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BUS.
ADH.
JlJN
LIBRARY
12
1939
financial
WJ
nmmcrria' §
COPYRIGHTEO IN
1
1 AQ
V/fl 1
1*40
VUL.
1939 SV WILLIAM 9. DANA
COMPANY. NEW YORK.
Issued Weekly 40 Oents a Copy—
JS18.00 Per Year
BROOKLYN
dp
rant
ENTERED AS SECOND-CLASS
MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3,
NEW YORK, JUNE 10,1939
William B. Dana Co.. Publishers,
25
Spruce St., New York
■
BANK
NATIONAL
COMPANY
QQCQ
00J*/
.
CHASE
THE
TRUST
1S79.
Mf)
IsU
City
OF THE CITY OF NEW YORK
Chartered 1866
George V. McLaughlin
Maintaining effective cor¬
President
respondent bank service
BROOKLYN
NEW YORK
Member Federal
is
a
traditional
policy of
the Chase National Bank.
Deposit Insurance
Corporation
Broaden
service
,
your customer
Chase
with
cor-
respondent facilities.
Member Federal
FUNDAMENTAL
Deposit Insurance
.
Corporation
PublicUtility
INVESTORS
Bonds
INC.
of capital issues
Underwriters
★
and
States
United
in
dealers
Government, State, County
Prospectus on request
from, authorized dealers in all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
and
Municipal bonds and in Public
Utility, Railroad, Industrial
and other investment securities.
CJ>Le
FIRST BOSTON
Harriman
CORPORATION
Ripley & Co.
Incorporated
BOSTON
NEW YORK
Hallgarten & Go.
AND OTHER
Established 1850
v
..
*
'
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•'
'
CHICAGO
SAN FRANCISCO
PHILADHLPHIA
PRINCIPAL CITIES
Street, New York
Chicago
Philadelphia
Boston
Representatives in other leading Cities
i
•
NEW
YORK
London
Chic&co
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City of
Philadelphia;
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New\orkTrust
Pennsylvania
btAR, STEARNS & CO.
ONE WALL STREET
.
...
'
»
>H
'
_
*
Bonds
Company
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
isi
IOO
40TH
HOMER & CO. JNC
40
BROADWAY
AVE.
ST. & MADISON
FIFTH
AVE. & 57TH
ST.
James Talcott, Inc.
Founded 1854
NEW YORK
Exchange Place, New York
factors
General Offices:
225 FOURTH AVE.,
European Representative s Office:
8
CarlM.Loeb,Rhoades&Co.
KING WILLIAM
Corre»pondent Companies:
STREET
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NEW YORK CITY
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Corporation
Ltd.
St., London, W. I.
I
Financial
II
June
Chronicle
10,
1939
Notices
Electric Power Associates, Inc.
(IN LIQUIDATION)
NOTICE
the
IS
transfer
HEREBY
books
Associates, Inc.,
a
GIVEN
Electric
of
that
Power
Maryland corporation
which has been dissolved and is
now
in
the process of liquidation, will be closed
permanently
after the
no
Jund 20, 1939 and that
on
close
of
business
on
that date
further transfers of Class A Stock and
Common
Stock
books
said
York
of
will
made
be
Curb
no
trading in said stocks
change will be permitted
17, 1939.
Prior
to
necessary
the
on
Corporation. The New
Exchange has advised that
on
Ex¬
that
after
June
the final distribution it will be
for all holders of certificates for
the Class A Stock and Common Stock of
Electric
Power
ward the
same
Associates,
to
Inc.
for¬
to
Chemical Bank 8C Trust
Company, 163 Broadway, New York,
N. Y., for cancellation against the final
payment, when made.
Said certificates
must
be accompanied
by a Letter of
Transmittal properly executed, copies of
which may be obtained from Chemical
Bank
8C
Trust
Company or from the
Corporation, 15 Exchange
Place, Jersey City, New Jersey.
offices of the
By Order of the Trustees
C. F.
BLANCHARD, Secretary.
June 6, 1939.
Leading Out-of-Town
Investment Bankers & Brokers
ST. LOUIS
x5r/x
Co.
4
SAINT LOUIS
509 OLIVE St
Iaxes
are
necessary
an
couldn't
System
taxes
increase of 56%
0
right
goes
for
in
out
a
city, state
1938
or
Member* SC. Louis Stock Exchange
up.
money you pay us
for
BIRMINGHAM
taxes.
were
$147,400,000 —
MARX & CO.
BIRMINGHAM, ALABAMA
in three years.
'
run
But they do mount
considerable part of the
telephone service
Bell
you
without them.
government
Fact is, a
—
In 1938
'
•
taxes were:
'
"
SOUTHERN
Equal
to
about $550
Equal
to
$9.50
per
Equal
to
$7.54
per
share of A. T. 8C T.
MUNICIPAL
AND
telephone in the Bell System
a year per
employee
CORPORATION BODNS
DETROIT
common
stock
MICHIGAN
BELL
You
the
are
T E L E P H O N E
cordially invited
Golden
Gate
to
SYSTEM
visit the Bell System exhibit at
International
MUNICIPALS
Exposition,
San
Francisco
Charles A. Parcells &, Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING, DETROIT,
MICH.
HARTFORD
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Binder
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Securities
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York City
East
Michigan St.,
Milwaukee, Wis.
Thf
omiMrrialf
Vol
JUNE
148
10,
No. 3859.
1939
CONTENTS
Editorials
page
The Financial Situation
3420
Railroad
3432
Passenger Fares
Workers Will
Eventually Rebel Against Closed Shop...3433
Comment and Review
New
___3435
Capital Flotations in May
'
Week
on
the European
Stock Exchanges.
Foreign Political and Economic Situation..
......3426
3429 & 3477
Foreign Exchange Rates and Comment
Course of the Bond Market
Indications of Business
3425
...
...
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
General Corporation and
3476
.
Current Events and Discussions.
Bank and Trust Company
3423
......
Exchange....
News
-
,
.3447
,
3475
Items
3523
Investment News
3558
Dry Goods Trade...
State and
3435
3439
Activity..
Municipal Department
—
..
„3559
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund
Dividends Declared
Auction Sales
3487 & 3489
.w
Notices
...
3481
-—3481
-
.
—....3477
.......
New York Stock
Exchange^Stock Quotations..
New York Stock
Exchange—Bond Quotations..3490 & 3500
3490
New York Curb
Exchange—Stock Quotations..
New York Curb
Exchange—Bond Quotations..
'
3506
3510
Other
Exchange^—Stock and Bond Quotations..3512
Canadian Markets—Stock and Bond
Quotations......3516.
Over-the-Cpunter Securities—Stock & Bond Quotations .3519
Reports
Foreign Bank Statements
Course of Bank
Clearings
:
i
i..»_
Federal Reserve Bank Statements.
General
Corporation and Investment News.,
v
Cotton
Published Every Saturday
3428
3477
—3447 & 3487
3523
Commodities
The Commercial Markets and the Crops
Breadstuff s
—
....
—3548
3551
.3555
Morning by the William B. Dana Company, 25 Spruce
Street, New York City.
Selbert. President and Treasurer; William D.
Business
Manager.
Other offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O.
Copyright 1939 by
i^>m
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
8uI»mptlons
In United States and Possessions, $18.00 per year, $10.00 for 6 months; In Dominion of Canada. $ 19.50 per year, $10.76Tor6 months.
Herbert D. Selbert, Chalrmai of the Board and Editor; William Dana
Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain,.Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising ®^ttei\ 45 cents
line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
•
"
South and Central America,
per agate
(*
The Financial Situation
term.
members of the Senate,
of the
It is,
of
House
are
presidential election
of
1940
arrives
House for
garden variety
eight
had
have
to
seems
and
long
occupancy
of the White House
usual
bition
degree
for
We
also
third
a
shall
have
am¬
been
President
feels
he
programs
of
the
these
"Because
our
through
he
it to
On
his way
the
well
a
very
substantial element in the
party, deeply
policies
abhors
of * their
leader
and
disgraced
such
complicate
*
further the
succeeded
vating
a
in
not
which
capti¬
reason
other.
of
most
his
is
if
many
policies
have
acceptable
than
Thus
it
convention
dential
these
this
in recent
the
main
scarcely
that
times
of
and
and
the
ments
not
only
pre-
public figures with presi¬
than
usual,
this
prominent in politics,
have for the most part
of
the
have
but
former
which
constituted
campaigns.
There is
a
between the
hard and bitter struggle
nevrcr
and
more
radical
gathered under the banner of the President
older,
saner,
previously
long
and
in
more
control
conservative
of
the
ele¬
party's
the so-called
would
and
all involved.
issues
The
re¬
1938 elections
revived
Republican breasts,
but
it
difficult
would' be
indeed
this
at
whether
say
hopes in
strengthened
time
they
or
to
have
weakened
determination
the
of
the
party to stand four-square
in the wind in 1940.
tain it is that
the
possibly
ture
the
say
at this junc¬
precisely
beliefs
or
what"
those
most
are
what would
be the programs
of
Cer¬
could
no one
who
of several
now
prominent
are
poten¬
as
presidential nominees
party, and equally certain it is that the party
Congressional record
where, stand definitely
upon any
As to the
of great
interest
is, however,
mere
or
else¬
sort of platform.
purely political aspects of all this, the
business community may
than
those
evade
does not either in the
time
in
pro¬
many
own
of the
struggle
co-called
the
its
revolves
have
'
..
our
within
now
desperate
are
seems
for doubt that within the Democratic
dominance
factions
add
there
sults of the
democratically 'planned economy'
than the personal ambitions
Party there is in full swing
for
without
in
be
can
doubt That around the
who
merely
exist
party
manner
there
conservatives,
economic
cannot
impossibility."
counter-marchings
more
man
factors
room
one
were
an
same
gressives,
route
tial
that
begun earlier
good deal
or
a
the
of
but
which
belief, which,
implied if not fully stated in
Mr. Aldrich's words, that an ecoriomically
successful dictatorially "planned economy"
is for practical purposes equally an impos¬
sibility.
'
to
maneuvers
marchings
a
A
of
the
ranks
party.
happens
ambitions
involve
of
own
an
that
however,
,
practically all of the older
leaders of his
no
coincidence that democ¬
mere
We need only
always appeared
more
easiest
seen
affairs
candidacies
a political
imperative.
Personally, I see in the simultaneous origin
of economic liberalism and political democ¬
racy a vitally important fact and one'that
cannot
be too strongly emphasized.
Their
growth
has been parallel for the simple
segment of the Republican
Party to
not
if democracy
ways, as
substantial.
very
the
be
to
again try to "get by"
1940,
find..
out to
was
rationalization
President
has
take
we
this
calamitously j in 1936.
remains
in
been considered sinister by some of
the more vehement critics of our democratic
situation
still
if
failed,
again
of
These
the
times
at
To
the
that
power
whether those who manage
The
us.
in
policy
a
will
beset
and the system of free private enterprise
developed together.- The interrelationship
between political and economic freedom has
party
programs.
have
racy
has been made the sponsor
of-
difficulties
first
set
"It
deeply
its
find
have
the
titular
feels
that
It
•
consulting the road maps, or
heeding the danger signals on the way, we
will
be
led to strange and foreign lands,
barren
lands which
will
yield us neither
the safety, security, nor prosperity which we
of thinking.
contrary,
economic
problems for
without
converted
means
tactics
time
may
democratic institutions
our
itself
by
"say-nothingism."
This is an understandable psychological re¬
action, but the road, I fear, will lead to a
goal we would not knowingly seek.
We may
party to his will, has not
any
largely
Aldrich,
point:
that
more
questions
really divided it and
maintain
thought is often
expressed that the free enterprise system has
failed, because we still have unemployment,
distress and periodic maladjustments/ There¬
fore, it is argued, the Government must 'do
something'—on the assumption that any¬
thing new will be better than the status quo.
has been able to bend his
by
W.
Winthrop
the
1
in recent years, the
path of least resistance
has been to let the Government try to solve
that, but
although
years,
the
at
1932, to
evade
or
which
address
recent
us
missionary
President
able until the collapse
was
perhaps better stated, intil
or,
and way of life.
apparently
Not only
a
action
the teal threat to
most
now
sort
a
zeal.
difficulties, but
1929,
have
the
effect of destroying our
system of free econ¬
omy is imposed and accepted, that constitutes
himself and concerning
which
of
appalling casualness with which
governmental
consecrated
vigorously
at one
"It is the
under
has
of
College,
Bank, said
•
of the New Deal to which
this
Republican Party has long been beset with
"Chairman of the Board of the Chase National
living for
policies and
The
similar
Impossibility
course
Jefferson
time
years
the
the
as.
Republicans Divided, Too
Commencement Exercises of Washington and
term.
that
by
nearly eight
the
of
thought,"
of
controversial
An
In
the
"schools
avoid
than
more
arouse
opposed
popu¬
larity could scarcely have
failed to
It is rather between two funda¬
White
predispose—and in whom extraordinary
long-sustained
between the President and
not
President terms them, within the party.
developed the usual "Messianic complex'—an ail¬
ment to which
conflict is
President who has
a
years
the
in
the
mentally
When the autumn
year.
shall
we
almost
but
represented by Vice-President Garner,
best
now
the Vice-President.
to be chosen.
or
Representatives
however, far from the usual
of
are
and the entire membership
commonly believed that these latter
It is
affairs.
NEXT year is anAelection year one-third sensethe
of
that
President, in every of
or
or a
well be excused for
unanimity of opinion.
lack
There
at least there should be, much more
politics at issue.
velops in 1940
a
If the campaign de¬
it did in all too large a measure
as
in
1936, and not
at
issue, the fault will lie at least in substantial
measure
with
a
the
great deal more than politics is
public, including, of course,, the
rank and* file of business
even
clearer
than
in
men.
1936, that
It is clear enough,
among
the people
r
Volume
of
the
Financial
148
widest question would be
in 1936.
major po-
country, and within eajph of the
litical
parties, sharp and strongly held differences
opinion exist concerning what ought to be the
of
policies of the country with regard to the most funda mental
evident,
the
/
What is more, it is now fairly
questions.
it has not always been wholly clear in
as
past, that an overwhelming majority of what is
known
ordinarily
fraternity
business
the
as
is
definitely of the opinion that radical changes in
public policy
The
both essential and urgent.
are
3421
Chronicle
public must make it clear that the party or the candidate which undertakes to evade these issues will
no more
satisfactory than
We are, of course, familiar with what is at the
moment perhaps the prevailing view that the vital
objective is to defeat this particular Administration, to oust the strange and conglomerate group
of dreamers, reformers, and amateurs who seem to
shape its policies, and to discredit the program actually in effect at least to the point where modifications of them can be effected. We are likewise
quite cognizant of the reasoning which leads to this
conclusion—namely that there is little or no likeli-
pre-convention politics, have convinced most
b°od of sending to Washington any individual as
President or any group of presidential advisers so
utterly dangerous and destructive as these, pro¬
vided only that the present Administration does
not control the selection, and that it is better to
constructive
"play safe," not demanding too much of alternate
not command
The
great respect.
of
inability
the
Congress
present
things done, and the more recent absorption
needed
of the attention of almost every one
with
get
to
careful
that
observers
as
desirable
in Washington
us
candidates lest the main objective of defeating the
Administration be sacrificed in the process. Candor,
in obtaining a verdict at the polls next year which
of course, forces the admission that mismanagement
will leave neither the White House nor Congress
of public affairs worse than that to which we have
with an available excuse for delay or failure to
been subjected during the past six years is diffiproceed constructively without equivocation
or
cult to conceive. We are prepared likewise to conhesitation.
It may yet be possible to obtain some
cede that if nothing more than a resounding demodification of the provisions of the National Labor
feat of the Roosevelt Administration either in the
Relations Act, to change in some particulars existDemocratic convention or at the polls next autumn
ing taxes, and to accomplish a few reforms here and
can be expected, that alone is worth great effort,
there, but the record to date is largely one of hope
Yet, with equal candor, it seems to us that any
again and aghin deferred and often dashed.
Cer- such strategy is one of undue timidity and, moretainly the budgetary situation looks practically
over, one fraught with considerable danger.
The
hopeless for this session, and constantly repeated rehazard is not simply that of finding later that the
ports of plans in preparation for a further extension
devil has been swapped for the witch. Such a conof pump-priming activities, probably without per^. summation is, of course, quite possible.
Let it not
mitting the outlays to appear in the budget as such,
be forgotten for a moment that some of the canare not encouraging.
Next year the election camdidates for office last year—several of thern successpaigns will be still closer at hand, and the maneuvful—outdid the New Deal in their advocacy of
ering for position among various candidates and
weird programs, or that others, who professed hossundry groups with convention ambitions is virtility to various of the measures which have been
tually certain to be even more pronounced, making
taken to the statute book since the entry of Mr.
it still more difficult than it is now to get much
Roosevelt into the White House, seemed at bottom
of value done.
;";Vonly interested in changing the particular forms
the measures take, and in some instances hardly
legislation this year undoubtedly is, the more im-
portant task and by far the greatest opportunity lie
-
>
of preparing for next
the task
be
tions is and will
other
than
•'
The Task Not Easy
:
,
But
is
it
that
no
easy one,
more
year's elec-
if for
no reason
exceedingly difficult to
be
certain, in most cases, what any particular candidate or group would do if placed in office.
Under
existing conditions party labels are in large part
without
those
and
meaning,
believed
be
to
individual candidates
such)
are
(or
for the most part
anything but ready to discuss the real questions of
the
day with
forthrightness.
Experience clearly
teaches, moreover, that it will not do to leave all these
matters
after the
conventions
ways,
steer
some
for that matter until the
The politician
is al-
group
public in
7
h©
"
ea Pangei*
,
.
But the most serious danger involved in
«
replac-
ing those now in Washington with others thought
to be "friendly" to business without at the same
time formulating and giving effect to a broad program of real economic statesmanship lies elsewhere,
It seems to us that one or the other of two developinents would be quite within the limits of probabil-
ity in such an event.
The business community at
large would soon sense the presence of all the un-
soundness that has been introduced into the eco-
any very
enlightening way.
His
opportunity to furnish a mandate of any
President Roosevelt is an exception in
respects, his conduct does not disprove the
spoken New* Deal exponent is pitted against some
consonant with fiscal prudence.
nomic system during the past half dozen years and
continue to hesitate, with the result that the new
regime would soon believe itself politically compelled to adopt the habit of constantly repeated
doses of stimulants with disastrous results to the
If
candidate
*s
permit his party, or
never
rule, and in any event a situation in which an outother
bave been busily epgaged in approving most of the
Deal legislation but insisting quite in con sistently upon a redaction in expenditures and a
balanced budget. Not a great deal of the New Deal
to which he belongs, to commit
almost
technique which constantly deprives the voter
any
sort.
or
session.
nearly always, a timid soul who would
clear of "controversial" subjects if lie could,
particular
is the
in
professional politicians until
or
itself in
of
are
who would
and
the
the
to
conventions,
Others
than altering a detail here and there.
whose
position
is
open
to
the
somehow
substantially improved), adding to the already existing inflationary situation and increasing the
budget (assuming it had been meanwhile
danger of a financial breakdown; or else
it would
Chronicle
Financial
3422
and berates it for whatever it does; which with one
hand administers large doses of stimulants, in the
permit itself to grow overly enthusiastic about the
of
turn
which at
the
that
result
the
inflation
financial
rise
to
system would "take hold" and give
Thus, whether intentionally or not, the present
it.
late
Administration has prevented its own inflationary
and
end
tactics from succeeding in doing what was wanted
collapse for which we should be much less
pre-
and expected of them.
reenactment of
a
the
(or perhaps
a
'twenties
much further)
go
of
excesses
the
pared than we were a decade ago.
Much is
feet
our
long while
into office which leaves the inflated credit structure
said,
restoring confidence,
about
created by its predecessor intact, but which by
"friendly" attitudes, legislative and administrative,
removes the distrust and uneasiness which now
a
to suppose all that is required to put
seem
again is
a
Now suppose that a new Administration comes
.
,
being said, and much for
been
has
past
Many
on
other holds a cat-o-nine-tails, and is fond of using
present exists in unprecedented degree in
our
in
with
events
June 10, 1939
us
restoration of confidence, and
it must be admitted that there is much that is al-
beset banker and industrialist alike.
luring in this plea for confidence,
occurred in the so-called recovery of 1935-36 to con-
would
or
be
should another Administration in
early and convincing evidence of
.
Washington give
friendly attitude
toward business in
shown to be
punitive
its
in
fering
fact
at least
or
it
so
of conditions
warranting it,
carefully the facts of the
first of the New Deal acts
velopments
Administration for years
Europe,
it
to
ex-
cess reserves
today stand at the incredible figure of
$4,280,000,000. Bank deposits today are very nearly,
large
as
the
boom of
take
us
our
Yet the volume of industrial.and, trade
transactions is not
all
they have"* ever been in
as
in 1928
even
or
financial
of the
1929.
order of mag
same
Obviously
requirements
of
we
have here
inflationary
an
unprecedented proportions—one that might
much
further
time there was
no
than
such
in
thing
not
found
1929
as
Why is it that this incredible
funds "has
since
excess
mass
expression
of
in
at
that
reserves.
inflationary
higher
com-
modity prices,
stock
seething business activity, boiling
markets, and greatly accelerated growth in
capital investment in plant and the like?
are
probably several
large part,
we
the situation
as
in
to
part due
believe, in
it has
the
quite consciously
answer
a
that
introduced
is to be found
general distrust of
developed.
fact
There
but apart from the
reasons,
commodity price situation the
in
the existing credit situation, and
is
absorb
Treasury deficits and thus to expand deposits,
as
The excesses
i« no way essential to a thoroughly unhealthy and
unwholesome industrial and trade boom based upon
a
persistently pursued the
policy of virtually obliging the banks
nitude
We have no such thought in mind.
In conjunction with de-
abroad, particularly in
fully,
the movement,
prices but by slowly declining commodity values.
Rapidly or excessively rising commodity prices are
One result is that, despite the fact that the
history.
a
of.
of the late'twenties were accompanied not, by rising
-
responsible for the importation and absorption into
the banking system of incredibly large amounts, of
if not
many
At the
fanatics who suggested it.
gold.
to put a halt to
not foreseen by the amateurish'
was
(under supposed conditions) of
commodity price situation, and
level of prices was reached steps would be taken
cur-
designed, but it has accomplished
was
prediction
them doubtless would reply that before a dangerous
has done little to accomplish that for
great deal that
„
es a
runaway
.
debase the
to
was
To these such an analysis as
hoarding of gold impossible,
time it made the
it
of commodity prices.
are
is being presented here will doubtless be interpreted
effort to reduce the burden of debt by
an
The program
which
mission of inflation do so almost altogether in terms
One of the
case.
raising prices, and to stimulate business.
same
tion existing.
doctrine sounds strange
a
given to dis-
the
one
at a rate exceeding
or
Most of those who
Yet
that
seems to us,
firm foundation for it.
a
Let him to whom such
in
time for the rank and file to forget the distrust
born of the essential artificiality of the credit situa-
inter-
or
restoration of confidence in advance
a
the establishment of
rency
of the sort supposed it would not require much
disposition is
no
unduly restrictive
or
vince any thoughtful observer that in circumstances
1
dangerous things that could happen to
would be
consider
that
sense
administrative activities.
remains,
of the most
us
the
a
Quite enough
This distrust is
inflation
into
the
has
credit
chanism with great ado for the
purpose of
been
me-
inducing
.
as
hungry
as
the
business community, or much of it, is for a revival
of the si>called heavy industries—-to say nothing of
most of the politicians of the country—it. is not
likely that the usual inflationary reverberations in
the, capital investment field would quickly or decisively disturb 'the ruling authorities, unless indeed they are of unusual caliber. The rise of a large
<number of new enterprises or the enlargement of
old enterprises able to survive only so long as what
known
are
conditions exist would not
boom
as
profit the country much in the long
It
run.
precisely this sort of development which
was
was re-
sponsible for the 1929 crash, and a similar
course
in the future would inevitably bring similar results,
It is sheer madness to suppose, as some appear to
do, that
we
have found
a way
to dance without pay-
iug the piper.
After the ten long, lean years we have suffered,'
it is but human to demand activity and profits. It
may even be natural to be willing to accept them
be ready to pursue them in the easiest
without looking too far ahead or too closely,
or even to
way
hut wisdom suggests the the longer
sometimes
the
shorter
way
home.
way
Let
round is
us
with
every means at our disposal endeavor to bring the
^ew Deal to
moment
an
end in 1940, but let
us
not for a
to insist that the succeeding regime
cease
he prepared to institute
a
regime of real economic
statesmanship,
activity.
The result has been to give the entire de¬
velopment the obvious appearance of artificiality
and
questionable solidity.
Want of confidence has,
however, in still larger degree sprung from knowledge born of experience that the same Administration
which
proceed
as
with
one
breath
implores industry to
usual, with the next roundly condemns
Federal Reserve Bank Statement
^^REDIT and
official
currency changes recorded in the
banking statistics are of little im-
portance this week.
The chief tendency
was
in the
direction of expanding credit resources, owing mainly
to
gold imports and the deposit by the Treasury in
Volume
Washington of
with the
crop at 184,000,000 bushels.
The Agriculture Department's announcement of May 15 last
All money in
continued
to
with the
upward,
move
advance for the week ended June 7
placed at $18,-
000,000.
Treasury more
But
of gold by the
use
than offset this influence
J and member bank
balances advanced $23,589,000 to
excess
000,000 to
two the
to
the requirements
over
.
degree, for the tax payments of the June quarter-
a
date will swell the
Treasury cash accounts, at the
of member bank
expense
variations
temporary
contrast
the
to
banks,
moreover,
modation.
of
record was produced, 930,801,000 bushels, 70,221,000 acres, were harvested,
°n
condition statement of New York
The
banks reflects
City weekly reporting member
increase
proclaimed an acreage allotment of 62,000,000 acres
f°r 1940 as compared with 55,000,000 acres allotted
for this year. In 1938, when the fourth largest crop
continue to ex-
demand for credit accom-
little effective
perience
of little significance, in
general upward trend of idle bank
The
resources.
These
balances.
reserve
are
business
loans
$5,000,000
by
an
Yield per acre of winter wheat is estimated at
13.4 bushels this year compared w'ith 13.8 bushels
in 1938 and a 10-year average of 14.5 bushels. •
The, June 1 report estimates this year's rye crop
at 34,628,000 bushels, a yield of only 8.5 bushels
I>er acre5 in 1938> 55,039,000 bushels, or i3.8 bushels
$1,-
to
369,000,000,. while loans to brokers and dealers on
■
security collateral fell $15,000,000 to $553,000,000:
country increased
Monetary gold stocks of the
$31,000,000 in the week to June 7, and the aggregate
reported
is
now
The
$15,987,000,000.
at
acre, were produced) and the 10-year average
yield was 11.1 bushels per acre,
Other crops reported on show much lower condition than a year ago,.oats and barley, 72%, cornpared with 87% last year, and hay? 74%, compared
Wlth 84:%%
Treasury continued tb reimburse itself not only for
but also for some metal
currently acquired gold,
The condition statement of
combined, reflects an
previously purchased.
the 12 Federal Reserve banks,
addition of $73,997,000 in
to
gold certificate holdings
Other cash of the regional
modestly, and total reserves thus
$13,391,719,000.
advanced
banks
j^ew York Stock Market
$77,932,000 to $13,750,868,000. Federal
1
•
i
a
a-<*aka aaa
notes in actual circulation dropped $454,000
moved up
t,
•
x
Reserve
o-.^
4~*
m
nnn
x
*4
to
$4,476,310,000.
.
x-x
x
i
a
,'4.uxi^
-x
jffl.ooooo
increased
naax
di*11
am
? r!»'c ?LreSerYeincrease 8of the
Xs2
to
$10,052,643 000; .an
general account balance by $14,639,000
;589'0Treaty
to $934,-
9^.000, an advance of foreign bank deposits by
$24,794,000
to^TO 600,000 and^a gain of other
deposits
by $19,311,000 to $320,441,000.
remained
ratio
serve
counts
,
were
market
$11,473,000.
down $57,000 to
holdings of bankers
bills
Open
quite
were
um
changed at $561,000, and holdings of United States
Government securities
were
similarly motionless at
$2,564,015,000.
^
Winter Wheat
son
for taking a distinct stand one way or the
^ phases nevertheless exceeded the
Crop
;
saw
little
rea-
other
^
^ie
jxigiier.
gr0Up
were
a
st fhan the more specu.
utility stocks, such as-
Telephone, show sizable gains as a result
Sound preferred shares moved
cieaiinoS.
Industrial leaders in the common stock
struggled up a point or two, and the rails
fractionally better.
In this general advance
few
which
with invegtment
thin lnarket
dearl in bettcr
^ secm.iUes.
Solae
0£
$12,429,000, while commitments to make such advances
community^obviously
^
American
Industrial advances fell $58,000 to
..
The
.Dis-
by the regional banks were dowm $591,000
$3,467,000.
to
,
® re~
unchanged at 85.4%.
.
...
.
,
.
_
aaa
*aq
.
...
•
$82,333,000^0 $11 617,648,000,
owlth the account variations consisting of an increase
v
.
_
IlTNANCIAL markets m New York jogged along
H
•
*
1
this week at a very slow pace, with small net
.
*
I
I .
,,
,
advances m stock prices the terminal result of a
^ of
ward and downward variations;
Total deposits with the regional
•
x-
institutes
_
x
x
that marketing quotas would not be applied to this
year's wheat crop, estimated the total crop at 704,000,000 bushels. Present prospects, using the private estimate of the spring crop, point to a total
harvest of about 707,431,000 bushels. The latest
estimate of the carryover next July 1 is 270,000,000
bushels, indicating a total supply during the next
crop year of 977,431,000 bushels.
Domestic consumption and exports were estimated in the May 15
announcement at 756,000,000 bushels.
/
I# view of the fact that this year's wheat supply
will probably be less than was "planned" last fall,
Uie Agricultural Adjustment Administration has
diminish
be expected to
can
reserves
off somewhat,
increased $60,-
In the next week or
$4,280,000,000.
excess
reserve
$10,052,643,000.
Actual requirements of reserves were
for the
3423
spring
large amount of gold certificates
a
12 Federal Reserve banks.
circulation
Chronicle
Financial
148
specialties stood out,
as
they usually do,
merely emphasized the prevailing tendency,
Chronologically,
the
market
was
stationary
on
yjonday, improved Tuesday, again moved sidewise
Wednesday and Thursday, and engaged in a mild
Trading volume on the New York
rally yesterday.
THE Crop Reporting Board issued its forecast sessions, which merely indicates again the the full
Stock Exchange averaged 500,000 shares in apathy
winter wheat
late yesterof the current
crop
day afternoon, which placed the crop at
523,431,000
estimate
bushels, 20,497,000 bushels less than the
made
on
month
a
conditions
line
with
before.
The latest report is based
prevailing June 1, and is about in
general expectations;
several days ago
to
indicates
crop's condition is rather poor, amounting
of the same
1938, and 75% average in the 10 years end-
ing 1937.
Euro-
political difficulties occasioned a degree of
report does now prophesy how large
only 71% as compared with 87% as
date in
the stock market, one way or the other.
uncertainty, Thursday, owing to the long delay in
spring wheat crop is in prospect, but
that the
pean
establishment of the Anglo-French anti-aggression
front, and to unconfirmed rumors of German troop
,
516,000,000 bushels.
The Board's
a
ence
averaging
private estimates issued their forecasts
about
induced by the current business uncertainty and
the attitude of the Administration in Washington,
There were few developments of a nature to influ-
Private forecasts recently
movements near the Polish border. But attention
was directed chiefly to the domestic sphere.
The
market still awaited some adjustments of the
tion structure, and watched almost without
placed the »the maneuvers
taxahope
concerning the. much-needed amend-
Financial
3424
.
ments to the
Talk of 1940 presiden-
Wagner Act.
candidacies filled the
tial
air, with the third-term
ambitions of Mr. Roosevelt
prominent at all times,
Chronicle
June 10, 1939
_
staged another advance which petered out in the
afternoon and left prices mixed at the close. Many
issues were without benefit of change, but among
question was overshadowed, late in the
the more active ones, gains were more numerous
week, by the visit of the British King and Queen, so
than losses. On Thursday foreign influences proved
for a time a handicap to better prices with the renewal of reports of Germany's attempt to seize
Even
that
that
and restraints imposed
of the burdens
business
on
accomplished toward
nothing whatever was
alleviation
Danzig by massing troops on the Polish border.
by the current Administration.
In the listed bond market movements were small
and
United States Treasury obligations
irregular.
halted their
moved
groups
Foreign dollar securities were mixed,
satisfactory than the dull tendency of listed
avid demand
bonds
was
issues
announced
an
the
in
for
course
sizable
new
of the week.
In
some
instance new offerings of high-grade bonds
every
snapped up immediately upon offering, which
were
sufficient
is
a
in
Washington of
markets
to the occasional
answer
a
capital strike.
allegations
The'commodity
irregular, with wheat soft and cotton
were
metals reflected
Base
firm.
The
bond
ponderously upward, in emulation of equity
movements.
More
speculative
The
demand.
in
were
long upswing, but best corporate bonds
only modest inquiry,
foreign exchanges were carefully regulated by
controls, but it appears that the pres-
the various
sure
sterling actually has relaxed to the point
on
where
little
a
States
gold could be acquired in the United
Chinese
by the British fund.
currency was
adjusted sharply downward, but apparently in conof official decisions.
sequence
On
York
New
the
touched
Stock
Exchange
stocks
101
high levels for the year while 14 stocks
new
clines outnumbered advances for the day. A buying market obtained yesterday, and equities dis-
played more strength than they have at any time
far this month. In the first hour, in quiet dealings, prices advanced fractionally and continued to
so
work higher, reaching the top of the movement in
the early afternoon.
Later
an
easier price tendency
developed, and this was followed by a contraction
in sales volume. Gains for the day approximated
one to two or more points, and the market ruled
firm at the close. General Electric closed yesterday
at 36% against 35% on Friday of last week; Con¬
solidated Edison Co. of N. Y. at 31% against 31%;
Columbia Gas & Elec. at .6% against 6%; Public
Service of N. J. at 38 against 37; J. I. Case Threshing Machine at 81% against 80; International Harvester at 62 against 59%; Sears, Roebuck & Co. at
76% against 75%; Montgomery Ward & Co. at
52% against 50%; Wool worth at 47% against 46%,
New York
Western Union closed yesterday
20%
on
at 21% against
Friday of last week; Allied Chemical &
Curb
Dye at 166 against 165%; E. I. du Pont de Nemours
Exchange 79 stocks touched new high levels and
at 149% against 146%; National Cash Register at
touched
15
stocks
levels.
low
new
touched
low
the
Call
levels.
on
18% against 18%; National Dairy Products at 16%
against 16%; National Biscuit at 28 against 27;
1%.
On
the
New
York
half-day session
Stock
on
on
785,570 shares.
Saturday
last
on
168%, against
162%;
*
Standard
Brands
at
7
against 6%; Westinghouse Elec. & Mfg. at 101%
530,640
on
against 96%; Lorillard at 23% against 22%; Canada Dry at 17% against 16%; Schenley Distillers
'
.
at 14%
against 13%, and National Distillers at
Curb Exchange the
sales -on
25% against 24% bid.
were
35,870
Monday,
year
Tire & Rubber closed yesterday at 29% against
27%
on
on
shares
;
on
108,615
Tuesday,
Wednesday, 103,555 shares;
shares, and
at
York
shares;
73,640
011
Texas Gulf Sulphur at 28% against 28%; Continental Can at 37% against 37%; Eastman Kodak
Friday,
Wednesday,
Thursday, 411,320 shares, and
the New
175,740
were
349,070 shares;
were
598,710 shares;
Tuesday,
.
Exchange the sales at
Saturday last
on
Monday they
on
shares;
on
shares;
ones, was a most
on
Thursday, 85,345
Friday, 112,380 shares.
The stock market last
ous
»
,
the
shares;
On
loans
Exchange remained unchanged
new
the New York Stock
at
On
Firmness prevailed at the close, but de-
in turn.
and American Tel. & Tel. at 168% against 164%.
:
.
Stocks opened lower and trading volume diminished
In the rubber group, Good-
Friday of last week; B. F. Goodrich ht 18%
qgainst 17%, and U. S. Rubber at 43% against 41%.
The railroad shares enjoyed modest improvement
„
Saturday, not unlike previ-
dull affair, resulting in
no
this week.
Pennsylvania RR. dosed yesterday at
18% against 18%
on
Friday of last week; Atchison
significant
change in the trend of stock prices.
Topeka & Santa Fe at 29% against 29%; New York
What little
activity did take place during the brief
Central at 15% against 15; Union Pacific at 96%
session lifted
the advances
fractions;
equities to slightly higher levels, but
were
limited
mixed
after
lower
the average to small
Monday's session had little to offer of
encouraging nature in
stock
on
prices
was
so
far
as
the movement of
Slack
concerned.
an
trading
and
changes featured the day's activities when,
a
higher opening, equities veered gradually
only to again alter their
course
in the after-
noon
against 95; Southern Pacific at 13% against 13%;
Southern Railway at 16 against 15%, and Northern
Pacific at 8% against 8%..
tinned
on
the
upward
The steel stocks con-
climb
the
present
week-
United States Steel closed yesterday at 49% against
48%
on
Friday of last week; Inland Steel at 80%
against 79%; Bethlehem Steel at 58% against 57%,
and Youngstown Sheet &
Tube at 38% against 36%.
by offering mild resistance, which resulted in
partial recovery at the close. Traders on Tuesday
at 2% bid, unchanged from the closing bid on Fri-
disregarded European markets and stocks forged
ahead early in the day on a small turnover in sales.
44; Chrysler at 71% against 69%; Packard at 3%
Noon-time found
on
a
lower
prices at their peak, and from then
tendency prevailed, but equities
reluctant to part
closed
Auburn Auto closed yesterday
day of last week; General Motors at 45% against
against 3%, and Hupp Motors at 1% against 1%.
Among the oil stocks, Standard Oil of N. J. closed
with their gains, and the market
yesterday at 45 against 4% on Friday of last week;
a
few instances, three
Industrial issues
were
in the
van-
guard at the opening on Wednesday, when stocks
group,
were
1% points, and in
points higher.
In the motor
Shell Union Oil at 11% bid against 12%, and Atlantic
Refining at 20% against 20% bid.
copper group,
In the
Anaconda Copper closed yesterday at
Volume
148
Financial
Chronicle
25% against 24%
on Friday of last week; American
Smelting & Refining at 44 against 41%, and Phelps
Dodge at 35% against 33%.
Trade and industrial reports
fundamental
change
in
mated
by American
Iron
Steel
and
month ago,
advance
of
deliveries
and 26.2% at this time last year.
recent
of
weeks ago on
Production
weeks
cut-price
is
held
steel
start of the year the total of British unemployed
which the mills
of
electric
June 3 is reported
has fallen 547,000.
for
complaints from
no
Most
satisfactory of all, perhaps, is a diminution of the
gold flow from Europe to the United States.
for the weekv ended
power
are
and Italy also report humming activity.
some
pressing delivery,
are
There
France .about business conditions, while Germany
The
due, however, to
contracted
Government
to May 15 the roster
of jobless declined 156?000, to 1,492,000. Since the
54.2% of capacity against 52.2% last week, 47.0%
a
of
and the incidental
indicate that in the four weeks
at
Institute
outpouring
programs
stimulation to general industry occasioned by the
Official British unemployment statistics
esti-
were
steady
tendency.
situation,
business
ending today
the
funds for armaments
failed to reflect any
the
Steel operations for the week
owing to
3425
Trading
by Edison Electric Institute at
with
the London Stock Exchange started
on
cheerful tone, last Monday, despite a small
a
2,113,887,000 kwh., against 2,204,858,000 kwh. in the
volume of business.
Gilt-edged issues w^ere quiet
preceding week and 1,878,851,000 kwh. in the corre- ' and soft, but industrial stocks forged ahead in the
sponding week of 1938. The Memorial Day holiday
late dealings and gains were reported also in a
naturally influences the comparison.
of
number of mining shares.
Car loadings
freight for the week to June 3
revenue
tion
re-
are
ported by the Association of American Railroads at
tainty
567,732
quiet upswing.
decrease from the preceding week of
cars, a
59,942 cars, but
week
a
gain of 65,115
the
cars over
Atfer initial
Gilt-edged
issues
regained
course
of the commodity mar-
lected.
Anglo-American
were neg-
favorites harly Changed
kets, the July option for wheat in Chicago closed
in the foreign section, but Brazilian bonds
yesterday at 74%c. against 77%c. the close
demand.
day of
last
yesterday
week.
July
50%c.
at
Friday of last week.
The
Chicago
at
51%c.
the
against 33%c.
%
16.52c.
was
19%
was
no
In
matter
transfers
:
on
of
the
London
cable
transfers
foreign
noted among the mining shares,
securities
no
interest, and
soft.
were
Uncertainty
soft tendency resulted which dragged the
a
fered.
Friday of
against 20
in the early dealings last Monday,
was
impressed favorably by pacific
tended
cable
over
> prices were
ness was
last week.
the market
assurances
not maintained, but closings mostly
ex-
rep-
the end of last week,
over
International securities
Friday of
as
the week-end by Premier Daladier. Best
resented improvement
yesterday at
on
Gilt-
A Small gains were the rule on the Paris Bourse
.
closed
2.65%c. against 2.65 l/16c. the close
irregular.
were
steady yesterday, but small de-
were
clines appeared in other sections,
pence
exchanges,
International issues
edged issues
Friday of last week,
Paris
on
were
while gold and base metal mining shares also suf-
on
yesterday at $4.68%
on
gains
British industrial stocks drifted slowly downward,
on
\
closed
against $4.68 7/16 the close
and
and
yesterday at 42%c., the
foreign
some
Friday of
Friday of last week.
the
Gilt-edged
gilt-edged section to lowest quotations of the week,
Friday of last week, and spot
on
silver in New York closed
close
Friday
price of bar silver yester-
pence per ounce as,
the close
per ounce
small.
yesterday at the
split price of 10c. to 10%c., the close
In London the
in
about international affairs prevailed on Thursday,
price for rubber, yesterday
Domestic copper closed
last week.
on
with; changes
were
extremely dull
was
Anglo-American issues attracted
other
against 16.45c. the close
last week.
day
but
spot price for cotton here in New York closed
The spot
Wednesday,
on
*
of last week.
The London market
stocks and British industrials held to former levels,
on
Friday of
on
yesterday at 9.99c. against 9.78c. the close
.
closed
close
July oats at Chicago closed
yesterday at 34%c.
last week.
corn
against
Fri-
on
their
into modest de-
came
mand, but mining and commodity stocks
indicating the
sec-
uncer-
Tuesday, the British market resumed its
on
early losses, and industrials
same
of last year.
As
The international
neglected but firm.
was
Little busi-
irregular.
were
done Tuesday, as the Russian reply to the
.Anglo-French anti-aggression proposals" distressed
the Paris market.
/
European Stock Markets
After
a
day of uncertain fluctua-
tions, rentes ended slightly lower and changes in
1
SMALL and irregular price changes the leading national equities remained dull and uncertain. interFrench group were inconsequential. The The
exchanges in were notied
this
week
on
stock
European financial centers, with dealings restricted t
situation did not change
everywhere
was
pending
further
clarification
of
the
political uncertainties that haunt the Continent,
The tone in the London market
til the
pact
are more
willing to admit.
centrations
and
near
of
ments pending definite word
Rumors of German troop
early gains of the week
were
same
was
former figures.
changed until Thursday, when
the
con-
in
a
the
.
Berlin
months
sterdam
again caused liquidation.
prevailed.
about
There
inflation
was
possibilities,
markets reflected the reactions.
trial
reports
assume an ever more
concern
and
In
in
Dealings
in Am-
The Bourse
exchanges
small
was
heavy in Tliurs-
on
anti-aggression
the
dealings yesterday,
either
direction
se-
fractional
noted
were
the Berlin Boerse
on
modest than usual
suspended after
other
favorable aspect,
de-
on
the
Bourse.
In
Trade and indus-
the Russian
appeared in French equities and international
changes
only the customary dulness of recent weeks
and
once
there
commit-
Rentes dipped slightly, while larger losses
curities.
interna-
position
diplomatic
front.
dull and
tional
on
as
day's session, owing to unfortunate impressions of
are
time,
canceled
The Paris Bourse
increase
Rentes showed small gains and losses,
while French bank, utility and other stocks held to
general anti-aggres-
a
Wednesday,
on
unwillingness to
'• velopments.
un-
imposing than the politicians
Danzig circulated at the
general reaction.
little
fairly good
impression began to spread, Thursday, that
the difficulties in the way
sion
was
general
a
.
erence
gent,
a
on
little
to the visit of
Prince
Paul.
were
even
more
Monday, for the session was
more
than
an
hour, in def-
State,paid by the Yugoslav Re¬
Price
changes
in
the
brief
Financial Chronicle
3426
J™* 10* 1939
he lias passed the age limit for active service
period were unimportant in all groups save the coal
cause
mining stocks, which developed modest strength,
Fixed-interest obligations were^soft.
Trading on
in the British corps. Soon after the current visit
of the British King arid Queen ends, he will be
sailing for home and will take with him the best
wishes of all Americans who are aware of the great
role he played in the excellent relations of London
and Washington.
Lord Lothian, Liberal member
Tuesday was listless, and prices again were little
altered.
Gains and losses were about equally nu-
equities division, while fixed-income
in the
merous
The
continued their slow downward drift.
issues
of the House of Lords, will be the new British Ambassador to the United States,
Diplomatic relations of the United States and
Russia once again are on a normal footing, through
an exchange of Ambassadors.
Just about a year
after the Russian envoy to Washington, Alexander
A. Troyanovsky, left the United States, credentials
principal tendency on Wednesday was toward lower
levels, but the losses were small in almost all inA few gains were scattered among the de-
stances.
The
clines.
improved
tone
with
Thursday,
on
changes of - the full session
,
tional
advances*
again modest.
Fracpredominated, and some of the
joined the small rise.
fixed-interest issues
Modest
of the new Ambassador, Constantine A. Oumansky,
presented to President Roosevelt last Tuesday.
The new Russian envoy is no stranger, since he
gains appeared at Berlin yesterday, with trading
still
quiet.
were
<
British Royalty
v
Charge d'Affaires since the
has/been the Russian
'
•
SYMBOLIC of the United States is thebetween (lepartlire of his former chief. post in Moscow,
excellent relations formal
Laurence A. StenAmerican
the
and
Britain
.
which King
visit
has taken the
George VI-and Queen Elizabeth
The British
currently are paying in this country.
royal couple crossed the frontier from Canada late
on
Inatic
Arriving in
restored
Washington early on Thursday, King George and
his consort
of entertainment
late the
same
followed, and at
day
After
King and President.
White
|]ie
receiving the, return visit of the President and Mrs.
of course,
inevitable, but they
a
much
seem
less^ im-
A\ith
glimpse the visitors and cheer them.
they
are
cheer of the
serve
of
as
to return to Canada.
any
history.
President
Chancellor
Roosevelt
Hitler
and
recently directed to
Premier
be
to
seem
In
in
late
March, and it
high times for the Washington
American
the Latin
onr
diplomatic service;
nounced that
Ambassador
raised from
q
Wilson
Claude
to
a
G.
sphere every effort
increase the quality
Last Monday it was anBowers will
be
our
first
Chile, the office having just been
Ministry.
At the
Minister
named
was
Douglas Jenkins
the leaders
as
United
Great Britain
named
was
same
to-
time Edwin
and
Uruguay
to the Ministry in
Bolivia.
IN THESE days governments and of such exhortaof direct conversations between
of
tions
* ()f
The friendly
v
.
.
recalls
perfunctory
tions.
nation in the world, might well
'
Ambassadors
after
apparently is being made to
object lesson in this troubled period
an
of the
adjusted.
surdity of the current partial suspension of rela-
visit, and its complete lack of ominous
implications for
representation
diplomatic
Government to take similar action and end the ab-
The
visit today, and are to spend a quiet Sunday
Mr. Roosevelt at his Hyde Park summer home,
whence
of
would
King and Queen will honor the City of New York
a
leaves, among the major Powers, onlv the prob-
an(] prance sent their representatives back to Berlin
r
crowds, good-natured and orderly, assembled every-
by
Gomez de Jordana at Burgos.
This
visit of state are, - states and
Germany to be
pressive than the general goodwill of the American
people displayed toward the regal visitors.
JHuge
where to
Spain, Alexander
Weddell, presented his credentials to Foreign
]em
,
,
These formalities of
Late last week
new
Minister Francisco
Embassy, where they held court yesterday,
Roosevelt.
Franco.
American Ambassador to
Francisco
yr
House, the British sovereigns repaired to the
British
ideals dominating his country
ideas and
the
night spent in the
a
new
under General
toasts were exchanged by
warm
Juan Francisco de
regular status.
a
presented his credentials to Mr. Roosevelt
Tuesday, and he promised full explanations of
;()11
A round
State dinner
a
to
Cardenas
welcomed at the station by Presi-
were
dent Roosevelt and a suitable entourage.
It is also satisfactory to note that our diplorelations with Nationalist Spain have been
m.
Wednesday, and they were greeted at the border
by Secretary of . State Cordell Hull.
re¬
placing Joseph E. Davies,-who left the Russian capi^{1j wpen yjr Troyanovsky departed from Washing-
Mussolini, it
can
•
European Alignments
in Europe
f
I"^\IPLOMATIC
L/
maneuvers
this week
suggested little progress on either side of the
line that divides the Rome-Berlin axis and the noh-
hardly be maintained that ambassadorial functions
aggression coalition of Great Britain and France,
still
Notwithstanding the rebuffs administered
have the
decades ago
in the
importance associated
with the representation of
capital of another.
dors have waned in direct
age
of the world under
munication.
much
up
But
to a few
one
country
The powers of Ambassa-
proportion to the shrink-
our
modern systems of com-
they still
are
capable of doing
good through tactful presentation of difficult
problems, and much harm through blunders.. We
hasten to note,
in
therefore,
some
important changes
representation consummated this week, and also
one
or
two
others
Doubtless the most
that
are
soon
to
interesting of these
be
effected,
occurrences
is the imminent retirement from the British
matic service of Sir Ronald
served his
at
diplo-
Lindsay, who long has
country with superb ability arid restraint "
Washington.
Sir Ronald is retiring merely be-
by. the
Russian Government to the Anglo-French overtures,
it is still hoped in London that a formula can be
worked out for the full support of Moscow.
formal Russian
over
answer
the last week-end,
comments
then
were
The
to the proposals was studied
and the usual
made to circulate.
optimistic
Despite
the peculiar difficulties of the problem, as posed
by the Russians, London still saw no reason to bea full-fledged military alliance could not
lieve that
be concluded.
It
was
made known
in London
on
be dispatched to Moscow to aid the British Ambassador,
Sir William Seeds, in the negotiations for a nonaggression treaty.
William Strang, head of the
Central European department of the Foreign Office,
Wednesday that
a
special adviser would
Volume
was
for the task of
chosen
caused
by
Baltic
Financial
148
Debate
still is
he
that
House
admit
uncertainty
Cuba
in
homes
new
would
heaped
Minister Neville
Prime
the
informed
of
helplessly for a week in Caribbean
the German liner St. Louis, attempting
on
find
that
resumed in the Parlia¬
was
and
Thursday,
on
Chamberlain
to
of guaranties, and the
States to be guaranteed.
foreign affairs
on
cruised
waters,
for inclusion of
demand
of those
unwillingness
ment
Russian
the
Reich
bridging the difficulty
States in the system
3427
Chronicle
the
or
other country
any
hapless waifs.
the unfortunates, who were not in any
on
This poignant
responsible for their plight.
sense
The agony
added to the other indignities
was
willing to discuss methods by which the reasonable
incident, while serious enough in itself, is but a
aspirations of other nations can be satisfied, "even
small shadow of the distress
if this meant
of
adjustment in the existing state
some
countries
clared in the House of Peers that he does not con¬
sider
but
European nations could be destroyed by the actions
of
France, last Sunday, that a policy of
ment is
ated
will be
On
repelled.
a
encircle1
thundered in
a
probable, it may be that this matter once again will
receive the world attention that it plainly merits.
Fascist
from
the
verbal
But such
sumption. j
the
informed
the enemies
pyrotechnics
of
V
fascism.
week-end, with impressive demonstra¬
the
German
German
the
capital
on
v
1
.
.
;
•-
,
Spain
•
of
which
Nationalist
the
Franco,
the
The
course
.
■
indelibly
of totalitari¬
General
leader,
being taken
fectly
is available
now
may
aid
enormous
regarding the
officially
expended
^Italian and German Governments.
Franco
eral
will remain
pacts were arranged they have not yet been dis¬
•'
are
military victory of the Falangists, for ad¬
ditional evidence
any
'
-i
,,
manifestations
well be at the direction of the Rome-Berlin partners
in
Prince Paul
Monday, and if
'
making their appearance in Spain, under
are
Francisco
emphasized
frontier and
Yugoslovian
'
,
direction
the
Regent, Chancellor Hitler guar¬
friendship for that country.
'
••
associated with the fascist type
anism
At a State
Yugoslavian Regent, Prince Paul.
anteed
that the
for internal con¬
are
■
\ 7ARIOUS
military might, staged for the benefit of
of
dinner tendered the
left
were
are
Jo/
,
German diplomacy was deeply occupied,
the last
tions
Spain
countries
democratic
over
in
war
Berlin, returning legionnaires
and
the other
are
political prob¬
If international
be smaller.
may
•
Rome
Nor
one.
lems diminish somewhat this summer, as noAv seems
prepared than it was in 1914.
the Reich far better
in
most difficult
a
problem of
solve itself in time, but for the
refugees much better off, although their numbers
little apparent prog¬
Sunday, that any encirclement program will find
Both
may
The
ideal.
from
far
moment is
clear.
yet
not
immi¬
such
to
appropriate, since the climate
are
is
area
j
Chancellor Hitler
speech to German war veterans, last
is
doors
migratory stream of Palestine now is
refugees
Jewish
made, but the real significance of the de¬
velopments
their
suggestions for opening British Guiana to
that
of
but that force
'
Rome-Berlin side
the
was
ress
is desired,
collaboration
that
The
Jewish settlement
He reiter¬
contemplated against Germany.
close
trickle, and there is some question whether
a
recent
Premier Edouard Daladier denied
single States.
in
Nor is it meet for
point the finger of scorn at other
which
the bars.
■
passed when the independence of
that the time has
to
grants, for there is no tendency here to let down
unavoidable, but he stated emphatically
war
and human suffering
by the Reich policies.
Americans
Secretary, de¬
Lord Halifax, Foreign
things."
caused
insists
his
that
free and
by
per¬
the
Although Gen¬
country
war-ravaged
independent, it is idle to
ex¬
development of some interest was the
pect anything more than a nominal political inde¬
signature in Berlin, Wednesday, of non-aggression
pendence. -The economic structure of the new Spain
A
closed.
treaties betwreen
Germany
on one
on^the others.
and Latvia
These
obviously is destined to fall under the sway of the-
side and Estonia
are
a
concerned, with Finland, in the problem of AngloFrench
by themselves.
States is to remain
that
reason
which
treaties
an
The aim of the small Baltic
attempt
to
answers
in
they signed the pacts with the Reich,
previously signed with Russia.
made
was
the
on
Rome-Berlin axis suffered
a
a
syndicates in all Ayalks of commerce.
this and other controls the*
tion
Paris
reconstruction
and
all liberal
Refugee Problem
DRAMATIC occurrences occasionally which
extraordinary refugee problem emphasize
the
foisted
national
the
was
the world by the completely unscien
tific racial notions of the German Nazi leaders and
Jews of what now is called
of
to
be facilitated.
In
900
Jewish
refugees from the
typical fascist fashion he called for
of
imports and the' substitution of
tive
•
which Italy and Germany aided
revolt
in
Spain
was
made
concerned,
as
plain this
the respec¬
legionnaires returned from their long foreign
service with General, Franco.
of
and at the
urged the stimulation of exports.
week in the two countries
Czecho¬
the chief sufferers from the peculiar
creed. ' Some
organizations not directly formed by
degree to
fascist
the
Greater Germany, which
includes Austria and almost all of former
are
are
products for foreign wares,
time
The
totalitarian regimentation of
political upholders of the traditions of liberty. The
In
reduction
same
by the flight from
slovakia,
means
theories, along with the Masonic Order
and all other
the State.
Nazi
By
problems of reorganiza¬
cil, General Franco assailed the democracies and
board.
upon
The
addressing the first peace- time session of the Coun¬
meeting, the demands of Italy for representation on
the
Republican regime operated.
people and the Government, started promptly to
a law for the creation and control of labor
setback, Monday, when
rejected, at
highly
draft
The Italian end of the
directors of the Suez Canal Co.
Grand
Council, which is said to provide a link between the
as
Anglo:French attitude and to the
April 15.
the
Espanola Tradicionalista
March, and the event must be considered
under, which the
appeal addressed by President/ Roosevelt to Chan¬
cellor Hitler
last Monday,
important since that body replaces the Parliament
In Berlin
depict the treaties
to
Burgos,
gathered for its' first meeting since the war ended
quite neutral, and it is for that
reported to be virtually identical with
are
At
of the* Falange
Council
persistent talk of
even
alignment of the Country with Italy and
formal
Germany.
guaranties along lines desired by Russia,
but not
There is
Rome-Berlin axis.
the countries
the
Italian
The official journal
military forces disclosed
on
Thurs-
3428
day,
a
Financial
Koine dispatch to the New York "Times"
The
previous "delicate reserve" about activi¬
ties of the Italian
Navy
abandoned and the dis¬
was
closure made that Italian
rates
Present
ships, v No less than 149 Italian
used, and they performed 870 "missions."
was an
admission by Chancellor
dispatched to Spain under his personal
to a request from General Franco
response
Effect
Date
the
the
The Berlin parade of
and effective aid.
legion showed, according to
correspondent of the New York "Times," that it
15,000 strong, and not 5,000, as heretofore
was
ported.
Rome
in
addresses
Monday, with
on
troops participating.
the
by
re¬
This is
fascist
two
Argentina.
4
4
Holland
1 1936
Mar.
3H
-
July
1 1935
-; Apr. 17 1939
Dae
cious
Established
Rate
2
_.
India
6
Italy
2H
Aug. 15 1935
Mar. 11 1935
7
Canada
...
Japan.....
3
Dec,
16 1936
4
Java
4
July
18 1933
5
...
Chile...
Dec.
4
Aug. 29 1935
3
...
Hungary.
2H
Belgium
Bulgaria...
Nov. 28 1935
4H
3.29
2 1936
Colombia..
3.65
6 1936
Jan.
14 1937
4
7
May
15 1939
5
W
May 28 1935
....—.
3
Eire
1 1936
3^
3H
Jan.
2 1937
5
Poland
17 1937
23 1939
4
Portugal...
4H
4
Dec.
Feb.
June 30 1932
3H
Rumania
3H
4H
51938
Jan.
3^
.
..
Jan.
4
3
_.
.
5
May 18 1936
Apr.
3
Lithuania..
"
Czechoslo¬
Danzig
2H
4H
3H
Morocco
...
June 30 1932
Norway
;___
..
4
5
Aug.11 1937
May
5 1938
4H
4H
4
2H
South Africa
3M
May
15 1933
Estonia
4H
Oct.
1 1935
5
Spain
5
July
15 1935
Finland
4
Dec.
3 1934
4
Sweden
2H
Dec.
1 1933
3
France
2
Jan.
2 1939
2H
Switzerland
1X
Nov. 25 1936
2
Germany
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
6
Jan.
4 1937
7
2
Greece
..
....
M
5
1 1935
•
6H
than
the
the
as
Foreign Money Rates
20,000
dictators
branded
were
mies of fascism/rather
elements.
some
It is most instructive that in
the
"Christian democracies"
ene¬
communistic regimes
IN bills
LONDON open market discount rates for short
Friday
11-16%
against
on
11-16%,
were
as
Friday of last week, and %% for three-
on
months' bills
against %%
as
a
decided change of direction
Money
in German and Italian
propaganda, for throughout
Paris the open
the
the Rome-Berlin
on
Friday of last week.
lA%.
Switzerland at 1%.
or
,
long Spanish
war
axis
kept
continue
clared
to
attend
forced
war
militarists.
The
by the Japanese
attitude of the
Japanese
illustrated, Wednesday, when soldiers of the
invading army killed a British subject near Shang¬
was
hai, by bayonetting.
return flow of currency
a
a fighting in the nature
most serious unde¬
China
curious
The Briton concerned, R. M.
of
£498,a year
Bullion holdings increased in value £28,472;
ago.
although the, price base
from
148s. 5d.
effect
of
the
make
reserve
statement, and in these circumstances the
Japanese accused him of having fired
nese
officer
encountered.
clared
take
entering
upon a
Japa¬
mill in which strike trouble
a
Japanese naval
truculently, the
spokesmen de¬
day, that they will
same
"any action they deem fit" against foreigners
week
seem
to them in
nese
military interests.
new
length,
conflict with
Japa¬
Carrying the matter to
the Japanese made protestations
British authorities about the Tinkler incident.
ish officials indicated that the
and
case
is
a
to
Brit¬
being studied,
they made it clear that they considered the
proportion
rose
now
is in full
rose
small, of late.
securities, which
rather
quickly. Defense forces apparently are de¬
ployed thinly, along the front line, so that mechan¬
Intense
trol, and there
can
find few concentrations to
guerrilla
area
were
500,OCf0
China, while nearly
activity
under nominal
men
this
week
as
The Japanese
many
about
more
clashes
troops at Changkufeng, where
was
fought
be almost
serious
continued
Japanese
in the occupied
along the Manchukuo-Siberia frontier.
circulated
a year ago..
in
con¬
for previous years:
June
.
Below
we
show the
«
.
COMPARATIVE
June
7
STATEMENT
9
June
8
June 10
June 12
1936
1935
1937
1938
1939
£
£
Public deposits-_._
Other deposits
_
Bankers' accounts.
498,371, 000 490,721,330 476,541,474 433 003,579 398,762,000
14 480>741
7,788,000
18,401, 000
11,732,296 10,687,162
136,727, 140 146,534,861 144,204,638 123 563,740 137,681,596
85 600,140 101,739,945
100,622, 937 111,110,291 107,428,668
36,104, 203
35,424,570 36,775,970 37 063,600 35,941,651
114,176, 164 111,421,164 101,203,013 97
30,408, 574
28,104,449 25,906,727 20
6
4,832,696
7,800, 963
7,937,500
14
Securities
22.607, 611
20,166,949 21,074,031
36
Reserve notes & coin
28,376, 000 36,544,860 45,612,671
Coin and bullion
226,747, 461 327,266,190 322,154,145 200
Proportion of reserve
Govt, securities
Other securities
Disct. & advances.
to
liabilities
18.2%
Bank rate
29.40%
23.0%
148s. 4d. 84s.
,768,310
737,018
165,920
,571,098
92,347,044
16,334,308
5,871,578
10,462,730
,396,959
54,657,000
,400,538 193,418,576
26.50%
37.57%
2%
2%
2%
Gold val. per fine oz_
11 ^d. 84s.
11 Kd. 84s.
11 Hd. 84s.
11 Hd
a
areas
New
with
will develop.
THE expansion in note circulation ofJune 1 showed
statement for the week ended 1,510,000,000
an
rumors
francs, which raised the total outstanding to 122,900,-
Russian
000,000 francs. Notes in circulation a year ago aggre¬
"vest-pocket"
Such skirmishes
of
stretched
are
Bank of France Statement
now are
war
appear to
continuous, and it always is possible that
consequences
£893,192.
again reports of battle in the
neighborhood of Shanghai.
said to have
rose
different itefns in the Bank's return with comparison
Japanese
reported in Western Shansi Province,
much of the wide
0
advances, which fell off £198,478, and
Other accounts...
dispel.
se-
a
Other securities comprise dis¬
£694,714.
and
swing, but changes in the long-drawn
invading troops
a
£4,790,000 and other securities
BANK OF ENGLAND'S
early this week, but the drive seemed to peter out
ized
17.0%
23.0%.
Government
.
•
decreased
increased
counts
was
£18,231,788, and other
accounts, which fell off £980,990.
curities
The
The latter consists of
£17,250,798.
bankers' accounts, which rose
Circulation
were
18.2% from
to
to
was
reserves.
Japanese and Chinese forces
lines of battle have been
attacks
gold changes
the proportion
year
combined
deposits decreased £19,939,000, while other
deposits
Japanese guilty of misrepresenting the facts.
Warfare between the
and
rise of £1,433,000 in
before; Isat
Public
The
before.
circulation
a
reduced to 148s. 4d.
was
week
a
t>-
whose actions
after the month-end
371,000, which compares with £490,721,330
bring about
was
At
£1,404,000, reducing the outstanding to
Tinkler, died of his wounds without being able to,
a
was
market rate remains at 2%% and in
'HE statement for the week ended June 7 shows
the
upon
Friday
on
Bank of England Statement
Far East
FRESH developments of
call at London
on
thundering about "Bolshevism" in Spain.
"
Pre¬
Effect
Country
The Italian parade of returned legionnaires
held
was
Rate in
Rate
England
Condor
returned
are
June 9
cious
Established
Batavia
Denmark
for prompt
Pre¬
Rate in
Country
vakia
order, in
leading centers
war ves¬
Berlin, Tuesday, that the German Condor
was
the
shown in the table which follows:
■
legion
any
at
rates
June 9
sels
Equally significant
Central Banks
submarines operated ex¬
merchant
Hitler in
Rates of Foreign
THERE have been noofchanges during the week in
the discount
of the foreign central
banks.
tensively against the Republican fleet and Spanish
were
June 10, 1939
Discount
re¬
veals, that the Italian Navy took 100,000 men from
Italy to Spain in the first four months of the con¬
flict.
Chronicle
gated
101,077,694,340 francs and the year
86,971,119,130 francs.
counted recorded
creditor
current
a
before
French commercial bills dis¬
loss of 1,006,000,000 francs and
accounts
of
1,433,000,000
francs.
Volume
Financial
148
The Bank's
advances
merely
gold holdings and the item of temporary
State
to
showed
and
former
change, the
no
3.429
Chronicle
continued from many previous weeks
were
months, with dealings
Call loans on
light.
very
remaining at 92,266,006,224 frands and the latter
the New York
at
transactions, while time loans again were 1%% for
The proportion of gold on
20,576,820,960 francs.
hand to
with
sight liabilities is
47.13% last
Below
months'
+
.
■■■•'...
June
ruling quotation all through the week for both new
3, 1937
and renewals.
loans
Francs
*13,164,276
20,002,972
6,867,000,000
7,110,934,952
continues
12,106,447
7,492,783,348
Credit bals. abroad,
bills
discounted., —1,006,000,000
up
778,276,405 1,041,134,830
3,558,434,266 3,989,893,816
Note circulation.
+ 1,510,000,000 122 900,000000 101077,694346 86,971,119,130
Credit current accts —1,433,000,000 20,709,000.000 17,346,135,926 16,266,698,287
*741,984,740
bought abr'd
Adv. against securs.
+
market for time
The
money
Rates continued nominal at 1%%
quiet.
French commercial
b Bills
Rates
92,266,006,224 55,807,924,902 57,359,030,180
No change
..
June
1938
Francs
Francs
Francs
Gold holdings
June 2,
1, 1939
;
DEALING in detailfrom day toloan rates was the
with call day, 1% on the
Stock Exchange
COMPARATIVE STATEMENT
Week
f°r f°ur to six
days, and 1%%
datings.
New York Money
Changes
for
Exchange held to 1% for all
•'
:
'
OF FRANCE'S
90
to
furnish the various items with comparisons
we
BANK
a
maturities
compared
and 55.56% the previous year.
year
for back years:
1
at 64.25%,
now
Stock
iiT.bbb"666
1%% for four to six months'
this week
to 90 days and
There has been little change
maturities.
3,511.000,000
...
cTemp.
20,576,820,960 40,133,974,773
No change
out int. to State._
19,979,738f77l
47.13%
55.56%
the
64.25%
—0.03%
hand to sight liab.
•
Figures as of May 17, 1939.
Includes bills purchased In France,
process
for
on
the Bank's
unchanged
been
13, 1938, was effected In the statement of
bills
THE statement for the first quarter of June showed
in
circulation of 333,500,000
contraction
been
has
good and the supply of high class
8,191,923,000 marks.
down to
bills running
aggregated 6,145,092,0b0 marks and the year
4,725,977,000 marks.
A loss was also shown
reserve in foreign currency of 200,000 marks, in
600,000 marks, in other assets of
we
marks,
remain
149,196,000 marks
-Bank's
Reserve
of the New York Reserve
holdings
of
unchanged at $561,000.
T^HERE have been
gold holdings
1
changes this week in the
no
rediscount rates of the Federal Reserve banks.
The
following is the schedule of rates now in effect
the
for
of
classes
various
paper
at
the different
Reserve banks:'
DISCOUNT
V.•••.
"
RATES OF FEDERAL RESERVE BANKS
".,v
■„
Federal Reserve Bank
Rate in
Effect on
"
for
Sept.
REICHSBANK'S COMPARATIVE
1
Philadelphia
Cleveland......
STATEMENT
IX
Sept.
IX
June
Reichsmarks
Assets—
No change
Gold and bullion..__
Of which depos. abr' d
Res've In for'n currency
Bills of exch. and checks
Silver and other coin..
Advances
—
Investments.
...
Other assets—...
7,
1939 June 7,
Reichsmarks
70,772,000
1938
Reichsmarks
70,773,000
June
7,
Other liabilities
Sept.
,
v
3, 1937
'
■.
+
•••••
2
2
Aug. 81, 1937
2
Sept.' 3. 1937
■>'
■
'
Aug. 24, 1937
2
Sterling Exchange
been in
-333,500,000 8,191,923,000 6,145,092,000 4,725,977,000
678,222,000
-174,500,000 1,117,275,000 1,110,387,000
195,163,000
244,678,000
579,063.000
+9,588,000
__
2
2
1937
STERLINGgreater demand than past few days has
exchange during the in
months:
Liabilities—
Notes in circulation....'
Other daily matur. oblig.
Sept.2, 1937
N
IX
Course of
/.->
2
IX
San Francisco.
■
2
Aug. 21, 1937
Kansas City...
...
:
12.
Aug. 21,
IX
IX
Minneapolis.....:
67,888,000
,-
.
Aug. 27, 1937
Dallas
Reichsmarks
19,359,000
20,333,000
10,572,000
5,528,000
5,553,000
5,753,000
—200.000
—370,400,000 7,176.348,000 5,776,731,000 4,796,934,000
179,194,000
153,323,000
153,197,000
+29,051,000
40,695,000
54,299,000
34,086,000
—5,700,000
414,234,000
844,343,600
—600,000 1,205,723,000
736,977,000
1,269,577,000
—149,196,000 1,908,185,000
No changer
2
IX
IX
.....
St. Louis
'
IX
1937
4, 1937
IX
J.2.
Chicago
1937
Aug. 27,
.
IX
Richmond
for Week
2
May 11,1935
Atlanta..
Change*
Rate
2, 1937
IX
New York
V
■
^
Previous
Da;
Established
>
June 9
Boston..
previous years:
The
acceptances
Discount Rates of the Federal Reserve Banks
obligations of 174,500,000
furnish the different items with comparisons
3^2% for bills running from 1 to 90 days.
Federal
remained un¬
changed at 70,772,000 marks.
The proportion of
gold and foreign currency to note circulation is how
at 0.93%, compared with 1.24% a year ago and
1.57% two years ago.
Silver and other coin and
other liabilities registered increases of 29,051,000
marks and 9,588,000 marks, respectively.
Below
Bank's
The
marks.
The bill buying rate
Bank is
marks, in investments of
and in other daily maturing
for four months 9-16% bid and %%
asked.
before
exchange and checks of 370,400,000
and
%% bid and 7-16% asked; for
are
asked; for five and six months, %% bid and 9-16%
ago
advances of 5,700,000
no
Dealers' rates as reported by the
including 90 days
Notes in circulation a year
.
There has been
slightly larger."
Federal Reserve Bank of New York for bills up to
note
marks, which brought the total outstanding
in
V+
shown
demand has been
change in rates.
bills of
at
THE market for prime bankers' this week. The
moderate improvement acceptances has
Bank of Germany Statement
in
are
vfBankers' Acceptances
transferred to a new
under the
Nov 17. 1938; prior to
that date and from June 20, 1937, valuation had been at the rate of 43 mg. gold 0.9
fine per franc; previous to that time and subsequent to Sept. 26. 1936, the value
was 49 mg. per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
tbefranc.
V
_/.*/'..v
a
Rates
(at 27.5 nag. gold 0.9 fine per franc
Revaluation ot the Bank's gold
decree of Nov.
light.
»very
for all maturities.
the State
books representing temporary advances to
wiped out and the unsatisfied balance of such loans was
entry of non-interest-bearing loans to the State.
The
has
b Includes bills discounted
were
commercial paper.'
prime
of prime paper
abroad, c In
revaluing the Bank's gold under the decree of Nov. 13, 1938, the
of
three entries
market
demand has fallen off and the supply
Propor'n of gold on
*
the
in
with
advs.
The
many
improved demand is due partly to seasonal fac-
'
Propor'n of gold & for'n
curr. to
+
note circul'n.
0.03%
0.93%
1.24%
1.57%
tors but ipore
largely to the lessened fears of political
The steadiness in rates is due
disturbances abroad.
New York Money
Market
to
DEALINGSdull the New York money still at the
in this week, with rates market re¬
mained
extreme
lows
of
the
official money experiments.
been depressed was
illustrated by a rate of %%, affixed by the Treasury
in Washington, to an issue of notes due in five
The
degree to which rates have
intended to refund $427,000,006 notes due
September. The Treasury also sold last Mon¬
years,
next
of $100,000,000 discount bills
due in 91 days, with awards at an average of 0.004%
discount, computed on an-annual bank discount
day the usual issue
basis.
Bankers' bill and commercial
paper
rates
the
cooperation of the parties to the tripartite
currency
agreement.
The
range
for sterling this
week has been between $4.68 3-16 and
bankers'
tween
range
$4.68% for
sight bills, compared with a range of be¬
$4.68 1-16
and
$4.68 5-16
last
The
week.
for cable transfers has been between $4.68%
and 4.68 13-16
compared with
a range
of between
$4.68% and $4.68 7-16 a week ago.
The strong
apparent
in
demand for sterling this week
was
most
London itself, which experienced the
heaviest turnover in some time.
attributed in large measure to
bull position in
The demand
was
the liquidation of the
dollars owing to the abatement of
H
3430
fears both in
war
Financial
Europe and in the
United States,
The British
the
on
market
several
of dollars,
occasions
156,000
over
every
industry, especially building, public works, contracting, distributive trades, engineering and shipbuild-
London fre-
ing, metal goods, manufactures, textiles, iron and
quently advanced close to $4.68%.
steel, tailoring, and pottery.
Apart from seasonal, commercial and speculative
demand for
of
increase
an
Employment improved in nearly
April 15.
by making heavy
but sterling in
June 10, 1939
12,667,000,
mately
exchange control actively intervened in
purchases
Chronicle
It cannot be denied
that the major part of the improvement results largely
sterling, the fact that British investors
have
complied with the requests of the Chancellor
from
of the
Exchequer to refrain from buying United States
sponsored shipbuilding.
contributed
securities
the
to
largely to
the
look for
Government
seen
capital issues, the almost complete abandonment of
foreign lending, and the sharp curtailment of British
period of comparative political calm
a
of
Institute
and
program
to be less encouraging because of the decline in British
in the reduction of war-risk rates made
was seen
rearmament
In the longer view the British trade outlook is
improvement
pound.,
Concrete evidence of the growing belief that Europe
may
the
London
Underwriters
by the
exports.
Reductions ranged from 33 1-3% to 70%, with some
New capital issues in London in May totaled
£6,111,207, the smallest volume for that month since
of the
the World War, and compared with £27,322,860 in
largest cuts going into effect in the Mediter-
hitherto considered
ranean,
for
Thursday.
on
shipping.
The
new
of the danger points
one
May, 1938.
rates became effective June 9.
This is the second reduction in war-risk rates since
May.
New York underwritrs
,
the London action
sponding period in 1938.
immediately.
•
the general world situation and with
national situation is the marked decline in the flow
likely to continue for
in reduced volume and is
United
total
States
$16,000,000,000.
of the
time
some
ciation, rising deficits and cheap
created
though
even
holdings
to
money
policy have
permanent improvement and cannot be
He estimated that the monthly
Since July, 1938 the gold stocks * deficit financing amounted to approximately $1,065,-
United States have increased from $13,000,-
000,000 to $15,987,000,000
Doubtless
central
as
banks
of June 7.
and
000,000.
He attacked the increasing intervention of
government in business which, he said, is resulting
.
in the centralization of national business life, mount-
exchange equaliza-
tion funds of
ing production costs and impoverishment and
of
employment.
Europe will continue their present policy
earmarking a large proportion of their gold reserves
the
at
Federal
Reserve
Bank of
British authorities likewise may
their
crese
South
gold
The
New
assured that there
The
is
no
more
danger of
a
gold earmarked in New York is in
One evidence that
are
lingers, is
seen
certain
a
on
more
partite
than trade
or
Open market
and
This
,i
of
72.7
124.9
1928
war
100, stood
as
Sept. 28,
120.4
was
.
.
rise
m
on
78.9
■,
on
as
follows:"
Monday £362,000,
Wednesday £234,000,
on
on
Friday £374,000.
gold movement for
The
high record
employed
June 2, 115.2 at the
May 16, 1938.
persons
None
1,190,000 from India
■
on
begin-
orkk
A
% uuim& l11^ ^Viumcn crisis.
A
is
confidently expected in
on
follows:
Exports
2,105,000 from Colombia
was
The bond index based
the indices
April 17 and 1,778,805
was as
10 000 from Guatemala
the
was
2,596,000 from Canada
,
fact that registered
unemployment
May 15 declined to 1,492,282 from 1,644,394 on
number of
on
on
''^mMOfroSHoUand
increase: $38,133,000
•
Note—We have been notified that approximately $5,787,000 of gold was
received at San Francisc0) of which $5,510,000 came from Japan and
$277,000 from china.
The
is
21-32%, three-months
j mports
;
a
encouraging feature of the British industrial
situation
are
Reserve Bank of New York,
June 2
London.
An
,
against bills is in supply at
money
Two-months bills
Thursday £502,000, and
and with the low record
1938.
18, 1936.
on
week earlier,
a
-1
a year ago,
nine: of Mavand 119 9 durinff the MliniVh
°
lurther
;
,
gold movement at new york, june i-june 7, inclusive
a
Nov.
100
as
to obtain any degree
At the Port of New York the
80.4
on
on
tricer-
the week-ended June 7, as reported by the Federal
on
nr.
the
fears is
July 1, 1935
84.1, compared with 83.4
month ago,
that
monetary
in London continues abundant.
Tuesday £225,000,
on
The Lopdon "Financial News" index of 30 industrial'
at
world
advance in security prices in the
although trading is extremely limited,
London market
stocks, based
money
On Saturday last £181,000;
in the
seen
no
arid taken for unknown destination
•
be
in
bills 11-16%, four-months bills %%■ and six-months,
bills 1^%. Gold on offer in the London market
currency
individual spend-
Further evidence of the subsidence of
to
asserted
are necessary
Call
easy.
Vi%-
ing for the present high circulation figures of the
Bank of England, which
currently are-only a few
million pounds below the
record,high at Christmas,
1937.
He
agreement offers
of monetary stability.
record..
European outlook.
currency
the agreements
of
degree of apprehension
activity
inctease
tainty, but that the extension and reenforcement of
in the fact that the British banks
in view of the still doubtful
international trade.
to
war.
excess
carrying exceptionally large amounts of
accounts
cheaper and larger production,
positively
general
un-
He declared that the only solution is
traffic, and the elimination of the various hindrances
earmarking policy is not, likely
$1,000,000,000 and is at the highest level
still
The
be' expected to in-
change until the world becomes
to
York.
earmark in Canada and
reserves on
Africa.
on
particular
loan requirements of the various governments for
than
more
no
continued for long.
extremely likely to bring the
gold
no
reference to The Netherlands that currency depre-
gold from London to New York, which is, how-
ever,
;
lands, President L. J. A. Trip said in comment
.
Another indication of the improvement in the inter-
of
eorre-
In the annual report of the Bank of The Nether-
expected to follow
are
The total for five months aggregated
£43,286,906, against £65,541,677« during the
The total
amounted to approxi-
above
Wednesday.
figures
are
for the week ended
on
On Thursday $3,731,000 of gold was
received, of which $2,602,000 came from Canada,
$1,099,000 from England and $30,000 from Nicaragua.
There
were
no
exports of the metal.
On
Friday $20,744,000 of gold was received of which
Volume
14S
$14,261,000
England.
was
Financial
from Holland and $6,483,000 from
came
There
reported
were
Friday that $90,000 of gold
on
It
exports of the metal.
no
was
received at San Francisco from China.
States
lessening with respect to the United
dollar.
Montreal
week between
of
a
funds
ranged during the
rate
following tables show the
Paris, the London
on
and the price
London check
market gold price,
open
paid for gold by the United States:
Saturday, June 3
176.74
Monday, June 5_„
176.73
Tuesday, June 6__^_____^_176.76
LONDON OPEN
Friday,
MARKET
PAID
,
June 9—
GOLD
176.74
Wednesday, June 7^
_148s. 4d.
Thursday,
June 8___
Friday,
148s. 6d.
cable
pound
margin for further issues of 3-months to
a
:
speech
V;"/-
•<.
out that the
import surplus
inal value and
STATES
>!
Sunday last M. Daladier compared
on
pointed
down 25% in
was
nom¬
39% in gold value, due to both the
and increased exports" resulting
from many new trade
He also stated
agreements.
that the industrial production index had risen from
an
of 88% in 1937-38 to 96% in April.
average
Premier
asserted
that
except for
France would have witnessed
crisis
The
the international
a
brilliant
eco¬
■
For the first five months of this
year French im¬
ports amounted to 20,693,000,000 francs, compared
35.00
Friday,
with
sight
$4.68
June 9
-----
35.00
for
The range
bankers'
for
cable
continued
in
$4.68 5-16@$4.68^4;
was
7-16@$4.6834-
in demand.
$4.68 11-16
directly
regarded
35.00
transfers
$4.68 9-16
therefore
Wednesday, June 7__._.___$35.00
Thursday,
June S-.J
1- 35,00
—
Bankers'
was
is
nomic revival.
Referring to day-to-day rates sterling exchange on
Saturday last was inclined to firmness in limited
sterling
a
loan
June 9_„-___148s. 5d.
BY THE UNITED
$35.00
Monday, June 5
Tuesday,.June 6
trading.
In
The
indirectly from
notes taken
consolidation loan which gives the Treas¬
as a
for
1-year bonds.
(FEDERAL RESERVE BANK)
,
Saturday, June 3
circulation.
chiefly
ury
PRICE
■
FOR GOLD
Treasury,; not with bank
decreased imports
PARIS
Wednesday, June 7„,«_____176.76
Thursday,
June 8
176.74
Saturday, June 3_:__'__148s. 5d.
Monday, June 5_
148s. 4J^d.
Tuesday, June 6.
_148s. 4d.
PRICE
the
large proportion of cash subscrip¬
made with funds withdrawn
was
the first four months of 1938 and 1939 and
:
mean
MEAN LONDON CHECK RATE ON
,
tions
discount of 3-16% and a discount
1-16%■;
The
3431
fresh money as a
from
Canadian exchange is inclined to
greater firmness,
with discounts
Chronicle
sight
On
and
;On
transfers.
demand,
$4.68 7-16@
Tuesday the
abroad.
especially
Bankers' sight was $4.68
7-16@$4.68J4; cable trans-1
$4.683^@$4.68 13-16. On Wednesday the unit
continued to display a firm undertone,
The range
fers
francs
the
in
corresponding
while exports increased in value to
year,
14,833,000,000 francs from 11,661,000,000 francs in
the first five months of 1938.
Monday
$4.68 5-16@
was
19,438,000,000
period last
Belgian
currency
developed
York have been
17.03.
continues the firm trend which
few weeks-
a
New
dollar
parity of
Belga futures, however,
sufficiently
to the
Spot belgas in New
ago.
generally quoted
little better than
a
the
belga is
to indicate speculative doubts
grave
stability of conditions in Belgium.
count
16.95.
still quoted at discounts
are
as
The dis¬
30-day belgas is currently 5 points under
spot and 90-day belgas are at a discount of 17 to
on
t
was
$4.68^@$4.68% for bankers' sight and $4.68 7-16
@$4.68 11-16 for cable transfers.
change
London
on
was
On
steady.-
Thursday
The
range
ex¬
was
$4.68 5-16@$4.68 7-16 for bankers' sight and
$4.6834
@$4.68 9-16 for cable transfers.
was
On
Friday exchange
steady, with sterling in demand.
$4.68
The range
was
3-16@$4.6834 f°r bankers' sight and $4.6834®
$4.68 7-16 for cable transfers.
Friday
were
Closing quotation
Commercial
sight bills finished at
points under the basic cable rate.
ment of the
of
a
total
gold stock of 3,150,700,000
ratio of gold to notes of 70.49%, and
a
Continental
and
Other
dollar:
v4K»
b
'
•
■
.
New Dollar
Parity
France
Parity
3.92
Belgium (belga)____.13.90
of
the
at
pound
average
16.95
Italy (lira)
5.26
68.06
New dollar parity as before devaluation of
November of 179 francs.
'
The French position has
;
unquestionably improved
in the last five months due to the influx of
French
French
funds
from
capital
abroad.
continues
The
in
A
gold and
repatriation
fairly
good
of
volume.
French officials believe that the inflow is far from
exhaustion.
offered
Both
Paris.
in
b Franc cut from
sterling
and
dollars
Despite
the
return
4
are
of
being
capital
gold and allowed to "float"
pound,
or
2.79 cents a franc.
176.74, against 176.74
New York
on
recent statements of condition of the Bank of France
indicate
a
the bank
as
decline in this
on
tendency.
Circulation of
May 25 totaled 121,390,000,000 francs,
compared with 125,000,000,000 francs
On June 2 books
franc
5% loan
on
were
the rearmament
closed.
Some
new
6,000,000,000-
was
accepted.
53.17^ to 53.40
the European currencies
sight bills
on
on a
on
June 20, 1937.
de facto basis of 179 francs
Paris closed on Friday
Friday of last week. In
on
on
the French center finished
Antwerp belgas closed at 17.03 for bankers' sight
17.03 for cable transfers,
against 17.03
bills and at
and 17.03.
for
40.11
Final quotations for Berlin marks
bankers'
were
sight bills and 40.11 for cable
transfers, in comparison with 40.1234 and 40.1234Exchange on Czechoslovakia is nominal and most
banks refuse
rency.
0.72;
on
to
Exchange
make
commitments
in
Czech
cur¬
Bucharest closed at 0.72, against
Poland at 18.83, against 18.83; and on Fin¬
on
land at 2.07, against 2.07.
Greek exchange closed at
0.8534, against 0.85J44
expressed in Paris that
EXCHANGE on mixed trends. neutraloutstanding
during the
presents the countries
The
provide the Treasury with much
feature is the weakness and wide fluctuations of the
disappointment
loan did not
May 4.
5.26^
to 22.60K
on Friday of last
week; cable transfers at 2.6534? against 2.65 1-16.
Subscriptions totaled
10,600,000,000 francs, all of which
the
on
5,26^ to
22.55
Friday at. 2.65, against 2.65
since
November, it would seem that a very large
proportion has been absorbed by hoarders, though
'
„
The London check rate
at
2.65J^
Sept. 30 and Oqt. 3, 1936.
cOn May 5, 1938 the franc was devalued
to the
to
17.02^ to 17.03)^
32.67
against the lower minimum fixed in
as
2.65'
8.91
19.36
40.20
a
to
Range
This Week
a
6.63
c
between
FRENCH francs continuerate of 176.76 francs
steady, ruling in favor;
Paris
the;
ratio
;4v'444,
Old Dollar
.
Switzerland (franc)
Foreign Exchange
a
leading European currencies to the United States
Holland (guilder)_—
Cottbn and grain for payment closed at $4.68 1-16
The states
gold to total sight liabilities of 67.60%.
The following tabM fshows the relation of the
$4.68 1-16,
60-day bills at $4.67 3-16, 90-day bills
at $4.66 13-16, documents for
payment (60 days) at
$4,67 3-16, and seven-day grain bills at
$4.6734-
The banking
Bank of Belgium for the week ended
1 showed
June
belgas,
on
$4.68 5-16 for demand and $4.6834 f°r
cable Transfers.
18
position in Belgium is essentially sound.
was
war
Financial
3432
Holland
guilder.
There
frequent reports of an
were
impending Cabinet crisis and dissatisfaction was ex¬
pressed with the
financial
new
of the Holland
program
The reaction carried the
Government.
53.77% cents
June
6.
from
8% to 13 points under spot.
The
on
The discount
Amsterdam
on
on
90-day guilders widened
cized the policy of the Dutch equalization fund in
allowing wide guilder fluctuations and contended that
quoted at 17%, against 18%.
4
EXCHANGE on the Farall units moving inis sym¬
Eastern countries gen¬
erally steady, with
the
dominated
14.68 cents, at
monetary
control should be transferred from the Government
not
been
to the Bank
be
dropped and that
The criticism
of The Netherlands.
as¬
serted that the unit should be kept at a fixed ratio
to
market
exchange
the
as
which it
was
heavily offered through¬
The break in the Shanghai unit has
the day.
should
fund
On Wednesday the Far East
foreign
Shanghai dollar dropped 147 points to a new low of
out
the
1939
(official), against 6.06. Chilean exchange is quoted
5.19 (official), against 5.19.
Peru is nominally
pathy with sterling.
"Handelsblad" criti¬
newspaper
10,
at
guilder down
May 31 to 53.17% cents
from
June
Chronicle
fully explained.
It is believed that the
Chinese exchange control suddently withdrew from
market and ceased offering sterling
the
and dollar
exchange in the official market.
gold.
Closing quotations for
Dr. L. J. A. Trip, President of the Bank of The
yen
checks yesterday
were
developments in Holland in view of the Government's
Hong¬
kong closed at i28.92@29 1-16, against 29%@29%;
Shanghai at 12%, against 16%@ 16%; Manila at
policy of raising production costs.
He expressed
strong opposition to the proposed heayy taxation
49.80, against 49.80; Singapore at 54 9-16, against
in Holland and said that he considered unavoidable
at
Netherlands, in his recently published annual report
expressed
a
regarding economic and financial
concern
reduction in the. present
Dr.
27.32, against 27.32 on Friday of last week.
54.50; Bombay at 34.94, against 34.91; and Calcutta
34.94, against 34.91.
Dutch standatd of living.
Gold Bullion in European
Trip stated that the movement of capital has
been diverted from
and that the eventual
higher interest rates should be
accepted.
In
the
official gold shipments abroad by the-
no
national bank
reported.
were
tinued at 1,209,000,000
82.1%.
The gold stocks
guilders.
con¬
The bank's ratio
It is well known that
a very
large
84s. ll%d.
principal European banks
recent statements,
of respective
reported to
by
us
(Friday); comparisons
special cable yesterday
shown for the
fine ounce)
per
as
are
corresponding dates in the previous
four years:
*
..
1939
Banks of—
1938
1937
£
£
H
•
1936
£
part of the bank's gold is held under earmark in
;•••
(converted into pounds sterling at the
British statutory rate,
in
Banks
following table indicates the amounts of gold
bullion
dates of most
May
stood at
'HE
Holland, but declared that the
present concern over the situation is not justified
„
£
1935
"
New York.
England...
Swiss
-
francs
continued to
Bankers'
at
steady, with future Swiss at
are
slight discount.
very
move
sight
in struct relation to
on
on
on
v
Friday of last week;
53.27%, against 53,45%; and
com¬
Switzerland
Sweden
Denmark
_
.
'
...
Total week.
Prev. week.
mercial
sight bills at 53.21, against 53.40.
francs closed at
cable
Swiss
22.55% for checks and at 22.55% for
transfers, against 22.59% and 22.59%. Copen¬
hagen checks finished at 20.90% and cable transfers
at
20.90%, against 20.91 and 20.91.
Sweden
closed
at
Checks
on
24.11% and cable transfers at
24.11%, against 24.12 and 24.12; while checks
on
Norway finished at 23.53 and cable transfers at
23.53, against 23.53% and 23.53%.
EXCHANGEfirm.theDispatches from Buenos Aires
South American countries is
generally on
at the end of
ernment
in
a
profit of 73,000,00(1
The
1938.
on
fixed rate of
Government
exchange.
the
to
duced by the 20%
to
requires
all
ex¬
them
a
The bank then sells these
Government's
A substantial
profit
was
pro¬
discriminatory surcharge collected
imports from the United States in
restrict
6,549,000
7,442,000
6,602,000
102,600,000
42,575,000
56,984,000
102,772,000
49,103,000
23,984,000
6,554,000
6,604,000
861,744,000 1,053,792,112 1,104,061,502 1,033,683,086 1,143,476.587
861,995,945 1,054,994,083 1,103,886,607 1,042,650,189 1,148,447,369
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
statements for March 1, 1939 and since have carried the gold holding* of the Bank
at the market value current as of the statement
date, instead of the statutory mice,
was"formerly the basis of yalue. On the market price basis (148s. 4d.,
fine ounce), the Bank reported holdings of £226,747.461 equivalent, however,
to only Shout £129,869,608 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
which
per
periods as well as with the figures for other countries in the tabulation, we show
English holdings In the above in statutory pounds.
a Amount
.held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the amount of which is now
reported at £528,600. . c As of April 30, 1938, latest figure available.
Also first
report subsequent to Aug. 1, 1936.
The value of gold held by the Bank of France Is presently calculated, In accordance
with the decree of Nov. 13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
franc; previously and subsequent to July 23, 1937, gold in the Bank was valued.at
43 mg. gold, 0.9 fine, per franc; before then and after 8ept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936,65.5 mg. gold 0.9 fine equaled
onq franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold In the Bank of France Is now Just about £1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when. 49 mg., about 165
francs per £1-.when 65.5 mg., about 125 francs equaled £1.
•
<
to
a
Railroad Passenger Fares
approxi¬
pesos,
drafts to importers at another rate.
on
83,594,000
25,735,000
6,540,000
2,470,900
87,323,000
25,232,000
94,171,000
193,418,576
565,801,461
3,055,550
90,781,000
63,034,000
.51,771,000
97,933,000
44,293,000
19,393,000
7,334,000
6,602,000
444,171,448
2,430,100
89,105,000
*
its exchange control opera¬
porters to sell their drafts to the central bank at
contribution
29,082,000
6,'555,000
8,222,000
.
£
209,400,538
May indicated that the Argentine Gov¬
made
mately $18,000,000,
tions
100,750,000
82,260,000
98,858,000
•c63,667,000
a23,400,000
Italy—-j...
Norway
322,154,145
347,630,457
293,725,922
2,622,000
87,323,000
25,232,000
123,398,000
76,929,000
74,332,000
33,444,000
Germany b.
Spain.....
Nat.Belg'm
Friday
327,266,190
*129,869,608
311,709,194
3,010,000
Netherlands
sterling.
Amsterdam finished
53.26%, against 53.44
cable transfers at
a
The Scandinavian currencies
France
level
close
to
an
the
attempt
value
of
Legislators, commissioners, and public officers,
facing the problems of industries under their
trol, inevitably wish for uniformity and
to
con¬
likely
are
attempt to produce it by the laws they enact and
endeavor to enforce.
may
Standardization, although it
ignore variations of demand and impede im¬
portant adaptations of function, supplies
a
more
readily understandable pattern and hypothetically
simplifies regulation.
Argentine exports to this country.
Argentine paper pesos closed on Friday at 31.23
plan, made public during the past week, of experi¬
for bankers'
mentation with railroad passenger
last
nounced
sight bills, against 31.22 on Friday of
week; cable transfers at 31.23, against 31.22.
The unofficial
or
23.15@23.20.
free market rate
Brazilian milreis
was
are
23.25, against
quoted at 6.06
These reflections
have
inspired by
fares.
a
It is
new
an¬
that, in the effort to recover some of the
business diverted to the
ern
been
public highways, the East¬
railroads, except the New York, New Haven and
Volume
148
Hartford, will,
tion
Chronicle
Financial
,
as
soon
the requisite authoriza-
as
3433
these principles to the letter would probably require
be obtained from the Interstate Commerce
the fixing of each individual rate at the point where
Commission, reduce their charges for the return
the net revenue from each service would be the
highest attainable.
Such a condition would be
can
trip to the original starting point in accordance
with
sliding scale varying for travel in coaches,
a
from 1.7 cents
to
2*4 cents
miles.
A
for
rate
for distances
mile for distances of less than 100
per
plete abandonment of that method of rate-making,
feature
is
sub-standard rate of 2.7
cents
per
ward
trip, and rates scaling down
pay a new
Pullman
to 2.43
2.7 cents
trip they
to scale to
are
901
miles
and
Hartford, relatively
so
to
same
rail-
the relative density of
pas-
on
the
and other traffic, the extent of competition
There would be
no
unjust discrimination in
its
reduce
uniform
a
over,
mission-prescribed 3.6 cents rate
ways
of
af-
was
More-
in appearance
al-
were
computed, for all routes, on the shortest route
any
of them, and thus the
average
receipts
per
-
-
gested would be the work of many
mileage rate of 21/4: cents,
be
of the Com-
The full attainment of the adjustments here
returning
for
even
Fares between competitive points
mile varied widely.
part of its gross re-
fares
can never
rates, attributable
something of the Uniformity
oniy.
more
or
to real differences in operating conditions.
other important
any
considerable a
will
but
travelers
upon
charged to differences in fares
minimum of
a
could not under existing conditions,
ford to risk
ceipts,
force, but for
dependent
much
very
traffic than
passenger
railroad,
costs.
The New York, New Haven
longer.
or
from railroad to
vary,
and all the other conditions which affect operating
cents
mile where the returning journey is
per
mile rates would
accommodations, present rates for > such a schedule of fares for injustice
outward-bound travel will remain in
the return
senger
choosing
For travelers
per
road depending
mile, regardless of distance for the out-
mile for the return.-
upon
The
railroad, and from point to point
occupying upper-berths in Pullman
they will
other
reduced
especially
an
cars;
per
average
rate per mile and could be achieved only by the corn-
novel
those
wholly inconsistent with uniformity in the
of 901 miles and over
years,
sug-
and its
Thus, railroad managers, having resumed the initia-
preservation would constitute a perpetual task de-
tive
manding technical knowledge and capacity of the
in
making
rates which for a time
passenger
seemed to have been taken away
of the authorities in
the
re-introducing
are
the schedules.
