contract Certificates", which are
participa¬
tions in an investment trust upon an investment trust, with two sets of fees
and charges.
The Pennsylvania Company for Insurance on Lives and
Granting Annuities is custodian or trustee of both trusts and after deducting
the fees and charges invests the balance of the purchaser's
money in In¬
dependence Trust Shares, the underlying portfolio of which consists of the
common
Castle-Trethewey Mines, Ltd.—Earnings
Years End. Mar. 31—
Total revenue
i
stocks of 42 companies.
$5
or
$10 per month for 10 years.
From the first $90 paid in
on a
paid
$10 per
common
ceive
a
could be realized
by the purchaser
directly dependent
upon the fluctuating market value of the 42 common stocks; that, after
paying in $1,200, it was guaranteed that a purchaser would receive $2,000
whereas in fact, what he would receive was
merely the value of the common
stocks underlying the trust shares; and that The
Pennsylvania Company
for Insurances on Lives and Granting Annuities was "in back of"
the cer¬
tificates and managed the investment of the monies
paid in by purchasers
whereas in fact, The Pennsyvania Company for Insurances on Lives
and
Granting Annuities exercised no discretion whatever, was not "in back of"
the certificates but merely acted as the custodian or trustee of the
securities.
The defendants in consenting to the
entry of the decree filed an answer
admitting that the bill of complaint stated a cause of action and alleging that
if such misrepresentations were made
by its sales personnel
they were
was
contrary to the orders and instructions of its officers and directors.
It
was stated in such answer that it was
filed since the defendants were de¬
sirous of cooperating in the prevention of
any improper acts or practices in
Carbons
1937
Gross revenues
Operating
$211,908
126,092
2,750
expenses
Federal income tax (provision)
Surtax on undistributed profits
(provision)
Provision for depreciation and depletion
Non-productive well drilling-Interest.
Amortization of organization expenses
3,223
4,477
61,548
71,322
1,319
1,471
!
500
$8,453
$29,333
Central of Georgia
plant and equipment, and leaseholds (less reserve
depletion of $552,192), $380,494; investment (at cost)
$50,000 5% sinking fund mortgage bonds of West Virginia Gas
Corp.,
due March 1, 1952,
$49,000; current assets, $61,745; deferred charges,
$6,811; total, $498,051.
Liabilities—Capital stock (58,665 shares, no par, at stated value of $7
a share),
$410,655; accounts payable, $5,329; unclaimed dividends, $2,513;
indebtedness to affiliated corporations, $776; accrued
liabilities, $13,598;
corporate surplus, $65,180: total, $498,051 —V. 146,
p. 2034.
1937
1936
$1,470,245
241,725
115,204
$1,232,727
155,385
30,644
1935
$1,180,146
127,828
25,924
6,102,695
565,674
defll3,809
3492, 2843.
7,489,196
1,448,474
793,658
6,338,842
864,806
254,897
5,932,488
720,032
167,830
From Jan. 1—
Gross from railway
Net from railway.----Net after rents
—V.
146, p.
Period End. May 31—
1937
1936
1935
1934
$4,998,738
$4,640,754
2,607,667
$4,204,511
2,357,114
$3,934,117
2,279,489
2,954,957
expenses
Net oper. revenues...
$2,043,781
1,775
$2,033,088
Non-oper. income—net.
$1,847,397
2,815
$1,654,628
1,213
Prov. for retirements.-
$2,045,556
480,000
$2,034,300
300,000
$1,850,212
300,000
$1,658,767
300,000
$1,565,556
865,254
$1,734,300
866,350
$1,550,212
879,688
$1,358,767
909,439
$700,302
538,254
$867,950
965,146
$670,523
727,572
$449,327
374,922
Gross income
Int. & other inc. charges
Net income
-
on common
stock-
Note—No provision
was
Operating revenues
Oper. exps., incl. taxes__
Prop, retire, res. approp.
CoEarnings—
$344,406
740
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. chgd. to constr'n
$345,146
191,667
7,609
$384,882
$4,789,762
23,446
681
$385,563
191,667
5,391
J$4,761,422
1937
$145,870
$188,505
Dividends applicable to preferred stocks
for the
period, whether paid or unpaid
Balance
$2,4367394
$2,430,900
-
1,255,237
1,255,237
$1,181,157
-
$1,175,663
-Note—No provisions have been made for
Federal surtax
on
undistributed
profits for the 12 months ended May 31,1938 and
1937.—V. 146,
Carman & Co., Inc.
(&
Year Ended Dec. 31—
Gross profits on sales
Com n on soap sales, &c.
-_
Gross profits & comm.
Sell., gen. & adm. exps
Int. paid & misced, inc.
and
deductions, net--
Prov. for Fed. inc. tax..
Net profit-
p.
3491.
Subs.)—Earnings—
1937
1936
1935
489,167
Notes receivable..
Accts.
$874,504
2,791
$750,532
$703,274
1,801
5,312
1,810
$919,840
743,327
$877,295
709,281
31,784
al9,724
10,003
a22,042
14,758
15,377
$125,005
$135,970
$83,321
$39,524
$752,342
637,404
$705,075
620,286
16,861
29.889
Includes $2,145 ($2,215 in 1936) Federal
surtax on undistrib. profits.
Note—Provisionsfor depreciation
charged to operations during the year
a
Consolidated Balance Sheet Dec.
31, 1937
Assets
Cash, $176,515; accounts and notes receivable
bad debts of $129,939).
$647,215;
1
420,716
Funded debt
7,424,200
16,700,000 16,710,000
12,643
Consumers' depos.
129,053
Accrued accounts.
Service exten. dep.
730,773
Def'd credit items.
178,165
174,693
Retirements..-- 3,388,765
2,128,274
323,478
Appli'ces on rental
Prepaid Insurance,
98,438
Accounts payable-
110,543
&c
taxes,
Sinking
fund
20,494
4,803
6.510
dep.
5,138
5,244
123,405
144,246
117,126
15,792
accts
197,215
202,274
Represented by 74,242
Central Illinois
178,507
Sundry
—■
Earned surplus.—
59,785
56,891
573,725
413,083
28,295,2641
28,736,163
no par
Total
177,081
28,736,163 28,295,264
shares.—V. 145, p. 3813.
Light Co.— Earnings—
Period End. May 31—
Gross revenue
exps.
12,629
235,895
639,956
1
Contrib. for ext.
Def'd debit items.
Oper.
Uncollec.
and
Total
276,974
Reserves:
15,182
yMiscell. invest--
x
$
6,310,570
511,943
351,189
x
1936
$
Common stock__
1,706
ma¬
& taxes._
Prov. for depreciation..
1938—Month- -1937
$645,337
$682,294
385,547
375,525
82,600
82,600
1938—12 Mos.—1937
$8,682,884
$8,524,235
4,897,933
4,628,217
991,200
932,000
Gross income
Int. & other fixed charges
$177,191
64,655
$224,169
60,828
$2,793,751
774,069
$2,964,018
760,377
Net income
Divs. on pre*, stock.
Amort, of pref. stk. exp.
$112,535
41,800
15,951
$163,341
41,800
15,951
$2,019,682
501,608
191,405
$2,203,64*
$54,784
$105,589
$1,326,668
$1,517,347
Balance
x
510,837
175,456
$9,345; miscellaneous investments (at
cost
less reserve of
Includes provision for Federal surtax on
undistributed profits for 1936.
provision was made in 1937 as all taxable income was
distributed.
Acquisition—
Company has filed a petition with the Illinois Commerce Commission for
authority to buy the physical property of the Suburban Electric
Utilities
Co. of Dunlap, III., and its subsidiary, the Suburban
Electric Corp.
These companies now buy their
energy from
Central Illinois Light.
After acquisition Central Illinois
Light proposes to spend $200,000 on
improvement of the properties.—V. 146, p. 3662.
Central RR. of New
May—
(less
reserve
for
$54l!742; Sh ?Sente
Inventories,
Instance policies, $68,211; due from officers
and employees,
$7,103),
$1,743;
miscellaneous assets, $79; prepaid
expenses, $20,534; fixed assets (at
cost),
Gess rmfwetor depreciation of$225,553),
$166,837; goodwill, trademarks,
&C-, $100,000; total, $1,732,220.
x
receivable452,270
Merchandise,
No
amounted to $30,951.
J??r
Liabilities—
'26,739,443
1934
$914,528
undistributed
1937
s
Cash
2,300,000
64,513
Crl,569
..Net income
1936
sects
Prop., plant & eq.27,194,861
:$4,793,844
■
on
Balance Sheet Dec. 31
32,422
$4,813,208
2,300,000
76,814
Federal surtax
4,139
profits.
other spec.
Net oper. revenues
Other income (net)
required for
terials & supplies
1938—Month—1937
1938—12 Mos —1937*
$937,674
$956,817 $12,139,347 $11,500,998
503,268
491,935
6,219,585
5,779,576
90,000
80,000
1,130,000
960,000
<
Central Illinois Electric & Gas Co.—Earnings—
in
Carolina Power & Light
Ry.—Earnings—
1938
$1,238,829
142,186
defl6,591
Net after rents
Divs.
Assets—Property,
$791,373
May—
Gross from railway
Net from railway
■
for depreciation and
$841,161
$3,933,355.
$18,222
31, 1937
$888,148
Liabilities—Demand notes (payable in U. S. funds, $250,000; accounts
payable and accruea charges, $526; unclaimed dividends (predecessor
company), $3,246; capital stock (par $1),
$2,709 002; surplus, $970,5
total, $3,933,355.—V. 144, p. 4338.
15
500
Net corporate income
Dividends on common stock (50c. a
share)
Balance Sheet Dec.
$198,979
110,993
$25,158
476,214
290,000
on share capital, $2,142,523; bldgs., plant and equipment (less, reserve for depreciation of $225,197),
$136,849; advance for power line construction less amounts applied in part
payment of power supplied, $10,434; deferred charges, $205,105; total,
Operating
T1936
$40,535
791,373
9,254
$970,581
Calendar Years—
Gross operating revenues
Consolidated, Inc.—Earnings—
$46,987
841,161
$600,000: mining properties, including discount
the future.
Years Ended Dec. 31—
$43,190
18,031
Assets—Cash on deposit, $22,920; marketable securities less reserve
(market value $1,830,000), $807,834; interest and dividends
receivable,
$7,690; Shares in and advances to Omega Gold Mines Ltd. (less reserve),
stocks«
amount which
1935
$57,945
17,410
Balance Sheet, March 31, 1938
fee of 25 cents from every
chaser, and also
The Commission charged that these fees and charges were not
adequately
disclosed or explained to the purchasers.
The Commission also charged among other things that the
defendant,
Capital Savings Plan, Inc., through its sales personnel had made repre¬
sentations that the certificates were like a savings bank account from
which
the money paid in could be withdrawn at any time whereas in
fact, the cer¬
tificates were in no way comparable to a savings bank account since the
1936
$82,434
888,148
Total surplus
stocks, according to the bill.
The trustee is entitled to re¬
$10 or fraction thereof paid by the pur¬
a fee of 2% % of the dividends received on the 42 common
1937
$68,165
21,179
Net profit-..Previous surplus
Miscellaneous credits
mont plan the Capital Savings Plan, Inc., received $60 as a service
fee, and,
in addition, it received from its wholly-owned
subsidiary the major portion
of the fixed charge or load of 90% which is added to the cost of the under-
lying
1938
$102,224
19,790
Admin, general cost
The bill alleged that tne "Capital Savings Plan Contract Certificates"
were sold mainly as monthly instalment plans under which
purchasers
Gross from railway
Net from railway
Net after rents-.
From Jan. 1—
Gross from railway
Net from rail way
Net after rents.
—V.
146, p. 3492.
Jersey—Earnings—
1938
1937
1936
1935
$2,417,519
700,651
167,085
$2,196,526
840,832
286,157
$2,529,175
518,211
52,635
$2,552,817
802,124
414,289
11,771,207
3,080,529
346,901
14,067,220
12,986,735
2,967,116
548,751
12,139,199
3,145,471
1,370,285
,
s
4,157,607
1,388,457
Volume
147
Financial
Central Indiana Gas Co.
V Calendar Years—
Gross oper.
Operating
Balance Sheet Dec. 31
1937
1937
.
1936
1935
1934
$1,761,029
1,385,022
$1,424,340
1,084,393
$1,259,039
Net oper. revenues
A
968,131
$451,276
$376,007
$339,947
2,831
935
48
9
Qs>1
hand
on
Accts.
a
Balance
Prov. for retirements
$452,247
94,213
.
$378,838
73,679
$340,882
65,128
$290,956
61,325
$358,034
$305,159
$275,754
$229,631
258,616
.
307,825
307,517
306,755
Deducts, from gross inc.
(int. & other inc. chgs)
Note—No provision
profits.
was
$2,666
$31,763
required for Federal surtax
3,024
2,091
67,790
50,086
for oper. & cons.
137,099
89,500
76,000
1937
$
1937
Liabilities—
Cash
46,526
Merchandise,
213,195
130,259
83,018
112
1,481
rental
on
4,648,969
4,018,969
4,581,000
1,281,000
1,859
3,937,550
Accts.
134,291
payable
taxes, &c
Miscell. lnvestm'ts
3,635
4
16,616
Def'd debit items-
129,489
178,898
209
4,885
1,108,056
Uncollec. accts.
36,972
1,081,077
b
670,476
652,658
295
Reacquir.
295
Contrib. for ext.
11,359,234 11,224,5931
30,768
3,094
def89,340
...11,359,234 11,224,593
1936
$967,378
189,195
1935
$913,940
171,565
$752,627
145,482
10,750
4,916
18,835
24,120
192,434
a26,010
382,359
Property taxes
13,433
19,641
204,249
a20,107
365,136
3,961
23,370
24,700
175,383
6,751
350,002
$114,893
tax)
Insurance
__
Depreciation and amortization
Net income
$123,673
C74.687
58,756
4,931
2,037,218
3,542,860
Common stock..
2,500,000
267,960
2,353,717
3,542,860
2,500,000
divs.
unclaimed
(contra)
Reserves
e
.i...
144,318
156,031
Earned surplus
538,316
356,795
Centrifugal Pipe Corp. (& Sub.)—Earnings—
1937
Royalties.
1936
1935
1934
$728,988
34,870
$738,149
29,229
$445,837
18,527
$526,237
16,497
$763,858
157,482
$767,378
163,025
$464,364
128,170
$542,734
126,422
$606,375
$604,353
$336,193
$416,313
433,084
$1.40
Other income
Total income
Exps. (incl. Fed. taxes).
Profit before providing
for amort. of patents
Shares
common
stock
433,084
$1.39
433,084
433,084
$0.77
$0.96
outstanding (no par).
No provision has been made for Federal surtax on "undistributed net
income," inasmuch as the amount paid by the company upon certain of
its obligations during1 the year ended Dec. 31, 1936, which it appears may
be taken as a credit in determining the amount of surtax payable, is in
excess of the company's "undistributed net income" for the
year.
per
share
Balance Sheet Dec. 31, 1937 (Corporation Only)
Assets—Patents and patent rights (less amortization), $89,447; invest¬
ment in International De Lavaud Mfg. Corp. Ltd.,
(wholly owned sub.)
at cost, $2,771,892; treasury stock (176 shares, at cost),
$937; cash in
$22,978
(exclusive of Federal in¬
come
98,000
61,482
Consum's' deps. &
Total
Earnings
Central Investment Corp.- -Earnings—
1937
24,947
Federal
.....16,513,762 16,591,3081
Total
16,513,762 16,591,308
a After reserves of
$25,444 in 1937 and $25,270 in 1936.
b Four shares
$6 preferred stock, market value $384 in 1937 and $408 in 1936.
c For
prior years,
d 37,860 no par shares,
e 50,000 no par shares.—V.
146.
p. 4111.
103
10,077
x Represented by
54,000 no par shares outstanding Dec. 31, 1937, and
50,000 no par shares outstanding Dec. 31, 1936.—V. 145, p. 2838.
Years Ended Dec. 31—
Total income
13,386
30,960
liabil..
for
2,192
103
Total
17,178
accr.
income tax
Capital surplus
secure.
Calendar Years—
Retirements
Sundry
a
142,016
5.465
6,330
Miscellaneous
Interest
Federal normal income tax
139,094
Other assets
Reserves:
Earned surplus
Other taxes
6.690
625
Service ext. depos.
4
992
136,323
193,394
Def'd credits items
5,354
609
*
Special deposits
Total
147,795
Consumers' depos.
Accrued accounts.
Prepaid insurance,
Accrued taxes
Other
267,960
5,879
cost)
Common stock--
Funded debt
102,083
d $6 pref. stock...
4,931
500,000
x
140,083
102,083
Mat'd bond Int. &
(contra).
Special deposits...
S
500,000
Notes payable
ma¬
terials & suppl's
Appl'ces
83,784
278,646
Accts. receivable..
1936
S
6^% cum.pf.stk.
156,414
funded debt
int. thereon
fiscal
charges...
1936
s
•
Assets—
Prop., plant & eq.10,882,824 10,830,433
agents
&
Prepay. & deferred
Balance Sheet Dec. 31
Accounts payable.
Accrued interest on
107,169
Unbilled inc. (net)
Cash depos. with
banks, $308,538; royalties receivable, $114,779; dividend receivable, $143;
commissions
current
receivable
from
International
De
Lavaud
Century Electric Co.—Earnings—
Years Ended Dec. 31—
Gross profit from operation
1937
1936
1935
(excl. of
depreciation)
$1,599,308
646,636
$995,975
559,684
$952,672
$436,291
94,578
322,315
a82,713
145,382
368,642
alOO.OOO
97,795
259,589
11,000
$327,979
gen. exps.
$1,561,666
734,082
$827,584
Selling, administrative and
Balance Sheet Dec. 31
'7
'
\•
1937
1936
$
.
$
Cash
on
1937
Accts.
26,014
27,978
Note payable
Fixed assets
Deferred charges
43,079
come
tax
Lease commission.
9,778,436
210,935
5,000
$338,648
$67,907
Def. rental income
7,000
4,273,000
4,967,000
.
117,888
5,775,300
Cap.stk .assessm'ts
Net
9,882,514 10,208,103
profit
$137,329
953,882
allowances)
Inventory finished
10,208,103
470,025
543,124
888,118
663,139
998,112
971,517
140,282
12,724
1,135
77,619
113,179
Permanent assets 3,729,812
3,766",807
product..
Inventory raw and
partly finished..
$1,518,379
909,215
$1,399,174
155,217
80.238
154,652
75,905
$1,299,647
736,368
154,436
75,227
$373,708
$362,519
$333,616
177
Taxes
1934
$406,596
Retirement expenses
1935
535
770
220
Net oper. income
Non-oper. income
Gross income
on
806,098
Sink, fund
$374,244
248,331
16,872
$363,289
258,081
29,008
$333,836
262,251
32,974
$145,614
84,107
$109,041
47,299
$76,200
42,042
$38,610
31,532
Pref. stock dividends
$61,507
year.
$61,742
Balance Sheet Dec. 31,
$34,158
$7,Q78
Central Vermont Public Service
Corp.—Earnings—
Calendar Years—
1937
1936
1935
$2,061,550
117,409
$1,876,926
119,488
$1,713,928
118,840
$2,178,959
$1,996,414
$1,833,177
370,000
<fc
general taxes
Amt. pay. Into sk.
210,082
fund (est.)
265,667
77,620
23,849
23,669
99,386
100,000
64,155
Prov. for inc.taxes
(estimated)
1,100
36,300
73,563
Special improve'ts
12,645
20,658
exps.
tax bill
125,916
struction
Mtge. indebted...
68,313
150,001
goodwill
57,290
200,001
615,000
649,800
Series A deb. notes
125,900
PAflprvpa
and
supply Invent..
Pat'ts, trademks.,
117,791
123,200
116,901
4,534,100
4,532,500
527,890
400,480
Capital stock ($100
par)
Surplus..
$6,786,662 $6,388,094
a
Total
$6,786,662 $6,388,094
After reserves for depreciation.— V. 146, p. 2844.
Chapman's Ice Cream Co.- -Earnings*
1936
$182,468
86,610
92,031
1935
$203,906
88,577
123,547
1934
Selling expenses
\
expenses/
Net profit.
2,692
1,523
Cr3,305
$2,304
loss$4,913
$9,263
98,879
_
Other losses (net)......
$239,186
88,345
(117.199
I 23,233
1,145
$204
goods sold—.
Administrative
,*1937
$200,675
sales
Costs of
98,900
^
Condensed Balance Sheet Dec. 31,
1937
$20,891; accounts receivable, $3,688; notes receivable.
$1,214; inventories, $9,360; other assets, $4,550; land, buildings and equip¬
ment (less reserve for depreciation of $43,830), $89,401; deferred charge,
$3,387; total, $132,490.
Liabilities—Deferred credits to income, $234; miscellaneous taxes pay¬
able, $1,080; reserve and deferred credits to income, $5,757; capital stock
(50,000 shares, no par), paid-in value of $25,000; earned surplus, $100,420;
total, $132,490.—V. 145, p. 601.
Assets—Cash,
$1,695,453
119,249
Int.
1934
Oper. revenues—Elec
&
Benefit Judgments
Net
Assets—Utility plant, $7,878,499; cash, $260,307; customers' accounts,
notes and warrants receivable (less—reserve for uncollectible notes and
accounts. $7,813), $262,925; materials and supplies, $84,789; prepayment,
$3,206; deferred charges, $288,541; total. $8,778,268.
Liabilities—Coxhmon stock
(par $l60), $1,971,600; 7% cumulative
preferred stock (par $100), $992,400; 6% cumulative preferred stock (par
$100), $244,000; 1st mortgage 5% gold bonds, series D, $4,806,800; mu¬
nicipal bonds assumed, $3,500; accounts payable, $90,318; preferred stock
dividends payable, $21,027; customers'
deposits, $29,270; State, local and
miscellaneous
Federal taxes,
$35,533; Federal income taxes, $17,355;
accrued interest, $123,219; reserves, $267,218; contributions in aid of con¬
struction, $58,025; earned surplus, $118,000; total, $8,778,268.—V. 146,
p. 3662.
Notes payable
Accts. pay. & accr.
pay.
1936
$17,500
notes
Real estate bonds.
Calendar Years—
1937
1937
$35,000
estate
warehouse
Total
Net income
undistributed
In process of con¬
a
Rental
Prepd.
$406,774
241,570
19,589
funded debt
Misc. int., amort., &c..
Surplus for
'
Liabilities—
Real
Empl.savings fund
dep. with
on
trustee
1936
$1,563,735
888,550
174,125
94,463
Operating revenues
Operating expenses
Int.
Cash
-Earnings1937
on
(current)
Otherassets
Central Power Co.
$60,313
Accts. recelv. (less
811,816
Total
1936
1937
Cash
234,252
234,252
Federal surtax
Balance Sheet Dec. 31
Assets—
a After reserve for
depreciation of $3,334,704 in 1937 and $2,960,385 in
1936.
b Includes accrued taxes, trustee's fees, &c.—V. 145, p. 1413.
Calendar Years—
(estimated)
a Including $16,000
($30,000 in 1936)
profits.
9,882,514
Deficit
Total
Prov. for income taxes
20,195
Stated capital, 58,563 shares
5,775,300
-
Depreciation
10,000
124,204
Fixed liabilities
&c., less rents & sundry other inc..
20,217
Federal normal in¬
37,242
9,579,918
204,281
84,941
45,011
Accrued interest..
51,019
of life insurance
...
S
b93,661
139,734
564
Cash surrender val.
a
payable
60,509
receivable.
policies
1936
$
Liabilities—
hand and
in banks
Accts.
Manu¬
facturing Corp., Ltd., $24,547; investments (less, reserve for fluctuation of
market values of $75,000), $207,278; total, $3,517,560.
Liabilities—Capital stock (issued 433,084 shares, no par, at stated value
of $5 per share), $2,165,420; surplus, $1,262,886; accounts
payable, $7,284;
Federal taxes accrued, $81,970; total, $3,517,560.—V. 145, p. 3493.
~
Assets—
7,000,000
280,000
Prov.
Materials & suppl.
$
7.000,000
k
210,909
Mdse. for resale..
$77,125
undistributed
on
251,468
/
220,452
con.
1936
$
Funded debt
Notes payable
Notes receivable-.
trustees
prof$99,417
1937
Liabilities—
14,823,965
123,560
and
rec.
mdse.instal.
I*
>
1936
&
o
Fixed capital
15,051,658
Cash in banks and
$290,908
971
Non-oper. inc. (net)
107
-Earning,
*2
$2,376,451
1,925,175
revenues
expenses
Chronicle
$1,814,294
Gas
Total
revenue
Oper.(less exps.allocated
to construction)
Power purchased
_
564,817
323,443
_
Flood expense
Maintenance.
123,216
...
Prov. for retirements
225,417
Taxes (incl. Fed.
271,250
inc.)--
Net operating income.
$670,814
3,794
Non-oper. income (net).
on
$690,050
3,665
479,451
162,414
114,335
139,666
210,773
$676,210
"
3,324/
Net
prof, before taxest.
Federal income taxes.
1934
$669,858
528,589
$115,269
31.430
13,510
11,534
$140,144
33,511
13.780
$141,269
29,668
17,378
$138,350
$158,233
21,017
$187,435
24,137
$188,315
24,179
14.008
.
3-*
$712,839
i-
24,000
profit after taxes.
Earns.per sh.on 100,000
$100,341
$137,216
$163,298
$164,137
shares common stock.
$1.00
$1.37
$1.63
$1.64
903
Net
$693,714
4,720
283,940
3,810
$679,535
304,714
1,962
$713,743
305,843
2,163
1,253
21,788
1,977
67,975
1,025
12,043
1,320
Assets—Cash in banks & on hand, $81,763; marketable securities (at cost),
11,516
$404,353
$339,965
227,136
$361,840
$395,539
198,718
227,108
150,000
$431,515; accounts receivable, $38,043; due from affiliated company (on
account), $10,059; inventories, $291,872; real estate, (less deprec.),
$324,275; machinery and fixtures, less depreciation, $54,685; other assets,
$25,029; deferred assets, $12,086; total, $1,269,327.
Liabilities—Accounts
payable,
$30,088; accrued
expenses,
$25,695;
reserve for
^26.881; reserve for possible assessment of social security
General Balance Sheet, Jan. 1, 1938
(credit)
Other deductions
current
Net income
227,136
pref. stock
Common dividends__—
a
$675,183
535,039
33,644
Income on investments
Interest allocated to con¬
Divs. paid on
1935
$652,754
537,485
$616,292
245,000
f
funded debt-
Other interest
struction
1936
525,097
$91,195
i.
448,850
187,830
117,524
175,784
221,793
..
$674,608
Gross income
Interest
519,052
274,109
7,705
104,794
214,632
al86,071
1937
Calendar Years—
1
No provision for Federal
income tax.
Financial
108
outstanding (100.000 common shares of $10
par value per share), $1,000,000; surplus, Jan. 1, 1938, $162,662; total,
$1,269,327.—V. 146, p. 2844.
Chronicle
taxes, $24,000; capital stock
Charleston & Western Carolina Ry.-
1935
63,386
41,890
$159,640
31,393
13,089
921,580
290,722
187,364
884,181
266,283
175,591
_
,
932,874
210,826
Net after rents
1,115,983
400,271
87,299
Gross from railway—...
Net from railway
251,723
at
146,
Chicago & North Western Ry.—Earnings—
Gross from railway
Net from railway
1938
$6,051,070
247,044
Net after rents....
def594,594
Pay 35-Cent Dividend—
June 30 declared a dividend of 35 cents
payable Aug. 1 to holders of record July 15.
of 75 cents per share was paid on April 2
1937
$7,415,436
133,759
def665,613
1936
$7,385,261
323,975
}935
$6,400,399
939,083
def404,715
253,326
29,586,414 34,671,759
33,439,113
578,401
2,569,800
2,329,208
def3,566,533defl,735,120 defl.729,390
28,857,922
4,264,797
'
Gross from railway
Net from railway
meeting held
a
per share on the capital stock,
A regular quarterly dividend
of its trustees.
3663.
p.
From Jan. 1—
3663.
Chesapeake Corp.— To
Directors
—V.
May—
FromJan. 1—
—V. 146, p.
1936
$186,618
63.663
Marony, on June 30 applied to the Interstate Commerce
John
retary of the Milwaukee and New York fiscal representative
1937
$233,386
89,203
40,994
-
Net after rents
Robert
Commission for authority to hold the position of director of this railroad to
was elected on June 2.
He is Vice-President and Assistant Sec¬
which he
-Earnings-
1938
$198,551
61,322
May—
Gross from railway
Net from railway
July 2, 1938
Director—
Netafterrents
667,701
Obituary—
See New York Central RR.,
below.—V. 146, p. 3663.
last.—V. 146, p. 4111.
Chicago Rock Island & Gulf Ry.—Earnings—
Chicago Burlington & Quincy RR.—Earnings1938
$6,543,445
1,225,064
1937
$7,300,100
687,587
165,851
def328,529
33,360,691
6,526,716
36,475,214
7,934,313
2,957,966
Net from railway
Net after rents..
1936
$7,059,751
928,347
$6,102,268
1,059,439
240,394
FromJan. 1—
Gross from railway
Net from railway
1,019,415
Net after rents
—V.
May—
1935
defl44,050
39,030,689
8,738,895
3,411,609
May—
Gross from rail way
30,562.509
5,557,472
1,390,687
1938
$379,101
railway.70,807
Gross from railway
Net from
def32,723
34,510
def21,050
Gross from railway...—
Net from railway.—
1,851,337
462,958
1,887,731
547,771
1,666,133
390,009
1,475,434
329,233
Net after rents
def60,421
93,003
44,580
def86,702
Chicago Rock Island & Pacific Ry.—Earnings—
[Excluding Chicago Rock Island & Gulf Ry.]
Earnings f or Year Ended Dec. 31, 1937
Chicago
Daily
News, Inc.
Con¬
Co.
solidated
$982,089
376,624
243,673
—
1938
$10,691,899
8,640,390
446,937
Other income-
$1,242,744
142,447
$361,792
39,686
Net oper. revenue & other
Interest on funded debt
$1,385,191
157,730
$1,655,420
390,030
7,952
15,406
154,500
$401,479
232,300
7,952
18,335
22,500
$1,057,555
$120,392
$1,046,697
354,561
600,000
income-
Miscellaneous charges
—
Provision for Federal income taxes—
Net from railway.
Netafterrents
From Jan. 1—
—
Gross from railway
......
$877,267
Cash with trustee.;
... ..
Tax-anticipation warrants
...
436,286
52,298
*
X688.691
:—......
322,963
Receivables—...;
Inventories....
43,134
Company's debs., at cost
204,626
Invest'ts, special deps., &c_.
Discontinued plants & equip.
204,766
Plant assets of Chicago Dally
yl,455,785
News, Inc
z7,651.160
Dally News Building
12,280,000
Intangibles
Deferred charges
Accrued
payable
5413,035
«,
646,928
Debenture sinking fund
261,674
Serial mtge. bonds of subs—
payables.
362,000
Funded
debt
6,840,026
$7 cum. pref.stk.
Common
a3,679,408
no par)—
stock..
b5,680,000
of
Railway oper. expensesNet
—V.
rev.
Cost
surplus
of
shares
6,438,399
treasury
stock
(904
$7 preferred)
Dr91,536
524,348,609
§24,348,609
Total...
After $104,638 reserve for
doubtful receivables,
y After reserve for
depreciation of $1,639,185.
z After $2,083,149 reserve for depreciation,
a Represented
by 50,672 no par shares,
b Represented by 400,000 no par
shares.—V. 146, p. 3800.
x
Chicago & Eastern^Illinois Ry.—Earnings—
May—
Gross from
1937
$1,304,028
239,422
11,900
1936
$1,195,907
240,165
21,977
$1,041,209
149,791
def27,268
5,762,239
960,834
defl09,194
railway
6.995,087
1,814,034
648,755
6,412,838
1,448,617
358,021
5,499,055
1,139,636
237.364
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—V. 146, p. 3663.
of—
1938
$4,006,747
Estimated net profit before Federal income taxes
806,901
—V. 146, p. 3330.
Sales
1937
$2,479,419
367,291
May—
Net from railway
Net after rents
1937
1936
1935
$1,474,894
307,878
8,530
$1,517,271
465,792
205,870
$1,297,949
332,030
116,061
6,628,162
964,909
def379,041
From Jan. 1—
Gross from railway
7,582.384
1,570,059
112,530
6,788,309
1,309,855
69,673
5,996,515
1,048,481
def57,466
—V. 146, p. 3663.
May—
1938
Gross from
railway.
Net from railway
$264,972
69,981
45,239
....
Net after rents
From Jan. 1—
Gross from railway
Net from
/
Earnings-
1937
1936
$261,884
54,422
33,615
1935
$253,722
76,415
68,154
$252,883
81,544
76,979
1,647,284
1,401,325
362 694
586,633
407,911
445,118
1.384,093
418.088
375,438
376,405
245,399
—V. 146, p.3663.
Chicago Indianapolis & Louisville Ry.
May—
1938
Gross from railway
Net from railway
$653,959
94,549
def42,585
Net after rents
FromJan. 1—
Gross from railway.....
Net from railway
1937
$827,421
129,972
defl5,544
3,264,437
299,031
4,389,076
820,335
def422.484
Net after rents
62,431
Chicago Milwaukee St. Paul
20% on July Maturities—
&
$768,617
103,758
def50,975
4,144,661
803,685
92,942
Pacific
$650,960
209,465
86,314
3,172,015
529,810
def60,303
RR.—To
Pay
defl4,155
6,791,631
558,270
def351,048
def631,517
def449,78l
5,576,278
567.152
defl87,489
May—
^1938
-
Chicago Terre Haute & Southeastern
to
-
-
.
1936
1935
$8,660,724
$8,425,613
$7,209,896
,?£!'§?£
1.065,172
904,845
2,398,047
21,793
def310,265
1,501,010
42,690,714
41,078,300
34,315,246
7,542,441
1,806,389
6,816,785
2,130,071
^
defl73,210
3H28,792
5.476,830
def55,178
7,827,893
2,361,494
Ry.—Objection
Payment of Bedford Belt Ry. Bonds Upheld—
Federal Judge
James H. Wilkerson has sustained objections to payment
of $250,000 Bedford Belt Ry. first mortgage oonds which matured July 1.
Bedford Belt Ry. is a subsidiary of Chicago, Terre Haute & Southeastern,
which is a leased line of Chicago, Milwaukee, St. Paul & Pacific Railroad.
The judge said a reasonable period should be allowed in which it can be
determined by plan or otherwise whether the Terre Haute lease should be
affirmed
lease,
disaffirmed.
or
of Bedford
rights
In the event of a disaffirmance of the Terre Haute
Belt bondholders are adequately protected
by
statute, the Judge indicated.—V. 146, p. 4111.
A total of $35,000
3H% guaranteed bonds, due Sept. 1, 1951, has been
called for redemption on Sept. 1 at par and interest. Payment will be made
at the Continental Illinois National Bank & Trust Co. of Chicago.—V.
146, p. 2845.
Cincinnati Advertising Products
Co.—Div. Rreduced—
Directors have declared a dividend of 12
cents per share on the common
stock, payable July 1 to holders of record June 28.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 145, p. 1093.
Ry.—Earnings—
1936
SI,395,189
576,206
275,655
1937
$1,543,691
658,912
477,169
379,931
352,103
239,253
5,929,978
1,685,326
7,393,011
2,865,855
1,285,104
2,135,470
6,560,927
2.505,176
1,853,394
5,267,491
1,701,154
1,199,419
1938
$1,222,411
382,697
May—
Gross from railway
Net from railway
Net from railway
•Netafterrents-
1935
$1,084,865
—V. 146, p. 3492.
Stock Yards Co.
Cincinnati Union
—
New President—
Frederick B. Edmands, Vice-President & Treasurer of the company, has
President to succeed the late Jesse T. Lippincott.
He will
been elected
continue
as
Treasurer.—V.
144, p. 4173.
earnings
Oper. exps., maint.,
Gross income..
on
1936
1935
1934
$392,879
$369,716
$358,444
res.
for retirem'ts & taxes.
Interest
Washington, Pa.—Earnings—
1937
$396,250
Gross
funded debt.
175,118
170,841
167,561
161,086
$221,131
107,728
$222,037
106,434
<^£>4,282
$202,155
105,629
$197,358
Other interest charges._
3,532
Amort, of dt. disc. & exp
Miscell. deductions
11,537
1,169
1^11,581
$97,165
income
106,395
1,150
264
11,626
1,154
11,705
1,043
$107,153
$83,480
$78,107
105
143, p. 915.
City Investing Co.—Earnings—
Years End. April SO—
Total income.
....
Exp. and ordinary tax._
Depreciation & interestFederal
1938
$520,972
338,964
129,429
Net profit
dividends
1935
$391,553
279,224
73,533
$40,600
$250,732
19,719
239,969
x$47,852
19,719
119,980
$33,104
19,719
159,973
$8,956
$91,846
$146,588
80,000
$2.88
80,000
80,000
$0.17
19,719
79,992^
common
92,736'
1936
$273,072
174,333
50,886
49,213
1,884
profits.
Preferred
Deficit
1937
$613,271
218,707
11,979
tax
Surtax on undis.
....
stock out-
standing (par $100)-Earnings per share
$7,284,661
-
.
1937
,
1935
$1,1.53,038
126,338
—V. 146, p. 3492.
Shs.
Earnings for Month of May and Year to Date
Net after rents
2,444
6,684,083
453,110
Common dividends
issues, series A, E, F, G, and H.
FromJan. 1—
Gross from railway
Net from railway
defl03,320
6,154,229
675,365
—V.
Federal Judge James H. Wilkerson at
Chicago has authorized the trustees
20% payments on principal maturities due July 1 and 15 on equip¬
Net after rents
def42,226
Gross from railway
Net from railway.
Netafterrents..
1936
$1,407,236
205,553
1935
to make
Gross from railway
Net from railway
Netafterrents
From Jan. 1—
Net
-Earnings1936
—V. 146, p. 3949.
ment trust
1937
$1,411,255
101,512
Calendar Years—
1,391,564
railway
Net after rents
$3,884,694
577,346
1938
Citizens Water Co. of
Chicago & Illinois Midland Ry.
$3,122,410
1,368,432
$1,267,265
159,948
Gross from railway
1938
$1,275,496
227,892
def25,120
Net after rents.
653,828
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
Netafterrents....
From Jan. 1—
Chicago Great Western RR.—Earnings—
Gross from railway
Net from railway
$255,011
Cincinnati New Orleans & Texas Pac.
Chicago Flexible Shaft Co.—Earnings—
First 24 Weeks
deficit...
4111.
p.
Chicago Union Station Co.—Bonds Called—1935
?
1938
$1,064,203
150,833
def68,118
Net from railway.
Net after rents
$450,293
443,988
from ry. oper
oper.
146,
Gross from railway
Net from rail way.
118,674
preferred stock
Earned
28,333,827 24,654,782
1,774,135
2,183,072
df1,924,14* dfl,092,180
Earnings of System
Surplus arising from retlrem't
131,634
...
Total
Accounts
def670,350
1938—Month—1937
1938—5 Mos—1937
$5,953,567
$6,24z,110 $29,713,828 $31,934,292
5,503,274
5,987,099 26,591,418 28,049,598
May—
Liabilities—
hand—
30,046,561
3,336,923
[Including Chicago Rock Island & Gulf Ry.]
Period End. May 31—
Total ry. oper. revenues
Consolidated Balance Sheet Dec. 31, 1937
Assets—
$4,911,268
240,526
def382,838
-—
33,741
177,000
dividends
Common dividends.
1935
$5,769,078
330,594
def444,614
Net from railway..—
2,659,452
Netafterrents
...dfl,038,011
Net ry.
Net income-
1936
$5,849,660
128,151
def688,339
27,862,490
Gross from railway
$1,604,536
50,884
Amort, of funded debt disct. & exp—
1937
$5,574,465
379,485
def411,265
May—
Chicago Daily
News Ptg.
Advertising, circulation, rentals and
other operating revenue
$10,273,209
Operating costs and expenses
8,827,166
Provision for depreciation
2u3,300
on
1935
$304,498
70,064
defl7,017
Net after rents
From Jan. 1—
Chicago Daily News, Inc. (& Subs.)—Earnings
Cash in banks and
1936
$319,114
49,402
—V. 146, p. 3663.
146, p. 3800.
Preferred
1937
$392,450
126,860
Before provision for
S59J11
5,692
/
80,000
$0.26
x$0.35
Federal income tax and before losses and expenses
aggregating $1,279,186 arising from foreclosure of mortgage and sale of
mortgage and sale of stock received in exchange for a note receivable which
have been charged to reserve for contingencies in respect of valuations
of real estate, mortgages and note receivable, pursuant to resolution of
board of directors adopted June 18, 1936.
Note—No provision has been made for Federal surtax on undistributed
profits in 1937, as it is believed no such tax will be payable.
x
Volume
147
Financial
Consolidated Balance Sheet April 30
1938
estate
in
I
in
1938
Liabilities—
real
hattan, N. Y. C. 2,799,749
Mtges. receivable. 4,750,000
732,863
Cash
1,000,000
8,000,000
8,242
8,000,000
stock
2,642,280
Accounts payable-
4,750,000
State franchise tax
732,863
3,386,871
3,188,579
Acc'ts receivable..
Fed. inc. tax pay..
11,981
Accrued liabilities
54,537
7,040
1,190
90,000
90,000
Rents rec. in adv..
Deferred charges..
45,474
76,075
Conting.
Res.
Fed.
11,613,705
146,
11,679,279!
51,097
21,534
12,865
12,729
721,667
reserve..
for
come
.
721,667
in¬
643,775
643,775
1,160,639
1,219,750
tax
Surplus
Total...
1,792
6,936
payable
rec..
—V.
$
1,000,000
Common
Treas. pref. stock.
Accrued int.
1937
$
Preferred stock
Man¬
Total.
.11,613,705 11,679,279
4111.
P.
Cleveland Terminals
Building
Co.—
Urges Acceptance
The holders of first mortgage leasehold sinking fund 6% gold bonds of the
company are being notified by Ralph H. Sharpe, Vice-President, that the
Terminal Tower plan has the approval and support of the following bond¬
holders and bondholder representatives who represent over $2,500,000
of the bonds:
Joseph E, Adams, et al, intervening bondholders, Room 1007 Union Trust
Building, Cleveland, Ohio.
Cleveland Terminal Tower Building bondholders' committee, Room 1600,
No. 1 Wall Street, New York City.
Terminal Tower bondholders' committee, Room 1604 Penobscot Building,
Detroit, Mich.
*
Warren Bicknell Jr., et al, committee for bondholders, 1306 Williamson
Building, Cleveland, Ohio.
Acceptance of the plan is recommended.—V. 146,
RR.-
p.
provided in the indenture.
as
general
funds of the company and used for geberal
corporate purposes.
Other leading members of the group of 77
original underwriters are Brown
Harriman & Co., Inc.; Glore, Forgan & Co.;
Harris, Hall & Co., Inc *
Lee Higginson Corp.; Lehman
Brothers; A. G. Becker & Co., Inc.; Bonbright & Co., Inc.; Central Republic Co.; Kidder, Peabody & Co., and F. S.
Moseley & Co.
Prior
the
to
offering to stockholders of the debentures, the company
1938 (V. 146, p. 3664), $33,000,000 first
mortgage 3^%
The bond proceeds have been deposited for the
redemption
July 18, 1938 of $30,000,000 of 5% first mortgage bonds series A and
series B, due 1953 and 1954. Thus, a total of
approximately $72,000,000 of
3 Vi % bonds and debentures have been sold by the
company since June 1,
the proceeds having been applied in part toward the
redemption of $30.000,000 of 5% and $19,429,000 of 5H% obligations.
sold
June 1,
on
1936
$580,670
275,339
261,097
$453,982
167,643
155.989
$374,299
110,864
95,690
2,394,991
965,800
772,021
3,056,803
1,519,240
1.443,130
2,554,973
1,112,339
1.068,085
2,189,288
869,355
790,236
From Jan. 1—
.
Weekly Electric Output Off 8.5%—
The electricity output of the Commonwealth Edison Co.
group (inter¬
company sales deducted) for the week ended June 25, 1938 was 123 315 000
kilowatt-hours
compared with
134,789,000 kilowatt-hours in the cor¬
responding period last year, a decrease of 8.5%.
The^following are the output and percentage comparisons for the last
four weeks and the corresponding periods last
year.
146, p. 3665.
Collins & Aikman
—Kilowatt-Hour Output—
Week Ended—
.
,
June 25
1935
$434,451
171,806
127,054
Gross from railway
on
June
1937
railway
railway
Net from railway
Net after rents..
May 28, '38 May 29, '37 May 30, '36
Loss from operations
Other income
$276,917 x$l ,660,267 x$l,644,750
12,646
65
1938
-123,315,000
117,087,000
-119,787,000
111,772,000
4--.
1937
134,789,000
132,677,000
133,803,000
126,083,000
Decrease
8.5%
11.8%
10.5%
11.4%
Transfer Agent—
The company has notified the New York Stock
Exchange that it has
terminated the authority of Utilities Stock Transfer Co. to act
as Chicago
transfer agent of the shares of the company effective at the close
of business
June 20,
1938, and that it has appointed C. B. Swan, M. M. Rau D L.
Bornhoeft, Bruno Czoty, W. A. Funston and M. J. Arnold transfer
agents
Chicago of said shares effective at the opening of business June 21, 1938.
—V. 146, p.4112.
in
Commonwealth & Southern
Corp. (& Subs.)—Earnings—
fonths Ended—
3
cases
Proceeds from
June 11_
1938
Net after rents
—V.
subject to adjustment in certain
the sale of the debentures will be applied in
paht to the
redemption of $19,429,000 Commonwealth Subsidiary Corp. 5^% deben¬
tures. series A, due Sept. 1, 1948, at
102% and int., and for the payment
of $6,300,000 unsecured bank
loans, the balance to be placed in the
June 18
3179.
-Earnings—
May—
Gross from
Net from
109
June 25, the day following the expiration of the warrants
at prices which ranged,
according to inquiry, from 107H to 109.
*
The debentures are to be dated July 1, 1938 and are to be due
July 1,
1958.
They will be convertible after Sept. 1, 1938, into shares of the
company's stock at the conversion price of $25 per share, which
price is
on
bonds, due 1968.
of Plan—
Clinchfield
made
were
1937
$
Assets—
Equities
Chronicle
Corp.—Monthly Output—
Electric output of the Commonwealth & Southern
Corp. system for the
month of May was 604,422,279 kwh. as
compared with 718,790,092 kwh.
for May, 1937, a decrease of 15.91%.
For the five months ended May 31,
1938, the output was 3,048,819,526 kwh. as compared with 3,581,595,098
period in 1937, a decrease of 14.87%.
Total
output for the year ended May 31, 1938, was 7,984,633,717 kwh. as com¬
pared with 8,350,857,679 kwh. for the year ended May 31,1937, a decrease
of 4-39%
Gas output of the Commonwealth & Southern
Corp. system for the
month of May was 1,069,585,000 cubic feet as compared with
1,168,839 500
cubic feet for May, 1937, a decrease of 8.49%.
For the five months ended
May 31, 1938, the output was 6,641,007,000 cubic feet as compared with
6,754,918,200 cubic feet for the corresponding period in 1937, a decrease of
1.69%.
Total output for the year ended May 31,1938, was 15,017,098,200
cubic feet as compared with 14,096,004,600 cubic feet for the
year ended
May 31, 1937, an increase of 6.53%.—V. 146, p. 4113,
kwh. for the corresponding
Loss
$264,271 x$l ,660,267 x$l ,644,815
139,572
133,800
118,069
289,758
313,221
Depreciation
Fed., State & Canadian income taxNet loss
$403,843 x$l,236,709 x$l,213,525
59,267
60,367
>
109,091
140,700
844,200
281,400
Preferred dividends.
Common dividends
.
Deficit-
$603,810
Earns, per share on
stock (no par)
x
Profit,
y
y$823,034
$2.09
$1.96
Nil
Surplus.—V. 146,
Colombian
y$332,142
562,800 shs. com.
p.
3008.
Community Power & Light Co. (&
Steamship Co., Inc.- -Settlement with Govt.-
See United Fruit Co. below.
Colorado & Southern Ry.May—
Gross from
•
Period End. May 31—
Operating revenues
1938—Month—1937
$357,429
$327,631
160,594
155,508
Operation
-Earnings-
Maintenance
1938
$461,163
83,060
defl2,871
$604,690
125,067
32,319
$549,034
94,283
7.940
$442,626
64,259
def5,011
2,376,431
283,924
defl95,060
3,059,030
666,405
213,216
2,637,072
442,628
46,632
Subs.)—Earnings—
1938—12 Mas.—1937
$4,537,119
$4,135,603
1,973,664
1,887,227
257,062
241,553
446,874
377,646
20,666
38,162
25,383
31,903
$138,006
1,656
$114,836
1,398
$1,859,519
7,741
$1,629,177
4,030
$139,663
Taxes.
$116,235
31,279
13,236
$1,867,260
338,691
$1,633,207
264,274
$108,383
2,838
$102,998
2,281
70,715
69,867
$1,528,569
31,764
841,246
$1,368,932
25,524
832,152
492
533
1,211
578
181
165
10,93.9
6,715
2,592
14,545
6,944
1,388
$635,311
$488,377
defl58.967
railway
Net from railway
Net after rents
1937
1936
•
1935
-
Net oper. revenues.—
Non-oper. income (net)
_
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 146, p.
2,166,227
180,107
Gross income
3493.
Columbia
Interest to public
Interest to parent co
Mills, Inc.—Smaller Dividend—
Directors have declared
a dividend of 25 cents per share on the common
A dividend of 50 cents
paid on April 1 last and a regular quarterly dividend of $1 per share
paid on Dec. 24 last.—V. 146, p: 2201.
stock payable July 1 to holders of record June 30.
was
was
Columbus & Greenville
May—
485,433
63,055
26,908
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
—
Net after rents
—V. 146, p.
1937
$107,621
18,813
8,469
1936
$90,472
9,389
4,669
1935
$71,289
def3,642
def4,986
548,062
98,464
46,291
429,050
25.683
3,381
343,750
def20,289
def23,965
3492.
-
Parent
comp&ny
Miscell. income deduc'ns
$33,624
$28,894
preferred stocks:
income
Dividends paid and accrued on
To public. —
Commodity Corp.—Announces Div. Reinvestment Plan—
dividend of 10 cents a share on its common
stock, with provision for reinvestment of the proceeds at the option of
stockholders, in additional shares at the liquidating value at the time of
confirmation.
The dividend is payable July 9, to holders of record July 2,
but the reinvestment privilege extends through July 22.
This corporation, which is an investment trust designed to provide an
opportunity for the pubiic to invest in a cross-section of basis commodities,
is mailing to stockholders full details regarding the new reinvestment pro¬
vision, intended to be applied to future dividends as well as the current
payment.
This information, together with the necessary forms for exer¬
cising the reinvestment privilege, will also be available at the offices of
investment dealers who
a
handle transactions in these shares.
Company emphasized that the right to reinvest dividends at
a
substantial
discount from the retail selling figure, in accordance with this offer, can be
exercised through dealers only; a provision made necessary because of legal
requirements in certain of the States in which Commodity Corp. shares
are qualified for sale.
A nominal service charge will be made on dividend
reinvestment, consisting of 50 cents on purchases of up to 4 shares, and
$1 on purchases in excess of 4 shares.
Company paid dividends of 15 cents on March 21 and on Dec. 27, last
and dividends of 25 cents per share were paid on Sept. 20, 1937, and each
three months previously.—V. 146, p. 1871.
101,095
4,298
99,855
5,831
$529,917
$382,691
832,341
819,011
8,905
4,298
6,715
20,792
al86,449
73,117
To parent company
Balance
applicable to parent company
Earnings from sub. cos. deducted in arriving at
above—Interest earned
Interest not earned—
Preferred dividends
Other
Corporation has declared
—
Amort, of dt. disc. & exp.:
Public
Net
Ry.—jEarnings—
1938
$95,770
20,853
13,453
Balance
Retirement accruals
-----
----
—
Miscellaneous earnings from subsidiary companies
Common dividend from subsidiary—notconsol__
Other
2,690
income
306
Total
-
Expenses, taxes and deductions from
gross
income
Amount available for dividends and surplus
278
$1,568,933
893,229
$1,317,552
901,203
a$675,704
$186,443 representing amount assigned to
stock of General Public Utilities, Inc., received
lieu of casn, in December, 1937.—V. 146, p. 4113.
a
Includes
common
Consolidated
Baltimore
13,141
5,831
Gas Electric Light
(& Subs.)—Earnings—
&
$416,349
shares "of
dividend, in
14,623
as
a
Power
Co.
of
Period End.
May 31— 1938—5 Mos.—1937
1938—12 Mos —1937
Rev. from elec. sales..-$10,481,019 $10,312,400 $25,134,235 $23,829,239
Rev. from gas sales
3,955,684
4,059,779
8,905,423
8,970,220
Rev. from steam sales._
; 423,870
410,490
773,740
727,767
Total oper. revenue..$14,860,574 $14,782,669
Oper.
exp.,
$34,813,399 $33,527,226
deprec. and
Edison
Co.,
Chicago—Stockholders
Debentures— Unsubscribed Portion Taken
Up by Underwriters—An announcement made June 28
gives the final results of the recent offering of the con¬
vertible debentures, 3^% series due 1958, $39,083,195
principal amount of which were under written by an under¬
writing group headed by Halsey, Stuart & Co., Inc.
The
Subscribe for 96 % of
debentures
were
first offered to stockholders of the company
of subscription warrants which expired
through
exercise
June 24,
1938.
According to the present announcement, $37,871,700 of the debentures
subscribed through exercise of subscription warrants and an aggregate
additional amount of $675,300 of the debentures were sold by certain of
the underwriters prior to the expiration of the warrants, leaving only
$626,200 available for current offering.
The available debentures are being offered by certain of the underwriters
individually at prices current on the over-the-counter market or on the
Chicago or New York Stock Exchange, plus commissions, if any.
Sales
were
11,477,890
10,832,028
26,710,624
24,809,870
Operating income
Commonwealth
taxes.
$3,382,684
298,226
$3,950,641
276,795
$8,102,775
579,217
$8,717,356
536,162
$3,680,910
$4,227,436
$8,681,992
$9,253,519
1,060,676
25,858
1,158,911
27,444
2,548,124
•
64,170
2,778,829
34,299
$2,594,375
464,714
1,751,095
$3,041,081
464,714
1,751,095
$6,069,698
1,115,315
4,202.629
$6,440,391
1,115,315
4,202,629
$378,565
$825,270
$751,754
$1,122,447
$1.82
$2.21
$4.24
$4.56
Other income
Gross income
Int. and amort, of disc.,
prem
Other
& exp. on bonds
deductions
Net income
Preferred dividends
Common
dividends
Balance.
Earnings
common
—
per
—
-
share
stock
on
Note—Operating revenue affected by reductions of electric rates in 1936
146, p. 4113.
and electric and gas rates in 1937.—V.
Consolidated Automatic Merchandising Corp.—Time
for Exchange of Securities Expires—
Holders of 6% bonds due Aug. 15, 1937 (and certificates of deposit
therefor) of General Vending Corp., and holders of common stock and
preferred stock of Consolidated Automatic Merchandising Corp. are notified
Financial
110
by Peerless Weighing & Vending Machine Corp. that their right to exchange
the above securities for voting trust certificates representing prefa-ence
stock and (or) common stock (as the case may be) or Peerless Weighing &
Vending Machine Corp. pursuant to the modified plan of reorganization
dated June 15. 1935 of Consolidated Automatic Merchandising Corp and
of General Vending Corp. expired at the close of business July 1, 1938.—
V. 146. p. 909.
•.
„
July 2, 1938
Chronicle
Davison Chemical
Corp .—Transfer Agent—
The company has notified the New York Stock Exchange that its board
of directors, by resolutions adopted May 20, 1938, has appointed Baltimore
National Bank as transfer agent of the common stock of the corporation,
effective
as
of July 15, 1938.—V. 146, p. 2689.
Delaware Electric Power Co.
(& Subs.)—Earnings-
^
Cornucopia Gold Mines—Registers with SEC
See list given on first page of this department.—V. 146, p. 3951.
291,709
99,016
198,517
Crocker-Wheeler Electric Mfg. Co.—Settlement—
of defendants to return $345,000 to the
company in return for the discontinuance of a suit brought by minority
stockholders in the company was approved June 27 by Supreme Court
Justice Edward J. McGoldrick.
The suit was based on an alleged un¬
warranted revision of an underwriting contract in the Fall of 1929 immedi¬
ately after the stock market crash.
The defendants who will contribute to the settlement are Hayden, Stone
& Co., investment bankers; the estate of the late Charles 8. Hayden,
Edmund Lang, Stewart S. Hathaway, Oscar Gubelman and William D.
Sargent.
The banking house and Mr. Hayden's estate will contribute
$325,000 and the other four the remaining $20,000.
In making the offer the defendants denied they were liable.
The offer
was prompted, they said, by a desire to settle Mr. Hayden's estate and to
bring the litigation to a close.—V. 146, p. 3332.
1,106,024
Provision for renewals and replacements
b Provision for Federal income taxes
Operating i ncome
Non-operating income
An offer made in behalf of a group
Inc.—Underwriters—
Crown Cork & Seal Co.,
Provision for other Federal taxes
Provision for State and local taxes
Gross income
Interest
long-term debt—
or debtf discount and expense.
Amort, of debt dis .'v& exp. (bonds retired).
Co.; Hallgarten & Co.; Cassatt & Co., Inc.; Estabrook & Co.; Stone &
Webster and Blodgett, Inc.; Mackubin Legg & Co.; G. M.-P. Murphy &
Co.; Stifel Nicholaus & Co., Inc.; Baker Watts & Co.; Stein Bros. & Boyce;
Putnam & Co.; Hayden Miller & Co.; Stern Wampler & Co., Inc.; Whiting
Weeks & Knowles, Inc., and W. L. Lyons & Co.
Taxes assumed
— -
—,
Rentals and miscellaneous
Net income
Preferred dividends
Common dividends-
profits tax in the amounts of $24,763 and $1,471, respectively for
and $13,463 Federal surtax on undistributed profits for
the
year 1937
the year 1936.
Consolidated Balance Sheet Dec. 31
1937
Prop.,
plant
$
30,502,142 29,928,146
Excess of cost
before
flf
companies....."
$4,399,486
3,164,328
$4,132,872
2,911,381
/•
/
3,989,416
218,753
Special deposits
52,458
$1,235,158
57,209
$1,221,491
55,080
$1,327,835
$1,292,367
558,179
708,613
$i,276,571
705,276
Cash
3,989,416
165,135
1,507,893
...
$769,656
Balance transf. to earned surplus--
$583,754
239,964
$571,294
239,964
23,600
239,964
6% cum. pref. stock dividends
125,000
Fixed
$
263,672
capital.—-24,218,751 22,912,099
on
a
303,065
hand...
Funded debt
3,501,285
528,922
Accts. reciv. and
...
616,277
615,231
Notes receivable—
2,850
1,726
tracts
_
98,235
Accrued
29,213
71,753
27,837
59,146
59,146
8,971
7,342
150,085
56,209
'
taxes
161,478
118,000
139,995
102,000
fConsumers' deposit
U
& int. thereon.
.
Matured bonds
3,181
28,453
213,599
19,528
970,019
Res. in connection
3,181
213,599
3,380,949
3,556,941
Portland RR. Co 2,169,841
6% cum. pref. stk.
($100 par)
4,023.600
5K% cum. pref.
1,535,761
with lease
Due from Portland
478,244
46,742
Co
Other assets
-
Prepaym'ts & def.
charges
1,651,941
b Reacquired secure
at
cost
21,780
487,292
75,407
1,697,419
21,830
„
from
Total
1,000,000
3,295,750
50
....29,200,975 27.886,034
Surplus........ 2,997,599
Total
2,620,938
29,200,975 27,886,034
of $76,188 in 1937 and $80,879 in 1936.
b 242 shares
pref. stock, 6% cum. at cost In 1936 and 1937 and 1 share common stock,
a
After
reserves
$50 par value in 1936.
c Represented by 47,199 no par shares,
d Includ¬
ing an amount of $227,598 attributed to capital surplus.—V. 146, p. 4113.
Total gross revenues
$13,239,464
8,160,365
1,180,376
474,468
—
Taxes other than Federal income taxes
Provision for Federal income taxes
...
Net operating revenue.
Other income.
—
...—.$3,424,254
12,653
Gross income
Interest on funded debt.
Other interest.
Amortization of debt discount and expense
737.964
41
*264
35,543
Crll0,014
.
3—
Net income—
on
4 H % preferred stock
stock.
$2,732,151
y450,012
1,587,500
...
on common
x No provision for Federal surtax on undistributed
profits is included in
the above statement inasmuch as dividends paid exceed adjusted net
taxable income as computed by the company,
y The amount of $37,500 was
charged to surplus in 1937 and represents the accrued dividend for the
month of December, 1937, on the cumulative
preferred stock, 4 J4 % series.
Such dividend payable March 1, 1938, was not declared until
February,
A similar accrued dividend of $37,500 for the month of December,
1936, not declared until January, 1937, was charged to surplus in 1936.
1938.
Delaware Lackawanna & Western
Net from railway
itwR
ioqi?
$4,127,309
864,400
503,676
$4,055,226
910,931
575,265
22,022,938
5,554,734
3,295,313
20,324,538
3,907,822
2,162,088
18,979,815
3,713,084
2,018,601
Personnel—
Upon retirement of Robert B. Ferguson,
to
Comptroller.
Ralph S. Bird, Supervisor of Contracts and Insurance, will be promoted
to Assistant to the Comptroller.
Charles A. Glaser, Manager of the Central Accounting Bureau, will
.
succeed Mr. Bird.
H.
Mr.
p.
D. Bingham, Chief Clerk, Engineering Department, will succeed
Glaser as Supervisor of the Central Accounting Bureau.—Y. 146,
3496.
Delaware Power & Light
Provision for other Federal taxes
Provision for State and local taxes...
a 1936
$5,048,683
1,960,493
147,987
602,869
250,238
83,498
108,024
Operating income
Non-operating income
$1,919,847
68,859
$1,895,572
42,301
Gross
Interest
$1,988,706
571,000
12,542
9,739
23,160
$1,937,873
573,833
.....;
Maintenance
Provision for renewals and replacements
b Provision for Federal income taxes
income
long-term debt
on
Amortization of debt discount and expense
Amort, of debt disct. &
Net income—.
Dividends..
1936 figures restated for comparative purposes,
b Provision for Fed¬
eral income taxes includes Federal surtax on undistributed
profits and excess
a
protits tax in the amounts of $9,690 and $1,470, respectively, for the year
1937, and $10,808 Federal surtax on undistributed profits for the year 1936.
Balance
1937
S
Adv. not curr. rec.
21,077,000
365,211
1,038.111
187,548
37,500
Accounts payable
Accrued taxes
Accrued bond interest
Accrued dividends
Consumers'service deposits__
Surplus
137,237
2,024,424
8,369,916
3,170,782
Total
After
reserve
for doubtful accounts of
$191,604.
p.
Special deposits
Cash
3332.
cos...
(lncl.
deposits)
1937
$
7,079
Notes receivable—
_
Accounts payable176,740
90,094 Accrued accounts.
642,754
Deferred credits.
13,606
825,242 Reserves
2,130,333
Contrib. In aid of
4,387
yli~346
856*498
846,025
168,519
818,663
_
.
Mat'ls & supplies.
Deferred charges.
.
206,313
796,316
...26,236,651
b Represented by
25,755,6081
375,000
»•146, p« 3333*
construction
47
—
Accts. receivable.
■
1936
$
Common stock.. 9,422,402
9,422,402
Funded debt
12,900,000 12,900,000^
Oust. & ext. deps.
114,879
169,739
x
288,199
633,078
...
Working funds
Total
3,803
285,500
time
Int. receivable.
31
Liabilities—
90,096
Misc. spec, funds.
$51,887,730
Amounts pay. to affil.
Reserves
«
Sheet Dec.
1936
§
Prop., plant & eq.23,353,680 22,707,572
....
$1,305,409
1,200,000
304
Miscellaneous income deductions
1st &ref.mtge. bonds
317,500 no par shares.—Y. 146,
1,204
bonds retired
interest
12,549
9,739
25,598
8,830
1,913
$1,370,755
1,275,000
exp.,
on
Other interest
Materials & supplies & gas &
electric appliances, at cdst.
$51,887,730
Co.—Earnings—
1937
$5,416,512
2,205,326
171,050
649,971
262,151
87,914
120,253
Investments
Total...
Comptroller of the railroad,
effective July 1, Philip D. Jonas, Assistant Comptroller, will be promoted
4H% cum. pref. stk. ($100
par)
.$10,000,000
bCommonstock
5,480,000
Prepaid insur., taxes, &o
Special funds..
RR,—Earnings—
iqq7
$4,562,192
1,187,155
678,811
17,841,181
3,211,483
887,643
Net after rents.
From Jan. 1—
Gross from railway
Property, plant Aequipm't—$49,142,871
Cash In banks & on hand
284,777
a Accts. & notes receivable..
1,175,711
Deferred charges
961,868
iqqs
Assets
Liabilities—
402,900
197,838
35,468
648,163
9.797,765
1,327,036
$3,775,624
687,922
220,379
Gross from railway
Net from railway
Balance Sheet Dec. 31, 1937
Assets—
10,279,381
1,531,766
940,791
—V. 146, p. 3496.
Taxes assumed
Dividends
Dividends
11,320,073
2,711,299
1,876,599
1935
$2,074,086
698,374
613,754
..$3,436,908
Interest capitalized..
_
8,488,180
1,634,691
828,007
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
Operating revenues..
Ordinary expenses
Income Statement Year Ended Dec. 31, 1937
x
$2,269,474
525,359
356,844
Calendar Years—
Dayton Power & Light Co.—Earnings—
Operating expenses.
1936
$2,302,679
520,017
347,358
Net after rents
4,023,600
par)
d
mi
571,526
402,933
Net after rents
stock ($100 par) 1,000,000
c Common stock.. 3,295,750
Com.
stock
($50
-Earnings-
1938
"Man
Reserves
investm'ts 1,404,184
Special deposits...
contra
..-39,289,324 40,722,655
Total
shares.—V. 145, p. 2543.
$1,878,792
Gross from railway
Net from railway.
&
int. unclaimed
contra
—
no par
May—
76,323
Prov. for Fed. inc.
Cash deposit with
trustees & fiscal
RR.
24,260
-
rental
24,914
Materials & suppl.
Miscel.
98,655
345,480
Accrued taxes..
121,113
for oper. & const
Unbilled inc.—est.
167,007
leased propertyOther accr. Ilabil.
Int. & dlvs. receiv.
Merchandise for re-
agents
124,647
debt
....39,289,324 40,722,655
Represented by 900,000
Delaware & Hudson RR.-
608,105
.
Accounts payableAcer. int. on fund.
mdse, instal. con¬
x
900,500
$
.11,005,000 11,053,000
Notes payable
Cash in banks and
802,888
718,513
902,243
223,971
1,334,563
1936
$
168,088
...
809
Deferred charges..
1937
Liabilities—
$
construction
Earned surplus...
880
38,933
11,346
Mat'Is & supplies.
Total
1936
3,654,491
.
Contribs. in aid of
1,396,218
4,387
Accounts receiv *le_
Consolidated Balance Sheet Dec. 31
1937
937,309
53,893
4,053,114
19,364
.
118,000
54,501
cum. pref. stock divs
Common stock dividends
220,439
937,139
accounts.
Deferred credits.
37,023
Notes receivable.
Divs. & int. ree'le.
SU%
229,695
extens'n
Reserves
secur.
Marketable
169,739
Accounts payable.
510,178
time
deposits)
Working funds
......
114,879
&
depos
5,228
505,500
—
75,000
Custs.
93,908
(lncl.
24,000
rently maturing
Notes pay v (banks)
Adv. not currently
Interest, amort., and other deduct ns
Assets
V'-v
-
Accrued
Misc. spl. funds..
$4,637,869
3,362,493
20,915,000 20,957,000
Lontrterm dt. cur¬
:
Investments
$
195,500
Commonstock..12,000,000 13,746,355
pf. stk.
cum.
Funded debt
of
Hllh
1935
.....
interest
x
over
stated values
1936
$
Liabilities—
$6.50
&
equipment
stopkR
1937
1936
$
Assets—
1936
$1,275,376
$822,605,
17,665
675,000
630,000
—
receivable
Net operating income
$861,971
6,339
—
—
a 1936
figures restated for comparative purposes.
b Provision for
Federal income taxes includes Federal surtax on undistributed profits and
1937
Calendar Years—
Operating revenues—
Operating expenses and taxes
interest
on
Other interest.
The company will file by amendment the amount of each underwriter's
participation.—V. 146, p. 3951.
Cumberland County Power & Light Co. (& Subs.)—
on
Amortization
excess
The company has filed an amendment with the Securities and Exchange
Commission naming the following as underwriters of its $10,000,000 4H %
debentures: Paine Webber & Co.; Hayden Stone & Co.; W. C. Lankley &
Net
$1,941,275
1,019,385
33,006
9,739
40,457
9,897
6,186
$7,085,176
3,078,341
425,928
Exchange has authorized the listing of 1,537,435
shares of common stock (par 81) on official notice of issuance in substitution,
share for share, for a like number of shares of capital stock without par value
previously authorized to be listed and now outstanding—V. 146, p. 3180.
Non-operating income—*
$1,888,131
53,144
$1,964,221
1,014,140
32,999
9,739
39,793
v
1,041
4,536
Ordinary expenses
$6,674,543
2,780,139
383,796
1,080,455
271,572
91,256
179,192
$1,885,639
78,582
—
Maintenance
Coty, Inc.—-Listing—
The New York Stock
al936
1937
Calendar Years—
Operating revenues
no par
Total
480
1,870,509
168,088
Earned surplus...
shares,
177,076
643,310
667,847
572,091
...26,236,651 25,755,608
y
Including loans receivable.
Volume
East
Denver & Rio Grande Western RR.- —Earnings1938
May—
Gross from railway
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$1,553,019
$2,046,167
81,947,387
defll4,lll
def382,872
132.144
149,541
defl71,941
def48,352
8,109,581
10,226,912
643,336
—
542,133
def846,994
...
9,171,663
1,311,700
126.145
7,320,765
1,305,159
359,673
1936
def581,570
Co.—$7,500,000
Interurban Water
&
Louis
St.
Refunding Issue Placed Privately—The company has placed
privately with a group of insurance companies an issue of
$7,500,000 1st mtge. 434% 15-year bonds, series A, dated
June 1, 1938, due June 1, 1953.
Proceeds will be used to
refund existing 1st mtge. bonds, series A, B, and D, together
aggregating about $7,473,100.—V. 146, p. 3952.
1935
81,687,820
—
_
_
1936
120,573
defl80,939
...
Net from railway.___
Net after rents
1937
111
Chronicle
Financial
147
1935
—V. 146, p. 3952.
Denver & Salt Lake
54,525
709,776
95,281
179,140
....
1937
$159,630
29,604
11,114
Gross from railway
Net from railway
Eastern Gas & Fuel Associates—Earnings—
Ry.—Earnings-
1938
$110,103
defl0,274
May—
1,132,409
345,849
Net after rents...
$149,465
def26,084
def3,846
$128,290
28,328
61,106
1,100,123
$10,224,580 $10,848,481
670,678
246,412
388.147
465,798
4,054,539
2,970,645
403,022
$6,552,620
3,061,714
653,448
1,627
584,244
1,627
$2,078,523
$2,905,035
...
Depreciation and depletion
Balance
292,183
376,581
400,903
3,894,958
$5,704,243
Federal income taxes (estimated)
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
1938
12 Months Ended May 31—
Total consolidated income
Interest
Debt discount and expense..
Minority interest
—-V. 146, p. 3801.
Net income
Co.—$15,00,000 Bank Loan—
Detroit Edison
*
of the
Commission
mature
will
not
Earned per share of 6% cum.
of treasury
x
Note—There is
Net after rents
—■V. 146, p.
1937
1936
$79,625
14,919
5,196
$62,015
10,494
4,350
$51,300
2,903
def2,860
281,564
32,399
2,916
Gross from railway
Net from railway
347,160
79,202
38,117
238,199
11,005
def7,140
defl 1,281
sale to
Directors have declared
431,316
.
—Y. 146, p.
3,532,776
1,904,453
1,332,011
Period End. May 31— (
$635,387
4,230,671
Railway oper. revenues.
Railway oper. expenses.
307,978
214,099
1938
$134,688
23,713
def22,978
1,809,176
1,066,853
119,510
Net after rents
571,278
$297,257
157,593
74,928
1,581,227
890,529
487,912
—V.
Depreciation.
56,349
Net
Directors at
meeting held June 30 called for
a
Dominion
Period End. June 18—
Sales...
redemption on Oct. 15,
$110 a share plus dividends to
1938
$814,898
241,895
'
1938—24 Wks.—1937
$8,784,881
$9,044,420
—Earnings—
1937
1936
1935
$2,399,583
1,658,843
1,214,313
$1,872,506
1,310,472
1,172,674
2,261,258
def80,054
def383,985
3,160,764
140,732
2,894,822
1,326,948
_._defl,394,177
6,784,243
3,014,883
2,874,285
defl,710,081
1,654,641
def497,615
Net after rents:
Net after rents.
—V.
1938
$143,136
3,677
1937
$302,688
103,566
defl2,837
80,199
687,001
def41,847
Net after rents
defl32,647
.
471,916
defl,535
618,205
143,451
580,408
115,399
Net from rail way
Net after rents..-.
defl22,025
16,305
def7,832
$86,062
8,451
def5,285
411,890
23,912
def40,387
Interest
on
179,820
funded debt
2,450,000
315,947
Cr57,463
Other interest (net)
Appropriation for special reserve
500,000
131,314
Other income deductions
Net income
Note—The above income account for the year
14,012,882
$16,296,014
2,365,972
Grossl^rom*railway
Net from
15,764
12,841
30,996
$61,534
$62,035
32,905,275
9,145,113
5,885,851
_
1935
$6,171,868
1,578,717
1,002,686
29,944,095
7,677,972
4,793,568
Cleaning & Dyeing Co.—Accum. Div.—
(William) Filene's Sons Co.—25-Cent Dividend—
25 cents per share on the
25 to holders of record July 15.
compares with o0 cents paid on
Sept. 25, June 25, and on March 25, 1937.
A dividend of 20 cents was
paid on Jan. 27, 1937; 50 cents on Dec. 15,1936; an extra of 20 cents and a
quarterly dividend of 40 cents paid on Sept. 30, 1936, and 30 cents paid on
The directors
have declared a dividend of
common stock, no par value, payable July
Like amount was paid on April 25, last and
28,280
$28,608
36,394,001
11,352,632
7,141,826
2,044,044
1,277,924
3801.
Fenton United
with SEC—
$31,336
26,446,658
3,810,066
def270,628
1936
$6,892,765
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable July 15 to
holders of record June 10. Similar amount was paid on April 15 and Jan. 25,
last, Oct. 15 and on July 15, 1937, and a dividend of $3.50 was paid on
June 16, 1937.—V. 146, p. 2206.
^
—.
$7,466,552
2,278,900
1,411,663
Federal Screw Works—Registers with SEC—
See list given on first page of this department.—V. 146, p. 3953.
East Kootenay Power Co., Ltd.—Earnings—
May 31—
1938—Month—1937
1938—2 Mos.—1937
Gross earnings
—
$47,100
$41,449
$92,530
$90,315
Net earnings-
railway.
Net after rents..
—V. 146, p.
1937
defl8,778
Net after rents..
181,270
2,450,000
315,957
6,774
500,000
89,769
first page of this department.
Operating expenses
1938
railway..... $5,401,123
Net from railway
775,534
p.3667.
—V. 146, p. 3952.
Div.
(Including Chicago & Erie RR.)
May—
$9,473,689 $10,386,271
ended April 30, 1937 has
Period End.
A 4^% due June 1,1951,
RR.—Earnings—
Gross from
reflect $320,472 of additional taxes applicable to the period
of 1936 included therein paid in 1937 and charged to sin-plus.—V. 146,
Duquesne Mining Co., Ltd.—Registers
Co.—Bonds Called—
$176,000 first mortgage bonds series
been called for
Erie
been adjusted to
See list given on
5,863,467
1,808,074
1,278,201
declared an extra dividend of 50 cents per share in ad¬
semi-annual dividend of $2.50 per share on the com¬
mon stock, par $50, both payable July 1 to holders of record June 29.
Similar payments were made on Jan. 3, last and on July 1, 1937, an extra
of $1 was paid on Jan. 2, 1937, and extra dividends of 50 cents per share
were paid in each of the seven preceding six-month periods.
In addition a
special extra dividend of $1 per share was paid on Dec. 23, 1935.—V. 146,
p. 276.
$12,993,308 $13,930,042
properties
Amortization of debt discount and expense
7,450,099
2,318,384
1,601,504
Equitable Fire Ins. Co. (Charleston), S. C.—Extra
reserve)$15,077,321 $15,561,770
328,768
734,244
income
9,850,405
3,265,229
1,916,090
The directors have
^
_
and other income (before
appropriation for retirement reserve)
..$15,406,089
Appropriation for retirement reserve
2,412,781
Gross
1935
$1,107,739
382,612
308,296
dition to the regular
Net operating revenue
Rents for lease of electric
1936
$1,538,319
461,698
287,411
1937
redemption on Aug. 1 at 102 and accrued interest.
Payment will be made at the Chase National Bank of the City of New
York.—V. 146, p. 3667.
has
1?38
1937
$30,159,766 $29,574,652
and taxes—.. 15,082,445
for retire.
.
146, p. 3667.
A total of
$100,335
7,454
defl5,616
Duquesne Light Co.—Earnings—
(net)
subsidiary of this corporation, was
June 27 by E. V. Ekman,
Business will be carried on by the cor¬
a
$1,916,554
590,680
336,543
El Paso Natural Gas
1935
146, p. 3497.
Net oper. rev. (before approp.
■
*12.2
*16.1
*4.9
def8,935
Net after rents...
50,081
1936
def35,776
Other income
' """;ir"r J
P. Ct.
4,311,746
405,137
defl05,161
Net from rail way
Earnmgs—
Years Ended April 30—
InCTCCCSC
From Jan. 1—
91,536
83,329
From Jan. 1—
Operating revenues.
Operating expenses, maintenance
Inc.,
1938
$847,875
93,293
Gross from railway
Net after rents...
Net after rents
-'
Elgin Joliet & Eastern Ry.—Earnings—
125,082
Net from rail way
Net from railway
of Electrolux,
830,339
1937
$108,389
15,731
def5,867
Gross from railway.
■ -i.
146, p. 4114.
995,048
222,683
135,092
1938
$86,978
defl7,203
May—
~
\
Corp.—Dissolves Subsidiary—
May—
—V.
Gross from railway
Inc.—Weekly Input—
.
Gross from railway
146, p. 3667.
& Pacific Ry.-
$149,641
i
•.
$212,063
181,136
Duluth Winnipeg
$48,017
poration as an operating company, the announcement said.
Reasons for the change were listed as "the present policy advocated by
with regard to elimination of holding com¬
panies and to simplify corporate structure, to save duplication of expense
involved in the maintenance of two corporate organizations and to elimi¬
nate certain double taxation."—V. 146, p. 3011.
1935
1936
$10,281
the United States Government
From Jan. 1—
Gross from railway
Net from rail way
—V.
I.
.
$309,629
150,434
129,069
1,167,773
296,980
Net after rents
—V.
;i:'
Dissolution
Duluth South Shore & Atlantic Ry. —Earnings—
May—
268,907
521,369
Vice-President of the corporation.
146, p. 3497.
Gross from railway
Net from rail way
$939,917
256,430
517,924
announced to the Montreal Stock Exchange on
From Jan. 1—
121,411
$822,371
52,576
102,277
the week ended June
Electrolux
$4,344,811
$165,134
before prov.
♦Decrease.—V.
May—
$153,993
Operating Subsidiaries of—
1938
1937
Amount
American Power & Light Co-102,658,000 116,865,000 *14,207,000
Electric Power & Light Corp. 48,650,000
57,975,000
*9,325,000
National Power & Light Co— 75,792,000
79,706,000
*3,914,000
—V. 146, p. 3801.
Gross from railway
Net from railway
$908,404
31,513
^
M'
Duluth Missabe & Iron Range Ry.
$797,249
25,122
23, 1938, the kilowatt-hour system input of
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 1937, was as follows:
For
1549.
1938—4 Wks.—1937
$1,466,405
$1,503,839
203,362
$159,958
5,176
the operating
Stores, Ltd.—Sales—
Gross from railway
Net from railway
inc.
Ebasco Services,
date of redemption.—V. 146, p.
217,975
for retire, losses
Telephone Co.—To Redeem Stock—
cumulative preferred stock at
the 6
$1,015,224
40,905
—V. 146, p. 3497.
146, p. 3666.
Diamond State
$200,863
$2,300
rents, &c
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$1,111,766
$192,056
Interest on funded debt,
$234,534
116,576
1,797,675
1,045,736
564,552
59,002
1938—5 Mos.—1937
$2,740,767
$2,845,402
1,725,543
1,733,636
50,997
100,696
Gross corp. income...
1935
1936
Ry.—Earnings—
$148,985
5,008
Net after taxes
Earnings—
1937
$280,776
137,131
1,043,036
431,249
May—
Previously
43,071
Net ry. oper. revenues
Other income
Gross from railway
Net from railway
of record June 20.
1938—Month—1937
$529,014
$548,555
336,958
347,692
Taxes
2,415,671
1,751,695
3497.
Detroit & Toledo Shore Line RR.-
dividend of 50 cents per share on the common
Eastern Massachusetts Street
$610,049
298,382
195,203
3,739,044
2,018,448
1,323,735
2,116,350
724,611
a
stock, par $100, payable June 30 to holders
From Jan. 1—
Gross from railway
Net from railway.....^
Net after rents
until July 20 receive bids for the
collateral trust bonds series A
of sufficient first mortgage and
1935
$613,917
283,682
157,997
57,094
Net after rents
it
regular quarterly dividends of $1 per share were distributed.
In addition,
an extra dividend of $1 per share was paid on June 30,1937.—V. 146, p. 911.'
1936
1937
1938
$364,743
103,807
railway
Net from railway
provision for surtax on
Eastern Magnesia Talc Co., Inc.—Dividend Reduced—
jk
220,806
3,707
Detroit Toledo & Ironton RR.—Earnings—
May—
no
in 1937.
undistributed profits.
4% due March 1, 1956, to exhaust the sum of $208,321 at prices not ex¬
ceeding 102 and interest.—V. 146, p. 4114.
3801.
Gross from
pref. stock and before State taxes on dividends
The Union Trust Co. of Pittsburgh will
1935
1938
Net after rents
From Jan. 1—
$4.78
pref. stock (exclusive
Tenders—
-Earnings-
$66,593
12,371
9,005
May—
Gross from railway.
Net from railway
$1,796,302
stock)
vailable to 6% cum.
amounting to $48,304 in 1938 and $106,732
July 1, 1945—Y. 146, p. 3952.
Detroit & Mackinac Ry.-
..
1,108,733
$969,791
$2.59
Balance
x
The notes will
be obtained for some days.
1,108,732
Dividend requirements on 4 y2% prior pref. stock..
the year-end
is understood
to have arranged the sale of $15,000,000 of seven-year 3M% construction
notes to a New York banking group.
Preliminary approval of the Michigan
Public Utilities Commission has been given, it is said, but formal approval
The company which carried bank loans of $2,500,000 at
and which is engaged in a substantial construction program,
>
Financial
112
June 30 and Marcn 31,
1936, and on Dec. 31, 1935; in each of the eight
preceding quarters distributions of 20 cents per share in addition to extra
dividends of 10 cents per share were made.—V. 146. p. 3335.
Financial
Founders,
Inc .-^-Consent
Sale of Securities by Methods Violating
The Securities and Exchange Commission reported on June 27, that a
decree had been filed in the U. 8. District Court of New Jersey,
consent
from selling securities by any mothods
which
provisions of the Securities Act of 1933.
that the registration statement of the com¬
pany covering its "Financial Independence Founders, Inc. certificates,
series D," remains effective and that the injunction does not restrict the
continued sale of registered securities by Financial Independence Founders.
Inc., so long as misrepresentations are not made in connection with such
selling and so long as the prospectus is delivered as required by statute.
enjoined company
violate the registration or fraud
The Commission pointed out
The Commission in its Bill of Complaint set forth that the defendant
through its 300
or more
salesmen had sold "Financial Independence Founders,
Inc. certificates, series D" in New York, New Jersey, Pennsylvania, and
elsewhere.
These securities are participations in an investment trust on
an investment trust with two sets of fees and charges.
The Pennsylvania
Annuities is custodian on
various fees and charges
diversified trustee shares.
These are participations in an investment trust sponsored by American
Trustee Share Corp., the underlying portfolio of which consists of the
Company for Insurances on Lives and Granting
trustee for the top trust, and after deducting
invests the balance of the purchasers' money in
of 29
stocks
companies.
The Bill of Complaint also alleged that Financial Independence Founders,
Inc. certificates were sold on a monthly payment plan under which pur¬
common
chasers paid in $10 a month or
From the first $70 paid in on a
$60
as a
Corp.
a
multiples thereof over a period of 10 years.
$10 per month plan, the defendant receives
In addition, it receives from American Trustee Share
service fee.
discount of 6% of the price at which diversified trustee shares are
sold to the trustee of the top trust for the accouut of the purchasers of the
defendant's certificates.
The trustee of the top trust is entitled to receive
a
fee of 25c. from every $10 or fraction thereof paid by the purchasers.
The Commission charged that t he fees and deductions, although set forth
in the prospectus, were
misrepresented orally by the sales personnel to the
also charged, among other things, that Financial
Independence Founders, Inc. through its sales personnel had made oral
representations that the certificates were like a savings bank account from
which the money paid in could be withdrawn at any time, whereas in fact
are
not in any way comparable to a savings bank account
and the amount which
be realized by the purchasers is directly dependent
can
upon the fluctuating market value of the 29 common stocks; that after
paying in $1,200 it was guaranteed that a purchaser would receive $2,000,
whereas in fact ah he would receive was the value of the common stocks
underlying the bottom trust shares; and that the Pennsylvania Go. for
Insurances on Lives and Granting Annuities managed and was in back of
the defendant's plan of investment, whereas in fact such company exercises
no discretion whatever, is not in back of the defendant's investment plan,
but merely acts as the custodian or trustee of the securities.
The Com¬
mission also charged that in many instances purchasers of the defendants
certificates had not received the official prospectus filed with the Securities
and Exchange Commission.
The defendant in consenting to the entry of the decree filed an answer
admitting that the bill of complaint stated a cause of action and alleged
that its sales personnel had been instructed to deliver copies of the official
prospectus to all purchasers and to secure a receipt from the purchaser
therefor, and that if misrepresentations were made by its sales personnel,
they were contrary to the instructions of the defendant's officers and
directors and inconsistent with the statements in the official prospectus.
The defendant also stated in its answer that it was desirous or effectively
controlling improper sales talks by salesmen and insuring delivery
of a
prospectus in all cases and believed that the court's decree which would apply
to defendant's sales
personnel will have this effect.—V. 146,
Florida East Coast
May—
1937
$666,477
139,971
5,968,444
2,582,019
1,756,534
From Jan. 1—
Gross from railway
p.
912.
General Theatres Equipment
Corp.—25-Cent Dividend
The directors have declared a dividend of 25 cents per share on the
capital stock, payable July 15 to holders of record July 8. A like payment
was made on April 11 and compares with 50 cents paid on Dec. 23, last;
dividends of 25 cents paid on Sept. 28, June 28 and March 31, 1937; 90
cents paid on Dec. 15, 1936, and aD initial distribution of $1.10 per share
paid on Dec. 10, 1936—V. 146, p. 3336, 2850.
General Public Utilities, Inc. (&
Period End.
May 31—
Operating
expenses
Maintenance
Depreciation
_
General taxes
Fed. normal inc. taxes.
Fed. surtax on undist.
—
profits.*
Subs.)—Earnings—
1938—Month—1937
$439,396
$429,384
188.635
185,464
19,053
19,127
45,586
44,015
45,004
40,576
11,725
6,310
Gross oper. revenues
-
1938—12 Mos.—1937
$5,546,635
$5,190,596
2,333,779
2,159,929
222,943
264,954
535,830
536,542
531,500
466,241
88,598
83,295
^
4,080
23,405
2,881
$133,891
8,121
$1,829,904
20,691
$1,656,227
41,121
$132,273
31,037
$142,012
31,373
$1,850,595
373,769
$1,697,349
373,547
71,353
71,353
856,238
858,110
—
-
Net oper. income.$129,392
Non-operating income..
Gross income.
Charges of subs...
on 1st mtge. & coll.
crust 6H% bonds
—...
Int.
Int.
on
145
unruntied debt—
Net income
Divs.
145
$29,737
3.242
$39,286
3,242
$620,441
38,910
$465,690
38,910
$26,495
$5 pref. stock..
on
$36,043
$581,531
$426,780
Bal. avail, for common
stock and surplus..
Note—No provision has been made in the above statement for Federal
3,463
1936
$781,269
253,707
111,224
1935
$765,166
256,229
112,723
5,409,684
2,058,255
1,338,080
4,815,022
1,795,660
1,154,504
4,641,217
1,453,586
Fort Worth & Denver
Man—
Gross from rail way.....
1Q37
Net after rents
RR.—Earnings—
May—
1
Gross from railway.....
42,145
Net from railway.
Net after rents-
$403,342
49,998
defl 1,659
$386,340
57,053
9,849
1,613,556
356,691
■
—...
2,515,601
723,648
367,351
1935
$251,487
27,578
36,791
;•'
1,421,633
206,465
222,512
311,061
1,273,647
180,249
209,279
—V. 146, p. 3669,
Georgia & Florida RR.—EarningsPeriod End. May 31—
Railway
Railway
1938—Month—1937
$77,793
$90,504
79,518
94,148
oper. revenue._
oper. expenses.
Net deficit fr.ry. oper.
$1,725
$3,644
6,785
$15,952 prof$55,077
38,660
38,987
$9,375
Cr470
Drl,953
$11,429
Cr 43
Drl,923
$54,612 prof$16,090
Crl,786
Drl0,463
Dr9,805
Dr9,713
$10,857
1,308
$13,309
1,443
$62,631
7,279
$9,549
Joint facil. rents (net)._
Net ry. oper.
deficit._
Non-operating income..
Gross
1938—5 Mos.—1937
$410,640
$534,207
426,593
479,131
7,650
$55,352
4,701
prof$2,532
$60,053
$2,113
Railway tax accruals
deficit
Deductions from income
932
$11,866
919
$10,481
$12,785
Operating
2,245,277
598,372
1,932,933
323,625
51,548
288,480
Jan.
1937
$4,087
6,619
^
4,645
1 to June 21
1938
1937
$466,389
$22,575
$18,200
revenues
$603,007
—Y. 146, p. 4115.
Georgia Southern & Florida Ry.—Earnings—
May—
•
2,482,609
544,005
132,726
1936
$283,940
33,058
38,880
42,993
1,381,389
151,228
130,245
From Jan. 1—
Gross from railway.—.
.
,
1937
$309,977
50,336
1938
$295,067
45,840
Net from railway.:
Net after rents..
146, p. 2536.
'
1938
IQI^
—V. 146, P. 3500.
1938
Gross from railway
1937
1936
$144,614
def4,369
def23,784
1.
$186,604
24,534
7,801
$178,512
13,784
defll,471
888,036
90,576
defl4,673
Net from railway
Net after rents
1,115,927
273,271
164,453
1935
974,035
$171,943
9,395
defl0,196
From Jan. 1—
Franklin Simon & Co., Inc.—New President, &c.—
J. Howard Denny of St. Louis was elected President and director of this
company at a meeting of the board of directors held on June 24.
Coincident
with the election, Mr. Denny announced his resignation as Vice-President,
director and general merchandise manager of Scruggs-Vandervoort-Barney,
Inc.
Mr.
Denny succeeds Leroy O. Palmer, who resigned recently.
Russell E. Dill continues as Executive Vice-President and Treasurer of
the store.—V. 146, p. 3953.
Co.—Listing Approved—
stock,
no
par,
upon
official notice of issuance.
—V. 146, p. 3954.
General Machinery Corp.—Dividend Reduced—
a dividend of 15 cents
per share on the common
stock, payable July 1 to holders of record June 21.
This compares with
25 cents paid on April 1 last, and 40 cents paid on Dec.
24, 1937, this latter
being the the first dividend paid on the common shares since 1930.—V.
146, p. 3803.
General Motors Corp.—Extends Plant Shutdowns—
In
order that
General
Motors manufacturing operations
and their
employees may be familiar with the plans for the annual inventory and
changeover period, Mr. William S. Knudsen, President of this corporation,
issued the following statement in Detroit on June
23:
"General Motors schedules for
new
car
production during tne months
July to October, inclusive, call for the building of 215,000
This includes the initial quantity of 1939 models.
"The annual inventory and model
cars
and trucks.
change period will start at the end of
Jmie and will be staggered over the
period July and August in the different
plants, with all plants back in production during September, the nature of
the business
making it impossible to close all plants at the same time.
"The plants win close on an average of three weeks more than last
year,
which nad the shortest changeover period in the
nistory of the industry.
Tne reason for the longer shut-down this
year being caused by the severe
was not
experienced in the spring and sum¬
of 1937.
"As in former years, arrangements will be made in States which have
no unemployment insurance Act in
force to help employees wno need it,
with money advances to tide the families over the
lay-off period."
Anti-Trust Suit—
June 22 sought co quash an anti-trust
indictment against the corporation, three affiliated finance
companies and
19 executives.'
In a demurrer filed in Federal District Court at South
Bend, Ind., counsel contended the acts with which the defendants were
on
charged did not constitute criminal violations of the Sherman Anti-Trust
Law.
The indictment charged the corporation, its finance
company affiliates
executives had coerced automobile dealers and
discriminated against
independent finance companies.
and
31,712
Gilchrist Co.—To
Directors have declared
Pay 15-Cent Dividend—
a
dividend of 15 cents per share on the
stock, payable July 25 to holders of record July 15.
Goodman Mfg.
The
common
A dividend of 25
cents
Co.—25-Cent Dividend—
directors
have declared a dividend of 25 cents per share on the
stock, par $50, payable June 30 to holders of record same day.
A like amount was paid on March 31 last which compares with 75 cents
paid
on Dec. 21 last;
previously regular quarterly dividends of 50 cents per share
were distributed.
In addition, an extra dividend of 25 cents was paid
on Dec. 21, 1936.—V.
146, p. 2043.
Goodyear Tire & Rubber Co.—Plans Bond Refunding—
The company, it is reported, has under discussion a plan to refund its
$60,000,000 1st & collateral 5% bonds.—V. 146, p. 3015.
Gotham Credit Corp .—Extra Dividend—
The board of directors has declared
share
on
an extra dividend of 1% cents
per
regular quarterly dividend of
share, both payable July 29 to holders of record on July 27.
dividend, it was stated, was due to the substantial increase in
the class B stock in addition to the
9% cents
per
The extra
volume of business.
The corporation reports
May 30 of $67,265,
1937.
Total
$204,125.
as
volume
total finance charges for the five months ended
compared with $41,385 for the similar period of
the respective periods was $337,612 against
for
For the month of May, total finance charges and total volume were
respectively $14,645 and $75,012 as compared with $14,591 and $71,464
,n May, 1937.—V. 146, p. 3501.
Grand Trunk Western
mer
Counsel for the corporation
764,086
59,767
def2,856
138,482
—Y. 146, p. 3501.
common
Directors have declared
drop in automobile sales, whicn
Gross from railway
Net from railway
Net after rents
per-share was^paid on Dec. 24 last, and each three months previously.—
The New York Curb Exchange has approved for listing 100,000 addi¬
common
Georgia
—Week Ended June 21
1Q3fi
$515,110
135,944
56,177
$431,954
60,638
def23,969
Net from railway.......
Gatineau Power
that said option expires on May 1, 1941.—V.
City Ry.—Earnings—
1Q3R
Option—
795,834
—V. 146, p. 3498.
Net from railway.......
Net after rents.
General Tire & Rubber Co.—Stock Purchase
The company has notified the New York Stock Exchange that under
date of May 20, 1938, an option was granted to an employee ol the company
to purchase 500 shares of common stock of the company at $15 per share and
Deficit before interest.
Net from railway
Net after rents.
From Jan. 1—
Gros from railway.
in the figures for the 12 months ended May 31,1938 and
1937, respectively.—Y. 146, p. 3954.
years 1937 and 1936
Railway oper. deficit.
Equipment rents (net)._
Ry.—Earnings—
1938
$758,229
218,485
40,165
Gross from railway
Net from railway
Net after rents...
tional shares of
legal technicalities but the principal
charge advanced was that the acts charged against the General Motors
defendants did not constitute criminal violations," U. S. District Attorney
James R. Fleming said.—V. 146, p. 3954.
numerous
undistributed profits taxes other than reflecting the accruals for the calendar
purchasers.
The Commission
the certificates
July 2, 1938
"The demurrer mentioned
Independence
Decree Signed Preventing
Securities Act—
which
Chronicle
May—
RR.—Earnings—
1938
1937
1936
1935
$1,289,906
def27,567
def207,497
$2,237,078
577,182
$2,278,442
716,280
$1,700,810
344,016
317,095
540,786
199,961
6,818,075
defl34,526
Net after rents..defl,078,590
—V. 146, P. 3501.
10,972,529
3,034,933
1,602,047
10,187,503
2,664,011
1,833,016
8,451,782
1,688,849
920,637
Gross from railway
Net from railway
Het after rents
From Jan. 1—
Gross from railway
Net from railway.
Great
Called—
Consolidated
,
Electric Power
Co., Ltd.—Bonds
*
This company, through Dillon, Read & Co., fiscal agent, announced that
$450,000 principal amount of its 1st mtge. 7% sinking fund bonds, series A,
Volume
Financial
147
due 1944, have been designated by lot for redemption on Aug. 1, 1938, at
100 and accrued interest, out of inking fund money, which the company
has deposited with the fiscal agent.
Payment will be made at the New York
office of Dillon, Bead & Co., or, at the option of the
J. Henry Schroder & Co., London.—V.
Great Northern
holder, at the office of
146, p. 109.
Ry.—Earnings—
Houston
Net after rents
1937
$8,849,060
3,659,007
2,753,689
1936
$7,691,509
3,056,531
2,200,179
1935
$6,432,366
2,544,098
1,939,840
From Jan. 1—
Gross from railway
23,983,251
32,087,613
8,208,273
4,934,994
28,584,239
7,147,459
4,238,262
Lighting & Power Co.—Earnings—
operating
Other
1936
1937
Calendar Years—
$10,761,930
5,150,079
1,709,330
$9,648,516
4,673,060
1,205,576
$3,902,520
Operating revenues
Operating expenses, including taxes
Property retirement reserve appropriations
Net
1938
$5,189,032
1,052,307
264,490
113
Chronicle
$3,769,881
revenues
19,042
14,184
$3,921,562
990,416
147,393
$3,784,065
1,297,500
94,336
$2,783,753
210,000
105,078
1,800,000
$2,392,228
210,000
105,078
1,800,000
income
25,782,878
May—
Gross from railway
Net from railway
Net from railway.
Net after rents
3,239,284
def867,787
7,328,951
3,948,626
Gross
income
Interest
on mortgage bonds
Other interest and deductions
-
Net income
May—
Net after rents
1936
$129,708
22,759
2,087
1937
$141,723
30,948
1938
$120,482
31,073
11,400
■
Gross from railway
Net from railway
10,500
1935
$li7,261
25,633
7 % preferred stock
on
$6 preferred stock....
on common
Balance Sheet Dec.
1937
579,167
125,856
42,063
Net after rents
128,396
82,373
franchise, &c.-.50,866,889 49,112,511
Investments
1,000
Cash in banks (on
Gulf Mobile & Northern RR.—Earnings—
Cash in bks.
1938 •
$537,058
161,103
62,129
Netafterrents
1937
$673,904
239,679
111,288
1936
$606,074
225,444
112,458
1935
$516,814
230,296
155,394
2,724,783
766,767
254,713
May—
3,242,784
1,193,409
2,858,567
993,326
571,608
468,357
2,313,560
698,908
325,049
From Jan. 1—
Gross from railway
Net from railway.
Netafterrents
—V. 146, p. 3501.
Period End. May 31—
Gross revenue
$143,102
$135,099
93,445
11,292
92,450
11,942
$38,365
20,473
1938—12 Mos.—1937
$1,707,604
$1,575,515
1,120,083
1,005,651
140,056
131,902
$30,706
19,264
& taxes—
Prov. for depreciation..
Oper.
448,559
exps.
a
3,000,000
2,020,000
Int. & other fixed charges
$447,465
234,797
336,502
150,000
890,263
828,039
Cust.
440,279
23,354
.
Mat'ls & suppl's..
350,645
Accrued
Note payable
Net income
on
Includes provision for
x
Federal surtax
$222,366
67,014
67,014
$5,857
$12,307
Balance
$212,668
5,584
$145,654
accounts.
liab
undistributed profits for 1936
Misc.
51,457
Gulf Texas & Western Ry.—Abandonment—
asked the Interstate Commerce Commission for per¬
to abandon its
debt & interest.
14,639
Special deposits
61,954
28.723,820
26,697
23,388
curr.
term
debt &
re¬
28,615,695
acc't.
demption
(not
pay.
8,000
2,645,178
15,109
Other def'd charges
164,398
Def'd credits.....
125,000
2,604,175
Consign, (contra).
Sundry debits
current)
Earned
3705.
operation over the entire line of the Gulf Texas & Western.—V. 130, p.
surplus...
Total
b
Represented by 20,000 no par shares,
shares.—V. 146, p. 4117.
a
no
7,654
26,697
2,397,142
23,388
8,590,460
90,451
1,764,964
56,662,263
Reserves......
83,608,4831
36,653
14,639
Mat'd int. on long-
Notes
& expense
83,608,483
9,843,130
90,451
by 500,000
Represented
par
Hyde Park Breweries Association, Inc.—50-Cent Div.—
Directors have declared
$10, payable
special dividend
paid on March 15 and
paid on Oct. 1 and July
entire line of railroad, 98miles, extending from
Seymour, Texas, to Salesville Junction, Texas. At the same time the road
permission to abandon operations over the line of the Weatherford
Middle Wells & Northwestern Ry. between Salesville Junction and Weatherford Junction, a distance of 30.8 miles.
The St. Louis San Francisco & Texas asked permission to abandon its
asked
1
Matured long-term
257,684
stock,
The company has
(970,009
J
17,859
15,408
with
mission
4,000
392,128
827,474
1
251,187
$155,352
on
and 1937.—V. 146, p. 3669.
150,000
440,572
deposits
Reacq. cap. stock-
$437,961
215,595
$11,442
$17,892
5,584
——.
pref. stock
442,734
8,000
Misc. curr. assets.
Prepayments
Total .........56,662,263
Divs.
10,000,000
Accounts payable.
20~391
Capital surplus...
Gross income
3,000,000
2,020,000
10,000,000
$6 pref. cum
b Common
9,108
_
Unamort. debt dis.
1938—Month—1937
pref.
cum.
($100 par)...
Dividends declared
300,000
Accts. receivable.
7%
Long-term debt...27,500,000 27,500,000
(time
Consign'ts (contra)
Co.—Earnings—
1,074,447
deposits)
Temp, cash invest.
Int. & red. acct
Gulf Power
x
917,303
Notes receivable.
$
Capital stock—
demand)
Gross from railway
Net from railway
1936
$
Liabilities—
Plant, property,
146, p. 3501.
-
1937
$
589,897
639,261
149,676
71,543
694,925
167,648
90,540
31
1936
$
Assets—
Gross from railway
Net from railway
stock
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.
14,592
From Jan. 1—
—V.
on
Dividends
Green Bay & Western RR.—Earnings—
Dividends
Dividends
—
—V. 146, p. 3954.
par
a
dividend of 50 cents per share on the common
a
July 15 to holders of record July 6.
This compares
of 50 cents paid on March 25 last; dividends of $1
Jan. 15 last, and dividends of 50 cents per share
1, 1937 —V. 146, p. 1401.
Idaho Power Co.—New President—
C. J. Strike, on
ing
Kinsey
M.
June 1 last, became President of this company, succeed¬
Robinson who assumed the Presidency of Washington
4118.
Water Power Co.—V. 146, p.
Ideal Cement Co.
(& Subs.)—Earnings—
Earnings for Year Ended Dec. 31, 1937
Halle Bros. Co.—No Common Dividend—
on
Directors at their recent meeting took no action on payment of a dividend
the common shares at this time.
A dividend of 15 cents was paid on
April 30 last, and compares with 50 cents paid on Jan. 26 last; 25 cents paid
on Oct. 31, July 31 and on April 30, 1937, and 20 cents paid in each of the
four preceding quarters.—V. 146, p. 2694.
Hazleton Water Co.—Bonds Called—
Holders of Diamond Water Co. 5% first mortgage gold bonds are
being
notified by the Hazleton Water Co., successor company, that all of the
outstanding bonds of this issue, amounting to $150,000 will be redeemed on
Sept.
1,
1938 at 102 and accrued interest.
payable upon presenta¬
Peoples Savings and Trust Co., Hazleton, Pa., on or after
Sept. 1, 1938, it is announced that the bank will accept the bonds for pay¬
ment at the full redemption price plus interest to Sept. 1, 1938 at any time
While the bonds under the terms of the call will be
tion
of The
Hollinger Consolidated Gold Mines, Ltd.—Extra Div.—
The directors have declared an extra dividend of 5 cents per share
tion
to
in addi¬
the regular monthly dividend of 5 cents per share on the capital
both payable July 15 to holders of record June 30.
An extra of
of 10 cents was
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, industrial & municipal bonds & marketable securities,
$6,316,783; accounts receivable, $945,289; manufactured goods, $622,786;
inventory, $995,325; deferred charges, $43,007; plants & equipment (after
deprec. of $11,787,391), $ll,808,5u6; land (after depletion of $178,854),
$1,101,704; total, $21,833,400.
Liabilities—Accounts payable, $135,472; accrued liabilities, $805,367;
reserves, $156,723; capital stock (par $10), $13,577,130;
paid-in surplus,
$4,366,946; earned surplus, $2,791,762; total, $21,833,400.—V. 146, p.
1878.
-
Net after rents.-.—V.
Dividend
New
on
the
24.
Company recently effectuated a 10-for-l stock split-up and decreased
the par value of the shares from $100 to $10 per share.
Regular quarterly dividend of $2.50 per share was paid on the old $100
par stock on April 2 last.—V. 146, p. 3338.
stock, par $10, payable July 2 to holders of record June
Honolulu Rapid Transit
Period End. May 31—
Gross rev. from transp__
Operating expenses
Co., Ltd.—Earnings—
1938—5 Mos.—1937
$553,487
$461,443
1938—Month—1937
$113,854
$105,880
72,076
62,355
367,652
311,036
$185,835
8,475
$150,407
17,289
from transp.
Rev. other than transp.
$41,778
1,551
$43,525
3,214
Net rev. from oper.._
$43,329
$46,739
$194,310
$167,696
11,042
8,369
55,147
41,643
8,333
16
12,359
84,857
61,796
137
CY151
1,894
Income and
rev.
'
Taxes assignable to rail¬
way
operations
1,666
Interest
16,971
Depreciation
Profit and loss
1,000
Replacements
Illuminating Oil Co.—Earnings—
Surplus Account for the Year Ended Nov. 30, 1937
$13,310,575
Gross operating revenue—
Cost of sales and operating expenses
Net operating revenue
Miscellaneous income
3,676
$12,649
Net revenue
$22,335
$43,941
$59,523
44,111
payable, less interest capitalized
3,281,586
construction ($218)
Inc.—Smaller Dividend—
share on the com¬
value, payable July 1 to holders of record June 24.
12H cents paid on April 1 last; 25 cents paid on Dec. 15
and Oct. 1 last, and dividends of 12 H cents per share paid each three months
from April 1, 1935, to July 1, 1937, inclusive.
Prior to April 1, 1935 no
dividends were paid since Jan. 1, 1915, when a dividend of 12V2 cents per
share was paid.
In addition, extra dividends of 12H cents per share were
distributed on July 1 and April 1, 1937, and on Dec. 21 and Oct. 1, 1936.—
V. 146, p. 2209.
stock,
no
par
This compares with
Hotel St. George, Brooklyn—Earnings—
For
showed
period ended Feb. 28, 1938, the Hotel St. George
profit available for interest and depreciation of $254,000, accord¬
the six-month
a
ing to statistical data compiled by Amott, Baker & Co., Inc.
Earnings
for the full fiscal year ended Feb. 28 amounted to $373,000.
1937 average
occupancy was
around 80% for this hotel.—V. 144, p. 3674.
$491,101
— -—
—
-
a Surplus at Nov. 30, 1936
23,701,910
Restoration to surplus of crude oil price change reserves esta¬
blished as of Nov. 30, 1930
Cr3,022,046
Less intangible investment ascribed to normal stock of crude oil
capitalized as of
Profit from sale of
Dr 1,917,500
Nov. 30, 1930
crude oil in storage
Sundry credits and charges
—
322,697
(net) relating to operations of prior
years
-
Surplus as at Nov. 30, 1937---
a
Inclusive of capital surplus
Cr4,527
-----------$24,642,579
$142,800.
Balance Sheet Nov. 30,
The directors have declared a dividend of 5 cents per
mon
$2,746,373
,
Interest on notes and accounts
Net loss
286,383
699,935
29,973
$2,790,485
146, p. 4116.
Hook Drugs,
—
Gross income
on
2,587,471
875,477
5,331,409
753,553
—
,
a
—V.
-
Depletion and depreciation--Taxes (other than Federal income tax)
Rents and royalties
Selling, general and administrative expenses
Provision for bad debts
4,867
Net
2,070,941
636,277
430,253
891,597
629,488
Maintenance and repairs
Directors have declared an initial dividend of 25 cents per share on
new common
2,434,758
62,015
$397,353
123,719
87,449
146, p. 3502.
Indian Territory
.
Co.—Initial
2,615,151
962,216
605,710
$488,894
176,825
123,731
1—
Net from railway——
Power
2,082,271
546,653
235,867
Net after rents..
1935
1936
1937
$481,513
147,168
Net from railway.From Jan.
Earnings—
1938
$433,014
123,197
62,917
May—
Gross from railway
paid on Dec. 31 last; extras of 5 cents were paid on Dec. 2, Nov. 4, Oct. 7,
Aug. 12, June 17, April 22 and Feb. 25, 1937, and an extra of 10 cents
was paid on Dec. 31, 1936.
Extra dividends of 5 cents per share were paid
on Dec. 1, Nov. 3, Sept. 7, July 14, May 19, March 24 and Jan. 28, 1936,
and on Dec. 2, Oct. 7 and July 15,1935.
See also V. 140, p. 973, for further
dividend record.—V 146,p.3669.
Water
-$3,411,158
$2>51
Earnings per share on 1,357,713 shs. of cap. stock (par$10)
Gross from railway
Common Stock—
538,155
....
Net earnings
5 cents was paid on June 17, April 22 and Feb. 2 last; an extra
Holyoke
deprec., deplet. & Federal tax. .-$2,873,003
Illinois Terminal RR.-
before that date.
stock,
Net earnings from opers. after
Miscellaneous earnings
1937
and oil and gas producing properties (including
'ntangibles
$350,000), $114,658,686;
miscellaneous investments (less
reserve), $11,546; cash, $402,277; affiliated companies' current accounts,
$543,807; other customers' accounts and unbilled revenue (less reserve),
$267,078; other notes and accounts receivable (less reserve), $63,134; crude
and refined oils, $261,505; materials and supplies, $1,606,967; prepaid
insurance and other expenses, $50,672; special cash deposits (not current),
$10,739; notes and accounts receivable, less reserve (not current), $7,291;
deferred charges, $71,624; total, $117,955,327.
Liabilities—Common (no par) stock (outstanding;
Non-voting class A,
1,304,600 shares and class B, 7,090,036 snares), $29,274,036; indebtedness
to Empire Gas & Fuel Co. (subordinated to bank Joan), $24,248,022; note
payable, bank loan, $1,650,000; accounts payable, $182,288; accrued taxes
and other charges, $152,509; bank loan, $3,675,000; accounts payable
(not curret), $76,151; customers' deposits, $1,546: reserves, $34,053,196;
capital surplus, $142,800; earned surplus, $24,499,778; total, $117,955,327.
—V. 142, p. 2501.
Assets—Leaseholds
Financial
114
Imperial Oil, Ltd
1936
1935
1934
Net income after all In¬
$4,485,542
21,142,743
$3,311,464
a23,140.693
come taxes-
Other income
$3,941,588
$4,218,735
21,552,918
21,288.262
tion statement.
Hiram S. Rivitz, of
Dividends
Cleveland, Ohio, is President.—Y. 146,
Industrial Securities
$26,452,157 $25,628,285 $25,229,850 $25,771,653
33,706,347
33,706,348
33,697,278
24,881,255
Net income
July 2, 1938
period to and including July 1, 1950; thereafter and including July 1, 1952
at 101%; and thereafter at 100%.
The price at which the bonds are to be offered and the underwriting
discounts or commissions are to be furnished by amendment to the registra¬
—Earnings—
1937
Calendar Years—
Chronicle
p.
2696.
Corp.—No Preferred Dividend—
Directors at their recent meeting took no action on payment of a dividend
the 6% preferred stock, par $25, at this time.
Dividends of 18M cents
share were paid on April 1 and on Jan. 17 last, and previously regular
quarterly dividends of 373^ cents per share were distributed.—V. 146,
p. 442.
on
Balance, deficit
$7,254,191
$8,078,063
$8,467,428 sur$890.398
26,965,078
$0.98
--
26,965,078
26,965,078
$0.93
per
Shares capital stock out¬
standing (no par)
Earnings per share-
--—
$0.95
26,919,8/1
$0.96
,
Inland
After deducting net loss on investment securities, including provision
to write down Dominion of Canada and other bonds to basis of market
a
quotations at Dec. 31, 1937.
;
Calendar Years—
Income from divs.
:
1936
1937
1937
Supplies, &c...
Investments
24,642,022
...
Other investm'ts 62,192,746
223,327
Def. receivables
3,746,969
Goodwill, &c...
233
x Fixed assets.. 39,808,431
Deferred charges
2,971,260
Due subsidiaries
1,015,694
860,594
Tax reserves.._
4,625,882
18,357,113
General reserves
Net profit-
4,119,995
18,211,557
77,974,960
Capital stock. 77,074,960
Surplus
73,879.023
y
(80c.)
Cro 2.115
$69,781
65,000
(65c.)
Dr44,366
$19,011
408,582
$27,235
381,347
$55,508
325,838
def$39,585
365,423
$427,594
$408,582
$381,347
$325,838
1
228
Surplus, Dec. 31
a
178,823,932 183,919,904
of $66,817,795 in 1937 and $65,154,515
Represented by 26,965,078 no par shares.—V. 146, p. 3188.
y
$83,393
125,000
($1.25)
Cr36,879
-
80,000
Includes $130, surtax on undistributed profits.
Balance Sheet Dec. 31, 1937
After reserve for depreciation
in 1936.
$115,356
81,133,214
43,027,993
700
V
$143,942
140,000
C$1.40)
Cr 15,069
-
Surplus--.--
Total
12,891
a915
>r
3,840,496
1934
$78,868
9,086
11,182
Prov. for Fed. inc. tax..
1,619,584
178,823,932 183,919,904
Total
x
payable.
12,164,428
26,197,394
1,714,507
23,749,603
59,200,877
161,947
28,378,367
1,849,249
Inventory
Accts.
$140,129
Other deductions
$
■
13,862,432
6,698,950
Accts. receivable 11,282,738
1935
$93,741
10,348
1936
$159,053
14,196
Expenses
1936
'
Liabilities—
S
$
Assets—
1937
and
interest
s.\:■ Balance Sheet Dec. 31
Cash.
Investors, Inc.—Earnings-
Assets—Demand
dividends,
deposit, $8,139; marketable securities, $1,417,056;
$14,129; total $1,439,325.
Liabilities—Accrued taxes—estimated (includes Federal income), $1,731;
reserve for contingencies, $10,000; capital stock (no par) issued 100.000
shares, $1,000,000; surplus, $427,594; total, $1,439,325.—V. 146, p. 1879.
accrued
Indiana Associated
Period End. May
Operating
Telephone Corp.—Earnings—
1938—Month—1937
$125,853
$109,208
123
108
31—
revenues
Uncollectible oper. rev_.
607
519
$125,730
67,961
Net oper. revenues._
Rent for lease of oper.
$109,100
58,458
$623,324
336,983
$57,769
Operating revenues
Operating expenses
$50,642
$286,341
$246,624
■
$531,198
284,574
50
50
18,651
15,165
250
89,527
75,795
$39,068
26,506
$35,427
24,703
$196,564
134,295
$170,630
116,378
property
Operating taxes
Net
1938—5 Mos.—1937
$623,931
$531,717
operating income
Net income
—V. 146, p.
-—
199
Interborough Rapid Transit Co.—Note Interest—
Payment of $43 per $1,000 note was made on July 1, 1938, on the
Interborough Rapid Transit Co. 10-year secured convertible 7% gold
notes, due 1932.
The Committee
,
Floor Procedure of the New York
Stock Exchange
$43 per $1,000 note on July 1, 1938;
that the notes shall continue to be dealt in "flat" and to be a delivery in
settlement of Exchange contracts made on and after that date the notes
and Sept. 1, 1932, coupon must be stamped as to 12 payments aggregating
$516.90.
Such coupons must be securely attached and bear the same
rules
that
the
serial number
on
quoted
ex
the notes.
as
Court Refuses
3503.
be
notes
Hearing in Transfer Case—
Federal Judge Robert P. Patterson refused
Indiana Service
Corp.—Earnings—
1937
Calendar Years—
1936
State, local & miscell. Federal taxes.
$.3,704,621
1,813,109
275,967
345,040
257,992
$3,531,356
1,786,881
256,160
345,021
233,820
Other income.
$1,012,511
12,577
$909,473
6,086
$1,025,088
617,957
139,450
$915,560
Operating revenues
Operation
i
.
Mail
faintenance
Provisions
for depreciation
Gross income
Interest
on
Interest
on
Other
.
funded debt
demand notes pay. to parent co.
general interest
—
2,994
—.
Amort, of debt discount and expense-.
27,904
7,848
Taxes assumed on bond interest—
Net income.
$228,934
626,511
140,386
5,512
28,225
6,942
$107,982
Balance Sheet Dec. 31
1937
1936
Plant, prop.rlghts,
franchises, &c..22,496,819 22,511,645
Pref.
stock
1937
disct.,
commls.&exp._
306,991
Invest. & advances
57,451
306,991
46,814
Special deposits...
Deferred charges &
25,634
26,103
prepaid accts—
Cash &wkg. funds
482,631
497,328
660,941
207,014
y253,917
208,732
259,730
revenue.
81,294
72,585
Mat'ls & supplies.
347,854
268,517
7% cum. pref. stk.
($100 par)
1,370,600
6% cum. pref. stk.
($100 par)
1,662,200
.....
deposit for
bond int., &c
on
Notes & accts. rec.
Unbilled
Demand notes and
accr.int. thereon
pay. to parent co 3,381,752
Note payable to
affiliated co
10,000
Accounts payableAccrued interest-.
193,277
311,295
Accrued taxes
Public Jmpt. assess
z
Contributions
24,920,549 24,534,876
Total
x Represented
by 738,000 no-par shares,
In aid of construction.—V. 145, p. 1423.
Industrial Rayon
a
rehearing
argued by Carl M. Owen, counsel for
was
Interborough $273,000 a year.
If the Manhattan increases its fare, the
Interborough would be still higher, he said.
His motion was opposed by William G. Mulligan Jr., Assistant Cor¬
poration Counsel, and Allen S. Hubbard, counsel for William Roberts,
eceiver for the Manhattan Railway Co.
cost to the
Committee
Urges De-posit of Bonds—
In view of the failure of the Interborough receiver, under Court order,
rto pay a portion of the
sinking fund instalment due July 1, 1938, and to
pay the interest due July 1, 1938, on the 1st & ref. mtge. 5s held in the
sinking fund created for the retirement of such bonds, which amounts
constitute most of the provision for the retirement of the outstanding bonds,
the committee (J. P. Morgan, Chairman) urges that bondholders who have
not already done so should deposit their bonds with the committee with
a view to being represented in
negotiations respecting either (a) the sale
of the properties to the city under a unification plan or
(b) an independent
reorganization of the Interborough properties free from the burden of the
lease of the Manhattan Railway Co.
The committee addressed a letter under date of July 1, 1938, to holders
of certificates of deposit for the above bonds.
Such letter sets forth the
most recent developments regarding the
properties which form the security
for the 5% bonds, including a summary of Judge Patterson's recent de¬
cision permitting the Interborough receiver to disaffirm the Manhattan
lease.
Upon the deposit of bonds, in negotiable
form,
the committee's
cer¬
290,162
176,525
mittee will attend to the collection
amount of the coupon due July 1,
67,747
218.501
901*771
3,277,934
Accounts receivable only.
action
on
distribution
and
The members
as may
of the committee
to
depositors of the
1938, and thereafter without further
the part of the depositors will
positors such further interest
or bonds so deposited.
collect and distribute to the de¬
be received by it in respect to the bond
J. P. Morgan, Chairman; A. M.
Anderson, H. M. Addinsell, F. H. Ecker, N. Penrose Hallo well, G. Hermann
Kinnicutt, and Clarence Stanley, with Robert P. Howe, acting secretary,
23 Wall St., New York, N. Y., and Davis Polk Wardwell Gardiner & Reed,
15 Broad St., New York, N. Y., counsel.
The depositary is J. P. Morgan
& Co., 23 Wall St., New York, N. Y.—V. 146, p. 4118.
Corp.—Registers $7,500,000 Bonds—
Corporation on June 29 filed with the Securities and Exchange Com¬
a registration statement
(No. 2-3735, Form A-2) under the Se¬
curities Act of 1933 covering $7,500,000 of first mortgage sinking fund
bonds, series A, due July 1, 1953. The interest rate is to be furnished by
amendment to the registration statement.
According to the registration statement, the net proceeds from the
sale of series A bonds will be used in part to reimburse the treasury of
the company for capital expenditures in excess of $500,000 made during the
past two years for additions and improvements to its existing plants and
for additional equipment, and in part to reimburse the company's treasury
for, or to provide funds for, capital expenditures made or to be made in
connection with the erection and equipping of its new plant at Painesviile, O.
The estimated cost of the new plant is approximately $11,500,000, the
company states, of which, as of July 1, 1938, approximately $5,218,948
had been paid. The balance of the proceeds will be added to the
company's
working capital.
Brown Harriman & Co., Inc. and Kuhn, Loeb & Co., New York, are
expected to be among the principal underwriters, it is stated. The names
of other underwriters are to be furnished by amendment.
The registration statement states that Kuhn, Loeb & Co. and Brown
Harriman & Co., Inc. are authorized by an agreement between the prin¬
cipal underwriters "to buy and to sell bonds, in the open market or other¬
wise, on a when-issued basis or otherwise, either for long or short account
on such terms and at such
prices as they, in their discretion, shall deem
advisable, and to over-allot in arranging for sales of bonds to dealers, it
being understood that such purchases and sales and over-allotments shall
be made for the account of each of the underwriters as nearly as practicable
In proportion to the respective principal amount of bonds which each under¬
writer has severally agreed to purchase from the
registrant; provided, how¬
ever, that at no time shall the net commitment in respect of bonds, under
said agreement, of any principal underwriter, either for
long or short
account, exceed 10% of the principal amount of bonds which such under¬
writer has agreed to purchase from the registrant."
The purpose of the
provision, it is stated, is "to facilitate the distribution of the bonds by
effecting transactions in the bonds in the manner and within the limits
above set forth for the purpose of stabilizing the market
price thereof.
The existence of this provision is no assurance that any such transactions
will be effected or, if effected, that they will not be discontinued at any time
„or that they will accomplish such purpose."
The bonds are redeemable at the option of the company in whole at
any time or in part by lot from time to time on any interest payment and
after 45 days' notice at the following prices plus accrued interest:
If redeemed on or before July 1, 1941—105%; thereafter with successive
reductions in the redemption price of 1 % during each successive three-year
mission
The motion for
Thomas E. Murray Jr., receiver for the Interborough, who declared the
Court in providing for free transfer service had "overlooked" several of
his arguments.
Mr. Owen also asserted the free transfers would cost the
tificates of deposit, listed on the New York Stock Exchange, will be issued.
If accompanied by interest coupons maturing on July 1, 1938, the com¬
24,920,549 24,534,876
y
June 28 to grant a reargu-
of his decision allowing the company to dissafirm its lease
Manhattan elevated lines which provided the Interborough must
continue to provide free transfer service between the subway and elevated
at 149th St., The Bronx, a transfer point for
nearly 3,000,000 passengers
annually.
of the
17,500
183,067
866,461
Deficit
z
182,734
26,128
3,242,302
3,085,427
Reserves
Total
1,370.600
1,662,200
x Common stock..
7,380,000
7,380,000
Funded debt
12,312,500 12,427,500
Deferred liabilities
90,528
93,436
336,429
Cash
1936
Liabilities—
$
Assets—
on
ment of that part
are:
International Great Northern RR.May—
1938
Gross from railway.-.
Net from railway
Net after rents
1937
-Earnings1936
$968,152
82,048
def79,956
$1,042,177
def22,654
def 11,661
5,009,880
554,256
def291,267
5,465,581
908,995
4,823,288
727,551
def 14,476
...
152.129
$996,847
157,791
1935
$991,028
332,120
215,147
From Jan. 1—
Gross from railwayNet from railway.Net after rents
—V.
.—
def781
4,768,005
947,358
310,036
146, p. 3504.
International Metal
Industries, Ltd.—Accum. Div.—
Directors have declared
a dividend of $1.50 per share on account of ac¬
6% convertible preferred stock and on the 6% conver¬
tible cumulative preferred stock, series A, both payable Aug. 1 to holders of
record July 15.
Like amounts were paid on May 2 and Feb. 1 last.—V. 146,
p. 1712.
cumulations
on
the
International Rys. of Central
Period End. May 31—
Railway
oper. revenues.
Net
from ry. oper._
avail, for fixed
rev.
Income
charges
Net income-.-.
America—Earnings—
1938—Month—xl937
$528,092
$529,406
236,811
256,160
225,065
133,519
244,266
149,498
1938—5 Mos.—xl937^
$2,584,877
1,213,079
1,152,616
687,303
Adjusted for the purpose of comparison with figures for
146, p. 3670.
x
$2,710,414
1,349,083
1,293,510
798,126
1938.—V.
International Telephone & Telegraph Corp.—Subsid.
Arranges to Offer $15,000,000 Debs, in European Market—
International Standard Electric Corp., a wholly-owned
subsidiary of the
International Telephone & Telegraph Corp. which controls the
majority
of the
manufacturing companies of the I. T. & T. System, announces that
has signed with two banking groups, headed respectively by Credit
Suisse, Zurich, Switzerland, and by Mendelssohn & Co., Amsterdam, and
it
Nederlandsche Handel-Maatschappij N. V., both of Amsterdam,
Holland,
for the public offering and distribution in Switzerland and
Holland of an issue of I. S. E. C. 4% 15-year debentures of a total
principal
amount equivalent to approximately $15,000,000.
M»The issue will be divided into a Swiss franc tranche of Swiss Francs
agreements
36,000,000 payable in francs
guilders
and
Dutch
guilder
or
at
the option of the holders in Dutch
of guilders 12,300,000 payable in
tranche
Dutch guilders.—V. 146, p. 3956.
Volume
147
Financial
Chronicle
International Shoe Co. (& Subs.)-Earnings—
~&Mos.End.May
Net sales...
Cost, expenses, &c
Depreciation
1,633,301
__
Operating profit
$697,766
80,593
Total income.
Federal taxes
Net income
Common dividends.
Surplus
Shares
$4,622,236
743,086
$634,989
3,340,300
Other income
$4,564,709
57,527
$778,359
143,370
.
$3,879,150
3,337,875
$4,006,130
86,561
$3,999,371
198,264
$4,092,690
„ 603,634
$4,197,635
629,530
$3,489,057
3,338,800
$3,568,105
3,337,335
,,
$2,705,311
$541,275
$150,257
$230,770
3,340,300
3,340,300
3,339,900
3,338,300
$0.19
$1.16
$1.04
$1.06
The
holders of the cumulative
preferred stock and of common stock now
outstanding will receive new common stock in the ratios
given below.
Upon this plan becoming effective future accruals of
dividends on the
stock
common
Nfoutstanding (no par).
Earnings per share
cumulative preferred stock will cease and
no dividends will be
payable on
new common stock
until the unpaid dividends on the
outstanding
cumulative preferred stock accrued to the
effective date of the reclassification
of stock represented
by the dividend arrears certificates have been made
up.
The company will have
only one class of stock which will be common
stock.
In the judgment of the board
of directors, after the
plan of re¬
capitalization becomes effective, the company
may reasonably expect that
upon the return of more normal
conditions, it will be enabled to retire debt
or finance
extensions and betterments to its
property through security
issues which, if
accomplished, would release a larger portion of its net
income for the payment of dividends.
The board of directors has
declared
dividends of $1.75 per share on the
7% cumulative preferred stock, $1.62
H
per share on the 6K % cumulative
preferred stock and $1.50 per share on the
6% cumulative preferred stock payable July 1, 1938.
After the payment of
such dividends the amount of dividends
accrued and unpaid on the
cumu¬
lative preferred stock as of
Aug. 1, 1938 will be $32.08 per share for the
7% series, $29.79 per share for the 6>$% series and
$27.50 per share for
the 6% series.
Excludes dividends on stock held by
company.
Subsidiary plants during the six months of 1937 produced materials
amounting to $23,995,448, which combined with company's sales made a
x
the
y
total
business transacted of $68,470,673.
Consolidated Balance Sheet May 31
1938
1937
$
$
Assets—
1938
Liabilities—
Land, bldg., mach'y, equip., &C.19.379.111 20,598,375
Cash
13,706,006
7,952,332
TJ. S. Govt, secur. 3,324,785
4,514,446
a
Accts.
receivable..l4,055,214 17,479,766
Inventories
Empl. notes
27,312,303 32,004,551
45,396
86,230
b Co.'s own stock.
248,175
283,357
1,219,941
$
Officers & employ.
balance & depos.
43,715
Res. for Inc. taxes.
50,250,000
2,265,868
1,095,000
162,168
1,800,000
607,306
Earned surplus...25,817,162 29,474,931
Insurance
reserve.
649,760
248,176
Deferred charges..
Inv. on other cos.
1937
$
Common stock..50,250,000
Accounts payable. 1,718,651
c
343,720
rec
.
1,332,676
Under the plan the new securities to be issued
in substitution for the
stock
outstanding, on the basis of the plan becoming effective
Aug 1. 1938.
will be as follows:
For each share of 7
% cumulative preferred stock the holder will receive a
dividend arrears certificate for $32.08 and
4.2 shares of new common
stock.
For each share of 6
y2% cumulative preferred stock the holder will
receive a dividend arrears certificate for
$29.79 and 3.9 shares of new
common stock.
For each share of 6 % cumulative
preferred stock the holder will receive a
dividend arrears certificate for $27.50 and
3.6 shares of new common
stock.
For each share of common
stock, tne holder will receive 39-468-100,000 of
a share of
now
Total
c
115
some
plan of recapitalization is adopted that will
improve^the
financial structure of your
company, it seems probable that this situation
will continue
indefinitely, whereas if the plan of recapitalization is
put into
effect the foundation will have been laid for
clearing up the dividend arrears
and refunding the
outstanding funded debt, at a lower interest rate, when
market conditions
improve, thereby enabling the board to devote a
larger
portion of the income of the
company to the payment of dividends. There¬
fore, after careful consideration, the board has called a
meeting for the
purpose of submitting to the
stockholders, the resolutions to reduce the
capital and amend the certificate of incorporation.
The plan of recapitalization
which will be given effect if such
resolutions
are adopted
contemplates, in substance, as follows:
The holders of the
cumulative preferred stock will receive
dividend
arrears certificates
evidencing their right to receive all of the unpaid divi¬
dends accrued on their
stock, to the effective date of the reclassification
of
stock, when and as declared payable
by the board of directors, and before
any dividends are paid on the new common
stock.
31—
1938 '
1937 "
1936HI
1935
$35,891,632 y$44475,226 $37,390,464 $36,891,197
32,739,777
39,069,238
32,547,061
32.061,631
820,783
841,278
837,273
830,195
Inventory write-down
x
Unless
79,574,288 84,560,272
Total.
79,574,288 84,560,272
x After
depreciation,
b Consists of 9,700 common shares
Represented by 3,350,000 no par shares.—V. 146, p. 3670.
Investors Fund C, Inc.—To
The directors have declared
a
at
cost,
Pay Nine-Cent Dividend—
dividend of 9 cents per share on the com¬
pany's shares, payable July 15 to holdersjof record June 30.
A dividend
of 10 cents was paid on April 15 last; 18 cents
paid on Dec. 20 last, and divi¬
dends of 12 cents were paid on Oct. 15 last and each three months
previously.
In addition, an extra dividend of 5 cents was
paid on Oct. 31, 1937, and a
special dividend of 4 cents was paid on April 15, 1937.
A special dividend
of 90 cents and a quarterly dividend of 20 cents
per share were paid
new common
18, 1936.—V. 146, p. 443.
Iowa Electric
1937
1936
$5,300,013
2,362,473
281,264
$4,995,211
2,138,716
293,338
669,185
366,623
14,000
132,000
45,000
664,996
326,974
11,500
123,000
50,000
Net earnings from operations.
Other income
$1,429,466
72,422
$1,386,686
65,641
Net earnings.
Interest on bonds
Interest on coupon notes
Other interest
$1,501,888
691,500
10,087
43,671
$1,452,328
701,200
27,187
24,114
48,694
$726,630
364,720
$651,132
364,810
Operation
Maintenance
'
Capital stock of the company:
Light & Power Co.—Earnings—
Calendar Years—
Total operating revenues
stock.
The apportionment of the new common
stock among the holders of the
cumulative preferred stock of the three series is
based on the dividend rate
of the respective series.
onjDec.
7% series
Cumulative Preferred Stock (Par $100
per Share) Now Outstanding
49,660 shs.
3,893 shs.
26,549 sns.
6% series
$4,966,000
389,300
2,654,900
80,102 shs.
series
$8,010,200
1,000,000
Provision for retirements (incl. $59,569 in 1936 and
$63,460 in 1937 for equipment leased
customers)
or
loaned
to
State, local and miscellaneous Federal
--
taxes
State income taxes
Federal normal income taxes
Federal surtax
on
undistributed profits
30,000
....
Amortization of debt discount andjexpense
Net income
Cash dividends
Common stock (no par) 100,000 shares.
$9,010,200
After Recapitalization—
Common stock (par $15 per share), 358,799.1 shares
$5,381,986
3,628,213
Capital surplus
$9,010,200
As seen from the above, the
capital stock and capital surplus after re¬
capitalization will aggregate the same amount as tne
present capital.
Upon the consummation of the plan it is the intention of the
board to
appropriate the capital surplus as follows:
To increase the retirement reserve
$i 000 000
To charge off pref. stock commissions &
exps. (incurred prior to
*
1933 in connection with the issue and sale of
pref. stock)
125,786
To reduce intangibles
-
on cum.
preferred stock
*2,502,427
Balance Sheet Dec. 31, 1937.
*
addition, the earned surplus of the company,
existing at the date of
recapitalization, which, after the payment of the
July 1 dividend and the
provision of a reserve of $133,000 for payments on account of
dividend
arrears certificates, is estimated at
$350,000 to $400,000, will be
appro¬
priated in further reduction of intangibles.
The plan cannot become effective unless the
holders of at least a
majority
of the outstanding shares of cumulative
preferred stock as well as of th
Assets—Property, plant and equipment, $31,523,856; invastments and
advances, $481,270; debt discount and expense, $237,749; prepaid accounts
and deferred charges, $192,788; contingency fund,
$39,203; cash (including
working funds of $5,809), $139,676; accounts and notes receivable, $470,986;
miscellaneous current assets, $47,861; materials and
supplies, $485,124;
total, $33,618,515.
Liabilities—7% cumulative, preferred stock ($100 par), $5,203,931;
6Yi% cumulative, preferred stock ($100 par), $1,560,500; 6% cumulative,
pref. stock ($100 par), $4,394,100; class A stock (outstanding 25,000 shares
without par value), $750,000; common stock
(outstanding 85,000 shares),
$5,500,000; first mortgage gold bonds, $12,600,000; 3% coupon notes
$625,000; deferred liabilities, $105,187; 3% coupon notes due in 1938,
$250,000; note payable to *North western Eight & Power Co., $50,000;
accounts payable, $181,609; accrued
payroll, $48,560; accrued interest,
$229,602; accrued taxes, $477,647; reserves, $1,371,773; contributions for
extensions, $38,808; earned surplus, $231,796; total, $33,618,515.—V. 146
p.4120.
Iowa Public Service
A hearing has been
Co.—Hearing
on
Bond Issue—
common stock
vote either in person or
by proxy at tne meeting in favor o
adoption of the proposed resolutions.
exchange. If adopted it will be a voluntary
readjustment to be made solely by the vote of the stockholders.
The
the
Tho plan is not an offer of
securities
to be
issued
are
not
to
be underwritten and the
plan does not
No commission will be paid for
constitute in any sense a public offering.
soliciting proxies.—Y. 146, p. 3956.
v
(John) Irving Shoe Corp. ( & Subs.)—Earnings—
Consolidated Statement of Profit and Loss and
Earned Surplus for the
Ended Jan. 31, 1938
Gross sales
..
set?for7Julyll4, 1938 at 10 a. m. in the Securities and
Exchange Commission's Washingtonfoffices on the'declaration (File 43-131)
of company regarding the private sale of
$300,000 of first mortgage gold
bonds, 5% series, due 1957, at 101H % of the principal amount plus accrued
interest, to the John HancockJMutual Life Insurance Co. and
Syndicate.—V. 146, p. 4120.
$3,628,213
In
Cost of goods sold
a
Gross profit
Expenses and taxes.
$2,109,570
1,937,832
to Investors
Operating profit
income (net)
$171,738
14,241
_
Other
Iowa
Southern
Utilities
Co.
^of
Del.—Plan
■
of
Re¬
classification Proposed—
A special meeting of the
stockholders"will be held Aug. 1, to consider and
act upon a proposed amendment to the certificate of
incorporation, in¬
creasing the total number of shares of stock which the corporation shall
have authority to issue from 250,000
shares, consisting of 150,000 shares of
cumulative preferred stock and 100,000 shares of common stock
to 360,000
shares, all of such shares to be of one class of common stock, par $15.
The present outstanding capital stock, shall be reclassified
so that the
shares of cumulative preferred stock now
outstanding shail become shares of
new common stock, in the ratio of 4.2 shares of
new common stock, for each
share of the 49,660 shares of cumulative
preferred stock of the
7% series
now outstanding, 3.9 sharesfof new common
stock, for each share of the
3,893 shares bf cumulative preferred stock of the
63^% series now out¬
standing, and 3.6 shares of new common stock for each share of the 26,549
shares of cumulative preferred stock, of the
6% series now outstanding
and so that each share of common stock now
outstanding shall become
.39468 shares of new common stock, for eacn share of the
100,000 shares of
old common stock now outstanding.
Edward L. Shutts, President, in a letter to stockholders
states:
Your officers and directors have given considerable
thought to the working
out of a plan of recapitalization of the
capital stock of company for the
purpose of improving the credit of the company and
thereby benefiting its
stockholders.
On Aug. 1, 1938 there will have accrued on
the cumulative
preferred stock of the company unpaid preferred dividends,
aggregating
$2,439,335 and since the company for some time past has been
paying
dividends on the cumulative preferred stock at
only one-half of the rates
fixed by the certificate of incorporation the
arrearage is accumulating at the
rate of $266,109 a year.
The company is unable to pay the accrued arrears of
dividends in cash
at the present time.
In addition, although the company has been
earning
substantially more than the 50% of the preferred dividend which it has been
paying, your board does not feel warranted under present conditions in
paying any more, primarily due to the fact that it must make
necessary
extensions and improvements to its
property in order adequately to serve
its customers.
Under present conditions a substantial
part of the earnings
are required for such extension and
improvements. The earnings used for
this purpose cannot be applied to the payment of dividends
to its stock¬
holders.
Year
$6,299,528
4,189,958
■
*
'
......
,
Total profit before Federal income taxes
$185,979
25,033
7,585
Provision ifor Federal income taxes
Surtax on undistributed profits
Net profit
Balance, Jan. 31, 1937
$153,360
97,748
Total
$251,109
36,002
61,415
-
Preferred stock dividend
Common stock dividend
Balance, surplus
Earnings per share
_
_
$153,691
com. stock (par
$1)__
$0.95
Including $82,250 provision for depreciation and amortization of furni¬
ture and fixtures and leasehold improvements.
on
122,918 shares of
a
Consolidated Balance Sheet Jan.
31, 1938
Assets—Cash,
$195,829; marketable securities, $3,589; miscellaneous
receivable,*$11,574; merchandise inventories, $513,252; cash sur¬
render value of life-insurance policies,
$20,062; prepaid insurance, $12,866;
prepaid rent, &c.,*$19,642; furniture and fixtures and leasehold
improve¬
ments
(after reserves for ^depreciation and amortization of $287,569).
$447,482; total, $1,224,297.
^
'
J'
Liabilities—Note payable to bank,
$100,000; accounts payable, $182,839;
Federal income taxes, $32,618; other
taxes, $14,397; accrued expenses,
lease deposit, &c., $14,439; 6% cum. pref. stock
(par $25), $600,000; com¬
mon stock (par $1), $122,918;
paid-injsurplusKexcess of proceeds from sale
of common stock over par value
thereof), $3,394; earned surplus, $153,691;
total, $1,224,297.—V. 146, p. 1880.
accounts
Johnson, Stephens & Shinkle Shoe Co. (&
Subs.)—
Earnings—
6 Months Ended May 31—
Net sales
x
y
Earnings
'
1938
per
1937
$1,969,190
Net income.-.
$1,879,798
116,785
110,586
$0.98
share
$1.02
After deductions
for operating expenses, normal
Federal income taxes
and other charges, but before provision for
Federal surtax on
x
earnings,
y
On
common
stock.—V. 146,
undistributed
p. 1403.
Financial
116
Laughlin Steel Corp.—To Issue $13,500,000
Bonds—~To Be Sold to Jftetvopolitan iLife and to Bonks
&
Jones
Corporation on Jifcne 25 filed with the Securities and Exchange Corpora¬
a registration statement (No. 2-3730, Form A-2) under the Securities
tion
A.t of 1933, covering
4%, due
series B,
$8,100,000 of first mortgage bonds, series B,
and $5,400,000 of first mortgage bonds,
serially July 1, 1940-1946,
4K%, due serially July 1, 1947-1950.
The company states it has entered into
of the bonds as follows:
Purchaser—
Metropolitan Life Insurance
Union Trust Co. of
■
.
separate agreements for the sale
Series B 4Ms
Maturities
Co.—$5,400,000 $1,350,000,1947tol950incl.
Series B 4 s
$3,810,000 $200,000,1940; $435,000,
Pittsburgh
1941;
■
National City Bank,
Mellon National
Bank, Pittsburgh-
Bank &
County Nat.
48,000 $8,000, 1941 to 1946, incl.
36,000 $6,000, 1941 to 1946, incl.
36,000 $6,000, 1941 to 1946, incl.
Braddock (Pa.)
National Bank
Oharleroi (Pa.) & Tr. Co.
Logan National Bank & Trust Co. of
.
,
New Kensington, Pa.
36,000 $6,000, 1941 to 1946, incl.
Second Nat. Bk. of Uniontown, Pa.
24,000 $4,000, 1941 to 1946, incl.
The 4% bonds are to be sold at 100% and the 4M% bonds at 98%, plus
accrued int., in both cases, from July 1, 1938, to the date of delivery,
it is stated.
,
,
According to the registration
,
^
,
statement, the net proceeds from the
sale of
of Pittsburgh
to be used as follows:
Trust
are
Co.
pay
$187,500 to reimburse the company's cash working capital for monies
deposited with the corporate trustee, the Union Trust Co. of Pittsburgh,
against the authentication by the corporate trustee and delivery to the
of $187,500 of its first mortgage bonds, series B, being registered.
Company expects, it is stated, to withdraw the sums deposited upon the
completion or certain projects now under construction or now contemplated.
The baxance of the proceeds will be used to reimburse the company's
cash working capital.
The bonds are redeemable at the option of the company after 30 days
notice as follows: In case of the redemption of any one or more maturities
of the first mortgage bonds, series B, 4%, due serially July 1, 1940-1946,
at a redemption price of 101% if red. on or before July 1, 1942, thereafter
and incl. July 1, 1945, at 100^ %, and thereafter at 100%.
In case of the redemption of any one or more maturities of the first mort¬
gage bonds, series B, 4% %, due serially Juiy 1, 1947-1950, at a redemption
price of 102% if red. on or before July 1, 1942, thereafter and incl. J lly 1,
1945, 101 Yi%\ thereafter and incl. July 1, 1947, 101%; thereafter and ihcl
July 1, 1949, 100)4%, and thereafter at 100%.
H. E.
Lewis or Pittsburgh, Pa., is President of the company.—V.
146, p. 2856.
company
_
semi-annual dividend of 50 cents per share on
value, payable July 15 to holders of record July 1.
Previously regular semi-annual dividends
distributed. In addition, an extra dividend
1937.—V.
of 87 H cents per share were
of 50 cents was paid on Oct. 30,
146, p. 601.
Kalamazoo
Net sales, less cost
for
Year Ended Dec. 31,
of goods sold
Selling, administrative and
717,114
714,437
8,537,550
8,273,243
$720,340
115,935
8,496
$9,010,919
1,383,269
$8,949,163
190,901
187,565
3,026
5,172
60,000
4,219
5,514
78,003
102,392
2,267,191
27,586
67,832
886,020
104,434
2,229,398
12,596
$244,840
$0.43
$320,607
$0.57
$4,276,627
$4,622,770
$8.35
Net
Depreciation
Amort, of lim.-term inv-
Miscell. inc. deductionsFed. & State inc. taxes--
Netprofit-—
Earns. per share com
if any,
imposed
Operating profit...
a
Interest
Total income
b Interest
$1,504,246
929,812
$616,861
84,100
— -
-
expense
_
—
Federal income tax..
profits
And
royalties received,
b Bad debts charged off, damage claims, loss on assets
discarded and other deductions.
Note—Provision of $356,421 has been made herein for depreciation of
property, plant and equipment for the year 1937.
Balance Sheet Dec.
Assets—Cash, $222,410; trade notes, acceptances and
miscellaneous investments, land contracts
accounts receivable
surrender
company,
and sundry notes and accounts
receivable, $63,794; real estate not used in operations, $74,786; accounts
officers, $477; land, $109,019; buildings, machinery and
equipment (after reserve for depreciation of $4,481,380), $4,497,386; con¬
struction in progress (including cost of major contracts to completion),
$944,260; deferred charges, $38,416; total, $8,729,024.
Liabilities—Notes
payable to
banks,
$150,000;
accounts payable,
$431,809; accrued insurance, taxes and interest, $34,488; Federal taxes,
$98,500; botes payable to bank (maturing $250,000 on May 1, 1939 and
$250,000 semi-annually thereafter to Oct. 30, 1940), $1,000,000; deferred
income, $975; capital stock (par $10), $5,000,000; capital surplus, $2,755;
earned surplus, $2,010,497; total, $8,729,024.—V. 142, p. 2831.
City Structural Steel Co.—Earnings—
Income Account for
Year Ended Dec. 31, 1937
93
$169,788
6,930
$2,276,790
9,327
$2,287,079
21,318
$159,399
60,000
$2,286,117
$2,308,397
60,000
15,000
720,000
180,000
9,228
8,925
106,334
C7T0.760
720,000
180,000
99,143
$92,793
Dividends applicable to pref. stocks for the period,
whether paid or unpaid
$1,290,543
$1,311,302
520.784
520,784
$769,759
$790,518
mortgage bonds.
deb. bonds
Other int. & deductions.
03,351
Int. chgd. to construct-_
$78,702
Net income
Balance
—--
-
-----
,
Cr2,048
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31, 1938 and 1937.—V. 146, p. 3807.
Kansas Oklahoma & Gulf
1938
$168,244
68,945
May—
Gross from
railway
Net from railway
Net
Ry.—Earnings1935
$155,862
71,631
1936
$193,592
96,523
1937
$189,273
94,585
53,463
51,847
43,927
927,326
after rents
914,228
430,732
265,681
444,919
258,980
979,559
501,417
782,781
338,850
314,772
199,151
40,66 9
—
From Jan. 1—
Gross from railway
Net from railway
Net after rents.-------
Lease—
'
■
The Interstate Commerce
Commission on June 16 approved the lease by
of the Kansas Oklahoma & Gulf Ry. of
the company of the properties
Texas.—V. 146, p. 3670.
Kansas Power Co. (&
Calendar Years—
Operationg
expenses
Taxes
y,
...
Interest
.
_
_
1936
1935
1934
$1,539,714
852,497
al74,028
$1,442,531
$1,412,069
753,166
$513,188
1,451
$467,063
50
100
$514,639
262,630
$467,114
$493,192
270,324
13,543
$532,463
901
.
-
_
funded debt.
on
Subs.)—Earnings—•
1937
$1,647,897
923,486
bl91,946
$533,365
264,371
12,372
818,221
157,247
165,810
$493,092
■
263,834
6,539
9,665
34,305
34,688
34,820
35,423
$222,317
26,348
93,192
$210,782
26,348
93,192
$158,795
$173,903
$102,777
Miscell. int. deduc. (net)
Amort, of debt disct. &
$91,242
$39,255
expense
Net income
$7 pref. stock dividends
$6 pref. stock dividends.
.
Balance, surplus
Including
Gross profit
Selling, general and administrative expenses
Provision for depreciation
$436,863
162,842
27,342
33,449
176
(less recoveries)
$213,053
Profit------
9,653
Other operating revenue (sale of scrap)
$222,706
16,063
Net operating profit
Other expenses (net)
2,000
Provision for Federal and State income taxes
$204,642
Net income
Note—The provision for incopie tax is predicated upon a deduction, in
arriving at taxable income, of a loss sustained in the approximate amount
of $217,000 on an investment in capital stock of the Continental Building
Co. (charged off in 1934 as an incident to reorganization).
In the event
the deduction in 1937 is not sustained, the provision for income tax for that
would appear inadequate to the extent of approximately $40,000.
Balance Sheet
as
at
Dec.
31,
1937
Assets—Cash, $58,808; customers' notes and accounts receivable (less
reserve of $2,642), $154,019; sundry accounts receivable, $11,887; inventor¬
ies, $577,565; sundry notes and accounts receivable (non-current), $64,094;
prepaid expenses, $5,153; investments,
$24,733; plant and equipment
(after reserve for depreciation of $960,524), $593,109; deferred charges.
$4,267; total, $1,493,635.
of
,v"
26,3481
119,533
93,192 f
$54,370
profits tax of subsidiary company,
undistrubited profits has been made.
undistributed
on
Consolidated Balance Sheet Dec. 31
1937
Assets—
Plant,
stk.
Due
from
in
1,553,200
1,800,000
1,800,000
Funded
5,415,226
5,197,000
80,722
Deferred liabilities
.—i
118,595
143,536
107,917
60,000
60,000
pay.
298,702
5,950
7,358
190,303
charges
—
59,279
34,826
32,238
179,503
156,733
Matls. & supplies.
126,287
103,938
dividends, &c._
On
39,464
92,783
88,692
30,226
30,226
Misc. curr.Iiabilis.
6,967
5,747
Divs.
for
payable
—
on
ad vs.
construction
Reserves
991
755,061
691,435
Contributes In aid
Customers'accts.
After
71,818
20,438
Customers
depos. for
of pref. stk.
in 1936.
75,502
Income taxes.
Accrued interest
and note receiv.
a
116,680
preferred stock.
266,229
Cash (incl. working
Special
..
deps.,
Accrued taxes
of
amortization
funds)
Customers
with int. thereon
exp.
Prepaid accts. and
deferred
debt
Accounts payable.
Inland
process
1,553,200
S6 cum .pref. stock
b Common stock.
75,722
_.
Pr. & Lt. Corp.
Debt disc. &
376,400
9,559,214
&
disc.
•
376,400
9,879,577
in process of
amortization.
1936
S
8
Liabilities—
$7 cum. pref. stock
franchises, &c—
Pref.
1937
1936
S
rts.,
prop.,
Katz
Taxes
$35
b No provision for surtax
a
$2,161,317
1,724,454
completed contracts
600,000
$176,718
on
....10,818,399 10,358.1851
Total
Cost of bills rendered on completed contracts
year
2,040
625,000
15,000
on
Int.
exp.
receivable from
Bad debts
$6,003,065
3,115,893
302
Gross income
Int.
31, 1937
(less reserve of $20,000), $598,045; inventories, $2,141,518; cash
value of life insurance, $38,912; deposits with mutual insurance
on
$6,253,732
3,349,902
50,000
—
and other income,
Bills rendered
1938—12 Mos.—1937
$159,097
Net oper. revenues
Other income (net)
a
$434,261
capital stock (par $10)-$0.87
recoveries on accounts previously charged off
Kansas
,
1,059
55,000
investments
Prop, retire, res. approps
19,500
—
Netprofit..
Earnings per share on 500,000 shs. of
a
for the surtax,
—
—
Surtax on undistributed
70,219
436,446
Co.—Earnings—
1938—Afonf/i—1937
$492,417
$484,258
264,470
277,261
Period End. May 31—
Operating revenues. Oper. exps., incl. taxes-Amortiz. of limited-term
42,427
——.
1,473,300
undistributed profits.—V. 146, p. 3957.
on
Kansas Gas & Electric
$574,434
-—- — — --_
$7.69
is made in the foregoing statement
Note—No deduction
Gross income
— — ----
—
$1,434,777 $17,548,469 $17,222,406
$628,353
115,874
8,540
and gen.
1937
general expenses.
$1,345,467
earnings———
Interest charges
Amort, of disct. & prems
exps.
Operating income
Non-operating income.
Vegetable Parchment Co.—Earnings—
Income Account
1938—12 Mos.— 1937
1938—Month—1937
(incl. maint.,
property tax)
Oper.
Directors have declared a
the common stock, no par
trade,
& Light Co.- Earnings—
Kansas City Power
Period End. May 31—
Gross earnings
Co.—Dividend Reduced-
Julian & Kokenge
payable,
accounts
$39,769; accrued expenses, $28,866; reserve for Federal .and State income
taxes, $3,344; 1st mtge. 5% income bonds due Aug. 1, 1944, $415,000;
6% cum. pref. stock (outstanding 7,500 shs., par $100), $750,000; earned
surplus, $181,656; total, $1,493,635.—V. 145, p. 1744.
.
the remaining principal amount of $5,000,000 of
serial bank xoans made on April 7, 1936, as follows:
Union Trust Co. of Pittsburgh
—
$2,100,000
Mellon National Bank of Pittsburgh - 900,000
$5,500,000 to pay the principal amount of the following short term bank
loans made since August, 1937:
Union Trust Co. of Pittsburgh
$3,700,000
Mellon National Bank of Pittsburgh
1,800,000
$3,000,000 to
$75,000;
.
with bank loans aggregating $1,500,000 from the Union
and the Meilon National Bank of Pittsburgh
the bonds together
bank,
payable,
Liabilities—Notes
1942 to
$250,000,
1646, incl.
1941;
450,000 $7.5,000, 1941 to 1945, ncl.
60,000 $10,000, 1941 to 1946, incl
Trust Co. of Butler
Nat. Bk. of
1940; $200,000,
1,550,000 $100,000,
Farmers Deposit Nat. Bank, Pittsb.
Citizens Nat. Bk. of Washington, Pa.
(Pa.)
1941; $350,000,
1942 to 1946, incl.
iv.-,'
Butler
to
1946, incl.
2,050,000 $300,000,
N. Y
1942
$oJ5,000,
July 2, 1938
Chronicle
of
construction.
390,911
Surplus
Total
40,474
—
277,691
10,818,399 10,358,185
reserve for uncollectible accounts of $19,272 in 1937 and $19,866
b Represented by 160,000 no par shares.—V. 146, p. 4120.
Drug Co.—Annual Report—
March
the stockholders approved an amendment to the
authorizing 22,500 shares of a, new class of
pref. stock ($100 par), and approved the sale of such
stock
to
underwriters at
par, .less an underwriting commission.
The
underwriters acquired and paid for such stock, in accordance with their
contract, on April 21, 1937, and the funds so received were used in part
to redeem the company's $6.50 pref. stock, which was called for redemption
on May 21,
1937, and in part to augment working capital and provide
funds for the development of the new stores.
Because of unfavorable market conditions, the underwriters discontinued
their offering of the new pref. stock, and on Dec. 16, 1937, the company
was able to acquire 14,327 shares of such stock from certain of the under¬
writers at a substantial discount.
In January, 1938, the company asked
for tenders from all its preferred stockholders (not including any who
might be officers or directors of the company) for not more than 3 500
shares of pref. stock, to be purchased by the company on the lowest" bid
basis.
As a result, the company acquired 3,500 shares from the preferred
stockholders at varying prices up to $84.75 per share.
The purchase of stock was financed in part by 3)i% time bank loans
of which $100,000 will be due on Dec. 30, 1938, $100,000 on Dec. 30.
1939, and $400,000 on Dec. 30, 1940.
A commitment fee of $4,500 was
paid for the loans.
In connection with such bank loans, the company
has agreed with the banks that dividends (except stock dividends) will
be declared and paid only out of earnings subsequent to Dec. 31, 1937
There are now outstanding 4,673 shares of $4.50 pref. stock, and interest
charges and pref. dividend requirements (not including the pref. dividend
declared Dec. 15, 1937, and paid Jan. 1, 1938) will be $42,028 in 1938
certificate
$4.50
1,
1937,
of incorporation,
cum.
conv.
Volume
147
Financial
Chronicle
117
as
compared with similar charges and requirements
amounting to $97,844
In the year 1937
(including in the latter the above mentioned pref. dividend).
Income Account for Calendar Years
(Including Subsidiary)
Calendar Years—
Net sales
Other
1937
operating
revenue
Assets—Cash, $81,266; U. S. treasury bills—due Feb. 9,
1938, $150,000;
receivable—trade (after reserve for doubtful accounts of
$53,007),
inventories, $484,204; sundry accounts receivable,
$7,131;
r1^'J>520,400; buidlings (less reserve of $25,115 for depreciation),
accounts
$1,113,063;
1936
$9,729,562
117,247
.
Balance Sheet Jan. 31, 1938
$8,878,857
114,160
•
$554,485; furniture and
store fixtures
(less reserve of $24,721 for depreciato leased property—unamortized balance,
$49,589; good-will, $124,346; organization
expenses, $73,899; prepaid ex¬
penses and deferred
charges, $53,518; other assets, $224; total, $4,436,408.
Liabilities—Accounts payable, $116,249; accounts
payable for merchandies in transit, $4,725;
provision for Federal and State taxes, $109,250;
on
mortgages due within 1 year, $21,200; accrued
liabilities,
$41,222; long-term debt, $1,046,300; $1.25 cumulative
preferred stock
outstanding, 50,000 shares, $1,250,000; common stock
(par $5),
£1?i1Vo2r22'*'282; improvements
$9,846,809
9,668,479
b Miscellaneous income
$8,993,017
8,461,611
$178,329
29,544
$531,406
29,094
$207,874
$560,500
87,737
(net).
Federal and State income
taxes.
29,690
146d"i)n 2^riPlUS' ?950,500: earned surplus, $146,962; total $4,436,-
408 -—V
Dividends—Pref. $6.50
Pref. $4.50 cum.
Common stock
Including
a
cum.
$178,184
28,216
stock.
stock
conv.
■
$472,763
72,070
69,628
_
198,000
396,000
amortization
of leaseholds and
of furniture and equipment,
leasehold improvements,
depreciation
b Including dividends of
wholly-owned subsidiaries not included in consolidation.
and
Kobacker
Stores, Inc. (& Subs.)—Earnings-
Years End. Jan. Zl—
Total store .sales
Less sales by leased
1938
Net sales of own
depts$l
from leased depts.
Inc.
Consolidated Balance Sheet Dec. 31, 1937
1,847,737
(net)
Assets—Cash, $902,118: accounts receivable (net), $155,113: inventories,
$1,587,772; investments (at cost), $464,827: leaseholds and leasehold im¬
Cost of merchandise sales
provements (unamortized value), $211,322: furniture and
equipment (less
for depreciation, $420,843), $447,724: cash on
deposit for redemption
of pref. $6.50 cum.
capital stock and accrued dividend thereon
Other income (net)
reserve
(148 shares),
value of policy of insurance, $22,200;
prepaid
expenses,
$68,174; notes receivable discounted (per contra), $57,354;
goodwill, $1; total, $.3,932,652.
Liabilities—Notes payable banks (due Dec. 30, 1938),
$100,000; accounts
payable, $284,171; Federal and State income taxes, $29,928; accrued
expenses,
$74,355; notes payable banks (due $100,000 Dec. 30, 1939;
$400,000 Dec. 30, 1940), $500,000; pref. $6.50 cum. capital stock called
for redemption
(148 shares), $16,046; discounted notes receivable (per
contra), $57,354; $4.50 cum. conv. pref. stock (par $100), $2,250,000;
common stock (par $1), $396,000;
paid-in surplus, $647,675; earned surplus,
$436,743; pref. stock reacquired and held in treasury (14,327 shares) at
cost, Dr. $859,620: total, $3,932,652.
$16,046;
cash
surrender
Note—The company has agreed that until the notes
payable banks, as
above, are paid, dividends will be declared only out of the earnings subse¬
quent to Dec. 31, 1937.—V. 146, p. 443.
1937
1936
1935
$13,364,892 $13,577,482
depts
1,517,155
1,654,031
&
operating
$11,923,450
7,884
11,460,974
expenses.
Not available
8.623
11,444,694
17,941
10,129
Net income
Prov. for Fed. taxes
Prov. for depre. & amort
$404,777
y51,000
96,590
$505,320
y66,500
86,944
x$205,771
x$186,184
$257,187
44,532
$351,876
190,886
$205,771
14,649
$186,184
17,080
Balance, surplus.$212,654
Shares com. stk., no
par.
81,455
$160,989
81,455
$191,122
78,979
$169,104
83,243
$3.73
$1.90
$1.55
Net profit.
Preferred dividends
Earnings
per share
$2.61
provision for Federal income taxes,
$9,000 in 1937, surtax
on
Includes $5,500 in 1938,
y
undistributed profits.
Consolidated Balance Sheet as at Jan.
31, 1938
Assess—Cash, $411,172; accounts receivable (net),
$240,196; miscellane¬
accounts receivable,
including amounts due from suppliers and in¬
ventory of sales tax stamps, $47,23 5;
inventory, $1,197,545; prepaid ex¬
penses, $94,298; cash surrender value of life
insurance, $4,336; insurance
deposits (reciprocal companies), $12,953; due from leased
departments,
$12,490; cash in closed banks and sundry
receivables, less reserve, $8,500,
$3,249; advances to the Tiedtke Stores Realty
Co., $108,760; due from
officers, directors and employees, $43,655;
investments, $44,792; preferred
stock
ous
Keystone Steel & Wire Co.—Prices Reduced—
The company has reduced the base prices of its products
to bring them
into line with the reductions
previously announced by leading steel com¬
panies, according to an announcement made by the pompany on June 30
to the trade.
Base prices hereafter will be the same at
Pittsburgh, Cleveland and
Chicago, according to the company's announcement, and the Anderson,
Indiana basing point will be discontinued.—V.
146, p. 3807.
(B.
F.) Keith Corp. (& Subs.)-—Earnings—
Calendar Years—
Theatre admissions
1937
$9,380,149
1,007,393
1,006,100
940,735
844,546
$10,329,461 $10,386,249
$9,974,630
$9,355,264
1934
$8,510,718
other
salaries & film service
Operating
1935
$9,033,895
and
concessions
other income
Total income
Artists'
salaries,
1936
$9,322,067
Rents,
4,733,639
4,683,796
4,876,404
4,625,260
3,760,166
3,685,916
3,576,666
3,533,245
and
expenses
theater overhead
Deprec. of
cap. assets &
amort, of leaseholds..
'
Divs. received
in other
Interest
585,574
573,284
638,139
743,602
$1,250,081
$1,443,252
$883,422
$453,157
327,703
4,979
246,647
5,092
162,565
18,166
117,362
27,420
6,213
16,541
11,963
Operating income
6,396
16,178
invest,
on
companies—
earned
Recoveries
notes and
on
accounts written off in
prior
Profit
years
—
capital assets
income
Total income
Interest and discount—
Loss on sale of cap.assets
51,131
24,031
$1,115,284
548,281
$621,971
598,039
15,306
25,935
24,067
37,050
61.709
71,000
19,633
7.625
cos.
Sundry other deductions
783
Prov. for income taxes__
Provision for surtax
123,725
7,400
7.500
14,978
152,200
31,125
$1,042,628
648,312
$1,056,257
367,625
9,160
9,500
13,930
Prov.for loss of affil.
Profit for year
Balance at Jan. 1
-
bonds retired.
_
Liquidat'gdiv. from affil.
Ad]. of prior year's chgs.
10,500
5,500
Pr2,807
$1,315,482
900,000
$784,981
800,000
Steel
Co.—Notes
Lake St. John Power &
Years End. Dec. 31—
Operating profit
Depreciation.
Debenture interest
Prov.
for
Fed.
&
$648,312
$367,625
$2.60
$784,981
$1.16
Nil
1936
$
1937
1936
Liabilities—
$
Notes payable....
11,449
Indicates loss.
1936
?
$
1937
Liabilities—
.12,880.290 12,657,473
Accts. & bills rec..
478,639
365,903
Dep. to guarantee
25,000
25,000
1,370,072
1,027,527
537,902
571,957
34,382
Inventories
19,270
Deferred charges..
Accounts payable.
107,093
Accts. pay. to affil.
15,321
8,798
422
417
Land owned
6,507,701
Bldgs. & equip.. 3,968,567
6,507,701
c
4,220,945
a
Leasehold impts.
a
Leaseholds
companies
and
3,397,290
3,591,299
and
85,007
90,320
2,204,401
2,262,203
Invest, in affil. and
bonds
a
Total
9,697
123,421
123,128
209,095
223,913
17,600,012
"*13,028
8,000,000
1,146,041
b Capital stock
Capital surplus
1,127,714
811,861
648,312
18,010,330
597,140
17,600,012 18,010,330
c
After
146, p. 3019.
Lake Superior &
1938
.
al937
$2,076,031
35,431
...
expenses
Rents.
Maintenance and repairs
Provision for doubtful accounts-
....
Taxes
Provision for depreciation and amortization
Provision for Federal normal income tax
$1,985,825
22,523
$2,111,462
1,245,934
301,442
23,659
27,979
60,403
28,261
62,500
$2,008,348
1,146,477
283,197
b Net income
The predecessor company,
.
.
_
no par
1,800,000
1,800,000
500,000
Prov.
for
Fed.
pay. on
y
500,000
287,328
173,802
331,821
243,634
41,932
22,000
&
pref.
108,000
Total
shares,
1938
156,352
1,777,030
536,211
175.000
103.001
...15,326,285 14,667,130
Arising from reorganization.
146,
p,
12,342
28,612
31,919
38,035
71,656
$361,283
$396,109
b Before Federal undistributed profits tax.
1937
Earnings—
1936
,761
def7,731
def46,499
From Jan. 1—
Gross from railway_
$528,198
383,681
291,615
$346,287
233,881
187,129
222,989
def194,088
def318,015
919,847
426,981
260,250
def46,016
498,709
67,603
3670.
1935
$190,373
110,681
93,295
375,015
def 1,405
def/8,531
(F. & R.) Lazarus & Co.—12}4-Cent Dividend—
Directors have declared
no par value,
amount was paid on
stock,
Total income
ITeferred stock...
x Common
stock..
Accounts payable.
Interest
Ishpeming RR.-
May—
Gross from railway
Net from railway..
—V.
Years Ended Jan. 31—
Gross income from store operations
Profit from real estate operations
a
Represented by 100,000
Net from railway
Net after rents
Kennedy's, Inc.—Earnings—
Selling and administrative
...15,326,285 14,667,130
Net after rents.
Total
b Represented by 400,000 no
par shares,
for depreciation.—V.
3,527,500
6,908,000
8,000,000
Reserves
After amortization,
x
4,010
6,420,000
561,494
debt
3,527,500
V. 145, p. 2080.
27,934
Deferred notes pay
Funded
Operating surplus.
Total
100,000
28,115
Def. Income
Other invests., de¬
reserve
439,069
100,000
and
mtge. instalm'ts
Rent & other dep.
Debentures.
Contlng. reserve..
74,302
Deprec. reserve... 2,051,134
Depletion reserves
583,986
y Capital surplus.
175,000
Earned surplus
192,681
385,110
expenses
Serial
8
5,652,600
stock
Accrued taxes, int.
1936
5,652,600
Prov. taxes....
110,806
Accrued Interest-.
S
Bonds
Dlv.
29,348
83,646
posits, &c
Deferred charges..
x$367,066
22,000
$103,001
$
906,757
95,028
other companies
$405,823
210,370
306,215
183,430
72,873
x$271,983
144,627
$197,680
—
Cash
1,009,078
_______
1934
$537,578
219,078
306,215
183,430
100,838
273.209
41,932
Profit-.-.
contract'l obligs.
$2.64
Notes & accts. rec.
goodwill
re¬
Earnings
1935
$792,532
249,694
Prov.
Assets—
Consolidated Balance Sheet Dec. 31
& equipment—
Privately—Company
1936
274,104
310,893
176,375
1937
$811,861
(no par)
..
Sold
Paper Co., Ltd.
1937
$1,000,984
Fixed assets
39,752
1937
—
a year ago, a decrease of 4.1%.—V.
Postponed interest.
x
Earns, per sh. on 400,000
Assets—
required under the
cently announced the private sale of $750,000 2%% notes,
dated May 1, 1938, and due May 1, 1941.
Proceeds were
used to pay off $750,000 notes due
May 1, 1938.—V. 146,
p. 4122.
taxes
8,106
Balance at Dec. 31
Cash
as
1938—4 Weeks—1937
1938—24 Weeks—1937
$17,638,767 $19,256,912 $107931,273 $118122,419
in operation during the period was
4,025 as
compared^with 4,197 in like period
18,327
sale of cap.assets
shs. cap. stk.
annually
Balance Sheet Dec. 31
account
on
retirement
stores
27.088
$1,448,312
$1,730,189
900,000
Prov.forinv.inaffil.cos.
Loss
Average number of
Bond interest
$464,645 loss$136,035
784 981
779,335
63,163
114,593
20,588
Balance
Dividends paid
Transfer of cap. def. of a
sub. to its oper. surplus
for
Kroger Grocery & Baking Co.—Sales—
Period End. June IS—
Sales.
Laclede
$1,734,108
448,646
23,401
$1,600,940
415,127
4,857
6,420
on
held
investments &
on
Sundry other
Disc't
acquired and
sinking fund provisions (3,746 shares at cost),
$242,896; common stock
(4,342 shares at cost), $25,525; fixed assets,
$827,944; deferred charges,
$75,003; total, $3,392,051.
Liabilities—Notes payable, $83,000; accounts
payable and accrued ex¬
penses, $369,175; reserve for Federal taxes on
income, $63,572; notes payable
(portion maturing beyond 1 year), $199,000; reserves for own
insurance
risks (plate glass, transit, sprinkler
leakage, &c.), $47,310; deferred income,
$3,368; preferred stock, 7% cumulative (par
$100), $1,004,600; common
stock (no par) outstanding
(85,796^ shares), $428,982; surplus from de¬
preciation, $7,068; capital surplus, $458,492; capital
surplus appropriated
for the retirement of preferred
stock, $53,448; earned surplus appropriated
for the retirement of preferred stock
($217,021) and common stock ($86,195),
$303,216; earned surplus (of which $268,421 used for
purchase of treasury
stock), $370,819; total, $3,392,051.—V. 146, p. 602.
a dividend of 12 H cents
per share on the common
payable July 25 to holders of record July 15. A like
April 25, last;
Divs. of 25 cents were paid on Dec. 24,
last, and in each of the three preceding quarters; 80 cents paid on Jan. 25,
1937, and 30 cents paid on Sept. 25, 1936; prior to this last payment regular
quarterly dividends of 15 cents per share were distributed.—V. 146, p. 2211.
Lee &
Cady—Acquisition—
Announcement
made
June
30 of the sale of the Berdan
Co.,
Toledo, wholesale grocery concern, which has been in business 102years,
to this company.
The purchase will give Lee & Cady cash-and-carry
branches in Michigan and Ohio, as well as 10 service houses*.
The terms
were not announced.—Y.
144, p. 779.
was
on
Financial
118
Lee Rubber & Tire Corp.—2o-Cent Dividend—
declared a dividend of 25 cents per share on the
capital stock, par $5. payable Aug. 1 to holders of record July 15.
Like
amount was paid on Feb. 1 last and compares with! 60 cents paid on Oct. 26
last; 75 cents paid on Aug. 2, 1937; 25 cents paid on Feb.il,1937; Aug. 1,
and on Feb. 1, 1936, and Aug. 1 and Feb. 1, 1935, andfwith 20 cents per
share paid on Aug. 1 and Feb. 1, 1934.
This latter payment was the first
made since Sept. 1, 1923, when a quarterly dividend.of 50 cents per share
The directors on'June 30
jp£tid '
Following a meeting of directors, John J. Watson, President, issued the
following statement:
...
...
.
.
"While the earnings would justify a more liberal distribution at this time,
July 2, 1938
Chronicle
bonds due on Dec. 31, 1938, and $2,743,000 uos
1st consol. mtge. 5%
Angeles Railway Corp. 1st & ref. mtge. 5% bonds due on Dec. 1, 1940.
The refunding bonds are to be issued in two series.
Series A, to mature
on Oct. 1,
1953, will be exchangeable for the bond issues maturing this
year,
and series D, to mature on Oct.
issue maturing in 1940.
A
substantial sinking
paying off
p. 282.
1, 1955, will be exchanged for the
twa
semi-annually,
payable
fund,
is
provided for
maturity.—V. 146,
majority of both series of bonds before
a
'v'.
"VITALS
^
_
^
still the corporation thought it wise to declare a dividend on the same basis
as it had been declaring at!this time of the year, with the exception of last
The board will probably want to consider the question of additional
before the end of the fiscal year, as our corporation
is still operating under the undistributed profits tax.—V. 146, p. 3507.
year.
dividend declaration
Net after rents
1937
1936
-—
$140,973
?9,633
14,830
$143,983
$127,763
47,149
38,941
709,745
648,178
229,599
94,613
187,453
62,127
632,918
2o7,810
85,936
21,166
Net after rents
20,476
15,292
3670.
—V. 146, p.
Lehigh & New England
May—
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
RR.—Earnings—
__
$375,278
130,362
103,314
1936
$413,327
157,823
102,709
1935
$295,134
129,945
131,975
1,320,843
244,541
206,899
1,703,498
491,631
394,252
1,689,985
469,721
353,632
1,383,533
359,847
365,983
1937
Lehigh Valley RR.—Earnings—
1938
$3,425,808
872,517
410,531
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
1937
1936
1935
$4,247,539
891,632
415,288
$3,929,485
1,065,634
705,615
$3,619,553
972,209
641,158
16,574,833
3,418,232
961,774
May—
21,841,979
5,465,498
2,925,358
19,500,161
4,593,419
2,711,368
17,150,676
4,094,956
2,481,487
Water Supply Bonds—
;
of its
company
holding of the Wyoming company.
This investment was
$1,600,000, all of which[,waslrepresented by stock.
100%
2,280,750
1,822,758
848,912
540,880
579,449
371,538
149,867
107,535
Gross from railway_
Net from railway—
Net after rents.
_
1938
$92,354
11,399
def4,760
$112,069
26,983
5,644
527,846
122,049
10,848
$72,032
21,139
7,493
497,392
119,240
22,467
7,818
464,675
37,607
def55,273
1935
1936
1937
$101,698
29,625
From Jan. 1—
368,004
60,645
def8,864
.
Gross from railway
after rents
—V.
Earnings—
Ry.-
Louisiana Arkansas & Texas
146, p. 3671.
Louisville Gas & Electric Co.
Years Ended April 30—
Operating revenues..
Operating expenses, maintenance
Net oper. rev.
(Del.) (& Subs.)—Earns.
1938
1937
$11,115,163 $10,220,154
5,633,797
5,137,107
^
and taxes. _
(before approp. for retire, reserve)
Net operating revenue and other income (before
appropriation for retirement reserve)
—
Appropriation for retirement reserve
Amort, of contractual capital expenditures.
Interest charges (net)
"
""
of flood
37,000
$5,083,046
325,246
$5,408,292
1,200,000
37,000
$4,171,292
1,151,437
146,187
and rehabilitation expense
333,333
19,800
1937
preferred stocks of Louisville Gas &
Electric Co. (Ky.), held by public
Dividends
$5,710,393
1,200,000
160,209
Amortization of debt discount and expense
incurred during
$5,481,367
$4,473,393
1,081,324
Gross income
Amortization
.
,
229,027
Other income deductions
has sold to a group of insurance companies $1,000,000
bonds of Wyoming Valley Water Supply Co.
It is expected that the
remaining capital of this Lehigh subsidiary, $600,000 in stock, will also
be sold shortly.
The sale or the bonds will increase Lehigh'si cash by $850,000.
The
remaining $150,000 of the money received from the| insurance group will
be used to pay off that
amount of Diamond Water Co. bonds, to be
called Sept. 1.
All funds received from sale of the stock, when con¬
summated, less only brokerage commissions, will go to^Lehigh treasury.
With the conclusion of the sale of stock Lehigh will divest itself entirely
The
2,425,160
780,483
477,106
Other income (net)
146, P. 4122.
Sells $1,000,000
$398,524
146, p. 3671.
May—
Net
1938
$293,164
69,915
50,310
•
Net from railway
—V.
Gross from railway
Net from railway
Net from railway.—
Gross from railway
$489,213
188,037
119,172
2,399,413
772,254
447,775
after rents
1—
$496,716
164,723
103,743
1935
$114,546
37,820
11,433
Gross from railway
Net from railway
$498,359
165,898
100,401
_
From Jan.
—V.
571,161
149,018
Gross from railway
Net from railway
Net
1935
1936
ri937
1938
May—
Gross from railway.
Net from railway
Net after rents
Ry.— Earnings—
Lehigh & Hudson River
May—
1938
Louisiana & Arkansas Ry.- —Earnings—
17,603
on
1,354,920
$1,523,806
Net income..
1,354,920
$1,501,144
The above figures for the 12 months ended April 30, 1937
reflect $49,537 of additional taxes applicable to the
period of 1936 included therein, paid by Louisville Gas & Electric Co.
(Ky.) in 1937 and charged to surplus.
(2) No provision was made by Louisville Gas & Electric Co. (Ky.) for
Federal or State income taxes or for surtax on undistributed profits for the
Notes—(1)
have been adjusted to
1936 as that company claimed as a deduction in its Federal and State
1936 the unamortized discount and expense
premium and expense on bonds redeemed in 1936 which
that year.
Also provision made for the
year 1937 was reduced as a result of deductions to be made in income
tax returns for losses resulting from the flood in Louisville during January
and February, 1937.
No surtax on undistributed profits was incurred by the
other companies consolidated herein for 1936.
No provision for surtax on
undistributed profits during 1937, is included in the above statement as it
is estimated that no such surtax will be incurred by the company or its
year
carried on the books at
income tax returns for the year
Recently the capital of the Wyoming company^was changed to $1,000,000
bonds and $600,000 stock to expedite the sale under negotiation.
resulted in no taxable income for
Insurance companies participating in the transaction include Metro¬
politan Life, Mutual Benefit, and NorthwesternlMutual.—V. 146, p. 3808.
Lockheed
Robert
been signed
Aircraft
Corp.—British Order—
Gross, President, has
P.
confirmed that a formal contract had
with the British Air Ministry for 200
reconnaissance bombing
ockheed's total backlog of unfilled orders to about $21,000,000.
£lanes. The order amounts to approximately $17,000,000 and
brings
Deliv¬
Gross said, should start late this year and be at a rapid rate
starting in 1939.
It is understood the company has 18 months in which to
complete the contract.
It is assumed that the company will not require any additional financing
to handle the contract.—V. 146, p. 3671.
eries, Mr.
and redemption
subsidiary companies for that year.
(3) The above figures reflect the loss in revenue due to the
Louisville in January and February, 1937.—V. 146, p. 3507.
Louisville & Nashville RR.—Earnings—
May—
Gross from railway.—
Long Island Lighting Co.—Transfer Agent—
City Bank Farmers Trust Co. has been appointed transfer agent for
3,000,000 shares of common stock of the Long Island Lighting Co.—V.
Net from railway
Net after rents
146, p. 3507.
Gross
1937
1938
$1,981,387
547,774
$2,226,313
570,408
28,057
Net after rents
1936
$2,167,432
136,431
666,426
227,788
1935
$2,052,095
508,235
81,483
8,809,402
1,505,799
Net after rents
10,000,355
1,536,763
9,811,159
1,993,314
9,38971
1,616,764
def395,348
Gross from railway..
Net from railway
def229,923
272,418
def79,281
146, p. 3671.
Long Island Water Corp .-—Earnings—
1937
Calendar Years—
Prov. for retire., renew.
and replacements
$553,204
193,688
$584,489
216,990
45,704
45,552
60,660
funded debt
Int.
on
unfunded debt—
80,017
$199,496
$198,711
$200,379
4,769
1,006
2,777
$186,403
118,495
23,219
$204,265
118,555
23,037
$199,717
118,615
22,608
$203,155
118,647
23,782
Cr208
$62,673
$58,494
30,000
45,750
30,000
15,000
$60,934
67,500
$311
on
26,443
78.053
$44,689
30,000
15,000
Gross income
37,200
90,968
2,713
Int.
35,258
$183,690
Operating income
Other income
41,812
102,347
Taxes..
$13,077
sur$13,494
Int. during construction.
Balance, deficit
.
Balance Sheet, Dec.
$6,566
(including $8,082
interest (contra),
working funds),
$12,264; accounts receivable, $125,631; interest receivable, $474; materials
and supplies, $20,565; deferred debit items, $5,958; total, $8,023,726.
Liabilities—$6 cumulative preferred stock (par $1), 5,000 shares issued
and outstanding and common stock (non-voting), no par value, 30,000
shares issued and outstanding, $3,705,000;
1st mortgage 5H % bonds,
$2,144,000; Roosevelt Water, Power & Light Co. 1st mortgage 6% coupon
bonds, $9,000; accounts payable to affiliated companies, $239,484; matured
bond interest (contra), $3,822; accounts payable, $21,942; taxes accrued,
$11,245; interest accrued, $71,585; miscellaneous accruals, $3,727; con¬
sumers' service and line deposits, $281,451; reserves, $873,126; contributions
for extensions (non-refundable), $10,389; capital surplus, $641,825; cor¬
porate surplus, $7,128; total, $8,023,726.—V. 145, p. 1103.
Los Angeles Railway Corp.—To Issue New 5s for Old—
corporation filed on June 29 an application with the California
Railroad Commission for a new 1st mtge. refunding 5% bond issue to
effect an extension of maturing bonds amounting to $6,860,000.
The
corporation said the proposed refunding would result in improving materi¬
ally its financial condition and credit.
Under the plan the new bonds would be exchanged par for par for the
underlying bonds.
The latter include $3,867,000 Los Angeles Ry. 1st
mtge. 5% bonds due on Oct. 1, 1938; $250,000 Los Angeles Traction Co.
1,566,408
1,488,891
1,035,338
37,809,407
9,820,334
35,440,312
8,769,568
30,270,304
6,698,506
2,564,878
6,943,516
6,606,687
5,071,846
—Y. 146, p.
McCall
The
'
_
3671.
Corp.—•25-Cent Dividend—
directors
have
declared
a
dividend of 25 cents per share on the
stock, payable Aug. 1 to holders of record July 15.
Like amount
was paid on May 2 last; a dividend of 37H cents was paid on Feb. 1 last,
and on Nov. 1, 1937, and previously regular quarterly dividends of 50 cents
per share were distributed.
In addition an extra dividend of 25 cents
was paid on Dec. 15, 1936.—Y. 146, p. 1881.
Income Statement
Corp.—Earnings—
for Year Ended Dec. 31,
1937
Cost of products
(net of discounts and allowances)
sold
...
$5,956,690
4,745,242
Gross profit
General, administrative and selling expenses
$1,211,449
.y819,054
Sales
$392,394
10,996
Profit
Other income
...
$403,390
130,158
xl7,000
Total income
Income deductions
Provision for Federal income tax
$256,232
118,871
Net income
Dividends
x
Net
income
for
tax
purposes
differs from that reported herein due
principally to depreciation and depletion deductions and losses previously
provided for in the records of the company,
y Including depreciation
($13,821) and taxes ($21,849).
31, 1937
Assets—Plant, property, &c., $7,846,343; investments
in affiliated company), $8,166; deposits for matured bond
$3,822; other special deposits, $500; cash
(including
The
930,170
1934
$578,736
207,310
40,213
Maintenance
dividends
1935
$6,151,259
1,405,752
30,816,683
5,596,111
From Jan. 1—
Macmillan Petroleum
1935
1936
$586,055
217,992
Operating revenue
Operating expenses
Common dividends
1936
$7,203,276
2,008,724
common
From Jan. 1—
Preferred
1937
$8,019,480
2,282,800
Net after rents..—
Long Island RR.—Earnings—
May—
Net income.
1938
$6,488,116
1,604,710
from railway
Net from railway
Gross from railway
Net from railway
—V.
flood at
Balance Sheet Dec. 31,
Assets—Cash on hand and demand
1937
deposit, $98,053; marketable securi¬
$9,075; accounts, trade acceptances, and notes receivable (trade),
$363,579; deposits for crude oil purchases, $20,986; inventories, $459,761;
prepaid items, principally taxes, insurance, and deposits, $35,507; trust
funds,
$1,239;
properties,
$1,363,826; other assets, $87,664; total,
$2,489,691.
Liabilities—Notes payable to banks, $130,000; notes payable, others,
$9,374; accounts payable, $270,737; accrued taxes, $139,704; State of
California for delinquent motor fuel license tax and interest thereon, due
in 1938, $18,466; deferred liabilities, $212,354; common stock ($5 par),
$641,995; surplus from operations subsequent to Dec. 31, 1936, $137,361;
surplus from reduction in par value of capital stock, 1936, $946,860;
2,312 shares common stock in treasury, 1,804 shares revalued as of Dec.31 ,
1936, $9,020, and 508 shares acquired in 1937 at cost, $8,140, Dr$17,160;
total, $2,489,691.—V. 145, p. 4120.
ties,
Madison Square Garden Corp.—To Pay 25-Cent Div.—
directors have declared a dividend of 20 cents per share on the
stock, no par value, payable Aug. 31 to holders of record Aug. 16.
This compares with $1 paid on May 20 last; 20 cents paid in each of the three
The
common
preceding quarters; a dividend of 75 cents paid on May 20, 1937; one
20 cents paid on Feb. 26, 1937, and previously quarterly dividends of
cents per share were distributed.
In addition, an extra dividend of
cents was paid on May 29, 1936.—V. 146, p. 2859.
of
15
10
Volume
Financial
147
of $100,844.
Balance Sheet Dec. 31, 1937
Assets—
$26,986
hand--
on
Deposit with
x30,571
191,018
399
note trustee
Accounts payable
Accrued liabilities-j
$291,875
10-year 6% conv. notes
377
15,000
a676,071
166,384
333,318
Prov. for
exec,
13,060
compensation
Machinery, equipment, &c._
yl48,442
85
Intangible items
z421,759
Common stock (par 81)
Earned (deficit)
Deferred charges
10,273
Total
x
$829,4491
cum.
pref. stock
8829,449
Total..-
After allowance for doubtful accounts of $8,447.
depreciation of $168,115.
z
by the City of New York which desires to
acquire the Sixth Avenue elevated for the purposes of demolition.
The
City has agreed to cancel tax arrears of nearly $9,000,000 as a part of the
purchase price.
Judge Patterson said the tax arrears and interest on the
Manhattan Ry
Liabilities—
Cash in banks and
Accounts receivable
Inventories
119
This price has been offered
Magazine Repeating Razor Co.—Earnings—
For the year ended Dec. 31, 1937 company reports a net loss
Chronicle
y After allowance for
After allowance for amortization of $1,606,039.
Amortization accrued to Dec. 31, 1934 on intangible assets was charged
to capital surplus as at that date.
No amortization was provided in the
years 1935 and 1936, but as at Dec. 31, 1937, $271,401, the total amortiza¬
debt
a
which
properties owed to the City as of April 1, 1938, represented
to engulf the entire estate of the Manhattan.
sale of the Sixth Avenue has been au¬
threatened
In
order to forestall this outcome,
thorized.
Charles
Franklin, general counsel for Manhattan Ry, issued the following
statement:
"The
Sixth Avenue decision will undoubtedly improve the position of
Manhattan stockholders.
It removes the serious tax cloud and will result
in
numerous savings.
We believe, however, that it is a mistake to break
up the system and to sacrifice an important branch for less than one-third
or the value of the easements alone on that line.
We shall doubtless appeal
he
decision, but this must, of
rest with the company's board.of
course,
irectors."
Sale of
Sixth Ave. "L" to Be Fought—
The board of directors of the company, protesting the order of Federal
J udge Robert P. Patterson in directing the sale of the Sixth Avenue elevated
tion for these years, was charged to the deficit in earned surplus account.
In addition, $137,871 amortization for the year 1937 was charged to the
income account for that year,
a Represented
by 7,511 no par shares.
line for
—V. 129 p. 488.
cision.
(I.) Magnin & Co.—Earnings—
Calendar Years—
$10,658,756 $10,289,201
Divs.
on
pref. stock
Bal. avail, for com.stk.
Earns, per sh. on com__
$7,915,130
372,100b,, * 250,725
69,960 j*'
71,130
$8,988,863
602,911
69,810
477,916
69,810
1934
1935
1936
1937
Sales.
Net income after taxes.
$408,106
$533,101
$302,140
$179,595
$1.55
$2.03
$1.19
$0.70
Balance Sheet Dec. 31,1937
f
lb
Assets—Cash, $264,288; U. S. Govt, securities, at cost (market value
Dec. 31, 1937, $239,547), $230,774; customers' accounts (less loss reserve),
$2,646,293; other accounts receivable, $9,013; merchandise, $898,430;
advance spring purchases, $370,694; life insurance cash surrender value,
$213,537; prepaid expenses, $51,386; employees' stock purchase and loan
accounts (less loss reserve), $19,743; fixtures and improvements, $482,818;
other
including deferred charges, $30,400; goodwill record, $1;
total, $5,217,377.
Liabilities—Notes payable (bank loans), $100,000; merchandise accounts
payable, $363,391; other accounts payable, $381,310; Federal and State
taxes, $175,858; contingent reserves, $254,796; 6% cumulative preferred
stock (par $100), $1,163,500; common stock (263,145 shares, no par),
$1,471,399; earned surplus, $1,179,108; capital surplus, $128,014; total,
$5,217,377.—V. 145, p. 442.
assets,
Maine Central
1938—Month—1937
$905,402
$1,063,241
681,500
748,624
1938—5 Mos.—1937
$4,884,218
3,769,610
$5,582,930
3,822,574
$1,760,356
350,677
183,084
148,777
3,921
69,947
21,181
27,887
27.601
$1,114,608
342,928
141,795
137,917
$115,895
32,141
$195,888
33,373
$491,968
164,763
$1,077,818
167,965
$148,036
$229,261
$656,731
hattan lease."
The
appeal will not immediately be
176,837
893,495
871,552
$52,424 def$236,764
$374,231
$314,617
"In
view
of
impending conferences
Gross income
Deductions
unification looking toward
an
unification, the board decided that the service and filing of notices of the
appeals shall be deferred until the company's President directs action
as authorized," a statement issued after the board
meeting said.—Y. 146.
p. 4123.
Manning, Bowman & Co.*
Calendar Years—
-
Earning s-
1937
Operating profit
Depreciation
1936
1935
1934
$177,151
56,680
14,288
26,728
9,608
14,011
$148,523
57,475
15,438
21,800
9,060
10,809
$102,349
55,916
Prov. for doubtful accts.
$183,761
56,137
13,839
47,663
10,015
18,209
1,411
Net operating profit-.
$36,487
$55,835
$33,941
$653
4,521
$36,487
7,018
$55,835
5,305
$33,941
5,447
$5,174
5,013
'"3",537
"8,039
1,771
5,221
'"loo
188
2,470
$25,745
23,750
$40,020
x27,038
Maintenance and repairs
Taxes (other than inc.)_
Rents-
Royalties
Total income
Interest paid
Loss
dispositions
on
of
capital assets
Prov. for income taxes._
Surtax
undist. profits
on
Net profit
x
Includes $19,740 paid in common stock (1,974
and $7,298 paid
6,529
22,055
8,700
8,495
$21,500
shares at $10
$60
per share)
in cash.
Balance Sheet Dec.
31, 1937
Assets—Cash in banks and
(rentals, in¬
terest, &c.)
on
amicable settlement of the pending controversies and the Mayor's statement
to the effect that the decision in the Sixth Avenue matter will
expedite
Dividends
Net ry. oper. income.
Other income
made if the board's instructions
followed.
are
$1,245,783
170,399
Equipment rents.Dr
Joint facil. rents.Dr
$223,902
76,199
Net oper. revenues
Taxes
The board based its action on the ground that "the court's decision
admittedly does not atempt to pass upon the actual valuation of the line
in question and also from the court's determination to disaffirm the Man¬
Other income
RR.—Earnings—
Period End. May 31—
Operating revenues
Operating expenses
$12,500,000, authorized its President, Nathan I. Amster, and its
general counsel, Charles Franklin, to take separate appeals from the de¬
(less
reserve
on hand, $34,374; notes & accounts receivable
for doubtful notes and accounts of $12,633), $621,928; due
from
Net income
def$22,363
Consolidated
Income Account for Calendar Years
1937
Net
1936
1935
1934
$5,369,298
sales
$4,803,454
$4,165,361
$3,131,241
4,786,693
4,077,132
3,618,518
2,794,735
Sales
costs, administra¬
tive & gen. expenses__
employees, $3,534; inventories, $603,349; investment in Home Fi¬
& Mortgage Corp. (at cost), $5,000; land, buildings, machineryequipment (less reserve for depreciation of $620,329), $595,659; de¬
ferred charges, $20,589; total, $1,884,434.
Liabilities—Notes payable to banks, $610,000; accounts payable (trade),
$38,517; accrued liabilities, $24,999; provision for taxes, $12,934; common
stock (par $10), $960,000; capital surplus, $223,006; earned surplus, $14,978; total, $1,884,434.—V. 145, p. 612.
nance
and
—V^146, p. 3508.
(P. R.) Mallory & Co., Inc. (& Subs.)—Earnings—
Manufacturers Finance Co.
1937
Calendar Years—
Earned compensa'n (net)
(& Subs.)—Earnings—
1936
mon
xll3,733
119,891
$632,210
57,772
$1.54
$4.38
$3.19
ceivable
$2.05
y
$144,430
excess
1935
1934
19,429
$609,149
302,382
163,800
22,677
$717,927
333,342
cl55,697
25,270
$134,012
75,439
$120,290
75,439
$203,618
75,439
$58,573
$44,851
$128,179
profs. &
profs, taxes—
32,963
(less reserve for bad debts
prepaid expenses and deferred charges, $100,175; due from
employees, $66,638; cash in hands of sinking fund trustee,
$3,494; investments, $105,975; property, plant and equipment (less reserve
for depreciation), $1,044,808; patents, licenses and trade names, $1; total,
$2,683,004.
Liabilities—Notes payable, banks, $250,000; accounts payable and ac¬
crued expenses, $193,802; provision for Federal income and undistributed
profits taxes, $116,100; reserve for Indiana gross income tax on interstate
sales, $39,809; 6% 10-year collateral trust gold bonds, due Feb. 1, 1939,
$250,000; interest accrued on funded debt, due Feb. 1, 1939, $64,300;
reserve for inventory obsolescence, $20,000; common stock (288,860 shs.,
no par), stated value, $288,860; capital surplus, $519,951; earned surplus,
$940,182; total, $2,683,004.—V. 146, p. 2541.
Manhattan Ry.—City Buys in Liens—Bond Group Stresses
Gravity of Situation—
Of any
competition the City of New York
$148,953
75,438
Netincome
Preferred dividends
c
and
the absence
62,229
Fed. inc.
$73,515
Balance, surplus
$193,240; notes and accounts re¬
of $89,414), $381,417; inventories,
and on hand,
$787,256;
In
$618,327
316,297
148,588
undist.
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash in banks
officers
$705,669
303,990
157,534
com¬
stock
Includes $31,000 provision for
undistributed profits tax.
paid in stock and $249,953 paid in cash.
x
$271,144
$462,036
14,443
$582,606
23,695
Exps. (incl. taxes, &c.)_
Interest paid
Prov. for credit losses...
Surplus for year
Dividends paid
Earned per share on
$726,322
Cr25,778
$336,506
19,362
46,000
$546,844
1,787
83,021
$445,178
y394,383
Operating profitMiscell. deductions (net)
Federal taxes
bought at
ranchises and June
Jmblic auction real 30 itsof the Manhattan Ry, owner ofagainst the special
tax liens, totalingf$8,061,316, the elevated lines
After
deducting
$89,024 in
1934
charged to surplus, mortgage and
instalment accounts.
Balance Sheet Dec. 31, 1937
Assets—Cash, $1,123,814; accounts and notes receivable (less reserve
$112,062), $5,058,625; due from officers and employees, $116,254; furniture
and fixtures
(less depreciation reserve), $33,853; prepaid interest and
expense, $36,218; investments and advances
(book value), $1,499,419;
total, $7,868,183.
Liabilities—Collateral trust notes (short-term), $2,070,000; collateral
trust notes (due April 1,1938), $1,596,600; final payments due customers as
accounts receivable
are
paid to company, $1,143,454; accrued taxes,
Federal income, &c. (estimated), $32,963; accounts payable and unearned
compensation, $15,675; 7% cumulative preferred stock (par $25), $2,155,600; $1.75-$2.50 cumulative 2nd preferred stock, no par, stated value $5,
$292,155; common stock, no par, stated value $1, $80,600; surplus, Dec. 31,
1937, $482,337; total, $7,868,183.—V. 146, p. 4123.
Mapes Consolidated Mfg. Co. (& Subs.)—EarningsCalendar Years—
Gross profit on
sales
Selling & general exps—
1936
1937
1935
1934
$468,379
112,430
$405,179
91,229
$425,791
95,417
$521,988
111,547
$355,949
$313,950
3,629
$330,374
3,872
$410,441
x66,412
$422,361
65,726
$317,579
47,364
$334,246
45,963
$411,201
57,481
estate
operated under a 999-year lease by the Interborough Rapid Transit Co.
The city exacted an interest rate of 12%, the highest permitted by law.
The sale was conducted by City Collector William Reid in the Municipal
Building.
The 37 liens involved in the auction were sold under a protest
filed on behalf of the Manhattan Ry alleging that the advertising of the
sale was faulty and the sale itself illegal.
The liens arose from unpaid taxes and represented indebtedness, plus
interest, up to April 1,1938.
The sale leaves the company facing the danger
of foreclosure and the taking over of its real estate and special franchise
rights by the city within three years or sooner.
The gravity of the situation from the company's viewpoint was stressed
in a letter sent to holders of Manhattan 4% first consolidated mortgage
bonds by the Merle-Smith committee, which recently negotiated with Mayor
La Guardia an agreement for sale of the Sixth Avenue elevated line to the
city for $12,500,000, with the city to deduct from the purchase price the
amount of its tax liens against the company.
The general program for
such a deal has been approved by Federal Judge Robert P. Patterson.
The committee pointed out that lien interest^ and tax accruals would
total about $2,400,000 a year.
It declared that these costs should not
fall upon the bondholders, but that the stock equity had not worked out
any way to meet them.
The best solution, the letter declared, was to
put through the Sixth Avenue deal with the city.
Bondholders were asked
to give the committee full authority to act in accordance with Judge Pat¬
terson's decision.
The committee disclosed that it had already asked the
Central Hanover Bank & Trust Co., trustee of the first mortgage bonds,
to foreclose separately against the Sixth Avenue line.
The Manhattan's protest against the sale was made and filed by Llewellyn
Hernly, Assistant to Charles Franklin, Counsel for the company.
Sixth Ave. Line Foreclosure Authorized—
Federal Judge Patterson has authorized Central Hanover Bank & Trust
Co., as trustee for bonds of the company to bring foreclosure proceedings
against the Sixth Avenue elevated line for the purpose of offering the
property for sale at a price not less than $12,500,000.
Operating profit
Other income.
Total income
Prov. for Fed., &c. tax._
Minority int. in profits
of subsidiaries
760
Jan.1
9,017
5,379
1,847
2,506
$347,617
$264,836
$286,436
$351,214
583,684
Net profits
Bal. of earned surplus at
569,763
2,086
388,139
25,156
394,109
28,874
$836,684
253,000
$699,731
126,500
$774,196
379,500
3.468
6,557
Adjustments
Total surplus
Common dividends
State inc.
for prior yrs., &c.
$931,301
347,875
Add'l Fed. &
taxes
Other surplus adjusts
Balance, Dec. 31
Com. shs. outst. (no par)
Earnings per share
589
409
$582,429
$583,684
$569,763
$388,139
126,500
126,500
126,500
126,500
$2.74
$2.09
$2.27
$2.78
Condensed Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash on hand & on deposit, $556,266; accts., notes & accepts,
less reserves, $94,431; inventories, $186,130; miscellaneous
$3,164; prepaid values and deferred charges, $9,390; investments,
assets at cost (less reserve for depreciation of $371,291),
$575,010; patents (cost, less amortization), $128,091; total, $1,558,508.
Liabilities—Accounts payable trade, $9,774; accrued taxes, $74,570;
accrued expenses, $1,349; Reserve for repairs and maintenance, $765;
minority interest in subsidiary, $27,120; capital stock (126,500 shares no
par), $862,50o; earned surplus, $582,429; total. $1,558,508.—V. 145, P.
receivable,
assets,
$6,026; fixed
1591.
Financial
120
Marine
default, since the company has 90 days' sinking fund grace
the trust agreement.
The decision to defer sinking fund
Mr. Kahn said, was due to the company's low
of sufficient experience with the seven-cent-fare
basis.—V. 146, p. 3809, 3959.
period
[Holding Company Only]
Earnings for the Year Ended Dec. 31, 1937
$499,024
51,680
141,233
Cr39,246
sales of securities and recoveries...
$345,357
762,054
Net profit-...------—-----------—•——<—
Surplus, Jan. 1, 1937 (including capital surplus of $131,500)..
Surplus credit—restoring to capital surplus recoveries on assets
Masonite
5,012
————
Surplus, Dec. 31, 1937 (lncl. capital surplus of $136,512)—-Balance Sheet Dec. 31, 1937
>
$678,434
-
[Holding Company Only]
Assets—Cash, $682,296; securities issued by the United States and Gov¬
ernment owned
corporations (valuation based on market quotations),
based on market quotations), $792,583; dividends, notes and accounts receivable from subsidiaries, $119,370;
other dividends, notes and accounts receivable, $118,115; investments in
stocks of banks and subsidiary companies, $7,508,920; total, $9,735,493.
$514 209; stocks and bonds (valuation
LiatHlities—Provision for Federal and State taxes, $15,610; initial no-par
capital stock (8,852 shares) and fully participating no-par value
capital stock (352,806 shares), $9,041,450; surplus (including capital surplus
of $136,512), $678,434; total, $9,735,493.—V. 143, p. 593.
value
Massachusetts Utilities Associates—Annual
Income Account for
Report—
1936
1935
Earnings
$1,728,889
L ,811,474
70,009
$1,739,902
b29,500
$1,757,584
5,647
$1,857,503
6,307
201,550
198,346
195,967
200,327
6,039
130,275
8,095
83,830
54,910
$1,403,600
$1,420,130
$1,462,755
$1,607,030
paid or declared
1,447,638
1,447,631
1,447,609
1,447,599
Balance for surplus—
a$44,038
a$27,501
$15,146
——
Total income—
...
disc. &
e.
pense
Net
premium on
reacquired
General expense
Divs.
debs.
8,414
43,838
in Feb., 1935 &
rec.
accr.asinc.in 1934—
Netincome
29,889
Pref. divs. of Mass. Util.
Assoc.
was
not
1937
1936
$
$
Assets—
Conv. 5%
Sbs.ofvot.tr .hold
136198,907/19,090,650
Ing shs. of subs.
*
"
Shs. of subs
1937
Liabilities—
\16,851,229
-•
Notes & accts. rec
938,494
820,574
pref. shs. of
New Engl. Pow.
6%
Material Service Corp.
Calendar Years—
Net sales--.
Net income-1-
Shares
A, 5%, due
April 1,1949... 3,366,000
1,780,249
ser.
105,706
Pref. div. declared
361,910
361,908
Accounts payable-
18,555
10,913
164,288
Divs. receivable..
189,730
192,500
Notes pay. to bank
1,544
1,287
3,420,000
Notes pay. to New
Int. receivable
3,250
45,521
Prepaid Interest..
Sinking fund dep..
& expense
Disc,
43*556
199,287
220,483
1,161,235
405,000
Accrued interest..
42,075
42,750
67,086
25,982
Other accrued exps
Investments res..