How wide
'
and there is good reason for confidence that there
remains enough latent initiative and capacity to
utilize most of the potentialities of increased free-
journey
or
the accommoda-
(except for the Pullman surcharge.) Since that
crude
uniformity
real
created there has been slow
was
in conditions call for different
stimulate travel that
from
duced
lower
mentation is
,
higher net
average
well
worth
while
and
the earnings and efficiency of the railroads of the
may so
country can be finally restored and stability be re¬
pro-
created and perpetuated,
Such experi-
charges.
thoroughly in
tion and the
general welfare of all railroad
A schedule of railroad
service,
ment
of
a
for each of
almost
an
able series of unrelated
services,
representing the
expenditures
many
a
be
the
payment of the Federal and State taxes, and
indebtedness
vary
and
funds.
sinking
inversely
the
accumulation
Obviously,
as
of
therefore,
required
rates
must
the volume of revenue-producing
one
of the most fundamental components of the
the other way.
in
prevalent in Amer-
/•
°
Actually a tendency towards the closed shop has
compensation of the labor and capital employed,
the satisfaction of current claims fpr interest upon
*
ican industry before the pendulum swings definitely
large aggregate
necessary
i
American system. In view of certain recent trends,
however, it may be that the closed, shop is destined
to become more instead of less
innumer-
the
f
During the 1920's the open shop was asserted to
users.
rates, whether for passen-
plan for recovering in relatively small
collected
amounts
opera-
for freight service, is only the state- "
or
V
#
Workers Will Eventually Rebel Against
Closed Shop
public interest, and this evolutionary process is
entirely consistent with improved railroad
Including corresponding adapta-
problem, these rate adjustments are the only way
rates, and that
revenues are
dom of action.
tions of freight schedules, a still more complicated
toward recognizing that differ-
progress
adaptation through successive adjustments
ger
en-
Commission, regardless of the total distance,
merce
the
but, the current announcement affords
couraging evidence that this is not wholly the case,
travel by
all
the circumstances of the
ences
possessed by traffic officers of the pre-Commission
days,
mile,
per
the Interstate Com-
prescribed for
tions
com-
of excessive regulation im-
posed by legislation and administration have driven
departure this has become from the
a
many years
from the railroad field much of the ability and skill
'
simplicity of the single rate of 3.6 cents
but
plaint that
complex method of adaptation which formerly
characterized
Possibly there is truth in the
highest order.
from them in favor
Washington,
•
been discernible for some years, but has been over-
looked largely because of the overshadowing importance of the Congress of Industrial Organiza-
tion strikes in the automobile and steel trades and
the split within the ranks of organized labor.
The
traffic, and, other things being equal, the railroad
split was itself one factor causing a trend towards
with
the closed shop in 1936 and 1937, for a study pub-
heavy freight traffic can carry passengers at
lower cost than
while
increased
one
volume
also increases the
collected
Each
and
it
area
of
over
of
its
own
any
route
which the total is to be.
a
out-of-pocket costs, lest
charge
railroads
of
the
upon
other services, and
In the present plight
United
States
lished by the National Industrial Conference Board
many
months ago shows that numerous employers
voluntarily signed closed shop contracts with American Federation
costs, but produce something in
discoverable
actually become
the
over
reduces individual charges.
finally lead to ^insolvency.
of
travel
move,
performed service ought also not only to
provide for its
excess
having little freight to
to
follow
of Labor unions, presumably to
head off organization by the industrial union fac-
tion.
Buried away in last year's strike statistics, another indication of the trend can be discovered,
The number of strikes and the number of workers
participating in strikes in 1938 fell far below the
Financial
3434
1937 all-time
peak, yet, according to the Department
of
Labor, strikes to obtain a closed shop increased
from 7% of the total in 1937 to 12.7% in 1938.
The percentage of strikes for a closed shop in 1938
was
the highest for any year since records have
been
kept and, except for 1937, the actual number
shop walkouts also established a new high
of closed
last
year.
Obviously, organized labor's desire for the closed
shop has been more in evidence this year than last.
We have
just
the great bituminous coal Indus-
seen
try forced into what John L. Lewis calls the union
shop, and then two weeks later observe him win the
Chronicle
J^e 10, 1939
dues-paying members the auto union has at
time. But it is known that many members
pay dues only when a major controversy is brewing
or perhaps when the union is considering demands
for a wage increase or relief from certain "grievances." When no such activities are under consideration, and during the slack season, the num<
ber of dues-pavers probably dips to less than half
the previous peak.
V
- Hence, unless and until these unions obtain the;
closed shop or the check-off they cannot hope to
function in a manner justified by their great
"paper" memberships (the total memberships
many
any one
same
concession
industry,
claimed by the C. I. O. unions apparently is corn-
Thus,
within the space of two weeks, two great
piled by adding up the employees of all concerns
with which they have contracts, whether or not each
is enrolled or pays dues).
Considering the developments which already have
occurred and the potentialities, the implications of
a spread of the closed shop deserve far greater attention than they are receiving. It should be recalled,
industries,
two
600,000
employing
what
only
American
influence
sliops
on
nates,
demands
many
of
un-
similar
for
union
other factors at work for
are
a
Reference to the
organized labor.
to
are
a
jsettled by direct negotia-
decreasing extent being
tions between the
strikes
discloses that
1938
for
statistics
than
an
-
,
shop, in addition to the admitted wishes of
leaders
the
adopted
termed
the part of the industrial unions he domi-
put there
closed
*
workers,
was
ago
"successes" of Mr. Lewis will doubt-
These great
less
decades
practice.
anthracite
the
from
disputing parties.
Instead,
more
before, the Government—Federal, State
ever
and local—is
being forced to take
This is not new,
of
course,
a
ciliation
or
mediation in
however,
some
form
the proportion
Last
other.
or
strikes settled
of
through Government intervention
almost
to
rose
42%.
How does this
answer
produce
more
closed shops?
The
is provided by the negotiations which termi-
nated the soft
closed shop
or
the check-off in most of their agree-
ments (the clothing and garment unions as well
as
the miners)
.
If the funds poured out by these
three unions caused a record-breaking toll of strikes,
what would happen if a.closed shop or check-off
hand*
for 36% of all labor
disputes settled in 1937 involved Government conyear,
for example, that the great organizing campaigns
of the C. I. O. in 1936 and 1937 were financed by
the three unions which had obtained either the.,
to be obtained in the auto- rubber
were
steel
or
industries, since the employees in each receive far
greater annual incomes than do the garment, cloth-
ing or mine employees, and should thus be able to
larger dues? Employees in these three trades
pay
also probably outnumber the total in the industries
dominated by the three older industrial unions,
Moreover, most of the f700,0;00 in loans and gifts
operators' spokesman declared, when the union
contributed by labor organizations to the Demoera tic party in 1936 came from unions blessed with
was agreed to, that they could "lick" John L.
Lewis, but not Mr. Lewis and the President of the
closed shop or check-off arrangements (a large part
from the three big industrial unions).
Conse-
United
quently an increase in the number of closed shops
the
coa] strike, for^ it will be recalled,
shop
unions
We may
States.
ernment's
expect the Federal Gov-
agencies to be arrayed
almost
in
any
dispute,
on
regardless
issue, and all too frequently the
when
it is
a
State
As
long
the side of labor,
Upon
towards
or
we
is
so
can
be expected to augment the flow of political
mediation
trend '
of
dis-
Fortunately there
the
some
of the
among
over
for closed shops in other
In the auto industry
ticularly, and in. the other trades to
some
par-
extent,
ritalry, potential and actual, from the American
harasses
the
'
also factors which
are
to
may
course, are
just
cited.
Foremost
the indications irpm all
the country that curbs on the unions'excesses
enjoy widespread popular support.- A change in the
.
Federal Government effected at the 1940 elections
closed shop.
Labor
willing
*
consequences
these, of
manufacturing trades.
of
candidates
spread of the closed shop and prevent
would
of the
those
fight labor's battles,
major industries, notably the steel, auto and rubber
Federation
given
contributions
check
-completely
must, count the
putes a factor in the closed shop.
Another factor operates
agency
conciliate.
Government
increased
Federal
a
Government
the
as
of the
will be true
same
rather than
which intervenes to mediate
the side of the
peace
of mind
substantially
alter
the
for
prospects
the
.
Moreover, there is still good
reason for
supposing
that the workers themselves will protest and fight
the closed shop, after
a
little experience with it.
Congress of Industrial Organization units.
When unions win this ultimate in concessions from
The
coal strike has demonstrated that the easiest
employers they tend to grow careless of the welfare
way
to eradicate all chances of jurisdictional
and desires of the employees they represent.
tests is to obtain
a
closed
con-
shop, barring the A. F. of
L. for the life of the contract.
But there is
for
probably
they stop interesting themselves in
ance
a more
compelling
reason
seeking the closed shop (here again the union
shop will be the type actually demanded)
auto, rubber and steel industries.
in the
This is the dire
power
of
the
worker
(tactics
of the unions in
' workers must belong and
jobs.
every
which
many
pay
Often
little griev-
explain
plants),
when
the
all
dues to hold their
Consequently it would not be surprising if
labor itself revolted against the closed shop after
necessity of establishing the dues collections of the
one or two years
C.
is not without meaning that the unions in Great
I.
O.
"sound"
unions
and
operating in
"Established"
(probably not
even
these trades
basis.
No
one
the union officials)
on
a
knows
just how
under such
an
arrangement.
Britain, Sweden and other nations, where
greater proportion of all employees
are
a
It
much
unionized
Volume
than in this
closed
In
country, rarely demand or obtain the
until
these latter
tive this country may
periences
suffer
become
do
quite firm, with
among lower grades in
impose
to
this
system, "un-American" and yet largely confined to
America,
Fractional
Bonds have remained firm this week,
bonds
tions
have
of the group
many
Pictures 6s,
Railroad
the gainers, all rating classifica¬
advancing above last week's close.
been
among
gains
section
hare
been
4%s,
revealing strength.
at 93%.
Moderate
General Cable 5%s,
gain of 1% points at 100.
Building company
been steady,
and the Certain-teed Products
a
issues
road bonds have
been
organizations
5%s,
been
displayed both gains and losses.
interest.
The
has
road
estimated
a
saving
net
*.
in
120
1939
U. S.
Govt.
Averages
Bonds
19._ 117.34
Cor v.*
bonds
also
Aa
Baa
A
& Halske
RR.
closed at
V;
up
to 2 points, and Siemens
3.70
120 Domestic
by Ratings
Corp.
9—
85.93
92.59
111.03
114.72
8—
,,86.07
92.43
111.03
114:51
7——
116.64
loans
120 Domestic Corporate
120
Averages
102.84
116.86
121.27
various
the
Corporate by Croups
tic
102.84
121.49,
gain
Domes¬
114.72
105.41
but
.-vV'Vv'd'
1939
Indus,
105.41
firmer,
(Based on Individual Closing Prices)
P. U.
117.48
selling
MOODY'S BOND YIELD AVERAGESt
All
110.83
7_. 117.55
retail
6%s, which jumped 12 points.
Italian bonds also
higher levels, and Japanese followed the generally
92.59
,
of
Strong spots in the European list have been Polish
86.21
102.66
ruled
Government issues, with a
Daily
116.86
obligations
while
larity.
Corporate by Croups *
Aaa
gaining 2%
78%,
have been mixed.
*
by Ratings
121.27
8_.
higher,
to
120 Domestic
105.41
at
Republic of Uruguay exhibited some signs of irregu¬
tic
June
strong
Among foreign bonds there have been further advances
the Province of Buenos Aires issues;
Columbian and
,
*
the
of the
of
120 Domestic Corporate *
Domes¬
Dativ
steady
upward trend.
MOODY'S BOND PRICES f
(Based on Average Yields)
AU
moderately
were
points
by
displayed
Paper, meat packing and food company issues have
Brazilian
$963,000 from this refunding operation.
;
1948,
points.
Northern
Pacific 4s, 1997, dropped 1 point to 70, while
Southern
Pacific 4%s, 1969, were up 1% at 44%.
During the week
Wheeling & Lake Erie Railway applied to the Interstate
Commerce Commission for authority to issue $7,438,000 new
refunding bonds to redeem at 105 a similar amount of the
refunding 4s, 1966.
The new bonds would be issued in
two series, $2,188,000 bearing 2%%, "and $5,250,000 bearing
3%%
have
1%
gained
which
has
1947, with
highs being recorded.
new
bond
1948, off 1% at 88.
Steel company obligations
a little,
with the exception of the Republic
Atchison gen. 4s,
1995, have attained a new 1939 high of 110%, closing at
110%, down %.
Canadian Pacific 5s, 1944, have risen %
to 113%.
Individual medium-grade and speculative rail¬
many
the rule this week in the
market, although weakness
been
the
off
1961,
strength
High-grade railroad bonds have continued their improve¬
ment,
have
of
has been displayed in such issues as the Shell Union Oil
3%s, 1951, off 2% points at 103, and the Warner Brothers
The Course of the Bond Market
even
recent days.
instant demand.
industrial
averages
moderate
Gas, Electric Light & Power Co. of Baltimore 3s, 1969, met
this country.
upon
softness displayed
Highest grades
only
more
have held to peak levels, with Cincinnati Gas & Electric
3%s, 1966; New York Edison 3%s, 1966, and others work¬
ing into new high ground.
New York traction issues have
been fairly active and irregular.
Offerings of $18,000,000
West Texas Utilities 3%s, 1969, and $7,000,000 Consolidated
opera¬
unfortunate ex¬
many
efforts
of
result
a
as
factors
market, Utility bonds this week have
too active
not
a
held
shop.
But
3435
Financial Chronicle
148
June
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
3.85
4.88
4.45
3.42
3.23
3.13
3.84
4.90
4.45
3.41
3.23
344
3.84
4.89
4.46
3.41
3.24
3.16
3.84
4.91
4.47
3.41
3.25
2.93
3.13
3.70
2.92
3.70
2.93
'
'
■
117.67
105.22
121.27
116.21
102.84
85.79
92.28
111.03
114.30
6
3.71
2.93
5— 117.72
105.04
121.04
116.64
102.66
85.52
92.12
111.03
114.30
5—
3.72
2.94
3.14
3.85
4.93
4.48
3.41 '
3.25
3- 117.63
105.22
121.04
116.64
102.84
85.65
91.97
111.03
114.30
3
3.71
2.94 "
3.14
3.84
4.92
4.49
3.41
3.25
2__ 117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2..
3.71
2.94
3.14
3.84
4.93
4.49
3.40
3.25
1__ 117.28
105.04
120.82
116.64
102.66
85.38
91.97
111.03
114.09
1__......
3.72
2.95
3.14
3.85
4.94
4.49
3.41
3.26
26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.28
6-
■
Weekly—
,
May 26-. 116.98
104.48
120.82
116.43
19.. 116.97
12.. 116.37
103.56
120.59
104.11
120.37
■■■.' 5_. 115.78
28.. 115.41
103.56
21.. 115.13
Weekly—,,
■
102.12
84.55
91.05
110.83
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
116.43
101.76
83.73
90.59
110.24
113.48
12
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
120.14
115.78
101.23
83.06
89:99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
3.85
3.03
3.22
3.97
5.16
4.68
3.51
3.35
3.23
3.99
5.22
4.71
3.53
3.37
3.96
5.14
4.66
3.52
3.34
,3.32
113.68
May
—
Apr. 28—.
-
21
—
*
.
102.30
119.03
114.72
100.18
81.61'
88.65
108.66
111.84
14^
3.87
3.03
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
3.23
Mar.31._ 114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
A
104.48
119.92
115.14
102.12
85.79
92.28
109.64
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
14.. 114.76
6_.
24.. 114.70
-
17.. 114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
Feb.24.. 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113127
L.
17.. 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
10.. 113.21
103.20
119.69
114,09
101.06
83.60
89.69
108.85
3.. 113.16
Jan. 27.. 112.59
102.84
119.47
113.68
100.88
83.19
89.10
108.66
113.48
101.94
119.03
113.07
99.83
82.00
87.93
107.88
112.86
.
—
2.99
3.22
3.87
4.89
4.46
3.48
3.30
2.97
3.22
3.84
4.81
4.39
3.46
3.28
2.98
3.23
3.87
4.93
4.49
3.81
3.00
3.25
3.94
5.03
4.61
17
Feb.
3.81
3.00
3.25
3.93
5.05
4.62
3.48
•
3.29
3.51
3.75
24
3
.
3.30
3.74
3.71
17
•10.. ,114.79
3- 113.59
3.30
3.30
3.51
3.30
3.82
3.00
3.26
3.94
5.07
4.64
3.62
3.29
3
3.84
3.01
3.28
3.96
5.10
4.68
3.63
3.29
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
3.29
3.94
5.05
4.65
3.53
3.29
10—
112.45
Jan.
103.20
119.69
113.48
101.06
83.87
89.55
108.66
113.48
20—
3.82
3.00
102.66
102.48
119.47
113.07
100.53
83.06
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
119.25
112,25
100.53
83.06
88.80
107.69
112.86
6—
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
Hlgh 1939 117.72
105.41'
121.49
116.86
103.02
87.21
93.53
111.03
114.72
High 1939
3.89
3.06
3.37
4.01
6.26
4.76
3.60
3.38
Low 1939 112.59
101.94
118.60
111.84
99.83
81.09
87.93
107.30
111.64
Low
3.70
2.92
3.13
3.83
4.81
4.39
3.41
3,23
High 1938 112.81
Low 1938 109.58
1 Yr. Ago
101.76
118 60
111 43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
6.98
6.11
4.23
8.76
88 80
112 45
102.66
89.10
62,76
71,15
96.11
104.30
Low 1938
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
June 9 '38 112,05
2 Yrs.Ago
93,85
114.72
106.54
93.69
69.78
75.82
101.76
77.60
3.23
3.64
5.69
3.90
3,54
3.26
3.41
4.18
3.94
3.49
20- 113.18
13- 112.93
6- 112.95
*
102.30
111.03
1939-*-,.—
June 9, 1938—t.
2
114.09
-
,
3.30
1 Year Ago—
"
♦
June 9 '37 108.57
—
"
101.06
86.50
96.54
101.06
109.44
4.37
>
Years Ago—
June 9,
1937—
4.38
6.24
3:94
4.86
.
3.87
<
,
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
the average movement of actual price quotations.
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement at
level
or
yield
averages, the,
latter being the truer picture of the bond market.
t The «atest complete list of bonds used in computing these indexes
The
New
..
was
published In the issue of Feb. 18,
Capital Flotations in the United States
and for
Security flotations in May, of every description other
direct obligations of the United States Government,
reached the greatest aggregate of any May since 1929,
$1,312,006,591.
That the figure reached such great sizewas due to the refunding operations of the
Home Owners
Loan Corporation, which alope totaled over a billion dollars.
Despite the similarity in the totals, however, last month's
figures are sharply distinguished from those of May, 1929,
by the fact that, whereas in the latter month 75% of the
total was for new capital, in May, 1939
less than 10%
fell into that classification.
Corporate financing for new capital requirements in May
dropped to only $20,990,443, the smallest it has been since
January, when no more than $5,827,032 such issues were
placed.
Refunding offerings of corporations last month,
however, were in the relatively substantial volume of $161,502,000, exceeded this year only in April, when $181,749,350
in
the
month's
financing for new
capital purposes, was a $15,000,000 bond issue of Marshall
Field & Co., representing nearly three-fourths of the total
in that category.
While this issue is rightly in the new
capital classification, the funds were not borrowed for the
purpose of creating additional wealth or to expand opera¬
tions, but merely for,the purpose of transferring ownership
of the land on which the company's store stands from the
.
939 and 940.
During
estate of Marshall
the Month of May
corporate
Field to the
company.
The balance of
capital funds comprised a number of small and
medium sized issues; the largest was a $1,500,000 equipment
the
new
trust issue.
:'vv
"...
70% of the corporate refunding total was accounted
by a single issue, the' $114,500,000 Commonwealth
Over
for
bonds, which were placed privately
This is the largest private
placement of corporate securities on record and in fact has
seldom been exceeded by a publicly offered issue.
With an
issue of this size included, it is obvious that the total of
Ediseon
with
Co.
40-year
15 insurance
companies.
private placements must have been substantial; the fact
is that private sales aggregated $148,400,000, or all but
$10,630,000 of all bonds and notes sold in the month.
So far as our records show, this is the largest aggregate
of
private financing carried out in any one
largest previous figure was
recorded
into the market.
Included
pages
the Five Months of the Calendar Year 1939
than
came
1939
a
month.
The
that for August, 1938, when we
total of $119,513,000 of private sales.
tabulation of figures since January, 1937,
monthly amounts of corporate financing
as revised to date.
Further revision of the 1938 as well as
the 1939 figures will undoubtedly be necessary from time to
time, particularly as additional private financing is brought
to light in annual reports and other places.
Footnotes to
the table indicate the nature of revisions reflected in the
figures and not previously reported.
The following
shows the different
3436
Financial
SUMMARY OF
Chronicle
CORPORATE FIGURES BY MONTHS.
*1939
New Capital
June 10,
1938 AND 1937
1939.
*1937
*1938
Total
Refunding
New
$
1939
Refunding
Total
New Capital
Refunding
$
Capital
$
$
$
203,646,962
300,241,439
240,020,551
S
Total
$
52,965,274
46,688,660
99,653,934
23,995,213
58.643,000
82,638,213
96,594,477
154,587,030
139,243,338
181,055,483
394,607,581
320,298,821
82,362-,878
193,189,960
275.552,838
111,211,719
125,008,990
236,220,709
390,424,845
624,722,996
1,015,147,841
77,060,042
181.749,350
258,809,392
11,683,361
66,750.000
78,433,361
88,128,403
20,990,443
161,502,000
182.492,443
37.674,800
25.691.650
63,366.450
202,315,995
98,791,000
301,106,995
79,401,795
83,010,572
276,128,467
167,530,198
175,230,935
431,501,646
10,386,300
5,827,032
23,570,572
January..
February.
March
First quarter.
AprH,
May.
46,364,596
June.
4,141,400
50,505,996
40,851,910
16,213,332
159,685,572
136,115,000
62,224,590
103,076,500
92,220,363
155,373,179
Second quarter.
251,674,156
191,232,650
442,906.806
438,540,834
335,721,945
774.262,779
Six
362,885,875
316,241,640
679,127,515
828,965,679
960,444,941
1,789,410,620
81,745,046
months
July
August...
130,275,506
55,545,325
185,820,831
211,110,930
338,154.500
50,872,836
84,937.241
65,135,600
150,072.841
113.745,862
58,130,528
57,194,072
39,385.636
139,875,574
127,013,570
September
Third quarter.
342,226,317
331,821,855
674,048,172
246,363,744
154,710,236
401,073,980
Nine months
108,066,908
153,131,498
705,112,192
648.063,495
1,353,175,687
1,075,329,423
1,115,155,177
2,190,484,600
October
63,921,610
274,237,144
338.158,754
71.552,500
138,539,000
November.
43,520.873
107,701.800
151,222,673
December.
59,544.275
250,493,300
310.037,575
66,986,500
36,088,768
46,607,522
1,120,000
20,852,269
37,208,768
67,459,791
Fourth quarter.
166,986,758
632,432,244
799,419,002
149,682,790
93,524,769
243,207,559
Twelve months.
872,098.950
1,280,495.739
2,152,594,689
1,225,012,213
1,208,679,946
2,433.692,159
*
Revised.
Note—In addition to the revisions noted In previous Issues of the "Chronicle" the following change has been made:
October, 1938:
Added to refunding "Long
term Bonds and Notes":
Public Utilities, $1,000,000 Lorain Telephone Co. 1st 4s, series B, dated Oct. 1, 1938, due Oct. 1, 1963; sold privately at 104)4 and interest.
USE
Treasury Financing in May
Financing operations of the United States Treasury in
May
were
colorless
as
as
previous months
this
sold
The discount rate at which the bills
dropped lower with each issue but
part of the last week's offering
offerings
the
and
one,
bid in at
was
par.
for about $100,000,000 each,
were
were
small
a
The bill
and all
the $62,105,047
proceeds of sales of United States Savings
bonds represented new mopey.
4.
Jl.
91-day Treas. bills
Jan.
25.
91-day Treas. bills
Jaq.
1.
U. S. Savings bonds
January total
year
Government
to
agencies, particularly
old-age
reserve account,
have yielded a net amount of $510,019,000
to the Treasury,
bringing the total received from all security sales to $910,454,893 in the first five months.
101,287,000
91-day Treas. bills
100,378,000
100,782,000
100,782,000
1
financing last month
huge total -of $1,022,964,325, due to the re¬
funding operations of the HOLC.
The corporation made
offers of exchange of new notes for a
maturing issue and
a called issue, as a result of which
$1,007,216,325 notes were
the
j.
1
8
91-day Treas. bills
Apr.
26...
91-day Treas. bills
91-day Treas. bills
91rday Treas. bills
1
Apr.
U. S. Savings bonds
April total.
STATES
TREASURY
FINANCING
MONTHS
OF
DURING
1939
THE
'
FIRST
.
FIVE
May
May
'
-
3.
10
91-day Treas. bills
91-day Treas. bills
91-day Treas. bills
Amount
Dec. 27 Jan.
Applied for
Due
Accepted
%
Dated
Offered
$
4
91
days
Jan.
5 Jan.
11
91
days
Jan.
12 Jan.
18
91
days
488,825,000
373,987,000
294,753,000
Jan.
19 Jan.
25
Jan 1-31 Jan.
1
91 days
10 years
250,496,000
145,826,772
h
Janua ry total
26 Feb.
8
Feb.
7 Feb.
15
Feb.
16 Feb.
Yield
1
May
100,722,000
x
101,341,000
101,152,000
100,441,000
y
99.998
145,826,772
75
Total 5 mont hs_...
*0.007%
1
302,689,000
100,587,000
99.999
*0.002%
days
101,287,000
91
days
302,135,000
263,368,000
99.999
100,378,000
99.999
*0.004%
*0.005%
days
321,469,000
68,340,413
100,782,000
68,340,413
99.999
*0.004%
75
*2.90%
10 years
504,065,000
62,105,047
•
3,884,018,913
i
3,483,582,300
400,435,893
INTERGOVERNMENT
1939
days
91
'
.
January—
-
101,918,000
62,105,047
471,374,413
Certificates
*91
days
301,524,000
101,953,000
99.990
2 Mar.
8
91
days
323,242,000
100,487,000
6 Dec.
15 1
5 years
53,113.200
53,113,200
Net Issued
$
'
*
89,500,000
30,350,000
59,150.000
111,000,000
500,000
110,500,000
2,381,000
56,129,000
169,510,000
2,881,000
166,629,000
14,000,000
t
48,850,000
58,510,000
9
27,700,000
2,650,000
10,300,000
•
January total
I
.
"
.
•'
z
Mar.
$
38,000,000
51,500,000
Certificates
1
Mar.
Retired
$
February—
Feb. 23 Mar.
FINANCING
Issued
'
.
,
Febru ary tota I.........
57,907,517
57,907,517
•
90
«
100,167,000
100,444,000
100,204,000
100,384,000
U. S. Savings bonds
*2.90%
Nil
144"
66,256,144
100,241,000
101,001,000
100,521,000
Nil
-
X
66 "256".
100,241,000
101,001,000
100,521,000
62,105,047
May total.
91
,
23
Febl-28 Feb.
Price
401,102,000
100,495,000
100,384,000
101,918,000
91-day Treas. bills
91-day Treas. bills
May 31..J.1..
.
549,482,772
1
2 Feb.
Feb:"
May 24
Amount
100,287,000
53.113,200
319,444,500
566,170,047
May 17—
Dale
1,771,725,300
459,009,517
5.
12
19.......
894,415,600
100,369,000
101,448,000
100,287,000
100,167,000
100,444,000
100,204,000
57,907,517
total.
Apr.
tendered.
68,340.413
100,487,000
U. S. Savings bonds
Apr.
68.340,413
101,953,000
100,487,000
53,113,200
319,444,500
894,415,600
100,369,000
101,448,000
100,495,000
66,256,144
9i-day Treas. bills
91-day Treas. bills
1
Apr.
403,034,000
1,837,981.444
Mar. 29
March
i?'
101,953,000
Dec. 15 1938.- 1 )4% Treas'y notes
Sept. 15 1938.. 233% Treas'y bonds
Dec. 15 1938.. 2%% Treas'y bonds
Mar. 15.......
91-day Treas. bills
Mar. 22..
i
471,374,413
91-day Treas. bills
91-day Treas. bills
I
101,287,000
68,340,413
tot al.
February
Mar.
145,826,772
100,378,000
90-day Treas. bills
U.S. Savings,bonds
Feb.
Farm loan and Government agency
UNITED
91-day Treas. bills
15
23
Mar.
securities
the unemployment trust fund and
reached
8
Feb.
Feb.
Mar.
placed.
Sales of
100,587,000
145,826,772
91-day Treas. bills
Feb.
Since the first of the
403,656,000
l..-„.
Feb
baby bond sales have been the only form of public financing
for new funds, and in the five months a total of
$400,435,893
were
Indebtedness
100,722,000
101,341,000
101,152,000
100,441,000
100,587,000
91-day Treas. bills
18.
100.722,000
101,341,000
101,152,000
100,441,000
145,826,772
91-day Treas. bills
Jan.
were
of retiring maturing issues of like amounts;
purpose
Refunding
549,482,772
Jan.
Jan.
baby bond sales.
Jan.
Accepted
New
Total Amount
year,
comprising only weekly sales of 91-day bills in addition to
for
Type of
Security
Dated
in
FUNDS
OF
*0.004%
101
0.89%
1938
15
112-14 yrs
319.444,500
319,444,500
102)4
2.25%
15 122-27 yrs
1938
894,415,600
894,415,600
102 H
2.60%
Mar.
6 Sept.
Mar,
6 Dec.
1938
"
Mar.
February total.
9 Mar. 15
91
days
Mar. 16 Mar. 22
91
days
Mar. 23 Mar. 29
91
days
M'rl-31
10 years
1
Mar.
March—
"
Certificates.
302,584,000
342,142,000
100,369,000
y
101,448,000
y
320,261,000
66,256,144
100,495,000
y
66,256,144
y
y
*2.90%
...
72 856 000
72.356.000
xl4,000,000
April—
Certificates
Notes
"68,bbb~66o
1,837,981,444
15.958,000
52,042,000
68,000,000
April total
Marc- h total.
*500,000
2 244 000
16,744.000
14,000,000
_
y
75
14,500,000
100 000
89.100.000
75
March total
29,958,000
38,042,000
May
Mar. 30 Apr.
5
91
days
256,754,000
12
Apr. 13 Apr. 19
Apr. 20 Apr. 26
Apr 1-30 Apr.
1
91
days
91
days
207,502,000
222,809,000
91
days
315,356,000
Apr.
7 Apr.
10 years
57,907,517
100,287,000
100,167,000
100,444,000
100,204,000
57,907,517
99.996
*0.016%
99.994
99.994
*0.025%
*0.023%
99.996
*0.016%
75
Certificates
108,000,000
108,000,000
.
Notes..
Tl",958",000
Total 5 months
*2.90%
11,958,000
173,842,000
601,910,000
.
65,842,000
185,800,000
May total.
91,891,000
510,019,000
*
April
total..
Apr. 27 May
3
91
days
10
91
91
91
91
May 1-31 May
1
May
5
62,105,047
total...
Total
days
10 years
100,521,000
62,105,047
days
May 26 May 31
4 May
100,384,000
101,918,000
100,241,000
101,001,000
392,040,000
days
May 18 May 24
377,474,000
417,718,000
414,368,000
397,220,000
days
May 11 May 17
May
*
99.997
*0.012%
99.998
*0.009%
99.999
*0.005%
*0.005%
99.999
a
75
*0.004%
*2.90%
3,884,018,193
6n
a
y
At fractionally under
x
96%
bank
par;
discount basis,
x At
par and slightly above par.
bids ranged from slightly above par down to 99.999;
at par and 4% at 99.999.
,
a
$385,000 at
par;
balance at 99.999.
Fund,
Foreign Service Retirement Fund, Canal Zone Retirement Fund, Alaska
Railroad Retirement Fund, Postal Savings System and Federal Deposit Insurance
Corporation,
x Excess of retirements.
In the elaborate and
comprehensive tables on the succeed¬
the May and five months figures
corresponding periods in the four years
preceding, thus affording a five-year comparison.
Following the full-page tables, we give complete details of
the capital flotations during May, including every issue
of any kind brought out out in that month..
ing
pages,
we
compare
with those for the
566,170,047
mos.
Average rate
Comprises sales of special series certificates and notes; certificates sold to
Adjusted Service Certificate Fund and Unemployment Trust Fund, and notes to
Old Age Reserve
Account, Railroad Retirement Account, Civil Service Retirement
459,009,517
,
-
O
O
o
O
3
S3
S3
Total
14,560 6,0 ,0 1,20,0 5,0 ,0
$
126,70 267,39"70 78,2486 472, 856
Refundi g 75, 6 6 6,0 ,0
Capit l
$
New
38,93 4 1,26",0 5,0 ,0
9,671,30 105, 2749
304,9310
251,7 0 12.075,6 3,583,450
Capit l 13,980 2,43,16 21,7650
Capit l
37,60 50 5,90,0 68,209678 1 ,537 28
New
75,6 6
419,87149
5, 0 , 0 19,50 0 41,06 6 2.6 ",60 13,50 0
81,56 6
6,20 , 0 14,7350 8,93",34 16,"2 0 5,0 ,0 325,0 0
1,26",60 5,0 ,0
38,93 4
265,1 0
15,6 " 0
126,70
6,0 ,0
148,0 0
48,72 0 16,0 15,0 0 '"25~0",6 85,0 0
$
1936
6,"o .65
6,20,0 20,350 19,50 0 5,0 0 18,"260 18,50 0 325,0 0
1",26",0 5,0 ,0
6,0 ,0
45,193 4
—
"
Total
YEARS
6.0 .5
"325,6 6
14,7350 8,93",34
New
267,38540 3,71.30 37,123071 308,279 1
Refundi g
14,560
Refundi g 5,0,0 19,50 0 41,06 6 2,6 ",06 7,50 , 0
$
CO
CO
ro
325,0 0
20,350 19,50 50, 0 1076,'6 ",7,50,0
$
o
bj
$
1935
45,193 4 36,57"0,527 81,76381
265,1 0 14",50816 25,360
Total
1936
Total
81,56 6 72670,39 ",41,70431 390,6470
$
1936
*-«.
b)
Co
Refundi g $ 48,72 0 13,0 5,0 ,0 85,0 "60
.
Capitl
'•
New
251,7 0
.
$
" 96", 60 1,250, 0 T30O,7 2 1,5 0, 0 04,800". 1,40 , 0 39,86 1C0 48,72 0 16,09 16,250 31,62 16 86,50 148,0 0 4,806",06 1,40 , 0 304,9310
148,0
3,0 .65 10, 0 "250. 6
"
13,980
"
■
750",6 0
15,68450 48,72 0 13,0 5,70 14,90845 85,0 0
14,908"450
267,38540
4,"80 ,60 1,40 0 24,0965 3,096 0 16, 3650 1,50, 0 148,0 4,80",60 1,40,0
9~6, 50, 0 15,863"50 1,50,0
10,5
*
-
123,4810 26,82"0 24,867935
175,23095 4,89~1,0 51,29386 271,34 21
Refundi g 71,2548 0 1895.680",1,284,628
92, 036 16,39l"0 13,8970 12,43106
1937 Capitl 52,6120 7,201,4523,58307
83,01 572 28,50" 0 37,9 68 148,90258
Total
'
&
New
$
Total
r
45,360 2,0 ,0 15,60 193,950
50 63,26450 63,"90, 93,15072
" "62",
7,824,8 5
17,3 518
2,631,20 20,965483 50,61 0 1,6280 27,38 9 10, 675
2,631,20 92, 036
913 14,2961 2,9,31
3,193,685 30,784 52 29,10 6,973,0 7,805,10 3,26",913 27,518 2,9,31 60 , 0 5,193,685 83,01 572
2,0 ,0 "5066"0, 15,"46 50
15,906450 40",750 20,46" 50 845,0 1,540, 0 63,26450
71,25480
607, 0 7,287,150
6,765
596,0
518,0 0
Capit l 29.10, 6,36,0 13,6210 6 6",0 0 2.6 ",0 52, 6120
1937
MGFfto:evrhadomragnu-nmicp;l_ld.yesFOTSUTIICNASVHOHNRRPYEEDAE
YFOMTMLEIFANGUIOAAHVVCERRRPDNSMGLT,
$
4
5,824,85 51,749 35
2,0 ,0 123,4810
29,10 56,9820 1,50, 0
Total
Refundi g 50,61 0 1,032,0 9,60 80 10, 0
37,60 5
»
')
"
"62,3
175,2309
-
New
37,950 5,6 ",0 "845",06 1,546",0 45,360 20,6 06",
Total
20,3712
"
~
■
-
Refundi g 25,691 50
$
1938
25.691,50 300,8100",4,932,178 61,43 82
49,68350 2,0 ,0 15,60 193,950
Capit l
50 37,5480 3,1506 8,21854
" "62",
$
New
%
Total
FCOREPIGNAT,
OSUMFARY
$
1939
Refundi g
14,03 0 4,50,0 2,370 1,092,43 10,5 0
182,49 3 5,20, 0
126,0. 4,50 20,4 0 10,5 0
16,502 5,20. 0 7,216,95
NOGREUFWPI
1,024 35 1,953824 ACHANRDTE
'
20,9 43 "00550, 94,082 64 16,23 07
Capit l 17,9280 1,970, 0 1,092,43
$
"l
New
Capit l 14,0520 2,9816 725,6
158,943
1,02964"35 10,2983 1,3206591
bStaeys
Refundi g 23,569"750 2,61",90 "120", 0
"
*
New
Total
23,569750 2,01,90 "126",0
.$91,650
$
1938
25
4,50 , 0 26,4 ~6 25,84483", 213~,906
Refundi g
Capit l
40 ,0
'134,0
'0,2
2,0 ,0
1,50 0 403,0
925,0
"
Netty
136,02
213,90
23,462 43 6,40,0 154,803 2,0 ,0 3,73,543 "362',0 15,0 0 182,49 3
4,50 . 0 20,4 "60
1,90,0 134,0 2,0 ,0 925,0 "302,6 6 15,6"o ,06 154,30 4,50 , 0
20,4 0 4,90,0 154,0 2,0 ,0
~
_
1939
15,906450 16,90526 18,40"50 "725",6 1,540, 0 37,5480
2,0 ,0 "506",0 15,406 5
1,540. 0 19,68350 2,6 ",0
25,691 50
4,50 , 0
16,502
3,062,4 3 1,50,0 403,0 3,7 3,543 "io ~,6 213,90 15,0 0 20,9 43
2,84 ,543 213",90
lOb",60 i5."o 6, 17,9280
20 ,0
"
"
anoteds stoc.k naoted.s bonanotdess. _ Governmt governm Gacits.,_&♦Municpal—eSt,sPosin fdiunocnbtladoioneset NBotoesa—nds &cop., manufctres. oi maanunfctdrig &c &htroalcddii_nngg,, NBotoesan—ds &cop ,maifctures oi amannufcdtrig &c &htroalddciinngg,, . &coper, manuft acesori amannufcdtrig &c h&troalddciinngg,, utiles&ccoopaelr,, manuft. acesori indamuasnnutfrcdtlrig &buildcngs, h&toralcddiin_ngg,, cseocrpuritate
OFMMOANTYH bLoonng-tdersm Short-em bLoongn-tdersm Short-em Prefstorcekd Comstocokn Short-em Presftorcekd Comstocokn corpate toal Tfighuersees OFMMOANTYH
Long-Term Railroads util es cstoeall,,Equipment Moatnords industral buildngs,Rub er Ship ing trust ,Miscelanous Short-Tem Railroads util es csoteall,,Equipment Moatonrds industral buildngs,Rub er. Ship ing trust ,Miscelanous .Stocks— Railroads util es sctoeall,,Equipment Moatonrds industral buildngs,Rub er Ship ing trust ,Miscelanous
DtCorpae— omestic— Pref d Candi — foreign— Long-term Can dian foreign Loaann USntaiteeds
Other
'
Grand
Total
-
Other Farm
Total
Total
*
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other Oil. Land,
Inv.
Total
Total—. Railroads Public Equipment Moatnords Other Land,Rub er Ship ing Miscelanous Total
Itnv.ts ,
ru
Irsoten,l,
S
o
00
CO
00
o
5. 2.
a
to
ft)
fi)
v©
£3
375,640 32,10 0 26.49,80 6,079,0
Total
40,3280 531,970 53,2745
43 ,0 0
1,50762, 7
Refundi g 310,4 6 23,6150 19.371,80
35,4276 52,093.70 21,9 647
Capital 65,2043 8,45,0 7,125.0 6,079,0
1935
Total
1936
1.84,7 90
1,085213
1,7450. 348,0 0 5,0 0 217,8960 19,68192
.
"
75,0 0
310,79680 20,9 0 314,59 8 645,8 168
8S6,132.0 14,650 243,6 .9132 ,46301
85,0 0 134,0 0 13, 40 4 ,75 296
2,154978,20
805,7162 85,0 0 134,0 0 90,3140 108,2735
1,23 17
382,41 90 795,16 9 16,7452
19,35740S,
_
Refundi g 539,47587,250, 0 183,96 52 74.397,62
$
1937
YEARS
FCORPEIGANT,
•-
New
Total
-
1938
S
Capit l
1938
*.
13,4760 2,642,0 4,60,95
" 62,50 160,4980
423,90
12,46 730 76,5471 397,41 90 89.43,79 20,792 5 14,36721 57,4821 3,50,0 31,26730 1,7450, 3
7,250, 0 84, 05694 28,1 .50 30,18 96 8 ,1067 5 682,506 26,391859 258,36421 102,8 0 421, 0312 53,2645 0 4,934",60 62,51067 15,4 765 16,03 0 682,50 28,9 359
805,7162394
10.732,0 31.04,618 25,076 50 4",934",60 31,52 780 27,3480 16,03 0 2,537,50. 539,4758 1,450. 05.0 ,0
80 ,0 0
1,40 , 0
950, 0 7,40 , 0
15,7 .0 256,190 24,8950 2,843,50 45,0 0 4O6",O6 2,790, 0 347,89350 2,bo",0
150, 0 50 ,0 0
2,0 ,0 4,650, 0 1,570,425 40 ,598 21,496 7 675,0 0
1,234,520 25,37 02 15,7 0 259,760425 40 ,598 46,5147 1, 75,0 2,843,50 45,0 0 40 ,0 0 6,024,520 37,9205
120, 0 21 ,0 0
1,67 ,0 2,0 8,0
20,30
30",0 0 289,0 0
"32 ",0 2,642,0 1,5*70425 40 ,598 20,4*93,7 675,0 0
Refundi g
Total
:
19,63 25
New
396,856 364,5 089 1,40,0 1,40896
_, 217,4506 209,53 6 56,84528 483,67018
$
86,93 4
250, 0
14,650 87,28394 ,81 76 12,57*053106,9 418 21, 8 3 1,673",05 83,472345 457,126974 304,86 0 458,62394 86,01 876 2,572*053170, 9418 95,618 3 21,650 2,03,05 95, 7345
"
New
.
" "62",
893,0 0
350, 0 250, 0
10 ,0 60 ,0 0
Capit l 198,320 34,9 382 15,23950 5,065,46 30.97,2047,052 0 5,647,0 8,597,50 346,7452 4.350. 0
1937
43,0 ,6 35,927 41 931,76513
50 37.920,5
347,893.50 4,650, 0 20.654,25 4,60,95
Refundi g 214, 9*840 2,0 8,0 1,02 ,80
$
52,83712
950. 0
-
CITFTUSSOMEFNR3OHHYPIANVOIDAERAV1DERSS
FLGMFATIMOUNOVFNA3ERHCVSNIJEMDPVRD1GLRT,AY
'FbSfGtroemavtahodu-ngrincmpeyladse.yls
1--
Capit l 346,7452 7„40,0 59,67361 139,06539
$
25,81 0 35,427 6
•
450,29 064 36,240 0,6 0 10,"ob,0 62,490 74,0 0 21,650 350, 0 250, 0 1,35.0 86,1320 5,80 0 5,10,0 60 ,0 0 2,0,0
Total
25,81" 0 40,32 80
60 ,0 0
16,9250 96,0 3,15,0 7,462,40 2,18,10 49,85102 2,14,90 4,80,0 6,319,07 76,35 72 91.49,0 46,517831 69,136748 7,462,40 2,81,0 60,8 504 16,85027 2,148,0 4,80,0 8,19,07 310,79680
712,50
New
.
Total
13,204 0 21,80 10,563250 13,9 34 1.50", 0 23,1 750 5,0 ,0
7, 50, 0 3,16250 14,02718 4,078,0 "423*905 30,16 204 15,48749
Capital 76,4190 45,17 831 65,98 248 1,02942 13,958037 2,-148,0 "bo ",0 I.~8"O 6 217, 608 15,0 0 1,250, 0
893,0 0
50,1250 14,23187,29,50 7,462,40 3,25,0 80,1 26 17,56329 4,80,0 18,7580 153,20 83 48,3 90 856,41 28 69,2 50 7,462,40 3,25,0 205,47 16 74,56329 5,648,0 *60 ",0 4,80,0 39, 580 2,05617,83
70,7500",
8,125,0 2, 87,50
1,63570,29
S3
8,4 5,0 1,785,2 0 5,0 ,0 1,4 8,750 5,0 ,0
8,125,0 3,0 ,0
106,820 140, 1963 3,50,0 1,0 0 15.0 ,0
v£
19,37180 19,37180 50,7 0 165,709 4,06 6 2,41,0 51,950 13,50 0
6,0 ,0 2,485,0
"
Refundi g
19,371-80 32,57 80 7C,2580 176,2 50*58,0 0 g113',94"60 74<,31•8750 18.50,^0
6,0 ,0 23.615,0
1,6 5,0 6,0 ,0
458,3 90 841.08,50 26,70 17, 150 164,0 0 5,648,0 60",0 12,"sob,0 1,85271.90 3O. 0O 1.250, 0
Total
1936
310,4 6 lb,"o ,0
6,0 .0 32,10. 0 1,78520 5,0 ,0 1,4 8,750 5,0 ,0
6,0 .0 4,10 , 0 6,0 ,0
65,2043
$
New
2,57986,25
209,1 60816,9250 12,70.43863,925134 8,0 ,0
New
Capital 21,80. 8,78,0 8,93,34 5.0,0 19,20 893",0
375,640 i6,~ob",6
4 4.0 0
.
.
Refundi g 1,605 7,29 3,16250 70,3259386,248,7 3 30, 0
Capital
1935
2.056,178348,0 0 5,0 0 238.79,60 50,846075,0 2,9038 ,463
50,1250 83,0637 0,173907 38,0 0
4 4,0 0
Refundi g 50,7 0 15,709 4,06 6 2",41",0 49,580. 7,50 0
86,93. 4 9,50,0 32,8 930 43 ,0 0 419,0 264
$
New
72,580 164,870 53.0 ,0 7,941*60 68,0 0 7.50,0 893,0 0
Total
187,4506 307,85961 1,40,0 657,1941
"
890, 0
Refundi g 10, 0 149, 5 40 8,206,90 1, 27",0 45,0 0 214, 9840
Capit l
8
New
-
5,7 5,0 106,9406 116,68 ", 1,76",50 *40 *6 6 1,90 , 0 13.47,60 2,0 ,6
2,482,70 16,23 76 12,57",0537 ,90152 3,12073 "9 0,5 6 57,08 46 198,762 0 20,6820 37,5208 32,74 326 17,63 453108,2 742 80,1640735,647,0 1,340,5 0 "250*6 6 6,27986 52,837 12
"
1,0 2,50
1,02 ,80 10, 0 149, 5 40 9,329,40 21 ,0 0 1, 27,0 45,0 0 2,587,36 217,4506
l",214*2 6 24,35 20 5,75,0 10,564 85 40 ,598 37,21 07 964,0 0 1,7 650 "40 ,6 3,4 7,2 0 160,4980
'
-
:
Total
$
-' V
51, 950 12,0 0 83,92470 46,7043 63,0 0
309,10
Refundi g 384,6 910 9,50,0 78,6530 63,0 0
Capital
SOUMFARY
New
2,783,5
GONARNEUPFWDI
1,09348725 1,702498
"
$
450, 0
536,4130 8,250, 0 69,07 47
$
1939
716,854673 28,50 1,52948,325 453,24587
126,950 2,60,0 5,19,40 46,31 73
^ 180,43 6 20, 0
«i.
Total
$
500
"7*0*.
"
-
5,1350 412, 5.60 78,60 0 9637,1231",40,75 0 2,963,0 213,90 -13,750 19,8705 716,854673
130,59 173
-
-T-
Refundi g 14,0 0 324,85137 73,50 0 19,52 3 l",85",0 12,"75 0 1,750, 0 47,86 910 9,50 , 0
9,50 , 0 78,65"30 10003* * 9*,
$
1939
436,01 0 384,16 40 1,02 8503 CHAR TE Capit l 31,650 6,85943 5,0 0
450, 0
2,50",60 12,0 0 80,98"30 48,652473 750, 0 213*96
45,63 0 31,5730 78,50 0 4,69"20 40, 0 2,963,0 13,75"0 17,30 0 574,1950 9,50,0 "io" ,0
$
New
.
-
25,316 4? 40, 0 1,05,0 f.i0boo"0,15, 0 126,9 50 -'10,6
"2
79,04 0 23,50 0 403,61 57 73,50 0 19,461*53 1,85*",0 12,75"0 *1,750 536,4130
•
,5"o0 2,60 , 0 2,143*,0 48,"3*4 ,37 750, 0 213,90 " 70,56 51,2073 5,10 , 0 73,60",20 4,750 1, 05, 0 213,90 ,b"o0 18,205 180,43 6
31.65,0 8,2 943
"
'
"1
'
fuonbtadies 31 . manufctrig manufctrig manufctrig manufctrig
agencis._&
EM3NDA1Y anoted.s naonteds. _. _ anonteds. .Gover governmtGv,♦Municpatl—S,Posein dincloudte EMNDAY BNooteasn—ds &coper, manuft acesori and &c._ &htroalddciinngg,, NBotoeasn—ds &coper, manuft-. acesor_i. and &c &htroalddciinngg,, utiles&sccotopeaelrl,,,Equmipnumfetnt aacensorid.indaustrl b&uildcngs, &httrroaulddsciinntgg,,,Miscelano—us utiles&sccotoepaellr,,,Equmaipnumftent. aacensodri indaustrl &buildcngs, &httroraulddsciinntgg,,,Miscelanous cseocrpuritate
MONTHS Corpate— Domestic— Lboongn-tedrmsShort-emPrefstrocekdComstocoknCandi— Lboongn-tedrmsShort-emPrefstrocekdComstocokn foreign— Lboongn-tedrmsShort-emPrefstorcekd Comstocokn. corpateCandian foreignLoaannd USntaiteeds toal Tfighuersees MONTHS Long-Term Railroads utiles sctoeall,,Equipment Moatonrds industral buildngs,Rub er Ship ingtrust ,Miscelanous Short-Tem Railroads utiles cstoeall,,Equipment Moatonrds industral buildngs,Rub er Shipingtrust ,Miscelanous
Other
6
Total
Grand
Other Farm
Total
*
5
Public Iron,
Other
Oil
Land,
Inv.
Public Iron,
Other
Land,
Inv.
Total
Stocks— Railroads Public
Total
Iron, Motors Other Land,Rub er Ship ingInv.
Total—
Railroads Public Iron,
Motors Other Oil. . Land,Rub er Ship ingInv.
Total
Volume
Financial
148
Chronicle
3439
DETAILS OF NEW CAPITAL FLOTATIONS DURING
STOCKS
MAY, 1939
(Preferred stocks of a stated par value are taken at par, while preferred
stocks oi no par value and all classes of common stock are computed at
LONG-TERM
BONDS
AND NOTES (ISSUES
THAN FIVE YEARS)
MATURING
their offering prices.)
LATER
PUBLIC UTILITIES
;
$20,400,000 Pacific
Lighting Corp. 200,000 shares (no par) $5 div.
~pref7~ stock.
Purpose, refunding.
Price,
102 and div.
Offered in exchange to holders of $6 div. pref. stock.
Unex¬
changed shares offered by Blyth & Co., Inc.; Dean Witter
& Co.; Harriman Ripley & Co., Inc.; Stone & Webster and
Blodget, Inc.; The First Boston Corp.; Smith, Barney & Co.;
Bonbright & Co., Inc.; W. C. Langley & Co.; William R.
Staats Co.; Elworthy & Co., and Eastland, Douglass & Co.
RAILROADS
*$400,000 Jacksonville Terminal Co. 4)4% ref. & ext. mtge. bonds,
series C, due July 1, 1967.
Purpose, refunding.
Placed
privately by the First Boston Corp. and Grandbery, Maraehe
& Lord, who were awarded the issue on a bid of 100.75 and int.
*1,500,000 Shippers Car Line Corp. 3K% equipment trust certificates,
series I, due semi-annually, Oct. 15, 1939 to April 15, 1949.
Purpose, new equipment.
Placed privately with Equitable
Life Assurance Society of the United States.
OTHER INDUSTRIAL AND MANUFACTURING
$616,043 Brewster Aeronautical Corp. 72,518 shares of capital
stock, par $1.
Purpose, working capital required to finance
new
contracts.
Price, $8.50 per share.
Offered by Van
Alstyne, Noel & Co.
$1,900,000
PUBLIC UTILITIES
*114,500,000 Commonwealth Edison Co. 40-year ZM% bonds, due 1979*
Purpose, refund $85,000,000 4% bonds, series F, due 1981»
and $29,500,000 3%% bonds, series H, due 1965.
Placed
privately with 15 insurance companies at the sale price of
102 and interest.
Sale negotiated through Halsey, Stuart
& Co., Inc.
770,000 Fairchild Engine & Airplane Corp., 7,700 shs. conv. $6
pref. stock (no par).
Purpose, purchase of additional ma¬
chinery and equipment, repayment of bank loans, additional
working capital.
Price, $100 per share (flat).
Offered by
Smith Barney & Co.
200,000 Majestic Radio & Television Corp! 200,000 shares of
capital stock, par $1.
Purpose, working capital.
Price at
market.
Offered by Allied International Investing Corp.,
Jersey City, and Singer & Friedlander, Ltd., London.
9,000,000 Montana-Dakota Utilities Co. 1st mtge. sinking fund
bonds, 4)4% series, due 1954.
Purpose, refunding.
Price,
101 and interest.
Offered by Blyth & Co., Inc.; Merrill
Lynch & Co., Inc.; Kidder, Peabody & Co.; W. E. Hutton
& Co.'1 E. H. Rollins & Sons, Inc.; The Wisconsin Co.;
1,200,000 Tilo Roofing Co., Inc., 60,000 shares of $1.40 conv. (cum.)
pref. stock (par $20).
Purpose, to enable Stratford Accept¬
ance Corp. (wholly owned subsidiary) to carry additional time
payment notes taken by Tilo Roofing from its customers in
connection with its business.
Price, $2550 per share and
div.
Offered by Distributors Group, Inc.
62,500 United Aircraft Products, Inc., 10,000 shares of common
stock, par $1.
Purpose, working capital.
Price, $6.25 per
share.
Offered by Burr & Co., Inc., and John J. Bergen
& Co., Ltd.
Wells-Dickey Co.; Thrall-West Co.; Whiting, Weeks &
Stubbs, Inc.; Stifel, Nicolaus & Co., Inc.; Kalman & Co.;
Equitable Securities Corp.; Laurence M. Marks & Co., and
The Illinois Co. of Chicago.
*10,500,000 Montreal Light Heat & Power Consolidated 1st mtge.
& coll. trust 30-year 4s, due July 1,1969.
Purpose, refunding.
Placed privately with three insurance companies, the details
having been arranged through F. 8. Moseley & Co.
At same
,' time $2,500,000 of same issue was placed privately in Canada
with two insurance companies, the details being handled by
Collier, Norris & Henderson, Ltd.
.
Offered
by Heinzelman,
Ripley & Co., Inc.; R. E.
FARM LOAN AND GOVERNMENT AGENCY
•
Swart
$134,403,000
*$2,000,000 Continental Steel Corp. 10-year 3% sinking fund deben¬
tures.
Purpose, refund $500,0003% notes, $1,170,000 4M%
debentures, and 5,000 shares 7% pref. stock.
Sold privately.
.
ISSUES
■
191,669,900 Home Owners' Loan Corporation '%.% bonds, series
L-1941, dated May 15, 1939; due May 15, 1941.
Purpose,
refunding. " Price, par.
Offered only in exchange for 1
%
bonds, series F-1939, maturing June 1, 1939.
MANUFACTURING
$625,000 Bendix Home Appliances, Inc., five-year 5% conv. deben¬
tures, due May 1, 1944.
Purpose, working capital, including
additional manufacturing facilities.
Price, 100 and interest.
Offered by Burr & Co., Inc.
-
127,779,400 Home Owners' Loan Corporation %% bonds, series
K-1940, dated May 15, 1939; due May 15, 1940.
Purpose,
refunding.
Price, par.
Offered only in exchange for 1)4%
bonds, series F-1939, maturing June 1, 1939.
IRON, STEEL, COAL, COPPER, &c.
INDUSTRIAL AND
■
$15,350,000 Federal Intermediate Credit Banks 1% consolidated de*■
1
bentures, dated May 15, 1939, and due 5H and $J4 months.
Purpose, refunding (,$13,800,000) andnew capital ($1,550,000)
Price, slightly above par.
Offered "by Charles R. Dunn,
New York, fiscal agent.
Co., Inc.; Bond & Goodwin, Inc., and Chandler & Co., Inc.
OTHER
.
RUBBER
213,900 Mansfield Tire, & Rubber Co. 13,800 shares of common
stock, no par.
Purpose, reimburse treasury for expense
incurred in plant expansion, working capital.
Price, $15.50
per share.
Offered by Otis & Co:
99,000 Southern Utah Power Co. 1st mtge. 5)4% sinking-funds
bonds, series A, due May 1, I960.
Purpose, additions,
improvements, &c., to property.
Price, 97 and interest.
; &
"
$2,848,543
304,000 Newport & Fall River Street Ry. (now Newport Electric
Corp.) 4)4% 50-year mtge. bonds, due July 1, 1954.
Pur¬
pose, to retire open account indebtedness to Utilities Power
& Light Corp., Ltd.
Price, 118 and interest.
Offered byStone & Webster and Blodget, Inc.
687,767,025 Home Owners' Loan Corporation 1)4% bonds, series
M-1945-47, dated June 1, 1939; due June 1, 1947.
Purpose,
refunding.
Price, par.
Offered only in exchange for 2z/i %
bonds, series B, 1939, called for redemption Aug. 1, 1939.
«
300,000 Martin-Parry Corp. five-year 1st mtge. conv. bonds of 1944.
Purpose, pay bank loans ($100,000) and working capital.
Price, par (flat).
Offered to stockholders of record May 4.
Rights expired May 18.
Underwritten by Frederick M.
Small (President and Chairman) and Juliet S. Small.
398,000 Pennsylvania Joint Stock Land Bank 1)4% bonds, dated
July 1, 1939; due June 1, 1942.
Purpose, refunding.
Price,
100.
Offered by R. K. Webster & Co., Inc., and Kidder,
Peabody & Co.
ISSUES NOT REPRESENTING NEW FINANCING
$925,000
$801,000 Aluminium, Ltd. (of Canada) 6,000 shares of common
stock, no par.
Price, $133.50 per share.
Offered by Union
Securities Corp.
■
■*.
LAND, BUILDINGS, &c.
".
■
»
.
$60,000 Central Presbyterian Churph, Des Moines, Iowa, 1st
mtge. 4.%% serial bonds, dated March 1, 1939, due annually
March 1, 1940-49.
Purpose, complete new church building.
Price on application.
Offered by Dempsey-Tegeler Co.
.
.
.
500,000 Arkansas-Missouri Power Co. 1st mtge. 5% bonds, series A,
due Jan.
1, 1957.
Price, 101 and interest.
Offered by
Doyle, O'Connor & Co.; Fuller, Crut(enden & Co., and
English Lutheran Church, Louisville, Ky., 1st
serial bonds, dated March 1, 1939; due serially,
1940-49.
Purpose, church addition.
Price on
application.
Offered by Dempsey-Tegeler & Co.
40,000 Grace
180,200 Arkansas-Missouri Power Corp. 3,604 shares of preferred
stock, 6% cum., par $50.
Price, $43.50 per share.
Offered
by Doyle, O'Connor & Co.; Fuller, Cruttenden & Co., and
,
"
74,000 Holy Rosary Catholic Church, St. Louis, Mo., 1st mtge.
serial real estate 3-314-3)4-4% bonds, dated May 1, 1939;
due serially, Nov. 1,1939-May 1,1949.
Purpose, refunding,
■4
;
Price on application.
Offered by Dempsey-Tegeler &
128,000 (The) Ladies of Loretto (Loretto High School and
Laurence M. Marks & Co.
175,000 Majestic Radio & Television Corp. 175,000 shares of
capital stock, par $1.
Price, at market.
Offered by Allied
.International Investing Corp., Jersey City, and Singer &
Friedlander, Ltd., London.
Co.
Con¬
vent), Chicago, 111., 1st & ref. mtge. serial real estate
3-3)4-4% bonds, dated May 1, 1939; due serially, May 1,
1940-51.
Purpose, refunding.
Price on application.
Of¬
fered by Dempsey-Tegeler &; Co.
524,132 Mansfield Tire & Rubber Co. 33,815 shares of common
stock, no par.
Price, $15.50 per share.
Offered by Otis
& Co.
1,756,725 Newport (-R. I.) Electric Corp. 59,550 shares of common
stock (par $20).
Price, $29.50 per share. Offered by Stone
& Webster and Blodget, Inc."
$302,000
MISCELLANEOUS
v
422,061 Nu-Enamel Corp. 112,550 shares of common stock, par $1.
Price, $3.75 per share.
Offered by D. M. S. Hegarty &
Co., Inc.
"
*$15,000,000 Marshall Field & Co. 20-year 3.6% bonds.
Purpose, pur¬
chase of land under company's main retail store and its store
for men from estate of Marshall Field.
Placed privately with
Metropolitan Life Insurance Co.
840,000 Steel Products Engineering Co. 84,000 shares of common
stock, par $1.
Price, $10 per share.
Offered by Carlton M,
Higbie Corp. and Rawson, Lazarus & Co.
SHORf-TERM BONDS AND NOTES (ISSUES MATURING UP TO
INCLUDING
AND
FIVE YEARS)
RAILROAD
.
Laurence M. Marks & Co.
•
mtge. 5%
March 1,
522,406 United, Aircraft Products, Inc., 83,585 shares of common
stock, par $1.
Price, $6.2o per share.
Offered by Burr &
Co., Inc., and John J. Bergen & Co., Ltd.
,
1
*$4,500,000 Chicago Rock Island & Pacific Ry. 3% trustees'certificates
dated June 1, 1939; due June 1, 1941.
Purpose, refunding.
Issued to First National Bank, Chicago, and Mississippi"
Valley Trust Co.* St. Louis, at par and interest.
$5,721,524
*
Indicates privately
placed issues.
I
THE
TRADE—COMMERCIAL
OF
STATE
EPITOME
Friday Night, June 9, 1939.
material setback for
could hardly be called
heartening.
The labor situation is again looming up as a
seriously disturbing factor.
An item of no small interest
While
business
activity showed
no
the week, some recent developments
was
the settlement of the strike in the
seven
Briggs auto¬
in
General
of
strikes,
will be.
Industrial Organizations affiliate,
ness.
to
The
the U.
to
new
A.
and 70,000 workers were
weeks of idle¬
gives exclusive bargaining rights
their jobs after nearly three
contract
W.-C.
I.
O.
With
the C.
I. O. victory in the
Motors
0.
would
shortly train
plants,
the
no
one
can
Federation of
With strikes and rumors
American
foretell what the eventual outcome
the foreign government exhibit¬
The experience of
at the New
public
called back
I.
Labor taking the lead this time.
ors
Automobile
stated the C.
heavy guns on General Motors, but it seems that
Homer Martin has headed them off and has called a strike
industry
A contract unprecedented in the automotive
ratified by the rank and file of the United
Workers Union, Briggs Local, a Congress of
was
their
mobile plants.
was
It
situation.
York World's Fair should serve to center
attention
in
this
country
upon
the
sad
state of
industrial relations in the United States today.
A
request by the American Iron and Steel Institute for
revisions in the Wagner Labor Relations Act to
drastic
restore
free
speech
to employers, prevent a
monopoly of
national labor organizations, and to block attempts to link
with compulsory payment of union dues,
miners' strike and its latest important victory in the Briggs
the right to work
strike, the indications are that John L. Lewis and his fol¬
probably constitutes the most important industrial news
of the week, according to the "Iron Age."
In its review
this, week the magazine points out that the institute repre-
become, bolder and more aggressive as time
unless some drastic action is taken to meet the
lowing will
goes
on,
sents
L.
and
plants of the automobile industry—a leading out¬
steel—supported the Institute's position that the
Wagner Act must be amended," the review comments.
"Virtually the entire automobile industry in the last week
was on a weekly schedule of three days or less, due largely
to strikes which already have affected an estimated 100,000
men
and automobile assemblies have reached a new low
tonight will be around 65 degrees,
j
78 degrees; Baltimore,
72 to 94; Pittsburgh, 64 to 84; Portland, Me., 50 to 60;
Chicago, 64 to 82; Cincinnati, 68 to 88; Cleveland, 68 to 84;
Detroit, 62 to 84; Milwaukee, 58 to 82; Charleston, 76 to
86; Savannah, 74 to 88; Dallas, 72 to 88; Kansas City,
66 to 90; Springfield, Mo., 62 to 84; Oklahoma City, 74 to
92; Salt Lake City, 54 to 80; Seattle, 52 to 58; Montreal,
66 to 82, and Winnipeg, 40 to 56.
lowest temperature
for
Overnight at Boston it was 56 to
"Iron Age" estimates steel output at mid¬
53% of the industry's capacity, the highest
the first week of April, with stronger scrap
point for 1939."
be
week to
level
at
since
of further improvement in
pointing to expectation
prices
"While business in the domestic market is rela¬
schedules.
Freight Car Loadings for Week Ended June 3
Totaled 567,732 Cars
Revenue
steel shows signs
reviving and the Gpvernment shipbuilding program is
tively unimpressive, railroad demand for
of
gaining momentum," the survey states.
The "Journal of Commerce" weekly
index
Loading of revenue freight for the week ended June
announced
the holiday curtailment for the week
77.6 and compared with a revised
figure of 82.7 for the previous week and 64.5 for a year
ago.
Gains for steel operations, bituminous coal produc¬
tion and petroleum runs-to-stills, were more than offset by
for
recessions
seasonal
electric
and
loadings
car
above
2,254
18,926 cars, a decrease of
of 2,793 cars above
week in 1938.
amounted to 9,770 cars, a decrease of 936 cars below
Live stock loading
week, and
the preceding
decrease of 1,596 cars below the corresponding
a
In the Western Districts alone, loading of live
week in 1938.
week of June 3, totaled 7,129 cars, a decrease
week, and
Forest
a
week in 1938.
loading totaled 27,340 cars, a decrease of 2,423 cars
products
below the
stbck for the
of 740 cars below the preceding
decrease of 1,409 cars below the corresponding
above the cor¬
preceding week, but an increase of 2,839 cars
responding week in 1938.
Ore loading amounted to
38,987
decrease of 4,683 cars below the
cars, a
week
preceding week, but an increase of 17,606 cars above the corresponding
in
\
1938.
'
.
j ■
"'
Coke loading amounted to 5,256 cars, an
increase of 422 cars above the
week
preceding week, and an increase of 1,052 cars above the corresponding
in
1938.
'
.
.
_
the preceding week; an increase of
65,115 cars, or 13%, compared with a year ago, and a decrease of 121,255 cars, or 17.6%, compared with 1937.
Production of automobiles and trucks in the United States
and Canada this week is estimated at 65,265 units by Ward's
In the Western Districts alone, grain and grain
below the preceding week, but an increase
cars
the corresponding
compared with
9.5%,
week, but an increase of 3,959 cars above the cor¬
products loading for the week of June 3 totaled
decrease of 59,942 cars, or
a
above the corresponding week
* '
.•
below the preceding
cars
Public construction is 73% above a year
ago.
High earthwork and drainage, public building and
bridge totals are responsible for the gain.
The Association of American Railroads reported 507,732
cars of revenue freight were loaded during the week end-"
133,316
products loading totaled 30,291 cars, a decrease of 3,618
responding week in 1938.
building volume.
was
'"
1938.
Grain and grain
235,036,000 kwh., or 12.5%.
Engineering construction awards for the week were $84,640,000 and are the fourth highest of the year as well as
79% higher than in the corresponding 1938 week, accord¬
ing to the "Engineering News-Record."
The volume - Jor
1939 to date totals $1,419,356,000, an increase of 26% over
the $1,124,552,000 reported for the initial 23-week period
a year ago.
Private awards for the week are 102% higher
than in the 1938 week, due primarily to the large industrial
„
preceding week, but an increase of
3,281 cars above the corresponding week in 1938.
Coal loading amounted to 92,611 cars, a decrease of 7,746 cars below the
decrease of 19,539 cars below the
preceding week, but an increase of 6,012 cars
increased
This
'
.'
•
than carload lot freight totaled
of merchandise less
Loading
cars, a
•in
851,000 kwh. in the week ended June 4, 1938, current output
ing last Saturday.
230,161 cars, a decrease of 21,424
week, but an increase of 31,962 cars above the
below the preceding
corresponding week in 1938
,
the corresponding 1938
aggregate.
Output for the latest week, amounting to 2,113,887,000 kwh,, was 90,971,000 kwh. below the previous week's
total of 2,204,858,000 kwh., according to figures released by
"the Edison Electric Institute.
Compared with the 1,878,but continued
9.5% below the preceding week due
cars or
association further reported:
cars
.
total,
week in 1937.
Miscellaneous freight loading totaled
dustry for the week ended June 3 fell below the preceding
week's
same
Memorial Day holidays. The
to
the Nation's electric light and power in¬
by
of 59,942
crease
output,
week, advices from this source state.
Production
the
Loading of revenue freight for the week of June 3 was a de¬
industry, which occurred during the same
to a strike in the
of 121,255 cars or 17.6% below
crease
more-than-seasonal drop for automotive activity, due
a
June 8.
on
13.0% above the corresponding week in 1938 but-a de¬
or
ended June 3, declined to
and
3
Association of American Railroads
This was an increase of 65,115 cars
totaled 567,732 cars, the
business
of
reflecting
activity,
here today, with tem¬
warm
ranging from
peratures
strikes in
let
1939
10
71 degrees to 87 degrees.
The
forecast for tonight and Saturday is partly cloudy and
warm, attended by local showers and thunderstorms.
The
the Steel Workers' Organizing Committee,
who have not signed.
"Meanwhile, spreading
Lewis,
others
weather was fair and
The
manufacturers who have signed contracts with
steel
John
June
Chronicle
Financial
3440
"...
V
,
.
'
....
.
All districts, except the Southwestern reported increases
v.
the
compared with
All districts reported decreases compared
corresponding week in 1938.
with the corresponding week in 1937.
v
r
r
Automotive
2,390,412
2,832,248
2,371,893
567,732
12,762,137
11,973,591
5 weeks in April
...
4 weeks in May......
settlement
the
of
the
of the Briggs
industries
most
to
a
strike,
Week ended June 3
well as the return
as
curtailment in
basis after
normal
The first 18 major
The decision of the Chrysler
previous holiday week.
has
necessitated advancing the
previous estimate of
1938.
A
said.
service
REVENUE
Further
trade were
reported today by Dun & Bradstreet, Inc.
"Sentiment in
the
merchandising divisions,"
said the credit
agency's
weekly review, "kept pace with the upturn in general busi¬
ness.
On the whole,, volume of retail sales was sightly
higher than last week's good total, but since buying was
also
heavier
increase
7%
gains
in
the
the
over
no
cars in the seven days ended June 4,
comparative table follows:
,h
FREIGHT
LOADED
;
•
-i"
Own
x-
Lines
Weeks Ended—»
■
Received from Connections
Weeks Ended—
June 3
May 27
June 4
June 3
1939
1939
1938
1939
May 27 June 4
1939
1938
developments the
For the country
18,325
19,092
4,921
4,311
28,005
17,994
19,952
4,827
23,327
12,839
14,360
12,187
Chesapeake & Ohio Ry..
.i.._
Chicago Burlington & Qulncy RR
20,855
21,686
16,030
8,741
8,099
11,779
13,153
10,897
6,105
6,796
5,662
Chicago Mllw. St. Paul & Pac. Ry
Chicago & North Western Ry
15,636
18,074
14,500
6,365
6,787
5,928
11,606
13,509
10,747
8,109
8,832
7,619
2,677
Atchison Topeka & Santa Fe Ry
Baltimore & Ohio RR.
at
reports.
according to official
RECEIVED FROM CONNECTIONS
Loaded on
'■
;
.
weather
unusual
very
AND
(Number of Cars)'
the
ago,
unchanged
•
were
past week,
year
a
virtually
remained
to 12%..
There
week
corresponding
year
15.964,597
railroads to report for the week ended
both wholesale and retail
in
,
ing week and 226,672
225,000 production units for June to almost 275,000 units,
the
•
-
2,763,457
2,986,166
3,712,906
3,098,632
688,987
June 3, 1939 loaded a total of 258,088 cars of revenue freight,
on their own lines, compared with 287,018 cars in the preced¬
Corp. to make up much of the output lost during the Briggs
strike
2,297,388-,
Total
2.714,449
2,256.717
2,155,536
2,222,939
2,649,960
2,185,822
502,617
4 weeks in February....
4 weeks in March
The sharp
increase from the previous week was largely because of a
resumption of assemblies of the Chrysler Corp. following
the ^corresponding, week of last year and
greater than the preceding week of this year.
-
2.302,464
4 weeks in January
"33,020 units
from
1937
1938
1939
This was a rise of 23,290 units
Reports, Inc.
-
-
1,278
7,963
1,122
1,331
3,106
2,135
International Great Northern RR
1,746
1,661
2,011
1,757
1,853
1,597
temperatures and widespread, fairly well distributed rain¬
Missouri-Kansas-Texas
3,507
3,723
3,533
2,204
2,433
2,343
fall
Missouri Pacific RR
9,977
11,081
10,377
7,852
8,263
6,850
29,372
33,312
27,882
as
from
week
the
Rocky
South
lower
Mountains
temperatures
Moorliead,
the
maxima
90's, while in
reach
Following
80
the
Minn.,
above-normal
Early
eastward.
in
high
in
decidedly
were
were
a
the northern
Mountain
ment in
the
the
East
not excessive.
relieved
degrees
helpful
very
were
most
at
area
has
excessively
week
warm.
the
of
much
upper
80's
the
or
Coast
Lines..
RR
N. Y.
Chicago & St. LouLs Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
any
time
during
the
week.
of last week over the
additional widespread rain in
brought
material
further
32,402
3,565
8,143
8,682
14,072
3,815
4,116
3,662
54,892
4,973
41,577
35,119
36,354
31,407
3,766
4,044
4,167
3,586
6,865
4,537
3,159
4,669
4,857
3,164
25,450
22,755
7,066
7,341
6,723
4,285
Wabash Ry
4,839
24,413
Sittsburgh & Lake Erie RR
Pouthero Pacific Lines
5,135
3,967
6,887
7,774
6,641
258,088 287,018 226,672 161,024 169.368 145,512
Total
TOTAL
LOADINGS
AND
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
improve¬
Weeks Ended—
Also, in the Ohio Val¬
while good rains in the Virginias
In the New York City
was
31,204
5,541
18,886
4,489
Plains and northern Rocky
areas.
25,635
4,711
18,694
48,152
New York Central Lines.
June 3,
timely and droughty conditions have been
places,
helpful.
the
in
In
showers
and northwestern
districts
in
were
31.
Gulf
considerable northwestern area they
the outlook in those
ley showers
May
on
generally
droughty northwestern
during
by
Rocky Mountains the highest reported was 100 de¬
not
were
characterized
was
Plains, but otherwise they
at
grees
did
the
week
maximum
Great
of
the
whole
a
generally clear and
area
the weather
warm,
at
times
Chicago Rock Island & Pacific Ry.
Illinois
Central
System
St. Louis-San Francisco Ry
Total.
1..
...
'
1939
May 27, 1939
June 4, 1938
20,072
21,960
19,883
24,237
26,165
24,098
10,925
12,022
10,294
55,234
60,147
54,275
Volume
Financial
146
In the following we undertake to show also the
for separate roads and systems for the week ended
loadings
May 27,
REVENUE FREIGHT LOADED AND RECEIVED
1939.
During this period 92 roads showed increases when
compared with the same week last year.
FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 27
Total Revenue
Total Loads Received
Freight Loaded
Railroads
3441
Chronicle
from Connections
1939
Freight Loaded
1938
1939
1937
1938
Total Loads Received
Total Revenue
Railroads
from Connections
1937
1938
1939
1938
1939
Southern District—(Concl.)
Eastern District—
550
566
515
1,091
865
Mobile & Ohio
1,670
7,221
1,566
1,439
7,013
1,399
1,951
9,059
1,559
269
241
Nashville Chattanooga A St. L.
10,151
1,807
8,727
1,470
21
17
33
47
51
1,239
1,670
6,375
9,354
1,172
6,111
9,973
11,778
1,990
7,310
6,157
1,636
6,282
5,187
377
452
463
148
113
897
Ann Arbor
Bangor A Aroostook
Boston A Maine
..
Chicago Indianapolis A Louisv.
Central Indiana.
Central Vermont...
Delaware A Hudson.:
Delaware Lackawanna A West.
Detroit & Mackinac.
Detroit Toledo A Ironton
Detroit A Toledo Shore Line.
4,177
..
1,987
2,645
1,526
436
340
409
950
706
358
306
399
8,760
18,521
7,684
16,303
9,513
21,543
5,309
3,553
12,945
4,478
3,099
10,678
Tennessee Central
344
332
486
505
Winston-Salem
145
154
169
673
548
90,909
84,343
106,553
59,801
51,769
& North Western
16,183
14,172
2,385
17,232
3,525
6,527
20,170
Great Western
2,490
20,493
3,884
24,871
8,832
2,553
6,787
3,075
8,354
2,044
6,268
Piedmont Northern
Richmond Fred. A Potomac
Seaboard Air Line
......
Southern System
Southbound
1,204
2,929
263
153
422
2,175
11,116
4,299
11,287
3,308
14,456
5,789
9,883
5,733
228
190
259
1,754
1,869
Erie....
2,068
944
2,210
9,536
2,416
1,964
9,928
3,392
4,149
6,249
2,540
1,505
9,122
4,775
1,454
1,091
6,292
1,956
237
187
St. P. Minn. A Omaha.
Duluth Mlssabe & I. R
2,536
17,779
3,677
14,146
29
24
Duluth South Shore & Atlantic.
923
....
'
32,402
Elgin Jollet A Eastern....
Ft. Dodge Des Moines A South.
5,819
4,143
4,167
29,901
9,896
1,504
7,582
3,951
3,702
34
17
Minn. St. Paul A S. S. M...._
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
7,973
Maine Central...
2,785
...
Monongahela
3,652
Montour..
1,966
New York Central Lines
N. Y. N. H. A Hartford..
3,074
1,315
30,921
8,447
33,312
9,228
1,315
New York Ontario A Western.
N. Y. Chicago A St. Louis....
Pittsburgh A Lake Erie
286
251
.
304
8,347
6,659
324
203
180
1,208
1,078
280
653
Rutland
631
1,717
8,682
4,792
5,665
197
11,657
1,668
J
Pittsburgh <fc West Virginia
1,290
2,407
46,115
11,923
4,128
3,325
4,350
4,904
4,973
Pere Marquette
'
1,408
5,451
Pittsburgh & ShawmutPittsburgh Shawmut <fe North..
5,135
4,647
5,332
1,141
1,005
7,774
3,463
2,612
4,870
2,475
6,817
2,100
132,139
Wabash.
124,577
"172,076
135,853
119,421
889
594
699
548
21,520
2,114
35,361
14,360
12,8.20
7,933
1,978
1,148
......
Wheeling & Lake Erie
Total...
901
!
616
•
526
818
'
404
v
28,005
...
Bessemer & Lake Erie..
Bullalo Creek A Gauley——
4,292
290
Cambria & Indiana
5
5
217
340
1,547
;
639
1,049
15
9
6,346
...
Central RR. of New Jersey
Cornwall...
;
Total
6,135
7,958
11,066
9,537
Milw. St. P. & Pacific.
Northern Pacific
164
178
2,828
2,501
641
528
469
2,545
1,850
5,890
9,263
.624
3,327
69
53
1,756
4,110
7,801
1,800
6,654
1,497
1,986
10,313
3,519
1,413
1,822
2,748
190
225
261
294
232
1,758
1,566
1,810
1,401
1,190
99,833
77,044
132,133
37,735
33,848
19,992
2,984
19,825
2,742
24,134
3,251
4,921
1,761
4,667
1,720
454
450
542
77
84
13,153
1,364
12,634
1,618
5,934
2,088
11,42T
2,125
14,121
1,728
13,227
2,556
6,796
10,892
597
Total.
595
772
1,195
2,263
Central Western District—
Bingham A Garfield....
Chicago Burlington A Quincy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.Chicago A Eastern Illinois
,
Colorado & Southern.
>615
39
50
Denver A Rio Grande Western.
138
40
28
Denver A Salt Lake
95
24
14
566
670
2,411
2,703
Fort Worth & Denver City
Illinois Terminal
895
824
48,608
1«3,365
1,240
74,218
1,342
54,892
36,354
1,154
33,677
12,674
1,235
12,631
Union (Pittsburgh)
West Virginia Northern..
7,136
Western
3,594
15,754,
15,597
17,630
4,785
52
Maryland......
Total
441
23,753
...
653
Penn-Reading Seashore Lines..
Pennsylvania System.
;
Reading Co.
3,904
28
-
121,579
39
3,943
5,546
102,781
4,414
80,016
93,538
167,301
V
192
:■
319
.1,478
1,675
1,713
1,125
1,680
525
578
1,658
870
418
18
34
311
21,059
22,440
244
61
693
i
(Pacific)
1,247
1,053
,287
386
1,096
....
North Western Pacific...--...
Peoria & Pekin Union
12,
30
1,300
873
482
7,060
2,015
1,143
2,191
884
1,172
1,947
20,810
Northern..:
■
7,201
2,455
2,526
659
1,823
1,729
1,258
Missouri-Illinois
Nevada
Southern Pacific
1
2,627
3,397
529
Spokane International
34
...
174
332
3,858
423
Spokane Portland & Seattle...
129
_.
Long Island
2,673
168
376
1,601
9,624
11,601
1..
Minneapolis & St. Louis
578
•
468
573
79
_
•
493
Green Bay A Western
Lake Superior A Ishpemlng
245
.
_
934
881
16,208
Great Northern
518
Cumberland A Pennsylvania.
Llgonier Valley
1,968
2,337
Northwestern District—
Chicago
Chicago
Chicago
Chicago
Atch. Top. A Santa Fe System.
Alton.
Alleghany District—
Akron Canton <fc Yoqngstown..
Baltimore A Ohio
V
425
_.
Grand Trunk Western
2,190
3,172
1,284
1,633
2,004
1,692
2,651
1,071
Norfolk Southern
106
339
■
3^692
3^940
337
327
291
944
920
12,485
10,768
13,115
7,007
6,532
133
126
171
1
8
1,473
1,428
1,550
1,826
1,799
95,350
92,628
107,519
43,892
41,248
Toledo Peoria A Western
Union Pacific System.
Utah
Western Pacific I
Pocahontas District—
Norfolk & Western
18,091
14,878
3,619
23,576
8,099
22,991
4,384
4,116
8,146
3,630
4,480
844
733
45,052
Chesapeake & Ohio....
36,588
50,951'
13,059
12,509
21,686
18,886
;
Virginian....
...
Total
Southwestern District—
127
3",108
2,803
International-Great Northern..
____
Southern District—
1,661
..........
Missouri & Arkansas.
1;386
1,787
1,328
206
432
344
382
Missouri-Kansas-Texas
150
330
218
Missouri Pacific
498
611
484
Quanah Acme & Pacific.......
37
78
66
St.,Louis-San Francisco.......
886
1,460
1,327
154
449
31
31
871
873
.
96
Texas & New Orleans.....
Texas & Pacific
8,849
8,622
Wichita Falls & Southern.....
4,767
4,211
Wetherford M. W. & N. W
197
652
170
268
The "Annalist" index of
122
* Previous figures,
f
x
Discontinued Jan
wholesale commodity prices
was
June 3, 0.2 of a point lower than on May 27 and the
lowest since Oct. 30, 1934, according to an announcement
issued June 5.
It was further stated:
on
fell
to
a
responsible for most of the decline.
new
low record
for five years were
fifth
perpendicular advance.
consecutive
i
Silk de¬
./
,
90
59
3,952
2,662
3,268
2,271
2,400
3,269
3,523
214
261
63
70
2,304
51
42,812
....
44,115
38
46
27
53,970
29
changes
were
31,314
30,530
#
the advances in cotton and steel scrap prices,
and the decline in wheat.
;
The movement of the index is
June
June
June
Tues.,
June
Wed., * June
Thurs., June
Fri.,
June
Fri.,
Sat.,
Mon.,
*
2
3
5
6
•
7...V-8_'
9-_.'
;
as
.
follows:
v
143.51Two weeks ago, May 26.
*
Month ago. May 9.
143.2 Year ago, June 9
.143.2 1938 High—Jan. 10
Low—June 1.
.143.6
143.6 1939 High—March 6
Low—April 22
—143.5
•
—
.
..
...144.6
...143.8
...133.0
...152.9
.u.130.1
145.8
.—
—138.6
No index.
of Labor Index of Wholesale
United States Department
Prices Declined 0.1% During Week
Ended June 3—Figures for Week Ended May 27
>
Commodity
Continued weakness in wholesale market prices for farm
particularly livestock, poultry,
(1926=100)
May,
April,
May,
1938
1939
1939
1938
1939
1939
71.1
71.5
76.5
72.0
73.6
77.2
Food products
65.1
61.2
56.6
66.1
68.0
71.7
Textile products
60.7
61.2
56.6
(50.9
59.9
57.6
Fuels
82.8
*82.6
84.9
83.3
82.4
84.9
Metals...
95.5
95.5
100.7
96.1
96.9
70.9
70.9
69.7
70.8
70.6
70.1
85.8
88.0
Statistics'
index
of wholesale commodity
of
prices to
drop 0.1% during the week ended June 3, Commissioner
Lubin reported on June 8.
"The decrease," Mr. Lubin
said, "brought the all-commodity index to 75.7% of the
1926 average, a new low for the year and the lowest point
reached since mid-August, 1934.
It is down 0.5% from a
month ago and 2.6% from a year ago."
The Commissioner
102.0
Building materials
and vegetables,
caused the United States Department of Labor, Bureau
Labor
COMMODITY PRICES
1,
,
24, 1939
products,
WEEKLY AND MONTHLY INDEXES OF WHOLESALE
June
179
5,420
,
compared with 77.8 in April and 80-5 in May, 1938.
27,
.........
Total............
prices were
In May the "Annalist" weekly wholesale price index averaged 77.5, as
May
143
8,624
2,347
7,823
'
Rubber, how¬
Anthracite
week.
advanced.
3,
7,841
113
bacon and other pork
Lard, hams,
Wheat and other grains declined fractionally.
clined sharply following its recent
194
474
238
14,064
1,567
6,344
2,270
6,400
4,316
1,947
434
882
Commodity Pricfes Declined 0.2 of a Point
During Week Ended June 3, According to "Annal¬
ist" Index—Index for May Again Declines
84.5
Chemicals
Miscellaneous....
AH commodities
...
:.
85.5
88.0
85.5
68.8
68.7
69.2
68.5
68-7
69.8
76.8
*77.0
79.8
77.5
77.8
80.5
continued:
In
addition
to
Revised.
last
Index
.j
"*•
Unchanged
"
'
Moody's Daily Commodity Index this Friday was 143.5,
the same as a week ago.
The only important individual
of 0.6%
in the
farm products group,
textile
products, and housefurnishing goods remained
a
result of lower prices for agricultural commodities, to¬
gether with sharp decreases in prices for
materials
unchanged
week.
Primarily as
'
decline
dropped 0 2%, and foods fell
0.1%.
The chemicals and drugs and miscellaneous commodities groups
advanced 0-1%.
Hides and leather products, fuel and lighting materials,
from
Moody's Commodity
a
products decreased 0 3%, building materials
metals and metal
*
ft
2,474
6,192
3,580
505
935
146
Farm products
2,433
8,263
6,593*
Southwestern
371
1,984
20,426
23,910
17,250
16,942
'85
18,487
June
4,587
107
240
1,508
17,991
_.
Louis
St.
Lines..
1,455
261
„
.....
Wholesale
THE "ANNALIST-
126
3,626
11,195
3,723
11,111
Valley
...
1,054
—Previous year's figures revised.
I
229
153
686
'
the
237
490
Macon Dublin & Savannah
for
98
437
169
...
advanced
660
209
261
Midland
485
Illinois Central System
Louisville & Nashville........
ever,
337
727
94
Litchfield & Madison
891
*
products eased.
333
505
Louisiana Arkansas A Texas
2,?62
.....
which
108
247
3,520
2,695
1,220
'
Lower hog prices,
106
283
4,108
—
1,192
Gulf Mobile & Northern.......
76.8
1,002
'9,917
4,562
.
_
.755
1,490
1,051
431
:
Southern.........
Louisiana & Arkansas
279
•....
753
2,175
1,580
8,801
,3,615
Gainsville Midlands....
Georgia.......
MlsRlsslnnl Central....
157
1,450
587
622
...
Georgia A Florida.:
171
1,877
1,088
704
Kansas City
195
1,853
359
177
1,244
/
218
">
297
1,358
2,106
1,311
153
842
645
9,575
3,784
Central of Georgia
:
Charleston A Western Carolina
Cllnchfield
1
3,341
1,991
1,818
Kansas Oklahoma A Gulf
289
574
639
256
152
»
2,078
609
225
Atlanta Birmingham A Coast..
Atlantic Coast Line
;
Columbus & Greenville
Durham A Southern!
,
531
Alabama Tennessee A Northern
Atl. & W. P.—W. RR. of Ala..
Florida East Coast
117
Fort Smith A Western x
1~331
170
135
Gulf Coast Lines...
Burlington-Rock Island
Total........
group
commodities and finished products
sale prices
kipskins and raw silk, the raw
The indexes for semi-manufactured
remained unchanged., Average whole¬
index declined 0-4%.„
of non-^agricultural commodities continued at the level
of the
Financial
3442
Industrial commodity prices as measured by the index
and foods" fell 0.1%.
preceding week.
Chronicle
Wholesale Commodity Prices Decline Still Further Dur¬
"all commodities other than farm products
for
The announcement issued June 3
Since 1934,
ciation
0.6% in the farm products group was caused by declines
1.7% for livestock and poultry and 1.0% for the subgroup "other farm
of
products/'
Quotations
were
for cows, hogs, ewes, live poultry,
Grains advanced 3.2% during
lower
fresh apples, onions, and potatoes.
eggs,
Higher prices were reported for barley, corn, oats, rye, wheat,
the week.
calves,
lemons,
cotton,
steers,
and
oranges,
The
wool.
farm
current
products index, 63.1, is 0.8% below a month ago and 6.1% below a year ago.
Lower
print cloth,
for
prices
silk, silk yarns, and
raw
burlap largely
accounted for the drop of 0.3% in the textile products group index.
in the building materials group was the result of
The decline of 0 2%
weakening prices for yellow pine flooring and timbers, shellac, and tur¬
Prices for yellow pine lath, Ponderosa pine boards, and china wood
pentine.
oil
were
higher.
the foods group
Lower prices were reported for fresh
index down 0.1%.
fresh beef, bacon, and veal.
Cereal product prices
0,9% and dairy products advanced 0 3%.
Quotations were higher
fruits and vegetables,
for
flour,
wheat
and fresh
meal, hominy grits, powdered milk, cheese,
corn
advance 0.1%.
Wholesale prices of cattlefeed
Crude rubber advanced 2.4%.
1.6%.
the hides
announcement, dated June 5, went
Foodstuff prices
and
products
metal
week,
steel, pig tiii, and solder.
' ' '
modities for the past five weeks and for
price series, included in the
Nineteen
unchanged
Was
•
•
COMMODITY PRICE INDEX
Latest
Per Cent
June 4, 1938, June 5, 1937, June 6,
3
Commodity Groups
41935—MDCRPhcivlamdoenp.s
.
20
27
1939
13
1939
1939
May
May
75.9
75.8
75.7
76.4
76.1
June
June
5
6
1937
1938
•
68.8
70.2
49.8
50.5
63.5
64.5
75.0
61.6
62.1
62.6
64.7
52.3
52.6
49.4
44.1
57.2
77.7
87.1
78.4
59.8
59.8
56.2
57.6
63.3
64.2
67.0
72.1
76.6
76.4
75.3
79.4
Miscellaneous commodities..
77.7
77.. 8
78.1
76.0
Textiles
62.4
62.9
62.1
56.8
94.1
Grains
1935
Livestock
79.9
64.1
64.4
63.6
67.2
89.3
76.5
67.6
67.4
68.5
68.3
72.3
84.8
8.2
78.7 .83.7
Hides and leather products..
92.6
92.6
92.2
92.1
91.8
91.5 107.6
94.6
89.1
Textile products..—
66.9
67.1
67.0
67.0
66.8
65.5
77.6
69.1
69.3
74.6
76.5
78.2
76.7
Metals and metal products..
93.5
93.5
93.5
93.7
94.0
95.7
95.1
85.7
89.2
89.4
89.3
89.6
89.6
90.2
97.0
85.7
......
87.8
89.3
83.9
83.9
84.4
,91.9
91.9
91.9
94-0
71.3
71.3
71.4
69.0
77.2
77.2
77.3
76.8
94.9
94.9
94.8
98.1
72.0
72.3
72.7
73.8
87.8
7.1
Metals.:
6.1
Building materials
1.3
Chemicals and drugs.......
...
.3
Fertilizer materials...
.3
Fertilizers
.3
85.6
Building materials
Chemicals and drugs
Fuels...,
10.8
79.9'
63.5
'i.
72.3
68.4
Cotton
8
1936
63.1
products
1938
62.1
...
Farm Products —;:
.
June
67.5
Farm
Foods.
1939
49.4
Foods.
17.3
All commodities.
1939
3,
*
4
6
1939
1939
Ago
June 4,
June
Group
Fats and oils.:
^
23.0
May
Ago
May 6,
1939
Total Index
June
Year
Month
ing Week
May 27,
•
Bears to the
'■
(1926-1928=100)
Preced¬
Week
Each Group
of com-:
groups
Cottonseed Oil....
May
25
25 declines and 23
were
Compiled by The National Fertilizer Association.
93.5%
at
25.3
JUne
during the week
16 declines and
were
the second preceding week there
in
WEEKLY WHOLESALE
lighting materials group index.
index
(1926=100)
,
index declined
in the preceding week there
advanced;
17
1936, and June 8, 1935.
■
index.
advances.
The following table shows index numbers for the main
';
and tin moved higher, the increases were not sufficient to change
the metal price
and
Although steel
higher prices for anthracite coal.
fuel average, reflecting
advances;
group
-
highest level reached
the
at
was
registered by group indexes representing prices of textiles and miscellaneous
commodities.
The only index to move upward during the week was the
although slightly higher prices were reported for scrap
of the 1926 average,
'
Another decline in livestock
The grain index, unchanged from the preceding
this year.
Declines were also
product group average.
for cowhides with the group index
bituminous coal did not affect the fuel and
v;
to say:
on
somewhat lower during the week with the food
were
price index sagging to the year's low point.
A fractional decline in wholesale prices of
remaining unchanged at 92.6.
metals
72.0%—the lowest point recorded since 1934—from 72.3%
previous week.
A month ago the index (based on the
1926-28 average of 100%) stood at 72.7% and a year ago
at 73.8%.
The highest level reached by the index in the
recovery period was 88.8% in July, 1937.
The Association's
to
for kipskins and
leather products group, lower prices
and
sole leather were offset by higher prices
The
,
in the
scrap
fertilizer materials caused the chemicals
and
for copra
and drugs group index to
In
cured
pork, coffee, lard, and pepper.
Higher prices
declined
.
Continuing its downward trend for the fourth consecutive
week, the wholesale commodity price index of the National
Fertilizer Association fell during the week ended June 3
quotations combined witb a drop in cotton resulted in a drop in the farm
Decreases of 2.8% for fruits and vegetables and 0.1 % for meats brought
rose
Week Ended June 3 Reaching Lowest Point
According to National Fertilizer Asso¬
ing
by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
The decrease of
1939
10,
June
Farm
..
79.7
85.1
Fuel and lighting
74.1
materials..
.....
74.4
74.1
74.8
74.7
75.8
Housefurnlshlng goods
75.7
75.7
75.7
75.7
75.9
83.3
77.3
80.7
86.9
86.9
86.9
86.8
86.8
88.6
91.0
82.9
73.7
73.7
74.3
74.3
72.5
80.0
69.0
68.5
69.0
69.4
68,6
70.2
86.5
76.3
Semi-manufactured articles..
74.1
74.1
74.0
74.3
74.4
73.0
86.9
74.0
#
.1.
79.9
79.9
79.9
80.4
80.4
82.3
87.8
80.4
*
commodities
Ail
other
farm products
All
commodities
Not computed
•
78.5
78.5
78.5
79.0
78.9
80.0
86.6
78.8
79.9
80.6
80.7
80.7
81.0
80.9
81.4
86.2
78.7
77.8
'
•
.
,
,
*
Iu the
previous week, ended May 27, declines in wholesale
prices of livestock and poultry caused the Bureau's
index to fall 0.1%, Commissioner Lubin announced on
June 1.
This brought the all-commodity index.to 75.8,
the low point for the year.