17,000
Total
a
45,537,612 45,232,013
9,426,271
763,966
Consolidated Balance Sheet Dec. 31, 1937
1937
1936
Mead
$8,167,338
2,196,016
92,931
25,906
530,671
22,362
465,635
$7,828,112
2,194,498
$7,518,922
2,279,911
Oper. profit
x
30,591
43,048
397,061
411,350
$10,944,283 $10,464,552 $10,238,942
2,731,331
2,719,128
2,632,158
2,583,236
3,153,819
3,512,271
3,308,418
3,012,952
577,893
631,424
510,099
440,828
729,316
811,011
815,909
803,195
1,349,272
1,322,796
1,273,346
1,252,984
Operating expenses..-..
Purchased power & gas.
Maintenance
Depreciation
Taxes...
$1,761,742
192,071
35,219
6,543
47,916
$1,947,653
202,362
28,725
8,916
236,909
$1,924,620
211,078
$1,479,993
$1,470,741
$1,441,865
$1,642,127
Assoc. paid or declared
1,447,638
1,447,631
1,447,609
1,447,599
Bal. for consol. surpl.
$32,355
$23,109
def$5,744
Other interest
Other charges
Minority pref. divs., &c.
earnings._
21,283
32,814
217,580
$2,145,747
221,653
26,569
255,397
Pref. divs. of Mass. Util.
Consolidated Balance Sheet Dec
1937
§
§
Plants & properties42,342,332
45,060,345
Construction work
95,014
56,032
Investment securs. 7,384,932
7,386,342
105,706
105,706
295,000
985,000
1,827,386
accounts.
154,044
248,324
Accts. & notes rec.
& others..
1,480,989
Materials & suppls
Sink. fund deposits
Prepaid
1,372,772
62,388
rec
62,858
449,833
395,059
45,521
43,679
46,447
24,471
483,823
505,247
insurance
& other exps...
Unadjusted
debits
Disc,
Total
cum. &
partic. pref. stk.28,954,500 28,954,500
1,161,235
The 1937
figures
Samuel
1,920,221
209,859
1,544,332
202,710
2,130,080
544,019
1,747,042
546,952
1,586,061
...—.....
Mexican
cover
1,200,090
only the operation of National Rys. of Mexico.
Light & Power Co., Ltd.—No Int. Payment—
There will be
no
No profit was made in the latter half of 1937 and the
necessary funds were
available, he said.—V. 146, p. 3959.
Michigan Bell Telephone Co.—To Cut Rates—
The Michigan Public Utilities Commission has issued an order
directing
company to reduce intrastate long distance toll rates to the level
charged for, interstate calls.
The Commission estimated that the reduction
would amount to $550,000 annually.
The order becomes effective Aug. 1.
this
The Commission decided that inasmuch
as
American Telephone &
Telegraph Co. controls Michigan Bell Telephone Co., the two companies
must be considered as a single corporation for
regulatory pin-poses.—V. 146,
p. 3809.
"
Midland
Valley RR.—Earnings—
1938
From Jan.
1936
$97,604 '
26,515
13,011
$99,337
29,501
15,737
490,886
171,606
84,526
Net after rents
1937
$92,760
31,181
15,907
569,796
246,495
158,563
266,976
1935
$82,589
29,985
20,595
1—
Gross from railway
Net from railway
Net after rents.
3,420,000
Accounts payable.
Accrued taxes
534,342
511,184
350,425
b333,838
Accruals
108,124
105,374
750,000
405,000
Consumers' depos.
decl.onMass.
Util. Associates
445,934
361,910
361,908
588,469
487,459
189,889
113,526
187,082
487,884
.
preferred
Divs.
shares
declared
minority shs. of
of
a
Lux, Inc.—Interest Payment—
Minneapolis & St. Louis RR.—Earnings—
on
subsidiaries
Miller &
Company paid interest on coupon No. 20 on the 6% bonds and 7% notes
June 27.
Coupon is dated Oct. 1,1935.—V. 146, p. 2050.
on
May—
1938
Gross from railway
Net from railway.__.__
Net after rents
4,857
15,818
sub.
to be retired
147,000
Res. &susp. cred. 16,598,952
17,034,640
104,793
66,081
Consol.earn. surp. 2,067,531
From Jan.
$673,027
85,698
1937
$670,853
84,578
1936
$738,345
161,607
1935
$575,022
def2,617
def53,676
13,014
984
77,121
3,312,935
464,993
82,658
3,223,933
332,736
defl21,596
3,351,114
2,786,605
461,418
40,469
defl76,800
1—
Gross from railway
Net from railway
Net after rents.
48,048
1,989,006
—V. 146, p. 3961.
Mississippi Central RR.—Earnings—
Total
56,033,645 59,234,456
Federal
surtaxes
on
Ry.—Sinking Fund Held Up—
but would meet interest payment on its
7% bonds.
May—
1938
$62,253
10,033
The deferment does
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 146, p. 3672.
—
1937
$70,598
673
Gross from railway
Net from railway
Net after rents
Kahn, President, announced June 30, that the
company would
deposit the $75,000 quarterly sinking fund requirement on July
1,
11,216,004
9,671,672
payment on account of interest due on July 1 on the
6% cumulative income debenture stock of this company, the Chairman,
Miller Lash, announced at the annual meeting of the
company on June 29.
1,780,249
b Including provision for
$7,303
undistributed income.—V. 146, p. 3959.
Market Street
xl937
11,902,290
9,982,069
_____
3,621,974
1,161,235
.56,033,645 59,234,4561
$1.67
1938
'
Net operating income..
606,028
& com. shs.,
a$1,000 shares,
not
Nil
System—Earnings—
_
1,780,249
Com. stk. ($1 par)
Pref.
Cap.surp. of subs.
Util.Assoc. pref.
shares
S
Conv. 5%
Bonds
Mass.
on
Liabilities—
Div.
customers
Decl. divs.
$0.85
[Mexican Currency]
r
May—
Notes payable
in savings
from
$1,157,570
687,959
108,591
undistributed profits.—V. 146, p. 3343.
Gross from railway
Net from railway
1936
1937
held by public..
1,926,380
Depos.
on
Long-term debt... 3.366,000
6% pf. shs. of
New Eng. Pow.
Cash
31
1936
Assets-—
....
$217*459
Other income
$194,528
Int. & amort, of bds. disc
Association
Before surtax
;
not
before int.
& dividends
Notes receivable.-
$606,854
Nil
Mexican Government Rys.
x
a
198,192
183,554
55,183
15,930
$2,540,602
672,143
210,635
236,025
237,222
27,007
on
common stock
x
$1*301,032
336,085
105,200
117,321
123,995
11,577
$1,358,277
7,765
share
per
$2,432,011
21,423
Net profit
Earnings
$1,255,657
102,620
$63,519
___
$1,245,188
55,844
$620,708
343,805
98,521
85,675
Other deductions—___
Fed. & State income tax_
Total oper. revenue—$10,303,373
in progress
$562,246
58,462
_____
Other income.________
Depreciation.
Interest, &e
24 Weeks
June 12,'37 June 11, '38 June 12,'37
$6,577,147
$9,387,564 $13,104,748
5,331,959
8,131,907
10,672,737
Deductions
—_
Net consol
12 Weeks
$4,477,032
3,914,786
Total income
revenue—
Interest
reserve
Corp. (& Subs.)—Earnings—
Net operating revenue
Miscellaneous
earns,
hand, $63,036; receivables (less
1934
1955
$7,538,501
2,087,750
120,545
Gas
Net
on
(liquidated for $22,176), $12,950; prepaid expense, $6,974; other assets,
$863,670; fixed assets (less reserve for depreciation and depletion of $330,719), $1,386,458; options on land, $15,500; goodwill, $1; total, $3,603,968.
Liabilities—Bank loans, $149,303; purchase money obligation, $19,546;
trade creditors, $289,256; accrued compensation, $20,426; customers' credt
balances, $3,459; accrued local and Federal taxes, $171,459; bank secured
loan due Feb.
1, 1939, $500,000; capital stock ($10 par), $1,250,000;
earned surplus, $1,756,472; treasury stock at cost, Dr$555,955; total.
$3,603,968.—V. 145, p. 3977.
Railway operating revenues
Railway operating expenses
Consolidated Statement of Earnings Years Ended Dec. 31
Other
deposit and
on
Month of January—
Gross oper. revenue—
Electric
125,000
$0.39
for doubtful accounts of $56,377), $921,459; inventories, $273,156; balances
to be liquidated through
materials and services, $60,764; investments
45,537,612 45,232,013
1,000 shares.
Non-operating
125.000
$1.25
125,000
$3.14
eral taxes.
790,940
Total
—
amounted to $141,549.
x After interest of $48,312, depreciation
depletion of $86,786 and all other operating expenses
y Including
income and after providing for interest of $30,382, depre¬
ciation and depletion of $71,938 and Federal taxes.
* After providing for
interest of $61,698, depreciation and depletion $106,535, but before Fed¬
13,500
9,416,271
Surplus-.
1934
x49,190
miscellaneous
Minority interest
250,000
Provision for taxes
pref. shs. 1,161,235
on
500,000
Eng. Pow. Assoc
Unamort. debt disc
1935
yl56,233
and
Total income
105,706
Cash
77,370
$1.33
outstanding (par $10)Earnings per share
Costs and expenses
cum. &
partic. pref. stk.28,954,500 28,954,500
Common stock ($1
6,529,647
215,143
1936
$9,681,973 $10,821,135
al02,906
*461,360
stock
common
Net sales..
Other investments 6,529,647
Association
(& Subs.)—Earnings—
1937
———
June 11,'38
1936
S
par)
1,780,249
Sinking fund debs,
group
purchased from an official of the company and does
represent new financing.—V. 146, p. 3671.
Period—
Balance Sheet Dec. 31 (Company Only)
a
headed by
Herrick & Co. and including Riter & Co. and
Otis & Co., have just concluded the retail distribution of a
block of 25,000 shares of the common stock.
This stock
b Including surtax of $2,600.
Deficit,
a
2541.
Sold—A
Co .—Stock
Mitchell,
Assets—Cash
of debt
amortiz.
&
Int.
......
Electric
Master
$159,431
Miscellaneous income—
Taxes
$1,841,927
13,704
1,872
28,694
share
per
Before undistributed profits taxes.—V, 146. p.
the year
1934
$1,721,275
18,627
Interest
72,568
855,380
266.689
$3.20
536,702
$2.29
536,740
$1.35
After interest of $60,085, depreciation and depletion of $167,661, but
before Federal income taxes only.
Total taxes charged to expense during
$1,797,814
13,659
Dividends
$927,948
a
Calendar Years (Company Only)
1937
June 6, *36
—
x
$1,112,423
433,990
—
——
Corp.—Earnings—
40 Weeks Ended—
June 4,'38 June 5,'37
Net inc. after deprec.& Fed. inc. taxes x$798,623 x$l ,318,081
Preferred dividends
75,592
85,141
Available for common
723,030
1,232,940
Common shares outstanding
previously charged thereto
—
under
payment at this time,
cash position and lack
Dividends, interest and other income—«
—
Expenses and taxes
--- —
,—
Provision for write-down of stocks & bonds to market valuation.
Gross surplus—
Dividends paid
July 2, 1938
not constitute
Bancorporation—Earnings—
Net profit on
Chronicle
315,237
32,957
defl6,483
1936
1935
$56,769
def8,784
$72,818
20,005
13,611
374,901
54,798
6,202
352,643
82,925
48,733
272,456
230
16,113
9,758
32,225
•
866
Volume
Financial
147
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.—
(Excluding Wisconsin Central Ry.)
.PeriodEnd. May31—
Freight
1938—Month—1937
$850,058
$1,064,248
51,259
57,658
All other
1938—5 Mos.—1937
$4,614,682
294,056
504,360
95,473
revenue
116,055
$4,040,102
245.327
496,013
$996,791
revenue
Passenger
$1,237,962
$4,781,443
revenue
Total revenues.
Maint. of way & struct.
expense...!
$5,413,099
172,285
Transportation
...
expenses
General expenses
261,137
772,712
904,773
204,069
32,391
472,154
50,203
Maint. of equipment.._
Traffic expenses
258,314
35,911
500,226
61,436
1,147,352
164,788
2,531,711
242,963
1,261,235
180,829
2,621,394
281,524
$65,688
$120,937
def$78,084
$163,342
Taxes
99,628
102,836
477,915
382,448
Hire of equipment..
Rental of terminals.....
13,047
16,091
96,854
68,236
14,232
16,427
69,189
77,328
Net defic. after rents.
$61,220
$14,417
$722,043
$364,671
Hr40,797
Z>r47,663
Drl92,846
Drl59,642
497,328
492,039
2,423,880
2,399,240
$599,345
$554,120
$3,338,770
$2,923,554
Net ry. revenues
Other income (net)
on funded debt
Int.
Net deficit
Interest Paid
by Canadian Pacific Ry.—
The interest due
July 1
on
the three bond issues below is being paid on
Canadian Pacific Ry. pursuant
due July 1, 1938, is not being paid.
5% coupon bonds, due July 1, 1938,
guaranteed; (b) guaranteed 1st consol. mtge. 4% bonds, due July 1, 1938;
(c) guaranteed 1st ref. 5H% series B bonds, due July 1, 1978.—V. 146,
guarantee, but the principal
The issues are (a) 1st consol. mtge.
its
4124.
p.
Minnesota Power &
Period End.
Operating revenues
Oper.exps.,incl. taxes..
------
529,583
460,000
$224,745
$253,218
$3,058,022
$2,992,299
262
340
4,160
1,500
$225,007
$253,558
$3,062,182
$2,993,799
135,429
5,917
CV175
136,217
1,633,393
1,643,607
Net oper. revenues...
Other income
.
Gross income....
on mortgage bonds.
Other int. & deductions.
Int.
5,932
7l,8l8
67,635
Crl,515
Cr2,565
Cr4,894
$83,836
$112,924
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,359,536
$1,287,451
Int. charged to construeincome
Net
x
$6,672,236
3,219,937
$6,587,696
2,990,557
38,750
41,667
990,717
990,790
$368,746
$296,734
x Dividends
accumulated and unpaid to May 31, 1938, amounted to
$392,229.
Latest dividends, amounting to $1.75 a share on 7% pref.
stock, $1.50 a share on 6% pref. stock, and $.150 a share on $6 pref. stock,
were paid on April 1, 1938.
Dividends on these stocks are cumulative.
Hole—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended May 31,1938 and 1937.—V. 146, p. 3961.
Balance
1938—Month—1937
$283,752
$271,887
x
No
—
2,102,286
210,000
108,000
$89,890
48,999
$31,750
$366,774
253,062
$456,207
253,062
21,088
$113,712
$203,145
$19,803
$10,662
---
$1,033,219
666,444
$1,073,622
617,415
$40,892
21,088
Net income-....
Dividends on pref. stock
x
2,265,287
9,000
$83,120
51,370
Gross income
Balance—-
172,996
15,000
Int. & other fixed chgs_.
1936 or 1937 for Federal surtax on un¬
taxable income was distributed.—V. 146, p. 3672.
provision was made in
distributed profits as all
Missouri Service Co.—Hearing
July 11—
been set for Jply 11, 1938 in the Securities and Echange
the declaration (File 43-135) of com¬
with respect to a change in the interest provisions of $635,000 first
mortgage gold bonds, 6% series A, due July 1, 1953.—V. 146, p. 3810.
A hearing has
Commission's Washington offices on
Missouri & Arkansas
Net from railway
Net after rents
1935
$78,679
1936
$90,419
23,194
11,181
$98,369
20,045
5,670
22,461
13,874
'
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 146, p.
-
3672.
Missouri Illinois
1938
$88,950
8,624
def6,444
Gross from railway
Net from railway
Net after rents
From Jan. 1-—
<
1937
1936
$120,171
30,326
9,692
\
$100,254
26,841
9,667
,
Net from railway
Net after rents.
—
1935
$86,656
13,629
4,976
424,996
95,556
32,106
146, p. 3509.
Price, Waterhouse Statement—
31, 1934 and
was reflected in precise
the chief accounting officer of the
railroad by the accounting division of the ICC".
Neither these instructions
nor good accounting called for inclusion in the balance sheet of the so-called
liability of $14,090,000 under these contracts, then the subject of litigation.
As a result of this litigation this so-called liability was completely and for¬
ever barred as a claim against the trustee and the debtor estate (see annual
report for 1937, pages 9 and 10).
"The balance sheets of Dec. 31, 1934 and Dec. 31, 1935 both contained
footnotes mentioning the existence of the Terminal Shares litigation, and
in each year the certification by the accountants was expressly made subject
to the qualification that 'no provision has been made for pending claims and
law suits, the amount of which cannot be determined at this time.' "
$2,543,451 $10,694,605 $12,411,470
2,014,860
9,346,425
9,529,996
$465,082
Def. after fixed chgs_.
$190,628 def$263,829
348,829
1,780,134
$158,201
Terminal
the
$2,043,963
$1,322,439
1,749,880
$427,440
Bonds—
Interest—
The interest due
July 1, 1938,
Commission on June 20 authorized the company
pledge and repledge from time to time to and including June 30, 1940,
collateral security for short-term notes, not exceeding $13,152,600 of
prior lien mtge. 5% bonds, series E.—V. 146, p. 3509.
The Interstate Commerce
From Jan.
Co.—W. G.
Maguire and
49,300
by Stockholders—
in Wilmington, Dei.,
other directors of the
company carry out the order of the Chancery Court and distribute to stock¬
holders warrants to purchase 80,000 shares of the common stock of Pan¬
handle Eastern Pipe Line Co.
Under the decree of the Chancery Court
in the Mokan receivership, warrants to purchase 80,000 shares of Pan¬
handle Eastern were delivered to Mokan under instruction to distribute
them to Mokan stockholders.
These warrants entitle the holders to one
share of common stock of Panhandle Eastern upon payment of $25 per share.
The complainants are Robert V. White and Floyd L. Perry, and Ralph
B. Mayo and Wallis B. Dunckel.
The complainants are acting on behal
,
in the Supreme Court,
New York County, by Janet Livingston and Edward Russell.
This case
has been removed to U.S. Federal Court, Southern District of New York.
President Maguire has never distributed the warrants as required by the
decree, according to the complainants.
In the meantime, Panhandle
Eastern has paid two dividends on its common stock, one in December, 1937,
371,817
30,975,631
4,913,029
38,065,159
8,775,351
3,768,627
$5,855,130
1,581,363
893,152
28,907,368
4,904,731
1,484,897
34,282,900
7,230,828
2,732,244
587,372
after rents
4124.
p.
Mobile & Ohio
RR.—Earnings—
1935
1936
1937
1938
May—
Gross from railway
Net from railway..
$744,203
116,951
$890,360
203,552
78,610
Net after rents
$1,053,163
239,670
106,743
$861,359
50,050
14,236
4,771,160
987,181
.
5,073,114
1,224,350
603,318
4,062,835
719,445
212,869
3,353,118
160,915
From Jan. 1—
Gross from railway
Net from railway
-
.
285,812
Net after rents
—"V.
262,645
def197,601
146, p. 3509.
Monongahela Ry. —Earnings—
1937
$354,981
206,002
93,779
1936
1935
164,907
67,501
$387,884
242,520
123,953
$339,650
209,986
104,824
1,226,379
689,506
197,449
1,950,925
1,146,951
582,120
1,973,624
1,210,127
609,613
1,648,204
989,314
485,323
1938
May—
Net from
railway.__
$261,078
—
after rents—-----
Net
From Jan.
1-—
Gross from railway
Net from railway
after rents
146, p. 3672.
Montana Power Co.
Calendar Years—
(& Subs.)—Earnings—
—
$12,801,774
5,773,984
525,708
730,308
768,385
$15,423,529
6,828,853
Maintenance
Property retire. & depletion reserve
Gross
$6,267,994
Drl0,739
427,831
282,976
Cr61,317
$3,612,486
—
$5,768,360
1,571,481
669,124
Cr255,049
debentures
Other interest and deductions,
$5,733,697
$6,257,256
1,942,492
529,495
income
on
1,596,373
appropriations
Interest on mortgage bonds
Interest
1936
1937
-
Operating revenues
x Operation,
including taxes
$3,306,096
34,663
incl. amortization
and expense
Interest charged to construction
...—
Net income..
Includes provisions for Federal income taxes
made for Federal surtax on
in the amount of $280,000
undistributed profits for the 12 months ended
undistributed adjusted net income
1936, since no taxable
indicated for those periods.
Dec. 31, 1937 and
was
Consolidated Balance Sheet Dec. 31, 1937
Liabilities—
A. ssets
Plant, property & equip
a Excess of ledger value of
company's investment
Investment & fund accountCash in banks, on demand..
...
Materials and supplies
Prepayments
Deferred
$140,878,844
b $6 cum. pref.
c
stock
815,868,473
Common stock
49,633,300
stock.
1,671,175
Subsidiaries
142,477
1,174,372
Capital stock subscribed
common
debits
Contingent assets (contra)..
Accounts payable
121,286
143,498
2,321,040
843,273
22.144
66,585
2,599,856
Dividend declared
239,364
5,702
Matured long-term debt and
interest
—
Customers'
Taxes
1,556,124
Interest accrued
253,882
Other current & accr. liabil.
7,937.544
Reserves
Contrib. in aid of construe.
(contra).
Earned surplus
Total
a
In
-
8150,657,7641
243,438
104,608
credits
Contingent liabil.
118,298
392,015
deposits
accrued
Deferred
over
600
6,200
61,605,900
Long-term debt
788,796
Accounts receivable
Other current & accr. assets
A complaint has been filed in the Chancery Court
demanding that W. G. Maguire, President, and the
of themselves and all other stockholders of Mokan.
A similar complaint was filed about two months ago
1935
1936
$6,765,031
1—
Gross from railway
Net from railway
146,
1937
$7,062,429
1,301,439
1,257,580
311,320
after rents
Net
Special deposits
Line
the $2,573,000 Pacific RR. of Miasouri
1938
$6,092,317
921,642
Notes receivable
Pipe
on
Earnings for Month of May and Year to Date
May—
Gross from railway
Net from railway
as
Missouri-Kansas
transaction
second mortgage extended gold 5% bonds, due July 1, 1938, was paid but
the principal due July 1, 1938, was not paid on that date.—Y. 146, p. 4124.
to
Directors Sued
Shares
with instructions given to
ended Dec. 31, 1937, and $347,283 for the 12 months
ended Dec. 31, 1936, together with other taxes.
No provisions have been
1938—5 Mos.—1937
1938—Month—1937
_def$106,071
359,011
1935
for the 12 months
Missouri-Kansas-Texas Lines—Earnings—
Period End. May 31—
31,
accordance
x
Operating revenues
$2,104,537
Operating expenses
1,875,947
Income avail, for fixed
charges..
Fixed charges.
securities."
of debt discount
_
417,715
85,226
12,015
596,796
188,866
84,677
433,155
82,392
4,054
Gross from railway.;
the face of the balance sheet.
on
Net operating revenues
Other income (net)
RR.—Earnings—
May—
—V.
119,771
34,771
21,333
410,326
86,754
31,574
464,618
64,712
def3,212
397,027
34,589
def22,589
*
According to the Examiner, the evidence established "that these material
were a part of a studied effort by certain persons connected with
Missouri Pacific and directing its destinies to avoid disclosing the terms of
the contracts and a substantial liability imposed thereunder, not only to
the Interstate Commerce Commission, the Reconstruction Finance Cor¬
poration and this Commission, but also to purchasers of Missouri Pacific
—V.
1937
$77,875
13,665
2,364
Gross from railway
disclosure
Net
Ry.—Earnings—
1938
v
Gross from railway.—
pany
May—
Shares contracts.
The trial examiners report made public is advisory only.
He states that
"finding and conclusion is inevitable that these balance sheets are false,
misleading, and incorrect in material respects." In his opinion the weight of
the testimony "abundantly" supports the conclusion that the liability under
the Terminal contracts was of an absolute and material nature, requiring its
—V.
1938—12 Mos.—1937
$3,548,908
$3,243,504
185,631
Oper. exps. & taxes...
for depreciation._
Prov.
be suspended or withdrawn.
The Commission had charged that financial statements filed in original
registration statement and annual reports for 1935 and 1936 failed to reflect
the true financial condition of the road in that no disclosure was mad$ of an
unpaid balance of around $14,000,000 on a principal sum of $15,965,201,
under contract with Terminal Shares, Inc.
The SEC also contended that
the annual report for 1936 failed to disclose the performance of Terminal
Net
Mississippi Power Co.—Earnings—
Period End. May 31—
Gross revenue
The Securities and Exchange Commission has made public the report
of Trial Examiner Richard Townsend in the Missouri Pacific proceeding
brought by the Commission to determine whether registration of the com.
and 5% preferred stock of the road on the New York Stock Exchange should
Dec.
1938—12 Mos.—1937
561
Prop, retire't res. approp
on
Price, Waterhouse & Co. issued the following statement:
the balance sheet of Missouri Pacific RR. at Dec.
9,534
Amort, of lim.-term inv.
Missouri Pacific RR.—SEC Makes Public Conclusions
Alleged Omissions from Statements—Report Advisory Only—
"In
Light Co.—Earnings—
1938—Month—1937
$505,152
$592,579
238,179
300,611
May 31—
amounting to 50 cents per share, and another payable July 21, of 75 cents
per share.
As these 80,000 shares have never been issued either to Mokan
br its stockholders, complainants say that this is a loss of $100,000 of divi¬
dends to the stockholders.—V. 146, p. 2399.
omissions
presentation of bonds for stamping by the
to
121
Chronicle
Total
31,325
5,701
12,539,702
$150,657,764
capital stock of consolidated subsidiary (Great Falls Townsite Co.)
the par
value thereof plus surplus of the subsidiary at date of acquisi¬
as adjusted,
b Represented by 159,576 no par shares,
by 2,481,665 no par shares.—V. 146, p. 4125.
tion
Monroe
c
Represented
Calculating Machine Co.—Smaller Dividend—
Company paid a dividend of 50 cents per share on its new common
stock, no par value, on June 30 to holders of record June 23.
This com¬
pares with 60 cents paid on March 31 last; $2 paid on Dec. 20 last; $2 paid
I
Financial
122
the smaller amount
oil
of stock previously outstanding on
Nov.
Chronicle
1937; S3 paid on Dec. 21,1936; $2 on Sept. 30,
1936, and $1 per share paid in each of the four preceding quarters.
The company recently increased the amount of common shares out¬
standing from 100,000 shares to 150,000 shares.—V. 146, p. 2378.
■
$1 paid in June and in March,
A ccts. & notes rec.
—
32,588
Prov. for Fed. tax.
52,565
61,959
100,559
1,006,467
Divs. on pref. stk.
6,031
165,000
6,098
250,000
Notes payable
Accruals....—-
Reserve
stock
Interest on bonds and foreign exchange
Reserve for financing
538,638
93,111
Earned surplus
1,850,095
687,459
$2,819,410 $3,190,486
1,000,000
630,000
Cash
on
in
$
time
par)
7,000,000
lst&ref.mtge.5%
7,000,000
253,608
1,325,000
1941..
2,632,099
1,325,000
Gen.
and
hand
220,442
53,950
s.
21,351,000 21,351,000
& ret.
mtge.
f, gold bonds,
due
26,808,900 26,970,700
1955
Accts. & wages pay
Accrued Interest..
co.
25,783
157,500
729,859
612,248
1,685,311
1,985,284
1,510,375
1,803,853
Surplus
due
334,269
2,637,669
3,704,602
Empl's secur. dep.
Dividend payable.
Suspense account.
342,444
Reserves in accrod.
52,246
from
contract on acct.
financing
479,798
25,627
370,983
172,207
charges..
Stores
Bal.
541,411
Res. for co.'s acct.
Prepaid
332,289
34,969
299,455
460,022
receivable.
Accts.
allow.
with
Total
63,254,851 63,950,128
Total
—V.
144,
157,500
63.254,851 63,950,128
(Philip) Morris & Co., Ltd., Inc.-—Record Percentage of
Preferred Taken by Stockholders—
new issue of 6% convertible cumulative preferred stock, 3-20ths of a share
share of common held, subscribed for 77,125 shares
during the allotted 20-day period ended June 22, leaving only 748 shares to
be taken up by the underwriters.
The issue has been listed on the NewYork Stock Exchange and was admitted to trading at the opening on June
25.
Common stockholders' subscription rights were effective at par value
of the shares, $100, comparing with a current price on the Exchange of
of preferred for each
around 114
Proceeds of the financing are estimated at a minimum of $7,425,839 after
underwriting commissions and expenses, which sum will be available for the
elimination of outstanding bank loans.
As of June 30, 1938, this item is
expected to be about $7,500,000.
The offering was underwritten by a
group headed by Lehman Brothers and Glore, Forgan & Co. and included
23 other members.
Lehman Brothers and Glore, Forgan & Co., according to the underwrit¬
ing agreement, have each contracted to purchase 13.72% of unsubscribed
shares.
Other percentages throughout the group range from 7.70% to
1.28%.
During the fiscal year ended March 31, 1938, consolidated net earnings
were equal to $10.91 a share of common against $6.88 in the preceding year.
An initial dividend of 84 cents on the preferred stock was recently de¬
clared, covering the period from July 1 to Sept. 1, 1938.
This dividend
is payable Sept. 1 to holders of record Aug. 15,1938.—V. 146, p. 4125.
Co.—Recapitalization Voted—
-
Stockholders have approved a recapitalization plan whereby holders o
present A stock, having dividend accruals of $14.50 a share, may exchange
each share for two shares of new convertible preferred stock, each con¬
vertible into three shares of B stock, carrying a 50-cent annual cumulative
dividend, and one share of B stock.
one
share of
new
Mueller Brass
Period End.
x
Earnings
per
re¬
Co.—Earnings—
1938—6 Mos.—1937
$90,125
x$582,823
265,516
265,516
$0.34
$2.20
May 31—
_
common
Holders of present B stock will
B for each four shares now held.—V. 145, p. 3662.
Net income
Shares
stock.
share
1938—12 Mos.—1937
$309,193 x$l,035,430
265,516
265,516
$1.16
$3.90
After expenses incl. est. income taxes but before
surtax.—Y. 146, p. 2700.
x
Munson Steamship
undistributed profits
Line—Settlement with Government—
See United Fruit Go. below.—V.
146,
p.
4125.
Nashville Chattanooga & St. Louis
Ry.—Earnings—•
1938
$1,156,468
307,450
214,470
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
$1,194,312
1936
1935
153,088
45,129
$1,095,151
97,028
49,237
$1,046,859
94,207
30,349
5,583,477
1,059,328
539,545
May—
Gross from railway
Net from railway
Net after rents
6,383,665
1,174,329
677,686
6,550,459
637,696
342,921
5,229,559
519,171
189,736
—V. 146, p. 3672.
Nassau-Suffolk
Bond
&
Mortgage
Guarantee
Co.—
The plan of reorganization became effective on July 1.
At a recent
meeting of the directors, John K. White was elected President and Fred¬
erick D. Wood Vice-President.
Samuel J. Titus was named Secretary
and George Mahler Treasurer.—V. 141, p. 4172.
National Oil Products Co.—New
Chairman, &c.—
Charles P. Gulick, founder and former President of this company, has
been elected to the newly created office of Chairman of the Board.
John
H. Barton, previously Vice-President, was elected President, and Thomas
A. Printon was elected Vice-President in charge of industrial sales.
Mr. Gulick stated company recently had expanded its plant facilities at
Harrison, Chicago, and Cedartown, Ga., and is preparing for a substantial
increase in its general business.—V. 146, p. 3195.
National
Year End.
Period—
Year End.
Year End.
10 Mos.End
Apr. 30, '38 Apr. 30, '37 Apr. 30, '36 Apr. 30, '35
prec., spec,
chgs., &c_
Miscell. charges—net
for
$212,419
18,333
ment losses
Provision for deprec
6,500
191,630
Prov. for Fed. inc. tax..
alQ,385
loss$14,429
72,502
Common dividends
Earns, per sh. on
$275,046
2
168,338
a58,379
120,542
41,948
92,032
30,222
$145,109
73,612
18,663
$216,020
74,554
37,326
$152,789
62,744
37,395
89,929
shs. com. stk. (no par)
a
$375,376
Cr3,134
to
Preferred dividends
Includes $193
distributed
2,517
$374,344
commit¬
W Net profit carried
surplus account
_
,
.
competing municipal distribution systems have been removed.
The U. S.
Supreme Court held at that time that the municipalities involved in the
cases before it had the right to accept funds from the Public Works Adminis¬
be lawful
holding that "if its (a private company's) business
destroyed by the operations of the municipalities, it will
competition from which no legal wrong results."
This company therefore is faced either
tiations for the sale to public agencies of
with cooperating in the nego¬
the properties of its subsidiary
companies in the TVA area or of having its investments, as well as those
of the other security holders In these properties, seriously endangered and
Power
&
destroyed by such competition.
The subsidiaries
Memphis Power & Light Co., West Tennessee
Holston River Electric Co. and Tennessee Public
Light Co.,
Service Co.
The City of Memphis, with an outright gift of $3,092,000 from the
$3,000,000 reaiized from the sale of its bonds, is actively
engaged in the building of a distribution system to duplicate that of Memphis
Power & Light Co.
The city is receiving its power supply from the TV A
and competition with Memphis Power & Light Co. is now a reality, in that
the city has completed a part of its distribution system, already is serving
a few customers heretofore served by the Memphis company and is con¬
Federal PWA and
necting more as rapidly as
possible.
Negotiations looking to the sale
of the Memphis company's property
to the city to avert this competition are being carried on between repre¬
sentatives of the city and representatives of the Memphis company and
National Power & Light Co.
Jackson, Tenn., is the largest city served by West Tennessee Power &
Light Co.
The city received an outright gift of $299,500 and a loan of
$364,000 from the Federal PWA to build a competing electric distribution
system and has already taken away several of the company's former cus¬
tomers which are being served with TVA power.
Agitation in the other
communities served by the West Tennessee company is active.
Nego¬
tiations looking to the sale of this company's property to the various
municipalities which it serves and to the TV A are under way.
Negotiations also are being conducted looking to the sale of the property
of the Holston River Electric Co., which supplies service in eight smad
communities northeast of Knoxville in eastern Tennessee.
The City of Knoxville has contracted to take power from the Authority
and already is well under way with construction of a municipally owned
electric distribution system to compete with the system of this company's
subsidiary, Tennessee Public Service Co.
Construction of this system is
being financed by an outright gift of part of the necessary money and a
loan of the balance from the Federal PWA.
The construction by the
Authority of transmission facilities for service to the city's distribution
system is also well under way.
Four years ago, in an effort to reduce to a minimum the losses of Tennessee
Public Service Co.'s security holders, negotiations with the Authority and
the city resulted in a contract whereby the Authority then agreed to pur¬
chase all the Tennessee company's properties used in its electric service
(as distinguished from its transportation properties), except the WatervilleKingsport transmission line which the company contracted to sell to
Appalachian Electric Power Co.
Litigation, since disposed of, prevented
consummation of the sale.
Since the decision of the U. S. Supreme Court in the PWA cases referred
to above, the City of Knoxville has been active in seeking to carry out its
municipal electric distribution program and there is now nothing to prevent
destructive competition between the city and the Tennessee company.
As a result, negotiations between the Tennessee company, the Authority
and the city were renewed and new contracts have been entered into for the
sale of all the electric properties of the company (as distinguished from
its transportation properties) to the Authority, the city and the Appalachian
company for approximately $9,333,000.
The amount to be received would still leave Tennessee Public Service
Co., after providing for the bondholders, with cash and other quick assets
aggregating considerably less than the amount invested in the preferred
stock and with nothing for the common stock in which a large sum has
been invested.
It is impossible at this time to state what the preferred
stockholders of the Tennessee company will receive as a cash distribution
on their shares if the contracts are consummated.
The best estimate at
this time, however, indicates somewhaere in the neighborhood of $70 per
share. All that will remain for the balance of the investment in the preferred
stock and the substantial investment in the common stock will be a street
m
a
railway and bus transportation system, which the city has refused to pur¬
chase, and some miscellaneous properties of only salvage value. Our com¬
pany owns 42,342 shares (85.4% of the issue) of the preferred stock and
all the
common
stock of the Tennessee company.
While the price
under the present contracts is higher than the 1934 price,
it actually represents no material change
holders of National Power & Light Co.
Nil
$0.79
from the standpoint of the security
This is due to the fact that since
1934 Tennessee Public Service Go. has added more than $800,000 in new
and to the fact that in 1934 the Authority entered into a
power contract with Carolina Power & Light Co., ail of whose common
stock is also owned by National Power & Light Co., under which the
Carolina company would have received approximately $1,000,000.
In the
present transaction the Authority will not enter into a similar contract
electric property
The Authority and the city are under no obligation to. purchase these
properties unless 80% or more of the $7,000,000 of the company's first and
refunding mortgage gold bonds 5% series due 1970 outstanding are de¬
posited with the Authority or its agent, under an agreement providing for
their payment at 97H% and interest, and the Tennessee company is not
obligated to sell unless 80% or more of the bonds have been so deposited
by Aug. 13, 1938. The Authority and the city have the right voluntarily
to extent this date.
The arrangement also is contingent on the approval
of the sale by governmental authorities, the stockholders of the Tennessee
company and the stockholders of National Power & Light Co.
The alternative to the sale is destructive competition with a Federallyfinanced and municipaily-operated electrip distribution system supplied
with power by the TVA and failure to consummate it would be disastrous
to the interests of this company and the other security holders in Tennessee
Public Service Co.
In view of this critical situation,
and being mindful of the best interests
holders affected, directors and officers feel it their
duty to recommend that authority be given to them to vote the stock of
Tennessee Public Service Co. in favor of the sale of the properties of that
of all of the security
$1.57
$1.00
($23,400 in 1937) estimated provision for surtax on un¬
profits.
Public Service Co. to the Tennessee
Valley Authority and the City of Knoxville, Tenn.
P. B. Sawyer, President, in a letter to stockholders states in part;
For the last several years competition from the TV A and governmentfinanced municipal electric distribution systems is jeopardizing the value
of the properties of the several subsidiaries of this company in the Tennessee
Valley area and adjacent territory.
Since Jan. 3, 1938, the barriers to the financing by the Government of
with the Carolina company.
Battery Co. (& Subs.)—Earnings—
Net profit before Int.,de-
Provision
8 on authorizing the officers to vote the
owned by the company, in con¬
The stockholders will vote July
immediately threatened are
Common stockholders offered rights to subscribe to 77,873 shares of a
ceive
Meeting
stock of the Tennessee Public Service Co.,
possibly ultimately
New
Moxie
Co.—Stockholders*
be curtailed or
2662.
p.
Light
TVA Deal—
tration for this purpose,
provisions
of contract
&
Power
summation of the sale of the Tennessee
gold bonds, due
2,561,420
Call loans
ordinarily payable at this
on the first preferred stock.
A quarterly dividend of $1.25 per share
paid on April 1 last.—V. 146, p. 2214.
Called to Approve
P1"
Common stk. (5100
shs. of
bank
1936
$
Liabilities—
Prop, and equip—57,648,170 58.452,964
Inv.
for acct. of
500,000
guarantee fund.
500,000
(incl.
Co.—Dividend Passed—
Nashua Mfg.
National
1937
1936
§
sub. & assoc. cos)
$2,819,410 $3,190,486
Total
Directors have decided to pass the dividend
General Balance Sheet Dec. 31
Inv.
_
$1,066,933
Balance, deficit........
1937*
stock
Represented by 32,894 no-par shares In 1938 and 33,264 no-par shares
1937T y Represented by 89,929 no-par shares.—V. 145, p. 1428.
was
Assets—***
Common
x
in
$563,067
Balance...
Transferred to reserve for depreciation
Dividends for the year
30,716
727,985
538,638
93,111
663,670
Capital surplus.—
8,040,134
_
$3,337,144
2,422,409
351,668
-
86,.542
719,888
...—
Cum. conv. pref.
x
Total
Balance
-
Long-term debt—
y
Operating expenses and taxes (Including autobus depreciation).
42,^55
1,235,543
96,207
968,454
expenses.
Plant & equipment
Maintenance and renewals
31,505
952,688
59,893
Inventories
584,272
$13,227,373
Gross revenues
$525,953
250,000
$231,057
—$11,126,288
1,738,564
362,521
Oar earnings
Autobus earnings
1937
$438,672
Accounts payable.
$210,349
531,819
Other assets
Earnings for the Year Ended Dect 31, 1937
1938
Liabilities—
1937
1938
Assets—
Cash....
Prepaid
Montreal Tramways Co .—Earnings—
Miscellaneous earnings
July 2, 1938
Consolidated Balance Sheet April 30
2 last;
company.—V. 146, p. 4125.
/
Volume
Financial
147
National Pumps
Corp.—Preferred Dividend Deferred—
Directors at their meeting held June 24 took no action on payment of a
dividend on the 5M% preferred stock, par $10, at this time.
A regular
quarterly dividend of 13%
cents per share was
paid
April 1
on
last.—
—V. 146, p. 116.
Period End. May 31—
shares of Jersey
common
$625,392
358,882
_
Amort, of lim.-term inv_
1938—12 Mos.—1937
$7,867,609
$7,109,443
4,327,453
3,945,271
35,818
575,832
520,834
$568,388
325,110
2,024
48,333
41,667
Net oper. revenues
Other income
$216,153
26
$201,611
13,968
$2,928,506
13,919
$2,643,338
132,765
Gross income
Int. on mortgage bonds.
Int. on debenture bonds
Other int. & deductions
Int. charged to construc.
$216,179
61,875
17,500
$215,579
61,875
17,500
9,896
8,963
a 6,312
$2,942,425
742,500
210,000
108,868
Cr29,571
$2,776,103
742,500
210,000
96,337
Cr36,879
res. approp
.
Cr3,773
Net income
$130,681
$133,553
Dividends applicable to preferred stocks for the
period, whether paid
499,100
499,100
unpaid
or
$1,763,845
$1,910,628
Balance
$1,411,528. $1,264,745
Note—No provisions have been made for Federal surtax on
undistributed
profits for the 12 months ended May 31, 1938 and 1937.—V. 146, p. 3962.
National Tea Co.—Sales—
Period End. June IS—
1938—4 Weeks—1937
1938—24 Weeks—1937
$4,209,063
$4,931,216 $26,197,767 $29,774,006
Sales
Number of stores decreased to 1,113 units on June 18, from 1,235 units a
previous.—V. 146, p. 3672.
Nevada-California Electric
Calendar Years—
denied that it had violated the
Federal Power Act, and took the position that the commission was without
jurisdiction in the matter because Jersey Central Power was not a public
utility within the meaning of the act because its business is whody intra¬
state in character.
The answer also stated hat the acquisition was approved
by the Board of Public Utility Commissioners of New Jersey in a decision
dated March 11, 1938.
The FPC order stated that the stock was acquired on March 11, 1938,
without their approval as required by the Federal Power Act.
Both of the
companies are affiliated with the Associated Gas & Electric system.—
V. 146,p.3962.
New England Gas & Electric Association
Calendar Years—
Operating
175,380
533,925
2,142,049
606,250
Depreciation
Net operating revenues
$2,090,889
95,961
& replace. of fixed cap.
Other
_
1,246,389
352,839
42,107
1,878,913
1,879,512
1,767,159
$2,339,126
461,921
$2,310,224
272,589
$2,455,041
5,705,171
taxes
Operating income
Other income (net)
$2,801,047
$2,582,813
$2,811,180
129,951
30,000
Crl0,794
112,061
28,333
Cr6,454
84,816
78,819
Cr 11,150
Cr5,533
Gross income
Subsidiary companies:
Int.onunfund.dt., &c.
Int.
funded debt._
on
Int. chgd. to constr'n.
Int. applic. to com. stk.
held by
73,564
92,381
91,527
2,124,766
2,158,220
1,537
2,231,939
4,977
210,889
19,385
19,409
19,409
$146,169
199,988
$448,665
99,994
$237,599
112,504
$390,041
487,475
def$53,819
Amort,
of debt
$2,316,152
1,345,872
91,188
11,164
1,103
Taxes assumed
on
11,111
bond interest
Miscellaneous income deductions
4,001
on
$348,671
$125,095
def$97,433
$5.50 pref. shs.
Balance
Consolidated Balance Sheet Dec.
19b7
Assets—
Net income
Profit arising from retirement of bonds & debent..
Miscellaneous credits to surplus (net)
$866,824
Drl5,431
Drl9,496
$732,977
68,672
14,753
:
surplus, exclusive of items set forth in
summary of consolidated surplus
Dividends on preferred stock
Note—In
items)
order
make
to
revised
were
to
proper
comparison
$831,896
1,050,230
$816,403
735,161
1936
figures
(as to major
conform with Federal Power Commission Classification
Consolidated
Dec.
Sheet
Balance
31
1937
*1936
1937
Liabilities—
$
$
Common stock
Invest,
Preferred stock.
to
vances,
ad¬
&
544,043
556,124
_
Prem.
forredem.of bds.
729
3,978
property
732,252
1,513,500
Def. credit items.
accr. assets
3,651,408
2,957,668
Suspended
58,045
18,803
of add.
prem.
Res.
paid in bd.
for
amortized
1,569,283
1,538,987
17,374
ages,
1,568,033
Revised
figures.—V.
Nevada Northern
146,
6,123,877
141,833
&c
187,954
56,287
1,225,905
4126.
1937
1936
1935
$53,642
27,345
21,881
$32,637
8,936
6,086
279,961
133,088
232,431
102,098
77,047
149,507
95,488
25,919
11,987
per
92,465
90,393
114,505
8,105
Accts. payable..
477,723
540,403
2,085,799
1,665,563
Divs. declared..
12,394
13,474
1,032,886
24,276
52,209
38,031
1935
$39,710
$17,997
$21,069
$38,227
14,503
12,717
11,250
y 13,736
1934
$25,207
$5,280
$9,820
$24,491
$0.50
share
$0.11
$0.20
$0.49
4,383
14,542
Accr.taxes<feint.
978,663
966,171
Misc. accruals..
23,495
Def. debit items
1,836,393
834,125
922,785
600,037
Consumers' dep.
43,287
14,975,032
8,275,077
Capital surplus.
Corporate surp.
Total
.104,972,984 107,472,205
521,698
54,923
11 520,974
Contrib. for ext.
3,4~43~777
104,972,984 107,472,205
Total
notes,
b Represented by 99,994 shares of $5.50 dividend
preferred stock, no par, 155,000 shares of $7 cum. 2d pref. stock,
par, and 200,000 shares of common stock, no par.—V. 146, p. 3511.
Includes
series
no
1938
$246,782
86,992
May—
Gross from
railway
Net from railway
1937
Assets—Investment in stocks and bonds—at cost
32,115
33,088
23,342
487
1,356,638
535,656
1,050,986
301,460
907,263
197,696
69,102
258,358
81,191
28,548
146, p. 3512.
New Orleans Texas'& Mexico
1938
$237,195
88,938
May—
Gross from
railway
Net from railway
shares), $2,763; to be issued in exchange for: 44,326 shares of outstanding
capital stock of New England Fuel Oil Corp. (Nevada) without par value
(44,326 shares), $22,163; 139 shares of outstanding capital stock of New
England Fuel Oil Co. of Massachusetts without par value (139 shares),
$69; 10 shares of outstanding capital stock of New England Fuel Oil Co.
of Massachusetts having a par value of $5 a share (10 shares)
$5; capital
surplus, $33,450 earned surplus since Jan. 1, 1935, $21,165; liability for
unclaimed dividend on capital stock of New England Fuel Oil Co. of Massa¬
chusetts, $100; accrued taxes, $109; total, $79,824.—V. 145, p. 615.
1936
$176,406
70,248
1935
$137,756
75,950
95,166
119,460
55,208
82,410
1,415,978
731,625
987,593
350,971
752,375
254,676
517,099
664,658
278,863
294,783
From Jan. 1—
Gross from
Net from
p.3812.
New York Central
Gross from railway
Net from railway
From Jan.
RR.—Earnings—
1938
1937
1936
1935
$22,896,666 $31,127,851 $28,154,613 $24,986,254
4,586,725
7,522,379
6,903,667
5,907,669
902,346
3,956,380
3,280,984
2,439,953
May—
1—
115,902,370 155,829,496 142,029,465 125,427,003
18,921,72 5 39,654,649 33,236,179
29,330,739
def814,057
21,345,947
15,448,569
12,493,156
Net after rents..
Liabilities—Capital stock (par 50c. each) issued and outstanding (5,525
Ry.—Earnings—
1937
$245,969
126,504
railway—1,208,713
railway
512,137
Net after rents
(less reserve to reduce
to approximate market value of $17,200), $76,910; cash, $1,474; accounts
receivable, $1,140; accrued interest receivable, $300; total, $79,824.
1935
$178,419
36,411
1936
$208,670
66,427
From Jan. 1-—
Gross from railway
Net from railway
Gross from railway
Net from railway..
Includes loss from sale of securities of $2,101.
RR.—Earnings—
1937
$270,791
100,281
1,208,070
346,547
Net after rents.
Net after rents.
on
Balance Sheet Dec. 31,
terest, &c
Mat'ls & suppl's
Net after rents.
1936
50,000 shares...
1,617,200
Accts. receivable
—V. 146,
1937
Net income
28,351
2,974,500
pay. to banks
Notes receivable
Net after rents
England Fuel Oil Corp.—Earnings—
Total income
1,732,827
42,908,600
Accts. payable to
affiliated co._
Notes payable..
Mat'd bond in¬
pledged
against notes
—V.
$54,652
25,750
17,475
Expenses and taxes—..
y
.54,212,513 53,279,269
Total.
49,448
Calendar Years—
Earnings
3,891
1,144,701
213,191
73,904
Gross from railway
Net from railway
Net after rents.
—V. 146, p. 3672.
1 596,930
debt... 42 866,400
Funded
New Orleans & Northeastern
1938
Net after rents
From Jan. 1—
1,952,049
Cash
135,892
167,689
$50,368
21,587
15,168
May—
Net from railway
1,607,593
Cash
a
Ry.—Earnings—
Gross from railway
New
p.
287,640
179,109
& dam¬
Surplus
x
1,059,700
270,756
construction
54,212,513 53,279,2691
90,393
10,181
17,374
176,705
Misc. oper. res...
Contribu. in aid of
Total
92,465
40,500,000
com¬
stock...
Reserves
270,756
6,340,615
_
b35 499,400
cos.
conting.,
injuries
being
bond interest.
Special deposits.
credits
property
Res. for deprec
Dis.onfun. debt&
redemp.,
to
Subs.
mon
Dis. onstk. corp Z>rl,126,291Z>rl,126,291
Bonds & debent..26,402,400 26,311,100
Def. debit items..
Cur. &
605
605
N. E. G. &E.
Ass'n
al70,582
pref.
rec. on
Cur. &accru.liab.
construction
10,416,748
Capital stock of
Int. & divs. rec.
8,468,300
8,468,300
.10,502,300 10,502,300
stock of corp...
Funds with trust's
for
$
Com.stk.ofsub.cos
con¬
trolled cos., &c.
Funds with trust's
xl936
$
Prop., equip. &c._47,674,966 46,671,993
in,
6,756,280
Accts. rec. from
Deps. for mat'd
effective Jan. 1,1937.
Assets
91,057,464
cos.
$
Liabilities—
S
91,461,180
Investments
1936
1937
1936
S
Fixed capital...
affiliated
Earned
727
disct.
Balance of income
Divs.
bonds, debentures. &c
Amortization of discount and expenses on securities
on
356,139
56,280
unfunded debt
on
252,354
2,111,413
31,261
public
N. E. G. & El. Assn.:
Int. on funded debt..
Int.
1,116,454
338,961
1,076,934
1,239,283
353,938
7,204
2,033,616
$2,367,814
337,357
Federal income taxes
Fed. surtax on undis .prof
$2,226,280
89,872
$2,186,850
1,354,140
84,621
Gross income
1935
1936
Prov. for retire'ts, renew.
and expense
Other income
(& Subs.)—
1934
$13,896,113 $13,688,385 $13,439,681 $13,175,342
6,432,211
6,801,204
6,757,001
6,838,214
1 056,043
1,065,514
1,119,453
1,072,009
expenses
Maintenance
$5,683,885
252,147
565,019
2,224,745
572,946
'
1937
Total oper. re venues
1936
1937
$5,705,748
the
In its answer filed, the New Jsersey Power
Corp. (& Subs.)—Earnings
Operating revenues
Maintenance
Taxes (including Federal taxes)
Other operating revenue deductions
Interest
Central Power, an affiliate, in alleged
Federal Power Act and to show cause, if any, why
Commission should not proceed to enforce the requirements of the act.
1938—Month—1937
year
the company's acquisition of a block of Jersey Central
Power & Light Co.
?
The request was made by the company in answer to the Commission's
show cause order issued June 7, whicn directed the New Jersey Power to
submit before June 24 detailed information concerning its acquisition of
violation of the
Co.—Earnings—
Operating revenues
Oper. exps.,incl. taxes.
123
connection with
341,350
Nebraska Power
Prop, retire't
Chronicle
Assumption of Obligation and Liability—
The Interstate Commerce Commission on
June 17 authorized the com¬
pany to assume obligation and liability, as lessee, in respect of
of interest on not exceeding $500,000 of 4% first mortgage St.
gold bonds and $9,000 of St. Mary's division first
bonds of Toledo & Ohio Central Ry.
sion
the payment
Mary's divi¬
preference income
|££ Obituary—
Vanderbilt, 82, died on June 29 at his Hyde Park,
For 61 years he was a director of the New York Central
Frederick William
New York estate.
He also was a director of Pittsburgh & Lake
RR.
Erie and of Chicago &
North Western.—V. 146, p. 3962.
New
Jersey & New York RR.- -Earnings—
1938
$55,625
def3,232
def22,057
May—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
;
Gross from railway
Net from railway
...
Net after rents
...
—V.
282,333
def25,951
def127,224
1936
$67,289
$65,882
def27,951
def.3,446
def25,059
defl5,317
def38,800
318,670
def31,028
def138,057
330,194
def26,979
def128,501
327,530
def88,747
def190,000
1937
$64,672
def 6,104
1935
146, p. 3512.
Order—
''
to
Dismiss
should
Commerce Commission has
not
enforce
Y
requirements of the
Federal
Power Act in
authorized Darwin S.
Bar¬
Vice-President of the C. & O. Railroad Co., to serve as director of
this railroad.—V. 146, p. 4126.
New York Connecting
May—
Gross from railway
Net after rents
From Jan. 1—
Gross from railway
,
The company on June 24 asked the Federal Power Commission to dismiss
and annul its order directing the company to show cause why the Com¬
mission
Chicago & St. Louis RR.—New Director—
Interstate
rett Jr.
Net from railway...._.
Jersey Power & Light Co.- -Asks FPC
New
New York
The
Net from railway
Net
—V.
after rents
146,
p.
3673.
RR.—Earnings—
1938
$164,476
111,203
43,989
1937
1936
1935
$239,620
184,671
119,873
$248,385
174,212
102,367
$218,059
167,675
845,048
560,580
241,436
1,245,069
1,001,584
697,599
1,190,316
922,212
578,644
1,153,177
898,618
557,805
97,366
Financial
124
York
New
&
Haven
New
Hartford
Directors
share
Interstate Commerce Commission for per¬
issue and sell $1,640,000 equipment trust 4% certificates to
The trustees have asked the
to
finance the purchase of 50 new lightweight passenger coaches.
The applica¬
tion said the new equipment will be built by the Pullman-Standard Car
Worcester, Mass.
The road estimated the total cost
of the new equipment at $2,050,000.
Judge Carrol C. Hincks will hold a hearing July 13 on authorizing the
issuance of the certificates.
Manufacturing Co..
_
,
a
Net ry. oper.
Net def. after charges.
b770,403
b871,090
The leases of the following companies were
a
b5,667,202
rejected
bl,558,708
on dates stated be¬
low, but net railway operating income includes the results of operations of
these properties: Old Colony
Western Kit., July 31, 1936:
RR., June 2, 1936: Hartford & Connecticut
Providence Warren & Bristol RR., Feb. 11,
1937.
b Effective as of these dates no charges for the stated leased rentals
are included covering the Old Colony RR., Hartford & Conn. Western RR.
and Prov. Warren & Bristol RR. leases,
c Before guarantees on sepa¬
rately operated properties.
;
Application to Abandon Branch Denied—
of
The Interstate Commerce Commission on June 16 denied the application
the trustees to abandon the branch line of railroad extending from
Litchfield to Hawleyville, approximately 32.29 miles, all in Litchfield and
Fairfield counties, Conn.—V. 146, p. 3962.
New York Ontario & Western
June 28 declared a regular quarterly
Ry.—Earnings—
dividend of $2.50
and
operating
expenses
earnings and the
due to costs of materials and supplies
existing rates of pay it is not anticipated that the full
of the dividend upon the common stock will be earned at the date
fuel
amount
and to
for payment which will necessitate a part of such dividend being
charged against surplus earnings Of previous years."—V. 146, p. 3512.
fixed
Gas & Electric Co—Call for
Tenders
of 6 % Cumulative Income Debentures—
The company
has addressed a letter to holders of 6%
debentures which says in part:
Under the terms of the income
cumulative income
.
,
,
Net from rail way
1938
$517,894
27,256
def56,382
.
Net after rents
From Jan.
1936
$694,655
2(6,607
129,541
1935
$771,706
251,474
183,479
3,680,006
824,022
432,973
3,574,644
1—
Gross from rail way
Net from railway
Net after rents
—V.
1937
$599,815
94,899
12,864
...
—
-
2,504,751
26,309
def385,166
2,901,046
468,419
28,348
909.101
515,724
146, P. 3512.
,
Corp.—Registers $32,000,000 Bonds—
The corporation
(subsidiary of Consolidated Edison Co. of New York,
Inc.) filed with the Securities and Exchange Commission on June 30 a
registration statement under the Securities Act of 1933 covering $32,000,000
1st mtge. 3 Yi % bonds due on July 1, 1963.
Consolidated Edison also filed a statement as guarantor of the prin¬
cipal and interest of the bonds registered by New York Steam Corp.
Net proceeds received from the sale of the bonds are to be applied in
part to the redemption on Nov. 1 of the following outstanding bonds of the
company at 105 and accrued interest:
$5,605,500 of 1st mtge. 6% gold
bonds, series A, due 1947: $12,638,000 of 1st mtge. 5% gold bonds, series
due 1951, and $8,700,000 of 1st mtge. ,5% gold bonds, series due 1956.
The proceeds will be applied also to repayment of advances in connection
with the acquisition of property and the construction, completion, extension
and improvement of the company's plant, equipment and distributing
system payable to Consolidated Edison of New York and to the Brooklyn
Edison
Co., Inc., aggregating $400,000 and $4,400,000, respectively,
exclusive of accrued interest.
The premium required for the redemption
,
The
of $15,557 which the company proposes to expend in the pur¬
6% cumulative income debentures consists of the aggregate of the
sum
chase of
following amounts arising from the following sources,
It was said that an agreement among the underwriters, who are to be
named by amendment to the registration statement, provides that Morgan
Stanley & Co., Inc., are authorized to engage in certain market operations
in the bonds registered to facilitate the distribution of the bonds by effecting
transactions in them to stabilize the market price.
"The existence of this provision is no assurance that any such trans¬
actions will be effected or, if effected, they will not be discontinued at
any time," it was said.
The price to the public, the underwriting discounts or commissions
and the redemption provisions are to be supplied by amendment to the
registration statement.—V. 146, p. 3812.
Susquehanna & Western RR.—Earnings—
May—
1938
$243,622
57,821
def14,830
Gross from railway
Net from railway
after rents
1937
$807,023
1936
Date
57,888
$296,996
86,801
32,789
From Jan. 1—
Gross from railway.....
1,297,922
~V.
146,
594,594
263,911
1,523,565
455,640
211,232
a
Co., has
up
to June 22, 1938.
Arrangements for
following
an adjudication by order of Judge Frankenthaler of the subordina¬
tion of the unsold certificates in the original mortgage held by the New York
Titie & Mortgage Co. in liquidation.
A notice of this redemption and a
form of release to be executed were mailed to all certificate holders with the
advice that the certificates or trustee's receipts and the executed releases
should be submitted to the office of the trustee at 30 Broad St., N. Y.
City.
4126.
May—
From Jan. 1—
Gross from railway.....
1936
1935
20,889
Net from railway
Net after rents
$387,422
63,135
5,237
$346,044
48,009
1,470
$378,114
5),446
def 1,278
1,683,087
193,172
def47,896
1,921,335
373,178
102,290
1,703,614
239,865
29,140
1,844,274
306.355
49,638
3812.
Norfolk & Western
Ry.—Earnings-
Period End. May 31—
1938—Month—1937
1938—5 Mos —1937
Freight
$4,868,870
$7,592,756 $25,223,096 $38,009,203
Passenger,mail & express
255,140
307,976
1,357,068
1,584,040
Other transportation...
23,756
32,664
122,866
149,601
Incidental & joint facility
31,849
66,452
'
184,685
313,117
Railway
oper. revs...
$5,179,617
Mamt. of way & strucfs
Maint. of equipment...
613,648
1,241,325
145,145
Traffic.
Transportation.raU line.
1,497,619
operations.....
15,768
178,860
Miscell
General expenses
Transp
...
for investment
C/447
Net ry. operating revs.
$1,487,698
n.
Net income
$70,519
5,857
14,024
$50,638
*
required to be applied to the acquisition of such debentures.
Balance Sheet
as
at
May 31, 1938
Liabilities—
Assets-—
6% cum. inc. debs., due Jan. 1,
Investments (at approx. market
values
est.
or
as
March 1, 1937)..
Cash
1949
of
$6,519
for unclaimed and unpaid deb.
1938,
23,495
1.038
675.723
,
Accrued
$525,444
(cxcl. of $6,519 deposited
(cxcl.
of
payable as of Jan.
1,
int.
or
on
debs.
27,029
prior thereto)
Accrued taxes
9,046
Other accrued liabilities
stock
82,412
(par 80c.
shs.
issued
1,452
sh.—
per
&
to
be
65,930
—
re¬
organization, April 30, 1937--x229,201
Total
x
$549,978
Reflects
a
charge
to surplus in
Total.
$549,978
April, 1938 of $237,292 representing
book loss from the sale at public auction on April 6, 1938, of the collateral
secure bank loan in the principal amount of $224,000, payment
of which loan had been demanded by the holder.
The collateral so sold
pledged to
consisted of the following securities:
$317,000
1st
5H%
mortgage
bonds
due
1953
of Washington
Gas &
Electric Co.
$19,000 6% debentures due 1961 of Southern Utah Power Co.
2,500 shares of 7% cumulative preferred stock of Washington Gas &
of demand
notes
of Interstate
Gas
Co., together with
sub¬
stantial amounts of accrued and unpaid interest thereon.
1937
$382,457
75,096
Gross from railway
Net from railway
Net after rents
p.
.
Under the amended plan of reorganization 60% of net income is pre¬
sently applicable to the payment of interest on the 6% cumulative income
debentures (annual interest charges on which income debentures issued
and to be issued amounts to $40,543), and the remaining 40% thereof is
$272,503
RR.—Earnings—
1938
146,
*
inc.)
Electric Co.
Norfolk & Southern
—V.
1937
$29,269
41,250
issued)
payment were recently completed with the Superintendent of In¬
surance in charge of the New York Title & Mortgage Co.
in liquidation
p.
19,1938
Oct.
Earned deficit since date of
this
146,
Dec. 17, 1938
$62,488
6,388
8,806
...
Mortgage Co.—Series N-73 Certifs.—
and accrued unpaid interest
15, 1938
Dec.
$47,294
Total gross earnings
General expenses and taxes (other than Fed.
Interest on demand note payable to bank
been
The Continental Bank & Trust Co., trustee for series N-73 certificates
that funds are now available for the payment of such certificates
—V.
Nov. 27, 1938
$15,988
46,500
Com.
announces
at par
Nov. 30, 1938
1938
Income from interest
Income from dividends
Telephone Co.—New Director—
New York Title &
■
Comparative Statement of Earnings 12 Months Ended May 31
interest)...
Batcheller, President of Ludlum Steel
director of this company.—V. 146, p. 3963.
•
-
Accrued Interest receivable
Garfield
appointed
1,563,316
438,041
152,546
3512.
p.
New York
Hiland
1,513,690
435,810
74,872
Be
Expended
of Funds—
Amount
Approximately 40% of net income for six months
period ended May 31, 1938
$4,744
Reduction in principal of note owing by Loeb &
Karnes, Inc. formerly Loeb & Shaw, Inc
4,990
Cash proceeds of sale of $5,000 of 1st mtge. bonds,
5Yi% series of 1953 of Washington Gas &
Electric Co.
2,898
Cash proceeds of sale of $5,000 of 1st mtge. bonds
hYi% series of 1953 of Washington Gas &
Electric Co
2,923
Cash proceeds of sale of stock of Interstate Gas
company and Interstate Pipe Line Co
1
values
Net from railway
Net after rents.
by Which
Same Must
1935
$274,314
77,960
25,601
126,930
respectively:
Source
of the above bonds and accrued interest will be obtained from the company's
current cash.
Net
,
tenders
New York Steam
New York
'
,
,
debentures and the amended plan of
reorganization pursuant to which the income debentures were issued, it is
provided that interest payments on such income debentures be made semi¬
annually on Jan. 1 and July 1 in each year, based on the net income of the
company for the six months period ended Nov. 30 and May 31, respectively.
Net income for the six months ended May 31,1938, computed as provided
in the plan, amounted to $11,501
which compares with net income of
$19,109 computed on the same basis for the six months ended May 31,
1937.
As provided in the plan, 60% of such net income for the six months
period ended May 31,1938 is applicable to the paym ent of interest on July 1,
1938. Accordingly, directors declared to be payable as interest on July 1,
1938 the sum of $1 with respect to each $100 of income debentures, and a
proportionate amount with respect to income debentures of other denoms. •
This payment will represent interest at the rate of 2% per annum for the
six months period ending June 30, 1938, and compares with interest of
$1.50 per $100 principal amount of income debentures (or at the annual
rate or 3%) paid July 1, 1937.
Pursuant to the amended plan of reorganization, the company hereby
calls for tenders of its 6% cumulative income debentures, dated Jan. 1,
1937, and due Jan. 1, 1949, for cancellation and retirement. Tenders will be
received by it up to and including 12 o'clock noon on July 19, 1938, and no
tenders received thereafter will be considered. Company proposes to expend
the sum of $15,557 in the purchase of income debentures tendered.
In
accepting tenders preference will be given to tenders made at the lowest
prices, but the company specifically reserves the right to reject any or all
.
MTffj*GroW from railway
per
$100, payable Sept. 19 to holders of record
In announcing the current dividend, company stated:
"In view of the continued heavy decrease of gross
relatively high
North American
1938—Month—1937
1938—5 Mos.—1937
$5,875,221
$6,897,294 $28,844,297 $34,463,899
income._
151,852
161,441
def556,515
3,274,406
31—
Total oper. revenue
c
on
the common stock, par
on
Aug. 31.
Earninga for Month of May and Year to Date
Period End. May
'vly 2, 1938
Common Dividend—
RR.—Plam New
Equipment Issue—
mission
Chronicle
$7,909,850 $26,887,715 $40,055,968
835,985
3,431,951
4,337,494
1,497,447
6,345,039
7,008,419
138,828
702,485
668,821
1,727,598
7,761,398
8,808,416
19,756
79,572
92,388
218,067
873,832
1,113,367
Cr2,019
Cr2,422
Cr20,682
$165,000 of demand notes of Interstate Pipe Line Co., together with sub¬
stantial amounts of accrued and unpaid interest thereon.
Subsequent to such sale the company reacquired a part of these securities,
namely, $20,000 1st mortgage bonds of Wzshington Gas & Electric Co.
and the $19,000 of Southern Utah Power Co. debentures, and $10,000 of
Washington bonds so reacquired were sold at a profit in June, 1938.
Schedule of Investments as at May 31, 1938
$29,000
20,000
7,000
179,806
Southern Utah Power Co. 6% debentures, due 1961.
Washington Gas & Elec. Co. 1st mtge. 5Y% bonds, due 1953.
Loeb & Eames, Inc., 6% demand note.
shares Southeastern Gas & Water Co. cl. B common stock.
43,754 shares Southeastern Gas & Water Co. common stock.
100,000 shares Washington Gas & Electric Co. common stock.
4,250 Colonial Ice Co., common stock.
5,000 shares Loeb & Eames, Inc., common stock.
10 shares North American Management Co., common stock.
1,063 shares Long-Bell Lumber Co. certificate of beneficial interest in
common
Of
the
stock.
securities
listed
above,
only the bonds
of Washington
Electric Co. and the certificates of beneficial interest in
Long-Bell Lumber Co. presently have
a
common
Gas &
stock of
quoted market value.—V. 145, p«
125.
Northeastern
Water & Electric
Corp.—Special Div.—
Directors have declared
Railway tax accruals...
689,434
Railway oper income.
Equipment rents (net)
$798,264
Joint facility rents (net).
Drll,632
Net ry. oper. income.
Other inc. items (bal.)._
199,816
$3,474,186
1,230,471
$7,695,960 $18,047,759
4,240,617
5,915,918
$2,243,715
350,181
Drl0,181
$3,455,343 $12,131,831
838,396
1,595,833
Dr65,336
Dr61,333
common
was
a special dividend of 25 cents per share on the
stock payable July 15 to holders of record July 1.
Similar amount
paid
on
April 15 last;
initial dividend of $1
May—
$4,228,4 93 $13,666,332
144,663
301,475
$2,681,361
$4,373,065 $13,967,807
893,082
894,084
Gross from railway._
Net from railway
$822,548
$2,502,544
$3,479,983 $13,073,723
—V.
was
paid
on
Dec. 22 last, and
Dec. 151936.—V. 146,
p.
an
2703.
Ry.—Earnings—
1937
1936
1935
$59,111
23,375
$54,702
def5,269
5,669
5,222
$45,599
15,508
333
234,157
79,700
339.978
298,055
237,165
154,980
68,344
129,620
81,179
49.275
1,319
21,247
1—
Net after rents
Net income..-.-
on
$37,857
12,177
Net after rents
$1,001,001
funded debt.
178,453
178,817.
dividend of $1
1938
$2,583,716
97,645
From Jan.
on
a
share was paid
Gross from railway
Net from railway
$986,449
14,552
Gross income
Interest
per
Northern Alabama
146, p. 3512.
___
deflO.SOO
Volume 147
Financial
North Texas Co. (&
Subs.)—Earnings—■
revenues
$1,395,520
a777 251
202,739
al33,871
___
Operation
Maintenance
I
.HI
Taxes
Net operating revenues
$281,658
Non-operating income, net
Balance
Retirement
16
accruals
$281,674
139,455
i
Rights expired May 7.
The company was incorp. Dec. 4, 1917 in Ohio, as Cleveland Controller
Mfg. Co. to do a general manufacturing business particularly of electrical
devices.
At first, it engaged principally in the manufacture of electric
&
lifting and separation magnets and controllers for such magnets.
On Feb. 23, 1918 the company's name was changed to Ohio Electric &
Controller
Co.
Company manufactures both standard size and special lifting magnets,
competing in this field principally with two other manufacturers.
Com¬
pany generally manufactures about one-third of this type product of sold
in the United States.
;
,
Capitalization—The capitalization of the company
Gross income.
_
125
Company offered its shareholders of record April 22, the right to sub¬
scribe pro rata for the 20,000 shares of common stock at $6.75 per share.
Earnings for 12 Months Ended May 31, 1938
Operating
Chronicle
$142,219
7,139
__
Equipment
note interest ,&c
b Interest on 1st collateral lien bonds
53,789
50,553
Income interest, public
Net income after interest requirements
$30,736
Includes expenses and taxes of North Texas Co., only from date of
on March 2, 1938.
b Reflects actual
payments and projected requirements for 12 months'
a
incorporation
period through June 30, 1938, giving effect to reduction in amount
bonds held by public subsequent to
April 20, 1938.—V. 146, p. 1886.
of
as
as
of March 15, 1938,
follows:
as
Authorized
Common stock (no
par).
Outstanding
29,040 shs.
.30,000 shs.
By certificate of amendment to articles of incorporation filed in the office
of the Secretary of State of Ohio, on March 18, 1938, the authorized shares
were changed to
100,000 shares of common stock (par $1).
The 30,000
shares of
stock
As
stock (no par) wre
common
changed into 60,000 shares of common
(par $1).
a
result of the
the company
tion:
foregoing changes and upon completion of the sale by
of the 20.000 shares company will have the following capitaliza¬
Authorized
Northern
^
Pacific
1938
1937
$3,964,816
138,169
defl61,004
$5,082,128
592,725
335,667
$4,646,091
459,550
215,013
$3,974,685
255,102
68,113
19,662,921
931,005
def440,125
_
_
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
146,
1935
1936
24,931,934
3,661,017
2,574,902
21,248,522
1,911,263
909,835
19,055,812
893,437
198,891
May—
Gross from railway—d
Net from railway
Net after rents
—V.
Common stock
Ry.—Earnings—
3674.
p.
Northern States Power Co.
(Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ofl.3%
compared with the corresponding week last year.—V. 146, p. 4126.
ended June 25, 1938 totaled 24,925,682 kilowatt-hours, an increase
Northwestern Bell Telephone Co.—Smaller Dividend—
Directors have declared
a
Earnings for Month of May and Year to Dale
Operating
revenues....
Uncollectible
oper. rev..
mission
on
sales.
(3)
To payment of balance of
of $25,500.
(4) All remaining net proceeds
Stock Sales Agreement—No firm
by the underwriter with respect
in
of construction of plant addition,
cost
the amount
will be used to increase working capital.
commitment to purchase has been made
to the 20,000 shares of common stock.
Company has entered into an agreement with Pierce & Co., Inc., whereby
the latter is appointed the exclusive dealer for the company to sell to the
public at $7 per share such of the 20,000 shares as are not subscribed by
shareholders.
Income Account Years Ended Dec. 31
Operating revenues.. $2,811,389
Operating expenses
1,981,474
$2,785,085 $13,736,790 $13,709,947
1,964,531
9,800,672
9,240,585
$829,915
354,949
$3,936,118
1,841,458
$738,785
480,840
$575,880
393,969
$322,638
267,403
$257,945
190,343
$181,911
140,871
$55,234
9,939
$67,602
9,200
$41,039
5,791
$65,174
3,940
12,650
$76,803
$46,831
998
3.268
14,702
5,129
$48,583
$61,101
$38,433
admin, exps., incl. depr
gen. &
Operating profit
Other income
Total i ncome
Income deductions
$4,469,362
1,728,418
$474,966
443,295
Operating taxes.
$820,554
360,851
$459,703
430,586
$2,094,660
1,909.092
$2,740,944
2,626,594
Net income
-V.
Net operating income
Net income
—V.
146,
_
Northwestern Electric
1937
__
Amort, of limited term investments..
Net operating revenues
Rent for lease of plant
.
647,887
$3,459,655
2,l)s4,497
$3,464,030 $17,156,100 $17,314,104
2,228,388
11,089,854
10,506,817
Net oper. revenues.
$1,275,158
532,046
$1,235,642
470,988
$6,066,246
2,480,402
$6,807,287
2,452,836
$743,112
729,020
$764,654
763,912
$3,585,844
3,573,521
$4,354,451
4,346,355
j
600
260,000
260,000
$1,377,770
$1,333,320
206,744
$1,150,300
204,334
206,957
Operating revenues.
Operating expenses...
2,446,281
\
455
...
$3,482,6'6
22,951
revenues
1935
$4,184,660
$3,856,581
1,942,853]
260,000
reserve approps.
Co.—Earnings—
1938—Month—1937
1938—5 Mos.—1937
$3,466,633 $17,251,967 $17,329,776
2,603
95,867
15,672
Uncollectible oper. rev..
1936
$4,605,690
$2,240,592
726,873
expenses, excl. taxes
Taxes
Operating
Co.—jEarnings—
t
revenues
Property retirement
2704.
Period End. May 31—
Calendar Years—
Operating
Operating
p.
Ohio Bell Telephone
3513.
p.
146.
1935
$1,071,624
748,986
Provision for Federal taxes
Net oper. revenues
1936
1937
Gross sales, less discounts, &c
Cost of goods sold
Selling,
1938—Month—1937
1938—5 Mos.—1937
$2,820,370
$2,791,844 $13,791,639 $13,758,538
8,981
6,759
54,849
48,591
Outstanding
78,080 shs.
100,000 shs.
dividend of $1.25 per share on
the common
stock, par $100, payaole June 30 to holders of record June 28.
Previously
regular quarterly dividends of $1.50 per share were distributed.
See V.
144,^p. 1970 for detailed record of previous dividend payments
Period End. May 31—
(par$l)___
Purpose of Sale—It is contemplated that entire net proceeds (which if all
20,000 shares are sold it is estimated as a minimum will amount to $102,865)
will be employed as follows:
(1) To payment of a certain note payable to Cleveland Trust Co. in
amount of $40,000.
(2) To payment of a note in amount of $9,000 representing bonus com¬
Operating taxes......
Net operating income.
Net income
...
—V. 146, p. 3026.
$1,170,813
$1,126,576
Drl 1,978
$945,966
Dr441
.
$1,170,372
358,260
203,997
$1,114,598
380,228
191,765
$946,296
CY203
Cr 133
Other income (net).
Oklahoma
Cr330
City-Ada-Atoka Ry.—Earnings—
1938
$32,668
5,591
def2,749
Interesc
on
mortgage bonds
...
Other interest and deductions
Interest charged to construction....
Net income
Div.
on
7% 1st pref. stk
....
397.267
203,458
Cr47
$542,738
329,857
$608,318
330,153
$345,617
6% cum. pf.stk. ($100par)..
Common stock ($35 par)
3,500.000
408,366
1st mtge. 20-yr. s. f. 6% gold
bonds
5,698,000
174,508
Demand loan pay.
Special deposits
55,937
Notes receivable
3,868
Accounts receivable
....
Materials and supplies
Prepayments.
14,766
Other current &
Deferred debits
accr. assets..
.
9,670
cum.
1st pref. stock ($100
$4,750,100
par)
65,900
Power &
Light Co__
Accounts payable
2,819,609
142,292
71,500
Taxes accrued
_
40,781
2,101,798
Total
$22,420,167
Represented by 326 shares 7% 1st preferred stock.—V. 146,
Pacific
railway
1937
$7,942,874
2,958,566
198,235
221,552
~—
824,023
711,537
$3,972,342
13,867
$4,051,219
42,342
$3,986,209
1,086,676
$4,093,561
$2,899,533
1,483,966
$2,875,480
1,567,644
$1,415,567
133,200
$1,307,836
133,200
$1,282,367
Balance....
$1,174,636
_
...
Gross income.-.-.-
...
Interest and amortization, &C-_-.
Net income.
a
—
—.......
1935
$264,828
2,214
def21,195
993,019
def514,323
def658,546
1,487,594
54,933
def64,178
1,331,584
37,955
def51,289
1,146,198
def96,811
defl99,664
6% prior pref. stock.....
(for fiscal year ended Nov. 30,1937)..-.-Balance
$277,264
16,627
def3,073
-
—
1,218,081
I
Provision for Fed. surtax on undistributed profits
RR. —Earnings—1936
—
Div. paid &acc.: con v.
4127.
1937
$331,702
38,657
17,548
Net after rents
From Jan. 1—
Net from railway
Net after rents.
p.
$280,573
def25,692
def55,546
1938
-
Retirement accruals..
71.500
Earned surplus
railway
Net from railway.
-
—.
2,444.658
Contingent liabs. (contra)...
Northwestern
;——.—.
_)
(not incl. Fed. surtax on undis. profits)
Non-operating income (net).
3,211
Deferred credits
May—
22,904
1938
$7,956,018
2,961,417
revenues. _;
Operations
Taxes
183,062
67,488
Subs.)—Earnings—-
12 Months Ended May 31—
56,980
_
Reserves
Gross from
15,184
rents........
49,692
Other current & accrued liabs.
—$22,420,167'
12,994
146, p. 3674.
Operating
49,767
625.877
Interest accrued
Total...
after
Maintenance
Mat'd long-term debt & int..
Customers' deposits
69,321
230,213
120,364
81,938
to Amer.
32,600
_
Reacquired capital stock..
Contingent assets (contra)...
a
216,480
72,554
24,752
1935
$36,892
11,852
3,294
From Jan. 1—
Oklahoma Natural Gas Co. (&
7%
Cashinbanks
467,554
1936
1936
$50,987
22,525
Gross from railway
Net from railway......
—V.
prop. & equipment...$21,101,606
Investment & fund accounts.
10,469
Gross from
Net after rents.
Liabilities—
Plant,
a
_
Net
Balance Sheet, Dec. 31, 1937
Assets—
Gross from railway.....
Net from railway.....
1937
1937
$47,546
15,530
5,573
180,070
58,166
May—
.
—
-
-
-
-
-
-
-
-.
b40,000
$1,242,367
$1,174,636
b No provision has been
Represents annual dividend requirements.
made for the Federal surtax on undistributed profits for the fiscal year
a
beginning Dec. 1, 1937, since any liability for such tax cannot be determined
the end of the fiscal year.—V. 146, p. 4127.
until
Old Colony
RR.—Cut in Losses Sought—
dividend of 15 cents per share on the common
Alleging that capital and assets of the road are being consumed by
unprofitable locai passenger operations, which, if continued, will impair
ability of the road to render service and will confiscate the interests of
creditors and shareholders of Old Colony, the Mutual Savings Bank Group
Committee on New Haven Railroad bonds, the protective committee of the
shareholders of Old Colony, and the Old Colony RR. itself, have filed a
stock, payable July 1 to holders of record June 30.
Previously semi-annual
dividends of 30 cents per share were distributed.—V. 142, p. 4350.
Eetition in the take setps, after hearing, to effect economies in operation of
directed to U. S. District Court at New Haven asking that the trustees
—V. 146, p.
3674.
Noxema Chemical Co.—Dividend Halved—
Directors have declared
Ohio Associated
Period End. May 31—
Operating
revenues____
Uncollectible oper. rev._
a
1938—Month—1937
$60,945
$72,474
71
184
$60,874
Net oper. revenues
Operating taxes
Net oper. income.___
—V.
146, p.
The petitioners
1938—5 Mos.—1937
$306,006
$313,886
356
893
42,297
$72,290
37,875
$305,650
204,545
$312,993
185,537
$18,577
7,270
$34,415
5,217
$101,105
36,382
$127,456
25,960
$11,307
$29,198
$64,723
$101,496
Operating revenues._
Operating expenses
4127, 3964.
Electric Mfg. Co.—Stock Offered—Pierce & Co.,
Cleveland, recently offered the unsold portion of
?0,000 shares of common stock (par Si) at $7 p?r share.
Ohio
nc.,
e
the Old Colony.
Telephone Co.—Earnings—
cite the report dated April 19, 1938, filed by trustees of
contended that operating deficits of the Old Colony
the New Haven which
(not including
leased lines) for the period Oct. 24, 1935 to Dec. 31, 1937,
Old Colony for that
period, including so-called intra-system debits and credits, amounted to
amounted to $4,419,179 and that total charges against
$5,775,650.
Total charges claimed against Old Colony with respect to
Boston & Providence amounted to $5,461,451 and total charges asserted
by trustees of the New Haven against Old Golony for the period amounted
to $11,394,522, including $157,421 for the Providence, Warren & Bristol.
The petitioners state that while figures have not been made available for
the period subsequent to Dec. 31, 1937, they believe that charges for this
period, which will eventually be asserted against Old Colony, are continu¬
ing at a rate at least as great as in the Oct. 24, 1935-Dec. 31, 1937 period,
and that "severance studies" indicate that this loss is attributable to local
passenger operations.
It is pointed out that an exhibit filed with the
Massachusetts
Department of Public Utilities, in connection with the
petition for abandonment of 88 local passenger stations and discontinuance
of certain trains on the Old Colony indicated that whereas the Old Colony
had net railway operating income
1937,
that the Massachusetts utilities Department
hearings in connection with the petition to
abandon passenger stations and curtail service, and that such hearings may
continue for a considerable period.
Although recognizing certain jurisdic¬
tion of the utilities commission, they nevertheless aver that considerable
discretion is vested in the trustees with respect to discontinuing or rearrang¬
ing train service at any time.—V. 146, p. 2055.
Period End.
Operating
day 31—
Oper. exps., incl. taxes.
^Depreciation
....
$7,393
1.721
$14,164
3,950
$181,328
26
$155,015
47,400
1,799
49
10,224
1,490
466
$4,537
$10,139
$95,592
...
47,400
on
80,149
78,767
6,657
6,415
def$l,878
$3,482.
Interest accrued on notes rec.
Inventories
$16,835_ $51323
Excluding depreciation of transportation, shop, stores and lalwratory
equipment and depreciation of non-operating property, such aeprwiation
being distributed among the various operating property, operating expense
or other accounts applicable.—V. 146, p. 3813.
**
Plant & equipment—cost..—
Prepaid expenses
Patents, less res. for amortiz..
Patents pending
—
2o5,48b
$104,335
——*
oitiv*
————
120,000
z729,320
contingencies
Common stock.. .
—
7>7-5.980
137,783
$1,472,522
Total
pf $402,820.
(New Orleans)—
Pan-American Life Insurance Co.
f
Dividend Reduced—
Directors have declared a dividend of
40 cents per share on the common
Previously regular
stocK, payable July 1 to holders of record June 21.
semi-annual dividends of 50 cents per share were distributed.—V.
P.
142,
4350.
—V. 146, p.
Pipe" Line Co. (& Subs.)—Earnings
"
1938
1937
1936
$9,667,969
$4,390,176
$7,743,927
3964.
Panhandle Producing & Refining Co.—Plan Effective—
amended became effective June 29 upon
$359,820
expenses
360,000
payable (not current)
Reserve for
x After reserve of $15,000.
y After reserve for depreciation
Represented by 36,466 no par shares.—V. 145, p. 1269.
Panhandle Eastern
A79 'kr?
1,472,832
Note
$1,472,5221
Total
33,246
25,105
5.500
y385,512 Treasury stock
1,371 Surplus...
47,374
2,528
1
* 12 Months Ended May 31—
Gross revenue.
Earnings for Year Ended Dec. 31, 1937
P Net profit from operations....——
Other income (net)
107,200
250
100,000
less reserve for revaluation..
Notes receivable
Goodwill
$40,000
27,548
Reserve liabilities
Other investments
B'Gosh, Inc.—Earnings—
Netsales
Cost of sales
Gross profit from operations
Selling, advertising, administrative & general
.
—
.....
Liabilities—
--:
Invest'ts in other cos. at cost
rr a
Oshkosh
":<*v
$50,043 Notes payable
x277,863 Accounts payable (trade)
988 Accounts payable (others)
499,392 Accrued expenses
Cash
z
preferred stock
Balance..
Package Machinery Co.— -Balance Sheet Dec. 31, 1937—
Assets—
;
$131,972
deductions.—..*
accrued
$149,996
31,332
33
on funded debt.
Other interest-**-....;,...,
Balance
Dividends
1,679
594
....
Interest
Other
$126,366
28,649
$12,485
$9,114
3.950
Operating income
Other income
Gross income
$59,444
36,037
10.922
$61,061
42,205
11,463
preferred stock, par $1, payable July
payment was a quarterly dividend
Dec. 15, last.—V. 144, p. 2494.
Accts. & notes receivable, &c.
1938—12 Mos.—1937~
$780,196
$745,016
519,529
457,421
134,301
137,599
1938—Month—1937
revenues
3H cents per share on the 7%
1 to holders of record June 1. Previous
of 1M cents per share distributed on
Directors have declared a dividend of
The petitioners point out
has held approximately 20
Orange & Rockland Electric Co.—Earnings—
Co.—Dividend Resumed—
Pacific Truck Service
of $275,278 from freight operations in
operations.
operating deficit of $2,636,140 was suffered in passenger
an
July 2, 1938
Chronicle
Financial
126
"The plan of reorganization as
filing of final papers in the office of the Secretary of State of Delaware and
the financing provided for by the plan has been completed.
It is under¬
stood that the new common stock will not be ready fori ssuance until on or
about July 15.
Total income..................
Provision for Wisconsin State & Federal income taxes
Surtax on undistributed income
24,383
oao*
^*2§'nnn
33,000
Common dividends
ih rii
,
Earns, per share on 70,000Ishares common stock
.ua
"""
Balance Sheet Dec.
of
and common stocks on the basis of 35 shares
new
stock for each share of the outstanding 8% preferred stock and one
standing preferred
common
share of the new
Net profit after income taxes and surtax
Preferred dividends..
common
Assets—Cash in banks, $119,498; customers'accounts receivable, $173,661; inventories, $161,071; prepaid expenses and deferred charges, $13,975,
(market value $587), $4,350; treasury stock (8,500
shares of conv. pref. stock at cost), $159,772; land, buildings and ma¬
chinery (at cost) (reserve for depreciation of $164,646), $140,441; goodwill,
patents, patterns, trade-marks, $1; total $772,768.
Liabilities—Accounts payable, $706; accrued expenses, $4,909; accrued
State and Federal income taxes and surtax, $27,433; capital stock, $562,092,
surplus, Dec. 31, 1937, $177,628; total $772,768.
Note—Capital stock is represented by (a) conv. pref.—authorized and
issued 25,000 shares (no
par), of which 8,500 shares are held in the treasury,
(b) common stock—authorized 100,000 shares (no par), of which 70.000
shares are issued and
outstanding and 25,000 shares are reserved for con¬
version of the preferred stock.—V. 145,
p. 4123.
.
stock.—V. 146, p. 3027.
Paramount Pictures, Inc.—Transfer Agent—
has notified the New York Stock Exchange that its board
on May 26, 1938, rescinded the appointment of the Commercial
National Bank & Trust Co. of New York as transfer agent of the common
stock and fractional scrip for common stock of the corporation, and ap¬
pointed Empire Trust Co. as transfer agent of such stock and scrip, effective
as^of the close of business June 30, 1938.—V. 146, p. 4128.
The company
Park
Lexington Co., Inc.—Earnings—
Building and the 19of 4.54% on its out¬
reorganization of the
company.
According to a statistical report released by Amott, Baker &
Co., Inc., gross income for the seven months ended Dec. 31 amounted to
$550,000, compared to $890,000 for the full year 1936.
After payment of
ground rent and taxes, net available for interest amounted to $122,000,
compared to $210,000 for the year 1936.
Occupancy is currently reported
*
The company,
owning the Grand Central Palace
story building at 247 Park Ave., earned at the rate
standing bond issue for the first seven months since
about 85% and the
626,043
17,953
21,250
631,985
10,742
38.713
$1,164,446
620,367
4,318
90,049
1935
$1,106,188
635,083
10,881
161,769
319,100
228,000
155,000
88,0J0
$825,161
119,934
300,000
$576,658
119,934
150,000
$294,712
119,934
75,000
$210,453
119,934
1936
Profit
II
Bond interest
Prov. for Dom. &
income taxes
Provl
Net profit for the year
on pref. shares...
Divis.
Divs.
on
ordinary shares
Surplus...
Balance Sheet
1938
$
Cash
$
S
•
434,260
Accounts payable.
391,315
573,191
y
Serial notes pay.
Other notes & con¬
600,000
750,000
1,595,379
607,179
Investm'ts&accts.
tracts
other than
current
391,296
98,653
15,409,126 15,021,420
Properties
Deferred charges to
payable.
311,764
.
Dividends payable
Res've for Dom. &
Provincial
taxes
Long-term debt...
6% cum. pref. stk.
145,
—Y.
p.
2401.
200,448
342,792
103,146
Unlisted Trading—
The Pennroad investors' committee, consisting
For the first time since the
securities
its
who
1,998,900
7,500,000
1,9981900
about
7,500,000
7,131,626
6,726,400
their corporation.
Since itsjinception
18,854,658 17,826,0501 Total
18,854,658 17,826,050
SrimS depreciation and depletion of $12,528,357 in 1938 and
—T°J*J
~V145,P
v deludes $150,000 current serial notes payable.
447 j
Pacifie'Power & Light Co. (& Sub .)—Earnings—*/■
Period End.
May 31—
1938—Month—1937
68
1938—12
Mos.—1937"
$453,732
253,711
$421,291
226,995
,791,789
3,258,330
approp.
57",908
57,708
693,100
692", 500
Net oper. revenues.__
Kent from lease of
plant.
$142,113
17,429
$136,588
17,482
$1,840,228
206,719
$1,843,925
208,323
$159,542
$154,070
$2,046,947r
Dr231
4
2,39f
$2,052,248
3,350
$159,311
85,417
19,292
$154,074
85,417
18,832
$2,049,341
1,025,000
231,447
$2,055,598
1,025,000
232,055
$54,602
$49,825
$792,894
$798,543
Oper. exps,, incl. taxes..
Amortization of limitedterm
investments
Prop, retire,
res.
131
Operating income
Other income
(net)
Gross income
Int.
on
mortgagejbonds.
Other int. & deductions.
Ml
Net income
—
«.
x'Dividends^applicable
period, whether paid
Balance
$5,468,345
2,931,920
to preferred stocks for the
or
unpaid
458,478
458,478
$334,416
.
Dividends
on
these stocks
are
cumulative.
Note—Includes provision of $2,038 for Federal surtax on undistributed
profits for the 12 months ended May 31,1938.
No provision has been made
for the 12 months ended
May 31, 1937.—V. 146, p. 3514.
^
Pacific Telephone &
Operating
.,
Telegraph Co. (& Subs.)—Earns.
5 Months Ended May 31—
1938
revenues..
1937
$47,252,081 $46,201,543
interest,
amortization>nd depreciation.
6,558,549
8,532,857
Uf»norl
nhn»iA
1
OAfr
AAA
Earned per share on 1,805,000 shares "common stk"
$3.59
$2.50
—Y. 146, p. 3964.
Net
profit lafter
Federal
income
taxes,
i
...
"now
««
to
a
obtain
the
organization of the corporation, the owners
its entire capital of $141,285,000 are
the direction and management of
contributed
right to control
nine years ago the corporation has been
voting trust agreement.
operating
„
operations during the nine-year period of
underithe management appointed by the
voting trustees, the account between the corporation and the certificate
holders, who contributed the capital funds of the company, is shown in the
following table:
Measured by the result of its
control by voting trustees, and
Total cash capital contributed by certificate
holders
S141,285,000
Assets:
4, 1938.- $3,569,959
Cash, &c., as of last annual statement
1,180,755
Securities having no market quotations:
Bonds at cost.
12,736,829
Stock at 50% of 1929 cost
18,776,038
Securities at market quotations, June
Shrinkage
36,263,581
$105,021,419
.
The original voting trustees were directors or officers of the Pennsylvania
RR. and they continued to be such during the times when the Pennroad
Corp. made the vast majority of its investments; and it is, at least, a fair
implication that the Pennsylvania RR. intended the Pennroad Corp.
to be a medium for the fulfillment of its own aims.
This voting trust
agreement will expire May 1, 1939.
As was apparently demonstrated by the Wheeler committee of the
Senate, the interests of the Pennsylvania RR. in the affairs of the Pennroad
Corp. are by no means necessarily identical with the interests of the
Pennroad security holders.
An examination of the principal assets of Pennroad discloses, in startling
manner, the disastrous and shocking consequences to Pennroad of nine
years of control under the voting trust agreement.
^
$340,065
x Dividends accumulated
and unpaid to May 31, 1938, amounted to
$267,446.
Latest dividends, amounting to $1.75 a share on
7% preferred
stock and $1.50 a share on
$6 preferred stock, were paid on May 2, 1938.
Marshall,
which it charges that there has been a shrinkage of $105,021,419 in assets
since the corporation was formed nine years ago, and laid responsibility
at the door of the management and the voting trustees.
The report states:
of
185,294
of Robert E. Lee
Baltimore; Alexander Whiteside, Boston, and Kenneth Sproat Guiterman,
New York, has issued a pamphlet in connection with the company in
279,423
392,967
unlisted trading privi¬
in exchange for
Pennroad Corp.—Investigating Committee Moves to Oust
Board—Shrinkage of Assets Amounting to $105,021,419 Charged
under
*19
Co.—Liquidating Dividend—
leges the new capital stock, $0.50 par, issued share for share
old capital stock, $1 par.—V. 145, p. 3826.
Common stock
78,495
the issue by
a subsidiary of the company ac¬
the use of working capital funds.
~
'
Company paid a liquidating dividend of 50 cents per share on its capital
stock, par $1, on June 22 to holders of record June 21.
A dividend of 30
cents per share was paid in December, 1937, and one of 50 cents was paid
in December. 1936 out of earned surplus.
Earned surplus...
operations.....
,
Penn-Mex Fuel
370,879
401,780
Inventories..
x
1937
1938
Liabilities—
1,966,781
Acc ts receivable..
rec.,
$90,519
April 30
1937
g
Assets—
$131,000 to $4,637,500.
In addition,
quired $378,000 par amount tnrough
The New York Curb Exchange has admitted to
$99,778
$306,724
$405,227
buildings are in very good condition.
the above period reduced
Sinking fund operations during
Mills,JLtd.—Earnings
Year, End. Apr. 110-
Depreciation
Depletion
stock for two shares or outstanding common
of directors
31, 1937
investments (at cost)
Pacific
present out¬
be issued in exchange for the
The new common stock will
$136,133
-
How Capital of
New
York New Haven
$141,285,000 Was Expended
& Hartford RR.—Pennroad's original investment
in stock of the New Haven amounted to
the
approximately $12,000,000.
At
time, the corporation owns 148,000 shares of New Haven
1,200 shares of preferred stock.
These shares represent
an
investment
of
approximately $17,400,000.
The above-mentioned
securities have a present nominal market value of only approximately
$190,000, thus showing a loss, as of the present time, upon this investment
of $17,210,000.
Boston & Maine RR.—Pennroad's original investment in securities of
this road was about $13,000,000.
Pennroad owns 201,387 shares of common
stock and various classes of preferred stock, which represent a total in¬
vestment of over $23,600,000.
The present market value of these shares is approximately $525,000,
thus showing a loss as of the present day upon this investment of about
$23,075,000.
present
common
and
Volume
Financial
147
Detroit Toledo <fe Ironton RR.—Roundly $36,600,000 of the Pennroad's
money was used to purchase 99% of the capital stock and 1st mtge. bonds
or this road.
These securities are not listed on any stock exchange.
For
toe purpose of this document the bonds are valued at
cost and the stock
at 50
% of its 1929 cost price.
Upon this basis the investment has a present
value of roughly $24,695,000.
Canton Co. of Baltimore—About $13,400,000 was spent to acquire more
than a 99 % interest in the capital stock of the Canton Co.
These securities
were purchased at an average price of $611 a share.
They are not listed
on any stock
exchange.
It is reasonable to suppose that the present value
of these securities is
considerably less than the purchase price.
Pittsburgh & West Virginia Ry.—Following a loan by Pennroad of
SI ,950,000 to Frank E. Taplin, President, of the Pittsburgh & West
Virginia Ry., Pennroad purchased from him over 222,000 shares of common
stock of the Pittsburgh & West Virginia Ry. for about $38,000,000, from
which sum the loan was repaid.
The present market value of the shares owned by Pennroad is approxi¬
mately $2,000,000; thus showing a shrinkage, as of the present time, of
approximately $36,000,000.
National Freight Co.—The investment in the National Freight Co.
resulted in a loss to Pennroad of over $3,800,000.
Seaboard Air Line Ry.—The Pennroad Management acquired 402,119
shares of this common stock at a cost of more than $4,500,000.
In 1930
the Seaboard went into receivership.
The present value of Pennroad
Corp.'s holdings in this railway system is about $200,000, thus showing
a loss as of
the^present day of $4,300,000.
Southern Ry. and Atlantic Coast LineRR.—At about the time the Seaboard
Air Line purchases were made, the Pennroad Corp.'s management bought
about $1,400,000 worth of stock of the Southern Ry. and, roundly, the
same
amount
traffic with
of
the
Line stock.
Coast
Both
of these railroads
interchange
at Washington, D. C.
The present
holdings is about $216,000, thus showing a total
shrinkage of about $2,584,000 on this investment.
market
^Pennsylvania RR.
value of
Other
lesser
these
have
investments
been
made
in
amounts
which
are
not
sufficiently large to merit special consideration.
To afford the
for concerted action by the
Pennroad investors' committee has been formed.
means
Realizing that the ultimate
success
certificate holders, the
of the objectives above indicated
will be wholly dependent upon the number of certificate holders who are
willing to cooperate, the committee is desirous of obtaining an expression
from you as to whether you will participate by depositing your shares with
the committee, at the proper time, in the event that a point is reached
which, in the judgment of the committee, makes such
V. 146, p. 3675.
a step necessary.—
1938—Month—1937
1938—12 Mos.—1937
$3,120,197 $38,333,267 $37,873,825
1,714,265
21,842,424
21,580,494
997
3,460
218,333
210,000
2,661,667
2,315,000
Operating revenues
$3,053,961
Oper.exps.,incl. taxes..
1,793,467
_____
Amort, of lim.-term inv.
Prop, retire't
res. approp
Net oper. revenues—
Rent for lease of plant..
$1,041,164
$1,194,133 $13,825,716 $13,956,481
9,429
183,560
234,168
$1,048,836
453,750
50,000
Gross income
Int. on mtge. bonds
$1,195,932 $13,825,716 $13,978,331
1,799
21,850
$1,041,164
7,672
Operating income
Other income (net)
127
period of 1936 included therein, paid by Duquesne Light Co. in 1937 and
charged to surplus.—V. 146, p. 4128.
Pennsylvania Reading Seashore Lines—Earnings—
May—
1938
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents..
1937
1936
1935
$384,324
def59,771
def202,095
$512,076
35,524
defl29,697
$475,155
39,734
defl23,369
$388,927
def53,135
defl89,564
1,706,892
def484.426
defl,142,305
2,105,558
def253,231
def995,855
2,049,817
1,868,203
defl09,859
def410,690
def824,650def1,067,512
—V. 146, p. 3676.
Philadelphia Electric Co.—New Director—
Charles Brinley has been elected
vacancy.—V. 146, p. 3965.
a
director of this company
to fill a
Philadelphia Electric Power Co.—Bonds Called—
A total of $189,000 first
mortgage gold bonds 5}4% series due*1972
have been called for redemption on Aug. 1 at 106 and accrued interest.
Payment will be made at the Fidelity-Philadelphia Trust Co., Philadelphia,
Pa.—V. 146, p. 2545.
Philadelphia & Reading Coal & Iron Co.—Company
Authority of Court to Dispose of as Much as 123,000
of Coal Lands Not Being Mined—
Seeks
Acres
The company recently petitioned the U. S. District Court for an order
authorizing the company to dispose of all or so much as may be possible
of the 123,000 acres of barren lands and the coal lands which are not being
mined, or which have not been developed for mining purposes, subject to
the lien of the refunding mortgage to the Central Hanover Bank & Trust
Co., as trustee.
The petition, filed by Arthur Littleton and Penrose Hertzler, attorneys
for the company, also asked the Court to authorize the company "to borrow
the sum of $2,500,000 from such banks or other leading institution or in¬
stitutions
as will make such credit
available, and to secure such loan by a
or so much as may be required of $2,216,987 of accounts
receivable of the company and inventory of the company of a value of
pledge of all
$2,079,830."
Federal Judge Dickinson referred the petition to Howard Benton Lewis,
Special Master in the proceedings of the company for reorganization under
Section 77-B of the Federal Bankruptcy Act.
Application for a loan has been filed by the company with the Recon¬
Pennsylvania Power & Light Co.—Earnings—
Period End. May 31—
Chronicle
$1,203,562 $14,009,276 $14,190,649
i
453,750
5,445,000
5,445,521
600,000
50,000
600,000
218,849
19,300
210,572
015,606
Cr2,026
Cr 18,027
struction Finance
Corporation.
The petition states that study and analysis of the company's situation
has been made by the management and its engineering staff and by repre¬
sentatives of the various bondholders committees and by independent en¬
gineers engaged by such committees.
The conclusion reached as the result of such study is that in order for the
debtor company to operate at a profit, the following things must be done
promptly:
(1) The operation of the Hammond mine, leased from the Girard estate,
must be discontinued and the lease terminated.
(2)
leased
The operation of the Gilberton mine and the West Shenandoah mine,
other various lessors, must be dis¬
from the Sheaffer estate and
continued and the leases terminated.
(3)
certificates.
The leases from the Dugan heirs and from the Hubley heirs, embracing
be terminated.
The operation of the Bear Valley mine and the Brookside mine,
owned by the debtor company, must be discontinued.
(5) Certain of the lands owned by debtor company and which are not
being mined or which have not been developed for mining coal, and on
which the annual tax burden to debtor company is approximately $1,000,000
should be disposed of by debtor in order that it may be relieved of this
tremendous tax burden on property which is non-productive and the time
for the availability of which for production is too uncertain for the debtor
to continue such carrying charges, under existing conditions.
The petition cities that the disposition of the specified lands and the
cancellation of the leases and the discontinuance of the mine operations
mentioned will in no way impair the company's ability to mine, prepare
and sell at least 6,500,000 tons of coal annually—which is its current annual
production.
The 31,000 acres of retained coal-bearing lands contain suf¬
ficient coal to permit the company to operate at a capacity of 7,000,000
tons annually for upwards of 35 years.
The petition adds.
The petition cities that the coal company presently owns approximately
154,000 acres of land, 72,000 acres of which are barren of coal. Of the coalbearing lands, approximately 51,000 acres are coal lands which are not
being mined or which have not been developed for mining purposes. These
latter, together with the 72,000 acres of barren lands, constitute the lands
which the petition indicates should be disposed of in order to eliminate the
rate
tax burden thereon.
Int. on debentures
Other int. & deductions.
Int. charged to construe
Net
14,055
Cr784
.
income.
$531,815
$682,538
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$7,941,885
$7,771,731
».
3,846,546
3,846,544
$3,925,185
Balance
$4,095,341
Note—No provision has been made for Federal surtax on undistributed
profits—V. 146, p. 3814.
Pennsylvania RR.—Equipment Trust Issue Sold—Gregory
Inc., New York, won the award on June 29 of the
$6,330,000 2z/i% equipment trust certificates, series I,
on a bid of 100.375.
The issue has been placed privately.
The certificates are dated July 1, 1938, and will mature up
to July 1, 1953.
& Son,
Bidders had been requested to bid on 2%% certificates as well as 2)4%
The company elected to award certificates bearing the 2%%
Halsey, Stuart & Co., Inc., was second high bidder, offering 100.0319
2%s and 98.1999 for 2*48.
Brown, Harriman & Co., Inc., offered
99.799 for 2%s, while First Boston Corp. submitted a bid of 98.80 for 2%s
and 97.016 for 2J4s.
Salamon Bros & Hutzler, Dick & Merle Smith and
Stroud & Co., were next with an offer of 98.7263 for 2%s and 97.0225 for
2j^s.
Evans Stillman & Co. bid 98.6622 for 2%s and 96.9036 for 2)4s.
for
Earnings of System
Period End. May 31—
oper. revenues
oper. expenses
1938—Month—1937
1938—5 Mos.—1937
$27,780,274 $40,726,718 $138869,217 $195193,051
20,342,158
30,151,107 106,246,523 147,117,981
$7,438,116 $10,575,611 $32,622,694 $48,075,070
2,684,900
2,648,224
11,195,200
11,042,536
382,374
385,272
2,049,296
1,849,882
RR. retirement taxes.344,745
503,786
1,854,924
2,492,628
Equipment rents—Dr..
682,556
307,254
3,035,311
857,991
Joint facil. rents—Dr..
122.933
163,837
704,674
903,243
oper.
income.
$3,220,608
$6,567,238 $13,783,289 $30,928,790
—V. 146, p. 4128.
Petroleum Heat & Power Co,—To
Directors have declared
a
Pay 25-Cent Dividend
dividend of 25 cents per share on the common
stock, payable June 29 to holders of record June 27.
A dividend of 10 cents
paid on July 2, 1937; one of 20 cents was paid on June 15, 1937 and
previously dividends of 10 cents per share were distributed.—V. 146.
p. 1412.
was
Philadelphia Co. (& Subs.)—Earnings—
[Not Incl. Beaver Valley Traction Co. (in Receivership) and Its Subs.]
Year Ended Apiil 30—
Operating revenues
Operating expenses, maintenance and taxes..
1938
1937
$54,070,147 $54,086,783
31.773,540
29,780.858
Net operating revenue (before appropriation for
retirement and depletion reserves)
Net oper. revenue & other inc. (before approp.
for retirement and depletion reserves)
$22,404,390 $24,424,067
Approp. for retirement and depletion reserves
/ ,440,166
7,318,812
Gross income
$14,964,224 $17,105,255
989,319
989,447
6,203,814
6,181,447
Cr84,511
Cr9,387
Rents for lease of properties
Interest on funded debt
Other interest charges (net)
54o,065
538,534
69,192
Appropriation for special reserve
69,192
500.000
Other income deductions
360,668
—
Guaranteed dividends on Consolidated Gas Co. of
the City of Pittsburgh preferred capital stock—
x
Consolidated net income
—
—
$6,385,677
,
500,000
330,375
$8,505,645
preferred and common stocks held by public
minority interest of subsidiary companies and dividends on preferred
common stock ot Philadelphia Co.
Note—The above income account for the year ended April 30, 1937.
been adjusted to reflect $320,472 of additional taxes applicable to
x
For
dividends
on
The first objection to the proposal of the company to discontinue operating
own mines and dispose of 123,000 acres of its land, in addition to
two of its
on
the land it intends to hold and which would produce around 7,000,000 tons
annually for 35 years would be inadequate, and that the closing down of the
properties would throw many miners out of work.
The union's petition points out that the company has invested heavily
in the leases and the properties in the abandonment project, and even if
they
are
closed the company would be obligated for pumping and other
protection charges.
New Reorganization
Under the proposal, the new
bonds would bear interest at 3%, but interest
paid only if earned. The suggested bond indenture would provide
sinking fund under which the bonds would be retired by 1958.
In addition to the bond setup, the plan proposes three classes of stock—
87,000 shares ($100 par) prior preferred stock without voting rights, 111,000
shares ($100 par) non-voting second preferred stock and 225,000 shares
(no par) common stock carrying the right to vote.
Present holders of some $24,000,000 5% refunding mortgage bonds
would exchange each $1,000 bond for a new $500 bond, five new shares of
prior preferred stock and five shares of new common.
Holders of $29,000,000 6% debentures would be asked to exchange each
$1,000 debenture for three shares of prior preferred stock; two shares of
would be
for
a
preferred stock and two shares of common stock.
The plan advocates changing the financial setup of the company at
the outset and disposing of unprofitable coal lands and leases later.
That
would effect desired economies in a more orderly and practical manner
than
has
been
proposed by the company and certain other bondholders,
it is said.
The company already has on file a plan calling for a virtual moratorium
on its funded debt for five years, with provision for extension of debt pay¬
ment
delay.
The company plan also has been amended by a bondholder
virtually new reorganization plan.—V.
committee with what in effect is a
146,
p.
3676.
Pittsburgh & Lake Erie RR.—Earnings—•
May—
Gross from rail way
Net from railway.Netafterrents
1938
$977,147
7,130
51,997
1937
$2,191,706
529,073
588,097
1936
$1,824,036
493,303
506,836
1935
$1,340,261
291,494
345,496
10,337,434
1,899,604
7,721,102
1,440,489
1,686,217
6,321,395
1,141,109
1,376,273
From Jan. 1—
Gross from railway
Net from railway-..
and
Netafterrents
the
Plan Filed with Court—
John Ryan, attorney for an independent bondholder, filed a new re¬
vamping plan in U. S. District Court at Philadelphia, June 21.
The plan calls for formation of a new company and to have a $13,206,000
bonded indebtedness in place of approximately $54,000,000 in bonds and
debentures now outstanding.
and
has
District Court at Phila¬
June 25 by the United Mine Workers of America.
The protest is based on several grounds, that the company needs all of
of its present holdings to maintain its leading position in the anthracite
field and to meet the demands that will be made on it in the future; that
second
$22,296,607 $24,305,925
107,782
118,141
Other income (net)
Amortization of debt discount and expense
Miners Oppose Program—Maintain That Discontinuance
of Mines Would Throw Many Miners Out of Work—
delphia,
Netrev. from ry. oper.
Railway taxes
Unempl. insur. taxes...
Netry.
(4)
the cancellation of eight leases, was filed in U. S.
[Excludes L, I. RR. and B. & E. RR.]
Ry.
Ry.
mines which have not been operated for several years, must
„„„
4,684,699
def287,520
44,993
1 2,000,520
Obituary—
See New York Central RR., above.—V. 146, p. 3965.
128
Financial
Pittsburgh Forgings Co.
Calendar Years—
Gross operating profit-.
Depreciation.
1936
$264,039
138,731
$181,940
98,760
$143,211
183,195
$659,923
6,663
Operating profit.....
Other income.....
Total income
$125,308
2,230
$83,180
15,314
$62,823
8,799
Interest
...
Prov. for inc. taxes (est.)
Flood loss and expense..
1934
80,3^8
$98,494
24,374
7,800
$71,622
27,050
"~8~, 455
14,904
16,933
7,908
13" 750
Miscellaneous charges..
1935
$127,538
22,295
$666,586
40,717
146,063
...
July 2, 1938
Plough, Inc. (& Subs.)—jEarnings—
-Earnings-
yl937
$843,118
_
_
Chronicle
il",032
1936
$2,353,096
940,786
819,610
Selling, gen. & adminis. expenses
Advertising expense..— —
861,769
57,829
5,525
56,709
41,635
29,403
33,168
$401,074
59,406
26,782
$336,944
47,655
23,056
$433,697
$361,544
318,120
280,258
$1,29
89,717
31,915
$340,130
53,319
....
...
1935
1,565,817
5,979
...
Gross income..
_
$2,036,583
33,472
Provision for doubtful accounts
Maintenance and repairs.
Taxes...
Provision for depreciation—
2,500
'
1937
$2,324,922
1,004,099
Years Ended Dec. 31—
Gross profit......
Other income.
Other deductions.....
31,087
—
54,692
4,326
Divs. paid on 7% cum.
Net profit for year
Sref. stk. of Greenville
tee! Car Co
Net profit
Earns.per sh.on
x24,249
mm mm -
m m
.....
$65,499
cap .stk.
Dividends paid and accrued
No.ofshs.of com.stk. outst, (no par)
'
'
~
$0.30
mm.mi.
$57,864
$0.27
$31,040
$0.14
Dividends paid on the outstanding 7 % cum. pref. stock of the Greenville
Steel Car Co. for the period from Jan. 1 to Aug. 1,1937, prior to acquisition
thereof by the Pittsburgh Forgings Co.
y And subsidiary.
Note—Dividends paid by the Greenville Steel Car Co. during the year
1937 plus dividend carryover from the year 1936 exceeded that company's
estimated income for 1937 subject to undistributed profits tax.
No pro¬
Earnings per share——
Forgings Co. for 1937 in reliance upon restrictions contained in the first
of that company relative to the payment of
mortgage bond indenture
dividends.
i.
■
Consolidated Balance Sheet Dec. 31, 1937
Assess—Cash—demand deposits and cash on hand, $356,397; marketable
bonds less reserve to reduce to quoted market, $3,546; trade acceptances
Assets—Cash
notes
Pittsburgh Plate Glass Co. (& Subs.)—Earnings—
1937
1936
Plume & Atwood Mfg.
Net
before
income
2,438,207
1,926,895
on
and
undistributed profits.
488,014
263,027
Provision for pensions and relief
500,000
...
Net income for the year..
Surplus at beginning of
c$18,287,969 a$15,321,834 b$U,398,739
41,140,663
37,198,836 32,098,942
year...
Net adjustment of marketable securi¬
ties and miscellaneous Investments.Drl ,093,830
403,114
127,225
Surplus before dividends.... .....$58,334,803 $52,923,785 $43,624,906
Dividends declared
13,928,415
11,783,121
6,426,070
_.... .
"Surplus at end of
_
_
_
$44,406,388 $41,140,663 $37,198,836
year...
value, and $48,315 for maintenance and $236,015 for depreciation of
property not in operation, these amounts having been charged to the
for contingencies,
c Without deduction of $68,614 for maintenance
and $7,556 for depreciation of property not in operation, these amounts
having been charged to the reserve for contingencies.
Note—Depreciation and depletion in the amount of $3,837,107 and taxes
in the amount of $2,126,727 (which taxes are in addition to Federal and
State income taxes shown separately above), have been charged against
net income for the year in the above statement for 1937.
reserve
Consolidated Balance Sheet Dec. 31
1937
1936
$
$
Property accts. 03,391,630
Inventories.... 23,890,164
x
Notes
&
Govt. <fc oth.
Oth.
60,271,439
16,528,772
accts.
receivable
0,965,104
sec.
receivables
Investments
...
Patents.
Deferred charges
Cash......
8,079,322
539,779
7,956,047
11,490
1,033,442
6,250,410
7,747,706
15,142,770
1937
Liabilities—
$
1936
Notes payable..
Accrued salaries,
183.608
221,717
wages, <fec_...
6,802,001
5,707,323
570,857
Collect. & other
845,073
7,738,864
instal. sales..
credits
Res.
1,407,218
145,508
1,538,418
48,810
114,438,9751
5,670
res., Ac
....
6,810
1,998,995
4,611,442
1,855,143
4,087,612
1,000,000
reserve..
Surplus
Total... ....118,123,994 114,438,975
1938
Net from railway.
$75,204
10,796
def 1,204
80
357,092
56,650
def 11,643
_.
1937
$66,382
Net after rents
—V.
1935
def8,855
1936
$66,493
def4,408
def 10,595
$76,975
4,369
def2,602
445,508
65,971
14,551
423,932
57,006
16,335
424,090
56,640
15,842
146, p. 3677.
Pittsburgh & Shawmut RR.—•Earnings—
May—
Gross from railway.
Net from railway
Net after rents.
_
_
_
From Jan. 1—
Gross from railway.
Net from railway
1938
$38,966
def2,304
def2,467
_
_
_
...
-
Net after rents
...
208,208
def29,998
def31,541
1937
$22,522
def22,087
def!8,131
271,904
def9,538
4,701
1936
1935
$30,044
def9,911
def4,075
$43,314
def3,147
def 1,416
235,355
def8,774
def2,979
290,507
27,352
36,363
Net profit for year
Surplus, Jan. 1,1937
Adjustments to plant accounts.
Total
A partial distribution will be made about July 2 of one share of U. S.
Steel common for each share Pittsburgh United preferred that has been
turned Into Peoples-Pittsburgh Trust Co., trustee.—V. 146, p. 4128.
Pittsburgh & West Virginiia Ry.—-Earnings—■
1938
Gross from railway.
_
Net from railway
Net after rents.._._
—"V. 146, p.
3965.
...
_
...
— -
—
—
Dividend paid
$58,419
31,958
8,181
— — — —
-
$98,558
24,000
1,696
—
—
_ —
-
......
—
$72,862
Surplus, Dec. 31,1937—
Balance Sheet Dec. 31,
Assets—Cash
in
and
banks
1937
hand,
on
$52,834;
receivable,
accounts
$54,395; inventories of raw materials, semi-finished goods and finished
goods, at lower of cost or market, $291,541; plant, machinery, equipment,
Sec., at stock issued value on Oct. 1, 1928, with subsequent additions at
cost, net after reserves for depreciation of $69,723, $156,357; prepaid
expenses, &c., $0,667; ootal, $561,794.
Liabilities—Trade accounts and notes payable, $212,113; notes payable,
banks, $35,000; State and Federal taxes payable, $19,234; accrued expenses,
wages, &c., $13,783; notes payable, officers, subject to renewal, $36,439;
capital stock, 200,000 shares of no par value, authorized; 120,000 shares
issued and outstanding $172,363; surplus, $72,862; total, $561,794.—V
143, p. 3854.
Pollock's, Inc.—Earnings—
Earnings for the Year Ended Dec. 31, 1937
...$1,540,906
1,083,221
Net sales.
i
.
332,011
Selling expense
General and administrative expense.
... -
Operating profit
— -
93,180
$32,494
—
Other Income-—
1,466
—
Total
Deductions from income.
-
—
-
—
—
—
—
Net profit.
$33,959
896
-
.
19,487
—
1,200
Depreciation and amortization of fixtures & leasehold improv'ts.
Provision for Federal income taxes.
$12,377
-
—
Condensed Balance Sheet, Dec. 31, 1937
Assets—Cash
on
hand and in banks, $66,059; sundry accounts receivable,
$2,772; merchandise inventories, $145,934; cash surrender value of life
$40,250; rent, utility and mutual insurance companies
deposits, $3,195; fixed assets, $113,601; deferred charges, $2,376; total,
$374,186.
Liabilities—Accounts
payable,
$25,536; miscellaneous and accrued
liabilities, $17,128; loan payable, $25,000; reserve for Federal and State
income taxes, $5,325; 6% cumulative preferred stock (par $25), $196,850;
common stock (par $1), $99,748; paid-in surplus, $1,656; donated surplus,
$3,402; operating deficit, $459; total, $374,186.—V. 145, p. 3665.
Postal
Telegraph & Cable Corp.—Sub. Co. Reorg.—-
Federal Judge Coxe on June 24 consolidated the reorganization proceed¬
ings of Postal Telegraph & Cable Corp. and The Associated Cos., subsidiary
of Postal, and named George 8. Gibbs and Raymond C. Kramer temporary
trustees of Associated.
A hearing to determine whether appointments
shall be made permanent is scheduled for July 20.
Transfer Agent—
The company has notified
terminated the appointment
the New York Stock Exchange that it has
of National Trust Co., Ltd., as transfer
agent in Toronto and Montreal, of the 7% non-cumulative preferred stock
of the corporation, effective as of 12:01 a. m. on July J, 1938.—V. 146, p.
3516.
Pratt & Lambert, Inc. (<&
.
—
______
Federal income taxes, prior years
Years End.
Pittsburgh United Corp .—Distribution—
Gross from railway..
Net from railway.
Net after rents.
From Jan. 1—
$110,262
16,905
19,519
15,419
—
Prov. for Fed. inc. tax and surtax on undistributed profits—
—V. 146, p. 3515.
May—
73,688
Profit from operations.
Deductions from income, net.
Provision for depreciation and amortization
insurance policies,
Pittsburgh Shawmut & Northern RR.—Earnings—
.
the Year Ended Dec. 31, 1937
$895,553
— —
711,603
Selling, delivery and administrative expenses
1,000,000
41,140,663
44,406.388
After reserve.—V. 146, p. 3353.
From Jan. 1—
Gross from railway
Co.—Earnings—
malnt.
for
Contlng.
Net after rents......
$40,389
Cost of goods sold
l,152r703
1,506,321
Deferred
Pension & relief-
..
$65,465
net credits on
retail stores..
May—
$142,387
Statement of Operations for
Cost of sales
5,573,710
13,783
Insur.
Gross from railway .
Net from railway.
$6,145
Pollak Mfg.
53,501,075
3,518,699
Mln. Int. In sub.
x
$165,389
125,000
Balance Sheet Dec. 31,1937
$
Capital stock... 53,570,825
Accts. payable.
2,480,016
repairs, Ac...
Total. ......118,123,994
100,000
Balance....
a Without deduction of $54,991 for maintenance and $3,890 for
deprecia¬
tion of property not in operation, these amounts having been
charged to
the reserve for contingencies,
b Without deduction of $607,805 for re¬
duction of book value of plants not in operation to estimated realizable
Assets—
$165,465
15U.000
Assets—Cash, $34,464; accounts and bills receivable, $462,362; bonds'
$156,259; stock in other corporations, $131,043; merchandise inventory
$1,153,579; plant accounts, ($2,862,113; less reserve for depreciation, $1,"
682,544;) $1,179,569; total, $3,117,275.
Liabilities—Capital stock, $1,350,000; reserve for contingencies, taxes,
&c., $100,000; surplus, $1,667,275; total, $3,117,275.—V. 145, p. 3208.
.....
_.
$292,387
200,000
....
Income from sales.
Federal
1934
1935
1936
$206,145
Net earnings for the year
Dividends
1,421,279
State income taxes.--.........$22,569,942 $18,770,588 $14,216,861
Federal and State income taxes
3,793,959
3,185,727
2,318,121
Fed. surtax
Co.—Earnings—
1937
Years End. Dec. 31—
ofprop&rerty)——$20,131,735 $16,843,693 $12,795,582
with retirement
customers, $989; accounts receivable, customers (less
accounts receivable, miscellaneous, $3,274; inventories,
investments, $500; real estate, machinery, equipment and
$808,323;
.
1935
Net profit from opera, (after deduct¬
ing net losses & exps. in connection
Other Income—net..._____
demand, $313,775; cash value of life insurance, $53,140;
on
$1,322,671;
buildings (less reserve for depreciation of $373,293), $553,534; intangibles,
$137,626; other assets, $1,033,409; total, $4,127,241.
Liabilities—Accounts payable, $100,304; accrued expenses, $4,517; ac¬
crued taxes (real estate and Bocial security), $4,719: accrued Federal Income
taxes, $58,327; dividend payable Jan. 3, 1938, $60,000; special reserve for
contingencies, $75,000; common stock (300,000 shares no par), $3,021,432;
earned surplus, $559,364; capital surplus, $243,577; total,
$4,127,241.
—V. 146, p. 3965.
&c.
Calendar Years—
300,000
$1.44
receivable,
reserve),
and accounts receivable, $315,713; inventories, $548,401; investments and
other assets, $398,001; land, $140,117; buildings, machinery, equipment,
(less reserves for depreciation of $1,873,906). $1,314,333; patents, $8;
prepaid insurance, taxes and expense, $13,363; total, $3,089,879.
Liabilities—Note payable to bank, due Aug. 2, 1938, $50,000; trade and
sundry accounts payable, $100,668; accrued State and Federal capital stock
taxes, interest and expense, &c., $32,695; provision for Federal and State
taxes on income, estimated, $143,500; long-term indebtedness, $891,953;
reserves, $3,534; common stock (par $1), $220,000; capital surplus, $1,202,436; earned surplus, $445,093; total, $3,089,879.—V. 145, p. 1271.
355,559
Consolidated Balance Sheet Dec. 31,1937
x
vision has been made for surtax on undistributed profits of the Pittsburgh
$362,360
300,000
300,000
v*
$1.21
1937
1936
Other income.
$363,998
44,219
56,993
$327,772
116,015
122,456
$235,579
97,578
91,907
1,101,990
202,244
200,713
1,826,013
1,495,887
498,108
529,857
514,077
564,222
1,189.426
380,815
403,382
—
Total income.
U. S. & Can. taxes—est
-
Portion
1937
$586,191
Operating profit
.
— —
Subs.)—Earnings—
1936
1935
$575,549
$406,695
.......
—...
$586,191
x82,454
$575,549
xl07,892
$406,695
62,662
1934
$215,442
33.255
$248,697
48,481
applic. to min.
Drl4,907
Drll,735
Dr7,634
Cr7,636
Net profit
Profit and loss surplus—
$488,830
2,647,431
$455,923
2,545,161
$336,399
2.380,039
$207,852
2,323,507
y Shs. of cap. stk. out¬
standing (no par)
Earnings per share.—
193,868
$2.52
193,868
$2 35
193,868
$1.73
190,532
$1.09
stock...--
1935
$217,818
40,773
30,466
Dec. 31—
x
y
Includes $11,024 ($15,758 in 1936) for surtax on
Excluding shares reacquired.
undistributed income
Volume
147
Financial
Consolidated. Balance Sheet Dec. 31
Assets—
z
1937
1936
Liabilities—
Plant, equip.,&c. $2,101,029 $2,117,717
Cash & ctfs, of dep
Marketable
264,076
948,124
756,236
160,759
988,331
1,848,409
secure,
Accts. & notes
rec,
Inventories.
Mtge., &c., Of subs
910,055
&c_.
302.318
1,584,149
362,825
Deferred charges..
212,154
192,111
Investments,
1936
1937
Capital stock.._$3,450,000 $3,450,000
Accounts payable.
120,823
93,074
Notes pay. of subs.
113,089
43,000
x
Minority
25,167
22,482
interest
114,530
121,058
(estimated)
Salaries, and other
83,120
108,960
taxes, exps.accr.
91,911
72,585
57,922
Earned surplus... 2,647,431
2,545,161
Inc. taxes accrued
Total
$6,369,236 $6,379,057'
$6,369,236 86,379,057
-
o
* ]?ePre&,ented by 202,500 shares of no par value,
y Represented
0'032 shares at cost,
z After
reserve for depreciation of $1,324,866
1937 ana $1,255,409 in 1936.—V. 146, p. 1564.
Premier Gold Mining Co., Ltd.
in
1936
1937
Mine
$604,440
Profit from sale of capital stock of Bidgood Kirkland Gold Mines, Ltd
Dividends from Toburn Gold Mines, Ltd
Int. on Relief-Arlington Mines,
_
by
-Earnings—
Years Ended Dec. 31—
Earnings of Premier
$1,053,538
249,741
_
134,100
Ltd., 6% debs....
Int. earned
on
10,542
$1,438,471
49,667
49,666
82,260
Administrative expenses
Corporate taxes (incl. income taxes estimated)
Amortization
of
investment
in
Toburn
Gold
Mines, Ltd
Write-down of investment in capital stock of ReliefArlington Mines, Ltd
18,047
9,596
7,509
......
87,576
74,799
$2,330,263
150,000
Silbak Premier Mines, Ltd
7,511
194,937
100,000
$2,616,374
$2,667,584
x63,004
722,491
150,994
112,772
681,884
163,882
101,671
66/,577
181,903
16,082
4,393
31,053
5,087
127,275
3,062
215,762
5,844
1,137,999
88,995
1,139,250
150,589
1,140,692
44,147
1,147,072
197,653
$139,806
Adjust, of claims, &c
Int. paid on ctsf. of con¬
tribution...
Prov. for tax
reserve
Profit & loss surplus._
x
$289,736
$342,658
$150,102
Rent and maintenance only.
Comparative Balance Sheet Dec. 31
1937
$
Liabilities—
outstanding22,964,506 20,373,831
Acer.int. thereon 1,031,644
1,127,281
Cash
784,202
1,473,838
3,340,000
3,340,000
State N. Y. bonds.
250,000
1,000,000
Unamort. prem. 011
$
$
Ctfs. of contrib'n. 18,919,000
Surplus from
tion
49,456
26,466
$270,876
750,000
$960,434
800,000
Balance Sheet, Dec. 31, 1937
90,950
141,721
21,969
on sees.
account
Assets—Investments at cost or less,
$2,019,155; cash, $1,043,074;
receivable, $726,061; materials and supplies, $6,068; deferred
charges, $84,343; total, $3,878,702.
Liabilities—Capital stock, 5,000,000 shares, par value $1 per share,
So,000,000; capital surplus, $7,246,830; Jjtotal, $12,246,830; (less, cap¬
ital
distribution,
$9,498,496; bal, (par value $5,000,000), $2,748,334;
accounts payable, $7,633;
unpaid portion of subscription for 1,238 shares of
Saudi Arabian Mining Syndicate, Ltd., not yet due, $123,792; dividend
payable, Jan. 15, 1938, $150,000; accrued taxes, $126,881; profit and loss
surplus, $722,061; total, $3,878,702.—V. 145, p. 2240.
Sundry
auc¬
due
sales,
11,113
238,406
78,133
Surplus
1,815,926
7,500,000
1,686,800
7,500,000
Total
28,500,281
28,490,840
borrowers
254,242
-
Reserve for taxes
__
27,636
gencies
12,500
items
suspense
in
4,510
....
Total
_.
.
6,533
.28,500,28 1 28,490,840
—V. 145, p. 2240.
Provincial Paper,
Ltd.—Earnings—
Earnings for Year Ended Dec. 31, 1937
accounts
$907,665
300,000
211,723
55,000
Profit including income from investments
Provision for
Interest
on
depreciation
mortgage debt (net)
Provision for Dominion & Provincial income taxes.
$340,942
1,000,147
Net profit for the year
Surplus as at Dec. 31, 1936
$1,341,089
Total.
Price Brothers & Co., Ltd. (&
Years End. Mar. 3\—
Oper. profit for the
Subs.)—Earnings—
1938
$2,678,543
158,956
5,822
year
Dividends received
Miscellaneous revenue..
1937
$1,789,316
3,425
13,122
1936
1935
$675,324
47,024
12,900
18,987,500
Reserve for contin¬
securities
on
Dividends
1936
1937
1936
$
Loans
Real est., 43d St.,
736
112,946
____
>
$2,552,205
General expense
Losses on auction sales of
collateral
Accrd. int.
9,999
of various mining
upon
which were re¬
properties, agreements
linquished
Miscellaneous expenses and losses (net).
1934
x61,974
700,972
180,040
taxes, rent &
maintenance.
Sals. & retire, plan prem.
U. 8. Treas. notes.
Milton Gold Mines, Ltd.
Examination and exploration
Net profit
$2,650,478
^
______
Total income
119,200
15,991
$749,082
7,499
115,100
;
_
1935
$2,598,326
securities.
Assets—
Total earnings
1936
$2,477,406
ctfs. of indebt., &c.._
on time
deposits....
Int. earned
-Earnings—
1937
$2,242,687
loans..
Int. earned on U. S. A.
on
Real est.,
JDr234,235 Dr234,235
Total
Provident Loan Society of New York
56,450
re¬
acquired
Liabilities—Capital stock (par $1), $279,469; capital surplus (paid-in),
$1,737,787; dividend payable (Jan. 15,1938), $25,152; provision for accrued
State franchise taxes, $8,021; other accrued items, $420; undistributed
income, $8,039; total, $2,058,888.—V. 145, p. 4126.
Int.
Capital surplus...
Capital stock
129
Calendar Years—
in subsidiaries._
y
Chronicle
$681,952
51,406
5,129
245,000
7% cumul. pref. dividends.
;
90,000
Earns, per share on 100,000 common
$1,006,089
$0.95
Common dividends.
Surplus
as
at Dec. 31,1937
shares (no par)
Balance Sheet Dec. 31, 1937
Total profit
$2,843,321
Interest on bank loans.
174,576
Miscellaneous interest..
CY40.692
Provision
for
possible
_
$1,805 ,862
$735,248
162,807
8,120
191 ,446
23 ,706
$738,487
137,267
2,277
30,000
43,393
Wage adjust, arising out
859,209
1,000,000
250,000
.
_____
692 ,310
663,696
1,000,000
363,067
65,600
37,582
1,000 ,000
192 ,313
Prov. for rental ad just't
Porv. for power adjust't
45,743
663,696
1,000,000
344,845
48,390
81,618
Dominion and
Net loss for the year pf$500,229
Before providing for expenses connected with and (or) incidental to the
$293,913
$1,595,625
$1,628,744
bankruptcy.
1938
1937
$
on
$
8,168,027
3,997,510
Inventories
investm'ts
82,136
1,713,915
3,997,510
Prov.
Prov.
5,473,469
1,196,435
1,245,000
recelv.
7,408
10,528
Notes receivable-.
1,187,056
Mortgages
Deferred
and
365,279
386,784
Balances due:
Que.
Co.,
Inv.
payable...
Acer. Int.
on
5,150,000
2,877,000
791,394
Ltd.........
b2
Newsprint Insti¬
Fixed assets
45,169,091
Total
..61,873,261
After
reserves
Premier
1,114,659
Inventories
184,276
Other assets
9,561,567
6,217
Real estate, bldgs., equip., &c
....
pay.
72,561
Period End. May 31Total
oper. revenues...
-
..
Oper. exps. & taxes
..
1,000,000
Funded debt
18,936,800 19,268,300
5H % red. pref. stk.
(par $100)
6,284,300
6,284,300
c Common stock..21,803,780 21,472,280
Capital surplus... 8,210,633
Earned surplus...
500,229
7,628,567
Total
....61,873,261
(cash)___
declaring company of a class other than that
which dividend was declared (at approximate market
value at date of receipt)
__
.
bonds
_
Total..
Expenses.
Net income for the year (exel. of realized losses and gains on
sales of securities)
Balance, undistributed income at Dec. 31,1936
Total
Cash dividends declared from income during the year..
balance.
3,300
2,768
$58,497
1,624
$60,120
52,081
x$8,039
Before provision for any Federal surtax
year
on
undistributed profits that
1937.
Balance Sheet Dec. 31, 1937
Assets—Investments,
$2,025,661; dividends receivable (cash), $4,864;
accrued interest receivable, $873: demand deposits and cash on hand,
$27,276; prepaid itens, $25; office equipment (net of depreciation of
$626), $190. total, $2,058,888.
Indiana—Earnings—
$1,619,210
Dr65,310
$4,127,893
Dr354,363
$3,785,281
Drl05,088
$1,553,900
1,057,667
$3,773,529
2,023,777
$3,680,193
2,541,132
lul,773
74,112
242,960
159,241
244,666
$295,965
$320,347
$847,550
$719,177
debt
of
Net income
17. ,216
of operation for the portion
1936 included above have been adjusted to exclude certain ad¬
Note—For comparative purpo&es the results
Public Service
Electric & Gas Co.—Plans $10,000,000
Issue—
•
The company on June 30 filed a registration statement with the Securities
and Exchange Commission under the Securities Act of 1933, covering $10,-
000,000 1st & ref. mtge. 3%% bonds, series due July 1, 1967.
The net
proceeds from the sale will be added to the company's cash funds, which
are to be used, among other things, for expenditures in the ordinary course
of business for property additions and improvements.
Company's construction budget authorized for
1938 plus balances on
incompleted authorizations at Jan. 1, 1938, amounted to approximately
$20,000,000, excluding contingent items totaling $3,000,000.
Both capital
and replacement items are included and are classified as follows:
Gas
Electric
Dept.
Generation and works._
$70,701
12,204
income,
$12,831,936
Total....:......
Drl36,514
$64,633
upon
be payable for the calendar
100,000
1,006,089
59,321,287
for
Income Account for the Year Ended Dec. 31, 1937
x
...—-
100,858
62,721
Amortiz.
of the year
Shares, Inc.—To Pay Seven-Cent Dividend—
Undistributed
par)
1938—5 Mos.—1937
1 938—12 Mos.—1937
$5,849,353
$5,973,559 $14,339,803 $14,509,316
4,204,495 i 4,354,349
10,211,910
lo,724,034
Divs. in stock of
may
646,286
3,500,000
justments recorded during the month of Decemoer, 1036, which were
applicable to a prior period and the surplus at the beginning of the period
has been adjusted accordingly.—V. 146, p. 3814.
Income—Dividends
on
3,325,302
General reserves
7% cum. pref. stk. (par $100)
Common stk. (100,000 shs.
$1,644,858
Net oper. income.
Other income
of
The directors have declared a dividend of 7 cents per share on the capital
stock, payable July 15 to holders of record June 30.
This compares with
9 cents paid on Jan. 15 last, and on July 15, 1937; 10 cents paid on Jan. 15,
1937; 8 cents paid on July 15, 1936; 7 cents paid on Jan. 15, 1936 and on
July 15,1*935; 8 cents paid on Jan. 15,1935; 10 cents on July 15 and Jan. 15,
1934; 15 cents on July 15 and Jan. 16, 1933, and quarterly dividends of
10 cents per share paid from Oct. 15, 1931, to and incl. July 15, 1932.
Interest
3,849,500
—V. 145, p. 2703.
unpaid organ.ex¬
46,411,944
59,321,2871
.$12,831,936
Total....
68,647
—
plant and
buildings...—
Res. for deprec, of
100,000
depreciation and depletion of $20,556,755 in 1938 and
$19,097,285 in 1937.
b After reserves of $1,809,635.
c Represented by
547,857 (536,807 in 1937) no par shares.—V. 145, p. 1913.
a
892,832
_______
61,250
35,287
$1,508,344
1.048,799
96,125
for taxes...
tute of Canada
a
Bond interest accrued.
Mortgage debt.....
doubtful
Unexpired Insurance
$239,574
:.
718.279
fund'd
debt....
for
$
penses, &C----.
pre¬
paid charges...
Accts.
1937
$
Bank & other loans
64,171
1,718,284
rec..
Investments
Sundry
1938
Liabilities—
•
hand & in
banks...
for
reserve
accrued
pref.
Res. for Dom. & Prov. taxes.
Public Service Co. of
Consolidated Balance Sheet March 31
Accts. & bills
600,000
on
Surplus....
x
Cash
less
payable,
charges, &c..
stock—1%%
payable Jan. 3, 1938
of Abitibi P. & P.
accounts-...
Accounts
Div.
and
100,000
x
Assets-
manager
receiver
to
299,836
no
Provincial inc. taxes..
company's
$172,550
Accounts
islation
Prov. for
hand & in banks
Co., Ltd, due in 1938.
& bills receivable,
leg¬
Pro v. for bond interest
Pro v. for depreciation..
Prov. for depletion
on
Advances
bad debts
of minimum wage
Liabilities—
Assets—
Cash
Dominion Govt, bonds......
Low-ten. transmission._
$8,341,743
457,620
Dept.
1,992
Substation
1,014,591
Distribution.
4,791,790
Miscellaneous...
1,822,985
1,897,448
27,281
authorized.....$16,428,729
$2,868,721
Total
Commercial
Dept.
......
......
918,654
Total
$9,285,735
457,620
1,014,591
6,689,238
2,768,920
$918,654 $20,216,104
Morgan Stanley & Co., Inc., and Bonbright & Co., Inc., will head the
underwriters, underwriting $3,125,000 each.
Other underwriters are:
Brown Harriman & Co., Inc.; First Boston Corp.; Smith, Barney & Co.,
underwriting $1,250,000 each.
According to the prospectus, an agreement among the underwriters
provides that Morgan Stanley & Co. and Bonbright & Co. are authorized
to engage in certain market operations in the securities being registered
to stabilize the market price.
The price at which the bonds are to be offered to the public, the underwrit erer discounts and redemption provisions are to be furnished by amend¬
ment.—Y. 146, p. 3677.
Pullman Co.—Rate Rise
of 5% Authorized—
The Interstate Commerce Commission on June 27 authorized a 5% in¬
crease
in Pullman
The company
rates and charges, to be effective on
had requested
a
10 days' notice.
10% advance.—V. 146, p. 3966.
Financial
130
Public
Service
of
Co.
New
Hampshire
1936
1935
1934
$6,053,613
$5,450,485
3.74,981
441,246
871,241
1,915,672
$4,966,736
337,450
419,634
786,670
1,582,248
$5,032,275
$1,847,344
37,884
$1,840,725 x$l ,839,984
38,063
*42,757
672,212
8,038
$1,885,228
618,814
24,313
$1,878,788
706,612
4,947
$1 ,882,742
737,055
100,256
Cr30,138
100,282
79,324
70,627
Cr 1,831
Cr251
122,000
92.030
16,449
Maintenance expenses..
Depreciation.
403,068
542,713
—
Taxes
1,197,960
Other oper. expenses
1,956,654
Gross income........
$1,953,216
Non-operating income..
42,155
Total income..
Interest on funded debt.
$1,995,371
Int.
on
notes
payable...
\
Other interest
—/
Amortization of debt dis¬
count and expense
Int. chgd. to construct'n
Additions to general resfor in vestments—
—
6,087
$1,012,522
552,277
60,000
$979,676
544,312
250,000
$1,044,424
544,565
300,000
$613,695
$400,245
$185,364
$199,859
...
Balance, surplus..
standing (par $10)
Earns, per sh. on cap.stk.
$44,072
194,000
1934
$91,925
1935
$133,593
38,799
194,000
$1.20
Surplus
Profit & loss surplus—„
Shares capital stock out¬
174,595
$94,794
552,362
$1.13
$91,925
457,568
194,000
$0.69
596,435
194,000
$0.47
Condensed Balance Sheet Dec. 31, 1937
Assets—Cash, $156,385; notes and accounts receivable, $393,462; in¬
ventories, based upon cost, $1,188,351; other assets, $12,296; land, build¬
ings, machinery and equipment at cost (less reserve for depreciation of
$917,631), $593,386; investments in affiliated and subsidiary companies,
$723,849; patents, trademarks and goodwill,
total, $3,082,190.
$1; prepaid expenses, $14,459;
...
oco
payable, $200,000; accounts payable, $64,383; ac¬
crued Federal and State taxes, $50,649; reserves, $133,533; common stock.
$1,940,000; earned surplus, $693,625; total, $3,082,190 —V. 145, p. 3981.
Liabilities—Notes
^4i54§
9,127
$1,237,731
624,036
Net Inc. for the year..
Preferred stock
Common stock
x
xl ,582,444
1936
$218,667
$95,190
693,625
Dividends paid
330,545
433,284
846,018
7,272
Miscellaneous—
1937
$232,986
137,796
Calendar Years—
Net profit.
1937
Operating Income
1938
July 2,
Pyrene Mfg. Co.--Earnings-
(& Subs.)
EarningsCalendar Years—
Chronicle
Quaker City Cold Storage Co. (&
Subs.)—Earnings—
1936
1937
Years Ended Dec. 31—
<
34,093
$416,266
343,883
51,425
35,250
§612
$14,292
$435,856
350,950
51,425
Operating revenue
Operating expenses
Bond interest for period
Reserve for renewals and replacements
Revised figures.
Loss for
period
Consolidated Balance Sheet Dec. 31
1937
1936
$
S
Assets—■
1937
$
Liabilities—Funded debt
Fixed capital
37 ,358.289 36,866,211
Other land & prop.
198,121
197,434
Note pay. (bank).
Cash in banks and
Accounts payable-
onhand...—.
183,867
Accts.rec., &c.._.
669,285
3,023
547,709
Notes receivable..
Mat'ls & suppliesUnbilled income..
Cash
with
18,179,000 18,179,000
375,000
351,098
406,984
E. P. S. Co.
200,000
Accrued liabils
16,212
198,831
195,995
343,814
170,837
122,685
115,361
Prov.
479,107
for
,
Federal
Income tax
114,749
Consumer's deps. &
Interest thereon.
trustee
and fiscal agents
26,150
5,571
32,266
Mat'd bds., int. &
26,797
divs. unclaimed-
investments
267,678
245,559
Other assets------
906
906
2,088,984
2,153,959
(contra)
—
Special deposists..
Misc.
26,150
4,055,798
32,266
4,615,379
pref. stk.. 8,277,700
pref. stk.. 2,538,024
8,277,700
2,538,024
R686rV6B
$6
cum.
$5 cum.
Prepayments & de¬
charges..
_
Quebec Pulp & Paper Corp. (& Subs.)—Earnings—
Earnings for the Year
Common stock._
5,277,459
5,277,459
270,741
260,564
1,224,472
1,354,270
Ended^Dec.
Rental of electrical equipment
Sale of wood
31,11937
Investment and other interest
Capital surplus-..
Earned surplus...
ferred
,
$78,555; customers' demand collateral loans receivable
(less customers' demand collateral loans receivable discounted of $226,278),
$108,937; accounts receivable, $102,695; inventories, $1,378; lnv^ments,
$1,962; fixed assets (less reserves for renewals and replacements of $102,673),
$1,392,831; prepaid expenses, $5,654; overdue notes receivable, $1,425;
total, $1,693,437.
a
Liabilities—Accrued interest on bonds, $8,571; other accrued expenses.
$2,011; accounts payable to Philadelphia Perishable Products Teraiinal
Co., as per management agreement of warehouse at Delaware and Snyder
Avenues, $19,788; first mortgage sinking fund bonds, $1,028,500; capital
and surplus (represented by 21,277 class A shares, stated value $25 per share,
and 34,107 class B shares, stated value $1 per share), $634,567; total,
$1,693,437.—V. 141, p. 765.
Assets—Cash,
.
Advances from N.
382,160
852,592
147,075
*
Consolidated Balance Sheet Dec. 31, 1937
1936
x
§17,628
793
8,763
—
_
—
807
Miscellaneous revenue
Total......—41,496,660 41,367,952
x
Represented by 130,000 no
par
.41,496,660 41,367.952
Total
§27,991
257,583
Total revenue
shares.—V. 146, p. 4129.
Non-operating expenses
Public Service Co. of Northern
Illinois—Earnings1937
Calendar Years—
Operating revenues..
Operation
Maintenance
State, local & miscell. Federal taxes—
Federal income taxes.
Federal surtax on undistributed income
_
...
.
.......
Prov. for deprec. and amortization of intangibles-
.
Net operating income..
Other income.
1936
$41,679,099 $39,231,289
19,435,262
20,365,338
2,314,506
2,230,021
3,616,515
3,197,416
910,200
716,800
212,900
213,800
4,000,000
4,240,000
$9,438,890
$10,018,740
545,442
412,440
..$10,564,182
Interest on funded debt
5,288,930
Interest on notes payable to affiliated companies.
123,667
Interest on unfunded debt
20,230
$9,851,329
5,487,210
Gross income
442,379
015,021
107,000
59,040
492,058
Cr33,309
$4,703,997
683,115
504,343
2,521,172
666,677
$5.53
$3,739,330
589,705
434,973
1,601,699
651,221
$4.16
.
Amortization of debt discount and expense
Interest charged to construction-
Net income
Dividends on1 6 % cum. pref. stock
"7o
Dividends on 7% cum. pref. stock
Dividends on common stock
Shares of common stock outstanding.
Earnings per share
.
_
...
Note—Above statement includes Waukegan Generating Co
owned
,
a
1937
1936
Liabilities—
$
rights, f ranch.,
&c__
172,725,919 174,315,674
Investments.. 13,011,154
13,705,011
—
a
Cash &
sees,
Def. charges and
mill and other buildings, plants
and equipment, transmission lines, &c., $6,543,700; Dominion of Canada
bonds and bonds guaranteed by Dominion of Canada at par value (market
value at Dec. 31, 1937, $517,006),
$530,000; secured claims, $1,805;
cash in bank and on hand, $5,297; accounts receivable, $3,018; accrued
interest receivable, $5,251; prepaid expenses, $18,137; total, $7,107,208J*
Liabilities—7% non-cum. red. pref. shares ($100 par), $7,000,000;
common
(100,000 shares no par), $3,000,000; deficit (dr.), $4,064,838;
reserve for claims by Province of Quebec, $1,097,178; accrued charges,
$52,735; reserve for contingencies, $22,133; total, $7,107,208.—V. 141,
p.
1452.
Quincy Market Cold Storage
Earnings Years Ended March 31—
1938 ***
13,534,817
pay.
debt
eral
2,4*99~,796
hand—
Accts. payable.
Accrued interest
6,716,923
_
Accrued taxes..
Customers deps.
called
matured Int..
2,416,897
Accts.
5,843,397
4,566,566
1,475,102
342,037
receiv.
sec.
for redemption
curr. liab
Miscell.
Reserves—
I
warrants
Matl's & supplies
...
2,199.899
213,840
1,593.076
Contributions-.
Paid-in surplus.
Earned surplus.
$220,447
$220,872
38,447
38,993
43,106
38,629
64,267
41,946
34,682
86,585
3,000
17,800
21,468
$36,189
55,250
45.103
25,000
16.076
Prov. for misc. invests..
39,073,260
Prov. for Fed. inc. tax.
29*200
33,400
distributed profits
15,200
7,400
Net profit
dividends
250,980
14,140,000
$122,732
78,000
$166,076
135,850
$53,645
39,000
$30,226
$14,645
for surtax
on
_
un¬
Preferred
1,570,852
213,907,840 217,410,862
x
909,971
1,798,523
3,896,016
2,355,491
1,011,764
22,795,787
473,761
Includes
$39,447
4,336,227
5,726,496
ment of the Provident Savings Bank & Trust Co. as Cincinnati transfer
agent of the common, 5% cumulative convertible preferred, and 6% cumu¬
lative voting preferred shares of the company, effective on and after July 1,
1938.—V. 146, p. 3201.
_
1937
.
Surplus......
$398,608
79,200
298,116
$21,292
Consolidated Balance Sheet Dec. 31,1937
-Assets—Cash, $155,862; marketable securities (at quoted market prices),
$2,150; accounts receivable (less reserve for doubtful accounts of $14,970),
$111,444; inventories, $800,901; investments and other assets, $897,782;
fixed assets (less depreciation of $678,534).
$652,739; patents, $1; prepaid
insurance, expenses, &c., $15,421; total, $2,716,300.
Liabilities-—Accounts
payable,
1938
1937
$39,752
other expenses.
$27,061
49,514
Accrued city taxes
159,920
149,669
Sinking funds....
195,229
9,283
Fixed assets....
5,052,063
185,350
6,394
5,218,104
47,661
40,000
40,000
Prov. for Federal &
notes.i--
.
Investments
x
Unamortized bond
11,968
23,561
13,526
prem
Total
y
14,796
,17.557
16,619
$6,401,483 $6,470,0651
_
74,754
68,564
Funded debt.....
1,473,000
1,620,000
Res. for
35,000
1,300,000
25,000
1,300,000
2,900,000
179,542
Mass. taxes
con ting..
5% pref. stock
y Common stock__
2,900,000
179,543
Capital surplus—
Earned surplus
309,921
Total..
Radio
262,236
...$6,401,483 $6,470,065
x After
depreciation of $3,516,731 in 1938 and $3,444,105
Represented by shares of $100 par.—V. 146, p. 2866.
in
1937.
Corp. of America—New Vice-President—
Railway Express Agency, Inc.—Earnings—
Period End. Apr. 30— 1938—Month—1937
1938—4 Mos.—1937
Charges for transport't'n$13,906,711 $13,859,184 $48,843,102 $51,777,429
Other revenues & income
239,684
249,991
855,766
880,108
Total revs. & income.$14,046,395 $14,109,175 $49,698,868 $52,657,537
Operating expenses
8,165,191
8,182,933
31,763,013
32,108,688
Express taxes
520,515
436,741
2,047,884
1,723,283
Interest and discount on
•
134,342
14,731
funded debt.
Other
$61,215;
accrued local taxes. Federal
capital stock tax and insurance expense, $39,744; taxes on income (esti¬
mated), $71,747; 8% cum, pref. stock (par $100), $990,000; common stock
Cpar $5), $745,290; surplus, earned, $808,305; total, $2,716,300.—V. 146,
p. 2058.
def$19,061
which
year
Following the regular meeting of the Board of Directors held on
June 24 David Sarnoff, President, announced that Edward F. McGrady
had been elected a Vice-President.—V. 146, p. 3029.
Pyle-National Co. (& Sub.)—Earnings—
31,
Liabilities—
Accounts payable.
299,999
444,119
nicipal
Miscell. supplies..
.
the
Accrued interest &
Notes receivable..
Unexp. lnsur.
Co.—Transfer Agent—
$117,458
mu¬
399,741
393,741
10,5*9? 152
4,314,021
1937
$142,451
U. S. Govt. &
Total.......213,907,840 217,410,862
Year Ended Dec.
received during
year
1938
Assets—
Cash
The company has notified the New York Stock Exchange that its board
of directors by resolution adopted May 19,1938, has rescinded the appoint¬
Earnings for
revenue
but was considered doubtful of realization,
$4,912 refund or prior year's city taxes and $3,483 undistributed earnings
for the year of Ferry Street Trust (wholly owned).
discount..
Net profit
Preferred dividends
Common dividends.
storage
accrued in the previous
Balance Sheet March 31
429,405
20,688,978
b Represented by 131,359 shares at par value of $60
no par shares at stated value of $60 per share.—V. 146»
reserve,
$44,732
Surplus for the year._
1,250,000
1,136,998
1,773,757
3,860,714
580,324
and 535,318
Pure Oil
$354,419
39,152
47,833
42,239
10,000
capital assets
Acc'ts receivable.
After
$322,432
profit—
office)
Pref. Btk.
Tax anticipation
a
$1,248,979
1,028,107
Prov. for contingencies.
Loss
on
disposition of
$
ma¬
turing in 1938
136,250
pref. stk. and
Total
1935
966,896
Salaries (officers and gen¬
to
cos.....
Deferred liabs..
14,575,762
Deps. for red. of
per share
1937JW Z
1936
$1,327,411
$1,187,343
972,992
x$l,369,435
Operating expenses
Gross
Co.—
&j^Warehouse
F
1,047,003
Gross income
Prov.
168,900
—$238,355
depreciation
Consolidated Balance Sheet Dec. 31, 1937
16,198,700
b40,000,620
scribed.
Fund,
prepaid accts.
Other assets
a
1936
Com. stock sub¬
affil,
1,245,720
Marketable
Common stock.
Notes
200,856
deposits
on
before providing for
Funded debt... 114,297,000 117,687,000
on
dep. with trust
Funds & special
Cash
$
Preferred stock.
Plant, property,
year
General expenses
Interest paid (net)
Balance Sheet Dec. 31
1937
Assets—
Loss for
depletion
Assets—Tumber lands, water powers,
wholly-
subsidiary liquidated in January, 1938.
$229,592
8,763
Loss
Amount written off timber lands in respect of
deductions
133,533
18,163
536,511
135,239
533,294
41,940
x
Rail
x
Payments to rail and other carriers, express privileges.—V. 146, P*
transportation
revenue..
3677.
.
$5,211,616
$5,337,805 $15,216,221 $18,250,332
Volume
Financial
147
Chronicle
Reading Co.—Halves Common Dividend—
St. Louis San Francisco & Texas
Directors at their meeting held June 28 declared a dividend of 25 cents
on the common stock, payable
Aug. 11 to holders of record July 14.
Previously regular quarterly dividends of 50 cents per share were distributed.
Although officials of the company made no comment on the reduction in
the quarterly common dividend to 25 cents from the 50-cent rate, it is under¬
stood the action was taken to conserve cash in view of the sharp decrease in
gross revenues and rising costs which have adversely affected new income.—
per share
1938
Net after rents
From Jan. 1—
Gross from railway
Net from railway
$4,784,092
1936
$4,910,277
1,360,359
991,019
1,681,136
1,252,363
19,531.833
4,343,430
3,055,203
Net after rents
New
1937
$4,117,079
1,291,351
976,760
26,588,771
8,782,715
6,466,803
24,441,182
7,314,124
5,480,180
21,949,123
6,302,930
4,820,968
Official—
The company announced on June 28 the retirement of H. E. Paisley,
Treasurer, and the election of J. V. Hare, Secretary, as Secretary and
Treasurer. Others who retired are Clark Dhlenbeck, chief engineer; Gordon
Chambers, real estate agent; Frederick Jaspersen, manager of the Port
Richmond terminal in Philadelphia, and T. C. Smith, freight claim agent.
_
V. 146, p.4129.
(C. A.) Reed Co .—Accumulated Dividend—
The directors have declared a dividend of 50 cents per share on
of accumulations on the $2 cumul. pref. class A stock, no par value,
Aug. 1 to holders of record July 20.
A like payment was made on
and Feb. 1 last, Nov. 1, Aug. 2, April 26 and Feb. 1, 1937, and on
account
payable
April 26
Nov. 1,
1936, this latter being the first dividend paid since Feb. 1, 1934, when a
regular quarterly dividend of like amount was distributed.
Arrearages
after the payment of the current dividend will amount to $2 per share.
—V. 146, p. 2058.
Reinsurance Corp. of New
Directors have declared
York—7^-CercZ Dividend—
dividend of 7 J4 cents per share on
the capital
stock, par $2, payable July 15 to holders or record July 5.
This compares
with a dividend of 35 cents per share paid on Dec. 27, last and an initial
dividend of 15 cents paid on June 28, 1937.—V. 145, p. 4127.
Reo Motor Car
Colonel Fred Glover
a
Corp.—New President—
was
elected
on
June 21 the
new
President and General
Manager of this company.
Colonei Glover, succeeds Donald E. Bates, who submitted his resigna¬
tion at the meeting.
The directors in announcing their action, made no
mention of an attempt of Rowland Campbell, chairman of the board, to
call a special stockholders meeting for July 12, with the avowed purpose of
ousting Mr. Bates and other veteran officers of the company to whom he
attributed responsibility for continuous losses during the
depression.
Mr. Campbell, informed of Colonei Glover's election, said he never had
heard of Colonel Glover until last night and that he did not consider the
board's action "official" as the meeting was attended by only four of an
authorized board of nine directors.
Mr. Campbell did not attend the
meeting, those present being Mr. Bates, Walter Foster, the company's
counsel; Earl Goodnow, head of the Atlas Drop Forge Co., and George
Smith, Purchasing Agent.
The other directors said that the board had been seeking "a general
manager having manufacturing experience to take charge of operations of
the company," as set forth in the board's minutes at an earlier meeting.
—Y. 146, p. 3518.
Richmond Fredericksburg & Potomac
May—
RR.—Earnings
1938
$651,992
120,709
23,493
Net after rentsFrom Jan. 1—
Gross from railway
Net from railway._____
Net after rents
...
1937
$709,383
209,855
103,498
$648,122
151,921
53,761
$607,435
116,805
49,017
3,575,075
730,647
185,981
Gross from railway
Net from railway--...-
4,038,072
1,254,245
631,225
3,290,919
692,033
/
232,882
1935
298,071!
Rochester Telephone
Corp.—Earnings—
1938—Month—1937
$427,363
$416,684
709
467
revenues
Uncollectible oper. rev..
3679.
p.
Louis Southwestern Ry.-
Net
from ry. oper.
$419,782
293,180
$2,126,490
1,512,187
$2,044,839
1,439,019
$123,037
39,876
$614,303
280,732
$605,820
199,685
$63,618
$83,161
38,924
Net operating income-
Net income..-
$416,217
$119,889
56,271
Net oper. revenues
57,800
$333,571
211,163
$406,135
281,580
—V. 146, p. 3819.
Rutland
$451,914
104,178
$1,727,205
522,125
$2,327,871
547,891
Other ry. oper. income.-
$331,683
26,328
$347,736
25,406
$1,205,081
131,630
$1,779,980
121,054
Total ry. oper. income
$358,012
$373,143
$1,336,711
$1,901,034
154,738
203,432
885,065
1,035,277
income.Non-operating income.
$203,273
7,122
$169,711
8,021
$451,646
41,140
$865,757
36,105
Gross income
Deducts, from gross inc.
$210,395
270,079
$177,732
275,426
$492,786
1,340,221
$901,862
1,358,733
$59,684
$97,694
$847,435
$456,871
Railway
income.
oper.
Deductions
from
operating income
Netry.
ry.
_
-
oper.
_
Net deficit
—V.
146,
3969:
p.
St. Joseph Ry., Light, Heat & Power
RR.—Earnings—
ment will be made at the
Guaranty Trust Co. of N. Y.—V. 146, p. 3820.
San Antonio Uvalde & Gulf RR.May—
railway
Net from railway
_
Net after rents
1937
$310,936
44,469
26,557
1936
$295,195
39,451
24,631
1,160,042
def178,887
def329,002
1,483,070
116,869
34,536
6,864
def.51,524
Net after rents
Gross from railway-
p.
1935
$273,602
9,094
def9,869
1—
Net from railway—-.
Net after rents—
146,
1,337,542
1,289,984
def7,865
def89,890
_
_
St. Louis Brownsville & Mexico
Net after rents-...
—.
1937
$615,673
189,610
116,001
1936
$435,432
68,394
6,435
3,824,936
1,625,386
1,120,427
Gross from railway
Net from railway
4.180,996
1,907,050
1,340,831
2,654,881
818,864
440,377
1935
$435,583
160,169
115,940
From Jan. 1—
—
—
Net from railway——
Net after rents
146,
St.
p.
.
2,307,560
813,621
524,826
3679.
Louis-San
Francisco Ry.
Period End. May 31—
Operating revenues
Operating expenses
Net ry. oper. income
System—Earnings—
1938—Month—1937
1938—5 Mos.—1937
$3,431,286
$4,039,092 $17,206,656 $20,931,792
3.223,535
3,456,200
16,302,974
17,630,787
def251,539
200,946 dfl,034,292
1,405,275
13,251
12,426
75,929
62,261
Other income
def24,094
578,377
109,509
def57,214
578,950
212,556
61,679
387,782
42,022
def78,388
—
-def$238,288
5,895
Deductions from income
Gross from railway.
Net from railway
Netafterrents
—V.
146,
Bal. avail, for int., &c.def$244,183
$213,373 def$958,363
5,127
26,949
$1,467,536
28,434
$208,245 def$985,312
$1,439,101
Corp. (& Subs.)—Earnings—
(Excluding Schulco Co., Inc.)
Period End. May 31—
Loss.
x
1938—Month—1937
Net after rents
1938
$3,287,899
200,411
def217,740
1937
$3,876,320
581,525
244,454
1936
$3,725,598
586,007
261,626
1935
$3,194,000
435,333
167,957
17,972,633
2,625,885
1,331,995
15,423,814
1,242,633
21,511
From Jan. 1—
Gross from railwayNet from railway
Net after rents
—V. 146, p. 4129.
$24,066
depreciation
$17,163
-
After
administration
expenses,
1938—5 Mos.—1937
$84,953
charges.
$131,119
and special
A hearing before Referee Peter B. Olney Jr., has been adjourned until
July 26.—V. 146, p. 3520.
Inc.—Official Resigns—
Scruggs-Vandervoort-Barney,
See Franklin Simon & Co., Inc., above.—V. 145, p. 3357.
Seaboard Air Line Ry.
Earnings—
1937
1936
1935
$3,564,392
1938
Gross from railway.$3,269,851
Net from railway..----<
483,914
May—
$3,097,296
514,627
171,030
$2,959,632
524,265
187,595
16,535,685
2,991,196
1,126,490
15,553,290
3,554,301
1,731,175
703,468
325,804
98,952
From Jan. 1—
Gross from railway
Net from railway.
—V.
19,978,702
18,313,355
3,599,366
—
— .
5,134,011
2,843,624
1,179,201
146, p. 3820.
Seaboard Finance
Corp.—Dividend Reduced-
Directors have declared a dividend of 10 cents per share on
the
common
stock, payable June 30 to holders of record June 24.
Previously regular
quarterly dividends of 15 cents per share were distributed.
In addition,
extra dividends of 10 cents were paid on Sept. 27 and June 30,1937.—V. 146,
p.
766.
.
Sales
1938—20 Weeks—1937
$39,809,726 $49,097,436 $189084,824 $213346,125
-
Registers with SEC—
See list given on
«
first page of this department.—V. 146, p. 3679.
Selfridge Provincial Stores, Ltd. (England)—Earnings
16,454,867
843,338
def892,525
20,138,708
3,335,537
1,690,729
Years
6 Mos. End.
End.
Aug.
1936
31——
1 935
23,052
286
1937
£122,857
55,464
448
Total income-
£94,958
£178,769
£144,038
£182,297
5,501
4,775
14,436
12,276
2,500
8,162
12,017
28,728
30,012
5,000
8,795
12,251
15,441
30,751
5,000
8,526
12,268
22,639
31,493
5,000
Jan.
31,
'38
£71,620
Period—
£§7,752
£127,946
55,717
569
53,760
591
Management and secre¬
tarial expense
Interestmn loans
Income tax
Debenture interest
Leasehold depreciation--
Sinking fund for red. of
debenture stock
15,669
14,954
14,277
£79,181
£56,846
£88,093
6,830
£48,640
Balance, surplus.
'
Balance Sheet
Jan.31,'38 Aug.31/37
Assets—
Shareholdings
hold
properties.
Liabilities—
Jan. 31,'88
A147.31,'37
Ordinary shares.-£3,000,000 £3.000,000
in
1,004,438
1,003,943
Deferred shares
300,000
300,000
1st mtge. deb. stk.
cos..£3,283,882 £3,283,882
subsidiary
581,763
599,102
62,500
50,000
debs.
75,166
Loans for sub. cos.
503.731
69,058
495,637
General reserve
Sinking
Invest, in Selfridge
fund
for
44
contr.
4,167
4,167
Loans to sub. co$_
231,756
184,226
4,458
19,044
3,873
Sundry creditors..
44,738
30.075
7,402
Div. on ord. stock
33,750
56.250
10,916
8,526
Office
Earnings of Company Only
Gross from railway
Net from railway.
30
3679, 2869.
p.
Schulte Retail Stores
Whiteley
May—
$73,986
From Jan. 1—
Freehold and lease¬
Total income
1935
$104,624
37,925
11,684
Rents receivable
Transfer fees
Ry.—Earnings-
1938
$629,553
218,261
133,751
May—
—V.
1936
$95,437
7,411
def21,949
Dividends received
3968.
Gross from railway.
Earnings—
1937
1938
$100,768
,ay def 15,045
U def46,208
513,530
def53,294
def216,765
Gross from
Period End. June 18— 1938—4 Weeks—1937
19.38
$250,233
def5,681
def37,423
May—
—V.
Co.—Bonds Called
A total of $35,000 first mortgage bonds, 4H % series due 1947, due Dec.
1, 1947 has been called for redemption on Aug. 1 at par and interest.
Pay¬
Sears, Roebuck & Co.—Sales—
Gross from railway
Net from railway
From Jan.
1938—5 Mos.—1937
$9,026,378
$7,341,081
5,613,875
6,698,507
88,098
rev.
Railway tax accruals
Net after rents
1938—5 Mos.—1937
$2,130,000
$2,047,122
3,510
2,283
$426,654
306,765
Operating taxes
Payment Hearing
Earnings of System
Netafterrents
Operating revenues—
Operating expenses
-Interest
Period End. May 31—
1938—Month—1937
Railway oper. revenues. $1,547,224
$1,847,446
Railway oper. expenses1,395,532
1,127,442
Inc.—Wages Cut—
Company announed that effective July 5, wage rates will be reduced
Salaries of office workers were reduced last April —V. 146, p. 3967.
12 Yt %.
Period End. May 31—
370,086
def83,908
def220,810
Hearing Adjourned—
A dividend of $1 was paid on Jan. 25, last,
share were paid on Dec. 11, 1937 and each
three months previously.
In addition, an extra dividend of 75 cents was
paid on Jan. 25, 1937.—V. 146, p. 2707.
par common shares.
and dividends of 25 cents per
no
Operating
460,644
def88,466
def273,558
,
Rike-Kumler Co .—Dividend Omitted—
Riverside & Dan River Cotton Mills,
563,790
29,841
defl75,900
Judge Charles B. Davis has entered an order extending until
July 1, or as soon after as the court may direct, hearing on the proposed
payment of $400,000 semi-annual interest due May 1, 1938, on the first
mortgage bonds.
Previously hearing had been set for June 28.
A protective committee for the 1st term. & unif. bonds, Represented by
E. Stanley Glines, W. Rodman Peabody, and J. Hambleton Ober, has
filed objections in U. S. District Court at St. Louis protesting the proposed
payment of $400,000 interest instalment
due May 1, 1938, on 1st mtge.
bonds.
The committee alleges that it represents over $2,000,000 1st term,
bonds.
A hearing was scheduled July 1 before Judge Davis on petition
of Berryman Henwood, railroad trustee, recommending that the interest
payment be authorized.—V. 146, p. 3969.
x
Directors have decided to omit the dividend ordinarily due at this time
the
$87,599
1,296
def28,019
Federal
2,985,523
656,650
1936
1935
$107,124
def6,151
def44,861
Postponed by Court—
—V. 146, p. 4129.
on
146,
St.
1936
$126,931
15,160
def26,199
593,458
51,893
defl43,645
Gross from railway
Net from railway
1935
$4,407,187
1,357,841
1,023,059
Ry.—Earnings—
1937
1938
$115,420
8,560
def31,011
Net after rents
From Jan. 1—
—V.
May—
„
May—
Gross from railway
Net from railway
Netafterrents
Earnings for Month of May and Year to Date
Gross from railway.....
Net from railway
131
mach.
utensils.,
-
Sundry
stocks
supplies
Dlv. rec. fr.sub.co.
Cash
Total
-V. 146,
-
30,266
53,701
5,851
30,585
66,172
24,399
...£4,637,564 £4,608,649
P-3679.
_
Revenue account.
of
—
25,000
Bank loan
ana
Sundry debtors.__
redemp.of
■
1
Total
■—
£4,637,564 £4,608,649
Financial
132
Shell
Seattle Gas Co.—Earnings—«
_
Gross earnings
-
-
—
t
$5
$
Liabilities1stpref.stock.. 3,307,500
pref. stock
688,900
2d
11,510,701
l> Common
Non-utility <fc non-
72,150
34,350
129,222
105,625
456,895
189,842
119,377
331,284
5.016,000
119,860
Acc'ts & note pay,
512,936
Accrued interest-63,948
Accrued taxes.-—
161,472
404,851
charges
Cash
Receivables..
Reserves.——
c Earned surplus.-
Mat'ls & supplies.
Deferred liabilities
share,
Operating income before deducting reserves
Non-operating income.
117,132
b Represented
24,842
$986,839
$555,227
568,700
45,657
346,456
22,127
25,253
-
-----
25,000
—
$347,482
-
$342,220
$149,337
127,041
13,740
-
stock
common
—
Accrued on preferred stock, net
Cash on preferred stock
1936
1937
Notes & accts.
8284,777
185,870
281,510
rec.
$246,401
145,712
44~03 7
90,492
46,000
92,105
notes recelv—..
530,423
554,940
Lease purch. oblig.
Organiza'n exp—.
104,084
85,966
31,168
17,211
Inventories
—
Markst'le securs..
Contlng. accts .rec
Other
.
Stocks
60,000
61,600
5,775,265
2,975,026
corpora's.
a Props.,
plant
equipment..-
1937
Notes pay_-._—
&
1936
Accru. charges.
b Lease pur.
oblig.
Long-term Iiabil—
Net profit..
Dividends paid—Cash
97,609
407,947
payable.
Def.
rec.
Stock of subs
$7,705,082 $4,413,064
31,660
Advs.tosubs——-
681,406
10,654
—V. 146, p.
-
Total..
$2,213,629 $2,044,007
1259.
Ltd.—Earnings—
Sherritt Gordon Mines,
Operations—Income Account for Year Ended Dec. 31, 1937
Ore milled
195,694
21,738.13
(tons)
Concentrates produced (tons)
Metals produced—Copper (lbs.)
^
6% cum. pref. stk.
($10 par)
1,061,870
(par $100)
1,449,800
Com. stk. ($1 par). 1,318,179
Earned surplus-350,680
sur.
(ozs.)
2,533.789
—
_
1,145,000
1,270,410
74,105
$258,040
Net return
Inventories of metals
produced
717,716
$975,756
Operating and administrative costs
826,132
—
34,841
1,091,792
Total
$7,705,082 84,413.064
$149,623
7,299
Operating profit
Non-operating revenue—net
Profit....
21,394
$156,923
—
Reserved for depreciation of buildings, machinery and equip.
Deferred development written off.
Loss
Portion of
for mining and milling supplies restored..
reserve
Net profit on sale of securities.
Profit on disposal of machinery and equipment.
$57,092
14,676
a55,499
a
Dividends declared during the year amounted to $55,499, of which
$27,897 has been charged to paid-in surplus as specified in the declaring
resolution.
Balance Sheet Dec. 31, 1937
Assets—Investments, stocks, at cost, $652,589; cash in banks, $86,256;
dividends receivable, $3,252; deferred charge, $1,031; total, $743,129.
Liabilities—Federal and State taxes, payable and accrued, $4,367; com¬
mon stock (par $1), $140 ,531; portion of legal capital under laws of Delaware
of
of outstanding stock, $49,826;
$530,376; earned surplus, $18,029; total, $743,129.
—V. 146, p. 2708.
excess
par
value
__
Administrative expenses
Interest paid...
Federal capital stock tax
1938
x$30,436
5,485
54,148
954
1937
paid-in surplus,
companies, &c., $36,256; total, $9,174,310.
Liabilities—Canadian Bank of Commerce—Direct advances (secured)
(after balances on deposit of $43,372), $221,628; wages payable, $22,307;
payable and accrued charges, $65,934; capital stock (5,874,432
shares of $1), $5,874,432; capital surplus, $3,448,276; deficit, $458,267:
total, $9,174,310 —V. 146, p. 3356.
accounts
$46,160
5,356
60,762
Year Ended Dec. 31—
720
1937
Earnings from operations
Earnings from interest and discount earned
.
$26,109
$18,933
$20,456
Loss
on
Int.
$30,151
& disc,
'
39,842
43,434
purchased by the trust
Adjust, of prior period.
2,800
1,845
Total profit.Loss on securities sold..
$12,491
80,654
Deficit; May 3l__.
$68,163
sur$53,524
38,151
3,730
2,152
Dr6,575
$19,170
$22,948
prof34,354
prof17,603
sur$40,551
$245,344
$598,253
35,430
115,186
on
car
trust ctfs.
& int.
on
other
$495,023
35,429
147,185
81,208
.
scrapping of tank cars, mach., &c
$492,404
2,619
101,560
29,078
234,574
car
■—
Prov. for Fed. inc. tax & surtax on undistrib. profs.
Provision for depreciation
loss$18,0l8
227,326
_
2,869
liabilities
6,861
6.3,034
248,845
Net profit for the year
x
Dividends only.
Invest, at cost
•Cash
1938
1937
$2,060,285 $4,241,856
Assets—
651,113
376,396
for
1938
1937
&
$895,385
equip..
capital stock tax
$3,196
$6,241
Senior debentures. 3,338,000
3,542,000
notes:
$910,802
3,651,334
3,866,537
60,000
60,000
Furn. & fixtures..
15,257
14,310
1,401
1,776
Sees, owned
Federal
Acer. int. pay. on
senior debs
.Junior
1936
1937
Land, bldgs., mach.
Pats, and dies
Liabilities—
Pro v.
$54,548
a
(cost)
Pfd.stk. intreas.
42,087
Def. assets.
sees--
Note
152,289
1,579,417
other
1945.
1,406,334
Current liabilities.
265,987
336,708
Res. for deprec. of
89,062
__
90,673
1,260,599
1,226,974
332,070
306,405
83,834
60,601
137,227
72,197
rnatur.
to
tank cars
Res. for deprec. of
bldgs.,
960,000
equip.,
960,000
mach.,
furn.
&
fixtures—..
43,200
Res. for bad debts,
14,400
contings., &c
Surplus
Drl,604,530
68,163
sur53,524
Total..
Total
152,289
ctfs.
liabs., see'd,
1
1,425
Unreal, deprec. of
Deficit
car
375,367
6%
Junior notes....
no par.
Car tr.
1
54,866
series
A,
due
March 1,1952—
Acer. int. pay. on
MabUUies—
1937
1936
Pf, stk.(par $100) .3 L,586,300 $1,586,300
CI A. 1,526 shs. &
d.B 100,000 shs.
457,334
Goodwill...
Current assets
39,695
loss$52,804
Consolidated Balance Sheet Dec. 31
Tank cars
Condensed Balance Sheet May 31
Assets—
1936
$595,384
Total earnings
498
Miscellaneous deductions.
Net loss..Previous surplus and un¬
divided profits
Discount on senior deb.,
$80,550
-
Assets—Cash, $1,256; marketable shares in other companies at cost,
$19,899; accounts receivable, $85,136; inventory, $611,811; mining and
milling supplies (less reserve), $205,390; prepaid insurance, &c.t $5,251;
exploration and development expenditures, &c. (net), $1,928,877; mining
leases and claims (net), $3,391,794; buildings, machinery and equipment,
&c. (net), $2,888,639; shares and interest in other mining and exploration
1935
$47,917
6,236
59,894
•
961
Shippers' Car Line Corp. (& Subs.)—Earnings—
1936
$39,834
6,602
56,817
2,524
$55,298
24,070
Balance Sheet Dec. 31,1937
Shawmut Bank Investment Trust—Earninas—
3 Mos. End. May 31—
Interest and dividends
20,030
15,030
220
-
—
$104,303
13,944
_
*_
Outside exploration
$42,416
...
134,024
127,201
Reserved for loss of Sherridon Development Co., Ltd.
Shut-down expenses less profit on sale of old copper stock
Year Ended Dec. 31, 1937
_—_
in
80,672.37
$271,454
13,414
—
(gross value)
Marketing expenses (commission, transportation, &c.)
from
Expenses
—
9,951,718
—
6% cum. pref. stk.
Income—Dividends (including stock dividends of $3,101)-----.
Income
Dividends paid.
25,000
.
Balance
.-—Earnings—
Statement of Income for the
Surplus...
Res. for contlng
12,956
$2,213,629 $2,044,007
Total
977,520
227,627
($25
stock
Par)
8,659
depreciation,
Shareholders Corp
225,642
615,313
155,627
Plant & equip, (net)
Def. charges
26,774
250,000
-
depletion and development cost of
$2,890,932 in 1937 and $2,295,590 in 1936,
b Payable out of future pre~
duction.—V. 145, p. 2406.
for
Com.
125,057
110,712
60,387
Fed. & State taxes
430,231
687,625
585,273
266,963
117,680
-
142,131
1,365,950
277,719
517,496
(net)-—-Invs. & other
1936
$66,206
24,643
53,284
Metal sales
26,512
—
—
reorganization.-
reserve
payable—
Acer, expenses
Inventories
Gold
Capital surplus-1,360,752
After
Accts.
Silver..
81*398
-
a
1937
$41,992
Liabilities—
1936
$257,131
$421,385
Accts. & notes rec.
85,966
items.
credit—
Earned
Total
68,623
Balance Sheet Dec. 31
1937
Assets—
Cash
87*026
——
charges
$218,953
137,525
.
Ref. notes & accts.
.
Prepaid & deferred
$257,091
232,082
101,267
104,084
1,427,543
Minor, interests..
other
In
$287,576
$364,892
206,287
687,625
Profit before taxes—
Statement of
$250,918
co nt.
$520,992
156,100
.
(Operating period Aug. 1 to Dec. 31, inclusive)
Liabilities—
Accts. pay
bOth.
and
accts.
$276,556
cm, 020
.
—
State and Federal taxes.
Consolidated Balance Sheet Dec. 31
Assets—
Cash.:
$1,615,111
1,056,690
281,865
$535,159
Drl4,167
;
Operating profitAdjustments to operating profit (net)
114,806
596
minority interests--
—-
1936
$2,543,048
L596.447
411,443
— -
...
11,457
-
—
on
$161,391
5,262
Profit for year
Income applicable to
Federal income taxes
Corp.—Earnings—
1937
Manufacturing cost—
Selling and general expenses
$530,385
depreciation, depletion, development
amortization
—
Shepard Niles Crane & Hoist
Calendar Years—
Sales (net)
Stock.
»0,22l
'«■
Total income before reserves.-
properties, plant additions and other corporate purposes.
4130.
—V. 146, p.
1936
$896,618
—
costs and lease
Net profit.
Dividends—Cash
53,158
1937
Years'-—
—
interest which will give them $25,000,000 on a 15-year loan.
Shell Union will use these funds for future development of
3.736
2,987,417
Accounts payable only.—
c
Loan Placed Pri¬
circulation during
past weeks regarding corporation's plans for additional
financing. It is now definitely stated that this company
has negotiated a private deal with life insurance company
Subs.)—Earnings—
Shamrock Oil & Gas Corp. (&
Interest
164.936
2,614,950
$46,361 in 1937 and $46,063 in 1936.
by shares at stated value of $1 per
V. 146, p. 2869.
Capital losses-
5,076,000
118,367
C102.092
64,912
Total-- —— 12,562,550 12,654,823
.12,562,550 12,654,823
After reserve of
Reserves for
688,900
23,830
Oil Corp.-—$25,000,000
Union
1938
vately—A number of reports have been in
their
$
3,307,500
M isc. current liab.
182,109
Funded debt—-.
Prepaid accounts &
Calendar
23,825
stock..
72,150
6,700
oper. property..
Special deposits...
—
1936
1937
$
Assets—
—
31
1936
Plant, prop.,rights,
franchises, &c..] 1,602,115
a
$156,777
loss$58,733
—
1937
Total
$1,710,425
1,294,735
258,913
$110,793
1 .089Ajg
254,707
— —
Balance Sheet Dec.
deferred
$1,810,565
1,442,584
257,188
*}
- -
- - - -
Operating expenses and taxes.—
Interest deductionsNe« income-
1935
1936
Calendar Years—
July 2,
Chronicle
$2,711,398 $4,618,252
Total
-.—$2,711,398 $4,618,252
Share capital of 75,000 common shares of no
par value in part
outstanding and the balance issuable on conversion of warrants
..-$5,224,640 $5,320,892
Total_________$5,224,640 $5,320,892
a
Represented by 1,660 shares (95 shares in 1936) of Shippers' Car Line
Corp. at cost.—V. 146, p. 4130.
Issued and
outstanding—V. 145,
,,
p. 4130.
(W. A.) Sheaffer Pen Co.—Bonus to Employees—
Company on June 29 paid a bonus of 7H% to all employees based
June6lPei938 63X1111188
upon
each employee for the six months period ended
W. A. Sheaffer, President,
announced that
employed by
the company than during the peak business
period of 1929.
In 1937 the
company paid a 10% bonus on the first six months' earnings of its employees
and another 10% bonus for the second half.—V.
146, p. 3521.
_
more
are
now
Southern
Pacific
Net after rents___
From Jan. 1—
Gross from railway
Net from
railway
Net after rents
—V.
146,
p.
4130.
Co.—Earnings-
1936
1938
1937
1935
$11,918,816 $13,635,972 $11,614,331 $10,455,367
2,068,588
2,605,258
2,792,653
2,734,209
75,016
760,243
1,148,265
1,412,015
May—
Gross from railway
Net from railway
_
56,029,534
7,423,446
defl ,869,569
69,192,465
15,484,167
6,931,642
54,379,040
12,489,448
5,321,618
45,610,633
10,825,066
4,710,369
(
Volume
Financial
147
South Carolina Power
Period End. May 31—
Gross revenue
Oper. exps. and taxes,
Prov. for depreciation__
162,193
31,250
Gross income
Int. &
other fixed
"
$3,054,554
1,813,817
$3,297,478
1,965,660
35,000
401,250
256,000
$80,329
$67,095
57,119
charges
May—
1938—12 Mos.—1937
156,450
133
Spokane International Ry.—Earnings—
Co.—Earnings-
1938—Month—1937
$260,538
$271,779
x
Chronicle
$930,569
680,214
$984,737
53,460
651,185
Net income
$9,976
14,286
pref. stock
on
Balance
provision
distributed profits
made
was
as
in
1936
$250,355
$333,552
171,438
Net after rents
From Jan. 1—'
def11,386
Gross from railway
Net from railway
265,356
16,218
def20,463
318,876
55,091
11,989
$78,917
$162,114
was
for
Southern Bell Telephone &
Telegraph
Co.—Earnings
Earnings for 12 Months Ended May 31, 1938
Operating
Operating
N et
revenues
_
expenses
operating
.$63,076,934
_:
41,924,615
;
revenues.
Total operating taxes
_
_
_
_
;
_
_
_
_
_______
_
_
2
_
—V. 146, p. 4130.
_
_
__ _
_
_
May—
.____
railway
From Jan. 1—
Gross from railway
Net from railway
52,667
def67,816
2,973,755
592,510
after rents
—V.
146,
46,537'
1936
$620/ 39
123,544
1935
$644,651
322,468
2(3,675
3,546,707
l,2f 7,880
639,146
$575,199
Net from railway
Net after rents........
Net
1937
$757,689
268,754
142,822
1938
Gross from
____$21,152,320
8,102,833
_
_
191,064
def4,857
def31,848
Spokane Portland & Seattle Ry.—Earnings—
Federal surtax on un¬
distributed.—V. 146, p. 3679.
1937
or
all taxable income
266,420
50,164
10,408
171,438
$12,582
def$4,310
____
No
x
$26,868
14,286
1935
$45,668
8,442
2,563
$65,377
7,002
def2,554
$57,063
def2,949
Net after rents
Divs.
1936
$61,960
12,318
3,785
1937
1938
Gross from rail way
Net from railway
2,850,491
831,841
236,3C6
2,696,732
877,686
396,545
228,119
3680.
p.
Standard Gas & Electric
Co.—Report—
Bernard W. Lynch, President, says in part:
Net operating income.
Other income
$13,049,487
178,250
Total income
$13,227,737
1,661,233
1,318,200
_____
Interest on funded debt.
Other interest deductions.
Amortization of discount on funded debt
...
...
_
113,544
Net income
$10,134,759
Note—No provision has been made for
distributed earnings.—V. 146, p. 3680.
Southern
Federal surtax,
if any,
un¬
1938
Colorado
Power
Co.—Earnings—
Years Ended April 30—
Electric
1938
expenses, maintenance and taxes
Net oper. rev. (before approp. for retire't
res.)__
Other income._________________________
$969,965
reserve
1938
579
Period End. Apr. 30—
•
$1,029,974
300,000
300,000
$670,564
424,098
5,372
$729,974
$241,093
_.
$291,356
Divs. from public utility
affiliates
1937
S''
6,046
Cash
1937
x
226,878
226,811
Matls.
&
50,987
(at cost)
Other curr, assets.
511,643
2,750
1,761
206,790
Indebt.
1st mtge. gold bds.
230,811
223,720
56,102
55.082
9,704
...
9,703
24
to
A,
816,929
reserve
18,020.3061
of $66,183
in
par).....
com.
($25 par)..
Period End. May 31—
Gross revenue._...
Gross income
Int. & other fixed charges
pref. stock
Amortiz. of pref. stk. exp
Balance....
4,251,600
4,251,600
2,750,000
2,750,000
2,228,673
2.228,673
168,591
Total
...18,293,033
18,020,306
$64,5)4 in
given in
1936.
"Chronicle" of
Feb.
12,
$508,459
16,047
$7,110,231
248,688
$7,081,39.5
268,234
368,248
5,723
$492,412
368,248
7,002
$6,861,543
4,418,970
83,564
$6,813,161
4,418,970
69,327
7,027
17.806
7,679
17,806
73,696
213,672
69,58,3
213,605
$91,677
$2,071,641
$2,041,676
Earnings—
1938—12 Mos.—x 1937
$3,968,089
2,267,174
423,339
$3,673,041
2,084,521
366,283
$95,339
31,473
$96,245
27,825
$1,277,576
352,869
$1,222,236
337,841
$68,420
$924,706
412,296
$884,394
$18,659
34,358
Southern Pacific SS.
May--
10,848
130.181
511,831
54,242
$23,214
$382,230
$318,321
railway
$591,917
69,059
54,762
____
From Jan. 1Gross from railway
Net from railway
2,657,453
def107,048
defl85,639
after rents
1937
1936
income..
Note—The above figures do not include dividends on Louisville Gas &
Electric Co. (Del.) class B common stock owned by Standard Gas & Elec¬
tric Co. for the three months December 1936 to February 1937, inclusive.
The dividend
recorded
as
on such stock for the three months ended May 31, 1937 was
income by Standard Gas <fe Electric Co. in the month of May
dividends included in the above figures
Thus the amounts of such
$35,323 for the month of April, 1938, $494,529 for the 12 n onths ended
April 30, 1938, and $247,265 for the 12 months ended April 30, 1937.
are
Statement
$569,392
defl8,230
def33,603
$179,172
3,392
def7,462
3,303,109
2,253,629
def85,358
147,523
11,730
def] 24,627
of
Consolidated
Income
Period End. Apr. 30—
1938—Month—1937
1938—12 Mos.—1937
Sub. Pub. Utility Cos.:
Operating revenues
$8,253,4 1 9
$8,867,237 $101830.032 $99,736,886
Oper. exps.,maint. & tax
4,723,364
4,746,648
57,985,377
53,351,374
Net oper. revenue
$3,530.055
3,899
$4,120,589 $43,844,655 $46,385,512
28,926
122,954
75,209
Net oper. rev, & other
income
$3,533,954
$4,149,515 $43,967,609 $46,460,721
Other income (net).
...
Approp. for ret ire ..depr.,
& depletion reserves._
Amort,
of
$395,550
def63,049
capital expenditures..
Gross income.
def63,838
1,976,625
def254,133
def258,230
Other
Divs.
3,083
$2,507,509
1,074,086
12,812,358
12,633,354
3,083
37,000
37,000
interest
—
....
pref. cap. stock
by sub. co
Approp. for special res..
102,289
969,314
112,076
27,518
$3,072,346 $31,118,251 $33,790,367
102,286
1,227,507
1,227,908
972,608
11,653,093
12,108,239
110,462
1,369,255
1,377,934
11,109
231,377
132,187
on
Fed. &
State tax
on
5,766
41,667
5,766
41,667
69,192
500,000
500,000
29,085
guar.
on
,
„
1,023,362
contractual
Int. on funded debt....
Amort, of dt. dis. & exp.
1935
—V. 146, p. 3680.
30,814
374,ol9
386,138
int.
funded debt
Amort, of flood & rehab.
20,833
expense.
—
333,333
.
-----
Other income deductions
Southern Ry.
1938
._
1937
1936
1935
$6,638,682
-
$8,079,691
2,190,832
1,313,251
$7,464,175
2,047,382
1,308,584
$6,420,384
1,289,605
700,032
20,245
13,168
193,951
92,041
Int. charged to constr'n.
-Earnings—
May—
Gross from railway
on
Rents for lease of prop..
Lines—Earnings—
1938
Net from railway
Net after rents
tax
int. on funded debt..
Amort, of dt. disc. & exp.
[Exclusive of Deen Rock Oil Corp., debtor, and Beaver Valley Traction
(subsidiary of Philadelphia Co.), in receivership, and subsidiaries of
such companies.]
$328,831
198,586
34,000
$63,865
34,358
10,848
28,125
Co.
provision was made in 1936 or 1937 for Federal surtax on undistributed
profits as all taxable income was distributed.—V. 146, p. 3680.
Net
$436,017
16,881
$20,332
.....
page
x
Operatiions for 1937 reflect the effect of flood conditions in January and
February and extraordinary maintenance resulting therefrom,
y No
Gross from
420,238
"$419,136
funded debt....
on
Net
$308,866
177,626
35,901
y Oper. exps. and taxes.
Provision for deprec
on
299,102
893,297
257,728
....
reserve...
1938—Month-—\ 1937
Net income-
265,828
stk.
Southern Indiana Gas & Electric Co.
Divs.
34,682
affiliate.
Gross income.
Int.
1937.
1937 and
was
6,893,000
pref. stk.
cum.
Class A
Capital
Note—The income account
109<i.—V. 146, p. 3u31.
an
interest
Federal & State
1,073,787
Surplus
Total......... 18,293,033
by
Other
6%, due
Reserves..
($100
16,143.846
affil
July 1, 1937
; 6,828,300
Deferred liabilities
261,816
7%
eq,
(incl. intang'les)16,491,235
Deferred charges..
776,849
After
132,248
55,913
587,392
ser.
Investments
x
130,625
redemption of
on
Expenses and taxes.....
Accounts payable-
336,52o
296,579
rec
supplies
Sinking fund
Prop., plant &
10,886
of
Total income........
Accrued liabilities.
interest-204,849
Accts.«fc notes
indebtedness
on
Profit
1936
Liabilities
S
Anm,
$6,140,487
360,297
affiliates
Int.
securs.
1936
$
Cash deposited for
bond
A
$6,278,453
402,051
of
^
432,571
1
Balance Sheet Dec. 31
/
debt
$429,488
33,403
4,398
funded
on
$387,330
33,403
10,886
....
Int.
affiliates..
Net income.
Assets—
1936
397,558,744 lcwh.
(Company Only)
1938—Month—1937
1938—12 Mos—1937
1937
455,250,788 kwh.
417,234,982 kwh.
Statement of Income
'
Dividends from others__
Interest charges (net)
Other income deductions
5,409,448,209
47,003,596,000
Electric output for the month of April was approximately 8.4% below the
corresponding month of 1937.
Electric output figures for the month of
April, 1938, 1937 and 1936 are given below:
$1,029,394
599
Net operating revenue and other income
(beforeI.'.'*" "s'1
appropriation for retirement reserve)
$970,564
Appropriation for retirement
$2,278,499
1,249,104
1,362,379
1937
5,513,938,155
45,391,333,000
(kwh.)
Gas (cubic feet)
1937
$2,332,344
Operating
on
During the past six months the public utility companies in the Standard
Gas & Electric System have placed in operation four new generating capacity
installations.
Five additional are in progress of construction.
Upon com¬
pletion of this program the con bined properties will have put in service,
within a period of approximately one year, 183,250 kilowatts of additional
generating capacity, which is, with possibly one exception, the largest
amount ever installed on the system in a comparable period and represents
about 12% of the total generating capacity at the beginning of the period.
Comparative electric and gas output of the operating com panies in the
system for the 12 months ended April 30, 1938 and 12 months ended April
30, 1937, follow:
020,328
Cr8,611
0241,684
084,325
Net
railway
1,731,418
797,591
-
$1,199,044
Balance
$ 1,793,077 $ 15,407,708 $17,981,053
after rents
From
Jan.
1—
Gross from railway._
34,597,223
7,895,117
2,962,240
Net from railway.__
Net after rents
43,111,326
13,187,485
8,289,129
—Third Week of June
1938
Gross
earns,
(est.)...
$2,114,284
—V. 146, p. 4130.
37,564,783
10,166,722
6,511,650
Jan.
1937
1
to
1938
32,972,895
7,687,013
Diheldby»fcL8t0'k!
733,395
686,925
9,295,014
ML?trtaycome-!n-Un?!S.t:
24,372
136,690
Q16.748
$441,277
$969,462
$6,129,442
$8,593,785
33,403
33,403
402,051
360,297
4,398
34,682
299,102
420,238
$479,078
$1,037,547
$6,830,595
$9,374,320
16,881
16,047
248,688
268,234
$462,197
$1,021,500
5,723
368,248
7,002
$6,581,907
4,418,970
83,564
$9,106,086
368,248
Amort, of dt. dis. & exp.
7,027
17,806
7,679
17,806
73,696
213,672
Consol. net income...
Net from
$63,393
utility cos.
•
$2,428,633 $52,448,941 $64,636,239
pub.
applic. to
Stand. G. & E. Co.
21—
1937
divs. from non-affil.cos.
Int.
Southwestern Associated Teleohone
Operating
May 31—
revenues
Uncollectible oper.
Operating
Operating
rev.
revenues.
_
expenses
1938—Month—1937
$100,800
$ $96,219
on
$511,738
$471,643
150
1,000
550
$100,600
64,558
$96,069
60,361
$510,738
313,362
$471,093
Total--
$36,042
$197,376
8,895
$35,708
6,918
44,738
$187,202
34,703
$27,147
$28,790
$152,638
$152,499
283.891
Exps. & taxes of Standard Gas & Elec. Co
CdSduc/of
Int.
Net oper. revenues
Operating taxes.
on
Other
—V.
income
146, p. 4130.
oper.
(A. E.) Staley Mfg. Co. —Bonds Called—
The Chase National Bank of the
City of New York, as trustee, announced
that $120,000 principal amount of first mortgage bonds, 4% series due 1946,
have been designated by lot for redemption on Aug. 1, 1938, out of
sinking
fund moneys, at 102% and accrued interest.
Such bonds will be paid on
that date at the principal trust office of the bank, 11 Broad St., New York.
—V. 146, p. 2871.
x
toe*,
chgs-
funded debt
interest.
Federal
int.
Net
„
indebtedness of
Co.—Earnings—
1938—5 Mos.—1937
200
634,320
Oth. inc. of S.G.&E.Co.:
affiliates...
Period End.
'
Bal. of inc. of sub.
4,590,534
June
8.752,948
&
on
State
tax
on
funded debt._
For the 12
4,418,970
69,327
-
213,605
$620,765 x$l,792,005 x$4,334,601
months ended April 30,1938, includes approximately $1,008,-
000 of undistributed earnings of certain subsidiary coir panies and approxi¬
mately $1,288,000 of deficit of other subsidiary companies, or a net deficit
of approximately $280,000 applicable to capital stocks held by Standard
Gas & Electric Co.
Of the former amount, approximately $876,000 is not
available for distribution to Standard Gas & Electric Co. In the form of
dividends on common stocks of certain of the subsidiary companies, due
Financial
134
principally to accumulation of dividends on preferred stocks in prior periods
and to the retention of surplusjfor other purposes.
For the 12 months ended
April 30, 1937, undistributed learnings of subsidiary companies applicable
to capital stocks held by Standard Gas & Electric Co. amounted to ap¬
proximately $2,293,000, of which lamount approximately $1,253,000 was
restricted for thejreasons explained above.
comparativeiPurposesfthe above figures have been revised to
reflect certain changes in classification, due to the uniform system of ac¬
counts which became effective Jan. 1, 1937, and for the 12 months ended
April 30, 1937 have been further ((revised to reflect equalization of adjust¬
ments recorded subsequently, but which are applicable to that period.
(John B.)7Stetson Co.—Preferred
p.
operating companies in the Standard
week ended June 25, 1938, totaled
99,497,405 kilowatt-hours, a decreaseTof 8.2%
sponding week last year.—V. 146, p. 4131.
'Standard Oil
Dcbcfituvcs
-
__
_
_
...
,
Notes
$7,090,000
3,085,000
155,000
155,000
$4,410,000
1,915,000
95,000
95,000
190,000
310,000
185,000
185,000
155,000
__
115,000
115,000
Blyth & Co., Inc
Bonbright & Co., Inc..
925,000
245,000
2,780,000
245,000
245,000
245,000
1,080,000
615,000
310,000
2,315,000
1,080,000
155,000
465,000
2,780,000
310,000
1,235,000
310,000
310,000
465,000
310,000
615,000
465,000
155,000
465,000
615,000
310,000
310,000
1,235,000
615,000
1,545,000
1,080,000
1,235,000
245,000
2,160,000
155,000
615,000
185,000
1,55,000
310,000
615,000
465,000
310,000
370,000
465,000
370,000
2,780,000
370,000
310,000
185,000
95,000
1,340,000
575,000
155,000
1,720,000
155,000
155,000
155,000
670,000
385,000
190,000
1,435,000
670,000
95,000
285,000
1,720,000
190,000
765,000
190,000
190,000
285,000
190,000
385,000
285,000
95,000
285,000
385,000
190,000
190,000
765,000
385,000
955,000
670,000
765,000
155,000
1,340,000
95,000
385,000
115,000
95,000
190,000
385,000
285,000
190,000
230,000
285,000
230,000
1,720,000
230,000
190,000
115,000
95,000
385,000
155,000
230,000
2,160,000
Alex. Brown & Sons
Brown Harriman &Co., Inc
Cassatt & Co., Inc._.
Central Republic Co
___
E. W. Clark & Co
__________
Clark, Dodge & Co
Coffin & Burr, Inc...
R. L. Day & Co.
____
_
Dillon, Read & Co...
Dominick
Equitable Securities Corp..
Estabrook & Co
First Boston Corp._____
Glore, Forgan & Co__
Goldman, Sachs & Co__
Graham, Parsons & Co
Hallgarten & Co
Harris, Hall & Co. (Inc.)__
________
_
_____
Hayden, Miller & Co
Ilayden, Stone & Co
Hemphill, Noyes & Co..
J. J. B. Hilliard & Son
Hornblower & Weeks
W. E. Button & Co.
•;
Jackson & Curtis.
Kean, Taylor & Co
Kidder, Peabody & Co
-T
Ladenburg, Thalmann & Co
____
Hazard Freres & Co.__
Higginson Corp
______
_____
Lehman
Bros..
Laurence M. Marks & Co
Mellon Securities Corp...
"
™
1
~
Merrill, Turben & Co..
F. S. Moseley & Co
W. H. Newbold's Son & Co..
Otis & Co.
R. W. Pressprich & Co,
Salomon Bros. & Hutzler
Schoellkopf, Hutton & Pomeroy
Schroder Rockefeller & Co__
Securities Company of Milwaukee
J. & W. Seligman & Co
;
Shields & Co
►Smith, Barney & Co.
Stone & Webster and
____.
Blodget
Spencer Trask & Co
G. H. Walker & Co
Wells-Dickey & Co
White, Weld & Co_
Whiting, Weeks & Knowles, Inc
Dean Witter & Co,
J
_
23,938
50,645
20,619
45,978
$169,439
$160,147
Dr56
Dr346
$169,383
35,833
$133,550
Maintenance
Taxes
May—
1938
railway
railway
__
From Jan. 1—
Gross from railway
609,160
def3,225
defl71,767
Net from railway
Net after rents
615!500
245,000
370,000
Interest
Net
20 Weeks Ended May 21—
$1,525,008
$1,433,221
12,303
$122,884
$1,514,940
70,000
1,304,306
elected President to succeed O. H. Gwrge who
Mr. Vieh was also elected General
5
elected chairman of the board.
Manager.—V. 146, p. 3033.
t
Tennessee Central Ry.—Earnings—
$165,263
28,733
Net after rents.2,959
Net from railway
Net after rents
1938
After depreciation, Federal income taxes,
Period End. May 31—
revenues
Oper. exps..incl. taxes._
Prop, retire, res. approps
Net oper. revenues
Other income
$15,128
Co.—-RFC to Purchase KnoxBonds—$5,800,000 Issue Will A ssist City in Deal with,
Utility—
The
ReconstructionTFinance Corporation will buy $5,800,000 of the
bonds of the City'of Knoxville, Tenn., to assist the city in acquiring
revenue
the Knox County distribution system
others
mayifollow.
but Mr. Jones said
He stated, however, that the RFC did not intend "to
go into this^s a (business," and
to areas such as (the (Tennessee
power
1937
1936,
1935
1934
$3,758,584
2,616,849
$3,393,606
2,414,789
$2,939,550
2,118,630
£2,792,573
1,932,211
Calendar Years—
Operating revenues _
Oper. exps., incl. taxes.
reserve
_
replacement
&
Renewal
379,851
366,773
342,784
316,584
$761,884
98,636
$612,043
98,331
$478,136
98,298
$54.3,778
$860,519.
14,546
$710,374
9,203
$576,434
7,509
$641,216
20,568
$875,066
388,967
5,518
$719,577
389,000
4,660
$583,943
389,000
3,352
$661,784
389,000
3,143
~$480,580
$325,917
297,618
$191,591
$269,641
__ — _
111,607
appropriations
■
■
Net oper. revenues—
Rent from lease of plant
Operating income
Other income
Gross income
on mtge. bonds
Other int. & deductions_
Interest
.
Net income
Divs.
that such loans would probably be confined
Valley and the Northwest, where Federo 1
projects are under way.
on
334,820
$6 pref. stock..
Gross income
$15,134
mortgage bonds.
$18,380
454
454
8,504
8,509
made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.
Balance Sheet Dec. 31
x
Investments
.
Customers' depos.
Cash in banks (on
901,937
demand)
.1,230,313
207.826
396,091
84,857
Prepay ments_____
61.289
Misc.curr't assets.
14,391
M iseell .assets
1,406,192
95,691
1,405,795
1.964
2.000
to
pref.
Balance
772,096
48,000
$981,910
719,586
48,000
$201,560
$214,324
364
$1,021,656
$201,943
5,450
100,168
$214,688
5,450
97,720
Cr25
$96,325
$111,543
35,000
35,000
410,170
90,773
14,589
int.