Commissioner Lubin added:
market
The Edison Electric Institute in its current
and power industry of the Uftited States
June 3, 1939, was 2,1 i3,887,000 kwh.
goods,
and
miscellaneous
commodities
be
2,204,858,000 kwh.,
week
a
remained
Average wholesale prices
and
of weakening
raw
Jute.
The indexes
for
The
raw
for
semi-manufactured
and foods" remained
and
declined
agricultural
group
0-7%,
principally
commodities,
index
of finished products,
advanced
coal,
01%.
"all commodities
"all commodities other than farm products
unchanged.
,
■
3, 1939
Middle Atlantic
13.9
10.6
Central Industrial
14.5
14.2
West Central
reported
as
on
June 5, 1939, by the
*
13,
1939
9.2
11.1
12.0
10.0
3.4
3.6
Southern States
10.5
9.0
8.1
9.0
Rocky Mountain
14.4
13.0
10.5
12.5
8.9
11.6
11.7
10.3
9.1
Pacific Coast..
FOR
*
12.5
RECENT
WEEKS
(THOUSANDS
OF
Week Ended
.
14.6-
•
•
10.3
KILOWATT-HOURS)
Percent
.
Change
1939
1937
1939
1938
1932
1929
"
from
/'"■'•
Mar.
+ 10.2
2,199,976
+ 11.1
+ 10.3
2,212,897
2,211,052
2', 198,681
__
Mar. 25
Apr.
+ 11.3
2,200,143
2,209,971
Mar. 18
1.^
Apr.
2,035,673
2,014,729
2,017,653
1,975,239
1,978,753
+ 11.7
2,146,959
2,173,510
1,990,447
2,176,368
1,957,573
1,951,456
1,938,660
+ 9.2
+ 10.9
+ 12.7
1,939,100
1,967,613
2,188,124
2,193,779
2,176,363
2,244,014
4.
Mar. 11
8
...
—
2,237,936
2,225,486
Apr.
15
Apr.
22
Apr.
29
May
6
2,163,538
May 13
-
2.170,671
2.199,002
2,182,727
2,170,750
2,170.496
May 20
June
i,
»
4938
'V.
May 27
are
May
10.3
.
6.2,
7.3
3% Higher Than Last Year
year.
11.1
13.2
(
figures
Week Ended
Week Ended
May 20, 1939
May 27,1939
10.8
«.
Total United States.
Debits to individual accounts, as reported by banks in
leading cities for the week ended May 31, which included
only five business days in most of the reporting centers,
aggregated $7,059,000,000, or 5% below the iotal reported
for the preceding week and 3 % above the total for the corre¬
sponding week of last year, which also included only five
business days in most of the reporting centers.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
to $6,517,000,000, compared with $6,850,000,000 the preced¬
ing week and $6,300,000,000 the week ended June 1 of last
These
June
Regions
PREVIOUS YEAR
Week Ended
Week Ended
Major Geographic
DATA
Debits
over
year ago.-
New England
materials
certain
the large groups
other than farm products,"
Bank
of
prices
increase of 11.7%
un¬
changed at tpe level of the preceding week.
because
an
PERCENTAGE INCREASE FROM
building materials
groups
estimated to
the like'
output for the week ended May 27, 1939, was
The metals and metal products, chemicals and drugs, house-
0.1%.
furnishing
fight
for the week ended
The current week's
output is 12.5% above the output of the corresponding week
of 1938, when production totaled 1,878,851,000 kwh.
The
Hides and leather products advanced
0.4%, foods increased 0.3%, and textile-products and
weekly report
estimated that production of electricity by the electric
The farm products group index fell 0 9% during the week and fuel and
lighting materials declined 0.4%.
rose
3, 1939, 12.5%
Electric Output for Week Ended June
Above a Year Ago
than
farm products and foods.:.
*
All groups combined.
100.0
*
than
....
other
„
_,
68.9
73.8
68.2
Finished products
_
81.8
.....
Raw materials—....
Miscellaneous
s..
......
Machinery
3
--
+ 12.6
+ 11.6
+ 10.3
2,194,620
2,198,646
+ 10.3
1,967,807
1,973,278
+ 11.7
1,878,851
2,204,858
2,113,887
2,1?3,223
+ 12.5
2,206,718
2,131,092
1,519,679
1,538.452
1,537,747
1,514,553
1,480,208
1,465,076
1.480,738
1,469,810
1,454,505
1,429,032
1,436,928
1,435,731
1,425,151
1,381,452
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,663,291
1,696.543
1,709,331
1,699,822
1,688,434
1,698,492
1,704,426
1,705,460
1,615,085
Board of Governors of the Federal Reserve System.
Weekly
SUMMARY BY FEDERAL RESERVE DISTRICTS
Report
Lumber
of
Movement—Week
Ended
May 27, 1939
No.
Federal Reserve District
Incl.
May 31, 1939
May 24, 1939
June 1, 1938
$389,188,000
3,302,236.000
375,209,000
463,171,000
$351,145,000
2,927,715,000
482,607,000
252,444,000
209,847,000
236,906,000
1,056,251,000
227,784,000
142,025,000
926,905,000
270,391,000
246,568,000
189,092,000
211,706,000
164,853,000
1—Boston..............
17
$355,914,000
2—New York.....
15
2,988,095,000
497,820,000
419,754,000
229,451,000
200,079,000
1,002,975,000
321,614,000
127,534,000
...
18
.......
25
24
6—Atlanta.
7—Chicago
8—St. Louis
.....
41
....
.
26
16
17
10—Kansas City.........
.......
12—San Francisco........
Total
The lumber industry during the
Week Ended—
of
Centers
28
18
*
229,642,000
157,901,000 1
421,945,000
198,761,000
131,202,000
29
528,096,000
577,151,000
526,949,000
274
$7,058,875,000
$7,430,966,000
$6,851,085,000
week ended May 27, 1939,
production and
stood at 72% of the 1929 weekly average of
74% of
of
the
of
that
average
1929 shipments.
Production was about 72%
corresponding week of 1929;
week's shipments;
new
shipments, about 70%
of that
orders, about 74%
week's/orders, according to reports to the National Lumber
Manufacturers Association from regional associations cov¬
ering the operations of important softwood and hardwood
mills.
Reported
week and
orders
new
were
2% below the preceding
1% above.
Reported production
in the week ended May 27 was 3% below the preceding
week, which was the heaviest of any 1939, week to date.
New
shipments
orders
were
exceeded
the
corresponding week of
1938 by
Volume
24%.
Financial
148
were
shipments
working
Reported production was 26% above and shipments
24% above last year's week.
For softwoods, produc¬
tion,
Chronicle
and
orders
new
Sohio
greater, 24% greater and 24% greater than in correspond¬
ing week of 1938.
New business (hardwoods and soft¬
was 3% below production, and shipments were 1%
above output in the week ended May 27.
Reported produc¬
tion for the 21 weeks of the year to date was 19% above
shipments, and
output.
of
the
week
softwoods
booked orders
feet;
of
Mills,
were:
ended
and
were
May
production,
;
1939,
feet;
240,524,000
the
in
week
ended
West
wood
reported
California
Northern
above
orders
Redwood
Hemlock
Hardwood
and
those
Northern
and
of
above
Hardwood
Northern
regions
last
wood
mills.
6ame
feet,
Shipments
38%
from
reported
as
*
production.
feet,
or
for
4% below
the
Production
hardwood
102
above
'9,444,000
were
feet,
1% below production..
or
Reports
or
218,664,000
mills
give
Shipments
same
week
were
reported
.
the
225,720,000
the
same
was
feet,
week
6,619,000
Last
week's
feet, and
a
and
production of
year ago
225,720,000
feet
it
and
176,997,000
425
182,648,000
feet.
In
feet,
the
shipments,
and
identical
softwood
mills
180,047,000 feet; shipments
was
reported production last week and
feet;
Mill Reports
Identical
.
a
7,696,000 feet and
4,753,000 feet.
and
of
case
year
orders
227,351,000
respectively,
received,
218,664,000
hardwoods,
ago
was
were,
87
identical
mills
5,236,000 feet and 4,938,000
5,113,000
feet,, and
orders,
was not on a
permanent basis.
House Judiciary subcommittee heard
representatives of independent refineries argue for the
passage of the Harrington bill, which would divorce marketing
operations from other branches of the oil industry.
R. E."
Breed, of the General Refining Co. of Baltimore, urged that
the SEC exert closer supervision over the major integrated
oil companies,
adding that such control, together with
tightening of the anti-trust laws, would make it possible for
the Harrington bill, should it be enacted into law, to correct
the present situation.
"The breaking up of monopoly in
our greatest natural resource," he stated, "is of
great interest
to the consumer.
This bill (The Harrington measure—
Ed. note) is the only way to protect not only the independent
marketer but the independent producer and refiner."
All major States, with the exception of Texas, contributed
to the 26,450, barrel decline in the daily average production
of crude oil in the United States during the week ended
June 3 to 3,558,800 barrels, figures released by the American
On the
"•
,
feet
: ■
of
9,145,000
as
for
Production
feet.
feet
legislation
all
but
production
'
the production
business
new
as
;
227,351,000 feet;
was
43% above production.
or
All
1939, by 425 soft¬
reported for the week ended May 27,
totaled
mills
1938
reported
;
,
orders
of
the bill permanent, the Senate passing such a
the House refused on the grounds that Texas oil
measure,
Southern
year.
week
corresponding
make
to
Hard-"
and
Hemlock
regions but
All
shipments
reported
above the 1938 week.
Lumber
be the backbone of the Interstate Oil
Compact Com¬
mission, makes it illegal for crude produced in violation of
State oil production laws to move in inter-State commerce.
Although the Administration reportedly was behind a move
Southern
27, 1939.
May
regions reported shipments above output.
Southern
Coast,
on
to
232,512,000
shipments,
feet.
production
Pine,
but
expected, the House Interstate Commerce Com¬
June 8 approved a bill extending for three years
Connally "Hot Oil" measure, which otherwise
expires at the end of this month. The Act, which has proven
235,164,000
shipped
7,598,000
'
Petroleum
compared with April in the pre¬
liminary estimate of the industry's operations, contained in
the June, 1939 issue of "Automobile
Facts," a publication
as follows: May,
1939, 312,160; April, 1939, 354,263; May, 1938, 210,174.
r
Opposition to the current bills now under consideration by
Congress which ymuld force the "divorce" of pipe line com¬
panies and the disintegration of integrated oil units was
voiced by a majority of the
membership of the Independent
Petroleum Association of America.
Meeting in Dallas on
•
*
pending legislation would entail and voted for active
opposition to the bills.
on the grounds of unsoundness and
possible illegality.
While approving a plan for an umpire to
set up allocations enforceable between
oil-producing States,
the Association yoted to
delay until its annual meeting in the
drafted
by the late Amos L.
model.
men
on
the fourth im¬
portant question placed before the meeting, that of placing
refinery control under the supervision of the Interstate
Oil Compact Commission, were unfavorable but the mem¬
bership did accept the Committee of 36's recommendation
oil
that the Association sponsor a measure
providing for volun¬
tary agreements within all basic industries affecting indus¬
trial operations, with the approval of the Government.
This act would accomplish the same result as
placing refining
operations control under the Compact Commission.
The
probability that the next few weeks will see a general
price of Illinois crude oil barring a sharp reduction
production was reported in an impromptu speech by P. G.
cut in the
Blazer, President of the Ashland Refining Co., made before
the delegates attending the meeting.
Pointing out that, in
his estimate, only 15% of the oil produced in the new
Illinois
fields was changing hands at the market
price, Mr. Blazer
indicated that reports are that from 70,000 to 75,000 barrels
of crude oil
some
daily is being sold below the posted price of $1.15
going as low as 50 cents a barrel.
More cheering
to the oil man
was
his statement that
Kentucky oil
men are
/
.
,
validity of
a
ruling by Federal District Judge Patrick T.
the charges of anti-trust conspiracy in
dismissing
is
questioned by the Government, dismissed charges as to
on the grounds that there was no substantial
evidence in the record to support the jury's verdict and
11 defendents
ordered
consider it, was refused
with
,
Press reported from Washington on June 5
that the United States Supreme Court had agreed to review
Stone
The
in
„
connection with the Madison, Wis., oil trials," after a jury
had brought in a guilty verdict.
Judge Stone's order, which
vote also disclosed that the
membership of the group
disapproved of the proposal to shut down oil wells in all
States having regulatory bodies and
suspend all oil imports
temporarily.
This suggestion, which already had met with
the disapproval of the Special Committee of 36
appointed to
serve as a
initial
United
The
the
rent
Votes cast by the independent oil
the
3,300 barrels to hit a daily
Sharpest decrease in output
was shown
by California, where on June 1 a new proration
program went into effect, the total dropping 5,500 to a daily
average
of 608,000 barrels.
Oklahoma producers cut
production by 4,400 barrels to a daily figure of 445,150
barrels while Kansas' drop of 4,950 barrels pared the daily
average there to 156,800 barrels.
Louisiana was off 2,450
barrels to hit 265,500 barrels daily.
■;
f
Consistent overproduction of crude oil in recent weeks is
making itself felt in increasing importance in the weekly
reports covering inventories of domestic and imported crude
oil held in the United States.
A gain of 1,221,000 barrels
was shown in stocks of American and foreign crude oil held
during the week of May 27, according to the United States
Bureau of Mines with the domestic stocks accounting for
all save 111,000 barrels of the rise.
The total reported by
the Federal agency for the final period of May was 278,289,000 barrels.
„
June 6, members of the oil association held that the
time is
not yet opportune to make such drastic revisions
as the cur¬
Beaty to
for
,
Opposes Pipe Line
"Divorce''—House Approves Connally Bill Exten¬
sion—Illinois Price Cut Seen
Possible—Daily Aver¬
age
Crude
Production
off—Supreme
Court to
Review Madison Case Ruling
measure
Production
^
"
Petroleum and Its Products—I. P. A.
the
disclosed.
nearly 70,000 barrels above the market
production climbed
figure of 1,465,300 barrels.
month last year.
The Association's report is summarized
on
was
Texas
industry's May volume at
312,160 units. On the basis of this estimate the industry's
operations in May were 49% higher than the corresponding
fall its verdict
Institute
monthly forecast.
of the Automobile Manufacturers Association.
The Association estimated the
;
a
demand estimate for this month of 3,491,000 barrels daily
fixed by the United States Bureau of Mines in its regular
for the month of May as
♦
day,
same
period of June
Car-Makers Group Estimates May Sales at 312,160 Units
A decrease of 12 % in motor vehicle
shipments was indicated
•
8
the life of the
produced
mills
oil
June
was
mittee
reported:
combined;
on
indicated.
was
As
Southern Hardwood and Northern Hardwood regions reported
orders above
Cypress
it
233,970,000
feet;
Revised figures for the preceding week
27,
hardwoods
231,978,000
orders,
further
227,809,000 feet.
539
West Coast,
new
shipments
The Association
During
feet
1938;
orders
of
new
Corp., subsidiary of Standard of Ohio,
production which has resulted in heavy sales of crude at
sub-normal market levels has made the price cut
necessary,
were 14% above
15% above the orders
of the 1938 period.
New business for the 21 weeks of 1939
was
8% above output; shipments were also 7% above
the
oil control bill and hope to have it enacted
reduced the posted price of Illinois basin crude oil 10 cents a
barrel to $1.05 from $1.15.
Last fall, when a general price
of 20 cents a barrel was made in mid-continent crude
prices,
Sohio reduced its price only 10 cents.
However, excessive
woods)
corresponding weeks
on an
into law at the next session of the
Kentucky Legislature.
Concrete proof of the accuracy of Mr. Blazer's prediction,
26%
respectively,
were,
3443
,
new
trials
for
18
other
defendents
oil
the
same
grounds.
The order was entered July 19, 1938, and the
jury's verdict had been.returned Jan. 22, 1938. The Govern¬
ment's challenge to the dismissal of the charges as to the
11
defendents was based purely upon complicated and
technical grounds of legal procedure.
The five-day production-week schedule for Texas during
June gives an allowable of approximately 1,313,022 barrels
daily, which would be approximately 115,000 barrels under
the market demand estimate for the month promulgated by
the United States Bureau of Mines, according to an announce¬
ment by the Texas Railroad Commission on June 3.
"This
allowable for Texas is below the Bureau's estimate in order
give other oil producing States an opportunity to make
adjustments in keeping with the demand," Jerry
Sadler, Commissioner, said.
"I am in favor of keeping our
to
further
production down for the next 60 days in order that the other
States may put their house in order."
It
was
disclosed also that Lon A. Smith, chairman of the
invitations to the
Kansas, Louisiana
and Arkansas to attend the State-wide proration hearing to
be held in Austin on June 12 to consider July and August
allowables for the Lone Star State.
The matter of entering
Railroad
Governors
into
a
Commission,
had
extended
of Oklahoma, New Mexico,
voluntary cooperative agreement between the several
States to prevent excess
production of crude oil will be
sidered at the Governor's meeting, it was indicated.
Interstate
Oil
Compact
Commission
will
hold
its
con¬
The
mid
Financial
3444
summer
meeting at
Sante Fe on July 19 and 20, E. O.
member of the Texas Rail¬
announced on June 8.
This will mark
Thompson, chairman and also
Commission,
the formal induction of Michigan as a member.
road
The following
June 8—Sohio
«i
05
a
price change was posted during the week.
Corp. cut Illinois Basin crude prices
10 cents
barrel to
a
barrel
Prices of Typical Crude per
Barrel at Wells
(All gravities where A. P. I. degrees are not
shown)
$1.05
$2.00 Eldorado, Ark., 40
1.05
Lima (Ohio Oil Co.)
1.25 Rusk, Texas, 40 and over
1.02
Corning, Pa
1.02 Darst Creek
.789
Illinois.
1.06 Michigan crude.....
1.22
Western Kentucky
1.20 Sunburst, Mont...
Mld-Cont't, Okla., 40 and above.. 1.10 Huntington, Calif., 30 and over... 1.22
1.24
Rodessa. Ark., 40 and above
1.25 Kettleman Hills, 39 and over
2.15
Smackover. Ark., 24 and over.....
.75 Petrolla. Canada
Bradford. Pa
....
barrels during the week ended June 3,
dropping to 83,637,000 barrels.
Production of gasoline
during this period was up 58,000 barrels to 11,238,000 barrels.
The local market was featured by reductions of 34 cent a
gallon in the tank car and yard prices for kerosene and light
heating oil posted on June 6 by the Standard Oil Co. of
New York, effective throughout its New York and Newr
England territory although the retail price structure held
unchanged. On the following day, Standard of New Jersey
met the cut as did other marketers in these areas.
Gasoline
continued strong, both in the bulk and retail markets.
Representative price changes showing the nature of the
Nation's leading refined products market follow:
$.05
,00
Gulf,..;..
.08 *
New
Orleans.
Tide Water Oil Co
.08*
Shell Eastern
.07*
Gulf
,07*
Warner-Quinlan..
,07*
Tulsa
were
.06 *-.07
.05*
three
is
04* .-05)4
New York—
$.04*
(Bayonne)
| North Texas...
$.04
| Los Angeles. _ ,03*-.05
Fuel OH, F.O.B. Refinery or
F.O.B. Refinery
effective June 8.
than * cent a gallon, throughout its area,
June 7—Magnolia
advanced wholesale tank wagon prices on regular and
14 cents and
premium 16 cents.
(New Orleans.$.05*
| Tulsa..
.04
Gas Oil, F.O.B. Refinery or
Y.
(Bayonne)—
$ 04
$.053
e
REFINED
V
PRODUCTS—SINCLAIR
1.45
$.02* -.03
GAS
ADVANCE
—FIFTH
RETAIL
RUNS
OIL
PRICES
HOLD
IN
BETTER
DOWN
GAS
THREE
IN
MONTHS
PRICE
IN
42
REFINERY
DRAIN—HEATING
PRICES 'CUT
sweeping price changes posted in gasoline
history of the oil industry was made on June 8 when the
Sinclair Refining Co. announced an increase of Yi cent a
One of the most
in the
gallon in the tank wagon price of all three grades of gasoline
in each of the 42 States in which the company operates,
effective June 14.
•'<
"This increase constitutes
a
step toward the correction of
situation that has been getting steadily worse
for a long
time,'' H. F. Sinclair, Chairman, said in commenting upon
the price move.
"In the past 18 months the gross revenue
from a barrel of crude oil has declined more than 50 cents.
a
This situation prompted me three weeks ago to say that the
price of products must go up or the price of raw material
must go down.
Better product prices should help to avoid
a reduction in the price of crude oil, which would bring about
a
downward cycle imposing increased hardship upon oil
producers in particular, but ultimately on everybody."It must be obvious that the industry cannot operate on a
product price level which does not permit the refiner-marketer
to meet his costs and recover what he pays for the raw
material," Mr. Sinclair continued.
"I have said before, and
I want to repeat, that I believe that the public is willing to
pay a price for petroleum - products that will enable the
industry to meet the heavy demands upon it and continue
to supply the consumer with the best fuels and lubricants
at reasonable
cost."
of New York.
increase of * cent a gallon in the
an
prices of all three grades of gasoline in the 42 States in which it
9—Standard
1-lOth
cent
of New
York
advanced
tank-car
with the
prices of gasoline
New York and New England markets,
gallon throughout
a
K
exception of Western New York.
Daily Average Crude Oil Production for Week Ended
June 3 Drops 26,450 Barrels
Petroleum
American
The
estimates
Institute
that
the
crude oil production for the week ended
June 3, 1939, was 3,558,800 barrels.
This was a drop of
26,450 barrels from the output of the previous week, and
the current week's figure was above the 3,425,200 barrels
calculated by the United States Department of the Interior
daily
average gross
be the
to
total of the restrictions imposed by the various
oil-producing States during May.
for
the
four
ended
weeks
Daily
June
production
average
estimated at
3,496,250 barrels.
The daily average output for the week
ended June 4, 1938, totaled 3,107,950 barrels.
Further
details as reported by the Institute follow:
3,
is
1939,
Imports of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended June 3 totaled
a
1,477,000 barrels,
daily average of 211,000 barrels, compared with a daily average of 270,714
barrels for the week ended
weeks ended June 3.
May 27, and 209,750 barrels daily for the four
'
Receipts of California oil at Atlantic and Gulf Coast ports for the week
totaled 126",000 barrels, a daily average of 18,000 barrels
ended June 3
compared with a daily average of 46,429 barrels for the week ended May 27
and 38,607 barrels daily for the fpur weeks ended June 3.
0
Reports received from refining companies owning 85.8% of the 4,268,000
barrel
estimated
indicate that the industry as a
whole
States,
capacity of the United
daily potential refining
ran
to stills, on a Bureau of Mines'
basis, 3,415,000 barrels of crude oil daily during the week, and that all
bulk terminals, in transit and in
companies had in storage at refineries,
pipe lines
as
of the end of the week, 83,637,000 barrels of finished and un¬
finished gasoline.
The total amount of gasoline produced by all companies
is estimated to have been
11,238,000 barrels during the week.
.*
DAILY AVERAGE
'
•
..
CRUDE
•
,.
OIL PRODUCTION
(Figures in Barrels)
.
:
,
.
•
The fifth advance of
Y cent a gallon in the wholesale price
gasoline in the mid-continent market was posted on June
3, lifting prices for regular grade to a range of 5 to 534 cents
a gallon, the highest in six months.
Under the new price
schedule, third-grade gasoline moved up to 434 to 434 cents
a gallon.
Right behind the bulk gasoline market was corresponding
strength in the retail markets in the nearby territories.
a
B. of
of
Standard Oil of Indiana announced that
on
June 8 it would
advance the sub-normal tank wagon prices on
all three grades
of gasoline to normal or to the extent of 34 cent a gallon
where
the
sub-normalcy 34 cent in Minnesota, Iowa,
Missouri—except St. Louis County—Kansas, North Dakota
and South Dakota.
The increase applies to both dealers and
consumers.
In Texas, the Magnolia Petroleum Co., subsidiary of
Socony-Vacuum, on June 7 posted advances of 1 cent a
gallon in wholesale tank wagon prices on regular and premium
grades of gasoline.
Under the increase, the third in as many
months, regular gasoline is quoted at 14 cents and premium
at 16 cents.
The rise reflected the rising demand due to
seasonal expansion in consumption, which last week brought
about broad gains in wholesale prices in East Texas by inde¬
pendent refiners.
Sustained high refinery operations held down the normal
Decoration Day week-end decline in stocks of gasoline to
about half of what the trade expected, figures released by
the
American
Petroleum
Institute
revealedRefinery
operations moved up 0.2 points to 84.2% of capacity, with
daily average runs of crude oil to stills rising 58,000 barrels
to 3,415,000 barrels.
The latter figure is at least 150,000
barrels too high, in the opinion of petroleum economists who
see the maintenance of high refinery operations as a distinct
menace to the continued stability of the
gasoline markets
throughout the country.
* cent a gallon reduction in
operates, effective June 14.
CHEERING—
TEXAS—HEAVY
INVENTORY
the
J
STATES—MID-CONTINENT WHOLESALE GAS PRICES RISE
New
..
8—Sinclair Refining announced
June
$.17
$.1591 Buffalo...
...
.1851 Chicago ..—...... -.176
of kerosene
New York and
gallon throughout
a
kerosene and light heating oils instituted by Standard
June
I
RAISES
cent
.
tank wagon
Gasoline, Service Station, Tax Included
York.1951 Newark........
Brooklyn.;
.195 | Boston
* Not including 2%
city sales tax,
*
light heating oil
June 8—Standard of New Jersey met
$0.90
Terminal
iTulsa
|Chicago—
I 28-30 D
New
a
June 7—Standard of New York cut tank car and yard prices
and
'
1.651
27 plus...—
04*
England.
(Bayonne)—
I California 24 plus D
i New Orleans C
Bunker C
..$1.05
.
$1.00-1.25 Phila., Bunker C...
N.
.05 *
Terminal
N. Y.
Diesel
a
sub-normalcy,,
grades of gasoline to normal or * cent higher where the
more
premium grades of gasoline 1 cent a gallon, making regular
Kerosene, 41-43 Water White, Tank Car,
* cent
lifted
4* to 4* for third
in subnormal prices of all
June 5—Standard of Indiana posted an increase
-.05*
ports...
Richfield Oil(Cal.)
wholesale gasoline prices
3—-Mid-continent
grade.
Other Cities—
Chicago
-$.07*
Texas..
Stand. Oil N. J__$.06*
Socony-Vacuum—
June
gallon to 5 to 5* cents a gallon for regular grade and
Tank Car Lots, F.O.B. Refinery
New York—
New York—
inventories, finished and unfinished, showed a
Gasoline
loss of only 515,000
.....
U. S. Gasoline (Above 65 Octane),
June 10, 1939
Chronicle
Four
M."
Week
Calcu¬
Stale
Week
Change
Weeks
lated,
Allowable
Ended
from
Ended
Ended
Require¬
May 1
June 3
Previous
June 3
June 4
1939
Week
1939
1938
ments
{May)
Oklahoma..
455,800
428,000
445,150
—4,600
452,850
440,500
Kansas.....
152,600
170,350
156,800
—4,950
167,600
138,200
+ 5,100
69,850
60,050
—2,950
83,600
72,350
—50
31,350
215,900
178,850
Coastal Texas
75,100
83,550
31,650
234,900
97,950
447,000
259,650
235,500
Total Texas
1,406,100 bl393200 1,465,300
Panhandle Texas..
North Texas..!
West Central Texas...
West Texas
East Central Texas...
East Texas
Southwest Texas..
+ 750
+ 400
94,250
+ 750
409,450
+ 450
242,650
—1,150
Coastal Louisiana..
223,350
187,450
+ 750
—3,200
74,000
193,600
181,400
257,700
263,634
265,500
—2,450
54,627
56,350
+ 1,250
55,200
159,700
102,900
217,000
—5,300
216,200
96,300
—2,950
98,500
76,300
267,600
52,900
'
Illinois
363,250
204,950
+ 3,300 1,370,400 1,189,750
261,600
Total Louisiana.
Eastern (not incl. III.).
95,250
«
»
73,600
191,900
North Louisiana...
Arkansas
27,600
43,300
}
147,500
Michigan
50,000
64,150
+ 300
63,900
54,750
Wyoming
64,200
55,300
—5,400
58,400
51,400
Montana
16,100
14,600
—50
14,550
5,200
3,800
110,550
150
3,750
4,100
+ 50
110,600
90,300
Colorado
New Mexico
115,500
cll7,100
2,950,800
Total east of Calif.. 2,842,600
California
582,600
Total United States.
d575,000
14,850
-20,950 2,879,550 2,432,350
675,600
616,700
—5,500
3,558,800 —26,450 3,496,250 3,107,950
3,425,200
Note—The figures indicated above
608,000
—
do not include any estimate of any oil which
might have been surreptitiously produced.
a
These
As
Bureau of Mines calculations
of the requirements of domestic crude oil
certain premises outlined In its
detailed forecast for the month of May.
are
based upon
from stocks or from new production, con¬
crude oil Inventories must be deducted from the
estimated requirements to determine the amount of new crude to be
requirements may be supplied either
templated
Bureau's
produced.
withdrawals
from
Volume
bNet
Financial
148
dally
basic allowable lor the
average
a total
are ordered for the first1 two Saturdays and all Sundays
of six shutdown days.
SLAB
1.
period beginning May
31-day
Shutdowns
RUNS
TO
STILLS
(Tons of 2,000 Pounds)
ENDED JUNE 3,
Shipped
Operat¬
Retorts
Orders
for
Export
During
Period
End of
Period
ing End
Period
of Period
Period
End of
Period
602,601
436,275
314,514
218,517
344,001
75,430
143,618
129.842
124,856
105,560
119,830
83,758
6,362
57,999
31.240
68.491
196
41
19,875
170
148
21,023
27,190
32,944
59
38.329
23,653
28,887
32,341
44,955
0
65,333
0
42.965
48.812
45,383
15,978
30,783
51,186
78,626
48,339
45.400
1939
Year
1929
Year
1930
Year
1931....
Daily
Percent
Inc. Natural
Year
1935
Average
Operated
Blended
Year
1936
631,601
504,463
300,738
213,531
324,705
366,933
431.499
523,166
Year
1937
589,619
Gasoline
Crude Runs
Daily Refining
Capacity
at
Percent
Rate
Reporting
Year 1932
Production
to Stills
District
East Coast
570
1933
Year
1934....
352,663
465,746
561,969
569,241
239
18,585
26,651
18,273
8,478
47,769
23,099
18,560
37,915
1,525
92.7
103"
Year
Refineries
80.5
615
100.0
Appalachian
149
85.9
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
574
89.5
458
89.1
1,769
419
81.6
274
80.1
cl,007
Inland Texas
316
50.3
100
62.9
508
1,000
89.5
827
92.4
2,624
90.3
331
364
1938
January
88,532
20
42,423
44,623
0
20,806
39,267
36,466
34,691
41,644
0
37,510
24,628
148,120
0j
June
30,799
29,248
149,671
01
July
30,362
33,825
146,208
Oj
32,296
36,507.
141,997
0j
September
32,328
43,582
130,743
Oj
October
•
108,138
118,009
135,238
August.......
i—L...
Texas Gulf
36,740
43,355
124,128
°j
48,687
February
41,146
24,931
21.640
March
43,399
33.528
April-........
38,035
May..
1,495
9,9^6
Louisiana Gulf..
149
97.3
131
North Louisiana & Arkansas
100
55.0
40
72.7
118
54.2
56
87.5
90.0
523
70.2
85.8
3,082
84.2
,
Oj
216
828
.
107
Rocky Mountain
California...
;
Reported
,
♦Estimated total U. S.:
3,415
3,405
11,238
11,180
a3,!29
bl0,474
1,268
1,268
3, 1939—
May 27, 1939----.♦U.S.B.ofM. June 3,1938
1938 daily average.
OF
FINISHED
FUEL
♦27,648
40,280
38,510
*33,398
40,829
01
36,243
December
45.345
39,354
126,769
OJ
*32,131
38,793
*33,683
456,990
38,083
395,654
32,963
44,277
42,639
128,407
39,613
39,828
128,192
March
45,084
45,291
127,985
April..
43,036
40,641
130,380
42,302
39,607
133,075
Total for year.
Monthly
'
30,554
40,435
35,621
*31,509
120,778
May...
OIL, WEEK ENDED JUNE 3, 1939
(Figures in Thousands of Barrels of 42 Gallons Each)
39,350
31,912
43,693
January..:
UNFINISHED GASOLINE AND GAS AND
AND
41,785
25,805
*22,490
29,805
*26,471
30,940
*28,312
40,343
bThls Is a
production based on the U. 8. Bureau of Mines May and June, 1938 daily
averages,
c 12% reporting capacity did not report gasoline production.
week's
STOCKS
23,444
32,427
February.....
June,
a
29,023
127,069
♦28.411
November
♦Estimated Bureau of Mines basis,
38.891
38,923
35,321
*31,769
33,818
*30,317
28,071
*23,728
*29,710
31,525
♦27,549
26,437
♦23,451
25,696
*22,073
29,767
*26,433
31,555
*28,099
1,292
333
Estimated unreported.
June
Unfilled
Stock at
During
WEEK
GASOLINE,
OF
Average
Shipped
During
(Figures In Thousands of Barrels of 42 Gallons Each)
Potential
Retorts
(a)
PRODUCTION
AND
(ALL GRADES)- -1929-1939
Produced
d Recommendation of Central Committee of California Oil Producers.
CRUDE
ZINC STATISTICS
during May,
Export allowance of 4,000 barrels included.
c
3445
Chronicle
avge.
40,736
1
m
34,583
■■
1939
Stock of Finished and
Stocks of Gas
Stocks of Residual
Fuel Oil
OH
and Distillates
Unfinished Gasoline
District
39,500
*34,321
39,459
*34,183
38,251
*33,324
39,365
*34,186
134,179
39,191
129,987
*33,312
Total
Total
'
Refineries
20,692
2,982
3,653
249
63
373
1,133
40
2,688
1,576
293
Texas Gulf..
8,429
9,956
3,434
"452
Louisiana Gulf....
2,182
2,512
759
14
12
"47
2,745
2,952
1,667
5,216
1,399
588
-
Inland Texas
No. La. & Arkansas
411
511
250
Mountain..
1,652
1,742
15,467
111
Rocky
14,231
California.
72,402
60,727
6,598
79,901
28.058
77,312
77,395
83,637
84,152
X20.842
80,261
87,385
2,260
♦Est. total U. S.:
3, 1939---
June
May 27, 1939 —U.
B.
S.
28,058
X80.884
28,502
of Mines
♦June 3, 1938--.
♦
x82,16l
6,598
6,700
x20,292
22,616
Estimated Bureau of Mines basis.
111,307
xFor comparability with last year these
figures must be Increased by stocks "At Terminals, &c." in California district.
Weekly Coal Production Statistics
"Metal and Mineral Markets" in its issue of June 8,
reported that buyers of major non-ferrous metals showed
more confidence in the stability of the price structure and
purchased good tonnages of copper, lead and zinc during
the last week.
As in the preceding week, the better tone
of the London market exerted a strong influence on sentiment
here.
Actual consumption of metals in the United States,
has been holding up well.
The Administration is exerting
pressure on Congress to continue the so-called nuisance
taxes, which include the 4c. import tax on copper.
The
publication further states:,
Commission, in its current
weekly report, stated that production of soft coal increased
sharply in the week ended May 27, reaching a total of 6,152,000 Ket tons.
This is a gain of 1,027,000 tons, or 20.0%
over the preceding week and is in comparison with 5,324,000
tons in the last week of May, 1938.
The United States Bureau of Mines reports that the total
estimated production of Pennsylvania anthracite for the
week of May 27, amounting to 825,000, tons, decreased
99,000 tons, or 11% from output in the week of May 20,
and was 36% less than production in the week of May 28,
7
(In Thousands of Net Tons)
-
of copper showed further improvement.
is
a
for
chance that
even
more
in the
Calendar
Year to Date
a
domestic account.
month
of
Though
May, operators
1939c
1939d
a
are not
1938
1939
1929
1938
gain in stocks is expected here for the
greatly concerned, owing to some
of
firmer.
was
Offerings of near-by
Some foreign producers, because of the lower rate of
selves in a rather tight
position.
Dally average
•
854
5,324 130,577 126,731 213,289
887
1,050
1,014
1,706
Crude Petroleum b—
5,743
Coal equivalent of weekly output.
a
5,508
4,964 114,212 113,204
7,644
against
tons,
..
5,979
entered the market for
ments for
purposes
production of lignite,
b Total barrels producfed during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100B.t.u. per. pound of coal.
cSubJectto
revision,
d Revised,
e Sum of 21 full weeks ending May 27, 1939, and corre¬
sponding 21 weeks of 1938 and 1929.
ESTIMATED
PRODUCTION
PENNSYLVANIA
OF
BEEHIVE
ANTHRACITE
AND
COKE
a
tons
the
in
fair tonnage.
May will be above 40,000 tons, and
a
previous
continued firm
Cable
reduction in stocks is
an¬
Total lead stocks at United States smelters and
227,141 tons
on
April
This total includes lead i n ore, etc.,
at
New Yprk,
4.75c.,
settling basis of the American Smelting &
Louis. '
week.
The trade believes ship¬
'
*
■
which
the contract
was
Refining Co., and 4.60c., St.
•'
Zinc
Moderately firmer prices abroad brought in a larger volume of business
here.
Sales
of the common grades of zinc for the week totaled 5,178 tons,
against 3,944 tons in the week previous.
the market
forThime
The price situation was unchanged
Western continuing at 4He., St. Louis.
statistics revealed a total gain in stocks of 2,695 tons,
to influence
sentiment,
as
but this
The May
news
failed
operators believe that curtailment in production
is imminent.
(In Net Tons)
Week Ended
»
refiners on May 1 amounted to 219,006 tons, against
89,217
of historical comparison and statistical convenience the
semi-anthracite, and anthracite cutslde of Pennsylvania,
Includes for
copper were light:
production, find them¬
Another good week of lead sales was reported by producers, the volume
totaling
Prices
5,125
cur-,
59,874 tons in April.
The London market
'
6,152
1,025
there
Domestic sales for May totaled 59,519 tons, which compares with sales
1, a decline of 8,135 tons.
a—
Total, including mine fuel......
feel that
increased confidence
tailment in output this summer.
ticipated for that monthMay 27 May 20 May 28
Bituminous Coal
Consumers now
10c., Valley, will hold,
price structure was reflected in sales for the week of 20,137 tons
makers
Week Ended
,
Lead
UNITED STATES PRODUCTION OF SOFT COAL (WITH
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
v
Copper
•
With Loridon^quotations actually a shade above domestic parity, buying
.
ESTIMATED
*
'
>
The National Bituminous Coal
1938.
Business in Copper, Lead
and ziinc in Good Volume—Prices Steady
24",983
620
S«1
Export shipments are Included
a
...
Non-Fefrous Metals—Weeks
■f
562
20,222
29,314
129,250
184
l.lOO
78,627
5,010
unreported
Equivalent retorts computed on 24-hour basis,
138,447
"156
8,633
4,910
Reported..
Est.
*
in total shipments.
*32,131
38,763
392
2,378
7,656
12,853
7,361
1,339
3,944
38,041
*31.381
Pipe Lines
Pipe Lines
*33,905
39,379
*34,172
38,617
33,332
36,331
and in
21,930
3,548
13,729
3,252
Appalachian
—
Ind., IU., Ky
Okla., Kan., Mo—
in Transit
in Transit
and in
At
Refineries
At
and
Unfin'd
East Coast
At Terms,
At Terms,
Finished
Finished
Advises from London indicate that the action to raise the
duty on non-
Empire zinc resulted chiefly from the need of giving added protection to
Calendar Year to Dale
The authorities found that the continued
the
May 27 May 20
1939
1939
1938
1939
1938
c
1929
c
including
col¬
825,000 924,000 1,288,000 22,656,000 19,454,000 29,793,000
137,500 154,000
214,700
Daily average
183,400
157,500
241,200
Commercial produc'nb 784,000 878,000 1,224,000 21,523,000 18,481,000 27,648,000
a
the position of the Imperial
as
necessary
Smelting Corporation.
Operation
"in the national economy."
The
Production by Imperial Smelting is not to exceed
ported as slab zinc.
60,000 tons a year.
Exporters of manufactured goods in which zinc
is an
important item will receive 17s. 6d. per ton on zinc contained in exports.
Beehive Coke—
Dally average....
effect on
smelting industry.
smelter is to receive what amounts to a bounty of 10s. per ton on zinc im¬
liery fuela
United Btates total—
price of zinc, coupled with increasing costs of production, had a serious
of the smelter was viewed
Penna. Anthracite—
Total,
home
low
May 28
7,400
4,800
1,233
800
10,900
1,817
253,300
444,200
3,525
2.010
2,600,000
20,635
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
of working days in the three years.
c
Adjusted to make comparable the number
The opinion
prevails here that the action to raise the British duty com¬
plicates matters
by making it rather difficult to trade in "free" metal.
Formation of a Zinc Cartel by foreign producers is hard to visualize be¬
cause
of objections raised by
The higher
German and Italian interests.
duty, it is claimed, will place Belgian production in a precarious position,
perhaps forcing that country to curtail operations sharply.
May Production
and Shipments of Slab Zinc
•
«
The
American
Zinc
Institute
on
June
following tabulation of slab zinc statistics:
6
released
the
Business
.'
'
Tin
in the domestic tin market
Straits tin held
,
was
■
'
'
quiet during the last week.
at 49c. early in the week and declined to 48.75c. later.
reflecting
quotations
easier
Tinplate
abroad.
Stocks
are
still large,
liveries of tin in
Chinese
99%,
tin,
1st, 47.000c.; 2d,
nominally as follows: June
was
DAILY PRICES OF
46.900c.; 6th, 46.750c.; 7th, 46,750.
METALS ("E. & M. J." QUOTATIONS)
Straits
Electrolytic Cower
Domestic,
Zinc
Lead
Tin
further
Export,
Refinery
June 1
of coke pig iron in May totaled 1,717,516 gross
compared with 2,056,177 tons in April.
On a daily
output dropped 19.2% from that in April, or from
68,539 tons to 55,404 tons in May, and was the lowest daily
output since last August, when production was 48,193 tons.
The rate of operation in May was at 40.8% of the industry's
capacity, as compared with 50.4% in April.
The "Iron Age"
duction
tons,
basis
May totaled 10,363 tons.
47.000c.; 3d, 47 000c.; 5th,
Refinery
St. Louis
St. Louis
New York
4.60
4.75
49.000
reported:
There were 107 furnaces in blast
.
9.825
9.775
—
New York
60,515 tons
4.50
of the "Iron Age" disclosed that pro¬
The June 8 issue
World de¬
makes for a rather tight market.
by the Buffer Pool, which
Output Drops 19.2%
May Pig Iron
Eastern and Arnhem carry-overs.
but fully one-half of the tonnage in sight is controlled
include the
figures
The
ago.
tons.
The total on hand at the end of May stood
33,873 tons a month previous and 27,909 tons a
30,866 tons, against
year
of Dec. 31,
anticipated.
than generally
at
1938
1,341,856 gross tons based on annual capacities
1937 as follows: Open hearth and Bessemer ingots, 69,964,356 gross
calculated on weekly capacities of
are
as
71,191,994 gross tons and in
Open hearth and Bessemer ingots,
follows:
as
continued at
operations
On June 14 the International Tin Cartel meets to de¬
termine quotas for the next quarter.
The world's visible supply of tin declined 3,007 long tons, a larger drop
70% of capacity.
1939
10
June
Chronicle
Financial
3446
June 1, operating at the rate
on
Nine furnaces were put in operation and four were
daily.
of 60,160 tons
of
the rate
day, compared with 102 on May 1, producing at
a
9.775
9.825
49.000
4.76
4.60
4.50
9.775
9.825
49.000
4.75
4.60
4.50
9.775
9.850'
48.900
4.75
4.60
4.50
June 6
9.775
9.825
48.750
4.75
4.60
4.50
June 7
9.775
9.825
48.750
4.75
4.60
4.50
duction, and one merchant unit was put in blast.
9.775
9.829
48.900
4.75
4.60
4.50
American Steel & Wire Co.; one Duquesne, one Edgar Thomson,
June 2
June 3
.
June 5_
-
The United States Steel Corp. put five in and
taken off blast.
_
prices fcr calendar week ended June 3 are:
Domestic copper f.o.b*
9.775c.; expert copper, 9.808c.; Straits tin, 49.000c.; New York lead,
Louis lead, 4.600c.; St. Louis zinc, 4.500c.; and silver, 42.750c.
The above quotations are "M. <fc M. M's" appraisal of the major United State*
markets based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is. (le¬
vered at consumers' plants.
As delivery charges vary with the destination, the
Average
Tennessee Coal,
Ensley,
Corp.; two
Steel
Illinois
Donora,
Carnegie-
RR. Co.; one
&
Iron
refinery,
Youngstown Sheet & Tube Co.
Hubbard,
Cambria and one Sparrows Point, Bethlehem Steel Corp., and one
4 750c.; St.
Furnaces blown out or banked were:
f.o.b.
quotation.
refinery
STATE8
MONTHS
BY
SINCE,
JAN.
'
'
•
.
January
Copper, Std.
Lead
46,367
107,115
62,886
57.448
46,854
111,596
65,816
57,098
68.539
45,871
113,055
80,125
55.449
55,40.4
40,485
114,104
85,432
55,713
35,400
103,584
86,208
51,570
43,497
108,876
74,331
*: 54.138
73.578
***,»-
__
—w
..
-
- -
_
Half year..
Electro.
Spot
42?I#
June 1
3M
42«i,
{Bid)
Spot
3M
224%
224%
14%
14%
14%
3M
Spot
48
226%
14%
42%
42%
48%
June 5-
42%
226%
224
14%
14111
14
47%
225%
223%
14*1,
14%
14
14%
426i6
42%
48%
225%
223%
14%
1481,
14%
145j,
*
1
June 7
e
12 mos. average
London
All are
pounds sterling per long ton (2,240 lb.).
n
PRODUCTION
•
OF
COKE
56,816
91,010
59,216
93,311
96.512
66,891
98,246
48,075
100,485
63,820
68,864
67.950
51,458
Decern ber
lead and zinc are the official
49,041
87,475
113,679
71,314
::::::
%
November..
83,686
116,317
75,666
•
_
October
buyers' prices for the first session of the
Metal Exchange; prices for copper and tin are the official closing buyers*
for
Prices
prices.
14%
_
112,866
56,015
....
..
September
14%
June 6
42%'
42%
48%
423i«
—
38,767
...
August
14%
48,193
66.203
July
14%
227
June 2
.
3M
Spot
14
47,656
77.246
February ..
March
Zinc
1935
'
65,351
103,597
46,100
70,175
.
May
Tin, Std.
TONS
1936
1937
1938
1939
..
June
Copper
1935—GROSS
I,
Corp.
THE UNITED
'
A pril
Dally London Prices
One Monongahela and one Lorain,
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN
'
at refineries on the Atlantic seaboard.
Deliv¬
0.225c. per pound above the refinery basis."
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.l.f. price—Hamburg,
Havre and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per pound
•
National Tube Co. and one United and one Pioneer, Republic Steei
figures shown above are net prices
ered prices In New England average
above
of pro¬
One Mystic Iron Works furnace; one
Furnaces blown in included:
Average_
banked two.
Independent producers put three in operation and took two out
100,305
83 ,'658
67,556
IRON
PIG
FERROMANGANESE
AND
*
(GROSS TONS)
'
S
i'
'
May Steel Output 2% Below April
Production
during May, as
2,917,876
gross
Steel Institute.
open
hearth
for May
was
MONTHLY PRODUCTION OF OPEN-HEARTH
AND BESSEMER STEEL
INGOTS—JANUARY, 1938, TO MAY, 1939
(Calculations based on reports of companies which in 1938 made 97.31% of the
open-hearth and 99.90% of the Bessemer ingot production)
;
'
■■
/
s
Calculated Monthly
Production
•
Calculated
Weeks in
Production
■
Number of
Weekly
.
Month
Gross
Per Cent
Tons
.
1938
20.805
1,429,085
February
2,175,423
2,060,187
January
22,388
of Capacity
(GrosS Tons)
3,216,653
2,982,011
3,396,021
53.18
726,107 "
4.43
54.60
745,503
4.00
56.14
766,596
4.43
9,594,685
54.64
746,087
12.86
2,986,985
2,917,876
50.99
696,267
4.29
48.24
658,663
4.43
1,298,268
1,452,487
16,008
2,056,177
1,376,141
11,1518
May
1,717,516
1,255,024
7,888
20,205
18,655
2,394.615
April...
21,194
18.607
'
13:341
'
14,546
1,062,021,
June
7.873.026
110,281
1,201,785
1,493.995
20,818
August
September
1,680,435
Half year.
H
July
r........
6,088
630
.
3,621
2,052,284
November
2,269 983
13,156
December
2 210.728
V. 19,197
18,782.236
173.791
Year
These totals do not include charcoal pig iron,
x
Steel
Included in pig iron figures.
y
Output Gains Point to 53%, Highest Rate Since
Early April
The "Iron Age" in its issue of June 8 reported that steel
ingot production has gained another point to 53 %, the highest
level since the first week of April, while scrap prices again
have strengthened, the "Iron Age" composite price gaining
37c. to $14.58.
The publication further stated:
Operating increases of two points to 51% at. Youngstown.two points to
1939—
January...
..
--
February—
March
-
•
First quarter
35% at Philadelphia, six points to 71% at Wheeling, and five points to 58
>
in Southern Ohio
River plants offset
and in the West, While the
mained unchanged.
"
■
narrow
,i—.
in
specifications
' "
••
.
/
1938—
1,734,165
29.17
391,459
February
1,697,452
31.63
424,363
March
2,004,204
33.72
452,416
5,435,821
31.50
422,692
12.86
1,919,042
1,800,877
1,632,843
33.34
4.29
28.36
447,329
406,519
380,616
5,352,762
30.66
411,434
13.01
First quarter..
4.43
4.00
,
May
June
30.30
flat rolled steel booked during May "bargain
fication of the bar prices, where large buyers face an
on
4.43
10,788,583
First six months
31.08
4.43
third quarter
Clari¬
increase of $1 a ton
business is expected soon.
Iron
Institute, representing steel manufacturers
Steel
and
4.29
with John L. Lewis, SWOC and others
have not, for drastic revisions of the Wagner Act.
for labor act revisions,
a
In
an
unanimous appeal
the steel producers seek to restore free speech to
monopoly by national labor organizations, and block
attempts to link the right to work compulsory payment
of union dues.
Meanwhile, spreading strikes in plants of the automobile industry—a
25.87
417,031
-
days."
Perhaps the most important industrial news of the week is a request by
the American
employers, prevent
Second quarter
by producers in driving
feeling is replacing disordered conditions of a few weeks ago.
which have signed labor contracts
April
'
.
success
Except for hot rolled bars, the price situation this week is more settled and a
better
January
on
declines at Chicago, Buffalo
important Pittsburgh district operating rate re¬
Stronger mill schedules reflect moderate
May..
1939
1938
1939
March
below the April figure of 2,986,985
gross tons, but was 62% greater than output in May, 1938,
when 1,800,877 gross tons were produced.
In producing the May tonnage, the steel industry operated
at 48.24% of capacity, the lowest rate so far this year.
April operations represented 50.99% of capacity, while in
May, 1938 the industry operated at 30.30% of capacity.
Ingot production during May averaged 658,663 gross
tons per week, a decline of about 5% from April when an
average of 696,267 gross tons of ingots was produced per
week.
Weekly output in May of last year averaged 406,519
gross tons.
>
'
The tptal
Ferromanyanese y
Ply Iron x
and Bessemer steel ingots
reported on June 7, amounted to a total of
tons, according to the American Iron and
of
leading outlet for steel—supported the institute's position that the Wagner
—
Third quarter
42.68
446,678
572,709
4.43
46.09
618,488
4.28
7,158,548
August
September.
33.29
1,974,317
2,537,102
2,647,129
July
40.63
545,205
13.13
4.42
week
was on a
which
17,947,131
34.29
460,183
39.00
52.25
701,125
4.43
November
3,105,985
3,558,363
61.81
829,455
4.29
December
3,130,746
52.79
708,314
4.42
October—
Fourth
9,795,094
55.55
27,742,225
39.65
quarter
13.14
745,441
assemblies have reached
in
Total
Note—'The percentages of
apaclties of 1,365,401
capacity
gross tons
operated
In
1939
52.14
532,072
are
calculated
based on annual capacities
as
on
weekly
of Dec. 31, 1938
new
an
new
a
estimated 100,000 men, and automobile
low point
for 1939.
business in the domestic market is
unimpressive, (unlike that
England where pig iron output has been lifted to a new two-year
and
some
railroad
steel
The
products require as much as
demand
shipbuilding
for
program
largest freight
steel
shows
signs
peak
four months for delivery),
of reviving and the Government
is gaining momentum.
car
inquiry to develop in some time is one
for 1,100
of steel.
At Washington,
the Navy Department has awarded contracts for 12 vessels, valued at*
$107,131,000 to five companies, and has also assigned construction of 12
additional ships, including two 45,000-ton battleships, to seven yards.
cars
"•
weekly schedule of three days or less, due largely to stroikes,
have already affected
While
Nine months
Virtually the entire automobile industry the past
Act must be amended.
by Western Marylandt involving 13,000 tons
34,000 tons of
on
armor
plate.
Bids
undisclosed number
an
are
of cargo
Operations
100,000 tons of steel, including
The 24 ships are expected to require nearly
Commission
requiring about 2,650 tons of
sought by the Maritime
vessels
21,900 tons from 35,225 tons
Structural steel lettings have declined to
auditorium at Buffalo, 2,680 tons
for the Burr Oak Avenue viaduct,
11993354
Several
the
10,500 tonso
tons, compared
New reinforcing projects call for
May totaled 1,717,516 gross
Production of coke pig iron in
weeks;
for
the
1,800,877 tons
against 2,986,985 tons in April, and
"IRON
COMPOSITE
AGE"
Finished
„
.
June 6. 1939,.2.236c. a Lb.
•—
2,917,867
in May 1938.
PRICES
sheets and strip acquired a
Steel
-
—
1937
1936.
seen
products represent
85% of the United States output.
Low
._
._
*
-
1927..............".
-
1939. $20.61
6.
June
May 17
Mar. 9
Dec. 28
<
a
...
One year ago..
•
.
1938.
$20.61{
20 011
23.251
June 21
P._
-
..
1935..........
1933...
-
...
-
i
1932
---
U
1930
1927.............
Steel
June
One week ago
-
One month ago
.....
...
agd
One year
20.25
18.73
17.83
Jan.
5
Jan.
'
'
7
4
Jan.
,
16.90
13.56
13.56
15.90
17.54
(Based on No, 1 heavy melting steel
$14.21 {
quotations at Pittsburgh, Philadelphia
14.251
and Chicago.
ll-.OOl
1939".
1938..i.
:
1936
------
....
..."
1935...
1934...
Jv
1
1933..-..-1932..
---
Low
$15.29
15.00
21,92
17.75
13.42
Mar.
Nov;
Mar.
Dec.
Dec.
13.00
12.25
Mar.
Aug.
8.50
Jan.
15.00
15.25
Feb.
Jan.
-
.....
1930..
-
1927....'..
decline of
•
$14.08
May
16
11 00
June
7
12.92
28
22
30
21
10
13
8
12
18
17
built
and
telegraphic
12.67
June
May
Apr.
29
9.50
Sept
25
6.75
Jan.
3
"6.43
July
5
11.25
Dec
o
13.08
Institute
Steel
,
May
23'.
May 31
June
toift
Aug. 22.
.42.8% Dec.
Aug. 29.,...44.0% Dec.
30.4%
30.7%
29.0%
26.1%
9..;
May 16
possible.
as
and
on
Nov. 22
June
5
However,
it is
questionable whether
the
'
,
dropped sharply
Briggs
strike.
last
Output
the result of holiday
week,
of only
32,445
units
than 35,000 but compares with 26,980 a year ago.
was
a
Chrysler
1,100 units against 5,650 the week before; Ford slipped from 20,350
6,075.
Partial recovery is indicated for this week,
on the labor situation.
ations which
makers
currently
an¬
model prepar¬
new
.
Daily
pig iron production in May
average
but
37.2% larger than
the
banking of furnaces
a
to
fuel
conserve
19.5% from April
during
was
the coal
At the end of
102 April SO.
restricted by
tieup.
mining
May, 107 blast
Total pig iron production in
1,716,544 tons, compared with 2,063,083 tons in April and 1,-
was
260,937
active, against
were
down
was
Last month's output
year ago.
Many of these Stacks since have resumed.
May
the extent depend¬
The latter also will influence
reflected in moderate steel shipments to parts-
are
tons
a
Output the first five months of 10,408,485 tons
year ago.
was
51.5% ahead of the corresponding 1938 period.
Pig iron prices have been reaffirmed for third quarter.
quotations
generally
steady,
are
despite
occasional
Finished steel
shading
products.
Recent developments in
has
heavy steel markets
tons will be
maritime commission
and concrete
former
were
is
required for 12 merchant ships on
expected
reinforping bars
among
the
Western
the heaviest
ness
otherwise is light,
declining.
railroads
Recent
may,
far this
so
are
more
year,
than 33,000 tons
+
,
enlivened slightly by an
1,110 freight cars.
inquiry from
Pending freight car busir
while mill backlogs of track material gradually are
legislative developments at Washington
if furthered,
have
equipment.
stimulating
a
effect
affecting the
•
Gains included
points to 42% at Pittsburgh, 43-4 points to 53H at Chicago,
70 at Wheeling, 2 points to 44 at Buffalo, 3 p< in ;s to 60 at
points
60 at
to
Cincinnati
3
and
points
England wqs off 10 points to 35, Cleveland
declined
1 >4
points to 37 lA-
New
down 1 to 53 and St, Louis
was
Eastern Pennsylvania at 37% and Detroit
unchanged.
Scrap is stronger in
the upturn
11 points
Birmingham,
Youngstown.
48 at
to
of
on" purchases
"
'
Most districts shared in last week's rise in
steelmaking.
8
which the
Structutal shapes
Last weeks' awards of the
active.
orders.
seven
Maryland for
ask bids shortly.
to
are more
Railroad equipment markets
to
The navy
placed eight destroyers and eight submarines requiring 9,500 tons of
steel, and 30,000
6
.
_
favorable.
are
certain
on
„
'
number of districts, but buying has yet to follow
a
in consumption and the price composite is unchanged at
The finished steel composite holds at $55.70.
$14.
:
.
»,
Steel
ingot production for the week ended June 5 is placed
at 523^% of capacity, according to the "Wall Street Journal"
of June 8.
This compares with 48b£% in the previous week
and 46% two weeks ago.
The "Journal" further repoited:
U...S.
and
Steel is estimated at 47lA%, against 42J^%
42% two weeks
Leading independents
ago.
1939—
are
in the week before
credited with 56^%,
compared with 53Yi% in the preceding week and 48lA% two week ago.
59.9%
Mar. 13
12
57 6%
Mar. 20.....55 4%
Dec.
19..
51.7%
Mar. 27_.:_"_56.1 %
with
Dec.
261
38.8%
Apr.
3......54.7%
Apr, 10.....52.1%
approximate changes, in points, from the week immediately preceding:
—
6.—.39.9%
Sept. 12
45.3%
Sept. 19
47.3%
Sept.
26.2%
6
In some instances releases
ago.
1,600: General Motors from 31,600 to 23,670, and all others from 10,060
9
10.33
reports
IQlfi
1938
few weeks
to
ing
Nov. 10
which it had received
indicated that the operating rate of steel companies having
96% of the steel capacity of the industry will be 54.2% of
capacity for, the week beginning June 5, compared with
52.2% one week ago,,47.0% one month ago and 26.2% one
year ago.
This represents an increase of 2 points or 3.8%
from the estimate for the week ended May 29, 1939.
Weekly
indicated rates'of steel operations since May 9, 1938, follow;
that
soon
•
more
at 57 were
Iron
American
The
nounced
as
alone being involved in
Scrap
High
1937
shutdowns
$14,58 a Gross Ton
1939.
6.
July
6
Feb. 16
Aug. 11
May 14
Jan
27
Jan.
3
Dec.
6
Dec. 16
Nov. 1
$19 61
Mar. 9
Nov. 24
Nov. 5
May
1
Dec.
5
$23.25
23.25
19.73
18.84
-.17.90
16.90
14.81
..18.21
19.71
-
1937
1936
Low
High
.
-
usually
consumers
tonnage will be shipped by the end of third quarter, particularly auto--
furnaces
(Based on average for basic Iron at Valley
furnace and foundry iron at Chicago.
Philadelphia,
Buffalo.
Valley
and
Southern iron at Cincinnati.
Gross Ton
-
One month ago..
"
Iron
Pig
One week ago
othe*"
to
May 16
Oct.
8
Mar. 2
Mar. 10
Jan.
8
Jan.
2
May 2
Mar. 15
Oct. 29
Nov. 1
2.236c.
2.211c.
2.249c.
2.016c.
2.056c.
1 945c.
1 792c
1.870c.
1.962c.
2.212c.
3
Jan.
...2.062c.
Oct.
1
.....2.118c.
Apr. 24
...1.953c.
Oct., 3
1.915c. " Sept. 6
2 192c.
Jan.
7
2.402c.
Jan.
4
1934
1930..
later
shutdowns
likely to continue restricted
in stated intentions of some, producers to clear books of
their low-
Motorcar assemblies
pipe, sheets and hot
black
rolled strips. These
2.249c.'
i
:
1932
are
some
expanding.
Possibility of heavy operations of sheet and strip mills the next few months
is
motive steel.
wire, rails,
2.286c.
2.512c.
2.512c.
-
1938
have scheduled
of
although automotive companies
naturally prefer to postpone receipt of most of the material they have on
all
High
1939
plants
requirements
of this tonnage are heavier than
expected,
(Based on steel bars, beams, tank plates,
2.236c
2.236c.
2.487c.
....
One month ago
One year ago
and
Meanwhile, steelmaking will receive strong support from mill backlogs
'
One week ago....
equipment
future,
price business
:
farm
some
near
order until later in the year when
assembly of new models will be
2,056,177 tons in April,
THE
the
Nevertheless
moderate seasonally at this period.
Output of open hearth and Bessemer steel ingots in May totaled
tons,
steelrraking.
th.s month until after July 4: railroad needs
oi
1,275 tons for a
East River drive in New York, and
oi
Automobile builders will require only small steel tonnages for a number
of
Hall high
school, Brooklyn.
New structural projects are in small volume at 7,800
tons, the largest being for 1,900 tons for a section of the Chicago subway.
This week's reinforcing steel awards stand at 7,800 tons, including 1,600
housing project at Buffalo.
will prevent consumption the next 30
trend
recent
hopeful that gradual betterment will prevail in business
more
during the second half.
for a civic
for a bridge at Lorain, Ohio, 2,400 tons
Chicago, and 1,985 tons for Shasta dam
Redding, Cal., and 115 tons for an addition to Erasmus
tons for a section of the
and
ago.
factors, mostly seasonal,
industry is
previous week, the largest of the new awards including 4,300 tons
with
4 points last week to 52 %, best rate in eight weeks
rose
comparing with 25^% a year
days from matching the
steel each.
towers at
3447
Chronicle
Financial
140
Volume
1939—
55.7%
27.1 %
28.0%
Sept. 26
46.7% Jan.
2
50 7%
Apr.
17
Oct.
3
47.9% Jan.
9
51.7%
Apr.
24
28.7%
Oct.
10
51.4%
16
52.7%
May
1
Oct.
17
49.4% Jan.
23.».^.51.2%
May
Oct.
24
Oct.
31
53.7% Jan.
.56.8% Feb;
comparison of the precentage of production
47 8%
22.4%
11
32.3%
18
.36.4%
25.....37.0%
I.....39.8%
a
corresponding week of previous years, together with the
48.6%
June 27
following table gives
the nearest
50,9%
June 20
The
June
July
July
July
July
Aug.
Aug.
13..;
Aug. 15
..............
&2X
1938
........
26
48.5%
May 29.....52.2%
1937
75
June
1935
30
52.8%
8.....47.0%,
May 15
45 4%
6
53.4%
May 22
7.....61.0% Feb. 13
54.8%
53 7%
62.6% Feb. 20
Nov'. 21.....61.9% Feb. 27.....55.8%
Nov. 28
.60.7% Mar. 6.....55.1%
5.....54.2%
1936
steel markets
Steel
Cleveland
of
demand
on
in
its
June 5 stated:
summary
—m
26 44
—2
26'
—H
88
—144
64
+1
144
73
+1
42
—2
70
+2
+ 1
40
6444
'
—2
37
1934
60
+
1933
of the
iron
and
46
+ 1 H
48
J-4
37 44
1931
39
.
—2
40
71
indicated by the sharp rise in ingot production
is
the past two weeks.
53
+2
38 44
—1
•
—2
—144
07 X
75
1929 :.
than
—
.
— 2*4
—14
Not available
1930
is slightly more active but by a smaller amount
+3
+5
1932
"Steel"
56 44
47 H
+4
69 ^
..............
Independents
U. S. Steel
Industry
1939
Nov. 14.
39.4%
40.4%
8.:
Jan.
Nov.
5
96 y2
1928
76
—3 44
79
1927
74
—1+4
78
100
+
—
44
94 H
.
244
+2
73
/
—3
71
444
:
,
'•
)
The Week with the Federal Reserve Banks
Increase
(+)
or
Decrease
(—
Since
week ended
During the
7 member bank
June
reserves
arose
from
a
decrease of $64,000,000 in Treasury
cash and increases of $31,000,000 in gold stock and $3,000,000 in
Reserve bank credit, offset in part by increases of
$18,000,000 in
in circulation, $15,000,000 in Treasury
deposits with Federal Reserve banks and $44,000,000 in
non-member deposits and other Federal Reserve accounts.
Excess
to
be
money
reserves
of member banks
on
approximately $4,280,000,000,
June 7
an
were
estimated
increase
of $60,-
000,000 for the week.
week ended June 7 will be
3488 and 3489.
Changes in the amount of Reserve bank credit outstanding
on
pages
and related items
were
as
follows:
7,
1939
May 31, 1939
3,000,000
—1,000,000
$
Bills discounted
—
Bills bought..
advances
(not
—6,000,000
including
$11,000,000 commltm'ts—June 7,)
Other Reserve bank credit
Total
June 8,1938
8
2,564,000,000
U. S. Government securities
Industrial
S
1,000,000
...
Reserve bank credit
Gold stock
Treasury currency
Member bank reserve balances
The statement in full for the
found
June
reserve
Additions to member bank
balances increased $24,000,000.
—5,000,000
12,000,000
—4,000,000
+ 4,000,000
+4,000,000
2,576,000,000
+ 3,000,000
—6,000.000
...15,987,000,000
+ 31,000,000
+ 3,047,000,000
2,864,000,000
+ 1,000.000
+161,000,000
10,053,000,000
+ 24.000.000
+2,205,000.000
6,986,000,000
+ 18,000,000
+548,000,000
cash.:...,
...
2,571,000,000
Treasury deposits with F. R. bank..
935,000,000
Non-member deposits and other Fed¬
—64,000.000
+294,000,000
883,000,000
+ 44,000,000
Money in
circulation
Treasury
eral Reserve accounts
+
15,000,000
—
70,000,000
+223,000.000
June 10, 1939
Chronicle
Financial
3448
Increase
Banks in New York City and
Returns of Member
May 31, 1939
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks which will not be available until the coming Monday.
IN
CENTRAL RESERVE
Time deposits
United States
May 31
8,052
1,369
1,364
Commercial >
Industrial
agricultural loans
Open market paper
Junt 7
1939
.
Foreign banks
Borrowings—
In the
$
$
$
2,014
1,981
1,843
537
538
—4,000,000
+ 843,000,000
+320,000,000
+2,000,000
+ 2,000,000
351
the condition of the Canadian
with the figures for March, 31,
we compare
551
358
following
for April 29, 1939,
1939 and April 30, 1938.
banks
June 8
1938
May 31
1939
1,511
2,798
-
+ 26,000.000
+ 28,000,000
6,675,000,000
635,000,000
3,000,000
BANKS
7,947
3,244
8,000
2,781
—
+19.000,000
„„„
Comparative Figures of Condition of Canadian Banks
%
%
%
Loans and investments—total..
„
Domestic banks
-Chicatfo-
1938
Loans—total
+ 2,376,000,000
CITIES
June 8
1939
+ 10,000,000
—16,000,000
At
New York City
1939
(—
June 1. 1938
$
—12,000,000
..
Inter-bank deposits:
(In Millions of Dollars)
June 7
Decrease
or
May 24, 1939
$
—16,965,000,000
5,235,000,000
Government deposits
559,000,000
deposits—adjusted.
Demand
Reserve
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
* «
Liabilities—
Below is the statement of the Board of Governors of the
Federal
(+)
Since
Chicago—Brokers' Loans
350
CONDITION
OF
STATEMENT
BANKS
THE
OF
THE
OF
DOMINION
CANADA
OF
and
124
Loans to brokers and dealers.
133
568
.
17
18
19
714
125
553
_
33
40
46
Assets
Apr. 29, 1939 Mar. 31,1939 Apr. 30. 1938
'
Other loans for
purchasing or
200
200
200
68
68
66
In Canada
112
111
118
13
13
12
ELse where
38
45
139
385
carrying securities
385
Real estate loans
Loans to banks
Other loans
-
Treasury bills.-
.
159
212
631.
137
137
2,137 j
1,033
1,044
57
11,141,600
643
Deposits with Bank of Canada
Notes of other banks.
.—
1,138
1,130
1,019
333
338
302
46,999,059
205,641,771
4,284,893
29,253,042
107,323,107
46,905,579
195,729,138
5,392,803
22,830,561
3,091
879
884
888
60
52
29
29
33
Cheques on other banks
Loans to other banks In Canada, secured,
Balances with domestic banks—
77
82
80
240
272
215
400
397
504
49
50
53
5,151,.509
28,683,373
100,919,711
United States & other foreign currencies
4,976
80
Other assets—net.
9,684,459
48,358,848
206,187,420
Notes of Bank of Canada
118
4,842
...
Reserve with Fed. Res. banks—
11,152,253
Dominion notes
Cash in vault
Other securities.
5,201,421
4,483,038
Total-
872
Obligations fully guaranteed by
United States Government...
6,009,456
5,142,797
125
221
627
-
2,154
U. 8. Govt, bonds..
"48
"48
3,041
1471
744
5,619,016
5,522,584
;-i-
1
429
159
787
—...
Treasury notes
$
gold and subsidiary coin-
Current
and
with
made
Deposits
balance
due
from other banks In Canada..
LialrUilies—
Demand
118,088,119
including bills rediscounted.'
4,852,600
4.203,941
4,213,621
15,618,755
23,465,503
36,098,443
179,852,323
89,378,871
Due from banks and banking correspond¬
deposits—adjusted
Time deposits
1,649
485
484
463
60
60
111
2,482
736
730
683
273
12
14
6
6,316
616
617
657
66
128
2,803
2,830
545
533
.«
deposits
'
Kingdom
ents in the United
1,503
'7,614
61
..i
United States Govt,
1,639
7,590
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom
Inter-bank deposits:
Domestic banks
».
Foreign banks
Borrowings
...........
Capital account...
Provincial
Government securities...
1,202,765,958
,199,025,914 1,155,050,331
Canadian municipal securities and Brit¬
22
"344
"345
309
"14
"l4
*"*18
1,492
1,490
1,487
265
265
246
Other liabilities
202,402,841
and
Government
Dominion
ish,
and
foreign
colonial
public
se¬
curities other than Canadian....
178.452,062
172,386,508
127,635,055
Railway and other bonds, debs. & stocks
127,546,031
177,547,517
1-23,337,745
Call and short (not exceeding 30 days)
oans
Complete
Returns
Reserve
of
Member
of
Banks
the
Canada
in
on
deben-
stocks,
bonds and other securities of
marketable value to
ures,
Federal
sufficient
System for the Preceding Week
54,412,534
43,929,725
cover
•
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the, same week, instead of being held until
the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities 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 May 31:
The condition statement of weekly reporting member banks in 101 leading
Elsewhere than In Canada
Other current loans &
55,745,642
49,400,134
800,567,377
144,383,214
814,102,924
dlscfs. in Canada..
Elsewhere
143,289,500
63,870,416
50,088,047
769;729,815
160,361,070
Loans to the Government of Canada..
22", 587] 745
22,660*362
15",899", 428
119,077,412
119,264,476
120,474,561
8,942,465
8,835,322
7,887.057
4,265,634
4,214,191
10,041.038
8,426,704
4,448,280
72,226,657
72,721,924
73,326,856
53,552.427
54,792.014
56,927,610
5,490,826
11.320.T84
5,486,139
11,447,436
5,997,938
11,357,022,
2,307,469
2,455,572
Loans to Provincial governments
Loans
to
cities,
municipalities
towns,
and school districts...
Non-current
loans,
estimated loss
pro¬
vided for..
Real estate other than bank premises
Mortgages
Bank
on real estate
premises
at
not
^old by bank.
more
than
cost
v
less amounts (If any) written off
Liabilities of customers under letters of
credit
per contra
as
Deposit
with
the
...
Minister
of
7,975,260
Finance
for the security of note circulation
Shares of and loans to controlled
cos
Other assets not included under the fore¬
going heads
cities shows the following principal changes for the week ended
May 31:
Decreases of $15,000,000 in commercial, industrial and
agricultural loans
Total assets..
...
2,114.026
3,495,562,417 3,471,083,528 3,337,320,115
and
$61,000,000 in holdings of Treasury bills, and increases of $24,000,000
holdings of "Other securities," $21,000,000 in holdings of Treasury notes
$10,000,000 in demand deposits-adjusted.
in
and
Commercial, industrial
and
New York City and $15,000,000 at all
reporting member banks,
Loans
$4,000,000.
Holdings of Treasury bills decreased $37,000,000 in the St. Louis district,
$18,000,000 in New York City, and $61,000:000 at all reporting member
banks.
Holdings of Treasury notes increased $17,000,000 in New York
City and $21,000,000 at all reporting member banks.
Holdings of .United
States
Government
$13,000,000
bonds increased
$16,000,000 in
New
York City and
at all reporting member banks, and decreased
$16,000,000 in
Holdings of obligations guaranteed by the United
States Government increased
$14,000,000 in New York
at all reporting member banks.
City and $9,000,000
Holdings of "Other securities" increased
$28,000,000 in New York City, $9,000,000 in the St. Louis district, and
$24,000,000 at all reporting member banks.
Demand deposits-adjusted decreased
$93,000,000 in the St. Louis district
and
$24,000,000 in the Philadelphia district;, and increased $81,000,000 in
$25,000,000 in the New York district outside New York
City and $10,000,000 at all reporting member banks.
Time deposits de¬
New York City,
creased
$7,000,000 in
New
York
Louis district and
to
domestic
$28,000,000
banks
increased
$32,000,000 in the
44,395,235
Advances under the Finance Act.......
Balance due to Provincial governments.
66,12+003
43,837*268
51*564*135
705,249,412
687,101,740
Deposits by the puDllc, payable
all reporting member banks.
at
Deposits
notice
May 31.
•
<
.
'
.
'
*
.
Increase
(+)
Decrease
or
(—)
Since
May 31,1939
Assets—
May 24, 1939
$
Loans and investments—total
June 1,
$
1938
$
21,680,000,000
+ 7,000,000
+ 1,144,000,000
8,126,000,000
+ 1,000,000
—208,000,000
3,822,000,000
—15,000,000
—170,000.000
308,000,000
—1,000,000
—57,000,000
721,000,000
Loans—total
+4,000,000
+ 118,000,000
Commercial, industrial and agri¬
cultural loans
to
paper
brokers
and
dealers
in
securities
loans
for
purchasing
or
carrying securities
539,000,000
—2,000,000
1,156,000,000
+ 2,000,000
Loans to banks
59,000,000
+3,000,000
Other loans...
1,521,000,000
Loans
—61,000,000
Treasury bills
Treasury notes...
United States bonds^
+
5,851,000,000
+13,000,000
+ 9,000,000
fully
States
guaranteed
from
payable
after
other
banks
Balances with domestic banks
1,696,974,403 1,700,393,661 1',630,544,534
467,875,156
452,295,458
397,716,805
in
other banks in Canada
14,302,974
15,840,005
13.809,021
12,537,106
12,270,310
44,900,958
68,882
48,286,837
137,849
41,899,014
53,552,427
3,838,300
2,781,446
133,750,000
145, .500,000
54,792,014
4,288,298
1,501,015
133,750,000
145,500,000
56,927,610
3,828,484
Due to banks and banking correspond¬
ents in the United Kingdom.
Elsewhere than in Canada and the
United Kingdom.....
r_
Bills payable
Acceptances
and
letters
of
credit
Dividends declared and unpaid
Rest
or reserve
Capital paid
fund
18,285:737
285,049
out¬
standing
Liabilities not incl. under foregoing heads
...
up.
...
.
2,357,649
133,750,000
145,500,000
3,484,472,985 3,458.122,209 3,326,789,575
in the official reports,
the above do not exactly agree with the totals given.
cents
the footings in
Ames, Emerich & Co., Inc. of Chicago announced June 6
they have been advised by the Conversion Office for
German Foreign Debts in Berlin that the 7% serial gold
bonds (external loan of 1926) of the Bavarian Palatinate
that
Consolidated Cities have been included in the general offer
which the German
governmental agency has made at various
regarding other German loans and which
will enable holders to exchange matured and unpaid bonds
for unmatured bonds or accept payment for the bonds in
blocked Reichsmarks in accordance with prevailing govern¬
mental foreign exchange regulations.
The announcement
times since
1935
also stated:
was
+ 393,000,000
on
[
(German) Bavarian Palatinate Consolidated
7% Gold Bonds May Exchange for New Bonds
Accept Payment in Blocked Reichsmarks
Cities
or
In the
f
by
case
of the Bavarian
Palatinate Consolidated Cities
+644,000,000
+ 24,000,Q00
+ 315,000,000
—27,000,000
+ 2,197,000,000
427,000,000
—3,000,000
+ 37,000,000
2,702,000,000
—5,000,000
+ 329,000,000
loan, which
shold in the United States in 1926, the offer applies to all bonds maturing
Jan.
1 each year from
1933 to
Holders are offered the option of
1939.
exchanging their matured bonds for
Government
Cash in vault...
—44,000,000
—55",boo",000
21,000,000]
2,055,000,000
Other securities
w
3,262,000,000
Reserve with Fed. Res. banks..... 8,449,000,000
United
public,
fixed day in Canada..
Canada,
secured, Including bills jedlscounted..
Deposits made by and balances due to
+ 10,000,000
333,000,000
2,053,000,000
Real estate loans
Obligations
the
,
Holders of
„
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended
May 31, 1939, follows:
Other
by
or on a
715,599,245
Deposits elsewhere than in Canada.....
A summary
Loans
de¬
Note—Owing to the omission of the
Deposits
to
Open-market
on
mand in Canada
St.
foreign banks decreased $5,000,000 in New York City.
Borrowings of weekly reporting member banks amounted to $3,000,000
on
100,363,220
42,222,781
Total liabilities.
Deposits credited
..
97,490,456
30,5*3,589
City and $12,000,000 at all reporting
member banks.
credited
94,862,028
ducting adv. for credits, pay-lists, Ac.
Balance due to Dominion Govt, after de
agricultural loans decreased $8,000,000 in
to brokers and dealers in securities increased
the St. Louis district.
Liabilities
Notes in circulation
new
unmatured series; or they may accept
bonds of a similar par value of an
full payment for their holdings with
the funds to be placed in an "Amortization
If holders accept the former
in the
near
offer,
new
Blocked Reichsmark Account".
unmatured bonds will be delivered
future; if the latter offer is accepted holders will have reichsmarks
Volume
Financial
148
deposited to their credit in
their bonds.
German bank equivalent to the amount
a
Under present German regulations the funds cannot be trans¬
ported out of the country.
The
Conversion
Office
who do not take
Not
a
for
German
Foreign
should
definitely "take
the possible exception of the
to anticipate the future.
stock" of his position.
Dollar Bonds
It is imperative that he find
the status of his investment is
today and what it is
tomorrow.
Argentine Offer
posited Funds May Soon be Distributed—Time for
motive
Deposit^ Extended
of
Treasury Notes
likely to be
Facilitate Auto¬
to
Goods
to June 30
The bondholders committee for
City of Cordoba (Argentine
Republic) 7 % external sinking fund gold bonds of 1927 due
Aug. X, 1957, announced on June 5 the receipt of advices
from its counsel in the Argentine that final
judgments
ag¬
gregating $2,172,000 principal amount of bonds have been
granted the committee, and that negotiations are now under
way whereby the distribution may soon be possible of a pro
rata share of the 1,750,000
Argentine pesos deposited to date
Dr.
August, 1937 and
February, 1938.
At current exchange rates this amount is
equivalent to approximately $540,000 United States cur¬
rency.
The announcement went on to say:
The committee,
which is headed by Fred J. Young,
as
Chairman, now
represents over
letter to
52% of the total amount of bonds outstanding, and in its
bondholders covering this announcement states that it has been
further advised that residents of
Argentina have also obtained judgments
for $525,000 principal amount of bonds.
This amount, it was said,
together
with the amount on which the committee has
obtained judgments, accounts
for $2,697,000 principal amount cf the
bonds',
outstanding.
63.4% of the total issue
or
.*
The letter says in part:
ments, the most important of which is the
a
so
as
to enable
a
obtained by White, Weld &
White, Weld & Co.,
revenues
now
bondholders who have obtained judgments to
of the Committee's claims based
on
upon the proportion which the amount
U. S. currency bears to the amount of
White, Weld & Co.'s claim based
on U. S. gold dollars of the 1927 standard."
"The Committee has begun conversations with the
City to see if an ar¬
whereby the funds
be released
have
not
yet deposited their bonds
were
and Financial Counselor of the
Argen¬
Short Interest
on New York Stock
Exchange
Increased During May
The short interest
existing as of the close of business on
the May 31 settlement
date, as compiled from information
obtained by the New York Stock
Exchange from its'members
and member firms, was
667,804 shares, exclusive
of short
Positions itcarriedannouncedodd-lot 9. The Exchange's an¬
in the
accounts of all odd-lot
ealers,
June
was
nouncement continued:
.
This
figure compares, closely, but not exactly, with 662,313 shares on
April 28, which excluded the short positions of the three
large odd-lot firms
but not the short positions of the seven
specialist odd-lot dealers.
As of
May 31 settlement date, the total short interest in all odd-lot dealers'
57,750 shares.
This latter figure was first released as of the
there
1,233 individual stock issues listed
33
were
existed,
or
occurred
issues
in which
in
a
which
a
1937—
Jan.
Feb.
28
If sub¬
substantial cash payments would be made,without further
delay, that the
present legal relations between White, Weld & Co. and the
City would be
clarified, and above all, that a definite and permanent
system of regular
distribution to bondholders of the pledged revenues of the
Loan would be
established."
In this connection, the committee has
than 2,000 shares
7.
reported
as
of May 31,
403, compared with
was
1938—
31
944,957
believe that
more
1938—
1,040,964
so.
was
31
In the following tabulation is shown the short interest
existing at the opening of the last business day of each month
since May 28, 1937:
30
we
May
on
than 5,000 shares
more
,
short interest
1939, exclusive of odd-lot dealers' short position,
430 on April 28.
28
promptly do
Exchange
...
The number of issues in which
June
would
the
change in the short position of
during the month.
May
represented by the Committee,
on
short interest of
a
deposit in the Banco de
now on
!
,
.
Of the
The Committee believes that
immediately."
its position in such negotiations would be
greatly strengthened if bondholders
stantially all bonds
Groppo, Finance Minister of the Argentine
announced that the recent offer of
Treasury
facilitate automotive imports from the United States
Irigoyen, Economic
tine Embassy.
subject to its
proportionate amount of the pledged revenues, as soon as they
Bondholders should note that White, Weld & Co. has
would
Other
to
will not be extended to
any other kind of imported goods;
was indicated in New York on
June 8 by C. Alonso
bondholders," the
junior to sevral attach¬
1938.
portion of said
agreed to immediate proration based
Cordoba
Extended
above settlemtnt date.
become available.
rangement can be reached
Be
this
the
are
one
Co. in the action for principal filed in
June,
collect
Not
accounts was
attachments secured by it in its various suits
attachments
Will
Pedro
notes to
.
"As the Committee has indicated in
previous letters to
however, has agreed to release
Imports
Republic, has
in the Banco de Cordoba
pursuant to attachments granted
by the Court in the cases of White, Weld & Co. versus City
of Cordoba for the service
moneys payable
who
world, with
stable currency, and with the staggering costs of arma—
out what
advantage of the offer.
Bondholders Committee for City of Cordoba
(Argentina)
7% Gold Bonds of 1927 Granted Judgments—De¬
now
a
everywhere, it is difficult
Under these
conditions, the individual holder of Foreign
announced that no
Debts
be paid on any bonds held by
year will
3449
single country in the
United States, has
ments
interest maturing after Jan. 1 this
owners
Chronicle
of
July
30
Aug. 31
..
Mar. 31
1,007,736
966,935
31
29..
1,384,113
May
31...
June
30
1,343,573
1,050,164
July
29....
833,663
Mar. 31..._.i._
Aug.
31..,
729,480
588,345
Apr.
28
536,377
529,559
*662,313
May
31
667,804
Sept. 30........
*
669,530
587,314
500,961
30
Dec.
967,593
Nov. 30
Apr.
28
Nov. 29
Oct.
1,214,082
1,184,215
..1,051,870
Sept. 30
Oct. 29
Dec.
1,222,005
1,141,482
1,097,858
1939—
Jan.
31.
Feb.
28
447,543
Revised.
extended the period
for
deposit of bonds with it to June 30, 1939.
Member
In addition to Mr.
Young, who is president of F. J. Young
& Co., Inc., New York, the committee includes Howard B.
Brown of The
Pitcairn
Co., Philadelphia.
Daniel U..
Pinder, New York, is secretary of the committee, for which
Miller, Owen, Otis & Bailey, New York, and Severgnini, •
Robiola & Garber, Buenos Aires/are counsel.
The Con¬
tinental Bank and Trust Co. of New York is the
depositary.,
+.
Holders of
Foreign Dollar Bonds Should "Take Stock"
of His Position with View to Possible
American
Securities,
Says
Exchange
Lawerence
to
de* S.
E.
Hoover
Today, with some $2,600,000,000 of Foreign Dollar Bonds
(excluding Canadian issues) outstanding,in the United States
in default, with tremendous losses
already sustained, and
with basic conditions largely responsible for the
defaults still
unaltered, it is imperative that the individual holder of these
bonds should definitely "take stock" of his
position and de¬
termine whether
or
not to hold these bonds or make
an ex¬
change to American securities, in the opinion of Lawrence
E. de S. Hoover, of the New York Stock
Exchange firm of
Charles Clark & Co.
Mr. Hoover, who was
formerly Ex¬
ecutive Secretary of the Bondholders Committee for
the
Republic of Colombia, in a study entitled "A General Re¬
view of the Foreign, Bond Situation"
expresses the belief
that in most instances
hold forth
a
such an exchange would
appear to
greater opportunity, providing there is a sus¬
tained economic recovery in this
country.
ment, regarding the study, went on to say:
An
announce¬
The defaulted foreign dollar bonds
outstanding in this country comprise
some
$1,454,000,000 Latin-American issues, $1,160,000,000
European and
Chinese.
"Although certain readjustment plans have been
Trading on New York Stock and New York
Exchange During Week Ended May 20
Curb
.
Trading by all members of the New York Stock Exchange
Exchange (except odd-lot dealers
on the stock
market) for their own account during the Week
ended May 20 was below the previous week, it was an¬
nounced yesterday (June 9) by the Securities and
Exchange
Commission.
The Stock Exchange members trade for. their
own account in amount of
1,066,140 shares, an amount which
was 19.92% of total transactions of
2,676,570 shares on the
Exchange during the week ended May 20.
During the perceding week ended May 13 trading by the Stock Exchange
members amounted to 1,176,960 shares, or 20.96% of total
and the New York Curb
transactions of 2,807,430 shares.
On the New York Curb Exchange, total round-lot trans¬
actions for account of all members during the week ended
May 20 were 150,300 shares; as total transactions on the
Curb Exchange during the week amounted to 446,370 shares,
the member trading for their own account was 16.84% of
total transactions, which compares with a percentage of
19.45% in the preceding week ended May 13, when member
trading amounted to 183,535 shares and total transactions
471,745 shares.
The data issued by the SEC are in the series of current
figures being published weekly in accordance with its pro¬
gram embodied in its report to Congress in June, 1936 on
the "Feasibility and Advisability of the Complete Segrega¬
tion of the Functions of Broker and Dealer."
The figures
for the week ended May 13 were given in our issue of June 3,
page 3305.
In making available the data for the week
ended May 20, the -Commission said:
The data published are
$5,500,000
Stock
adopted in recent years," Mr. Hoover states, "the obligations for instance
of Colombia, Brazil, Peru and Bolivia, remain in
complete default.
The
members.
based
upon
weekly reports filed with the New York
the New York Curb Exchange by their respective
Exchange and
These reports are classified
as
follows:
New
and Santa Fe of
Argentine
are now
being serviced after
a
downward read¬
of the original rate of interest.
The obligations of
Germany,
Hungary, Yugoslavia, Roumaina, Bulgaria and Greece among
others, are
only partially serviced under temporary and uncertain proposals offered to
justment
the
bondholders
Scandinavian
Government
from
year
countries,
have
to
year.
Japan,
maintained
without interruption.
Only
England,
Australia
full
interest
and
the
payments
'
France,
on
National
their obligations
~
An examination of world
which
were
developments reveals that the basic conditions
largely responsible in 1931 for the defaults in the first instance
still remain unaltered.
The
world is still overshadowed by economic and
financial uncertainties, to say nothing of the prevailing political
upheavals.
International trade remains as yet subnormal.
Total number of reports received
New
York
Curb
Exchange
1,075
Reports showing transactions as specialists
811
195
101
216
1.
2.
38
Reports showing other transactions Initiated on the
floor
3.
.......—-
Reports showing no transactions
stocks In
232
74
578
'
.......
610
Curb Exchange the round-lot transactions of specialists
which they are registered" are not strictly comparable with data
Note—On the
"In
-
-
floor
4.
.'
Reports showing other transactions Initiated off the
Italy, the
Argentine
York
Slock
Exchange
obligations of Poland, Uruguay and the Provinces of Beunos
Aires, Cordoba
New York
similarly designated for the New York Stock Exchange, since specialists on the New
York Curb Exchange perform the functions of the New York Stock Exchange
odd-lot dealer, as well as those of the specialist.
The
number
of reports
in
the
various
classifications
may
total
more
than the number of reports received because, at times, a single report may
carry
entries in
more
than one classification.
Chronicle
Financial
3450
STOCK TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE FOR
Week Ended
Total/or
1
Week
Cent
this date,
on
therefore
was
Member
1.26%.
down to separate those only
borrowings are not broken
Per
on
listed share
collateral from those on other collateral; thus these ratios usually will exceed
a
the
2,676,570
Total round-lot volume
A.
listed stocks,
of all
value
May 20, 1939
,
The ratio of these member total borrowings to the market
$545,975,980.
(SHARES)
MEMBERS*
ACCOUNT OF
June 10, 1939
true
relationship
borrowings
between
all listed shares and their
on
market values.
(except
transactions for odd-lot accounts of specialists and odd-
B.
transaction*
Round-lot
for
of
account
members
As of
April 29, 1939, New York Stock Exchange member
New York City on collateral amounted
to $547,443,176.
The ratio of these member total net bor¬
rowings to the market value of all listed stocks, on that date,
was therefore
1.35%.
In the following table listed stocks are classified by leading
industrial groups with the aggregate market value and
average price for each:
lot dealers):
Transactions of specialists In stocks In
1.
total net borrowings in
whlcb they are
registered—Bought--
274,810
—----------
279,310
Sold.
554,120
Total
Sold
-
-
—-
Total—-
.
-
—-
10.35
164,900
162,610
2. Other transactions Initiated on the floor—Bought
327,510
-
6.12
"
3. Other transactions Initiated off the floor—Bought
Sold
-
-------
-
79,725
104,785
May 31, 19?9
April 29, 1939
Market
Total--
Total—Bought
4.
—
——
Sold...
184,510
—
-
-
Total...—
for
-
546,705
of specialists
accounts
19.92
.......
Chemicals
and
Foods
In round lots—Bought
Sold
92,520
81,550.
-
..
——-
Sold
——
TRANSACTIONS ON
THE
ACCOUNT OF
;
YORK
MEMBERS*
2,742,791,625
30.01
41.11
629,868,461
47.64
387,913,176
588 617.707
44.52
301,629,740
16.56
266.797,076
..."
37.03
14.66
23,745,428
4.79
21.930,288
4.42
1,564,408,502
24.81
1
470.350.727
23.32
1,583,557,295
4.214,686.610
336,607,978
25.13
1.515,417.533
24.05
21.72
4,148.495.388
21.38
18.03
318 .303 670
16.95
Retail merchandising
2.452,602,700
33.31
2.211.944,140
30.04
Ry*.
& holding co's. & eqpt mfrs.
Steel, iron and coke...
2,968,072,823
,,25.30
2,767.139.70c
23.59
1,998,463,984
40.04
1,875.294.331
37.57
208,492,403
2,239,332,800
18.29
190.402.403
27.77
2,127,419.806
26.45:
Gas and electric (holding)
1,332,827,750
13.91
1.202.482.119
12.64
Communications (cable, tel. & radio).
3,439,199 491
90.68
Land and realty
...
—
Mining (excluding iron)
..
Petroleum...—
849,260
—
NEW
31.79
430,634,218
...
J...
Paper and publishing
STOCK
35.39
Gas and electric (operating)
...
.
24.59
1 365,699.198
'
427,616
421,644
-----
Total.---..----.---
5.331.676.367
535,118.733
Textiles
-
In odd lots—Bought....-
26.86
'37.99
2.906.026.300
—
.
Machinery and metals...
2.
59.74
584.526,410
Rubber and tires
3.25
16.82
1,466,035,416
Farm machinery
174,070
25.38
2.957.703.366
837,006,480
63.61
5,675,755,325
—
manufacturing..
Amusements..
Total...
18.30
—--
.
$
27.05
910,860,291
.—-
.
......... —
Electrical equipment
odd-lot dealers:
1.
Price
3,151,368,619
Autos and accessories.
1,066,140
-.
odd-lot
the
Value
5
Building
Transactions
Aver.
Price
3.45
Financial...
C.
Market
Value
519,435
—
-
Aver.
CURB
EXCHANGE FOR
(SHARES)
Week Ended May 20. 1939
'
Total for
W€£lC
•
Per
CsCTlt
8
oper.
—
16 71
Total roundrlot volume...-—
B.
Round-lot
1.
transactions for
of
account
Transactions of specialists
members:
In stocks In which they
registered—Bought—
'
;
«
,
are
95.84
170,473,957
16.03
1-57,496,436
455,757,596
18.07
427 807,568
16.96
Business and office equipment....
446,370
3,634,759,896
Miscellaneous utilities.
Aviation
A.
343,147,520
30.05
322.312,016
28.23
6,020,133
2.62
Shipping services
48,735
60,755
....
Sold
...
...
14.81
5.551.785
2 41
'
'
Ship operating and building
33.098,617
Miscellaneous businesses
*
eatheriand boots
11.00
30,503.089
10.14
10f?;127,457
...
17.92
94.503,168
15.96
—
-I
— — —
109.490
.....
Other transactions Initiated on the floor— Bought-....
2.
Sold
....-i—...
Sold
floor—Bought..—
:
*
1.56
.
All listed stocks
14,275
'
12,575
—
4.
Total—Bought---Sold
—
26,850
P
.
Sold
Total....
*
The
"membfers" Includes
term
all
16.84
Scares In members' transactions
Exchange
members, their firms
In calculating these percentages
of twice total
1
$34,584 614.803
$24.28
41.27
June 30
41.061.875.154
29.41
54.882.327.205
39.21
44.784.224.215
1
50.393.504.170
42.30
July 30....
Aug. 31....
43.526,488.215
30.55
1'....
56.623,913,315
40.51
Sept. 30
43.526.688.812
30.54
Oct.
and
$11.80
57.323.818.936
8ept.
their
I--i-
49.034.032.630
35.07
Oct.
47.001.767,212
44,669,978.318
*31.77
40.716.032.190
28.92
Nov
round-lot
1
1....
volume.
!
a
and
38.869.140.625
27.53
J&n
1
39.242.676,837
27.59
Feb. 28
1
41,172,861,535
28.94
Mar. 31
1
31.858,461,871
22.32
1..
35.864.707.775
25
PURCHASES
Buy)
'
«
(Customers' Orders to Sell)
'
Shares
2,567
Value
66,430
'
May 23
2,399
61,074
No. Ord.
$2,754,693
2; 675,1^6
Shares
3,183
'Value
74,236
2,945
$2,547,334
•
May 26 and 27
Total for week-_
2,402,358
107,514
4,419,128
5,397
137,176
4.525,982
4,864
138,849
5,065,977
5,373
140,155
4,694,
May 25..
68,883
3,698
May 24
130,788
5,066,881
5,618
138,128
4,955,862
4,634,645
504,655 $19,981,855
22.516
18,222
Value
Exchange
of
'
Listed
.
Stocks
on
558,578 $19,066,181
New
York
The
Stock
Exchange announced on June 3 that
on
May 31, 1939, there were
1,233 stock issues aggregating 1,426,995,729 shares listed
on the New York Stock
Exchange with a total market value
of $43,229,587,173.
This compares with 1,233 stock issues
of the
close
of
business
aggregating 1,426,668,700 shares listed on the Exchange
April 29 with a total market value of $40,673,320,779, and
with
with
1938.
said:
1,251
a
stock
total
In
issues aggregating 1,424,479,669 shares
market value of
$34,584,614,803 on June 1,
making public the May 31 figures the Exchange
;
,
member total net
May 31. 1939, New York Stock Exchange
borrowings in New York City on collateral amounted to
A
15
nr,
40.673.320.779
29..-.
May 31..
Exchange
amendment
to
on
28.51
43.229,587.173
30.29
28.69
.