1,043
on
275
300
debt.
Accts. payable(not
4,539
current)
Deferred credits to
income.
Reserves.
~
21,831
16,742
768,926
_______
__
769,960
119,521
$61,325
$76,543
undistributed
profits for the 12 months ended May 31, 1938 and 1937.—V. 146,
p.
3525.
._
4*832
Earned surplus.__
20,548.076 20,437.714
1,329,314
Contributions
Total
1,169,467
.20,548,076 20,437.714
x Represented
by: $6 pref. cum. (entitled upon liquidation to $100 a
sh.); authorized, 75,090 shs.; issued and outstanding, 50,000 shs.; $6 2d
pref. cum. (entitled upon liquidation to $100 a sh.); authorized, 50,000 shs.;
issued, none; common, authorized and outstanding 1,000,000 shs.
y In
aid of construction.—V. 146, p. 4132.
Texas
Corp.—New Secretary—•
R. L. Sunders, formerly Assistant General Sales Manager, has been
appointed Secretary of this company to succeed the late E. M. Crone.
—V. 146, p. 1892.
May—
Gross from
railway.
Net from railway
_
—
Net after rents
-Earnings—
1938
$3,439,584
771,350
288,540
$3,849,010
822,898
296,559
1936
$3,224,946
558,970
90,978
•
1935
$2,902,768
562,922
226,869
17,050,101
3,233,077
645,478
19,908,255
5,145,975
2,532,589
16,037,415
3,452,658
1,289,737
13,875,052
2,605,014
908,575
1937
From Jan. 1—
Gross from railway.
Net from railway
_
—
_
—
—V. 146. p. 3680.
Texas Mexican
Ry.—Earnings—
1938
May—
From Jan.
1937
1936
1935
$97,238
25,308
13,488
railway
Net from railway
Net after rents
on
75,224
484,055
long-term
16,504
Texas & New Orleans RR.
1938—12 Mos —1937
Note—No provisions have been made for Federal surtax
Matured
y
Gross from
whether paid or unpaid
Accrued accounts _1
Misc. current liab. J
1,248
499,927
Deferred charges._
7,780,000
77,223
94,594
7021 Accounts payable.
702
____
$
Cap. stk .(no par) 10,000.000 10.000,000
17,276.029 Long-term debt.7,767,000
17,367,741
chises, &c.
S
Liabilities"—
$
Plant, prop., fran¬
1936
1937
1936
1937
Assets—
,
Int. chgd. to construct..
$6,176
$9,417
stock for the period,
97.438
Note—No provisions have been
Net after rents
Other interest
of the Tennessee Public Service Co.,
Jesse Jones, Chairman of the RFC announced June 27.
This is the first loan of this type made by the RFC,
1936
$151,109
383
$18,380
895,942
230,987
149,757
Capital surplus___
1937
$143,999
6
31,811
967,732
249,520
151,116
ville
195
&c.—V. 146, p. 2710.
1938—Month—1937
$83,351
$81,061
64,223
58,681
4.000
4,000
14,377
1,062,401
261,846
138,548
Tennessee Public Service
611,669
defl4,964
def236,845
$48,644
S17S ,8XT
3526.
—V. 146, p.
def41,208
670,941
def2,805
defl85,038
.
43,706
20,875
886,514
A 174.852
35,344
Gross from railway
1935
1936
$175,525
1937
$203,294
1938
May—
Gross from railway...-.
Net from railway
$123,232
651,769
defl,109
defl44,755
70,000
1,269,508
(fee.
New President
Walter F. Vieh has been
has been
1935
1936
$132,606
5,473
def31,382
$1,420,918
Directors on June 23 declared an interim dividend of 10 cents per share
on the capital stock payable Aug. 1 to holders of record July 15.
Previously
regularjquarterly dividends of 15 cents per share were distributed.
Materials & suppls
$125,122
1,981
def25,341
10,068
4131.
Accts. receivable..
Superior Water, Light & Power Co.—Earnings—
Net income
Divs. applicable
430,000
$123,968
1,084
Telautograph Corp.—Interim Dividend—
Total.
Net profit
on
$1,863,221
430,000
dividends.___
—V. 146, p.
Sterling Brewers, Inc.—No Common Dividend—
*
$1,955,008
—.
income
Preferred
Directors at their recent meeting took no qction on payment of a dividend
on the common stock at this time.
The last previous payment was a quar.
dividend of 15 cents per share distributed on Dec. 22, last.
See V. 145, p.
1275 for recordjof previous dividend payments.
Int.
$159,801
35,833
Common dividends
—V. 146, p. 3525.
Operating
$1,861,461
1,760
571
Gross income.
Ry.—Earnings—
1937
$127,204
6,170
def27,627
Net after rents
x
$1,957,307
Dr2,299
$132,979
Balance
Retirement accruals
3972.
Gross from
x
_____
Special deposits
Temp, cash invests
Staten Island Rapid Transit
Net from
'
155,000
I.Ill
___
—V. 146, p.
1938—12 Mos.—1937
$4,600,206
$4,331,381
1,781,855
1,707,399
269,097
238,100
591,947
524,420
1938—Month—1937
$380,203
$382,268
136,179
155,523
Net oper. revenues...
*,''
■, ■
Morgan Stanley & Co., Inc
Kuhn, Loeb&Co
Baker, Watts & Co
Baker, Weeks & Harden
Bancamerica-Blair Corp
A. G. Becker & Co., Inc
Biddle, Whelen & Co
B'air, Bonner & Co
Lee
Tampa Electric Co.-—Earnings—
Period End. May 31—*
Operating revenues—
Operation..
listed the names of the underwriters of its $50,000,000
follow:
&
3822.
Improvements to
under study by the company contemplates capital ex¬
penditures of approximately $175,000,000 during 1938, of which about
$39,000,000 had been spent to March 31, according to an amendment filed
by the company with the Securities and Exchange Commission.
The program includes approximately $90,000,000 for acquiring and de¬
veloping crude reserves, $38,000,000 for improving and extending refinery
capacity, $15,000,000 for tankers, $24,000,000 for marketing facilities and
$8,000,000 for miscellaneous purposes.
The names of the underwriters of the securities to be publicly offered
Dominick
share on the common
stock, par $1, payable Aug. 1 to holders of record July 18.
Previously
regular quarterly dividends of 20 cents per share were distributed.
In
addition, an extra dividend of 50 cents was paid on Jan. 27, last.—V. 146,
now
,
Co.—Smaller Dividend—
Sun Ray Drug
Directors have declared a dividend of 10 cents per
Non.oper. income (net).
SEC—1938
2%A% debentures and $31,000,000 serial notes.
In addition, $4,000,000
serial notes are being sold privately to Rockefeller Institute for Medial
A program
449.
_
(N. J.)- -Files Names of Underwriters
Co.
of Notes and Debentures with
Cost $175,000,000—
The company has
compared with the corre¬
usually
regular
15, last.—V. 146,
semi-annual dividend of $1 per share was paid on Jan.
p.
Weekly Output—
Electric output of the public utility
& Electric Co. system for the
Dividend Passed—
Directors at their recent meeting decided to omit the dividend
due at this time on the 8% cumulative preferred stock, par $25. A
Note—For
Gas
July 2, 1938
Chronicle
-
$159,554
62,572
44,089
$160,351
80,701
66,089
$130,248
52,744
40,257
484,568
89,594
50,869
654,871
588,683
198,324
138,536
575,126
210,693
152,764
1—
Gross from railway
Net from railway
Net after rents.
—V. 146,p.3680.
.
217,946
140,737
Volume
Financial
147
Texas Electric Service Co.
Chronicle
135
Toledo Light & Power Co. (&
—Earnings—
Subs.)-—Earnings—
'
Calendar Years—
Oper.
exps.
Net
1934
$7,470,633
x3,913,697
$6,763,316
3,637,907
$6,505,873
3,212,981
Gross operating revenues
$3,966,038
$3,556,935
$3,225,410
72,714
$3,292,892
76,428
Net operating earnings.
Other income
$3,966,038
from oper...
Rent for leased property
revs,
Balance..
Other
income
$3,556,935
$3,152,695
Net income before int. & other charges & prov.
for Federal income tax and depreciation
Interest and other charges
Provision for Federal income taxes
Provision for depreciation
1936
6,944
1,393
1,348
$3,216,463
14,896
$3,972,982
1,686,500
$3,558,329
1,686,500
27,393
$3,154,043
1,686,500
26,136
$3,231,359
1,686,600
39,667
(net)
Gross corporate inc.
Int. on mtge. bonds....
Other int. & deductions.
..
19,645
Int. charged to construct
Property retirement
serve
Crl29
re¬
appropriations..
Balance
Years Ended Sept. 30—
1936
1937
$8,318,602
(Incl. taxes).
4,362,464
Operating revenues
carried
900,000
300,000
350,000
500,000
$1,091,407
375,678
600,000
$1,344,435
375,678
600.000
$1,205,321
375,278
600,000
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, inasmuch as there
was no adjusted net taxable income undistributed for these periods.
Balance Sheet Dec. 31
1937
$
property,
Cash in banks
1,019,290
Notes receivable..
4,502
1,373,954
13,707
655,548
639,919
406,734
544,302
26,316
21,070
1,140,891
Prepayments
27,901
Misc.
19,905
curr. assets.
Misceli. assets
Reacqu.
stock
237,053
Contra accounts..
Deferred charges..
6,236
107,952
7,359
7,500
cap.
Liabilities—
x
franchises, &c..75,629,496 75,858,573
Non-curr. receipts
13,650
Special deposit...
843,250
Temp, cash invests
499,108
Accts. receivable..
Mat'ls & supplies.
Capital stock (no
par)
36,455,000 36,455,000
Long-term debt—.33,730,000 33,730,000
Accounts payable.
162,048
175,534
Dividends declared
243,919
243,919
Cust.'s deposits.
521,686
551,377
Accrued
accounts.] 1,631,515
846,052
Accrd. int. on longterm debt
Deferred credits
Balance, surplus
on 7% pref. stockDivs. on $6 pref. stock..
Divs.
Divs.
stock-
on common
.
5,495,322
$9,093,240
4,430,711
$9,100,223
4,388,131
$5,569,312
8,324
$5,221,138
8,955
$4,662,529
8,939
$4,712,092
9,473
$5,577,636
2,482,627
969,996
$5,230,094
2,416,829
559,253
$4,671,468
2,448,327
462,015
$4,721,564
2,457.559
450,000
$2,125,013
453,978
411,072
750,000
$2,254,012
453,978
411,072
1,000,000
$1,761,125
453,978
411,072
675,000
$1,814,005
453,978
411,072
900,000
Balance Sheet Dec. 31
702,886
rec...
72,916
12,534
13*019
Accts. receivable..
1,690,686
1,536,433
Mat'ls & supplies.
1,070,014
Notes, &c.,
1937
x
1936
S
Liabilities—
$
1,134,614
$
Capital stock—33,443,976 33,443,976
Long-term debt. -.46,200,000 46,400,000
Accounts payable
182,223
217,936
Note payable (Am
Pow. & Lt. Co.)
800,000
400,000
Other notes pay... 1,700,000
Customers' depos.
544*656
576,992
Accrued accounts.
11,530,741
/
1,366,226
Misc. curr. liabils.
23,370
22,625
84,211
100,485
1,680,820
4,471
Mat'd int. & long-
Misc.
Misceli. assets
term debt
Deferred
68~80l
100,382
Deferred charges..
821,816
846,156
Reacqu. cap. stk..
42,260
int.
on
credits..
95,645
68,801
3,429,802
Capital surplus-..
Contributions...-
3,744,779
100,382
2,945,870
117,203
51,620
Earned surplus...
89,575,7861
Total
3,224,825
pref. cum., $100 par, pari passu with $6 pref.;
j)an authorized, issued and outstanding* 4,000,000 shares.—V. 146,
Third Avenue Ry.
Period End. May 31—
Operating
revenue
Operating expenses
j.
3,458,436
System—Earnings—
$155,381
26,625
$349,248
130,132
$2,919,621
1,493,087
$3,318,517
1,291,623
$219,116
33,129
$1,426,533
287,391
$2,026,894
385,724
$252,245
228,729
$1,713,924
2,394,669
$2,412,618
2,516,463
$34,592 prof$23,5J6
$680,745
Total.
...
-V. 146, p. 3680.
Tri-State
Telephone & Telegraph Co.—Earnings—
Period End. May 31—
_
1938—Month—1937
$531,792
$521,719
2,786
1,063
_
x$530,729
Operating revenues
Uncollectible oper. rev.
Operating revenues.
Operating expenses
Net oper. revenues
Operating taxes.
100,845
142,537
100,845
125,007
5,321,290
2,510,726
Divs. pay. on pref.
stock
85,290,927 84,933,666
May—
x
377,771
1938—5 Mos.—1937
$2,533,698
8,249
10,144
$2,589,788
$518,933 x$2,581,539
387,692
1,891,527
$2,523,554
1,921,828
1937
951,996
Net after rents
$134,468
12,860
def2,361
863
670,680
126,341
40,541
937,370
285,443
145,357 '
285,648
121,748
—V. 146, p. 3681.
Two Park Avenue
Building—Earnings—
statistical report prepared by Amott, Baker & Co., Inc.,
occupied.
Hunter
College of the City of New York occupy four floors in the building, the
lease for which has been extended to Sept. 1, 1939.
For the seven months
tnrough March 1938, and for the fiscal year ended Aug. 31, 1937, earnings
of the building were at the rate of 8.7% on the $5,612,900 first mortgage
bonds outstanding.
Last year these first mortgage bonds paid 5% while a
$2,270,000 second mortgage issue paid 3%.
The building, assessed at $6,950,000, is reported in good condition and
taxes are paid to date.
Gross income for the seven months ended March 31, 1938 was $546,751
compared to $964,059 for the fiscal year through Aug. 31,1937 and $807,100
and $721,937, respectively for the two preceding years.—V. 145, p. 3831.
According to
the Two
a
Park Avenue Building continues about 95%
Ulen & Co.Stock
Option Granted—*
This company has notified the New York Stock
Exchange that on May 20.
1938, an option was granted to J. H. Manning as part compensation to
purchase 25,000 unissued shares of common stock of the company at $2.50
per share, in whole or in part from time to time within three years from
such date.—V. 146, p. 2873.
Mills Co.—Accumulated Dividend—
a dividend of $1 per share on account of ac¬
cumulations on the 7% cumulative preferred stock, par $100, payable
July 1 to holders of record June 23.
Previous payments were as follows:
$1.75 on March 23 and Jan. 3 last; $11.75 on Sept. 23, $2.50 on July 1 and
$2 on April 1, 1937; $8.25 paid during 1936; $1.75 on March 30, 1935, and
$7 per share during 1934.
Accumulations after the current payment will amount to $20 per share.
—V. 146, p. 2064.
Union
Co.—Consolidated
Investment
Collateral trust notes payable$2, 050,000
723,656
secured.
Accounts payable and accruals
—
19,817
Cash
a
and site
receivable
b 10-year
1st
Furniture
notes
165,566
— —
pref. stock 7.6% cumula¬
(1948 redemption)
.....
Earned
Total
surplus..—.
surplus
—
—...
$5,673,828
—
Total
.—
Union Pacific RR.
Co.—Earnings—
[Including Leased Lines]
1938
1937
$51,165,139 $62,465,680
38,963,351
49,095,454
5 Months Ended May 31—
Total operating revenues
$434,673
120,199
$393,727
171,026
Taxes
x
-
Other operating income
and charges
.
permit further investigation of certain jurisdictional
questions raised by the application.—V. 146, p. 4132.
$12,201,788 $13,370,226
6,226,390
6,507,574
2,940,301
2,721,378
Net income from transportation operations..$3,035,097
Income from investments and other sources
postponed Indefinitely the hearing
$5,673,828
a Notes
and accounts receivable having unpaid balances aggregating
$2,822,078 deposited with trustee to secure collateral trust notes payable,
b Debentures are subordinated to colateral trust notes,
c Represented by
167,594 no par shares.—V. 146, p. 3973.
$79,374
35,646
The Federal Power Commission has
13,178
31,459
369,767
268,974
$105,396
scheduled for June 22 on an application of the company seeking approval
of the sale of all its properties within the State of New York to the New
York Power & Light Corp.
The postponement was made on the Com¬
250,558
less
750,000
732,152
Total operating expenses....
Put Off—
equip.,
26,255
32,690
164,000
— —
tive
Capital
and
depreciation of $21,469
Deferred charges
5% conv. debs., due
1946....-
Common stock
71,243
;
......
,—.
on
$868,330
4,380,114
merchandise—at
market value
...—-
discount
hand and In banks...
52,310 Accounts recelv., other notes
and Investments
63,420
Cash value of life lnsur. policies
170,000 Office building and site, less
144,166
depreciation of $24,442
Mortgage payable on building
Reserve for losses.
on
Notes and accounts recelv..
Repossessed
Reserves for Federal and State
$601,726
207,999
Twin State Gas & Electric Co .—Hearing
Sheet
Assets—
Liabilities—
a
Notes payable, not
$690,012
255,339
41,007
Balance
May 31, 1938—
$131,241
51,867
Includes $50,077 and $249,752 for month and five months respectively,
1935
1936
$198,696
68,265
36,144
$183,126
21,597
858,240
232,920
94,118
Net after rents
From Jan. 1—
Gross from railway
Net from railway
b After
RR.—Earnings—
$183,406
28,999
22,111
$152,958
47,562
which may be refunded.—V. 146, p. 3528.
mission's own motion to
1,770,499
804,133
5.845,193
85,290,927 84,933,666
Net revenue from operations
Net oper. income
Net income
5,584,367
2,510,725
1,770,499
5,226,439
Total
1938
Gross from railway
Net from railway
$103,844
$182,007
216,598
Net loss
1,134,891
a On
original issue of preferred stock of subsidiary company
reserve.—V. 144, p. 2150.
c
Deductions
988,955
Surplus of subs...
March 15,
Gross income
598,783
Accrued taxes
Earned surplus
Reserves withheld from dealers
1938—Month—1937
1938—11 Mos.—1937
$1,204,109
$1,224,173 $12,745,229 $12,549,801
905,069
874,925
9,825,608
9,231,284
$299,040
143,659
Operating income
Non-oper. income
29,252
39,624
572,916
Capita] surplus
Spec, surp. reserve
Deferred
Net oper. revenue
Taxes
affil. company—
Deferred liabilities
91,359,579 89,575,786
authorized, issued and outstanding, 65.000 shares; $6 pref. cum., no par
(entitled upon liquidation to $100 a snare); pari passu with 7% pref.;
authorized 70,000 shares; issued and outstanding, 68,786 shares; common
no
83,229
249*515
Directors have declared
long-term
debt.&c
Contra accounts—
Reserves
Represented by 7%
prepaid accounts 3,298,908
Union Buffalo
Mat'd and accrued
x
5,663
8,820
21,823
149,438
Contra accounts..
Total.........91,359,579
97,306
.
Pre payments.
curr. assets.
2,716
receivable
(personnel)
1,704,905
$9,996,034
4,774,895
1936
4,852,926
1,580,000
273,205
4,805,935
Notes pay. to bks.
Accounts payable.
64,191
Toledo Peoria & Western
Plant, prop., fran¬
chises, &c—.86,318,417 84,718,193
Invests, (securs.)
19,940
19,940
Cash in banks (on
345.848
342,063
27,500,000 27,500,000
3,000,000
int
Accrued interest..
35,436
4,539,892
1934
1937
current)
79,370,036 79,734,184
Total
Minority
4% sec. note pay. 3,000,000
Curr. account with
(not
579,335
1,796,066
7,849,093
Preferred stock. 16,136,400 16,136,400
Wages & sal. pay.
14,996
724,794
39,964
4,696,975
Capital surplus...
7,849,093
par)
Toledo Edison Co.:
Due to affil. cos
3,276
1,020,976
cos
b Notes, acc'ts and
Acc'ts
6.723,025
Funded debt
Inventories
Int. recelv.
$
$
Pf.stk:($100 par) 6,723,025
Com. stk. ($100
768,555
1,571,393
with affil.
1936
1937
Liabilities—
Reserves
1935
Assets—
Special deps
1,373,591
Tol.Lt. &Pr.Co.:
rights,
43,449
.
Note—No provision has been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, insamuch as there
was no adjusted net taxable income undistributed for those periods.
demand)
751,100
$658,068
403,381
1936
$
prop,
Def'd charges and
1936
Oper. exps., incl. taxes..
Prop.retire.res.approp..
341,777
;
804,512
Co.—Earnings—
OperatingreVenues.....$11,064,634
-
$4,656,251
2/905,305
$844,970
403,381
1,046,546
107,952
6,236
Reserves..
1937
Gross corporate inc...
Net int. & other deducts
$4,877,679
2,949,037
756,000
b Acc'ts and notes
843,250
—
Contra accounts..
Contributions
Texas Power & Light
Balance
89,261
327,672
franchises, &c. .62,922,732 62,258,998
I nvestments
12,805,083 12,438,335
Due from affil. cos. 1,154,681
1,154,681
Special deposit
1,065,000
a Disct. & exps...
1,408,621
1,408,621
141
Misc. curr. liabils.'
79,370,036 79,734,184
Calendar Years—
1937
Assets—
Pl't,
..
x
Represented by $6 pref. cum. (entitled upon liquidation to $lo0 a
share); authorized, 200,000 shs.; issued and outstanding, 65,000 shs.
Com¬
mon, authorized, issued and outstanding, 6,00o,o00 shs.—V. 146, p. 4132.
Other income
$4,566,989
118,423
receivable...... 1,833,984
Current
accounts
$
Earned surplus
Total
5,394,024
$4,759,257
Net income
Dividends on preferred stock
Dividends on common stock
Cash
1936
1937
1936
S
Assets—
1936
$9,961,013
Consolidated Balance Sheet Sept. 30
.$1,366,838
375,678
900,000
Common dividend
x Revised
figure.
1937
expenses and taxes
to
earned surplus
Preferred dividend
Plant,
Operating
...—$10,533,922
5,774,665
Total income
—
Fixed and other charges...
Net charge,
y
$4,141,274
2,235,702
$6,771,430
6,128,159
I
—
Net income from all sources
x
y3,736,333
-
$6,376,976
6,026,379
$643,271
$350,597
Includes $1,863,803 net income from oil operations in
Southern California.—V. 146, p. 4132.
136
Financial
Union Water Service Co.
(& Subs.)—Earnings—
Calendar Years—
Operating revenues
Operating expenses and taxes
1937
$491,577
$240,466
$240,110
251,467
513
Interest on funded debt
Miscellaneous interest (net)
Amortization of debt expense
—
$240,770
141,841
1,892
190
*
660
$240,980
141,211
1,322
income
July 2, 1938
bile radio device held by Utah
company.
for damages.
to
Net income
Dividends
$98,255
33,000
preferred stock.
$96,846
36,000
stock...
common
4,950
Consolidated Balance Sheet Dec. 31, 1937
Assets—Plant, jiroperty, rights, franchises, Ac., $5,333,675; investments
(at cost), $1,200; cash in banks and working funds, $175,617; note and
warrant recoivab#e, $447; accounts receivaole (less
reserve for uncollectible
accounts of $13,518), $25,751; accrued unbilled
revenue, $12,980; materials
and supplies, $30,446; security and organization
expenses, $13,884; deferred
charges and prepaid accounts, $9,157; total, $5,603,159.
Liabilities—First lien blA% gold bonds, series A,
$2,561,500; accounts
payable, $3,941; due to affiliated companies, $967; accrued
items, $64,582;
unearned revenue, $35,925; deterred liabilities,
$250,07.3; reserves, $828,965;
$6 cum. pref. stock (outstanding 6,000 shares of no par
value), $600,000;
common stock (outstanding 9,900 no-par
shares), $820,000; capital surplus,
$84,685; earned surplus, $352,520; total, $5,603,159.—V.
145, p. 3513.
United Cigar-Whelan Stores
Corp. (&
Net sales
Loss from operations
x After
taxes, depreciation,
x
Subs.)—Earns.
Earnings for 3 Months Ended March 31, 1938
$11,708,912
appeal from Judge Knight's ruling will be taken, it is stated.
3530.-
P.
bonds, &c.
•
Ry.—Earnings—
estate and mortgages
receivable, and after deducting $47,828 provision for
operating loss of Hotel Lincoln for quarter ended March 31,
last, there was
a profit for the
period of $67,903.—V. 146, p. 3973.
United Fruit Co.—Settlement with Government
Effected—
Thomas M.
Woodward, Vice-Chairman of the U. 8. Maritime Com¬
on June 27 announced that the
Attorney General had approved the
settlements effected by the Commission witn the
United Fruit Co. and the
Colombian Steamship Co., Inc. of the
,
damage suits brought by these
companies against the Government in the U. 8. Court of
Claims over the
termination of their
1937
ocean mail contracts which were
invalidated on June 30,
by the present Merchant Marine Act.
Settlement witn the United Fruit
Co., Mr. Woodward said, provides for
the payment by the Commission to the
company of $3,814,449 as a
result
of tne termination of the two
ocean mail contracts which were held
by this
company, tne payment to oe made by crediting this
amount on tne com¬
pany's indebtedness to the Commission of
$6,967,813 for ship construction
loans.
United Fruit, he stated, had
agreed to pay forthwitn its entire
remaining indebtedness by a cash
payment to the Commission of $3,153,364.
The suitbrought
by the United Fruit Co. against the Government in the
Court of Claims asked
damages in the amount of $10,000,000, representing
the largest claim made
against the Government growing out of the
can¬
cellation of the ocean mail contracts.
Suit of the Colombian
Steamship Co., Inc., Mr. Woodward said,
settled
was
by tne Commission in the same manner, the terms
providing for the
payment of $700,000 to the
company as the result of the termination of its
mail contract, this
payment to be credited against the
company's indebted¬
ness to the
Commission for
ship construction loans.
The company's suit in the Court
of Claims had asked
damages of
261,379.
Mr. Woodward
approval
of the
$2,-
also
announced
that
the
Commission, subject
to
tne
Attorney General, nad reached an agreement with the
Steamship Line and its subsidiary, the Gulf Mail
trustees of the Munson
Steamship Co., Inc.
for
settlement of the suits brought in the name of
these companies in the Court of
Claims for the termination of their mail
a
contracts.
The agreement with the Munson
trustees, Mr. Woodward stated, pro¬
a payment to the
Munson interests, which are now in the
process
reorganization, of $652,845 in full payment of all their
claims; that the
Munson interests will surrender to
the Commission free of all liens the four
steamsnips operated by the Munson Line to the East
Coast of South
America for the value of the
mortgages held by the Commission on these
four vessels, which is
$2,924,523, and that the line will lift the present libels
on the 88. American
Legion in order that the Commission may without
further interference foreclose
its mortgage on this vessel and
proceed to
operate it under a receivership as it is
doing with the other three snips in the
South American trade until
September when the Commission's new express
service on this route is to be
inaugurated.
In addition to the
vides for
of
Attorney General, the Munson agreement stipulates
it must be
approved by the U. 8. District Court for the Southern
District of New York where
bankruptcy proceedings against the company
Section 77-B of the National
Bankruptcy Act have been pending
that
under
since
1934.
Final approval of the
Munson agreement will complete the
adjustment
settlement by the Commission of the
entire 42 ocean mail contracts
which were terminated
by the Merchant Marine Act.—V. 146,
and
p.
United Gas Improvement
Week Ended—
United National
3973.
Co.—Weekly Output—
June 25 '38
June 18 '38
June 26'37
85,629,287
Eiectnc output of system
(kwh.)
146, p. 4132.
—V.
84,300,588
87,744,356
Corp.—Preferred Dividend Reduced—
Directors have declared
dividend of 10 cents per share on the noncumulative
participating preference stock, par $100, payable June 28 to
°,
1937,'and
a
record June 22.
one
of 10 cents
United Oil Trust
Pursuant
to
a
A dividend of 40 cents was paid on May 8,
paid on March 5, 1937.—V. 145, p. 2248.
was
Shares—Liquidation—
All owners of
registered and bearer coupon certificates
directed to surrender their
certificates for
are
ordered and
liquidation and cancellation within
™ys from ^e date of the decree to the Hudson County National Bank,
75 Montgomery Street,
Jersey City, N. J.
United
States
Holding
Director—
Co.—May
Retire
Debt—New
T£eo£rect£rs of the company,
^
which owns 49% of the capital stock of the
c2Fp" are sah* to be considering the sale of sufficient shares
Corp. stock to retire the debt of the
holding company, which
April 30, 1938, amounted to
$1,003,208.
tt
o
of U. S. Shoe
on
Alfred Marks has been elected
United
1937
defl0,740
From Jan. 1—
Gross from rail way
Net from railway
Net after rents
1936
$43,528
def3,793
def3,398
1935
$41,959
def6,946
defl5,563
576,789
111,656
35,472
$32,379
def5,372
defl3,788
Net after rents
474,124
140,205
75,903
387,882
97,081
$37,989
defl 1,034
245,380
2,504
def51,827
17,604
146, p. 3682.
Utility Equities Corp.—Accumulated Dividend—
Directors have declared a dividend of $1
per share on account of accumula¬
on the $5.50 dividend
tions
priority stock, no par value, payable July 15 to
holders of record July 5.
A semi-annual dividend of $2.75 per share was
last paid on June 1, 1937.
After the current payment accumulations as of June
1, 1938, will total
$4.50 per share.—V. 146, p. 930.
Ventura Mines, Inc.
(Arizona)—Stock Offered—Strahm
$1.45 per share
&
Co., Inc., New York, are offering at
447,125 shares of common stock (par $1).
Transfer agent,
Registrar & Transfer Co.
Of the 500,000 registered, the
remaining 52,875 shares
of the outstanding first
mortgage bonds and
are
reserved for
a
for the options
accruing to bondnolders upon such conversion.
Company was organized in Arizona on March 17, 1936. It has engaged
intermittently in the business of exploring the mining claims known as the
"Morris Group of Claims" which
comprise 35 unpatented mining claims,
covering approximately 700 acres in the locality known as the Palmetto
Mining District, in the Patagonia Range of Mountains, Santa Cruz
County,
Ariz., 16 miles northeast of tne City of Nogales and six miles
southfof
Bioxton on the Soutnern Pacific Ry.
When the company was formed it had
only a lease to tnese mining
claims, but on March 12, 1938, it exercised the option which was
coupled
with tnat lease and became the absolute
owner thereof.
The company purchased from
George W. Morris its 33 unpatented mining
on March
12, 1938 on which date it exercised the option which it
has held on these claims since Marcn
17, 1936. Prior to the purchase the
company already owned two unpatented mining claims which are in use as a
claims
camp site.
The total purchase price was
seller as follows: $4,563 in cash,
$50,000, which was paid to the
$33,047 in stock (33,047 shares), $5,889 by
assumption of royalty payments due a former owner and $6,500 in two
unsecured promissory notes, eacn for
$3,250, maturing Nov. 12, 1938 and
July 12, 1939.
Purpose of Issue—The maximum
director to succeed W. C. Weiss.
amount which may be raised by the
sale or this issue is $464,750. This sum would
represent the proceeds of the
issue assuming the sale of all shares offered to the
public and also assuming
the exercise of the conversion
privilege by tne holders of the outstanding
bonds and the exercise of the
options which will accrue to the bondholders
upon conversion.
The net proceeds of the entire issue will be
used by tne company for
mining, development work, &c., and for general corporate purposas.
Promoter—The sole promoter of the
company is Joseph A. Michel.
The
which the company recently exercised was
acquired from Mr.
Michel.
The directors authorized the issuance of
449,997 shares of stock
to him in consideration of the
assignment of the lease and option and the
furnishing of $20,000 in cash to be used as working capital for the
company.
The $20,000 was realized from the sale of
40,000 shares of nis personal
stock and ne turned that amount over to the
option
company.
stock consists of 2,000,000 shares
The number of snares outstanding is 484,147.
The only otner
security issued by the company is its first
Capitalization—Capital
share).
(par
$1
per
mortgage threeThe authorized issue is $37,000, dated March
year 5% convertible bonds.
24, 1938 and maturing April 1,1941, of which $35,250
outstanding bonds
convertible into stock
are
on the basis of one share for each dollar
of bonds held.
who convert are given an
option to subscribe for additional
of stock equal to one-half snare for each dollar of
Bondholders
snares
par
converted at $1 per snare.
value of bonds
Underwriter—The
York.
shares,
principal underwriter is Strahm & Co., Inc., New
Underwriter is not firmly committed to purchase
any of these
but has an option to purcnase 50,000 shares of stock
within
30
days following the effective date of tne post-effective amendment to the
company's registration statement, and further options to
purchase ad¬
ditional blocks of 50,000 shares in
succeeding 30-day periods. In the event
of default, the company
may cancel the options not exercised at the time
of default.
The underwriter is to
pay $1 net to the company for each
share taken down.—V. 143.
p. 3652.
Virginian Ry.—Earnings—
May—
1938
$1,433,538
664,604
563,744
Net after rents.
From Jan. 1—
Gross from railway
1937
$1,541,529
773,980
660,880
7,461,501
3,441,567
2,769,063
Gross from railway
Net from railway
7,952,989
4,394,605
3,741,638
Net from railway
Net after rents
—V. 146. p. 3683.
1936
1935
$1,331,661
665,976
$1,261,191
676,035
562,143
7,019.226
3,807,514
3,375,176
6,243,881
3,283,797
2,716,704
703,185
Vulcan Detinning Co.—Interim Common
Dividend—
Directors have declared
common
stock,
par
This
an interim dividend of
$1.50 per share on the
$100, payable July 20 to holders of record
July 11.
paid on Dec. 22 and on June 21, 1937; special
compares with $3
dividends of $4 paid on
Dec. 21
and Jan. 20,
1936, and
$3^>aid on Agrif20, 1934, and 50 cents per share paid
Wabash
final
decree entered by the Court of
Chancery of New Jer¬
5,1938, the Hudson County National
Bank, as trustee of United
Shares, Series H, formerly known as United States Shares
Corp.,
Key Industry Trust Shares, Series
H, was directed to liquidate the trust
estate for distribution
among the holders of United Oil Trust
Shares,
Series H, formerly known
as United States
Shares Corp., Key Industry
Trust Shares, Series H.
sey on May
Oil Trust
yt
Gross from railway
Net from railway
—V.
-
1938
conversion
Including $302,460 profit derived from purchases and retirement of
company's 5% sinking fund bonds and $53,433 profit from sale of
real
mission
But
.v.,
Utah
5% sinking fund
on
Previously separate batteries
if his opinion is upheld, Utah
company can ask for a stop order against the
manufacture of the device or grant licenses for its manufacture.—V.
146.
245,162
amortization, interest
decision upon claim
necessary.
190
—
on
on
no
storage Dattery
supply current for the automobile radio.
An
May—
Dividends
He made
The suit revolved around a vibrator which is part of a "B"
battery elimi¬
This vibrator makes it possible for the ordinary car
nator.
were
Net earnings
Other income (net)
Gross
1936
$493,869
253,403
Chronicle
on
Jan.
19, 1935;
on April 20, 1932.
Ry.—Earnings—
May—
1938
Gross from railway
Net from railway.:
Net
after rents.
From Jan. 1—
Gross from railway.;
Net from railway
Net after rents.
—V. 146, p. 3531.
1937
1936
1935
$3,260,484
$3,714,202
$3,463,954
99,056
$3,693,215
751,863
238,015
888,399
403,240
943,642
546,117
15,587,797
2,248,850
def613,998
19,919,295
5,020,605
2,386,228
18,610,028
4,524,066
2,131,902
17,190,400
651,518
4,350,929
2,178,864
Walker & Co.—Accumulated Dividend—
The directors have declared a dividend of
25 cents per share on account
of accumulations on the $2.50 cumulative class A
convertible stock, no par
value, payable July 5 to holders of record June 30.
A like amount was paid
on May 28 last and compares with
50 cents paid on Feb. 17 last, 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. 146,
p. 3362.
Warner Quinlan
Co.—Final Decree—
1938
1937
$533,413
$480,920
Federal Judge Hulbert on June 27
signed a final decree terminating the
reorganization proceedings of the company, which filed a
petition under
Section 77-B of the National
Bankruptcy Act on Oct. 11, 1935. Judge
Hulbert confirmed a plan ot
reorganization on Sept. 29, 1937.
The final
decree releases Frank G.
Galgano and Alexander Weinstein, trustees, from
all liabilities and obligations and
ruled that the plan of reorganization had
been fully consummated and put into
effect.—Y. 146, p. 4131.
Judge John Knight of the U. 8. District
Court, Buffalo, has ruled that
Delco Appliance Co. of Rochester
had infringed on
patents for an automo-
Directors have declared a dividend of
$10 per share on the common
stock, payable July 2 to holders of record June 20.
Previously regular
semi-annual dividends of $5 per share Were
distributed.—V. 142, p. 975, 804.
Stockyards Corp. (&
Subs.)—Earnings—
6 Months Ended
April 30—
xNet income
After deductions for
operating expenses, normal Federal income taxes
and other charges, but
before provision for Federal surtax
on undistributed
earnings.—V. 145, p. 2226.
x
Utah Radio Products
Co.—Wins Patent Case—
West
Kootenay Power & Light Co.—Dividend Doubled
Volume
Financial
147
Chronicle
Washington Water Power Co.—Earnings—
Income Statement for
12 Months Ended Dec. 31
(Company Only)
1936
1935
$10,191,492
y5,956,006
$8,528,845
x5,335,040
$4,235,486
427,957
$3,193,804
1,150.478
$3,426,176
531,748
$4,663,443
995,550
revenues
incl. taxes
exps.,
$4,344,283
$995,550
54,372
Cr4,115
808,125
38,573
09,730
750,000
$3,957,924
$995,550
58,250
49,226
Net revenues from operation
_
Other income (net)
Gross corporate income.
Interest
Interest
on
mortgage bonds
on
debenture bonds
-J.-.
Other interest and deductions
Interest charged to construction
Property retire,
appropriations._
res.
_Net income
$2,809,512
622,518
1,652,170
Preferred dividends
Common dividends—
x
12
621,783
1,016,544
No provision made for Federal surtax on undistributed profits for the
ended Dec. 31, 1936, inasmuch as there was no adjusted net
income undistributed for that period,
y Includes provision of
months
taxable
$3,401 for Federal surtax
Dec. 31, 1937.
on
Wheeling Electric Co.—Earnings—
Calendar Years—
undistributed profits for the 12 months ended
____
b Taxes
—
Operating income
Other income, net
Total income.
____
Interest on funded debt
Amortization of debt discount and expense.
Other deductions
Balance Sheet Dec. 31
Net income.
Amounts
restated
1937
1936
S
S
§
S
$6 pref stock
10 ,366,183
10,366,183
Plant, prop., fran¬
chises, &c
.65,830,819 50,756,809
Investments..... 2,872,944 14,236,138
b Common stock. .25
Cash in banks
Accounts payable.
178,187
Notes payable-
310,000
Customers' depos.
Accrued accounts.
142,780
136.220
1 ,723,938
1,388,975
519,437
499,043
a
(on
demand)
163,796
360,006
Notes receivable..
5,090
8,815
Accts. receivable..
1,347,242
507,278
13,778
1,177,576
42,382
39,313
Materials & supp.
Prepayments
Misc.
cur. assets..
Sinking
fund
(not curr.)
Contra asset
&
interest..
12,705
Other
499,755
&
current
70,563
Deferred
250,000
Contribs.
105,851
Other def. charges.
2,635,340
a
...71,775,138
Represented
by
103,753,
no
par
71,775,138 68,092,373
b Issued
shares,
(including 6,790
1936
8
S
.
1937
1936
8
$
Liabilities—-
Plant, prop., fran¬
Capital stock
chises, &c......68,427,223 66,823,260
Investments
125,858
124,138
35,780,783 35,781,283
Long-term debt... 19,911,000 19,911,000
Accounts payable494,566
235,456
Cash in banks
Customers' deps..
(on
252,091
568,999
Notes receivable..
5,090
9,465
Accts. receivable..
1,369,080
558,286
1,211,121
Materials & supp.
Prepayments.....
24,305
demand)
Misc.
curr.
Sinking
spec.
...
Matured
519,437
&
1,683,573
499,043
accr.
interest..
Other
609,226
current
&
46,117
Notes payable
Contra liabilities..
310,000
271,122
250,000
499,755
539,017
Deferred
287,838
9,327,710
189,482
Contribs. in aid of
credits..
Reserves.
Misc. special funds
189
Contra assets.....
271,122
250,000
94,385
1937
1936
1935
$1,531,750
501,613
419,437
$1,215,902
303,101
150,505
$1,126,861
338,862
246,835
3,646,649
614,194
375,141
...
6,977,902
2,377,296
2,046,793
5,713,268
1,357,858
5,299,589
1,116,532
861,*94
677,698
Bonds Called—
total
of $128,000
refunding mortgage bonds, series D due Sept. 1,
1966, have been called for redemption on Sept. 1, at 102
and interest.
Payment will be made at the Central Hanover Bank & Trust Co., New
York City—V. 146, p. 3974.
(H. F.) Wilcox Oil & Gas Co.—Earnings—
1938
1937
$608,932
432,461
12,325
47,516
$878,548
612,030
12,419
53,208
$116,630
9,608
$200,891
7,048
$126,238
66,316
$207,939
3 Months Ended March 31—
Income from oil, gas, royalties, &c
Costs and expenses.
Interest
______
contingencies, &c_.
Profit
187,637
Earned surplus...
2,989,619
__
Profit
.
—
Depreciation and depletion
Loss on saie of capital assets
19,150
construct
___
Other income
105,851
26,986
disc. & exp
Total.
2,457,582
129,880
1,835
20,769
2,602
$58,087
$54,688
Amortization of bond discount and expense
Net
—V.
Total
...71,801,834 70,521,455
3823.
p.
a meeting held June 28 decided to omit the dividend normally
on the $10 par 6% convertible preferred stock.
A regular
quarterly dividend of 15 cents per share was paid on April 1 last.—Y. 146,
Directors at
due at this time
See Idaho Power Co. above.—V.
Wayne Pump Co.
146, p. 4133.
p.
(& Subs.)—Earnings—
6 Months Ended May 31—
Net profit....
1938
$525,170
289,658
$1.81
Shares capital stock
Earns, per share
After charges,
profit
146,
Willys-Overland Motors, Inc.—Pref. Dividend Omitted—
....71,801,834 70,521,455
New President—
x
$47,545;
less),
debt
Other def. charges.
x
construction,
From Jan. 1—
Gross from railway
Net from railway
Net after rents
9,095,652
101,342
Notes & accts. rec.
Unamortized
contractual
211,257
and
(not curr.)
on
60,998
29,153
42,591
assets-
fund
dep......
1938
$753,371
150,044
86,072
Gross from railway
Net from railway._____
Provision for
accrued liabs...
surtax
,
137,498
144,562
1,775,670
Accrued accounts.
b Includes
Wheeling & Lake Erie Ry.—Earnings—
A
Consolidated Balance Sheet Dec. 31 {Incl. Subs.)
1937
$8,150,688;
Net after rents
Total
shares issuable in exchange for 679 shares $100 par common stock), 2,541,800 no par shares.
Assets—
plant,
May—
16,000
68,092,3731
$402,150
154,968
221,411
7,225
3,503
$143,456; sinking fund and special deposits, $81,492; cash, $324,651; work¬
ing funds, $6,050; temporary cash investments (at cost), $726,648; notes
and accounts receivable, $380,157; accounts receivable, associated com¬
panies, $281; materials and supplies, $106,525; accounts receivable, not
current, $18,094; unadjusted debits, $148,832; total, $10,136,859.
Liabilities—1st
mortgage 5%
bonds, $2,683,000; accounts payable,
general,
$101,268;
accounts
payable, associated companies,
$14,176;
interest accrued, $30,972; taxes accrued, $186,929; customers' deposits,
$48,922; dividends accrued on preferred stock, $12,914; miscellaneous
current liabilities, $1,431; unadjusted credits, $536; reserves, $2,002,582;
contributions in aid of construction, $2,039; 6% preferred stock ($100 par),
$2,582,800; common stock (outstanding 142,846 no par shares), $1,428,460;
earned surplus, $1,040,827; total
$10,136,859.—V. 146, p. 2875.
in aid of
—
purposes,
$552,245
139,366
other physical property, $2,437; other security investments (at cost or
u
Total.
comparative
$632,771
135,450
7,021
5,259
Balance Sheet Dec. 31, 1937
7,103,881
187,637
4, 159,619
Earned surplus...
constr...
94,385
26,863
250,000
4,562
8 ,261,256
credits..
Reserves..
debt
disc. & exp
59,422
271,122
266,553
Contra liabilities..
499,327
99,680
271,122
rec.
379,169
accr.
accrued liabs...
.
Unamortized
Matured
559,269
&
special dep.....
Notes & accts.
,418,000 25,418,000
19,911,000
Long-term debt. ..19 ,911,000
for
$526,001
26,243
undistributed profits.
Assets—Utility
(Company Only)
Liabilities—
1936
1937
_
Preferred stock dividends
Common stock dividends
ment
Assets—
_
$2,388,424
1,234,102
72,976
216,711
338,633
$485,040
154,968
291,406
-
Depreciation
al936
$2,568,917
1,267,633
88,826
226,799
'
373,843
$611,815
20,955
Maintenance
a
Note—The consolidated figures for calendar years will be found in state¬
appearing on page 2390 of "Chronicle" of April 9.
1937
Operating revenue, electric
Operation..
400,000
$2,454,898
$2,569,890622,518
1,779,260
Telegraph Co.—New Director—
^Harper Sibley has been elected a director of this company.—V. 146, p.
$7,554,191
4,128,015
1937
Operating
Operating
137
Western Union
Federal income taxes, &c.,
1937
$746,545
289,658
$2.58
1936
$502)087
208,376
$2.41
but before surtax
on
un¬
2067.
Wilson & Co.,
June 28 decided to omit the dividend
at this time on the $6 par cumulative preferred stock.
75 cents was paid on May 2 last, and previously regular
ordinarily due
A
Inc.—Pref .Dividend Omitted—NewTreasurer
their meeting held
Directors at
dividend of
quarterly dividends of $1.50 per share were distributed.
Company's stated its policy is to pay dividends only from current earnings
and the current action reflects the accumulated losses from business for the
distributed profits.
Note—Net profit for the six months ended May 31,1938, include $67,236
cancelation or reserve for Indiana gross income tax on interstate sales to
Nov. 30, 1937, less related Federal income taxes while net for the six months
first eight months of the present fiscal year.
Directors elected P. W. Seyl Treasurer to
ended
earlier this year
■
May 31, 1937 and 1936 is after deducting $63,000 and $78,000
respectively for provision for Indiana gross income tax on interstate sales.
—V. 146, p. 1898.
Western
1938—Month—1937
$965,824
$1,411,639
718,216
993,755
Operating revenues._—
Operating expenses
Winnipeg Electric Co.—Earnings—
Period End. May 31—
Maryland Ry.—Earnings—
Period End. May 31—
Gross earnings.
1938—5 Mos.—1937
$5,409,569
3,868,947
$417,884
106,621
$2,718,569
528,107
$2,190,462
0120,378
Dr68,522
4,998,855
Operating income....
Equipment rents
Joint facility rents (net)
$170,987
06,909
Drl 0,752
032,625
014,685
$1,167,515
0107,597
Dr60,886
Net ry. oper. income-
$167,144
9,760
$329,203
11,137
$1,214,226
48,485
$2,242,318
31,298
$176,904
274,028
$340,340
274,982
$1,262,711
1,373,153
$2,273,616
1,375,545
def $97,124
$65,358
def$ 110,442
_
$311,263
Net earnings
________
Gross income-.
Fixed
—...
charges
_____
■Week Ended June 21— —Jan.
1
to
$898,071
June
21—
1938
1937
1938
1937
$228,362
Gross earnings (est.).
$326,977
$6,083,137
$8,714,539
—V. 146, p. 4134.
Western Pacific
Net from railway.
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 146,
RR.—Earnings1938
$1,150,869
def145,368
def276,918
May—r
Gross from railway
"^Period
End. May 31—
Freight revenue....
Passenger
revenue..—
Total
—
._
Maint. of way & str. exp.
Maint. of equipment—
Traffic
expenses.......
Net railway revenues.
Taxes.....
1936
1935
$1,162,505
33,368
def210,617
def149,599
$1,017,099
260,344
149,423
6,295,177
151,224
4,992,681
217,860
def510,344
4,420,390
498,840
defl 19,526
def615,802
Net after rents..
From Jan. 1—
railway...-.
Net from railway
Net after rents...
146, p. 3683.
1937
$129,997
16,074
4,688
$143,940
23,810
12,241
653,362
52,596
def2,649
716,506
82,871
32,760
1,619,726
1,668,781
$1,207,774
$1,273,840
Other income (net).....
Int.
on
funded debt....
Net deficit
Ry.—Earnings—
1938—Month—1937
$754,331
$1,073,139
24,397
28,9/8
1938—5 Mos.—1937
$3,554,635
$4,691,835
123,260
137,516
......
92,208
285,179
308,433
$839,540
$1,194,326
$3,963,075
$5,137,784
101,066
145,467
26,716
379,212
36,722
139,871
160,045
24,910
415,277
44,667
499,768
739,654
135,896
1,994,522
191,060
5)4,341
796,372
120,034
$150,356
91,966
$409,555
82,820
58,748
43,455
$402,173
413,118
177,784
266,721
$1,470,796
pf$224,532 def$455,450
Drl0,862
Dr356,363
133,631
684,468
pf$674,686
Dr450,139
652,121
27,551
44,124
def$13,284
Dr65,399
143,090
$221,773
prof$20,039
$1,496,281
2,008,732
237,508
306,146
271,614
218,349
$427,574
3533.
Woods Brothers Corp.—Ask Bondholders Assent—
Holders of the
to
assent
$1,706,500 10-year collateral trust 6% bonds are being
to the reorganization plan proposed by the
bondholders*
reorganization committee beaded by Edwin M. Stark.
-Earnings-
1938
May—
Gross from railway
Net from railway
-
Hire of equipment.....
Rental of terminals..__
asked
Western Ry. of Alabama-
—V.
1937
def95,695
p.3533.
Gross from
General expenses.......
Net after rents......
$1,388,631
$217,589
60,812
revenues.
—V. 146. P.
4,748,217
def1,087,967
defl ,826,534
1938—5 Mos.—1937
$2,827,590
$2,942,621
146, p. 4134.
Transportation exps—_
Net income.
$211,567
Wisconsin Central
All other revenue
Other income.
1938—Month—1937
$527,748
$546,134
316,181
328,545
$7,717,424
$1,540,622
373,107
_
Oper. exps. and taxes
—V.
$247,608
Net oper. revenue
Taxes
fill vacancy caused by death
of William C. Buethe.—V. 146. p. 2227.
In
a
letter sent to the bondholders, the committee points out that holders
-thirds of the bond indebtedness must assent to the plan before
1936
$124,466
5,737
$113,108
def4,486
it can become effective.
The plan provides for
def7,176
def4,868
619,155
30,767
541,786
def25,875
par for par into new 10-year 3H % bonds for each 6% bond presently out¬
standing.
Holders are advised to forward their bonds and all unpaid
interest coupons co the committee.—V. 146, p. 932.
defl ,884
def43.870
1935
of at least two
the payment of $180 in cash and the exchange,
Wyoming Valley Water Supply Co .—Bonds Sold—
See
Lehigh Valley RR. above.
138
Financial
Chronicle
July 2, 1938
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
Terminal Cocoa market ranged 9d. to
43^d. lower A with
1,930 tons changing hands. Realizing was the chief factor
operating against values in the local market today.
Local
closing: July, 4.82; Oct., 4.90; Dec., 5.10; Jan., 5.21; March,
5.31; May, 5.35; June, 5.45. On the 29th ult. futures closed
15 to 4 points net higher.
Transactions totaled 369 con¬
Friday Night, July 1, 1938.
Coffee—On the 27th ult. futures closed 2
points lower to
3 points higher in the Santos contract, with sales
totaling
74 contracts.
The Rio contract closed
unchanged to 4
points higher, with sales totaling 19 lots.
Brazil's clear¬
for the week, while less than the
previous week's total
of 433,000 bags, were good,
amounting to 322,000 bags.
At
the current rate it is expected that the
output definitely will
exceed 15,000,000 bags, possibly
by a quarter of a million
bags.
Shipments last week were 161,000 to the United
States, 139,000 to Europe and 22,000 bags to other destina¬
tions.
Havre closed 2 francs lower to l/2 franc
higher.
On the 28th ult. futures closed
unchanged to 4 points lower
in the Santos contract, with sales
totaling 60 lots.
The Rio
contract closed 2 points lower to 1
point higher, with sales
totaling 13 lots.
Coffee futures in early trading were a
shade easier in distant positions as
profit taking and hedge
selling for Brazilian and trade account developed, but
tracts.
ances
modest
sion
new
house
demand continued to trickle in from commis¬
after the early setback, and the tone
sources
ruled
generally steady.
It was reported from Brazil that
holdings in all Brazilian States on March
31, according to the N. C. D., amounted to 8,339,000
bags.
Sao
Paulo
private holdings totaled 7,482,000, Minas,
364,000; Espirito Santa, 176,000; Rio, 192,000, and Parana,
125,000.
Havre prices were 34 to % franc higher.
retained private
On the 29th ult. futures closed 1
point down to 2
points
in the Santos contract, with sales totaling 82 lots.
The
Rio contract closed 2 points down to
unchanged, with sales
totaling 22 lots.
The market was steady this afternoon
after early selling had exhausted itself.
The firmness of
the market for actual
coffee, especially the mild growths,
lent strength to the futures division.
In
up
early afternoon
Santos contracts were 1
point higher to 3 points lower, with
May at 6.22c., off 1 point.
Trading to that time exceeded
18,000 bags.
Mild coffees held yesterday's advances of
Ys to 14c. a pound.
Cables reported that Brazilian tem¬
peratures continue
warmer
ing stations well above
with the minimums at all report¬
the 50 mark.
On the 30th ulto futures closed 3 to 2
points up in the
Santos contract, with sales
totaling 77 contracts. The Rio
contract closed 1 point down to 2
points
3^ contracts.
The creeping bull
up,
with sales totaling
market in coffee futures
con¬
tinued, the incentive being active demand at
higher prices
for mild grades.
In early afternoon Santos contracts were
2 to 3 points
higher, with May selling at 6.27 cents up 3
Rios were 2 points
higher with May at 4.48 cents, up
points. Mild coffees advanced 34 further with Medelins
quoted at 1134 cents, while sellers were
asking 11 cents for
shipment Medelins. Cost and freight offers by Brazil were
unchanged. Good quality Brazilian coffees are strong, with
Santos 2s selling above 8 cents a
pound. In Havre futures
were 134 to
234 francs lower. Today futures closed 2 points
up to unchanged in the Santos
contract, with sales totaling
37 contracts.
Rio closed
unchanged to 1 point down, with
sales totaling 7 contracts.
Prices of coffee futures showed
small changes in
quiet trading.
In the early afternoon
Santos contracts were
unchanged to 2 points higher, with
May selling at 6.26 cents. Rios were 2
points lower, with
Sept. at 4.37 cents. Prices in the market for actual coffee
cents.
2
were
on
about unchanged after
both
a
jobbing and
mild coffees.
frost mark.
a
a good business done
yesterday
shipping basis for both Brazils ana
Brazilian weather continues well above
In Havre futures
Rio coffee prices closed
July---September
December
as
the
34 to % franc lower.
March
4.38 May
4.41
as
4.46
4.47
practically taking the market away from the cocoa trade.
The latter continued skeptical of the
recovery.
Thisiafternoon
prices were 12 to 17 points net higher, with July selling
at
4.98c., up 16 points. London also was reported as follow¬
ing the Wall Street trend. Warehouse stocks were almost
unchanged at 677,669 bags, compared with 1,347,253| bags
a year
ago. Local closing: July, 4.84; Sept., 5.05; Oct., 5.10;
Dec., 5.19; Jan., 5.29; March, 5.35; May, 5.49.
On the 30th ulto. futures closed 7 to 14
points net lower.
Transactions totaled 566 contracts.
futures was active, but was
Trading in cocoa
both sides with the re¬
particular in the early
trading. After early advances of 10 to 15 points the market
this afternoon stood 1
point higher to 5 points lower, with
July at 4.90 cents. There was large profit taking and^a cer¬
tain amount of hedge
selling ascribed to Brazil. In the later
trading this pressure increased and prices closed considerably
below the previous
day's finals. Warehouse stocks increased
400 bags.
The total now is 678,087 bags compared with
1,356,724 bags a year ago. Local closing: July, 4.86; Sept.,
4.92; Oct., 4.98; Dec., 5.12; Jan., 5.18; Mar., 5.25;
May,
5.37.
Today futures closed 23 to 26 points net higher.
heavy
on
sult that the market got nowhere in
Transactions
thusiasm for
totaled
472 contracts.
Wall Street's en¬
found further expression in
heavy buying
lifted the market 24 to 30 points by early
cocoa
of
futures, which
afternoon, with Sept. selling at 5.22 cents,
Sales to that time totaled 250 lots.
up
29 points.
While most of the
was
activity
generated in commission houses, some
manufacturing
was reported. Warehouse stock decreased
1,600 bags.
They now total 676,466 bags against 1,254,000 bags a year
buying
Export of cocoa from the Gold Coast totaled 40,150
Local closing: July 5.10;
Sept., 5.18; Dec., 5.35; Jan.,
5.42; March, 5.51; May, 5.62.
ago.
tons.
Sugar—On the 27th ult. futures closed 1 point
point off. Trading was light, with the undertone
Transactions totaled 117 lots,
or
5,850 tons.
up
to 1
steady.
Switches
ac¬
counted for half the
volume, and most of them were from
July to September at 5 points and September to March at
8 points.
No sales in the raw sugar market were
reported,
and if anything, the tone was a shade
easier on nearbys.
These were held at 2.70c., but because of the strike in
the
three Philadelphia
refineries, there has been some switching
nearby afloats originally scheduled for entry at Phila¬
delphia, to New York and other ports, which has narrowed
the demand.
The world sugar contracts were
generally
lower, reflecting the London market.
Final prices were
Yl point higher to \y2 points lower, with sales
totaling only
72 lots.
London was quiet. Sellers of raws were
asking 5s.
%d., equal to .95c. f.o.b. Cuba. On the 28th ult. futures
closed unchanged to 1
point lower. This closing was based
on bid
prices, but no sales in the quiet session were effected
below previous closing levels. Transactions
totaled only 91
lots. Trading was mostly for the account of trade
houses.
Very little outside demand was in evidence, and most of
the trading was in
September delivery. In the market for
raws American
bought 3,000 tons of Philippines, due July 2,
at 2.68c.,
delivered, the price representing an improvement
of
points in the spot basis.
Earlier Godchaux of New
paid 2.72c. for 1,104 tons of Philippines, loading
this week, and American
got 1,000 tons of Philippines for
Orleans
closed
6.24
6.26
6.191
Cocoa—On the 27th ulto. futures closed 15
to 4 points net
lower.
Opening sales had been at gains of 9 to 22 points
and touched maximum
gains of 16 to 22 points shortly after.
Transactions totaled 871 lots, or
11,671 tons. London noted
outside prices 6d. to Is. 3d.
higher, while futures on the
Terminal Cocoa Market rallied
1034d. to Is., with 2,390
tons
changing hands. Short covering and further new
buy¬
ing accounted for the early
strength in the local market.
Thereafter buyers tended to back
away as realizing made its
appearance. Local closing:
July, 5.76; Oct., 4.95; Dec., 5.12;
Jan., 5.18; March, 5.30; May,
5.41; June, 5.47. On the
28th ult'. futures closed 6
points up to 6 points off.
The
market suffered a setback
today as the result of realizing
sales. Strength and weakness
alternated, however, with the
latter predominant at the
closing.
At one stage of the
session prices showed maximum
gains of 8 to 16 points.
Transactions totaled 280 lots, or
3,752 tons. London out¬
side prices ran 6d. lower to 3d.
higher, while futures on the
Wall Street turned a
heavy buyer in thej cocoa
market when stocks resumed their
upward trend,
June-July shipment at 2.70c.
follows:
5.981 March.
6.09 May
futures
of 2
follows:
-.4.29
Santos coffee prices closed
September
December..
were
GOODS—WOOL—ETC.
similar
condition
The
world
sugar
contract
y2
point higher to y2 point lower.
Transactions
totaled 68 lots, or 3,400 tons. The London
market for raw
sugar was quiet, but asking prices were shaded to
5s., off
Yd. from the previous basis. On the 29th ult. futures closed
unchanged to 1 point up in the domestic contract, with sales
totaling 33 contracts. Trading was quiet, which reflected a
in
the
raw
sugar
market.
March
was
selling for 1.90c. No sales of raw were reported, the spot
price remaining at 2.68e., which the American Sugar Re¬
fining Co. paid late yesterday for 3,000 tons of Philippines
due July 5. There was no
change in the refined sugar strike
in Philadelphia which has closed down three
large plants
there.
World sugar contracts closed 1
point lower to 1 point
higher, with sales totaling 42 contracts.
London futures
were
yd. either way while raws were offered at 0.93 Ye. a
pound f.o.b. Cuba.
On the 30th ulto. domestic futures closed
1 point up on
However, the world sugar futures market
took the center of the stage
today in its rather spectacular
rise of 123^ points to 1.07c. for the
July option.
This was
due to last minute short covering.
Trading in that position
all
deliveries.
Volume
Financial
147
will end tomorrow.
Twenty-one notices
were
issued today,
while 18 more will be issued tomorrow.
In early afternoon
the other positions were 1% to 4%
points higher. London
futures
were
were
offered
unchanged to 3^d. higher, while raws there
at the equivalent of 0.95c. a pound.
The
domestic sugar market advanced 2 to 3 points on outside
buying which was of sufficient volume to absorb hedge
selling.
Refiners were buyers in the raw market at prices
ranging from 2.72 to 2.73c. for 1938 quota sugars and 2.60c.
for extra quota sugars.
Today futures closed unchanged to
2 points up in the domestic contract, with sales
contracts.
The world contract closed % to 3%
totaling 85
points up,
with sales totaling 66 contracts.
Domestic sugar futures
were
unchanged this afternoon on a turnover of 2,500 tons.
Sept. then was selling at 1.83c.
Traders seemed disposed
to limit their commitments because of the triple holiday
ahead.
In addition the raw sugar market offered no incen¬
tive as no trading was reported.
Withdrawals of refined
sugar have picked up sharply, it was stated.
In the world
sugar market prices wrere 1% to 2 points higher excepting
July, the spot month. It was unchanged in the final trading.
Thirty-two transferable notices were issued, but were
promptly stopped.
In the early afternoon March was
selling at 0.97%, up 1% points. Buying was attributed in
part to Licht's estimate that demand for sugar in the world
market
would increase next
season.
London futures
were
unchanged to %d. higher.
Prices
were as
follows:
July
Jeptember__Sanuary (new)
1.92
1.94
1.771 March (new)
May
1.84
1.89]
Lard—On the 25th ult. futures closed 3 to 7
higher.
market
The closing
was
points net
at the top levels of the day.
The
relatively quiet, but firm.
Hog prices gave
ground further.
Closing losses amounted to 15 to 25 points.
About 6,000 head were received.
Approximately 16,000
head are
expected tomorrow.
Friday's official receipts
totaled 10,451 head.
No lard was cleared for export on
Friday.
On the 27th ult. futures closed 2 points lower to 5 points
higher.
A fair volume of trade was recorded, with much
of the business being accounted for by straddles out of July
into the deferred deliveries. Hogs gave ground about 10c.
to 25c.
Receipts were estimated at 18,000 head, while
16,000 more are expected today.
On Saturday the official
count of receipts was 6,144 head.
Prices ranged from $8.25
was
to $9.15.
On the 28th ult. futures closed 13 to 15
points net lower.
prices gave ground today under the combined weight
of^a weak hog market and further easing of grain prices.
Trade interests were buyers, but commission house selling
put pressure on values. Hogs broke 15c. to 25c. further,
ranging $8.10 to $9.
Receipts today were estimated at
17,000 head, while 15,000 are expected tomorrow.
Mon¬
day's official receipts were tabulated at 17,870 head.
Lard
exports reached 210,250 pounds—most of which went to
Lard
London.
On the 29th ult. futures closed
unchanged to 3 points lower.
light and fluctuations very narrow.
An in¬
crease of 1,500,000 is expected for Chicago lard stocks this
month.
Hogs today gained 10 to 20 points, ranging $8.25
to
$9.15.
About
12,000 head are expected tomorrow.
Lard exports of 299,040 pounds were reported.
In this
connection the Department of Commerce notes that May
lard exports from the United States were 20,340,000 pounds,
compared with 13,603,000 pounds in 1937, while the total
for the first five months is 88,632,000 pounds, as against
42,643,000 pounds in the period last year.
Most of the
shipments went to the United Kingdom.
On the 30th ulto. futures closed unchanged to 3 points
Trading
was
higher.
Encouraged by a firm turn of the hog market, lard
prices opened 8 to 10 points higher on a scattered" volume of
buying. Strength of other markets also had an influence in
the upwrnrd trend.
Realizing sales developed on the bulge
and prices slid back to about the previous closing levels.
Hogs gained 10 to 15c. for the day, ranging from $8.30 to
$9.30.
Receipts of hogs were 10,000, .with 9,000 expected
Wednesday's official receipts reached 10,199
Today futures closed 10
to 2 points net higher.
The stronger showing of this market
was attributed to lighter hog receipts and strength displayed
by other commodity markets.
tomorrow.
head.
1 No lard cleared for export.
DAILY
CLOSING
PRICES OF LARD FUTURES
Sat. 1
Mon.
Tues.
Wed.
IN CHICAGO
Thurs.
Fri.
July
September..
8.67
8.87
8.67
8.85
8.62
8.72
8.52
8.72
8.55
8.72
8.60
8.82
October
8.97
December
8.90
8.95
8.95
8.80
8.80
8.80
8.77
8.82
8.80
8.92
8.80
Pork (Export), mess, $27.37% per barrel (per 200 pounds);
family, $30 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export), steady. Family (export), $20 to $22 per bar¬
rel (200 pounds), nominal.
Cut Meats: Steady.
Pickled
Hams: Picnic/Loose, c.a.f.—4 to 6 lbs.—15%c.; 6 to 8 lbs.,
15c.; 8 to 10 lbs., 14c. Skinned, Loose, c.a.f.—14 to 16 lbs.,
20%c.; 18 to 20 lbs., 20c. Bellies: Clear, f.o.b. New York—
6R0 8 lbs., 19c.; 8 to 10 lbs., 18%c.; 10 to 12 lbs., 17%c.
Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
13%c.; 18 to 20 lbs., 13c.; 20 to 25 lbs., 12%c.; 25 to 30 lbs.,
ll%c. Butter: Creamery, Firsts to Higher than Extra and
Premium Marks—25% to 26%c.
Cheese: State, Held'36,
22.to 24c.; Held '37, 19% to 213^c. Eggs:
Checks to Special Packs—18% to 22c.
Mixed Colors,
Chronicle
139
Oils—Linseed oil crushers appear to be holding firm to 8c.
pound despite the drop of 4c. in the Argentine flaxseed
Quotations: China Wood: Tanks, 11.5 to 11.8;
Drums, 12%; Coconut: Crude, Tanks, .03%; Pacific Coast,
.03%. Corn: Crude, West, tanks, nearby, .07% to .07%.
per
market.
Olive: Denatured, Spot, drums, 87 to 88. Soy Bean: Crude,
tanks, West, .06; L.C.L., N. Y., .07%. Edible: 76 degrees,
9%.
Lard:
Prime, 9.
Cod:
Crude, Norwegian, light
filtered, 31. Turpentine, 29% to 31%; Rosins: 4.80 to 7.85.
Cottonseed
Oil
Crude, S. E., 7c.
July-August
September
——-
October
sales, including switches, 98 contracts.
Prices closed
__
as
follows:
8.26@ 8.28 November.
December
8.25@
n
8.24@ 8.27 January.8.24@ 8,27 February
-
,V--'
—
8.25@
8.24@
8.25@
8.25©
n
......
—
n
Rubber—On the 27th ult. futures closed 26 to 30
points
higher. The market had a strong and active opening,
prices showing gains of 34 to 52 points above the pre¬
vious finals. Soon after the
opening profit-taking in volume
made its appearance, and the trend of
prices became rather
erratic. Prices fell
approximately 17 to 24 points from the
top levels of the day. Transactions totaled 1,121 contracts.
Outside prices were raised to a spot basis of 14 %c. for
standard sheets. The London and Singapore markets closed
steady and firm, prices 3-16d. to 9-32d. higher.
Local
closing: June, 14.22; July, 14.24; Sept., 14.41; Oct., 14.44;
Dec., 14.50; Jan., 14.55; March, 14.64; May, 14.72. On the
28th ult. futures closed 31 to 41 points net lower.
This
market suffered its first sharp setback since the recent ad¬
vance got under
way. Profit taking and short selling orders
had accumulated to such an extent at the
opening call that
opening prices were put down 34 to 50 points. Following the
weak start, the market improved somewhat, however, and
part of the initial losses were regained though the market
remained erratic throughout the day, with advances usually
readily met by increased offerings. Transactions totaled
765 contracts, not quite as
large a volume as on the pre¬
ceding day, but still quite an active session. Outside prices
were marked down to a
spot basis of 13 15-16c. for standatd
sheets. Local closing: July, 13.85; Aug., 13.03; Sept., 14.01;
Oct., 14.06; Dec., 14.15; Jan., 14.22; March, 14.30; May,
14.41.
On the 29th ult. futures closed 87 to 73 points net
higher. Trading in rubber futures was exceptionally heavy,
with trade operators, London dealers, brokers and Wall
Street on the buying side. Issuance of 82 July notices had
no
effect on the market, as they were promptly stopped.
Subsequently July went to 14.55, up 70 points, and Sep¬
tember to 14.80, up 65 points.
Sales to early afternoon
totaled 3,660 tons.
Both London and Singapore closed
firm, prices ranging unchanged to 3-16d. higher. Transactions
totaled 694 contracts.
Local closing: July, 14.72; Sept.,
14.80; Oct., 14.84; Dec., 14.92; Jan., 14.95; March, 15.05;
May, 15.18.
On the 30th ulto. futures closed 5 points up to 11 points off.
Rubber futures skyrocketed as much as 70 points on the
opening when shorts were caught napping, but eased off
later after excitement subsided and an avalanche of selling
orders came into the market. Despite the decline, the market
still was 22 to 31 points net higher in early afternoon, with all
positions selling above the 15 cent level. Transactions at that
time totaled 6,220 tons, with July at 15 cents even, Sept. at
15.02 and Dec. at 15.23. Notices of delivery on July to the
number of 62 were issued, but the trade had expected more.
Prices in London and Singapore advanced 5-16 to 7-16d.
Local closing: July, 14.73; Sept., 14.85; Oct., 14.87; Dec.,
14.90; Jan., 14.92; March, 14.98; May, 15.07.
Today
futures closed 49 to 57 points net higher. Transactions totaled
638 contracts.
Although foreign markets closed lower, the
net
with
local
rubber
futures
market
continued
its
rise
in
active
trading after momentary hesitation at the opening. Malayan
statistics on exports were hailed as bullish and furnishing a
fresh incentive to buy.
The 45 per cent quota is now in
effect. The turnover to early afternoon was 2,830 tons. At
that time Sept. stood at 15.22, up 37 points. London closed
l-16d to 3-32d lower.
United Kingdom rubber stocks had
increased 1,400 tons this week. Singapore also closed lower.
Local closing: July, 15.22; Oct., 15.39; Dec., 15.45; Jan.,
15.49; March, 15.52; May, 15.59.
Hides—On the 27th ult. futures closed 30 to 34 points
The opening range was 15 to 25 points off, with
net lower.
the market
quite active.
The list worked higher during the
early session, but later gave way as selling pressure increased.
Profit taking by recent buyers was held mainly responsible
for the fairly sharp decline that materialized during the later
dealings.
Transactions totaled 14,840,000 pounds.
The
hide situation showed little change.
Trading in the
Chicago market was light, totaling 600,000 pounds, with
prices 15 to 40 points lower.
Local closing: Sept., 9.78;
Dec., 10.08; March, 10.19; June, 10.29.
On the 28th ult. futures closed 4 to 6 points net lower.
spot
The list
opened from 9 to 20 points decline, but during the
of the day rallied and at the last bell the early losses
showed a fair reduction.
Transactions totaled 6,920,000
course
pounds.
The weakness in the local hide market yesterday
attributed to profit taking and selling encouraged by
the weaker tone in the securities market.
The domestic
was
spot hide situation was little
futures market prices were
changed.
In the Chicago hide
from 1 to 10 points higher.
Local closing: Sept., 10.15; Dec., 10.45; March, 10.60.
140
Financial
On the 29th ult. futures closed 34 to 37 points net
higher.
Transactions totaled 287 contracts.
Influenced by a very
strong stock market, traders in hides returned to the upward
side of the market and bid prices up as much as 30
points in
the early trading, which gains were further increased towards
the
close.
In
the
early
afternoon
10.05c. and December at 10.35c.
September
stood
at
sales totaling 5,040,000
In the domestic market
on
pounds.
Spot hides were firm.
5,500 hides sold at 9%c. for June light native cows.
Argentine market 2,000 frigor ifico cows sold at
In the
10^c.
Local closing: Sept., 10.09; Dec., 10.41;
March, 10.50.
On the 30th ult. futures closed 7 to 8
points net lower.
Transactions totaled 350 contracts. The rise in hide futures
was checked
a
little today, although prices continued to
advance.
After
afternoon
was
early gains of 10 to 24 points the market this
points higher on a turnover at that
time of 10,160,000 pounds. Sept. then stood at 10.21
cents,
up 12 points. Further activity in spot hides was
reported at
steady prices, but packers were reported as reluctant sellers
10 to 12
and inclined to hold for better values. Hides sold
into the hands of traders. Local closing:
Sept.,
going
10.02; Dec.,
10.33; March, 10.43. Today futures closed 56 to 52 points
net higher.
Transactions totaled 340 contracts. The rise in
raw hide futures
continued, with traders feeling encouraged
by the strength of spot hides.
The market this afternoon
stood 28 to 37 points net higher, with
Sept. at 10.30, Dec. at
10.65 and March at 10.39.
There
was
are
evidence of renewed
speculative support in the market.
The turnover to early
afternoon was 5,000,000 pounds. Sales of
40,500 hides in the
domestic spot market were reported at firm
prices.
Local
closing: Sept., 10.58; Dee., 10.88; March, 10.95.
Ocean Freights-—The market for charters
was listless
during the early part of the week. Later, however, marked
signs of revival of interest was in evidence.
Charters in¬
cluded: Grain: St. Lawrence, scheduled
rate, July 10-26.
Done in London.
Gulf, Antwerp-Rotterdam, 2s. 3d. both
6d., July 11-25.
Done in London.
Gulf, AntwerpRotterdam,
2s. 4Kd.;
picked
ports
United
Kingdom,
2s. 7Kd.; Irish ports, 2s.
9d., July 18-30. Done in London.
St. Lawrence, scheduled rate.
Ben wood, 27,000
quarters,
10%, July 7 to 15, St. Lawrence, scheduled rate. Streonshalh, 26,000 quarters, 10%; St. Lawrence,
July 15 to 27,
2s. 9d.
Tmabilitas, 32,000 quarters, 10%; St. Lawrence,
scheduled rate, spot.
Done in London.
Gertrude, 25,000
2s.
quarters, 10%; St.Lawrence, full option,
July 8-18.
in London.
Done
Chronicle
seemed to be
piles of most consumers have been drawn
sharply, but not to levels necessitating prompt re¬
plenishment, with a few exceptions. So long as
uncertainty
over the revised minimum
prices to be established by the
coal commission
continues, few buyers will be inclined to
maintain normal stocks of
fuel, it is said.
It is believed,
however, that as an increasing number of consumers are
forced to buy for immediate
consumption, output should
advance moderately from recent low levels.
While bitumi¬
nous coal
producers report a more optimistic sentiment
among
down
their customers, few foresee
any substantial upturn in coal
buying for some weeks yet.
It is believed that the steel
makers having reduced their
prices drastically,
will
press
hard for reductions in the raw materials
which they use, such
coal and coke.
Of course the
as
mines and coke ovens,
leading steel makers
but there
companies which depend
on
plies.
are
many
own
coal
of the smaller
the open market for their sup¬
Wool—A
decidedly
cheerful feeling prevails in the
Outside conditions have had a most
encourag¬
ing effect upon the Boston wool situation at a time when
more
Oct.,
strong, registering advances of as
pound and reaching new high ground on the
Southern mills were reported
buying actual silk here.
August registered the maximum rise of 7c. when it sold at
$1.68.
In the spot silk market the price of crack double
much
no
more
in need of
quick buying of
raw
dangerously extensive.
It is
believed by some that the
opportunity to buy wool now is the
best that will obtain for a
long time. Prices have been de¬
pressed to unduly low levels and there is
hardly danger of a
return to the recent
rockbottom figures.
Silk—-On the 27th ult. futures
closed 3Kc. to 6Kc. net
higher. This market enjoyed the most substantial
advance
values it has
experienced
far this year.
The closing
particularly impressive in the light of sizable
reactions in other
markets.
Sales totaled 2,290 bales. Crack
double extra silk was
marked 6c.
so
were
higher, being put at an
average level of $1.74.
Bullish advices from
Japan on cocoon
production, with strong Japanese markets
gave the market
its chief stimulus.
in Yokohama
a
extra silk stood at $1.72.
On the Yokohama Bourse prices
closed 1 to 5 yen higher.
In the outside market Grade D
silk declined 5 yen to 747 K
yen a bale.
Local closing: July,
1.68; Aug., 1.66K; Oct., 1.65H; Nov., 1.65K; Dec., 1.65;
Jan., 1.64^; Feb., 1.65.
On the 30th ult. futures closed K to 2c. net
higher. Trans¬
actions totaled 203 contracts.
market
Grade D
was
actions totaled 208 contracts.
silk
Raw silk futures
were
strong
buying based on favorable statistics, strong cables and
higher spot markets.
On a turnover of 770 bales to early
afternoon prices rose 2K to 3c., with
July at $1.72, Dec. at
$1.69 and Feb. at $1.70.
In the uptown spot silk market
crack double extra silk advanced
2Kc. to $1.81 a pound.
Prices on the Yokohama Bourse rose 5 to 20
yen.
Grade D
silk in the outside market was 5
yen higher at 780 yen a bale.
Local closing: July, 1,76; Oct.,
1.72; Nov., 1.72; Dec., 1.71K;
Jan., 1.71; Feb., 1.71.
COTTON
Friday Night, July 1, 1938
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 22,893
bales, against 24,113 bales last week and 27,019 bales the
previous week, making the total receipts since Aug. 1, 1937,
7,071,497 bales, against 6,247,345 bales for the same period
of 1936-37,
showing an increase since Aug. 1, 1937, of
Movement of the
824,152 bales.
Receipts at—
Galveston
Sat.
Corpus Christi
Tues.
Wed.
2,229
1,102
1,969
Thurs.
Fri.
Total
2,893
296
164
7,854
74
29
1,822
4,185
89
202
843
572
1,075
931
1,361
1,299
51
1,098
34
126
1
4,782
2,576
10
2
135
18
547
60
805
82
395
186
__
New Orleans
Mobile
Savannah
Mori
1,170
...
Houston.
_
Charleston
Lake Charles
■
432
•'
'•
—
186
6
25
671
3
36
263
82
11
133
711
706
133
4,224
4,633
3,086
2,635
22,893
—
314
Baltimore
....
3,458
46
6
•
Norfolk
909
46
....
Wilmington
4,857
The
following table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks
tonight, compared
with last year:
1937-38
1936-37
Stock
Receipts to
July 1
This
Since Aug
1, 1937
Week
Galveston
1
This
Houston
Corpus Christi—
11,847
4,782 2,112,103
2,576
218,772
mm'mm
77,954
3,615
805
133,793
909
195,630
m
New Orleans
Mobile
Pensacola, &c
Jacksonville
—
Charleston
Bake Charles
46
Wilmington
78,970
28,462
56,597
711
Norfolk
706
'
New York
-mmmmmm
Boston
mm
Baltimore..
m
-
m
m
m
mmm
m
«.
-
—
22,893 7,071,497
6,513
2,372
146,571
38,674
12,338
—
mmm,m
1,580
«.
W
m
26,527
652,103
688,827
42,431
16,761
677,210
53,893
m
mmmmmrn
133
Totals..
mm
m
■
1938
1,116 1,697,396
1,297 1,291,559
99
284,019
23,286
4,441 2,017,828
4,529
319,359
100,910
4,477
1,114
142,496
507
169,552
56,000
405
26,809
664
43,349
m
■
Savannah
Since Aug
1, 1936
Week
7,854 1,912,855
4,185 1,814,434
186
399,938
Beaumont
~
-
22,358
28,536
100
m
m
70,305
100
3,613
1,050
mmm
m
1937
321,219
258,115
25,203
14,264
292,437
44,501
3,663
1,528
126,934
27,032
5,040
12,067
22,691
4,181
1,350
15,752 6,247,345 2,393,350 1,160,325
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at—
Galveston
1937-38
1936-37
7,854
4,185
4,782
2,576
805
1,116
1,297
4,441
4,529
1,114
"""909
"""507
Wilmington..
711
Norfolk
706
Houston
161K; Nov., 161K; Dec., 1.62. On
ult. futures closed 2c. to
2Kc. lower. The market
opened lc. to 2Kc. lower, but came back
to show gains at
one time of
to lc.
Sales totaled
1,690 bales. Importers
and Japanese interests were
sellers, while Wall Street houses
J-655 Aug., 1.63^; Oct.,
the 28th
raw
a
on
New
rose
The feature of the
jump of 63^c. in the price of crack double
extra silk in the New York
spot market to $1.78KFutures
were IK to 4c.
higher on the opening and held most of the
advance with July at $1.71K and
Sept. at $1.69. The rise
was in
sympathy with the Japanese markets. On the Yoko¬
hama Bourse prices advanced 34 to 39
yen, while in the out¬
side market Grade D silk was 27
K yen higher at 775 yen a
bale.
Local closing: July, 1.69;
Aug., 1.67; Sept., 1.66K;
Oct., 1.66K; Nov., 1.66K; Dec., 1.66K; Jan., 1.66K; Feb.,
1.66K. Today futures closed 7 to 4Kc. net higher. Trans¬
10 to 15 yen, while futures
ranged 8 to 18 and in Kobe 7 to 32
yen higher.
Cash sales were
only 455 bales, but futures transactions at
these centers totaled
15,000 bales.
Local closing: July,
•
7c.
development is indicated.
are
staple now than they have been for some time.
They are
apprehensive today, however, over a
possible shortage in
supplies through placing of wools under loan
by growers and
holding back of such staple. It is felt that the low
prices
might make such holding
gains
as
rise.
little change was expected.
The strength and
activity of the
stock market and the
general rise in most commodity markets
have created a
decidedly healthy sentiment.
Under the
Government loan situation a new
Manufacturers
Cables revealed Japan
1.59M; Nov., 1.59K; Dec., 1.60.
On the 29th ult. futures
closed 6c. to 5c. net higher.
Transactions totaled 121|contracts.
On reports of activity in the uptown spot silk
market,
silk futures turned quite
Totals this week.
wool market.
m
doing the chief buying.
markets lower.
Grade D lost 2^ to 10 yen.
Futures at
Yokohama ranged 12 yen higher to 10 yen lower, while the
Kobe Bourse finished with losses of 4 to 9 yen.
Cash sales
reached 350 bales, and Yokohama futures transactions
7,900 bales.
Kobe Bourse transactions were unreported.
Local closing: July, 1.62; Aug., 1.61; Sept., 1.60;
The
Coal—Coal
July 2, 1938
Orleans.
Mobile
Savannah
1935-36
2,006
Newport News
518
1933-34
-
1932-33
782
194
11,143
9,263
16,710
5,025
3,109
152
""628
405
"l",859
533
326
230
901
664
429
177
1,164
1,776
4,602
2,365
9,923
1,157
4,012
Brunswick
Charleston
1934-35
340
9,562
18,080
23,815
3,479
5,930
"7",981
"
"
All others
"'"365
"l~,679
"2",368
""'628
~l",696
'S',747
Total this wk_
22,893
15,752
21,952
9,188
50,199
80,277
Since Aug. 1.. 7.071,497 6,247,345
6,685,631 4,004,266 7,292,430 8,561,714
Volume
,
Financial
147
The exports for the week ending this evening reach a total
35,828 bales, of which 8,094 were to Great Britain, 758
to France, 4,571 to Germany, 2,840 to Italy, 14,039 to
Japan, and 5,426 to other destinations.
In the correspond¬
ing week last year total exports were 44,906 bales.
For the
season to date aggregate exports have been 5,508,728 bales,
against 5,329,498 bales in the same period of the previous
season.
Below are the exports for the week:
of
Exported to—
Week Ended
July 1, 1938
Exports from—
Ger¬
Great
Britain
582
Galveston
1,680
Houston
France
New Orleans
1,430
3,406
2,353
-
344
*—
12
-
''■-
-
-
-
282
-
—
-
777
1,165
25
—
2,490
_
644
563
81
Norfolk.
-
516
-
.
*
1,541
-
135
_
983
-
024
Charleston...—
6,468
•
_
■■
47
493
200
-
^
261
1
■
9.245
90
_
1,298
658
—
'
-
270
Savannah
9,629
1,85/
■
Lake Charles...
Mobile.
6,604
100
1
^
^
3,968
—.
100
367
1
303
—
Total
Other
China
Japan
3»6
"
Corpus Christ!
Italy
many
100
,
'
San Francisco
2,680
200
500
Los Angeles
3,380
*.
-
1,005
250
1,255
14,039
5,426
35,828
-...
..
*
8,094
758
4,671
2,840
Total 1037
6,932
4,103
7,092
12,623
7,282
150
6,724
44,906
Total 1936
38,128
7,591
3,838
5,958
4,885
300
10,230
70,930
Total
Exported to—
From
Aug. 1,1937 to
Ger¬
July 1, 1938
Great
Exportsfrom—
Britain
Hons ton
Corpus Christ!
Beaumont
Orleans.
New
Lake Charles.
Mobile.
--
..
Jacksonville
—
'
Wilmington..
Norfolk.
—
—
Gulfport..
-
Baltimore.
Los
San
200
14,534
-
-
-
§,923
4,143 216,678 1304,990
64,860
26,352
50
18,994 196,680
60
1,742
-
914
53.799
100
—
-
-
-
„
54,007
395
'
'
4,432
-
'«
-
V
-
6,456
98,817
9,078
1,681
-
2,157
M.
M
—
-
1,659
286
250
400
10
34
1,381
18
530
561
322
200
103,683
22,414
30,324
1,163
26,436
100
10,863
-
-
-'■'m
.
2,249
10,325
18,331
9,121
'
934
166,112
1,200
36,125
10,075
1,000
,»
420
23,493
5,373
.•
-
J
±
f,
-
200
«.
144
-
-
-
*.
—
17,553
.
Francisco
Seattle
-
-
—
'
-
*
2
694
3,481
159,746
72,319
-
6,897
3,585
2,127
78,619
74,034
402,846
55
.
.
'
2,853
271
.—
Angeles
«
48,731
373,932
725
1
158", 559
"357
384
Boston—.—
58,375
3,829
-
37,224
3,622
Philadelphia
132,818
"
-
-
"
6,099
7,774
.
.
York.
New
J*.
33,558
-
11,510
177
54,223
103,135
Savannah.—
Charleston.
52,979
139
1,543
41,568
—
Pensacola, &c.
201,616
44,029 285,062 1414,306
28,448 222,262 1146,662
57,394
3,825
152,564
4,401
43,780
123
4,250
463,447 260,868
6,819
24,435
100,303 18,819
—
China
Italy
many
291,066 187,748
266,151 171,579
92,652 75,145
Galveston
Total
Other
Japan
247,965 156,820
190,670 134,734
France
55
187,337
——
649,668
91,381 1023650 5508,728
743,825 405,287 1558,166
23,185 712,141 5329,498
856,089 393,599 1532,461
41.875 949.305 5891,962
872,341 524,963
1591,186 755,539
Total
1936-37 1176,414 710,480
Total 1935-36 1410,192 708.441
Total
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
On
Ger¬
Great
Britain
shipboard, not
Shipboard Not Cleared for—
July 1 at—
France
Other
Foreign
wise
Leaving
Stock
Coast¬
many
50,000 bales, traders felt equally assured that the
The market in general opened
steady at 2 to 4 points higher in response to higher Liverpool
cables and during the first part of the day continued higher
until prices were 3 to 7 points net higher.
Houses with
foreign connections were on both sides of the market, but
appeared to be buying on balance. Southern spot markets
as officially reported, were 3 to 6 points lower, with middling
quotations ranging from 8.36 to 9.22c.
On the 28th ultl
prices closed 1 to 3 points off, with the July position 1 point
higher. Active demand for July contracts, despite the fact
that there were July notices issued against 51,500 bales before
the opening, gave the cotton market a steady tone today in
the face of a sagging tendency in most other commodities.
July notices were issued by three leading spot firms and
43,981 at the end of May.
promptly stopped by another. There was active liquidation
and exchanging from July to the later months for a time, but
contracts were wanted with some of the interests who issued
apparently trying to buy back some of their
the July position advanced to a
premium over October and showed independent firmness.
The market generally was less active and prices for the distant
positions showed a tendency to sag.
There was no heavy
selling pressure, but prices gave way under scattered liquida¬
tion and profit taking, with the offers taken to a large extent
on exchanges from July to the more distant months.
South¬
ern spot markets, as officially reported, were 3 points lower
to 6 points higher.
Average price of middling cotton at the
10 designated spot markets was 8.77c.
On the 29th ult.
prices closed 5 to 2 points net higher. The market displayed
a
steady undertone throughout the greater part of the
session in a moderate volume of business.
Trading at the
notices
the
Galveston
Houston
Orleans.
Savannah
New
_
100
1,700
4,387
4,687
1,451
"135
10,909
14,063
9,046
2,048
1,060
1,525
2,500
1,200
3,277
""33
464
9,900
7,338
1,948
1,500
113
2,921
Charleston
Mobile.
_
..
_
1,362
1,194
Norfolk—_—
Other ports
Total 1938.
-
Total 1937-_
Total 1936.
.
Speculation
active
the
past
in
cotton
week,
6,977
3,421
20,380
16,839
7,664
12,240
for
with
4,534
2,171
1,084
opening
future delivery was fairly
prices trending higher.
All
high ground for the movement,
exception of October, which sold even with the
months advanced into new
with
the
Outside influences, such as the strong
and
active
securities market, the general rise of com¬
modity markets have been in no small measure responsible
for the strength displaved by cotton futures recently.
►
On the 25th ult. prices closed 3 to 7 points net higher. The
market opened 5 to 7 points decline in response to lower
markets abroad and under some overnight foreign selling and
previous peak level.
Buyers were inclined to hesitate at the start,
a reaction to the President's talk.
This
was accentuated to some extent by moderate early declines in
the stock market.
When stock prices rallied, however, and
developed renewed strength, buyers came in and bought
freely, sending prices up rapidly with gains of 13 to 15 points
from the early lows. • The market was called upon to absorb
some heavy realizing as well as what appeared to be hedging
against foreign growths.
The offers, however, were well
taken.
Active buying by the trade and commission houses
revealed a steady broadening of the general demand.
The
Commodity Credit Corporation reported that 12,727 bales of
cotton had been placed in the loan for the week ended on
Thursday, bringing the total to 5,408,569 bales with an
aggregate value of $236,241,650. Southern spot markets as
officially reported, were unchanged to 6 points higher, with
middling quotations ranging from 8.40c. to 9.27c.
On the
27th ult. prices closed 4 to 6 points net lower.
Early ad¬
vances of 3 to 7 points, which sent cotton prices to new high
levels for the movement, failed to hold in today's market
and final quotations were at the low of the day. Interest was
centered largely in the July liquidation in preparation for
first notice day tomorrow.
It was generally conceded that
strong spot interests were on both sides of the market, and
while it was predicted that a large number of notices will
probably be issued, with estimates ranging from 40,000 to
liquidation.
and
were
awaiting
was
quiet, with futures slightly below the
previous
Selling of the May option by brokers with Bombay
connections was the feature of the early dealings. A leading
finals.
of the December position..
Forty-three July cotton
delivery notices were issued today, of which 35 wOfe for
delivery at Houston and 8 at Savannah. A wire from New
Orleans reported notices issued against 5 job contracts.; The
weekly weather report from Washington showed that the
weather during the past week favored the growth of cotton
except in the northeastern part of the belt, but in manylocalities the weather was moderately favorable for weevil
activity.
Worth Street reported a fair business in gray
goods and a heavy business in finished goods as buyers are
contracting ahead for next spring delivery.
Prices were
spot house was a moderate buyer
Liverpool sold.
The Continent and
strong.
On
44,848 2,348,502
37,554 1,132,771
31,559 1,334,129
In consequence,
cotton.
the
of
30th
prices closed 3
ult,
to 5 points net lower.
displaying a steady tone throughout the greater part
After
636,403
675,325
662,926
146,571
38,674
52,531
28,536
107,536
notices
promptly stopped. However, there was active July
liquidation in progress during the day including exchanging
from July to the later months, and the total certificated
stocks were further increased to 82,361, .which compared with
will be
Total
15,700
13,502
14,284
141
Chronicle
the
day's
trading
period,
cotton
prices
turned earier
the day.
during the last hour and finished with losses for
The volume of sales was of moderate proportions.
Futures
the preceding
day's close. There were more buyers than sellers of cotton
during the early part of the session, which accounted for
the advance in prices.
The buying was done by brokers
with Bombay connections, Liverpool, trade houses and Wall
Street.
The selling of about 2,000 December by a leading
spot house was a feature of the morning business.
Locals,
at the
New
opening were 0 to 9 points higher than
Orleans
and
South supplied the other contracts.
realizing on the bulge. Cotton trad¬
confident when reports reached them of
the
There was some heavy
ers
became
more
Street, and closing prices on the
9 points higher. No rain
overnight.
Today prices closed .21 to 23 points net higher.
Gains of
over $1 a bale were made by prices for cotton futures during
the late dealings today in the heavy volume of sales.
A
short time « before the close of business active positions
showed advances of 13 to 22 points from the closing levels
of the previous day.
The market opened quiet, and gains
of 2 to 5 points were registered over yesterday's closing
range.
No important trades were made during the initial
business.
Commission houses, locals and the South sold,
while Liverpool,, trade houses and Wall
Street did the
buying.
Shortly after the noon hour prices advanced to net
gains of 6 to 10 points, because of the lack of offerings and
the strength in the July contract.
In subsequent trading
heavy Wall Street buying came into the. market and mill
price-fixing orders also came in on the advance.
Trade
houses and Wall Street bought about 30,000 October and
December.
Late this afternoon Worth Street reported that
sales were estimated around 15,000,000 yards, and prices
continued strong.
Sales were about 250% of production.
the
buoyancy
in
Wall
Liverpool Exchange were 4 to
was reported in the cotton belt
quotation for middling upland cotton in the
each day for the past week has been:
June 25 to July 1—
Sat.
Mon. Tues. Wed. Thurn. Fri.
Middling upland...8.85
8.81
8.82
8.85 8.80
9.01
The official
New York market
New York
9.01c.
1937
12.62c.
1936
12.50c.
1935-.---12.15c.
1934
12.4.5c.
1933
10.30c.
1932-.--- 5.7.5c.
193110.15c.
1938----
1930
19291928
1927
1926
Quotations for 32 Years
13.65c.
18.20c.
23.10c.
17.10c.
18.40c.
12.00c.
39.25c.
34.15c.
31.90c.
27.25c.
1921
1920
1919
1918
1924
24.70c. 1917
30.90c. 1916
1923
28.25c.
1925
13.25c12.40c1912—---11.65c.
1911
14.80c1910
15.35c1909
12.10c.
—12.90c. 1908
11.50c.
9.60c. 190713.25c.
1922-. —-22.05c.
1915
—
1914.
1913
Financial
142
Futures—The
lowest and closing prices
week have been as follows:
July 2,
July (1938)
Range.
Monday
June 27
Wednesday
Tuesday
June 25
June 28
Thursday
Friday
June 30
June 29
July 1
8.65- 8.78
8.69- 8.78
8.66- 8.77
8.67- 8.82
8.71- 8.92
8.75
Closing
8.71- 8.80
8.71-8.72
8.72
8.75
8.70
8.9 in
—
-
-
—
256,000
194,000
53,000
118,000
144,000
26,000
115,000
39,000
140,000
116,000
107,000
152,000
31,000
126,000
76,000
98,000
U. 8. port stock
U. 8. interior stock
U. S. exports today
2.081,164
930,969
1,545
2,911
—
8.75 n
8.7 in
8.71 n
8.74 n
8.70 n
8.71 n
8.70/1
8.73 n
869n
8.90 n
214,000
2,393,350 1,160,325 1,365,688 1,207,120
1,384,154 1.181,353
19,043
4.907
.5,772,059 2,837,205 3,578,885 3,132,380
8.71-8.83
8.65- 8.78
8.66- 8.74
8.65- 8.83
8.67- 8.92
8.76- 8.78
8.72
8.69
8.72
8.69
8.90- 8.91
8,72/*
8.76 n
8.72/*
8.73- 8.84
8.73- 8.82
8.72- 8.90
366,000
380,000
93,000
46,000
35,000
24,000
117,000
55,000
63,000
34,000
79,000
107,000
41,000
60,000
18,000
75,000
90,000
Egypt, Brazil, &c., afloat
210,000
159,000
Stocain Alexandria, Egypt.371,000
124,000
Stock in Bombay, India
1,142,000 1,001,000
169,000
157,000
814,000
149,000
715,000
8.80
8.75- 8.76
8.97
Havre stock
Other Continental stock
Indian afloat for Europe
8.74- 8.99
8.75
—
—
—
Nor.—
Range8.7 On
8.75 n
Range.
8.70- 8.84
8.77-
Closing.
8.83
8.78
Closing.
468,000
46,000
72,000
31,000
36,000
108,000
Bremen stock-.--
S.64- 8.79
.
Closing.
354,000
Manchester stock
Oct.—
8.93 n
Dec.—
—
8,88
—
—
—
.
Closing.
8.72-8.85
8.80- 8.89
8.75- 8.83
8.75- 8.82
8.77- 8.92
8.76- 9.00
8.84
8.80/*
8.78
8.82
8.77
8.98
—
—
—
—
—
Feb.—
8.74- 8.74
Range..
8.86n
8.81/*
8.74
8.83 n
8.79/1
9.0 In
Range..
8.77- 8.90
S.83- 8.94
8.78- 8.88
8.79- 8.87
8.78- 8.97
8.80-
Closing.
8.88
8.83- 8.84
8.82
8.85
8.81
8.90/1
8.85/*
8.84 n
8.86n
8.8 2n
Rama..
8.81- 8.94
8.87- 8.96
8.81- 8.91
8.81- 8.90
S.81-
Closing.
8.93
8.87
8.86
8.88
8.84
Mar.—
—
—
2,370,000 2,067,000 1,844,000 1,710,000
5,772,059 2,837,205 3,578,885 3,132,380
Total East India, &c
Total American
Total visible supply
8,142,059 4,904,205 5,422,885 4,842,380
4.96d.
6.87d.
7.18d.
6.94d.
Middling uplands, Liverpool
9.01c.
12.51c.
12.49c.
12.20c.
Middling uplands. New York
9.20d.
10.90d.
9,98d.
8.34d.
Egypt, good Sakel, Liverpool
4.06d.
5.93d.
5.87d.
6.06d.
Broacn. fine, Liverpool
5.91d.
8.20d.
7.88d.
Peruvian Tanguis, g'd fair, L'pool
4.13d.
5.83d.
5.90d.
C.P.Oomra No.l staple,s'fine, Liv
9.04
Closing.
182,000
—
Jan.(vm)
Range.
-
Liverpool stock
--
Closing.
Range
—
Total American
East Indian, Brazil, &c.—
8.91n
8.75 n
—
-
Range.
Range
1935
287,000
104,000
Bremen stock-.170,000
Havre stock
217,000
Other Continental stock.61,000
American afloat for Europe
118,000
Aug.—
Closing
Sept.—
1936
626,000
Liverpool stock——-bales.
Manchester stock
—
Saturday
1938
1937
1938
American—
at
highest,
New York for the past
Chronicle
9.04
Continental imports for past week have been 86,000 bales.
April—
At
Range--
Closing.
May-
9.05 n
9.00
8.83- 9.07
9.07
Interior
the
Towns
the
movement—that
is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
June—
detail below:
Range..
Closing.
Movement
Nominal.
n
Range for future prices at New York for week ending
July 1, 1938, and since trading began on each option:
Range Since Beginning of Option
Range for Week
Option for—
397
Ala., Birm'am
9.63 Aug. 27 1937 11.36
8.65 June 25
"8.92
July
"1
27 1937
Selma
8.31
Sept. 1938—
1938—
8.64 June 25
"8J92Juiy'I
9.39 Feb.
May 25 1938
7.70 May
9.48
31 1938
18 1938
Feb. 23 1938
44
Forest
50
City
3
Helena
Hope
Nov. 1938
Dec.
1938-
8.70 June 25
Jan.
1939—
Feb.
1939-
Mar. 1939-
8.99
July
8.72 June 25
9.00 July
1
8.74 June 28
8.74 June 28
8.77 June 25
9.04 July
1
june25
9.07 July
7.73 May 31 1938
1
"I
9.50 Feb. 23 1938
7.74 May 31 1938
9.51
8.18 June
8.74 June 28 1938
3 1938
Feb.
23 1938
7.77 May 31 1938
8.81
9.20
8.34 May 25 1938
8.34 May 25 1938
7.81
Apr. 1939—
May 1939—
26
Ark.,Blythev.
Aug. 1938--
Oct.
"87
Montgorn 'y
27 1937
July
8 1937 11.36 July
9.07 July
May 31 1938
Apr. 29 1938
11938
-
m
—
Jonesboro..
Little
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
Pine
Contracts
June 24 June 25 June 27 June 28 June 29 June 30
June 30
2,595
60,460
101,150
65,894
36,549
255
-W
-
-
112
-W---
211
6
'
935
1,088
200
177,508
33,050
200
39
47,299
1,482
2,098
22
45,437
233,748
2,659
596
Atlanta
—
1,122
Columbus..
Augusta
Macon
....
9,405
1,626
1,056
1,022
168,184
191
20,491
34,761
32,786
83
2,408
'■:**.
435
m-
60,510
'
.
16
7,691
193,135
581
1
33,695
5,292
243
27,981
142,453
667
13,300
2
46,186
44
137
14,026
29,466
240
9,975
13,852
,14,773
110,373
156
V,.
•
13
1,252
870
362,723
1,312
205,696
5,485
2,033
200
18,625
900
205
47,536
1,469
15
16,970
22,067
21,198
550
37
147,428
293
57,325
100,182
212
127
260,664
561
7
40,718
754
49,294
28,113 i::V
310
301,891
66,093
1,114
56,085
32
24,116
18,831
3
10,532
52,275
22
12,956
15
39,423
76,068
82
26,052
3
51,399
203,756
2,078
3,779
2,117
9,038
315
3,293
102
177
522,329
767
138,950
Rome
La., Shrevep't
Miss., Clarksd
Columbus.
_
Greenwood.
47
'm
...
-
'"
-
-
-
-
City
1,918
Mo., St. Louis
N.C., Gr'boro
:
■.
-
m
-
27,395
4,995
3,850
'
54,557
19,784
mm
28,207
17,556
18,830
6,121
53,148
55,380
1
62,792
30,962
13,799
27,095
155,933
130,820
34,700
62,126
2
2,202
16
19,956
1
July
83,871
'
87,483
99
Stocks
Week
134
49,118
57,752
89,014
25,305
31,515
23,993
23,588
312
Season
364
8,165
•
1937
Ship¬
ments
25,471
215
27
Vlcksburg.,
New York
66,761
12,106
52,892
69,366
171,232
Receipts
Week
46,399
187.232
Bluff.
Yazoo
I
July 2,
July
Week
146,048
Walnut Rge
Ga., Albany..
Natchez
Open
Stocks
121
Jackson
figures are given in bales of 500 lb. gross weight.
Movement to
1938
•1
Rock
Newport-
Athens
Volume of Sales for Future
1,
Ship¬
ments
Eufaula....
1938—
July
July
Season
Week
7,65 Oct.
June 1938—
to
Receipts
Towns
75,848
34,300
19,838
21,032
96
164,830
294
1
1,158
265
39,528
262,608
42
63,177
242
2,197
3,995
16,759
9,438
4,498
60
1,093
34
1,787
331,385
2,518
2,362
10,969
9
3,435
10
177,307
464
54,330
1,874
235,613
690
20,998
942
.5,
Oklahoma—
July (1938)----
44,200
—
50,200
44,800
4,700
35,200
16,900
October.
December
January (1939)
March
—
—
—...
May
33,900
41,200
26,000
2,800
21,800
11,200
56,800
64,600
52,000
54,200
47,400
44,600
9,700
3,100
23,000
29,400
18,900
11,500
9,100
46,700
31,200
7,200
19,700
19,700
12,600
51,200
36,900
2,200
26,300
15,600
*132,300
688,200
S. C., Gr'vllle
1,539
149,161
2,831
83,640
581,900
129,700
Tenn., Mem's
Texas, Abilene
8,583 2664,409
13,251
538,589
1
7,530
38,932
406,000
201,600
Inactive months—
15 towns *.
13
100
—
100
«
w;-
1,614
18,051 :
1
1,438
16,253
4
13,991
24
2,229
6,423
9
1,279
114,967
60
83,035
499
3,335
21
93,562
34,021
22,734
15,661
623
__
Paris
_
~
San Antonio
-
-
-
3
~
.
Waco
«
7,639
42,085
66
Texarkana
Open
71,039
270,264
V
78
Brenham
Robstown..
196,000 136,900 225,000 190,300 133,600 144,800 2,139,800
Total all futures
3,727
16,584
3,542 2559,334
.
8
Austin
Dallas
Feb-April (1939)
46,035
91,105
«.
-
258
71,825
•
18,858
151
15
13,272
~
•
-
13,701
8,952
•
-
—
-
-
-
-
-
•
31
646
-
38
-
2
35,243
-»
280
v
143
2,102
79,615
33
573
12,148 6057,382
45,571
930.969
Contracts
June 22 June 23 June 24 June 25 June 27 June 28
New Orleans
June 28
Total ,56 towns'
*
8,650
6,800
4,500
15,950
8,750
10,300
15,850
15,800
21,200
170,900
10,800
8,600
24,050
21,350
13,500
10,650
9,700
6,500
50
200
200
1,200
11,800
750
— -
December
—
January (1939)
1,250
3,850
1,150
15,750
—
-
------
March
250
2,750
1,200
2,900
35,300 2081,164
Includes the combined totals of 15 towns in Oklahoma.
123,800
2,950
July (1938)---------October
15,689 6605,540
Market and Sales at New York
6,950
2,300
2,400
Futures
45,900
Total all futures—.
*
31.500
67.250
41,450
1,000
27.800
40,050
35,650
19,750
contracts of 68,100 bales.
tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
onfy.
755,000
146,000
1936
622,000
94,000
1935
574,000
72,000
1,130,000
901,000
716,000
Closed
Spot
Contr 'ct
242,000
248,000
8,000
164,000
179,000
10,000
203,000
150,000
11,000
73,000
at Venice and Mestre
51,000
22,000
16,000
26,000
8,000
6,000
79,000
11,000
at Trieste-
186,000
94,000
22,000
72,000
48,000
21,000
10,000
_
.
Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
3 pts. adv__
4 pts, dec__
1 pt. adv.__
3 pts. adv__
5 pts. dec21 pts. adv.
Total week
Since Aug.
New
Steady
Steady
Steady
Steady
Steady
Very steady.
Total
115
115
—
115
115
47,567 152,200 199,767
1
Member
of
New
York
Cotton
Exchange—At
a
meeting of the Board of Managers of the New York Cotton
Exchange held June 24, Francis 0. Allen, New York, was
elected to membership in the Exchange.
Mr. Allen is
646,000
—
bales-
Total Great Britain
Stock
Stock
Stock
Stock
Stock
Stock
Stock
1937
1938
980,000
150,000
Stock at LiverpoolStock at Manchester.
„
•Saturday—
Monday
Tuesday
Wednesday.
Thursday
Friday
___
The Visible Supply of Cotton
July I—
SALES
Market
388,500
Includes 64,200 bales against which notices have been issued, leaving
net open
Spot Market
Closed
May
—
—
at Bremen-
at Havre
at Rotterdam
at Barcelona
at Genoa.—-----
Total Continental Stocks——
587,000
Total European stocks-—
1,717,000
India cotton afloat for Europe—
108,000
American cotton afloat for Europe
118,000
393,0Q0
12,000
539,000
453,000
1,294,000 1,255,000 1,099,000
117,000
107,000
90,000
115,000
152,000
214,000
Egypt, Brazil,&c.,afi;t for Europe 210,000
159,000
169,000
182,000
Stock in Alexandria. Egypt
371,000
124,000
157,000
149,000
Stock in Bombay, India
—1,142,000 1,001,000
814,000
715,000
Stock in U. S. ports—
^—2,393,350 1,160,325 1,365,688 l,207vl20
Stock in U. S. interior towns
2,081,164
930,969 1,384,154 1,181,353
U. S. exports today
1,545
2,911
19,043
4,907
Total visible supply-
—8,142,059 4,904,205 5,422,885 4,842,380
Of the above, totals of American and other descriptions are
Treasurer of the Hazard Cotton
Co., who do
a
merchandising
business in cotton.
as
follows:
1938
Cotton
Acreage
and
Crop
Estimate—Carl M.
Loeb, Rhoades & Co., of New York, issued, on June 30,
their estimate on the cotton acreage in cultivation and the
possible
crop.
Their report is as follows:
cultivation at 27,042,000 acres, a reduc¬
from last year's plantings of 34,471,000 acres.
Growers
undoubtedly would have planted more cotton but for too frequent rains,
which delayed planting considerably, and but for their desire to keep well
within their acreage allotments.
The condition of the crop as of June 25 is 74.2%, comparing with 80.6
on June 25 last year, and the 1927-36 average of 73.0.
Weevil are numerous
throughout the Belt, and, with the crop late, constitute the most serious
threat in several years.
Allowance has been made in our yield estimate for
moderate weevil damage, but damage could far exceed our allowance.
The yield per acre is estimated, as of June 25, at 188.6 pounds, comparing
with 266.9 pounds in 1937, and the 1927-36 average of 179.7 pounds.
The 1938 production is estimated, as of June 25, at 10,435,000 bales, as
against 18,946,000 bales in 1937.
The sharp reduction in production is
due to the sharp acreage cut, the low condition of the crop as compared
with a year ago, and the prospect for heavier weevil damage than last year.
Our allowance for probable weevil damage was very conservative, considerWe estimate cotton acreage in
tion
of 21.6%
Volume
143
Chronicle
Financial
147
-
Rain
unfavorable
the heavy infestation throughout most of the Belt and the
Unless weather conditions are more favorable,
ing
$236,241,651
Corporation that
through June 23,
1938, showed loans disbursed by the Corporation and lending
agencies of $236,241,650.59 on 5,408,569 bales of cotton.
This includes loans of $6,914,916.94 on 164,496 bales which
have been paid and the cotton released.
The loans average
Arizona
——
—
Georgia
Louisiana
;
....
———
Mississippi
. .
Island
Via Rock
Via Louisville
Via Virginia points
*
74
92
64
78
2.17
94
66
80
1.28
86
72
79
1.00
88
68
78
3
86
94
54
70
67
80
90
60
75
90
64
77
90
62
65
76
2
0.32
3.44
0.20
1.32
0.02
0.12
0.44
2
0.11
90
1
0.10
1
5
G eorgia—Savannah
1
Atlanta
3
1
Macon
3
South Carolina—Charleston...
Columbia
Carolina—Asheville
North
Charlotte
1936-37
88
75
76
88
62
52
0.08
86
58
72
88
56
72
57
75
:
93
88
62
90
62
76
1
1.42
90
60
75
49
1.79
88
58
74
44
Chattanooga.
3
h
1,580
received by tele¬
the heights of rivers at the points named at
h
h
192
h
New Orleans
4,503
H
6.731
h
Memphis
4,809
4,809
h
8,503
h
h
5,556
h
graph, showing
8
m.
a.
of the dates given:
July 1, 1938
at end of crop year.
Since
Aug. 1
Week
Aug. 1
15,752
5,556
140,000
h
H
h
h
161,308
*33,423
H
h
h
H
44,595
51,480
59,427
15.
26.976
42,828
22.
30,687
45,944
40,673
8.
h
15,973
29.
50,142
44,904
Middling Cotton at
6.
13.
20.
27.
Other Markets
10,815
16,110
3,173
8.83
8.70
8.83
8.65
8.65
8.62
8.65
8.62
8.80
8.85
8.85
8.83
9.05
8.61
8.67
8.65
8.60
8.8)
8.87
8.84
8.87
8.84
9.05
8.93
8.95
8.95
9.00
8.95
9.15
9.00
8.80
8.80
8.80
8.80
9.00
9.22
9.19
9.22
9.19
9.40
8.80
8.80
8.80
8.80
9.00
8.65
8.65
8.70
8.70
8.65
8.75
8.70
8.34
8.37
8.37
8.31
8.85
8.90
8.52
8.31
—
Little Rock....
8.85
9.27
8.85
8.70
8.75
Dallas
8.40
8.70
8.36
8.40
8.36
Montgomery
Augusta
Memphis
Houston
Worth
.
8.34
New Orleans
the past
the New Orleans cotton
week have been as
follows:
Saturday
Monday
June 25
June 27
June 28
8.77- 8.79
July
August
Friday
July 1
June 29
Nil
1,20
4,060
Nil
Nil
Nil
Nil
7,151
Nil
Nil
Nil
7.966
Nil
Nil
5,53?
Nil
Nil
3,282
Nil
Nil
17.425
23,761
20,069
23,325
27,019
24.
24,113
15,944
19,653
15,752
930,969 1384,154
July
22,893
21,952 2081,164
World's Supply and
Cotton—The follow¬
Takings of
glance
ing brief but comprehensive statement indicates at a
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
period:
sight for the like
Week
Visible supply July 24.
Visible supply Aug. 1
American in signt to July
1936-37
1937-38
Takings,
Week and Season
8,245,927
h
Season
Week
Season
h
5,033,157
h
h
h
127",885
h
19,000
35,000
h
h
3,400
10,000
h
h
36,000
24,000
1,000
9,000
8,420,357
h
5,231,042
h
8,142,059
1
107",030
h
4,904,205
h
278,298
185,898
h
h
92,400
h
326,837
230,837
96,000
—
Bombay receipts to June 30. _
Other India ship'ts to June 30
h
h
h
h
..
September
October
Nil
Nil
Nil
Total supply
.
Nil
Nil
-
52,470 2194,843 1107,259 1594,234
Alexandria receipts to June 29
Other supply to June 29 *b—
9.00
8.78
8.80
8.80
8.74- 8.76
Thursday
June 30
Wednesday
Tuesday
June (193 8)
market for
Nil
Nil
Nil
17.
Market—The closing quotations
Contract
leading contracts in
15,333
25,457
31,296
Cotton
for
Nil
28,231
40,825
24,610
16,918
17,042
14,112
8.52
Savannah
Norfolk
Nil
47,072 2167,585 1064,946 1554,313
32,597 2138,409 1030,520 1517,933
39.972 2119.356 998,705 1465.362
21,698 2100,775 964,392 1424,612
1.
Nil
Nil
13,710
10.
.
4.617
Nil
39.157 2263,791 1255,379 1732,379
40,509 2237,238 1206,606 1693,071
45,482 2216,336 1162,626 1651,649
June
Friday
Wed'day Thursday
Tuesday
Saturday Monday
Galveston
New Orleans
Mobile
Fort
Cotton on—
Quotations for Middling
Nil
6,06
14,040
3.
Closing
1936
1937
1938
35,770 2397,991 1569,244 1902,472
35,607 2362,621 1503,310 1871,482
34,922 2338.818 1440,172 1833,913
34,771 2322.171 1387,245 1814,475
20,044 2289,937 1322,016 1779,076
May
1 so as to allow for
Receipts from Plantations
1936
1937
1938
1936
1937
Apr.
h
h
Stocks at Interior Towns
Receivts at Ports
1938
h
h We withhold the totals since Aug.
adjustment at the end of the crop year.
19.0
The
End.
h
127,885
July 1. 20,892
V
Plantations—The following table
each week from the planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
1.
1
6.6
8.8
22.5
h
H
H
10.3
indicates the actual movement
tions.
-1936-37-
Week
6.3
16.9
9.1
19.0
the
from
Receipts
withhold the totals
Feet
9.4 •
of gaugeof gauge.
of gauge.
of gauge.
of gauge.
Above zero
.Above zero
Above zero
Above zero
Above zero
Shreveport
Vicksburg
July 2, 1937
Feet
Nashville
Since
75
has also been
The following statement
h
Decrease,
Ended
July 1
4
70
0.05
3
14,059
Week
77
57
93
h
107,030
Quotations for
81
58
h
of Southern mill takings
consumption to June 1
proper
66
90
1
22,893
13,748
90,000
spinn's's takings to
78
93
2
Week
North,
66
h
by rail to Canada.
foi
for proper adjustment
ight
83
77
90
3
2,518
1,075
1 so as to allow
Jul3
Total in sight July
62
1.30
1.17
1.53
126,641
$19,611
over
92
1
3.42
0.51
0.27
0.74
0.38
2
-1937-38-
Excess
70
h
13,748
1
83
96
dry
4
H We
Receipts at ports to July
overland to July 1
72
4
13,748
Net
78
0.52
94
Montgomery.
173
Sight and Spinners1
Takings
In
60
2
h
.
Including movement
95
3
4,580
5,793
.
*
82
2.64
2
h
Between interior towns.
since Aug.
69
Mississippi—Mei
133
overland.*
94
Shreveport-
3,133
Deduct Shit
Leaving total net
76
0.51
h
12,328
deducted
77
60
2
.18,557
Total to be
64
Since
,
h
_
&c
Via other routes,
80
90
Aug. 1
Aug. 1
2,078
925
93
Via Mounds, &c
79
94
•66
2
Aug. 1
Sirtce
Via St, Louis
66
Week
-1937-38-
Week
78
92
0.32
New Mexico-
July 1—
Shipped—•
64
2
Bales
the Week and Since
Overland Movement for
81
92
1
77,037
48,774
North Carolina...122,022
Oklahoma
84,796
South Carolina
—
256,157
Tennessee
281,170
448,077
1,639,722
294,646 Texas
— ...
9,676
596,223 Virginia
—
66
3
Missouri.
783,343
125,844
Arkansas.
567,342
California
72,745
Florida.995
Alabama..
96
91
Louisiana-
which loans have
State—
j
82
0.12
Smith
Alabama-
pound.
Figures showing the number of bales on
been made by States are given below:
Bales
70
dry
dry
dry
dry
Little Rock
8.39 cents per
State—
94
2
Fort
24
June
84
0.10
1
Oklahoma—Oklahoma City
Arkansas—Eldorado
by the Commodity Credit
"Advices of Cotton Loans" received by it
on
78
74
Weather ford
Aggregated
5,408,569 Bales—Announcement was made
on
66
94
0.30
Antonio
San
Through June 23
Loans of CCC
Cotton
Low
90
2
Taylor
weevil and enabling
Mean
High
dry
Paris
could fall
time, production
the crop to make up lost
below 10.000,000 bales.
Rainfall
Inches
Days
checking
weather to date.
Th ermomeler
..
8.86
8.79
8.81- 8.82
November
December.
8.80
8.85
9.07
8.89- 8.91
8.89
8.87
8.87
8.90
8.88
8.91
8.89
8.94
8.91
Visible supply
9.10
8.91
9.14
Jan.(1939)
February
Deduct—
9.00
8.78
.
March
8.96
8945- 895c
April
9.00
May
8.92
Tone—
8.98
—
Of which other.
Embraces
h
from Brazil, Smyrna,
receipts in Europe
India Cotton
Quiet.
Quiet.
steady.
Steady.
Steady.
Steady.
Movement from
Very
st'dy
1937-38
Telegraph—Reports to us by telegraph this
evening indicate the great prevalence of boll weevil in the
belt, South Carolina complains of the weather having been
too cool at nights, which is increasing weevil activity greatly.
delayed by rains in the extreme
-
Amarillo
-
Austin
—
Brenham
-
Brownsville
Corpus
Dallas
1
3
1
2
Christi
1
1
Henrietta
Kerrville
Lampasas
Luling
Nacogdoches
Palestine
—
1.14
2
2
3
0.06
2.64
79
90
94
94
0.18
96
0.04
0.04
88
90
92
0.28
98
dry
76
70
74
83
76
83
81
81
81
72
82
68
83
66
80
96
0.88
0.86
dry
84
62
68
68
94
dry
dry
Great
Britain
Contir
China
Since
36,000 3.052,000
Week
Aug. 1
52,000 2,931,000
Since Aug. 1
Great
Jap'n&
nent
Aug. 1
Total
Conti¬
Japan &
Britain
nent
China
Total
Low
dry
Texas—Galveston
1.417,000
Week
For the Week
Exports
ThermometerMean
Rainfall
Inches
19,000
Bombay
from-—
Days
Abilene
southern
Aug. 1
Week
1935-36
Since
Since
Receipts—
Returns by
Rain
West Indies, &c.
All Ports
1936-37
June 30
part of Texas.
h
Quiet
Quiet,
Quiet.
Quiet.
Picking is being
h
9.17
8.95
Steady.
Spot
Options...
Total takings to July 1.
Of which American.
*
8.96- 8.97
8.97
July 1
66
81
96
70
94
70
83
82
92
70
81
Bombay—
1937-38-
43,000
112.000
717,000 1032,000
259,000
375,000 1483,000 1940,000
388,000 1295,000 1795,000
35,000
213,000
407,000
620,000
18,000
24,000
480,000
667,000
1147,000
24,000
364,000
591,000
955,000
13,000
18,000
269,000
666,000
717,000 1652,000
19,000
25,000
56,000
28,000
39,000
82,000
3,000
1935-36..
1,000
11,000
5,000
1936-37-
40,000
Other India-
1937-38..
17,000
1936-37-
1935-36-
o",666
Total all—
1937-381935-36-
5~,6OO
19,000
19,000
35,000
22,000
1936-37-
28,000
60,000
63,000
16,000
40,000
61,000
3087,000
562,000 1042,000 1483,000
979,000 1295.000 27.50.000
476,000
144
Financial
Chronicle
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Aleandria, Egypt.
The following are the receipts and shipments
for the jjast week and for the corresponding week of the
previous two years:
1937-38
1936-37
spot cotton have been as follows:
Spot
Saturday
Since Aug.
17,000
10,315,935
1
5,000
8,828,345
12:15
Exports (Bales)—
Since
Week
To Liverpool.*
To Manchester, Ac
To Continent and India.
'
1
-
-
Aug.
This
Week
1
Aug.
1
202,536
5, boo 715,818
42,020
5,000 1149668
7,000 1045501
7",000
changed
night from Manchester states that the market in both yarns
steady.
Merchants are not willing to pay
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
{
Quiet at
Steady at
Lbs.
8>4
d.
Cotton
Shirt¬
d.
Upl'ds
d
■
■
834 Lbs. Shirt¬
ings, Common
32s Cop
Twist
Middl'g
'
d.
a
8
■
s.
d.
December
4.89
-
*
-
-
4.92
4.85
V-
-
~
4.93
„
_
_
4.92
4.91
4.94
4.93
4.96
,4.88
5.00
5.00
4.96
4.94
4.91
May
July
October—
....
4.90
i——
.
.*
5.02
4.88
5.00
4.94
5.01
4.95
4.88
-
4.96
4.92
4.96
4.94
—
«.
-
,i-
4.91
4.99
4.95
5.00
;
4.97
-
4.91
.
-
-
-
~
-
-
4.98
4.98
4.99
4.96
4.97
BREADSTUFFS
Friday Nighi, July 1, 1938
7 47
weakness
7 49
@10
9
7.22
the
9
9
@10
9
6
@9
4.80
10
6
6
7.87
9
4.69
6
@10
9
7.29
14
<o,15
10
6
@10
9
7.36
9
3
@
9
3
4.43
14
@15
10
6
9
7.31
@
4.54
8
7.06
6
@10
@10
@10
9
6
@
4.77
9
9
@10
6
@10
9
/.45
9
7.12
954
9%
9
9
3
9
@
9
3
9
6.92
9
134@
9
4
>*
4.83
1334 @143* 10
10
133* @15
10
1334 @15
6
83*@ 9%
9
@10
6
@10
9
6.95
9ysmon
9
134 @
9
4 H
4.96
1334 @1434
9
6
@10
9
0.87
4.69
GALVESTON—To Antwerp—June 28—Leerdam, 50
To Ghent—June 28—Leerdam, 10
To Rotterdam—June 9—Cranford, 3
June 28—Leerdam, 197
To Japan—June 28—Honda, 6,604
To Havre—June 25—Effingham, 100
To Bremen—June 25—Edgehill, 386
To Oporto—June 9—Cranford, 829
To Genoa—June9—Cranford, 100
To Leixoes—June 9—Cranford ,331..
To Lisbon—June 9—Cranford, 237
To Sydney—June 25—Erlcnder, 200
*_...
_
_
Liverpool—June 24—Mathias Stinnes, 576-.
100
331
237
200
12
102
870
Stinnes, 819
819
349
280
To
Rotterdam—June 24—Leerdam, 96
June 27—Efing: ham, 47—
To Oporto—June
27—Edgehill, 378
I_I__I*
Ro Reval—June 27—Edgehill, 2
To Ghent—June
24—Leerdam, 40
To Japan—June
24—Ronda, 3,406---_____._.^.___.
NEW ORLEANS—To Marseides—June
25—Arsa, 40
Monforia,
618
!___
To Genoa—June
87
143
378
2
40
3,406
Demand is reported as very light in view of the
persistent
of wheat values.
Bakers appear convinced that
best
policy is
a
waiting
28—Monforia, 299
28—Monforia, 200
22—Senator, 2,501
To Manchester—June
22—Senator, 1,467
299
2,501
2,501
1,467
To Venice—June 22—Lucia C.
850
To Trieste—June 22—Lucia
_
850
_
C, 149
149
Japan—June 23—Vinnie, 344
344
CORPUS CHRIST 1—To
Liverpool—June 22—Recorder, 189
To Manchester—June 22—Recorder
,114
...
_
_
563
II.II
53
28
-I....II
.
MOBILE—To Antwerp—June
21—Yaka, 216
563
216
Rotterdam—June21—Yaka, 300.
Hamburg—June21—Yaka,261
300
Antwerp—June27—Sundance,
Manchester—June 25—Tulsa, 924
Hamburg—June25—Tulsa,
100
90
—
NORFOLK—To Liverpool—June
29—Lehigh, 53.
To Manchester—June
29—Lehigh, 28
Hamburg—July 1—McKeesport,
189
114
."I
—
261
25
25
924
1,541
SAVANNAH—To Liverpool—June 28—Tulsa
,47
To Antwerp—June
26—Nailsea Meadow, 35
To Gdynia—June
24—Tabor, 100
1,541
_
_
47
111~I ~ I
Hamburg—June26—Nailsea Meadow, 883-—
35
100
—
I
Meadow, 100
"I"
I
883
100
27—Takitoyu Maru, 515—Presi¬
__
2,680
Manchester—?—Pacific Pioneer,"500II
500
-----
200---.
-
FRANCISCO—?—To Japan—1,005—
To Australia—?—250
200
1,005
250
Total.
35,828
Liverpool—By cable
from
Liverpool
we
have the follow-
ing statement of the week's
imports, stocks, &c., at that port:
rw™,*.*
Forward.
June 10 June 17
June 24
July 1
20,000
42,000
46,000
44,000
....1,169,000 1.173 000 1,153,000
1,130,000
769,000
758,000
742,000
730,000
17,000
49,000
30,000
24,000
—
Tota! stocks—..
Of which American
TotaUmporte...
Of which American
Amount afloat...
Of which American
14.000
fi nnn
120,000
26,000
107:000
24^000
4,000
107,000
20,000
8,000
134,000
22,000
one,
becomes
covering only immediate
more stable.
Directions
against contracts remain
brisk, however, many consumers
having little left outside of balances on mill books.
Wheat—On the 25th ult. prices closed l}4e. to
lj^c. net
higher. Wheat prices rose 2c. today, compared with the
previous close, after having yielded a cent a bushel. The
close was virtually at the top.
Early downturns induced by
lower than due cables, were short-lived, and
prices turned
upward on buying led by houses with Eastern connections.
Contributing to the rise were reports of heavy, damaging
rainfall in the Southwest wheat belt and continued
strength
the New York Stock
in
Exchange. Shorts covered freely
September shot up to 78 %a. a bushel from
an early low of 75
K. Hedging pressure in wheat was light
despite the mounting movement of wheat in the Southwest.
Winnipeg, after dropping
to l%c. a bushel, staged a rally.
At the close prices were 13^c. to 1 %e.
higher. Kansas City
followed the late rise here and at the close
prices were as
much as 2c. a bushel higher.
The Minneapolis market
on
the upturn.
scored advances up a cent.
On the 27th ult. prices closed
unchanged to Kc. lower. A factor largely responsible for the
heaviness in wheat today was the first increase the United
States visible supply has shown since
December, as a result
of which Chicago wheat prices late
today fell almost 2c. a
bushel.
and
The tumble
was from earlier
gains of about a cent,
followed by fractional rallies.
To a considerable
wheat paralleled the course of securities. Bearish
was
extent,
results of the visible
supply increase
were
that with the domestic harvest movement
the visible would be
due to suggestions
being augmented,
constantly enlarged from now on. Dur¬
ing the early session there was buying for mill account,
believed to be
a
of United States Government
On the other hand, despite heavy addi¬
consequence
purchases of flour.
658
To Buena Ventura—June
To Liverpool—June
T° Bremen—?—Portland,
289
1,212
,87
SAN
100
386
127
27—Effingham, 349
^QTo Breme^n—June 25—Nailsea
6,604
937
To Bremen—June 27—Edgehill, 280
To Hamburg—June
27—Edgehill
LOS ANGELES—1 o
Japan—June
dent Pierce, 2,165
200
493
Gothenburg—June 29—Trolleholm, 102
Liverpool—June 27—Mathias Stinnes, 870
CHARLESTON—To
10
270
__
HOUSTON—To Copenhagen—-June
29—Trolleholm, 127
To Trieste—June 28—Lucia
C, 493
To Venice—June 28—Lucia C, 937
To Gdynia—June 29—Trolleholm,
1,212
Bremen—June22—Edgehill, 100
Reval—June22—Edgehill,90
50
6
LAKE CHARLES—To Bremen—June
24—Edgehill, 270
To Venice—June 29—West
Camach, 12
To Manchester—June 27—Mathias
To Antwerp—June
Bales
576
To Manchester—June 24—Mathias
Stinnes, 6
To
4.8?
4.95
•J
4.68
To
d.
4.79
4.86
4.9?
@10
4.46
To
d.
4.76
4.90
4.92
6
10
73*
To
d.
4.80
4.88
4.94
14>8@ 1634
14
@16
6
To
d.'
4.78
4.82
4.87
4.94
9
To
d.
4.71
4.81
4.90
@10
9
To
d.
4.68
4.84
4.88
9
7.97
@
To
d.
4.71
4.86
@11
43*@
To
d.
4.73
4.86
4.92
@11
73* @10 103*
Shipping News—Shipments in detail:
-
d.
4.75
4.88
4.89
9
Till«/
j uiy
»
d.
4.88
4.94
9
10
1534
3
To
Fri.
4.91
143-2 @ 15hi 10
1434@163* 10
9
To
below:
Thurs.
4.94
14 >£ &
9
i_.
are given
4.97
4 79
934@103*
10-
Wed.
point
decline
4.9?
4.91
9
17..
Tues.
1
adv.
4.94
4.89
I une
«
Liverpool for each day
needs until the situation
24..
pts.
4.82
@10
934@103*
834 @
854 @
6 to 9 pts.
to
4 pts. decl.
4.75
4.80
@10
93*@1034
3-
changed
4.86
@ 10
20..
To
pts. decl.
January 1939—
9
27..
t
4 to 6 pts.
Steady at
Flour—With wheat prices weakening quite sharply, flour
mills have been lowering their ideas on all kinds of flour.
d.
143* @153* 10
143* @153* 10
143* (o,153* 10
To
13
decline
Very st'y,
st'y, Steady, un¬
4.64
Cotton
May
@1 0
3 to 5 pts.
.
advance
March
9
9
934 @103*
decline
Quet,
Mon.
a t.
d.
.
9
«3*@ii
13.
3 to 4 pts
3 to 5 pts.
decline
4.76
1938
if
2229.
Steady at
Close Noon Close Noon Close Noon Close Noon Close Noon Close
October
»
»3*@11 v*
93*@113*
6..
4.98d.
Steady at
at
5 to 6 pts.
adv.
to
pts.
Quiet
CO
July 1
9
15..
'/),
S
Middl'g
Upl'ds
to Finest
Apr.
i-
doing
4.97d.
1937
ings, Common
to Finest
8.
11
decline
Decern ber....
Twist
business
doing
4.90d.
Quiet, st'y.
pts. adv.
New Contract
and in cloths is
32s Cop
A fair
business
4.93d.
10
to
adv.
June 25
July
by cable to¬
8
to
pt.
Prices of futures at
17,000 cantars and the foreign shipments, 14,000 bales.
Market—Our report received
Steady at
un¬
1
P.M.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ending June 29 were
1938
Friday
More
Quiet
4.95d.
5 to 6 pts.
198,604
156,970
653,403
36,524
189.294
Note—A cantar is 99 lbs.
Manchester
4.84d.
A
Market,
'
,
Quiet
demand
Quiet,
opened
Since
14,000 1085155
—
Thursday
demand
Moderate
{
Market
7
Since
Week
1
Fixtures
178,823
5,000 174,924
9,000 705,085
26,323
To America
Total exports—
Aug.
This
Wednesday
Nil
8,207,101
.v.v
This
Tuesday
A fair
Mid. upl'ds
This week
Monday
j
P. M.
1935-36
June 29
Receipts (centars)—
1938
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
Market,
Alexandria, Egypt,
July 2,
The tone of the
tional rains Southwest,
primary receipts totaled large, re¬
flecting multiplication of arrivals from the harvest fields.
Export business in North American wheat, especially from
the United States, as
notably light. On the 28th ult. prices
13^c. to lMc. net lower. The influences operating
against values today were enlarged estimates of European
crops, together with heavy rains relieving drought in North¬
ern Alberta and
Saskatchewan, Canada. Winnipeg quota¬
tions tumbled 23^c.
Cables stated this year's world crop
probably would be much above the world's needs. Italy's
production is expected to approximate 250,000,000 bushels,
as
against earlier indications of 220,000,000. The crop in
closed
France is
now
estimated at 320,000,000 bushels,
contrasting
Ideal weather conditions favor¬
with 254,000,000 last year.
ing growth throughout the American and Canadian
spring
belt acted as a weight on prices almost from the
outset,
and so likewise did
auspicious weather for the domestic
winter crop harvest
extending rapidly increased operations
in central areas.
Scarcity of North American export business
counted further as a
handicap, total purchases being but
250,000 bushels, mostly hard winter grades via the Gulf of
Mexico.
On the 29th ult. prices closed
unchanged to 3/^c.
lower.
Receding late today from upturns of about a cent
a
bushel, Chicago wheat prices more than lost the
gains.
crop
The
transient
rise
of
wheat
values
here
was
attributed
mostly to jumps of securities. Favorable weather and
crop
conditions, however, prompted an increase of selling on
price
advances.
A disturbing factor was the
uncertainty as to
what the monthly unofficial
crop estimates will show. Most
of these are expected to be given out
Friday, but it appeared
probable that two would he known in advance. Some
buying
was
associated
notice
that
black
stem
rust
infection
had
Volume
Financial
147
already developed
On
the
other
wheat in Manitoba Province, Canada.
Liverpool quotations averaged a bit
In addition, favorable weather for spring
on
hand,
lower than due.
growth and for winter crop
the wheat market at times.
crop
on
harvesting acted as a drag
1^ to l%c. net lower.
here and 4%c. at Winnipeg,
Chicago wheat values later today showed decided losses.
To a large extent wheat in Chicago paralleled the action
of securities, gaining sharply, but then falling off.
Lowest
On
30th
the
ult.
prices closed
prices of the day were reached in the final transactions.
Mrs. E. H. Miller, a leading crop authority, issued her July
a 1938 total United States
bushels.
This was 150,000,000
bushels under the average of private estimates a month
ago.
Unexpected firmness of Livlerpool quotations, to¬
gether with upturns of securities, counted also as tempo¬
rary stimulating factors.
On the bulge in wheat values
estimates
wheat
forecast
and
today,
of 929,000,000
yield
selling pressure increased, with previous
buyers failing to realize profits, values fell off so abruptly.
Setbacks of more than 2c. from earlier top prices were
witnessed at times, coincident with stock market reactions.
however,
here,
The Miller
winter crop at 687,1^1,000
report estimated the
Today prices closed
Buoyancy
unchanged to %c. higher.
displayed late today by rye and oats helped wheat prices
recover
from earlier losses of 1^4c. maximum, and then
Gains of l%c. in oats
scored fractional advances.
and 2%c.
attributed to removal of a Federal tax of 3c.,
effective today.
With the holidays ahead, trading was rela¬
tively inactive, and sellers were restrained by talk here that
yesterday's declines of prices had discounted all that ap¬
peared bearish in the new estimates of production of wheat.
On the other hand, absence of overnight export business in
North American wheat served as a check on buyers of
futures.
A steadying influence here, however, was that the
were
rye
Liverpool
less setback
than
lower. Not¬
estimates
market today showed considerably
expected, although closing % to l^c. net
withstanding that today's average of the private
of 1938 domestic wheat production showed a cut
100,000.000
tion
in
DAILY
of about
month's average, the reduc¬
any bullish enthusiasm.
Open
stimulate
to
wheat was
70,601,000 bushels.
——
Sat.
Mon.
YORK
Thurs.
Wed.
Tues.
Fri.
89% 88%
wTlE^T-FUTURES IN Thurs. Fri.
CHICAGO
Sat. Mon.
Tues.
Wed.
,-.--_92%^_92%_91 ** 90%
DAILY-CLOSING-PR!CES OF
i
o>4
77%
Sat.y'Aon.
July
Tues.
Wed.
Fri.
Thurs.
106%|105% 103
102
102
84%
85% 84
84 % 83%
84%
83% 81%
81% 81%
-
October.
December
H
O
L.
unchanged to %cCorn futures on the Chicago Board failed to reflect the
upturn in wheat, but action of the latter market
prices closed
Corn—On the 25th ult.
price
together with a
demand for July corn around 573^c. a bushel,
helped this grain to show a steady undertone.
No important
export inquiry was reported, but vessel room was chartered
at Chicago for 100,000 bushels to go to Montreal,
On the 27th ult. prices closed unchanged to %g. lower.
There was very little of interest in this market, the trading
being light and more or less routine.
On the 28th ult. prices closed
to %c. net lower. The
heaviness of corn was due in large measure to the weakness
displayed in wheat.
Bearish crop reports also had their
influence in depressing prices of corn.
On the 29th ult. prices closed l/% to }4c. net higher.
Corn
did a good export business, the final total being reported in
the neighborhood of 1,000,000 bushels.
However, this was
countered somewhat by the bearish crop and weather news.
On the 30th ult. prices closed %c. net lower.
Trading
was
very light, with price fluctuations extremely narrow.
Mrs.
Miller, the crop authority, anticipates a corn pro¬
duction in the United States of 2,486,000,000 bushels.
This
Today
fected
Sat.
is
bushels less than last year.
closed unchanged . This market was unaf¬
buoyancy displayed in oats and rye.
Open
about. $157,000,000
prices
the
by
totaled 42,212,000 bushels.
CLOSING PRICES OF CORN IN NEW YORK
December
27%
27%
'
DAILY CLOSING PRICES
October.
December
DAILY
Mon.
Sat.
No. 2 yellow
-
"
DAILY CLOSING
PRICES
71% 71% 71% 71
71%
OF CORN FUTURES IN CHICAGO
Mon.
Sat.
57%
59
December
-
July...
September
66%
63%
December
58%
When Made
58%
57%
59
58%
Season's
Sept. 30, 1937 July.
Mar. 26, 1938 September
December
June 18. 1938
Oats—On the 25th ult.
57
58%
57%
Low
Thurs.
Wed.
Tues.
57%
58%
57%
and
53%
54%
52%
57%
58%
57%
When
57%
58%
57%
Rye—On the 25th ult. prices closed % to lc. up.
This
regarded as a fairly good response to the strength in
There was a good demand for rye futures, a con¬
was
wheat.
May 31,1938
May 31, 1938
31, 1938
account.
prices closed % to 3^e. net lower. The
reflected in this market.
On the 28th ult. prices closed % to ly^c. net lower.
This
being a bread-grain, it reflected in a substantial way the
bearish developments in connection with wheat.
Lack of
On the 27th ult.
export
was
demand and bearish weather reports also
played
a
part in depressing rye values.
On the 29th ult. prices closed 34 to lc. net lower.
The
heaviness of wheat and the bearish crop and weather news
in the declines of rye values.
% to %c. net lower. In
sympathy with the declines in wheat and the bearishness
of the E. IT. Miller crop report, prices of rye eased almost
lc. below the previous finals.
Today prices closed 2 to 1%'c.
net higher.
The strength displayed in rye was due to the
same factor that affected oats, that is,
the removel of a
Federal tax of 3c., effective today.
were
the contributing factors
On
the 30th
DAILY
ult.
prices closed
53%
54%
-
54%
53%
December
56
9, 1938
9, 1938
June 11,1938
Feb.
Feb.
49%
48
June
1, 1938
June
December
60%
June
1,1938
2,1938
CLOSING PRICES
Thurs.
51%
54%
-
50%
48%
October
December
53%
50
51%
52%
52
52%
Tues.
Mon.
Sat.
July
WINNIPEG
Wed.
51%
49%
Fri.
H
O
L.
OF BARLEY FUTURES IN WINNIPEG
54%
54%
54%
54%
December
DAILY
54%
54%
October
Tues.
Mon.
Sat.
-
Made
July
September
OF RYE FUTURES IN
CLOSING PRICES
July-..-
53%
52%
When
Fri.
53%
52%
51%
51
52%
and
Low
Season's
When Made
and
72%
69%
Season's High
DAILY
53%
51%
51%
52%
52%
53%
Thurs.
Wed.
Tues.
Mon.
Sat.
July
September
CHICAGO
OF RYE FUTURES IN
CLOSING PRICES
July
September
Thurs.
Wed.
50%
51%
48%
47
48%
46%
51
51
48%
_—
Fri.
H
O
L.
follows:
Closing quotations were as
FLOUR
Rye flour patents
4 •50( 14.65
Spring oats, high protein_5.95@6.25
Seminola, bbl., Nos. 1-3--6 65 (
Spring patents
5.25@5.55 Oats
good
2 30
Clears, first spring
4.75%5.00
Soft winter straights
4.15@4.55 Corn flour,Barley goods—
1 ,70
Hard winter straights
5.00@5.30
Coarse
4 00
Hard winter patents
5.20@5.50
Fancy pearl .Nos.2.4&7-5, 00@5.25
Hard winter clears
4.40@4.60
.
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic— Manitoba No. l.f.o.b. N. Y-HOL.
Corn, New
No. 2
York—
71%
yellow, all rail
All the statements
Oats, New York-
38%
No. 2 white
Rye, No. 2 f.o.b. bond N. Y— 71%
Barley, New York—
47% lbs. malting
Chicago, cash
35
_53||
below regarding the movement
of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Receipts at—
Wheat
Milwaukee.
Rye
Barley
bush 56 lbs bush 48 lbs
3,232,000
247,000
10,000
31,000
649,000
932,000
134,000
62,000
158,000
886,000
176,000
16,000
105,000
167,000
19,000
36,000
16,000
Toledo
Indianapolis
166,000
4,000
273,000
113,000
76,000
366,000
112,000
134,000
146,000
48,000
4,000
30,000
38,000
Louis.
Peoria
St.
bush 32 lbs
379,000
Duluth
30,000
31,000
27,000
9,000
571,000
236,000
87,000
1,630,000
130,000
86,000
8,000
100,000
184,000
13,000
Joseph.
Wichita
Oats
bush 56 lbs
250,000
245,000
Minneapolis
St.
Corn
bush 60 lbs
Flour
bbls.l96lbs
Chicago —
1,687,000
..
22,000
Sioux City-
22,000
9,000
4 4" 000
1,410,000
733,000
356,000
20,000
153,000
Total wk '38
411,000
6.607.000
7,748,000
1,279,000
670,000
Same wk '37
295,000
8,625,000
969,000
805,000
Samewk '36
391,000
8,601,000
2,462,000
7,506,000
143,000
147,000
1,670,000
332,000
966,000
Buffalo
Since Aug. 1
1937
1936
1935
prices closed unchanged to 34c.
l/ia. lower.
light and without special feature.
ult. prices closed unchanged to %c. lower.
Trading was light and devoid of any interesting feature.
On the 29th ult. prices closed 34c. lower to unchanged.
There was little to report concerning this grain.
was
On the 28th
believed to be for short
portion of which was
siderable
Made
off.
Trading
II
O
L.
36%
33%
37%
34%
Fri.
May
Trading was light and more or less routine.
On the 27th ult. prices closed unchanged to
36%
33%
Fri.
45%
46%
45%
38
35
35%
Omaha..
Fri.
71%
July...
September
Season's High and
Thurs.
Wed.
Tues.
46%
48
36%
Made
5,1938
31,1938
31,1938
Thurs.
Wed.
Tues.
Mon.
Sat.
When
Apr.
May
May
IN WINNIPEG
OF OATS FUTURES
July
28%.
27%
27%
Low and
25%
25
26%
High and When Made
I
Season's
July
32%
Oct.
2, 1937 [July
September-- 30%
Jan. 10, 19381 September
December
28%
June 11,19381December
Season's
27
26%
26
25%
26%
25%
26%
26
27%
Fri.
Thurs.
Wed.
Tues.
26%
26%
Kansas City
interest in* corn
Mon.
26%
26%
toy*
toy*
75 K Z3% 73 %
76% 75% 75%
December
80
79% 78% 78% 77% 77%
Season's High and
When Made
I
Season's Low and When Made
July
105%
Sept. 28, 1937 July
67% May 31, 1938
September... 92%
Feb.
9, 19381 September ... 68% May 31,1938
December
84%
June 15 19381December
71
May 31, 1938
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
September.
75 %
76%
76 %
77%
78 %
July
FUTURES IN CHICAGO
OF OATS
CLOSING PRICES
DAILY
July
September
December
OF WHEAT IN NEW
CLOSING PRICES
No. 2 red
figure
prices closed
ult.
of importance developed in
bushels from last
failed
interest
up.
30th
the
heaviness of wheat
bushels.
in
%c. lower to unchanged.
this department.
To¬
day prices closed 2 to lc. net higher.
The strength in
this grain was attributed to the removal of a Federal tax
of 3c.,
effective today.
Cereal manufacturing interests
were active buyers of oats,
July delivery in particular.
On
Nothing
temporary rise
Despite l%c.
145
Chronicle
106,228,000 25,320,000 93,919,000
17,987.000 281,178,000 299,068,000
75,980,000 17,477,000 80,505,000
18,841,000 212,575,000 151,648,000
129,226,000 25,236,000 92,724,000
17,554,000 319.477,000 189,694,000
Through an inadvertency, the tabulation of receipts of
grain at Western lake and river ports published in last
Saturday's (June 25) issue of the "Chronicle," while purport¬
ing to be for the week ended June 18, was actually for the
preceding week ended June 11. We are therefore publishing
below, the correct figures for the week ended June 18 in
addition to those
appearing above for the week ended June
25:
Financial
Chronicle
Receipts at-
Flour
Wheat
Corn
Oats
Rye
■'
j,
_
July 2, 1938
»
'
146
Wheal
Fort Worth
Wichita
Oats
Rye
Bushels
United States—
Barley
bbls.1H6 lbs bush, 60 lbs. bush. 56 lbs. bush. 32 lbs.
bush.mbs. bushAHlbs.
Chicago
219,000
188,000
2.999,000
272,000
3,000
45,000
Minneapolis
496,000
1,095,000
98,000
60,000
238.000
Duluth
346,000
1,108,000
129,000
16,000
307.000
Milwaukee.
23,000
136,000
91,000
3,000
2,000
114,000
Toledo
21,000
84.000
34,000
1.000
Indianapolis
23,000
334,000
78,000
2,000
St. Louis.
114",000
145,000
147,000
52,000
Yfl'ooo
Peoria
37,000
10.000
630.000
47.000
47,000
Kansas City
15.000
717,000
178,000
20,000
Omaha
272,000
86,000
17,000
St. Joseph
15,000
39.000
22.000
Wichita
433,000
1,000
Corn
Barley
Bushels
Bushels
Bushels
Bushels
113,000
........
29,000
3,000
455,000
—
St.
Joseph.
721,000
495,000
Sioux City.
19,000
Vuffalo
'i'ooo
29,000
"i'ooo
591,000
1,269,000
515,000
44,000
Total wk '38
Same wk '37
408,000
326,000
3,412,000
1,288,000
128,000
Same wk '36
3,789,000
804,000
1,523.000
174,000
394,000
8,090,000
3,135,000
6,320,000
101,000
167.000
107,000
16,000
744,000
....
833,000
669,000
319.000
1,355.000
65,000
St. Louis.....
83,000
370,000
24,000
15,000
10,000
36,000
4,404,000
Chicago..
Total receipts of flour and
grain at the seaboard pcrfts for
the week ended
Saturday, June 25, 1938, follow:
11,000
25,000
10,558,000
4.000
124,000
5,339,000
..
"
645,000
afloat
179.000
4,000
'm-'mJmm
Lakes
291.000
111,000
6,000
162,000
1,724,000
■
'mmmmmm- '
Milwaukee
...
Minneapolis
J...
459,000
1,259,000
2,781,000
..., ..
459,000
671,000
135,000
Flour
Wheat
bbls 196 lbs
New
Corn
bush 60 lbs
Oats
bush 56 lbs
Rye
.
...
..
Duluth..
30,000
1,211,000
100,000
-
Buffalo
2.674,000
..
afloat..
566,000
On Canal
4,451,000
189,000
2,841,000
2,000
4,014,000
228,000
564,000
252,000
5,000
2,000
759,000
145,000
571,000
161,000
211,000
362,000
.
18,000
.
Total June 25, 1938.. 24,527,000
23,104,000
Total June 18, 1938.. 24,125,000
23,075,000
•
-
m
rn±
_
.
6,995,000
1,119,000
7,544,000
Note—Bonded grain not included above: Oals-
1,258,000
bush 32 lbs
121,000
3,000
276,000
32,000
26,000
1,000
1,000
23,000
6,000
Baltimore..
23,000
Sorel
1
New Orl'ns*
2,000
23,000
Montreal
..
-
~
-
-
mm
4,000
2,000
868,000
2,000
mm
m
m
Three Rlv's
Ft. William & Pt. Arthur
Other Can. & other elev.
7,631,000
327,000
2,632,000
768,000
872,000
7,992,000
163,000
3,052,000
Total June 25, 1938..
25,200,000
24,990,000
mm
mm-.mi
mm
18,000
'mmmm
rnl.mm
mmmrnmm
m
26,000
.
'm
.
m.m
m
-
1,038,000
1,090,000
5,061,000
4,557,000
6,995,000
25,200,000
3,433,000
1,119,000
1,038,000
5,061,000
2,157,000
2,348,000
8,269,000
8,045,000
1938-.
Summary—
rnmmm
m
703,000
Canadian
——.........
-
1,590,000
3,329,000
213,000
30,000
735,000
45,228.000
49,693,000
2,438,000
1,894.000
8,297,000
243,000
1,999,000
840,000
166,000
262,000
134,000
6,901,000
30,270.000
19,554,000
2,299,000
2,291,000
shipment of wheat and corn, as furnished
by
Broomhall to the New York Produce
Exchange, for the week
ended June 24, and since
July 1, 1937, and July 1, 1936, are
shown in the
following:
520,000
Receipts do not include grain passing through New
Orleans for foreign ports
through bills of lading.
Total receipts of flour and
grain
for the week ended
Saturday, June
Wheat
Week
ports
Receipts at—
New
York.
Rlv's
rnrnmrnm
m
mm
m
mm
m
rn
m
m
mm
18,000
—
18,000
716,000
mm
mm,
rn
m
167,000
mm
m
mm
m
mm
mrnimmmm
35,000
—
m
m
m
1,000
^
mmm
m
Week 1937.
''mmmmmm
mm
120.000
mm
134,000
2,662,000
2,720,000
214,000
190,000
610,000
43,638,000
46,364,000
2,225,000
1,864,000
7,562,000
2,403,000
1,241,000
107,000
219,000
13,000
28,271,000
18,714,000
2,133,000
2,029,000
386.000
308.000
1937
6,658.000
Bushels
Bushels
Bushels
Receipts do not Include grain passing
Through New Orleans for foreign ports
through bills of lading.
on
The exports from the several
seaboard ports for the week
ended Saturday, June
25, 1938, are shown in the annexed
statement:
256,000
Corn
24,666,000
Loans
of
Bushels
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
28,000
Philadelphia
143,000
35,085
24,000
in this
manner
1,000
Sorel
New
Orleans
14,000
306,000
924,000
Galveston.
Montreal
1,639,000
355,000
4,000
868,000
31,000
Halifax.——.—
30,000
141,000
26,000
703,000
3,000
State—
Bushels
Colorado
Illinois
......
.
.
.
Sb.
& Cent. Amer.
Brit. No. Am. Col.
Other countries...
Total 1938
Total 1937
Tne
25,661
Ohio
South Dakota.
Wisconsin
4,203
3,662.729
CCC
Appraised 38,394,093
Through June 18 for
799,231—On June 24 the
announced
that,
Net
Grease
Loans
Pounds
of
Aggregating $6,-
Commodity Credit Corporation
through June 18
,
38,394,093
net
grease
pounds of wool had been appraised for loans
aggregating
$6,799,230.63.
Of this amount, loans of
99,411
107,000
246.000
133,000
pound.
18,000
as
since
below:
Week
Wheat
Corn
Week
Since
Week
July 1
Since
June 25
June 25
July 1
1938
1937
Bushels
Bushels
1937
1938
July 1
1937
Barrels
Bushels
Bushels
32,555
2,333,471
512,971
732,000
550,000
9,500
26,000
619,000
14,000
1,451,000
29,000
260,273
i'soo
74,085
5,205,715
5,390,648
99,411
71,632,000
997,000 46,826.000
54,525,000 2,325,000 42,335,000
1,247,000
172,000
73,000
"i'ooo
6,000
1,000
12,000
2,li~6~666
1,296,000 129,593,000 3,323,000
89,352,000
1,794,000 118,338,000
18,000
25,000
visible
supply of grain,
comprising the stocks in
at piincipal points of
accumulation at lake and
seaboard ports
Saturday, June 25, were as follows:
GRAIN STOCKS
Wheat
Bushels
Boston
New York
Oats
Bushels
Rye
Barley
Bushels
Bushels
Bushels
ihiooo
"
esfsTooo
18,000
210,000
62,000
51,000
7.000
66,000
41,000
2I~,6OO
25,000
i~2~666
~2"66o
38,000
480,000
7,000
375,000
14,000
25,000
2,000
2,000
afloat—
Philadelphia
Baltimore
New Orleans
Galveston
29, follows:
mmmmmm.
mmmmmm
2,000
„m
beginning of the week unsettled, showery
conditions prevailed
south Atlantic coast, the
upper Mississippi Valley, and the
North¬
west.
Similar conditions obtained until
Saturday, the 25th, with scattered
showers and thunderstorms over
much of the
country.
On the 25th a
trough of low pressure extended from
eastern Ontario
southwestward to
the central
Mississippi Valley and rather widespread rains resulted
over the
eastern Great
Plains, the western Lake region, and the central
Ohio Valley.
As this
depression moved slowly eastward, general
snowers occurred
over most of the
East, with locally heavy falls
reported, exceeding three
inches at a number of stations.
Scattered showers were
reported from
the West,
although most of the Pacific States and the
Southwest had no
appreciable rainfall.
over the
Temperatures for the week were
generally below the seasonal
average
Southeast, the lower Ohio Valley, and in portions of
the lower Mis¬
Valley and the southern Great Plains. Similar
conditions prevailed
in the immediate
Southwest, particularly in the Rio
Grande Valley, and
along the Pacific coast. The weather
was
in the
souri
interior
of the Pacific
Nortneast.
Northwest, the
much warmer than
normal in the
Great Plains, and in
the
northern
Weekly precipitation was moderate to
heavy in most sections from the
Carolinas northward, as well as
in portions of the
Soutneast.
Similar
amounts were noted also in
the nortnern Ohio
Corn
1,000
per grease
Weather Report for the Week Ended
June 29—The
general summary of the weather bulletin
issued by the
Department of Agriculture, indicating the
influence of the
weather for the week ended June
At the
Since
June 25
granary
United States-
Minnesota..
_
1,794,000
4,530
Continent
—
$842,278.30 have
completed on 4,642,312 pounds of wool, the
remainder
being in process.
The loans average 17.71 cents
1938
West Indies
—
3,436,786
96,112
1,203,554
been
Barrels
Kingdom.
.
Bushels
1,422,997
—
733,000
Flour
United
—
State—
Missouri
Nebraska....
26,000
Exports for Week
July 1 to—
25,616,088
_
which loans
141.000
The destination of these
exports for the week and
and Since
2,327
7,486,684
1,031,066
on
74.085
318"666
July 1, 1937, is
43,-
1,296,000 3,323,000
Three Rivers
Total week 1938—
Same week 1937
on
thus far has been 48.47 cents.
Figures showing the number of bushels
have been made
by States are given below:
Wool
Baltimore
20,785,000
aggre¬
Kansas
Corn
Bushels
_
78,548,000
gated $21,320,906.04, based on a loan rate of 50
cents per
of 2Y2 cubic feet of ear corn
testing up to 14^%
moisture; the average amount loaned per bushel
determined
......
York
446,000
0,137,000 370,538,000
448.923,000
CCC Aggregated
$21,320,906
Through June 23—The
Iowa
New
31.872,000
Commodity
Credit Corporation announced on June
24 that "Advices of
Corn Loans" received
by it through June 23, 1938, showed
loans disbursed
by the Corporation and held by
lending
agencies on 43,988,207 bushels of corn.
Such loans
Indiana
Wheat
89,544,000
7,000
11,219,000
28,309,000
2,067,000 191,227,000 399,822,000
326,000
bushel
*
Exports from—
3,298,000
*■
6,972.000 492,557,000 566,130,000
988,207
239,000
Since Jan. 1
Bushels
mmmmmm
6,503,000
1938
countries
475,000
rn
148,000
Since Jan. 1
1,
1936
Bushels
-'m'imm
—
mrn'm'm
m
July
1937
■
mm
Since
July 1,
m
Total...
140,006
rn
24,
1938
m
m
mmmmmm
mm
2,000
829,000
72,000
Rup'ert
m
'mmmmmm
mm
June
1936
2,524,000 123,239,000 103,161,000
640,000
15,360,000
12,920,000
.
India—...
Other
■
mm
Argentina.
Australia
"
mmmmmm
■mm
Quebec
f
m
■
30,000
■■
6,000
1,906,000
4,000
Pr.
180,000
July 1,
Since
1937
2,093,000 184.187,000 189,447,000
504,000 79,164,000
65,184,000
955,000 65,941,000 163,546,000
Black Sea-
Barley
mmmmmm
11,000
493,000
90,000
15,000
12,000
mmm
31,000
323,000
50,000
..
m
84,000
m
m
Halifax
mm
mmmmmm
24,000
m
Boston
Total wk '38
Rye
'
m+mmmm
17,000
New Orl's *
Sorel
Oats
rn
28,000
Galveston..
Montreal
Corn
1,
Week
Bushels
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs.
bush. 32 lbs. bushMlbs. bushASlbs.
101,000
4,000
345,000
4,000
2,000
BaltimoreThree
Wheat
July
Since
1938
No. Amer.
Flour
Corn
Since
June 24,
the seaboard
at
Exports
18, 1938, follow:
Philadelphia
3,208,000
The world's
*
on
—
-
318,000
Since Jan. 1
1937
3,433,000
3,449,000
24,527,000 23,104,000
Total June 18,
American
249,000
Week 1937.
1,137,000
mm m
■
mm
6,752,000
1938
Barley
Bushels
107,000
3,000
Total wk '38
Since Jan. 1
Bushels
474.000
2,000
30,000
-
141,000
2,000
'.mm
mm
Rye
Bushels
Total June 25, 1938- 49,727,000
23,104,000 10,428,000
Total June 18, 1938
49,115,000 23,075,000 10,993,000
mmmmmm
200,000
924,000
22,000
Halifax
1,639,000
mm
72,000
588,000
«.
31,000
..
....
14,000
m
Oats
Bushels
9,577,000
mm mm
■
mm
mm
Galveston—
Boston
mmfmrnrnrn
mm
Corn
Bushels
Lake, bay,river & seabd.
bush 56 lbs bush 48 lbs
York.
Philadelphia
3,208.000
3.488,000
On Lakes, 224.000
bushels; total,
224,000 bushels, against 129,000 bushels in 1937.
Hurley—On Lakes, 85,000 bushels;
total, 85,000 bushels, against 686,000 bushels in 1937.
Wheat—New York, 82,000
bushels: Buffalo, 139,000; Buffalo afloat, 40,000;
Erie, 258,000; on Lakes, 504,000;
on Canal,
50,000; Albany, 231.000, total, 1,304,000 bushels,
against 7,421,000bushels
In 1937.
Canadian—
Barley
...
60,000
Wheal
Receipts at—
7,000
'
—
On
149.186,000
....
198,000
3,000
Peoria
Since Aug. 1
1937
17,576,000 274,571,000 291,320.000 104,949,000
25,177,000 93,249,000
1936
18,546,000 203,950.000
75,011,000 17,330,000 79.700,000
17.163,000 310,876,000 182,188,000 127,556,000
24,904,000 91,758,000
121,000
960,000
32,000
....
Detroit
1935
139,000
334,000
—.
Kaasas City—
Omaha
_
...
3,000
2,000
...
mm
S.000
Valley, parts of the eastern
Great Plains, and
locally in Texas and Oklahoma. Substantial
falls occurred
northwestern Great Plains, but elsewhere
weekly totals were largely
lignt, with much of the Far West and
local sections elsewhere
in tne
inappreciable
amounts.
reporting
Week Generally Favorable
continued rains were
unfavorable for
harvesting and other
outdoor work in some
sections, notably the southern
Great Plains and
some central
valley districts, growing
crops made generally good
advance
during the week. Field work was halted
by frequent rains in many eastern
Although
Volume
147
Financial
districts from the
Carolinas northward, and in some parts of tnis area
grain was damaged and small streams were
flooded.
Copious rains were of considerable benefit in much of the northwestern
Oreat Plains, although some
locally excessive showers were detrimental,
particularly In parts of Montana.
Further lodging of winter wheat was
noted in eastern Kansas, while the excessive
heat in the upper Ohio Valley
early in the week caused some injury to grains.
Harvesting operations are
nearing completion in mucn of tne lower Great Plains, but this work was
delayed locally by showers.
Chronicle
for weevil
activity.
Progress of corn good, except locally where soil dry;
cultivated.
Favorable for harvesting wheat
curing hay, digging potatoes and gathering and shipping peaches.
Too dry locally for truck.
fields usually clean and well
and oats,
Favorable rains occurred in parts of Arizona and New Mexico, but they
in other important localities, and more moisture is needed.
were very helpful in many portions of the Pacific
Northwest, but
coast sections continue dry, with some
crops very poor.
THE DRY GOODS TRADE
were scattered
Snowers
Small
Grains—Heavy rains
and caused additional
be
soon
in
retarded the wheat harvest in Kansas,
lodging, but with favorable weather harvesting will
full
swing with combines in use over the entire State.
The
crop is fair to excellent in Nebraska and ripened rapidly the first part of
the week; narvesting has begun in the southern half of this State.
In
the Dakotas heat early in the week was unfavorable and there are some
reports in South Dakota of cutting for feed.
Black-stem rust is reported
in eastern North Dakota and southeastern South Dakota.
Some damage was reported from lodging in Minnesota and wheat was
hurt by heat and rust in Iowa, but in the latter State considerable is ready
to cut in the extreme south, though harvest is
being delayed until com¬
bines can be used.
In Missouri harvest made good progress; this work
is about completed in tne south, and has started in central sections.
In
southern sections of the belt, particularly in Texas and Oklahoma,
harvesting is nearly completed and threshing is general.
Spring wheat, oats, and barley are good to very good in most northern
sections. Some oats and barley were injured by heat and lodging in portions
of Iowa, Illinois, and a few eastern States.
Oats are heading northward to
Michigan and New York.
more
Some rain
damage occurred in portions of the Nortnwest,
but winter
wheat is well headed out in Montana and is maturing or ripening in the
far Northwest; tne earliest in Washington is nearly ready to cut.
Corn—Tne
weather
of the week
was
generally favorable for the
corn
crop, with good to excellent growtn noted in practically all portions of the
main belt. Except in very local areas, tne crop is generally well cultivated
and in good condition.
In
the
Onio
Valley progress and condition of corn were fair to very
good, except locally in parts of Kentucky; the crop has received from two
to three cultivations generally, while in some southern parts it has been laid
by and is nearly ready to tassel.
Good progress was made in Missouri,
with cultivation proceeding rapidly and some laid by.
Corn is making
satisfactory growth in Kansas, with much laid by and some tasseling in
the southeastern quarter, while in Oklahoma and Texas progress and con¬
dition were mostly satisfactory, except for some need of rain in parts of
the latter State.
In the northwestern portion of the belt progress and con¬
dition ranged from good to excellent, with the crop mostly clean and of
good color.
In Iowa growth and condition of corn ranged from very good to excellent,
the crop averaging nearly waist high and some too tall to cultivate
with
and laid by in southern portions.
The crop is backward in the northeastern
part of this State where some is lodged and flooded; the crop is well cul¬
tivated generally, with only low places weedy.
Cotton—The weather of the week favored growth of cotton, except in
belt, but in many localities the weather
moderately favorable for weevil activity.
In Texas cotton made generally good growth and is now coming up
the northeastern portion of the
was
well
to
northwestern portions of this State; plants are putting on
and they are fruiting in eastern and southern parts;
generally clean.
In this State picking was delayed by rain in
the extreme south, while conditions still favor insect activity in the westcentral section. In Oklahoma progress of cotton was good while condition
is fair to good; some squares have been set in southern portions.
In the central States of the belt progress and condition were good to
excellent generally; the crop is in all stages of development in this area,
but is making vigorous growth.
Squares are being formed northward
throughout most of Arkansas, with bloom general to south-central portions
of this State, while bolls are being formed rapidly in Louisiana.
In eastern
States progress of cotton ranges from poor in the northeastern part of the
belt to good in the southeastern, and bolls were being formed to southern
South Carolina.- the weather was moderately favorable for weevil activity
squares
fields
the
and bloom
are
in this
area.
The Weather Bureau furnished the
following
resume
of
conditions in the different States:
Virginia—Richmond: Near-normal temperatures; rainfall heavy.
Field
stopped and water standing in fields.
Cotton stands very poor.
Late
planting still delayed.
Shocked grains beginning to sprout.
Tobacco
good, but some on low ground spoiled.
Planting peanuts practically
finished; condition fair.
Meadows and pastures excellent; some hay dam¬
aged by rain.
Some truck beginning to rot, particularly potatoes.
All
fields weedy.
North Carolina—Raleigh; Generally favorable for crops and farm work
work
corn
in west and south; too much rain in northeast.
Considerable local hail
damage; heaviest to tobacco.
Progress of cotton poor to fair.
Tobacco
improved in west and south; advance poor to fair in northeast; much
damaged on light lands; starting to cure in east; more sunshine needed.
Wet spell damaged some grain in shock.
Floods in Neuse, Tar, and
Ro3r!Qok6 Rivers,
South
->v
Carolina—Columbia: Temperatures
about
normal;
numerous
rains, locally excessive, with damaging hail in east.
Corn, tobacco,
forage, crops and pastures favorable progress.
Cotton chopping
coinpleted in north; crop squaring and blooming, except in extreme
bolls forming in south; progress and condition fairly good, except
truck,
about
north;
rather
poor in wet localities; very favorable for weevil activity account cool nights
and showery conditions.
Georgia—Atlanta; Generally favored cultivation, but some places too
wet.
Cotton mostly good progress, but weather moderately favorable for
weevil activity where bolls forming.
Corn mostly good condition and
progress; crop nearly made in south.
Generally favorable for other crops;
watermelon harvest peak reached in south.
Some tobacco growers through
curing.
Florida—Jacksinville: Good
rains.
Condition
and
progress
of cotton
good; moderately favorable for weevil activity; blooming and bills forming.
Corn very good.
Harvesting good tobacco crop.
Sweet potatoes good;
planting continues.
Truck season about over.
Citrus improving; much
new growth and June bloom.
Alabama—Montgomery: Normal
warmth;
moderate,
except
locally
heavy, rains last of week generally favorable though some delay to culti¬
vation.
Condition of cotton good; blooming begun; moderately favorable
for weevil activity in few places.
Corn, sweet potatoes, vegetables and
and progress.
Mississippi—Vicksburg: Generally light rains, but locally heavy last
Progress, growth and cultivation of cotton mostly good; stands
irregular and development seasonally belated, but growing vigorously.
Progress of corn fair to good.
Progress of gardens, pastures and truck
generally good.
pastures good condition
few days.
Louisiana—New
Orleans: Progress
and
condition
of
cotton
good
to
all stages of development from normal in south to 10 days
blooming in all sections; bolls forming rapidly in south
and some appearing in north; weather favorable for weevil activity.
All
other crops continue satisfactory progress.
good; crop in
late in northeast;
very
Texas—Houston:
Cool in extreme west; about normal elsewhere; good
rains in extreme south, near upper coast, in northwest, and extreme west,
light and scattered elsewhere.
Conditions in northwest favorable
for ripening winter wheat.
Rains did little damage, but delayed harvest¬
ing and threshing in that area; elsewhere this work made rapid advance and
harvesting neared end; cutting and threshing oats made good progress.
Corn improved in most districts, but rain needed generally in southwest
and locally in west-central.
Cotton generally good growth and now
coming up well to northwest; plants putting on squares; blooming and
fruiting in east and south; fields generally clean; conditions still favor insect
activity in west-central; picking delayed by rain in extreme south.
Rice
late, but making rapid growth.
Truck, ranges, and cattle mostly good.
Oklahoma—Oklahoma City: Normal warmth, with general rains; amounts
heavy to excessive many sections.
Favorable, except rain delayed harvest
at close.
Progress of cotton good; condition fair to good; some squares
setting in south.
Progress and condition of corn very good; much shoulder
high.
Winter-wheat harvest nearly completed; threshing general.
Oats
mostly cut; much threshing.
Pastures and minor crops good condition
and advance.
Livestock good.
but
147
Arkansas—Little Rock: Progress of cotton good to excellent; crop grow¬
ing rapidly; most fields clean and well cultivated;
squaring general and
blooming in south and central; condition very good; moderately favorable
New York,
Friday Night, July 1, 1938.
Under the stimulus of the growing optimism with regard to
the general business outlook, and the further advance in
security prices, retail trade made a rather satisfactory show¬
ing.
While adverse weather conditions during part of the
week put a
damper
on
buying activities, this was offset in
of the impending
by increased purchases, appropos
start of the vacation and travel season.
part
For the first time
in many months,
the unit volume of sales either closely
approached or slightly exceeded that of the corresponding
1937 period, with the loss in the dollar volume about
equaling
the decline in retail prices since last
year.
Department store
sales for the week ending June
18, according to the Federal
Reserve Board, were 10% lower than for the same week in
1937.
In New York and
Brooklyn stores, according to the
survey of the Federal Reserve Bank of New York, a decrease
of 8.3% was shown, while in Newark establishments the
decline for the week reached 9.7 %.
Trading in the wholesale dry goods markets broadened
materially as both retail and wholesale merchants entered
the market on an important scale.
For the first time in
months, buyers generally displayed willingness to cover
requirements, and the belief was growing that a
real change for the better in the
general business situation
was close at hand.
Buying activities extended to all sec¬
tions of the market, with
large orders being placed on a
variety of staple items such as blankets, wash gpods, sheets
and pillowcases.
A distinct stiffening in the price structure
was noted, and, in addition to an advance in
percales amount¬
ing to 34?- a yard> numerous other mark-ups in quotations
or reductions in
discounts, came to light.
Business in silk
goods expanded moderately, and prices showed a firmer
trend, reflecting in part the upward tendency in the raw
material.
Trading in rayon yarns gained materially as both
weaving and knitting mills increased their buying activities.
With June shipments estimated to have exceeded those for
the previous month by a fair margin,
predictions were heard
many
forward
that the statistical position of
the market is headed for a
moderate advance in prices
too distant future.
steady improvement, and that
may eventuate in the none
a
Domestic Cotton Goods—Trading in the gray cloths
markets, early in the period under review, slowed down some¬
what from the previous large volume as buyers and sellers as
well, felt the need of digesting the hectic activities of the
recent past... Inquiries, however, while
veering from stand¬
ard constructions to minor weaves, remained
quite numerous,
and towards the end of the week another spurt in general
buying developed, with the result that further heavy inroads
into available supplies were made, and rumors started to
circulate in the market according to which a number of
mills is planning to inaugurate a moderate increase in present
curtailed operations.
Prices for all constructions scored
further advances.
Sheetings as well as carded broadcloths
and Osnaburgs also moved in good volume.
Business in fine
goods took a decided turn for the better. Buying activities
in combed lawns reached proj)ortions not seen in many
months, and considerable business was also placed on dim¬
ity stripes, voiles, organdies and carded piques, with prices
showing a stiffening trend.
Closing prices, in print cloths
were as follows: 39-inch 80s, 634 to 6^c.; 39-inch 72-76s,
634c.; 39-inch, 68-72s, 5M to 5^c.; 3834-inch 64-60s, 4%c.;
3834 inch 60-48s, 4c.
Woolen
Goods—Trading in men's
wear
fabrics broad¬
ened moderately, and prices were somewhat firmer reflecting
the better trend in the market for the raw material.
Cloth¬
ing manufacturers were more inclined to cover their nearby
requirements, partly in view of the expected improvement
in the statistical position of the market following the carrying
out of the Government plan to buy up surplus clothing stocks,
and partly as a result of the more cheerful outlook in the
general business situation.
Fall suitings moved in sub¬
stantial volume, and fair-sized orders
were
received
on
top
coatings and certain fancy overcoatings.
Reports from re¬
tail clothing centers gave a rather satisfactory account as
pre-holiday purchases and higher temperatures stimulated
the flow of summer apparel.
Business in women's wear
goods continued active, with prices ruling moderately higher.
With the fall buying season close at hand, prospects for a
further upturn in fabric sales following the holiday interrup¬
tion were said to be good.
Foreign Dry Goods—Trading in linens remained inactive
and sales continued to be confined to occasional lots for im¬
mediate
delivery. Business in burlap broadened perceptibly,
prices moved higher under the influence of advancing
quotations in the Calcutta market, due to favorable reports
concerning an early production agreement.
Subsequently,
however, quotations lost virtually their entire gain, as Cal¬
cutta sent lower prices caused by less favorable production
curtailment
prospects.
Domestically lightweights were
quoted at 3.55c. heavies at 4.85c. ,
and
Financial
148
July 2, 1938
Chronicle
$122,000 The trustees
the
Western
4% Western
1940-67.
Specialists in
29,000 Century Special Tax School District No. 8,
Fla., 4% school bonds, maturing 1938-65.
Bonds
Illinois & Missouri
maturing 1938-55.
County, Fla.,
certificates, matur¬
ing
STIFEL, NI COLA US
1938-60.
County, Fla., 4% Waterworks
314 N. Broadway
ST.
WIRE
CHICAGO
County, Ga., 4% waterworks
14,200 Bowdon, Carroll
ing 1939-63.
& CO., Inc.
DIRECT
St.
LOUIS
Escambia County,
65,000 Clearwater, Fla., 4% gas revenue certificates,
420,000 Special Tax School District No. 16, Escambia
4% school bonds, maturing 1939-67.
104,000 Fort Myers, Fla., 4% waterworks revenue
96,000 Pahokee , Palm Beach
maturing 1938-52.
105 W. Adams
for and on behalf of
of the State Normai School,
State College of Colorado (at Gunnison), Colo.,
State College of Colorado revenue bonds, maturing
turing
waterworks bonds, ma¬
Charlton County, Ga., 4%
10,200 Folkston,
bonds,
bonds, matur¬
1938-49.
School District, Telfair
County, Ga., 4% schoolhouse bonds, maturing 1938-62.
Marlow Consolidated Local Tax School District of Effingham
12,600
Public
City Consolidated
12,500 Lumber
4% schooihouse bonds, maturing 1939-59.
Fork, Bonner County, Ida., 4% water bonds, series
maturing 1939-55.
County, Ga.,
22,000 Clarks
RECONSTRUCTION FINANCE
CORPORATION
Bids Invited on Municipal Bond Issues—The above-named
Corporation on June 24 called for bids on 139 issues of securi¬
and school districts of 37
States, taken over from the Public Works Administration
holdings.
The total amount of securities offered is $14,705,800.
The list includes 30 issues of New York securities
ties
of
municipalities, counties
York City bonds
issues. Bids are
immediately after noon on July 12, at the Cor¬
aggregating $5,079,000.
Bids on the New
are to be submitted for "all or none" of the
opened
poration's offices in Washington.
The following is a brief outline of the issues being
to be
offered
New York,
ized amounts
*
24.000
22,000 McCammon,
ment
80,000 The
bonds, series of 1935, maturing 1941-55.
Greater Peoria Sanitary and Sewage Disposal
improvement bonds, maturing
Peoria County, 111., 4%
1,051,000 University
and dental
District,
1939-56.
of ILinois Foundation, as trustee for the medical
college building trust, 4% medical and dental college
1939-56.
building trust bonds, maturing
75,000 East Gary, Lake County,
maturing 1938-59.
Ind., 4% waterworks revenue
1938-61.
37,000 Burkesviile, Cumberland County,
enue) bonds, maturing 1939-60.
Ky., 4% waterworks (rev¬
Parish, La., 4% water revenue
194,000 Gretna, Jefferson
turing 1939-64.
!
Kan., 4% waterworks revenue
McPherson County,
bonds, maturing
bonds,
Kan., 4% electric plant revenue
83,000 Hoisington, Barton County,
bonds, maturing 1942-57.
16,000 Inman,
of
waterworks improve¬
Bannock County, Idaho, 4%
bonds, ma¬
District No. 33 of tae Parish of Livingston, La., 4%
school bonds of School District No. 33, maturing 1938-54.
Logansport, DeSoto Parish, La., 4% water revenue bonds,
23,000 School
for sale:
$83,000
*
March 1, 1935,
$5,079,000 4% bonds.
of issues are as
Maturities, designations and author¬
follows (one bid to cover all
issues):
authorized issue of $26,000; maturing 1939-62.
education—public school 2—construction—serial bonds, being
part of an authorized issue of $229,000, maturing 1950-62.
400.000 education—public school 43—construction—serial bonds, being
part of an authorized issue of $840,000, maturing 1939-49.
96,000 education—public school 48 construction—serial bonds, being
part of an authorized issue of $290,000 maturing 1949-61.
44,000 education—public school 80 construction—serial bonds, being
part of an authorized issue of $186,006, maturing 1951-60.
1,32.000 education—public school 107—serial bonds, being part of an
authorized issue of $393,000, maturing 1939-51.
121,000 education—public school 146 construction—serial bonds, being
part of an authorized issue of $415,000, maturing 1950-63.
112,000 education-^—public school 149 construction—serial bonds, being
part of an authorized issue of $477,000, maturing 1954-63.
11,000 education—public school 201 construction—serial bonds, being
part of an authorized issue of $194,000, maturing 1956-59.
100,000 education—public school 225 construction—serial bonds, being
part of an authorized issue of $254,000, maturing 1944-58.
90,000 education—public school 247—serial bonds, being part of an
authorized issue of $280,000, maturing 1939-51.
204,000 education—Andrew Jackson High School—serial bonds, being
part of an authorized issue of $1,391,000, maturing 1939-44.
1,000 education—high school building, Bayside—serial bonds, being
part of an authorized issue of $2,008,000, maturing 1949.
342,000 education—Franklin K. Lane High School—serial bonds, being
part of an authorized issue of $1,918,000, maturing 1939-45.
617,000 education—New Dorp High School construction—serial bonds,
being part of an authorized issue of $853,000, maturing 1939-59.
535,000 education—Tottenville High School construction—serial bonds,
being part of an authorized issue of $747,000, maturing 1944-64.
part of an
73.000
bonds, being part
75,000 higher education—Brooklyn College—serial
of an authorized issue of $3,025,000, maturing
1939.
improvement—serial bonds,
1939-45.
authorized
55,000 higher education—City College
being part of an authorized issuo of $84,000, maturing
105,000 school equipment—serial bonds, being part of an
issue of $2,100,000, maturing 1942-43.
Haven health center—serial bonds, being part
of an authorized issue of $140,000, maturing 1951-63.
39,000 health—Richmond health center—serial bonds, being part of
an authorized issue of $167,000, maturing 1939-41.
165,000 health—Willard Parker biological laboratory—serial
bonds,
being part of an authorized issue of $532,000, maturing 1940-47.
62,000 health—Mott
45,000 highway improvement—serial bonds,
issue of $253,000, maturing 1942-45.
being part of an authorized
31,000 hospital improvement, Queens—serial bonds,
authorized issue of $800,000, maturing 1939.
being part of an
bonds, being
1945-61.
being
1939-42.
author¬
84,000 hospital—Sea View Hospital improvement—serial
part of an authorized issue of $183,000, maturing
75,000 hospital—various hospitals
equipment—serial bonds,
part of an authorized issue of $234,000, maturing
984,000 incinerator construction—serial bonds, being part of an
ized issue of $3,400,000, maturing 1939-46.
362,000 Bronx County jail construction—serial
authorized issue of $751,000, maturing
bonds, being part of an
1939-49.
12,000 water tunnel No. 2 improvement—serial
an authorized issue of $803,000, maturing
Bond issues outside of New
bonds, being part of
1963.
34,000 Jacksonville, Ala., 4% sewerage
maturing 1940-66.
25,000 Wickenburg, Ariz.,
and sewerage system revenue
system revenue
4% sewer revenue bonds
bonds of 1936,
of 1936, maturing
1939-63.
13,000 Wickenburg, Ariz.,
ma timing 1939-51.
4%
negotiable coupon bonds
(water),
building
321,000 Arizona State Teachers' College, Tempe, Ariz., 4%
and improvement bonds, series of 1934, maturing 1939-65.
27,000 Brinkley, Ark., 4% sewer revenue bonds, maturing
53,000 Fayetteville, Ark., 4% sewer revenue bonds, maturing
27,500 McCrory, Ark., 4%
waterworks revenue bonds,
1939-59.
1938-60.
maturing
1939-54.
46,500 West
Memphis,
Ark., 4%
sewer revenue
bonds, maturing
1941-60.
23,000 American River Flood Control
bonds, maturing 1969-70.
District, Sacramento, Calif., 4%
13,500 Del Paso Heights School District of Sacramento
Calif., 4% school bonds, maturing 1938-50.
County,
Union Elementary School District, Calif., 4% school
bonds, maturing 1939-61.
Fresno County Water Works District No. 2, Calif., 4% water
works bonds, maturing 1938-51.
Grant Union High School District, Sacramento County, Calif.,
5% high school bonds, maturing 1948-52.
City of Laguna Beach, Calif., 4% Act of 1927 municipal im¬
provement district No. 1 sewer bonds, maturing 1939-53.
Portola Elementary School District of Plumas County, Calif.,
4% school bonds, maturing 1938-59.
23,000 Elim
14,000
25,000
113,000
17,600
17,000 Glenwood Springs, Garfield
bonds, maturing 1940-62.
24,500
1940-61.
Kelloggsville Graded School District No. 8 of Wyoming and
townships, Kent County, Mich., 4% general obligation
Paris
County, Colo., 4% sewer revenue
1938-65.
bonds, maturing
garbage disposal system revenue
802,000 Wayne County, Mich., 4%
bonds, maturing 1940-49.
65,000 Grand Mara is, Cook
maturing 1939-62.
806,000 Gulfport, Miss.,
waterworks bonds,
County, Minn., 4%
,
4% Gulfport Harbor improvement
maturing 1938-59.
serial bonds,
20,500 Houlka Consolidated School District, Chickasaw County, Miss.,
4% bonds, maturing 1939-49.
100,000 Pascagoula Rural Separate School District of Jackson County,
Miss., 4% school bonds, maturing 1938-62.
17,500 Bland, Gasconade County, Mo., 4% public sewer bonds,
maturing 1938-54.
153,000 State Board of Education of the Stateof Montana 4% Montana
School for Deaf and Blind revenue bonds, maturing 1939-64.
Neb.,
1,289,000 Omaha,
River bridge revenue bonds,
Missouri
4%
maturing 1954.
Hitchcock County, Neb., 4% sewerage system mort¬
gage bonds, maturing 1939-57.
Board of Education of the Township of Green Brook, Somerset
County, N. J., 4% school bonds, maturing 1940-66.
Borough of Island Heights, Ocean County, N. J., 4% sewage
disposal plant bonds, maturing 1939-57.
Board or Education of Monroe Township, Middlesex County,
N. J., 4% school bonds, maturing 1938-65.
Board of Education ot Borough of North vale, Bergen County,
N. J., 4% school bonds, issue of 1937, maturing 1939-57.
Union Township, Union County, N. J., 4% sewer bonds,
29,000 Trenton,
36,000
37,000
80,000
■
29,000
125,000
maturing 1938-53.
24,000 Deming, Luna County,
series of 1934, maturing
59,000 Gallup, McKinley
N. M., 4%
1938-53.
County, N. M., 4%
water revenue bonds,
hospital bonds, maturing
1939-66.
44,000 Lordsburg, Hidalgo County,
bonds, maturing 1940-57.
41,000 Magdalena, Socorro County,
maturing
N. M., 4% gas system revenue
N. M., 4% water revenue bonds,
1938-59.
C., 4% school building bonds, maturing
36,000 Duplin County, N.
1938-55.
32,000 Eiizabethtown,
maturing
Bladen County, N. C., 4%
waterworks bonds,
1939-63.
N. C., 4% water and sewer
16,500 Gibsonville, Guilford County,
bonds, maturing 1940-64.
32,000 Lowell, Gaston
County, N. C., 4% water
works bonds, matur¬
ing 1939-64.
249,000 Salisbury, Rowan County, N.
ment bonds, maturing 1938-58.
43,000 Stanley, Gaston County,
maturing
C., 4% sewer system improve¬
N. C., 4% water and sewer bonds,
1939-63.
11,000 Arnegard School District No. 11, McKenzie County, N. Dak.,
4% school bonds of 1935, maturing 1938-54.
16,600 Ideal School District No. 10, McKenzie County, N. Dak.,
4% school construction bonds of 1935, maturing 1939-53.
55,000 Doyletown, Wayne County, Ohio, 4% first mortgage water¬
works revenue bonds, maturing 1940-65.
20,000 Stringtown, Atoka County,
1935, maturing 1940-59.
22,000 Wayne, McClain County,
maturing
York City were as follows:
$84,000 Fairhope, Ala., 4% waterworks
bonds, maturing 1939-64.
31,000
maturing
bridges—Washington Avenue bridge serial bonds, being part
of an authorized issue of $357,000; maturing 1939-42.
correction—New Hampton reformatory serial bonds, being
Okla., 4% water works bonds of
Okla., 4% water bonds of 1934,
1939-53.
13,500 Amity, Yamhill County, Ore., 4% water bonds, series 1935,
maturing 1941-54.
31,000 Cascade Locks, Hood River County, Ore., 4% waterworks
bonds, series 1935, maturing 1940-54.
31,000 Corbett Water District, Multnomah County, Ore., 4% water
system improvement
(revenue) bonds, maturing 19.39-67.
District, Ore., 4% school building
27,500 Crook County High School
bonds, maturing 1938-55.
14,500 School District No. 8, Douglas County, Ore., 4% school build¬
ing bonds, maturing 1938-51.
13,000 School District No. 3 of Grant County, Ore., 4% school build¬
ing bonds, maturing 1939-55.
20,000 Lakeview, Lake County, Ore., 4% sewage disposal (revenue)
bonds, maturing 1938-4$.
10,000 Monmouth, Polk County, Ore., 4% waterworks
bonds, series 1936, maturing 1939-48.
13,000 Nyssa,
Malheur
series 1935,
Ore., 4%
County,
improvement
sewage system
bonds,
maturing 1939-55.
31,000 Oakridge, Lake County,
1935, maturing 1939-55.
Ore., 4%
waterworks bonds, series
21,000 Taft-Nelscott-De Lake Water District,
4% water system bonds, series 1936.
14,000 West Linn, Clackmas County, Ore.,
city hall bonds, maturing 1938-51.
11,000 West Lion, Ore., 4% general obligation
Lincoln County, Ore.,
4% general obligation
water bonds, maturing
1938-48.
184,000 School District of Dunmore Borough, Lackawanna County,
Pa., 4% Dunmore High School bonds, maturing 1938-65.
65,000 Bamberg, S. C., 4% water and sewer revenue bonds, maturing
1941-64.
25,500 Cayce,
Lexington
County,
bonds, maturing 1939-60.
S.
C., 4%
waterworks revenue
Volume
147
Financial
Chronicle
$50,000 Calhoun Falls, Abbeville
County, S. C., 4% water and sewer¬
age revenue bonds,
maturing 1940-64.
43,000 Central, Pickens County, S.
C., 4% waterworks revenue bonds,
(b)
149
Earnings allocable
to
such
mileage
shah
have
been
estimated to
average at least one and one-half times interest
charges on such bonds for
three years
preceding investment, and for the latest year.
(c) No default has occurred for at least five
years preceding investment.
F-4. Equipment certificates
secured on railroad equipments
by lease, con¬
ditional sale or first
lien, provided the principal amount does not exceed
80% of the purchase price, and the issue matures within
15 years from date
of issuance,
serially or in equal annual or semi-annual
instalments, be¬
ginning not later than three years after date of
issuance.
maturing 1938-59.
64,000 Union County, S. C.,
4% highway bonds, maturing 1938-45.
26,000 Martin, Bennett
County, S. Dak., 4% water bonds, 1935,
maturing 1939-54.
23,000 Independent District of Martin, S.
Dak., 4% school construc¬
tion Donds of 1935,
maturing 1938-55.
19,000 Dandridge, Jefferson
County, Tenn., 4% waterworks bonds of
1935, maturing 1938-60.
140,000 Board of Commissioners of
Lawrenceburg, Lawrence County,
Tenn., 4% sewerage revenue bonds, maturing 1940-61.
69,500 Seliner, McNairy County, Tenn..
4% waterworks and sewerage
revenue bonds, maturing
1940-58.
71,000 Sevierville, Sevier County,
Tenn., 4% waterworks "B" and
sewerage revenue bonds, maturing 1938-59.
29,000 Anson Independent School
District, Jonas County,
Texas,
4% school house bonds, series 1935, maturing 1938-65.
14,000 Avoca Independent School
District, Jones County, Texas,
4% school house bonds, series 1935, maturing 1938-65^
9,400 Cedar Hill Independent School
District, Dallas County, Texas,
4% school house bonds, series 1935, maturing 1938-54.
250,000 Laredo, Webb County, Texas, school
improvement bonds,
maturing 1940-64.
42,000 Munday Independent School
District, Knox County, Texas,
4% school house bonds, series 1935, maturing 1938-65.
27,000 New Waverly Independent School
District, Walker County,
Texas, 4% school house bonds, series 1935, maturing 1938-65.
48,000 Palacios
Independent
School
District,
Matagorda,
Texas,
school house bonds, series of
1935, maturing 1938-65.
26,000 Pasadena, Harris County, Texas,
4% water and sewer revenue
bonds, series 1934, maturing 1938-55.
210,000 Pecos City, Reeves County, Texas,
4% water system revenue
bonds, series 1934, maturing 1939-59.
Princeton Independent School
District, Collin County, Texas,
4% school house bonds, series 1935, maturing 1938-65.
41,500 Seymour Independent School District,
Baylor County, Texas,
4% school house bonds, series 1935, maturing 1939-65.
29,000 North Ogden, Weber County, Utah,
4% waterworks revenue
bonds, maturing 1939-66.
17,500 Keysville, Charlotte County,
Va., 4%
waterworks
bonds
(revenue), maturing 1939-60.
14,000 Poulsbo, Kitsap County, Wash.,
4% sewerage (revenue) bonds,
series April 1, 1934,
maturing 1939-52.
78,000 Parkersburg, Wood
County, W. Va., 4% sewer revenue bonds,
maturing 1939-65.
32,400 Medicine Bow, Carbon County,
Wyo., 4% water bonds, series
1934, maturing 1938-64.
General Public Utility Bonds
J.
Direct, guaranteed
panies
organized under
District of Columbia,
assumed bonds of
or
the
laws
of any
operating public utility com¬
the United States, or the
state,
provided:
(a)
Not less than 80% of gross revenues is derived
from one or more of
the following
utility services: Artificial gas, natural gas or a mixture of
natural and artificial
gas, steam, electric light or
telegraph, or
(b) Bonds
power,
water.
are
a
first mortgage
the retirement of all
prior liens,
sisting of such first mortgage or
gage is a lien
telephone
or
refunding mortgage providing for
or are secured by
pledge of collateral con¬
refunding mortgage, provided such mort¬
or
a
upon real estate,
equipment, transmission
or
franchises.
right or interest therein leasehold, plants,
distribution systems, or other fixed assets and
(c)
Outstanding bonds secured by mortgage, except bonds
pledged as
collateral thereunder, shall not exceed
two-thirds of the book value of fixed
assets, less reserves for depreciation and
renewals, including fixed assets
operated under lease not expiring prior to
maturity of the bonds.
(d) Cross operating revenues for tne latest five
years preceding invest¬
ment shall have
averaged not less than $2,000,000 per year. •
(e) Fixed charges shall have been earned at least
twice on average for
the latest three-year
period,
excluding
depreciation, renewals,
inter-company items
but
before
state and Federal taxes.
Water Company Bonds
K.
Direct,
guaranteed and assumed bonds, notes
indebtedness of
or
an
other evidences of
operating company, 80% of the gross revenues of which
derived froxn the sale of water
through a distribution system owned or
leased by it, provided:
is
(a) Bonds are secured by a first
mortgage, or by a refunding mortgage
providing for the retirement of all prior liens.
(b) Total bonds secured by mortgage do not exceed
three-quarters of the
book value of fixed assets
subject to the .ien thereof, less reserves for de¬
preciation and renewals.
(c) Gross operating revenues shall have
averaged not less than $500,000
for the latest five years
preceding investment, including revenues of
prede¬
cessor and constituent
companies.
(d) Fixed charge coverage shad have
averaged not less than one and
three-quarters times for the three-year period
preceding investment, ex¬
cluding inter-company items but before
depreciation, renewals, state and
Federal income taxes.
Utility Debenture Bonds
News Items
L. Bonds, notes or other evidences of
indebtedness
assumed by a public utility,
provided:
-
Jersey—New Trust Fund Investment Law Adopted—
law regulating the investment of trust
funds was
approved on May 17.
The provisions of this new Act
represent a new policy in this State for such investments.
A
acquire the obligations of railroads, general
public utilities, water companies, telephone
companies and
industrial companies.
The powers of trustees to invest
funds in their care are now
comparable to the authority given
to savings banks for the same
purpose.
We give herewith an outline of the
major sections of this
new
law:
Government and Municipal Obligations
3:16—1. A fiduciary whose duty it
may be to loan or invest money en¬
fiduciary capacity may, without special order of any
court, invest such money, or any part
thereof, in any of tne following se¬
trusted to him in his
curities:
(a)
Direct
guaranteed obligations of the United
States, or those under
which the faith of the United States is
directly
or
pledged.
(b) Bonds or guaranteed obligations of the State of New
Jersey or bonds
issued by a commission pursuant to
any law of this state.
(c) Bonds of any other state, provided no default
upon any of its debt
has occurred for five
years preceding investment.
(d)
Bonds
town, etc.,
or
or
interest bearing notes or obligations of
any county, city,
other municipal or political subdivision of New
Jersey, or
in permanent bonds of
any public
of education of this state, or
school, water district or regional board
refunding bonds of any such district, provided
tne issuer is not in default at time of
investment.
(e) Stocks, bonds, interest bearing notes or obligations of
any county
city, town, township, etc., of any other state, provided
(1) no default has
occurred for more than 120
days in the five-year period preceding invest¬
ment; (2) the county has a population of not less than
twenty thousand,
and the city, town or
township has a population of not lass than five thou¬
sand: (3) that the debt, less
sinking funds, does not exceed 5% (for any
county with a population of lass than 100,000), or
7% (for one with a popula¬
tion of more than
100,000), of assessed valuation of all taxable real
or
sources:
artifical gas, steam,
electric power or light, telephone or
telegraph, or water, or from the income
on the stocks and bonds of
operating utility corporations not less
tnan 80% of the revenues of which is
derived frcm sucn
services, and not
lass than 95% of the total stocks of which is
owmd by the parent company.
(b) All bonds, plus ail equally or better secured
indebtedness,
new
It is now permissible for trustees to
invest in the preferred
stocks of industrial and
public utility companies.
They are
also allowed to
issued, guaranteed
(a) 80% of revenues is derived from one or more of tne
following
Artificial gas, natural gas or a mixture of natural and
New
received
including
current
liabilities, subsidiary debt and preference stock and
minority
interests, shad not exceed two-thirds of the book value of all
tangible
assets, less reserves for depreciation and renewals.
(c) Gross operating revenues, including predecessor and
constituent cor¬
porations, snad have averaged at least $3,000,000 on a consolidated
basis
for tne five-year period
preceding investment.
(d) Fixed charges shall have been earned on an
average of at least three
times for the latest five years
preceding investment, excluding inter-com¬
pany items, but before depreciation, renewals, state and
Federal income
taxes,
....
Telephone Company Bonds
M. Bonds, debentures, notes or otner evidences of
indebtedness guar¬
anteed, assumed or issued by a company engaged in
telephone service, as a
holding and operating company, botn directiy or indirectly, or as a
nclding
company, provided:
(a) Gross revenues on a consolidated basis shall have
averaged at least
$400,000,000 for the latest five-year period and at least tne same
amount
for tne latest year preceding investment.
(b) The corporation and some or all of its
basis,
shall
have
earnings
available
subsidiaries, on a consolidated
fixed chargas, after
deducting
for
operating expenses, including depreciation, equal to an average of at least
$75,000,000 for the latest five-year period, and at least the same
amount
for the latest year preceding investment.
(c) Fixed charges, on a consolidated basis, shall have been covered an
average of at least one and three-quarters times for the latest
five-year
period, and at least one and one-half times for the year
immediately preced¬
ing investments.
td) Consolidated balance sneet for the year immediately
preceding invest¬
ment
shad have total assets of at
least
Industrial
$2,000,000,000.
Bonds
O.
Bonds, notes or other evidences of indebtedness of any industrial cor¬
poration, organized under the laws of any state, the United States or the
District of Columbia, provided:
(a) Gross revenues, on a consolidated basis, shall have amounted to not
less tnan $10,000,000 in each of the last five
years preceding investment.
(b) Income available for interest, after deducting all operating
expenses,
depreciation,
property
in the county; (4) that the net debt of
any city, town, township, etc., does
not exceed 12Yi% of assessed valuation
of all taxable real
property therein,
except in the case of a city of more than 250,000, for wnich the
debt shall
not exceed 15%.
The detailed provisions of the law give
complete in¬
structions for the determination of net debt.
reserves and
taxes, except state and Federal, shall have
averaged at least three times the average annual fixed charges for tne latest
five-year period, and shall have been not less than two and one-half times
such charges in the latest year
preceding investment.
(c) Current assets, on a consolidated basis, according to the latest state¬
Dominion of Canada Obligations
Bonds, notes and interest bearing obligations
constituting the direct
and general obligation of the Dominion of
Canada.
value
I.
Railroad Bonds
Mortgage Donds issued, guaranteed or assumed by railroads
ganized under, the laws of any state, the United States or the
or¬
District of
Columbia, provided:
(a) Earnings for tnree years preceding investment shall have
averaged
and three-quarter times fixed
charges, and in year immediately pre¬
ceding investment at least one and one-half times; or tne railroad
shall
have paid dividends of not less than 4
% on its entire capital stock for the
three years preceding investment, or have
otherwise covenanted or
one
agreed
to pay.
(b) Bonds shall be a first lien on not less than three-quarters of
the rail
mileage included in the mortgage, or secured by a
refunding mortgage
providing for the retirement of all prior lien bonds on the
property.
Any underlying mortgage upon a terminal, depot, tunnel or
bridge used
by two or more railroads guaranteeing payment of
principal and interest,
jointly and severally, or having otherwise covenanted or
agreed to pay
interest and principal, provided
earnings of at least one guarantor shall
have averaged one and one-half times fixed
charges for the three years
preceding investment and one and one-quarter times in the year
immediately
preceding investment.
Bonds of railway terminal or dock
companies in New Jersey secured by a
first lien on such property fronting the Hudson River or
New York
Bay,
and having an assessed value for
purpose of taxation in excess of the amount
the
entire
issue.
The
property
must
be
used
as
such
by
a
railroad, provided:
Earnings for three years preceding investment shall have
averaged
and one-half times fixed charges, and in the latest
year at least one and
(a)
one-quarter times.
,
Utility Preferred Stocks
Stocks issued, guaranteed or assumed
by a public utility corporation,
80% of the gross operating revenues of which is derived from one or more of
following sourcas: Artificial gas, natural gas or a mixture of artificial
the
and
natural gas, steam,
water, provided:
or
electric light or
power,
telephone and telegraph,
(a)
Total funded debt and preferred stock, together with all other pre¬
ferred stocks issued, guaranteed or assumed
having claims on earnings
or assets
ranking equally with such preferred stock, shall not exceed twotnirds of the book value of fixed assets, on a consolidated
basis, less reserves
for depreciation and renewals.
(b) Stocks shail be cumulative as to dividends and shall not be preceded
as
to claim on
dividends
or
assets
in
case
any other class of stock.
of liquidation or dissolution
by
(c)
not
Gross operating revenues, on a consolidated basis, shall have averaged
less than $5,000,000 per year for the latest five-year
period preceding
investment.
(d)
Any mortgage bonds and deoentures shall be legal investments under
this Act.
(e)
Net income,
on a
consolidated oasis, shall have averaged for the latest
five-year period not less than five times
average annual dividend require¬
preferred stock and all other equally ranking preferred stocks,
and .shall have been at least five times such dividend
requirements in the
latest year preceding investment.
ments on such
Industrial Preferred Stocks
P.
state,
(a)
Stocks of any industrial corporation organized under the laws of
any
the United States, or the District of Columbia, provided:
Stock be preferred and cumulative
as
to dividends and not be pre¬
case of liquidation or dis¬
ceded as to the claim on dividends or assets in
solution by any other class of stock.
>
(b) Bonds are a direct or a collateral lien on at least two-thirds of
the
mileage covered.
(c) At least 50% of tne rail mileage on which the bonds are a first
lien
shall be classified
prior to investment, shall equal at least three times current liabilities.
Total debt, including current liabilities, shall not exceed
40% of book
of assets, less depreciation and reserves, on a consolidated
basis.
railroad
currently operating in the state, and no default can have occurred for
more
than six months in the five years
preceding investment.
F-2. In Mortgage bonds of a United States
one
(d)
N.
F-l.
of
ment
as
main line.
F-3. Mortgage bonds of a United States railroad, provided:
(a) Bonds are a first or collateral first lien on at least two-tnirds of the
mileage covered, of which at least one-half shall be main line.
(b)
Gross revenues,
on a
consolidated basis, including those of predecessor
and constituent companies, shall have been not less than
$10,000,000 for
each of the last five years preceding investment.
(c) Income available for payment of interest and dividends on preferred
and on any other preferred stock ranking
equally, after deducting
operating expenses, depreciation, reserves and taxes, except Federal profit
profit taxes, shall have averaged annually at least four times the average
annual fixed charges and dividend requirements for the latest five
years,
stock
Financial
150
least three times these
immediately preceding investment.
and shall have been at
the year
charges and requirements for
the latest state-
Current assets, on a consolidated basis, according to
shall be at least three times current liabilities'.
Total debt, including current liabilities and
exceed 40% of book value of assets, on a consolidated basis,
(d)
preferred stock, shall not
less deprecia¬
(e)
Obligations
Miscellaneous
Among the remaining obligations which
fiduciaries, the more important include (Q)
are
legal for investment by
bonds of Joint Stock Land
New Jersey, those of a Federal Land
Bank organized by the Act of Congress approved July 17, 1916, and con¬
solidated bonds of the twelve Federal Land Banks, and (R) bo-ids of the
Home Owners Loan Corporation organized under the Act of Congress dated
Banks authorized to
June 13,
W.
1933.
Financial Publications
determining if any bond, debenture, stock or other
requirements of this section, or of a deed of trust, will
having jurisdiction governing the making of the invest¬
ment, may reply upon,
financial, corporate or
and be fully protected in relying upon, statistical,
other information as to such securities, and upon
opinion as to the financial or other status thereof, contained
by any financial, statistical, investment, rating or other
ratings or other
or
offered
investors
or
service, published for the use
in like investments.
New
Baltimore &
Orleans,
Cen¬
Essex, New York
Southern
~
reveals that of the 256
The summary
removed
municipal
individual railroad issues
230 were "disqualified" and 26 matured.