..
the
Membership
Approves
Floor Alternates
Constitution of the
which authorizes the Committee
New
York
Admissions to approve,
on
subject to certain prescribed conditions, the designation of
a person who is not a
partner of a governor or of an officer
of
affiliated company to serve
or
officer at such
official duties prevent him from
an
such
as
a
floor alternate for
times
governor
as
such
officer's
transacting his usual busi¬
ness oh the floor, was
approved June 7 by the membership.
A vote of 904 was cast; 561
approved, 342 disapproved, and
defective.
was
.
In
originally proposing the amendment to the Board of
Governors, the Committed on Admissions stated that the
chairman of the board is the
only governor, or officer of an
affiliate, whose present duties might require him to request
the privilege of a floor alternate.
The Board of Governors'
approval was noted in our May 27 issue, page 3139. •
—__
Monthly Report of Market Value of Securities Listed
New York Curb
Exchange—Value of Stocks
May 31, $10,129,467,034, Against $9,717,799,323
April 30—Total Value of Bonds also Increased
on
on
on
The New York Curb
on
the
Exchange announced on June 3 that
Exchange on May 31, had an aggregate
market value of $10,129,467,034, as against
$9,717,799,323
aggregate market value
each share
the
was
April 30.
on
The
average
price of
$14.60 compared with $14.02 at the end of
preceding month.
The total market value of all bonds
$3,924,342,625 equal to $88.25 per $100 par value as
against $3,782,672,008 total market value and $85.94 per
was
$100 par value of bonds at April 30, 1939.
stated
The
It
was
further
by the Exchange:
Exchange also released the usual monthly tabulation showing by
classification
the
number
of issues
securities outstanding and
1939.
As of the close of business
31.50
8.2.44
Exchange adopted, May 24 by the Board of Governors,
all stocks
The New York Stock
Stock
Amendment
on
Listed Stocks
as
York
New
Stock
May 31, $43,229,587,173, Compared
$40,673,320,779 April 29—Classification of
with
44 884.288.147
46,270.987.418
40,921,074,970
31....
Revised.
1
SALES
Market
1939—
May 27
ODD-LOT STOCK TRANSACTIONS OF ODD-LOT DEALERS AND SPECIAL¬
ISTS
ON THE NEW. YORK STOCK EXCHANGE—WEEK ENDED
MAY 27, 1939
Mo. Ord.
32 30
33.34
'
1....
Apr.
figures on odd-lot stock transactions of odd-lot
specialists on the New York Stock Exchange,
continuing a series of current figures being published weekly
by the Commission / 1 The figures for the week ended May 20
were given in these columns of
M&y 27, page 3139.
The data published are based upon
reports filed with the
Commission by odd-lot dealers find specialists.
:
May 22
46.081.192.347
47,490.793.969
31....
Mar
and
Trade Date
32.96
Nov. 30....
.
Exchange Commission made public,
for the week ended May 27 of the
to
31.38
Dec.
19,38—
summary
{.Customers' Orders
31
Feb.
corrected
dealers
«
June
Jan.
the total of members' transactions Is compared with
•
Securities
Price
$57.9fi2.78f),210
May
June 2,
Average
Value
1
%
The
Price
Market
1-.'.-
Odd-Lot Trading on New York Stock
Exchange During
on
Average
Aug,
-on the Exchange for the reason that the
total of
members' transactions includes both purchases and sales while the
Exchange volume
Week Ended
Market
1
May
twice the total round-lot volume
Includes only sales.
28.51
1938—
Dec
per cent
40.673.320.779
July
68,919
as
ito.20
June
partners, including special partners.
a
'25.98
two-year compilation of the total market
price of stocks listed on the Exchange.
Value
v
.
J
41,343
.....
....
1937—
27,576
—
a
17.79
17.55
28.02
559,804,567
1.053.524,397
9
„
150; 300
Odd-lot transactions lor account of specialists—Bought...
t
..
give below
18.43
3.01
70,930
79,370
—
Total
C.
We
...
value and the average
■
-
43.220^87.173
Foreign companies Unci. Cuba & Can.)
i
,
1,530,816,338
29,837,221
53 91
20.02
6,040
-
•
Total..
23.33
56.54
33,588,279
587,812,298
1,136.158,147
161,873,538
U.S. companies operating abroad.
13,960
off the
159 457,865
1,581,156,681
7,920
Total
Other transactions Initiated
3.
12.27
23.69
Tobacco
Garments
Total
For comparative purposes,
of all stocks and bonds and
beginning with May, 1938.
on
the total
the
value thereof
as
of
May 31,
the table indicates the monthly totals
the aggregate
'
Exchange, the amount of the
market
monthly market value thereof
Volume
Financial
148
The tabulation released
3451
Chronicle
by the New York Curb Exchange
Market
NEW
YORK
CURB
EXCHANGE
AS
MAY
OF
VALUE
MARKET
SECURITIES
OF
Average
Market
A vetage
Value
June 3 follows:
on
Price
Value
Price
1937—
31, 1939
%
$
July
1
44,001.162,031
93.89
Jure 30----
Aug.
1
44,296.135,580
43,808.755,638
92.98
Outstanding
Common Stocks
214,091,973
1,205,419,108
424,313,792
6,505,579,576
638,405,765
7,710,998,684
42,109.154,661
90.11
Nov. 30
12.07
Lifted
385
Unlisted--
1
93.93
1938—
15.33
785
Oct.
5.63
400
92.76
91.51
1..
Oct.
e
S
Shares
a—
43,270.678,790
42,591,139.774
Dec.
Price
Market Value d
c
Sept. 1
Average
Total
Amount
of
Issues
Jan.
31
Dec.
1.
89 26
42.782,348,673
42,486,316,399
Feb.
88.98
43,756,515,009
44,561,109,796
44,182,833,403
44,836,709,433
45,539,192,990
45.441,652,321
47,053,034,224
luiy 30
Aig. 31
Sept. 30
Nov. 1.....
No
$
S
lc38—
31
90.19
89.40
89.08
90.67
90.34
91.27
1929—
118
12,191,179
391,207,248
204
43,418,220
2,027,261,102
322
55,609,399
2,418,468,350
91.03
Feb.
28
Mar.
47,471,484,161
48,351,945,1S6
91.85
85.71
42,398,688,128
87.82
Apr.
29
48,127,511.742
91.56
1
42.346.644.435
87.78
M«v
31
48.Q20.968.566
Q2.92
89.70
1
91.80
46.69
Totals.
46,958,433,389
S8.68
41,450,248.311
June
32.08
Unlisted--.
31
42,854,724,055
1
May 1
Preferred Slocks
Listed
Jan.
Mar. 1
Apr.
Totals.
43.49
New
Bonds—
Stock
York
$
$
68
481,535,035
448,716,389
305
3,965,525,430
3,475,626,236
87.64
373
4,447,060,465
3,924,342,625
88.25
$
$ f
May 31, 1938
1.119
'701.819,915
9,244 421,764
13.17
June 30, 1938
1,115
701.450.163
10,130 531,753
14.44
31, 1938
1,112
695,119,500
10,606 403,553
15.25
Aug. 31, 1938
1.112
695,128.502
10,247 873,288
14.74
1.113
Unlisted
Totals.
Exchange
Annual
Holds
Institute
Commencement Exercises
93.18
Listed
....
Edward E. Bartlett Jr., Chairman of the Board of Gover¬
of the New York Stock Exchange, presented Stock
nors
Exchange Institute certificates
All Stocks—
July
Shares
Oct.
_.
10,112 166.000
10,857 643,581
15.60
695,593.734
10.616 552.633
15.58
15.08
Nov. 30, 1938
Dec.
completed the full four-year course of study.
Charles B.
Harding, Yice-Chairman of the Board, awarded Customers'
Man certificates to 60 employees of member firms and of the
exchange for completion of a special, two-year course. The
graduates of this special course are eligible to become regis¬
tered representatives without the usual examinations of the
Department of Member Firms.
Cash prizes totaling $650 and scholarships valued at $400
contributed by the Exchange, individual members and firms,
the Association of Stock Exchange Firms and the Association
of Customers' Brokers, were presnted to outstanding members
of the graduating class and to undergraduate students by
William McC. Martin Jr., President of the Exchange, and
by E. A. Pierce, President of the Association of Stock
Exchange Firms. Mr. Martin addressed the student body
and guests following the presentations.
14.52
696,036,676
1.108
31, 1938
696,217,021
1,112
Sept. 30, 1938.
15.26
1.106
693,245.031
10.801 ,282,970
Jan
31, 1938
31, 1939
1.103
692,201,348
10,440 629,822
Feb.
28, 1939
1,105
693,361,681
10,726 ,320,549/
15.47
Mar. 31, 1939-.-
1.107
694,571,372
9,867 .394,406
14.20
Apr.
1.104
693,903,840
9,717 ,799,323
14.02
1,107
694.015.164
10,129 ,467,034
14.60
30, 1939
,
May 31, 1939---.-.
All Bonds—
%
$
■
$
May 31, 1938
394
5,067 340,577
4,128 ,834,825
81.48
June 30, 1938
391
4,975 483,445
4,159 ,816,491
83.61
413
4,960 855,345
4,215 ,542,942
84.97
Aug. 31, 1938
408
4,912 688,973
4,095 ,969,122
83.38
Sept. 30, 1938
Oct. 31, 1938--
406
4,891 468,791
4,011 981,002
82.63
395
4,769 344,891
4,064 ,875,631
85.23
30, 1938
391
4,718 840,191
3,999 ,678.652
84.76
31, 1938
Jan. 31, 1939
Feb. 28, 1939
384
4,622 405.891
3.917 ,322,467
84.75
374
4,483 095,991
3,802 ,533,769
84.82.
374
4,536 255,991
3.983 ,091,918
87.81
Mar. 31, 1939
371
3,879 ,961.850
86.22
Apr. 30, 1939
370
4,500 013,191
4,401 264,061
3,782 ,672.008
85.94
373
4,447 ,060,465
3,924 ,342,625
on June 8; at the 18th annual
Institute, to II graduates who have
commencement of the
88.25
31, 1938-.-
July
Nov
—
...
Dec.
May 31, 1939.,—
a
— .
b Includes
securities
not
to dividends, or assets, or
c
of
Pennsylvania Joint Stock Land Bank Refunding Bonds
Offered
Includes warrants and debenture rights.
but
Offering of an issue of $398,000 ,1*,4% bonds of Pennsyl¬
which as
vania
.
,
dates
the
report issued prior to the date of each period indicated in the above tables.
Represents,
above
1 atest
designated as "preferred."
both, rank prior to Junior securities.
necessarily
amounts actually outstanding as at
to listed securities,
as
tables.
As
to
unlisted securities,
d Based on last sale price on last trading day
sale
outstanding are as
amounts
e
on
Average
of stock
or
price found by
dividing the total
market
like
a
day.
Market
1939.
The
mature
Signs
$100 of par value.
Value
of
Bonds
Listed
New
on
York
the
of business
close
on
May 31,
$52,647,221,728,
aggregating
new
1942, optional July 1, 1941.
York
par
1939,
value
on
the
"The disturbance
New
York
Mag 31, 1939
April 29, 1939
Market
Aver.
M arket
Aver-.
Value
Price
Value
„
spring,"
.
Financial-..
Chemical-
—
...
Building.
.
26,462,487
:
Electrical equipment manufacturing..
...
—
Rubber and tires-
.
.
-
-
-
.....
,
Amusements
._
—
80.87
36,849,675 106.01
210,563,352 102.41
98,272,759 103.92
58,213,334
92.85
9,277,720
46.18
51,589,846
116,899,772
94.04
Mining (excluding iron)
Petroleum.
556,042,177 105.43
Land and realty
Machinery and metals
57.04
'
15,798,774 84.82
212,134,356 103.19
71,260,153 90.41
78.11
25,559,700
36,756,446 105.75
209,623,792 101.00
96,264,437 101.80
56,919,243
8.759,400
49,889,951
90.78
43 60
90.55
114,073,435 55.68
555,514,970 105.33
Paper and publishing
75,403,509
96.08
Retail merchandising
31,309,213
94.60
73,667,878
32,437,148
6,005 178,633
56.47
5,822 ,422,719
54.75
600 097,082
98.91
593 ,402,050
The
and
panies & equipment manufacturers.
Steel, Iron and coke
•_
Textile
Gas and electric (operating)
Gas and electric (holding)
Communication (cable, tel. & radio)..
Miscellaneous
retail
uncertainty
—
Miscellaneous businesses
any
Washington
to
important
moves
May,
Business
the
to
the danger of
weather
been
an
incalculable,,
than
expected.
satisfactorily
turn *out
or
not.
policies, and the disappointing
that would encourage business
able
early
to
war,,
also quote:
has
situation
■
■
less
been
much
look
ahead
without
and
other
developments
as
•
acute.
reference
directed
have
The coal strike settlement removed
Arrival of warm
department store, and automobile sales,
supporting factors.
forced shutdowns of factories and utilities.
improvement in
to show that the
brought
pessimism
sufficient
least
at
of
the
to
European
the
however,
have
men
menace
were
matter
to judge whether spring
question mark.
the bank's comments we
of
early
April
was
over¬
been exceptionally
good throughout.
Steel mills have taken orders, at cut prices, which
will support operations at a higher level than previously estimated; and
the production rate has already turned up, from the low of 45% of capacity
to 52% in the Memorial Day week.
Moreover, the action of the markets
has
been stimulating.
High-grade bonds, which were scarcely affected
moved
In
134 322,338
90.41
1,080 ,609,283 102.84
the
54.03
254 042,492
53.06
19 ,507,050 100.50
the
the mail order houses has
business of
qnd 'the
done;
211 ,796,936
96.96
1,097 ,307,630 104.43
13, 779.000
Leather and boots
as
From
attention
hard
stock
market drop,
further, and
have advanced
stocks have
up.
the
industries
these
favorable
developments
have
not
led
as
yet
to
any
Shipping service
U. S. companies operating abroad
make
to
serious
more
would
sales
automobile
and
a
During
3,269 ,833,509 106.71
Shipbuilding and operatingTobacco.
domestic
,
the threat of war
by
into
through April made it
weather
spending added another
90.68
8 434,550
3,317 ,066,705 107.53
20 ,040,825 103.25
13 ,893,446
49.09
Business and office equipment
•'
developed
strike
coal
business
during
258 ,518,605
utilities
slackening in
the
"Monthly Letter" for June, ob-
its
introduced
complications
the
in
<
-
..
Unseasonable
97.38
93.46
93.82
operating and holding com¬
that
evidence
bank,
the
serves:.
$
United States Companies—
and
menacing,
failure
U, S.Govt. (incl. States, cities, &c.).. 32,852,123,267 109.77 32,527,702,320 108.69
87.26
appeared
activity is not going as far as some haddeared."
In noting
that "the business situation has been hard to appraise this
Price
%
211,892,056 103.13
91.27
71,605,823
Question
and April has shown signs of abatement
lately," says the National City Bank of New York, "with
the coal strike out of the way, the European situation less
Moreover,
16;252,896
a
sentiment which
business
of
March
during
1,388 bond
On April 29, 1939 there wqre 1,386 bond issues aggregat¬
ing $52,564,355,273 par value listed on the Exchange with
a total market value of $48,127,511,742.
In the following table, listed-bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
Autos and accessories
Tending
Sentiment—Un¬
Business
of
Washington Policies Still
to
as
Factors
Certain
of
Disturbance
certainty
there were
listed
Case
in
City Bank of
by National
Abatement Seen
of
•
Stock Exchange, with a total market value of $48,920,968,566.
Railway
the
The proceeds are to be used to redeem
3*,4s due July 1, 1942, optional July 1,
issue is to be dated July 1, 1939, and will
July 1,
Toward
Stock
On'June 6 the New York Stock Exchange issued the fol¬
lowing announcement showing the total market value of
bonds listed on the Exchange on May 31:
Food
by
by the total shares
value
Exchange May 31 Above April 29
of
31
May
made
was
of
amount
New
As
Bank
principal amount of bonds outstanding,
f Average price of bonds expressed in dollars per
issues
Land
body & Co., at 100.
of each period, or in the absence of
such day, the mean of the closing bid and asked price on such
In
some instances, in the absence of both sale and asked price on the last trading day
in each period, t'hg closing bid price was used in computing market values.
a
Stock
Joint
underwriters, It. K. Webster & Co., Inc., and Kidder, Pea-
per
60.06
98.00
500,290
43, 893,009 128.13
51.40
130 210,403
35, 359,200 102.58
8
432,330
13 ,621,851
12 ,201,821
90.66
to
general increase in new orders, for buyers can still see good reasons
move carefully.
The dull season is ahead, and no one would claim that
possibility of a
48.13
of
53.19
commodities
484,975
95.00
43 ,587,776
27.23
119 971,550
46.88
34 453,800
99.95
fresh shock, such as might come from another Euro¬
crisis, has been eliminated.
However, a period of stability,
continued slump, will naturally tend to spread a better feeling.
pean
on
the
average
have
recovered
the
ground
lost
instead
Staple
during the
a
time of
reluctance to buy ahead, for it signifies that consumers
excessive stocks and need to enter the markets regularly.
have no
crisis.
It
is
encouraging
to
see
commodity
general
prices
firm
at
4^
Total United States
companies
Foreign government
Foreign cos, (incl. Cuba and Canada).
All listed bonds.
13,326,710,933
1,767,054,858
73.51 12,965,553,227
71.84
57.45
55.00
1,690,049,457
975,079,508
64.34
944,206,738
62.25
48,920,968,586
92.92
48,127,511,742
91.56
The following table, compiled by us, gives a two-year com¬
parison of the total market value and the total average
price of bonds listed on the Exchange:
Received to Offering of $100,000,000
of
91-Day Treasury
Bills—$100,912,000
Accepted at Average Rate of 0.004%,
A total of $304,724,000 was tendered to the offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
June 7 and maturing Sept. 6, 1939, it was announced on
Tenders of $304,724,000
3452
June 5
Financial
by Secretary of the Treasury Morgenthau.
Of this
2
to
average
The right is reserved
to close the books as to any or all subscriptions
_
at
time without notice, and, subject to the reservations set forth in
any
the
official
all subscriptions
circular,
Notes of Series
Treasury
(E. S. T.), June 5.
Reference to the offering
appeared in our issue of June 3, page 3307.
The following
regarding the accepted bids to the offering is from Secretary
Morgenthau's announcement of June 5:
m.
p.
10, 1939
1939 ($3.4375 per $1,000 face amount) will be paid
following their acceptance.
rate of 0.004%.
The tenders to the offering of Treasury bills were received
at the Federal Reserve Banks and the branches thereof up
an
June
15 to June 15,
March
amount, Mr. Morgenthau said, $100,912,000 was accepted
at
Chronicle
in
outstanding
the
will
D-1939,
of
amount
be allotted in full.
maturing
$426,554,600.
15,
Sept.
The
1939,
now
are
offering will
present
be the only opportunity afforded the holders of these maturing notes to
exchange them for other interest-bearing obligations of the United States.
Any maturing notes not
exchanged at this time will be paid in cash when
so
they mature.
Total applied for
$304,724,000
-
Total accepted
2
The text of the official circular follows:
100,912,000
Range of accepted bids:
UNITED
'
High
—100.
"
Low
OF
AMERICA
% % Treasury Notes of Series A. 1944
99.999 Equivalent rate approximately 0.004%:
—
Average price
STATES
'
—
99.999 Equivalent rate approximately 0.004%.
Dated and bearing interest from June 15, 1939
♦
r
Thereabouts, of 91-Day
:
:
1939.
New Offering of $100,000,000, or
TREASURY
Department Circular No. 611
Washington, June 5, 1939Public
Secretary of the Treasury Henry Morgenthau Jr. an¬
on June 9 that tenders are invited for an
offering
of 91-day Treasury bills to the amount of $100,000,000, or
thereabouts, to be sold on a discount basis to the highest
Service
Debt
I.
nounced
Banks,
but
Tenders will
be received at the
the branches thereof,
or
will
be
not
received
up
Treasury
Liberty Bond Act, approved Sept. 24, 1917,
tions, at
Reserve
which only
They
(the bills) will be issued in bearer form only, and in amounts
of
$1,000,
$10,000,
$100,000,
(maturity value).
No
tender
for
than
the basis of
on
100, with not
more
Fractions must not be used.
and
II.
bank
United States, or by any local taxing
Each
3.
The price offered must be expressed
to
following morning.
right to reject
of payment by
The notes will be acceptable to secure deposits of public
moneys, but
will not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denomi¬
of
$100, $500, $1,000, $5,000, $10,000 and $100,000.
as soon
or
Those submitting tenders will be
thereof.
,
as
possible thereafter, probably
on
6.
The notes will be subject, to the general regulations of the
Treasury
Department,
now or
hereafter prescribed, governing United States notes.
advised of the acceptance
or
rejection
Payment at the price offered for Treasury bills allotted
June
14,
1939.
or
other
must
be
immediately available
'
,
gift tax.)
No loss from the sale
shall be allowed
as
a
deduction,
of any tax now or hereafter
are not
to
exempt from the
or
other disposition of the Treasury bills
or
otherwise recognized,, for the
imposed by the United
States
or
purpose
any
of its
possessions.
Subscriptions
will
branches and at
the
tutions
may
generally
only the Federal
ized to act
Treasury Department, Washington.
on
or to
A-1944, now offered only in
exchange for Treasury notes maturing Sept. 15, 1939, will
be dated June 15, 1939, and will bear interest from that
date
at the rate of
%%
payable semi-annually.
per annum
or in
adopt any
or
preliminary reference to the financing appeared in
3307.
our
issue
of last week, page
In making public the Treasury's June 15 financing
opera¬
June 5, Mr.
Morgenthau had the following further
in his announcement of the offering:
The notes will be issued
denominations of $100,
only in bearer form with coupons attached, in
$500, $1,000, $5,000, $10,000 and $100,000.
Treasury notes will be accorded the
are
accorded" other
issues
of
same
Treasury notes
exemptions from taxation
now
outstanding.
These
provisions are specifically set forth in the official circular issued today.
Subscriptions will be received
and
at
the
panied by
a
Treasury
will
at the
reserves
part, to allot less than the amount of notes applied for,
applications for smaller amounts and to
reject, applications for larger amounts,
all of said methods
or such
other methods of allotment
'
IV.
Payment at
on or
par
Department,
Washington,
be
15,
and
at
par,
and
be
accom¬
Treasury Notes of Series D-1939,
1939, with final coupon due Sept.
accepted
should
accrued
interest
15 attached.
on
such
notes
Payment
for notes allotted hereunder
The
from
be made
must
or
com¬
before June 15, 1939, or on later allotment, and may be made
only in Treasury Notes of Series D-1939, maturing Sept.
15, 1939, which
will be accepted at par, and should
accompany the subscription.
dated Sept.' 15, 1939, must be attached to the notes when
Coupons
surrendered, and
accrued interest from March 15, 1939, to June 15, 1939
($3 4375
be paid following acceptance of the notes;
will
,
1.
fiscal
agents
of the
authorized and requested
United
States,
Federal
to receive subscriptions,
the basis and up to the amounts indicated
to the Federal
per
$1,000)
.
V. General Provisions
..
.
As
Reserve
banks
are
to make allotments
on
by the Secretary of the Treasury
Reserve banks of the respective districts, to issue allotment
notices, to receive payment for notes allotted, to make delivery of notes
on
full-paid subscriptions allotted, and they
2.
issue interim receipts
may
pending delivery of the definitive potes.
*
The Secretary of the Treasury may at any time, or from time to
time,
prescribe supplemental or amendatory rules and regulations governing the
which
will
be
communicated
promptly
to
the
Federal Reserve
banks.
President
Roosevelt
Bill
Vetoes
to
Prohibit
Export of
Tobacco Seeds and Plants—
A bill prohibiting the
exportation of tobacco seeds and
plants, except for experimental purposes, was vetoed by-
President Roosevelt
on
The President said that it
June 5.
would be
virtually impossible to effect sufficient control and
would likely stimulate "bootleg activity."
In his veto mes¬
sage Mr. Roosevelt also said that it is not believed the pro¬
hibition would have any material effect on the production of
American types of tobacco abroad and would "constitute an
undesirable precedent" which might lead to retaliatory action
on
the part of
foreign countries.
The
message
follows in part:
"In view of the nature of the crop it would appear to be virtually im¬
possible to effect sufficient control
Federal Reserve banks and branches,
like face amount of 1 % %
maturing Sept.
notes
Secretary of the Treasury
or.all subscriptions or classes of sub¬
classification, of allotments as shall be deemed by him to be in the
public interest: and his action in any or all of these respects shall be final.
Subject to these reservations, all subscriptions will be allotted in full.
They
will mature June 15, 1944, and will not be
subject to call
for redemption before that date.
The subscription books to
the offering were closed at the close of business on June 7.
as
The
to any
and
offering,
The Treasury Notes of Series
The
as
make reduced allotments upon, or to
June 5 the
be received.
the
and
submit subscriptions for account of customers, but
make allotments in full upon
to
1.
Treasury Henry Morgenthau Jr. an¬
offering, through the Federal Reserve
banks, of five-year %% Treasury Notes of Series A-1944,
in exchange for $426,554,600 of
1,%% Treasury Notes of
Series D-1939, maturing Sept. 15, 1939.
Exchanges will be
made par for par, and accrued interest on the notes
exchanged
will be paid to June 15, 1939.
The offering of the new notes
will be limited to the amount of
maturing notes tendered and
accepted in exchange therefor.
Cash subscriptions will not
on
banks
Banking insti¬
Reserve banks and the Treasury Department are author¬
Secretary of the
_
Reserve
Allotment notices will be sent out promptly upon allotment.
Treasury's June 15 Financing Operation—Five-Year
%% Notes of Series A-1944 Offered in Exchange
for $426,554,600 of
1^% Notes of Series D-1939,
Maturing Sept. 15
to say
•
Federal
The Secretary of the Treasury reserves the right to reject
any subscrip¬
tion, in whole
pleted
tion
the
at
scriptions at any time without notice.
their issue.
A
received
official agencies.
as
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of
nounced
Subscription and Allotment
be
the right to close the books
2.
(Attention is invited
Treasury Decision 4550, ruling that Treasury bills
1.
'
The Treasury bills will be exempt, as to principal and
interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes.
III.
the
reserves the
parts of tenders, and to allot less than
made at the Federal Reserve Banks in cash
on
The notes
will not be issued in registered form.
.
the amount applied for, and his action in any such
respect shall be final.
funds
5.
nations
.
.
all tenders
under such
by the Secretary
4.
incorporated
an
The Secretary of the Treasury expressly
any or
of the possessions of the
maturity of the notes.
the closing hour will be opened and public announcement of the
acceptable prices will follow
or any
payment of income and profits taxes payable at the
Immediately after the closing hour for receipt of tenders on June 12,
1939, all tenders received at the Federal Reserve Banks or branches thereof
up
15,
authority.
The notes will be accepted at par during such time and
rules and regulations as shall be prescribed or
approved
of the Treasury in
-
"
payable semi-annually on Dec.
annum,
taxation (except estate or inheritance taxes, or gift taxes) now or hereafter
than three decimal places, e. g., 99.125.
express guaranty
trust company.
or
per
June 15 and Dec. 15 in each year until the principal
imposed by the United States, any State,
Tenders from others must be accompanies by a deposit
10% of the face amount of Treasury bills applied for, unless the tenders
an
on
payable.
The notes shall be exempt, both as to principal and interest, from all
2.
or
ment securities.
accompanied by
becomes
They will mature June 15, 1944, and will not
be subject to call for redemption prior to maturity.
and trust companies and from responsible and recognized dealers In invest¬
are
%%
1939, and thereafter
amount
Tenders will be accepted without cash deposit from incorporated banks
of
Description of Notes
The notes will be dated June 15, 1939, and will bear interest from that
1.
$1,000,000
$1,000 will be considered.
may
Treasury Notes of Series D-1939 tendered and accepted.
date at the rate of
•
.
less
amount
an
tender must be in multiples of $1,000.
$500,000,
Treasury Notes of Series A-1944, in payment of
The amount of the offering under this circular will be limited
to the amount of
offering Secretary Morgenthau also said:
denominations
amended, invites subscrip¬
Treasury Notes of Series D-1939, maturing Sept. 15, 1939,
be tendered.
In his announcement of the
as
from the people of the United States for %% notes of the
par,
United States, designated
Department,
Washington.
The,Treasury bills will be dated June 14, 1939, and will
mature on Sept. 13, 1939, and on the maturity date the face
amount will be payable without interest.
There is a. maturity of a similar issue of bills on June 14
in amount of $100,369,000.
Offering of Notes
The Secretary of the Treasury, pursuant to the authority of the Second
1.
to 2 p. m., (EST), June 12,
the
at
Federal
DEPARTMENT,.
Office of the Secretary,
Treasury Bills—To Be Dated June 14, 1939
bidders.
Due June 15, 1944
Interest payable June 15 and Dec. 15
(63% of the amount bid for at the low price was accepted).
tobacco seed to
required.
assure
over
the production and handling
The imposition of a ban on export would be likely to stimulate
the creation of
an
unwelcome bootleg
activity.
...
"Although considerable quantities of American tobacco seed
for
of
against the .export of the small quantities of seed
the commercial
may
be used
production of tobacco in foreign countries, such
pro-
Volume
the continuation of
duction is not necessarily dependent upon
.
,
itself, might serve as a
States which, in the long rim,
the facilities of the
judicial status and
Missourian
could
not
Adams
power"
in the
possibility of securing
I.
ruptcy
Roosevelt
President
Amending
Bill
Signs
signing by President Roosevelt of the bill
Besides
standards
the
of
advices June 5 to the
Authorization
1.
of
amount
the"President
for
outstanding
Administration
$1,400,000,000,
not
outstanding commitments to insure.
struction until July 1,
insurance
file
must
existing con¬
FHA financing indefinitely.
certificate that
a
the applicant for
refused to „
the mortgage holder has
grant him equally favorable terms.
Insurance
of Mortgage
Extension indefinitely of the authority
4.
of FHA to insure mortgages on
Under the old bill the maximum maturity of 25 years
25 years.
Authorization
loss on .property
administrator
of three-fourths of 1%
excess
reverted to
to offset a
Establishment
of
a
prevailing
wage
gages
8.
to
under
mortgages
special
in the
conditions
It
Final action
the
on
House
the bill by Congress was taken on
voted to accept the conference
to
May 25
of a court of
the end of speeding up rail¬
corresponding,
date of
Interstate Commerce
six-member committee appointed by the Presi¬
problem
railroad
the
review
to
year
and
recommend
court would
proposed
of'the
bill
body.
No.
is
2
rail
the
the series
in
put
forward by the Administration
to
No.
industry.
transportation,
of
forrps
except
1,
by
air,
Next
would
on
under
the
"
the list is the Chandler bill, already
railroads
permit
agreements with
of obligations.
their
in
to
regulation of all
Interstate Commerce
consolidate
Commission, was passed yesterday.
$800,000,000 for slum clearance and
1
.
r
passed by the House, which
financial straits to seek voluntary
for postponement of maturity dates
temporary
stockholders
Hear¬
Proposed Changes in National Industrial
Labor Act—C. I. O. and A. F. of L. Spokesmen
Defend
Contentions—Senator
Wagner Says He
Will
Agree
to
Certain Amendments—American
Iron and Steel Institute Presses for Changes in Law
ings
Relations
development of projects for low
Under the present law, the authority is
of loans or grants
"
city slum areas.
,
,
aid, under the amendment, may take the form
The Housing Authority's
similar to those now extended for urban projects, but no;
formula is established for
dividing the available funds between city and
Altogether, the Housing Authority will have
rural housing developments.
available $944,000,000 for new projects
of both types if the measure passes
the House.
The Wagner bill authorizes
the Federal Government to guarantee the
$800,000,000, with the
provision that the Federal expenditures on the program shall not exceed
$45,000,000.
The original act also authorized commitments up to $800,principal and interest on new USHA bonds up to
000,000, of which approximately $144,000,000
authorization will be in addition to the
remain unearmarked.
The
$144,000,000 carryover, under
the terms of the bill.
Earlier, the
Senate defeated a move by Senator Taft
reduce the additional authorization
(Rep., Ohio) to
from $800,000,000 to $400,000,000 and
the annual contribution limit from
$45,000,000 per year to $30,-
000,000.
:
Senate Passes Bill to Establish
that the Federation was
;
but
a
passed
group
led
on
by
Missouri fought against passage
a
voice' vote
Senator
opposition'
Clark, Democrat
that left the
Bennett
until the last.
C.
un¬
of
Francis P. Fenton,
the Committee on May 22
pfepared to Use the strike weapon
ganizations, and said that the Board "has one rule for the
A. F. of L. and another rule for the CIO."
Edward S. Smith, member of the NLRB, told the Senate
Committee on
Labor
June 5 that he doubted there
could
satisfactory legislative substitute for the discretion
vested in the Board" for settling collective bargaining dis
be "any
Associated
putes.
Press
Washington advices of June 5
quoted him as follows:
Appearing voluntarily before the Committee, Mr. Smith contended that
the matter of deciding whether craft unions or one big industrial union
should represent employees in a particular plant was too complex a ques¬
tion for application of rigid standards.
The craft versus industrial union
issue—heart of the controversy be¬
tween the CIO and the A. F. of L.—has generated some of the criticism
the
was
Labor.
if it could not obtain justice under the present law., He
complained of Labor Board delays in disposing of cases
involving the A. F. of L. and Congress pf Industrial Or¬
May 27 the Senate passed
measure
on
by the American Federation of
Federation organizer, had told
against
Railroad Court
and sent to the House a
bill providing for the creation of a five-judge Federal court
to expedite the handling of railroad bankruptcy and receiv¬
ership cases.
In Associated Press advices from Washing¬
ton, May 27, it was stated, in part:
"
„•
Labor Committees this week com
proposals to revise the National Labor
Act, with emphasis on those changes suggested
Senate an$ House
The
to aid state housing agencies in the
limited to projects in
on
tinued hearings
Housing Authority to undertake "a comprehensive
Income families in rural areas."
House Labor Committees Continue
Senate and
the Committee considering
This amendment, which was not approved by
recorded,
and the special
last
late
rehabilitate
Housing
the bill, directs the U. S.
The
the creation
has the approval of the President, the
[the bill]
The
providing that annual expenditures shall not exceed $45,000,000 was passed by the Senate on June 8 by a vote of 48 to 16
and sent to the House..
An amendment offered by Senator
Wagner of New York, author of the bill, was adopted whereby
the USHA program was extended to include rural areas in
the slum clearance operations.
The following regarding the passage of the bill is from a
Washington dispatch to the "Wall Street Journal" of June 9.
On
the
authorizing the United States Housing Authority
A bill
to reduce
are
Chandler Bill
to issue new bonds up to
new
.
people have confidence,
said, the Washington
reorganizations,
character
report.
Bill—Extends USHA Slum
Program to Rural Areas of Nation—Authorizes
issuance of $800,000,000 in Bonds
program
„
court under
who is
difficult and intricate.
Our in¬
the railroad system in operation,
the
maintain
'
Passes
Federal
the
.■-,<■
'
.
.
.
' '■
have its headquarters in Washington.
The
bill, as originally drafted, would have allowed the court to move about
the country as convenience dictated.
Senator Adams (Dem., Colo.) today
won
approval of an amendment which would remove the "ambulatory"
and the
Senate on April 27, and as noted in our issue of April 29, it
was sent to Conference to adjust the differing provisions of
Senate
all
which
to
in
is
concessions and work out the necessary
apprehensive of
am
The
Earlier, the bill had passed the House on April 12,
the two bills.
whom
problems,
is
State
legislation.
$200,000.
when
to
reorganiza¬
five men concen¬
trated in Washington, none of them, probably, coming from the western
section of the country,
for it seems that the section west of the Mis¬
sissippi River is no longer deemed able to furnish men for the high
Courts.
It is no longer represented on the Supreme Court of the United
States.
Although for many years two Justices on that Court came fom
the West, now appointments are made from other sections.
I feel driven
to vote against the bill by reason
of the tremendous concentration of
power which the bill would provide.
'
dent
authorized
price range up
considerable thought
given
my
in
concern
our
Commission
be granted on mdrt-
covering large scale projects.
insure
in
judge
a
the
Senator from
what the
following
have
May 26, his advices adding:
207).
Repeal of Section 219 under which the Administrator was
Adams:
Dewey L. Fleming, of the Baltimore "Sun," under
scale to be determined by the
Revision of conditions under which insurance may
May 27 we quote
of
everything else connected with them.
and
the necessary
I
road
■'
■'
of
and
I
sections of bankruptcy law to
insurance premium not
an
Secretary of Labor on large scale projects (Section
7.
institutions against
provision
in
portion of operating expenses and
charge
to
losses.
6.
of lending
insurance
Senator
by
bill, sponsored by Senator Wheeler and Representa¬
tive Truman, not only would establish a special court to
handle rail reorganization matters, but also would amend
improvement loans up to $2,500 each with a new
the
empowering
continue
to
The Interstate Com¬
court certain
cases.
earnings.
The
20 years, as of July 1.
5.
public
,
of not more than $5,400 for terms up to
small homes involving mortgages
of
forecasts
word
a
said.
railroads
with
make
to
tion.
Requirement that in the refinancing of mortgages
3.
Federal
make
required to certify to the new
and
comments
has
the
of
terest
Homes financed with FHA-insured mortgages
1941.
will continue to be eligible for
to
"Congressional Record"
attorneyships
familiar
-
Continuation of FHA's authority to insure mortgages on
2.
Massachusetts,
hands of
the
required
be
would
President, just
jurisdiction
$3,000,principal obligation at this time is approxi¬
including approximately
$400,000,000 in
is
limitation
the
Clark]
One
obligations Federal Housing
Present
time.
one
000,000, and the outstanding
mately
the
$4,000,000,000 the
increase to
to
insurance
mortgage
have at
may
according
measure,
be
Missouri
that phase
of the matter, and I have been driven to vote against the bill because
of one thing.
The bill provides for the appointment of a new court,
which cannot understand
all
the problems,
to hold its sessions in the
city of Washington and to take jurisdiction of every receivership, •> every
bankruptcy case throughout the railroad systems of the United States, all
Mr.
to Washington
New York "Journal of Commerce" are:
enacted
newly
said rail bank¬
district judges, but
their reasons for
receivers and publicize all fees paid.
the new court, the measure would revise the general
of
Democrat
left in
capitalization
following
[Mr.
Termed the "National
President.
of the
instance
of
From
the
the amount of mortgages the Government may insure under
the Act.
The increase, however, could only be availed of
the
up
"tremendous concentration
the
to
opposed
was
Walsh,
any
Commission
merce
amending
Housing Act Amendments 1939" the principal features
he
tribunal.
judges
setting
sitting in Washington,
Federal judges
court,
five-man
a
procedure of rail bankruptcy and receivership
the National Housing Act, was announced on June 5.
The
new measure increases from $3,000,000,000 to $4,000,000,000
at
these
appointment of
National
Act, Following Adoption of Conference
Report by Congress—Increases Insurance Limit to
$4,000,000,000
Housing
said
should be
cases
that
that
districts.
new
David
Democrat
Committee for study.
to the Judiciary
familiar with local conditions as
as
own
Senator
of
urged
The
have
would
proposal by Senator Pat McCarran,
a
measure
argued
possibly be
Senator
and plant materials
materials from abroad."
seeds and plant
its
operating in their
might lead to retaliatory
of foreign countries, restricting the
the part
on
which
Clark
Nevada, to send the
The
perhaps not
precedent for later, more
comprehensive legislation restricting exports of seeds
from the United
of
the introduction
This particular legislation, while
Department of Agriculture.
of great importance in
of
American agri¬
of seeds and
undesirable precedent.
an
materially through
benefited
has
plants from foreign countries, to a large extent through
action
down an amendment
stripped the new tribunal
approving the court bill the Senate voted
by Senator
.
bill would constitute
"The
culture
new
Before
this source of
proposed
seed.
3453
Chronicle
Financial
14S
A.
Mr.
had
the Board and the Wagner Act and has brought demands
of L. for amendments.
said he believed that the Board's construction of the
favored
occasions
cases
^rom
F.
Smith
he
the A.
had
involving
F.
of L.
dissented
rather than the CIO.
from
law
He said that on 12
the majority decision of the Board in
the CIO over the question
contests between the AFL and
appropriate bargaining units.
myself feel," Mr. Smith said, "that the position of the industrial
unions as bargaining agencies has been considerably weakened by certain
of the
'(board's) decisions.
of
"I
...
,
"I
the majority of
of
did
it
this while still doing entire deference to the judicial
say
edness
"
view
I
the direction
incline
definitely
craft
of
the point
the
which
was
enactment
The
"to
necessary
Testifying
labor
that
of
half
for
in
pending
Chairman
Wisconsin,
the
outlaw
submachine
as
of
Civil
strike-breaking agencies and such
labor disputes.
in
and sawed-off shotguns
guns
"
S. Tower,
the
NLRB
Only
unrest and strife
of industrial
eliminate those causes
have manifested themselves since its enactment."
dispatch
ington
June 5 to the New
of
outlined
Commerce"
this
statement
that
a
00%
of the
industry
in
of
the
Cites
v
ask
that
about
Tower
Mr.
450,000,
declared
and
At
Congress has undertaken
take
to
way
ology of
he
that
did
Loan
away
by the NLRA
to
to
phrase¬
to accomplish
necessary
the purposes of the Act."
'
-
Proposed Changes
Summarized,
the
of the Act"
poses
changes
accomplish
"to
suggested
are:
the
declared
\
-
'
2.
To safeguard the rignt of free speech
'
.
•
•
4.
To provide that, in any court proceeding to enforce or review a Boaid decision,
direct appeal to the courts by both employees and employers from
Labor Board decisions regarding representation of employee.
a
'
Whether
'
The
said,
wandered
far
Insure full consideration by one or more of its-members of all cases presented to it
Committee
Labor
NLRB
Madden,
Chairman, told the House
May 29 that the NLItB would soon
on
ahiend
its. regulations
for
collective
a
We
stances.
of
Ernest
June
on
from
its
the
law, Mr.
Wagner,
that the
Madden said
but,
procedure,
F.
without
Democrat,
harm."
much
5
its
provisions
express
the
are
oi
answer,
he
do
have
that
of
some
good
would
and
Mr.
Monday by Chairman Marriner S.
Eccles
benefit
the
of
what
to
as
Madden
replied.
Associated
marized
follows:
Federal
He
went
exhaust
strike
hut
for
means
50
matter
continue
how
its
of
May
22
on
that
date
AFL's
the
years
petitions."
In
his
its
industry.
using
the
Act
to
suni-
Mr.
Fenton
Labor
Board,
trouble
and
who
and
to.
and only to
to
Donald
testified
Labor
virtually
of
the
Wakefield
Wagner
the
the
CIO
to
petition
to
rescind
in
all
the
retiring
day,
'
member
.
was
of
years ago to
' '
the
most
of
concerns
would
be
five
Most
to
a
of
the NLRA
to
the
that
NLRB,
an
for
the
more
than five
expansion
the
return
Governor
he and
i•
has been
United
States
to
a
about
two
practical plan fof
affecting the budget.
Federal
loan corporation would be derived
banks
Reserve
by the Secretary of Treasury
banks in 1933 to the stock of the
Federal
Eccles suggested that the Secretary could use for the purpose
employed
or
to the banks under
is
now set
from devaluation of the dollar, which
aside for participation in industrial advances
over
existing law.
$100,000,000 Capital
Of this total $100,000,000 would be the capital of the corporation,
$25,000,000
con¬
permit
effort to develop
an
—$139,299,557, of which about $27,500,000 has already been turned
Leiserson,
M.
of his associates had started
some
without involving expenditure by the Govern¬
that part of the increment resulting
unfriendly and
as
William
the
of
capital for small and
required.
Deposit Insurance Corp.
amendment
an
law
of
are
of Situation
Capital of the suggested industrial
from
May 18 before
on
endorsed
suggestion
amendment
elections.
order,
ranks,
NLRB's
and
proposed
improve
nature
study "the situation in
before the House Labor Committee,
name
recent
for
mistake
years,
otherwise have been
working capital' purposes
'
additional facilities
stimulating business loans,
ment or in any way
the
attributable
agreed
Act
the bills to change
the
an
labor's
Separation
might
enterprises and for long-time credit and
loans of this
bias
and
•
Smith,
in
of
Committee, but
that
ployers
out
which
em¬
set aside for the insurance
paid-in surplus.
To obtain
any
with
fund, and the remainder would be its
eneded additional funds, the corporation
under the plan, would be authorized to issue tax-exempt debentures guaran¬
emphasized
NLRB
broke
loans
Made Study
ciliation service.
He
Many
of the amount subscribed by these
indorsed
member
newest
not
Federal Reserve banks in this respect has not been suf¬
He explained that because of the experience of Reserve banks in making
Fenton charged
Mr.
'
earlier
Defending the Act bearing his
He
to
in^
>
'established' businesses and for periods of not
medium sized
permit employers to petition for elections.
A Washing¬
ton dispatch of May 18 to the United Press
reported this
testimony as follows:
described
amounting
$58,000,000,
"I believe that the authority which
'
borderline
the AFL
bargaining,
to
unneeded.
enterprises
approximately
substantial volume of loans to business and
years."
,
partiality, to
\.
Wagner defended
House
of
made have had to be declined because of restrictions in the law, such as the
labor.
organized
Senator
the
discretion,
•
administration
over
split in
of
a
had executed commitments to
business
to
advances
Governor Eccles,
ficiently comprehensive.
as
been
had
before
collective
promote
s
•
abuses
direct
Under the Act of June 19,1934,
last
He stated that to fill the need for short and intermediate term credit for
'
"unwarranted
re¬
business
^
resorting
policy
ends
complaint against administration of -the Act,
against the AFL."
for
and
made
resorting to its economic strength if the Act does not give justice to
its
he
had
policies.
to May 24
requirement that industrial loans be made only for
wrongfully the Wagner Act is administered,
policy,
and
"However," said
advices
of* achieving
dis¬
was
.
quote the following from the
we
present
up
dicating that they had made
•
that
say
available
institutions
$64,000,000
action, and added:
"No
will
to
on
every
problem
•
said would be the forerunner of others,
views,
beyond their
Reserve banks
financing
Congress¬
Fenton
i
,
'
has been given to
Washington
of Mr.
testimony
the bill figured,
over
luncheon meeting yesterday in the office of Secretary
a
Pointing out seeming defects in the Mead plan, Governor Eccles made itthat it was unlikely that the banks would be induced by such a law
think would be desirable."
Press
the
Re¬
Hopkins Parley
to make loans
haven't
"I
testimony of witnesses and the advice of you
you
Banking
Federal
appear
slightest doubt but that the Board will make a change in that direc¬
tion, but as long as the hearings are going on we thought we should get
men
of the
Board that the bill would prove ineffective.
As to Mr. Eccles'
the
the
be
"Journal of Commerce":
do
...
effect,"
must
of,
such
permit
to
power
no
author
York,
,
would
declared,
flects, it is believed, Administration determination to bring abopt a meeting
Associated
you have that authority, don't you think it would allay some pf
criticism of the Board?" Representative„Albert Thomas, Democrat,
Texas, asked.
"
"It
the Washington
adding:
.
The meeting which Hopkins
"If
the
Business—
aid program.
New
the
would
"it
of
functions."
of minds within its own ranks and to get behind a concerted small
of
had
Board
safeguards,
the present
members.
five
housecleaning
Small
Behalf of
cussed.
circum¬
some
an
the
G.
of Commerce Hopkins at which the small business credit
to ask
right
under
of
original
the aims of the Mead bill,
it is understood, in
dispatch of May 29:
Robert
Senator
election
this connection from
quote in
Press Washington
Like
to give employers the
bargaining
"ex¬
of
Mead Bill Before Senate Committee
Eccles, of Federal Reserve System, Urges
\
<
Warren
the
payroll
abolishing
board
necessary
Differences between Eccles and other New Dealers
J.
the
on
"by
the
afield
philosophy"
he called
"
labor
Nation obtain
the
been
described
he
President's remarks followed testimony before the Senate
Committee
serve
To enlarge the body which shall adjudicate cases under the Act sufficiently to
•
he
what
•
"destructive
and
•
Federal
new
a
Board
by
what
latter
'
so,"
do
developed through study.
Independent bodies.
for decision.
Labor
the
the
and
the
"Post" of June 7, from which we quote,
5. To limit the time within which the Board may issue a complaint involving an
alleged unfair labor practice.
6. To place the prosecuting and Judicial functions under the Act in separate and
7.
NLRA
once.
had
amendments
created
on
have endorsed
findings of fact by the Board shall be conclusive only if supported by the weight of
'
pending
business, was referred to in these columns June 3,
3308.
On June 6, President Roosevelt wras said to
page
To
evidence,
the
of
at
contained
here.
interests..
situation
by
Columbia
loans to
by specifically permitting employers to
3.
pertpit
the
forth
set
was
York "Journal of Commerce" stated that Mr. Eccles de¬
clared that the results of the Mead bill, if enacted into law.
would be found disappointing; the bill providing for small
pur¬
"
1. To provide full protection to employees in the exercise of their collective bar¬
gaining rights against interference, restraint or coercion by anyone.
to express opinions and to confer and advise with employees.
amendments
at the hearing before the sub¬
Banking and Currency Committee
on the Mead bill, Marriner S. Eccles, Chairman of the Board
of Governors of the Federal Reserve System, favored the
creation of an industrial loan corporation, as an integral
part of the Federal Reserve- System, using Reserve banks
and branches as its field agents, as a means of meeting the
requirements of the small business loan situation.
Reporting this from its Washington bureau, the New
amendment, but only to stafe "the general principles which
industry believes should be followed in determining what''amend¬
are
21,
dispatch
May
committee of the Senate
guarantee
the specific
suggest
that
Corporation in
Testifying
part
any
;
intend
not
forth
set
on
Draper and Jerome FrankDisapproval Voiced by Representative Crawford
any
the steel
ments
said
headquarters
the
of
to
can
has
its
meaning
establishing
Views
employees of this country.'.'
Tower
Mr.
representation.
L.,
of
address
proposed
manufacturing
payroll
Hearing
the
•
wish
the
on
that
remedied
which
bureau
or
that
Position
"does not
with
Congress
in this
the purposes of the Act."
Industry's
industry," he said,
liberties
the
to
steel
employ
members
industry,
with
accord
entire
,
"The
steel
the
of
workers
"is
whose
Institute,
the
for
radio
a
F.
A Wash¬
York "Journal of
follows:
as
be
Chairman
Speaking
in
charged
front,"
the
on
must
Committee
from
asserted
"united
"We
before the Senate Labor
amendments to the NLRA "to
issued
collusion
in
tremists".
.
Executive Secretary of the American Iron
June 5, urged
AFL
the
maladministration
the
of
and Steel Institute, in a .statement
on
position
statement
Green
as
munitions
CIO,
W.
CIO
Mr.
M. La Follette, Progressive,
Liberties Committee, would
Robert
Senate
the
labor spies,
of
use
by
sponsored
bill,
of
statement
a
drafted
oppressive practices.
The
employer-employee-public
described in the following Washington
was
position
The
unbelievable"
"almost
from
century
a
have
to
President of the A.
by its President, William Green, in a radio address over the
Broadcasting System.
The CIO arguments and charges were
asserted
Labor
Senate
a
suffered
foundations of democracy."
Subcommittee, Mr. Green
the very
protect
before
had
1939
10,
May 21 to the New York "Times":
of
..."
unions
legislation to end "oppressive labor practices"
by employers, William Green, President of the AFL, said today such a law
Urging
revised
Green,
Federation's
the
in (these) cases would,
balance of governmental favor in
Board
the
of
William
form
permanent statutory
and
majority
the
by
convinced,
am
into rigid
write
to
adopted
be
it
that
and
June
disapproved proposals that -two members be added to the Board
also
He
disinterest¬
in coming to the conclusion to which
the Board
come.
"However,
of
Chronicle
Financial
3454
the
judicial
law
to
denied
and
would
scuttle
to
It.
is
needed,
before
them
could
become
the
essential
not
an
statute,
"keep
to
he
the
the
said,
is
for
factional
the
000,000, which is already in existence and njay be expected fully to cover all
dispute
losses that could reasonably be
The amount of funds which
functions,
unions
in
he
the
said,
courts
absurdity."
he
teed by the Government not to exceed $500,000,000 with a cushion of $100,-
privilege.
administrative
employers
amendments
but
that
promulgated
which
because
All
is
contended,
,
rower
expected to
but liberal basis for
a
occur.
could be supplied
would be limited to $1,000,UK),
to any one business bor¬
these advances to be made
on a
sound
long period directly by the corporation or in cc-opera-
tion with insured banks.
are
designed
The insurance to be provided
would differ from the Mead bill, but would
be similar to that under Title I of the National
Housing Act.
Since the fund
Financial
Volume 148
of
$25,000,000 woulji be
revolving
a
Chronicle
would be possible; sufficient to meet the needs for
a
power
considerable period of
time.
The insurance premium
interest
rate,
5%
was
the
on
suggested
businesses would be limited to
over a
as
outstanding
Under parliamentary procedure, a motion loses on a tie.
The Committee had under consideration a
House-approved bill to con¬
from June 30 to June 30, 1941, the devaluation power and the
one-half of 1 % and the maximum
balance.
Insured loans
to small
tinue,
$25,000 and would have to be amortized-
Treasury's authority to maintain the $2,000,000,000 stabilization fund and
buy domestically mined silver at prices above the world market.
10-year period.
to
Reason for
Proposal
President
"It is my view that this proposal would go far in meeting the problem
of
3455
had failed on a 9-to-9 tie vote, said Associated Press
advices from Washington on that date which also stated:
outstanding loans of $250,000,000
one,
weight.
providing additional facilities for obtaining credit and capital for such
Roosevelt
business concerns as have a legitimate need that is not supplied by existing
facilities," explained Governor Eccles.
"In making this proposal my only
joined
object is to offer what
Democrats.
practical plan for meeting the
problem, to the solution of which the Mead bill is addressed.
I suggest
that the plan, if it is
favorably received by the committee, be
in that bill,"
Senators
incorporated
tion, all its
assets would revert to the
Securities and
member of the
Board of Governors of the Federal Reserve
System, were
heard by the Senate
Sub-Committee; Mr. Frank, in ap¬
proving the Mead bill as a "desirable first step" toward a
broad program for
financing such business, which, he said,
might conceivably be set up later by the Government, was
quoted in Washington advices to the New York "Times" as
saying:
•>
.' •
"
•'
•.
The banks, whose business loans
through
as
it
makes
"
'
the
of
cost
were
nine
had opposed the
.
money
Banking and
c*
in sub-committee by having four
The Chairman and Leader of the losing side,
sickbed despite a hard rain, to be present at the ballot,
his three supporters.
were
was
group was
by
a
one-vote margin,
expected that this result presaged favorable action in the full com¬
of his health
the
a
mittee and also in the Senate.
,
bankers
opposing
7, to report the bill favorably, with
to
Although the victory for the devaluation
mechanism.
would
Senator Adams
Senator Glass announced that the condition
prevent his making an active fight on the floor,
prepared to act
was
as
The meeting was held privately.
Government and large corporation bonds and real estate,
investment
Republicans;
leaving the group which
the right
won
by proxy.
Senator Glass, left
nounced
And the overhead cost of
marketing an issue! of $1,000,000 or less to the
hibitive.
11
voted,
Radcliffe
The Administration
do not and should not lend to
small businesses under the present set-up.
public
and
its five votes cast
t
in short-term paper and whose in¬
are
Clark
five
by striking out its principal section, according to advices to
the New York "Times" June 2, which also said, in
part:
needing capital in amounts up to
$1,000,000 today find it practically impossible to get it on any reasonable
vestments are in
and
.
nearly two months, voted 5 to 4, to recommend that the full
committee report favorably the House bill to extend until
Jan. 15, 1941, the President's authority to devalue the dollar.
The vote was taken on a technical motion to amend the bill
a
The merit of the Mead
proposal is that it employs the present
There is no doubt that small businesses
f
Democrats
-
Currency Committee, in whose hands the bill had lodged for
On June 2 Chairman Jerome
Frank, of the
terms.
three
On June 2 the sub-committee of the Senate
Upon liquidation of the corpora¬
Treasury.
Exchange Committee, and Ernest Draper,
of its old gold
by the Senate, he
devaluation power and voting with the
majority.
authority vested in the Federal Reserve banks to
make industrial loans would be
repealed.
by
The Committee then
.
In such event,
existing
59%
Senator Adams (Dem., Colo.) moved to eliminate this
authority, and was
to me to be a
seems
already has cut the dollar to
If continuance of this authority is approved
could cut is another
9%.
officially, but the
The result of the ballot
resume
but
his lieutenant.
given
obtained
was
was
not
an¬
from thoroughly
reliable sources.
pro¬
The
adoption of the bill by the House
our April 29 issue, page 2514.
'
on
April 21,
was
noted in
Dig Competilors
a
Factor
"Isn't the basic trouble the fact that small businesses
good,
not as
are
credit risks
now as
they were 25 years ago because they cannot compete
big corporations?" asked Senator Adams.
"I know in my country
with the
that I have
seen
many
of them disappear,
financed."
even when
they
were
House Passes Fulmer Cotton Bill
The House of
Representatives on June 8 by a voice vote
passed the Fulmer net weight cotton bill designed to increase
the use of cotton by fixing a standard for bagging for cotton
shipped in Interstate Commerce said Washington dispatches
dated June 8 to the "Journal of Commerce" which continued:
adequately
•
,
.
„
.
"h
Agreeing that this probably was one factor in the situation, Mr. Frank
appealed, however, against adoption of a "defeatist attitude."
"We've lost
We're
need
a
our
Western frontier,"
rich country with the most
multiple hypothesis to attack
doing it."
of
he said,
"but
not
our
internal
intelligent workers in the world.
a
one
We
The bill would provide that no
problems and this bill is one way
our
Mr.
Frank said the SEC records contain numbers of
examples of sound
small business
being unable to get capital at fair costs.
In the
ure;
During debate on the floor of the
he suggested several technical liberalizing amendments
authority
Fulmer
We likewise take from the "Times" the
said he spoke for himself and not the
asserted that, as the bill is
drawn, the insured
the bill would result in the use of an additional 200,000 bales of cotton per
would
require
pounds
necessary
following:.
to
lending bank would have
and
thus
the
bill
might
fail
to
accomplish
its
chief
Tax Revision Concluded By House
Committee—Under Secretary of
Urges Proposals of Secretary
Morgenthau—Other Proposals
On June 5 the House Ways and Means
Committee con¬
hearings on proposals for tax revision, and
instructed its subcommittee, headed by' Representative
Cooper (Dem) of Tenn, to begin the' drafting of a bill.'
For taking this action the Committee voted down a motion
by Representative Jenkins (Rep., Ohio) to broaden the scope
of the tax program by giving public consideration to all of
the so-called "business deterrent" taxes, regardless of whether
they affect corporations, partnerships or individuals, accord¬
ing to Washington June 5, advices to the New York "Journal
of Commerce" which further reported:
He suggested
preserving the principle of "retaining a local interest in each
loan," but under a plan
whereby the RFC and the insured bank would
share any loss that
might occur on a pro rata basis to be set up in the
cluded its public
-
...
Working Capital Definition Asked
The official asked the
committee to consider adding a section to the bill
which would broaden the definition
of "working capital" which the Reserve
Banks can lend to small business
and also extend the maximum
repayment
time
on
such loans.
The Mead
up to
»
bill in its
90% loans
up to
Interest, exclusive
present
would
$1,000,000 which
of
run
authorize
from
one
the
RFC
to
»«
insure
to 10 years.
service
surance, could not exceed
raise
form
charges and premium charge for the in¬
4% on the unpaid balance, but the RFC could
The Committee was urged
of
those
who has
indicated
,
in
the
creation of credits.
Representative Crawford's re¬
effect, according to the New York "Times"
were made at the Second
Finance Congress of Women, at
the Hotel
Commodore, in New York City, on June 7, and in
indicating that he said that the Mead bill was impracticable,
marks to this
the "Times" further
quoted him
as
Mr. Hanes stated that it was
could be fairly
h^ disapproval of the
provisions of the Mead bill is Representative Fred L. Craw¬
ford, of Michigan ('Republican)
a member of the House
Banking and Currency Committee, who this week took
occasion to state that the Federal Government is
moving
toward the assumption of the normal functions of
banks
■
so much risk on the bank in case of loss, while
suppressing
interest rates, that no bank will
attempt to operate under it as now written,"
he declared.
"In the words of Governor Mariner Eccles of the
Federal
Reserve Board, it will be
disappointing at best."
Senate
Banking Committee Approves Bill Extending
Monetary Powers of President Roosevelt—Con¬
Power and $2,000,000,000
essential to the perpetuation of a system of free enterprise in a nation
of free men."
The Undersecretary stressed
Sta¬
bilization Fund
that the increase was
and the
"assumption of new functions in the field of social security, in the
relief of unemployment
to devalue the dollar further after
an
and other social services, in the protection of the
on
June 6
effort to terminate the
and in the conservation and development of
natural resources."
increased taxes alone will not balance the budget, Mr.
said: "It is necessary, therefore, to base our fiscal policy on an
Warning that
Hanes
acknowledgement of the fact that
balance the budget
retrenchment in expenditures alone will
with a surplus sufficient to reduce the national
activities of the Government for national
defense and necessary social services can come only out of a larger national
income.
Larger national income can be produced only by more work,
more
"If
Support of the enlarged
investment and more
the
enlarged
enterprise.
public activities are to
be maintained permanently
people or the credit of the
produced in
the United States.
This means that the social reforms desired by the
people can be sustained and developed only by the recovery of private
enterprise, which, after all, is the backbone of Federal revenue."
nation, then more
approved the continuance of President Roosevelt's authority
that expenditures of the Federal Government
than ever before in time of peace, and stated
due mainly to the national defense expansion program
today are very much larger
without impairing
Banking and Currency Committee
To Preserve Incentives
mind," he said, "I most earnestly suggest that
establish
to
not
The Senate
T.
Committee make it clear that it is the intention of the Government
a tax system which preserves and increases incentives that
your
are
debt.
Devaluation
•
"With this thought in
.
his conviction that the present tax structure
improved so as to stimulate private business.
national interest in agriculture
follows:
"The bill throws
tinues
by John W. Hanes, Undersecretary and tax
Treasury Department, to closely follow the program of tax
revisionlaid down at an earlier hearing by Secretary Morgenthau.
expert of the
lower this rate if it found it
necessary to insure the adequate use or
deter the excessive use of the
insurance facilities.
or
One
.
Ways and Means
Treasury
Hanes
-
purpose."
measure.
•
Public Hearings on
to
so
insurance,
when the present weight jute is Used.
Reserve Board,
limited," he added, "might not afford sufficient protection
encourage banks to make loans on a more liveral basis than they would
without
"
.
Mr. Fulmer stated that the use of the 14 ounce covering
only 15 pounds of bagging and ties per bale, compared with the 21
absorb all loss up
to, 10% of the amount of the loan.
"Iasurance
Representatie Hampton P.
House,
(Dem., S. C.), author of the measure, estimated that passage of
year.
complementary
Draper, who
of
this country with cotton bagging.
as
and also proposed that the Federal Reserve Bank's
to lend to small
business be liberalized as a
Mr.
use
States tare standards, it would tend to replace jute coverings now in use in
advices to the "Times" June 3 Mr. Draper
declaring that there is "much to be said in
favor of the approach to this
problem" offered by the meas¬
reported
although it does not prohibit
material for bale covering which would meet requirements of United
any
same
was
measure.
bagging for covering baled cotton may
exceed 14 ounces per square yard and
'
.
the standard of life of the
wealth must be produced than is now being
Financial
3456
to
answer
they prevented the measure from
two-thirds vote required for approval
procedure that House leaders adopted.
how to encourage private
was
600,000 persons per year were
absorb the
He pointed out that'approximately
being added to the employment system and
per year to
is thrown on the market annually.
Committee that there are only two basic ways to
labor supply that
new
Hanes told
Mr,
$4,000,000,000 of new capital
the
produce wealth.
way," he said, "is to conscript labor and capital and put them to
compulsion.
This way is unthinkable in America.
"One
work under Government
The other way is to
privide the incentive of wages, interest, dividends and
This is the way to which we are committed and the only way we
profits.
think of taking.
I
whether
provide all legitimate and
they
with
a
view to determining
necessary
"Wherever
the tax system
may
be operating against the
incentive and is interfering with legitimate and necessary enter¬
necessary
prise, it
find that
Correction
seems to me
that it is our duty to correct the situation.
"While suggestions made to you by
panacea,
it is
my
the Secretary were not presented as
conviction that they indicate a course of tax reform that
greatly stimulate recovery and greatly improve the unity of the
would
nation.
Out
of
that
confidence
increase of the national
that
and
unity
hope will
I
come
that
will provide the revenues that the
income which
Treasury must find to support the Government and to balance its budget.
"In
I would like to leave with you this concrete thought,
conclusion,
I would like to
our
see
this
Congress make
definite contribution to the solution
a
economic problems."
two outstanding social and
It is
reported that Representative Treadway (Republican)
that
late
June 2
although there was no quorum present and the Com¬
mittee previously had agreed to consider no further important
issues that day.
Chairman Dough ton denied such an agree¬
ment existed (said the Associated Press) and asserted he
could not be held responsible "if members absent themselves
when important business is being transacted."
Noting that at a closed hearing before Mr. Hanes testified
the Committee re-affirmed its decision to confine its hearings
to corporate taxes.
Associated Press accounts from Wash¬
ington June 5 further stated:
Chairman
Committee
Doughton
(Dem.)
however,
decided,
those
regarding income and excise taxes.
"Can be considered"
Carolina,
of North
that
who
announced
wished
might
that the
file-briefs
These briefs, Mr. Doughton asserted
by the tax subcommittee and the Ways
Means
and
Committee in writing its tax revision bill.
Representative Jenkins,
meeting that it
(Rep.)
was he Who
said at the open
•
•
.
,,.
Members of the
be enacted
The
no
f
Committee have emphasized that a tax measure must
by June 30. when the excise
Committee
(Dem.) of Mass.,
tax bill."
expects
to
propose
or
so-called "nuisance" taxes expire.
continuing
the
excise
addition suggest several corporate tax revisions.
in
and
taxes
.
The proposals of Secretary Morgenthau were referred to
our issue of a week
ago, page 3309.
In the same item
in
we
noted in brief proposals
made in behalf of the United
States Chamber of Commerce.
On June 3 an 8-point program
National
Association of
.«
.
doned."
presented by the
Associated
Press
advices (from Washington) that date said:
on
corporate income were
Congress by the New York Board of Commerce
as
recom¬
part of a
Presenting the Board's 10-point program'for tax revision, M. L. Seidman
testified "our present Federal income taxes operate on entirely too narrow
base."
"
Noel Sargent, Secretary of the Manufacturer's Association, presented the
outlined last week by
objectives
Secretary of the Treasury Henry Morgenthau, Jr.,
that is, increased flow of capital into private
industry and the promotion
equity.
should
documents to Hyde
when a
memorial was proposed for Theodore Roosevelt, his widow said "it was too
soon for a proper estimate of the place he will occupy in history."
paralleling many of those made by Morgenthau,
follow:
.
*
normal income tax since this involves double
taxation;
intercorporate dividends
Which
results
in
of the ban
double
taxation
Association's
Committee
eight other changes in the
he said
revenue
on
Federal
Tax
Legislation, proposed
dollar
a
the Social Security law, of any reorganized bank until the
depositors of the predecessor bank have been paid off in full.
Mylander
also
recommended
that
property
owned
by
banks
be
exempted from the definition of capital assets.
The
bill by Governor Lehman giving the con¬
of New York to the Federal Government >
signing of
a
occupancy
of
library
noted in
was
12
States
United
of the President's estate for the
issue of June 3, page 3314.
acres
our
by
Ban
Voids
Court
Supreme
Mayor
Hague of Jersey City on C. I. O. Meetings—Action
City Officials Held to Bar Free Speech and
Assemblage—President Roosevelt Reported Grati¬
fied by Ruling
of
,
The
by a five-to-two de¬
Supreme Court,
States
United
cision, rendered at its final session on June 5 of tli6 present
term, sustained a lower court decree holding that Mayor
Frank Hague and other Jersey City officials had violated the
constitutional guarantees of free speech and free assemblage
interfering with meetings of members of the Congress
by
Industrial
The case was decided in five
Organizations.
Butler and Mc¬
separate opinions, in all of which Justices
Justices Roberts and Black joined in
handing down one majority opinion, while Justices. Stone
and Reed shared another on different grounds.
Chief Jus¬
tice Hughes concurred in the general result, and Justices
Frankfurter and Douglas did not participate.
At a press
conference, on June 6, President Roosevelt was reported
in a Washington account to the New York "Times" as
stating that the decision spoke for itself, and that the rul¬
ing of the court would strengthen the protection of civil
liberties generally.
The ca^e involving free speech and
assemblage was mentioned in the "Chronicle" of Feb. 18,
page 962.
In analyzing the various opinions handed down
on
June 5, a Washington dispatch of that date to the
Chief
"Herald Tribune"
Justice
Charles
Evans
,
said, in part:
Hughes
this last opinion
absent from
was
suffering from a duodenal ulcer.
His
physicians said that they were "well satisfied" with his condition; how¬
ever, and that he was
in no danger.
In his absence Associate Justice
day
of
the
Pierce
because
year
Butler
Stone
read
presided
various'
he
was
cdurt
the
over
which
opinions
had
and Associate Justice Harlan F.
been previously prepared by the
Chief Justice.
in., the
'
Hague
reached
were
which
case,,
by
Justices
the
wrote
two
dissenting
short
a
Besides
three
other
In
all
The
C.
I.
three
and
put
Justices
cases
so-called
0.
'
Hague
the
their
C.
McReynolds and
there
decision,
Butler
Union
handbills confiscated
of
were
reason¬
two.
,
dissented.
held
meetings
after
up
Civil, Liberties
each
McReynolds,
taking slightly different lines
The vote was seven to
came
case
American
police,
by
results
entirely-
,
youth-cpntrol
the
ip
opinions,
concurring
Jereey City
and. James
Butler
justices,
opinion
main
but
Stone,
Roberts -and
J.
.
.
the same
to two,
The Chief Justice wrote a concurring opinion,
dissenting opinion.
a
fiye
dissenting opinion.
the
ing, and
decided
was
Owen
different lines of reasoning.
and
by
both
had been broken
and the principal
■
.
up
the
by
speakers
ferries and trains for New York.
on
An injunction was obtained by the
organizations, along with individuals,
Court found for the
against further interference, and the Federal District
complainants,
which
was
affirmed by the Circuit Court of Appeals.
Circuit
Devision Strengthened
One of the
interesting features of the decision is that while the Circuit
Court described conditions under which the union sympathizers could have
■
distributed
Rejects Bill Establishing Library at Hyde Park,
Y. to House President Roosevelt's Papers
Opposition by House Republicans on June 5 resulted in
the defeat of the joint resolution providing for the establish¬
ment and maintenance of the Franklin D. Roosevelt Library
at
Hyde Park, N. Y. After asserting, said Associated Press
from Washington, that such material should be
preserved in Washington, if anywhere, along with other
advices
their
officials
should
modifies
the
absolutely
decree
handbills
decree
void
and
and
prescribes the
administered
have
in
lower
the
has
no
decree attempts
and
their
court
manner
ordinance,
their
by
in
which
the
saying that
standing' whatever.
they greatly strengthened
"The
N.
.
sent of the State
ents
House
of his own remarks "at
word."
laws, largely of a technical nature, which
except under
Mr.
Missouri, who remarked that President
"memoirs for a tremendous price," Mr.
had sold his
already
"in
the public interest and will contribute to
recovery."
Among other things Mr. Mylander proposed repeal of the tax on safe
deposit boxes: Exemption from gift and estate taxes of foreign securities
owned by non-resident aliens, and
exemption from all Federal taxation,
were
•
.
Rayburn recalled that Calvin Coolidge sold some
on
offsetting previous capital losses against current profits."
Charles H. Mylander, of Columbus, Ohio, Chairman of the American
Bankers'
well of the House to plead with Republicans
Answering Representative Short of
Roosevelt
the majority
Rayburn of Texas,
Representative
vote
the proposal.
vote for
to
elimination of the
abolition of the undistributed
earnings tax and the combined excess profits
and capital stock taxes; elimination of the ban on consolidated returns
and
the
before
Just
Luce of Massachusetts asserted that
Representative
and
leader, strode down into the
„
"Reduction of Federal surtax rates which discourage investment of
savings in private industry; abolition of the present capital gains and losses
tax
provisions; exemption of corporate dividends to individuals from
of
the costs of transporting the Presidential
have to pay
Park,
*
The recommendations,
taxation
scattered all around the country."
.
program with a declaration that it would go far to promote the
of tax
objection that if this precedent were followed, papers of
an
Representative Wolcott of Michigan inquired why the government
a
program to promote recovery.
a
came
New York
Simultaneously broadening of the income tax base and substitution of
mended to
Representative Fish, a Dutchess County neighbor of the Roose-
From
f
was
Manufacturers.
single tax for all present Federal taxes
"a road that shortly will be almost aban¬
Reynolds dissented.
'
;■
.
."If that had happened," Representative McCormack
commented, "we'd have
Committee
preferred opening the hearings to all classes of
taxes.
in the Archives Building or in the
rather than in a new building on
of
of Ohio,
asked why the material
Congressional Library
Treadway of Massachusetts
Representative
"
of Mass., senior minority member protested on June 3
the limitation on hearings was imposed unexpectedly
Mr. Roosevelt's papers.
authorized to accept formally
a
of
A private corporation would erect
at Hyde Park.
Upon completion the United States Archives would be
building on it.
a
future Presidents "would be
Need for
we
authorize the government to take title to 12 acres
The measure would
velts,
enterprise in the production of wealth.
•
was
of the Roosevelt estate
incentives to private
policies of the Government
carefully fiscal
The joint
passed by the Senate on April 20 by unani¬
mous consent.
The Associated Press Washington accounts
June 5, from which we quote above further reported:
resolution
should not be put
continued, "it becomes our duty to examine
"That being the case," he
Republicans
and eight approving it.
voting against the bill
happy to be associated with the Treasury and
am
the Administration in this enterprise.
a
under the
The roll-eall vote was 229 to 139, with 139
enterprise, Mr. Hanes stated that the tax structure
only one phase of the problem.
estimated that it would require
can
receiving the necessary
Committee members, for his suggestion as to
request by
a
1939
records,
Government
Taxes Only One Phase
In
June 10,
Chronicle
By
the city
Supreme
the
thus
Court
ordinance
is
modifying the
it.
to formulate
the conditions under which respond¬
distribute such literature free of interfeience," the Roberts opinion runs.
"The ordinance absolutely prohibiting
such
distribution
is
absolutely void under our decision in Lovell v.
Griffen,
too
supra,
far.
void
As
to
entitled
may
and the petitioners
All respondents
and
permit,
sympathizers
are
so
concede.
We think the decree
goes
entitled to is a decree declaring the ordinance
enjoining the petitioners from enforcing it."
the
prohibitions
the court held
to
a
decree
by the petitioners.
so
that
against
"as
public
meetings
without
obtaining
the ordinance is void the respondents
a
are
declaring and an injunction against its enforcement
They are free to hold meetings without a permit and
Volume
without
Financial
148
regard
the
to
rewrite the ordinance,
back
Getting
terms
legal
the
to
of
cannot
Other rulings of the Supreme Court this week, had to do
decided,
with the Milk Marketing Agreements in the New York and
Boston Areas, and the voiding of the ban by Mayor Hague,
courts
The
ordinance.
void
the
the decree, in effect, does."
as
principles
the
which
on
was
case
freedom to
National Labor
Relations Act (which the complainants say they had called their meetings
to discuss), "to assemble peaceably for discussion of the Act and of the
Justice
Roberts
disseminate
Roberts
by
afforded
the
provisions of
it,
is
privilege
a
immunity
the
or
States, secured against State abridgement by
Section
Fourteenth Amendment and
Justice
the
whether
question
main
te
as
concerning
of the United
citizen
a
propounds
and advantages
opportunities
of
first
information
said:
of
Jersey City,
meetings in that city of the Congress
Organizations; both of these decisions are
referred to under separate heads in this week's issue of our
paper.
From United Press advices from Washington we
take the following regarding the decision on the Child Labor
for
on mass
Industrial
Amendment:
(14) of the Judicial Code."
24
3457
Chronicle
"
The Supreme Court ruled today that the proposed Child
rights in
State abridg¬
ment, It is clear that the right peaceably to assemble and to discuss these topics,
and to communicate respecting them, whether orally or in writing, is a privilege
despite the lapse of time since it
inherent in citizenship of the United States which the.amendment protects.
in
"Although It has been held that the Fourteenth Amendment created no
citizens of the United States, but merely secured existing rights against
.,
.
.
did not
carry with It the right to discuss national legislation and the benefits, advantages
and opportunities to accrue to citizens therefrom.
All of the respondents' proscribed
activities had this single end and aim.
The district court had jurisdiction under
ment to the Federal Constitution still is
Davis
speaking
Boston Common without a permit
on
Roberts
distinguishes
Butler
Justice
that
based
was
the
from
case
Davis
the
on
case,
constitutional, Justice
The dissent, of
was
instant one.
incidentally.
the
and
streets
of the public and, time out
use
of
of
communicating
assembly,
public
ancient
times, been
a
citizens.
The
and
parks
ties
of
the
streets
of
use
the
citizens,
between
privilege
for
of
discussing
and
communicatiqji
of
States to use,
the United
citizen of
a
views
be regulated in the interest of all; it is not absolute, but relative,
be exercised in subordination to the general comfort and con¬
and in consonance with peace and good order; but it must
may
and
must
y "
■
"reasonable
a
State takes
a
ratifying it
or
■
of the amendment
Opponents had cited three
length
has intervened since the
of time"
proposed by Congress in 1924.
was
'
■
.
affirmative action
.
on
a
H
,
proposed amendment—
rejecting ratification—the State's
power
is exhausted,
and it may neither retract nor change the action.
Since
more
than one-fourth of the States have affirmatively rejected
ratification of the proposed Child Labor Amendment, it no longer is subject
to ratification.
.
In Associated
'
'
Press advices from Washington
/ '
June 6 it
stated:
was
Referring to the contention that the amendment
was
dead because of
"lapse of time," Justice Hughes said that Congress had the final determination of this question.
questions
national
on
When
either
and
streets
'
subject to ratification.
was
More than
2.
have been used for purposes
of mind,
thoughts
Justice
rest,"
may
public places has, from
part of the privileges, immunities, rights and liber¬
Such
questions.
parks
longer
no
grounds of action:
3.
Roberts
pursued in his opinion, "they have immemorial ly been held in trust for
title
the
"Wherever
it
amendment
prohibiting
43, which held that ordinance
Massachusetts, 167 U. S.
v.
that
1-
of
citing the previous holdings, of the Supreme Court in the case
After
Kentucky and Kansas.
The high tribunal rejected contentions of opponents
A
(14),"
Labor Amend¬
subject to ratification by the States
proposed by Congress in 1924.
Status of the proposed amendment had been challenged in suits brought
Citizenship of/the United States would be little better than a name if it
Section 24
was
submitted
was
to
,
.
No time limitation for ratification
the
States
McReynolds dissented.
was
placed on the amendment which
by Congress in
V
'
1924.
Justices Butler and
V
venience,
in the guise of regulation,
not,
"We think the court below
Note
the
void
1
of streets
use
director of
will
free
disturbances
views
of
the
under
arbitrary suppression
instrument, of
official
such
'prevent'
connection with the exercise of the right."
agreed! in the results of the Roberts argument but not in
duty to maintain order in
'
Justice
Stone
methods.
its
thought the concept that the question
He
limited to a
was
meeting to discuss the National Labor Relations Act was much too narrow.
"The
bit
injunction," he said in his opinion, which is to be taken as every
controlling
as
United
Act.
the
On
nating
my
suit
it
contrary
extends
the
rights
Fourteenth
the
about
is
"Instead of
applies
Labor
enjoining,
as
its
restraint
interferences
below
court
due
and
of
assembly for
that
more
of
of
Act,
omitted
guarantees
and placard.
disseminate
to
is
information,
plain
in¬
the
that
it should
dissemination
through
such
any
meetings
acts
all
freedom
persons
other¬
or
limitation
have
informa¬
of
petitioners'
to
from
the
infringed
,
of
affected.
is
think
the
all
speech
I
am
record
their limited
unable to
fails
privileges
as
their
cause,
case,
which respondents
their
rest
which
the
due
clause
process
their
decision here
that
support,
to
of
on
the
respondents
assertion,
must
upon
palpable
so
which I
depend
upon
citizens of the United States in order to sustain
proof."
or
an
avoidance
have raised by
Massachusetts
by Secre¬
case
6 to 3.
was
v
From Associated Press accounts from
we
quote:'
•.
.
Washington June 5
;
The Court held that the power of Congress to enact the 1937 Agricultural
Marketing Act depended upon the peculiar use and nature of milk.
.
Justices Black and Douglas concurred in the majority opinion, explain¬
ing, however, that they did not believe the Court was called upon to indi¬
cate, as they interpreted the opinion to hold, that "there is such a constitu¬
tional limitation on the power of Congress to regulate interstate commerce."
It was a 5-to-4 decision in the New York case, with Chief Justice Hughes
and Justices McReynolds, Butler and Roberts dissenting.
The Reed opinion reversed a ruling by the Northern New York Federal
District Court holding unconstitutional the milk provisions of the 1937
Agricultural Marketing Act and an order issued by Secretary of Agriculture
Wallace regulating, the intrestate sale of milk in the New York City area.
In the Boston case, Justices McReynolds, Butler and Roberts noted
In the two decisions
involving the milk agreements for the
Boston areas, said Washington advices
the New York "Journal of Commerce" the Govern¬
New York and greater
be brought to this court than
can
assembly,
and
regardless
persons
York and
the-
citizenship, but which the
privileges and immunities clouse, secures only to. citizens-, and then only
to the limited extent that tehir relationship to the National Government
to
guarantees
chusetts
-
speech,
.lawful purpose..
any
and important issue
grave
freedom
of all
declared,
it
as,;
* which
process' clause,
right
Act—it
with the
Relations
rightly
because,
evidently
"No
to
National Labor
the
The
to
it does, interferences with all meetings for all
confined
about
terms
'
dissemination
decree,
the
Relations
and the lawful
tion
leaflet, handbill
.
purposes
wise.
the broadest
in
lawful meeting and dissemi'
any
Amendment—here
National
broad.
too
rightly
now
said to pertain
right,
respondents are entitled to maintaip in this
secured to them by the privileges and immunities
the
formation
the court
the
think,
■
of
decree
"which
information by circular,
brethren
only
clause
and
respondents in holding
lawful
any
If,
opinion,
protection of
to disseminate information about the Wagner
States, citizenship,
interferences with
as
the Roberts
as
restricted to the
is not
sustains,
to
New
Agriculture
The Administration's plans to stabilize the milk industry
by fixing minimum prices and equalizing the amounts paid
producers was upheld by the United States Supreme Court
on
June 5; the court's opinion, in affirming the constitu¬
tionality of the Agricultural Marketing Agreement Act of
1937, upheld the milk marketing programs in the New York
and Boston areas, provided for in orders by Secretary of
Agriculture Wallace issued under the Act.
Justice Reed
delivered the main opinion in both milk cases, but the vote
in the New York case was 5 to 4, while that in the Massa¬
of all
for the prohibition
in
tary of
eventualities.'
But uncontrolled
suppression of the privilege cannot be made a substitute for the
undoubtedly
speaking will
Supreme Court Upholds Constitutionality^of
Agricultural Marketing Agreement Act of 1937 and
Validity of Milk Marketing Orders Issued There¬
opinion that such refusal
assemblage.'
It can thus,
national affairs,
on
S.
convenience in
It enables the
or
mere
disorderly
or
be", made
discloses,
expression
U.
make comfort
It does not
parks the standard of official action.
or
'riots,
record
the
of
face.
denied.
or
right in holding the ordinance quoted to
safety to refuse a permit on his
prevent
as
its
upon
be abridged
was
their
the
real
issue
pleadings
and
sustained
of
in
June 5 to
important count involved in
Federal Government to fix prices;
delegation of authority by Congress under the Act to the
Secretary; referendum of producers, and the equalization pool.
Summarizing the conclusions of the Supreme Court the
ment scored victories on every
the eases—the right of the
by
/•■'■""'.V;''''
Associated Press said:
the
Justice Reed's opinion in the New
■
.
York case asserted that "the power
enjoyed by the States to regulate the prices for handling and selling com¬
within their internal commerce rests with the Congress in the
between the States."
iReferring to an equalization pool plan
intended to give producers the same price for their milk regardless of its
use, Justice Reed said:
'The pool is only a device reasonably adapted to allow regulation of the
interstate market upon terms which minimize the results of the restrictions.
"It is ancillary to the price regulation, designed, as is*the price provision,
to foster, protect and encourage interstate commerce by smoothing out the
difficulties of the surplus and cut-throat competition which burdened this
marketing.'"
.•*
Justice Reed said that in a recent decision "we made it clear that volume
of commodity movement might be controlled or discouraged."
"As the Congress would have, clearly, the right to permit only limited
amounts of milk to move in interstate commerce, we are of the opinion it
might permit the movement on terms of pool settlement here provided.
"Common funds for equalizing risks are not unknown and have not been
considered violative of due process,"
The majority opinion instructed the district court "to enter an order
specifically enforcing up to the time of suspension the provisions of Order
No. 27, issued by the Secretary of Agriculture Aug. 15, 1938, regulating the
handling of milk in the New York marketing area, as to all the defendants
and enjoining defendants, their officers, agents and servants, from further
modities
/
commerce
Adjournment of United States Supreme Court—Child
Labor Amendment Held Subject to State Ratifica
tion—Other Rulings y
■■
The June 5 session of the United States
marked
in
the close
advices
of
one
of its
Supreme Court
busiest, terms, it
was
noted
that
day from" Washington to the New York
"Journalof Commerce," which, in part, added:
Records showed that since last October when it began its term, the Court
has disposed
of 922 cases, of which 246 have been decided on their merits,
while 676 were denied reviews.
It had before it throughout the term 1,007
petitions in all, leaving 85 on which action win be taken at the next term.
The closing session
of the Court today also was marked by other major
actions taken as follows:
The Child
Labor Amendment to the Constitution was held still subject
to ratification
despite the fact that it has been before the States for 13
The Court agreed to review
violation
Wis., oil trials, after the jury had brought in
guilty verdict.
:
Suit of trustees of the Missouri
of
a
property
In
Act
order."
-
„r
,
...
in the New York case, said he
order regulating umilk marketing "is not
.
.
by the act, but if it is
without due
process
authorized, deprives the appellees of their
Amendment.
of law in violation of the Fifth
opinion in the Boston case, Justice
"unconstitutionally delegates legislative power to
his dissenting
Roberts said, the
the Secretary of
Agriculture."
■
The
Pacific RR. against the Scott County
Milling Co., Sikeston, Mo., for recovery of $23,994 was rejected.
the
Justice Roberts, in his dissenting opinion
believed Secretary Wallace's
authorized
„
validity of a ruling by Federal District Judge
Patrick T. Stone dismissing charges of anti-trust conspiracy in connection
with the so-called Madison,
,
years.
Constitutionality of certain features of the New York City sales tax was
taken under consideration for review.
'
cases
passed
to in these columns
upon
by the Supreme Court were referred
page 2053.
April 8,
Upheld validity of a California Railroad Commission order directing the
American Toll Bridge Co. to reduce tolls on its
Carquinez Bridge.
Gold Rehearing Denied
u
,
77- Denied
request for rehearing and reargument of the gold clause cases«.
decided a week ago when it was held that the prohibition against payment
(
in
gold was applicable to contracts calling for payment in
Government.
gold of a foreign
Analysis of Imports of Items in Trade Agreement
France Issued by Tariff Commission
with
'
The
trade
agreement with France has been
in force for
nearly three years, having become effective on June 15,
1936.
The United States Tariff Commission on May 24
,
Financial
3458
issued
Exchange
further stated:
the compilation show the imports from
The detailed tables are
include*! in
tables
Summary
France, and the total imports front all countries.
arranged according to the Tariff Act of 1930 by
commodities.
$7,800,000; cigarette
&c.
liqUeurs,
$3,-
paper,
$2,100,000, and certain cotton laces, $1,300,000.
vanilla beans,
Holding Company Act—Has to Do with Servicing
Foreign Associates and Exemptions of Holding
Companies' Securities by Banks
of
available through the office of the Tariff Commission in Washington
are
and also at the Commission's office in the
Custom House in New York City
.
in Trade
foreign associates, while the second affects exemptions for
analysis of imports into .the United States in 1937 and
and in 1938 of items upon which the United States granted
concessions in the trade agreement with Switzerland, was
issued May 16 by the Tariff Commission.
This trade
agreement beam© effective in February, 1936.
a
with
non-concession
on
items
from
all
The statis¬
countries
to say:
69% of which
came
.
from Switzerland.
mond.
/
a
Works
Department of Commerce.
In
House. New York City.
.
Fees
Authorization
for
of
Issuance
I
*
*
Rules
of
Practice and
Statement
(1)
The respectlve
to
as
underwriter's and finder's fees, if
name
any, as
(2) The respective name and address of each known
a
fee
(other than
an
the negotiation or consummation of
securities, or for
securities
an
in
acquisition, issue
services In securing underwriters, sellers
(which fee'shall be referred to herein
as
or
The
affiliation,
stockholders,
through
or
or
indirect,
ownership
A
through
of securities
directors,
by
of
public
a
U-13-31
the
in
the
in
the
Commission
the
servicing
of
case
of
Y
Commission,
5,
June
;:
•
ending
'
,
10%
holding
Holding
company
Company
of the outstanding
or more
subsidiary,
or
was
"
the
on
The
statements
day
last
instead
statements
of
are
February
of
quar¬
for the six-
be
to
and
the
August
each
of
adopted and is intended to simplify the work which must be
bank
exempt
statement
preparing
in
the
on
must
be
?0,
1939.
In
view
of
May
rule
31,
a?so
securities
filed
that
loans
not
pledged
certain
and
be
the
for
the
for
reports
be
Commission.
months ending
six
Commission
the
should not be
provides
need
its
will
with
quarterly
change, -the
the
1939,
for R defaulted
form
new
and
new
hold
utility
Utility
Public
the
of
semi-annual
for
1939,
The
on
before
or
the
for
report
filed.
securities
other
(other
types
of
than those
loans), and
reported unless
such
securities are voted
exercised control
over
their
,
by
the bank
In
the
the bank
or
that pledged
event
has
of
the
issuer
additional
-
or
«
for
Rule
has
also
of
such
information.
the
purpose
U-9A2-1,
been
In
of
amended
to
must
addition,
clarification
Exemption
be
reported
other
various
and
Certain
of
rights.
or
them
securities
voting
custodian securities are voted, or
is exercised by the bank, the name
securities
voting control with respect to
of
existing
does
performed by
'
calls
31,
made
Officers
associates
companies
form for such statement, designated "Adopted May 31, 1939,"
an
first
pledged
connection
otherwise,
or
of Rule
of
banks which
previously required.
new
custodian
„
direct
the provisions
rule
period ending
finder's fee) and the
a
fair and
a
Exchange Commission today announced the adoption,
Aug.
purchasers of
amount of such finder's fee;
(3)
and
follows:
as
has also been
(other
or sale
such
whether
service
Y
for certain
period
year.
The
announcement
.
revised
mcnth
as
receiving or
person
the event
in
.
further
terly reports
follows:
underwriter's fee) paid for service
exemp¬
.
(d)
securities
The
and address of each underwriter, the respective
than attorneys, accountants and similar technical services)
with
read
and,
to make
all
td
,
afforded
explained
underwritten, and the amount of the underwriter's fee therefor;
entitled to
f
paragraph
1935
voting
done
to
application for
an
May 31, 1939, of changes in Rule U-3A3-1 which provides temporary'
of
,
as
at
companies."
year,
mutual
previously
exemptions" from
•/.
K.
amount
so
calendar
or
"
Sept.
Regulations, is hereby amended
a
of
Act
Paragraph K, Section 34.2, Contents of application—Part 34, of said
follows:
cost
total
one
exemption
the
Securities
The
as
announced
adopted new
July 1, respecting statements as to underwriter's and finder's
fees in applications for authorization of' the
issuance of
securities or the assumption of liabilities by utilities under its
jurisdiction.
The new requirements are set forth in an
amendment to its "Rules of Practice and Regulations" for
administration of the Federal Power Act, which have been in
effect since June 1, 1938. The Act is amended to read as
follows:
any
amendments to
an
follows:
May 23 that
requirements, (Order No. 62), effective
it has
the
as
companies
system.
company
The
of
Securities—New Requirements Effective July 1
The Federal,Power Commission
long
so
subsidiary
foreign companies.
Adopts New Rules Respecting Underwriter's and
Finder's
"eco¬
associate companies
denial of the application,
$10,000 within
more,
repealed
V
„:
partial
or
associates
holding
be obtained upon request from the Tariff
may
companies
associate
for
benefit of such
during the pendency of the application
complete
or
one
Commission in Washington or from the Commission's office in the Custom
FPC
the
be exempt pending action by the Commission on the application,
exceed
not
Progress Administration project in Rich¬
The basic data were supplied by the
Copies of the compilation
the
foreign
These analyses have been made under the supervision of the
as
for
equitable distribution to the serviced companies of those segregated profits.
The rule also grants a blanket exemption
from1 the standards of the
Act for the performance of service, sales or construction contracts with
Similar compilations have recently been issued by the Commission con¬
Tariff Commission
contracts
construction
efficiently
provided that the company file an undertaking to segregate and retain all
of
cerning items included in the trade agreements with Belgium and with the
Netherlands
(b)
that subsidiary and mutual service companies perform
and.
and
profits earned
from Switzerland, and the balance from other
came
amounted to $24,000,000,
in
sales
tion shall
1938 the total value of the imports of these commodities
In
countries.
U-13-4 under the Holding Company
Rule
application for exemption from Section 13
an
fairly and equitably allocated among such
The new rule provides that any company filing
with Switzerland, amounted to $27,000,000 in 1937-
72%
Act
Act requires
nomically
United States granted concessions in
the
concerning
say
regard to the servicing of foreign associates. * This section
the
the
service,
These statistics disclose thaff the total amount of imports from all coun¬
Of this amount,
provides for
of
#
tries of the products upon which the
-the trade agreement
to
cost,
:
.
the following
has adopted
Commission
which
of
The Commission's release in the matter went
of a holding company's securi¬
or more
had
rule:
The
Act
from
and
The. SEC
first
comparison of the imports of these concession items
Switzerland.
10%
banks holding
ties.
tics are arranged according to the Tariff Act of 1930 by
schedules, paragraphs and commodities.
Summary tables
show
The first rule affects servicing of
Holding Company Act.
Agreement with Switzerland
An
on
adoption of two rules under the Public Utility
June 5 the
Analysis of Import* of Items
Exchange Commission announced
Securities and
The
Tariff Commission Issues
Adopted by SEC Under Public Utility
Two New Rules
Copies of this compilation and similar ones heretofore issued concerning
items in the trade agreements with Belgium, Netherlands, and Switzer¬
land
Unit,
cations
items imported in 1938 under the trade agreement
Wines,
follows:
as
800,000:
Such requests should be addressed to the Publi¬
Securities and Exchange Commission, Wash¬
ington, D. C.
request.
schedules, paragraphs and
.
The most important
were
was
Securities and Exchange
which the United States granted con¬
cessions to France in the trade agreement.
The total value
of the imports of the items in the agreement in 1937 from
France amounted to $27,000,000.
This was 66% of the
value of imports of the commodities from all countries.
In
1938 imports of these commodities from France amounted to
$22,(XX),000 which was 68% of the total value of imports of
the items during that year.
The Commission's announce¬
1938 of the items upon
ment in the matter
Act of 1934
1939
made public on June 7 by the
Commission. This was the seven¬
teenth of a series of reports based on a Works Progress
Administration project known as the Census of American
Listed Corporations.
Issuance of a similar report on manu¬
facturers of chemicals and fertilizers was notedj in these
columns of June 3, page 3306.
Copies of,the summary on
motion picture producers and distributors, as well as of the
summaries on meat packers, manufacturers of containers
and closures* chain grocery and food stores, and manu¬
facturers of chemicals and fertilizers are available upon
statistical compilation showing imports for 1937 and
a
June 10,
Chronicle
as
well
as
changes
certain
have
been
(a)
(2),
simplification.
Banks, from
Section
9
make it conform to the new Rule U-3A3-1.
between
(4)
applicant and any such underwriter or finder;
Facts showing that the applicant has, in an adequate manner, publicly
called for and has made
appropriate and diligent effort to obtain competitive
tbe securities issued,
SEC and New York Stock
bids in connection with the underwriting and sale of
which is the subject of the application, by publication or
otherwise, and
that the underwriter's bid accepted was not less favorable than that of
any
other
(5)
bidder;
(a)
Facts showing
that
such
effort
was
without
results
necessitating
underwriting; and that
The fee to be paid does not exceed the customary fee for similar
services where the parties are dealing at arms' length;
(b)
The remuneration is reasonable in view of the
June 5.
This
new
was
the first
Chairman of the
an
Associate Justice of the
cost
of rendering the
service, the time spent thereon and any other relevant factors.
In
discussions in Washington on
discussionheld since Jerome N. Frank,
Commission and
their round-table
SEC, took office succeeding William O. Douglas, how
The service rendered is necessary;
(c)
(6)
Officials of the Securities and Exchange
the New York Stock Exchange resumed
or
other methods of
Exchange Officials
Resume Conferences
finder's fee is involved, the facts showing the necessity for
the employment of the finder, the services rendered and the reasonableness
case a
of the fee.
The amendment to the "Rules of Practice and Regulations, with
Approve
Supreme Court.
Mr. Frank and
William McC. Martin Jr., President of the Exchange,
joined in declaring that they were in accord with forwarding
the reorganization program of the Exchange until it was
completed, it is learned from Washington advices of June 5
to the New York "Times" from which the following is taken:
Forms, Effective June 1,
1938" (under the Federal Power Act) adopted,
promulgated and prescribed by this order shall become effective on the
first day of July,
1939; and the Secretary of the Commission shall
cause
publication of this order to be made in the Federal Register.
Before they had lunch together the
newspaper men that they
reorganization program which grew out of the Whitney case.