Sixteen
stricken from the list, against eight additions, while
six public utility loans were removed, compared with 28
in
from the list,
York,
N. Y.—Council
of and accepted as reliable by
Votes Taxes for Relief—The
24, unani¬
for another
year, beginning July
1. Most of Mayor La Guardia's
emergency tax program was approved by the Council in
order to provide funds for unemployment relief.
Imme¬
diately after the Council had acted, the Board of Estimate
met in special session and unanimously approved the pro¬
City Council, after a lengthy session on June
mously voted to renew the emergency sales tax
added to the legal list included $30,000,000
of Duluth Missabe & Iron Range 33^s and 110,410,000 of Union Pacific
equipment trust 2%s.
The larger public utility issues thatweremade legal
included $48,364,000 Central New York Power 3^s, $25,000,000 New
York Telephone 3Ms and $28,900,000 Ohio Public Service, all of which
are comparatively recent issues.
* xt
In addition to nine issues of equipment trust certificates, the list of New
York Central bonds removed from eligibility include $69,315,000 of con¬
solidated 4s of 1998, series A; $79,395,000 of refunding & improvement
4Mb, due in 2013, series A; $77,000,000 of refunding & improvement 5s, due
in 2013, series C; $38,199,000 of 10-year secured 3Ms, due in 1946, and
$40,033,000 of 15-year secured 3Ms. due in 1940, series
Central & Hudson River 3 Ms of 1997, outstanding in
legal list, as pub¬
ADDITIONS
A pproximate
4
—
Railroad—Subdivision 7.
2
..
Subdivlsion 7a
Democrats to the cigarette
estimated yield folllows:
Cigarettes—A tax of a cent a package (20 cigarettes) to be
collected by means of stamps sold by the Comptroller's office.
Adopted for six months only.
Estimated yield for that period $2,500,000
Sales—A 2% sales tax on all commodities sold in the city, ex¬
cept on building materials for World's Fair exhibit buildings.
On meals costing $1 or more, on all liquor by the glass or in
packages, and on utility service, the tax will be 3%.
Esti¬
A schedule of the taxes
passed and their
mated yield for one year
Business—A tax of l-10th of 1% on the gross receipts of all
business in the city, with an exemption of $10,000, which is
to vanish when gross receipts are $20,000 or more.
On finan¬
cial business tne tax is l-5th of 1 % with no exemption.
Esti¬
mated yield for one year-Utilities—A 1 % tax on the gross
—
13
—
D.
PWA
258
total of $63,900,000, according to
—
-
«
Honolulu, Hawaii.
9
Lakewood,
1*800
Ohio
—
$440,000,000.
spending-lending bill
At its present rate the
bursed one-fifth of its available funds.
Administration's
projects.
In each case the city will have to pay 55%
of the total cost of the project, the grant constituting the
remaining 45% of the improvement's cost.
Mayor Signs Occupancy and Other Tax Bills—Mayor La
Guardia on June 30 signed the occupancy tax to raise revenue
which will guarantee interest payments on the $20,000,000
bond issue of the New York City Housing Authority.
The Mayor also signed the five emergency relief tax bills
.
State—$3,163,931,000 Rail Bond Issues Re¬
moved from Legal List—A total of $3,163,931,000 in railroad
bond issues have been stricken from the list of investments
considered legal for savings banks in
New York State, ac¬
cording to a statement made public on June 30 by the State
Banking Department.
This is believed to be the largest
amount of issues representing any one industry ever to be
included among the removals, according to William R. White,
Banking Superintendent.
Of the total rail issues removed, S 30 of them, amounting to
$3,134,547,000, were disqualified. The remaining 26,
amounting to $29,384,000, were removed because the issues
matured.
Changes in the banking law respecting the socalled railroad moratorium statute were given as the reason
for the wholesale removal of these securities from the legal
list.
The railroad moratorium, which waived certain re¬
quirements relating to the ratio of earnings to fixed charges,
is stated to have been the only thing that retained most of
the bonds on the list of eligible investments.
At the last
session of the Legislature, the moratorium was amended to
make its benefits available only to railroads having an income
available for fixed charges at least equal to such fixed
charges once each year for at least five of the six fiscal years
$1,205,000
Mass
Framingbam,
^aldmvMass
2,675,000
--
476,000
Bradford County, Pa
943,000
Dormont, Pa
699,000
462,000
Dormont Sch. Dist., Pa
t-vr,
Farrell, Pa
759,000
Farrell Sch, Dist., Pa
360,000
Aroostook
Xantlcoke*SchDistPaIIII
$400,000
1,500,000
1962——30,000,000
Union Pacific
290,000
310,000
Ga
^Richmond County, Ga
3,000,000
—
500,000
Fort Worth, rcx&S-*--.-.... 20,000,000
7,500,000
Fort Worth Ind. S. D„ Texas
*Tarrant County, Texas (Fort
Worth)
6,000,000
$45,629,000
Total
Equip, trust 2Ms, E, due to
July 1, 1952
450,000
Olyphant, Pa
Olyphant Sch. Dist., Pa
Augusta,
niifuf'H M»ccob*» str
Duluth Missabe & Iron i£a«i<$p>
Range
10,410,000
RAILROADS
$42,310,000
Adirondack Ry.
Subdivision 7a
Spokane Portland & Seattle
1st 4J4s,
1,200,000
5s,. 1943, series A...
4,312,000
1st cons. 4s, 1943, series B„__
5,206,000
ist
Texas & Pacific
cons.
Equip, trust 5s,
April, 1938
Equip, trust 2%s, D, due to"
Nov., 1952
1,275,000
$2,475,000
380,000
lstref. SHb, 1946
$600,000
—
Central Hudson Gas &
due to
3,570,000
Albany & Susquehanna
Bangor Hydro-Electric
Electric
2,500,000
1st & ref. 3^s, 1967
G,
Equip, trust 2%s, H, due to
April 15, 1952
PUBLIC UTILITIES
1963...
$1,000,000
1942
Alabama Great Southern
Equip, trust 2 J£s, A, due to
July 1,1947
1st 3Hs,
discussed above.
—
Subdivision 7
1st 3 Hb,
$5,824,697.
York
—
RAILROADS
appropriated $965,000,000
PWA as of June 24 has dis¬
City Will Accept $5,824,697 in PWA Grants—The Board
of Estimate, at a special meeting held on June 29, accepted
nine grants from the Public Works Administration totaling
000
MSOOO
$21,365,000
.
REMOVALS
MUNICIPALITIES
000*000
♦Winnebago County, Wis...
Equip, trust 2J^s, L, due .to
April 1, 1950
for work to
...$130,402,309
2,500,000
Calif
...
♦Fresno City S. D., Calif
*
Fresno City H. S. D., Calif.
Equip, trust 2Ms, K, due to
Dec. 1, 1947
-
cost more than
New
$1,700,000
Fresno,
for the entire
previously scheduled the above grants bring
construction jobs represeting $197,052,555 in
and $24,258,500 in loans
4,610,000
1957—
Railway, N. J
difference between
were part
Public Works Administration grants
Approz.
Amounts
MUNICIPALITIES
Revere, Mass-—--———
Bangor &
which will cost $31,328,500, the
%
$66,759,000
Gas & Electric
i
ADDITIONS
McGoldrick.
the Federal grant and the total outlay to be supplied by the city,
of 609 separate projects announced on that date in Washington
for the PWA
2
Amount
estimates by
testified before the
of the relief expenditures
With the projects
far to 1,755
$24,259,000
2,500,000
40,000,000
1
«
..$3,276,319,000
City.
thus
3
6
had allotted
$14,147,725 in outright grants to start immediate construc¬
tion on 28 projects scattered about the five boroughs of
country.
the total
$3,163,931,000
Called
..Matured
—- - - Disqualified
Utility—Gas and electric
Gas and electric
Administrator, that the Federal Government
The said projects,
29,384,000
3,134,547,000
—
-
Railroad
Approz.
Grants of $14,147,725 Allotted to City—It was an¬
on
June 24 by Harold L. Ickes, Public Works
New York
230
——— -Matured
------—-i——^Disqualified
Railroad.
400,000
State aid.
nounced
$45,629,000
26
Disqualified
-
— — -
Commissioner of Welfare, who
Finance, the city's share
7
16
,
Municipal
5,500,000
;•
5.
■;
$8,029,000
37,600,000
9
---—No information
Municipal
Gas and electric_.
According to William Hodson,
Council Committee on
estimated for the fiscal
year will be $86,000,000.
According to the Mayor's office, $80,000,000
will see the city through.
In any event, a deficit still exists and the Mayor
in August may ask a special session of the Legislature to consider increased
Joseph
; ■
REMOVALS
.
firms
yield
for one year-----.-—----The taxes will produce a
Total additions
Public
receipts of all utility companies
$196,552,309
28
-
46,000,000
in the
The
1
Telephone----—
9,500,000
city.
Estimated yield for one year
Conduit Companies—A tax of 3% on the gross receipts of
maintaining conduits under the streets.
Estimated
$21,365,000
42,310,000
2,475,000
105,402,309
25,000,000
8
..
the general sales tax bill and adopted separately
the other measures the vote in the Council was
the cigarette tax bill six members dissented, leaving a
majority of 19, only one to spare.
Amount
Number
Class—
tax, it was taken out of
for six months.
On all
unanimous, but on
and the
details:
..
widespread objection among the
The New York
D.
the amount of $94,-
000,000, were also among those removed from the list.
The complete list of additions to and removals from the
lished by the State Banking Department, follows, with a summary
—
Comptroller
that
additions
gram.
Because of
only
bond issues were
Railroad bonds that were
A fiduciary, in
order of court,
publication
which are removed from the
of which are underlying liens, ofsuch carrier
list of railroad bonds
Atchison Topeka & Santa Fe. Atlantic Coast Line,
Ohio, Central Railroad of New Jersey, Chicago St. Louis & New
Cleveland Cincinnati Chicago & St. Louis, Great Northern, Illinois
tral, Kansas City Southern, Long Island RR., Moms &
Central. Pere Marquette, Pittsburgh Lake Erie & West Virginia,
systems as
OTOUT)
security meets the
in
Included in the long
legal list are obligations, some
do business in
Fiduciary May Rely on
or
preceding the time of invest¬
(including the last fiscal year)
ment.
mono,
tion and reserves.
July 2, 1938
Chronicle
Atchison
10,000,000
-
Topeka & Santa Fe
51,346,000
7,975,000
Adj. 4s, 1995
Conv. 4s, 1955
526,000
Conv. 4s, 1960
Central New York Power
Gen. 3%s, 1962
—
Conv. deb. 4Hs,
48,364,000
1948——— 28,071,000
Atlanta Terminal
Consumers Power
lst3J$8,.1967
— — —
9,000,000
}?*}S2'£
1st 5s, 1939, series B.
Equitable Gas & Elec. of Utica
1st 5s,
1,000,000
1942
1st
Fall River Electric
1,000,000
200,000
— —
Atlantic Coast Line
Light
2,000,000
1st 3Ks, 1968, series A
cons.
4s, 1952...
Gen. unified 4Kb, '64, ser. A.
10-yr. coll. trust 5s, 1945
New York Telephone
Ref. 3Ks, 1967, series B
25,000,000
1,160,000
1,293,500
1st lien & ref. 6s, 1947, ser. B
34,379,000
100,000
12,000,000
Equip, trust 4>£s, E, due to
Northern New York Utilities, Inc.
1st lien & ref. 7s, 1946, ser. A
50,863,000
Gen. unified 4s, 1964, ser. B_
Feb,
999,000
1941
Equip, trust 2J£s, F, due to
April 1, 1952
3,640,000
Atl. Coast Line RR. of So. Caro.
1st 4s, 1948
5,047,000
Ohio Public Service
1st 4s, 1962.
—
Rochester Gas & Electric
1st 5s,
Somerset Union & Middlesex Ltg.
-
1941...
1st 3s, 1989——
1st 3s,
1950
1,000,000
500,000
Bay City & Battle Creek
1,974,809
1989
Utica Electric Light & Power
1st 5s,
1,920,000
Battle Creek & Sturgis
3,000,000
Gen. 3Ms, 1967, series H
40-year 4s, 1943
Austin & Northwestern
28,900,000
*
Unli mlted ta
49,000
obligations only.
i
Volume
Financial
147
Approx.
81,995,000
1st 5s, 1948
75,000,000
1st 5s, 1950, series C—
—
Ref. &gen. 5s, 1995, series A.
Ref. &gen.6s, 1995, series B_
Ref. <fc gen. 6s, 1995, series C.
4,000,000
6,000,000
1st 5Ms, 1950, series B
Gulf Terminal
—
35,000,000
450,000
925,000
600,000
1957
Mich. Cent. coll. 3Ms, 1998.
Equip, tr. 4Mb,
May, 1940
Equip, tr. 4Ms,
B,
due
C,
1,629,000
Nov.
1,074,000
F,
4Ms^
due
1st ext. 3Ms,
to
1944
6,300,000
1st 4s.
77,000,000
Ser.
1950—
.....
10-yr. sec. s. f. 3Ms, 1946—
15-yr. sec. 3Ms, 8. f., 1952..
—
;
V Bessemer 8c Lake Erie
Equip, tr. 2Mb, 1937, due to
March 1, 1947
Cairo Bridge 1st 4s, 1950
6,030 Litchfield
:
Div.
Louisville
Boston & Albany
3Ms,
2,944,000
2,868,000
Div. 1st 3s, 1951—
1953
& Term.
9,000,000
St.
Louis
3s,
Div.
Term.
&
St.
3,858,000
Springfield Div. 1st 3 Ms, 1951
Western lines 1st 4s, 1951...
Ref. 3Ms,
Ref. 5s,
1952..
3,627,000
1,000,000
1963
Term. 3Ms,
1951..........
Boston & Maine
Equip. trust 6s, No. 3, due to
June 1,1938
282,000
Equip, tr. 5Ms, 1922, due to
Aug. 1,1937
Louis
3 Mb,
Div.
&
Term.
1951
N.
8,037,000
1,994,000
4,791,000
443,000
2,000,000
2,000,000
1,000,000
3,000,000
Eq.tr. 4Mb, I, due to Oct.'37
Eq.tr.4Mb,K,due to Aug. '39
Eq.tr.4Ms, L, due to Oct. '40
Eq.tr.4Ms, N, due to Oct. '41
Eq.tr.4Mb, O,due to July "42
121,000
C.
Y.
3,300,000
Eq.tr.4Ms, P,due to Apr. '44
Eq. tr. 4Mb, CC, due to Dec.'441,722,000
L.
4,004,000
1939—
1st 3Ms,
equip.
tr.^5s,
924,000
1,966,000
1st 3s,
1989
1,350,000
1,696,000
2,202,000
due to May 15, 1940
Texas & Pacific
2000.
Toledo Can. Sou. & Detroit
12,000,000
— .
.
1st 4s,
3,100,000
1956
& Western
Toledo & Ohio Central
1st & ref. 4s, 1973, series A..
1st & ref. 4Mb,
13,639,000
1973, series B 10,000,000 Ref. & Imp. 3 Ms, 1960, ser. A 12,500,000
Indiana Harbor Belt
New York & Putnam
Brooklyn 8c Montauk
2d 5s, 1938
600,000
Gen. 4s, 1957
Gen. 4Mb, 1957
4,225,000
5.000,000
1st cons. 4s,
1,406.000
— .
1st 4s,
1981
1,100,000
—
1st 3Ms,
44,678,000
40,000,000
Central Railroad of New Jersey
Gen. 4s, 1987
4,990,000
43,741,000
Gen. 5s, 1987—
Eq. tr. 4Ms, due to Aug. 1941
1,600,000
1st 5s,
— —
1,692.000
.. — —
15 '37.
1,530,000
525,000
Chicago Indiana & Southern
— —
—
Chicago Ind. & St. L. Short Line
Ref. & ext. 5s, 1967, series A.
Ref. & ext. 6s, 1967, series B.
Cons. 3 Ms, 1951
1959
......
11,000,000
1st
4s, 1957
1,500,000
Kalamazoo Allegan & Gr. Rapids
1st 5s,
840,000
1938
Kalamazoo & South Haven
1st 5s,
1939
ist
1940
5s,
48,484,000
1st ref.
1st 3s,
1950—30,000,000
1950....... 21,000,000
Equip, trust 5M», E,
Sept.
1938
due to
1st 4s. 1951..
—
1,000,000
...
....
1st 4Mb, 1961, plain sterling 1
Cleve. Cine. Chicago & St. Louis
Gen. 4s, 1993, series A.....
_
5s,
due
A,
6,575,000
1st 4Mb, 1961, stamped.... j
1st 4Ms, 1961, dollar
4,181,000 1st 3Ms, 1997..
43,706,000
Long Island
Cairo 1st 4s, 1939—
5,000,000
Cin. Wab. & Mich. 1st 4s, '91
4,000,000 Gen. 4s, 1938
Spring. & Col. 1st 4s, 1940...
1,104,000 Unified 4s, 1949—
2,100,000
lst4Ms, 1961
1st 4s,
3,000,000
2,807,000
Eq.tr.5s, E, due to May 1 '38
Eq.tr.5s, F, due to Apr. 1 '39
Eq. tr. 5s, G, due to Jan. 1 *40
11,800,000 Eq. tr. 4Mb, H, due to Mar.
3,301,000
1995
114,000
250,000
146,000
1941
1,
328,000
Eq. tr. 4Mb, I, due to June
1,
1942.
1,255,000
...
—
Eq. tr. 4Mb, J, due to Aug.
Cleveland Union Terminals
lst5Ms, 1972, series A. —
1st 5s, 1973, series B
1st 4Mb,
1977, series C„
1945—
1.
696,000
.
10,891,000
Louisville & Nashville
22,596,000
420,000
21,659,000 Eq.tr.4Ms, E.due to Dec. *37
Colorado & Southern
Gen. 4Mb, 1980, series A....
Ref. & ext. 4Mb, 1945—.
.......... ....
Macon Terminal
20,000,000
27,444,000
1st 5s,
1965..
1,600,000
— — ..
Michigan Central
Delaware & Hudson
1st 3Ms.
1952
Ref. & impt. 4Mb, 1979.....
18,000,000
11,634,000
Mich. Air Line 1st 4s, 1940..
49,000,000
1st & ref. 4s, 1943.
2,600,000
Detroit River Tunnel
Det.T. &T. 1st 4Mb, 1961—
Mohawk & Malone
18,000.000
1st cons. 4s,
Eastern Ry. of
Minnesota
1991
2,500.000
3,900,000
Cons. 3Ms, 2002
9,695.000
Northern Div. 1st 4s, 1948.-
Montauk Extension
Florida Southern
1945.—— —
1st 4s,
1st
5s, 1945
600,000
— — —
2,417,000
—
series A
34,250,000
series B
8,400,000
1980, series C
21,885.000
Eq.tr.4M8,A,due to Aug. '42
850,000
Eq. tr. 4Mb. 1936, due to
May 1, 1945
2,380,000
Eq. tr. 2s, 1937, due to May
1, 1947
1,746,000
Pittsburgh Lake Erie & W. Va.
Ref. 4s,
1941
Gouverneur & Oswegatchie
Grand River Valley
1st ref. 3Ms, 2000
35,000,000
Constr. mtge. 5s. 1955, ser. A
10,000,000
Constr. Mtge.4Ms, '55, ser. B
300,000
1942...
15,000,000
Nashv. Chatt. & St. Louis
1st 4s,
1,500,000
1959
1st
4s, 1978, series A...
16,800,000
120,000
1st & ref. 4Mb,
Eq.tr.4Mb, B, due to Oct. '37
35,668,000 Eq. tr. 2Mb, C, due to Mar.
Gen. 5Mb,
30,000,000
Great Northern
1961—
1952. series B
14,865,000
Gen. 4Mb, 1976, series D
14,873,000
Gen. 4Mb. 1977, series E
40,000,000
Gen. conv. 4s, 1946, series G. 49,178,000
Gen conv. 4s, 1946, series H_ 49,711,000
Gen. 3Ms, 1967, series I
50,000,000
Gen, 5s,
Equip,
Jan.,
1973, series C
trust 5s, B,
1940—..
Equip,
Mar.
1938
trust 2s,
1,
1947.
1,
1st 4s,
1st 4s,
1st 6s,
1986.
1953—
1,700,000
— .
1st 5s,
1943...
Pittsburgh
1990
1st 4s,
3,543,000
-
Western Fruit Express Co.
due to
Equip, tr. 4Mb, D,
June 1944
630,000
-
Equip, tr. 4Mb,
Nov. 1, 1945
E,
due to
210,000
Wilmar 8c Sioux Falls Ry.
1st 5s,
1938
3,025,000
-
2,000,000
1941
Wilmington 8c Newbern
Richmond Fred. & Potomac
106,000
1st 4s, 1947
400,000
1940
.
Richmond & Petersburg
300,000
Cons. 4Mb, 1940—.
$3,163,931,000
PUBLIC UTILITIES
Richmond Terminal
Idaho Power
1st guar. 5s,
3,250,000
1952
1st 5s,
1947
—
$13,000,000
St. Paul Minn. & Manitoba
Kings County El. Lt.
Pacific ext. 4s,
1940.—---- 28,384,000
1937...
& Pr. Co.
2,500,000
-
San Antonio & Aransas Pass
1st 4s. 1943— —
—
20,244,000
N. Y. & Queens
El* Lt. & Power
1st & cons. 3 Ms, 1965—
25,000,000
Southern Pacific
Gold 4Mb, 1968
Gold 4Mb, 1969
29,400,000
65,166,000
50,000,000
— ..
Gold 4Mb, 1981
10-yr. sec. 3s, 1946
58,778,000
Cent. Pac. Btk. coll. 4s, 1949. 34,100,000
Eq.tr.4Mb,H,due to June 1 '40 2,421,000
Eq.tr.4Ms,l,dueto June 1 '41
2,056,000
Eq.tr.4Ms,J,due to July 1 '42
2,630,000
1st 3Ms,
1966— —
— -----
15,000,000
Syracuse Lighting
1954
1957, series B..
1st & ref. 5Ms,
1st & ref. 5s,
6,259,000
5,000,000
$66,759,000
(The complete revised list of legal investments for savings
given in the "Chronicle" in this
banks in this State will be
section
as soon as space
permits.)
of Commerce Opposes Debt
Exemption—The Chamber of Commerce of the State of
New York on June 28 made public an interim report from its
committee on taxation opposing any amendment to the State
constitution to exempt further municipal bond issues from the
10% debt limitation unless the properties or proposed public
York
New
State—Chamber
Limit
improvements covered were and continued
self-supporting to take care of all charges.
to be, sufficiently
that the cost of government has reached a point
hazards to Government credit," the report said.
"The
approaching when, unless curtailment is made, wholesale repudiation
will be the" inevitable consequence.
This Chamber believes that possibilities
in tnis direction should not be enlarged by exempting from the constitutional
debt limit bond issues which are not self-supporting."
"It should be apparent
.evolving serious
time is
Port of New
York Authority—Bonds Held Immune from
Taxation—Port Authority and
Federal
revenue
are
municipal bonds and
constitutionally immune from Federal taxation,
Attorney General John J. Bennett Jr. of New York, ruled
on June 26 in an opinion rendered to Comptroller Morris S.
Mr. Bennett's opinion followed a request from
Comptroller who sought a clarification of questions
raised by the recent decision of the United States Supreme
the
Authority
1938).
Court in the Port
decided May 23,
In its
14,000,000
200,000
case
(Helvering vs. Gerhardt,
opinion, the Supreme Court held that the
salaries of employees
taxable.
Following this decision, Mr. Tremaine
inquiries regarding the tax immunities of revenue
of New York Authority.
Attorney General Bennett pointed out that there is a clear and marked
distinction between the taxation of the salaries of the employees and the
taxing of revenues or interest on the bonds of these public bodies.
of Port Authorities were
New York Bay Extension
due to
4.185,000
1,996,000
—
New Orleans Terminal
568,000
—
1937
New Jersey Junction
575,000
E,
784,000
Nashville Florence & Sheffield
1st 5s,
48,775,000
—
West Virginia &
Tremaine.
1952—
due to
Equip, trust 4Mb. D, due to
Sept.
cons.
2361-
1st 4s,
43,182,000
-
Rensselaer & Saratoga
Morris & Essex
1st 5s,
720,000
—
West Shore RR.
Potomac Electric Power
,
Cleveland Term. & Valley
10,000,000
2,000,000
1st 4Mb,
50,000,000
650,000
Cleveland Short Line
-
4Mb, 1947——
1st
1st 4s, 1956,
Ref. & Imp. 4Ms, 1977, ser. E
White Water Val. 1st 4s, 1940
1945
1945
1st 5s,
Lake Shore & Mich. Southern
28,579,000
1st 4s,
Pere Marquette
467,000
Gen. 5s, 1993, series B
1st 3 Ms,
Washington & Vandemere
to
1938
108,000
16,730,000 Eq. tr. 3s, F, due to Jan. '52.
2,982,000
Memphis Div. 1st 4s, 1951..
3,340,000
Kentucky & Indiana Terminal
4Mb, 1963, series C
Cincinnati Northern
trust
Cons. 4Mb,
Ref. & impt. 5s,
116,000
5s, 1963, series B.........
Illinois Central Joint 1st ref.
2,726,000
1955
March
400,000
Kansas City Southern
1st ref.
5s, 1963, series A.........
Equip,
700,000
1,341,000
Illinois Central Joint
Washington Terminal
1st 5s, 1956,
1st 4s,
Kalamazoo & White Pigeon
Illinois Central Joint
1st 4Mb,
1,394,000
1st ref. 3 Ms, 2000-
Paducah & Illinois
1,100,000
Franklin & Clearfield
Jamestown
3,000,000
Chicago St. Louis & New Orleans
1,314,000
400,000
1939
\
380,000
Warren
Pennsylvania RR.
400,000
—
100,000
2,400,000
15,150,000
1st 4s, 1953—--—--..—.
—
1967—
Joliet & Northern Indiana
Eq. tr, 5s, U, due to Mar. '38
1st 4s, 1950
1939-.-
1st & gen. 5s,
Chesapeake & Ohio
Serial notes 5-8s, July
1951
Virginian
3,982,000 Eq. tr. 5s, D, due to May '38
....
2d 5s, 1946
Jacksonville Terminal
Central Pacific
European loan 4s, 1946.
35-year guar. 5s, 1960
4,850,000
1st 5s,
Jackson Lansing & Saginaw
Carthage & Adirondack
1st 4s,
;..
1950.
1993.
Norfolk 8c Carolina
Indiana Illinois & Iowa
Brunswick & Western
1st 48, 1938-..--
54,000
Eq. tr. 5s, FF, due to Oct. '37
New York & Harlem
New York Lack
322,000
—
Sunbury Hazieton & Wilkes-Barre
2d 6s, 1938
due to Sept. 15, 1939——
1st ref. 3Ms,
2,500,000
1959—
Sturgis Goshen & St. Louis
569,000
....
N. Y. C. L. equip, tr. 4MB,
'
229,000
—
Spuyten Duyvil & Port Morris
tr. 4Mb,
1937
C. L. equip, tr. 4Mb,
Y.
Eq.tr. 48, BB, due to Mar.'43
7,616,000
June 1939
1st
—
675,000
440,000
705,000
3,280,000
Spokane Fails & Northern
due to June 1938—
4,627,000
1951
1,000,000
5,700,000
4,500,000
1946---...
Eq. tr. 4Mb, Z, due to Oct. '39
1st 6s,
to
1937, due to
1952...........
15,
Y. C. L. equip,
N.
due
N. Y. C. L. equip, tr. 5s, due
Impt. 4Mb, 1978
Eq. tr. 5s, X, due to Apr. '38
Eq. tr. 5s, Y, due to Mar. '39
2Mb,
tr.
Mar.
1st
Impt. 5s, 1942.
Ref. 6s,
Eq.
•N.
22,750,000
4,513,000
Omaha Div. 1st 3s, 1951..—
2,015,000
4,500,000
6,883,000
12,474,000
5s, 1938—.
Memphis Div. 1st 5s, 1996—
St. Louis Div. 1st 4s, 1951...
5,215,000
due to Sept.
—
1st 4Ms, 1943, series A......
7,700,000
Eq. tr. 4Mb, 1930,
May 15,1945
1st
Impt.5s, 1938
38,199,000
40,033,000
Eq. tr. 4Mb, second of 1929,
due to Dec. 1, 1944.......
.
—
— .
;
3,000,000
3,000,000
3,000,000
Eq.tr.4Ms, due to Apr. 15 '44
1,500,000
—
1951
1st ext. 3Ms, 1951
150,000
Aiken Branch 1st 4s, 1998—
East Tenn. reorg.
3,000,000
Ser. sec. 2.60s, 1941, ser. E—
2,497,000
2,500,000
2,993,000
3,500
Purchased lines 3 Mb, 1952... 11,305,000
3,964
Ref. 4s, 1955.
40,330,000
Ref. 5s, 1955———— 13,447,000
Sterling trust 3 Ms, 1950—
5,266,000
1951
1st sterling 3s,
1Mb, 1938, series B.
2s, 1939, series C—
sec.
Ser. sec. 2Mb, 1940, ser. D._
2,500,000
1,000,000
1951
1st 3Mb,
Beech Creek Extension
1st 3 Ms, 1951
Cons. 4s; 1955....
Ref. & imp. 5s, 2013, ser. C—
Ser. sec.
Illinois Central
1st ext. sterling 4s, 1951
4s, 1956, series A 61,333,000
1956, series A 20,000,000
6Ms, '56, ser. A. 30,000,000
Dev. & gen. 6s,
Dev. & gen.
79,395,000
91,997,000
1994
Dev. & gen.
69,315,000
Ref. & imp. 4Mb, 2013, ser. A
268,000
-
due to
to
Feb. 1941
Equip, tr.
1938
1,
1st cons. 5s,
19,336,000
Cons. 4s, 1998, series A
Equip, trust 5s, due to April
4,127,000
Southern Ry.
New York Central RR. Co.
Hocking Valley
33,121,000
(Calif.)
1st cons. 5s, 1937
9,188,000
94,000,000
Gold 3Ms, 1997..
30,000,000
Equip, tr. 5s, due to Aug. '37
Equip, tr. 5s, due to Feb. '38
1st 4s,
Deb. 4s, 1942
Southern Pacific
Ref. & imp. 4Mb, 2013, ser.A 35,606,000
Lake Shore coll. 3Ms, 1998-. 21,263,000
60,000,000
Ref. &gen. 5s, 2000, series D_
Ref. &gen. 5s, 1996, series F_
Amount
Amount
New York Central & Hud. River
Gulf Mobile & Northern
1948
Approx.
Approx.
Amount
Amount
Baltimore & Ohio
1st 4s,
151
Chronicle
Approx.
received a number of
and bonds of the Port
Chronicle
Financial
152
In his
July 2, 1928
"The construction of
opinion, Mr. Bennett said:
a
$2,500,000 electric railway tunnel
under
an
es¬
The continued existence of the States depends not only upon constitutional
tuary of San Francisco Bay between Alameda and Oakland, Calif., was made
possible on June 24 when the PWA announced Presidential approval of a
grounds but also upon fundamental considerations of public policy.
The
territorial extent of the Nation, and the diversities of industry and climate,
as
well as the differences in opinion held by the inhabitants of different
"The new tunnel, which will cross under the busy Inner Harbor, between
Alameda and Oakland, is desgined to relieve transportation difficulties which
sections, are such as to make necessary the
existence of the States
as
PWA grant of
self
followed the opening of the great, transbay bridge between Oakland and San
Fancisco.
Under an agreement through which the transbay bridge was
built ail ferry service from San Francisco to Alameda County , across the bay,
inds expression among
?:overning entities. The other thingsour the "Homelocal selfprovisions of
instinct of in people for liule" government
If the States had not existed
State Constitution.
our
as
governing entities
was
the adoption of the Constitution, it would have been necessary
them.
...
These so-called authorities are not separate from the State and sovereign
at the time of
to invent
.
$1,125,000 for the project.
halted.
As
result the City of Alameda lost its previous
a
direct ferry
service with San Francisco.
Citizens of Alameda, which is on an island,
have been forced to use a vehicular tunnel between Alameda and Oakland
„
or use a bridge requiring considerable additional mileage.
It is estimated
new single track electric railway tunnel will effect a saving of $71,000
annuahy in transportation costs.
"Construction of the tunnel will call for a PWA grant of $1,125,000,
45% of the total cost.
The tunnel will be built of reinforced concrete.
right, as the State is separate from the National Government
independently sovereigh.
They are but creatures of the State or
States which brought them into existence, and constitute but a convenient
method whereby the State exercises its borrowing power and other func¬
that the
tions.
It is estimated that concrete for the
in their own
and
.
...
I am firmly of the opinion that all revenues of the State which are of a
public nature are immune from Federal taxation, and that this rule applies
equally to the revenues of its political subdivisions and other public agencies.
Apparently the only exception which the Court will make to this general
rule has been in the cases where the State has undertaken an enterprise
which from any standpoint is characteristically private in its nature—such
as the operation or retail liquor dispensaries (Ohio v. Helvering, 292 U. S.
360) and of football stadia (Allen v. Regents, U. 8., decided May 23.
1938).
A tax upon the tolls collected by the Port Authority would not only be
a tax upon public revenues derived from tolls charged as a fee for ohe privilege
of using State highway facilities, but would directly burden and impair
the function performed by the States, through the Port Authority, in
constructing, maintaining and operating their public highways.
Classifications for tax purposes must be reasonable, and a distinction
between public bonds and public revenues on the one hand and private
bonds and pri vate revenues on the other is an eminently reasonable classifica¬
tion.
A distinction between bonds issued pursuant to State law to raise
.
.
^
project will cost $691,250, structural and
reinforcing steel $321,415, and rails, trolley, and bonding, another major
item, will come to $210,000.
"Labor will receive an estimated $859,826, exclusive of charges for super¬
vision and professional services, as a portion of its part of the project.
Engineers estimate that the project will provide 1,182,224 man-hours of
work on the site.
The Bureau of Labor Standards of the Department of
Commerce estimates that, on similar projects, as much as two and a half
times as much labor will be performed by men engaged in mining, processing,
and transporting materials.
"The Alameda tunnei project is one of the first to be approved in the new
$1,000,000,000 Public Works program designed to aid industry with sub¬
stantial orders, to provide more jobs at normal wages and hours, and to
provide useful public works of a permanent nature."
.
public funds for highway improvements, dependent solely upon the type
of public agency which the State elects to use as its bond issuing instru¬
mentality, would, in my opinion, be unreasonable.
.
.
CALIFORNIA, State of— WARRANT SALE—We are informed by
Harry B. itiiey, State Comptroller, that $1,950,450.38 registered warrants
offered for sale on June 28 and were awarded jointly to the Bankamerica Co., and the American Trust Co., both of San Francisco, at 0.50%,
plus a premium of $67.10.
Dated June 29, 1938.
Due on or about Aug. 3l,
1938.
Legal approval by Orrick, Dahlquist, Neff & Herrington of San
were
Francisco.
.
State
CALIFORNIA,
States—Trend
Toward Reducing 23,000 Assess¬
Survey—Although assessment of
property from which
State and local governments an¬
nually receive about $4,500,000,000 in tax revenue is now
being carried on in approximately 23,000 assessment dis¬
tricts, a trend toward reducing the number of these districts
through consolidation was noted on June 28 by a committee
of the National Association of Assessing Officers.
United
Noted
Districts
ment
in
The Association's Committee on Assessment
Organization and Personnel,
in the first survey ever to include a count of assessment districts, reported
that Minnesota had abolished more than 70 small township districts where
cost
of assessed
valuation," the report stated.
than
districts
be less
assessed
It
was
suggested that
no
valuation.
Three States
10,000 population and have less than $10,000,000
On
the
having
committee
no
believes
but most Eastern and Mid-Western States are divided into smaller units,
the survey shows.
Minnesota, for example, has 2,635 assessment districts,
2,601 of which have less than 10,000 population.
Similar units prevail in
neighboring States, Iowa having 2,548; South Dakota, 1,502; Illinois,
1,340; and Wisconsin, 1,758.
Present property assessment is made in an average of one district for
each 5,345 persons, the number varying by States from one district for each
364 persons in North Dakota to one for each 97,884 in California.
July 5—$3,449,340 general fund warrants.
FRESNO COUNTY
(P. O. Fresno), Calif.—BOND OFFERING—
Sealed bids will be received until 10 a. m. on July 12, by E. Dusenberry,
County Clerk, for the purchase of two issues of bonds, aggregating $18,000,
divided
as
follows:
$13,000 Laton Joint School District bonds.
Due $1,000 from 1939 to 1951,
inclusive.
5,000 Teague School District bonds.
Interest
is
rate
not
to
exceed
Due $1,000 from 1940 to 1944, incl.
5%, payable J.
& D.
Denom. $1,000.
Dated June 1, 1938.
Princ. and int. payable at the office of the County
A certified check for $500 on each issue, payable to the Board
of Supervisors, must accompany each bid.
Treasurer.
A reasonable time, not to exceed 10 days, will be allowed the buyer for
the purpose of determining the legality of the proceedings had in connection
with the issuance of said bonds, and the bonds must be taken up and paid
for
assessment districts smaller than the minimum
necessary for
economical operation are
Alabama. Delaware and Ohio.
A large percentage ot the assessment dis¬
tricts in the South and iar West meet che suggested population minimum,
which
reported
Including the two new issues the State will have outstanding $40,178,077
$12,259,782 are expected to be called about Aug. 3
on Aug. 31.
valuation totaled less than $50,000, while Washington elimi¬
nated 73 assessment districts last year.
New York, Maine and Vermont
20,000 are too small to pro¬
vide full-time employment for an assessor and an assistant.
"These dis¬
tricts generally suffer from relatively poor assessment at a relatively high
is
warrants, of which
and the remainder
the assessed
also enlarged some districts by consolidation.
Of the 23,000 districts, however, more than
OFFERINGS—It
of —WARRANT
that Harry B. Riley, State Comptroller, will receive bids until 11:30 a. m.
on the following dates, for these warrants aggregating $6,449,340:
On July 1—$3,000,000 registered warrants.
within five
days after notice has been given that they
are
ready for
delivery.
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—OFFERING
OF THREE SCHOOL DISTRICT ISSUES—L. E. Lampton, County Clerk,
will receive sealed bids until 2 p. m. on July 12, for the purchase of $48,000
not to exceed 5% interest bonds, consisting of the following issues:
$25,000 Baldwin Park School District bonds.
Denom.
$1,000.
Due
$1,000 on July 1 from 1939 to 1963, incl.
18,000 Old River School District bonds.
Denom. $1,000.
Due $1,000
on July 1 from 1939 to 1956, inclusive.
5,000 Rosemead School District bonds.
Denom. $1,000.
Due $1,000
on July 1 from 1939 to 1943, inclusive.
Each issue is dated
Diversion
of Water Revenues
Unsound Practice—
public
to pay salaries of firemen, policemen and for other general
administrative purposes?
That is a question that is con¬
fronting dozens of cities and towns throughout the United
States, according to the American Water Works Association,
national organization of water officials and operators.
Should cities
use revenue
Deemed
from the sale of water to the
Many millions of dollars are diverted annually from water revenue by
municipalities, with the result that water rates are often higher than need
be and improper and inadequate financial provision is made for maintenance
and extension of water systems.
Diversion of water revenue also tends to
keep salaries of the department's personnel, whose tasks involve a high
degree of experience and skill, at levels below those of workers in other city
departments.
Although
revenue
runs
no figures are available showing the total
to purposes other than water works financing,
diversions of water
the annual amount
In New York City, where there recently was
into millions of dollars.
substantial increase in the water rates, diversion of water revenue is re¬
ported to exceed $10,000,000 annually.
In Wheeling, W. Va., a sizaole
part of the revenue is used for general administrative purposes.
The State
Public Service Commission, believing that diversion of water revenue by a
a
city is improper, is striving to have Wheeling stop such diversion.
The
Commission believes that water rates should be reasonable and that sound
financing and accounting methods should be followed in the operation of a
municipal water plant.
The rates, says the Commission, should cover
operating costs adequately, provide funds for depreciation and replacements,
and also cover fully the annual dept requirements.
The Commission frowns
upon policies which fail to make ample provision for those three factors
involved in tne financing and operation of a municipal water plant.
July 1, 1938 and bids may be made for all or any part
payable in one instalment at tne
thereafter each six months, at the Treasury of Los Angeles
County. A certified check for 3% of bonds bid for, payable to the order of
the Chairman of the Board of Supervisors, must accompany each proposal.
Payment for and delivery of bonds to be made at the office of the Board of
Supervisors.
thereof.
Interest for the first year shall be
end of said year;
Financial Statement
Baldwin Park School District has been acting as a school district under
the laws of the State of California continuously since July 1, 1900.
The
assessed
valuation of the taxable property in said school district for the
1937 is $3,063,985, and the amount of bonds previously issued and
outstanding is $84,000. District includes an area of approximately
9.07 square miles, and the estimated population of said school district
year
now
is
9,230.
Old River School District has been acting as a school district under the
laws of the State of California continuously since July 1, 1901.
The assessed
valuation of the taxable property in said school
district for the year 1937
$360,280, and the said district has no outstanding indebtedness.
Old
River School District includes an area of approximately two square miles,
and the estimated population of said school district is 810.
is
Rosemead School District has been acting as a scnool district under the
laws of tne State of California continously since July 1, 1900.—The assessed
valuation of the taxable property in said school district for the
year 1937 is
$2,955,270, and the amount of bonds previously issued and now outstand¬
ing is $89,000.
District includes an area of approximately 3.42 square
miles, and the estimated population of said school district is 5,330.
LOS ANGELES COUNTY (P. O. Los
Angeles), Calif.—ALIIA MBRA
SCHOOL BOND SALE—The $200,000 issue of Alhambra City High School
District bonds offered for sale on June 28—V. 146, p. 4147—was awarded
to a group
composed of B. B. Robinson & Co. of Los Angeles, John Nuveen
Francisco as 2%s, paying
premium of $1,255, equal to 100.627, a basis of about 2.68%.
Dated
July 1, 1938.
Due on July 1 from 1939 to 1961, inclusive.
& Co. of Chicago, and Donnellan & Co. of San
a
BONDS
Bond
Proposals and Negotiations
ALABAMA
SHELBY COUNTY
(P. O. Columbiana), Ala.—PRICE PAID—It is
stated that the $66,000 5% semi-annual gasoline
chased by Watkins, Morrow & Co. of
were
sold at par.
tax road warrants pur¬
Birmingham—V. 146,
Due from Nov. 15, 1938 to May 15, 1943.
p.
3836—
ARKANSAS
ARKANSAS,
State
of—BOND
SALE—'The $100,000 issue of 4%
school, revolving loan bonds offered for sale on June 24—V. 146,
p. 3695—
was
purchased jointly by Walton, Sullivan & Co., and T. J. Raney &
Sons, both of Little Rock, at par, according to the Clerk of the State
Board of Education.
BOND OFFERING—It is reported that sealed bids will be received
by
State Board of Education, until 10 a. m. on
July 29, for a $250,000
4% revolving lqan issue.
Due from March 1, 1939
to 1957.
It is said that
pledge of local district bonds and the
Board's authority to withhold State fund allotments to
prevent defaults
by
bonds
will
be secured
by
a
districts.
MATURITY—We
informed subsequently that the above bonds
$5,000 in 1939; $6,000, 1940 to 1942; $7,000,
1945 to 1947; $9,000, 1948 to 1951, and $3,000 in
were
mature on March 1 as follows:
1943 and 1944; $8,000,
1952.
OAKLAND, Calif.—PWA GRANT
FOR RAILWAY
TUNNEL APPROVED—The following isthetext of a
press release (No. 3316)
made public by the Public Works Administration:
INVESTMENT—'The
successful
bidders
re-
COLORADO
BOULDER COUNTY SCHOOL DISTRICT NO. 29 (P. O. Louisville),
VOTED—At the election held on June 24—V. 146, p.
3990—the voters approved the issuance of the $50,000 3 M % high school
building bonds by a count of 153 to 143.
Due annually from 1939 to
1948, without option.
We are informed that a contract has been made
Colo.—BONDS
for the disposal
of these bonds.
COLORADO, State of— WARRANT OFFERING
CONTEMPLATED—
A special dispatch
from Denver to the "Wall Street Journal" of June 28
follows:
Reporting a State deficit of nearly $8,000,000 for the first 11 months of
the fiscal year. State Treasurer Homer F. Bedford announces that the
State plans to sell on July 1, $2,500,000 registered warrants.
Proceeds of
reported
as
would be used to increase the general fund for the fiscal year
which begins on that date.
Revenues for the first 11 months of the current fiscal year amounted to
the issue
$55,748,088, while expenditures for the period
CALIFORNIA
ALAMEDA AND
FOR
SAN BERNARDINO COUNTY (P. O. San
Bernardino), Calif.—
WARM SPRINGS SCHOOL BOND SALE—The $7,500 issue of Warm
Springs Elementary School District bonds offered for sale on June 28—
Y. 146, p. 3990—was awarded to the William R. Staats Co. of Los Angeles,
as 3 Hs, paying a premium of $ 11.25, equal to 100.15, a basis of about 3.46
%.
Dated July 1, 1938.
Due from July 1, 1939 to 1946 incl.
the
these
OFFERED
offered the above bonds for general subscription at prices to
yield from
0.50% to 2.85%, according to maturity.
Treasurer reported.
No further plans
for
the warrant issue
were
were
$63,543,501, the State
revealed
although
Mr.
Bedford intimated that Colorado residents would be given the preference
purchases.
Announcing the deficit and the warrant sale, the State
Treasurer said:
in
Volume
147
Financial
On account of slow tax
collections, our office will be forced to begin
registration of warrants on
general fund accounts about the first of the
month."
They pay 4% interest and Colorado investors should have the
first
opportunity to buy them.
"They will be short-term warrants, none of them to be called witoin
30 to 60 days after
registration.
All previous registered warrants on the
general fund have been called and
there is sufficient money on hand to
pay them."
For repayment of these warrants
the State is depending upon collections
from the second
property tax instalment and other current taxes, it is
understood.
1
LARIMER
COUNTY
SCHOOL DISTRICT NO. 30 (P. O. Fort
SOLD—It is reported that $47,500 school bonds
by Boettcher & Co. of Denver, as 2Ms, at a
Dated May 1, 1938.
Due from 1942 to 1952.
Collins), Colo.—BONDS
were
purchased
on
price of 100.86.
June 25
CONNECTICUT
SHELTON,
Conn.—BONDS
VOTED—J.
Clerk,
advises that on June 25 the voters sanctioned
the issuance of $50,000
2M% relief bonds by a count of 260 to 50.
Dated Aug. 1, 1938 and due
$5,000 each year from 1939 to 1948 incl.
Date of sale has not
City
yet
fixed.
FLORIDA
been
Clyde C. Pierce Corporation
1199643238657208
First
National
Bank
T.
TAMPA
S.
Pierce, Resident
Manner
$75,696,200
9,680,260
Total
—$85,376,460
The present bonded indebtedness of
the City of Jacksonville is$12.557,000
The city owes for certificates issued for
the purchase of land for
street purposes and
equipment
11,869
Total indebtedness
Less: Sinking fund
$12,568,869
1,428,087
_
-
$11,140,782
845,000
Net indebtedness
$10,295,782
-
The
attention of the prospective bidder is called to the
fact that the net
profits of the electric light plant are pledged for the
payment of interest
and principal of these proposed bonds.
The profits from said
municipally operated electric plant are as follows:
Total
Operating
Expenses
$846,501
961,711
Revenue
1938 (5mos.)-
$2,677,567
2,746,129
2,902,778
3,125,750
3,440,516
1,470,972
Interest and
Net Income
Available
Fixed Charges
$121,375
$1,709,691
1,715,543
1,591,785
68,875
230,525
53,113
236,633
294,414
1,080.468
1,145,552
1,286.984
587,522
by the City of Jacksonville
1.927.085
1,916,899
589,036
are as
courses
$17,010,845
REDUCTION SHOWN
THROUGH
refunding plan approved by Coral
Gables freeholders 17 months
ago has reduced that city's bonded debt from
$11,231,294 to $4,576,348, Finance Director G. N. Shaw announces.
He
a formal
statement on behalf of the
city, summarizing its present
debt situation and details of the
refunding operations, which heretofore
had not been made public.
The
current status of the
city's debt is listed in the statement as follows:
Refunding bonds issued Jan. 1, 1937, $3,872,585; original bonds and notes
held by Dade County and the
City of Miami, to be refunded after passage
of enabling legislation in
1939, $113,800: judgments on bonds and interest
on bonds, to be
disposed of by spread levies under pending court orders
and agreements,
$205,859; other judgments upon which negotiations have
not
been
completed, $16,103; original bonds outstanding, unlocated,
$107,000; original bonds outstanding upon which negotiations have not
been concluded, $261,000.
The statement recited that the terms of
refunding plan impelled the city
commission to sell delinquent tax certificates "in
order to pay the expenses
of the
refunding and to secure bonds witn which to meet the first 10-year
retirement schedule."
HILLSBOROUGH COUNTY (P. O.
Tampa), Fla.—FINANCIAL
STATEMENT—The following information is furnished in connection with
public offering by John Nuveen & Co. of
Chicago, of $83,000 5% countywide road bonds dated
July 1, 1922:
a
True value of taxable
property, estimated
Assessed valuation 1936-37
Assessed valuation 1937-38
$175,000,000
*36,917,968
*39,153,087
Bonded debt (county-wide issues) Mar.
1, 1938
Less—Cash in interest & sinking fund
$3,590,000
__$514,137
Bonds in interest & sinking fund at
par or market
whichever is lower
1,038,537
$2,551,463
*
Current roll only.
Population 1930 Federal census 153,519; population
159,208; winter population 1937 (estimated) 185,000.
1935
State
Record—County-wide Bonds—Debt Service Only
Year—
Col.
1933-34
1934-35
$317,533
during
incl.
curr.
fiscal
County Refunding Agency:
To the Owners of Bonds of Polk
County, Florida, Road
and Bridge Districts Nos.
2,3, 12,15 and 16.
The refunding bonds dated Jan.
1, 1938, to be exchanged for the bonds
of the above-named
district^ now outstanding, are ready for delivery through
the Peoples Savings Bank,
Lakeland, Fla.
A substantial amount of bonds have
already been deposited for exchange.
If you have not
already done so, you should forward your bonds without
delay to the Peoples Savings Bank, Lakeland, Fla., in order that
they may
be included in the first
exchange of bonds to be effected July 5, 1938.
HAWAII
HAWAII, Territory of—BOND SALE—The $2,886,000 issue of public
improvement bonds offered, for sa.e on June 27—V. 146,
p. 3991—was
awarded to a syndicate composed of the Chase National
Bank of New York;
the Bancamerica-Blair Corp.; the Harris Trust &
Savings Bank of Chicago;
Hayden, Miller & Co. of Cleveland, Whiting, Weeks &
Knowles, Inc.;
Newton, Abbe & Co.; Kennedy, Spence & Co., all of
Boston; Kaiser & Co.
of San Francisco, and Hawley, Huller & Co. of
Cleveland, as 2Ms, paying
a price of 100.239, a basis of about
2.22%. Dated July 10, 1938. Due from
July 10, 1940 to 1957, incl.
BONDS OFFERED FOR
INVESTMENT—'The successful
offered the above bonds for public
subscription at prices to
1935-36
1936-37
$201,588
$182,777
272,078
173.992
178,246
The bonds
to rate or amount.
IDAHO
LATAH
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
2
(P. O. Genessee), Idaho—BOND SALE—The $28,000 issue of construc¬
tion bonds offered for sale on June 27—V.
146, p. 3838—was awarded to
Murphey, Favre & Co. of Portland, according to the Superintendent of
Schools.
Dated July 1, 1938.
Due on Jan. 1, 1958; optional on Jan. 1,
1940.
255,162
ILLINOIS
taxes
230,049
72.4
Percent
86.3
97.5
93.8
BEAVERVILLE, III.—BONDS DEFEATED—At
the voters defeated
Gas Tax Allocated to County-wide Bonds
Year ending Oct. 30, 1935
$174,072;
year
ending Oct. 30,1937, 207,692.
ending Oct. 30,1936, $200,440
Maturity Schedule and Debt Service Requirements—County-wide debt
Year—
Principal
Interest
Total
.
-
$133,000
173,000
173,000
150,000
161,000
a 941,000
171,000
178,000
173,000
183,000
188,000
168,000
174,000
184,000
189,000
4,000
4,000
4,000
4,000
4,000
I960-
-
$180,330
172,205
163,580
154,955
147,030
139,457
92,383
83,860
74,992
66,350
60,247
47,815
39,422
30,732
21,542
12,102
11,912
11,722
11,532
11,342
11,152
11,152
11,152
11,152
11,152
11,152
$313,330
345,205
336,580
304,955
308,030
1,080,457
263,382
261,860
247,992
249,350
248,247
215,815
213,422
214,732
210,542
16,102
15,912
15,722
15,532
15,342
11,152
11,152
11,152
11,152
11,152
232,152
x 221,000
$775,000 term bonds included in this
maturity, $53,000 of
which have been cancelled and in addition there are
held in the sinking
fund $321,000 full county bonds of shorter
maturity specifically pledged
for the payment of this term issue,
b Hillsborough
County has just called
for payment on July 1,1938, $135,000
refunding optional bonds not due
There
as
legal investment for savings banks and trust funds in
are exempt as to both
principal and interest from all
present Federal, State, municipal and local taxes, except
estate, inheritance
and gift taxes.
are
& past due
-
re-
New York State and
year
1954...
bidders
yield from 0.75%
2.35%, according to maturity.
Issued for public improvements, these bonds will
constitute, in the
opinion of counsel, valid and legally binding obligations of the
Territory
of Hawaii, payable from the consolidated revenues of
the Territory, which
will have power to levy taxes
upon taxable property for the payment of the
to
census
The above financial statement does not
include the debt of other politi¬
cal subdivisions
having power to levy taxes on all taxable property within
this county.
Levy
POLK COUNTY ROAD AND BRIDGE
DISTRICTS (P. O. Bartow) ,
Fla.—REFUNDING BONDS READY FOR DELIVERY—The
following
letter was issued as of June 25
by De Witt Davis, Secretary of the Polk
bonds and interest thereon without limitation
524,400
Net bonded debt March 1, 1938
Tax Collection
follows:
$10,678,040
3,259,955
2,842.322
63,091
167,437
Docks and terminals
Radio Station WJAX
•
FLORIDA
issued
a
basis)
Personal property
Golf
CORAL GABLES, Fla.—DEBT
REFUNDING OPERATIONS—The
year
(50%
Electric plant and distribution system..
Water works
FLORIDA
Building
1937654
estate
The costs of the utilities owned
Building
JACKSONVILLE
Branch Office:
2.70s, tendered by the
on
Financial Statement as of May 31, 1938
Assessment Roll for 1938
Real
1933-
BONDS
Barnett National Bank
153
The second highest bid was an offer of
100.66
Harris Trust & Savings Bank of
Chicago.
Deduct for water bonds.
Edwards,
S,
Chronicle
are
until 1963.
MARTIN COUNTY (P. O.
Stuart), Fla.—BOND TENDERS AC¬
CEPTED—In connection with the call for tenders of
bonds, it is stated by
Clerk of the Circuit Court, that the Commissioners
J. R. Pomeroy,
accepted
offerings
as follows: county-wide refunding, $9,000 at
59.75, and $5,000
62.00 and interest; $5,000 at 63.00 and interest, and
$5,000 at 64.00
Special District No. 12—$2,000 at 62.00, and
8pecial Dis¬
trict No. 16, $2,000 at 62.00 and interest.
an
issue of $25,000
an
election
on
June 26
highway improvement bonds.
DECATUR, 111.—TO VOTE
ON BOND ISSUE—An election on the ques¬
tion of issuing $1,600,000 storm relief bonds for the
city and sanitary dis¬
trict's program will be held about July 20.
EARL TOWNSHIP
(P. O. Earlville), III.—BOND SALE DETAILS—
The $20,000 road bonds purchased by Ballman & Main of
Chicago—V.
146, p. 4149—were sold as 4s, at par and interest, plus legai expenses.
Dated March 1, 1938. Denom. $1,000. Registerable. Due $2,000 on Jan.
1
from 1940 to 1949 incl. Interest payaole annually on Jan. 1.
FARINA, 111.—BONDS SOLD—An issue of $12,500 water
been sold to the White-Phillips Corp. of Davenport.
works bonds
nas
GALENA SCHOOL
DISTRICT, III.—PROPOSED BOND ELECTION
—An election will be held
during July
on an
repair bonds.
GALESBURG SCHOOL
issue of $20,000 school building
DISTRICT, III .—REQUESTS PWA GRANT
—The Board of Education has applied to the Public Works Administration
for a grant of 45% on a school building program estimated to cost
about
$750,000.
HOOPESTON,
III.—PROPOSED BOND ISSUE—The City Council
in special meeting recently to consider the issuance of
$39,000
system revenue bonds.
convened
water
LAWRENCEVILLE SCHOOL
DISTRICT, III.—BOND ELECTION—
On July 8 the voters will be asked to
building bonds.
approve
an
issue of $24,000 school
MAPLE GROVE SCHOOL DISTRICT (P. O.
Moline), III.—BONDS
VOTED—At a recent election the voters authorized an issue of
$20,000
school building construction bonds.
NORTH FORK TOWNSHIP (P. O. Ridgeway), 111.—BONDS VOTED
voters recently approved an issue of $10,000 road
improvement
—The
bonds.
OAKLEY
TOWNSHIP
(P.
O.
Oakley),
111.—CORRECTED
BOND
SALE REPORT—Ballman & Main of
Chicago purchased earlier in the year
$20,000 4% school building bonds.
Dated Aug. 1, 1937.
Denom. $1,000.
Due $2,000 on Dec. 1 from 1939 to 1948 incl.
Prin. and
int. (J. & D.) payable at the First National Bank, Chicago.
Legality
approved by Holland M. Cassidy of Chicago.
(It was previously reported
in these columns, under the caption Oakley 111., that an issue of
$120,000
had been sold.)
an
issue
of
at
and interest.
(This notice corrects the report given in our issue of June 11, under the
caption of "St. Lucie Inlet District and Port Authority, Fla."—V.
146,
p.38370
on
issue of coupon
July 1—V. 146,
6 ated July 15, awarded Due Charles Bancroft of Boston as 2Ms at
3990—was 1938. to from July 15, 1951 to 1953.
f>e
par.
a
special election
on
Aug. 3
asked to authorize the issuance of $9,000 general
obliga¬
OSWEGO, III.—BONDS VOTED—The
issue to finance construction of
JACKSONVILLE, Fla.—BOND SALE—The $275,000
refunding, Second Issue of 1938, bonds offered for sale
OAKWOOD. 111.—BOND ELECTION—At
the voters will
tions and $11,000 water works revenue bonds.
a
sewage
voters authorized a $10,000 bond
disposal plant.
PEKIN, 111.—BOND SALE— The $14,500 3% judgment funding bonds
June 20—V. 146, p. 3838—were awarded to the White-Phillips
Corp. of Davenport, at par plus a premium of $758, equal to 105.22, a
basis of about 1.65%.
Dated May 1, 1938 and due Nov. 1 as follows:
offered
Financial
154
$3,000 from 1940 to 1943 inci. and $2,500 in
bonds and legal opinion.
1944. Bidder to furnish printed
111 .-—APPROVES REFUNDING—The Board of
has authorized the refunding of $73,000 bonds presently out¬
VILLAGE
Trustee®
PARK,
standing.
FRANKFORT, III.—CONSIDER REFUNDING ISSUE—City
officials have been considering a proposal to issue $150,000 refunding bonds.
WEST
Chronicle
July 2, 1938
OFFERED
FOR
INVESTMENT—'The
successful
bidder
reoffered the above bonds for subscription at prices to yield from 1.60%
to 2.05%, to the first callable date, and callable at 100 after May 1, 1944.
BONDS
GREENFIELD, Iowa—BONDS SOLD—It is reported that $16,000
4M% semi-ann. electric light bonds were purchased recently by Jackley &
Co. of Des Moines, at a price of 100.15.
bonds have been
Moines, at a price of
It is also said that $13,000 4% semi-ann. water revenue
purchased by Shaw, MicDermott & Sparks of Des
100.12.
INDIANA
Wampler, Secretary of the Board of School Trustees, will receive sealed
bids until 7:30 p. m.*on July 7, for the purchase of $11,500 not to exceed
414% interest school bonds.
Dated July 1, 1938.
Denora. $500.
Due
Jan. 1 as follows:
$1,000 from 1940 to 1949, incl. and $1,500 in 1950.
Bidder to name one rate of interest, expressed in a multiple of M of 1%.
Interest payable J. & J.
Bonds are direct obligations or the school city,
payable out of ad valorem taxes to be levied on all of its taxable property.
A certified check for $500, payable to the order of the school city, must
accompany each proposal.
Successful bidder will be furnished the approv¬
ing legal opinion of Matson, Ross, McCord & Clifford of Indianapolis.
FREMONT CIVIL TOWNSHIP (P. O. Fremont), Ind.—BOND SALE
$20,240 school building bonds offered June 14—V. 146, p. 3379—
were awarded to the First National Bank of Fremont, at par plus a premium
$40,000 issue of funding bonds offered for sale on June 24—V. 146, p. 4150
awarded to Vieth, Duncan & Wood of Davenport, as 2Ms, paying
—was
premium of $60, equal to 100.15, a basis of about 2.24%.
1938.
Due $5,000 on May and Nov. 1, from 1950 to 1953
a
$607.20, equal to 103, a basis of.about 2.58%.
Dated July 1, 1938 and
$800, July 1, 1940: $800, Jan. 1 and July 1 from 1941 to
1952 incl. and $240, Jan. 1, 1953.
of
due as follows:
FREMONT
SCHOOL TOWNSHIP
(P. O. Fremont),
Ind.—BOND
146,
SALE—The $24,000 3% school buidling bonds offered June 14—V.
3379—were awarded to the Fletcher Trust Co, of Indianapolis.
•
The
sale consisted of:
$12,000 series A bonds.
Due $800 on July 1 from 1940 to 1954 incl.
12,000 series B bonds.
Due $800 on July 1 from 1941 to 1955 incl.
All of the bonds Willi be dated July 1, 1938.
—BOND SALE—The $15,000 issue of refunding
GARY,
Co. of
MASON CITY INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City), Iowa-—FINANCIAL STATEMENT—The following official infor¬
mation is furnished herewith in connection with the sale
of the $55,000 re¬
funding bonds, reported in detail in our issue of June 25—V. 146, p. 4148:
V
Financial Statement as of July 1, 1938
Assessed Valuation
property, equalized for year 1937,
upon which taxes are paid in 1938
$19,264,985
Moneys and credits for same date (not included in foregoing) —
3,702,987
Real
and personal
estate
Bonded Indebtedness
Issue of July
Issue of Apr.
Issue of May
Ind.—WARRANT OFFERING—Sealed bids will be received
July 5 for the purchase of $250,000 short-term warrants.
Iowa
bonds offered for sale on
June 27—V. 146, p. 4150—was awarded to the Carleton D. Beh
Des Moine.s, as 2M«. paying a premium of $200.00, equal to 101.33.
Issue of May
.
Dated June 1,
incl.
LETTS CONSOLIDATED SCHOOL DISTRICT (P. O. Letts),
—The
p.
(P. O. Iowa City), Iowa—BOND SALE—The
JOHNSON COUNTY
BICKNELL SCHOOL CITY, Ind.—BOND OFFERING—W. Cyrus W.
Issue of May
Issue of Oct.
Issue of Feb.
1,
1,
1,
1,
1,
1,
1,
1918,
1922,
1924,
1936,
1937,
1937,
due
due
due
due
due
due
July
Apr.
May
May
May
Oct.
1938, due Nov.
$55,000
100,000
90,000
30,000
133,000
72,000
1, 1938
5%...
1,1942
5%
1, 1944
4M%--1, 1938-44
2%
1, 1938-57
2M%
1, 1938-57
2M%
1, 1939-47
2M%--
120,000
until 10 a. m. on
INDIANAPOLIS, Ind.—SCHOOL*BOARD SELLS WARRANTS—'The
$300,000 warrants offered by the Board of School Commissioners on June 28
—V. 146, p. 4149—were awarded to a group of Indianapolis institutions at
1% interest, plus a premium of $10.80.
Account consisted of Fletcher
Trust Co., Union Trust Co., Indiana Trust Co., Merchants National Bank,
American National Bank and the Indiana National Bank.
Warrants are
dated June 30, 1938 and mature Dec. 15, 1938.
Tax Collections
1934
19.35
1936
$360,219
$374,825
$408,245
383,201
390,686
406,421
(Shortage in 1936 due to new method of figuring tax on moneys and
credits now required by Iowa Law.)
-v':-V
1933
Levied.
$336,215
343,140
Collected
Total Expenditures and
1.
LAKE
COUNTY
Crown Point), Ind.—BOND OFFERING—
(P. O.
Joseph E. Finerty, County Auditor, will receive sealed bids until 11 a. m.
on
July 6 for the purchase of $64,000 not toexceed4% interest tax equip¬
Dated July 1, 1938.
Denom. $1,000.
Due $32,000 July 1,
ment bonds.
1941, and $32,000 Jan. 1, 1942.
Interset payable J. & J.
A certified
check for 3% of the bonds bid for, payable to the order of the Board of
Commissioners, must accompany each proposal.
The approving opinion
of Chapman
& Cutler of Chicago will be furnished the successful bidder.
MARION SCHOOL
CITY, Ind.— BOND OFFERING—Elbert E. Day,
Superintendent of Schools, informs us that sealed bids will be received
until 4 p. m. on July 19 for the purchase of $100,000 not to exceed 4%
interest school improvement
bonds of 1938.
Bidder to name
a
single rate of
interest, expressed in a multiple of M of 1%.
Purchaser to furnish bond
A certified check for $2,000, payable to the order of the school city,
forms.
Legal opinion of Matson, Ross, McCord & Clifford of Indiana¬
polis will be furnished the successful bidder.
is required.
$600,000
Total bonded indebtedness
Receipts
Receipts
$404,326.47
School year 1933-1934
School uear 1934-1935--.
'
Expenditures
$388,694.36
Total.
Cash
on
Cash
on
.
448,780.99
494,410.74
615,406.18
-$1,936,771.36
42,544.40
1935-1936
1936-1937.
509,124.01
605,838.07
$1,947,292.27
$1,979,315.76
School year
School year
417,482.81
$1,979,315.76
-
-
hand, July 1, 1933
hand, July 1, 1937
32,023.49
PALO "(ALTO'COUNTY (P. O. Emmetsburg), Iowa—BOND SALE—
$500,000 issue lof primary road bonds offered for sale on June 27
146, p. 3839—was awarded to a syndicate composed of the Harris
Trust & Savings Bank of Chicago, the White-Phillips Corp. of Davenport,
and the Iowa-Des Moines National Bank & Trust Co. of Des Moines, as
The
—V.
BOND ISSUE—The County
2Ms, paying la premium of $2,951.00 equal to 100.59, a basis of about
2.14%.
Dated July 1, 1938.
Due from May 1, 1945 to 1950; optional
increase in direct relief requirements
after May 1, 1944.
VANDERBURGH
poor
COUNTY (P. O. Evansville), Ind .—PROPOSED
Auditor recently stated that an unexpected
will necessitate the sale of $250,000
relief bonds to meet expenses for the remainder of the present year.
VINCENNES CIVIL TOWNSHIP
(P. O. Vincennes),
Ind.—BOND
SALE—The $10,500 refunding bonds offered June 23—V. 146, p. 3550—
were awarded to the Security Bank & Trust Co. of Vincennes, as 2Ms. at
par plus a premium of
Dated July 1, 1938 and
bids:
$15.50, equal to 100.14, a basis of about 2.73%.
due $5,000 Jan. 1, and $5,500 July 1, 1948. Other
Int. Rate
Bidder—
Kenneth S. Johnson
_
Fletcher Trust Co
—
McNurlen & Huncilman
VINCENNES
SCHOOL
TOWNSHIP
Premium
2M %
2M %
3%
$73.13
12.00
51.75
(P.
O. Vincennes), Ind.—
BOND SALE—The $4,000 refunding bonds offered June 23—V. 146, p.
3550—were awarded to the Security Bank & Trust Co. of Vincennes, as
2Ms, at par.
Dated July 1, 1938 and due $1,000 on July 1 from 1941 to
1944 incl. Other bids:
Bidder—
Kenneth S. Johnson
2M%
Premium
$13.40
2%%
12.00
Int. Rate
Fletcher Trust
McNurlen & Huncilman
—
0%
..
y-
21.75
WALNUT TOWNSHIP SCHOOL TOWNSHIP (P. O.
RR. 2, CrawSALE—The $36,000 school bonds offered
June 17—V. 146, p. 3696—were purchased as 2s, at par, by three local
banks.
Dated June 1, 1938 and due as follows:
$1,500 July 1, 1939, and
$1,500 Jan. 1 and July 1 from 1940 to 1951 incl.
fordsville),
Ind.—BOND
PERRY, Iowa—BOND OFFERING—It is reported that bids will be
received until
July 5,
by the City Clerk, for the purchase of a $28,000
issue of sewage disposal
plant bonds.
POCAHONTAS COUNTY (P. O.
Pocahontas). Iowa—BONDSALE—
The $125,000 issue of coupon primary road bonds offered for sale on June 27
—V. 146, p. 3992—was awarded to Halsey, Stuart & Co. of Chicago, as
2Ms, paying a premium of $676.00, equal to 100.54, a basis of about
2.19%.
Dated Juiy|l, 1938.
Due from May 1, 1945 to 1950 incl.
The second best bid was an offer of $626 premium on 2Ms, tendered by
Brown Harriman & Co. of New York.
WOODBURY COUNTY
(P. O. Sioux City), Iowa—BOND SALE—
The $100,000 issue of funding bonds offered for sale on June 27—V. 146,
p. 4150—was awarded jointly to the Polk-Peterson Corp. of Des Moines,
and Smith, Barney & Co. of Chicago, as lMs, paying a premium of $16,
equal to 100.016,
incl.
a
'
■
basis of about 1.496%.
Due from July 1, 1939 to 1945
.-v.'-
The only other bid for 1M % bonds was an offer of $15 premium,
submitted
by Halsey, Stuart & Co., Inc. of Chicago.
WORTH COUNTY
(P. O.
Northwood),
Iowa—BOND SALE—The
$80,000 issue of primary road bonds offered for sale on June 28—V. 146,
p. 4150—was awarded to Halsey, Stuart & Co., Inc., of Chicago, as 2Ms,
paying a premium of $81,000, equal to 100.102, a basis of about 2.24%.
Dated July 1, 1938.
Due on May 1 in 1949 and 1950: optional after
May 1, 1944.
KENTUCKY
IOWA
ALTA
VISTA, Iowa—BOND OFFERING—Sealed and open bids will
Clerk, for the
Denom. $1,000,
one for $500.
Dated July 7, 1938.
Due on July 7 as follows: $500, 1940:
$1,000, 1942, 1944, 1946, 1948, 1950, 1952 and 1954.
be received until 8 p. m. on July 7, by George Lofy, Town
purchase of a $7,500 issue of 3 % semi-annual sewer bonds.
BURR OAK TOWNSHIP (P. O. Osage), Iowa—BONDS SOLD—It is
reported that $1,200 school bonds were sold recently.
CONRAD.
received
until
Iowa—BOND OFFERING—It is reported that bids will be
July 5, by the Town Clerk, for the purchase of a $3,500
issue of water works bonds.
DES
MOINES,
Iowa—BONDS SOLD—It is now reported that the
$617,000, offered without success on
were rejected, as noted in these columns—V.
146,
p. 4149—have since been purchased privately as 3 Ms, at par, by the Carleton D. Beh Co., and Shaw, McDermott & Sparks, both of Des Moines,
bidding jointly.
The issues are divided as follows:
various issues
June 21
of bonds aggregating
when all bids
$80,000 bridge bonds.
Due Dec. 1 as follows: $2,000 in 1939 to 1943,
$4,000 in 1945 to 1949, $6,000 in 1950 to 1955 and $7,000 in 1956
and 1957.
38,000 city improvement bonds.
Due Dec. 1 as follows: $2,000 in 1939
to 1943, 1945 to 1948, and $4,000 in 1949 to 1953.
44,000 sewer outlet and purifying plant bonds.
Due $4,000 Dec. 1, 1942
and 1943 and 1945 to 1953.
70,000 main sewer bonds.
Due $7,000, Dec. 1, 1943 and 1945 to 1953.
175,000 grading bonds.
Due Dec. 1 as follows: $10,000 in 1945 to 1948
and 15,000 in 1949 to 1957.
100,000 grading bonds.
Due Dec. 1 as follows: $7,000 in 1946 to 1949 and
$9,000 in 1950 to 1957.
110,000 park and cemetery bonds.
Due Dec. 1, as follows: $10,000 in
1941 to 1943 and $20,000 in 1945 to 1948.
Denom. $1,000.
Dated June 1, 1938.
DES MOINES COUNTY (P. O. Des Moines). Iowa—MATURITY—
It is stated by the Coutny Treasurer that the $70,000 2M% semi-ann.
funding bonds purchased at par by the White-Phillips Corp. of Davenport—
V. 146, p. 4148—are due as follows:
$5,000,1939 to 1948; $9,000, 1949 and
$11,000 in 1950.
DICKINSON
COUNTY
(P. O. Spirit Lake)
Iowa—BOND SALE—
28—V.
146, p. 4148—was awarded at auction to|a group composed of Brown
Harriman & Co., and the Northern Trust Co., both of Chicago, the WellsDickey Co. of Minneapolis, W. D. Hanna & Co. of Burlington, Iowa, and
the Illinois Co. of Chicago, paying a price of 100.514 for 2 Ms, a basis of
about 2.16%. Dated July 1,1938. Due from May 1,1945 to 1950. Optional
on;and after May 1, 1944.
The $350,000 issue of primary road bonds offered for sale on June
KENTUCKY, State of—BOND OFFERING CANCELED—It is stated
by Robert Humphreys, Commissioner of Highways, that because the Court
has granted an injunction against the proposed sale of the
$10,300,000 Bridge Revenue Project No. 15 bonds, wnich had been sched¬
uled by July 11—V. 146, p. 4150—the offering was canceled.
In connection with this report, we quote in part as follows from an article
appearing in the "Wall Street Journal" of June 29:
of Appeals
The State of Kentucky will probably be forced to postpone its offering
of $10,300,000 bridge bonds because of a court order enjoining the sale.
The sale had been scheduled for July 11, and it is doubted that the legal
dispute will be settled in time for the offering on that date.
Postponement of the sale would be the second time that the State De¬
partment of Highways has delayed the offering.
The bonds, totaling
$7,500,000, were originally scheduled for June 20.
They were withdrawn
prior to the sale date and rescheduled after the total had been increased to
$10,300,000.
Rescheduling of the initial offering was made when investment houses
indicated that they disapproved of the details of the plan, which would
result in some of the bridges becoming toll-free prior to the maturity of
the offered bonds.
This would have resulted in free bridges competing
with toll bridges.
Under the revised schedule, the objections were eliminated.
However,
a test suit was brought by a taxpayer who questioned the legality of the
new offering and obtained a restraining order against the sale on July 11.
MUHLENBURG
COUNTY
(P.
O.
Greenville),
Ky.—BOND SALE
DETAILS—It is stated by the Clerk of the County Court that the $37,000
road and
bridge bonds sold last March, as noted in these columns at the
time, were purchased by the W. C. Thornburg Co. of Cincinnati as 4Ms
at par.
UNION COUNTY (P. O. Morganfield), Ky.—BOND SALE DETAILS
by the Clerk of the County Court that the $21,000 court
—It is stated
house bonds sold recently—V. 146, p. 4148—► were purchased by the
Bank & Trust Co. of Morganfield as 3 Ms at par.
Union
LOUISIANA
BOARD
OF ADMINISTRATORS OF THE CHARITY HOSPITAL
OF LOUISIANA AT NEW ORLEANS, La .—BOND OFFERING—It is
stated
by Fred W. Matthews, Secretary-Treasurer of the Board of Ad¬
ministrators, that sealed bids will be received by the Board at a meeting
to be held at the
Charity Hospital of Louisiana at New Orleans, in that
city on July 12,at llja. m.,for the purchase of a $4,500,000 issue of coupon
Charity Hospital of Louisiana at New Orleans, serial 1938 bonds.
Interest
rate is not to exceed 6%, payable F. & A.
Dated Aug. 1, 1938.
Denomination $1,000.
Due Aug. 1, as follows:
$100,000 in 1942, $104,000 in 1943, $108,000 in 1944, $112,000 in 1945,
$116,000 in 1946, $120,000 in 1947, $125,000 in 1948, $130,000 in 1949,
Volume
147
Financial
Chronicle
$55,000
improvement bonds.
Denom. $500.
A certified check
$1,100, payable to the Treasurer of the Police Jury, must
for
accompany the bid.
445,000 public improvement bonds.
Denom. $1,000.
A certified check for
$10,000, payable to the Treasurer of the Police Jury, must accom¬
Louisiana Municipal Bonds
pany this bid.
Bought and Sold
Interest rate is
New
ished the successful bidder.
MAINE
AUBURN,
of Portland,
LOUISIANA
in
^62>
Me.—BOND SALE—The $45,000 coupon bonds offered
146, p. 4151—were awarded to Edward L. Robinson & Co.
as 2s, at a price of 100.30, a basis of about 1.93%,
The
sale consisted of:
P J8§°' §140,000 in 1951, $145,000
l^4• §162,000 in 1955, $168,000
io?o'R2R
$243,000
4%, payable F. & A.
Dated Aug. 1, 1938.
The approving opinion of B. A. Campbell
transcript of record as passed upon, will be furn¬
Orleans
June 29—V.
!n
not to exceed
Due from Aug. 1, 1940 to 1978.
of New Orleans, and the
Whitney National Bank
of
155
court house
in
in
fl8!'000 in l959- $194,000 in
$217,000 in 1963. $225,000 in
1952.
1956,
1960,
1964,
1966, $252,000 in 1967, and $211,000 in
$150,000
$174,000
$202,000
$234,000
1968.
$35,000 general improvement
in 1953,
in 1957,
in 961,
in 1965,
1939
to
1948
bonds.
Due
each
$3,500
1 from
July
on
incl.
10,000 highway and school equipment bonds.
Due $2,000 each
on
July 1
from 1939 to 1943 incl.
All of the
Bidders for
bonds
dated July
1, 1938.
E. H. Rollins & Sons, Inc.,
New York, second high bidder, offered to
pay a price of 101 for 2Ms.
said bonds shall name the
rate or rates of interest to be borne by the bonds,
the price
they will be willing to pay for such bonds and shall include accrued
are
interest
from date of bonds,
namely Aug. 1, 1938, to date of delivery.
However not over 3
separate interest rates named for the issue in any single
bid will be considered.
The bonds will be awarded to the bidder offering
to purchase the same
at the lowest interest cost to the Board of Admin¬
istrators.
MARYLAND
,
Both principal of and interest
or
on
said bonds will be
payable in any coin
currency which
interest
on
said
on the respective dates of payment of
principal of and
bonds is lawful money of the United States of America
at the office of the
Secretary-Treasurer of the Board of Administrators or,
at the option of the
holder, at the American Bank & Trust Co., in New
Orleans,
or at the Manufacturers Trust Co. of New York.
Said bonds will be issued in coupon form with the
privilege of registra¬
as to
principal or as to principal and interest and when converted into
fully registered bonds may, at the expense of the holder, be reconverted
into coupon form.
tion
Said
bonds
MARYLAND
(State of)—BOND OFFERING— Sealed bids will be re¬
noon on July 27 for the purchase
Dated Aug. 15, 1938, and due
serially from 1941 to 1953, incl.
Bidder to name a single rate of interest
and specify a price of not less than
par.
Sale of this issue will complete
the award of the $9,052,000 loan authorized
by the 1937 State Legislature.
The first portion, in the amount of $3,408,000, was sold in August, 1937.
Another block of $1,031,000 was sold on Feb. 1, last.
A third portion of
the loan totaling $1,200,000, is being issued to the State Teachers' Re¬
tirement system in two instalments; one block of $600,000 was turned over
to this body on Feb. 1, last, while the
remaining $600,000 will be issued
ceived at the State Treasurer's office until
of $3,413,000 general construction bonds.
on
are
solely the obligations of the Board of Administrators
Charity Hospital of Louisiana at New Orleans, and are not obliga¬
tions of the State.
The bonds are exclusively secured as to payment of
ooth principal and interest
by an irrepealable dedication of the seccrad
$400,000 per annum from the levy and collection of the Annual Fran¬
chise Tax on Corporations, levied
by authority of Act No. 8 of 1932, as
amended by Act No. 18 of 1934, Act No. 25 of the
Extraordinary Session
of 1934, and Act No. 20 of the Third
Extraordinary Session of 1934, and as
re-enacted by Act No. 10 of the
Extraordinary Session of 1935, as amended
by Act No. 88 of the Regular Session of 1936, and Act No. 5 of the Regular
Session of 1938, and the penalties
provided therein; and by Section 7 of
Act No. 4 of 1938, it is provided that so
long as there shall be outstanding
and unpaid any bonds or interest
thereon, issued by virtue of the acts
aforesaid and the resolutions of the Board of
Administrators, said Franchise
Tax on Corporations shall continue to be levied and
collected, and the second
$400,000 or the annual levy and collection therefrom and the
penalties
of the
Feb. 1, 1939.
WICOMICO
O.
Salisbury), Md.—BOND SALE—The
699, a basis of about 2.39%.
Dated July 1, 1938 and due July 1 as fol¬
lows: $30,000 from 1956 to 1958 incl. and $35,000 in 1959.
Interest payaable J. & J.
Legality approved by Niles, Barton. Morrow & Yost of
Baltimore.
'
.
FRAMINGHAM, Mass.—BOND SALE—Stone & Webster and Blodget,
Inc., Boston,
and notes
were
awarded
June 30
on
their bid of 100.1567 for
on
total of $120,000 coupon bonds
a
IHs,
basis of about 1.22%.
a
award consisted of.'»'»* *"•■
$20,000~highway
,
>
■
_
Attorney-General of the
State has rendered an opinion that these bonds are
eligible to secure public
deposits within the State.
Enclose a certified check or cashier's check on
some bank or trust company in New Orleans for
$75,000.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 4
(P. O.
Rouge), La.—BOND OFFERING—Sealed bids will lie received until
Baton
10 a. m. on Aug. 23 by C. V. Turner, Secretary of the School
Board, for the
purchase of an issue of $100,000 school bonds.
Interest rate is not to exceed
6%, payable M. & S.
Denom. $1,000.
Dated Sept. 1, 1938.
Due from
Sept. 1, 1939 to 1958.
Legality approved by Chapman & Cutler of Chi¬
cago.
A certified check for $1,000, payable to W. H. Perkins, President
is
stated
by Edgar G.
Finance Trustee, that the $33,046.80 paving certificates offered
June 28—V. 146, p. 4150—were sold as follows:
$23,506.56 certificates to the First National Bank of Lafayette, paying a
on
premium of $500.00, equal to 102.12.
9,540.24 certificates to the Guaranty Bank & Trust Co. of Lafayette,
paying a premium of $180.00, equal to 101.88.
LOUISIANA, State of—BONDS OFFERED FOR INVESTMENT—
The $8,612,200 2M%, 3M and SH% refunding bonds that were
purchased
on June 4 by Edward Jones & Co. of New Orleans, and
associates, as re¬
ported in detail in these columns at the time—V. 146, p. 3839—are being
offered by the successful bidders for
public subscription at various prices
yields, all according to maturity.
Dated Aug. 1, 1938.
Due from
Aug. 1, 1939 to 1960.
1
<■'
_
is payable JT& J. 1,
$15,000 street pavement loan which is payable Oct. 1 and
April 1.
The April, 1938, coupon will be removed from these notes and
canceled so that interest will accrue from April 1, 1938.
The bonds will be
approved as to legality by Ropes, Gray, Boyden & Perkins of Boston, and
the notes byjKenneth H. Damren of Boston.
_OtherJbids at the sale were:
^'in f Rate
*
Bidder—
Lee-HigginsonCorp..
Goldman, Sachs & Co
Smith, Barney & Co
Rate Bid
1M%
1M%
1 M%
1M%
1 %%
100.71
100.71
-.100.899
— -
Second National Bank of Boston
Tyler & Co
Whiting, Weeks
100.834
100.84
&JKjiowles. - - - - - — -----1
-««■«■»Financiaflnformation June22, 1938
~~
"•
Ass'd valuation (incl. motor vehicles)
Tax rate
1937
1936
1935
'
.$33,941,765 $33,377,103 $34,469,420
$32.20
$32.40
$32.40
$1,066,566
--
$1,105,900
$1,105,918
181,170
24,757
None
—
Tax levy
Uncollected taxes-
100-21_
-----
jVote—The tax rate for 1938 has been set at $32.20 and tax bills will soon
be mailed.
,
(net) $35,000.
Tax titles held, $39,128; tax title loans
Total bonded debt
Present issues
—
—
—
v~-
$1,145,900
120,000
-—'-—
$1,265,900
Less water debt
(including present issue)
272,000
and
These refunding bonds, in the opinion of Messrs. Thomson, Wood and
Hoffman, will constitute general obligations of the State of Louisiana, for
the payment of the principal and interest of which the full faith and credit
of said State will be pledged and said bonds will be payable from con¬
stitutionally dedicated ad valorem taxes without limitation as to rate or
amount.
Article 324 of the Constitution of 1913 provides that "Beginning
the First Day of January, 1914, and until said obligations, with interest,
shall have been satisfied, there is hereby levied on all property on which
general State taxes are now or may hereafter be levied an annual tax of
One and Three-Twentieths Mills
on
the Dollar of assessed valuation
.
.
The principal and interest on these bonds, together with certain items of
interest and expense payable to other State funds and institutions in the
amount of approximately $87,182.25 per annum, are a first
charge upon
the above dedicated ad valorem taxes.
For each year in which the foregoing taxes may not be sufficient to meet
the payment of the bonds maturing in the following year, the
payment of
interest on these bonds, the interest on certain State funds, and the expenses
of the Board of Liquidation of the State Debt, the Auditor shall compute
the rate necessary in any such year to produce the required amount and shall
a special tax, sufficient in amount to meet such payments, to be
extended upon the tax rohs for collection as other general State taxes are
The 1.15 milis ad valorem tax levy for the tax year 1937 is
Net debt
$1,539,715; whereas the average principal and interest requirement on these
bonds is approximately $600,000 per annum, and the maximum annual
principal and interest requirement is approximately $866,000.
These bonds will be issued to refund, at an interest saving to the State,
$8,612,200 State of Louisiana serial gold 4M% bonds, dated Jan. 1, 1914,
to be called for payment on Aug. 1, 1938, at 104 and interest.
They are
issued under authority of Article 324 of the Constitution of the State of
Louisiana of 1913, as reaffirmed by Article XXII, Section I, fifth paragraph
of the Constitution of 1921, and Act No. 3 of the Regular Session of 1938.
The holders of the
refunding bonds are subrogated to all the rights of the
holders of the serial gold 4M% bonds refunded thereby, and these bonds
secured by and payable from the same taxes with the same priority of
are
--
—
-
-
-
-
—
-- -
—
—-
-
$993,900
Population 1935, 22.651.
HOLYOKE, Mass.—NOTE SALE—The $250,000 tax anticipation notes
Chase National Bank of New York,
0.218% discount.
Dated Jufle 30, 1938 and due on Dec. 21, 1938.
offered June 30 were awarded to the
at
Other bids:
———
""Bidder
~
First National Bank of Boston.----.---
Leavitt &
Co—
-
—
-
-
-
Discount
0.293%
0.296%
9•318%
0.38%
Shawmut National Bank of Boston-.-
Merchants National Bank of Boston
Whiting, Weeks & Knowles
...
0.42%
COUNTY (P. O. East Cambridge), Mass.—MATUR¬
ITY—The $208,500 hospital funding bonds sold to the Second National
Bank of Boston, as
at 101.41—V. 146, P. 4151—are dated July 1,
1938 in denoms. of $1,000 and $300 and mature July 1 as follows: $16,300
from'1939 to 1943 incl.: $14,300, 1944 to 1947 incl.; $13,300 in 1948, and
$11,300 from 1949 to 1953 incl.
,
MIDDLESEX
NEW BEDFORD, Mass.—BOND SALE—A group composed of Brown
cause
collected.
■'
the
"Year—
LAFAYETTE, La .—CERTIFICATE SALE—It
Monton,
■'
Denom.
except
I
School Board, must accompany the bid.
The
'
'
Oct.J. from 1938 10^1942, inclusive.
$1,000.
Interest"on all notes"and"bonds
bidder.
The approving opinion of the above
attorneys will recite that the interest
said bonds is exempt from all present Federal income
taxes, and that
said bonds are tax-exempt in the State.
The
'
Dated July l7 1938 and due $2,000 on July 1
from 1939 to 1948, inclusive.
20,000 water bonds.
Dated July 1, 1938 and due $2,000 on July 1 from
bonds.
1939 to 1948, incl.
65,000 municipal relief loan Act of 1938.
Dated July 1, 1938 and due
July 1 as follows: $7,000 from 1939 to 1943, incl. and $6,000 from
1944 to 1948, inclusive.
15,000 street pavement loan.
Dated Oct. 1, 1937 and due $3,000 on
bonds and the interest thereon.
on
>'
MASSACHUSETTS
The Board of Administrators will furnish at their
expense signed copy
of the approving opinion of
Thomson, Wood & Hoffman, of New York
City, as to the validity of such bonds, payable as aforesaid, and will also
furnish the definitive printed bonds without
expense to the successful
for sale
(P.
of $125,000 school bonds offered June 28—V. 146, p. 4151—was
awarded to W. W. Lanahan & Co. of Baltimore, as 2Ms, at a price of 101.-
provided in relation thereto, shall be charged with a first lien in the sum
and amount, of $400,000 per annum for the
payment of the principal of said
of the
COUNTY
issue
& Co., Inc.; Lazard Freres & Co., both of New York, and
Weeks & Knowles of Boston, purchased privately on June 28 an
$526,000 2M% municipal relief bonds.
Dated July 1. 1938.
Due July 1 as follows:
$53,000 from 1939 to 1944 incl., and $52,000
from 1945 to 1948 incl.
Interest payable J. & J.
Legality approved by
Harriman
Whiting
issue of
Storey, Thorndike, Palmer & Dodge of Boston.
of
NEW MARLBORO, Mass.—NOTE SALE—Lincoln R. Young & Co.
Hartford purchased on June 20 an issue of $10,000 revenue notes at
0.36% discount.
Due Dec. 30, 1938.
PLYMOUTH COUNTY (P. O. Plymouth), Mats.—NOTE SALE—
The issue of $100,000 notes offered July 1 was awarded to the Hingham
Trust Co. at 0.14% discount.
Due Nov. 10, 1938.
The Rockland Trust
Co. was next high bidder with an offer of 0.15%.
payment as the bonds refunded.
BOND CALL—State Treasurer A. P. Tugwell calls for redemption under
date of Aug. 1, at par, plus a premium of 4% and accrued interest to date
called, all serial gold, 4M%. State of Louisiana bonds, aggregating $8,451,200, constituting all the bonds of this issue maturing after Aug. 1, 1938.
Dated Jan. 1, 1914, maturing serially in varying amounts on Aug. 1 in
1939 to 1964.
Holders of said bonds
notified to present same for redemption at the
American Bank & Trust Co. of New Orleans, the Manufacturers Trust Co.,
are
New York City, or at the State
Interest shall cease on date called.
of
ST.
BERNARD PARISH
ING—Sealed
bids will
Treasurer's
(P. O. St.
be received
until
office in
Baton
Rouge.
$30,000 school
building bond issue.
BRIGHTON, Mich.—BONDS NOT SOLD—The $235,000 not to exceed
4% interest general obligation and revenue water and sewer bonds offered
June 24—V. 146, p. 3994—were not sold, due to lack of bids.
City has
applied for aid to Public
whether to offer the
Bernard),
10
a.
m.
BIRMINGHAM,
La .—BOND OFFER¬
July 26, by G. A.
Foudriat, Secretary of the Police Jury, for the purchase of two issues of bond,
aggregating $500,000, divided as follows;
MICHIGAN
AUBURN HEIGHTS SCHOOL DISTRICT, Mich.—
BEFEATED—At an election on June 20 the voters declined to authorize a
on
Treasurer,
Works Administration and at present is undecided
bonds at private sale
Mich.—BOND
or
make new public offering.
OFFERING—H.
will receive sealed bids until 2 p. m.
H.
Corson,
City
(Eastern Standard Time)
July 12 for the purchase of $200,000 not to exceed 5%
divided as follows:
on
interest bonds,
156
Financial Chronicle
rate is not to
July 2, 1938
exceed 5%, payable semi-annually.
1948; callable after five
SOLD—It
CHIPPEWA COUNTY (P. O. MONTEVIDEO), Minn.—BOND SALE
DETAILS—It is stated by the County Auditor that the $40,000 ditch
refunding bonds purchased by the State, as noted here recently—V. 146,
p. 4152—were sold as 3s at par, and mature $3,000 from 1943 to 1955, and
$1,000 in 1956.
Cray, McFawn & Petter
GRAND
RAPIDS
Telephone Cherry 6828
Telephone 9-8256
A.T.T. Tel. DET 640-541
A.T.T. Tel. Grpe. 7
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 18
(P. O. Gilbert), Minn.—BOND OFFERING— It is stated by John Ocepek,
District Clerk, that he will receive sealed bids until 8 p. m. on Juiy 12 for the
purchase of a $200,000 issue of funding bonds.
Interest rate is not to
MICHIGAN
$110,000
exceed
disposal plant revenue bonds.
Dated April 1, 1938; due
April 1 as follows: $3,000, 1941 to 1943 incl.; $4,000, 1944 to 1949
inel.; $5,000, 1950 to 1952 ind.; $6,000, 1953 to 1958 incl.; $7,000
from 1959 to 1961 incl. and $5000 in 1962.
After April 1, 1944,
all bonds maturing in 1957 and thereafter will be callable at
city's
option.
Interest payable A. & O.
These bonds are part of the
$180,000 issue which was unsuccessfully offered on March 18—V.
146, p. 2089.
A certified check for $2,200, payable to the order
of the city, must accompany each proposal.
90,000 sewer system general obligation bonds.
Dated July 1, 1938 and
due July 1 as follows: $2,000, 1941 to 1949 incl.;
$3,000 from 1950
to 1953 incl. and $6,000 from 1954 to 1963 incl.
Interest payable
J. & J.
These bonds are part of the $140,000 issue authorized
by the voters on April 4.—V. 146, p. 2407.
A certified check
for $1,800, payable to the order of the city, is
required.
sewage
The bonds will be issued in $1,000 denoms. and award made on
the
basis of the bid figuring the lowest net interest cost to the
city, after de¬
duction of premium, if any.
No interest will be considered on premium.
Approving legal opinion of Miller, Canfield, Paddock & Stone
of Detroit
will be furnished the successful bidder.
CHARLEVOIX, Mich.—SALE NOT CONSUMMATED—Sale
of $98,electric light system revenue bonds to Stranahan, Harris & Co.
146, p. 2731—was not consummated, as voters refused to
000 4%
of Toledo—V.
approve
the issue.
FARMINGTON TOWNSHIP SCHOOL DISTRICT
Farmington), Mich .—TENDERS WANTED—Samuel
Treasurer, will receive sealed tenders of outstanding bonds
of indebtedness until 8 p. m.
(Eastern Standard Time) on
to remain firm for five
days.
NO.
6
(P. O.
District
Pink,
and certificates
July 8.
Offers
GRAND
HAVEN, Mich.—BOND ELECTION—A proposal to issue
$55,000 city hospital construction bonds will come up for consideration of
July 26.
voters on or aoout
HARRISVILLE, Mich.—BONDS NOT SOLD—The $30,000 4% general
obligation water works and revenue
—4. 146, p. 3840—were not sold,
years.
BRAINERD SCHOOL DISTRICT (P. O. Brainerd), Minn.—BONDS
is reported by the District Secretary that $250,000 3% semi¬
annual construction bonds approved by the voters on June 20, have been
purchased by the State of Minnesota.
MICHIGAN MUNICIPALS
DETROIT
water works bonds offered on June
13
3%, payable J. & J.
Denom. $1,000.
Dated July 1, 1938.
Due
July 1 as follows: $20,000, 1939 to 1942; $25,000, 1943 to 1945; $15,000,
1946; $10,000, 1947, and $20,000 in 1948.
A certified check for 10% of
on
the bid is required.
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO. 35
(P. O. Buhl), Minn.—BONDS SOLD—It is stated by E. L. Gundy, Dis¬
Clerk, that $30,o00 3% semi-annual gymnasium rjonds have been
purchased by the State of Minnesota.
Dated July 1, 1938.
Due $10,000
trict
from 1953 to 1955, incl.
ST.
PAUL, Minn.—BOND OFFERING—Sealed bids will be received
until 10 a. m. on
July 7, by Harold F. Goodrich, City Comptroller, for the
onds may
Surchase ofbe exchanged $165,000 coupon public welfare principal Coupon
an issue of for registered bonds, both
to bonds.
and in¬
as
terest, at a cost of $1.00 per registered bond, plus postage.
Interest rate
is not to exceed 6%, payable semi-annually.
Bids may be submitted in
multiples of l-10th or M of 1%.
Bonds must bear one rate of interest.
Denom. $1,000.
Dated July 1, 1938.
Due on July 1 as follows: $17,000,
1944 and 1945; $18,000, 1946 and 1947, and $19,000 in 1948.
Prin. and
int. payable at the office of the Commissioner of Finance in St.
Paul, or
at the city's fiscal agency in New York City.
The approving opinion of
Thompson, Wood & Hoffman of New York, and Walter Fosnes of St. Paul,
will be furnished.
All bids must be unconditional.
B.
O. Route
Kinahan,
Distict Secretary, received sealed tenders of 1936
refunding bonds until
5 p. m. on June 29.
Bonds are dated April 15, 1936 and mature
April 15,
1966.
Sinking funds in the amount of $4,000 were available toward
pur¬
chase of bonds.
Debt Statement
as
of May 31', 1938
General Revenue Bonds:
Purpose of Issue—
Airport bonds.
$831,000.00
Auditorium bonds._1,099,000.00
Bridge bonds
533,000.00
Bridge approach bonds
—121,000.00
Court House and City Hall bonds--.
1,920,000.00
Fire Department bonds
225,000.00
General obligation (cash basis) bonds
940,000.00
Hospital bonds.......
162,000.00
Library bonds
600,000.00
Municipal market bonds
195,000.00
Park bonds
1,103,000.00
Paving bonds
441,000.00
Playground bonds
100,000.00
Public works storehouse bonds
148,000.00
Refunding bonus to Lake Superior and Missis¬
sippi R. R. bonds..
125,000.00
Refunding city indebtedness bonds
100,000.00
....
...
_.
...
.....
MONTROSE, Mich.—BONDS NOT
SOLD—No bids
the offering on June 29 of $32,200 not to exceed
bonds.
Dated July
1, 1938.
$1,000, 1940 to 1943,
$1,500 from 1950 to 1963, incl.
bonds.
Legal opinion of John
Stone of Detroit.
were
4% interest
received at
coupon water
Denoms. $500 and $200.
Due July 1 as
incl.; $1,200 from 1944 to 1949, incl. and
Successful bidder to pay for printing of the
Spaulding of Miller, Canfield, Paddock &
NEW BUFFALO TOWNSHIP UNIT SCHOOL
New Buffalo), Mich.—BOND OFFERING—Frank
(P. O.
Wolf, Secretary of
the Board of Education, will receive sealed bids
until 7:30 p. m. (Eastern
Standard Time) on July 1 for the purchase of $20,000 not to
exceed 5%
interest school building bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Due $4,000 on Aug. 1 from 1939 to
1943, incl.
Rate of interest to be ex¬
pressed in multiples of }4 of 1%.
Principal and semi-annual interest
payable at the Citizens Bank of Michigan City.
A certified check for 5%
of the issue, payable to the order of the
District Treasurer, must accompany
each proposal.
The purchaser shall pay the cost of printing the bonds and
for the legal opinion.
PAW PAW, Mich.—BOND SALE DETAILS—In
connection with the
report in—V. 146, p. 4152—of the award to E. H. Schneider & Co. of
Kalamazoo of $75,000 coupon electric
light and power revenue bonds, we
as
3
fis,
at par and premium of $138.50,
3.12%.
DISTRICT, Mich .—TENDERS ACCEPTED
Secretary, reports refunding bonds of 1935,
series A, dated Oct. 1, 1935, were
purchased bytender recently as follows:
$2,000 at price of 59.50; $2,000, 60; $2,000,
60.50; $2,000, 61; $2,000. 61.50;
$5,000 at 64, and $9,000 at 65.
C.
Hobart,
Safety and Fire Alarm Bldg. bonds
School bonds
Sewer bonds
—
Site for Central Police Station bonds
Welfare bonds..
97,000.00
704,000.00
10,201,000.00
4,802,000.00
50,000.00
2,038.000.00
263,000.00
$26,798,000.00
Exempt-—:
Special Statute—10% Limitation—
Inter-City bridge bonds
596,000.00a
St. Paul-Minneapolis Sanitary Dist. bonds. 4,394,000.00b
4,990,000.00
Total general revenue bonds outstanding
$31,788,000.00
Special Revenue Bonds:
Purpose of Issue—
Permanent improv. revolving fund bonds..$6,000,000.00
Water Department bonds
6,867,000.00
—
Total special revenue bonds
Total gross
outstanding
bonded debt.
12,867,000.00
$44,655,000.00
Deductions:
General sinking
ROYAL OAK SCHOOL
—E.
....
River terminal bonds—
Wharves and levee bonds.
DISTRICT
J.
learn that the bankers took the issue
equal to 100.184, a basis of about
No bids for less than
and accrued interest will be considered.
Bonds will be furnished by.
city, but delivery shall be at purchaser's expense.
A certified check
for 2% of the amount of bonds bid for, payable to the
city, is required.
par
the
—
LIVONIA TOWNSHIP SCHOOL DISTRICT NO. 6
(P.
No. 2, Plymouth), Mich.—7'ENDERS WANTED—James
follows:
Due $2,000 from 1939 to
District
SANDY
CREEK SCHOOL
DISTRICT, Frenchtown Township
(P. O. Monroe), Mich.—BONDS VOTED—At an election on June
21, the
approved an issue of $22,000 construction bonds by a narrow margin.
fund (cash & securities
$5,419,260.03
Inter-City bridge bonds.
575,000.00a
St. Paui-Minneapolis Sanitary District
4,345,000.00b
1938 serial bond retirement appropriation..
521,000.00
Permanent, improv. revolving fund debt
6,000,000.00
Water Dept. net bonded debt$5,456,301.33
Water
dept.
sinking
fund
(cash and securities)
1,410,698.67 6,867,000.00
23,727,260.03
—
voters
SAULT STE.
MARIE, Mich.—BOND OFFERING—R. R. Reinhart,
City Clerk, will receive sealed bids until
5p.m. (Eastern Standard Time)
July 5 for the purchase of $71,075 not to exceed
6% interest special
assessment bonds, divided as follows:
on
SAUK CENTRE
$37,344 bonds.
Denoms. $1,000 and $468.80.
1943 incl.
33,731 bonds.
Denoms. $1,000 and $746.20.
from 19.39 to 1943 incl.
1939
Due $7,468,80 on July
to
All of the bonds will be dated
July 1, 1938.
be expressed in
multiples of }4 of 1
1
Due $6,746.20 on July 1
Rate
or rates
of interest to
%.
Interest payable J. & J.
Ail bonds
anticipation of the collection of special assessments, and to
obligations, pledging full faith and credit of the city.
Bonds to
be payable at
place designated by the purchaser.
A certified ehcck for 2%
°-ii
Payable to the order of the City Treasurer, is required.
City
will iurnish bonds and
transcript of proceedings; successful bidder to furnish
legal opinion.
to be issued in
be general
STAMBAUGH, Mich.—BOND ELECTION—On Aug. 1 the voters will
consider the proposed issuance of
$96,000 bonds to finance construction of
a
Total net bonded debt..
SCHOOL
SUMMIT TOWNSHIP SCHOOL DISTRICT NO.
8, Jackson
Mich.-—7 O REDEEM BONDS AND
CERTIFICATES—F. L.
Secretary,
call
Dis¬
for
redemption, at par and accrued inAug1938, of 1935 refunding bonds, series A, dated Aug. 1,
1935, the Aug. 1, 1965 bonds numbers 3 to
13, both incl.; also at par of all
non-interest bearing certificates of
indebtedness, dated Aug. 1, 1935 and
due Aoig. 1, 1945.
Funds for redemption of both the bonds and
certificates
have been deposited with the
paying agent, the Jackson City Bank & Trust
Co., Jackson.
TOWNSHIP (P. O.
§2,
Pontine, R. F. D. No. 7), Mich.—
SOLD—No bids were received for the $74,250 not to exceed
b% interest coupon water supply system bonds offered
June 28—V. 146,
•
P' 4152, Dated July 1, 1938, and due July 1 as follows:
$2,000, 1940
aS
in,cAp $3,000, 1944 and 1945; $4,000 from 1946 to 1959 incl., and
ocn
$4,250
•
in
1960.
MINNESOTA
n,1BL^E EARTH COUNTY (P.
The $68,000 issue of
sale
on
June 27—V.
146,
O. Mankato), Minn.—BONDS SOLD—
% semi-annual ditch refunding bonds offered for
by an undisclosed investor,
p. 3995—was purchased
according to report.
It is stated by B. E.
Lee, County Auditor, that these bonds
among
the 54 bidders who offered tenders for them.
BRAINERD, Minn.—BOND OFFERING—Sealed
until 8 p. m. on
were
divided
bids will be received
July 5, by Walter Fall, City Clerk, for the
purchase of a
$20,000 issue of permanent improvement,
revolving fund bonds.
Interest
O. Sauk Centre), Minn.
are informed by W. A. Kohl, Superintendent of the
Board of Education, that the voters approved the issuance of
$140,000 con¬
struction bonds by a count of 467 to 441.
He states:
The board is not ready to issue bonds, pending
Works
Administration
grant
approval of a Public
application; however this is expected at an
early date.
As
with
,
soon as
the matter becomes definite, you will be advised and furnished
details.
WRIGHT COUNTY SCHOOL DISTRICT NO. 71 (P. O.
Annandale),
Minn.—BOND SALE—The $80,000 issue of refunding bonds offered for
sale
on
June 16—V. 146, p. 3841—was purchased by the Justus F. Lowe Co.
of Minneapolis, according to report.
from 1939 to 1952; callaole or or after
Dated Aug. 1, 1938.
Aug. 1,1940.
Due
on
Aug. 1
MISSISSIPPI
County,
Yoss,
announces
DISTRICT (P.
—BONDS VOTED—We
community building.
trict
$20,927,739.97
a $21,000
Inter-City bridge bonds due 1938 included in serial bond re¬
tirement appropriation,
b $49,000 St. Paul-Minneapolis Sanitary District
bonds due 1938 included in serial bond retirement
appropriation.
CARMACK
CONSOLIDATED
SCHOOL
DISTRICT
NO.
2
(P.
O.
Kosciusko), Miss.—BOND SALE—The $6,000
school construction bonds offered for sale
on
issue of 6% semi-annual
June 6—V. 146, p. 3552—was
purchased
at par by a local investor, according to the
Dated June 15, 1938.
Due from June 15, 1939 to 1959.
COPIAH COUNTY (P. O.
Chancery Clerk.
Hazlehurst), Miss.—BOND SALE
DETAILS
—We
are now informed by the
Chancery Clerk that the $110,500 4% re¬
funding bonds purchased by Lewis & Thomas of Jackson—V. 146, p. 3995—
were sold at par.
Coupon bonds, dated April 1, 1938.
Denom. $1,000.
Due from April 1, 1939 to 1958 incl.
Interest payable A. & O.
LE FLORE COUNTY (P.O.
Greenwood), Miss.—BOND SALE— The
$150,000 issue of highway bonds offered for sale on June 23—V.
146, p.
3995—was purchased jointly by the Capital National
Bank, and the Leland
Speed Co.. both of Jactson, as 3.15s, at par, according to the Clerk of the
Board of Supervisors.
Due from 1939 to 1963, inclusive.
MISSOURI
BOONVILLE SCHOOL DISTRICT (P. O.
Boonvill*), Mo.—BOAT)
OFFERING—It is stated by T. F. Waltz, Secretary of the Board of Educa¬
tion, that he will receive sealed bids until 7 p. m. on
July 15, for the pur¬
of:
chase
$175,000 school bonds maturing Feb. 1, as follows:
$4,000 in 1939 to
1941, $8,000 in 1942 to 1944, $9,000 inl945 to 1949, $10,000 in 1950 to
1954,
Bids will also be received for the entire issue
and $11,000 in 1955 to 1958.
providing
that all bonds becoming due in 1950
par at the option of the
District,
on any
to
1958 be redeemable at
interest paying date from Aug. 1,
Volume
157
Financial Chronicle
147
rapidly enough to insure retirement of the bonds as they
during the next three years.
The refunding issue is to mature
not being collected
mature
from 1939 to 1946, inclusive.
BONDS
MISSOURI
Markets in all State, County & Town
MIDDLESEX COUNTY (P. O. New Brunswick), N. J
B. Boland & Co. of New York City were successful
H.
Issues
Other bids
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING,
(or)
DEXTER SCHOOL DISTRICT (P. O. Dexter), Mo.—BONDS
—It is stated that $30,000 construction bonds
April 12, have been sold.
SOLD
approved by the voters on
:
"t
HAYTI, Mo.—BONDS NOT SOLD—It is stated by the City Treasurer
offered on
bids were
received. Dated July 15, 1938. Due from. July 15, 1939 to 1958.
that the $23,000 3, 3H and 4% semi-ann. sewer system bonds
June 28—V. 146, p. 4152—were not sold as no satisfactory
KIRKSVILLE, Mo.—BOND OFFERING—11 is stated by R. N. Howell,
City Clerk, that he will receive sealed bids until 2p.m. on July 27, for the
purchase of a $250,000 issue of 3% sen i-ann. street improvement bonds.
Denom. $1,000. Dated Aug. 1, 1938.
Due from Aug, 1, 1939 to 1957.
The purchaser must pay all legal expenses of examining the records of the
proceedings of the City Council with regard to the voting and issuance of
these bonds.
A certified check for $10,000, payable to the City Treasurer,
must accoxi pany the bid.
Colyer, Robinson & Co.; E. H. Rollins & Sons;
A. C. Allyn & Co.; Schlater, Noyes & Gardner,
Inc., and MacBride, Miller & Co
J. S, Rippel & Co. L-i 1L_..
Bancamerica-Blair
VOTED—At
on June 25—V.
146, p.
$82,500 4% school construc¬
20 years; optional after five
held
the election
mm-rr'■■
years.
The date of offering has not been
fixed as yet.
GLACIER COUNTY SCHOOL DISTRICT NO. 9 (P. O. Browning),
Mont.—BOND SALE—The $33,000 issue of refunding bonds offered
sale
for
Land Board as 4Ks, according
June 20, was awarded to the State
on
to the District Clerk.
"We
one
are
The issue consists of
Interest payable J. & J.
1938, maturing in 1948.
bond, dated July 1,
COUNTY
VALLEY
Co., and Minsch, Monell & Co.;
(P.
O.
Ryegate)
bonds will be the
If amortization bonds are sold and issued,
put into one single bond or divided into several
the said Board may determine upon at the time of sale, both
principal and interest to be payable in semi-annual instalments during a
period of 10 years from the date of issue.
If serial bonds are issued and sold they will be in the amount of $1,000
each, except the last bond which will be in the amount of $1,288.59: the
of $19,000 of the said serial bonds will become payable on July 1, 1939
and a like amount on the same day of each year thereafter until all of such
bonds are paid, except that the last instalment will be in the amount of
$19,288.59.
•
The said bonds, whether amortization or serial bonds, will bear date
as of Aug.
1, 1938^ and will bear interest at a rate not exceeding 6% per
annum, payable semi-annually in each year, and will be redeemable in full,
five years from the date of issue and on any payment due date thereafter.
The said bonds will be sold for not less than their par value with accrued
sum
and all bidders must state the lowest rate of
interest at which they will purchase the bonds at par.
The Board reserves
the right to reject any and all bids and to sell the said bonds at private sale.
All bids other than by or on behalf of the State Board of Land Commis¬
sioners of the State of Montana must be accompanied by a certified check
in the sum of $5j0, payable to the order of the Clerk.
to
date of delivery,
NEBRASKA
CEDAR RAPIDS, Neb.—BOND SALE
DETAILS—It is stated by the
Village Clerk that the $10,000 414% semi-annual refunding bonds sold
recently—V. 146, p. 4152—were purchased at par by the Wachob-Bender
Corp. of Omaha, and mature $1,000 from May
1, 1943 to 1952, inci.
OHIOWA, Neb.—BOND SALE DETAILS—It is stated by the Village
Clerk that the $8,50o auditorium bonds purchased by the Wachob-Bender
Corp. of Omaha—V, 146, p. 4152—bear 4% interest and mature in 20 years,
optional after five years.
1938 and due June 1
as
NEW
sold
Bank of Netcong, as 4s, at par.
Dated June 1,
$2,500, 1939; $2,000 from 1940 to 1943,
inclusive.
WESTFIELD, N. J.—BOND SALE—The $100,000 coupon or registered
water sewer bonds offered June 29—V. 146, p. 3842—were awarded
to the Union County Trust Co. of Elizabeth, as l&s, at a price of 100.665,
a basis of about
1.60%.
Dated June 15, 1938 and due June 1 as follows:
$20,000 in 1939, and $10,000 from 1940 to 1947 inci. Other bids:
Bidder—
Int. Rate
Rate Bid
Campbell & Co.
Buckley Brothers
Charles Clark & Co.
Hemphill, Noyes & Co
Mackey, Dunn & Co., Inc
Safford, Biddulph Co., Inc
Campbell, Phelps & Co., Inc
Colyer Robinson & Co., Inc
First
of Michigan
Corp. and
-----
—
Minsch,
SCHOOL
DISTRICT,
J.—BONDS VOTED—Harry
of $264,500 school construction
election on June 28.
,
HAMILTON TOWNSHIP (P. O. Trenton), N. J,—PROPOSED BOND
Priest,
Township
Clerk,
that an ordinance
interest sewerage system
reports
covering an issue of $950,000 not to exceed 6%
bonds is scheduled for final reading on July 19.
KEARNY, N. J.—BOND SALE—Adams & Mueller of Newark was the
successful bidder for the $98,000 paving bonds on June 28—V. 146, p. 4153—
on their bid for $97,000 bonds as 3s at a price of $98,138.10, equal to 101.17,
a basis of about 2.85%.
Dated May 15, 19.38, and due May 15 as follows:
$6,000 from 1939 to 1952 inci.;
$7,000 in 1953, and $6,000 in 1954.
registered school bonds offered June 29—V. 146, p. 4153—were
awarded to the Bergen County National Bank of Hackensack, as 3Ms, at
par.
Dated March 1, 1938 and due March 1 as follows: $3,000 from 1939
to 1941, inci. and $2,000 from 1942 to 1948.
inci. Other bids were:
Int. Rate
Bidder•—
Boland & Co-
METUCHEN,
4M%
—...
H.L. Allen & Co
Co. of Hackensack__
_
N.
Rate Bid
100.05
4M %
100.02
4M%
100.43
J.—REFUNDING ISSUE APPROVED—The
State
Funding Commission has approved the borough's proposal to issue $97,000
take up a similar amount of special assessment
bonds brought out in 1931 with the final maturity in 1941.
The refinanc¬
refunding bonds in order to
ing is necessary, it was
said, in view of the fact that the assessments are
100.307
100.286
100.265
100.129
100.012
&
2%
100.667
2%
100.600
2%
100.549
H. B.
2%
100.474
2%
2%
2%
100.437
100.419
100.279
2%
2%
2%
100.188
100.169
100.030
.
—
-----
Boland & Co
Dougherty, Corkran & Co. and C. C. Codings & Co—
B.J. Van Ingen & Co.. Inc. anl Outwater & Wells....
Morse Bros. & Co., Inc
A. C. Allyn & Co., Inc.; E. H. Rollins & Sons, Inc.,
and MacBride, Miller & Co
J. S. Rippel & Co.
Peoples Bank & Trust Co
Allen <fc Co.
H. L.
100.300
2M%
:
Fidelity Union Trust Co
—
100.117
2M%
100.839
2lA%
2J^%
M. M. Freeman & Co., Inc
100.519
MEXICO
NEW
EUNICE SCHOOL DISTRICT (P. O. Lovington),
PAID—It is now stated by the County Treasurer that
N. Men,—PRICE
the $85,000 3%%
purchased by the State of New Mexico, as noted in
of June 18—V. 146, p. 3997—were sold at par.
semi-ann. school bonds
our
issue
FARLEY SCHOOL DISTRICT (P.
State Treasurer is said
—The
to
O. Raton), N. M.—BONDS SOLD
semi-annual
have purchased $5,500 4%
gymnasium bonds at par.
LAS
VEGAS,
N. M.—PRICE PAID—In connection with the sale of
aggregating $40,000 to the State of New Mexico,
146, p. 4153—it is reported by the City Clerk
the various issues of bonds
noted here
that
on
June 28—V.
the bonds were sold as 3 Ms,
at par.
COUNTY (P. O. Carrizozo), N. M.—BOND SALE DE¬
reported by the County Treasurer that the $20,000 court
house bonds purchased by the State Treasurer, as noted here recently—
V. 146, p. 4153—were sold as 3s at par and mature $2,000 from 1940
LINCOLN
TAILS—It
is
to 1949 inclusive.
MIDDLE
RIO
GRANDE
CONSERVANCY
DISTRICT
(P.
O.
Albuquerque), N. M.—AGREEMENTS REACHED ON BOND REFUND¬
ING PLAN—The Reconstruction Finance Corporation, holders of about
70% of the bonds, and 90% of the individual bondholders of the abovenamed district, have agreed to the refunding plan for the district's $8,400,000 of 5lA% bonds, according to an announcement made on July 1
by C. W. Laing Jr. of John Nuveen & Co., Chicago, a member of the
committee who devised the readjustment program.
Consequently, bond¬
holders should immediately send their bonds with letters of transmittal
to the International Trust Co. in
Denver, or should request letters of
transmittal from the Trust company or from Starling W. Price, Committee
Chairman of Bosworth, Chanute, Lough bridge & Co., Denver; Calendar,
Burke & MacDonald, or Martin, Holloway, Purcell of Kansas City; or
Edgerton, Riley & Walter, Inc., of Los Angeles.
v .
The district is a huge flood protection, irrigation and drainage district
extending for 150 miles along the Rio Grande River and includes Albu¬
querque, three other county seats, and the most populous part of the State.
The district's population is around 70,000.
Agreement on the refunding
plan means the conclusion of one of the major readjustment programs of
,
years.
Holders of the present $1,000
,
5M% bonds dated Aug. 1,
1972, will receive new $1,000 refunding 4% bonds
longer maturities, and cash at 4% for two past due interest
About $2,548,000 of bonds are held by investors other than the
' ."v
'
V; V.
coupons.
RFC.
.
NEW
YORK
Albany), N. Y.—PROPOSED FINANCING
—The County Supervisors recently considered the question of issuing
$200,000 highway and bridge and $100,000 relief bonds.
(P. O. Delmar), N. Y.—BOND SALE—The $65,000
registered Delmar-Elsmere Sewer District bonds offered June 30—
3996—were awarded to R. D. White & Co., New York, and
Marine Trust Co. of Buffalo, jointly, as 2.60s, at a price of 100.288, a
basis of about 2.57%.
Dated June 1, 1938 and due June I as follows:
$3,000 from 1940 to 1946 inci. and $4,000 from 1947 to 1957 inci.
The
bankers reoffered the bonds at prices to yield from 1.25% for the 1940
maturities to 2.60% for the 1957 bonds. Other bids were:
;.; •
BETHLEHEM
coupon or
V
146,
p.
Trust Co., Albany
Rollins & Sons, Inc. and A. C. Allyn & Co.,
H.
Inc
,
2.60%
2.60%
Rate Bid
100.22
100.046
2.70%
100-328
JnL Rate
Bidder—
Sherwood & Reich a rd
National Commercial Bank &
E.
MAYWOOD SCHOOL DISTRICT, N. J.—BOND SALE—The $23,000
coupon or
City National Bank & Trust
100.389
ALBANY COUNTY (P. O.
N.
Barr, District Clerk, reports that the issue
boqds carried by a vote of 675 to 529 at the
H. B.
Monell
100.590
100.440
134%
1M%
1%%
1M%
I'M %
1M%
1M%
1M%
1929, and dueserially until
JERSEY
NEW
A.
725,602.75
of five years
HAMPSHIRE
(State of)—BORROWS $2,000,000—The State
an
issue of $2,000,000 notes to the Second National Bank of
0.112%.
Due in three months.
ISSUE—Frank
725,013.00
2.90%
storm
Boston at
FAIRLAWN
2.60%
follows:
inci. and $4,000 from 1944 to 1955,
recent
HAMPSHIRE
NEW
has
725,251.30
725,935.25
146, p. 3996—were awarded
to the Citizens National
as
interest
2.60%
2.50%
refunding bonds of 1938 offered June 30—V.
the entire issue may be
bonds,
725,567.50
$58,500 coupon or registered
J.—BOND
N.
Mont.—BOND
July 2.3, for the purchase of an
Amortization bonds will be the first choice and serial
second choice of the said Board.
725,274.24
SALE—The
NETCONG.
OFFERING—Sealed bids will be delivered to H. G. Jacobson, Clerk, Board
of County Commissioners, up to 2 p. m. on
ssue of $190,288.59 refunding bonds.
725,812.50
723
725
Adams & Mueller..
informed that the bonds were sold at par.
GOLDEN
$724,301.00
Suplee, Yeatman & Co., Inc. and Bioren & Co
FLATHEAD COUNTY SCHOOL DISTRICT NO. 5 (P. O. Kalispell),
Mont.—BONDS
of Bid
&
Halsey, Stuart & Co., Inc.; B. J. Van Ingen &
Co., and Campbell, Phelps & Co
723
_.
3995—the voters approved the issuance of the
tion bonds by a count of 660 to 69.
Due in
Amount
'•
724
Sachs
Goldman,
Corp.;
Co., Inc
Westfield Trust Co
MONTANA
.
Of
Bonds
Bidder—
Bid for Rate
Graham, Parsons & Co.; Bacon, Stevenson & 'Xv.W'
Co.; Dougherty, Corkran & Co., and C. C.
Collings & Co
725
2.80%
M. M, Freeman & Co.'
724
3^%
Phelps, Fenn & Co.; Van Deventer ,Spear & Co.,
and Schmidt, Poole & Co
:
724
2.70%
Lehman Brothers and Charles Clark & Co
721
3%
.
$155,000 school bonds maturing Feb. 1. as follows:
$3,000 in 1939 to 1941, $7,000 in 1942 to 1944, $8,000 in 1945 to 1949,
$9,000 in 1950 to 1954, and $10,000 in 1955 to 1958.
Bids will also be
received for the issue providing that all bonds becoming due in 1950 to 1958,
be redeemable at par at the option of the District on any interest paying
date from Aug. 1, 1948 to 1958.
Dated Aug. 1, 1938.
Denom. $1,000.
Bidders are requested to name
the rate of interest in multiples of
of 1% for not less than accrued in¬
terest.
Prin. and int. (F. & A.) payable ay such place within the State as
the purchaser may specify.
The bidders shall specify whether they will
insist on prompt delivery of said bonds or whether they will permit the
District to sell and deliver said bonds in instalments, the sale of all bonds to
be consummated not later than Sept. 1, 1939, the interest to begin when bond
or bonds are delivered.
The approving opinion of Bowersock, Fizzell &
Rhodes of Kansas City, will be furnished.
Enclose a certified cheek for 2 %.
1958
No.
■
MISSOURI
to
were:
-=.;
ST. LOUIS, MO.
.
1948
—BOND SALE
bidders for the
$725,000 coupon or registered improvement bonds offered June 30—Y. 146,
p. 3996.
Bankers bid for $724,000 bonds, naming an interest rate of 2 H %
and paid a price of $725,346.64, equal to 100.186, a basis of about 2.47%.
The bonds are dated July 1, 1938 and mature July 1 as follows: $50,000
from 1939 to 1947 inci.; $55,000 from 1948 to 1951 inci. and $54,000 in 1952.
jointly.-vTraders Trust Co---.-
Manufacturers &
2.70%
100.157
BREWSTER, N. Y.—BOND OFFERING—W~ Boynton Towner, Village
Clerk, will receive sealed bids until 11 a. m. (Daylight Saving Time) on
July 14 for the purchase of $17,000 not to exceed 5% interest coupon or
registered incinerator bonds.
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as follows: $2,000 in 1939 and 1940, and $1,000 from 1941 to
1953 inci.
Bidder to name a single rate of interest, expressed in a multiple
of M or l-10th of 1%.
Principal and interest (J. & J.) payable at the First
National Bank,
Brewster, with New York exchange.
The bonds are
general obligations of the
village, payable from unlimited taxes.
proposal.
of New
A certified
the orders of the village, must accompany each
The approving legal opinion of Dillon, Vandewater & Moore
York City will be furnished the successful bidder.
check for $340, payable to
158
Financial
CHEEKTOWAGA
(P.
O.
Buffalo).
N.
Y.—BOND SALE—The
$80,000 coupon or registered bonds offered June 30 were awarded to E. H.
Rollins & Sons, Inc. and A, O. Allyn & Co., Inc., both of New York
jointly, as 3>^s, at a price of 100.09, a basis of about 3.23%.
The sale,
included:
$13,000 debt equalization bonds, 1938 series.
Due July 1 as follows:
$4,000, 1942; $5,000 in 1943, and $4,000 in 1944.
67,000 improvement bonds..
Due July 1 as follows:
$6,000, 1940 and
1941; $7,000 from 1942 to 1945 incl. and $9,000 from 1946 to
1948, incl.
V,'
Chronicle
July 2, 1938
Trust
Co., Geneseo.
Bonds are issued for purpose of funding highway
sinking fund payments due, or about to mature, the State of New York
for construction of highways in the county.
The bonds are general obliga¬
tions of the county, payable from unlimited taxes.
Bidders will not be
required to deposit "goodwill" checks for qualification of bids. Approving
legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the purchaser.
Delivery of bonds will be made about Aug. 1.
Financial Statement
»
All of the bonds are dated July 1, 1938.
Denora. $1,000.
Principal and
interest (J. J.) payable at the Manufacturers & Traders Trust Co., Buffalo,
with
New
York exchange.
The bonds
direct obligations of the town,
payable from unlimited taxes. Legality approved by Dillon, Vandewater &
Moore of New York City. Among other bids were these:
are
Bidder—
Int. Rate
Rale Bid
3 M%
3M %
100.219
100.04
Manufacturers & Traders Trust Co—
Marine Trust Co. and R. D. White & Co., jointly
COLUMBIA COUNTY (P.
O. Hudson), N. Y.—BOND SALE—
The $70,000 series A of 1938 coupon or registered highway bonds offered
June 28—V. 146, p. 3996—were awarded to E. H. Rollins & Sons, Inc.,
New York, as 2s at par plus a premium of $217, equal to 100.31, a basis of
about 1.95%.
Dated June 1, 1938, and due $5,000 on June 1 from 1939
1952 incl.
to
Other bids:
Int. Rale
Premium
2%
2%
Y.—BOND
Par
280.00
132.30
119.00
102.00
2.10%
2.10%
2.10%
2% %
Farmers National Bank
Par
OFFERING—Archie
A. Somers, City
Chamberlain, will receive sealedfbids until 3 p. m. (Eastern^Standard
Time) on July 11 for the purchase of $170,000 not to exceed 6% interest
coupon or registered bonds, divided as follows:
4 4 .Mm
*4*4 4.
$48,000 series A street impt. bonds. fliDue July 1 as follows:
$4J)00 in
1939 and 1940, and $5,000 from 1941 to 1958 incl.
21,000 series B street impt. bonds.
Due July 1 as follows:
$2,000
from 1939 to 1947 incl. and $3,000 in 1948.
101,000 refunding relief bonds.
Due July 1 as follows:
$10,000 from
1939 to 1947 incl. and $11,000 in 1948.
,
W All of the bonds
are dated July
1, 1938.
Denom. $1,000.
Rate of
be expressed in multiples of M or l-10th of 1%.
Different
be named on the respective issues, but only one rate may be
named in the case of each issue.
Principal and interest (J. & J.) payable
at the Chemical Bank & Trust Co., New York City.
The bonds are
general obligations of the city, payable from unlimited ad valorem taxes
on
all of its taxable property.
The bonds will be prepared under the
supervision of the Continental Bank & Trust Co., New York City, whicn
will certify as to genuineness of the signatures of
municipal officials.
Bidding forms to be obtained from the City Chamberlain or the afore¬
mentioned trust company.
A certified check for 2% of the bonds bid for,
payable to the order of the Chamberlain, must accompany each proposal.
Approving legal opinion of Caldwell & Raymond of New York City will be
interest
rates
to
may
furnished the successful bidder.
DUNKIRK, N. Y.—BOND OFFERING—Frank J. Janice, City Trea¬
will receive sealed bids until 3:30 p. m. (Eastern Standard Time) on
July 7, for the purchase of $11,360 not to exceed 4>£% interest bonds,
surer,
divided
as
follows:
$4,390 North
Beagle St. improvement bonds.
Due July 1 as follows:
$340 in 1939, and $450 from 1940 to 1948, incl.
3,510 Lord St. improvement bonds.
Due July 1 as follows:
$360 in 1939,
and $350 from 1940 to 1948, inclusive.
2,160 North Roberts Road improvement bonds.
Due July 1 as follows:
$260, 1939; $250 in 1940 and 1941, and $200 from 1942
„
to 1948, incl.
follows:
$150
1,300 North Ocelot improvement bonds.
Due July 1 as
from 1939 to 1944, incl. and $100 from 1945 to 1948, inclusive.
All of the bonds are dated July 1, 1938.
Bidder to name a single rate of
interest, expressed in a multiple of M or l-10th of 1%.
Principal and int.
(J. & J.) payable at the City Treasurer's office.
The bonds are reported
to be direct obligations of the
city and the legal opinion of Albert J. Foley,
City Attorney, will be furnished the purchaser.
A certified check for 5%
of the amount bid, payable to the order of the
City Treasurer, must
accompany each proposal.
FALCONER, N. Y.—BOND SALE—The $20,000
coupon or
registered
bonds offered July 1—V. 146, p. 3843—were awarded to the Manufacturers & Traders Trust Co. of Buffalo, as 2.10s, at
par
sewer
plus a premium of
*f^.80, equal to 100.069, a basis of about 2.08%. Dated July 1,1938 and
dEe $2,000 on July 1 from 1939 to 1948 incl. Among other bids was an
offer of 100.18 for 2Ms made by J. & W.
Seligman & Co., of New York.
GARDEN CITY, N. Y.—BOND
OFFERING—Eugene R. Courtney,
Village Clerk, will receive sealed bids until 4:30 p. m. (Daylight Saving
Time) on July 7 for the purchase of $80,000 not to exceed 6% interest
coupon or registered general improvement bonds.
Dated July 1, 1938.
Denom. $1,000.
Due $16,000 on July 1 from 1939 to 1943, incl.
Bidder
to name a single rate of
interest, expressed in a multiple of M or l-10th of
1%.
Principal and interest (J. & J.) payable at the Garden City Bank &
Trust Co., Garden City, or at the
Irving Trust Co., New York City, in
New Yors; exchange.
The bonds are general obligations of the village,
payable from unlimited taxes.
A certified check for 2% of the bonds bid
for, payable to the order of the Village Treasurer, must accompany each
proposal.
The approving opinion of Thomson, Wood & Hoffman of New
York City will be furnished the successful bidder.
(The above takes the
offering of $88,000 bonds originally offered June 23, the sale
of which was postponed—V.
146, p. 4153.)
HAVERSTRAW, N. Y.—TO
ISSUE BONDS—1The Board of Trustees
has
Instructed Village Attorney Lawrence J.
Murray Jr. to
necessary paper incident to the projected issuance of $15,000
prepared the
impt. bonds.
^RNELL, N. Y.—BOND OFFERING—Howard
P. Babcock, City
Chamberlain, will receive sealed bids until 2 p. m. (Eastern Standard Time)
July 11 for the purchase of $32,000 not to exceed
6% interest coupon
or registered
bonds, divided as follows:
$16,000 home relief bonds.
Due July 1 as follows: $2,000 from 1939 to
on
19ii' inc1-- and *1.000 from 1945
16,000 public works bonds.
All of the bonds
are
subject to the taxing power of the
shown by the latest tax rolls, is $49,803,723, and the actual
full value of such property as equalized by the Board of Supervisors is
$53,980,279.
The total bonded debt of the County, including the amount
of the proposed issue as $347,000.
or
The
population of the county, according to the 1930 United States census,
is 37,560.
The bonded debt of the county does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the county.
During the past three preceding years the tax collection record of Liv¬
ingston County is reflected in the following table:
Taxes Payable in
1935
1936
1937
$672,179.72 $728,566.47 $763,967.81
Unpaid at end of fiscal year (Oct. 31)43,546.81
40,741.75
33,427.95
Unpaid June 23, 1938 (figures include
tax sale penalties)
11,896.34
19,149.61
24,659.81
Percentage warrants unpaid this date
1.769
2.628
3.227
Total of warrants
$217.00
2%
Halsey, Stuart & Co., Inc
Hudson City Savings Institution
R. D. White & Co
Manufacturers & Traders Trust Co
Sherwood & Keichard
N.
as
^
Bidder—
E. H. Rollins & Sons, Inc
CORTLAND,
The assessed valuation of the property
County,
to 1948, incl.
Due $1,000 on July 1 from 1939 to 1954, incl.
dated July
1, 1938.
Denom. $1,000.
Bidder to
single rate of interest, expressed in a multiple of M or 1-10th of 1
%.
Principal and interest (J. & J.)
payable at the City Chamberlain's office,
with New York
exchange.
A certified check for $640, payable to the order
°l T^-n
y!,Tmu?t accompany each proposal.
The approving legal opinion
of Dillon, Vandewater & Moore
of New York City will be furnished the
successful bidder.
The current tax rolls with warrants totaling
$781,250.01 are in the hands
of the town tax collectors.
LYNBROOK, N. Y.—BOND SALE—The $87,500 coupon or registered
bonds offered June 27—V. 146, p. 3997—were awarded to A. C. Allyn &
Co., Inc., New York, as 1.90s, at par plus a premium of $100, equal to
100.114, a basis of about 1.86%.
The bankers re-offered the bonds to
yield from 0.50% to 2.25%, according to maturity.
They are described
follows:
as
v
$44,000 tax revenue bonds.
Due June 1 as follows: $15,000, 1939; $10,000, 1940 and 1941, and $9,000 in 1942.
28,500 grade crossing elimination bonds.
Due June 1 as follows: $4,500
in 1939, and $6,000 from 1940 to 1943, incl.
15,000 public improvement bonds.
Due $1,000 on June 1 from 1939 to
1953, incl. ■
„
,
^
All of the bonds are dated June 1, 1938.
Second high bidder was the
Peoples National Bank & Trust Co., Lynbrook, which bid 100.03 for 1.90s.
Next in rank was Halsey, Stuart & Co., Inc., New York, offering 100.178
for 2s.
-
,
The assessed valuation of the property subject to the taxing power of the
village is $33,052,560.
The total bonded debt of the village, including the
abovejmentioned bonds, is $937,000, of which amount $ none is water debt.
The population of the village (1930 Census) was 11,993.
The bonded debt
above stated does not include the debt of any other subdivision having power
to levy taxes upon any or all of the property subject to the taxing power
of the village.
The fiscal year commences March 1.
The amount of taxes
levied for each of the fiscal years commencing March 1,1935, March 1,1936
and March 1, 1937, was respectively $308,817.96, $304,972.68 and $323,687.68.
The amount of such taxes uncollected at the end of each of said
fiscal years was respectively $59,339.66, $55,208.39 and $51,907.01.
The
amount of such taxes remaining uncollected as of May 16 was respectively
$14,318.18, $21,318.86 and $44,182.04.
The taxes of the fiscal year com¬
mencing March 1, 1938 have been levied in the amount of $323,915.09,
of which $73,885,82 has been collected as of June 13.
MAMARONECK UNION FREE SCHOOL DISTRICT NO. 1 (P. O.
Mamaroneck), N. Y.—CERTIFICATE SALE— The Guaranty Trust Co. of
New York purchased on June 23 an issue of $150,000 0.75% tax anticipa¬
tion certificates of indebtedness.
Due $70,000 Nov. 1, 1938, and $80,000
Feb.
1,
1939.
Legality approved by Clay, Dillon & Vandewater of New
York City.
IMEXICO, N. Y.—BOND OFFERING—F. Hoyt Hollister, Village Clerk,
will receive sealed bids until 2 p. m. (Eastern Standard Time) on July 15
for the purchase of $5,000 not to exceed 3 M % interest coupon or registered
fire building bonds.
Dated Aug. 1, 1938.
Denom. $500.
Due $500 on
Aug. 1 from 1939 to 1948 incl.
Bidder to name a single rate of interest,
expressed in multiples of M or 1-10 of 1 %.
Principal and interest (F. & A.)
payable at the National City Bank, New York.
The bonds will be payable
out of unlimited ad valorem taxes to be levied on all of the village's taxable
property.
A certified check for 2% of tne amount of the bid, payable to
the order of the Village Treasurer,, must accompany each proposal.
Pur¬
chaser will be furnished with legal opinion of James C. Feeney of Mexico.
MINDEN
SCHOOL
VOTED—I.
—BONDS
that
DISTRICT
F.
NO.
Hornbeck,
14
Clerk
(P.
O. Fort Plain), N. Y.
of Education,
a $112,000
of the Board
May 20 the voters authorized
school building bond issue by a large majority.
states
at
an
election
on
MOUNT PLEASANT UNION FREE SCHOOL DISTRICT NO. 9
(P. O. Pleasantville), N. Y.—BOND OFFERING—0\^ S. Olson, Clerk
of the Board of Education, will receive sealed bids until 3 p. m. (Eastern
Standard Time) on July 11 for the purchase of $25,000 not to exceed 6%
interest coupon or registered school bonds.
Dated July 15, 1938.
Denom.
$1,000.
Due July 15 as follows: $2,000 in 1940; none in 1941; $2,000 from
1942 to 1951, incl., and $3,000 in 1952.
Bidder to name a single rate of
interest, expressed in a multiple of M or 1-lOth of 1 %.
Principal and inter¬
est (J. & J. 15) payable at the Mount Pleasant Bank & Trust Co., Pleasant¬
ville, or at holder's option at the Chase National Bank, N. Y. City.
A cer¬
tified check for $500, payable to the order of the Board of Education, must
each proposal.
The approving legal opinion of Hawkins,
Longfellow of N. Y. City will be furnished the successful bidder.
taxable property is subject to levy of unlimited ad
valorem taxes in order to provide for payment of principal and interest.
accompany
Delafield &
All
of the
district's
Financial Statement
Assessed valuations, real property, incl.
Total bonded debt, including this issue
special franchises..
$13,037,637
492,000
(The above statement of bonded debt does not include the debt of any
other subdivision having power to levy taxes upon any or all of the property
subject to the taxing power of the district.)
Population
5,000.
(estimated),
Year—
1934-35
1935-36
1936-37
1937-38
Amount of tax levies
$119,208 $117,293 $108,012 $119,273
Amount of such taxes collected at end
of fiscal year
None
None
None
__
Amount of such taxes uncollected
of June
as
27, 1938
None
None
None
None
name a
Financial Statement
The
is
$10,950,670.
The
total
bonded
debt
ment an issue of $20,000,000 special revenue bills at an interest rate of
0.35%.
The issue is dated June 28 and matures Oct. 28, 1938.
It is in
anticipation of moneys to be received from the State by Oct. 1 for educa¬
tional purposes.
Twenty-six banks and trust companies participated. •
The allotments
assessed valuation of the property subject
to the taxing power of the
the City including the
above mentioned bonds is
$711,000 of which amount $20,000 is water debt.
The population of the
City (1930 census) was 16,250.
The bonded debt
above stated doe3 not include
the debt of any other subdivision
having
iuVy^xes ^P,on „any or ad °f the property subject to the taxing
power of
the^ City. The fiscal year commences April 1. The amount of
S levied for each of the fiscal years commencing April 1,1935, April 1,
1937 was respectively
$213,659.18, $230,983.84, and
i fj*. 7.
e ara°unt of such taxes uncollected at the end of each
of said fiscal years was
rspectively $20,168.63, $21,629,89, and $20,170.64.
remaining uncollected as of June 23, 1938, is
respectively $495.60, $6,651.91, and $9,934.25.
The taxes of the fiscal
City
NEW YORK, N. Y.—SELLS $20,000,000 REVENUE BILLS—Comp¬
troller Joseph D. McGoldrick announced June 27 that he had sold by allot¬
of
were as
follows:
$1,600,000
Fulton Trust Co. of N. Y__...
40,000
Bank of the Manhattan Co.780,000
Guaranty Trust Co. of N. Y__
2,620,000
Bank of New York & Tr. Co—
240,000
Irving Trust Co
1,000,000
Brooklyn Trust Co
220,000
Kings County Trust Co—....
Bankers Trust Co
-
Central Hanover Bk. & Tr.Co. 1,500,000
Lawyers Trust Co.
The
Manufacturers Trust Co
Chase
National
Bank
of
^ICK^menn
^pril lf 1938 amount
have been collected.
to $238,398.70 of which $28,104.03
LIVINGSTON COUNTY (P. O.
Geneseo), N. Y.—BOND OFFERING
Slaight, County Treasurer, will receive sealed bids until
$107,000
highway sinking fund bonds.
Li9!
Due Aug. 1 as follows: $50,000
in
1944, and $57,000 in 1945.
Bidder to name a single rate of interest,
expressed in a multiple of 1-10 of 1%.
Principal and interest (F. & A.)
payable in New York exchange at the Genessee
Valley National Bank &
o
onaomas
2.30 p. m. (Eastern Standard
Time) on July 20 for the purchase of
not to exceed 3
% interest coupon or registered
•
the City of New York
3,620,000
Chemical Bank & Trust Co...
780,000
Commercial Nat. Bk. & Tr.Co.
40,000
Continental Bk. & Tr. Co. of
80,000
New York
—
100,000
560,000
-
Marine Midland Trust Co. of
New
York..
140,000
National City Bank of N. Y__
New York Trust Co
Corn Exchange Bank Tr. Co..
Empire Trust Co
40,000
Fifth Avenue Bank of N.Y...
140,000
First Nat. Bk. of City of N. Y.
1,000,000
60,000
860,000
p
2,860,000
560,000
Public National Bank <fc Trust
Co. of New York
200,000
Title Guarantee & Trust Co
United States Tr. Co. of N. Y.
J. P. Morgan &
NIAGARA,
Co
—..
40,000
160,000
760,000
N.
Y.—OFFERING OF BELDEN CENTER
SEWER
wall receive sealed bids
(Eastern Standard Time) on July 6, for the purchase of $14,359.71 not to exceed 6% interest coupon or registered sewer bonds.
Dated
June 1, 1938.
One bond for $109.71, others $750 each.
Due June 1 as
follows:
$750 form 1939 to 1956, incl. and $859.71 in 1957.
Bidder to
name a single rate of interest,
expressed in multiples of M or l-10th of 1%.
Principal and interest (J. & D.) payable at the Power City Trust Co.,
DISTRICT BONDS—A. R. Laur, Town Supervisor,
until
noon
Volume 147
Niagara Falls.
obligations of the town, payable
assessments to be levied on property in the sewer district,
primarily from
£
be
Financial
The bonds
are
general
lv?ot paid from that source then all of the town's taxable property will
subject to the levy of unlimited ad valorem taxes to provide for principal
fu
interest charges.
the
The approving opinion of
City will be furnished the
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT
(P. O. Port Washington), N. Y.—BOND SALE—The $92,000
or
1938.
NO.
4
COUNTY
(P.
O.
Brewster),
N.
Y.—BOND
Due from
$147.60, equal to 100.41, a
July 1, 1938, and due $2,000 on July 1 from
Other
as
2.70%
2.90%
3 %
3.20%
_
$65.00
162.00
191.88
95.76
VOLNEY (P. O. Fulton, R. D. No. 3), N. Y.—BOND SALE—The
$3,500 coupon or registered water district bonds offered June 29—V. 146,
P- 4153—were awarded to the Oswego County Trust Co. of Fulton, as
3.70s.
Dated July 1, 1938 and due $500 on July 1 from 1939 to 1945 incl.
WATERTOWN, N. Y.—BOND OFFERING—Perley B. Dorr, City
Treasurer, will receive sealed bids until 11 a. m. (Eastern Standard Time)
July 7 for the purchase of $300,000 not to exceed 3% interest coupon or
registered bonds, divided as follows:
on
124,000 public works bonds, series of 1938.
Due Aug.
1 as follows:
$13,000 from 1939 to 1942, incl., and $12,000 from 1943 to 1948,
inclusive,
; - :.';•
All of the bonds
are dated Aug.
1, 1938.
Denom. $1,000.
Bidder to
single rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal and interest (F. & A.) payable at the Northern New York Trust
Co., Watertown, with New York exchange, or at the Marine Midland Trust
Co., New York, at the option of the holder.
The bonds are general obliga¬
tions of the city, payable from unlimited taxes.
A certified check for $6,000,
payable to the order of the City Treasurer, must accompany each proposal.
The approving opinion of Dillon, Vandewater & Moore of N. Y. City will
name a
be furnished the successful bidder.
Other bonds
Financial Statement
The amount of such taxes uncollected at the end of each of said fiscal years
respectively, none, none and none.
The amount of such taxes re¬
maining uncollected as of June 23, 1938, is, respectively, none, none and
The taxes of the fiscal year (city tax only; school budget not made
up until Aug. 1, 1938), commencing July 1,
1938, amount to $725,325,
of which none have been collected.
(Collections start July 1, 1938.)
was,
none.
(P.
O.
Wilmington),
N.
Y.—BOND
OFFERING—
Charles
E. Farrell, Town Clark, will receive sealed bids until 2 p. m.
(Eastern Standard Time) on July 19, for the purchase of $16,000 not to
exceed 6% interest coupon or registered public parks and playground bonds.
Dated March 1, 1938.
Denom. $1,000.
Due $1,000 on March 1 from 1939
to 1954, incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of M or l-10th of 1%.
Principal-and interest (M, & S.) payable at
the Bank of Lake Placid, Lake Placid, with New York exchange.
Pro¬
ceeds will be used in the payment of outstanding debt incurred by the town
prior to March 31, 1938.
They are general obligations of the town, payable
from unlimited taxes.
A certified check for 2% of the bonds bid for, pay¬
able to the order of the town, must accompany each proposal.
The approv¬
ing opinion of Thomson, Wood & Hoffman of New York City will be
furnished
the
successful
6,000
Revenue anticipation note
Bonds now offered
12,000
Total debt
$537,000
-
$5,391.48
60,180.00
Uncollected street assessments
Sinking funds
1935-1936
1936-1937
1937-1938
$2,551,086.00 $2,537,054.00 $2,573,117.00
2.65
2.65
2.65
Assessed valuation
Tax rate per
Tax levy_
$100
68,145.78
67,798.93
68,812.60
1,920,81
4,052.22
16,135.22
Uncollected
1,318.63
Prior years uncollected
The town
annual income.
considerable
income from the system is applied to payment
its water distribution which is a source of
owns
The net
of bonds and interest.
Population, 1930 census (Southern Pines has absorbed West
Pines), 3,330; estimated present, 3,500.
Southern
TARBORO, N. C.—BONDS SOLD—It is reported that $15,000 city
were purchased recently by the Security National Bank of Tarboro.
bonds
DAKOTA
NORTH
AMBROSE TOWNSHIP (P. O. Ambrose), N. Dak.—CERTIFICATES
SOLD—We are informed by G. Ballard, Township Clerk, that $500 certifi¬
cates of indebtedness offered on June 7, were purchased by a local investor,
5Ms at
as
par.
DAYBREAK SCHOOL DISTRICT NO. 17 (P. O. Westhope),
—BONDS NOT SOLD—It is reported by the District Clerk that the
N.Dak.
$10,000
semi-annual construction bonds offered on June 17—
V. 146, p. 3844—were not sold as no bids were received.
Dated July 1,
1938.
Due $500 from July 1, 1939 to 1958, inclusive.
not
to
exceed 4%
NORTH DAKOTA,
State of—BOND OFFERING—It is stated by D. J.
Beakey, Secretary of the State Water Conservation Commission, that he
2 p. m. on July 14, for the purchase of an
issue of $150,000 revenue, series A bonds.
Dated June 1, 1938.
$25,000 in the denoms. of $5, $10, $25, $50 and
$100 shall be due and payable, with principal and interest thereon, on or
before 11 years from the date thereof.
The remainder of the issue in the
amount of $125,000 to be in denominations of $1,000 each, nad shall be
due and payable, principal and accrued interest thereon, on or before
30 years from the date thereof. These bonds are issued serially with coupons
attached and are numbered consecutively beginning with Bond No. 1,
and shall bear interest at the rate of 3% per annum, provided, however,
that accrued interest up to and including Dec. 31, 1940, shall be payable
Jan. 1, 1941, and are callable, in whole or in part, at the option of the
State Water Conservation Commission on any interest paying date upon
at least 30 days' prior notice by publication in a newspaper of general
circulation in Burleigh County, N. Dak., and in a newspaper of general
circulation in McKenzie County, N. Dak., and such bonds shall be redeem¬
able by payment of the par value thereof together with the accrued interest
thereon to date of redemption. This series of bonds is issued to pay the cost
of construction of the Lewis and Clark Irrigation Project in McKenzie
will receive sealed bids until
The assessed valuation of the property subject to the taxing power of the
city is $47,586,290.
The total bonded debt of the city, including the above
mentioned bonds, is $3,770,551.70, of which amount none is water debt.
The population of the city (1930 census) was 32,088.
The bonded debt
above stated does not include the debt of any other subdivision having power
to levy taxes upon any or all of the property subject to the taxing power of
the city.
The fiscal year commences July 1.
The amount of taxes levied
for each of tne fiscal years commencing July 1,1935, July 1,1936 and July 1,
1937 was, respectively, $1,366,033.17, $1,351,823.51 and $1,582,416.53.
WILMINGTON
$330,000
189,000
Water and sewer bonds
$176,000 public "welfare bonds, series of 1938.
Due Aug. 1 as follows:
$17,000 from 1939 to 1942, incl., and $18,000 from 1943 to 1948,
inclusive.
May 15, 1938
of July 1, 1938—
Taxes—
Premium
int. Rate
•
Financial Statement as of
bids:
Bidder—
Ira Haupt & Co
Brown & Groll
Putnam County National Bank of Carmel
A. C. Allyn & Co., Inc
SALE—The $12,000 issue of
June 28—V. 146, p. 4154—was
Richmond, as 4Ms, paying a premium
of about 4.40%.
Dated July 1, 1938.
C.—BOND
N.
July 1, 1941 to 1949, incl.
Outstanding debt:
SALE—The
of New York City as
2Ms for a premium of
basis of about 2.45%.
Dated
1956, inclusive.
PINES,
awarded to F. W. Craigie & Co. of
of $80.97, equal to 100.67, a basis
$86,000 coupon or registered series No. 35 highway improvement bonds
offered June 30—V. 146, p. 4153—were awarded to Sherwood & Reichard
1939 to
Oct. 10, 1938.
on
water and sewer bonds offered for sale on
basis of about 2.24%.
Dated July 15, 1938 and due July 15 as follows:
55,000,1941 to 1946 incl.; $6,000 in 1947, and $7,000 from 1948 to 1955 incl.
PUTNAM
Due
SOUTHERN
coupon
registered school bonds offered June 29—V. 146, p. 4153—were awarded
Halsey, Stuart & Co., Inc., New York, as 2Ms, at a price of 100.05, a
to
RALEIGH, N. C.—NOTE SALE—The $50,000 issue of revenue notes
offered for sale on June 28—V. 146, p. 4154—was awarded to the Security.
National Bank of Raleigh, at 2%, plus a premium of $28.88. Dated June 28,
A-certified check for $280, payable to the order of
town, must accompany each proposal.
Dillon, Vandewater & Moore of New York
successful bidder.
159
Chronicle
bidder.
County, and are secured by revenues of the district to be collected through
the exercise of the taxing power of the district.
The Lewis and Clark Irri¬
gation Project comprises approximately 4,800 acres of irrigable land located
Clark Bridge, across the Missouri River in
at the south end of the Lewis and
McKenzie County, four miles west of the City of Williston. The estimated
value of the project is $345,170 including a Works Progress Administration
contribution. These bonds are a legal investment for State bank funds and
exempt from State income taxes.
They are issued under the provisions
Chapter 2 55, Session Laws of 1937, wherein it is also provided that no
be sold for less than par and accrued interest of each bond.
The law further provides that all such bonds shall be and shall have and are
hereby declared to have, all the qualities or incidents of negotiable instru¬
ments under the Negotiable Instruments Law of the State.
are
of
bonds shall
SHERWOOD, N. Dak.—CERTIFICATES NOT SOLD—We are informed
by K. R. Flem, City Auditor, that the $2,000 certificates
on May 2, were not sold as no bids were received.
of indebtedness
offered
$15,000
LYNCHBURG, VIRGINIA, 2l/4s
Due Feb. 1, 1947-48, at
OHIO
1.70-1.80% basis
F. W. CRAIGIE & COMPANY
MITCHELL, HERRICK & CO.
Richmond, Va.
Phone
700 CUYAHOGA
A. T. T. Tel. Rich. Va. 83
3-9137
AKRON
CANTON
NORTH
be received
Easterling,
in Raleigh,
divided as
follows:
improvement
bonds.
•
Due $1,000 from June
15,
1939
to
1948, inclusive.
32,000 water bonds.
Due $2,000 from June 15, 1939 to 1954, inclusive.
Dated June 15,1938.
$1,000.
No option of payment prior to maturity.
Denom.
Principal and interest (J. & D. 15) payable in New York City
in lawful money; general obligations; unlimited tax; coupon bonds registered
as to both principal and interest; delivery at
place of purchaser's choice.
There will be
no
BUILDING, CLEVELAND
CINCINNATI
SPRINGFIELD
COLUMBUS
CAROLINA
ASHEBORO, N. C —BOND OFFERING—-Sealed bids will
11 a. m. (Eastern Standard Time) on July 5 by W. E.
Secretary of the Local Government Commission, at his office
for the purchase of two issues of bonds aggregating $42,000,
until
$10,000 street
MUNICIPALS
auction.
OHIO
Ohio—BOND ELECTION—At the primary
election in August the voters will coasider the question of issuing $70,000
hospital bonds.
GREEN,
BOWLING
BRYAN, Ohio—BOND ELECTION—At the primary election on Aug. 9
voters will be asked to approve $120,000 sewage disposal plant and
the
$87,000 high school improvement bonds.
Ohio—BOND
CANTON,
ELECTION—At
the
election on
$1,400,000 sewage
primary
Aug. 9 the voters will be asked to approve the following:
plant bonds, $800,000 city hall building, and
treatment
$500,000 municipal
auditorium.
A spearate
bid for each issue (not less than par and accrued interest)
Bidders are requested to name the interest rate or rates not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of either issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for either
issue, and each bidder must specify in his bid the amount of bonds of
each rate.
The bonds will be awarded to the bidder offering to purchase
is required.
the bonds at the lowest interest cost to the town, such cost to be determined
by deducting the total amount of the premium bid from the aggregate
all of the bonds until their respective maturities.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer, for $840.
The approving opinion of Reed, Hoyt, Washburn
& Clay, N. Y. City, will be furnished the purchaser.
(These are the bonds that were offered for sale on June 21, at which time
all bids were rejected—V. 146, p. 4154.)
amount of interest upon
ASHEBORO, N. C.—NOTES SOLD—It is reported that $5,000 notes
purchased by the Bank of Reidsville, at 4%, plus a premium of $2.52.
were
CHARDON, Ohio—BONDS SOLD—An issue of $4,000 3% fire apparatus
was sold to the Sinking Fund Trustees.
Dated July 1, 1938 and due
bonds
$500 on Oct. 1 from 1939 to 1946
COLUMBIA TOWNSHIP SCHOOL DISTRICT (P. O. Lorain), Ohio
ELECT ON—The State Tax Commission has authorized the
—BOND
district to submit a
to the voters
proposed $60,000 school building addition bond issue
primary election.
at the Aug. 9
.
___
COSHOCTON, Ohio—OTHER BIDS—The $25,000 city hospital bonds
awarded to the Coshocton National Bank as 2Ms, for a premium of $192.50,
equal to 100.77, a basis of about 2.14%—V. 146, p. 4154—were also bid
for
as
follows:
,
Bidder—
BancOhio Securities Co
ASHEVILLE,
of
Buncombe
notes at
N. C.—NOTES SOLD—The Sinking Fund Commission
is reported to have purchased $100,000 revenue
County
2%.
HICKORY,- N. C.—NOTE OFFERING—It is stated that sealed bids
were received until June 30 by R. L. Hefner, City Manager, for the pur¬
chase of $35,000 bond anticipation notes.
LUMBERTON, N. C.—NOTES SOLD—It is reported that $8,000 notes
purchased by the Bank of Reidsville at 4% plus a premium of $3.76.
were
incl.
CLEVELAND,
Ohio—NOTES AUTHORIZED—The City
Council
recently voted to borrow $400,000 on notes in anticipation of 1939 6ales
tax income in order to provide funds for current relief needs.
—
--——
200.00
2M%
136.69
.....
2M%
2M%
3M%
136.36
111.11
52.00
2M%
2%%
45.45
138.10
—
2M%
130.00
—
3%
101.44
Inc
Fox, Einhorn & Co., Inc...
Co...— Peoples Bank & Trust Co
Ryan, Sutherland &
Seufforle
&
Charles A.
•
—
Kountz
Hinsch & Co., Inc.
George T, Lennon &
Saunders, Stiver & Co
Premium
$66.50
2M%
Seasongood & Mayer,.—
Pohl & Co.,
^
Int. Rate
2 H%
Co
160
Financial
Chronicle
July 2, 1938
"
EAST
CLEVELAND, Ohio—BONDS SOLD—'The City Treasury Invest¬
Board
ment
purchased $20,o00 3%
park and playground bonds.
Dated
for
June I, 1938 and due$2,000 on Oct. 1 from 1939 to 1948 incl.
EUCLID,
NOT SOLD—The $42,000 4K%
funding
146, p. 3845—failed to elicit a bid.
Dated
follows: $15,500, 1939; $14,000 in 1940, and
Ohio—BONDS
offered
June
27—V.
July 1, 1938 and due Oct. 1
A certified check
2% of the bid is required.
LEXINGTON, Okla.—BOND SALE—The $6,000 issue of
'
bonds
Due $6,000 from 1941 to 1950 incl.
the rate of interest.
sewer exten¬
sion coupon
bonds offered for sale on June 21—V. 146, p. 3999—was pur¬
by R. J. Edwards, Inc. of Oklahoma City, as 6s, according to the
chased
as
Town Clerk.
Due $1,000 from
1941 to 1946, inclusive.
$12,500 in 1941.
EUCLID SCHOOL DISTRICT, Ohio—BONDS TO BE REDEEMED—
Linda E. Schrock, Clerk-Treasurer of the Board of Education, reports that
bonds which matured Oct. 1, 1937, will be paid, together with accrued
interest, on presentation at the Cleveland Trust Co., corporate trust de¬
partment, Cleveland.
HILLSBORO, Ohio—PRE-ELECTION BOND SALE—Fox, Einhorn &
Co.,
Inc.,
sewer
of Cincinnati,
have purchased
as
KENTON, Ohio—BOND SALE—-The $34,000
delinquent
coupon
tax
June
2/—V. 146, p. 3999—were awarded to the Kenton
Dated May 1, 1938 and due Oct. 1 as follows: $3,500 from
1939 to 1942 incl. and $4,000 from 1943 to 1947 incl.
Savings Bank.
LAKE WOOD,
Ohio—SYNDICATE MEMBERS—First of Michigan
Corp., Detroit, Fox, Einhorn & Co., Inc. and P. E. Kline, Inc., both of
Cincinnati, were associated witn Johnson, Kase & Co. of Cleveland, in the
purchase on June 18 of $308,600 city hospital bonds as 2^s, for a premium
of $341, equal to 100.11, a basis of about
2.24%.—V, 146, p. 4154:
PARTICIPATING MEMBERS—Associated with Johnson, Kase & Co.
in the award were First of Michigan
Corp., Detroit; Fox,
Einhorn & Co., Inc., and P. E. Kline, inc., both of Cincinnati.
Other
of Cleveland
bids
were:
Bidder—
CONTEMPLATED—It
July, on a date to be
designated later, to take final action for offering of $9,000,000 tax anticipa¬
tion notes at 2%, to redeem 4% general revenue notes.
The 8tate Supreme Court is said to have sustained recently the validity
of the legislative act to authorize the issuance of notes to finance the general
Int. Rale
Fields, Richards & Shepard, Inc., Hayden, Miller
& Co. and llawley, Duller & Co..
Premium
OREGON
CENTRAL POINT, Ore.—BOND OFFERING—Sealed bids will be re¬
ceived until 7:30 p. m. on July 6, by Guy Tex, City Recorder, for the
purchase of a $15,000 issue of water system improvement, general obliga¬
tion bonds.
Interest rate is not to exceed 4%. payable J. & J.
Denom.
Dated July 1,1938.
Due $1,500 from July 1,1939 to 1948; optional
July 1, 1940, or any interest paying date thereafter.
Principal
and interest payable at the City Treasurer's office.
The approving opinion
of Teal, Winfree, McCulloch, Shuler& Kelley of Portland, will be furnished.
A certified check for $750, payable to the city, must accompany the bid.
$500.
at par on
COOS COUNTY (P.
3,642.00
3,571.00
2XA%
-
2,036.76
•
2XA%
2 lA%
—
Brown Harriman & Co. and
1,729.00
1,313.40
Killinger & Fangboner
($210,000 at 234% and $9rt,6ou at 214%)
216.00
Milton), Ohio—
years.
CONSERVANCY
DISTRICT
New
(P. O.
Philadelphia), Ohio—NOTE SALE—A group composed of Otis &
Co.; McDonald-Coolidge & Co.; Merrill, Turben & Co., and
Johnson, Kase
&
Co., all of Cleveland, purchased on June 22 aa issue of $764,993
1^%
bond anticipation notes.
Due July 1, 1939.
Interest payable Jan. 1,
1939, and quarterly thereafter, and notes are callable on any interest date.
DISTRICT,
Ohio—-BOND
Aug. 9 primary election the voters will be asked
$68,000 school building addition bonds.
Bidders to
name the rate of interest in multiples of
M of 1%.
Denom.
Principal and interest payable at the County Treasurer's office.
opinion of Teal, Winfree, McCulloch, Shuler & Kelley of
Portland, will be furnished.
The approving
LAKE
ELECTION—At the
to
COUNTY
approve
issue of
an
SCHOOL
MULTNOMAH
(P.
O.
Delta),
COUNTY
June 28—V.
on
COUNTY
Ok
19
1892
Due 51 "00° from 1941 to 1946> and ®!'500
-rDi^Tf£ AND JEFFERSON
TRICT NO. 65
COUNTIES JOINT SCHOOL DIS¬
Healdton), Okla.—BOND OFFREING—Sealed
bids will be received until 2
p. m. on July 5, by A. J. Sutherland, School
Director, for the purchase of a $20,000 issue of
school bonds.
Interest
rate to be stated
by the bidder.
Due
1954, and $500
in
1955.
on
July 1 as follows: $1,500, 1942 to
2% of the bid is required.
A certified check for
ERAM CONSOLIDATED
SCHOOL DISTRICT
ton), Okla.—BONDS' OFFEREd—Sealed bids
were
NO.
3
(P. O.
Boyn-
received until 2 p. in.
Hne
ky G. E. Marshall, District Clerk, for the purchase of $8,500
building bonds.
Due $l,0u0 from 1941 to
1947, and $1,500 in 1948.
?n
;
vGARVIN COUNTY SCHOOL
Valley), Okla.—BOAD
trict Clerk that the
Is and $9,500
as
were
as
DISTRICT
DETAILS—It is
NO.
now
50
as
noted in
our
(P.
O.
Pauls
reported bythe Dis¬
$12,500 school bonds sold
recently
3s,
purcuased by the
JOHNSTON
SALE
as
follows:
$3,000
issue of June 18—V. 146. p. 3999—
County Treasurer.
COUNTY
UNION
WASHINGTON
offered
COUNTY
for sale
on
SCHOOL
f°'12 (p- 9"*Troy),' Okla.—BOND
DISTRICT
SALE—The $7,400 issue of building
bonds offered for sale on June
21—V. 146, p. 3999—was
purchased by
C. Edgar Honnold of Oklahoma
City as 534s.
Due from 1943 to 1949.
LAWTON,
u?
of
a
$60,000
Okla.—BOND
issue
OFFERING—Sealed bids will
^y Harlan Le Master, City Clerk, for
of water works
improvement bonds.
June
O.
SCHOOL
DISTRICT
NO.
16
(P.
O.
of 3% semi-ann. school
146, p. 3845—were Durchased by
price of 101.65, a basis of about 2.25%.
20—V.
Tripp & McCIearev of Portland, at a
Dated July 1, 1938.
Due from July 1, 1939 to Jan. 1, 1942.
WOODBURN, Ore.—BOND OFFERING— It is reported that sealed
bids will be received until 5 p. m. on July 5, by George
Beach, City Recorder,
the purchase of a $2,346.63 issue of
6% semi-annual improvement
bonds.
Dated March 15, 1938.
Due in 10 years.
City of Philadelphia
4/4% Bonds due September 16, 1975/45
Price:
107.669 & Interest
to
Net
3.05%
Moncure Biddle & Co.
1520 Locust St
CITY
OF
.
Philadelphia
PHILADELPHIA
BONDS
Bought—Sold—Quoted
YARNALL & CO.
A. T. & T. Teletype
Walnut
—
Phila. 22
St.
Philadelphia
ASHLEY
SCHOOL
school issue for which
was
no
DISTRICT,
bids
sold later to the State
1938 and due
as
follows:
were
be
received
the purchase
Bidders
to
name
Pa.—BONDS SOLD—The $24,000
on April 18—V. 146,
p. 2735—
received
Teachers'
Retirement
Board.
Dated May 10,
to 1946
$2,000, 1939 and 1940; $3,000 from 1941
incl. and $2,000 in 1947.
BLAIRSVILLE, Pa.—BOND SALE—The issue of $20,000
3lA%
bonds offered June 27—V. 146, p. 3999—was awarded to
Singer,
Deane & Scribner of Pittsburgh.
Dated June 15, 1938 and due $5,000 on
June 15 in 1940, 1942, 1944 and 1946.
coupon
DALLAS TOWNSHIP SCHOOL DISTRICT
(P. O. Dallas), Pa.—
BOND SALE—The $20,000 4% coupon school bonds
offered June 25—
V. 146, p. 4155—were awarded to Anna Lantz of
Kingston, at par plus a
premiun of $150, equal to 100.75, a basis of about 3.91%.
Dated July 1,
1938 and due $1,000 on July 1 from 1939 to 1958 incl.
DARLINGTON TOWNSHIP JOINT CONSOLIDATED
SCHOOL
DISTRICT (P. O. Darlington), Pa.—BOND ELECTION—At an
election
July 26 the voters will be asked to approve an issue of $40,000 school
on
construction bonds.
The Darlington (Borough)
Joint Consolidated School District will vote
$7,500 to provide its share of the cost of the
at the same time on an issue of
proposed building.
GRADED
(P.
Hillsboroj, Ore.—BOND SALE—The $8,000 issue
bonds
OKLAHOMA
O.
40
$1,000.
Due $5,000 on Aug. 1 from 1939 to 1948. incl.
Bidder to name a
single rate of interest, expressed in multiples of A of 1%.
Principal and
interest (F. & A.) payable in Aliquippa.
Sale of issue is subject to approval
of the Pennsylvania Department of Internal
Affairs.
A certified check
for $1,000, payable to the order of the
Borough Treasurer, must accompany
each proposal.
The approving opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished the successful bidder.
AFTON SCHOOL DISTRICT
(P. O. Alton), Okla.—BOND SALE—
stated by E» A.
Dawson, Clerk of the Board of Education, that a $7,500 issue of
building bonds was offered on June 28 and was awarded to the
(P.
NO.
ALIQUIPPA, Pa.—BOND OFFERING—J. W. McElheny, Borough
Secretary, will receive sealed bids until 3:30 p. m. (Eastern Standard Time)
on July 18, for the purchase of $50,000 not to
exceed 3% interest coupon
street and sewer improvement
bonds.
Dated Aug. 1, 1938.
Denom.
Long Distance 787
riri947atl°nal Bank °f Miarai'
DISTRICT
PENNSYLVANIA
EDWARDS, Inc.
Cy
SCHOOL
June 28—V.
Ohio—
Oklahoma City, Oklahoma
AT&T
4,
issue of school bonds offered
146, p. 4155—was awarded to Jaxtheimer & Co.
of Portland, according to the District Clerk.
Dated July 1, 1938.
Due
$2,000 from July 1, 1939 to 1941, inclusive.
on
1528
Municipal Bonds Since
Route
bonds offered
Portland), Ore.—BOND SALE— The $6,000
for sale
BOND ELECTION—An issue of
$10,0(10 construction and equipment bonds
will be voted on at the
Aug. 9 primary election.
R. J.
O.
Ore.—BOND
WEST FRANKLIN SCHOOL DISTRICT
(P. O. Clinton), Ohio—
BONDS SOLD—The $15,000 school bond issue
authorized at last Novem¬
ber's election has been sold to the State
Teachers' Retirement System.
DISTRICT
(P.
SCHOOL
DISTRICT
NO.
17
(P.
O.
SALE—The $25,500 issue of school bonds
146, p. 4155—was purchased by Tripp &
McCIearey of Portland as follows:
$8,000 as 3s, maturing on July 1:
$1,500, 1940 to 1943, and $2,000 in 1944: $12,500 as 2^s, due $2,000
from 1945 to 1949 and $2,500 in 1950: the
remaining $5,000 as 23^s,
maturing $2,500 on July 1, 1951 and 1952.
Portland),
offered for sale
UNIVERSITY
HEIGHTS
(P.
O.
South
Euclid), Ohio—BOND
OFFERING—W. A. llorkey, Village Clerk, will receive sealed bids
until
noon (Eastern
Standard) Time on July 16, for the purchase of $155,600
4%
series 1938A refunding bonds.
Dated July 1, 1938.
Due $15,560 on July 1
from 1943 to 1952, incl.
Callable July 1, 1941 or on
any subsequent interest
date.
Bonds are being issued to refund certain bonds
already matured or
due in the near future.
Interest payable J. & J.
Bidder may name a
different rate of interest, provided that fractions are
expressed in multiples
of 34 of 1 %.
A certified check for 1 % of the issue is required.
SCHOOL
181
146, p. 3999—was awarded to the First National
Bank of Eugene as 3s at par, according to the District Clerk.
Dated
June 15, 1938.
Due from June 15, 1939 to 1946, inclusive.
Cleveland will be furnished the successful bidder.
TOWNSHIP
NO.
June 24—V.
on
for
SPRINGFIELD, Ohio—BOND OFFERING—W. A. Luibel, City Auditor,
will receive sealed bids until noon on
July 15 for the purchase of $124,051
3% street improvement bends.
Dated July 1, 1938.
One bond for $1,051,
others $1,000 each.
Due Sept. 1 as follows;
$12,051, 1939; $12,000, 1940
to 1944 incl. and
$13,000 from 1945 to 1948 incl.
Bidder may name an
interest rate other than 3%, provided that
fractional rates are expressed
in multiples of
of 1%.
Prin. and int. (M. & 8.) payable at the City
Treasurer's office.
A certified check for 1% of the amount of bonds bid
for, payable to the order of the City Auditor, must
accompany each pro¬
posal.
The approving legal opinion of
Squire, Sanders & Dempsey of
YORK
DISTRICT
Eugene), Ore.—BOND SALE—The $5,000 issue of school
MULTNOMAH
MILTON UNION SCHOOL DISTRICT
(P. O. West
BOND SALE—An issue of $135,000
3% school buidlirig bonds has been sold
Meyer, Smith & O'Brien of Cincinnati.
Due serially in 23
to
SCHOOL
follows:
21,000 series B bonds.
Dated Aug. 1, 1938.
Due on Aug. 1 as follows:
$2,000, 1940 to 1945, and $3,000, 1946 to 1948.
A certified check
for $420 must accompany this bid.
for sale
LEWISBURG, Ohio—BOND OFFERING—Edward J. Cahill, Village
Clerk, will receive sealed bids until noon on July 1 for the purchase of
$4,500 sewage disposal system bonds.
(A similar issue was sold April 30
to Saunders, Stiver & Co. of Cleveland as
3^s at 100.42, a basis of about
3.19%—V. 146, P. 3061.)
The bonds will bo dated May 1, 1938, bear
4% interest, in denoms. of
$150, and mature $15.J on March 1 and Sept. 1 fr.om 1939 to
1953, incl.
A certified check for $200,
payable to the oryier of the Village Treasurer,
must accompany each proposal.
SALEM
as
$27,000 series D bonds.
Dated Sept. 1, 1938.
Due $3,000 from Sept. 1,
1940 to 1948, incl.
A certified check for $540 must accompany
$1,000.
The First Cleveland Corp;, Prudden & Co. and Seasongood & Mayer..
A—
Smith, Barney & Co. and BancOhio Securities Co..
WATERSHED
the
divided
$4,878.00
2A%
2XA%
Braun, Bosworth & Co
Merrill, Turben & Co., Van Lahr, Doll & Isphording, Inc., Provident Savings Bank & Trust Co.
and Weil, Roth & Irving Co
-
O. Coquille), Ore.—BOND OFFERING—Sealed
a.m. on July 8, by L. W. Oddy, County
Clerk,
purchase of two issues of refunding bonds aggregating $48,000,
bids will be received until 10
for
this bid.
2lA%
Co.
MUSKINGUM
deficit.
revenue
McDonald-Coolidge & Co. and Htranahan, Harris
&
of—NOTE OFFERING
an issue of $100,000
the issue at the Aug. 9
primary election.
offered
State
2^s,
system bonds, subject to result of vote on
bonds
OKLAHOMA,
is reported that the State Note Board will meet in
\
MECHANICSBURG, Pa.—BONDS APPROVED—The Borough Council
recently passed legislation providing for the issuance of $6,000
municipal
building and $6,000 sewage disposal bonds.
Due Oct. 1, 1948, optional
after Oct., 1940.
DUNMORE,
Pa.—FINANCIAL
STATEMENT—1The
following fi¬
offering
nancial statement is given in connection with the recent
unsuccessful
of $480,000 not to exceed 4 A% judgment
funding bonds.—V.
146,
p.
4000:
Volume
Financial
147
Financial Summary
Gross bonded debt
Bonds authorized but not issued
(present issue)
amount thus
480.000.00
175,002.05
Net bonded debt
$600,997.95
Tax anticipation notes
None
Judgments with interest
Other floating debtedness
Debt ratio (percentage of net bonded debt to assessed valua¬
tion, including new issue)
Per capita net debt (borough only)
including new issue.
Per capita net debt (school,
county and poor district)
$8,148.19
20,497.29
5.32%
27.38
24.75
Total borough and overlapping debt.
$52.13
Per capita assessed value
$491.36
310,783.00
27,462.50
budget
Population (estimated 1938), 23,000.
levy of 12 mills), 27Y mills.
\
Tax collections to June 1, 1938:
Tax rate 1938
68.51
$145,746.44
141,742.12
123,669.01
55.94
99,011.68
77.53
Taxes outstanding as at June 1, 1938:
Year 1934
Year 1935--.
22.13
$41,433.47
22.47
Year 1936
Year 1937
41,067.41
56,832.95
77,986.08
31.49
44.06
valuation
1938,
real
(estimated
estate
bond principal and Interest
\V
50%
amount and purpose
of issue and date approved:
vDate
$10,144,202.00
1,156,998.00
Total assessed valuation
$11,301,200.00
NEW BRIGHTON, Pa.—BOND OFFERING—Iran N. Coene, Borough
Secretary, will receive sealed bids until 6 p. m. (Eastern Standard Time)
July 13, for the purchase of $35,000 not to exceed 4% interest coupon
street and sewer improvement bonds.
Denom. $1,000.
Due July 1 as
follows:
$1,000 from 1939 to 1943, incl. and $2,000 from 1944 to 1958, incl.
Bidder to name a single rate of interest, expressed in a multple of M of 1
%.
Interest payable J. & J.
A certified check for $500, payable to the order of
the borough, must accompany each proposal.
The approving legal opinion
of Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
Issue will be sold subject to approval of the Pennsylvania
Depart¬
on
\
Municipality A Purpose of Issue—
Approved
Abington Twp. S. D., Montgomery Co. (antic, notes)
June 13
Centre Hall Borough, Centre Co. (funding floating
indebtedness, $2,000; making repairs & constructing add'ns to water system also improves. & con%
struction of street,
$3,000
Borough S. D.,
Doylestown
floating indebtedness
(funding
Co.
Bucks
,
fV
5,00»k
\1
t
June 13
ing indebtedness)
9,50b1
(funding float-
;
June 15
-
4,600
Reading City S. D., Berks Co. (tax antic, notes)
June 15
Venango Twp., Erie Co. (funding floating indebted¬
ness, $10,300; constructing, reconstructing bridges,
purchase snow fences. $2,700)
June 16
Chester City S. D., Delaware Co. (tax antic, notes)-June 16
Redstone Twp. S. D., Fayette Co. (taxantic, notes).
June 17
140,00
13,000
45,000
30,000
Amount
Date
Evansburg Borough School District, Butler County
—Funding floating indebtedness
Coal Township, Northumberland County—Improv¬
ing streets and sewers
Swatara Township School District, Dauphin County
—Paying operating expenses
East Mead Township, Crawford County—Improv-
June
7
$12,000
June
9
25,000
June
9
15,000
June
9
6,000
June
9
23,000
June 10
June 10
ing roads
Mifflin
;
Amount f
$26i0OO
\v
June 13
-
DuBoistown Borough, Lycoming Co.
23,000
5,000,000
Township School District—Erecting, equip-
ing and furnishing new school buildings; enlarging,
equiping and furnishing school buildings and
grounds
im.
of
actual).
Assessed valuation 1938, occupational
was
.
of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following bond issues.
Information includes name of the municipality,
(State
Amount
77.87
Year 1936
Year 1937
Assessed
(including special
Per Cent
Year 1934
Year 1935
account of maturing
on
PENNSYLVANIA
I
Tax levy—1938Provision for debt service, 1938
paid
$25,165,699.
_S296.000.00
$776,000.00
Legal deductions
161
Chronicle
—
Lansdowne
Borough
School
Delaware
District,
County—Paying tax anticipation notes
Allegheny County—Various public works
SEVEN
—
Pa.—BONDS SOLD—The Drover & Mechanics
issue of $16,000 3% water supply
VALLEYS,
Bank of York purchased during April an
bonds at par.
SOUTH GREENSBURG SCHOOL DISTRICT (P. O. Greensburg),
Pa .—BOND ELECTION— On July 12 the voters will be asked to approve
an
issue of $24,000 school construction bonds.
WEST ALIQUIPPA (P. O. Alicuippa), Pa .—BONDS AUTHORIZED—
The Borough Council on June 20 authorized an issue of $50,000 street and
sewer
improvement bonds, sale of which will be held about July 18.
ment of Internal Affairs.
NEW
CASTLE,
Financial Statement
as
of June 1, 1938
-
$49,082,230.00
995,000.00
23,237.12
-
Gross debt-..
$1,018,237.12
Sinking funds:
(a) General city
(b) Assessment
Net funded and
■■
/
$133,490.47
4,919.51
138,409.98
floating debt-;
$879,827.14
Deductions:
(a)
Certain outstanding liened and unliened
real estate taxes
(b) Assessm't liens outstanding (75% actual)
$237,790.54
145,332.69
383,123.23
Net debt
$496,703.91
1.01%
Net debt ratio
Tax
anticipation notes, bank loans
or
Amount of tax
(a)
(b)
65,000.00
496,703.91
this proposed issue
1.01%
11Y
duplicate (levy) 1938
1937 taxes collected to June 1, 1937
1938 taxes collected to June 1, 1938
Debt service charge (1938):
$564,445.65
319,014.54
320,027.19
'.
Assessed valuation, June 15, 1937
Total bonded debt (all serial bonds)
Population,
uncollected
as
uncollected
as
1936
1,
1,593.
census,
Tax levy
as
2Mb at
a
1937, $131,348.96;
1938, $23,069.39.
Tax levy 1936, $129,656.21;
1938, $2,151.78. Taxes due Aug. 15.
BOND SALE—The above issue was awarded to
Stephen W. Tourtellot
price of 101.26, a basis of about 2.14%.
SOUTH
74,885.00
CAROLINA
981.64
Ratio to
Assessed Value
Net direct debt burden
Per
Capita
$9.93
1.01%
3.38%
Total
33.25
4.39%
Net overlapping debt burden.
$43.18
School district of New Castle—bonded debt $2,105,000.00; sinking
used).
(b) Lawrence County—bonded debt $509,000.00;
outstanding taxes
$521,002.09 (75% used).
Population 1930 census, 48,674; 1938 estimate, 50,000.
(a)
fund $6,698.00; outstanding real estate taxes—$696,842.89 (75%
NEW
CASTLE
SCHOOL
DISTRICT,
Pa .—BOND
SALE—The
$85,000 series F of 1938 refunding bonds offered June 27—V. 146, p. 4000—
were awarded to Halsey, Stuart & Co., inc., as 2s, for a premium of
$472.60,
equal to 100.556, a basis of about 1.85%.
Dated Aug. 1, 1938 and due
Aug. 1 as follows:
$12,000 from 1939 to 1944, incl. and $13,000 in 1945.
Mackey, Dunn & Co., Inc., New York, next highest bidder, offered to
pay 100.899 for 2Ms.
Other bids:
Bidder—
COUNTY
(P. O. Aiken), S. C.—BOND OFFERING—Sealed
bids will be received until 10 a. m. on July 11, by O. R. Cofer. Clerk of the
Board of County Commissioners, for the purchase of a $330,000 issue of
coupon highway bonds.
Bidders to name the rate of interest.
Denom.
$1,000.
Dated July 1, 1938.
Due $33,000 from July 1, 1945 to 1954,
incl.
Registerable as to principal only.
Principal and interest payable at
the Chase National Bank, New York.
Legality to be approved by Reed,
Hoyt, Washburn & Clay, of New York.
A $6,600 certified check must
accompany the bid.
AIKEN
Debt Burden
Int. Rate
Premium
2M%
2M%
2M %
2M%
2M%
2M%
2M%
2M%
$748.00
623.05
616.29
593.30
552.50
Bancamerica-Blair Corp
Moore, Leonard & Lynch
Glover & MacGregor
E. H. Rollins & Sons, Inc
M. M. Freeman & Co
Stroud & Co
Mellon Securities
Corp
Singer, Deane & Scribner
509.15
280.50
437.00
ANDERSON COUNTY (P. O. Anderson), S.
June 20
Amount
$69,000
(refunding bonded in¬
debtedness)
June 20
95,000
June 20
20,000
June 20
23,000
June 21
SALE—The
BEAUFORT COUNTY (P. O. Beaufort)
S. C.—BOND SALES—The
20—V. 146, p. 4000—were
various issues of bonds offered for sale on June
awarded
as
follows:
$45,000 to Johnson, Lane, Space & Co. of Savannah; of which the $20,000
Beaufort, St. Helena Ladies' Island Township road bonds were
sold as 3 Ms, at 100.055, while the $25,000 Beaufort Township road
bonds were sold as 3Ms, at a price of 101.04.
60,000 to Frost, Read & Co. of Charleston, divided as follows: $35,000
Bluffton Township road bonds as 4s, at a price of 100.57; the
$25,000 St. Helena Township road bonds as 4s, paying a price
25,000 Sheldon Township road bonds to the Bank of
at
Yemassee, as 3Ms,
100.106.
RIVER SCHOOL DISTRICT NO. 4 (P. O. Charleston)
c.—BONDS SOLD—It is reported that $10,000 school bonds were
COOPER
purchased jointly by E. H. Pringle & Co., and McAlister, Smith &
Inc., both of Charleston.
SPARTANBURG
COUNTY
(P.
SALE—The $125,000 issue of read
Date
Municipality and Purpose of Issue—
Approved
Darby Twp., Delaware Co. (refunding bonded indebted-
C.—BOND
$260,000 issue of coupon road improvement bonds offered for sale on June 30
146, p. 4155—was awarded to the Harris Trust & Savings Bank of
Chicago, as 23is. at a price of 101.319, a basis of about 2.50%.
Dated
July 1, 1938.
Due from Jan. 1, 1940 to 1948 incl.
—V.
s.
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED— The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
the following local bond issues. Information includes name of
municipality,
amount and purpose of issue and date approved:
Twp., Allegheny Co.
State
of April
of April 1,
$44,060.00
30,825.00
Per capita assessed valuation
Harrison
Knowles
$8,154,342.00
72,000.00
150,000.00
—
Water bonds, present loan
of Providence
Interest and State tax.
Principai
F.
OFFERING—John
I .—BOND
Financial Statement, June 1,1938
None
or
R.
Standard Time,
July 1 for the purchase of $150,000 coupon water bonds. Dated July 15,
1938.
Denom. $1,000.
Due $6,000 on July 15 from 1939 to 1963 incl.
Bidder to name a single rate of interest, exprassed in a multiple of M of
1%. Principal and interest (J. & J. 15) payable at the First National Bank
of Boston.
These bonds will be valid general obligations of the town, and
all taxable property in the town will be subject to the levy of unlimited ad
valorem taxes to pay both principal and interest, except that taxable in¬
tangible personal property is taxable at the uniform rate of 40 cents for eac h
$100 of assessed valuation. The bonds will be engraved under
the super¬
vision of and authenticated as to genuineness by The First National Bank of
Boston. The legality of this issue will be approved by Ropes, Gray, Boyden
& Perkins, of Boston, a copy of whose opinion will accompany the bonds
when delivered, without charge to the purchaser. The original opinion and
complete transcript of proceedings covering all details required for the
proper issuance or the bonds will be filed with The First National Bank of
Boston, where they may be inspected.
Bonds will be delivered to the
purchaser on or about July 15, 1938, at The First National Bank of Boston
67 Milk Street Office, Boston, against payment in Boston funds.
other evidences of
current indebtedness
Bonds authorized but unissued—this issue
Net debt after issuance of this proposed issue
Net debt ratio after issuance
Tax rate (mills) 1938
NARRAGANSETT,
Town Clerk, will receive sealed bids until 2 p. m. (Eastern
on
Assessed valuation 1938 (100% of actual)
Gross bonded debt--
Floating debt
ISLAND
RHODE
Pa.—FINANCIAL STATEMENT—'The following is
fiven in connection with the describedon July146,of $65,000 not to exceed
7 p. 4155:
% interest refunding bonds, offering
in V.
for
saie on
O.
Pate,
S. C.—BOND
bonds offered
Stranahan, Harris &
Spartanburg),
improvement, series B
June 28—V. 146, p. 4000—was awarded to
Co., Inc., of Toledo, Lewis & Hall of Greensboro, and C. W. Haynes & Co.
Columbia, jointly, as 2Ms, paying a premium of $531.25, equal to
100.425, a basis of about 2.67%.
Dated June 1, 1938.
Due from Dec. 1,
of
1938 to 1948. incl.
12,000
Liberty Twp. S. D., McKean Co. (erecting, equipping
Souderton
Borough,
Montgomery
Co.
(refunding
Trafford
Borough, Westmoreland Co. (street paving,
curbing & street improvements; paying current ex-
Ligonier Twp., Westmoreland Co. (refunding bonded
indebtedness, $9,000; construction, reconstruction &
30,000
PHILADELPHIA, Pa.—REDUCES BONDED DEBT BY $13,500,000—
of $13,500,u00 in the bonded debt of the city, lowering the
figure to $539,5/9,5j0, was effected on July 1, through the redemption of a
loan of that amount which was obtained by the municipality in 1908.
At
the same time, the Sinking Fund Commission issued a check for $11,665,699
for payment of semi-annual bond interest charges due July 1.
The total
COUNTY
(P.
O.
Union),
S.
C.—MATURITY—It is
now
SOUTH
DAKOTA
INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Corona), S. Dak.—BOND SALE—The $5,000 issue of 5% coupon build¬
ing bonds offered for sale on June 28—V. 146, p. 4000—was purchased by
the State, at par, according
to the District Clerk.
No other bid was
CORONA
June 22
A reduction
UNION
reported that the $30,000 notes purchased by the Bank of Jonesville and the
Arthur State Bank at 5%, as noted here recently—V. 146, p. 4155—are
due on Jan. 17, 1939.
received, he reports.
CUSTER COUNTY
(P. O. Custer), S. Dak .—BONDS NOT SOLD—
Auditor that the $30,000 not to exceed 4% semi¬
It is stated by the County
annual court house and jail bonds offered on June 7—V.
146, p. 3389—
162
were not
Financial
sold
as
all bids received
were
rejected.
Dated July 1, 1838.
from July X, 1943 to 1952; callable on and after
July 1,
Chronicle
INDEPENDENT SCHOOL DISTRICT (P. O. De Smet),
S. Dak.—BOND SALE—The -118,000 issue of
building and equipment
bonds offered for sale on June 23—V. 146, p. 4001—was awarded to the
Community State Bank of Lake Preston, as 3Ks, paying a premium of
Dated July 1, 1938.
§101.00, equal to 100.56, a basis of about 3.43%.
Due from July 1, 1940 to 1951, incl.
provide
a direct connection between two of the most beautiful scenic recrea¬
in the Northwest—Mount Rainier National Park and the pro¬
Olympic National Park.
It will facilitate traffic movement by
reducing traveling time between Tacoma and pionts on the Olympic
Peninsula by approximately two hours.
The bridge is to be administered
by a Bridge Authority.
"In accordance with the PWA's plan to expedite construction projects
with all possible speed in order to increase employment and stimulate in¬
dustries throughout the country, the Washington State Toll Bridge Author¬
ity proposes to begin work on the bridge immediately, PWA was advised.
It will be completed in about two years.
"During this period, according to the application, the project will provide
employment for an average of 187 workmen on the site.
Indirectly, tne
project will aid a variety of industries by creating employment for approxi¬
mately two and a half times this number of workers engaged in steel fabrica¬
tion plants and other industries that will supply materials for the bridge.
"Construction of the Tacoma Narrows Bridge was first proposed in 1933.
Preliminary plans for the structure have been completed, and work is
expected to start shortly."
tional
TENNESSEE
tenders
July 11, by J. B. McAdams, City Clerk, of
refunding bonds of the city.
Funds authorized will be applied to the purchase of bonds tendered at the
lowest price and the right to accept any bonds, or part thereof, so tendered,
or to reject any and all tenders, is
specifically reserved.
KNOXVILLE, Tenn.—RFC AGREES TO PURCHASE REVENUE
following statement was issued on June 27 by Jesse H.
Jones, Chairman of the Reconstruction Finance Corporation:
"We have agreed to buy $5,800,000 City of Knoxville, Tenn., revenue
bonds to enable Knoxville to buy the distributing system in Knox County
from the Tennessee Public Service Co.
The bonds will mature serially
over a period of 20 years and bear interest at 4 to
\Yi%.
"The city estimates that it will be able to make a very substantial reduc¬
tion to consumers and amortize the cost of the plant in 20 years."
BONDS—The
WEST
MONONGALIA
11 very on or about July 6.
m
_
(OfficiallyJleported June 1," 1938) ~
*
Total bonded debt,
on hand
Net oonded debt
$2,225,000
1,500,000
178,000
3,400
174,600
including this issue
Less: Cash
-
Floating indebtedness
^Estimated population 1938, 2,700.
"""* The
above'statement does not"include
or
WISCONSIN
1935
process
1936
$35,000
32,300
$35,000
33,400
Taxes collected
*JIn
MADISON, Wis.—BOND SALE—Two issues of bonds
$228,000, were offered for sale on June 23 and were awarded
$150,000
Collections
Tax Year—
Taxes levied
1937
1938
$37,000
29,000
$37,500
*1,500
1939 to
SEVEN MILE CREEK (P. O.
Mauston), Wis.—BOND SALE—The
$38,000 issue of 3% semi-annual road bonds offered for sale on June 28
146, p. 4002—was purchased by T. E. Joiner & Co. of Chicago,
paying a premium of $1,147, equal to 103.01, a basis of about 2.60%.
Dated July 1, 1938.
Due from July 1, 1939 to 1953.
—V.
Palmer),
Texas—BOND SALE DETAILS—It is now
reported by the Superintendent
of Schools tnat the
$10,000 construction bonds sold to tne State Board of
?
TAYLOR COUNTY (P. O. Medford), Wis.—BONDS APPROVED—A
$50,000 issue of 3%-^coupon highway improvement bonds was approved re¬
cently by the State's Attorney General.
Denom. $1,000.
Dated April 1,
1938.
Due on April 1, 1942.
Principal and interest (A. & O.) payable
at the office of the
County Treasurer.
It is stated by Mark J. Hirsch,
County Clerk, that he will receive bids
4s, and mature $500 from
> ROSEDALE INDEPENDENT SCHOOL DISTRICT (P. O. Beau¬
mont), Texas—BOND OFFERING—It is reported by Roy H. Guess,
Superintendent of Schools, that T. S. Webb, President of the Board of
Trustees, will receive sealed bids until June 29, for the purchase of a $25,000
issue of building bonds.
Interest rate is not to exceed 4%, payable semi¬
annually
Due as follows: $500, 1939 to 1948; $1,000, 1949 to 1968.
Optional in 1943.
(These bonds were originally scheduled for sale on
May 16, but the sale
was
postponed, as noted in tnese columns at that time.—V. 146, p. 3389.)
on
annual general obligation intercepting sewers and
sewage disposal plant
bonds offered for sale on June 24—V. 146, p. 3848—was awarded to
Harley,
Haydon & Co. of Madison, paying a premium of $1,010.00, equal to 105.50,
basis of about 2.40%.
Dated May 1, 1938.
Due from May 1, 1939
a
to
bonds is said to have
WYOMING
con¬
CASPER, Wyo.—CERTIFICATES CALLED—It is stated by C. W.
Mapes, City Treasurer, that certificates of indebtedness numbered from
87 to 702, inclusive, were called for payment as of June 23, interest
ceasing
on
WASHINGTON
®oenr^
WENATCHEE, Wash.—BOND OFFERING
ITl
y
6,L. Thulean, Town Clerk, that
.
$3,000
not
to
exceed
LONG
BEACH, Wash.—BONDS
to exceed
that date.
..
.
the offering of the
on
_
CANADA (Dominion of)—SALE OF TREASURY BILLS—An issue of
$25,000,000 Treasury Bills, due Sept. 30, 1938, was sold on June 30 at
cost to the government of 0.479%.
an average
PRINCE GEORGE, B. C.—BOND ISSUE FOR SALE—W. G.
Fraser,
City Clerk, recently stated that no bids had been received as yet for an issue
5H% bonds, due May 1, 1953.
NOT SOLD—The $2,700 issue of not
6% semi-annual general obligation town bonds offered
Y, 146, p. 3234—was not
soid, according to report.
^
CANADA
POSTPONED—We
6% coupon semi-annual sewer bonds wnich was
scheduled originally for June 20—V.
146, p. 4002—was postponed to July 5.
20
1957.
LINE SCHOOL
Tyler), Texas—BONDS SOLD—A $30,000 issue of
as
EAST
these bonds in the fall.
WINNECONNE, Wis.—BOND SALE— The $20,000 issue of 3% semi¬
been purchased by Callihan & Jackson of
2)^s, paying a premium of $52.60, equal to 100.17, a basis of
about 2.46%.
Due in five years.
Dallas,
Wis .—BOND ISSUANCE NOT CONTEMPLATED—
informed by W. H. Wendt, City Comptroller, on June 29 that it is
unlikely the city will issue any bonds, regarding its Public Works
PRAIRIE FARM JOINT SCHOOL DISTRICT NO. 5 (P. O. Prairie
Farm), Wis.—BONDS SOLD—It is stated that $4,000 4Y% semi-ann.
building bonds were purchased recently by the Bank of Sturgeon Bay.
INDEPENDENT SCHOOL DISTRICT
(P. O. Melvin),
Texas—BOND SALE DETAILS—It is
reported by the District Secretary
that the $37,500 construction bonds
purchased by the State Board of Edu¬
cation, as noted here recently—V. 146, p. 4156—were sold as 4s at par and
mature serially in 30 years.
struction
1946, inclusive.
on and after March
1, 1939.
The second highest bid was an offer of $1,431.00
premuim on a rate of
0.50%, submitted by C. J. Devine & Co., Inc. of Chicago. A group headed
by Lazard Freres & Co., Inc. of New York, offered the third best bid, an
offer of $905.00 premium on 0.50%.
MELVIN
SMITH AND^CHERGKEE COUNTIES—COUNTY
146, p. 4156—
western National Bank & Trust Co. of
Minneapolis, F. S. Moseley & Co. of
Boston, and the Harris Trust & Savings Bank of Chicago, at 0.40%, plus a
premium of $1,197.70.
Dated July 1,1938. Due on July 1, 1939; optional
cation.
^
June 29—V.
MILWAUKEE COUNTY (P. O. Milwaukee), Wis.—BOND SALE—
The $3,000,000 issue of coupon relief bonds offered for sale on June 27—
V. 146, p. 3848—was awarded to a
syndicate composed of the Northern
Trust Co. of Chicago, the Chase National Bank of New
York, the Morth-
"TRISCO INDEPENDENT SCHOOL DISTRICT (P. O.
Frisco)
Texas—BONDS SOLD—It is reported that $32,000
4% semi-ann. con¬
bonds have been purchased at par
by the State Board of Edu¬
DISTRICT (P. O.
on
$20, equal to 100.06, a basis of about
Dated Aug. 1, 1938.
Due $4,000 from Aug. 1,
Administration program.
struction
as
Woodman), Wis .—BOND SALE—The $32,000 issue
are
very
is stated by Stuart Baiieyl
City Auditor, that he will receive sealed bids until July 8, for the following
$1,650,000:
$750,000 school; $500,000, storm sewer;
$300,000 airport, and $100,000 street improvement bonds.
O.
follows:
revenue
MILWAUKEE,
We
bonds aggregating
(P.
(P. O.
2.49%, according to report.
DALLAS, Texas—BOND OFFERING—It
Education—V. 146, p. 4156—were purchased
April 15, 1939 to 1958 incl.
aggregating
as
refunding bonds, series of 1938,
jointly to Harris, Hail & Co. of Chicago, and the Milwaukee Co.
of Milwaukee, as 2s, at a price of
100.533, a basis of about 1.94%.
Dated Sept. 1, 1938.
Due $10,000 from Sept. 1, 1940 to 1954,
MARION
(P. O. Big Lake), Texas—BOND
by the District Secretary that the $25,000
3Yi% semi-annual gymnasium bonds purchased by the State Board of
Education—Y. 146, p. 4001—were sold at par and mature as follows:
$2,000, 1939 to 1943, and $1,000 from 1944 to 1958.
DISTRICT
works
of road improvement bonds offered for sale
was sold as 2s,
paying a premium of
BIG LAKE SCHOOL DISTRICT
SALE DETAILS—It is stated
SCHOOL
water
inclusive.
TEXAS
INDEPENDENT
coupon
78,000 coupon refunding bonds, series of 1938, to a group composed of
T. E. Jones & Co. of Chicago,
Harley, Hayden & Co. of Madison,
the Channer Securities Co. of Cnicago, and the Citizens State
Bank of Sheboygan, as 2s, at a price of 100.128, a basis of about
1.99%.
These bonds are divided into two parts as follows:
$67,000 refunding bonds.
Dated July 1, 1938.
Due on July 1
as follows:
$7,000,1944 to 1950, and $6,000,1951 to 1953.
11,000 refunding bonds.
Dated Aug. 1, 1938.
Due on Aug. 1
as follows:
$2,000 in 1944, and $1,000 from 1945 to 1953.
of collection.
F AUSTIN, Texas—BOND SALE DETAILS—In connection with the sale
of tne $375,000 2>£ % school bonds to a
syndicate headed by the Boatmen's
National Bank of St. Louis, at a price of
101.78, noted in our issue of
Juno 25—146, p. 4156—we are now informed
by Guiton Morgan, City
Manager, that these bonds are coupon in form, without provision for reg¬
istration, in denominations of $1,000 each.
Dated July 1, 1938.
Due on
July 1 as follows: $15,000, 1939 to 1941; $16,000, 1942 and 1943; $17,000,
1944 to 1946; $18,000, 1947 and 1948;
$19,000, 1949 and 1950; $20,000,
1951 and 1952; $21,000, 1953 and 1954;
$22,000. 1955 and 1956; $23,000,
1957, and $24,000 in 1958.
No privilege of retirement prior to maturity.
Principal and interest (J. & J.) payable at the City Treasurer's office in
Austin, or at the Chase National Bank in New York.
Legality to be ap¬
proved by Thomson, Wood & Hoffman of New York, or Chapman & Cutler
of Chicago.
Delivery of bonds to be made on Aug. 1, at Austin.
PALMER
informed
bonds to be met from current levies.
interest.
Tax
are
None
the debts ordther political sub¬
divisions having power to levy taxes on property within the
city.
City officials advise that the city has never defaulted in the payment of
principal
VIRGINIA
COUNTY
(P. O. Morgantown), W. V;,. -HOMl
by G. S. Brewer, Clerk of the County Board
of Education, that an election will be held on
Aug. 2 to vote on the issuance
of $600,000 in school buildings and
improvement bonds.
He also furnishes the following information:
Assessed Valuation (according to last assessment)—Class I, $4,300,885;
Class
II, $11,219,770; Class III, $24,816,545; class IV, $14,934,005;
total, $55,271,205.
Outstanding Indebtedness—Board of Education of the County of Monon¬
galia as such has none, and its unbonded indebtedness is negligible.
The
outstanding bonded indebtedness of the former Morgantown Independent
School District, now administered by the
County Board of Education since
the county unit became effective, is $564,000.
The proposed issue does not violate the statutory or constitutional limi¬
tations.
No default in payment of principal or interest on school bonds
has ever occurred in this
county.
Sinking fund requirements for proposed
ELECTION—We
RIPLEY, Tenn .—BONDS OFFERED FOR INVESTMENT—1The First
National Bank of Memphis is offering for public subscription a $35,000 issue
of 4M % refunding bonds at prices to yield from 3.75% to
4.00%, according
to maturity.
Dated July 1, 1938.
Due $5,000 from July 1, 1948 to 1954
incl.
Prin. and int. (J. & J.) payable at the First National Bank of Chicago.
Legality to be approved by Charles & Trauernicht of St. Louis, Mo.
DeFinancial Statement
areas
posed
will be received until 1 p. m. on
Estimated actualvalue of "all taxable property
Assessed valuation 1938
1938
"The bridge, when completed, will have a center span 2,600 feet long—
third longest span in the world.
It will replace the ferry service now in
operation between Tacoma and points on the Olympian Peninsula,
It will
Due
19i8.
DE SMET
GREENFIELD, Tenn.—BOND TENDERS INVITED—Sealed
July 2,
May
of $25,000
SPOKANE COUNTY SCHOOL DISTRICT
NO. 50 (P. O. Spokane),
Wash .—BONDS NOT SOLD—The
$8,000 issue of not to exceed 6% semibuilding bonds offered for sale on June 17—V.
146, p. 3702—was
not sold as all bids received
were
rejected, because of the fact that a Works
Progress Administration fund
application had not been approved, according
to the County Treasurer.
QUEBEC, Que.—BOND ISSUE AUTHORIZED—The City Treasurer
has been authorized to issue
annual
$638,626 bonds to meet obligations maturing
July 1.
ST. JEANNE DE
CHANTAL, Que.—BOND SALE— The issue
of $50,000 30-year serial bonds offered June 27—V. 146, p. 4156—was awarded
Credit Anglo-Francais of Montreal, which bid a price of 98.25 for the
to
TACOMA,
,i
Wash.-PWA GRANT APPROVED FOR TOLL BRIDGE—
s Administration had made the following press release:
//9
rEvwww
?i tPPJ0Val °* a TWA grant of $2,700,000 for
$6,000,000 toll bridge
nounced
on
across
construction of a
Puget Sound, at Tacoma, Wash., was an¬
June 24 by the PWA.
"T1?® Jbrid8e, which will provide
Sound
cultural
Jc W
..
program
of the
x*. «
"Construction of the 6,000-foot bridge
through
a
PWA grant of $2,700,000.
applicant.
first $15,000, due in initial five years, as 3>£s, and 98.37 for
$35,000 as 4s.
The first five maturities aref guaranteed
government
grants.
The
submitted a bid of 98.25.
SASKATCHEWAN
a link between Tacoma and the Puget
Navy Yard at Bremerton and providing
easy access to a large agri¬
area on the
Olympic Peninsula, is one of the largest construction
projects approved for the Northwest under the new
1938
c
.
the Narrows will be financed
The balance will be raised by the
across
Banque
(Province
Canadienne
of)—MAY
Nationale
REFUND
thel balance of
by provincial
of
Montreal
MATURITY—
The Canadian press is the source of a report that the Province
may meet
the July 1 maturity of $1,500,000 6% bonds through the issue of a new loan
of short-term 4s.
Some of the larger holders of maturing
obligations
are
stated to have agreed to exchange them for the new securities.
The bal¬
ance of the loan would be offered publicly at a small discount in order
to
complete redemption of the outstanding 6s.
It is also pointed out that the
market for bonds of the Province rebounded sharply following defeat of the
Social Credit exponents at the Provincial election on June 8.
@FedFRASER