It is understood that the ban on
July 1, also
Report
on
Ten
Motion
Issued
tributors
American Listed
A
summary
Picture Producers and Dis¬
SEC—Based on • Census of
Corporations
by
of selected data on 10 motion picture pro¬
registered under the Securities and
ducers and distributors
SEC and Stock Exchange officials told
had discussed unfinished items in the 15-point
was
discussed, but
a
margin trading by partners, effective on
SEC spokesman declared that there was
little likelihood of any modification of
Exchange.
...
|
the prohibition as announced by the
,
Conferring with Chairman Frank and Ganson PurceU, head of the trading
and exchange division, were
Mr. Martin, Paul Shields, Chairman of public
relations; Howland Davis, Vice-President of the Exchange, and Phillip
Russell and Charles Harding, Governors.
Volume
New
14 2
York
State
Against
Constitution
Double
Death
seniority, which has prevailed since 1911, so that
commencing July 1, the term of the Chairman shall be three
years.
Commissioner Joseph B. Eastman, of Massachusetts,
was
unanimously elected to succeed Chairman Caskie, who
earnestly supported the change and who, by refusing to be
considered for the enlarged term, voluntarily curtailed his
own service as Chairman
by six months.
New
Bank of
Says
order of
Protection
Provides
Taxes
York
The Bank of New York, in an advertisement
published in
New York City papers on June 9, stated that the decision
rendered by the United States Supreme Court on May 29,
which upholds the right of one State to
levy death taxes on
funds
trust
set
in that State by residents of another
up
Members
todian
established
accounts
in
New
State
York
Counsel has advised, the bank states,
credits,
and
securities
Division
shall be deemed to be located at the domicile of the owner for
owner
poses
United
ICC
As
■
the
to
divisions
Porter, and Lee.
Commissioners
Aitchison,
"
'
service,
*ates,
and
Mahaffie,
Commissioners
safety,
Eastman,
Mahaffie,
Legislative Committee; and
the Committee
as
there
is
one
Rules and
on
vacancy
'
Reports.
;
Commission,
the
on
Splawn have been designated
and
Commissioners Aitchison, Porter, and
readjustment
....
The rearrangement
of work has been designed within the limits of the
posals
before
now
Congress shall
and thereby
become law
considerably
change the duties of the Commission.
Safety and Soundness of Life Insurance Defended by
Louis H. Pink—New York State Superintendent
Policies Public Should
Radio Address Outlines
in
-
June 8 has
on
Life insurance "is
the formulation of new assignments of work as
the divisions and members of the Commission, effec¬
tive July 1, 1939.
This action follows an intensive study by
the Commission's Committee on Organization, Commis¬
sioners Aitchison, Mahaffie, and Rogers, in conjunction
with the present Chairman of the Commission, Marion M.
95%
among
The
:•
■
.
of duties on
Division onq, the administrative division,
administrative
of
conduct
matters
not
of
Insurance, said in
far
as
that is at the
as
.
assigned
or
supervision and
visions
of the Act
will
enforce
and related
the
matters;
of informal complaints.
A
manage¬
the
the
classification
and also
Carriers Taxing Act
matters
employees under the
of/railroad
of 1937, and the Railroad Unemployment
'■
■
' '''
„
Insurance
■
involving rates, fares, or charges, which have not bden re1
four,
venience and
the finance division,
will
pass
upon
certificates of
in
non-cafrier control, of
con¬
/' (5)
the
on
Bankruptcy Act; Reconstruction Finance Corporation
Construction Act loans, and matters arising
Clayton Act.
general author¬
naming
transferred to other divisions, as above indicated.
Heretofore the
matters of a
who
general
supervision
of particular
had
This
Commission,
and
but
two
such
committees
consisting of three Commissioners, namely.
are
of
has
An
write
given primary consideration by the division, so that if granted, Commission
just
exceeds
the policies
$1,000
will
be
.modern standard industrial mortality table.
V:
.
policy
policy
and
application
be
will
the
for
in
payable
case
.
.
within
'
•'
so-called
the
of
use
within
has,
this
sound
two years
health
clause to those
before obtaining insurance,
In
his
the
Legislative
the
in
the
code
new
Governor's signature,
Committee
legislation
the
first
been
has
insurance
of
to
broaden
some
in this State is savings
development
form
included
been
awaits
probably
and
operations
designed
the
by
have
and
headed
by
with
respect to
will be passed at the next session of the Legislature.
business
industrial
and
considered
insurance
began
of
enacted
been
Piper,
is
that
of
the
and
the
six
year.
and
written,
other
base of
bank life insurance
Already
there
banks
are
which
insurance and
considerable
a
banks
six
act
as
compete
which
agents.
in
price
insurance.
opening
Insurance
existence for
i
the
whom
to
recommendations
being
with
Cutting down the number of divisions, and more closely
assigning duties with respect to functions, while.at the same
time giving a greater authority to individual Commissioners
and the divisions of the Commission, has strongly indicated
the
insured
the
This
consideration will not be necessary.
remarks
Superintendent
Department
80 years,
of this
Pink observed
State has been in
and next to that of Massachusetts
"is the oldest Department in the
United States."
+.
Suggestions for Improving Service of Insurance Com¬
panies Made by President Smith of American Insti¬
tute
of Actuaries at Latter's Annual Meeting—
Robert J. Myers on Cost Estimates of Old Age Insur¬
ance
Under Social Security Act—Other Speakers
In addressing, as
general plan of reorganization, has modified the policy of
on
,
important
volume
Applications for rehearing of the action of any division will hereafter be
annual rotation of the chairmanship among the members in
and
lapse of the exact amount and the form of non-forfeiture
these
are
which
Rules and Reports.
and efficiently. Chairman Caskie,
although his term of office will not expire until the end of
1939, has strongly favored such a movement, but declined to
allow his own name to be considered in connection with such
increased tenure.
The Commission in furtherance of its
'
policies to the effect that
proof of insurability when the
industrial
requiring payment of cash surrender values after three
.
industrial
con¬
mission is done promptly
; \
appro¬
an
insurance.
more
a
all
.
Assemblyman
Legislation, and
the necessity for an increased authority and longer tenure of
office for the Chairman so as to see that the work of the Com¬
monthly premium basis at
a
company
one
a" beneficiary
where
others
possible to do away with nine of the eleven previously existing standing
of the
to put
v";V;
:
previous medical treatment.
which
By setting up division one as an administrativedivision, it has been made
committees
in
of
in
insured
the
Limiting
Some
assignment is continued.
tinued, each
'
A requirement that the company notify lapsing policyholders
cases
bureaus.
the' law.
to
\
ordinary
use
of
(10)
organization plan of the Commission has assigned many
exercise
of
life
into
benefits.
matter of policy, have
divisions of three members.
purely administrative character to individual Commissioners,
severally
.
individual to not more than $1,000
The companies have already agreed
amendment
an
provision
a
six months "after
bers of divisions two and three, of various minor cases which law now per¬
a
►
an
death.
(9)
Provision is made for the assignment to individual Commissioners, mem¬
as
provide
if requested by the policyholder.
(8) The insertion of a space in the
of
but which heretofore,
the
to
years
carriers, formulation of accounts, and enforcement of penalties, which have
be assigned,
submitted
we
provision in all weekly premium policies to permit the
a
(7) A provision
/
been reserved for consideration by
made by
been
lias
that
repre¬
October, a detailed report on
various
recommendations, some of
one
on
business.
without
his
of
securities, and the approval of consolidations, mergers, purchases of motor
mits so to
It
last
to
change permanently to
(6) The
ity as to the Motor Carrier Act of 1935, except with respect to rates and
been
insurance
the
premium
request
converted
Division five, the motor carrier division, will continue with
of
representatives
insurance.
study,
that
on
outlining
companies
the
Including
amount
under the
the subject
of
Based
Insurance,
,on
industrial
priate premium discount.
to
all,carriers subject to the Act; the issuance and ap¬
Relief and
analysis
agency.
included
which
of
'
to
ments to the Uniform
Emergency
with regard to
two years
the large number of lapses.
study
careful
insurance,
Including
proval of securities; all reorganization matters under the various amend¬
and
counsellor advo¬
financially sound and honorably managed,
committee,
a
thorough
life
force
insured
necessity for rail carriers; the consolidation, merger, purchase,
as
is
It
a
Committee
weekly
(4)
operating contract, the acquisition of control of carriers, and
make
(3) Limiting
this
served to the Commission itself or to some other division.
lease,
said during the past
appointed
Requiring
•
Division
^
or
are:
(1)
-for
within the general scope of the delegation of authority above indicated,
and in all cases
/
agent
incentive to agents for
writing the more desirable forms of insurance, such as ordinary and
monthly paying in preference to weekly paying insurance.
(2) Prohibiting the payment of managers and assistants solelyj or
largely on a basis of increases in business.
Railway
/
I
to
industrial
Divisions two and three will alternate monthly in hearing arguments in
cases
are con¬
the
benefit of the
the
for
been
has
governmental
which
arising under th,e Railroad Retirement Act,
Act.
often
insurance.
most
Legislative
portation of Explosives; emergency directions as to car service; pooling of
and
the
any
general supervision
^
public,
sents
>
Act,
deal
life
1937
In
-
Division three, the rates, service, and safety division, will administer the
Labor
both
improve
to
major criticisms—the cost and
two
service upon any
Safety Appliance and related acts, such as Locomotive Inspection, Trans¬
traffic;
He admitted
efforts
but, dye largely to the method of selling and weekly collections, it offers
'
v
made
too
are
great
industrial
the valuation of the property of
It will also have
•
made by these com¬
cating the change, rather than for that of the policyholder.
long-and-short haul and tariffs pro¬
carriers, and the Standard Time Act.
Mr. Pink
June 1.
on
the earnings
of
He continued :
Changes
called the rates, tariffs, and valuation divi¬
sion, is made up of Commissioners who are not assigned to
being
policies.
reserved;
This division is to be headed by the Chairman of the Commission.
It
carried
is
safety and the
practices of the companies. ■" Mr. Pink said that industrial
insurance, particularly, is often oversold, but he warned
policyholders to investigate carefully before changing their
stantly
ment; and the admission and regulation of practitioners before the Com¬
division.
radio address
a
that insurance is not perfect, but said that
will be charged with the general
otherwise
of investigations as to intrastate rates; personnel
other
State
York
panies eventually return to the policyholders.
discovery and enforcement of penalties for violations of law; the institution
Division two, which may be
New
in
,
general supervision of the reports, records, and accounts of carriers; the
mission.
insurance
companies, Louis H. Pink, State Superintendent
pointed out that all
Five numbered divisions of the Com¬
mission, of three members each, are created.
life
the
mutual
.
functional basis,
a
present time deemed practicable.
of
safe and sound institution," and over
a
in
general nature of the changes indicates an attempt to proceed further
with the assignment
■'"■v.
an¬
nounced
Caskie.
of
Commissioner is appointed and
new
a
some
Understand
Commission
The Interstate Commerce
as
existing law, and will be subject to greater or less modification if the pro¬
Work—
Set-Up
three,
qualifies.
deemed property having
taxation."
to
Expedite
Eastman New Chairman
Internal
Changes
valuation,
and
assignments will be necessary when
Court
Supreme
the
Mahaffie
decision permitting
more than one
State to levy taxes on intangible property
was noted in our issue of June 3, page 3311.
States
tariffs,
rates,
Commissioners
as
pur¬
taxable situs within this State for purposes of death
The
assigned
Division five, motor carriers, Commissioners Lee, Rogers, and Alldredge.
taxation because of the trustee being domiciled
property held in trust to death taxation, it may be
a
been
Division four, finance. Commissioners Porter, Mahaffie, and Miller.
provided that if no other State has jurisdiction to subject such
in this State,
have
Miller, and Alldredge.
of taxation, and if held in trust, shall not be deemed to be located in
this State for purposes of
two,
Division
business therein by the
within the State not employed in carrying on any
Commission
Splawn, and Caskie.
property
personal
intangible
other
the
Division one, administrative, Commissioners Eastman,
by non¬
that this
protection against double taxation is provided under Sec¬
tion 3, Article XVI of the Constitution of the State of New
York as revised in 1938, which reads in part as follows:
"Moneys,
of
follows:
State, does not affect the tax status of trust funds or cus¬
residents.
3459
Chronicle
Financial
in
Chicago
on
President, the thirtieth annual meeting
June 1
of the American Institute of Actu-
greatest partnership and the companies
vention of Edison Electric
have had
attacks
direct
the management
on
best
actuaries
as
soundness
it
that
and
its
managed
structure
principles
the
in
sound
is
and
so
excellence
and
as we
upon
which
the practices
of
-
,
so
well
;
"
,
they
made
we
Have
the
wording of
eliminated
we
understood
easily
and
business
forms
clear
the humblest
to
Can
hot
Can
if
who
the
the
loan
will
Do
warnings
that
have
and what
have
we
companies
we are,
Frankly,
I
panies
prolific
a
stand
discharged
value
by
will
how
tell
we
with it?
Or do
and how much better
source
of
times
many
paid
with our
ingly proved by its record in the past five years, and even
more
strikingly demonstrated in the past calendar year.
the
policyowners
A
Sympathize with them,
financial
we
policy,
show
we
we
finds the question of alleged power shortage largely a
Throughout the entire 57 years of the industry's history, except
in a few local instances, the industry has been
able to supply all. the
electricity for which it could find a market, and a large part of its
efforts .has been directed toward trying to create new and larger markets.
"Lately the question has been brought up of the ability of the electric
utilities, in case of war, to continue to supply the ordinary demands of the
public for. electric service and at the same time to carry the power load
when
available?
are
have earned
we
it to, boast of what fine
published by
the
on
men
part
say
of
they
our
our
don't
will
policy¬
under¬
real
success
at all
times,
a
we
nature of
business
life insurance?
money
municipal,
schools,
Do
such functions?
as
of
sums
to
&c.;
we
Do
seize
we
and redistribute them
build,
to
highways,
corporations
every
opportunity to tell how the
explain how
to
we
bridges,
water
build
factories,
to
sewage
establish
systems,
business
and
provide employment, and to individuals to build homes.
Do
as
we
always /view our problems from the standpoint of the business
whole
a
and
of
all
policyholders,
do
or
we
problems from the purely competitive advantage of
to solve our
individual company?
/Mr. Smith is General Manager of the Confederation Life
of Toronto, Canada.
Insurance C6.
Some
of
the difficulties
encountered
by
the experts in
estimating the atronomical cost of
our social security plan
meeting by Robert J. Myers of the
Social Security Board in his paper on "Cost Estimates for
the Old Age Insurance System of the Social Security Act."
Mr. Myers is reported as stating that these estimates show
were
revealed
at
the
.
the wide range of possible future costs resulting from dif¬
ferent assumptions as to the basic factors.
Such factors
include
mortality, average wages, average retirement ages,
&c., all of which must be estimated for many years in the
future.
It will take
long time before the actual experi¬
ences under the plan will be of sufficient value to
provide
a good check on the
accuracy of these assumptions, he is
quoted as saying.
Contrary to general belief, life insurance companies, and
son
of
.policy lapses, it
indicated by figures presented
by J. A. Budinger, Actuary, Kansas City Life Insurance Co.,
Kansas City, Mo., in a paper on "Variations in Withdrawal
was
Co.,
Method
of
Philadelphia,
read
a
paper
on
"Attained
Age
Valuation
Applied to Annuities."
Writing of
hospitalization insurance is one of the fastest grow¬
ing branches of insurance, according to G. W. Fitzhugh of
group
the
Metropolitan Life Insurance Co., who estimated that,
about 500,000 people are covered
by such policies issued by
insurance companies, and
predicted that it would not be
surprising if the number reached 1,000,000 by the end of
1939.
When group hospitalization insurance
ten, it was the usual practice to write it
was
first writ¬
only in conjunction
with either group life or
group accident and health insur¬
ance, Mr. Fitzhugh asserted.
However, it is now felt that
the experience accumulated has been
satisfactory enough
to permit this form of group insurance to
be written inde¬
pendently of any other coverage, and most companies will
now do so for selected
groups, according to Mr. Fitzhugh.
The officers elected- at the annual
meeting of the Amer¬
ican Institute of Actuaries were
reported in our issue of
June 3, page 3322.
additional, assuming,
60,000,000,000 kwh.
different
between
interconnection
little
was
power
sys¬
widely
is
interconnection
today
,
produced.
'
"Based
time of
their
on
will
war
capacity
but
The
former
the concern of electric utilities in
experience,
probably be occasioned not by
a shortage of generating
the use of idle capacity.
of
how to sell
contrary with
the
on
electricity hae grown to such an extent, in enterprises that
belong in the luxury class, which for that reason may be curtailed in
time of war, that there is more likely to be idle than overloaded capacity
in
use
war-time."
»
Mr. Carlisle told the more than 2,000 delegates attending
the convention that it would require at
of
Government
new
financing
to
least $15,000,000,000
take over the electric
business by purchasing or by duplication.
This, he
said, would be virtualy impossible.
He continued, in part:
I have always personally felt that the decline of production following
1929 was
primarily due to the great confusion following the World War.
The World War
ipreaily stimulated the production and consumption of all
power
•
classes
of
goods- and
diminished
abnormal
Actuary, Penn Mutual Life Insur¬
ance
,
of
Rates in Relation to
Non-Participating Premiums."
L. L. Stevens, Assistant
total annual
established among electric
systems throughout the great manufacturing area of each country—a devel¬
opment carried out since the war for the purpose of taking advantage of
any diversity of demand between such systems and reducing the capacity
of reserve requirements in each.
Partly because of this interconnection and
because of'other factors, the average production per kilowatt of capacity
increased from 2,828 kwh. in 1917 to 3,294 kwh. in 1937, a fairly good
industrial year; and* in war-time,, procurement plans that would increase
the hours of use of factories could easily raise this figure to 4,200 kwh.
or more.
/-."; : >-k
;
1
;
"Wfc are vastly better prepared to supply power for war needs today
than we were in 1917.
Although thd population increase has been only
25%, we can produce nearly 400% more power now than was then
a
therefore their policyholders, lose rather than gain
by rea¬
of this year
The
.
endeavor
one
end
supply in this country at the present time, including the
there
while
tems,
Federal, State and
works,
at the
1917.
working longer hours, according to war-time schedules.
1917
"In
gather together small
governments,
,
of
end
the
"The entire industrial ehergy
consumption of the United States in
191?, supplied by both central stations and the generating plants in manu¬
facturing establishments, was about 23,000,000,000 kwh.
possible occasion, emphasize the cooperative
every
at
was
40,000,000,000 or
supply
the factories
of their discussion of national problems.
on
it
generating plants in manufacturing establishments,
has
about-140,900,000,000 kwh., and the present generating capacity
reached
could
what
of
production
we make the fullest use of our
annual meeting to discuss national
problems from the standpoint of the interests of the policyowners?
More
and
more
attention is
being given to this, and some companies are
in America
capacity
generating
times
four
be
electrical energy
them?
Do
production of munitions.
"The- .power
com¬
Do
making
the
for
than the other company ?
statements
Kellogg
Mr.
Do we disclose the results
use
heard
and
by the
prepared
myth.
clearly and simply
much surplus
misunderstanding
have
their
be again
to
address,
Kellogg's
Mr.
of
summary
Institute, said, in part:
that they
so
the electric utility industry has been strik¬
tive stability of
message of
a
not
"With
I believe that we can and
He remarked that the rela¬
the future,
salvation."
better in
even
will work out that
trouble,
or
trusteeship?
our
Do
usual
do
as
hands.
achievements," he said, "and with the resolve to
past
our
.
dealing
provided
loan
done
regard the
How
owners.
is
June 6, warned the utility indus¬
its salvation was largely in its own
try that
gladly extending Xq'
they seek and encouraging ,,them to repay
distress
protection
year's operations?
our
apply?
of
annual financial statements
our
we
how well
the premium
if
methods
our
the maximum
use
endeavor to make them
we
York World's Fair.
President of the Institute, in deliver¬
ing the keynote address on
pos¬
as
Edison Electric Institute
On the afternoon of June 6 the
Charles W. Kellogg,
phraseology?, Are
no
knowledge of
or
possible by making it easy for them
as
full
the
returns,
we
Do
the policy will
assistance
quickly
preserve
trouble
little
the security of their policies:
financial
as
technical
have
simple
as
premium notices, using them as
cur
improve
on
on
delegates vistied the New
to the best trained lawyer in town?
as
they are borrowing because of
them
of
not
we
borrowing
cumbersome,
those
policyholder
terms and conditions of
when
policy contracts
our
legal documents ?
terse
as
all
by
not improve
we
goodwill,
said
Inc.,
sessions on June 7 and 8.
policyholders and the general
public, Mr. Smith called for consideration of various sug¬
gestions, includihg the following:
Have
York,
of New
Co.
The convention continued with business
City.
in New York
'
of the insurance companies to
sible?
Edison
seventh annual convention of the
discussion of ways of further improving the service
a
halt its present
never
States who attended the opening session of the
the United
is largely due to our own lack of fore-,
sight in the field of public relations.
In
can
address before utility executives from all over
June 6 in an
our¬
"
.
receive today
we
it
Floyd L. Carlisle, Chairman of the Board
Consolidated
of
that
fear
deficit financing,
#
public about it?
The criticism
widespread
the
do the
selves, we have assumed everyone else knows it and have neglected, telling
the
"in the not too distant future," to end
determine,
to
ment
the Federal Govern¬
unemployment would be for
reduce
failed in passing to the general public
confidently hold?
Why is it that we
having a good story to tell and knowing it
because,
return general business prosperity and
The surest way to
properly
Exhibit at
we
is based?
business
Is
we
is
Shortage
Power
Unlikely in Case of War—Institute's
New York World's Fair
and basis of life
having all the public appreciate as thoroughly
the
of
business
the
policyowners
knowledge which
same
Have failed in
the
that
Wherein, therefore, have
sturdy.
the
the
of
interest
know
Says
tion—Gen.
insurance," Mr. Smith went on to say:
We
Work Out Own Salva¬
Says Utility Industry Can
Charles Keller
impressive growth as the result of consistently sound
there appears to be an organized campaign of
abuse of life insurance in some quarters.
Stating that "we
an
practices,
have
Delegates to Annual Con¬
Institute—C. W. Kellogg
Addressing
Carlisle in
holders of life insurance companies in reality compose the
world's
10
Endfof Federal Deficit Financing Urged by Floyd L.
Victor It. Smith declared that although the policy¬
aries,
June
Financial Chronicle
3460
activity,
the result of the
dous
drop
nationalism
in
in
volume
the
cause
international
were
almost ceased
to
by which currencies
necessitating
set
as
up.
trade
restrictions
.
plain stark truth of the matter is
back very largely to a barter basis,
necessary for a peaceful world have
be no lasting peace in the world, and
the
are
can
valued,
tariffs,
tremen¬
intensive
gone
and security,
are
of
world¬
a
a
until gold becomes again the standard
and the leading nations possess gold in
Whether we like it or not, this
sufficient to service their trade.
country must at
In
such
There
exist.
economic advancement
reserves
a period
by a period of
The depression was
followed
Its effect was
services.
An era of
barrier
after
be,
may
credits
and
goods
of
that the international trade has
and
was
international credit,
barrier
and
limitations
currency
Whatever
ending was followed by
turn,
the big depression.
then by
and
its
in
of. currency values and debts.
the
set
and
This,
breakdown of
wide readjustment
and
services,
turnover.
some
time take the lead in this movement.
»
.
.
the question pressing for solution
is: how private industry can employ all of the people able and willing to
work.
Blind, unreasoning criticism of governmental policies will not cure
the situations.
Intolerance of any point of view is not conducive to a,
discussing
solution
of
employ about
economy.
domestic situation,
difficuties.
work to at least
ployables.
our
Our
10,000,000.
They
American
private
economy
today
is
giving
43,000,000 of our people, but is unable for the moment to
must
in
Some of
some
these 10,000,000 are perhaps unem-
way
be
supported out of the national
»
.
Volume
Our
national
turnover
$65,000,000,000.
said,
will
end
maintenance
from
the
An
the
be
taken
from
tiemendous
services.
to
people
There
of
part
is,
has
production
that
If
by simply
limit
the
true,
were
example of the production
more
American
of
value
buying
creates
power.
more currency or
could
production
of
process
industry
private
the
goods and
present
ever
bank
be raised
The automotive industry is a
volume
money.
When
the
sold
commodities
printing
any
classic
interest, dividends,
purchase
to
cannot be created merely by, creating
power
in the future—
or
Wages,
been
of
other
and
now
furthermore,
everyone
consumer
Increased
business.
Public Works
Government
courts,
the
be levied
to
of
sources.
the
Navy,
Administration
taxes
creating its
it
will
that he
The
realize
fear
of
is
through
or
reserves
undoubtedly played
tion.
There
is
determine
at
fear
financing.
In
reabsorb the unemployed
can
for this
the
there is
if
exact
no
A
purpose.
judgment,, greatly restore
Even
All
tragic.
I
our
issuing debt in
do
for
not
unemployed.
City of New York.
Rockefeller
with
like
made
production
anxious
has
always
York
to
been
In
looking at
ment
I
the
do
profit
this
that
government
would
economy
value of all
either
ever
ever
in
in
this
the
financing,
on
to
all
would
of
Government.
affect
private
sdch
the
an
market
difficult
further
a
of
the
over
Certainly
mean
more
throwing
believe
American
would
render much
nothing
say
of
that
existing Government bonds,
Government
burden of taxation
future
* enormous
other business.
Utility Engineering & Service Corp., told the con¬
June 7 that no power shortage is likely to result
vention
on
in
United
the
The
war.
States
War
if
the
Nation
becomes
involved
in
Department, he explained, has interpreted
1920 amendment
a
the National Defense Act to
to
include
consideration and control of electric power as an essential
element in the procurement of munitions.
After pointing
that
out
of
the
organization
Keller
unit
time
established
was
to
time,
its
a
time
asked
annual
short
revising
only
deal
to
this
shortly after the
for
and
received
questiqnnaires,
These
ago.
problem,
General
the
the
War
digested
Department.
by
The
and it has; since then,
war,
help in
our
latest
revision
questionnaires
attached to certain of the river and
by
with
part
as
said:
This
from
Power Survey Unit has been established
a
formulating and
having
been
distributed
are
by
made
officers
harbor improvement offices maintained
resulting
information
is
compiled
Power Survey - Unit and thereby put into convenient
which the Assistant Secretary of War may direct, includ¬
ing its consideration in the tentative allocation of manufacturing facilities
use
for procurement of war
the
peace-time
materials.
operations
There
the
of
is, of
course,
industry
power
and
need to control
no
such
no
control
is
the transformation
In
its
transfer
provided
are
and
what
indirect.
calls
for
for
all
to
understanding
through
special
industrial
industries
Naturally,
deal
agencies
the
organized
in
with
scheme
the
it
for
will
the
in
exercise
first
footing
war
war
that
most,
pro¬
over
its
Fuel
and
the
in
It
logical
extent
that
should
be
1917
can
and
be
extent
its
it
principal
requires
temporary,
1918
counted
that
for the
control
is clear enough.
scope
draw
must
personnel
unusual
the
of
principal
has been
authority
the
of
published, but
The agency established for that purpose
from the industry itself, and to the
for
wholehearted
but this cooperation
operators
"capability"
power
power
end,
currently cor¬
making
thereby
survey,
power
extent
this
to
demunds,
be
established
be
The
is
the
each district, that
of
measures
real
a
due
with
local
the
regard
the
to
estate
threatened
or
cooperation
Close
will
unit
control
power
that war
so
availability
begun and this cooperation will
the problems
of
energy
reduce
to
serve
the power control unit.
of
United States is
tween
expansion.
for
and
by the War Resource Administration
be
to
plans
agencies
allocated
production
the
execute
procurement
minimum
a
further
in
now
intermediate period be¬
an
depression
the next boom, Roy
Wenzlick, President of Real Estate Analysts, Inc., said in
and
convention address June 6.
He said that experimentation
planned economy is likely to prolong the period of
waiting.
In analyzing the housing situation, he said:
a
with
different
treme
has
from
general
been
pattern
whose
of
cycle
cycle which is quite
a
characterized
is
length
general
quite
had
the
between
years
were
eight
in
up
the fadt
by
real
everyr
16
we
by
chart
estate
United
that
and
States.
this
18
of
curve
valley
in
outline
boom
-
and
line
or
than the
from
years
other
no
peaks,
regular
would
curve
construction
know
I
the
a
ex¬
There
down
and
years
its
years.
regular
more
to
from peak to peak and
swing
surprised
in
Suppose
years
would
fashion
have
business.
18
was
one
be
than
building cycle is far
This
years.
general
valley;
would
shorter
period
a
longer than 20
we
This
length; from 1795 to the present it has averaged 18.4
never
to
business.
We
ten.
in
a
depression
of
business
has shown this degree of regularity.
Building construction is further characterized by the extreme fluctuation
which
from
in
the
top to the bottom of the cycle.
At the bottom of the depression
1932, residential construction in the United States averaged 3% of the
maintained in 1925.
There are few industries in the United States
which
would
extreme
show
this
as
the United
60
has
States
wide
a
discrepancy,
characterized
during the past
every
150
but
great
variation
a
real
almost
as
depression
estate
in
years.
Other speakers at the, Convention included George E.
Whetwell, Vice-President in Charge of Sales of the Phila¬
delphia Electric Co., who spoke on "Balanced Load Build¬
ing," H. E. Dexter, Vice-President of the Central Hudson
Gas
&
Electric Corp. -of Poughkeepsie, N. Y., whose topic
"Progress in Rural Load Building"; C. M. Kipley, of
was
the General Electric Co. of Schenectady, whose subject was
"A Kilowatt Hour"; H. M. Sawyer, Vice-President of the
American
Gas
&
Electric
Co.
of
New York,
who discussed
"The Case for the Central Power Station."
Electrical
exhibits
at
the
New
York
World's
session
Fair
drew
June 6.
the attention of delegates to the convention on
The
took
place in the World's Fair Music Hall, with
James E. Davidson, Vice-President of the Institute, pre¬
siding.
Grover Whalen, President of the Fair, extended
official
greetings
their guests,
the
to
gathered
utility
executives
and spoke of the importance of the
and
many
ex*
liibits which the Fair presents as indicative of the progress
which has been made and the progress which is to come in
this country.
Mr. Carlisle, Chairman, described the exhibit
is conducting at the Fair, with par¬
emphasis on the City of Light.
This magnificent
diorama, he explained, was conceived to give those who
see it an understanding bf the part which electric service
his
company
ticular
plays in the development and activity of the modern city.
While all the activities shown in the exhibit may not apply
to
community, they nevertheless indicate the poten¬
the future,
und the innumerable facilities
every
tialities
for
which are available wherever there is electric utility
'
ice.,
Owen
'■!
D.
outlined
Young, Chairman
the
serv¬
-
general
features
of the General Electric Co.,
of the -G. E. exhibit, and
explained its purposes.
He summed up briefly the benefits
which the people of this Nation have obtained through the
union of science and industry, and expressed the belief that
heretofore is
progress
as
that is ahead*
S.
D.
Youngholm,
Co.,
ing
nothing compared to the
/'■
•
stressed
Westinghouse Electric &
particularly
the
progress
.
Manufactur¬
which
electricity
played throughout the entire Fair, especially in the
modern
lighting effects which have been made possible
part
has
through application of the latest knowledge in
the
contribution
where
exhibit,
Westinghouse
of his company is
boys and girls of high
declared,
he
a
this
field.
significant
the Junior Hall of Science,
school age are given an op¬
portunity to work in
and
a real laboratory.
"The aspiration
of these young members of the Science
Engineering Clubs of The American Institute—that is
solid
and
possibilities
better
life
foundation
The
and
final
Power
Co.,
a
on
which
we
base
our
hope
for
a
better world."
speaker,
A. H. Schoellkopf, Niagara Hudson
of the Electric Utilities Exhibits
Chairman
Corp., described the
"Forward
March of America" exhibit
of the utilities, with its "Street of Yesterday" and "Avenue
power
war
puropses
merely for the duration of the
teaches that
on,
and
will
when
to
is
Division.
program
keep
maintain and
the
sugges¬
least
To
power.
otherwise, that will be required to relieve existing
the
course
orders
centers
detailed
No
supply of
power
by District Engineers of the War Department.
The
personnel of these agencies will consist of civilians selected for their expert
knowledge.
Once organized, these agencies will be responsible to the
Power
the
such
the
some¬
Administration
Division.
control
instance
controls
supply
at
are,
the Power and Fuel
division
a
Administration,
involved
connection
power,
this
Resources
driectly
whose
therefore,
with
that
supply organization to
War
proposed
others
many
unit
a
of the peace
the
to
for
gram
my
of
In
attempted.
and
arid
between
and
the
for any
form
cial
overloads
which
General Charles Keller, member of the Board of Directors
of Public
called
ability to supply
in
of
should enter to the
the
required to
collected
now
been
has
Washington
supplement
be
consideration
impartial
proposed by the
industry for supplementing the existing supplies and the assistance, finan¬
Govern¬
$15,000,000,000
it
it
City
'
duplication.
by
because
debt
by
is
for New
municipal, to-take
or
preservation
program,
Government
least
at
State and
purchase
York
fearful of
over
our
upturn
an
people who
some
taken
be
to
of
,.
,
more
are
recently
little
so
here.
business
in
New
here.
by
believes
attempt
increase
enormous
is
would, require
financing, Federal,
business
power
It
I
many
expansion.
There
certain
are
view.
bought
man
It will take
urge
but
the world,
where
Every
business, the investor is
utilities
share
Government
electric
no
The
parks,
roads,
certain that with
am
and
housing,
for
building by private
no
York
occur.
upward spiral of
own
our own
public
not
new
and I
will
competition than anything else.
that
low-cost
the tax burden.
New
it in the
see
machinery
new
ease
of
by fits and starts.
its
a
few ventures like
a
expenditures
little
waterfront
money.
grown
and
I
as
manufacturing city in
very
modernization
great
resume
the picture
on
have been torn down to
make
to
on
private industry cannot absorb our
clearances
manufacturing establishments exist,
of
local.
and
must
information
what
its
is,
offices
and
level
Government
the largest
the
and
permanently
were
bridges, &c., there has been
around
trip
a
of
there t,haa
Many buildings
that
slum
the
York is
New
nine * years
for
believe
exception
houses, tunnels,
capital.
known
more
bonds,
Government
we
Since 1930, with the exception of
Center,
further
the
school
including
judgment partly
my
absorb
even
of income.
excess
moment
..a
I base
expansion.
be
financing would
in
would,
program
to business
lead
lessens
Government
to the ability of business to
as
would be destroyed if
currency,
the
as
confidence and
certainty
high-grade securities,
our
the value of
our
It is to be hoped that
definite, certain
unemployed, the failure to end ^deficit
basis of
stop
can
never
we
judgment, after nine years
quite possible to do this.
of course,
expenditures
my
that
my
budget, the surest thing to return prosperity is to
time, in the not too distant future, to end this con¬
some
It is,
private business
it3
produc¬
Federal
unbalanced
dition.
it has
in
involvement
holding back increased
widespread
Government deficit
present
of
possible
our
considerable part in
a
the
be
protect
district
rect
friendly
advance.
should
to
necessary
the
and
may
they
Activity in real estate and construction varies in
and
war
further
a
as
Control
profit.
a
European
a
understanding
tions
buying power;
own
earnings or
capital issues.
Such expansion automatically creates wealth and
buying power.
There are many intangible things that have to do with
this.
There
has
to
be a hopeful outlook by the people towards the
future.
The manufacturer who buys new machinery and markets a new
product has got to have some confidence that his product will sell and
expands,
new
3461
Chronicle
governmental structure and the
gainfully
and
Army
as
turnover
American
commodities.
deposits.
the
on
is
it
$80,000,000,000,
to
amount
Our whole
Progress
these
desire
The
Buying
of
out
solely
ccme
the
Works
only possible
are
this
employed comes eolely
private ownership of commerce.
The salaries of
our
employees,
Administration,
is assumed to be approximately
1939
year
of
43,000,000
working of
activities
the
in
increase
unemployment.
of
Government
can
Financial
148
systems
are
Experience
war.
cooperation
will be of
this authority
of
the
in
industry
greater service to the
assured
of
intelligent
of Today" and the Electrified
same
Farm, also sponsored by the
organization.-These exhibits
demonstrate
the part
were
designed, he said,
played by electricity in the coun¬
try's development through the past 50 years.
The two
displays in "Forward March of America" form a striking
comparison which is giving the public a new outlook on the
accomplishments of the electric utilities companies.
to
3462
Financial
Lammot du Pont Cites
Bars to
as
Recovery Exhorbitant
Taxes,
&c.
Excessive
Spending,
Chronicle
Attitude
of
A summary
Govern¬
Co., in
address at Pittsburgh
to recovery
The report
made
from
Nation
stituent
responsibility
billions
the
of
has
been
the
majorities
in
the
Administration.
the
attitude
fighting
the
life-blood
which
is
duces
that
For
seven
justify
To
procedure.
all.
to
demonstrated
small,
or
prices.
Hamper
all
first
third
the
and
development
research
scientific
tools,
we
have—rin
Simple
of
a
It
places
century and
shoulders
free
hesitancy
no
is
new
invention.
to
of
been
law
in
of every
article he carries in stock if it
handling from
and-a fair
to
most
3,000 items
1,200 to
will
have
what he needs from
select
essential
merchandise
20,000
from
items.
12,000 articles may buy
"This
intermediary function
of the Nation's distributive system.
If it were not
part
performed by someone our economy in its present form could hardly exist.'•
an article by Leonard M.
Fanning of Tax Foundation, Inc., New York City, published
on June 1.
Mr. Fanning said that while no
single individual
can
solve the problem alone,
"numbers of individuals,
executives, managers, employees, homemakers, farmers,
merchants and professional people in each
community, all
pecking away at tax reduction, can do plenty about it." In
Illustrating this point, he said:
structure, .whether
.
.
Burden
.
Business
the
costs
with
Big
excess
orderly
for
all
flow
materials
The taxpayer—and
of high wages.
The
usefulness of all existing goods,
materials and new goods through
fourth
full
is
creation
employment
future
this
the
capital added
new
directly
new
the
"evolved
product of
belongs.
opportunity to
Than
One-Fifth
his
1939 county budget.
The decision
was
proposed 22% increase in
a
made only 10
days before the
a budget hearing by the Board of County
Supervisors.
Whereas
budget hearings usually brought Out only a handful of citizens, a
theatre in the County Center at White Plains had to be hired
to accommo¬
county
;
be,
date the people
who drove
over
icy roads
the night of Nov.
on
28 last to
attend.
Over 80
organizations—taxpayers' associations, chambers of
Kiwanis
Lions,
and
Rotary
Clubs,
church
and
literary
commerce,
clubs,
women's
organizations—were
grow.
of
found
calling of
the
on
should
He
Westchester
the
out
democracy.
squarely
There
all of us, for everyone pays taxes
County which decided tp do something about
the
to
covers
voice.
°
been
has
betterment
it
where
only
that word
indirectly—stirred himself in New York State.
or
Taxpayer, civic and business,organizations, women's and service
clubs throughout the State demanded tax
reductions, instead of increases.
It all started with a small local
organization in one corner of
which
generations.
program
It is
not
of
that
to
deal themselves with their
power to
and home-building," according to
for,
Cost
of
Dis¬
tribution
represented.
When the Budget Committee of the
Supervisors made its recommendations for the 1939 budget the
of
bolstered by petitions signed by over 16,000,
taken into consideration.
voted—e
was
Following
1938 budget, a decrease of nearly $1,000,000
$5,000,000 victory
this,
the
action on the proposed all-time
of the costs of distribution in 1936, the latest
year
County
Taxpayers'
business organizations, and
State participated
in
this
by
over
7,000
for
was a
governmental
public hearing
They
taxpayers.
assembly halls and filled the corridors of
the
took
Over 500 taxpayer, civic
women's and service clubs
drive
Washington's Birthday there
attended
Association
throughout the state to take
high State budger.
the
1929 and
now operate 86% of the stores
handling nearly two-thirds of the total
retail sales volume, according to a report by the Twentieth
Century Fund, made public June 4, and based on a survey
for the county taxpayers.
Westchester
upon itself the task of arousing organizations
On
was
Instead of getting an increase of in the neighbor¬
hood of $4,000,000 over the
and
own
in the United States,
jammed
everywhere in
economy.
on
the State budget
the
two
legislative
Capitol at Albany.
There were
literally hundreds of taxpayer, civic and club meetings in cities, villages
and hamlets throughout the
State, at which the State budget was discussed
for which
Another report, based on the same
survey and made public May 26, said that the toll taken by
and resolutions
the
of the State.
.statistics
fire
available.
"middleman" in
our economic
system amounts to less
one-fifth of the total cost of distributing goods from
than
producer to
In
consumer.
an
abstract of the report of June 4,,
the Fund said in part:
United
the
States
in
1935
business
of
The outstanding lesson in this
and
there
werp
persons,
as
a
more
whole, the report says,
than
1,600,000
retail
Other statistics show that
chains
while the so-called
lost
some
ground
National
or
newest
and
the retail field
while it
outlet,
most
undergoing
very
a
spectacular development
the
found
so
This
type of
is just
now
"even though there is
no
definite agreement
super-market is," four chief characteristics may be listed:
as
(1)
to
All
departmentalized,
that not one but may clerks wait on a single customer; (2) super-markets
basis;
and
even
(3) super-markets usually,
grocery
department
on
a
self-service
but not always, provide parking space;
(4) super-markets usually do a volume of business which is larger than
the
week
largest combination stores.
as
a
minimum.
Over
500
National
teenth
The research staff estimates $5,000
Annual
Convention
fertilizer
manufacturers,
on
Fertilizer
annual
T.
Association,
convention
June 6.
W.
at
soil
Wright,
open
White
scientists
and
President of the
the Association's fif¬
Sulphur
Mr. Wright, who is also
Springs,
W.
Vice-President of
F. S. Itoyster Guano Co., Norfolk,
Va., told the Association
that
be
usually, but not always, operate the
a
more
at
Problems—Charles
agricultural leaders heard
Va.,
number of years,
important types of food are assembled under one roof and
Farm
J. Brand Ad¬
dresses Meeting on "Industry Problems of Today"
—Remarks of President Wright and Others
compared
by the research
growth of the super-market.
a
as
rapid expansion.
The report says that
what
is
has been in existence for
and
national basis
19% of the entire retail business of the country in 1935,
with only 12.5% in 1929 "
staff in
1929
substantial increase in number of outlets and accounted for
than
The
the biggest demonstration
New York State.
taxpayers' victory is citizen participation
Fertilizer Association
Discusses
"local" chains
between
1935, chain stores operating on a more widespread sectional
a
was
"In
stores
exclusive of proprietors, and doing a
by chain systems, chain stores handled nearly 23% of the total
manufacturer-controlled
"showed
It
local taxpayer activities.
It gets down to the individual—how taxes
affect the individual and what he can do about them.
$33,200,000,000."
retail sales."
adopted.
in
by the statement in
that "although less than 1 out of 12 of the 1,600.000 retail stores
owned
were
cuts
told—$30,000,000 victory for the taxpayers
The share of the chain stores in this total is indicated
the report
demanding
the part Pf the taxpayers in the
history of
The result has already been
on
;
Measuring'the amount of retail trade
employing nearly 4,000,000
a
An
wholesaler who carries from 40,000 to 60,000 items."
a
Such considerations lead to the conclusion:
an
his
10,000 and
may carry as many as
problem which is "the greatest single factor holding back
the flow of capital into industry, halting business
activity
work.
Independent, single-store merchants have held their
in numbers since
may
For example, a fetail grocer
tax
recent
expediency,
work
people.
lower
is
to
Merchants
Less
from
for the fact that the inter¬
were not
wholesaler's inventory of between
typcial
independent druggist who
us
Gets
years
proportion, if not the majority,
mediary dealer performs this function for him.
voice of these taxpayers,
man
During the depression
their operations.
on
Problem Was Solved in New York State
the
Operate 86% of American
Stores and Handle Nearly Two-Thirds of Retail
Sales Volume—Report by Twentieth Century Fund
Is Based on Study of Distribution Costs—Middle¬
/
loss
Taking up the question of whether it would be possible to eliminate the
Board
Independent
All these figures, it is pbinted out, relate
a considerable
net
a
Taxpayers have the
allowed
is
error
down
obstruct
for social
enterprise,
by the service performed,
1935,
or
now performed
by him:
"Every retailer would have to do business directly with the manufacturer
to
maintenance
half of experience.
among
1931 to 1934
wholesaler, the report lists some of the functions
far
raised
be
must
The
Little
you
increasing
of responsibility
private
high as 4% of sales."
ran as
or
Taxpayers, by Proper Cooperative Methods, Can Bring
About Tax Reduction
According to Leonard M.
Fanning
of
Tax
Foundation—Describes
How
re¬
killing
Federal
has
business
the
The
provide
to
profits in various wholesale trades indicates that "wholesale
channels
today in accepting that responsibility, asking only
opportunity to work, a fair opportunity to earn a profit measured
fair
a
of
the
to
and
in1 its. essentials,
a
the bulk
by
remainder.
are
which
point
political
to
want
of
facilities—that is,
but also
tried
and
the
nobody
republic
burden
program
wholly
order
generation
present
into
legislation
to
sound.
resort
you
The second
and
equipment, and
now
diverted
than
in the quality and
of
1930
was
which
of
(23%).
factual analysis of the widely held notion that profits
other elements in the distributive system are
a
operations in a fairly profitable year.
to
is
it
severity
savings,
starve
And
is
who
plain
and
; •
the.
of
improvement
of
Business,
living.
is
when
greater
industry
must
It
units
made
Little
principle
into
enter
in
Congress.
of $8,800,000,000
costs
$12,-
costs
•
all
all
of
taxes
excess
change
a
the
time
had
makes
of
costs
economic system, costs to consumers would be
materially reduced.
our
salers
•
plaything of theorists,
the
even
of
spending.
fear,
goods.
The
that
industry
need
no
be
must
with
of
be
will
replacing
Business
have
nobody
that
with
is
against
as
trade
distribution
earned 1-3% on sales in 1936, confectionery wholesalers made 2.2%,
dry goods wholesalers earned 2.7% while profits of paint and varnish whole¬
-
of
been
spending
as
well
of
vast
grow¬
.
beginnings of this
inter-dependence
large
in
the
the procedure to its ultimate is to bring starvation
to. sound practices, the value of which has been
it
the
from
confidence
The
.
We
regulation
Government
and there
with
have
.
objective is humane.
from
rests
time
same
these
as
the
at
with
rests
retail
grocers
every
country
voted
personnel
made the
precisely
progress,
had
the cry
pursue
Turn
years,
have
years
The
times
the
heal,
the
credit,
far
so
majorities
in
been
complete.
funds
New
about
have
industry
public safeguards..
excessive
starve.
to
We
of
not
of progress.
yet
invest
to
necessary
con¬
any
responsibility
which
these
the
at
the
to
world-wide depression
And
business
all
story
incentive.
of
with
manufacturers'
(24%); and transportation
of distributors showed
scattered
The
better
toward
abused,
a
antithesis
the
incentive
beyond
and
before.
of
the
are
Nor
,
those
The/ impairment of
against
turn
laid
Senate,
the stagnation
life in
its
is
Congress.
and
majorities, if
restricted
for
the
business structure has
experienced
ever
than
lavishly
Executive.
A
these
of
The nation's
regulated,
by
the
be charged
to
are
billions
House
the
with
confidence,
lack of
ing
concerned,
rather
spending
for
upon
appropriated
equally
sums,
whole
a
Mr. du Pont said, in part:
group,
Although
dollar
as
total);
wholesalers and
by
A survey of
Removal of these bars, said Mr. du Pont, will not
occur
until "the people see the full truth and give their
support to those men in public affairs who already see it.
In asserting that the Association must consider the needs
the
the
excessive and of the contention that if we could "eliminate the middlemen"
toward
prise.
of
of
Miscellaneous distribution costs of $1,100,000,000 make up the
ill-conceived laws, a prejudicial attitude of Govern¬
business, and the stifling of private enter¬
taxes,
ment
"middlemen"—compares
$9,100,000,000
on
exhorbitant spending, excessive and unfair
are
of the report of May 26 said in part:
(33%
600,000,000
June 8 told members
of the National Association of Manufacturers that the bars
an
traditional
the
Lammot du Pont, 'President of E. I. du Pont de Nemours
&
1939
10
The $7,000,000,000 cost occasioned by intermediary or wholesale trade—
Toward Business,
ment
June
continuing aggressive work in soil improvement must
on
by the industry.
"The industry," he said,
carried
"cannot prosper unless the farmer prospers, and the farm¬
ers
on
cannot
one-sixth
prosper
of
the
cultivated
without the
use
land
of
of fertilizer.
the
It
is
Nation
to
the
advantage of both the industry and agriculture to work for
the
most
varied
efficient
soils of
Charles J.
the National
the
and
economic
use
of
fertilizer
on
country."
the
»
Brand, Executive Secretary and Treasurer of
Fertilizer
Association, in his address
on
"In-
Volume
<Iustry
148
Financial
Problems
lems of
trade
of
Today,"
practices
in
stated
that
"although
Chronicle
prob¬
3463
by Philip A.
the
Benson,
President of the American
Bankers
industry have been called
by the recent investigation of the industry by
the United States
Department of Justice, the convention
will give first
place to the discussion of maintaining the
fertility of the Nation's soil."
"Fertilizer manufacturers,"
reemployment are so
strange that they have not been employed."
J. Stanley
Brown, Personnel Director of the Chemical Bank & Trust
he said, "realize that their first
their customer, must
"morale"
Association, who said that
to the front
and
Co.
is that the farmer,
concern
produce economically and profitably.
We therefore work with Government
agencies and the farm¬
to
ers
and
bring
to
about
the
manufacture
recommend."
Mr.
most
the
intelligent
fertilizers
Brand
also
the 60,000,000
govern
ot'
natural
the
arise
laws
the
industry
into
popular
many
Will
F.
nomics
of
the
high
are
control
the
effect
inaccuracy
and
of
the
line
of
out
Mr.
Because
other
release
quoting indexes compiled by the Department of Agriculture
for prices paid by farmers for commodities in
March, 1939,
which
showed
fertilizer prices
any
of
com¬
the
modity in daily
American
Mr.
people
use by farmers, with the exception of feed.
Brand said that recent scientific
developments in both
manufacture and
use
of
fertilizer
have established
the
economies
which
yields for farmers.
There
is
vital
a
the
farmer
with
and
the
for
erosion
This is
the
lower
foods
control
dual
a
Government.
plant
in
costs
and
burden
The
which
farmer's
his
annual
range
programs designed to
keep the
obligation of the Nation as a whole.
soil
the
and
that
of
maintenance
should be
shared
take
crops
future
from
it.
the
South
and
Carolina
to
much-needed
a
and
the
acidity of the soils of that
Plain
long
so
form
that
Mr.
uncorrected," it
by Dr. H. P. Cooper,
Dean of the School 'of Agriculture of Clemson
College and
Director of the South Carolina Experiment
Station, Clem¬
son, S. C.
He said that over 70% of the land in that area
is too arid for diversified
farming and 40% of it is too acid
A
June 7
on
for profitable crops of
any kind.
this nature", he said, prevail
The
of
use
lime
adapted
to
give
marked
a
pasture
Since
there is
there
will
be
He
area.
in
this
and
forage
to
response
and
crops,
place- them
phosphorus
and
likely to bfe less fertilizer used
special
interest
in
finding
Prof.
tilizer
in
the
and
new
fertilizer materials.
other
\
'
'
prosperity
retired
only find
from
and meat
Dr.
said:
The
fertilizer
in
years
the
available
and,
the
a
of
result,
manufacturers,
the
lead
tilizer
in
which
be
in
of
his
products.
The
the
This
for
and
which
it
economically
handling
As
National
work
is
a
economies
has
led
to
greatly
the
last
been
effected.
The
marked
a
expand
the
acreage
of
speakers
included
Haskell-Oberlin Co.,
Selling";
C.
C.
David
Marengo,
H.
Colcord,
111., who spoke
Concannon,
on
Department of Commerce, who discussed foreign trade, and
D. S. Coltrane, Assistant to the Commissioner
of Agricul¬
ture of North
in
North
Carolina, whose topic
was
"Grade Reduction
Carolina."
embark
on
the
of
means
making
to
free
of
people.
funds
organism,
individuals,
to,
There
banks of
in
be employed
may
trained
are
who
banks,
community
which
service
and
A
W. F. Kissick
plan for
sented
on
American
a
sound
June 6
to
Institute
on
on
the
Mr.
function
Brown,
I
Sometimes
for
the
good
out
I
But
responsible
credit
of
a
what
free from
the
the
to
of
would
in
happen
of
Banking
to the convention
at
Grand
any
Rapids,
pre¬
of the
Mich.;
similar
we
cry
Defeatist
is
the
cellulose,
death
to
rout
period
be made to
really
early
looking
started
in
the
twentieth
industry
1920's;
pulled
and
the
in
which
for
pessimism
have
new
very
cheap
blinded
not
under
occurred
engines,
bugs,
has
our
airplanes,
very
fabri¬
developments in plasties,
motors,
stainless
sul¬
steel,
fact of the matter is that our laboratories,
have created
more
new
products and
processes
than
history.
in
The habit of defeatist pessimism!
.
,
.
the stuff of which determination is born.
the soul-wasting, sapping disease by which constructive
the
who
something
we
the
of
Diesel
rays
for miracles!
destroyed.
pessimists
are
years,
pessimism
out
communities,
at the moment.
power
happening
high-compression
new
The
.
disease,
is
of
locally
business, said:
if
defeatist
miracles
such
of
fuels,
.
10
past
15,000
inevitably
rejuvenated automobile
a
habit
our
dwelling houses,
the
influence
their
people
of the party in
depression
severe
cellophane,
high-octane
And
It
that
have rather vaguely prayed for another such miracle.
if
whole series
.
the
for
constantly
are
instance,
for
we
wonder
eyes—rayon,
morale
was
order
in
substituted
extension
would
which
rather
depression
just
to
1924,
the
of
agencies,
ate
speaking of morale
wonder
thjags
In
century.
current
Morale,
Inflation—Other Speakers
business recovery program
the delegates
of
Speaks
the
save.
American banking system.
What a bureaucracy that
administration of credit would become a Government
Jhe
and
lending
the interests and the program
serve
in
will
to
the
constitute
would "make.
in
free
own
through
compulsion
Banks, through a highly devel¬
their funds for the people by lending
responsibility,
and local
competition
us
theijr
operating
legal
no
them.
for
employ
Governrrient
suppose
owned
us
is
and to industry.
Lending is predicated
resulting from voluntary action and the judgment
part of the free enterprise order.
individuals
fanilamide.
Brown
order
forces
cated
Stanley
economic
business
the free flow of
Now
■
the free enterprise system
part of
a
acts
funds
them
of
new
stitutions—J.
of silenc¬
means
the
the ends of the party
'
Philip A. Benson, President of A. B. A., Suggests Sound
Recovery Program at American Institute of Bank¬
ing Convention—Opposes Government Credit In¬
If
definite program
a
of the system of free enterprise greatly
People deposit their
(President
Chemical
Division,
Commerce, United States
ex¬
interests
indirectly the credit business, of
"we may possibly see the credit
-
Chief
Bureau of Foreign and Domestic
credit
of
the
serve
"The control .of credit could be the
oped and
crops
"Creative
function
to
of the party in power at the moment.
directly
said,
opposition,
their
on
combining into
the
made
of
systems of soil, and crop management the findings of the other
specialists.
Other
that
be
Control of the credit system could easily become
the entire economic system of the country," he
Banking is
fer¬
,
methods
to
part
a
as
voluntary
taken
fertilized.
developing practical
institutions
he
over
,
in
Its
institutions.
in power."
Mr. Benson argued
that the credit function of the banking system consists
of the free flow of voluntary forces.
He likewise said:
•
The scientist in unravelling the complex reactions which take
place
are
placed in the soil.
agronomist
firm.
credit
or
serve
fertilizers
The
and
inevitably
country,"
ing
a broad attack
upon old and less efficient
methods of fertilizer application
requires the united skill of:
(1) The plant breeder in producing superior plants.
(4)
credit
added.
25
(3) The soil physicist in developing systems for keeping the soil in the
best possible physical condition.
<"
Government
service
would
taking
on
(2)
business
Government
by
propaganda
Government.
control
He stated that
when
credit
of
this
Referring to bills
providing for insurance of loans' and
of
now
fertilizer
of
which
small
which
return
independent banking."
more
modified."
The
influence
that
strangulation
and
by
of
the
purpose
and
the need of profitable banking and
banking is not entitled to d" profit there
establishment
the
are
improved methods of
per¬
stressed
"if
that
Government
a
program
have
the
credit'
of
the
failed
through
man
be the establishment of
to
today,
has
through
The
business
of
increased
reduced.
the fertilizer
economic
encouraging
the opportunity to
channel
prevented
the Government should
Ag¬
products
new
have
Association,
have
to
in
charges
result,
Fertilizer
bound
will
Superior
concentrations
.and
simplified
strides
enormous
is
,
recovery
small
and the program
South
of milk
Department
It
j
agencies.
administration
no
system
the
been
the
Benson
tension
addressing the convention
made
reduced.
fostering research
consumption,
can
has
of
been
through
-
'
prices.
been
application,'
fertilizer
of
Political
furnish capital to business, Mr. Benson declared that under
such a setup "the administration of credit would become
for land being
yield
to give business
being spread
that
before Congress
the
pastures.
transportation
has
has
the
has
is
the
be
now
University,
•
manufacturer
grades
use
increase
head
University,
reasonable
farmer
i>rofitable
would
in
now
improvement
at
as
number
but
Bradfield,
Cornell
"
ronomy,
of
land
on
Richard
new and
a
cotton
our
more
that "political management of our
objectives is not over."
He further
is
public
credit
seems
is,
can
of using
the
the
to
It. H. Lush, pasture specialist of the National Fer¬
Association, pointed out, from 10 years' experience
would not
natural
directed
Mr."
'
Research Dairy Professor at Louisiana State
that the adequate improvement of pastures in
warned
propaganda
convince
That
materials.
ways
is,
steady employ¬
more
society.
°
objective
production of cotton,
profitable
as
,
condition
a
to
for planned
to
is
well
sections
in
fertilizer
service
Benson
declared
large
up
willing again
are
persistent
the
further said:
open
and
normal
of
General soil conditions of
would
area
"what
That
increasingly large numbers of the people-are coming to this
is
throughout the entire Coastal
Plain and Piedmont
that
divide.
luxuries,
more
stated:
remains
area
stated at the convention
was
its
economy
the
as
comforts,
to
wealth-producing enterprise of private initiative.
note
live-at-liome program
Coastal
He declared
wealth
more
management has not produced these evidences of wealth.
the
•
2,000,000 samples of soil recently analyzed show
practically no opportunity exists for the establishment
of diversification
is
security.
more
realization
in
re¬
It
"Over
that
sound
is idle to' talk about its
investing capital in productive activities.
Every dollar it takes either in borrowing or taxation is a dollar removed
from
Longare
of
and
These things can be provided only by
healthy business and industry, by robust enterprise.
Gov¬
ernment /does not produce wealth," he said.
He added:
by both
generations
elements
obvious
so
all the people the
energy," he said, "make up the
enterprise order."
more
ment,
obligation is to supply the
for
"the
are
initiative and energies of
want
goods,
higher
He added:
need
fertility of the soil.
soil
reflected
are
that
reemployment
of whose initiative and
sum
be lower than
to
and
save.
remarked
simple that
it seems strange that
they have not been employed." These
elements he defined as a "pro-business
policy, a pro-capital
policy, tax modification, a recognition of the social useful¬
ness of business, restoration of faith in the
future, and the
by
products
Benson
covery
industry, there
that fertilizer
story
with
that
Kissick, Chairman of the Department of Eco¬
Kalamazoo College, Kalamazoo, Mich., spoke on
those who
on
the country.
pattern.
June 7
on
distinguishing factor "between an
sincerely-working organization, and a
one
"Inflation and Its Effect on Savings" at the June 8 session.
Mr. Kissick concluded that inflation has the most
damaging
misconceptions concerning it.
disputed
prices
of
farms
inevitable
complexity of the scientific laws which
He
the
on
an
City, told the delegates
the
lifeless, tail-between-its-legs, whipped conglommeration."
stated:
of fertilized land
acres
force
York
is
land
the
able
an
industry which is dominated by the laws of chemistry, physics,
biology. The same immutable rules govern the fertilizer industry that
These
New
aggressive fighting,
This is
and
of
scientists
of
use
which
the "elements of sound recovery
obvious and simple that it seems
And,
before
curriers—those
w:ould
less
not
is
have
than
us
we
conquer
gloomy,
believe
that
that disease
we
down-at-the-mouth
we
of
the
shall
have
professional
twentieth
men.
/
century
Financial
3464
stopped
Having
value
man's
A
entirely
depends
himself
to
his
upon
value in
scarcity
The value of a
community.
demand.
all
which
precepts
we
depression and cynical disavowment
dear—the scarcest individual, the
to an employer, and to a community, is the
of most value to himself,
man
held
once
face, and his flag still flying.
with his chin out, a grin on his
one
.
"Except
as
man
a
possibility of its doing so, it never can
community. '
If any one of us, as an individual, believes he has no future to look
forward to, time will prove the truth of that viewpoint.
If a business
organization believes that it is all washed up, it is.
If we Americans
petsist in the viewpoint that our national future is behind us, and that
nothing lies ahead, then that will be true.
....
believes
organization
justify
the
in
in
existence
its
a
the least the one most often cited, is that it is intended
The purpose, or at
to
Incidentally, it aids the Government in
business recovery.
promote
and lends itself to some extent to a redistribution of
its deficit financing
to the policy pf easy
has adhered
Government
The
quote, in part, from the address by Mr. Kissick:
stability of prices provides a means which is fair to the conflicting
and
The
dowments must suffer alike.
lenders
both
It
borrowers.
and
is
claimed
not
that, price
of
maintenance
the
to
immediately
not
learned
nation.
until
lesson
much to
is too
It
for
her
necessity. compels
further
make
to
of
influence
monetary
tends
incomes
be
to
is
that the flow of gold to this country
through
be
now
should
income
be saved
of
the
balancing
during
The fixed
has
of
income group
the
for
no
The
that
assurance
uncertainty
the
or
Stability
level.
the
of
movements
unit,
level
for
both
eliminate
to
during the 1920's,
in
the
relation
the
toward
Progress
nation
prices
at
which
•
attainable
United
This
status.
is
difficult
a
recognize
policy
changed
our
accordingly.
task,
is
nation' when
we
are
in
apparent
of
trade
is
well
of
the
of
our
in congruity with
complicated
"A
losses
abroad.
(page
The
Sir
Arthur
build
to
his
in
several
greater
a
cannot
ambitions
successfully;
the
fix
June
on
be
American
and
major
business
value
operate
free
6, the delegates
without
public
is
of
ness,
and
and
sane
protect
she
of
a
new
that
told
were
banking
San
Francisco,
offer
in
private
Government.
extend
can
the
field
itself
can
in
has
by
Government,
that
can'
indefinitely,
exchange,
lending to
the
the
credit
own
foreign
engage
asserted.
"First,
banking
that
private
destiny
certain
are
the temptation
secondly,
which
the
is
willingness
too
often
that banking is
therefore sensiitve to
say
mean
development,
of
selection
depositors
on
that
the
in
banks
which
the
the
to
use
influenced
of
that
can
fix
individuals
industry
to
well-defined
and
dangers,"
Government
over-expand
the
by
facilities
political
intimately related
every
condition
important
are
vitalize
both
a
which
source
for
economic
Considerations.
to all lines
function
affects
of
of
of
loan
which
policy
impossible task when it comes to
planned economy robs the individual of his economic
Directors of the Chase National Bank of the City of
York, said
exercises
of
business,
furthering
funds
and
an
safe
on
the
one
hand
in¬
and
growth
Paddi, Assistant Vice-President of the Manu¬
a speaker at the
June 6 session, and we expect to refer to his remarks another
week.
One of the largest contingents of delegates to the
convention was that of the New York Chapter, headed by
the President of the Chapter, Daniel F. O'Meara, who is
facturers Trust Co. of New York, was also
also Assistant Vice-President of the Public National Bank &
Trust Co. of New York.
The New York Chapter has the
country's largest student body, consisting of
ship of close to 5,000.
a
total member¬
the
of
an
"The
was
used.
which
Government
the
said that such a price
of innumerable decisions
Incompatibility of Democracy
In part, he said:
.
Economy."
A
interplay
finally determining how productive equip¬
The subject of Mr. Aldrich's address
by individuals,
be
the
of
He
wealth.
material
consists
ment will
to
will
be
and a
'Planned'
pretends to be responsive to the public will
even
acknowledge
mistakes
its
Errors, of course, will occur,
mistakes.
Under the private planning
if he makes too many hats,
checkers, he will suffer, and his
creditors may have to take some losses, but the economy as a whole will
not be greatly disrupted.
If similar errors of judgment are made by a
central planning board—and they are much more likely to be made by
such a body, because the decisions they have to make are vastly more
if
system,
stocks
or
one
misjudges
person
up on
grand scale.
a
on
market,
a
too many sets of Chinese
miscalculation,
complex—everyone must
pay
gigantic national scale.
What actually happens
never
face."
dare
And in
admit
their
covering
for
the
errors;
up, new
which will be
on
a
is that Government plan¬
they must always
cover
up
to. "save
mistakes follow the old ones in desperate
succession.
If
the
a
government
same
result is
time
it
attempts
to
maintain
democratic form,
its
while
at
indulges in economic planning, as I have defined it, the
government by intrigue, partisanship,
has favors
government
tion
other."
New
address at the commencement
Washington and Jefferson College at
June 3 jn
on
Washington, Pa.
Mr. Aldrich said that democracy can be
maintained only by a system of free enterprise, and he
asserted that the price system has made possible the special¬
ization of labor and industrial efficiency, which permit the
busi¬
B.
investment or
freedom, Winthrop W. Aldrich, Chairman of the Board of
to
ladle out
When
and pressure groups.
in the form of fixed prices,
credit,
quotas,
minimum
natural
that
organized
tyrannical if granted
Utopian society if
are
not
worth
the
wages,
one
easy
terms
pressure
dictatorial powers.
can
paper
assume
away
of
and
produc¬
forth,
it is
will become even more
vociferous and domineering than
they have been in the past.
We all
know the technique whereby the interests of a small well-organized minority
are placed above the
general welfare.
The more decisions a government
has to make arbitrarily, the more we will have legislation by pressure
groups, and administration by personal favoritism and intrigue.
'
It is no disparagement of government administrators to say that no man
or
group of men
is capable of being trusted with unrestricted power.
Even the best and* most
socially-minded of administrators can become
only
John
an
Washington and Jefferson College
A
a
business
through
explanation to those who are affected.
an
cannot afford
ruling power
Any
its
of
corporations,
Government
controlled
are
jeopardized
be
to
Winthrop W. Aldrich Criticizes Planned Economy as
Destroying Democracy—Banker Praises System of
Free Prices in Address Before Graduating Class at
Free Banking
a
hands.
really
strument
that
money,
its
we
and
capital
"
IH%
reasonable rate under present conditions, for if it permits bank
a
fails to recognize realities, it will face an
ners
and
we
by
in
experimentation
"When
agencies
controlled
and
in
Cadman
credit,
four
Dr. Paul F. Cadman, President
was
financial
extensively
"Inherent
Dr.
Second
lender
independent
an
Research
interest rate, and
commerce
2% is
a
forced upon him by economic
philosophy of the Federal Government.
Management should not hesitate to explain to the depositor why
or
by
the interest of maintaining
Certainly the banker should not feel that he
capital position.
conditions and the easy money
and
the
the
can
but
reluctant
a
Foundation,
Calif.
His topic was "America's Stake in
System." Dr. Cadman declared:
the
The
creditor from the past;
a
and
exporter;
sound
ijiust accept responsibility for a policy which is
system
The speaker
system.
then
role
present
our
"Recovery:
'•
At the session,
"If
volume
greater
a
in
continuing
our
Salter
a
',
economic
the role of a debtor
has brought us to our
the adverse effects of which
failure
rate is accompanied
the ability of the banker to explain
to his customers that his action is necessary in
the
•
importer;
business
of
in
invariably improves its earning capacity.
reduction of the interest
a
loss of goodwill depends largely upon
failure
in
nation
simultaneously; she cannot be
money."
•
and
impossibility of
by
combine
can
creditor
a
sustained
89):,
country
cannot achieve
reluctant
fact
by
our
foreign
our
revamp
foreign relationships,
our
summarized
Effort"
in
are
to
not
or
com¬
recognition
now
continuing
our
withdrawals and that the bank which deals courageously
experienced
we
revampment
the
and
which
position- and
Specifically,
present situation in
specified
any
unsatisfactory international situation generated almost wholly by
to
Whether
This appears
be reduced to reasonable levels without
can
•
through
States
financial and industrial system to function
commercial,
this
is
the
of
in
affecting economic
borrowing groups.
the
and
of uniform commodity prices when
form
stability
status
group
prices
of the fixed incomes.
factors
to
modity prices should have declined.
creditor
this
commodity
of inflation
type
services;
of
of
congeal
not
rates
with the interest problem
obligations
contractual
power
lending
the
does
that interest
causing serious
inflationistic credit policy of
an
or
purchasing
in
stability
price
tends
It
price
desirable
of
is
policy
process
maintain interest rates,
the fact that experience is almost unanimous in demon¬
be true depsite
to
to
try
goodwill, or both.
usually due to fear of losing deposits,
predetermined quantity in
a
to
.
of
performance
subsequent
the. central bank will not'lessen the
progress
income.
Savings de¬
true and that the
of deviation from sound loan and investment policy, is
the cost
strating
consideration of the desirability
is obligated to accept
of" funds
use
the lending
through
use
of some institutions
tendency
at
even
manipulation. of monetary and credit policy.
(eims of a redefined monetary
This
to
entire
our
is the
savings
on
period Of political
a
return
utilization
effect
Another
converted
and
determinable only after
is
borrowers
gradually coming to realize that (.bis is
depositors in order to safeguard the principal of his trust.
with inflationary effect;
therefore, the conclusion may be drawn that under specified conditions
the accumulation of savings may set in motion
forces which adversely
affect the lending group as a class.
The extent to which our national
,py
are
considerable pride
rates.
banker is not to be criticized who is forced to reduce interest payments to
that the accumulated savings may be used
ever,
We know, of course,
tremendous factor in in¬
accepted much of the responsibility for current
positors
" The
affected.
adversely
a
The fact remains, however, that the Government with
has
summarized.
has been
and'thereby contributing to easy money conditions.
creasing excess reserves
•
•
the impression that the low money rates are due
1 do not wish to convey
inflation is that th% group with
It has been shown, how¬
credit
or
sacrifices
Cer¬
maintained at an artificially low level.
banker, who must also invest in this market, should not be
entirely to the policy of the Federal Government.
and perhaps through additional
manipulations of the content of the dollar.
The effect of, inflation
on
savings may
fixed
policy
her
of
political revampment of her credit structure
obvious
intelligent
an
time the United States has
changed status as a creditor
expect that she shall fully learn this monetary
significance
whole
en¬
expected to accomplish the impossible for the depositor.
years'
20
In
prospect.
in
the
the outlook
However,
disadvantage.
not
income from
upon
being compelled to invest in a
by
Government
prevent, to
dependent
are
In effect, all are being forced to contribute
market where the return is
tainly the
stabilization policy will
the greatest practicable degree, either group from suffering a
Educational, religious
is certain to be.
which
institutions
charitable
stability will accrue to the advantage of either; a
severe
proclaimed in Government circles.
money knowing full
wealth, an objectiye which is sometimes
We also
of
a
.
well what the effect upon savings
interests
deposits is
upon
they must accept responsibility for low interest rates.
Mr.
White, speaking on the subject "What Is Expected of the
Banker," said that there is no secret about the fact that
the Government is committed to an easy money policy.
He continued in part:
.
.
believe, I say to you that he shall not enter the
Kingdom of Heaven."
Except as a man believe, he will never be able
to set
himself above the ranks of the ordinary.
Except as a business
'
paid
The reduction of interest rates
policy which has been forced upon bankers by economic
conditions and the "easy money philosophy" of the Federal
Government, William R. White, New York State Super¬
intendent of Banks, told the annual convention of the Iowa
Bankers Association at Des Moines on June 7.
Under these
circumstances, Mr. White said, bankers should not feel that
the face of this green earth today is the one
on
who, in the midst of discouragement,
of
of Banks,
...
The scarcest individual
York State Superintendent
Addresses Iowa Bankers Convention
William R. White, New
man's services is governed by the laws
of supply and demand, just the same as the value of potatoes, corn, or
wheat.
"Scarcity value" is what they call it.
And let me tell you that
bankers have scarcity value, governed by the same laws of supply and
his
1939
Money Policy Viewed as
Rates on Bank Deposits—
Easy
Factor in Low Interest
little straight-thinking
a
Government's
Federal
pessimist,
the whines of the professional
for ourselves.
to
ears
onr
is
duty
next
our
June 10,
Chronicle
so
groups
It is easy to devise plans for a
human fallibility, but such plans
they are written
on.
Volume
Financial
148
Our economy today is so complex that no one person can have sufficient
knowledge to guide and regulate it. No one person can possibly comprehend
all
a
the
to
manship,
banking,
economic
We
to
this
facts
many
last
the
in
cannot
men
improve
50
themselves as to
part of our
a diagnosis, let alone a cure.
to our economic and social
on
but
still
we
do
possible successful economic planning by
intelligent, experienced,
For
these
and
other
economy"
is
an' impossibility.
as
they
democratically
a
democracy
and
enterprise
Free
liave
mentioned
already
bartered away for
a
that
economic
the pressure for
abundance
If, by selling out our liberty, we could achieve that material
which
would
which we now
consider, essential
to
our
hSppiness—if this could be bought by the
secrifice of freedom, an arguable case might be made out in favor of
such an exchange, though I, for one, would think the price exorbitant.
However, it.is only too true that even after we sell our hard-won freedom
we receive in exchange only a synthetic prosperity,
la shoddy product that
give
all
to
looks'well wlfen bought,
1
The
of
of
necessities
but deteriorates rapidly. '
State
authoritarian
those
us
with
life
*
.
its
.
be shaken asunder
debacle,
it
sacrifice
of
it
not
myst
must
material
has
wealth
growth,
that the price of such security is the
and strength
progress
character."
of
despite all its shortcomings, has made possible a degree
and joy of living that surpasses anything the world
known.
ever
dream,
mighty international conflict of internal
a
Also,
be forgotten that democracy, with its concomitant, the free
enterprise system,
of
in
be forgotten
not
individual
been
has
This
intentioned
by
accomplished
be
but
think, to
to
free
men
built
way
to
make
,
declaring that "the mainspring of the private enter¬
do. not
I
the
Of
this
theorists
of
we
think
automatic
it
and
has
that
the
function
market
of
of
prices.
unconscious
made
the
in
Our
has
attitude.
conditions
of
economic
not
direct, their
use.
It
what
is
be
to
decides
the
and
professiohal
what
The
services,
in
world's
is
and
he wishes
and
response
they
of land,
doing
so
resources
or
,
first
demand and supply, that deter¬
much
how
and
should
different kinds of work may
of
how
and
the
be
are,
thing.
It
been
were,
a
saved
and
dictatorship
invested
..
device
yet
conceived
130,000,000 'individuals—each
which
can
.weld
the
personal
desires, and ambitions ,of
order.
;
it is that the free enterprise system,
market prices, exalts the individual, and in
Thus
With
its
selves?
Who
Wbo
from
realization of the democratic ideal.
one
men
and
into
a
through the. functioning of
so
doing, contributes
to
the
could not
of
St.
Louis
Federal
Reserve
Bank Says
Industry and Finance Must Formulate
Programjif Present Order is to Siirvive
,
"industrially
planned economy by those" who are
responsible for what we call our private economy" was
advocated on May 23 by William T. Nardin, Chairman of
the Board of the Federal Reserve Bank of St.
address
before
Bankers
Association
the
annual
at
convention
Little Rock,
of
Louis, in
the
turned
they will,
in full recognition
an
Ark.
of the clear obligation
industry to produce constantly more and more of the
appliances
modities,
their
for
comfort
and
and
conveniences
which
people
of
com¬
need
happiness,
providing at the same
time continuous employment for all of the people at such
wages as will enable more and more of them to secure more
and more of the things they desire."
Mr. Nardin added:
That
is
the
industrial
our
industrial
planning which must be done by industry and finance if
order
system
as
is
to
survive.
the
way
world.
That
is
futile
the best in the world;
accomplishment in producing in
in
It
will
not
for
us
futile for
us
to
proclaim
the
system
unless
we
of living
find
to prevent the recurrence of more-than-nine-year-long periods of
preserved
we
must
find
the
way
useful
plan?
hand, who is
which
With what
to
cure
and
definite
a
.
useless
purpose
ail¬
our
to ask the Government
With
will
them¬
cure
could
that permanent prosperity
•
pessimistic
so
ills
shall get such cooperation?
governmentally planned economy?
a
believes
or
the
ills,
we
to conclude that cooperation
as
by industry, by labor, and by the Government,
problem
the art of
producing material things
them
producing
of
orderly,
in
continuous
plan of future operations which unquestionably disclosed
and gave reasonable promise of the . result of avoiding in the
purpose,
future such
a
disaster
as
came
upon
nine and
us
that such
"Where do
we
cooperation could be secured must
He who
answer
the
from here?" by the conclusion that God only
go
knows, but that, to whatever condition
one.
half years ago and still
a
us?
He who doubts
question
cooperative
more
dead
a
to
are we
our
that
well mastered
so
the
upon
applied
expression
hopeful
a
is
We air desire to be cured of
believe
can
us
be secured,
now
signs of
conception
only when
purposed
•
continues with
we
.it will hot be a very
may go,
believes that such cooperation could be secured need
only wait for the beginning of the planning in serious, intelligent fashion
before concluding that we shall go on to greater
than
are
have
we
on
our
before
ever
such
to
way
known.
when
And
prosperity,
prosperity and happiness
men
can
conclude
shall be soundly
we
on
that
we
way.
our
When
our industrialists and bankers can evolve a
plan for the future "that
gives reasonable promise of efficient and continuous operation of industry,
the
confidence
for
which
shall be
we
be
could
be,
have
we
our
on
into
It must be done!
desire.
us
are
functioning
substituted
for
the
shall
find
more
people, than
the
that
to
the
question
would
have
be
to
them
in
protesting
making
of
constructive
policy heretofore
accomplishment
problem
the
their
use
whether
the
the
better
and
it
a
more
attitude
is
followed,
we
prosperity,
for
the
profit
bankers of the country
be
would
be using
of
speedily solved;
justifies
System
would
to
the
funds
Reserve
you
for
past
how
of
surplus
Federal
wholly forgotten,
used
task
have ever before known;
event
ways
ingenuity which developed our
positive,
a
indeed to
is
Of course,it can be done!
the
to
when
better
to
we
happy
find
are
turned
order;
complaining,
way
be: speedily
such ,a conviction
the initiative and
order
industrial
present
To admit
When
efficiently
will
times,
philosophy of despair.
a
longed
those who doubt that any plan
would accomplish the recovery and stable pros¬
which
all of
descent
much
so
out Of the wilderness.
way
these trying
in
devised
perity which
its
existence
its facilities
the banks, to
as
you
the profit
of
industry, .and to the benefit of the whole public.
Opposition to Spending-Lending "Policy of Government
Voiced in Resolutions of Pennsylvania Bankers
Association—Dr.
Nadler Sees
Gold Standard Dis¬
carded—Philip A. Benson, President of A. B. A.,
Finds
No
Need for New Government Lending
Agency
•
«
At
convention
annual
its
Atlantic
at
N. J., on
registered
its opposition to the spending-lending policies of the Govern¬
ment, arid at the same time advocated the placing of Fed¬
City,
May 26, the Pennsylvania Bankers Association
eral savings and loan associations6 under the same restric¬
the Home Owners' Loan Corporation.
According
tions as
Atlantic
City advices to the Philadelphia "Record" the
thus expressed itself in resolritions adopted,
and it is added that the bankers urged that the Govern¬
to
Association
ment
change its policies "so that, promptly, we may move
less borrowing, less expensive, Government • opera¬
toward
to
secure
and
Nadler, Professor of
unem¬
continuous
Finance at New York
He is also
statesmen, there is no desire to retprn to it."
reported as saying that the idea of a "managed currency"
was becoming even more firmly entrenched,
both in the
United States and in Europe, despite the fact most of the
new money schemes "have not worked out satisfactorily."
Dr. Nadler reviewed the
new
problems confronting Amer¬
ican banks, said the New York "Times" in an account from
Atlantic City, from which we also quote:
"Great
of
they are," he said, "they can be met.
as
the mistakes met
in
recent years,
other form of government.
debt
is
and
the
sound.
economic
devoluation
The
United
still
in spite
In spite of the huge spending, the large public
of
the
States
"Considering all factors,
is
Democracy,
has proved to be far superior to any
fundamentally the
dollar,
far
has
from
reached
the
United States
pinnacle
of
its
development and recovery is bound to come.
the
best
an
obligation of the United States Government
security available, and a bank buying such securities
moderate amounts does not jeopardize
On the
in
the position of its depositors."
problem of unmarketable real estate holdings, Dr. Nadler warned
should distinguish between old real estate, particularly large
dwellings and old apartment houses, and more modern struc¬
"banks
individual
tures."
•
Houses "Drug on
the
If the system is to
orderly
Marcus
University, in addressing the conyention, declared tha,t "the
gold standard has been discarded," and in spite of the lip
service rendered to it in a number of countries by leading
that
our.
to boast of its
the past the highest standard
preserve
ployment, distress and despair for millions of people.
be
abstract
an
that to be done
fashion, offered
Arkansas
The subject of
Mr. Nardin's speech was "Where Do We Go from Here?"
He urged an economy planned "by those who can
plan it
if
and
politicians
way,
good deal of
a
showing
were
it?
if the brains
Dr.
Nardin—Chairman
the
tion, a balanced budget; and the establishment of a normal
attitude of Government toward business."
.
"Industrially Planned Economy" Urged by William T.
An
as
time
to
designed
among
On the other
happy
find
we
nothing but the theory that if the Government will
activity
expects
come
to
'
■
and con¬
•
by the way in which he spends his dollars, his prefer¬
individually determined preferences,
time
We have the
abandon
produced
future.
of
those who
of
efficiently
try to find it.
But where is the
cooperate ?
and what
desires.
The price mechanism also makes possible the deter¬
by each, individual of the work he wishes to do, and the plans
to make for the future.
The price mechanism is probably the
possible
from
alive 'and
is
plan.
ments.
be; how much of the
much
search
to be able to find the
but
starts,
someone
the interplay of the various sets of market
system of market prices it is the ultimate consumer who
most desirable and of greatest value.
This system makes
it
as
mination
prices,
is
freely expressing,
social
and
supply,
activity.
productive capacity
this
possible,
only
commodity
continually fluctuating in
are
output should, be consumed
Under
from
prices—wage
limitless; consequently,„ something
produced
relative worth of
increase
the
and
springs
what the most profitable employment opportunities
current
ences
for
each fluctuating according to the
all;
the
phase
quotations,
charges
demand
of
are
mines
at
prices,
capital
prices,
which
different kinds of
many
market
these prices
All of
every
labor, and
of
stock
rents,
retail
to
Cooperation
„
prices,
underlying
must
"planning"
mechanism
civilization material wealth undreamed
our
is made up
rates,
others.
direct
price
our
past.
wholesale
to
daily act and plan according
and
Unless
sure:
continue
industry and Government
In
interest
many
is
free economy is sufficiently
a
possible the specialization, division of labor and indus¬
price system
rates,
-It
community
trial efficiency that has brought
of
prices in
diligent
who ought
and
fits
Our protest and condemnation
plans will not avail to prevent their efforts.
There
to
be
may
will
their
s
by the majority of people who
dictates
by
not
and
study
machine
will not be
way
It will not be found by wellIf it is to be found at all it
theorists.
careful
The
labor.
of
tinuously.
confess
state, in part:
appreciated
to
employment
.
prise system is the free price mechanism," Mr. Aldrich went
to
the
it work,
There may
on
by
industrial
our
restored and
to create, and to achieve.
In
and
inexperienced
found
have
the
five-year, 10-year, life-long planning
may give to its citizens temporarily a bare minimum of economic security.
It has yet to be-proved that it can lighten the work of labor, lengthen
hours of leisure, increase comforts and conveniences or create an endur¬
ing culture.
It has yet to be proved that the security attained is one
that will be lasting.
But even at best, assuming that rationed security
will no.t
industry
With what are we to cooperate?
of apparent prosperity.
mess
of
by politicians pandering for votes.
must
and
planning by
governmentaily-controlled prices usually comes in times of crisis and is .;
born of a sense of futility and despair.
We have examples in the world
today where freedom of thought, religion, and all self-expression have been
I
found
matter how
no
together.
arose
operation
that
that
maintain
I
reasons
fair together,
"planned
must
enough to
know
not
supermen
socially-minded they may be.
or
many
particular
that
relative
years,
among
agree
or
They cannot agree
discovered
institutions
wisest
done
organism.
have
make
be
any
the
even
should
takes one
It usually
specialized activities.
our
single sphere of our economic life, be it sales¬
engineering, office management, or building a house.
master
Furthermore,
what
details of
intricate
lifetime
3465
Chronicle
"The
change
in
the
size of
the
Market"
family
,
and the
high
income
taxes,
particularly in the higher brackets," he said, "have made large individual
dwellings
a
drug on the market.'
,
The slum-clearing projects bv Federal,
Financial
3466
values
the
antiquated
and
old
of
houses.
apartment
No building boom
commodity-price inflation can favorably affect this type of real estate.','
Professor Nadler added that "the Government is definitely in the bank¬
business, and the only way the banks can meet this competition
a policy of aggressive merchandising of credit."
ing
is
adopt
to
Benson, President of the American Bankers
and President of the Dime Savings Bank of
A.
Association
Brooklyn' in asserting that "bankers are conscious of the
service," added that
need
for
meet
the financial
public
their community.
needs of
They want
making attractive terms to bor¬
He is also quoted as stating:
loans and they
sound
"they are trying to
rowers."
are
Why talk about a new Federal agency when banking facilities for good
loans are abundant?
No need whatever exists for the creation of any new
found all over the country
alert in trying to meet the financial needs of their
actively seeking to meet every public need in banking.
lending
Government
bankers
are
and
munities
His
remarks
have
I
agency.
regarded
were
equipment and livestock is approximately $1,500,000,000.
That is
investment worthy of our consideration.. From this billion and a half
an
investment
in
$300,000,000.
Over a
period
of
dollar
milk
than
the
the
of
Pennsylvania
saying:
Legislature.
He
indicated
was
These
as
participating
mortgage
as
' form
a
of
invest¬
trust
mortgage
in the
trust
partly
the
in
They
plants.
commercial
the
On
termination
be sold
may
department
of
the
trust
a
the commercial
to
The
that
and
a
The
farm.
Alabama
rural
Annual
at
Convention
....
more
frankly,'Thomas A.
York
State
the
Present
and
Bankers
the
the
is what they
following
If all the dairy
Wilson,
Association,
story more often and
President
said
convention
annual
the
of
May
on
the
of
New
the
25
coming year
held
Association
noted
were
in
Reso¬
issue
our
public that
closing this
of the various
advance
of
when
Also,
recall
and
If the annual hay crqp
6.
an
members
to
in
touch
real
a
during the
for
is
asked
with
the
their
work
of
the
operations
to
help
may
from
The
I
In New York were baled and loaded into freight cars, It
If the coast defense cr the protective tariff people wanted to use this
has
it
Has
land?
in
efficient
an"
the
better
to
office
organization.
encourage
the
member
the
serve
wish to
thank H.
hard
the
on
know
it
many
of
Albert
with
is
Allen
cruise.
arrangements
going to be.
will
you
B.
H.
the
Randall
for
Cook
Mr. Allen
the
opportunity
to
excellent
&
Son
and
make
to
hope before
the
the
Thos.
necessary
I
find
of
Both
for
Mr.
this
cruise
termination
personally
service
I
am
his
Post
contribution
the
the
of
thank
will
sure
worked
have
success
trip
I
that
Commodore
be
rendered
From
the
the
value
connected
During the past
40
meetings
appreciative
State.
ever,
year
your
throughout the Slate
The
there
learned
to
and
spoken
on
we
approximately
He
6,000
10,000
has attended
the
dollars
He
is
know
many
of
career:
and
you
feel
source
It is the
that
I
have
of much pleasure
established
during
same in Association work
we
put
as
and
of
is
farm
home.
a
on
with
States
purpose
the
from
come
of
land
existence—transportation,
our
com¬
gainfully employed
persons
about
produce
eight
and
and
transportation
United
States.
one-half
billion
the
and
products annually.
than
more
place
a
"
The
is
business—it
of
'
place
a
of
living
>
.
.
Committee on Bank Costs was sub¬
mitted May 29 by Paul W. Brainard, i^s Chairman and
Chairman of the First National Bank of Ithaca, N. Y.
Mr.
report
the
of
Brainard said that at
friendly
the balance
it is in life-r-
into it, and I know that I have
results produced and the records' made.
time in
no
bankipg history has
th,e question of earnings been more paramount than
In
rates
unwarranted.
is
have,
recently
the
much
was
obliged
their
in
banks
less
A
loss
two
banks
banks
loss
of
final
proof that
rates
of
interest
as
banks
in
a
over
banks
and
asset
indicate
State
of
interest
community, have not
suffered
have paid
'
rate
a
-
■
is unfounded is offered
loss of deposits
?jy the experience in the city of Rochester, where there is also
interest
rates
among
the commercial
banks themselves.
paying the lowest rate has not surrendered
deposits to
desire
safety
its
competitors.
than
more
difference
a
the bank
lret
appreciable amount
an
this
All of
that
to compete with
Those commercial
concerned.
are
and
fact
felt
have
savings
as
power
position
the same
,
concern
York
in
rates
this
earning
of
banks
level
same
New
in
not"
commercial
the
at
banks
definitely
recognized
savings
deposits.
to 1%% in their rate of
11%, while the average loss
2%
was
many
comparisons
But
types
far
as
have
comprehensive survey of banks that
a
doubt
No
interest
are
.the
Recent
from
deposits
in
that.
their
the
which
than
from
than
attributed to some extent to an
experience proves that this
be
may
deposits.
reduction
a
community.
of
commercial
b#
According to
made
hold
the part of barrk management to put interest
on
of
maximum
less
to„
position
in
today.
discussing the matter of interest rate, lie said:
Undoubtedly, reluctance
is evfclence th$t
of its
depositors
income.
During the past few months this problem of interest rates paid to savings
depositors has been the topic of considerable study and discussion by
various groups.
studies
that
of their
more
matter
as
it
is
trend
is
money
majority
of
banks
than they can afford.
to
what
the general
excess
To
It is the opinion of those who have participated in these
the
of
individual
no
downward
in
summarize,
the
near
a
bank
is
coriimercial
unless
paying
there
able
bank
the
and
should
future.
the following points seem
more
be
to
large
too
long time, that
While it is
1%% at the present time,
still
rates
each
belief that
been
have
earnings to their depositors for
very
great deal about banking through this service to you gentlemen.
The value of the work will stand
these
of
handled, the production,
products is the largest business in
United
the
worth
The
ii
people.
All
principal
the
for the
are
product
of»farm
in
some
of the courtesies extended by * the banekrs of New York
presidency of this Association is, frankly, a hard job.
How¬
extremely valuable compensations.
In my travels I have
banking
a
traveled
are
get out of it just about what
learned
has
Association business.
before approximately
relationships which will be the
of my
President
civilization
our
existence
the number of
standpoint of
of
paying
by his capable staff.
miles
shelter.
and
State
munication, finances—are because of and incidental to agriculture and land.
do, as I know of
of
in
for
York
back to the land.
go
elements
other
efforts
New
the
Agriculture ?"
on *
that
you
our
clothing
food,
eventually
All
to
of
All
Committee
a
occurred
ever
is
"Why does
been asked:
often
have
Association
element
time
connection
"
of an apple
Chicago and return.
train raeching from the World's Fair at New York to the other one
a
question
Bankers
sayings
the New
in
headquarters
fail
cannot
efforts
for
we
response.
fine thing to
a
the
The
year.
any .success
theit associates
visiting
are
it
and
volume
interest which
increase
even
Post
' increased
to
banks.
in
'■
Mr. Guild also said:
/
interest,
thanks
sincere
my
speedy and generous.
a
Clifford F.
more
keep
to
Mr. Wilson
generously contributed of their
so
Association
the
of
receive
and
visits show
staff
express
single instance where I
a
handled
to
to
largely responsible
are
York City. >1 think
way
your
York
wish
usefulness
did not
Brown
New
in
better
no
New
cannot
have
I
report
the
have
we
.
committees who have
particular,
More
manner.
but
banks."
we run good
•
and
If this
year.
If all the hens on New Ydtek farms were to go to roost on one limb
5.
tree, that limb would have to reach from New York City to
fear
have to run good banks,
we
concluded:
Gordon
per
New York farms were put ih bushel
year oh
to the Panama Canal and from there to Honolulu.
loss
office
In one
the potatoes grown
If all
milk
baskets and the baskets lined up side by side, they would reach from New York City
should
W.
pint
bottles laid end to end, they would reafch from the earth
over
member
column of three
a
and back again.
to the moon
they
a
lined up in
Moscow, Shanghai and Tokyo.
3. New York State produces over seven billion pounds of
where
'York
were
The New York dairy cows produce enough milk in one day to supply a half
2.
apprehension
I
afternoon,
one
me:
reach from New York City to Bermuda.
abreast they would
not
have had.
Van B.
State College of. Agriculture,
ad¬
in
3320.
page
in
gave
in New York State
cows
/Mr. Wilson, President of the Marine
Midland Trust, Co. of Binghamton, N. ■ Y., said that if
bankers fail to tell their story to the public more effectively
in the future, "it is just because we will not realize that
to
the
glass for every man, woman and child in New York City, London, Paris, Berlin,
handling
lutions adopted by the convention and the names of officers
Chairmen,
agricultural
the prosperity of
on
Becker, his assistant, became statistically minded
Clare
and
Farmers
aboard the S.S. Manhattan on a cruise to Bermuda.
time
independent citizen* of the State,
the banks is depehdent
of
always interesting to draw comparative statistics, and Dr.
is
It
In California,
Aboard
Chairmen
Bankers must tell the public their
men
the
population.
would make
Reports for Past Year
Before
milk as
muqh
as
hay, they could build a wall with it 20 feet high and six feet thick along our entire
Manhattah-^Committee
convince The
produces twice
Hart, Extension Professor, Farm Management,
1.
and
■
the most important and
is
the income
counties,
President, Claude E. Bennett of Wellsboro;
only do
Virginia
Michigan, Illinois or Nebraska farm, and 10 times as much as the
farmer
The
York
in New
farm
average
West
eastern coast line.
Association,
for
worth $12,-
year
per
Michigan, Idaho,
;
the
Greater Publicity Efforts by Bankers Urged by Thomas
A. Wilson, President of New York State Bankers
3,
bushels of apples
Virginia,
of
crops
and with 54 of the 62 counties in New York State classified a,s
and
June
•
17,000,000
produces
California.
obtaining
elected
worth
year
per
apple
the
Vice-President, W. Eibridge Brown of Ciearfied, and Treas¬
urer, W. H. Fawcett of Pittsburgh.
Charles F. Zimmerman
Of Huntington was reappointed Secretary.
dressing
'chickens
.
are:
SS;
20,000,000
raise
farmers
The value of the New York State apple crop exceeds that of .the
of
officers of the Association elected at the closing
new
the combined
of Ohio or
the State
in Virginia, Kentucky and Connecticut.
000,000.
to
again
farms from
This is greater
York
combined
partly
participation
department and
department.
session
They exclude
provide
department, to be transferred entirely to the trust department
years.
mortgage
manufacturing
and
held
be
may
trust
two
in
theaters
on
New
income on
in
crop
crop
"
State
The
4.
ment, with the entire approval of the Secretary of Bankings
income of over
New York hens lay 100,000,000 dozen eggs annually worth
$12,000,000.
milk were placed in quart
the
retain
mortgages
corn
tobacco
State
York
New
.
■
annual
an
$22,000,000.,
average
.
is
produces around 30,000,000 bushels of potatoes worth annually
Our State
visability of enacting legislation providing for capital credit
.
the gross
years
the
of
value
the total
value of
farm plants there
our
dairy products has averaged $150,000,000.
and other
average
which need it
and make that
capital equally available to the Government or to local
units for public works.
Mr. Berle's plan was referred to
in our issue of May 27, page 3155.
The proposal was
opposed by the Illinois' Bankers Association at its recent
annual meeting, as noted in our issue of June 3, page 3318.
Atlantic City advices, May 25, to the New York "Herald
Tribune" noted that Jonathan M. Steere, Vice-President of
the Girard Trust Co. of Philadelphia, reported that amend¬
ments to the State Banking Code have passed both houses
including land, build¬
State farms,
ings,
Temporary National Economic Committee, when he sug¬
gested the appointment of a subcommittee to study the ad¬
for those enterprises
New York
in
investment
total
$30,000,000.
proposal of A. A, Berle Jr., Assistant Secretary of State
made in testifying in Washington, on May 17, before the
He continued:
agricultural States in the Nation.
having reference to the
as
Association's Committee
tlie
Agriculture and President of the First National Bank &
Trust Co. of Walton, N. Y., said in a report on May 26 that
New York State continues as one of the most important
that
com¬
1939
10
on
The
Philip
of
Chairman
Guild,
B.
E.
municipal Housing Authorities are bound to continue to depress
State and
or
June
Chronicle
or
many
less
to
pay
should
an
its
complete
'
share
still
depositors,
be paying a
indications
a
a
are
individual
are
rate
that the
reversal
in
■
to be clear and indisputable:
First, the safest and simplest means of maintaining the earning power of banks at
the present time Is through a reduction in the "cost of money" to the bank; and the
failure of bank management to recognize this fact in the past Is one of the funda¬
mental causes cf the impaired earnings and weakened capital structures that are
prevalent today.
Second, the nature of savings deposits is such that the depositor should not expect
a greater return than he would receive if he invested his
money in high grade shortterm
securities.
/
»
Volume
the depository can afford to pay and
the Waldorf-Astoria, New York, in adopting for submission
to its membership amendments to the charter, by-laws, rules
receive in interest
Third, experience proves that the depositor does not expect to
more than
he prefers safety to Income.
finally, in order to deal with this problem intelligently, the banker must
lock into the future: estimate what he will be able to pay his depositors and then fix
And
Bond
Massie, Chairman of the Committee 011
M.
Adrian
May 2$ that the committee has for
the past year been analyzing such portfolios and hopes soon
to present some conclusion from this analysis.
Mr. Massie,
who is Vice-President of the New York Trust Co. of New
Portfolios, reported
York
City,
on
offered
and
the survey,
statistics from
some
off a few figures which
we
thought would be of interest to you.
Although we have not had
sufficient time to make an accurate or complete compilation, we believe
For
wilL
following
interesting
prove
Total interest paid depositors
Total salaries and wages..
$81,000,000
42,000,000
__
1
stock
on
.1
undivided profits
Total net additions to surplus and
These
interest
to
of
As
depositors
If.
would
have
that
no
Profits and recoveries
$18,000,000
bonds and stocks
Losses and charge-offs on
Net losses
on
Net losses
on
just
are
the
of
few
a
—...
fall we will have a complete study
available to you in repayment for the time and energy you have spent in
helping the committee gather this very valuable material.
We wish to
express our deep appreviation for your wonderful cooperation in handling
promise
we
such
In
its appreciation to the
York, which furnished us Complete facilities,
Federal Reserve Bank of New
2,000 men; to Standard Statistics and Inter¬
for their help in research ; to the officers
including lunches for nearly
of
Machines Corp
Business
splendid cooperation ;
their
for
Association
the
to the speakers and to
behind the scenes and unknown to you, spent
.endless hours in helping'us; and most of all to those of you who attended
the conferences.
If you had not come this endeavor would have failed.
the
who,
friends
many
Committee
Association's
The
State Mr.
York
New
in
ment
to
pledge securities
funds
to
the
instead
deposits
are
two,
previously.
as
„
little
no
or
of
was
the
of
effefct
'
,
It
this
much
After
the
of
the
bond
in
clear
required
blanket
banks
the
that
from
trust
bill
Another
was
omitted
State
and
insurance code,
insurance bill as
new
in
as
introduced.
amendment in the Asesmbly.
behalf- of the Association, the section
on
Senate
so
an
to limit its effect
as
only
applies
to
the
and
individual
to
make
fidelity
of
of
or employee, thus leaving the matter
determined by the respective managements
officer
be
companis.
awaiting action
the committee, amends the
bankR
the
part of
the
in
section
the
code apparently took
a
reinserted as
was
an
to
coverage
and
properly
representations
vigorous
perfectly
of this bill had
placing of fidelity insurance.
the view that
to the
related
insurance
new
not
section
amended
was
which
section,
the section
as
However,
Although most
importance, particularly in New York City and other large
because certain litigation was pending concerning the
legislation" was
trust
by the Governor, which was sponsored by
Civil Practice Act to provide a method whereby
companies,
as
well
as
others,
relieve themselves
may
of
specific personal property, such
protection is of great importance to banks in New
the recent tremendous flow of capital to the United
liability resulting from adverse claims to
Such
securities.
as
York
City owing to
States
political
purpose
reason
the
the
in
form
of
securities,
as
a
of
result
unsettled
economic
and
is quite complicated, and for the
the "Refugee Capital bill," for the
protects banks and others in this country from being made
victims of disputes as to ownership of securities and other
conditions
abroad.
This bill
of brevity it might be called
that
it
innocent
property
held for
the
account
of
foreign nationals.
Bankers
Conference,
Takes
Steps
Securities
Asso-
Inc.,
Registration as a National
ciation Under Maloney Act
for
'
The Board of Governors of the Investment
ference, Inc., took final action on
which argument will be heard June
19,
destroyed if the judgment is upheld
held for violations of the Sherman and Clayton
of all labor would be
be
that labor unions can
anti-trust laws.
June 6 at
„
a
meeting in
that the union and
its officers had violated the anti-trust laws when 200
entered the company's plant in May, 1937, and held it
sit-down strikers
for seven weeks,
doing business.
preventing the company from
.
anti-labor
corporations throughout the country" and that a like action has been
brought by a teamsters' union in New England and by the Republic Steel
The brief stated the case
was
being watched by "numerous
Corp. in Cleveland.
during recent years
achieved
Relations
revived as a weapon
economic protection which labor has
under the Norris-LaGuardia and National
This protection will be completely dis¬
of the legal and
for the destruction
Labor
»
laws," the C. I. O. brief said,' "are
"The anti-trust
Act.
.
.
.
involved in the Apex Hosiery and Republic
Steel cases provide fruitful hunting grounds for anti-labor corporations."
"It should be made clear," the brief said, "that we are not asserting
that the lawless activities of labor unions should go unpunished."
There is ample provision in local, State, civil and criminal laws to afford
sipated if suits such as are
protection for the public,
The C. I. O., the
cils and the Textile
law committee
the brief said.
Industrial Union Coun¬
joint brief, while the labor
National Lawyers' Guild and its Philadelphia Chapter
Pennsylvania and Philadelphia
Workers of America filed a
of the
submitted another.
,*
♦
*
...
.
Homer
Martin's U. A. W. Calls Strikes at Four General
Plants but Succeeds in Closing Only One,
Motors
Fisher Body Factory
a
Apparently inspired by the success of U. A. W." (C. I. O.)
in gaining exclusive bargaining rights for workers of the
Briggs Manufacturing Co.„ Homer Martin's U. A. W. (now
affiliated with A. F. of L.) called strikes June 8 at Fisher
Body's Plant No. 1, Chevrolet Plants No. 9 and No. 4 at
Flint, and Chevrolet grey iron foundry at Saginaw, Mich.,
General Motors continued to recognize "minority
because
groups."
The Briggs agreement
today's issue.
„
is discussed elsewhere in
'
According to company officials the Fisher plant closed
when about 10% of the 2,200 workers on the night shift left
<
and started to picket.
The company continued
operations in the other plants when, according to the com¬
pany, only 1 or 2% of the several thousands of workers
stopped work.
Union heads contended about 10% re¬
their posts
sponded to the strike call.
United Press dispatches from Flint, Mich.,
8, said:
Union officials at Saginaw
the General Motors
factory.
said strike action
dated June
would be taken tomorrow in
plant, and service parts
steering gear division, parts
Approximately 8,000 men are
employed by General Motors in
Saginaw.
The
Fisher
tomorrow
Body
No.
1 plant in Flint was not
and corporation
scheduled to operate
possible shortage
officials said the pinch of a
the Buick motor car plant would
not be felt until next week.
Approximately 12,000 workers are employed
in the Buick plant, and a prolonged shutdown at Fisher would force them
the factory supplies to
into idleness.
Mr. Martin's move
the first of a series
Bankers Con¬
returned by a jury on the ground
The verdict was
of bodies which
.
Investment
asserted in the briefs, on
was
that the rights
completely rewritten through a voluminous
Governor.
Awarded
Industrial Organizations, and five other
the United States Circuit Court of Ap¬
peals at Philadelphia, June 6 to set aside the $711,932 triple
damage verdict won by the Apex Hosiery Co. against
Branch No. 1, American Federation of Hosiery Workers.
•
■
State,
The* draftsmen
such
the
of
Appeals Apex Verdict—Brief Filed in
The Congress for
labor groups asked
of certain types of public
applicability to banks, Section 50-A of the old insurance code
much
in
cities
hands
the
in
now
referred to in these
was
Philadelphia Courts—$711,932
saving in the form of time,
The State Insurance Code was
Inc.,
Conference,
C. I. O.
insured by the Federal Deposit
labor and expense as a result of this
change in the law should be considerable.
' .
Several
other bills sponsored
by the committee and drafted by its
counsel
have
passed both houses of the Legislature and are awaiting
action by the Governor.
One of these is an amendment to the State
Bapking Law which permits State banks and trust companies to make
loans to underwriting syndicates without restriction, except the general
restriction of 10% of capital and surplus.
The effect of this bill is to
place State banks and trust companies on the same basis as National
banks in the making of underwriting syndicate loans.
bill
national securities association.
+.—___
will
This
Corporation.
of
The
a
Bankers
ment
eliminate the pledging of securities
against all deposits of public funds in amounts of $5,000 or less, and
against the first $5,000 of larger deposits.
Another bill endorsed by the committee which has become law amends
the State Banking Law so as to
require only one examination by the
trustees of directors of a trust corqpany or bank in each calendar year,
.Insurance
as
.
the deposit
against
that such
membership dis¬
amendments will become effective
SEC for regis¬
authorized to make application to the
columns, May 20. page 3001.
(Assistant Secretary of the
Klein
committee will be
entire membership of the con¬
Unless more than 50% of the
within 30 days thereafter, the
and the Board will be
Brooklyn Trust Co. of Brooklyn,"N. Y.) said:
Among the bills sponsored by the committee which have been enacted
into law is one which exempts banks and trust companies from the require¬
extent
within the next few days to the
ference, to be voted upon.
approve
Klein, who said
the past year has been exceptionally active in legisla¬
affecting banking.
In summarizing such legislation
tion
adopted yesterday by the governing
The amendments
submitted
May 25, through its* Chairman, Harold F.
that
with the Commission, the
for handling trade practice com¬
plaints be adopted.
Legislation reported on
on
practice be adopted.
That in order to qualify for registration
proposed amendments to the procedure
,
the committee wishes to express
concluding,
national
next
task.
difficult
a
by
that
you
the Commission, the
That in order to qualify for registration with
proposed amendments to the rules of fair
(4)
15-A of the
amended, be adopted.
The meeting oil May 4 when the SEC and members of its
staff conferred with the Executive Committee of the Invest¬
given to you without
figures
summary
national association under Section
a
tration
to.properly analyze the complete figures,
months
take
will
It
as
Securities Exchange Act of 1934, as
27,000,000
loans and discounts..-
These
That amendments to the by-laws, made in order to qualify the In¬
registration with the Securities and Ex¬
$9,000,000
20,000,000
...
bonds and stocks
comment.
(2)
amended draft of the
advisable.
vestment Bankers Conference for
(3)
bonds and stocks.
on
That additions, changes and alterations in the
change Commission
stock
liberal dividends.
following figures, showing the items of profit and loss in these
90 banks, throw some further light 011 the subject:
advisory council
the governing committee
Inc.,
Conference,
Bankers
Investment
certificate of incorporation are
whole.
a
90 banks
same
preferred
capital funds
be used against the payment of too
can
course,
same
10% less
been
...
showed in their balance
amounting to $8,200,000.
their
had to be bolstered by outside
interest had been paid in the period 1923-1937, there
need for the outside funds.
The same argument, of
these
and
debentures
indicates
funds,
the banking structure as
on
1938,
December,
sheets—notes,
The
;___
19,000,000
.2,000,000
figures show clearly the effect of the payment of huge sums of
Total dividends
the
adopted the following resolutions:
(1)
1937, inclusive, showed:
of the governing committee and the
At the joint meeting
of
:
Results from 90 banks from 1923 to
'
but
Dealers, Inc. The name which had been agreed upon tenta¬
tively before yesterday's meeting was Securities Dealers
Association of America, Inc., said the New York "Times" of
of this meeting we have taken
the purpose
This
cided at the meeting that the conference will register under
the amended name of National Association of Securities
June 7 which also said in part:
said:
the
practice and a code of procedure for handling trade
practice complaints to make possible registration as a national
securities association under the Maloney Act.
It was de¬
of fair
the interest rate accordingly.
„
3467
Chronicle
Financial
148
new
contract
made just two days before
by the U. A. Vf-C. I. O. to discuss
the corporation.
One demand, presumably,
against General Motors was
of meetings scheduled
demands on
would be exclusive
bargaining rights.
Financial
3468
~U.
Associated Press June 9
Flint to the
Advices from
ported:
re¬
-
.
today despite
scuffles
a
A showdown
indicated for Monday, when
was
plants of the Fisher Body Co. division.
two
the Martin forces plan to
the Chevrolet division and
An effective strike covering
picket lines around four plants of
throw heavy
♦
—
Briggs Strike Ends—C. I. O.-U. A. W. Gains Exclusive
Martin's
Rights—Homer
Bargaining
U.
W.
A.
Joins A. F. of L.
The Briggs Manufacturing Co. resumed operations June
following ratification, by a mass meeting of workers the
day before, of a strike settlement agreement entered into
June 6 by representatives of the company and the union,
U. A. W. (C. I. O.).
The contract confers exclusive bar¬
gaining rights on the union, a provision not before contained
in an automobile industry labor contract.
Contracts with
other large factories are said to provide only for representa¬
8
It is believed
members.
that the C.
I.
O.
gain exclusive bargaining privileges
large motor plants in order to eliminate
Homer Martin's rival U. A. W., which recently affiliated
with the A. F. of L.
The
idleness
in Demands
only minor concessions from the company.
The
in wages, was rejected
entirely.
Resumption of operations was started by the
company June 5.
The New York /'Herald Tribune" of
June 4, reporting the settlement announcements issued the
previous day by President Alton B. Sharp for the company,
gaining
and
It was signed
issue of
our
United Press dispatch of
'
as a
the company, under terms of the contract,
official said
Motors
do
case
they involve
the company.
to
"Just
are
increase or decrease to the
any
'
.
terms
between
buckle
to
the
management
and
down
men,
A
in the cost
or
-
usually happens, the strike has caused a
as
involved, and it is loss that cannot be regained.
dispute
to
service
"We extend
and
do
best
our
and the
to
But there is
and
men,
what
regain
loss to
severe
may
we
everyone
continuing
no
have
we
all
agreed
by giving still
patrons.
our
hearty thanks to
*
W.
Walter
or
O."
Dushane reported that
$15
the
to
but had
men,
in
increase
an
•
a
\
demands
Reuther,
the union's
for an
demands
increase of $10
to
month for the deck and engine-room forces, but later reduced the
a
to
$5
The concessions included
month.
a
night work for the
A
previous
deck and engine
reference to
issue of June
elimination of
overtime
3,
he said.
crews,
situation
this
appeared
in
our
3317.
page
would
be laid before
General
national
Motors
(June
Shipyards Labor Dispute Ends
The Bath Iron Works
shipyards will resume work on five
June 12 it was announced yesterday
(June 9) as a result of the management's agreement to raise
the wages of 2,400 workers following a 17-day dispute with
the welding crew.
Associated Press dispatches of June 9,
from Bath, Me., reporting this, went on to say:
destroyers
navy
on
Federal Conciliator Stanley V. White
■
^
against
firm
stood
The union first asked
pay.
an agree¬
Homer Martin represented a
• /
P.
the Eastern Lines had agreed to grant minor
Union officials said
director for the U. A. W.-C. I. O., will preside at a meeting Sunday
11) to discuss.
friends and patrons for their tolerance
our
understanding during this difficulty."
concessions
prohibiting strikes during the
contract "between the interna¬
would be unable to sign
the next contract
Corp.
no
Bath Iron Works
majority of Briggs workers.
union
can
by
minor
the
the
following long negotiations before the strike was called.
adjustments have been made in working conditions, but in
terms
company
few
of
settlement
offered
the
other union.
determine whether the C. I. O.-U. A.
A
principal
the Eastern fleet ended today,
on
the ships as rapidly as the- ships
on
Mr. Sharp said.
.
contract until completion of a National Labor Relations Board poll to
General
the
demand
•
Early in the negotiations the company had insisted it would not sign
-
being placed
are
men
their schedules,"
"All
for
';
tional union, U. A. W., affiliated with the C, I.
new
strike of the unliceneed personnel
the
all
resume
.
International
(American Federation of Labor affiliate), said:
"The
and
Seafarers.
the
for
Dushane
Matthew
Union
#
appeared in
other procedure in place of the old provision
life of the agreement.
employed by Eastern Steam¬
ship Lines voted June 3 to end their nine-day strike after
Mr.
permitting strikes after failure cf
contract substituted a clause
ment with any
together for the settlement, declared the
Deck and engine-room hands
better
15,000 Briggs' workers but
plants which brought the total
June 3, page 3317.
>
The following is taken from a
June 7:
•
new
who,
succeeded in
Lines Strike Settled—Workers Yield
Eastern Steamship
about
other
in
number affected to around 70,000.
A previous reference to the strike
The
Board,
<
involved
strike
Secretary of the
demonstrated "intelligent collective bargaining."
outcome
affiliate intends to seek to
for workers in other
caused
of the State Board of Mediation,
Executive
chief demand, involving an increase
idleness.
these units would throw 20,000 men into
tion of union
1939
strike called by the Homer
reported.
were
Freund,
8.
Jules
Chairman
Davis,
H.
William
with
June 10,
bringing the contending parties
O.. crossed picket lines and went to
A. w. affiliated with the C. I.
Martin U. A. W. (A. P.
of L.), In the Flint plants of the General Motors Corp.
Pickets made no
particular effort to stop those who went to work, though there was a fight
at Chevrolet plant No. 2 between members of the two unions and scattered
work
Chronicle
.
said the welders voted 70 to 1 last
night to return to work after the management agreed to increase the total
Hercules Motor Corp. Workers Strike in Protest Against
Wage Rate
roll by about 5%.
pay
•
Mr. White said the company
also agreed to establish wage classifications
throughout the yards and promised to confer with the welders and other
Virtually all the 800 workers at the Canton, Ohio, plant
Corp. refused to go to work June 7,
in response to a strike call issued by the U-. A. W. (A. F. of L.).
However, a company official announced that operations
would continue on a limited basis.
According to Associated
demands for changed working conditions.
groups on
of the Hercules Motor
Press
advices
from
;..
the
'
strike the
''
,
Warehouse Strike Affecting New York City Food Stocks
Ends After Four Days
A.strike that threatened to tie up New York City's supply
.of perishable foodstuffs ended June 6 and workers started to
return to work late that afternoon after
a new contract had
been signed at the 57th Street office of the State Board of
Mediation. The strike was called by local 818 of the Inland
Warehousemen's Union at noon June 2 against the Ware¬
housemen's Association of the Port of New York because of
inability of the union and employer groups to agree on terms
(pf
Manton, Senior Judge of U. S. Circuit Court
Appeals, Convicted By Jury of Selling Justice
for Money—Judge Martin of Brooklyn Acquitted
of Alleged Charges
of
Canton of June
5, the union said its
previous night with the ap¬
proval of Homer Martin, International President, as a result,
of a controversy over piece work wage rates.
The union
contended that company officials failed to confer on this
question as provided in a signed agreement.
members voted
Martin T.
a new contract to replace one that had expired May 31.
The New York "Times" dated June 7
ment of the? strike said:
.
reporting the settle¬
Judge
States
As many men
were
as
contract
the warehouse operators returned to
was
signed at 1 o'clock.
place of
one
that expired last
Wednesday, the Inland Warehousemen's Union, Local 818, of the Inter¬
national Brotherhood of
Teamsters, A. F. of L., won the chief of their
original demands, which they had refused to modify.
The men have ob¬
tained
in
a
reduction of the work week from 44 to 40
hours, with no reduction
the pay of $35,
with time and
addition, they have obtained
had asked for two weeks.
one
a
half for overtime
week's vacation
on
with
In
Saturdays.
pay.
The union
The contract also provides for the closed shop.
As the union had
demanded a one-year contract and the Cold Storage
Warehousemen's Association of the Port of New York had
proposed a threeyear contract, the employers and
employees compromised on a two-year
Men required to work
on
seniority.
It
was
on
Saturdays will be called in
understood
quit work last Friday at
noon
day and those called back
to work
the hours worked.
that,
under
the
rotation rather than
agreement,
who
men
will be paid only for the time worked
on
that
yesterday afternoon will be paid only for
<'•
'
_
The contract also contains arbitration and mediation clauses for
settling
disputes and grievances.
Another provision is that negotiations
begin
not less than 30
is
days before the expiration of the contract.
not reached at the end of 15
ion
.
If
an
agreement
days, the matter will be submitted
to media-
Senior
Appeals in
Judge
of
United
the
New
hours' deliberation.
According to testimony, Judge
Manton is said to have obtained more than $400,000 from
litigants and others
had
entered
to the
"loans."
as
guilty pleas.
jury,
quoted him
as
Two
other co-defendants
Justice Chesnut,
his charge
in
on
June 3, described the Manton case as one "of
supreme importance to both Government and the defend¬
ants," according to the New York "Times," which further
"This
calls
consideration
follows:
for
that
Judge Chesnut.
the
you
"The
' '
most
able
are
Judge,
in
give
to
charge of
Appellant-Federal
discriminating
and
reaching your
verdict,"
dispassionate,
conspiracy
said
sell justice, made against
to
hitherto unprecedented
is
reasoned
in
the
history
of
150
be
years of the Federal judiciary."
'
:
Pointing out that the public demands that all its Federal judges shall
independent, impartial "and above all scrupulously honest," Judge
Chesnut
said it was of vital importance that the public's confidence in
integrity of its courts be not impaired.
He added it was equally
important that the defendants should not be convicted of "these serious
the
and
unprecedented
tively,
beyond
charges unless
reasonable
a
satisfied of their guilt,
are
you
respec¬
doubt."
Judge Manton sent his resignation to President Roosevelt
Jan. 31, after charges were preferred, as noted in these
on
columns Feb. 4, page 674.
He was freed, after his convic¬
this
week, in continued $10,000 bail,
pending an
tion
appeal.
we
contract.
of
four
All the rest
will return to work
today, and the normal distribution of the city's perish¬
able foodstuffs
through cold-storage plants will be resumed.
Under the new contract, which takes the
Manton,
by the members of the United States Supreme Court.
A
jury in New York City's Federal Court convicted Mm after
...
,
needed by
immediately after the
T.
Court
York City, was
convicted on June 3 of rendering decisions under the influ¬
ence
of bribery.
Judge Manton was the tenth ranking
jurist in the.United States, being exceeded in position only
an
work
Martin
Circuit
From the New York "Herald Tribune"
take
The verdict
The
jury,
deliberated
was
10
brought in at 11:15
men
since
Chesnut
deciding
a
and
8:30
warned
them
p.
two
m.
that
In
upon
p.
from
giving them the
them
fell
the
a
special
panel,
case
Judge
full
responsibility
"unprecedented in the history of 150
case
years
W.
had
Calvin
for
of the Federal
»
The court set
trial
and
defendants
$17,500.
June 4
m.
chosen
women,
judiciary."
new
of
the following:
in
.
*
.
June 20 at
sentencing
bail,
.
if
Judge
10:30
the
a.
m.
motions
Manton
in
for
the
are
hearing of motions for "a
denied.
$10,000
and
He
continued
Mr.
Spector
the
in
Volume
Financial
148
Immediately before
States Attorney,
reviewed
the
than
more
jurors
allegations
$225,000
judge had
"must
convict
.
Before
.
the
charge
John
the
in
in
six
the
converted
justice."
the
Cahill,
T.
United
35-year-old
the
who represented the Government during the
indictment
separate
Federal
him
have
or
Judge
that
and
cases,
Court
into
11-day trial,
Manton received
told
the
the
that
jury
that the
temples of
"counting rooms";
lenders
money
the
in
commencement
District
the
Court
striking of
On the
of
of
testimony
from the record.
Chesnut,
.
.
.
another jury in the Brooklyn
Supreme Court, after three hours of deliberation, acquitted
Judge George W. Martin of Kings County, N. Y., of charges
of bribery and accepting an unlawful fee of $1,000 in a
conspiracy to obstruct justice by dismissing an abortion in¬
dictment against a Brooklyn physician.
In discussing this
verdict
the "Times"
Dramatically
enough,
Judge
same
court
building where
fame
for
this
his
lawyer
and
years
Martin
and
later
his
view of
the close friendship
for
last
The
old
of
Assistant
District
place
the
on
battle
trials,
first
Attorney.
as
It
a
was
bench
coutt
counry
19
Judge Martin
thus
the first prosecution of any of the
was
Japanese
and
the
indlct-
by the two extraordinary grand juries investigat¬
Brooklyn under the guidance of Mr. Amep.
The
indictment against Judge Martin was returned on April 10.
New York World's Fair
Report Capacity
Attendances for First Month
capacity crowds for their outstanding exhibits and a turn¬
out of spectators that have more than lived
up to their ex¬
pectations
An announcement in behalf of the Fair Corp.
in
Japan
the
.
well
is
creation
prepared
the
of
to
both
portray
he asserted,
were
to
join
of
'World
the
"convincing
with
other
Tomorrow.' "
all
States Commissioner to the Fair.
The Minister, in his
remarks, said in part, according to the "Herald Tribune":
Mr.
Sicilianos
Greece
referred
to
the
appointment
of
diplomatic
a
agent
to
by John Quincy Adams in
1825, when his Nation still was fight¬
ing for independence, and said that "the Greek Nation is attached to the
great American Republic by a feeling of gratitude and
100
"Our
ago."
years
modest
participation
naturally represents
"but
we
some
of
best
entire
The
being
United
country
because
to
the
he
of
efforts"
said,
•
said
Statute
Fair
which
"the
ancient
also
present
«
the
of
back
Greece,
by
but
us
tendency
to
the first artistic
Grover
M.
Whalen,
A.
Spofford,
Assistant
Greece could well
of
Greece!
from
and
and
science."
that
say
indebted
was
literature
something
to
to
ancient
their
historical
the
science—form
Even
this
in
time,
in
art
or
architecture,"
Greek
art
or
architecture."
new
the basic
♦—■—
.'
Will
Charles
Tomorrow,
of
literature
come
human
LaGuardia,
people
art,
create
..
of
H.
and
World
day—her
to
first
Fair;
the
that
art,
the
of
see
continued,
he
„
F.
contributions
made
are
more
will
you
tomorrow,"
and
the primitive works of
are
to
the
present
modern
.
to
creation
Corporation,
to
"we finally
"
;.
fitting
Mayor
Commissioner
dedicated
foundation
World's
today
creatures,"
Fair
LaGuardia
Fair,
when
the
States
this
of
the
and
speakers' included
of
be
creations, because these works belong not only to
world,
impulsion of human
President
in
Greece
thought it would
her
the
to
thanks born
,
here
Rogers
Unveiled
in
Washington—
Likeness of Late Humorist Is Gift of Oklahoma
says:
A check made with
more
than
a
dozen exhibitors in all fields from trans¬
portation to foods and health, showed that the million mark already has
been passed by some and that it has been
necessary in many cases to speed
up various
shows, keep traffic moving faster and improve accommodations
care for the thousands of visitors
eager to study the "World of
in order to
Tomorrow."
*
As the Fair passed the 5,000,000 mark, exhibitors said that May 28
their record day in many
was
and that week end crowds have shown
cases
a
steady tendency to increase..
'
•>,
■
...
New
attempted
exhibits,
took place on June 4 with addresses delivered by
Mayor LaGuardia, Demetrios Sicilianos, Greek Minister to
the United States, Grover
Whalen, President of the Fair
Corporation, and Charles M. Spofford, Assistant United
times
Exhibitors at the New York World's Fair, surveying thenattendance figures for the first month of the Fair,
reported
explained,
The
Dedication of the Greek pavilion at tbe New York World's
Mayor
:
the
he
Japan.
which has existed between
years."
Fair
the
at
in
85
Mayor La Guardia also spoke at the dedication.
far
ing law enforcement in
Exhibitors
Pavilion,
new
that
the
produce beauty and art,
.
returned
Japan
progressive nations
the
in
he gained borough-
ago
murder
and
evidence
tlan
••
greatest
century
an
ago.
The trial of
mefits
won
a
prosecution
his
as
him
won
said, in part:
quarter of
a
defense
that
reputation
June 4
of
wide
criminal
ha3 been natural in
who
specially assigned
having been
(June 3)
day
same
Judge
summations,
Maryland,
3469
America
.
is from
by Chief
Justice Charles Evans Hughes of the Supreme Court to preside at the
trial, denied all defense motions for directed verdicts of acquittal and for
the
Chronicle
♦
.
Merchants' Association of New York Begins
Campaign
Inform Public of World's Fair Prices
to
A bronze statute of the late Will
Rogers, humorist and
philosopher, was unveiled in the rotunda of the Nation's
Capitol at Washington on June 6.
The life-sized statute
was presented on behalf of the
people of Oklahoma and was
unveiled by Mrs. Sally McSpadden, sister of Mr. Rogers.
The ceremony was attended by Vice-President John N.
Garner, Jesse H. Jones, Chairman of the Reconstruction
Finance Corporation, Senator Alben W. Barkley of Kentucky
Governor Leon C. Phillips of Oklahoma, and other admirers.
In Washington advices June 6 to the New York "Times"
it
campaign has been started by the Merchants Associa¬
tion of New York, in cooperation with authorities of the New
York World's Fair, to inform the public as to facts about
World's Fair prices.
This was announced on June 7 by
C. N. Nichols, Executive Director of the New York Con¬
vention and Visitors Bureau of the Merchants' Association,
after obtaining evidence both from the four
traveling repre¬
sentatives of the Bureau and from correspondents, of a cam¬
paign of misinformation carried on particularly in the
Middle-West to discredit New York and the World's Fair.
This campaign will take the form of the mailing of thousands
stated:
was
In
A
whom
as
came
"the
knew.
,
V
.
presenting the statue
on
behalf of the people of "Oklahoma, many of
here for the occasion, Governor Phillips described Will Rogers
best
known
and
revered
most
private citizen"
this country
ever
Senator Barkley accepted the gift as chairman of the Joint Library
Committee of Congress.
The statue, the work of Jo Davidson, portrays Will Rogers in
acteristic
attitude, hands
char¬
a
in trousers pockets, the face showing a kindly,
quizzical smile, and the whole head inclined slightly forward and to
side, with
an
untruly lock of hair hanging
:
.
'•
over
one
the forehead.
.a
;
Reference to the dedication of
Okla., in memory of Mr. Rogers
12, 1938, page 2956.
a
at
museum
was
made in
•
Claremore,
our
issue
o
Nov.
of
pieces of literature, telling the facts about World's Fair
prices, about free entertainment, and about hotel rates and
accommodations.
Mr. Nichols is
quoted
as
Nation Has First Annual Observance of
follows:
and
undertook
facts
careful survey to determine for ourselves just what the
This is what
are,.
There
(1)
a
(2) We have
we
have learned:
New York City where the price for
a list of 60 hotels in
single guest is as low
as
$2.50
day and
a
quote rates as low as $2 per day or less
(3) After personal inquiry,
,
list of nearly 40 hotels which
a
'
in a position to state that prices for
we are
food at the Fair arb adjusted to the range of
every pocketbook.
the office at this moment is
the
Fair
for
40 cents.
Fair, to furnish
every
investigator who obtained
an
Furthermore,
visitor
with
a
we
are
Seated at
good meal at
prepared, a# is the World's
list of the prices
a
a
charged by
every
restaurant at the Fair.
(4)
We are now distributing
that
showing
there
are
over
list
a
70
of free entertainment
entertainments
the
at
Fair,
available to the public
without cost.
(5)
The truth is that in New York
as
elsewhere
a
visitor may spend just
what he wants to spend.
Citizens
Read
Been
1 joined with Secretary of
Houghteling, Commissioner of
Immigration and Naturalization, in welcoming to citizen¬
ship all those aliens in the United States who have completed
their naturalization during the past year.
The President's
message was read by Miss Perkins at a celebration in Wash¬
ington of New Citizens Day, observed on a National scale
for the first time in 40 cities and counties throughout the
country.
Secretary Perkins paid tribute to foreign-born
citizens who "during the entire history of the United States,
have occupied an important place in its life." She then read
the following message from the President:
President Roosevelt
still plenty of hotel rooms available at fair prices.
are
New
Day—Message from President Roosevelt Is
at
Ceremony to Welcome All Who Have
Naturalized During Past Year
When these reports reached us we submitted the matter to Mr. Whalen
on
June
Labor Perkins and James L.
It gives
'
pleasure to
great
me
join in the observance of New
Citizens
Day, the day set apart to represent all of the days in court during the
year on
Additional
Foreign Buildings Dedicated at New York
World's
Fair—Japanese and Greek Government
Exhibits Formally Opened
On
2
June
Japan
celebrated
was
and
Day
that
saying
it
the
Kensuke
bassador to the United
by
at
was
New
York World's
Horinouchi,
Japanese
Fair
Am¬
States, opened his country's pavilion
the ardent hope of the Japanese
people that the glorious tradition of peace and amity be¬
tween
America and Japan will continue.
A "flame of
friendship," which
of
hearts"
the
be
to
was
Fair
ceremony,
The
a
month ago
"famed for its
on
by the Ambas¬
mystic power to unite human
presented to Grover A. Whalen,
Corporation.
the altar
Regarding
the
President of
addresses
at
the
the New York "Herald Tribune" of June 3 said:
Ambassador
Fair,
pectations.
lighted
Japan's oldest shrine, explained
Izuno,
sador
was
Japan,
he
Horinouchi
pointed
out,
declared,
was
among
fulfilled
the
all
first
of
to
his
decide
ex¬
to
participate and the Empire did not.spare any effort to assemble a worthy
exhibit.
.
"Japan
the
last
has
been represented at all
important American
half-century," said the Ambassador.
expositions for
"This consistent cooperation
States.
held
.
New Citizens
This
to
Day, ceremony, of such happy significance, is being
honor the induction
ship of the
United
States.
in itself, a reflection
racy
warm
welcome in the
It is,
them
of these citizens my very hearty congratulations
name
of the United States of America.
took up new homes in this country, they immediately came
under the protection
the right
of its just and generous Constitution,
In return the
the
which guaran¬
Now they
of the benefits of our free institutions..
have attained the additional rights
is
for naturalization into citizen¬
has been dedicated.
When they
teed
of applicants
There could be no happier occasion.
of the ideals and purposes to which this great democ¬
I cordially extend to all
and
last
which new citizens have taken the oath of allegience to the United
and responsibilities of citizenship.
price they must pay, which I am sure
they will pay gladly,
government at all
performance of the high duty of supporting our
times, and of living here as good
neighbors.
Although exact figures were not available, officials esti¬
some what more than 150,000 individuals were
mated that
naturalized in the past year, said Gerald Griffin, reporting
Baltimore "Sun" from its Washington Bureau, from
to the
which the following is also
This
citizens
estimate
was
during the
based
on
taken:
the fact that
162,000 immigrants became
12 months ended last July 1.
.
.
•
,
3470
Financial
Trends Are Discussed
Secretary Perkins, discussing
be
to
immigration
"considerable confusion"
in
the
of
said
many
there
persons
over
the
"It is true that in earlier years large numbers of the
foreign-born immi¬
million—but that
some
years reaching more than
stated:
United
States
than
have
empire which he rules.
the great
on
years more aliens have left the
"I
approximately 2,840,000," she pointed out.
as
shows that
having
not
the number of aliens in the United
been
our two
countries
because each nation is lacking in fear of the other that we have
"It is
It is because neither of
unfortified borders between us.
census
such restrictions
no
throughout the world, is the example we have jointly set by our manner of
on
1930
prevented
conducting relations between our two nations," the President said.
Official Figures
"The official estimate of the Commissioner of
Immigration and Natural¬
reported
Mr. Roosevelt had
persuaded that the greatest single contribution
am
was
"The
throne
have been enabled to make to civilization and to the welfare of the peoples
years.
ization, as made in his annual report for the fiscal year ended June
30, 1938,
then
British
the
broader implications than,jtbat of his Royal guests.
his toast carried
and
Stating that "many exaggerated estimates" have been made of the num¬
ber of unnaturalized aliens in this country, Miss Perkins said
the total has
Cites
surrounding
King George from speaking freely on the European situation and its effect
immigrated to it."
greatly decreased during the past eight
limitations
Constitutional
"The tide has recently turned so strongly in the
opposite direction that
during the period covered by the last eight
1939
a
25 years ago," she said.
was
10,
and Navy chieftains, at which toasts were ex¬
changed between the President and the King,—each re¬
newing pledges of ties of friendship between their countries.
In United Press accounts from Washington June 8 it was
appeared
so-called immigration problem.
grated to the United States, the total in
June
and Army
trends,
minds
Chronicle
naturalized
was
6,235,000.
number nearly 2,400,000 have since been naturalized
upon their
cations, have derived citizenship from their parents,
States permanently or have died, leaving, as
of the other that we have entered
each other."
States
Of
the part
In
that
fears aggression
us
of armaments against
no race
\
.
.
replying the King expressed gratitude for the reception tendered to his
appli¬
Queen and to himself and trusted and believed that in years to come the
have left the United
history of the United States will "continue to be marked by that ordered
own
already indicated, approxi¬
and by that prosperity which have been theirs in the past."
progress
mately 3,840,000 aliens remaining here."
"And I pray
that
nations may
our great
in the future walk together
ever
along the path of friendship in a world of peace," he concluded.
Celebration of 80th
of
Eighty
The President's toast follows:
Anniversary by Dime Savings Bank
Brooklyn
In the life of
June
1, 1859, The Dime Savings
Bank of Brooklyn commenced business with its office on
the ground floor of the Post Office
Building on Montague
Street, Brooklyn, N. Y., By the end of the first day, it had
91
years
ago,
Your Majesties:
«■
on
'
„
nation,
a
as
high relief.
stand out in
in that of
Such
an
States is welcoming on
tire United
an
individual, there
occasion is the present
its soil the
„
occasions that
are
one,
when the en¬
Queen of Great
King and
Britain, of our neighbor Canada, and of all the far-flung British Common¬
It
of nations.
wealth
depositors with
is
an
for festivities,
occasion
a total amount on deposit of
$1,892.36.
month there were more than 1,000
depositors, and
before the end of the year a larger office
space was necessary,
and the bank moved to new and
larger quarters on May 1,
1860.
It continued to grow
unfortified borders between
but it is also fitting
conducting relations between our two nations.
Civil War, and in 1865 again
location being on Fulton Street
Within
that we
I
Further information
history the bank has shown
The
amount
growth,
of
both in
money
the number of the depositors
deposit.
on
At
depositors with total deposits of
mutual savings
the
over
present
bank in the United States.
now amounts
a
plan
payment
which
leader in
It
was
results
entered
between
foremost business
The Dime Savings Bank of
leading cirizens.
Brooklyn.
If
a
monthly
to
It was sug¬
as
of the
illustration
this
more
once
The
of 50
passage
of methods
use
look upon a
happy,
a
prosperous
May this kind of understanding between
and
„■
will solve many
years
of peace,
divorced from ag¬
may our
friendship prosper.
The response
visit
Trustees of
ments of
the
Queen and I
anxiety they have served to make
to the
We have been
welcome.
we
drink to the
follows:
•
,
.
paying you today is something
present
us
realize how intensely we have
I
occasion»
therefore, in the
wish,
invitation and for your still' kinder
deeply touched by the manner in which Washing¬
has already received us; and we expect to
ton
Frank F. Jackson
was as
are
first place to thank you for your kind
William W. Walsh
Albert Button
could
peaceful world.
minds for many weeks, and if we have had our mo¬
our
been looking forward
Joseph K. Smith
a
countries grow ever closer,
Ladies and gentlemen,
of King George
which
which has been in
are:
and
our
health of His Majesty, King George VI.
given period of
have served
1989.
year
would rest upon a sure foundation, and men and women everywhere
The present Board includes many
Frederick L. Cranford
W. J. Wasdn Jr.
and delay in the use of the Island by either nation.
us
To
ill-will
have meant
gression, could only be universally followed, relations between all countries
borrowers, and
mortgage in a
men
could
problems.
about $33,000,000.
The members of the .Board
Frederick W. Rose
Walter Hammitt
long-drawn-out argument
a
sovereignty until the
The
of its
into
.
„
Both nations had good cases.
gested that the problem be solved by the joint use of both Islands by both
years.
Some of Brooklyn's
stepping stones for commercial airplanes
nations, and, by a gentleman's agreement, to defer the question of ultimate
thp saving of interest
a
as
sovereignty.
200.000
of the first bankB to advertise
provides for complete extinguishment of
nations claimed
and the
modernizing the method of making mortgage
one
in
1
Two small uninhabited
episode.
a recent
has over
Coney Island Avenue, Flatbush.
The bank has been
fears aggression
us
of armaments, the
no race
it serves,
it
Growth of the bank and demand for
increasing its service facilities made
it necessary to open a branch office in
1929 at the corner of 19th A venue and
86th Street, Bensonhurst, and in 1932 a
second branch office was located
at the corner of Avenue J and
loans to home owners.
It is because neither of
.
Empire and the United States
have
steady and sub¬
■
to
lacking in fear of the other that we have
of the other that we have entered
between America, Australia and Asia...
An additional evidence of the
strength and stability of the institution is
shown by its surplus which
is
us.
It is the sixth largest
time
S195.000.000.
nation
King and I are aware of
Both
a
countries
Islands in the center of the Pacific became of sudden interest to the British
development follows:
its
our two
the welfare of peoples
against the other.
one
It remained at this location for 24 years,
moving to its present location at 9 DeKalb Avenue (Fulton.
During each decade of
the part
on
building.
Street and DeKalb Avenue) in 1908.
because each
It is
third location of the bank was at the corner of
Court Street
and Remsen Street on which site was erected a
stone and
relative to the bank's
make to civilization, and to
to
throughout the world, is the example we have jointly set by our manner of
moved its offices, the new
facing the Borough Hall. The
marble
persuaded that the greatest single contribution
am
have been enabled
during the entire period of the
stantial
give thanks for the bonds of friendship that link our two peoples.
a
enjoy
minute of our
every
remaining time in the United States.
Edward C. Blum
Thomas H. Roulston
John F. Beraiingham
Henry A. Ingraham
George C. Johnson
Robert L. Fernald
Philip A. Benson
Arthur L. J. Smith
I bring you today the warm greetings of a neighbor and a trusted friend.
Charles R. Gay
DeWitt.A. Forward
From my other
From Canada, which we have just left and whither we shall soon rot urn,
Visit
United
Reigning Sovereigns of England
to
White
Soil—Are
Guests
at
Set
Foot
of
visited
the
history,
United
eastward
grown great
a
wish
you
every
years to come
possible
the history
And I pray
in the future walk together along the path 1
world of peace.
as
.
•
J
their hands met
*
a
a
21-gun
republic
1
-
■
as
if to symbolize
who parted ways
■
King George and his Queen
The
King and Queen then greeted Mrs. Roosevelt and Brigadier General
E. M. Watson, the President's military aide.
The royal couple and the first
for
a
moment and then
The
British
family of the United States chatted
brieflyj
formalities got under way.
monarch's suite
was
introduced to the President and Mrs.
Roosevelt.
The
King and Queen had strolled into the blue and gold Presidential
reception
room at
dent and Mrs.
From
Elaborate precautions
assemblage, including rank¬
ing diplomats, Cabinet officers, leading members of Congress
King George of Britain today to the capital of
Secretary of State Hull, who accompanied
the
three minutes after 11
a. m.,
and walked up to the Presi¬
Roosevelt waiting beside a lustrous mahogany table.
Presidential suite,
the
King with
left walked out onto the blue carpet leading to
the
The main feature of the
program arrnaged in Washington
for the Royal guests on June 8 was the
State dinner at the
White House attended by noted
0
from 13 one-time English colonies.
1776.
in
the week-end.
were made to insure the
safety of
King and Queen during their stay in this country.
Arrangements were under the supervision of representatives
mL ^co^an(^ Yard and the United States Secret Service.
They were greeted by huge throngs along their route and in
Washington, and it is expected that several million persons
will see them when
they visit New York today.
1
friendly handshake from President Roosevelt and
from Canada, introduced them.
Roosevelt, from the morning
today (June 10).
This morning they are
scheduled to travel to New
York, where they will visit the
New York World's Fair and then
proceed by automobile to
Hyde Park, N. Y. where they will be entertained at the
I
ties of friendship between two* English-speaking peoples
the guests of President and Mrs.
8 until
over
President,
Their faces crinkled into cordial smiles
States
of June
home
a
salute welcomed
trip across
Queen Elizabeth of Great Britain entered the United States
the night of June 7 at
Niagara Falls, where they were
welcomed by
Secretary of State Cordeli Hull.
The royal
party then traveled by train to Washington.
Here they were
summer
a
ever
June 8 said in part:
A smile and
on
President's
Mr.
by that prosperity which have been theirs in the past.
friendship in
on
reigniDg British King and
this week.
Completing
Canada, King George VI and
,
you,
I trust and believe that in
States will continue to be marked by that ordered progress
Describing the reception accorded the King and Queen
with their arrival in Washington, Associated Press accounts
Hyde Park, N. Y.
their
Kingdom and from all my
expressions of the utmost cordiality and good-will.
to
on
House—
Nations—Visitors Will Attend New York World's
Fair Today and Spend Week-End with
President
and Mrs. Roosevelt at
For the first time in
you
toast
that our great nations may
King and President Renew Pledge of Friendship
.
a
health and happiness.
of
Queen
drink
of the United
States—First
American
I
As
and
British^ King and Queen
Dominions, from the United
Empire I carry to
The bank has had nine
Presidents, the present one being Philip A. Benson,
who was elected Jan.
7, 1932, and who at the present time is President of
the American Bankers Association.
President
Roosevelt
on
his
waiting automobiles.
Directly behind his Majesty walked Mrs. Roosevelt and to her left behind
the Chief Executive
/
As
up
they reached
a
was
the
Queen.
spot midway down the carpet, the Marine band struck
"God Save The King"; The King, in admiral's uniform of blue and gold,
raised
his right
There was
a
hand and stood in salute.
brief pause and then the martial music of "The
Banner." Again the King raised
As
,
the
salute.
The
tour
music stopped,
Star-Spangled 0
his right hand in salute.
the cannon across
the Plaza
began the 21-gun
...
Royal couple arrived in the United States last night after
to
the western
coast
of
Canada.
They crossed
over
a
triumphal
Niagara River
;
,
Volume
148
at the famous falls
Sir Ronald
Chronicle
Financial
early in the evening, and were met by Secretary Hull and
Lindsay, British embassador
As official representative of
to the United States.
this Government, Secretary Hull today
and First
Lady in the elaborately furnished presidential suite of the Union 8taton.
A gold-bordered blue carpet was laid from the station
platform to the
Plaza
and thence to the broad Plaza opposite the Capitol.
room
designated
was
flourishes by
band, and
of first
scene
Plaza
The parade to the White House, although the most spectacular event of
the monarchs' tow-day stay here, was the start of a heavy schedule timed
split-second, in fact, the
that
Today's itinerary called for
White House,
to the American
formal
The
Royal visitors will start
another round at
on
10
a.
colony here, then
to the
Vernon to place
wreath
a
"I
cemetery to decorate the tomb of the Unknown Soldier, and back to the
White House for
"I
In the afternoon of June 8
a garden party was tendered
Royal guests at the British Embassy, at which Lady
Lindsay was hostess. The Washington correspondent of the
New York "Times" Raymond Daniell had the following to
say in part regarding the affair:
The
weather
a
kind
was
to
Lady
It
soon
p.
m.
a
New World, many traces of which still remain in the United States, should
cleared off,
of
understanding and peace."
however, and
not
Four Elected
until the last
At the
were
King has Tea viith J. P.Morghn
represented Lady
guests
Lindsay's idea, it
section of American political, social and business
matic corps.
whom
the
said, of
a
King sipped tea on the Embassy porch, John D.
quite
social fuss herself while her brother
a
daughter of
were
of
a
the
Charles
Vice-President
late
former President And
w
was
idow of
a
Curtis,
Rockefeller,
who
as was
daughter, who
.
late Speaker of the House,
clothes
morning
For
dress
or
in white linen suits,
has found
a
uniforms.
as
uniform
dress
just
There
were
many
there,
of
United States King George
British
Admiral,
cocked
those
wore
however,
wore
the blue
blue sash
hat,
and all,
he did at Quebec when he first appeared before his Canadian subjects
and first
stepped foot
on
North American-soil.
President
The
President
which
he
The
was
nearly sat
attired
upon
in
Wears
when
Cutaway
getting into the*car
trip of the King and Queen
ferred to in these columns
across
Chapters
for the procession
Canada
address of welcome in which he said:
Your
dutiful
people of Alberta,
the youngest and
stituted Province of the Dominion, trust
public
and
and welfare of
be able to make
so
a
,
•
on
Immigration
devoted to (1) the biological nature of human migration,
are
Data
charges.
assembled at firsthand on
(4) aliens as
"loopholes
in United
immigration-control laws," "nativity, race descent and citizenship
inmates of state and federal penal institutions," etc., etc., are also
of
presented.
,
;
Capt. John B. Trevor is chairman of the committee which
supervised the preparation of the report, which supplements
one published under the same authorship in 1934. The Cham¬
ber, as an organization, made no recommendations in regard
recently con¬
that under the guidance of Pro¬
vidence they may continue along the path of social, economic and national
progress,
.'
States
,.
most
*
'
(3) the immigration-control policy of the United States and
was re¬
Large
crowds welcomed the sovereigns at Edmonton, Altai., June 2.
At the Legislative Building Premier Aberhart read the King
an
'
«
(2) the major racial problems in the development of the American people,
week ago, page 3321.
a
■
family-stock qualities—physical, mental and spiritual—of
the people of the immigrant-receiving country."
The Chamber further explains:
?
...
cutaway, striped trousers and silk hat
a
Goddard,
entitled "Conquest by Immigration," made pub¬
lic by the Chamber of Commerce of the State of New York
on June 8 declared that "the hyphen and the notion of dual
allegiance" must be banished "if America is to remain
American."
Prepared by Dr. Harry H. Laughlin of the
Carnegie Institution of Washington, the report, which was
sponsored by the Special Committee on Immigration and
Naturalization of the Chamber, is a study of "the factor of
immigration as one of the three or four equally powerful
forces which build up or destroy the inherent racial and
compromise with formality which Washington society
a
Thomas J.
A report
advisable, in Summer.
his friendly visit to the
full
among
Many of the guests
•
Report
in office, Alice Longworth,
Delegate, were
born in the White House.
Corp.
New York State Chamber of Commerce Publishes
up"
Madame Canfcacuzene, the late President Grant's grand¬
was
Yoineo
John T. Burrows, Vice
'
Dolly
stirred
Agricultural
■
partner, Chubb & Son.
among those present.
presented
of'the International
President
Mr. and Mrs. Anson Phelps Stokes, Canon of Washington Cathedral and
the Most Rev. Amleto Ckr gnani, the Apostolic
regular monthly meeting of the Chamber of Com¬
following
Arai, of the Tokio Marine & Fire Insurance Co.
cross-
life, and oicourse, the diplo¬
Mrs. Cornelius VanderbiJt, John W. Davis, and a score of others.
sister
.
F. W. Abrams, President of the Standard Oil Co. of New Jersey.
was
At the party, the Kihg and Queen met J. P. Morgan, with
Ganh,
"
of the Statfe of New York, held on June 1, the
elected to membership in the organization:
merce
ith Sir Ronald shook hands with hundreds of others.
The
■'
of State of New York
Separating at the party,
lightning herald the next shower.
■ •''
■
■
Membership in Chamber of Commerce
to
thunderclap
,the Queen with Lady Lindsay shook hands with hundreds while the King
w
strengthen these relations.
"I trust that such problems as may arise will be faced in a spirit of
mutual confidence and good will, and I know that you will find all officials
of the American Government ever ready to collaborate for progressive
sudden downpour, boded
guest had departed from the Embassy grounds did a sudden
and flash
Ambas¬
that this Government will be prepared at all times to
can assure you
serve to
ill for the social function which caused so much mental anxiety among the
socially ambitious.
you as
cooperate with you in maintaining friendly relations between our countries.
The great contribution made by Spain in the past to the civilization of the
whose graden party was ac¬
Lindsay,
A little after 1
great success.
the letters accrediting
you
Extraordinary and Plenipotentiary of Spain to the Government of
the United States.
the
claimed
happy to receive from
am
sador
informal tea.
an
...
"Mr. Ambassador:
Washington, to Arlington
the tomb of George
Spain.
The text of the President's reply follows:
Capitol to meet the nation's lawmakers, to Mt.
on
that he would be able to explain
new
Washington, and his hope for good.relations between the United States and
Spain in the future.
tomorrow.
m.
first to the British embassy to receive members of the British
go
people the ideals of the
The envoy spoke of his many years spent in the service of his country in
dinner for 83 or 84 officials at the White House.
They will
grateful for the expression of good wishes which you have con¬
The Spanish Ambassador expressed hope
second in¬
a
formal "parade" to the British embassy for the garden party, and a
am
on behalf of your Government.
In return, please convey to the
Government of the Union of Soviet Socialist Republics my hope for the
continued peace and propserity of the Soviet Union."
diplomatic reception and luncheon at the
a
sightseeing trip to noteworthy capital shrines,
a
purpose.
"I
heavier than any ordinary tourist ever arranged.
was
the
to
,
veyed
laid out for the King and Queen
program
.
strengthen and develop friendly cooperation between our two countries.
You may be sure that you will enjoy my full support, as well as
every
assistance of the Government of the United States in your efforts to achieve
rim, the first units of 1468 police.
to the
.
'T also accept the letter of recall of your predecessor, Mr.
Troyanovsky,
who, as the first Soviet Ambassador to this Government, rendered such
distinguished services in promoting friendly relations between the United
States and the Soviet Union.
.
.
"I have noted your statement that the purpose of your mission is to
given over to cavalry, infantry and, on the
was
pleasure to accept from you the letters by which the
plenipotentiary of the Union of Soviet Socialist Republics
Government of the United States.
The
honors—ruffles and
military
me
Presidium of the Supreme Soviet accredits you as Ambassador
extraordinary
salute of 21 guns.
a
The rest of the
outer
the
as
"It affords
_
and
fife and drum corps, the two national anthems by the Marine
a
in
"Mj\ Ambassador:
had
the duty of introducing the
King and the Queen and the President
reception
3471
The President thanked Mr. Oumansky and spoke of his satisfaction
the friendship between the two countries.
His reply was as follows:
worthwhile contribution to the good
to it.
the Provinces of Canada and of the British Commonwealth
'
'•"■■■
"
-
..
_
■ ■ h.
•
during your most excellent reign.
To this the King, who was
of the
wearing the blue-gray uniform of the Chief
Royal Canadian Air Force, replied in
a
Although the people of Alberta, in
Customers'
prepared address, which he
handed to Premier Aberhart:
common
I feel assured that, blessed
they
ous
are
with
a
rich and fertile soil and with an enterprising and courage¬
the strength and welfare of Canada, which is such
an
election of the Association of Customers'
Men, held June 5 at the Hotel New Yorker, those who have
been serving as officers of the Association since March were
spirit, they will continue to overcome them and make their full contri¬
bution to
Change Name to. " Association of Cus¬
Broker8"-T-Officers
Elected
At the first annual
with other Canadians, have
had many difficulties with which to contend,
as
Men
tomers'
,
reelected for
important
one
and organization of the
The officers include:
year
formally concluded.
member of the British Commonwealth of Nations.
President, Albert C. Beeson, Eastman
After
leaving Edmonton, the royal couple continued their
Sudbury Junction, Ont., the King and Queen descended
2,800 feet to inspect a nickel mine.
They then resumed
their eastward trip.
Treasurer, Kenneth I. Walton, J. S. Bache & Co.
Secretary, Alfred L. Ferguson Jr,, Estabrook &
'
President Roosevelt received the credentials of Constantino
A.
Oumansky, Soviet Ambassador, and Juan Francisco de
Cardenas, Spanish Ambassador, on June 6. Mr. Oumansky
was appointed on May 10 to succeed Alexander A. Troy-
anovsky, as was noted in our issue of May 13, page 2837.
The new Spanish Ambassador succeeds Fernando de los
Rios, who vacated the post on April 1 when the United States
recognized the new Spanish Government under General
Francisco Franco; as indicated in these columns April 8,
page 2048.
From Washington ad Wees June 6 to the New
York "Herlad Tribune" we take the following:
In presenting
between the
his credentials, Mr, Oumansky spoke of the cooperation
Soviet Union and the United States and how it had been to
their mutual advantage.
..."
Co.
The meeting was attended by more than 300.
The slate
for the Executive Committee and Admissions Committee
as
offered by the
The
New Soviet and Spanish Ambassadors to United States
Present
Credentials
to
President
Roosevelt
,
Dillon & Co.
Vice-President, Thomas Meek, Orvis Bros. & Co..
train journey across the Canadian prairie Provinces toward
eastern Ontario and the United States border.
On June 5
at
group was
new
Brokers."
Nominating Committee was also approved.
name
chosen
was
In addition two other titles were on
at the
"Association
of
Customers'
An announcement in the matter went on to say:
the ballots submitted to those present
Association of Customers' Men and Association of Regis¬
meeting:
tered Representatives.
More than 50% of the total votes cast were for
the
Previously the Association had taken a poll
change
and the majority of these interested in the new name wrote in the word
"broker" in combination with some other word.
The point was brought
out that the tendency for years has been for the public to refer to as brokers
n^me "Customers'
Brokers".
of all customers' men,
those handling
A
the results showing more than 67% favored a
commission accounts.
be composed of officers of the Association and
National Council to
representatives from Chapters outside of New York was provided for in an
amendment to the constitution to take care of future expansion throughout
the country.
delphia.
Chapters have already been formed in
Chicago and Phila¬
Others are expected to start shortly in Washington and Baltimore.
Committee, composed of members of the Association in
An Out-of-Town
New York City, has been
who wish to form
cooperating with Customers' Men in other cities
chapters.
3472
Financial
Changes
are
were
Any registered employee of
Stock Exchange to act as a customers' man and if
tered representatives
interested in brokerage business in listed securities.
A
as
New York
he is engaged in handling
who pass the Exchange examination provided they
Customers' Men and Service Men
were
pated
previous reference to the Association appeared in these
May 27, page 3162.
Export
Grain
in
past year, Mr. Straub
year at an even
President Roosevelt
June 6 postponed his proposed trip
to the Pacific Coast since it is said no definite assurance has
on
from
Congressional leaders, with whom he conferred
on June 5,
that Congress might adjourn by July 15.
He
said that new legislation for the relief appropriation and.
nuisance taxes, which expire on June 30, must first be passed.
The President had tentatively planned to leave
Washington
on
June 15 and visit San Francisco, Seattle and Juneau,
Alaska.
Regarding the postponement, Washington advices
come
said, in part:
continued during the past
for edible purposes, increased use of lard and small
on
Our market continues to be used
trading standpoint.
The
shown
year
black
for profit from
a
...
futures market, in its second year of existence/has
pepper
trading for the fiscal
splendid growth and broadening of interest,
ending April 30 amounted to 391,675,200 pounds, more than double
the first year's volume.
In
the
licensed
year
under review,
warehouse
••
.
members increased from
clearing
companies
from
9
to
and
13,
weighers
19 to 33,
from
14
to
'
•
Committee
on
Grain reports
that the anticipated demand for our
the beginning of the
abroad at
surplus grain
in
year,
crop
view of the
trade, but which did not materialize because the virtual monopoly created
measures.
A
nr i—if
>r
simply being a little Scotch
was
or
cautious regard¬
Although the bills could easily reach him within
24 hours, if acted on by the June 30 deadline, he explained, there had been
i nstances in which urgent
legislation
was
delayed until the closing hours of
thesession.
■' •
explain whatever plans he may have had in mind for expediting the bills.
The President said he would review the legislative situation
again about
Congress showed signs of
Thanksgiving Day—he might depart
a
protracted
sessiom^he
the Western trip about
on
promise of
gave
by the United States Government's export wheat subsidy policy eliminated
competition and curtailed initiative in the wheat export trade.
of
harvest
ceeded
in
over
From
a
925,000,000 bushels of wheat, the Government has suc¬
the
exporting
equivalent
of about
form of subsidized wheat and flour at
country.
June 24 or 25 and that if
1938,
excellent crops produced in the summer and fall of
a
bushels in the
100,000,000
great cost to the taxpayers of this
'
Consequently, he felt compelled to remain in Washington at leastjuntU
after action had been taken on the two deadline measures.
He did "not
July 2
extensively by both domestic and foreign
interests for its hedging possibilities and the opportunity
money
the end~of the present fiscal year,
mentioned
2,496,480,000
to
pounds the previous year.
greater activity than had been experienced in many years in the grain export
The President said he
ing the two
cottonseed oil produc¬
compared
lossyf
the_nuisancejtaxe8Moreover, there would beTbo
*revenues""coming from
j^d^forjfliiancing jyork relief unle^ Congress_appropriated"more
Before
hadjbo
by that timesince the_Treasury could ill afford the
pounds
2,749,080,000
totaled
Sales
The
He explained that the two measures face a June 30 deadline and
be acted
higher volume than that reported for the fiscal year ended
April 30, 1938, notwithstanding a tremendous rise in the use of soybean oil
tion.
16
of June 6 to the New York "Times" said:
Not
Exchange, delivered his annual report to members of the
Exchange on May 31.
In discussing the activities of the
The upward trend in trading in cottonseed oil
President Roosevelt Postpones Trip to Pacific Coast to
Await Congressional Action on Relief and Taxes
Did
Trade
Straub, President of the New York Produce
F.
Robert
Formerly only those
columns of
Activity
Materialize Due to Government's Subsidy Policy
are
eligible.
Exchange Issued
by President Straub—Gains in Cottonseed Oil
Trading and Black Pepper Futures Noted—Antici¬
a
This will admit securities' salesmen and other regis¬
commission business.
June 10, 1939
Annual Report of New York Produce
made in membership requirements of the Association which
incorporated in the new constitution.
member firm is eligible to apply if he has been qualified by the
designated
Chronicle
.
.
*
.
The outlook for
the coming year
holds some promise of an export corn
business through this market, as a result of the reduction in the at-and-east
and
rate
likelihood
Argentine will
that
the
comparatively
disappear.
soon
small
surplus
export
The abolition of the
6 cents
per
in the
bushel
preferential tariff on Canadian wheat may also increase the movement of
Manitoba wheats through the Port of New York.
*
*
.
3.
or
♦
-
.
J. J. O'Donohoe Elected President of New York Produce
President
Roosevelt
Signs
Resolution
Reorganization Plans in Effect
President Roosevelt
on
Putting
July 1
Two
Exchange Succeeding R. F. Straub
J. O'Donohoe, of O'Donohoe, Quain & Co., was
elected President of the New York. Produce Exchange at the
James
June 8
signed the joint resolution
permitting his two reorganization plans to become effective
on July 1, the
beginning of the new fiscal year.
Legislative
action was completed on June 5 when the Senate concurred
in a House amendment which
provided that no temporary
agency should have its life extended beyond the original plans.
The resolution was put forth for the
purpose of simplifying
the accounting and bookkeeping in the
departments.
Under
the
Reorganization Act the plans would have become '
effective 60 days after their submission to
Congress.
In our
on
issue of last
annual election
June
Straub,
Laurel Duval, chief grain
Inspector of the Produce Exchange, was reelected VicePresident, and Clifford B. Merritt, of Bowring & Co., was
who
served for
on
the
5, to succeed Robert F.
last
year.
reelected Treasurer.
Charles B. Crofton, of Louis
Dreyfus & Co.,
was
elected
a
member of the Board of Managers to serve for two years, and
the following were reelected to serve on the Board for two
years:
V
.
=
week, page 3308, reference was made to the
Senate passage of the resolution on
May 19 and the amend¬
ments made by the House on June
1, which amendment the
Grain Export Co.,
Inc.; Axel Hansen, of Axel Hansen & Co., Inc.; William
H. Iline, of
M. Loeb,
Senate this week accepted.
Maple Leaf Milling Co., Ltd.
Harold L. Bache, of J. S. Bache & Co.; Moses Cohen, of Canada-Atlantic
Robert
President
Roosevelt
Signs Bill for Purchase of
$100,000,000 of Strategic War Materials
President Roosevelt is reported to have signed
a
bill
;
on
June 8
providing for the purchase of $100,000,000 worth of
strategic war materials over the next'four years.
The
also authorizes an appropriation of $500,000 for
development and exploration of new domestic sources of sup¬
ply and to develop substitutes.
Legislation on the bill was
completed on June 5 when the Senate adopted the conference
report; the House having approved the report on June 1.
Carl
Rhoades & Co., and
March 31
for a $10,000,000 yearly
program for
four
and the House voting on April 25 for $25,000,000 per
year.
Passage by the Senate was mentioned in our April 8
issue, page 2049.
on
years
M.,Morgan, of Robert M. Morgan, Inc.,
L.
Smith
Stock
Elected
First
Paid
President of Chicago
of Board
Arthur M. Betts, senior partner of
Co.,
Alfred L. Baker &
reelected Chairman of the Board of Governors of
Chicago Stock Exchange at the Exchange's annual
election held June 5, for his second consecutive term.
,The
following were elected members of the Board for three years:
was
the
Emmet G. Barker of James E. Bennett & Co.
Jaipes A. Cathcart of Harris, Upham & Co.
Frank E. McDonald of Frank E. McDonald & Co.
,
.
,
.
The members reelected to the Board to
are as
Lessen War Threat
three years
serve
follows:
Ralph W. Davis of Paul H. Davis & Co.
v
;
Warren A. Lamson of Lamson Bros. & Co.
World-wide support of
was
was re¬
Exchange—A. M. Betts Reelected Chairman
„
a
of moral rearmament
program
Michael J. O'Brien of Paine, Webber & Co.
called for
by President Roosevelt on June 4 in a message
national meeting for moral rearmament held in Consti¬
tution Hall,
to
of
r*
K.
John E. Wheeler.
to
Moore,
Growers Export Co.,, Inc., of New York, and General
Manager of Grain Growers Export Co., Ltd., of Winnipeg.
—^
President Roosevelt Urges World-wide
Support of Moral
Rearmament Movement—Says Action Cannot Fail
K.
elected to the office of Trustee of the Gratuity Fund to serve
three years.
•
'•
v •
Mr. O'Donohoe was formerly Managing Director of Grain
measure
The major difference between the Senate and House measures
was in the amount to be
authorized; the Senate having voted
Henry
Paul B. Skinner of Hornblower & Weeks.
a
Washington.
The meeting marked the first
anniversary of the international movement sponsored by the
Oxford Group, headed by Dr. Frank Buehman.
The Presi¬
dent's message, which
was
of
a
Missouri, said that
not
fail
message
The
her
"to
lessen
the
read by Senator Harry S. Truman,
of moral rearmament could
program
dangers of armed conflict."
citizens.
A
program
7 the
of moral
must
Vice-President.
Under the
consist in the moral fiber of
for
rearmament
therefore to lessen the dangers of armed conflict.
highly effective, must receive support
the
world
cannot
fail
Such moral rearmament
on a
world-wide basis.
Board of Governors elected Kenneth
L.
in March of 1938, it was
Chairman.
Coincidently,
new
announced by Arthur M. Betts,
Sidney L. Parry was elected
Regarding the election, the Exchange's
stated:
announcement
follows:
underlying strength of the world
to be most
The
On June
Smith the first paid President of the Exchange, in accor¬
dance with the revised constitution adopted by the members
constitution, the President shall not be
Exchange and shall devote his full time
as
a
member of the
the chief executive officer of the
Exchange, responsible to the Board (of which he is automatically
in
a
member)
supervising and controlling the operation of the Exchange, enforcing its
constitution and rules and promoting its welfare and interests.
The
group
meeting, sponsored by five Cabinet members and a
of Senators and Representatives, heard messages of
support to mobilize world opinion against war from Governor
Herbert H. Lehman of New York, General John J.
206 members of the
Pershing,
British House of
Commons, including
former Foreign Affairs Secretary Anthony Eden, and from
23 members of the British House of
Lords.
Mr. Smith has been Vice-President of the Exchange since Sept.
7,
1938,
when the preliminary report of the
committee for the selection of a Presi¬
dent, composed of Messrs. Bryant, O'Brien, Skinner, Winter and Betts,
was
approved by the Board.
by the Board unanimously.
The committee,
The committee's final report was approved
*
'
which has been studying the results of its preliminary
report and continuing its deliberations
port., filed June 7, in part-:
throughout the
year,
said in its
'
<
,
re¬
■
,
Volume
In
Financial
148
opinion, the wisdom of the action taken in September has been
proved by the pronounced improvement in the
operating efficiency and
our
morale of the staff with a substantial reduction in
expenses.
We stated in our original report that in our
was not advisable
for the
high-salaried offcial
in addition to our present paid
personnel.
We are now fully convinced
that the welfare of the Exchange rests in a continuance of the
policy begun
opinion it
of the current finances of the
Exchange,
functioning of the organization, to employ
account
on
efficient
last September.
We are fully satisfied
nor necessary
a
that
Kenneth L. Smith possesses the necessary
qualifications; namely, executive and administrative ability, technical
knowledge and experience in the business and a broad understanding of the
problems, and accordingly recommend that he be elected President of the
Chicago Stock Exchange.
We have also followed closely the work of
Sidney L. Parry, Assistant Vice-President, and contingent upon the adop¬
tion of our recommendation
respecting Mr. Smith, we recommend that
Mr. Parry be elected Vice-President.
We believe the promotions recommended
and will prove both
Mr.
stimulating and helpful to these
years
Secretary of State's office.
of the
Exchange.
He
'
Vice-President since last
The Board reappointed the
C.
W.
R.
following
as
September.
R. Hawes,
Secretary.
;
'
F.
Duvall,
The
special
committee's
soon
as
3, 1939, which I accept, knowing
As
convenient.
I
Sept. 1 of this
on
year,
subject, of
course, to
I
and
am sure
'
that you
officially, but I
his confirmation by the Senate.
your time as outlined in your letter will
satisfactorily,-
'
•
distinguished
the service of your Govern¬
career in
This applies not only to your work in
special and difficult assignments that
remarkably equipped
you
Puerto
have had
Rico but to other
previously,'
difficult moment
in
the history of the
problems of unique and unprecedented gravity.
which
May I thank
you
you carried
for
of last September
Sept. 10, page 1570.
report
and which
for the Governorship of Puerto Rico."
you
most
a
personally
you
refrain at this time from expressing my appre¬
can not
ciation of your long and
fit
'
already know of my high regard for
I
am
You
island;
proud
through this most arduous task in the in¬
,
.
loyal support during the years we have known
your
each other and express my
,
have already
indicated to you. Admiral Leahy will be able to assume the
governorship
of the way in
Secretary.
Carl E. Ogren, Assistant Secretary.
mentioned in these columns of
as
terest of the people of Puerto Rico.
...
Assistant
be relieved
to
you inherited
..
.
.
Martin E. Nelson, Treasurer.
Charles
I have received your resignation of June
of your dasire
took office there at
Bergherm, Assistant Vice-President.
in which
way
My Dear Governor Winship:
so
officers of the Exchange:
proud of the
in the interest of the people of Puerto Rico."
The text of the President's letter is as follows:
ment.
Stock Exchange since
was
Governor Winship "carried through this most arduous task
Therefore, the arrangement of
v
Mr. Parry has been associated with the Chicago
1928 and Assistant
The President added that he
in
He has served in practically all departments
final report
a
ready by July 15.
In accepting the resignation
President Roosevelt praised Governor Winship's "long and
distinguished career in the service of your Government."
in the Securities Department of the Illinois
to Vice-President last year.
He said he would have
reasons.
his affairs
on
Stock Exchange since
elected Assistant Secretary in 1930 and advanced
was
for various
3473
young men.
Smith has been associated with the Chicago
January, 1929, after four
well done
merited by work
are
Chronicle
best wishes for the future.
Very sincerely,
was
FRANKLIN
ROOSEVELT.
D.
•
.
♦
Governors
of
Chicago Mercantile Exchange Change
Trading Method on Butter and Eggs—Trading to
Be
Done
Priority
on
Bids
of
and
C.
G.
to
Offerings—
meeting of the Board of Governors of the Chicago
Exchange held May 31, action was taken to
change the trading method back to the fluctuations of %c.
per pound on butter and ksc. per dozen on eggs, effective
June 5, it was announced by Lloyd S. Tenney, Business
Manager of the Exchange.
Action was also taken to pro¬
vide that on the same date all trading will be done on the
basis of priority of bids and offerings.
The announcement
a
Mercantile
went
to say:
on
A plan is being worked out and will be put into effect on June
12 whereby
all open orders may be registered with the Exchange to be executed in the
order in
which
they
received
are
by the brokers.
more
and
open
freer market and that by the elimination of cross trades, as we have called
them, the Exchange will be free of any possible criticism.
At the special election held on May
Governor of this Exchange.
31, C. C. Tatham Sr.
resignation
Action
elected
a
Vice-President, left vacant by the
from the Board of W. E. Sage.
was
was
At the meeting of the Board, G. B. Shawhan
elected to fill the position of Second
•
'
Monday, July 3.
on
Customers'
■
^
im
Men
in Chicago Organize Association
Registered Representatives
Customers'
of
representing the member houses of the
Chicago Stock Exchanges in Chicago formed
an
Association of Registered Representatives on June 1,
it was announced by Wesley Blom, of Jackson & Curtis,'
who was elected temporary President.
Other officers and
members of the exceutive committee
Vice-President, Robert McDevitt of E.
are:
A. Pierce & Co;
'•.*
Executive
.
.
.
On
<
.
"
nominated
Roosevelt
Claude
G.
•
E. J. Noble Named by President Roosevelt to New Post
of Under Secretary of Commerce
President Roosevelt on June 6 nopiinated Edward J.
Noble, of Connecticut, to the newly established post of
Under Secretary of Commerce.
The Senate confirmed the
on
Mr. Noble is former Chairman of
June 7.
Civil Aeronautics Authority having resigned this post
on
April 12 to become executive assistant to Secretary
of Commerce Hopkins.
He has been serving in this capacity
until Congress authorized the creation of the new post.
Reference to his resignation as Chairman of the CAA was
made in our issue of April 15, page 2190.
the
for six years.
Other officers of the Association
Malcolm
was
Muir,
were
elected
President
and
as
follows:
publisher
nomination.
Smith, architects.
Mullaney,
Truitt's
reappointment
September
last
page
2030.
of Civil Service
V
by President Roosevelt on May 31.
been
a
Mr. Ordnay, who has
member of the Commission for 21 months, said in
a
private
A list of recommendations for further improvement
affairs'.
pf the service accompanied the letter.
Mr. Roosevelt, in
accepting the resignation with reluctance, offered Mr.
Ordnay an appointment on the Council of Personnel Ad->
ministration.
+.
President Roosevelt Selects A. MacLeish
Librarian of
press
conference
on
as
New
Congress
June 6 President Roosevelt
announced that he would nominate Archibald MacLeish as
Congress to succeed Dr. Herbert Putnam, who
appointed librarian in 1899 by President McKinley.
The President sent the nomination to the Senate on June 7.
Mr. MacLeish is a former magazine editor and is at .present
curator of the Neiman Foundation for Journalists at Harvard
University.
Librarian of
S. Burke, President of B. Altman & Co.
was
Secretary: S. C. Mead.
Roosevelt
Nominates
Puerto
Admiral
Rico—Praises
Leahy
Work
of
as
Gov¬
Winship in Accepting Resignation
on
June 6 nominated Admiral William
Leahy, retiring Chief of Naval Operations, to be Governor
of Puerto
Rico succeeding Governor
Blanton Winship,
whose resignation was accepted by the President at the same
time.
The President's plan to appoint Admiral Leahy was
reported in these columns of May 27, page 3162.
In his
letter to the President Governor Winship said that he had
expected to retire for the past year but postponed the request
from Sept.
letter to the President that he Wished to return to his
At his
Vice-President: Laurence Arnold Tanzer, of Tanzer &
D.
Mr.
reported in these columns of Oct. 1,
Stephen F. Voorhees, of Voorhees, Walker, Foley
President Roosevelt
Member
Max O'Rell Truitt, of Missouri, was nominated by Presi¬
on June 5 as a membermf the United States
of
lawyers.
of
as
dent Roosevelt
"Newsweek."
Second Vice-President:
O'R. Truitt
of United States Maritime Commission
resignation of Samuel H. Ordnay Jr. as a member of
the Civil Service Commission, effective June 1, was accepted
suecedding Louis K. Comstoek, who has held that position
Vice-President:
Names M.
President Roosevelt
The
of the Merchants' Association of New
the annual meeting of the directors held June
8,
ernor
President
S. H. Ordnay Resigns as Member
Commission
President
Governor
5
Minister to Bolivia.
i.
-
Lowry, President oh John Lowry, Inc., builders,
President
June
„
John Lowry Elected President of Merchants Association
of New York—Other Officers Chosen
Treasurer: John
Minister to
.
-
H. L. Pickert of Fenner & Beane.
Third
Chosen
Bowers, of New York, to be Ambassador to Chile.
Mr.
Bowers was former Ambassador to Spain but withdrew after
the new Spanish Government under General Franco was
recognized by the United States.
He was succeeded by
Alexander W. Weddell, as was noted in our April 22 issue,
page 2364.
The President also named Edwin C. Wilson, now Coun¬
selor of the Embassy at Paris, to be Minister to Uruguay,
and Douglas Jenkins, now Consul General at London, to be
was
Kipgsley B. Colton of Winthrop, Mitchell & Co.
and
Jenkins
v
'
Leonard Paidar, of Harris, Uphan & Co.
First
D.
Maritime Commission for the term of six years
Committee
H. J. Cordesman, of Thomson & McKinnon.
York at
as
26, 1938, to which office he was reappointed during the last
recess of the Senate.
On June 7 the Senate confirmed the
Bergen of Fuller, Rodney & Redmond.
Ralph W. Carrier of Sutro-Bros.
elected
Roosevelt
■.
Secretary, John J. O'Brien of Wayne Hummer & Co,
Treasurer, Wm. F. Fitzgerald, of J. S. Bache & Co.
John
President
men
New York and
Frank A.
by
Chile—E. C. Wilson Named Minister
Uruguay and
nomination
taken
by the Board to close the Exchange for trading on Satur¬
days during July and August, and the first Saturday in September; also to
close
to
The Board feels that,
with the adoption of these new provisions, we will have a
was
Nominated
Bolivia
G. B. Shawhan Elected Second Vice-President
At
Bowers
Ambassador
Federal
F.
Judge
A.
Geiger
Because
The
resignation
from the
bench
announced
of
of
Federal
of the
111
of
Resigns
Judge
Ferdinand A. Geiger
Eastern District of Wisconsin was
by President Roosevelt on
dent said that he had received
yet acted upon it.
Wisconsin
Health
May 26.
The Presi¬
the resignation but had not
Judge Geiger, who is 71 years'old, gave
3474
Financial
continued
has
ill
health
presided
the
as
his
retirement.
Federal bench of the
the
over
for
reason
trict
of
1912
Chronicle
Eastern
tion and not in
in
♦
W.
Morris
Nominated
Associate
for
Justice
District
of
by
President
United
of
States
Roosevelt
District
Columbia—Resigns
as
Roosevelt
accepted
the
Attorney
General,
Associate
Justice
announced
resignation
and
of
of
has
James
W.
Mr.
States
In
his letter of
Morris, expressed
as
"grateful
himself
ment
as
Justice
Associate
of
Research
Research
Association
be
to
Court
for
confidence
for appoint¬
me
United
States
District
Court for the District
of Columbia.
I assure you that, if
appointed, I shall strive to justify that con¬
confirmed and
fidence."
the end of Mr. Morris's
mean
in
ferred
Steel
made
was
State
Chamber
June 29 in
of
York
Commerce
of
Give
to
Honor of Governors
and
1, 1939.
The
York
Dinner
announce
Steel
June 5 the
pre¬
liminary plans for the dinner to be given under the joint
auspices of the Merchants' Association and the Chamber of
Commerce of the State of New York at the Waldorf-Astoria
June 29 in honor of the Governors who will then be in
on
New
York
State attending the annual Governors' Confer¬
Governor Lehman has accepted the
chairmanship of
committee of arrangements for the dinner, the other
ence.
the
members
being
Alfred
L.
Aiken,
Winthrop
W. Aldrich,
Lawrence B. ElliGeorge McAneny, Thomas I. Parkinson and Frederick
Walter H. Bennett, Frederick H. Eeker,
man,
T.
Wood, representing the Chamber
of Commerce, and Neal
Dow Becker, Willis H. Booth, W. Gibson
K. Comstock, Samuel D. Leidesdorf, John
Carey Jr., Louis
Lowry, William
Morgan and Lewis E. Pierson, representing the
Fellowes
Merchants'
Association.
the
on
already .signified their
intention of attending the conference
Carl E. Bailey of Arkansas
Raymond E. Baldwin of Connecticut
and
some
for
other
John Moses of North
to
Be
the
Held
in
Small
Business
Detroit
from
of
rolling
properties,
specified
American
dimensions
Steel
Manufac¬
as
a
of its "Steel Products
part
inspected.
The first company that was visited was
the Hoover Co. plant in North Canton, Ohio, on
May 16
on the following
day a technical visit was made of the
and
pilot plant and laboratories of the Jone & Laughlin Steel
Corp. in Pittsburgh.
The third and final plant to be studied
the experiment station of the Hercules Powder Co. in
Wilmington, Del., on May 18.
The tour ended in Wash¬
ington where the annual meeting of the Institute, which is
connected with the National Research Council, was held on
May 19 and 20.
'
was
The Industrial Research Institute is
e
comprised of research
large and small who are making
utives of industries both
xec
cooperative study of common problems in research
agement.
"
man¬
•
♦
Cowles
Commission
Hold
to
Economic
Conference
at
Springs July 3-28
Commission for Research in
Economies
will
economics and
on
College, Colorado Springs, Colo., from
The purpose of the conference is to pro¬
workers
structive
discussion.
opportunity to" present their prob¬
group qualified to contribute con¬
an
a
"
Francis P. Murphy of New Hampshire
National
physical
variations
Association
were
lems and results before
,
Association
by
on a
"science travel tour" in
industrial companies in three different States
vide research
u,
r
A.
B* A. Committee
,
Appointed
;
.
Study Pension Plan
for Bank Officers and Employees
Mens
June 27-29
'
rr
'
Convention of
of
last week went
three
July 3 to July 28.
«
Second
as
statistics at Colorado
Bricker of Ohio
.
William H. Vanderbtlt of Rhode Island
•
York,
which
The Cowles
Luren D. Dickinson of Michigan
Frank M
Dixon of Alabama
Dakota
being closed
are
hold its fifth annual research conference
Harold E. Stassen of Minnesota
Prentice Cooper of Tennessee
John E. Miles of New Mexico
R. L. Cochran of Nebraska
transfer
the
Committees will hereafter be sponsored by American Iron
Lloyd C. Stark of Missouri
Leverett Saltonstall of Massachusetts
ago,
compositions,
permissible
Colorado
Homer A. Holt of West Virginia
Herbert R. O'Conor of Maryland
John M.
years
Institute, and will be published
are:
Lewis O. Barrows of Maine
40
chemical
promulgated
George D. Aiken of Vermont
E. D. Rivers of Georgia
M. Clifford Towns'end of Indiana
of
Members and guests of the Industrial Research Institute
New
Burnet R. Maybank of South Carolina
W. Lee O'Daniel of Texas
Richard C. McMullen of Delaware
Fred P. Cone of Florida
trans¬
Committees of American
Announcement
was
Members of Industrial Research Institute Make
Scientific Tour of Three Industrial Plants
•
-
At least 24 Governors are expected to be seated
dais at the dinner.
Those who have
Technical
Pittsburgh,
on
Attending Annual
on
Manufacturers
at
Manual."
Governor Herbert H. Lehman authorized the Merchants'
York to
by
The announcement further said:
standards
tolerances
and
New
Steel
headquarters
Institute.
established
was
June
Conference
Association of New
by-laws, which,
satisfactory; second,
the Association of American Steel Manufacturers Technical
Committees.
The offices of the latter Association, which
originally
New
and
four, limits expenses and contains
to
jointly by American Iron and Steel Institute and
turers Technical
Association
to the existing
workable
resolu¬
a
technology formerly conducted by the
American
with
,
Merchants'
are
zones
June 1 to the Technical
on
and
Iron
steel
of
Committees,
The President accepted the resignation by saying
that he was happy it did not
public service.
amendment
an
reso¬
meeting.
in
Steel Technology to
Be Conducted
American Iron and Steel Institute
has
Morris
the
nominating
the
he
resignation, Mr.
for
proposed
their June
at
provisions defining the requisite experience and qualifications of examiners.
Assistant
District
the District of Columbia.
which you have shown in me by
that
Morris,
nominated
United
the
May 23
on
Commissioners
Pink's opinion,
reduces the number of
Attorney General
President
the
1939
Court
Assistant
as
the form of
Superintendent
the plan
J.
of
a
The principal features of the plan are first, that it is in the form of
having been appointed in
years,
V
for the consideration
lution
Dis¬
by President Taft.
27
Wisconsin^ for
June 10,
Superintendent Louis H. Pink of New York forwarded
He
to
The appointment of a special committee to make further
study and report to the Seattle convention as to a pension
plan which might be made available to bank officers and
employees of all States has been announced by Philip A.
Benson, President of the American Bankers Association and
.
,
Fifteen representatives of smaller business from that
many
different States will draw up the
program of small business
p
needs and demands for presentation to the second conven¬
tion of the National Small Business Men's Association
which
will be held in Detroit June
27, 28, and 29.
This committee
resolutions, headed by J. S. Westbrook of Bridgeport,
Conn., is receiving the suggestions of Association members
on
and others interested in the welfare of smaller
from the national
business,
An
headquarters in Akron,
announcement
Ohio, also stated:
foundation
on
Detroit meeting.
tives
adopted last
subjects
which
the
committee
will
In addition to checking
on
work
in
preparation
progress made toward
year, the Detroit convention is
for the
objec¬
expected to take up such
as the Wage and Hour Law and the monetary question.
,
Invitations to speak at the convention have been extended
to Senators Arthur
Vandenberg of Michigan and Harry Byrd
Virginia, Jesse Jones, Chairman of the Reconstruction
Finance Corporation, and others.
Roy A. Foulke, econo¬
mist for Dun &
Bradstreet, will talk to the convention on
finance and credit problems of small business.
A large part
of the time on the
three-day program, however, will be
reserved for discussions
by members of the Association on
problems of small business and activities of the Association.
of
Membership in the Association
now
extends into 43 States,
according to national headquarters, with organized units
formed in dozens of cities between
Springfield, Mass., on
the East, and Omaha,
Neb., on the West.
National
Meet
Association
in
San
Examinations
of
Insurance
Francisco
to
Be
on
Commissioners
June
to
21—Convention
Again Considered
The
problem of convention examinations will be again
taken up at the annual meeting of the National Association
of
Insurance
June 21.
ment
to
Commissioners to be held in San Francisco on
It has been learned that in addition to the amend¬
the by-laws proposed by Commissioner Earle of
Oregon, which makes convention examinations compulsory,
another plan is also to be considered.
On April 25, in the
hope of finding some fair compromise as to this, it is stated:
the
Dime
Savings Bank of Brooklyn, N. Y.
by Norman T. Hayes, Vice-Presi¬
Philadelphia National Bank of Philadelphia,
dent
of
Pa.,
and
the
has
President of
other
as
the
members
G.
Frank
Addison
Jr.,
Security Savings & Commercial Bank of
Washington, D. C. and Millard F. Jones, Executive Vice-
The
Association's declaration of principles and
program of immediate
objectives adopted at the Pittsburgh convention last
September will furnish
the
President of
The committee is headed
President of
the
Planters
National
Bank
&
Co.
Trust
of
.Rocky Mount, N. C., Mr. Benson announced.
Mr. Benson stated that the
appointment came as a result
by the Administrative Committee of the
Association at the spring meeting of the Executive Council
at Hot Springs, Va., in April, and was. motivated in
part
by the resolution adopted by the State Secretaries Section
at the Houston, Texas, convention last .November.
of
action
A.
B.
taken
A.
Hold
to
Pacific
Coast
Angeles Sept.
Plans
gional
17th
Conference of
Rocky Mountain States in Los
19-20
actively
are
Trust
Regional Trust
and
under
Conference
the
for
way
the
of
Pacific
seventeenth
Coast
and
Re¬
Rocky
Mountain States,
which will be held in Los Angeles, Calif.,
Sept. 19 and 20, under the auspices of the Trust Division,
American Bankers Association, it is announced by Samuel
C. Waugh, President of the A. B. A. Trust Division and
Executive Vice-President and Trust Officer the First Trust
Co., Lincoln, Neb.
days
before
Wash.,
other
to
The dates of this conference
annual
will
The
act
A.
convention
Angeles,
hosts
who
Executive/ Committee,
ference.
Mr.
California
Southern
as
Vice-President
Los
the
B.
are
in
a
few
Seattle,
Sept. 25 to 28, and will enable trust men from
to attend the Los Angeles meeting en route
on
Seattle.
berry,
of
A.
sections
ciation
of
the
of
is
is
Roseberry
to
this
the
a
Security-First
member
General
has
Trust
Officers
conference.
of
the
following committee chairmen:
Asso¬
H.
Rose-
National
Bank
Trust
Chairman
announced
L.
the
-
of
Division
the
con¬
appointment
Volume
Program
intee
&
148
Financial
Committee—B.
Trust
Co.,
Los
W.
Utter,
Angeles,
Finance Committee—Frank H.
of
the
California
Trust
Entertainment
of
America N.
Hotel
First
and
Trust
&
the
of
&
S.
A.,
Savings
Chronicle
Guar-
Title
the
Calif.
Los Angeles,
Of the
mortgages
the Bank
of
Bank,
Committee—G.
Calif.
Pasadena,
VV.
&
Vice-President
Trust
Co.,
and
Beverly
were
recorded.
Illinois
and
$15,319,000
in
Wisconsin.
In
Individual lenders
the second most
prolific source
were
the community home
to
lending in¬
stitutions.
Calif.
Hills,
in
49%
of mortgage funds in
the district next
Officer
Trust
recorded
volume
Mr. Gardner said.
Calif.
Davis,
Bank
were
Illinois total
was in Cook County where 3,528 home
Wisconsin, 32% of the dollar volume was
recorded in M.ilwaukee
County where 1,742 home mortgages were made,
In number of
mortgage loans supplied by savings, building and loan asso¬
ciations, the district had a higher
percentage than the nation as a whole,
Calif.
Committee—Roger M. Bone, Trust Officer of the
Beverly Hills National
loans
mortgage
Angeles,
3475
Further analysis of the
figures showed tha $40,553,000 of the district's
Schmidt, Vice-President and Trust Officer
Los
Committee—Harry M. Bardt, Vice-President
T.
Registration
Publicity
of
Co.,
Vice-President
—x'I
Annual
Convention
of
New
York
State
Savings
and
Saranac
League
Savings,
Building and Loan Associations Advanced
$83,425,000 in April—Greatest Volume of Loans
June, 1937
of
Held
at
Inn, New York, June 14-16
Loan
Associations
Be
to
Since
Savings, building and loan associations in April made the
greatest volume of loans for any month since
June, 1937, by
advancing $83,425,000 to home builders, buyers and owners,
the United States
Building and Loan
The New York State League of
Savings and Loan Asso¬
ciations will hold its 52nd annual convention at Saranac
Inn, New York, on June 14, 15 and 16.
Approximately
600 delegates from the
League's 224 member institutions
located in all parts of the State will attend the
League,
reported
three-day
Program plans for business sessions, banquet and
entertainment were recently announced
by Zebulon V.
Woodard, Executive Vice-President of the League.
The
theme of the convention will be "The
Savings and Loan
Association of Tomorrow." This
keynote will be sounded by
Morton Bodfish, Executive Vice-President of the United
1938,
States
Building and Loan League, Chicago, 111., in his
on the first
day of the convention, June 14. Other
speakers will weave this progressive note into their themes
Loans
field,
State
volume.
Howland
H.
Director,
Federal
of the
Housing
Administration.
Manufacturer's
Trust
pre¬
late
a
Co.,
'
"
•.
.
18.44% of the total
•
are all ahead in April of the Los An¬
geles district which held third pl3.ee for two months previous.
In the branch
of
savings and loan activity devoted to construction financing,
Los Angeles district
second only to
>
evening of June 15.
still appears next
follows:
purposes
•
.
loaned for various
N ew construction
...^
Other purposes
■
$23,727,000
.....
28.44
4,974,000
35.84
15,384,000
18.44
9,437,000
T*_
5.96
29,903,000
......
...........
.
Percent of
Total
United biaUs
Repair and modernization.
Refinancing.
by
All Associations in
the
•
being
.
Estimated Loans Made
Home purchase..«
,
however,
top in dollar volume,
.
Purpose
Election of officers for 1939-1940 will be held
p. m.
to the
the.Winston-Salem district.
Analysis of the April loans and the percent of total
His subject will be "Home, America's
opening day, June 14, at 2
11.31
r
'
Home
Mortgages
Totaling
396,158
Amounting
to
$1,087,822,000 in Four Months of 1939 Reported
by FHLBB
Home
'
Total..
ITEMS
Savings, building and loan associations
30% of the dollar volume.
Banks and trust
other
mortgagees
had about
June 3 the Board further said:
A gain of about
3% from March to April
loan associations and the
and trust companies
14%.
Under date of
,
.
was
registered by savings and
sapie amount for mutual savings banks.
dropped about 8% from March to April.
Banks
The totals
for the first four months by
groups were:
Savings and loan associations
.
_
Banks and trust companies..
Mutual savings banks
Individuals-
..j
'
Others.
T-/---
85,673
.....
'
'
*
.
•
Home
Loan
Bank
204,263,000
156,008.000
396.1 ~c'8
*1.087.822.000
of
Chicago Reports 17,020
Mortgages Totaling $55,872,000 Were Made
During First Quarter
in Illinois and Wisconsin
There
17,020 home mortgages made in Illinois and
were
$83,425 000
•....
*■
4
'
•
.
;
Wisconsin during the fisrt quarter of 1939, to a total amount
$55,872,000, the Federal Home Loan Bank of Chicago
'
-
TRUST
1
"
j,
1
Arrangements were made June 5 for the transfer of
.
1
'
vi
.
COMPANIES,
&C.
a
New
a
New
The previous
.
•
Vincent E. O'Neill, retired' New York broker and'former
President and Governor of the New York Curb Ex¬
Vice
change, died on May 29 at his home in Cortlandt, N. Y.r
at the age of 60.
He started work in Wall Street when he
was about 20 years old and remained there for 32
years.
Mr.
O'Neill operated a Curb Exchange brokerage business under
name
own
and
his firm
associated
was
for many years
He retired from business 12 years ago.
D. Branch Warwick, a
former Governor of the New. York
Curb Exchange and a member of the Curb Exchange firm of
L. A. Mathey & Co., died on June 5 after a long illness at his
home in Summit, N. J.
He
was
56
out-of-doors,
Mr.
Warwick
was
old.
years
New York Curb Market in 1920 when it
«
Home
34,486,000
•
Total..
Federal
97,137,000
273,780,000
105,047
46,898
.....
'
$322,148,000
•
,
10.075
.1
...
"■
19,341
_
--
...
BANKS,
Amount
129,124
_
Insurance companies
A-BOUT
with Scholle Bros.
Number
.
York Stock Exchange membership at $63,000.
transaction was at the same price on May 26.
his
Type of Lender
_
1
Arrangements were made June 9 for the transfer of
York Stock Exchange membership at $68,000.
were
companies were second with 25% and individuals third with
19%.
Insurance companies had about 9% of the recordings,
mutual savings banks about
3%, and the group of miscella¬
.
'
(
June 3.
on
accounted for
_
u
totaling 396,158 and amounting to
recorded in American cities and towns
during the first four months of 1939, the Division of Research
and Statistics
of
the Federal Home Loan Bank Board
reported
_
'
mortgages
$1,087,822,000
neous
insignificance, being only
new
volume, accounting for
28.3% of all the country's savings and loan lending, but the
Pittsburgh and
Sargeant, editor of the Federal Home Loan Bank Review.
Foundation."
three years ago, the refinancing of
existing mortgagee,
as
'
Michael F. Walsh, L.L.D.,
Secretary of State of the State
New York, will be the speaker at the
banquet on the
the
for
estate
New York and Chicago bank districts
LeGrand W. Pellett, of Newburgh, Past President of the United
States
Building and Loan League*.
of
indicators of recovery in the real
Atlantic Seaboard States and the Middle
West, comparing April with the two
The Cincinnati and Winston-Salem Federal Home Loan
Bank districts continue to be the leaders in loan
Deputy Superintendent of Banks, State Banking
'
score
Clarence T. Rice, Kansas City, Kan., President of the
League, pointed
out that increasing
percentages of the lending are being done in the populous
i
'
the
were
accounting fox- increasing percentages of the savings and loan
one type of loan characteristic of
depression which was
as
drppped in April to
Husband, member of the Federal Home Loan Bank Board.
Francis J. Ludemann,
homes, the League said,
September, 1937, while the month's
repair loans Was the largest in six.
months previous.
Goess," Vice-President
Department.
were
dominant
s.
W. II.
purchase of existing
activity, the
Morris S. Tremaine, Comptroller of the State of New York.
New York
the
While all these types of loans,
include the following:
Grace,
for
modernization and
State League, growth of the business, and
&c., will be given
by Mr. Woodard in his annual report. Other speakers will
V,
This is the sixth successive month in
which the loans
greatest for any month since
State League, will render his presidential address the
opening
morning of the convention.- The report of activities of the
Frederick
Chicago,
time construction loans
same
added:
also, most of the committee reports and discussions being
pointed toward future expansion as well as present-day pol¬
icies, trends and opportunities.
''
John S. Fitzpatrick, President of the
Flushing Federal
Savings and Loan Association, as President of the New York
G.
At the
by these institutions have exceeded the figure for the same
month of the previous
yeal. - The League's announcement
address
Thomas
June 3.
on
by these community home lending institutions reached
$23,727,000, making April the peak month in this
activity
since before the
depression.
April total loans represented a
gain of 13.6% over March, and of 13.8% over like month of
sessions.
was
elected
a
Joining the
still operating
Governor in
February, 1927, and held office for a little over a year when
he was forced to resign because of ill health.
In 1924 Mr.
Warwick organized the firm of D. B. Warwick & Co., which
was
discontinued
on
Jan.
15,
1938.
He
then
became
a
partner of L. A. Mathey & Co. and was one of the three Curb
members of that firm at the time of his death.
of
reported
on
June 3.
total home mortgage
and one out of every
2-State district.
Data
are
Home Loan
from
a
Bank
The dollar volume was
7.1% of the
recordings for the Nation as a whole,
16 mortgages in the county was in this
The bank's announcement further said:
new
index started the first of the year by the Federal
Board at
reports from 400 counties,
820,000
are
listed
as
Washington, with estimates baeed
throughout the country.
home mortgages.
A. R. Gardner, President of the
and loan associations in these two
of
new
tions.
on
exact
All mortgages under
'
States furnished
33.93% of the
volume of loans for the period.
well-known
Boston
banker,
and
in
Europe
Harvard
beean
tified
under
a
and was graduated from
Shbrtly after his graduation he
tutor,
College in 1877.
his
business
merchant
with
some
career
and
in
the
office
of
his
father,
a
Later he became iden¬
of the nation's leading industrial enter¬
shipowner.
number
mortgages during the quarter, more than any other group of institu¬
The associations are the home lending outlets for the
bank's funds in the various localities.
Gardner,
Bourne, Mass., his summer home, 011 June 6, at
age
of 83.
Mr. Gardner, who was born in Boston,
received his early education at Noble's School in that city,
at
the
Boston
Chicago bank, said that savings, building
Peabody
George
died
Chicago
Th^y provided 27.55% of the dollar
including the General Electric Co. and the Amer¬
ican Telephone & Telegraph Co. • lie was President of the
Provident
Institution
for1 Savings
of Boston; and had
prises,
served
as
Vice-President
of
the
Chicago
Junction
It.
It.
.
Financial
3476
Stockyards Co.; Director of the State Street
and the Union
of
Bank
Co.
Trust
Colony
Ohl
Boston,
National
First
Co.;
Railroad
Freight
Union
Exchange,
Boston;
of
Old
Colony It. It. and International General Electric Co.
He
was also President and a Trustee of the Amoskeag Co. and
President
former
a
of the Massachusetts Hospital Life
addition, during the years at various
affiliations included the following:
business
his
times,
In
Co.
Insurance
of
President
Lawrence
the
Co.,
Manufacturing
Falls
Great
the
Manu¬
St. Mary's Mineral Land Coe.; Vice-President
Houghton Copper and Mayflower Mining Cos.; Director of the
Champion Copper Co.,
Winona Copper Co., Boston Elevated Railway,
Electric Securities Corp.; Vice-President of the Douglas Copper Co. and
Director of the Los Angeles Union Stock Yards Co.
the
and
Co.
facturing
of
the
4
,
—
Savings Bank, New York City, has received
The Harlem
permission from the New York State Banking Department
to change the location of its branch office- from 4240-4242
Broadway, Borough of Manhattan, to 4252-4250 Broadway,
Bulletin"
"Weekly
Department's
the
from
learned
is
it
issued June 2.
'
'
Ralph Delavan LeRoy, for the past twelve years
of the Ilion National Bank & Trust
President
Co., Ilion, N. Y., died
Mr. LeRoy, who was 63
a heart attack.
born in Ilion, and had devoted nearly all his
banking, first as Teller and Assistant Cashier of
the National Mohawk Valley Bank, Mohawk, N. Y., then
as Cashier, Executive Vice-President, and President of the
Ilion National.
The, deceased banker was a past director
on
June 8,
and
following
old,
years
was
to
career
past President of the Oneida-Herkimer Bankers Asso¬
was a member of the Executive Committee.
He
a
ciation and
represented the Ilion institution in the New York State
Associa¬
tion.
For 29 years he was a Director of the Ilion Savings-&
Loan Association and served as its President for the last
also
Bankers Association and in the American Bankers
decade.
♦
Clinton Trust Company
Ellwood M. Rabenold has
resigned as Chairman and Director of the Bank; that
William J. Waite has been elected to the Chairmanship
of the Executive Committee and Edward W. Smith, ViceLee S. Buckingham, President of
New
of
York,
President
that
announces
elected a Director.
been
has
Treasurer
and
♦
That
a
the Camden Trust Co., Camden, N. J., had been
advices
Gloucester
3
June
on
is learned
June 5,
become effective
and would
approved
from
Gloucester,
of the Gloucester Trust Co.,
merger
N. J., with
to
Philadelphia
the
"Inquirer," which said:
the
of
Merger
and
Gloucester
3)
(June
approved today
and
Co.
Trust
meeting of
at a
Albert
representatives,
Woodruff,
S.
the Camden Trust Co. was
81% of common stockholders
solicitor of the Camden in¬
stitution, announced.
Woodruff
Mr.
Trust
Co.,
the
said
Monmouth
and
Sts.,
Atlantic
Ave.
and
Monmouth
and
business.'
consolidated
closed
be
the
St.
.
,
,
Co. branch office, King
office of the Gloucester
would be open Monday for
Trust
Camden
present
would
"
Under
the
moved
were
3
p.
King
the
The
yetrs.
Mr.
said
Gloucester
Woodruff
Vincent
the
said
Co.
provide
representing
of June
branch
*■
has
building
more
the
was
landmark for 50
constructed in 1924 and
been
a
spacious quarters.
Federal
Deposit
—:—♦
Insurance
•
.
Corp.,
',
into the Commonwealth Trust Co. of that
of the latter changed to the Common¬
name
wealth-Merchants Trust
The main office of the
Co.
solidated bank is at 440 Bergenline Avenue,
are
Sts.
5, the Merchants Trust Co. of Union City,
N. J., was merged
place and the
papers
met witb Government approval.
merger
*
As
quarters.
Sts.
Trust
would
Gallaher,
bank
new
Monmouth
and
'
from the vaults of the King and Monmouth
m.
building and placed in
The
the money
guard of city police,
at
' .
securities and other
con¬
and branches
operated at Bergenline Avenue at 39th Street and Sum¬
mit Avenue and 7th Avenue, all in
Union City.
The new
organization is capitalized at $1,000,000 with surplus and
undivided profits of $300,000 and has deposits of $11,433,618
and total resources of $12,782,095.
Its personnel is as
follows:
William F. Burke, President; Theodore Seltzer,
William A. Halseh, Charles M. Mindnich and Albert Kerr,
Vice-Presidents; Joseph B. Feeney, Secretary; Arthur H.
Bridges, Treasurer;- Harry J. Ellis and Charles Bobel, As¬
sistant Secretaries, and Joseph F. Hess, and John Bobel,
Assistant-Treasurers.
George Ross Hull was recently elected a director of the
Capital Bank & Trust Co. of Harrisburg, Pa., to succeed
the late W. Domer Harris.
law firm of
Mr.
Hull is
a
well
maintained until the market closed.
Public utilities
buying attention and a number of new
also attracted some
tops were registered in this group.
Aluminum shares were
practically unchanged.
Aviation issues were quiet and only
a moderate number of transactions were registered by the oil
shares.
Noteworthy among the active stocks closing on the
side of the advance were Buckeye Pipe Line, 1 point to 33;
Pittsburgh & Lake Erie, 2 points to 54; and Northern Indiana
Public Service 7 pref., 2 points to 10134Public utilities were inclined to push ahead as the market
resumed its sessions on Monday, but the general list was
mixed with fractional changes from Saturday's close.
The
volume of sales was light, the turnover dropping to approxi¬
mately 74,090 shares, against 80,000 on Friday.
Industrial
stocks continued in demand, United Shoe Machinery moving
up 134 points to 83M; Chicago Flexible Shaft, 1 point to 74;
and Royal Typewriter, 1% points to 52%.
Aircraft issues
were quiet and oil shares and mining and metal stocks showed
little change.
Public utilities held most of the gains of the
preceding day and in some instances worked into new high
ground for 1939.
In the latter group were New England
Power 6% pref., which moved up 1 point to 7334> and
Southern California Edison pref., 1 point to 44%.
Curb stocks were generally stronger on Tuesday and sev¬
eral new tops were registered among the public utilities and
industrial
specialties.
The transfers were substantially
higher, the total climbing to 108,870 shares, against 74,090
on the preceding day.
Aluminum stocks were considerably
stropger and oil shares registered modest gains.
-Mining and
metal issues were quiet and aircraft stocks were irregular.
Among the gains registered at the close were Aluminum Co.
of America, 134 points to 10934; Aluminium, Ltd., 234 points
to 13034; American Superpower 1 pref., 234 points to 72%;
Childs pref., 234 points to 5334; Consolidated Mining &
Smelting, 234 points to 43; Todd Shipyards, 2 points to 48;
United Shoe Machinery, 134 points to 84%; and Jones &
Laughlin Steel, 134 points to 2734New gains and many new tops were registered in various
parts of the list on Wednesday.
The advances ranged up
to 2 or more points, and while all sections of the list were
active, the improvement was most pronounced among the
public utilities pnd industrial specialties.
Mining and metal
stocks were stronger and there was some pick up in the air¬
craft issues and oil shares..
The transfers dipped to 103,875
unchanged.
The gains included among others
Brill pref., 3 points to 32; New England Tel. & Tel., 234
points to 112; Newmont Mining, 3 points to 72; and Pep¬
pered Manufacturing Co., 1 point to 71.
Quiet dealings and narrow price movements were the
feature of the trading on the Curb Exchange on Thursday.
Speculative interest in the, public utilities continued;! to
dominate the market but there was also a moderate amount
were
given to the industrial specialties, aircraft stocks
The,transfers dropped to 85,455 against
103,875 on Wednesday.
New tops for the year were reg¬
istered by several stocks in the public utility group including
among others West Texas Utilities 234 points to 100, North¬
ern
Indiana Power & Light $7 pref., 2 points to 98; and
Empire District Electric, 1 point to 71.
Other gains were
Duke Power, 2 points to 67; New England Tel & Tel., 3
points to 115; and Bickford pref., 234 points to 40.
Irregular price movements were apparent during the open¬
ing hour on Friday, but the market steadied as the day
progressed and the session closed with a goodly number of
the leading stocks on ,the side of the advance.
The gains
were
not particularly noteworthy but were well scattered
through the list and gave the market an appearance of
strength.
Public utilities were in deamnd and industrial
specialties were moderately higher.
Oil stocks moved
fractionally higher and mining and metal issues registered
modest gains.
As compared with Friday of last week prices
were higher American Cyanamid B closing last night at 25%,
against 23% on Friday a week ago; American Gas & Electric
at 3534» against 34%; Carrier Corp. at 1334* against 1334;
Childs Co. pref. at 5234> against 52; Consolidated Gas
Electric Light & Power Co. of Baltimore at 8034, against
7834; Gulf Oil Corp. at 34%, against 3334; Humble Oil (new)
at 63%, against 5934; Newmont Mining Co. at 73, against
71; Sherwin Williams at 93, against 92; and United Shoe
Machinery at 84, against 8134of attention
and the oil shares.
DAILY
have
centered largely around the public utility stocks and indus¬
trial specialties during much of the present week.
Trading
has been
quiet and with few exceptions the changes have been
narrow range.
Aircraft issues have been off, min¬
ing and metal shares have shown very little change and oil
stock were generally lower until midsession when there were
within
a
a
number of modest advances.
been light.
Dull trading and
Shares)
Domestic
35,870
Wednesday
1,523,000
1,996,000
2,280,000
1,836,000
2,324,000
85,345
Thursday
112,380
Friday
519,405 $10,800,000
Total
Sole
at
Total
Corporate
$2,000
12,000
$32,000
$841,000
73,640
108,615
103,555
Monday
Tuesday
Foreign
Government
3,000
$875,000
1,538,000
21,000
13,000
2,030,000
52,000
27,000
2,359,000
8,000
20,000
1,864,000
32,000
8,000
2,364,000
$82,000 $11,030,000
$148,000
Week Ended June 9
Jan.
1 to June 9
New York Curb
Exchange
1939
1938
519,405
487,075
17,975,726
17,945,361
$10,800,000
$5,485,000
$208,560,000
$142,954,000
3,239,000
1939
1938
The volume of transfers has
mixed price changes were the outstanding
characteristics of the curb market dealings during the brief
session
on
Saturday.
Industrial specialties were fairly
active, and while the changes were generally small, they were
EXCHANGE
CURB
Foreign
of
EXCHANGE
the New York Curb Exchange
YORK
Bonds (Par Value)
Stocks
Saturday
on
NEW
THE
(Number
June 9. 1939
Price movements
AT
TRANSACTIONS
member of the
Week Ended
CURB
Of these 40 advanced, 71 declined,
with 311 issues traded in.
and 100
Snyder, Hull, Leiby & Metzger.
THE
June 10, 1939
Chronicle
Stocks—No. of shares.
Bonds
Domestic
'
Foreign government.
Foreign corporate
Total.
148,000
79,000
2,295,000
82,000
147,000
2,791,000
2,922,000
$11,030,000
$5,711,000
5213,646,000
$149,115,000
Volume
148
Financial
FOREIGN
EXCHANGE
Chronicle
Pursuant to the requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now
certifying
EXCHANGE
BANKS TO
RATES
CERTIFIED
BY
JUNE
3, 1939 TO JUNE 9, 1939,
20^d.
\9%d.
20?*d.
19 15-16d.
19 %d.
20 1-16d.
20 1-16d.
June 5
June 6
ENGLISH
Czechoslov'la,
Denmark,
$
$
$
$
S
.170236
.170230
.170227
.170233
.170238
.012075*
.012075*
.012075*
.012075*
.012075*
FINANCIAL
.012075*
koruna
krone.—
a
.209037
.
Engl d, pound sterl
a
.209081
.209112
>
.209062
.209081
Silver,
.683750
.685000
L685069
.684722
.683819
:.682638
.020558
.020595
.020645
.020550
.020533
.020554
.026504
.026509
.026502
.026495
.0/6495
Germany, reichsmark
.401187
.401137
.401062
.401012
.400928
.400931
Greece, drachma.
.008557*
Italy,
—
.
.008566*
.008567*
.008566*
Rumania, leu
Spain, peseta
.195750*
.195750*
.195750*
.052604
.052603
.052603
.532061
.532500
.532472
.532494
The
States
.235346
.235362
.235315
.235309
.235252
.188120
.188080
.188080
.188140
.188060
.042482
.042490
.042480
.042477
U.
.007064*
.007035*
.007035*
.007035*
.007035*
.007125*
.110225*
.110225*
.110225*
.110225*
.241164
.241187
.241190
(newly mined)
.241137
.225808
.225716
.225563
.022620
.022620
.022640
Chefoo (yuan) d'ol'r
Hankow (yuan) dol
.158500*
.158666*
.158666*
.142750*
.131416*
.156416*
.154083*
.156583*
.139000*
.130583*
Shanghai (yuan) doi
Tientsin (yuan) dol
.159968*
.159937*
.160093*
.143916
.156687*
.157125*
.156187*
.141833*
.131062*
Hongkong,
dollar.
.290656
.290768
.290921
British India, rupee..
Japan, yen...
.290250
.290125
.348831
.348868
.349191
.349190
.349114
—
.272942
.272930
Straits
.272989
.272975
.272975
Settlem'ts. dol
.543750
.544187
.544437
.544500
.544500
.730062
732625
3. 732750
.732000
3.732250
Australasia—
.745885*
747625* 3 747500*
Africa—
Union South Africa, £ 4.634375
North America—
w.
Brazil, mllrels
'
Chile, Peso—official.
*
Nominal rates,
days have been:
42
%
42 J*
64.64
following securities
reprint
.123833*
Shares
1 Columbian National Life
Insurance
10 Fall River Gas
.349025
.
.999500
.999500
.999500
.200240*
.200240*
.200240*
10 Walworth Co.
10 North Boston
.996406
.996210
.996250
.996406
.312365*
.312340*
.312270
.060586*
Shares
b
.052230*
50 Pennsylvania Co. for
Insurances
46 Integrity Trust
.051733*
.0*0000*
.051733*
.040000*
.040000*
.051733*
.040000*
.040000*
.571500*
.571500*
.040000*
.571500*
.571500*
.616398*
.572300*
.616271*
.616260*
No rates available,
b
Temporarily
par
'
.
.
—Charles H. Lake,
Lives & Granting
on
of
affiliation
'
$10.._
—...
with
...
148s. 6d.
148s. 6d.
148s. 5^d.
-
-
148s. 5^d.
148s. 5d.
—
—
The following Were the United
Imports
..
nn"
British East Africa—...
Netherlands
France-
50,685
59,000
23,047
18,904
1,782
614,544
28,556
11,712
v
—...
Switzerland
New Zealand.
Other countries
„
Acn
-
Peru
Poland
148s. 5.67d.
Kingdom imports and exports of
gold,
mid-day on the 22nd inst.:
£4,683,756
203,052
731,288
Australia....
Sweden
with
Switzerland
Eire......
4,460
220,155
497,789
3,547
.
Other countries-
President Van Buren about
£109,000.
The Transvaal gold output for
,
£19,694.119
amounted
to
about
£267,000 and the SS.
April, 1939, amounted
ounces
for
to 1,017,182 fine
March, 1939. and
SILVER
The market has been quiet and
movements in prices
unimportant.
Sales were made on
Continental account and a few
purchases were made
for America.
The Indian Bazaars
again appeared as buyers, but
there was
also some re-selling from the same
quqrter.
The market seems fairly
steady but as Indian interest has
become rather
less keen, the present level of prices would
appear
sufficiently high.
The following were the United
Kingdom imports and exports of
silver
registered from mid-day on the 15th inst. to
mid-day on the 22d inst.:
Imports
Exports
Hongkong
a £51,100
United States of America..
£67,527
Japan
121,745
British India
42,195
Egypt
b66,600
Canada
11,187
Union of South Africa
7,748
Egypt.
..
Gibraltar
b2,236
b2,929
British India
New Zealand
2,729
16,019
5,918
Belgium
France
Portugal 1
Aden &
Dependencies
Switzerland..
Sweden
Norway
Other countries
b2,459
Other countries
b30,556
b3,350
13,358
2,695
2,154
3,387
7,743
£287 ^26
a Including
£32,108 in coin not of legal tender in the United
b Coin not of legal tender in the United
Kingdom.
:..a
2%
10?*
1?*
a
1935, Mr. Lake
was
for
seven
years
Jformeriy with Cohu Brothers
& Georgeson, has
York
office".
Clearings
a
decrease compared
us
based
telegraphic advices from the chief cities of the country
indicate that for the week ended
today (Saturday, June
10)
bank clearings from all cities of the United
States from which
it is possible to obtain
weekly clearings will be 14.7% below
those for the corresponding week last
total
stands
same
at
year.
Our preliminary
$5,564,482,283, against $6,520,813,207 for
week in 1938.
week ended
At this center there is
Friday of 24.5%.
for the week follows:
1939
New York—...
Boston—j.
—
....
«.!
—j
»,
Kansas City...
....—...
St. Louis...——.
-—
San Francisco.
68,890,628
72,700,000
"
Cents
—24.5
—2.8
6.5
+0.6
+4.0
+ 14.7
+ 15.3
75,363,440
+ 9.0
56,941,794
63,582,810
50,975,284
+ 11.5
+3.9
+ 11.0
$3,916,668,904
720,399,665
$4,721,731,971
—17.1
680,679,935
+ 5.8
$4,637,068,569
927,413,714
$5,402,411,906
1,118,401,301
—14.2
$5,564,482,283
56,520,813,207
—14.7
66,087,924
66,601,392
-...
Eleven cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
|f
$3,531,384,317
255,049,812
306,000,000
156,914,847
66,231,667
63,400,000
95,888,000
110,540,000
82,167,348.
63,478,722
Pittsburgh.....
Detroit
Cleveland
1938
$2,664,596,778
247,816,441
326j000,000
157,789,771
...
....
loss for the
Per
«
Chicago
Philadelphia..
a
Our comparative summary
,
Clearings—Returns by Telegraph
Week Ending June 10
...
Total all cities for week
—17.1
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all
has to be estimated.
detailed statement, however, which we
present further below, we are able to give final and complete
cases
In the elaborate
results
of
£176.409
in
Preliminary figures compiled by
year ago.
for
the
week
For that week there
Kingdom,
Co.
department Of Bankers Trust Co.
upon
263,822
33,648
France
fine
34
-
.......
NOTICES
Banl^ clearings this week will show
20,565
3,000
'
Netherlands
£6,426,326
Gold shipments from Bombay
during the week
£376,000 of which the SS. Markunda carried
about
as compared with
1,075,807
982,964 fine ounces for April, 1938.
par $10—
....
manager of the
Course of Bank
the
Exports
United States of America.
£9,554.451
Canada
9,085,692
Central & SovAmerica__
6,990
Union of South
Africa.. \
-
ounces
Annuities,
become associatedwith Kirchofer"
(STArnolclT IncTin"their"New
on the 15th inst. to
British West Africa..
Washburn &
•—Thomas W. Gleason,
Per Fine Ounce
148s. 6dv
_
Union of South Africa.
Southern Rhodesia_.i
formerly
with the municipal bond
In the open market about
£2,150,000 of bar gold
changed hands at
the daily fixing during the
week.i A good proportion
of the supplies was
provided by the authorities and there
were sales of
newly-produced gold:
most of the
offerings were taken for shipment to New
York.
registered from mid-day
*
municipal department of
Washburn & Co., has become associated with
the New York office of
Alex.
Brown & Sons in charge of the
municipal department here.
Prior to his
of
The Bank of England gold
reserve against notes on
May 17 was £226,160,005 at 148s. 5d. per fine ounce
showing no change as compared with the
previous Wednesday.
»
'
Co. common
gold
—
50?*
......
,
2 Paoli Coal <fc
Supply Co. common, par $1001—•
10 Bucks County
Mortgage & Guarantee
»
the
h
5
...
omitted.
GOLD AND SILVER
MARKETS
May 24, 1939:
31*
__$2 lot
;
$50...
$ per Shar?
.616178*
.616200*
211
...
par
.•
113?*
,,—
stocks
Co.,
•
$ per Share
;
By Barnes & Lofland, Philadelphia:
.312250*
b
.'
„
preferred, par $10..,
Lighting Properties preferred,
.312285*
b
15?* fiat
*"*•*
$100..—...
Realty Associates, par $100
Refining Corp., pa- $1.
.3121^0
.051733*
Percent
»
13 Barnsdall
.051733
—18
"
Stocks
4 First National Bank.
Winehendon, par
1 Boston
Athenaeum, par $300..
5 Back Bay
.051733*
70
—
:
.995703
.999500
.200240*
_
....
.200240*
.999500
$100...—
By R. L. Day & Co., Boston:.
Shares
.998886
par
$2,000 Postal Telegraph & Cable
Corp. 5s. July 1, 1953...
$.746062*
4.632656
4.634375
.998691
b
$ per Share
Co.,
.998242
4.635937
.998632
Wednesday
..
.999500
4.636500
on
par $25.=
Bonds—
.544187
.747000* 3,746812*
Slocks
Works,
.272873
following from the weekly circular
Montagu & Co. of London, written under date
Quotations—
May 18
May 19—
May 20
May 22—
May 23May 24
Average
42?*
64.64
•/
CURRENT
We
42%
64.64
sold at auction
were
.287468
.200240*
THE ENGLISH
Samuel
,42?*
64.64
64.64
.995976
.616129*
a
£107?*
By Crockett & Co., Boston:
.126333*
.571500*
export
"
J
in the United
.122625*
1.731812
.998789
••
Colombia, peso.—..
Uruguay, peso
£94 J*
£107?*
(in cents)
of the current week:
.125750*
.131375*
4.636500
.998359
South America—
peso
£108
,
ounce
£68?*
■
AUCTION SALES
The
Argentina,
£107%
.022640
China—
Canada, dollar
Cuba, peso
Mexico, pes©..
Newfoundl'd, dollar.
£94 %
.225494
.022620
Asia-
Australia, pound....
Zealand, pound.
£95 H
.241071
.241178
.225727
.022820
New
£95?*
148s. 5d.
£6 8%
per
Fri.,
June 9
19?*d.
148s. 5d.
£107%
same
64.64
148s. 4d.
£95 H
Holiday
the
Thurs.,
June 8
19 15-16d.
£68?*
(for.) Closed
Treasury
8.
20 15-I6d.
£68?*
.110225*
.225930
—_
CABLE
£69
Bar N.Y.
.042480
.110225*
..
on
.235265
20d.
148s .4 ?*d. 148s. 4d.
price of silver
.042547
Switzerland, franc.._
Yugoslavia, dinar...
Wed.,
June 7
Holidav
1960-90...—
.052604
.632222
Tues,,
June 6
20d.
British 4%
.188300
...
Sweden, krona
War Loan
.195750*
.052604
.533694
Netherlands, guilder.
Norway, krone
Poland, zloty
Portugal, escudo
.195750*
.052603
Mon.,
June 5
per oz
Consols, 2?*%. Holiday
British 3 ?* %
.008566*
.008567*
.195750*
pengo.—.
lira
MARKET—PER
Sat.,
.19 15-16d.
Gold p. fine oz.l48s. 5d.
.209011
.026497
Hungary,
43 cents
43 cents
June 3
..
'
a
a
Finland, markka
France, franc
g
43 cents
43 cents
daily closing quotations for securities, &c., at
London,
reported by cable, have been as follows the
past week:
as
$
"
17
18
19
20..
22
23__
The
June 9
June 8
June 7
.170236
Europe—
Belgium, belga.i
Bulgaria, lev
YORK
Transfers in New York
Value in United States Money
Unit
June 3
May
May
May
May
May
May
19 15-16d.
20 1-I6d.
IN NEW
(Per Ounce .999 Fine)
.43 cents
19 %d.
43 cents
20.083d.
19.896 d.
The highest rate of
exchange on New York recorded during the period
from May 18 to
May 24,1939, was $4.68?* and the lowest $4.68.
1930
INCLUSIVE
Noon Buying Rate for Cable
Country and Monetary
We
RESERVE
FEDERAL
TREASURY UNDER TARIFF ACT OF
IN LONDON
Bar Silver per Oz. Std.
Cash
2 ' los.
20 l-16d.
19%d.
May 18.
May 19
May 20
May 22
May 23
May 24
Average
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
give below a record for the week just passed:
FOREIGN
3477
Quotations during the week:
RATES
previous—the
was an
week ended June 3.
increase of 3.5%, the aggregate
clearings for the whole country having amounted to
$5,077,890,205, against $4,905,110,492 in the same wefck
in 1938.
Outside of this city there was an increase of
8.4%,
June 10,
Chronicle
Financial
3478
1939
I
Reserve districts for the five months for four years:
5 Months
5 Months
Inc.or
5 Months
5 Months
1939
1938
Dec.
1937
1936
%
S
%
S
Federal Reserve Dists.
Boston
S
5,462,077.521
New York..15
4,913,147,371
+ 11.2
6,193.603,077
5,581,942.817
71,993,292,981
14 cities
"
1st
2d
66,780,072,916
+ 7.8
85,252,992,818
82,902,569.685
+ 8.0
3d
Phlladelphlal7
"
8,238,209,210
7,626,783,343
9,068.805,555
7,912,351,948
4th
Cleveland.. 19
6,025,961,935
5,703,466,499
+5.6
7,302,715,255
5,813,282,073
5th
Richmond..
2,799,168,443
2.666,016,288
+ 5.0
3.087,071,027
2,573,197,329
3,221,371,570
Atlanta
16
"
"
"
7th
Chicago
31
"
9,692,109,365
9,163,314,315
9,752,520,149
St. Louis...
7
"
2.893,021,822
2.753.957.227
+ 10.5
+ 5.8
+4.9
11,518.008.228
8th
3,168,509,990
2.736,932,227
9th
7.9%.
In the Chicago Reserve District the totals are larger
by 4.9%, in the St. Louis Reserve District by 6.0% and in
the Minneapolis Reserve District by 8.2%.
In the Dallas
Reserve District there is a loss of 0.7%, but in the Kansas
MInneapolisl6
"
"
"
"
2,055.423,917
1.981.746.228
+3.7
2,173,463,984
1,897,300.618
6th
9
10th Kansas City 18
11
11th Dallas
City Reserve District there is a gain of 7.7% and in the San'
Francisco Reserve District of 4.8%..
In the following we furnish a summary by Federal Reserve
districts:
append another table showing the clearings by Federa
We
this center having recorded a gain of
0.1%.
We group the cities according to the Federal Reserve
districts in which they are located, and from this it appears
that in the New York Reserve district (including this city)
the totals record an increase of 0.1%, in the Boston Reserve
District of 11.8% and in the Philadelphia Reserve
District
of 16.7%.
In the Cleveland Reserve District the totals
show an improvement of 11.5%, in the Richmond Reserve
District of 5.4% and in the Atlanta Reserve District of
the bank clearings at
12th San Fran,..19
3,553,493,581
3,518,778,362
3,531,093,730
3,417,499,769
+3.6
4,040,385,871
,2.465,605,609
2,295,758,176
1.961.492.450
4,830.834,561
+7.4
+4.2
2,394,000,664
5,035,630,520
6,864,023,272
5,044,500,312
+ 7.3 143,661,436,227 132,631,808,155
192 cities 123,790,096.634 115,388,967,263
Total
2,836.910.185
3,596,853,485
53.077,532.759
50,888,975,639
+ 6.3
61,188,131,069
52,034,607,534
6,838.960,336
Outside N. Y. City
6,631.811,981
+3.3
7,931,049,936
7.512.738.447
.
32 cities
Canada
"
SUMMARY OF BANK CLEARINGS
*
monthly detailed statement of transactions on
The results
for May and the five months of 1939 and 1938 follow:
Our usual
Inc.or
Federal
$
197,577,591
+ 11.6
225.483,340
+0.1
3,438,293,407
5,169,152,728
390,609,179
333,623,98-
+ 16.7
341.137,190
397,035,937
2 2,238.76
+ 11.5
273,511,791
New York Stock Exchange is appended.
278,151,860
2,955,092,951
305,138.261
PhlladelpbialO
Cleveland..
$
%
the
220.915,135
M
4th
1936
253.93/,896
New York ..13
3d
1937
2,953,393,256
12 cities
Boston
Dec.
$
$
Dists.
Reserve
1st
2d
1938
1939
Week Ended June 3, 1939
7
• •
6th
Richmond..
6
113.433,70S
107.347,25/
+ 5,4
125,992,090
Atlanta
10
123,611,091
114,514.514
+ 7.9
131,961,233
116,357,983
7th
Chicago
18
432.738,535
412.663,664
+ 4.9
450,929.578
529,486.118
8th
St. Louis...
4
122,473,790
115,557,29
+6.C
129,121.395
134,967,702
7
91,022,585
83,133.60
+8.2
95,6 5,881
107,975,545
113,625,855
105 551,285
+ 7.1
123.161.702
137.558:782
47.132,09?
47,4'8 03.'
-0.7
49,876,612
46,278.341
207,810,019
193,319.348
+4.C
215,671,652
230,827,539
5,077,890,205
4.905.110,49?
+ 3.5
5,653,785,874
7.605.451.879
2,223,230.095
2,050,958.86!
+ 8.4
2 238,414,881
2.570.697,361
339,271.577
427.530,180
—20,6
443.237.764
430.062.732
1938
1939
1938
1939
132.oll.083
6th
Five Months
Month of May
Description
• •
Minneapolis
9th
M
44
6
H
12th San Fran...10
113 cities
Total
Outside N. Y. City.
32 cities
Canada..
14,004,244
96,800,295
$96,654,000
17,658,000
$559,940,000
110,895,000
$550,179,000
bonds
$98,423,000
17,291,000
U. S. Government bonds
7,390,000
6,844,000
39,190,000
68,168,000
Total bonds.......... $123,104,000 $121,156,000
$710,025,000
$723,806,000
Stock, number of shares.
Bonds
...
10th Kansas City 10
11th Dallas
12,935,210
92,797,143
„
Railroad & mlscell. honds
State, foreign, &c.,
The
following compilation
and 1938:
105,459,000
the clearings by months
covers
since Jan. 1, 1939
.
MONTHLY CLEARINGS
,
We also furnish today a summary
of the clearings for the
May.
For that month there was an increase
for the entire body of clearing houses of 10.2%, the 1939
of
month
.
Jan.u^
Feb-..
Mar
11.6% and in the Philadelphia Reserve District
12.9%.
In the Cleveland Reserve District the totals
show an increase of 7.5%, in the Richmond Reserve District
District of
11.0% and in the Atlanta Reserve District of 18.7%.
Reserve District the totals record an expan¬
in the St. Louis Reserve District of 12.7%
and in the Minneapolis Reserve District of 15.5%.
In the
+ 4.9
The
1938
Dec.
1939
four years
May,
1937
Month
1939
1936
/
New
1938
$
1,283
....
1936
$
:.$
14,567 14,453
1,150
1,382
1,199
York.......113,480
Chicago..
1939
$
12,383
.
CITIES IN
LEADING
of May
' 1937
900
805
982
1,443
339
Pittsburgh...
465
438
1,649
399
629
1,457
373
San Francisco
590
557
623
$
64.5Q0
6,009 * 5,843
4,675
4,157
7,814
7,219
888
1,633
Boston
"
3d
Phlladelphial7
"
4th
Cleveland..19
"
-f-11.6
12,832,335,793
1,719,503,284
New York.. 15
953,616,885
1,237,165.958
2(1
r,06 3,972,007
13,931,374,489
Boston_....l 4 cities
1,160,482,060
1,045,010,940
+ 8.6
15,132,752,406
14,921,368,678
1,523,223,504
+ 12.9
1,740,083,275
1,534,618,555
1,150,537,698
+ 7.5
1,492,821,317
1,206,088.933
.
Philadelphia
St. LottiS
.
Atlanta
31
9
1,992
2,265
538
2,888
2,799
1,317
1,142
1,742
1,683
1,239
764
1,747
658
3,107
3,241
1,497
1,352
2,138
2,050
1,386
800
2,527
737
656
239
459
793
527
666
8th
St. Louis...
7
Mlnneapollsl6
Baltimore.
—...^;
285
257
70 4,620,241
53/, 129,737
Cincinnati........
240
228
295
273
249
"222
1,391
1,174
+ 14.6
2,239,239,598
1,951,108,454
Kansas City.".-...
381
338
418
349
1,798
593,0/9,172
528.794.859
+ 12.7
629,5.74,922
532,889,659
Cleveland
401
370
431
336
.1,889
465,700,759
.401,0 41,363
+ 15.5
448,699,066
404,305,501
Minneapolis......
256
744,645,395
638.021.860
+ 11.5
79 4,053,248
689,245,604
New Orleans-—...
295
160
493,923,685
423,637,500
+ 15.8
169,064,741
378,528,248
Detroit...
Louisveille........
401
142
141
325
121
286
153
519
V 151
129.
"
11
515,446,474
+ 18.7
"
10th Kansas City 18
+ 11.0
••
9th
513,358,778
611,936,002
1,784,906,647
"
11th Dallas
12th San Fran...19
"
5/0,051,267
<4».
"
...
955.234,851.
+ 9.5
1,164,355,629
983,-411,676
118
23,603.492,289
24,779,150,469
Providence.......
43
39
46
12,039,069,993,
■10,326,237,123.
Milwaukee
85
75
88
133
128
160
106
133
9,938,58 4,673
Buffalo
32 cities
Canada..
1,644.783,462
1,422,854.360
+ 15.6.
1.674.831,325
1.597,411,967
......
Denver..
The
volume
of
transactions
share
in
properties
on
the
....
Richmond
1938
1937
No. Shares
No. Shares
''Total.
386
1,183
638
*2,102
633
668
211
.,406
647
404
.
481
548
327
765
735
818
662
370
700
300
370
670
275
406
786
341
329
655
.282
53
73 '
236
232
279
252
167
68
52
69
47
57
'
136
51
348
1,573
58
155
63
131
22,231
—
25,182,350
24,151,931
13,8/3,323
14.526,094
58,671,416
50,248,010
60,884.392
Total all
March......
25.564,174
22,995,770
50.346,280
51,016.548
Outside New York.11,160
63,618,847
61.673,795
159.265.706
179.102.685
20,246,238
17,119,104
14,004,244
34,606,839
39,609,538
18,549,189
20,613,670
2,129
2,587
67,201,745
February...
112,017 1Q4.290 130,757 122,736
2,170
11,773
11,099 12,904
9,796
20,223 24,019 22,609
2,409
Other cities
Month of January
First quarter..
Month of
69
131
68
579
207
407
629
501'
563
1,809
<
1936
No. Shares
620
216
416
648
509
597
107"
81
75
Hartford1939
73
138
147
Seattle.-.....—
Salt Lake City--..
No. Shares
98
110
154
....
Memphis..;..
1936 to 1939 is indicated in the following:
*
125
81
——
Indianapolis
New York Stock Exchange for the first five months of the
years
1U
St. Paul...
1,281
819
1,984
715
258
131
423
121
131
39
79
128*
97
127
+ 10.2
+12.0
11,159,867,458
Outside N. Y. City
'
24,639,887,726 .22,351,735,740
,1,0 45,93 4,0 *.9
...192 cities
Total
600,742,786
5,304
521
2,0.5,0 48,5/2
.16
Chicago
*
80,497
6,098
5.796
7.489
1,747
2,507
2,838
1,258
1,100
8,606.
1,699
Omaha
Richmond..
7th
—
1936
$
82,473
7,173
1,776
2,328
368
723,454,098
5th
6th
MAY
Jan. 1 to May 311938
1937
$
69,713
'
1st
9,96.8,584,673 + 12.0
of bank clearings at
BANK CLEARINGS AT
%
Dists.
Reserve
11,159,867,458
leading cities of the country
May and since Jan. 1 in each of the last
is shown in the subjoined statement:
course
omitted)
Federal
+ 10.2
for the month of
(000,000
May,
+ 6.5
+ 4.9
.
Inc.or
+2.3
+6.1
.+ 0.8 10,776,322,110 10,268,704,270
May.. 24,639,887,726 22,351,735,740
City Reserve District the improvement is 11.5%,
15.8%, and in the San Fran¬
May,
%
$
$
$
%
.C
*
+ 6.0 11,075.944,789 10,829,317,551
25,691,827,443 24,241,479,798
9,069,291,125
9,618,307.704
21.841,023,069 19,632,071,812 + 11,3
+ 9.0 11,449,535,393 10,753,078,020
27,460,472,594 25,194,752,704
in the Dallas Reserve District
May,
-
1938
1939
+ 8.6 32,143,787,886 30,651,686,696
In the Chicago
sion of 14.6%,
"
Clearings Outside New York
'
Apr... 24,159,320,497 23,968,927,209
of
9.5%.-
"
1938
1st QU- 74,993,323,106 69,068,304,314
of
cisco Reserve District
7
1939
aggregate of clearings being $24,639,887,726 and the 1938
aggregate $22,351,735,740.
In the New York Reserve Dis¬
trict the totals register a gain of 8.6%, in the Boston Reserve
Kansas
Clearings, Total All
Month
....
April
May..
-
-
12,935,210
.i'.
CLEARINGS
FOR
We
add
now
•;
our
132,532
61,188
52,035
9,969 12,039 10,326
54,078
50,889
detailed statement showing the figures
city separately for May and since Jan. 1 for two
and for the week ended June 3 for four years:.
for each
years
FOR WEEK ENDING JUNE
MAY, SINCE JANUARY 1,
Month of May
24,779 123,790 115,389 143,661
.24,640 22,352 26,606
3
Week Ended June 3
Five Months Ended May 31
Clearings at—
Inc.
1939
$
First
Federal
Rese
Maine—Bangor
rve
1938
Dec.
$
Inc.
or
%
1939
$
1938
.
$
Inc. or
or
Dec.
1938
Dec.
1937
$
S
%
$
S
520,337
546,342
656,314
840,259
2,350,671
235,534,972
%
District— Boston—
1,943,884
—9.1
2,137,804
10,198,074
10,752,491
—5.2
—4.8
Fall
River
8,265,602
7,642,478
+ 8.2
40,870,205
39,465,533
+ 3.6
1,755,957
1,772,457
—0.9
1,905,131
900,338,508
805,178,478
+ 11.8
4,675,086,289
4,157,206,769
+ 12.5
166.503,464
+ 12.7
190,584,903
2,714,961
2,630,230
+ 3.2
14,232,744
12,743,770
+ 11.7
187,600,768
588,572
1,466,763
Portland
Mass.—Boston.
1936
1939
1,415,448
1,579,878
2,617,312
+ 3.6
7,401,958
7,507,070
—1.4
501,666
+ 17.3
286,797
+ 11.8
395,289
660,077
655,684
"
Lowell
New Bedford
Springfield
Worcester
2,028,079
2,771,159
13,696,122
7,848,348
+ 28.4
8,987,276
+ 5.9
14,251,070
+ 15.4
11,867,209
7,213,067
+ 8.8
Conn.—Hartford
50,592,709
New Haven
18,006,743
47,211,968
15,773,686
+ 14.2
8,371,600
7,511,700
,+ 11.4
43,221,600
2,705,929
38,847,500
Water bury
R.
I.—Providence
N. H.—Manchester...
Total (14 cities)
1,063,972,007
1,990,127
953,616,885
+ 7.2
+ 11.3
'
+36.0
+ 11.6
66,262,159
39,506,764
235,762,088
88,399,808
33,569,700
215,852,200
11,697,186
5,462,077,521
8,103,055
13,149,260
~
408",908
+ 10.9
320 ,685
+ 8.4
546,324
747,867
—26.S
650,363
624,478
2,796,730
2,721,661
+2.8
3,176.461
3,877,842
1,835,243
15,708.224
63,521,689
+ 4.3
37,520,088
+ 5.3
1,760,598
1,626,345
+ 8.3
1,904,379
232,227,369
+ 1.5
10,931,201
10,518,677
+ 3.9
10,984,959
82.725,757
+ 6.9
4,133,992
3,960,452
+ 4.4
4,920.616
5,049,650
31,520,000
+ 6.5
77930,406
+ 18.4
io",72"e",i66
461,463
+ 23.3
10,115,500
533,741
+ 11.8
226,483,340
278,161,860
206,571,300
+ 4.5
10,133,220
+ 15.4
4,913,147,371
+ 11.2
9,390,800
569,171
220,915,135
197,577,591
545,436
3479
Financial Chronicle
Volume 14S
OLBABIBQB
(Continued)
Five Months Ended May 31
Month of May
Weeh Ended June 3
Clearings atInc.
Inc. or
.'V.
■
.
■'
1939
1938
I
Second Federal Res
N.
Buffalo-
District
44,540,399
4.657.548
128.435,295
2,281,505
2,343,951
3,326,976
2,858,217
13,480,020,268 12,383,151,067
Rochester
29,935,719
33.032,092
Syracuse
18.039,448
16,973,888
Utica__
3,751,257
3,380,836
Westchester County
17,171,457
15,219,803
Conn.—Stamford—
21,380,388
16,161,162
N. J.—Montclalr
2,114,832
1,968,343
Newark
79,523,738
77,093,009
Northern New Jersey
93,960,932
99,691,324
Jamestown.....
New York.
213,986,178
24,319,907
647,786,359
10,673,013
15,664,192
69,712,553.875
167,710,797
—11,3
—18.5
+ 3.2
+2.7
+ 16.4
+8.9
+ 10.3
87,292,228
16.951,402
+6.3
+ 11.0
3,556,949
—8.0
81,996,557
88,145,001
9,452.241
371,836,873
526,494,418
18,429,940
Total (15cities)..—
13,931,374,489 12,832,335,793
+ 8.6
71,993,292,981
Third Federal
rve
.
3,273,546
„
1,396,278
9,519,992
5,151,886
1.973,871
1,817,667
....
Lancaster
Lebanon......
Norristown.—
Scranton......
Wilkes-Barre
York.....
Pottsville.
...
'
Hazleton...
....
N. J.—Trenton.......
Total
(17cities).....
Fourth Federal
R
serve
Cleveland.
Columbus....
Hamilton...
Lorain;—..—
+41.7
+35.0
+0.0
650,059
866,730
+ 4.9
8,135,747
—1.7
5,722,258
+27.3
—6.1
8,660,166
3,442,896
+66,2
7,315,225
1,293,961
29.500,000
14,336,578
1,375,270
33,800,000
658,022
842,880
613,685
725,358
,365,370,993 5,034,754,518
9,301,310
8,241,856
6,302,169
5,840,979
+ 9.9
+ 7.1
3,37Q~894
3",060,937
+ 7.3
+ 11.1
3,965,639
426,757
4,256,139
410,462
17,052,302
21,118,189
18,091,931
28,235,518
—3.6
fB
+40
-r-8.8
—-25.2
8",215',012
3",'367",345
4,720,387
516,041
4,490,900
*400,000
24,167,202
35,400.876
18,330,777
42,558,796
19.031,945
66,780,072,916
+7.8
+0.0 3,488,293,407 5,169,152,728
2,956,898,206 2,956,092,951
+ 11.0
+31.7
+ 11.7
9.467.122
8,526,545
|yll,973,94l
Iy9,093,800
+4.6
+2.8
7,369,745
46,106,160
26,664,978
9.637.123
6,599,249
47,754,671
24,683,495
8,887,535
+ 9.3
+ 9.7
"
Newark.
Toledo
Pa.—Beaver County.
+ 7.3
+8.1
,
+6.3
507,743
681,521
453,604
—7.9
—22.1
345,921
426,044
*470,000
449,354
1,097+07
l",068",602
+2.7
1,291",689
1,404",622
380,000,000
1,227,773
2,403,043
932,949
1,377,246
324,000,000
1,191,780
2,213,716
805,519
1,325.735
+ 17.3
326,000.000
1,470,871
2,141,888
934,518
380,000,000
1,220,724
2,540,351
1,401,413
1,805,129
457,942
417,548
350,171
430,673
376,677
—3.5
+8.0
+ 8.4
+ 17.5
8,236,646
7,720,766
+ 6.7
+ 13.2
7,219,000,000
29,186,291
46,413,578
+8.2
+ 18.8
7,814,000,000
31,364,674
48,830,709
19,764,953
24,229,212
5,498,973
2,758,215
12,283,318
72,395,141
87,628,300
+12.9
+ 24.4
6,046,620
1,165,143
517,572
2,415,169
12,089,836
15,472,295
.
+7.5
+5.2
+3.0
+8,0
+ 15.8
+3.9
—4.9
+ 12.7
+ 15.2
+ 5.5
18,899,506
+4.6
30,158,762
—19.7
6,332,433
—13.2
2,587,119
11,328,377
69,985,946
79,625,270
+6.0
+ 10.1
2,345,100
2,685J)66
-12.7
0,438,000
1,1*35",500
8,238,209,210
+0.4
—13.4
7,620,783,343
+8.0
390,609,179
334,623,983
+ 10.7
341,147,190
397,035,937
41,853,926
1,174,160,162
1,888,880,477
216,475,600
10,557,034
4,560,806
34,482,386
48,860,962
26,414,376
40,377,506
1,142,225,968
1,683,075,915
214,810,800
10,290,693
5,742,104
30,270,633
42,094,511
+3.7
1,723,856
54,634,296
82,362,358
9,623,600
1,463,297
+ 17.8
45,292,359
70,510,880
8,434,800
+20.0
+7.6
+ 14.1
2,312,171
54,029,985
79,825,044
1,299,951
57,124,813
84,180,519
11,029,300
1,321",873
+0.2
1.9*10", 100
1,568,158
+ 18.6
1,968,159
90,565,402
86,348,494
3,793,995
1,887,743
3,545,947
—16.4
2,265,348,035
30,518.045
+ 5.3
1,590,516
--------
+ 8.4
+3.4
-
-
-i
J.
-
District
227,547,036
370,201,851
38,996,500
1,962,599
1,810,649
1,080,163
7,345,368
9,486,415
6,507,683
19,260,642
...
—
Mansfield.'...
Youngstowh.......
—8.6
2,854,660,115 2,854,141,611
—8.0
+8.6
+ 8.1
+ 9.7
7,533,021
1,059,405
24,900,000
458,880
641,985
8,508,011
385,833,748
538,505,637
+ 15.2
8,739,002
240,283,944
400,634,346
45,031,700
Cincinnati
8,261,721
967,795
31,700,000
82,179,836
+ 13.0
"i
1,719,505,284
Ohio—Canton
—5.7
+2.9
7,026,796
6,437.356
10,847,003
4,391,316
5,236,749
1,108,592
583,162
2,782,561
12,757.823
18,386.100
Reading..
Del.—Wilmington
+ 7.4
-3.1
—4.8
•—3.9
1,523,223,504
1,633,000,000
Bois......
+ 32.3
5,887,635
9,890,359
4,372,723
y2,279,924
Harrisburg...
Du
+ 12.8
224,659.601
25,317,055
629,325,477
11,603,817
14.421,258
64,499,991.624
159,938,594
88,781,670
15,428,523
76,546,120
1,624,837
yl ,978,800
1,334,675
9,256,276
4,799,311
'1,825,661
1,546,592
1,443,000.000
1,836,004
Bethlehem
Philadelphia.
1936
1937
District— Philadelphia
Pa.—Altoona...
Chester..
or
Dec.
New York—
Elmlra
Oranges.
Inc.
1938
1939
Dec.
%
39,489,237
3,797,000
132,580,096
erre
Y.—Albany..
Binghamton
1938
1939
Dec.
or
Franklin...
5,836,404
9,618,502
5,310,032
+ 15.5
—7.7
+23.4
+25.9
—1.4
+22.6
15,587,643
733,424
+ 3.1
629,571
437,647,974
5,895,183
10,453,275
583,323
.
+23.6
380,898
865,077
392,556
Greensburg—
875,085
+5.6
+8.2
—7.3
,
25,040,676
+2.8
+ 12.2
+0.8
12,242,200
■-
-
+2.6
—20.0
1,323,949
1,859,524
+ 13.9
+16.1
1,157,874
2,018,896
+ 5.5
+ 4.9
—,
+ 3.1
Ky.—Lexington,.
626,376
5,546,917
+ 11.3
W.Va—Wheeling...
6,753,092
4,983,221
6,281,395
3,912,047
1,690,376
2,965,845
2,327,602,924
32,142,256
46,800,364
2,999,845
36,137,079
+ 7.5
34,900,068
3,343,417
35,118,398
31,397,593
1,237,165,958
1,150,567,698
+ 7.5
6,025,961,935
5,704,465,499
+ 5.0
+ 18.3
7,777,862
52,166,000
765,292,224
26,136,721
45,140,762
25,354,603
6,570,182
51,522,000
734,849,595
24,268,470
39,652,682
20,792,599
1,316.713,529
7,427,624
404,213,607
+18.3
+ 13.8
2,660,016,288
+ 5.0
465,181,068
Pittsburgh
Erie..^
Oil
6,530,1,87
-----
10,507,450
City—
Warren.
Total (19cities)...
Fifth
W.
Federal Rese
S.
1,634,880
11,014,000
C.—Charleston...
Greenville
M d .—Baltimore
*
Frederick
D. C.—Washington..
Total
'
(10 cities)
Sixth Federal Rese
Ga.—Atlanta
Augusta
—
'
Tampa..
Ala.—Birmingham
Mobile
Montgomery......
Miss.—Hattlesburg
Jackson
Lansing...
1
Muskegon....
.
49,229.026
*-*»--
—4.9
*—10.3
—.—
-
f&mmm'.m
v
-
-
+ 2.9
+ 11.2
258,987,896
232,248,763
370,887
343,926
1,794,000
26,569,066
+ 11.5
273,511,791
305,138,261
+ 7.4
1,390,696,711
7,400,428
479,201,132
+ 11.0
2,799,166,443
+ 7.4
90,467.316
382.825,641
1,193,200,000
24,187,176
18,862,519
19,358,627
423,748,161
25.705,712
432,913,850
1,909,000
20,534,903
991,328
+ 1.2
+ 7.8
438,020
2,958,000
29,453,429
1,935,383
334",478
3,004,000
34,231,263
1,125,099
+ 4.1
+ 7.7
+6.4
918,523
"~0&1
+ 7.9
+21.9
+5.6
61,396",808
56,105",836
+ 9,4
64,007,533
75,727^913
21,931",723
21,615,906
+ 1.5
27",*599",725
28",088", 330
113,134,709
107,347,257
+ 5.4
120,992,090
142,511,083
3,473,997
12,335,047
41.000,000
944,020
3,028,788
+ 14.7
12,399,440
41,500,000
—0.5
3,632,396
13,853,847
43,400,000
928,420
+ 1.7
993,413
3,395,107
15,288,810
43,700,000
1,052,738
+ 9.9
"026+02
"62*3", 599
+0.4
+ 9.1
15,735,000
15,733,000
+0.0
1,009,710
15,010,000
11,636,000
19,636+74
1,043,567
12",470,622
+ 57.5
1,260,583
+29.8
18,850,434
1,803,688
—39.9
"144,763
—0.4
•
+ 3.2
«
-
-
t
6,656,867
2.968,851
3,779,000
5,349,202
+ 11.7
+ 23.0
+29.4
+31.3
+ 14.9
+ 16.8
+20.2
+22.6
+ 7.7
+ 13.3
+ 4.0
+23.4
an
+9.9
16,024,788
17,019,570
388,493,193
25,406,074
372,345,806
+ 1.2
+ 10.3
31,775,942
16,049,577
+ 12.6
20,937,000
+ 14.1
32,977,017
7,265,413
3,110,955
—1.2
+ 17.7
38,411,368
>
22.007.005
36,757,010
18,076,083
23,888,000
+ 34.3
+ 30.3
83,981,353
365,992,408
1,053,549,402
+ 16.5
7,975,109
2,940,881
+ 15.7
"960",947
13,43*7*,600
1,608,305
-Vi.
—
-
'
•
4
#
*
«l
Jr i
i
'x
x
+ 9,8
"
+14.0
819,176,128
763,836,067
+7.2
28,000,060
+0.2
32,663,036
25,179.614
611,936,002
+ 18.7
3,558,493,581
3,221,371,570
+ 10.5
123,541,094
114,514,514
+ 7.9
131,961,233
116,357,983
1,387,208
+ 38.1
8,192,984
1,740.501,243
21,329,459
51,042,650
8.902,139
29,541,930
256,789
84,247:621
321,000
—20.0
+ 23.2
9,179,969
1,983,916,894
21,239,805
.+12.0
325,089,940
3,053,038
9,871,270
1,550,930
'
78,613,610
+.7.2
439,517
97,936,167
503,866
107,141,573
+ 16.0
+10.0
2,598,836
2,095,102
+24.0
2","93V,047
3,*2*1*8",913
+ 3.4
1,467,211
1,493",798
—1*8
l",*291",008
1,422*168
1,915,968
400,565,834
3,680,695
11,938,419
1,910,032
6,446.136
2,461,279
2,385,641
City....
Ind.—Ft. Wayne-
4,665,680
13,862,424
Gary
Indianapolis...
South Bend.
Terre Haute
_
Milwaukee
—w—
Sheboygan
Watertown
...
Iowa—Cedar Rapids.
Des
147,726^908
—8.2
*—5.5
87,027
"1*52*742
District
Rapids.....
Manitowoc.
121,223*532
160,389,734
Flint.
Oshkosh
+ 10.0
■
144,691
20,419,371
Seventh Federal
;.
^7,657,390
726,454,098
Detroit.
Wis.—Madison
107,460i'"r;:
570,118
140,673.187
Orleans...
Mich.—Ann Arbor...
Bay
—8.6
4,425,826
75,807,945
1,578,119
£23,133
....
(16cities).....
Grand
+26.3
+ 10.9
14,279,525
70,274,129
203,410,796
3,976,351
3,062,074
3,444,943
71,934,556
7,066,469
Vicksburg.........
Total
tit:?
513,358,778
4,664,000
...
Jackson.......
Meridian.
110
1,615,861
89,749,471
4,021.019
3,957,847
83,998,045
5,319,982
92,938,261
8,939,340
3,867,332
Macon.
Fla.—Jacksonville
7,548,307
3,710,272
+ 12.8
+
257,222,699
15,342,699
Columbus..
La.—New
'
78,500,770
250,200,000
5,147,348
...
+ 2.7
District—
e
Tenn.—Knoxville
Nashville.
+ 4.3
1,381,971
9,763,000
137,680,765
4,686,432
570,051,267
—
+0.5
600,309
154,179,611
5,342,548
10,166,274
4,686,734
285,154,620
1,476.791
96,395,809
Columbia-...
+ 6.3
+ 10.8
—10.5
District—
e
Va.—Huntington.
Va.—Norfolk...
Richmond
+ 18.0
Moines
Sioux City..
Ames....
111.—Aurora....
Bloomington.
Chicago..........
Decatur
Peoria
6,037,571
+ 0.8
+20.9
+ 6.8
1,976,995
2,510,395
4,073,099
+ 14.5
—5.0
10,895,133
+8.2
12,227,377
19,703,728
—6.9
"
914",330
"890",785
+2.6
l",*1*2*3*831
1,315,830
10,047^000
+2"!
18*,619",000
+ 51.7
+ 16.7
17,46+000
1,274,389
4,196,001
+ 6.5
+ 33.4
65,429,937
55,036,564
+ 18.9
+ 12.1
348,344,806
26,441,943
+ 10.8
75,330,642
+ 13.2
386,042,805
31,930,079
104,407,116
27,573,037
415,564,979
1,339,568
+ 10.2
2,724,987
+ 1.1
0,028,568
22,816,212
—2.3
175,559,791
66,999,263
3,864,110
+ 12.2
+ 11.1
8,069,000
8,819,439
+ 12.3
—19.2
5,843,354,436
+ 2.8
18,906,786
+ 6.4
73,351,036
23,765,075
25,261,184
—3.3
+ 10.7
5,225,687
4,998,918
+ 4.5
5,629,709
597,887
5,453,996
587,714
2,045,048,572
1,784,906,647
—0.4
10,392,031
1,150,060,847
3,856,349
15,006,082
Sterling.
+ 13.6
72,£38,952
5,217,409
17,551,593
5,101,487
—40.9
,
30,541,544
11.793,844
11,382,728
20,975,299
+ 24.5
2,829,491
Rockford
58,687,567
9,862,584
+23.2
81,345,000
6,913,171
21,276,083
5,634,913
85,265,801
1,476,520
2,754,006
419,716
1,172,770
5,376,742
46,646,520
16.017,821
971,421
2,163,316
1,671,626
1,283,397.396
4,267,209
16,993,150
Springfield
Total (31 cities)——
.
436,263
—3.8
+20.8
1,448,265
+ 15.1
4,079,057
17,402,653
17,605,439
—0*8
19*,013",026
22*.6*87*,924
6,805,015
+ 10.5
90,673,881
25,936,361
406.044,619
0,910,612
—1.0
12.981,373
2,088,662
+32.5
+ 21.2
15,722,000
954,892
3.494,841
13,153,333
2,340,915
—1.3
1,072,706
8,053,695
3,164,085
1,098,727
7,950,298
—2.4
3,146,421
+0.0
1,052,920
7,842,643
2,992,324
1,242,134
9,647,099
3,850,234
392,068
283,486,124
418,804
271,602,384
—6.4
499,932
+4.4
1,085,666
3,759,619
1,550,197
+ 19.8
283.840,917
951,451
668,184
343,018,791
1,080,831
+ 14.6
—13.6
1.652,583
906,391
3,281,877
1,794,356
1,273,939
+29.7
2,154,009
1,364,373
432,738,565
412,664,664
+ 4.9
450,929,578
1,137,060
+ 3.1
5,887,762
4,541,489
+ 18.4
34,165,339
12,799,748
838,195
1,847,441
+ 30.5
24,523,005
196,992,428
74,446,776
+ 25.1
'
+2.2
+ 7.5
4,552,795
+ 17.1
+ 3.2
9,061,173
7,121,999
6,008,926,218
20,107.477
78,144,165
22,983,919
26,225,863
+ 1.7
2,732,548
2,633,738
+3.8
+3.8
+ 14.6
9,092,109,365
9,103,314,315
+ 5.8
+ 13.2
-»
-
m
-
*»
—10.8
+ 15.9
+ 11.6
1,938,995
4,924,053
+ 6.3
+ 1.3
+ 17.8
+6.5
•
5,844,892
3,959,203
-
1,311,622
1,050,009
529 ,486,118
Financial
3480
CLEARINGS
Month of
(Concluded)
Five Months Ended
Mag
June 10, 1939
Chronicle
Week Ended June 3
Mag 31
Clearings at—
Inc.
1938
Re
Federal
Eighth
Mo.'—St. Louis
Ky.—Louisville
Tenn.—Memphis
111.—Jacksonville
-
-
-
-
Qulncy...
-
-
Ninth Federal Reae
rve
District
Paul...
Winona
....
Fergus Falls
14,792,943
12 950,406
+ 14.2
33,000,029
31 342,836
2 560,775
2,767,960
+ 14.5
+ 9.3
+ 34.6
14,087,566
15,485,827
12 890,904
2,735,725
9,625,674
215,542
13 069,422
+ 7.0
1,912,069
2,301,677
1~8
689,500
+ 18.5
+ 32.6
57,097,703
46 344,251
+ 23.2
+ 45.1
1,184,216
878,314
+ 34.8
403,041,363
+ 15.5
2,055,423,917
1,981,746,228
1,990,603
District
2
670,491
628379
+ 63
660,267
648324
2,757*092
2,350,993
+ 17.3
2,928.973
2,579,132
+ 3.7
90,022,588
83,164,804
+ 8.2
96,635,884
107,975,545
+ 5.2
73,022
81,751
135,741
2,230,303
22,419,745
—10.7
102,028
124,321
2,655,943
+ 5.9
152,113
55 ,200,272
49,777,969
+ 10.9
578,660,921
75,594,359
2,919,640
2,348,754
25,501,541
118,317,976
+ 9.2
620 ,372,510
14,742,259
+ 13.4
79 ,864,436
541,972
+ 12.9
3 192,119
—0.2
11,803,734
1,936,541
381,421,979
12,971,508
433,485
33,209,576
+ 7.2
"
2,626,634
91,771,922
2,842,126
1,868,374
2,571,807
2,782,253
+ 5.7
9 ,500,576
9,873,318
—3.8
+ 12.7
1,797 ,679,384
1,742,238,828
57,524,717
+ 3.2
78,229",402
72",883",409
+ 9.0
2,321,533
2,097,131
+ 7.3
+ 10.7
346,091
585,164
—40.9
601,980
699,476
59^992
467+14
+27" 5
614", 459
795+44
137,558,782
62
+26.5
,721,361
•
"
2,585,332
+ 0.3
34,375,424
2,634,438
110,490,002
185,762,465
12,743,429
—12.0
562,978,000
+ 6.1
2,310,625
1,202,395
+ 16.1
597 ,498,799
13 ,317,543
11,073,169
+ 20.3
+ 31.8
7 090,749
5,852,016
+ 21.2
+ 11.5
3,541,093,730
3,417,499,769
+ 3.6
113,626,866
105,551,285
+ 7.7
123,161,702
+ 31.1
37 248,790
32,108,065
+ 16.0
1,277,702
1,278,218
—0.0
1,347,577
—
,
2,074,312
33,922,617
34,911,309
—23
36,591,509
34",006,751
+ 5.4
0~359J47
6,600,088
—3.6
6",284",249
4,800,527
—8.4
2,469,000
1,762,000
+ 40.1
1,677,000
2,304,000
668,021,860
5,766,115
3,938,117
185,827,412
Texarkaaa
La.—Shreveport
serve
District
2,055,814
147,350,545
3,935,713
5,138,458
1,105,000
Seattle
Ya,kima..".,..r.
Idaho—Boise.......
—5.2
+ 6!3
98 879,343
+ 5.2
+ 13.6
—0.7
145, 599,214
49, 320,000
154,957,289
+ 20.0
934, 306.999
—0.8
8, 893,388
9,524,005
—6.6
—7.3
19, 972,094
22,476,903
—11.1
+ 32.5
6, 280,224
5,598,095
+ 12.2
13,277,871
+.2.2
69, 854,432
73,085,840
+ 15.8
Jose...,
Stockton....
46,278,341
29,522354
844,384
28",412",888
+
3". 9
34,115,383
33,589",898
820,512
+ 2.9
980,994
943,536
24+78",391
23,197". 673
-T5~5
26,727,092
+ "l".6
14,175",266
15,015,352
3,969,381
4,208,379
+ 7.7
+ 4.5
18,894,398
17,257,629
+ 9.5
23,313,680
23,460,692
—0.6
4,798,000
"+6.8
592,273,533
+ 5.9
12,278,360
275,322,181
+0.9
12,315,026
8,317,505
6,723,230
+11.9
+ 12.1
,*7.005,181
+ 5.3
91,390,432
+ 30.4
CANADIAN
49,876,612
669,597,635
52,255,034
11,159,867,458
—0.7
699,824,730
+ 3.4
■
12,073+12
12,189,932
+ 8.9
2.5
40,346,183
33,189,836
+ 13.8
85,699,452
+ 6.6
•
+ 16.9
16,605,000
15,454,000
+ 4.1
77,698,780
+ 23.1
+ 6.0
2",965",695
3,310,265
—10.4
3",358",939
3,617,302
127,767300
12l",656",000
+ 5.0
126,271,606
140,545,000
2,276,956
+ 7.0
557,096,645
16,531,747
2,799,498,290
51,950,064
+ 13.6
+ 3.5
3,092,365
3,530,145
4,010,955
+ 7.4
14,399,954
2,940,000
5,639,454
+ 3.8
8,493,647
+ 18.7
80,414,216
17,693,107
2,888,375.343
56.367,970
32,500,148
43,963,533
955,264,851
+ 9:5
5,065,640,520
„
+ 6.1
10,177,170
,*
+ 3.2
+23.0
2,679,366
2,617,908
1,230,110
+ 0.5
+ 10.1
1,275,355
2,118,876
1,364,125
1,811,387
198,319,348
+ 4.8
215,671,652
230,827,539
5,077,890.205 4,905,110+92
+ 3.5
2,223.230,090 2,050,968,881
+ 8.5
+ 8 + 2,288,414,881
;
2.801,347
30,841,809
+ 5.4
42,071,671
+ 4.5
1,235,958
1,994,003
4,860,834,561
+ 4.2
207,810,019
+ 10.2 123,790,096,634 115,388,967,263
+7.3
•12.0
9,968,584.673
CLEARINGS
FOR
54,077,542.759
MAY,
50,888.975,639
SINCE JANUARY 1, AND
FOR
,
WEEK ENDING
Inc.
Inc. or
Inc. or
"
1939
1938
Dec.
S
S
%
1938
1939
$'
v
.
+ 22.1
2.367,594,885
+ 12.1
2,192,455,540
137,024+84
65,460,512
,+28.2
618,222,186
582,294,991
+ 8.7
163,202,388
142,826,562
+ 14.3
22,689,058
11,214,977
21+58,014
21,745,206
+ 4.3
10,703,199
+ 4.8
20,606,506
+ 4.1
18,823+86
18,642,407
+ 1,0
359,116,096
447,400,415
92,961,339
50,731,973
97,562,134
94,571,247
556,369,046
483,612,763
175,654,847
71,180,178
...
455,523,594
431,603,071
"
...
.
Halifax
Hamilton
—
%
2,320,872,918
2,048,324,946
Toronto
j..-
Dec.
%
.
1939
%
+ 2.0
114,480,892
+ 7.0
107,914,725
40,608,985
15,655,678
17,086,272
'
+6.2
336,656,111
+ 6,7
431,942,002
+ 3.6
99,467,290
—6.5
5,340,278
50.224,615
+ 1.0
2,461,580
103,364,325
—5.6
96,517,528
—2.0
36,533,896
37,731,645
-3.2
5,194,240
4,033,027
1,857,291
1,560,479
2,517,236
8,524,113
8,207,334
+ 3.9
7+03,885
11+63,486
7,052,809
+ 5.0
35,512,914
33,774,187
+5.1
London...
10,816,681
+ 6.0
50,097,445
53,613,785
—6.6
Edmonton
16.687.227
16,563,179
+ 0.7
73,794,556
78,887,482
—6.5
Regina
14,767+38
15,301,893
3.5
70,560,963
—10.9
1+21,502
+2.0
6,210,854
—7.9
337,775
1,742,999
+ 10.3
8,838,226
8,598,490
+ 2.8
Saskatoon
1,449+93
1,922,862
5+96,149
62,834,900
5,717,519
5,453,623
+ 0.8
24,227,363
—3.0
Moose Jaw
2,627,116
2,394,040
+ 9.7
23,498,125
11,175,076
10,570,287
+ 5.7
476,214
1,163,191
563,016
St. John
Victoria
Brandon
Lethbridge
—
1,861,777
5,653,785,874 7,605,451,879
2,570,697,36
JUNE 1
Week Ended June 1
Five Months Ended May 31
Month of Mag
Montreal
27,064,262
...
—
Clearings at—
Canada—
,
■
+ 3.0
64,390,087
'
(192 cities) 24,639,887,726 22,351,735,740
Outside New York
47,448,038
+ 12.3
+ 7.5
+ 6.8
5,124,000
627,490,177
12,391,252
299,911,832
66,331,830
39,341,652
37,765,198
1,045,964,039
Total (19cities)..
47,132,098
1,026,000
3,438,000
Santa Barbara....
2,308^790
+ 7.4
8,601,626
7,535,429
Francisco
3,123,824
.,
—2.8
+ 13.9
14,992,635
3,804,711
590,470,160
10,799.981
5,852,784
10,079,235
+~io".6
8,174,612
+24.5
Modesto....
2",183",856
4,811,061
i
13,782,987
Riverside.
783,961
2+14,447
2,296,758,176
68,152,848
Pasadena........
852,453
—4 4
7,942,022
2,085,220
Berkeley
Long Beach
—3.3
SCO—
1,371,115
131,161,764
3,662,564
il12,691,916
Calif.—Bakersfleld..
712,567
2,465,605,609
SanFrancl
2,597,047
Ariz.—Phoenix
"
"689", 185
+ 49.9
426,667,500
-
"
*
128,360,243
Salt Lake City
+ 12.2
1,819,008
17,910,823
-...
Portland
Utah—Ogden
+ 2.0
138,112,035
53,816,000
832,701,163
4,224,759
925,085
493,926,685
Total (11 cities)..
Twelfth Federal Re
Wash.—Bellingham
21,442,510
1,010,961,548
96,932,012
*
185,891,201
1,805,100
3,915,196.
1,226,169
13,567,162
Houston
Wichita Falls......
20 324,411
1,074 926,714
9,637,000
'
9,570,000
Port Arthur
<•)
—2.0
18,521,066
31,551,396
Worth
—2.6
+ 16.0
27,77?,778
19,486,568
Fort
Galveston...
+ 3.7
+ 12.8
-Dallas—
Diatric
7,559,395
3,857,630
215,496,868
El Paso.....
3,843,921
3,423,185
or
1938
Dec.
1937
%
*;
%
$
168.949,073
129,236,655
41,953,512
19,258.980
17,976,810
5,635,723
3,144,713
5,363,368
1936
$
,
'
—32.2
167,496,793
157,254,499
—16.5
127,554,281
—3.2
52,674,754
22,221,583
20,511353
—5.2
6,352,686
98,270,912
68,727,511
19,265,310
34,018,281
5,259,055
—21.7
3,154,364
2,940,974
—18.7
—5.0
■
—3.2
5,775,788
5,354,897
—24.7
6,089,844
6,386,245
2,369,376
1,798,464
3,264,930
4,096,474
4,320,348
359,741
443,128
1,176,717
—21.6
—13.2
2,164,328
1,931,260
2,143,192
1,904,401
3,598,404
4.414,335
514,267
5,488,161
—22.9
3,177,144
—6.2
—20.8
4,406,059
4,128,273
—6.1
369,992
+7.5
446,236
521,108
—1.1
1,579,652
+9.5
678,227
1,637,464
650,921
4,145,251
417,105
4,096,478
—1.6
17,592,427
18,761,308
—6.2
865,375
924,843
—6.4
1,048,135
1,014,955
2,609,205
3,089,060
—15.5
11,642,779
14,885,104
—21.8
588,675
—3 +
12,963,919
12,810,643
+ 1.2
—11.0
945,891
814,060
+ 16.2
4,179,874
3,937,837
+ 6.1
624,076
179,816
936,451
762,875
1,133,121
2,869,701
750,548
701,510
—21.6
2,772,749
220,683
2,570,259
+ 1.6
11,475,160
12,317,557
—0.8
639,662
183,815
655.167
879,118
—2.2
2,611,208
—2.4
721,682
281,511
695,712
4,030,949
Brantford...
William.
New Westminster
Medicine
3,289,500
86",679",262
1,486,611
—7.8
2 ,594,298
eaerve
Dallas....
Fort
2,052,450
2,886,880
+ 1.7
62,763,959
4
163 ,496,822
12 ,415,229
744,645,396
Total (18cities)...
Eleventh Federal R
Texas—Austin
-
1,722,954
—7.6
4,272,189
48,232,912
57 ,837,437
—3.4
Wyo.—Casper^
Calgary
—20.4
+ 1.6
,338,864
49 ,068,634
—3.8
+ 20.8
....
.
25,438,092
+ 5.6
+9.3
2,681,810
1,585,147
Denver
Quebec
+ 13.7
136,009
134,935
3,131,586
32,705,334
2,732,979
124,654,086
Colo.—Colo. Springs..
.
2,365,092
358,735
....
Ottawa.
+ 5.3
+ 12
+25.5
844,522
8,305,367
12,263,846
1,832,812
338,338,139
10,253,768
10,426,896
Winnipeg
Vancouver'.-.
702",999
"
+20.3
612,156
842,937
Joseph..
+
"
+ 10.1
129,244,468
■
648350
660,230
,093,166
2 ,811,531
+ 4.7
; 16,720,928
429,798
...
"
~
Kansas City-
'..
Grand total
1,853,287
+ 36.2
3,486,500
Clty---
Ore.—Eugene..
25",851",273
+ 5.3
+ 36.8
0,kla.—Tulsa.......
...
+ 9.1
628,900
589,579
Beaumont....
21,950,303
—4.7
12,347,789
Pueblo.
—3.6
+ 16.1
+ 16.9
.......
Carthage
.
155,182
130,000
3 686,680
+ 20i9
rve
Kansas City
21,595^285
•
775,000
...
Wichita...
71,004,086
+ 7.5
465,700,759
Mo.—Joplin...
63,358,828
+ 10.5
410,458
535,672
10,263,450
j
4.887,754
+ 16.3
1,983,362
+ 1.8
7 120,135
2 294,286
5,957,592
Topeka
San
500 ,523,780
7,870,596
2,466,699
2,878,192
Maohattan......
San
509,361,490
+ 7.6
4
Hastings...!
""
+ 12.9
+ 43.2
3.169.640
3,682,336
Omaha
144,967,702
5,135,944
+ 5.0
312,825
Kan.—Kansas
129,121,395
—38.6
20,817,522
+ 3.4
6 282,888
474,644
12,760,066
Lincoln
.
1,238 ,818,944
6,595,068
42
Lewistown
St.
1,280,762,787
+ 11.5
—
4,793,000
3,512,273
Helena
.
+6.0
3,853,287
52,235,023
2,367,466
60,766,425
+ 15.4
.
45,971,423
Great Falls
(16 cities)
115,557,294
122,473,790
56 ,697,425
823,349
3.479.639
6,967,399
Tenth Federal Reae
784,000
3.1
2,756,957,227
54,955,797
860,200
Ne b.—Fremont.
668,000
+4.9
2,893,021,822
x
—17.8
776,000
+ 12.7
14,576,074
x
x
638,000
+ 20.6
+ 2.9
x
x
—0.0
+ 6-2
.....
Parsons,
29,907,628
+ 29.3
Mont.—Billings..
Total
27,315,623
14,037,772
+ 13.8
Sioux Falls.
Huron...
k,
23,591,015
12,190,279
—2.1
12,539,647
914,000
D.—Aberdeen.
H
23,096,143
8,319,884
Forks...
Minot
S.
+ 8.7
—2.4
1,182,000
N, D—Fargo
Grand
99,700,000
10.591,451
255,921,264
1,311,116
98,307,877
1,616,542
1,462,272
111,020,034
1,739,322
679,808
9,469,730
St.
+ 5.7
528,794,859
295,315,809
Rochester
87,100,000
+ 13.8
Mlnneapolis-
12,776,330
Minneapolis....
+ 9.1
+0.1
657,620,581
369,883,170
1,422,096
.11,499,000
2,269,000
596,079,172
Total (7 cities)..
Minn.—Duluth...
+ 17.6
2,476,104
714,715,372
370,360,245
1,387,928
11,496,000
—3.1
79,000,000
15,088,452
2,175,729
17,001,604
+ 20.3
+ 19
86,200,000
+ 4.5
120,933,568
62,716,016
308,915
508,750
142,179,620
74,723,794
299,327
2,398,000
%
+ 12.7
+20.3
422,823
3,397,187
Independence
1936
1937
Dec.
1938
1939
%
1,699,268,199
1,775,584,569
Inc. or
or
Dec.
*
+9.8
339,321,054
2,823,483
372,572,494
Cape Girardeau
%
1938
-St. Louis
District
aerve
...
1939
Dec.
%
1939
Inc.
or
Hat
Peterborough
3,203,515
+ 4.4
13,409,156
14,159.903
—5.3
4,943,892
5,177,847
—4.5
20,305,998
23,248,057
—12.7
12+88,283
12,547,617
—0.5
57,738,129
5,722,412
62,143,296
—7.1
867,672
1,195,259
2,604,543
3,344,568
Sherbrooke...
—1.3
735,837
714,455
649,193
—2.0
1,417,510
1,249,913
—18.8
3,423,049
+ 11.8
3,606,618
339,126
Prince Albert
1,369,688
1,305,195
—6.1
304,300
Moncton
3,323,178
3,166,067
+ 5.0
13,943,494
14,526,837
—4.0
985,633
1,220,249
3,206,529
272,236
766,263
+ 28.6
911,295
766,568
10,935,792
11,206,909
—2.4
585,745
568.783
+ 3.0
628,317
650,431
12,170,882
—3.1
492,510
*525,000
—6.2
560,218
528,078
12,142,023
—23.1
527,973
548,364
—3.7
19,567,736
■—4.4
1,292,353
1,120,579
+ 15.3
576,173
1,059,727
1,074,824
6,631,811,981
+ 3.3
339,271,577
427,540,180
—20.6
444,237,764
430,062,732
Kitchener..
Windsor
.
_
+ 4.9
Kingston..
2,661,024
2,638,090
+ 0.9
Chatham
2+43,490
2,307+36
+ 5.9
Sarnia
2,122,614
4,570,197
1,999,008
3,980+26
+ 6.2
+ 14.8
11,796,881
9,337,503
19,298,340
1,644,783+62
1,422,854,360
+ 15.6
6,848.960,336
..
..
.
Sudbury.
Total (32
*
cities)
Estimated,
x
No figures
available,
y
6,094,107
Calculated on basis of weekly figures.
366.544
471,249
Volume
Financial
141
REDEMPTION
CALLS
AND
SINKING
DIVIDENDS
FUND
NOTICES
Below will be found
Dividends
preferred
list of bonds, notes and
a
stocks of corporations called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Page
2414
Date
Aluminium. I.td, 5% debentures
July
July
Aug.
June
Bucyrus-Monighan Co. class A shares
July
Buffalo & Fort Erie Public Bridge Authority 1st lien 5s—July
*
Cedar Rapids Mfg. & Power Co. 40-year 5% bonds
July
Colgate-Palm oilve-Peet Co. 6% pref. stock
Aug.
Commercial Credit Co. 2 94% debentures
;
July
Commonwealth Edison Co. 1st mtge. 4s
June
1st mtge. 394s
__June
Connecticut Ry. & Lighting Co. 1st mtge. 494s_.
July
Consolidated Laundries Corp., 6 94 % 10-year notes__ —June
Container Corp. of America 1st mtge. 6s.
June
Continental Steel Corp. preferred stock..
—July
Cuban Telephone Co. 1st mtge. bonds
........Sept.
Empire Properties Corp. collateral trust bonds
—July
*
Finance Co. of America at Baltimore 7 % pref. stock.
July
General Motors Acceptance Corp. 3% debentures
Aug
Georgia-Carolina Power Co. 1st mtge. 5s
......—July
(B. F.) Goodrich Co. 6% conv. debentures
-Aug
Hartford Times, Inc. 494% debentures
.July
(R.) Hoe & Co., Inc. 1st mtge. bonds
June
Hydro Electric Corp. of Va. 1st mtge. 5s._
June
International Salt Co. 1st mtge. 5s
.July
Julian St Kokenge Co. common stock
_May
Kansas City Gas Co. 1st mtge. 5s
-:
Aug
Kaufmann Department Stores 7% preferred stock.
June
*
Kirby Lumber Corp., 1st mtge. bonds
July
Manila Gas Corp. 1st mtge. 6s,
..July
Marchant Calculating Machine Co. 7% pref. stock
June
Mercantile Properties Inc. 594% bonds—
...July
*
Montana Coal St Iron Co., 1st mtge. 5s
July
Morr is Finance Co. 7% preferred stock..
June
(Conde) Nast Publications, Inc., 1st mtge. 594s__
June
National Steel Corp. 1st mtge. 4s—.—
June
New Orleans Public Service Inc. general lien 494s
July
New York City Omnibus Corp. prior lien bonds. _—„—July
New York Trap Rock Corp. 1st mtge. 6s
June
Nord Railway Co. 694% bonds..
..—.Oct.
Northeastern Water A Electric Co. coll. trust 6s——Aug.
Northern Oklahoma Gas Co. 1st mtge. 5s
June
Pacific Lighting Corp. $6 pref. stock
-July
Arkansas Louisiana Gas Co. 1st mtge. 4s
*
Associates Investment Co., 10-year 3% debs__
*
Atlantic Beach Bridge Corp., 694% bonds
1
1
9
12
1
1
' 1
—
,
,
.
-
1
3531
3376
/
3221
3377
3378
3378
3378
„
440
2274
3379
1811
3535
16
1
30
1
3072
3073
3380
3537
3381
3076
2596
3381
3
30
15
26
1
1
2598
3382
1176
26
1
—
594% bonds
3526
2573
3216
3527
2892
2892
3059
3059
2738
2421
3060
3219
1474
3220
15
15
1
1
5
10
1
1
2
1
15
12
17
31
1
30
15
887
3078
15
.Sept. 1
—
6079
1179
1
'
2601
3540
1655
Phelps Dodge Corp. 39a% debentures
„
.June 15
*
Pittsburgh Steel Co., 20-year 6s
June 20
Procter & Gamble Co. 5% preferred stock
June 15
Roanoke Water Works Co. 1st mtge. 5s
July
1
Robertson Paper Box Co. 6% pref. stock
.......—July 15
Sierra Pacific Power Co. 1st mtge. 594s—
...June 23
(Robert) Simpson Co. Ltd. 1st mtge. 5s.
Jan
1
Sarvel, Inc., 1st mtge. bonds
July
1
*
Shawinigan Water & Power Co., 1st mtge. 494s
July
7
*
Sierra Pacific Power Co. 1st mtge. 594s
.June 23
Socony-Vacuum Oil Co., Inc., 15-year 394 s
—July 21
(A.) Stein St Co. 694% preferred stock
...
July
1
Tide Water Associated Oil Co., 15-yr. 394% debs
July
1
TJnion Twist Drill Co. 7% preferred stock—
July
1
*
United States Cold Storage Co. (K. C.) 1st mtge. 6s_.__Aug.
1
Warner Brothers Pictures, Inc.. 6% debs
•—..June 29
West Desenfecting Co. 1st mtge. bonds.
..July
1
Weston Electrical Instrument Corp. class A stock
July
1
Western United Gas St Electric Co. 6% pref. stock.. — ..July
1
6)4% preferred stock
;
July
1
White Sewing Machine Corp. 6% debentures...
—June 16
*
Wisconsin Public Service Corp.,
1st mtge. 4s
—...June 20
Woodward Iron Co. 1st mtge. 5s—
_.July j 1
2nd mtge, 5s
... —
... Sept jj
1
3242
3082
3388
4
_ .
»
1978
3247
3547
2612
3397
2921
3087
3087
3249
3548
3398
3398
....
Announcements this
3388
2604
3542
3542
3243
3392
__
*
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in which
we
week.
are
show the dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
News
3212
3525
1
6
27
27
__
Paris-Orleans RR_
3481
Chronicle
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
Share
Adams Express Co..
10c
35c
75c
Addressograph-Multigraph (quar.)___
Aetna Casualty & Surety
(quar.)
Aetna Life Insurance
(quar.)..
l
_■
__
_
__
._
,
Ahlberg Bearing class A (quar.)_
Air Associates, Inc. (quar.)
$7 cumul. preferred
__
(quar.)
__
Albany St Susquehanna RR. (s.-a.)
...^
Allegheny St Western Ry. (semi-annual)
Allied Laboratories (quar.)___.___
Allied Products Corp.
Preferred (quar.)
i
Aluminum Co. of Amer. 6% pref.
(quar ).
Aluminum Goods Mfg. Co. (quar.)
Quarterly
American Bank Note Co., preferred (quar.)
American Crystal Sugar Co. pref. (quar.)
American Cyanamid Co. cl. A & B (quar.)
5% cum. conv. preferred (quar.)
American Express Co. (quar.)_
;
The
following information regarding National banks is
Comptroller of the Currency, Treasury
from the office of the
15c
_
12)4c
43 94 c
_
_
_
_
_
_
$1)4
20c
20c
75c
...
15c
m
—
_
_
75c
_
$194
1st preferred (quar.).__.
•
Appalachian Electric Power pref. (quar.)
$6 preferred (quar.)
Arkansas Power & Light $7 preferred.
$6 preferred,
Armour & Go. of Dela. 7% preferred (quar.) J
Armstrong Rubber Co: class A&B__
Associated Public Utilities Co. (irregular).
Automobile Insurance (Hartford) (quar.)__
Bakelite Corp. 6)4 % pref. A (quar.)
BancOhio Corp. (quar.)
$1)4
$194
$1)4
...
4
__
_
CHARTER
22c
50c
20c
$1X
$194
_
_
.
STOCK
PREFERRED
"
Ami. of Dec.
National Bank of Jersey City. Jersey City,
From $250,000 to $93,750
-..---..-.$156,250
Mav 27—The Franklin
N. J.
COMMON
CAPITAL
•
-
•
*<'
•
STOCK
REDUCED
*
,
Ami
.
May 27—The Franklin National Bank of Jersey City,
N.J.
From $150,000 to $50,000
of Reduct.
Jersey City,
$100,000
-
From
May 29—State National Bank of Decatur, Decatur, Ala.
$250,000 to $100,000--.
150:000
-
PREFERRED
STOCK ISSUED
*
Amount
*
,
May 29—State National
RFC)
$56,250
Bank of Decatur, Decatur, Ala. (sold to
250,000
-
CHANGE OF TITLE
May 29—The Tipp-Citizens National Bank of Tippecanoe City, Tipp
City, Ohio.
To: "The Tipp-Citizens National Bank of Tipp City,"
to agree with change of name of place where bank is located.
National Bank of Lafayette, Lafayette, Ind"First Merchants National Bank & Trust Co. of Lafayette."
June 1—The First-Merchants
To:
VOLUNTARY
Amount
Extra
;
_
....
May 31—The Citizens National Bank of Colton, Calif—i
$50,000
Effective March 16, 1939.
Liquidating agents; R. B, Hampson and R. L. Haglund, care of the Citizens National Trust &
Savings Bank of Riverside, Calif.
Absorbed by: The Citizens
National Trust & Savings Bank of Riverside, Calif., charter
No. 8907.
June 1—The Southwest National Bank of
Canadian, Texas
100,000
1 June 15
1 June 15*
1 June 17
1 June 15
1 June 15
1 June 16
June
Preferred (quar.)
June'
8
June
8
June 15
June 15
June 13
June 15
June
1
June
3
June 27
June 23
June 14
June 15*
June 13
June
13
June 20
June 20
Juen
15
June
June 19
June
June 19
.
June 10
July
15 June 30
10c
July
July
15 June 30
1 June 19
June 20
50c
75c
75c
July
July
July
July
July
July
July
June
15
125c
June
Juhe
16
$194
1794c
(
Cannon Mills Co__,.-_
$194
$194
$1
J50c
25c
:
— ...
_
j
Champion Paper Fibre & Co. 6% preferred (qu.)
Chicago June. Rys. & Union Stockyardsl
6% preferred (quar.)_____
_
Cincipnati St Suburban Bell Tel. Co. (quar.) —!_
Citizens Wholesale Supply preferred (quar.)____
Cleveland Electric Illuminating (quar.)___
...
— —
——
(quar.)
$7 preferred (quar.)..
Commonwealth Telep. Co.
15
June 20
June
15
June 16
June
15
June 30
June 30
June 20
June
16
.50c
June
$1,94
July
June
H
June
June
16
July
June
17
Jime
June 15
June
June
12
$194
$294
$194
$1.12
75c
July
JulyJuly
July
July
July
June
15
50c
$194
$194
—
Connecticut General Life Insurance Co.
(qu.)__
(quar.).
Connecticut River Power 6% pref. (quar.)
Consolidated Aircraft preferred (quar.)
...
Consolidated Bakeries of Canada (quar.)
Consolidated Laundries Corp. pref. (quar.).
Consumers' Gas of Toronto (qUar,). . —:* —
Continental Baking Co. pref. (quar.)
Continental Bank & Trust (quar.)_.
Continental Gas & Electric prior pref. (quar.)
Phosphate Co_
July
1
June
15
June
16
June 29
June
June
16
16
30c
June
Jime
19
July
June 20
June 20
20c
$194
75c
125c
$194
1$294
$2
20c
$194
$194
50c
25c
Crum & Forster.
•
-----
16
July
50c
(Madison, Wis.)
Connecticut Gas & Coke Securities pref.
June
$194
—
$2
$3
July,
July
July
July
Sept.
June 15
June
June
16
July
Aug.
July
July
July
July
June
July
15
15
June
15
June
19*
June
June 16
July
July
Sept.
June 15
June 15
June
17
Aug. 15
June
16
June
15
July
5
Sept. 20
June
July
June 30
June
June 15
3194c
June
June
June
July
June
17
17
15
June
June
10
$194
July
July
Jime 20
25c
June
June
25c
_
June
50c
50c
Cuban Telephone Co. 6% pref. (initial).,
Curtiss-Wright class A—;
Danahy Faxon Stores, Inc. (quar.)
Davega Sgores, preferred (quar.)
Deisel-Wemmer-Gilbert
June
June 19
June 17
June 17
June 10
June 14
75c
IIS
______
(quar.)
June 20
10c
—
(Wm.) Co., Inc., 6% pref. (quar.).
Corp..
Celanese Corp. of Amer. 7% cum. pref. (quar.).
7% cum. 1stpartic. preferred (quar.)Central Hanover Bank St Trust Co. (qu.),
Carpel
Preferred (quar.
Climax Molybdenum Co
Colonial Ice $6 preferred
June
July
July
July
July
July
July
July
July
June 20
3c
5% preferred (quar.)__
Carter
Tube
Chamberlin Metal Weather Strip. J.
16
June
10c
-
_
June
July
$2
20c
$194
...
Brunswick Site Co
July 17
Aug.
4
f50c
July
Aug.
July
July
20c
June
June
20c
June
June
12
15
10c
June
June
12
25c
$1
15c
Delaware RR. (semi-ann.)
Delta Electric Co. (quar.)
Deposited Bank Shares series B-l _ . . —
Devoe & Raynolds 2nd preferred (quar.)
Dominguez Oil Fileds (mo.)
Jime
15
-
Effective April 21,1939.
Liquidating committee: H.S.Wilbur,
A. V. McQuiddy and F. M. Chambers, care of the First Na¬
tional Bank of Canadian, Texas.
Absorbed by: The First
National Bank of Canadian. Texas, charter No. 6826.
CURRENT
594c
Monthly
NOTICES
Duplan Silk Corp
8% preferred (quar.)
...
Eastern Steamship Lines preferred-----Eaton & Howard, Inc. management fund A-l_._
Management fund B__
Management fund F_
,
—R.
E.. Swart St Co., Incorporated, announce that George Stucke is now
associated with them in the retail department of their New
Vincent P. Barry is representing
—John
become
Stock
Milton
Paul
Exchange and other
H.
L." Harker & Co., Chicago,
Davis & Co.,
exchanges.
„
Ecquadorian Corp..
the firm in and around Mahopac.
Wenner, formerly with H.
associated with
York office,
Electrical Products Corp..
has
members of the New York
Fanny
.
sr
Farmer
Cand;y Shops.
50c
$2
June
16
15
June 23
July
July
June 10
$294
June
June 21
694Q
3794c
July
Jluy
Juhe 20
3c
25c
-------
Consolidated Gas (s.-a.)
FamiseCorp. (quar.)
Elizabethtown
-
June 16"
June
18c
Bucyrus-Erie Co. preferred (quar.)__
i Building Products, Ltd. (quar.)— —
Bulova Watch Co.,<Inc._._Camden & Burlington County Ry. (s.-a.)______
Canada Packers, Ltd. (quar.)
Canadian Car & Foundry Ltd., pref. (no action)
Canadian Celanese, Ltd
;—
Preferred (quar.
j--—
—
Canadian General Electric (quhr.)_
r - Canadian Industries, Ltd.
7% preferred (quar.)
—
Canadian Westinghouse, Ltd. (quar.)___-__-I-
Preferred
19
19
1 June
25c
Broad Street Investing Corp, (quar.)
Brunswick Balke Collender Co.—
Coronet
15
1 June
10c
Crandail, McKenzie & Henderson
LIQUIDATIONS
1 June
25c
5,% preferred (quar.).
org-Wa
Borg-Warner Corp
Boyd-Richardson Co. 8% 1st preferred (qu.)_.
Bralorne Mines, Ltd, (quar.).
—
6% preferred
19
15
3794 c
Bliss & Laughlin
.
May 27—The Franklin National Bank of Jersey City, Jersey City.
N.J. (sold to RFC)
.i—■
July
July
July
July
July
July
June
Central
DECREASED
2 Sept. 15*
1 June 12*
10c
Bird St Son, Inc. (quar.).
Bird Machine Co. (quar.)
ISSUED,
Oct.
July
July
July
July
July
July
July
July
July
July
July
July
July
$IH
(quar.
_
1 June 30
June
25c
;
July
July
July
July
July
July
$1
10c
(quar.)_
Beatrice Creamery Co.
$5 preferred with warrants
B-G Foods, Inc., preferred.
3
20
19
25c
(quar.)____
Bank of the Manhattan Co.
1 June
1 June
June 26 June
1 June
July
July
,1 June
4
Aug. 31 Aug.
July 31 July
7
June 15
July
June 15
July
June 15
July
American Superpower 1st preferred
American Water Works St Electric Co.—
Bankers Trust Co.
July
July
June 30 June 20
$194
:___
__:
June 26 June 16
July 10 June 26
3
1 June
July
50c
-
_
...
_
Holders
Payable of Record
25c
American General Insurance (quar.)_
American Smelting & Refining Co
Preferred (quar.)
American Snuff Co
Preferred (quar.)
$1)4
Carnation Co..____.—
; /,
■
Amount
May 31;—Citizens National Bank of Macomb, Macomb, III—i — .$100,000
Capital stock consists of $100,000, all common stock.
President:
E. T. Walker,
Cashier: J. B. Wolfe.
Conversion of the
Citizens State Bank of Macomb, Macomb, III.
*
_________
...
Capital Administration Co. $3 cum. pref. (qu.)_
Department:
30c
894c
12J4c
$194
$4
_ _ _
NATIONAL BANKS
When
Per
Name of Company
June 20
June
15
Per
Share
Nairn of Company
When
35c
July
(N.J.) (quar.)
„
Oct.
35c
Quarterly
—
-——:
25c
July
Filene's (\Vm.) Sons Co
$1.18H July
Preferred (quar.)
-—
$2 July
Finance Co. of Pennsylvania (quar.)
Finance Co. of America (Bait.) 7% class A pref.
Directors have elected to redeem all outstand¬
ing 7% class A pref. stock, par $5, at $5H
per sn. plus accrued divs., on July 10.
50c
July
Florshelm Shoe Co. class A
25c
July
Class B
25c
July
Food Machinery Corp
July
4H% conv. preferred (quar.)...
------June
Foresight Foundation, Inc., class A (s.-a.)
25c
July
Fruehauf Trailer Co
SI 5*
July
Fuller Brush 2d pref. (quar.)
$1H
July
General American Investors, preferred (quar.)__
20c June
General Acceptance Corp., common (quar.).—
20c June
Class A (quar.)
10c July
General Printing Ink Corp...
$1H July
$6 cumulative preferred (quar.)... — —'
»>
General Public Utilities, Inc.—
$1H
July
$5preferred (quar..)
—
- $1H July
General Time Instruments, pref. (quar.).......
June
$IH
General Tire & Rubber pref. (quar.)
10c July
General Water, Gas & Electric Co.'..
75c July
$3 preferred (quar.)...—
Noblitt-Sparks
Northwestern Telegraph Co - North American Finance class
Prior preferred (quar.)
Sept. 21
25 July 15
25 July 21
1 June 17
1 June
7 % preferred (monthly)
Oklahoma Interstate Mining
15
15
1 June
20
1 June 20
1 June 20
15 June
8
15 June
8
1 June
16
— —
Goodyear Tire & Rubber (Canada) (quar.)
Preferred (quar.)..
.......
Great American Indemnity Co. (s.-a,).
Great West Life Assurance Co
Greene Railroad Co. (s.-a.).
»-.-*•
Greif Bros. Cooperage Corp., class A—....—
Greyhound Corp.
....
......
....
5 H % preferred
(quarj.....
Guaranty Trust Cq. of N. Y. (quar.)
Gulf Oil,Corp
:.--Hamilton Cotton Co. Ltd., conv. pref
Hamilton United Theatres Ltd,, 7% pref.
Harding Carpets, Ltd
Hedley Mascot Gold Mines Ltd. (quar,)
Heller (Walter E.) & Co. (quar.)....
Extra..——
—i..——...
Preferred (quar,)
—
Hickok Oil Co
Prior
-
-
*
-
preferred (quar.)
-•-
—. — .
.
_.
—
.—.
—
......
—
—
—
...
.
z
...
_________.
10c
43 He
31 He
25c
SI H
12Hc
S1H
3s7i1l
30c
S1H
SI H
SI H
50c
25c
$2
S4
25c
|S1H
25c
m
tSlH
15c
S1H
|!H
1 June
14
1 June
June
14
15 June 10
3 June 15
3 June 15 '
15 June
9
3 June, 20
June
__
__
Loose-Wiles Biscuit Co
5% preferred (quar.)..
......
17
______
.
_
8
8
June
15
June
June
15
July
July
July
Aug.
July
July
July
July
June 22
June 22
June
July
June
3
Preferred (quar.)..
Mapes Consolidated Mfg. (guar.)...
...
June 20
_June
5
1 June 15
June
July
July
July
Mead Johnson & Co. (quar.)
Extra
_____
Memphis Natural Gas.__
Merchants & Miners Transportation Co
Meyer-Blanke Co. 7% pref. (quar.)_.__..
Michigan Assoc. Telep. Co. 6% pref. (quar.)
Michigan Silica CO
Middlesex Water Co. 7% pref. (s.-a.)
Mississippi River Power Co. 6% prer__
Mitchell TJ. 8.) & Co., Ltd., 7% pref.
(quar.)__
Mode O'Day Corp
Monongahela West Penn Public Service, pref..
mm
—
Corp., Ltd. (quar.)
7 i June 23
Oct.
July 18
Sept. 18
Preferred A & B (quar.)
Morris & Essex RR .Co
Extra.
_
June
Worcester 8alt (quar.).1
Preferred (quar.)
15,June 30
Wurlitzpr (Rudolph) preferred (quar.)
(quar.)
6% cum. conv.jpref. (s.-a.)
;
Newport Electric Corp. 6 %pref. (quar.)
New York Lackawanna & Western Ry_
New York State Electric & Gas pref. (quar.)....
July
Below
75c
20c
July
June
June
June
June
June
S1H
S1H
July
July
June
5c
June
June
S3H
S1H
S1H
July
July
July
June
June
June
16
15c
June
June
43 He
July
July
July
July
July
July
June
June
June
July
June
July
$1.31 H July
40c
July
June
June
July
July
July
■_
:___
_.
30c
25c
$llc
43 He
2oc
40c
$3H
19
June 19
June 14
June 15
June
.8
1 June
16
June 26 June 15
June 15 June
5
1 June 15
July
July
1 June
15
July
July
July
July
1 June
1 June
15
15
1 June
15*
1 June 15
June 30 June 20
June 30 June 19
June 30 June 19
1 June 15
luly
June 30 June
June 15 June
15
5
June 30 June 15
1 June 15
July
1 June 12
fulv
July
1 June
June
1 May 20
June
1
1 June
July
July
15
May 20
15
1 June 15
1 June 15
Julv
Juiie 24 June 16
July
1 June
July
July
1 June 20
1 Tune 15
16
June 30 June 19
1 June 12
July
1 Tune 15
Tuly
June 30 June 20
1 June 17
July
July
July
luly
July
15 June 20
15 June 20
1 June 20
1 June
15
June 30 June 16
21
25c
Aug. 15 July
Aug. 15 July
1 July
Aug.
1 July
Aug.
1 June
July
1 June
July
July
June
10
.
1
21
5
5
15
10
50c
June 30 June 20
$1H
$1H
Aug. 15 Aug.
4
1 June 20
July
we
Per
June
9
June 15
June
8
June
8
June 12
June 15
June 12
June 15
June 20
June 20
June 15
June 20
June
15
June 15
June 15
June
June
8
8
June 15
June 12
May 31
Share
Name of Company
«
25c
3Hc
$1H
19
June
given the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these being given inthe preceding table.
June 30
June 20
15
15
15
19*
24
15
20
23
15
to
1H
50c
June
1
20
S1H
$1H
5oc
$1H
$1H
June 19
and not yet
June 15
June 16
June
10c
50c
New Mexico Eastern Gas Co
June
June
50c
...
June 20
June 20
July
S1H
Corp
50c
June 19
June 15
75c
10c
_______
__.....
15 June 30
15 June 30
July
37 He
5% preferred (quar.)
National Standard Co
;
Navarro Oil Co. (quar.)—
1st preferred (quar.).
New Hampshire Fire Insurance
July
6
June
July
July
July
July
July
July
July
July
July
15c
Wiser Oil Co. (quar.)__
June 16
S1H
S1H
Morristown Securities Corp
National Candy 1st & 2nd preferred (quar.)
National Caskej Co., preferred (quar,)
National Discount Corp. (quar.)
July
July
July
July
July
July
July
July
40c
$1H
........
15
T._
$1H
...
1 June
12
l'June 17
June 15 June
5
.
July
July
July
25c
75c
25c
50c
_
June 20
June 20
Aug.
S1H
$1H
$1H
13
50c
50c
...
$1H
June
10
McColl-Frontinac Oil, pref, (quar.)
McKee (Arthur G.) class B (quar.)...
Extra
1.
;
25c
50c
50c
(s.-a,)
June 20
June
15
June 20 June
_
July 21
July
June
June 30 June 20
June 30 June 20
37 He
10c
June 20
Aug.
...
June 20 June 10
Marine Midland Trust Co. (quar.)_.^
Marine Midland Corp
-
June
10c
July
July
July
July
July
July
50c
50c
—
62 He
Taggart Corp., preferred (quar.)
$2
Tampa Gas Co. 8% preferred (quar.)._.
$1H
7% preferred (quar.)
Toleuo Edison Co., i% preferred (monthly)
58 l-3c
5 c
.6% preferred (monthly):
412-3c
5% preferred (monthly)
40c
Torrington Co...
T
Tri-Continental Corp. $6 cum. pref. (qu.)__
$1H
United States Gauge Co. /% preferred (s.-a.)
$1H
United States Playing Card Co. (quar.)
5 c
12Hc
Universal-Cyclops Steel
Valley RR. Co. (s.-a.)
*2H
Valve Bag 6% oreferred (quar.)
$1H
Victor Chemical Works (quar.)
25c
I.
Ward Baking Co. 7% pref--.
t50c
Western Grocers Ltd. (quar.)
75c
Preferred (quar.)
$1H
__j
_____
Western Tablet & stationery preferred (quar.)
81 H
West Jersey & Seashore RR. (s.-a.)
$1H
West Penn Electric Co., class A
$1H
6% preferred (quar.)
$1H
7%preferred (quar.).
West Pe
rest Penn Power Co. 6% pref. (quar.)
$1H
$1H
7%preferred (quar.)
West Point Mfg. Co. (quar.)
30c
25c
...
5c
—
Sussex RR.
June 20
June 21
15
a,
Extra—
____
June 22
June 20
June
15
June 15
June 20
50c
15
.......
.
—
1
41 2-3c July
25c June
15
;.
-m
.
(quar.)...
15
June 15
June
8
25c
June
25c
58 l-3c July
June
$1
S1H
Manufacturer^ Trust Co. (quar.)..
June
$1H
June
40c
Extra
July
.
July
....
_
^
June
June
...—_
15
lOp
...
June 13
July
July
July
-
—
12
July
\M
June 15
June
15c
-
—
July TO'June 30
July 10 June 30
July 10. June 30
July 15* June 16
June 26'June 15
1H%
June 15
June 15
June
—
8
July
July
S1H
June
_
& Electric Co.
(Ky.)—7 % cumulative preferred (quar.)
6% cumulative preferred (quar.)
!
5% cumulative preferred (quar.)...
Lykens Valley RR. & Coal (s.-a.)
Manischewitz (B.) Co
Preferred (quar
Mansfield Tire &' Rubber Co. (quar,)_ —
July
—
June 20
June 22
1271cC
30c
50c
50c
10c
7 He
50c
—
June 20
25c
...
—
5
5
—
17
15
15
15
June
Sept. 25
15
June 30
June 15
June 30 June 20
June 30 June 20
June 30 June 20
June 15' June
9
June 26'June 17
June
June 16
June
■1
10
June
June 16
Oct.
June
Remington Arms Co., Inc., 6% pref. (s.-a.)
Rubinstein (H.) Inc., class A (quar.)
Safeway Stores, Inc.
J
7% preferred (quar.)_........^
6% preferred (quar.)—
5% preferred (quar.)
...
Sangamo Electric Co. (quar.)
v
Savannah Sugar Refining (quar.)
Scran ton Electric Co., preferred (quar.)
Selected Industries, preferred (quAr.).
Seeman Bros. (extra)
Signal Oil & Gas Co., cl. A & B (quar.) — ....—v
Skenandoa Rayon 5% conv. pref. (qu.).4;—
5% preferred A (quar.)________
Smith (L. C.) & Corona Typewr ters (omitted)
Preferred (quar.)
Southwestern Gas & El. Co. J% cum. pf. (qu.)_
South West Pennsylvania Pipe Lines
Springfield Gas & Electric %i preferred (quar.)..
Square D Co..
Starrett (L. S.) Co.,
Preferr (xl (quar.)
Steel Products Corp. (initial)..
Stix, Baer & Fuller Co. 7% pref. (quar.)_
Strouss- Hirshberg Co
Sunshine Mining Co__
Sun Life Assurance of Canada (quar.)..
June
June
June
15
$1H
Reliance Mfg. Co. (111.).—
Preferred (guar.)..
15
June
June 30
July
June
Pratt & Lambert, Inc
3;June 15
July
July
July
July
July
June 20
July
June
—
9
June
June 17
June
$1H
....
17*
June
June 19
June
Reed Roller Bit
l'June
June 30
25c
- - —
—
9
July
July
July
July
July
-'—:—-
Extra.
15
June 26'June
June 30 June
June 15
June
1
June 13
June
June
15
June
S1H
$1.05
...
1 June
2 June
June
25c
75c
....
1 June
July
July
June 15
June
Aug.
10c
32 He
3 June
June 30 June
1 June
15
June 15
$1H
$1H
______
1 June 21
1 June 21
19 June
July
July
July
July
July
July
50c
25c
•
—
.....
preferred (quar.).
'---- — —
Telegraph Co_____
Providence Washington Insurance Co
Public Service Co. ot Colorado 7% prel. (mo.)__
6 % preferred (monthly)
—
5% preferred (monthly)...
S1H
S1H
S1H
5c
75c
$1.57H
$1H
87 He
62 He
June 21
25c
:
30 June 20
20c
—
Nehi
13c
SI
6% preferred (quar.).,.„_________
Little Schuylkill Navigation RR. & Coal_______
Locke Steel Chain Co. (quar,)._....
Loew's, Inc. (quar.)
j._.—
Extra.
Moore
tt50c
_
1
Class B (quar.)
-
13 He
....._.
Lincoln Telephone & Telegraph Co. (Del.)
Class A (quar;)....
Louisville Gas
20c
-
...
Lackawanna Railroad of New Jersey
Lambert Co
Landis Machine Co. 7 % preferred (quar.)
Corp.
80c
June
June 20
Philadelphia Bait. Sc Washington.
Phoenix Insurance Co. (Hartford) (quar.)
Pickle Crow Gold Mines (quar.)....
Pictorial Paper Package Corp.
Pittsburgh Metallurgical Co
—
Plough, Inc.
- - —
----Plymouth Rubber Co., Inc., 7% pref. (quar.)..
20
1 June 20
June
.
.—
—
1 June
July
$1H
......—
Paper Co.. .
...
5% convertible preferred (quar.)_ ..
—
Hinde & Dauch Paper Co. (Can.) (quar.)
Holmes (D. H.) Co. Ltd. (quar.)—
Homestake Mining Co. (monhtly)
*
Horn & Hardart Baking Co. (N. J.) (quar.)
Hoover Ball & Bearing Co. —
Indiana General Service Co. 6% pref. (qu.)
Indiana & Michigan Electric 7 % pref. (quar.)...
6% preferred (quar.).
__
Industrial Acceptance Corp. $2 class A (quar.)..
5 % conv. preferred (quar.)
Intercolonial Coal Co. (s,-a.)
Preferred (semi-ann.)
Interlake Steamship Co..........
______ J
International Nickel Co. of Can., 7% pref
International Power, Ltd., preferred..
International Products Corp., pref. (s-a.)__
Investment Co. of America (quar.)_.
;
Iowa Southern Utilities (Del,) 7 % pref.
6H% preferred..
6% preferred...
Irving Trust Co. (guar.)
...
__—„
Joliet & Chicago RR. Co. (quar.)
Kansas Power Co., $7 preferred (quar.),.
$6 preferred (quarA
Kansas Utilities Co. 7% pref. (quar.)—...
Kaynee Co. 7% preferred (quar.)—
Kearney (J. R.) Corp. (quar.)...
Preferred (quar.)
—
Keystone Custodian Fund K-2--..
Hoppers Co., 6% preferred
Lehman
10c
3
July
July
July
July
.....—__
July
*62 He July
-
5% preferred (quar.)
Hinde & Daucb
12 He
163c
—
—
6% preferred (quar.)...
Pacific Tin Corp. (special)
Penney (J. C.) Co.
——...—,
Peterborough RR. (s.-a,
Petroleum Exploration, Inc. (quar.)—
.
Globe Hbist Co
$1
41 2-3c
50c
58 l-3c
June 20
June 30.
Pacific Telephone &
16
1 June
Pacific Public Service
1st
_ .
1
pref. (quar.)
Pacific Lighting Corp. $5 pref.
For a period from May 15 to
30 June 20*
—. —
87 He
50c
...
...
17
June
June 15
June 20
25c
20c
pref. (s.-a.)
Omar, Inc. (irregular)-.....
Pacific Greyhound Line conv.
Holders
When
Payahh of Record
June
$1H
-
preferred (quar.).
Novadel-Agene Corp. (quar.)
Ohio Service Holding Corp. $5 non-cum. pref.
Ohio Public Service Co. 5% preferred (mo.)
)--6% preferred (monthly,
19
1 June
-
—
A (quar.).
7%
19
1 June
1 June
— -
-
1939
July
July
July
July
July
40c
industries
1 June 20
— -
Share
Name of Company
2
—
--
Per
Holders
Payable of Record
Federal Insurance Co.
I
June 10,
Chronicle
Financial
3482
40c
!
June
June 13*
June
25c
A (quar.)
June
June, 13
July
1
May 24
37 He
-
July
June 16
$1H
July
25c
iune
Agnew-Surpass Shoe Stores pref. (quar.)
...
Agricultural Ins. Co. Watertown, n. Y. (quar.).
%Y&
75c
July
July
Alabama Great Southern RR. Co. ord. stock
Preferred
$3
$3
t75c
June
Allied Mills, Inc
Allied Stores Corp., 5% pref.
-
-
Altoona & Logan Valley Electric Ry.
Aluminum Mrg. Co., Inc. (quar.)..
Quarterly
Quarterly..
I
7% preferred (quar.)
7% preferred (quar.)
7 % preferred (quar.)
American Agricultural Chemical
American Bank Note (no action)
Preferred (quar.)
American Can Co. preferred (quar.)
American Chain & Cable.
Preferred (quar.)
American Chicle Co. (quar.)
June
9
June
June
5
June 20
June 20
June 10
June
$1H
June
June
May 25
....
$1H
July
July
June 20
June
8
....
25c
25c
June
June
June
June 10
June 15
Allis-Chalmers Mfg. Co
Alpha Portland Cement
1
June
75c
(quar.)
Tune
June 15
June 20
June
9
July
Alan Wood Steel, 7% preferred
Allen Electric & Equipment (quar.)
All en-Wales Adding Machines pref. (quar.)
Allied Chemical & Dye Corp. (quar.)
Extra.....
Holders
10c
Abbott Laboratories (quar.)
■
Extra
___;
;
Preferred (quar.)
Acme Steel Co. (quar.)
Aero
Supply Mfg., class
Aetna Ball Bearing
When
Payable of Record
$1
50c
50c
50c
Co
June
1
Sept.
Sept. 15
Dec.
Dec. 15
June 15
June
Dec.
Dec
15
35c
....
$1H
$1H
$1H
June
June
15
75c
...—
$1H
Sept.
July
July
Sept. 15
1 June 12
1 June 16*
15c
—.....
June 15 June
6
$IH
SI
SI
15 June
6
June 15 June
June 15 June
1
June
1
*
Volume 148
Financial Chronicle
3483
a
Holders
When
Noma of Company
Payable of
American Cigarette A Cigar
pref. (quar.)
„
merw?
^
class A (quar.)
Option dividend cash or class B stock.
A (auar.).
7% preferred W °°- \%
A
$1H
68Hc
June 30 June 15
1 June 10
Preferred (quar.)
Sept.
Monthly.
1 Aug. 25
1 Nov. 25
Class A
Class A
Class A
-^erican ForkCo "¥% preferred!
felt &
American
July
American Gas & Electric Co. (quar.)
Preferred (quar.)
;
American Hawaiian Steamship. II"
American Hide & Leather preferred-
June 15 May
Hoe....
June 15 June
June 15 June
June 15 June
June 20 June
Sanitary, pref. (qu.)
...
I_I
__
3 June
15 June
$2H
-
*kP
25c
June 24
May 31
June
10
1 June 23
June 10
May 31
June
June
July
June 20
June
June
June 15
$1H
62c
S1H
.
5
May 31
June 30
July
July
July
July
July
June
June
7
7
60c
June
June
June
40c
July
$1H
———
June 10
June 10
June 15
6Hc
Bank of America N. T. & S. A.
(quar.)___
Basic Dolomite, Inc... j.
Bastian-Blessing Co.
Preferred (quar.)___i__
Bayuk Cigars, Inc
July
1
June 15
June 15
'
June
May 31
51H
July
July
July
July
July
July
July
July
July
June ,30
June 15
25c
June
15c
June
45c
June
18 He
i
1st
preferred (quar.)
Beatty Bros., 2d preferred (s.-a.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)--,.
51M
Hp
60c
...
J1
25c
Belding-Corticelli, Ltd. (quar.)—.:
Preferred (quar.)
Bell Telephone of Canada (quar.)_
Bell Telephone of Penna., preferred (quar:)
Bellows A Co., A (quar.)
:
-
Belmont Radio Corp. (quar.)
Beneficial Industrial Loan..
Prior preferred (quar.)
-
J!
June 15
June 10
June 10
June 15
June
2
1 June
2
15 June
1
1
July
July
July
June 15
June
June
June
June
July
July
June
June
June
June
(quar.)
Preferred (quar.)
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
Bristol Brass Corp.
(guar.)
British American Oil Co., Ltd. (quar.)
British-American Tobacco Co. (interim)British Columbia Power, class A (quar.)
June 15
June 16
June
2
June
June
June
-
1
9
June 10
June 10
July
July
July
June
May 31
May 31
Buckeye Pipe Line Co
Bucyrus Monighan, class A (final)
Called for redemption at 535 per share
July 1. 1938.
Budd Wheel Co. 7% preferred (quar.)-Buffalo, Niagara A Eastern Power, pref. (quar.)
—-
—
Burlington Steel, Ltd. (quar.)
Burry Biscuit Corp. 6% preferred (quar.)
Butler Water Co., 7% pref. (quar.)
Calamba Sugar Estates (quar.)
Preferred (quar.)
California Ink Co. (quar.)—
Canada Cement Co., pref
Canada Cycle A Motor Co.
5% 1st prior pref
Canada A Dominion Sugar Co., Ltd.—
u
(quar.)
——
Canada Malting Co. bearer (quar.)
Registered (quar.)—
——w
Canada Northern Power Corp. (quar.)..——.
7% preferred (quar.)
Canadian Canners, Ltd., 1st pref. (quar.).....
2d preferred (guar,)—
June
June 30
Chesapeake Corp. (liquidating)
Chesapeake A Ohio Ry.
Preferred (quar.)—.
Chesebrough Mfg. Co. (quar.)
July
July
July
July
;
—
Chicago Pneumatic Tool prior pref. (quar.)
Convertible preferred (quar.)
Chicago Rivet A Machine.
Chicago Towel Co
*1H June 30 June 16
1 June 15
July
1 July 15
Aug.
June 10 May 19
Sept. 1 Aug. 26
Dec.
1 Nov. 24
70c July 10 May 31
15c
3 June 15
July
75c July
1 June 20
June 15 June
1
40c July
1 June 15
35c July
1 June 15
50c June 20 June 10
tllH June 20 May 31
51.55 June 30 June 15
40c
M
P37Hc
|30c
175c
J25c
il5c
1 June 14
July
June 15 May 27
June 20 June 10
Preferred (quar.)-Christiana Securities
Preferred (quar.)
June 20 June 10
June 15 May 22
1 June 20
July
June 12
5% preferred
(quar.)-...——
——■.
(auar.)
5% preferred (ai
City Ice A Fuel Co
Clark Equipment Co pref. (quar.)
Clearing Machine CorpClorox Chemical Co. (quar.)
Cluett.Peabody A Co., Inc. (interim).
Preferred (quar.)
Coast Counties Gas A Elec. Co., 6% pref. (qu.)_
_
Class A
Sept.
Aug. 15
Dec.
Nov. 15
June 15
June.l5 May~31
July 25 June 30
July
July
July
15 June 30
3 June 15
3 June 15
,
July
July
July
July
July
-
(quar.)
—
Colgate-Palmolive-Peet pref. (quar.)
Colt's Patent Fire Arms
i—-
(quar.)__
1
1
June 30
1
July
July
July
Sept.
May 31
May 12
June
June 30
Aug.
July
July
July
June* 15
June
9
June
9
July
June
10
June
June
(quar.).
6H % preferred (quar.)
—
Copperweld Steel Co
—
Cosmos Imperial Mills 5% pref. (quar.)-.—...
Craddock-Terry Shoe Corp.—
5-6 % 1st preferred (initial)
4-6% 2d pref. (initial).
—
3-6% 3rd pref. (initial)
Crane Co. 5% conv. pref. (quar.)-—
Cream-of-Wheat Corp
>r——
—
Creameries of America, Inc.-(quar.)
Creole Petroleum Corp---———
——
— .
Extra
—
—
Cork International Corp. class A—,—-(quar.).....
pref. (qu.)
June
52.19
51.76
5L32
51H
50c
June
July
June 30
July
July
July
1
1
1
1
1
June 15 June
July
1 June 10
June 29
June 10
June 15 May 31
June 15 May 31
June 24 June 14
July
1 June 16*
June 15 May 31*
July
1 June 13
June 36 June 20
June 15 June
July
....
1
3
June 15
June 15
June 15
June 15
July
July
July
July
—
Continental Telep. Co. 7% partic. pref,
Cuneo Press, Inc. pref. (quar.)...
Curtis Publishing Co. preferred
15
June 15
June
June
July
July
—
........
1
1 May 31
June 15 June
Quarterly-
Davidson-Boutell preferred (quar.)
Dayton A Michigan RR. Co. 8% pref. (quar.)—
—
Delaware Fund
Supply 0??$?7*^'pref.
Detroit Hillsdale A Southwestern
Devonian Oil Go
- - -
Dewey A Almy Chemical
Preferred (quar.)
Diamond Match Co., common....
Common.
Participating preferred (s.-a.).
Participating preferred (s.-a.).
Distillers Corp.-8eagrasm, Ltd. .
5% preferred (quar.).
Dixie-Vortex Co., class A
Dr. Pepper Co. (increased quar.).
-—
-
Doernbecher Mfg. (quar.) JT. . . -.
Dome Mines, Ltd. (quar.)—...
Dominion Glass. Ltd.
(quar.)....
Preferred (guar.) —
...a
1 June 15
5 June 16
1 July
1
June 20 June 10
June 24 June 15
%
RR. (s.-a.)—
(irregular)
July
July
1
June 15 June
July
1 June 20
July
Dentists ouppiy u* • *-it /g
jjenusts
(quar.).
Detroit Gray Iron Foundry (semi-annual)
———-
5
June 30 June 15
June 36 June 15
——
-
Detroit Harvester Co.----
5
8ept. 15 Sept.
Daniels A Fisher Stores Co. (quar.)
Quarterly
5*
June
54 H preferred (quar 0
*——Continental Can Co., Lac.—
54H cumulative preferred (quar.)—
Continental Oil (Del.)——-....
Continental Steel.—...—
*
5*
June
—
Orum A Forster Insurance Shares 8%
Aug. 15
1
June 15 June
1 June 15
June 10 May 29
1
June 23 June
Light A Power.
—
1
July
Consolidated Investment Trust (quar.)
Consumers Power Co. 55 preferred (quar.)
Crown
June 15
June
9
1 June 15
1 June 15
June 15 June
Connecticut Light A Power (quar.)
Consolidated Amusement, 6% preferred (quar.)
Consolidated Biscuit Co
(quar.)
10*
June 10*
June
June 15 June
Congoleum-Naim, Inc. (quar.)
Preferred
1 June 12
1 June 12
6
1 June
July
July
•
(quar.)
18
June 10 May 25
9
June 30 June
9
June 30 June
Commercial Investment Trust Corp. (quar.)
Convertible preference (1935) (quar.)
Commonwealth Petroleum (initial)—
Commonwealth A Southern Corp preferred
Commonwealth Utilities, 7% pref. A (quar.)
6% preferred B (quar.)
6H% preferred C(quar.)
u
Compo Shoe Machinery Corp. common
Accrued divs. in cash on $2H cum. conv. pref.
stock from date of issuance, Apr. 6.1939. to
June 15, 1939
Preferred
Dec.
June 15
May 29
June
z
Consolidated Gas Electric
5
19
Sept. 18
June 36 June 15
9 May 26
June 10 May 19
(quar.)
Columbia Broadcasting, Inc., class A A B__
Columbian Carbon Co., voting tr. ctfs. (quar.) . .
Columbus A Xenia RR. (irregular) - ±
Commercial Credit Co. (quar.)
Preferred
15
June
June
1 June 20
July
June 15 May 25
1 June 12
1 June 12
—
-
June
1 June 15
July
June 24 June 14
June 26 June 15
.—-
,
May 15
1
July
June 26
1
July
Oct.
1
1-1- 40
June 30
June 15
(quar.)
common
Cincinnati Gas A Electric preferred (quar.)....
Cincinnati New Orleans A Texas Pacific
Cincinnati Union Terminal 5% pref. (quar.)
Extra
37Hc
37 He
June 30 June 20
June 30 June 26
1 June 14
July
Extra
Chrysler Corp.
1 June
1 June
June 26 June
June 26 June
Chicago Flexible Shaft (quar.)
David A Frere Ltd., A (quar.)
[37Hc
June
•
Extra
36
May 31
May 31
June
June
June
...
June 17
June
3
June 30
June
5
May 16
June 15
1
July
July
Crowell Publishing
June
June
5
Central Power Co. (Del.) 6% preferred
7% preferred
Central A South West Utilities $7 pr. lien pref- 56 prior lien preferred..
Crown Cork A Seal Co., Inc., pref.
Crown Zellerbach Corp——
July
May 20
May 20
June 15
June 15
June 15
June
June 20
June 15
May 31
June
June
July
June
June
June
July
Co—
June 10
June 12
June
July
July
-
June 20
June
m
June
-
-
5
May 25
May 31
June 10
Bridgeport Gas Light Co. (quar.).-,
Briggs A Stratton Corp.
Bright (T. G.) A Co., Ltd., com. (quar.)
preferred (quar.)
Bulolo Gold Dredging (interim)
Bunte Bros., 6% preferred (quar.)
5% preferred (quar.)
Burdine's, Inc., 52.80pref. (quar.)
15
15
July
Extra
Brazilian Traction, Light A Power, pref.
June
4
July
..._
Extra
2
June 30 June 16
-
-
June
July
June
June
$6 preferred-
Central Ohio Steel Products.
Central Patricia Gold Mines (quar.)
June 15
June 20
June
Consolidated Edison Co., N. Y., Inc.$5 preferred-...—..........—.,—......
Consolidated Film Industries, 52 preferred
June 15 June
621i
.
June 20
June 20
-
6% preferred (initial quar.)-7% pref. (quar.)
Carpenter Steel Co..
Case (J. I.) Co. 7% preferred (quar.)
Central Cold Storage (quar.)
Central Illinois Light, 4H % pref. (quar.).,
Central Illinois Public Service 6% preferred
Consolidated Diversified Standard Securities—
Non-cum. preferred (semi-annual)
1
June 15
June 15
June
-
Bondholders Management class A (s.-a.)
Borne-Scrymser Co
i
Boston A Albany Railroad Co..
Boston Electric Ry. Co. (quar.)
Boston Woven Hose A Rubber Co., prefBower Roller Bearing Co
r
Brach (E. Jt) A Sons (quar.)
June
_
June
July
July
-
First
15
June
«
_
June 16
June 16
June 23
June 20
June
Berghofr Brewing Corp. (quar.)
Bethlehem Steel Corp. 7% pref. (quar.)
5% preferred (quar A.
Birmingham Water Works Co., 6% pref. (qu.)_
Bishop Oil Co. (quar.)
,
Black A Decker Mfg. Co. common (quar.)—.—
Bohn Aluminum & Brass.:
Nov. 30
July
July
July
July
July
Coca-Cola International Corp. (s.-a.)-_
Class A (s.-a.)
June
June
51H
Deo.
Coca-Cola Co
15
Aug.
'
Sept.
June 12
June
31
31
31
31
(quar.)
Canadian Wallpaper Mfits. class A and B
Canfield Oil Co.
;
_
May
May
May
Aug.
June
June
...
(quar.).........—
July
July
50c
10c
5uc
.............
Holders
When
Payable of Record
June
A (quar.)——
—.
(resumed).....
June
May 22
July
5
75c
37 He
Share
Canadian Cottons, Ltd. (quar.)
Preferred (quar.)
Canadian Foreign Investment, Ltd., pref.
(qu.)
Canadian Oil Cos. preferred (quar.)
-
June 20
2
..
—
5
1
1 June 10
15 June 15
Aug.
5% preferred (semi-annual)
9
June 24
6
June 22 June
1
June 10 June
June 15 May
1
1
June 15 June
June 27 June 14
June 22 June 12
June 30 June 15
June 30 June 15
June 30 June 15
July
1 June 15
June 30 June 15
June 30 June 15
-
Atlanta Gas Light 6% cum. pref. (duar.)
Atlantic Refining Co
Preferred (quar.)
Atlas Corp. common (auar.)
Atlas Powder Co__.
i
Atlas Press Co. (quar.)
Autocar Co., preferred (quar.)
Avery (B. F.) A Sons, pref. (quar.)
Badger Paper Mills (irregular)
;
Baldwin Co.. pref. A (quar.)
6% preferred (quar.)..-.,
Bangor & Aroostook RR. Co. (quar.)
Preferred (quar.)
;
Bangor Hydro-Electric Co., 7% pref. (quar.)_6% preferred (quar.)-_
*
(quar.)
9
June
July
July
-
Atchison Topeka A Santa Fe Ry.
preferred.
Atlanta Birmingham A Coast RR.—
New
June
20 May 31
Sept. 1 Aug. 25
June
July
July
July
July
July
Assoc. Breweries of Canada
(quar.)
Preferred (quar.)
:
Associates Investment Co. (quar.)..
5% preferred (quar.)
New
5
June
initial—quar.)
Brunswick-Balke-Collender
Dec.
July
July
.
Bon Ami class A (quar.)—
Class B (quar.).
Sept, 15
Dec. 15
July
1
July
1
9
June 30 June
1 June 15
Incf.j
Amoskeag Co. (s.-a.)—
Preferred (s.-e.)
Anaconda Copper Mining Co
Anheuser-Busch, Inc.
Arkansas-Missouri Power, 6% pref."(s^-aj
Armstrong Cork Co. pref. (quar.)
...
1 June 17
5
Sept. 5
July
m
-
1
5
June 15 June
4
American Thermos Bottle pref.
(quar.)
American Thread Co.
pref. (semi-annual.)
American Tobacco Co. preferred (quar.)
7
7
1 June 14*
June 15 May 31
prefl"(quar!) 111
Extra
1 June 15
July
_
American Safety Razor
(quar.)
American States Insurance Co.
(Indianap.,
American Sugar Refining preferred
(quar.)
American Sumatra Tobacco
Corp.
American Surety Co.
(semi-annual).
American Telep. A Teleg.
(quar.)
1
5
16
8
1 July
Aug.
July
"I"
Preferred (quar.)
American Home Products
Corp. "(monthlyI
American Meter Co.. Inc
American National Finance,
pref—1111111111
American Optical Co. (resumed)
Preferred (quar.)
American Paper Goods Co., 71
Arnold Constable Corp.
Art Metal Works
Asbestos Corp., Ltd. (new
1 June
June 15 June
American Public Service 7
% preferredAmer. Radiator A Standard
G*gad* Wire A Cable, class
July
June 10 May 31
July 10 June 30
7% preferred (quar.)..
7% preferred (quar.)..
American Power A Light Co. 56
pref. (qu.)
55 preferred (quar.)
Name of Company
Dec.
(quar.)
Ltd. (monthly)
American Factors,
_
Per
Record
July
5 June 20
31
June 15 May
June 15 June
June 15 June
Sept.
1
1
1 Aug. 10
1 Nov. 10
1 Aug. 10
3-1-40 2-10-40
8
June 15 June
Dec.
Sept.
Aug.
July
Sept.
Dec.
1
1
1
1
June 20
July
15
June
10
Aug. 18.
Nov. 18
June
5
July 20 June 36
July
3 June 15
July
3 June 15
Financial
3484
Per
Share
Name of Company
38c
Dominion Textile, Ltd. (qu*r.)
f'referred (quar.)
Draper Corp. (quar.)
Driver-Harris Co. preferred (quar.)..
;July
July
July
July
July
Duke Power Co.
(quar.)
(quar.)
Duncan Electric Mfg. Co
du Pont (E. I.) de Nemours (interim)
Preferred (quar.)
Debenture (quar.)
Duquesne Light Co. 5% 1st preferred
Eagle Picher Lead, pref. (quar.)..
Early Ac Daniel Co., pref. iquar.)
East Mahanoy RR. (s.-a.).
$14
75c
-
$19*
Preferred
Preferred
10 June
1
June
14 May
25 July
25 July
15 June
22
10
10
15
1 June
15 June
15
20
5
1 June
1 June
5
5
25c
Edison Bros. Stores, Inc. (quar.).
5% cum. preferred (quar.)....
Egr.y Register Co. 594% pref. (quar.)
Electric Boat Co
--—....—Electric Controller & Mfg..
Electric Storage Battery Co
Preferred..i
62 4c
$14
June 21 June
July
50c
June 30 June
June
25c
:
June 30 June
15|May
1 June
1 June
July
1 June
July 15 June
July 15 June
July
1 June
July 15 July
July 15'July
40c. cum. pref. (quar.).
Elmira & Williamsport RR.
10c
(s.-a.)
El Paso Electric Co. (Del.) 7% pref.
El Paso Electric Co. (Texas) $6 pref.
El Paso Natural Gas Co.
A (quar.)..
(quar.)
$1.60
$1?*
$194
50c
Ely & Walker Dry Goods 1st pref. (s.-a.)
2d pref«rred (s.-a.)..
Empire Power Corp., $6 cum. pref..
Participating stock
*
Emporium Capwell Corp
494 % pref. A (quar.)
4 94% preferred A (quar.)..
,% preferred A (quar.)..
7% preferred (semi-ann.1
Engineers Public Service, $6 preferred (quar.)..
$594 preferred (quar.)
$5 preferred (quar.)
English Electric Co. (Canada) $3 non-cum. A_.
Erie & Pittsburgh RR. (quar.)
—
Excelsior Insurance (N. Y.)
Ex-Cell-O Corp
.....
Falconbridge Nickel Mines
Falstaff Brewing Corp. (quar.)
Preferred (s.-a.)
Famous Players Canadian (quar.).
Faultless Rubber Co. (quar.)
Fear (Fred) # Co. common (quar.)
Shops. Inc. (irregular)
t3U
3uc
July
July
June
$14
X624c
674c
15c
20c
t7m
3c
J25c
25c
21g
75c
25c
50c
Fifth Ave. Coach Co. (quar.)...__
Finance Co. of Amer. (Bait.), com.
A & B (qu.)
7% preferred class A (quar.)
First National Bank (Jersey City) (quar.)
First National Bank (Toms River, N. J.) (qu.)
First National Stores (quar.)
First Securit. Corp. (Ogden). A & B (s.-a) .....
First State Pawners Society (quar.)
Fiscal Fund (bank stock) (s.-a.)
Insurance stock (s.-a.)i
Fisher Flour Mills preferred (quar.)
;
Ford Motor of Canada, A. & B. (quar.)
Fort Wayne & Jackson RR.; pref. (semi-annuaD
Foster & Kleiser Co. 6% class A pref. (quar.) —
Fox (Peter) Brewing Co. (quar.)
...
_
5
9
June 30 June
15
624c
50c
$14
June 30 June
Gamewell Co., preferred (quar.)
15 June
15 June
15
July
l
June 17 May
25c
June 30 June
15
June 30 June
preferred.__ — ...
15
20c
"
5% preferred (quar.)
594 % preferred (initial quar.)..
Gay lord Container (quar.)
;
Preferred (quar.)..
Gemmer Mfg. Co., class A___:_._
General American Transportation Corp.....—
Genera Box Co. (s.-a.)
General Candy Corp., class A—
General Electric Co
Sept.
July
Johns-Manville Corp.
June
15 June
5
July
1 June 20
July
1 June
2c
July
1 June 10
June 20 June
10
25c
July
23
8' 4c
25 June
June 15 May
June 15 May
Aug.
1 July
26
15
10*
$14
July
1
June
9*
75c
June
12
May
July
11
10
25c
June 15 June
8
June 15 June
8
1 July
15
15 June
6
50c
....
6% preferred (quar.)
Corp...
$5 preferred (quar.)
;—
General Paint Coto. preferred (quar.)
•
General Railway Signal, preferred (quar.)..
General Re-Insurance (quar.)
General Motors
Extra..
General Telephone Allied Corp., $6 pref.
General Telephone Corp. (quar.)
(qu.)._
$14
$14
66c
$194
$14
I
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gibralter Corp. of Amer. 6% partic., pref
Gibson Art Co. (quar.)
'
*
Globe Wernicke Co., preferred (quar.)
Godchaux Sugar, Inc., class
A
(quar.)
■,
Goebel Brewing Co
Gold & Stock Telegraph Co. (quar.)
Goldblatt Bros., pref. (quar.)
Golden Cycle Corp. (quar.)
Goodyear Tire & Rubber Co
$5 conv. preferred (quar.)
Gorham Mfg. Co
Gorton-Pew Fisheries Co. (quar.)
Grand Rapids & Indiana Ry. (semi-annual)
Grant (W. T.) Co. (quar.)
Preferred (quar.)___
Great Western Sugar Co., preferred (quar.)
Common (quar.)
Preferred
Greene Cananea Copper
15
Klein
June
15
15
Kleinert (I. B.) Rubber
Kres^e (H
S.> (to
(quar ).
50c
July
July
July
July
June
June 24
Oct.
15c
June 30 June
$14
40c
5634c
$194
50c
$194
5c
$14
624c
$1
Group No. 1 Oil
July
June
50c
tl5c
July
July
July
July
July
Gulf Power Co. $6 preferred (quar.).
Gulf States Utilities $6 pref. (quar.).
....
Hackensack Water pref. A (quar.)..
Halifax Fire Insurance Co. (s.-a.)
$14
$14
$14
4394c
50c
$134
$134
$194
15 June
1
June 15 June 10
June 15 June
1
1 June 14
July
1 June 15
July
June
July
1 June
June 26 June
June
June
$194
$14
1 June 16
July
1
1 June
15
15 June
1
June 30 June
10
June
15
July
Sept.
Dec
Aug. 22
Nov. 21
June 30 June
July
1 June
2
10
2
5c, June 16 June
1 June 15
70c
July
15c
25c
June
July
July
July
July
July
15|May 31
l'June 13
1 June 13
l;June 13
1 June
15
I June
15
ljJune 15
II June 20
June 30 June
June
July
15
June
$194
131June
2
1 June 20
30,June 20
llJuly 20
Aug.
1
July
|June 17
June
15 June
June
June
15 June
15 June
10c
—
15
9
15 June
15c
1 June
July
1 June
July
Aug. 15 Aug.
10c
25c
25c
5
Nov. 15 Nov.
June
30c
June 24 June
14
5c
June 24 June
14
75c
2p
6234c
15 May 29
14
June 24 June 14
June 30 June
10
1 June
15
1 June
14
Lehigh Portland Cement Co. 4% pref. (quar.)..
Lehn & Fink Products Corp
%1
July
July
25c
June
14 May 31
5c
June
15|June
65e
June
1
!5lMay 31
5c
June
10 June
$194
June
15Uune
8
$3
July
1 June
16
50c
June
Leath & Co. preferred (quar.)
5
9
lu
3 June 10
6
July
June 24 June
15
July
10
$194
50c
June 12 June
July
3 June
16
10
:$i
Lessing's, Inc
June 30 June
1 June
1 June
$134
Leonard Refinereies, Inc
Ix»slie Salt Co. (quar.)
It 24
10
25c
15
15 June
1 June
July
July
July
20c
15
15 June 30
15 June 30
1 June 20
June 15 May 31
June 15 May 31
1
15
$1
*
1
15 June
June 30 June
June
$1
_
15
l'June 15
Preferred (quar.)
Lava Cap Gold Mining
14
June 30 June
Aug. 10
June 20 June
10c
Quarterly
14
July
July
July
Tuly
30 c
'
Extra
June
June
1
June 15 June
July
June
5c
Guarantee Co. of North Amer. (quar.).
Extra
1
1 June 20
Lane-Wells Co
10
June
15 June
Langendorf United Bakeries class A (quar.)
Class B (quar.)
;
Class B (extra)
15 May 15
15 June
1
1 June 21
June
15
13
$Ti
Emil) Co
Extra.
10 May 31
15 May 15
1
1
3
3
15*
1 Juhe
1 June
$194
$134
$194
$134
Land is Machine Co. (quar.)
1 June 30
1 June 10
Tune
1 June
1 Nov. 10
25c
(quar.)
Lamaque Gold Mines, Ltd. (quar.)
June 20
June 20
—
'
-
Lexington Utilities preferred-.
—
Libby, McNeil & Libby 6 % preferred
Libbey-Owens-Ford Glass
Liggett & Myers Tobacco, preferred (quar.) — .
Lily Tulip Corp...
Lincoln National Life Insurance (quar.)
Quarterly
:
Lincoln Service Corp. (Wash.,
Extra
6% preferred (quar.)
7% preferred (quar.)—*
$194
30c
3
July
15 May 31
1 June 13
June
15 June
1
—
1
—
30c
Aug.
l'July
27
30c
Nov.
1 Oct.
27
25c
June
25c
D. C.) (quar.)
■
30
1 June
894c
Lake Shore Mines, Ltd.
10
July
June
25c
16
June 30 June
25c
$194
June
"
17
June
35c
3
June 15
17
June
$2
15
June
25c
75c
Sept. 20
1 July
June
$14
$100
Co., Inc
Aug.
July
July
July
July
July
June
Dec.
25c
Kresge Dept. Stores preferred (quar.)
4% 1st pref. (quar.)
...
Kroger Grocery & Baking Co. 7% pref. (quar.)
6% preferred (quar.)
Kysor Heater Co. (quar.)
June 20
May 31
May 31
July
$134
June 22 June
30c
..
(quar.)
50c
$14
$14
June
July
Sept.
$134
$194
$194
—
July
(D.
May 23
June 20
June 15 May 31'
Jime 27 June 20
1234c
$134
Kings County Xiighting 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
—2—
1 June 15
$1
30c
— —
Extra
June
75c
Wire Co., Ltd. (quar.).
Keystone Steel & Wire
Kimberly-Clark Corp. (quar.)
25c
50c
Quarterly.
Gillette Safety Razor
Preferred (quar.)
Glens Falls Insurance Co. (quar.)
Glidden Co., preferred (quar.)
$54 preferred (quar.)
-
75c
$3conv. preferred (quar.)..
General Telephone Tri Crop ...
.>
3711
—-
Keystone Public Service preferred (quar.)
Preferred
July
July
July
July
75c
(quar.)
.
,
20
1 June 20
.Tune
35c
Kerr Lake Mine Ltd
Aug. " 1
July
1 Tune 17
July
1 June 12
Aug.,
X--
6% preferred (quar.)
Kayser (Julius) & Co
Katz Drug Co
;
Preferred (quar.)
Kaufmann Dept. Stores, 5% pref. (quar.)
Preferred (quar.)—*
Keith-Alhee-Orpheum Corp., 7% pref_K_
Kemper-Thomas, 7% special pref. (quar.)..
7% special preferred (quar.)
Kennecott Copper Corp..
—
Kerlyn Oil Co
class A (quar.)
9
25c
Corp. (Del.), $5 pref. (qu.)
7% pref. (quar.)
Joseph & Feiss Co. (initial)
Joslyn Mfg. & Supply...
...
Kansas City Power & Light Co. 1st pref. B
Kansas Electric Power 7% preferred (quar.)___
$14
J 50c
25c
1
15 June
15 Iune
1 June
July
July
100%
dividend)
10 June
June
1
June 15
May 31
10 June 22
June
15c
June
June
10*
1
10c
1
25c
5
1 June
25c
—
(C. EJ & Co
Preferred
1 June
July
July
July
July
July
July
30c
15
1 June
1 June
9
June 15 May 31
1 June
5
July
July
75c
10 June
1 June 15
June 30 June'
$134
10c
1-
(reduced)__
June 30 June
July
$194
$14
$134
75c
June
25c
General Cigar Co
General Gas & Elec.
*---
—
Jar vis (W. B.) Co. (stock
Jefferson Electric
June 20 June
10c
10
19
1 June 12
3 June 30
Oct.
2 Sept. 30
1-2-40 Dec. 30
$134
37 34c
,
(quar.)
Jersey Central Power & Light* 7% pref. (qu.)__
6% preferred (quar.)
534% preferred (quar.)
Jewel Tea Co., Inc
July
July
$i.:
1 Aug. 19
1 June 15
6894 c
75c
f
General Mills, Inc. common..
Extra
Jamieson
June 21 June
30c
Irving Air Chute (quar.)
27
2 June
1
3 June 15
1 June 10
July
July
10c
Quarterly
1
26
July
July
July
June 30 June
t30c
—
Investment Corp. of Phi'a
1
June
June
1
June 26 May
$2
2nn
—
Insuranshares Certificates, Inc
June
15
11 June 20
15 June
40c
— -
Investors Corp. of R. I. $6 preferred
Iron Fireman Mfg. Co. iquar.)
$14
X25c
$24
374c
Gatineau Power Co. (quar.)
-
Tuly
July
5c
July
June
3734c
1234c
International Shoe Co
International Silver Co., preferred
Interstate Natural Gas.
1 June 28
6
1 June
1
15 June
June 30 June 20
June 26 June
Publishing Co.—
June
6c
$14
$14
Educational
International Ocean Telegraph Co.
International Salt Co. (quar.)
23
July
1 June 20
June 26 June 10
July
11 June 20
$3
International Nickel Co. Canada. Ltd.!
10
1 June
3
3
5
:$i94
...
International Harvester Co. (quar.)
International Mining Co
June 30 June 20
2%
Extra
Gannett Co., Inc., $6 conv.
June 20 June
July
15'June
Co.
$3.50 preferred
3 June 14
3 June 14
June
I$3 94
Extra
June 30 June 20
15c
(quar.)
Brewing (quar.)
Frenkenmuth
Growers Wine
iune
June 2>
17 June
t$394
.....
International Cellucotton Products (quar.)
International
16
17iJune
June
5c
International Business Machine
16
15c
—
Greening (B.)
June 30 June
1 June
June
t75c
3734c
t$l
3734c
x
Institutional Securities, bank group shs. A,.,...
15
1 June 15
15 May 31,
June 30 June 13
84c
1%
67 4c
a
—
Ingersoll Rand Co., 6% preferred (s.-a.)
June
.25c
—
* j...
July
July
50c
14
15 May 26
6 June 16
15c
7% cum. preferred (quar.)
.
Indianapolis Power & Light, 634% pref. (quar.)
6% preferred (quar.)
Indianapolis Water Co.. 5% cum. pref. A (quar.)
1 June 10
June 30 June
July
25c
_ —
Indiana Hydro-Electric Power
Aug. 31 Aug. 16
Nov.
1 Sept. 15
15c
.
Fidelity & Guaranty Fire Cbrp.
Preferred
July
June 30 June
July
July
10c
Imperial Tobacco of Canada, ordinary
15
June
25c
;
Imperial Life Assurance (Can.) (quar.)
Quarterly
.....
i
Quarterly
June 30 June
15 May 26
$2
16
May 31
June
6234c
Idaho-Maryland Mines Corp. (mo.)
Illinois Bell Telephone.
16
60c
i'—
■:—
Corp.
Hudson Bay Mining & Smelting Co., Ltd
Humble Oil & Refining (quar.)
Huron & Erie Mtge. Corp. (quar.).
i
Hygrade Sylvania Corp
June
)
13
June 30 June 20
20c
June
I
1 June 10
June 24 June
15c
(quar.)
Illinois Central RR. (leased lines) (s.-a.)
June
July
50c
...
Hewitt Rubber
1
10
5c
Dec.
15 June
5
1 June
5c
Gold Mines, Ltd..
Sept. 13
June
1
15 June
July
50c
Houdaille-Hershey class A (quar.)
Class B (interim)..
Howe Gas & Electric preferred (quar.)
1'June 16
June
1
3
15
25c
Jan.
July
July
July
June
15 May
15 June
$134
Sept.
-$1
June
$1
.
(quar.)__
Home Gas & Electric Co. 6% pref.
Hoskins Mfg. Co..
21
15 June
14 June
June
June
15
15c
Home Fire & Marinednsurance (quar.)
22
15*
40c
—
Extra
Sept. 21
10
June 30 June
Tuly
1 June
25c
15c
(quar.)—
Hollinger Consol.
17
June
Oct.
564c
564c
564c
June 20'June
$134
$194
Furnace
Preferred
1
1
June
1 June 23
June 30 June 26
10c
Hibbard, Spencer. Bartlett & Co. (mo.)
Preferred
1 June 30
6
20 July
15 June 30
75c
Hiram Walker-Gooderham & Worts*-.
Holland
July
July
Tuly
40c
(quar.)
(extra)
Helme (Geo. W.) Co. (quar.)
Preferred (quar.)
Hercules Powder Go
9
ll June 25
t60c
Heileman (G.) Brewing (quar.)
Hein-Werner Motor Parts (quar.)
9
1 June 15
2
15 June
20c
Hecla Mining Co
15
31
23
23
20
30
30
16
3
3
June
15 June
10 June
$134
Hazel tine Corp.
7*
50c
preferred (s.-a.)
Federal Mogul Corp.
Fernie Brewing Co.__
Extra,
• une
July
July
25c
$194
Hecker Products
10
$14
5%
.
15 May
$14
$194
Hazel-Atlas Glass Co
1 June 20
50c
50c
Ferro-Enamel Corp
June 20 June
July
Chemical Co
Harshaw
_
July
June 30 June 15
H.) Knitting 7% pref.
7% preferred (quar.)
Harvey Hubbell, Inc. (quar.)
Hayes Steel Products, preferred
June 15 May 31
June 15 May 31
30c
....
Extra
July
July
50c
Elgin Sweeper Co. $2 prior pref. (quar.)
Federal Bake
June
30c
....
Eigin National Watch
July
July
•une 30 June
•
$14
$14
$14
(quar.)
July
July
July
June
$134
(qu.)
(quar.)
Harbison-Walker Refractories Co 6% pref.(qu.)
Harrisburg Gas Co., 7% pref. (quar.)
Hanes (P.
l'June 15
June
50c
Hamilton Watch Co
Hammermill Paper Co., 494% cum. pref.
Hancock Oil Co. (Calif.) A & B (stock div.)
Holders
When
Payable of Record
25c
Haloid Co
15
15
$14
$i 4
$14
$14
$14
>
(quar.)
Electrolux Corp
July
July
3 June
3 June
Share
Name of Company
15 June 3o
1 May 27
1 June 20
1 June 15
20c
(quar.J.¬
Per
When j Holden
Payable of Record
x$i4
Dominion Coal Co., 6% pref. (quar.)
Eastman Kodak Co.
I
June 10, 1939
Chronicle
June
12 May 31
12 May 31
3734c
8734c
June
12 May 31
June
12 May 31
*
Volume
Financial
148
Lindsay Light & Chemical Co., preferred (quat.)
Link Belt Co
pref. (quar.)
Liquid Carbonic Corp.
Little Miami KR., original capital (quar.)
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
,
Special guaranteed (quar.)
Lock Joint Pipe Co. (monthly)
Lockhart Power Co., 7% preferred (semi-ann. )_
Loew's (Marcus) Theatres, Ltd., 7% pref
Lone Star Cement Corp
...
June
July
1 June
20c
July
1 June
15
15
Niagara Shares (Md.) pref. A (quar.)
Niagara Wire Weaving Co. (quar.)
3
SIX
June
1 H%
19!
.
June
Sept.
9 Aug.
$1.10
Dec.
9 Aug.
Dec
9 Nov. 24
50c
50c
66c
June 30! June
30 June
17
June 30 June
75c
25!
June
12
25c
$1X
Dec.
25c
.1
Extra
Sept
Sept
Dec.
$1 X
July
July
July
July
SIX
_.--i
5% refunding partic. preferred (quar.)_
Extra
Loose-Wiles Biscuit Co. 5%
Lord & Taylor (quar.)
pref. (quar.)_--i._
$2H
LoriHard (P.) Co. (quar.)
Preferred (quar.)
$1H
10c
Lunkenheimer
Preferred
Preferred
Co
pref. (quar.)
(quar.)..
Lynchburg & Abingdon Telegraph (s.-a.)
7% conv. pref.
McClatcby Newspapers, 7% pref. (quar.)
7% preferred (quar.)
Macassa Mines, Ltd. (quar.)
MacKinnon Steel Corp.,
—-
12
15 June
5
SIX
SIX
$1.65
SIX
1 June
1 June
15
15
1 June
15
July
»
18Hc
43 He
tSIX
June
15 May 31
15 May 31
15c
June
20,May 26
$1 X
June
20'May
125c
July
July
July
July
1 June
$1.80
4uc
$1H
5
4
Omnibus
5
July
June
$2
50c
$1
25c
25c
SIX
July
July
Dec.
25c
July
50c
June
SIX
$1H
SIX
June
July
(quar.)
$2H
——_
50c
(quar.)
25c
June 30 June
Muncie Water Works Co., 8%
$2
6% preferred (quar.)
6% preferred (quar.)
Mutual System, Inc., pref.
-
j,
(quar.).
Common
(quar.)
6c
-
93 He
4uc
20c
SIX
5% preferred A
National Breweries, Ltd. (quar.)
50c
Preferred (quar.)
—,
National Cash Register
44c
National Casualty (Detroit) (quar.).
25c
—
25c
7Hc
(Del.)
Dairy Products (quar.)
National Container Corp.
2uc
Preferred A & B (quar.)
—
National Grocers Co., $1H pref. (quar.)
—
37 He
Preferred A (quar.)
SIX
—
June
15 June
2
15 June 30
40c
June
30 June 20
25c
Co
July
35c
20c
(quar.)
Neisner Bros., Inc. (quar.)
25c
Newberry (J. J.) Co. (quar.)
50c
13c
Fire Insurance (quar.)—
Telep. & Teleg. (quar.)
$1H
15c
—
& Light Co., "$6 pref. (quar.)
$5 preferred (quar.)
New Jersey Zinc
Newmont Mining Corp
——
New York & Harlem RR. (s.-a.)-—
Preferred (quar.)
New York Mutual Telegraph (s.-a.)
New York Power & Light 7% pref. (quar.)
$6 preferred (quar.).
New York & Queens Electric. Light & Power
Niagara Alkali Co., 7% pref. (quar.)
"
Niles-Bement-Pond (stock dividend)
Div. of one sh. of U. Aircraft Corp. for each
share of Niles-Bement-Pond stock held.
I
6
1 June
June 15 May 31
5
1 June
June 15 May 31
July
1 June 16
July
1 June 15
July
30 June
9
June 30 June
15
June
$1H
SIX
July
July
50c
New Jersey Power
50c
$2H
$2H
75c
SIX
SIX
$2
SIX
...i
.
1st preferred
Premier Gold Ming Co.
Public Service of
$6
6% preferred
15
May 26
1 June
16
5
Oct.
Sept. 15
June
10
5 June 10
4 Sept. 10
12-10-39
1-4-40
lt> May 19
June
June
July
15 June
1
1 June 10
June 30 June
June 30
10
[May 29
June 30 May 29,
July
1 June 20
June
-—
15 June 15
Sept
15 Sept. 15
Dec.
—
15 Dec.
15
15 June
1
June
__
25 June 30
15 June 30
15 June 30
__
June 24 June 10
......
Y.) (qu.)
37 He
*1
(monthly)
15 July 16
June 15 May 24
5
July 15 July
July
1 June 20
Oct.
2 Sept. 20
June 15 May 31
June 15 May 31
June 15 May 15
June 15 May 15
June 15 M3y 15
Iune 15 May 15
Vn
June 30 June
July 15 June
...
— ---
Gas, 7% pref. (quar.).
(quar.)
Publication Corp., common
Non-voting, common
July
July
June
Tune
-
1
16
1 June 20
1 June 20
30|June
30l.Tune
1
1
June 27 June 15
June 27 June 15
June
7% preferred (quar.)
Original preferred (quar.)
15 June
1
1 June 20
15 May 26
July
1 June
9
July
1 June
9
July
1 June
9
June 15 May 31*
July
June
Inc
5% preferred
X
July
Oklahoma. 7% pref. (quar.)..
5X% preferred (quar.)
6% preferred (quar.)
Pyrene Mfg. Co
i.
1
July
9
May"3l"
July
6% preferred (quar.)
Pure Oil Co.,
1 June 21
Oct.
— --
$5 preferred
Pullman,
June
July
July
July
(monthly)..
June
151 June
1
3
J 10c
Public Service Electric &
July
1 June
July
July /
60c
7% preferred (quar.)
8% preferred (quar.)
$5 prefer-ed (quarterly)
Public Service Co. of N. J
15
June
l«June • 1
July
July
5uc
pref." (quar.)
$5 preferred (quar.)
Public Service (N. J.), 6% pref.
19
July
(quar.)
N.~H."
10
1 June 20
SIX
— -
Gamble, 5% pref. (quar.)
Prosperity Co. preferred (quar.)...
Public National Bank & Trust Co. (N.
Quarterly
1
1 June
10 May 24
1 June
1
...
—
June 21 June
July
25c
Procter &
June
15
July
1 June
15
15
8
8
1
21
16
$1H
SIX
(quar.)
15| May 27
15
15 June
1 June
2nd preferred (quar
Preferred Accident Insurance
July
July
July
July
July
June
15 June
July
,.—;
.■
7% preferred (quar.)...
.
7% preferred (quar.)._„_:.
Powdrell & Alexander (quar.)
Power Corp. of Canada (interim)
June
June
June
—
June
June 30
1 June
June 28 June
Public Service of
1
1
1
1
1
June 14
1 June
30c
1 May 31
1 May 31
10 May 20
'
1 June 15
1 June
July
July
Plymouth Oil Co. (quar.)
—
Extra (stock dividend).
Pocahontas Fuel, pref. (semi-ann.)
Pollock Paper & Box 7% preferred (quar.)-.-
July
15 May 31
July
July
July
40c
Pittsburgh Thrift Corp. (quar.)
June 30 June 20
June
July
July
4c
10
50c
$1
July
July
15
15
15
1 June 15
1 June 15
l'juiy
25c
10
25c
1 June
50c
21 June
-
:-
1 June
July
SIX
SIXSIX
SIX
*1X
50c
June 21 June
21
10 May 29
July
Aug.
25c
June
15
1 June 20
1 July
June
SIX
July
SIX
...
13
15 June 30
15 June 30
30 June 16
1 June 10
1 June 10
10 May 29
t50c
.iune
Aug.
Preferred B
July
June
(quar.)
'(Semi-annual)
21
3 June 15
3 June 15
15 June 30
June 15 May 31
June 15 May 25
1
July
1 June
1
July
1 June
July
1 June 10
UJune 15
July
5
Aug. 15 Aug.
July 25 July 11
June 21,May 24
70c
15
June
National Lead Co
National Oil Products (interim)
National Steel Car Corp. (quar.)
National Steel Corp. (quar.)
1
July
July
July
4
t50c
$1H
July
July
1
Sept.15
W.
—
*
National Bond & Investment Co
stock for each share of Penn
Pittsburgh Fort Wayne & Chicago (quar.)
7% pref (quar.)
—
7% preferred (qut*r.;
7% preferred (quar ).
Pittsburgh & Lake Erie RR..
—
Pittsburgh Oil & Gas..
_•
Pittsburgh Plate Glass
..i. —
June 26 June
1
Liquidating div. of 1 sh. of Sioux City G. & E.
Petroleum Corp. of America
Phelps Dodge Corp
,
... —
Philadelphia Co., $6 pref..
•'
$5 preferred (quar.)
Philadelphia Dairy Products Co., Inc.—1st preferred (quar.).
—
Philadelphia Electric Power, pref. (quar.)..
Piedmont Mfg. Co
Pioneer Gold Mines of B. C. (quar.)
Pittsburgh, Bessemer & Lake Erie—
15
July
July
1
Nov. 15 Nov.
Peter Paul, Inc
12
28 Dec
)|June
15 June
Perron Gold Mines, utd. (quar.)
Pet Milk Co. (quar.)
„
1
June
Dec.
75c
(quar.)
30
50c
SIX
7Hc
(quar.)...
Oct.
__
Perfect Circle Co. (quar.),
Sept. 28 Sept. 21
50c
—
"
Myers (F. E.) & Bro. Co
—
Nashville & Decatur RR. guaranteed (quar.)—-
15 June
June
50c-
SIX
...
July
-
15*
June 28 June
$1H
$1H
SIX
---
15 May
15 June
June
25c
35c
Muskogee Co—
Muskegon Piston Ring
Mutual Chemical Co. of Amer., 6% pref.
June
June
<_
Peonies Gas Light & Coke Co....
10 May 20
June 20 May 25
30c
pref. (quar.).___
June
Preferred
June
10c
Supply Co. (irregular)--
75c
Peoples Drug Stores (quar.)
Special
Preferred (quar.)
9
40c
Mountain Producers Corp. (s.-a.)■
ljJune 15
June 30 June 17
Pennsylvania Water & Power (quar.)
1
1 June 15
1 June ,15
9
15 June
15 June 16
15 May 31
15 May 31.
1
1 July
30 Sept. 30
15
SIX
(quar.)
Mother Lode Coalition Mines (irregular)
Motor Wheel Corp.. common (quar.)__
15
July
Pennsylvania Glass Sand Corp.—
$7 cumulative nref'rred (quar.).
Pennsylvania Power Co. $5 preferred (quar.).-.
Pennsylvania Power & Light $7 pref. (quar.)...,.
$6 preferred (quar.)....
.....
.....
$5 preferred (quar.)..
Pennsylvania Salt Mig. (quar.)........
■.„.
Pennsylvania Telep. Corp. 6% preferred (quar.)
15
30 June
June
15
June
G. & E. held.
Sept.
2-2-40
2-2-40
June 30 June 15
June 30 June 15
SIX
-
com.
July
SIX.
i.
A
July
July
June
|June
40c
common
1 Nov. 10
July
July
26
6
6
July
(quar.)
Pennsylvania Edison Oo., $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Gas & Electric, 7% pref..
$7 preferred
May 27
June
June
1 June
June 2
s
1
15 June
1 Nov. 10
Dec.
S2X
S2X
.—
1
3 June 15
July
75c
Preferred A
10
15
10
June
9
1 June 15
15c
(Quarterly)
1 June 15
June
$1
$1H
Penn Traffic Co. (s.-a.)...
Penn Western Gas & Electric Co
15
June
'
June 20 June
5oc
Inc.
Preferred A (quar.)
15 May 31
June
14
Penick & Ford, Ltd., common.-Peninsular Telephone
17
June 20 June
15
50c
•
-
1st preferred (quar.)
16
25c
16
June 21
__June
$1
15c
2d preferred (quar.)
Park & Tilford, inc., pref.
1 June 16
1 June 16
87 He
34 He
50c
10
1 June
June 30 June
tSIX
(quar.).
Paramount Pictures,
June 20
June
1 June
15 May 31
12
July
3
15 June 30
liJune 15
16
July
1 June 20
9
June 29 June
1
June 12 June
91 X
(quar.).___,
Ottawa Light, Heat & Power Co. (quar.)
5% preferred (quar.)
Pacific ot Atlantic Telegraph (s.-a,)
Page-Hersey Tubes (quar.)
Paraffine Cos., Inc
Preferred
19
June 19
June
;
(quar.)—.—
(quar.)
Preferred
June
June
10
Parke Davis & Co
1 Aug. 16
31
31
31
31
31
31
29
June
45c
—
8
June
July
July
July
July
July
July
$3
i—
.
8
May
May
May
May
May
|July
1 May
June 10 May
50c
--
Ontario Loan & Debenture Co.
(Jtis Elevator Co.
15 May 31
July
15c
j>_
*
5
Sept.
July
July
Corp., pref. (quar.)
Oneida, Ltd
7% preferred (quar.)
15
June 30 June
June 30 June
60c
Goods (quar.)._
Morris Finance Co., class
June
20 June
June
$1H
SIX
Quarterly—
Quarterly
1
[June 10 May 20
6c
7% preferred (quar.)
10 May 31
10 June 20
15
15
1 June
20c
June
July
1 June
1 June
70c
15 Aug.
June
SIX
—
•
15 June
15lMay 31
%ih iJuly
$1H July
July
$lh
$1 h July
SIH July
Utilities
6% preferred (quar.)
5% preferred (quar.)
Montgomery Ward & Co..
Class A (quar.)
Montreal Cotton (quar.)
Inc
une
June
|June 15
$1H
Minneapolis Gas Light Co.—.
$5 preferred (quar.)
Misiion Corp
Mock, Judson, Voehringer Co., Inc
7% cumulative preferred (quar.)—
Modine Mfg. Co
Monroe Chemical Co., preferred (quar.)
Monroe Loan Society, 5H% pref. (quar.)
Monsanto Chemical Co. (quar.)
$4H preferred A (s.-a.)
Preferred B (s.-a.)
New Idea
31
J
June
July
SIX
six
$2
15 May 31
25c
8% preferred (quar.)
$2 non-cumulative
Mid vale Co
Midwest Oil Co. (semi-annual)
New England
New England
1 May
15c
50c
75c
Nov. 15 Nov.
37 He
Midiand Grocery 6% preferred (s.-a.)
Midland Steel Products.
.'
Natomas Co.
25c
$1H
10 May 26
June 20 June 10
3 June 17
July
l5|May 31
Aug.
S1H
National Sugar Refining
National Transit Co
15
July
June
3c
25c
Metropolitan Edison Co., $7 prior pref. (qu<)
$6 prior preferred (quar.).
$5 prior preferred (quar.)
,
—
$7 preferred (quar.)
$6 pref. (quar.)
'—
$5 preferred (quar.)..
Michigan Steel Tube Products
Mickelberry's Food Products preferred (quar.)_.
National
3
1 June
June
Electric, 7% pref (quar.)
6% preferred (quar.)
Omar, Inc., 6% preferred (quar.)
June
25c
.
15 June
87 He
25c
SIX
15 May 31
15 May 29
25c
National Biscuit Co.
25 June 30
1 June 15
June
UKlahoma Gas
June
75c
Mountain Fuel
July
June
10c
(quar.)
25 June 30
July
July
six
25c
Mesta Machine Co
26
$1H
6% preferred (quar.)
Mississippi Telegraph Co
3
June
Merck & Co
15
10 May
Tune
|60c
t$lH
-
Ohio Finance Co
15 May 31
May Department Stores Co. common (quar.),—
10
1 June
$2H
$lh
Mathieson Alkali Works (quar.).
Preferred (quar.)
June 10
1 June
$2
—
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)__
$7.20 preferred (quar.)
.
1 June 15
15 June
June
15c
Master Electric Co
Preferred
25c
1
Ohio Oil Co. preferred (quar.)
Ohio Water Service Co., class A—
Oilstocks, Ltd. (s.-a.)
June
23
10c
(R. C.) Co
Mallory (P. R.) & Co., Inc.l
Margay Oil Corp. (quar.).-.
Marion-Reserve Power, $5pref. (quar.)___l
Maryland Fund, Inc..
Masonite Corp. (quar.)
Class B common
7im
Ohio &
Dec
$1H
$1H
-
Moore (Wm. R.) Dry
25 June 30
July
July
July
"
Mahon
Montana-Dakota
July
Nov. 30 Nov. 29
July
May 31
25c
Preferred (quar.)
Preferred (quar.)
Preferred
t$1.50
75c
Oahu Railway <& Land Co. (monthly)
Ohio Confections, class A
Ohio Edison Co., $5 preferred (quar.)
Sept. 22
1
1-2-40
5c
-
July
19 May 31
1 June 10
Nova Scotia Light & Power Co. (quar.)
NY PA NJ Utilities Co., non-cum. pref
24 May 31
1 June 21
2Hc
Magma Copper Co
Magnin (I.) & Co
15 May 20
Aug. 31 Aug. 30
July
Oct.
SIX
$1X
$3
t$l X
43 he
43 he
Extra
1
Iune
July
July
July
July
July
July
July
July
June
l1^
--
(quar.)
17
1 June
1 June
June 24
37Hc
12 He
1
Class B
Tune
1
1 June 17
15
15
1*
June 15 June
30c
...
Louisiana Land & Exploration Co. (quar.)
Louisville Gas & Electric Co. class A (quar.)
1 Nov. 20
Nov. 20
1
Nov. 15 Nov.
30c
—
6% preferred (quar.)
Northwestern Telegraph (s.-a.)
Northwestern Yeast Co. (liquidating)
Norwalk Tire & Rubber preferred (quar.)
Norwich Pharmacal Co
No-Sag Spring Co
1 Aug. 21
1 Aug. 21
9
3 June 15
July
1
Aug. 15 Aug.
June
(quar.)
North Central Texas Oil Co., Inc., com. (interim)
North River Insurance Co.
(N. Y.)
Northern Ontario Power Co.
(quar.)—,
Sept. 25
June 21 June
$1
5X % preferred (quar.)
20
Longhorn Portland Cement Co.—
5% refunding partio. preferred (quar.)
50c
Payable of Record
$2H
(quar.)
6% preferred (quar.)
6% preferred
Sept.
$3H
t$3H
5oc
Noranda Mines, Ltd. (interim)
Norfolk & Western Railway (quar.)
North American Co.
24
24
June 10 May 24
Sept. 9 Aug. 24
50c
SIX
J25c
19UU Corp., class A (quar.)
Class A (quar.)
10 May 24
$1.10
$1.10
Share
Company
Holders
When
Per
Name of
Payable of Record
Share
of Company
Holders
When
Per
Nam*
3485
Chronicle
(quar.)
—
,
....
Financial Chronicle
3486
Per
Name of
Share
Company
June
June
$1)4
Aug.
20c
(quar.)
Quaker State Oil Refining Corp
Radio Corp. of Amer. S3 H coil v. 1st pref
Class B preferred (quar.)
Ranier Brewing class A & B
Raybestoe-Manhattan, Inc
Ray-O-Vac Co
8% preferred (quar.)...
Reading Co., 2d preferred (quar.)
Reed Drug Co
-—
Class A (quar;).i.
—
Reeves (Daniel), Inc. (quar.)--———————
June
(quar.)------
25c
25c
50c
5uc
8Hc
8Hc
12Hc
1
Remington Rand, Inc—
Preferred (quar.)
Rensselaer & Saratoga RR. (s.^a.
Reynolds Metals Co. 5H% conv. pref
Rheem Mfg.Co. (quar.)
Rice-Stix Dry Goods, 1st A 2d pref. (quar.)
Rich Ice Cream pref. (quar.)
Risdon Mfg. Co.. 7% pref. (quar.)..Riverside Silk Mills, class A (quar.)
Robertson (H. H.) Co
—-—Rochester Telep. 6H % preferred (quar.).
Rolls-Royce, Ltd., Am. dep. rec. (final)
Rome Cable Corp. (initial)Roser A Pendleton, Inc. (quar.)
Ross Bros, Inc. (Del.)
9
Tilo Roofing Co. (quar.)
June
9
Todd
7
Troy A Green bush RR. Assoc. (s.-a.)—
Truax-Traer Coal Co., 6% pref. (quar.).
June
May 31
June
June 19
June
June
July
July
July
June
June 22
June 15
June
19
15
May 31
Extra—.——
Ruberold Co
June 3o June
7% preferred (quar.)
Paper, pref. (quar.)
Sabins-Robbins
July
July
St. Croix
Paper, pref. (semi-ann.)
St. Joseph Lead (quar.)
Quarterly.
—St. Louis Bridge Co., 6% 1st pref. (s.-a.).—.
Scott
—
June 15 June
July
1 June
$4H cum.-preferred (quar.)
—
Seaboard Oil of Delaware (quar.)—
Sears, Roebuck A Co
securities Acceptance Corp. (quar.)
6% cum,, preferred (quar.)
Seeman Bros., Inc. (quar.),
Selected American Shares, Inc
Servel, Inc. pref* (quar.).
Preferred (quar.).
Preferred
—in¬
——--
.............
(quar.).
July
;
..:
July 20*
June 15 May 31
June 30 June 22
July
1 June 16
Oct.
1 Sept. 16
1-3-40 Dec. 15
June 22 June
2
July 15 June 30
(quar.)
Sheep Creek Gold Mines, Ltd. (quar.).
—
1*
_
Shattuck (P. G.) Co.
Extra.
15
June 15
July
June 30 June 15
June 15 June
1
June 10 May 10
June 10
July
June 10
July
,
—
June 15 June
Aug.
—— —
-
-
—
2
Shell Union Oil Corp.,
15 June 30
1 June
3 June
June 15 June
June 30 June
June 30 June
July
July
5H%_conv. pref. (quar.)
Sherwin-Williams (Canada) 7% preferred
Sherwood, Swan & Co., 6% pref. A (quar.)
Simon (H.) A Sons, Ltd. (interim)...—
7% cumulative preferred (quar.)
'
Simonds Saw & Steel.
......—.
Simmons-Boardman Publishing, pref
19
15
5
17.
17
Siscoe Gold Mines..
June 15 May 27
June 10 June
1
June 15 May 27
Skelly Oil Co., 6%
Aug.
cum. pref. (quar.) ...
Sloss-Sheffield Steel A Iron, pref. (quar.).
Smith Howard Paper Mills; prer.
Sonotone Corp. (irregular).—...1
June 21 June
(quar.).
July
July
July
Preferred (quar.)
:
....
South Carolina Power Co.. $6, 1st pref. (quar.)
South Penn Oil Co. (quar.).
South Porto Rico Sugar Co.
Preferred (quar.)
Southern California Edison Co._
6 % preferred series B
(quar.)
„
Preferred series O
1 June 15
June 30 June 16 l.July
1 June 14
July
1 June 14
June 15 May 20
37 He
July
July
Aug.
June 20
(quar.)-.--..
L
(quar.)
July
50c
June.
May 31
June 20
15c
June
June
10c
June
May 31
SI H
SI H
July
July
June
June
June 14
Sept.
Sept. 14
15
June 20
Dec.
Dec.
14
June
8
June
June
3
June
June
1
June 10
June 10
June
June
July
July
Sept.
May
May
May
May
May
15
15
15
31
16
June
June
12
6.36% prior preferred (monthly)
7 % prior preferred (monthly).
United New Jersey RR. A Canal (quar.)..
United Public Utilities Corp., 53 preferred.
Common..
United States Pipe A
....
71
20c
15c
75c
75c
...
...
21c1
3
Jtjuar.h
S2H
30c
30c
5c
(quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)..
50c
Extra
June 15 May 31
July 15 June 30
1 June 15
July
June 15
July
July
3 June 20
3 June 20
June 30 June 20
July
1 June
15
June 15 May 25
5
June 15 June
5
June 15 June
3 June 16
July
1
June 15 June
July
1 June
1
June 30 May 23
June 30 June 15
—
—
....
Quarterly
....
Quarterly................................
United States Playing Card
United States Rubber Co. 8% 1st pref
—
United States Sugar Corp. preferred (quar.)—
United States Tobacco Co., common
....
Preferred (quar.)
——
United States Trust Co. (N. Y.) (quar.)
—
United Stove.
Universal Products
Upper Michigan Power A Light—
6% preferred (quar.)
6% preferred (quar.)—j.
6% preferred fquar.)
Upressit Metal Cap Corp., 8% pref
8% preferred
Utah Power & Light, $6 preferred
$7 preferred
10c
50c
10c
60c
June 15 May 19
1
June 15 June
June 30 June
June 15 June
9
S1H
June 15 June
1
,
...
—II
5
May 20
May 20
July
June 24
June
5
June 10
3
June
July
July
June 20
June 20
June
$1H
June
June
1
June 15 June
1
1 July 17
Aug.
July 16 June 36
Oct. 16 Sept. 36
1 June 15
July
June 15
Sept. 15
1
July
June 24
June
5
Sept.
June
June
June 15 June
June 15 June
June 30 May 31
June 30 May 31
June 15 June
5
1 June
July
1 June
53c July
58 l-3c July
1 June
S2H
July 10 June
t45c June 16 June
141 He June 15 June
July
July
15
15
15
20
1
1
1 June 15
1 June 15
5
15 Dec.
5
June 20
May 31
Sept 20 Aug. 31
Dec. 20 Nor. 29
1 June 15
June 23 June
9*
July
July
July
5
29
May 29
11 May
June
June 15
1
July
June 30
June 30
1
June 20
June
20
June
16
July 29
1 Jan.
1 June
2 Sept. 15
1
1 June
July
July
1 Oct.
28
29
15
1 June
1
9
Extra
...
—
—
Vermont & Boston Telegraph
Victor-Monogham Co., 7% preferred
Viking Pump Co. (special)
Preferred (quar.)
—«
;
Virginia Electric & Power 16 pref. (quar.)
Vulcan Detinning Co
Preferred
(quar.)..
—
—
».
1 June
1
15
1
1
June 20 May 31
June 20 June 12
July 20 July 10
Oct. 20 Oct. 10
June 20 June
1
Stock dividend
Common
....
June
16
June
May 25
July
July
June
15
June
16
Aug. 15
May 27
May 27
June
June
,
:
Wesson Oil & Snowdrift Co., Inc
West Texas Utilities, $6 pref. (quar.)
July
July
July
July
July
$6 preferred
:
West Virginia Pulp A Paper Co.
West Virginia Water Service, $6 preferredWestern Assurance Co. (Toronto, Ont.)—
July
...
—
June 20
May 23
June
...
Wellington Fund, Inc.
July
Aug.
preferred (quar.)
—
(semi-annual)
1
July
July
June
Wayne Knitting Mills, pref. (semi-ann.)
Welch Grape Juice Co., preferred (quar.).
Preferred
15 June
June
—
(S. D.) Co. (quar.)
Washington Water Power,
Waukesha Motor Co.
1
1
June
June 15 June
...
(quar.)
1
1
1
June 15 June
Wagner Electric Corp. (quar.)
Waldorf System, Inc..
Walgreen Co. 4H % pref. (quar.)..
Warren
9 Sept.
Dec.
9 Dec.
June 15 June
s.
Preferred
June 10 June
Sept.
u
June 15
June 15
June 15
June
15
June 10
June 15
Juhe 30
June 10
Western Dairies, Inc., pref
Western Exploration Co. (quar.)...
Westminister Paper Co. (semi-annual)
June
June
Nov.
June
15
Oct.
15
Westmoreland, Inc. (quar.)
July
July
July
July
July
July
July
July
June 15
Weston Electrical Instrument class A.....
Weston (Geo.) Ltd. (quar.)—
Wheeling Steel Corp., $5 prior pref.
_
—
,
Will A Baumer Candle Co., Inc pref. (quar.)...
Wilsil, Ltd. (quar.)
Wilson Products, Inc
Winsted Hosiery Co. (quar.).
June
Aug.
Aug.
Extra.
Nov.
Nov.
Quarterly..
Extra.
Wisconsin Michigan Power Co., 6% pref. (qu.).
Wisconsin Power A Light, 6% preferred
6H% preferred
6% preferred
Woodward A Lathrop
June
June
...
........
—
...
•
June
June
June
Preferred (quar.)
—.
Wool worth A Co.. Ltd., ordinary (interim)...
Extra
June
June
7% preferred
Wisconsin Public Service, 7% pref
ynnnwtnwn
9
June
June 10 June
9
5
1 June
July
June 15 June
June 15 June
1 June
July
June
June 20 June
1
1
June 15 June
15
Vapor Car Heating Co., Inc
7% pref. (quar.)
7% preferred (quar.)——
7% preferred (quar.K
Veeder-Root, Inc. (quar.)
1 June 15
1 June 15
10c
28c
12c
50c
15
June 12*
June
2
Van Norman Machine Tool
Wright-Hargreaves Mines, Ltd. (quar.)..
20c
June
June
June
Oct.
$t
10c
68 He
(quar.).
Telephone Bond A Share 7% pref.
$3 preferred
Texas Corp..
Texas Gulf Producing (interim)
Texas Gulf Sulphur (quar.)
June
June
Nov.
Feb.
Wrigley (Wm.) Jr. (monthly)
Monthly
4
Monthly........
Monthly.
Yale A Towne Mfg. Co
Yellow Truck A Coach Mfg. Co.—
7% cumulative preferred (quar.)..
.....
Youngstown Sheet A Tube Co.,,pref. (quar.)—
July
July
June 30
June 15
July
:
SI H
Preferred (quar.)..-..
Tappan Stove Co
Teck Hughes Gold Mines
5
July
July
Aug.
—
June 30 June 15
1 June 17
Aug.
50c
25c
5
June
Aug. 15 Aug.
Foundry Co. (quar.)
June 30 June 15
June 30 June 15
25c
HI
1
June
Dec.
...
Whitaker Paper Co..
Preferred (quar.)
25e
...
Supersilk Hosiery Mills, 5% pref. (s.-a.).
Sutherland Paper Co
1
1
June
Standard Oil Co. (Ohio), (quar.)
Preferred (quar.)
i.
Standard Steel Construction, pref. A (guar.).
Standard Wholesale Phosphate A Acid Works.
Stedman Bros., common. .....
Preference
—
Sept.
June
June
June
....
Sterchi Bros. Stores, 1st pref. (quar.)
Strawbridge A Clothier, 7% pref.
Sun Oil Co. (quar.)..
Sunset-McKee Salesbook Co., class A (quar.)
Jpne 20
June
June
„
Extra
Standard Oil Co. of Indiana (quar.)__
;
Standard Oil Co. (Ky.); (quar.).—
Standard Oil Co. New Jersey (s.-a.)__
2,2ooths sh. of cap. stk. for each sh. held In
addition to cash scrip for fractional shares.
16
June
...
Texon Oil A Land.
Thermoid Co., convertible
preferred ...I
Thew Shovel Co., preferred (guar.)..
31
June
,
Class A (quar.)
Extra...
Preferred (quar.)
Talcott (James), Inc
July
June 20
...
Preferred (quar.).
Standard Oil Co. of California-
June 20
H?
—
Swift A Co.
9
15 June 30
15 June 15
1 June 12
July
Southern. Colorado Power, 7% preferred-.
Southern Natural Gas (new)
Southern Phosphate Corp
Southland Royalty Oil (quar.)
Southwestern Gas & Electric Co., 7% p:
>ref. (qu.)
Southwestern Light A Power $6 prer. (qu.)Southwestern Portland Cement, 8% pref. (qu.).
8% preferred (quarterly).
8% preferred (quarterly)
Sparks Withingtonpreferred (quar.).
Spencer Trask Fund.
;
Spiegel, Inc.. preferred (quar.)
Staley (A. E.) Mfg. Co....n_.
$5 cumul. preferred (quar.)
7% preferred (semi-ann.)
Standard Brands, Inc. (quar.)
•;
Preferred (quar.)
A
Class B
5
37 He
-
Southern Calif. Edison Co., Ltd.—
Original preferred (quar.)...
Southern Canada Power
Preferred (quar.)
1 July
Canada
United Light A Railways 6% pr. pref. (monthly)
$2H preferred
....
United States Gypsum Co, (quar.)
Preferred (quar.)
U. 8. Petroleum, common..
June
June
20c
20c
...
Preferred (quar.)—
United Gold Equities of
June
July
United Gas Improvement (quar.)...
.
June 15 May 31
June 15 May 31
June 15 May 31
—
.
40c
Scovill Mfg. Co-
8
1 June 15
1 June 15
.....
Paper 06. (quar.)
Scran ton Lace
9
Sept. 20 Sept.
July
July
— -
*
1 June 20
1 June 24
June 20 June
—
— — — -
15
June 15 May 25
June
3
June
July
........
June 30 June 15
June 30 June 15
June 20.
June
9
July
34c
25c
Corp—
a
Ujhited Artists Theatres Circuit, Inc.—
5% preferred (quar,)
;•
United Biscuit Co. of America—
7% preferred (quar.).
United Bond 9c Share Corp.. Ltd. (quar.)
...........
Quarterly
United Car bin Co. (quar.)—
'.
United-Carr Fastener Corp. (quar.)
Quarterly
United Dyewood Corp., pref. (quar.)
United Elastic Corp.
United Gas & Electric Co., 5% pref. (s.-a.)
United Gas & Electric Corp., pref. (quar.)
June 20 June 20
June 20
July
July
July
95c
...
——
1
Holders
50c
United Aircraft
1 June 20
Russell Industries, Ltd. (quar.)——
50c
37m
——
Union Twist Drill
Preferred (quar.)
3 June 15
June 15 May 31
July
1 June 20
July
8 May 18
July
1 June 10
July
1 June 10
—
h
Union Pacific RR. (quar.)
——
Union Premier Food Store (quar.).....—
Preferred (guar.)
—
1 June 15
June 30 June 15
When
Payable of Record
June
*1H
Union Investment Co., preferred (quar.)
July
July
July
50c
Shipyards
5H% preferred (quar.). .
Tuckett Tobacco Ltd., pref. (quar.)
Tunnel RR. of St. Louis (semi-ann.)
Twentieth Century Fox Film Corp—
Preferred (quar.)
Underwood Elliott Fisher Co. (quar.)—....
Union Carbide & Carbon Corp
Union Gas Co. of Canada (quar.)
1 June 15
1 June 3u*
June 15 June
1
—
7% preferred (quar.)
5)4% preferred (quar.)-
l
June
June
July
July
— -
Schiff Co. (quar.)-
25c
July
July
June 15 May 31
June 15 May 26
July
1 June —,
9
July
1 June
—
Schenley Distillers, pref. (quar.)--..-
Company
June
87)4c
—
3% 2nd preferred (semi-annual).
San Carlos Milling Co. (irregular)
Name of
Thompson Products, Inc—
Preferred (quar.)—.......
TideWater Assoc. Oil, pref. (quar.)
Aug.
1
May 31
Opt. cash or 1 sh, of pref. for each $100 diva.
Preferred
Reliance Insurance Co. (s.-a.)-.—
Per
Share
Holders
Payable of Record
| IX
Quaker Oats Co. (quar.)—
Preferred
When
June 10, 1939
Door Co
June
June
July
July
July
Aug.
Sept.
June
16
June 15
June 13
June
17
June
17
June 15
June 15
May 31
July 15
July 15
Oct.
Oct.
May
May
May
May
May
May
15
15
31
31
31
31
31
31
June 16
June 16
May 16
May 17
May 17
June 20
Oct.
July 20
Aug. 19
Sept. 20
July
June
9
June 30 June 15
1 June 17
June 15 June
1
July.
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian fends, and in the case of non-residents of Canada,
deduction of a tax of 5%. of the amount of such dividend will be made.
,
Financial
Volume 14$
Chronicle
Condition of the Federal Reserve Bank of
New
Weekly Return of the New York City
Clearing House
York
The
following shows the condition of the Federal Reserve
New York at the close of business June 7, 1939,
comparison with the previous week and the corresponding
The weekly statement issued by the New York City
Clearing House on Friday afternoons is given in full below:
Bank of
in
3487
date last year:
STATEMENT
OF
MEMBERS OF THE NEW
YORK
CLEARING
HOUSE
ASSOCIATION AT CLOSE OF BUSINESS THURSDAY. JUNE 8. 1939
June
Mag 31, 1939
June 8, 1938
$
7, 1939
5
*
$
on
Time
Deposits
Deposits,
Average
Average
hand and due from
United 8tates Treasury.*
Redemption fund—F. R. notes
Other cashf...
__
1,363,004,000 0,413,056.000 4,465,733,000
1,330.000
1,638,000
1,702,000
85,802,000
$
Bank of New York..,..
93,77^,000
86,069,000
Bank of Manhattan Co.
National City Bank
6.450.504,000 6,500,827.000 4,£60,839,000
reserves.
Chem Bank & Trust Co.
Bills discounted:
Guaranty Trust Co.
Secured
by U. 8. Govt, obligations,
direct or fully guaranteed.
805,000
296,000
776.000
1,101.000
2,154,000
218,000
218,000
2,886,000
4,341.000
256,538,000
331,160,000
134,259,000
256.538*000
331,160,000
346 716,000
134,259,000
207,94 i,000
721,957.000
721,957,000
745,855,000
725,833,000
726,162,000
752.561,000
60,000
61,000
3,029,000
133,055,000
3,959,000
15,656,000
69,000
121,074.000
7,341,696,000 7.387,749,000
Bills bought in open market...,
Industrial advances..
2,882.000
445.000
Corn Exch Bank Tr Co.
First. National Bank
Irving Trust Co....
211,000
Continental Bk & Tr Co.
Chase National Bank...
United 8tates Government securities:
Bonds
Treasury notes
.1
Treasury bills
....
Total U. 8. Government securities.
.
Total bills and securities..
Due from foreign banks.
I
3.340.000
Federal Reserve notes of other banks...
Uncollected items...,..,..-
136,893,000
...
Bank premises
8,959.000
........
16.J07.000
Other assets
Fifth Avenue Bank
S
10,533,000
46,109,000
13,746,900
173,324,000
26,257,900
479,184,000
y61,383,100 «1,768,436,000
56,144,300
578,350,000
165,627.000
5,155,000
54,878,000
95,845,000
42,763,000
25,668,000
3,122,000
*
182,956,700 61,700,148,000
45,626,700
560,708,000
c865.596.000
71,537,000
19,893,500
263,846,000
543,664,000
109,051,700
53,071,900
558,345,000
10,000,000
50,000.000
4,000,000
Comm'l Nat Bk & Tr Co
7,000,000
3,830,300
79,762,300
2,424,600
9,253,300
28,266,700
8,369,500
7,000,000
9,497,500
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
Totals-
3,747*000
*
As
9.490,000
2,804,000
48,175,000
4,200,000
48,088,000
83,307,000
918,777,800 11,667,114,000
519,013,000
27,053,000
3,026,000
3,254,000
24,837,000
2;456,000
51,940,000
622,957,000
£952,647,000
13,514,000
106,354,000
351,838,000
91,531,000
official reports:
National, March 29, 1939; State,
trust companies, March 29, 1939.
v March 31, 1939.
/
14,208,000
5,512,000
4,324,900
46,163,000
133,379,000 (12,482,071,000
100,270,000
500,000
25,000,000
6,000,000
5,000,000
12,600,000
Public Nat Bk & Tr Co.
191,191.000
c
Total assets...
.
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,243,000
21,000,000
15,000,000
,4>2,338,000
238,000
hills discounted
Total
...
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
1,669.000
538,000
Other bills discounted...,.
,
Net Demand
Surplus and
Capital
Members
Gold certificates
Total
*
Undivided
Profits
Clearing House
Assets—
per
March 29, 1939;
Includes deposits in foreign branches as follows: a $279,602,000; b $98,662,000
$8,353,000; d $103,692,000; e $33,263,000.
•
Liabilities—
F. R. notes in actual circulation.....
Deposits—Member bank
reserve
230.354,000
208,379,000
101,326,000
222,131,000
110,680,000
Foreign bank
Other deposits
893,92^,000
1,116,319,000 1,113,653,000
THE
acc't.. 5,3*7,958,000 5,490,520,000 3,540,222,000
IT. 8. Treasurer—General account
2*1 037,000
..........
-
479,374,000
44,499,000
218,672,000
STOCK
LONDON
EXCHANGE
Quotations of representative stocks
each day
of the past week:
as
received by cable
.
Deferred availability items.
Other liabilities, incl. accrued dividends.
Total
Sat.,
liabilities.,...
."i„_
.
134,326,000
1,812,000
130,874.000
1.850.000
119,533,000
1.767,000
50,848,000
50,854,000
52,463,000
51,943,000
7.457,000
7,457,000
8,242.000
7,744,000
Surplus (Section 13-b)._
,
accounts...'
reserve
8,442,000
,
Total liabilities and capital accounts.
total
42/4*4
99/6
42/6
99/6
£5514
4/£16*4
65/7*4
28/3
Invest.
deposit
to
De
Beers.
:.....
9,772,000
Ford
Ltd.....
ay
Gaumont Pictures ord.
Imp Tbb of G B & I...
London Midland Ry._
87.4%
purchased
Metal
6H,ooo
2,254.000
vances
2,258.000
Roan Antelope Cop M.
1,071.000
'
Rolls Royce..
Royal DUtch Co..
t "Other cash" does
qot include Federal Reserve notes or a bank's own Federal
Shell Transport.
Reserve bank notes.
Swedish Match B.
These are certificates given by the
United States Treasury for the gold taken
over from the Reserve nanks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates bfelng worth less to the extent of the
x
difference, the difference itself having been appropriated as profit by the
under the provisions of the Gold Reserve Act of 1934.
Unilever Ltd
....
United Molasses
Vickers
West
treasury
^
*
27/3
£16
£12*4
16/3.
112/6
£36*4
87/- •
26/37/6
26/3
20/1*4
16/111/10*4
80/-
£8*4
£13
£36*4
86/3
26/4*4
37/9
25/9
19/10*4
-*
£7
95/10/9
17 /3
2/9
1/21/131/9
£15*4
80/3
£15*4
16/4*4
112/6 >
£36*4
87/26/38 h ;
26/20/1*4
£8*4
....
63/1*4
£15*4
80/£8*4
£12*4
134/-
78/-
Box........
Rand Mines
64/4*4
28/-
17/6
2/9
1/21/6
133/3
i
'
4/£15*4
£7*4
95/3
11/-
11/17/6
2/9
1 /21/9
133/3
2/9
1 h
21/6
£16
Rio Tlnto..
£1554
£7*4
95/6
95/6
11/17/6
42/3
98/3
£53
47-
65/28/3
65/7*4
28/6 ,
21/9
133/9
Hudsons Bay Co...—
91.1%
£16
.
June 9
£54
£16
4/-
1/-
A
£54*4
4/-
£55
95/10/9
17/3
2/9
Electric & Musical Ind.
and
91,0%
£73i«
Co....-..-~.
Distillers
7,341,696.000 7,387,749.000 5,442,388,000
liabilities combined
Contingent liability on bills
for foreign correspondents.
Courtaulds 8 & Co....
42"/6
100/-
£7
Canadian Marconi
50,937,000
52,463,000
of
June 8
42/6
99/6
-
Thurs.,
June 7
Cons Goldfields of S A.
Surplus (Section 7)
F. R. note
Wed.,
June 6
British Amer Tobacco.
Cable & Wire ordinary.
Central Mln &
Ratio
Tues.,
June 5
Boots Pure Drugs..
7,222,486,000 7.268,733,000 5,341,992,000
Capital Accounts—
Capital paid in....
Other capital
Mon.,
June z
5,970,029,000 9,022,356,000 4,326,767,COO
Total deposits.
*
80/£8*4
£12*4
16/-
..
£8»i«
£12*4
15/6
111/10 *4
£35*4
111/10*4
£36*4
86/3
26/3 '
37/9
84/-.
26/37/25/19/7*4
25/9
19/9
Witwatersrand
Areas
£5*4
...
.
'
£5*4
'
"£57i«
£5*4
•
£5*4
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of thb resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board, of Governors of
the Federal Reserve System upon the figures for the latest week
appears in our department of "Current Events and Discussions "
immediately preceding which we also give the figure^ of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19, 1937, various changes
were
made in the breakdown of loans as reported in this statement, which were
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows:
Y
The changes in the report form hre confined, to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (lT.commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
described in
,
located in New York City and those located
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
market" under the revised caption "open market paper," instead of in 'all other loans," as formerly.
.
.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans
The revised form also eliminates the distinction between loans to brokers and dealers in securities
securities.
outside New York
Cfty.
cial paper bought in open
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.«
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING
"
*
Federal
Reserve
Districts—
Total
ASSETS
New York
*•'
Cleveland Richmond
PhUa.
$
$
Open market paper
$
$
Dallas
SanFr&n.
$
$
1,161
8,834
1,108
1,869
674
607
3,070
667
363
649
509
2,169
572
3.154
412
656
240
309
866
310
155
258
252
942
3,822
258
1,468
187
236
104
181
495
187
78
154
167
307
62
132
24
7
9
2
32
3
3
18
1
15
44
5
1
3
3
10
10
14
48
21
384
721
25
577
23
20
3
7
23
260
32
26
15
12
80
12
1.156
81
199
53
170
36
30
102
49
59
2
45
1
2
1
3
4
"73
76
110
50
purchasing! or carrying
securities.
Real estate loans
Loans to banks
Other loans
-
121
1,521
-
473
92
195
"121
107
8-
648
178
40
223
"37
302
606
140
108
926
133
113
54
58
264
62
15
57
50
147
66
90
487
109
43
141
54
311
1,094
155
91
164
115
344
347
2,337
47
97
99
....
136
1,105
1,28°
257
279
Reserve with Federal Reserve Bank..
8.449
380
5,103
317
420
154
securities
42
5
48
2,055
3,262
...
27
131
396
5,851
-
6
80
8
34
2,053
notes
"46
1
147
802
Obligations fully guar, by U. S. Govt.
1
48
173
2
57
United States bonds
24
59
6
333
Treasury bills
Other
St. Louis Minneap. Kan. City
■
539
Loans to brokers and dealers in secure.
Treasury
Chicago
Atlanta
308
!
,
Commercial, Indus, and agricul. loans
Other loans for
$
21,680
8,126
Loans and Investments—total...
Loans—total...
Boston
$
CITIES BY DISTRICTS ON MAY 31, 1939 (fn Millions of Dollars)
11-
77
17
41
18
11
60
11
7
13
10
23
190
178
293
166
171
523
126
111
272
243
277
80
495
103
106
36
49
85
24
19
24
30
249
1,083
8.190
802
1.181
442
372
2,404
330
284
490
444
943
5,23'
249
996
278
744
203
189
916
190
118
144
136
1,072
559
15
85
53
42
28
40
107
20
2
24
34
109
6,675
635
Other assets—net
139
152
16,96?
-
Balances with domestic banks..
427
2,70?
1,300
Cash in vault.
270
2,909
340
373
252
246
971
343
122
361
203
285
29
555
13
2
1
15.
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks..
Other
liabilities
Capital account
'
—
..........
*
j
1
18
2
3
Borrowings
1
767
19
""351
13
3,719
246
1.613
224
16
18
6
~~7
3
""295
371
401
92
57
100
340
3488
Chronicle
Financial
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
for the
System
Wednesday.
on
on
Thursday afternoon,
June 8,
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
as a
week last year.
The second table shows the
Reserve note statement
for the latest week
The Federal
and liabilities separately for each of the 12 banks.
resources
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
10, 1939
Weekly Return of the Board of Governors of the Federal Reserve System
>
The
June
appear
in
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 7, 1939
Three Ciphers (000) Omitted
June 7,
'«
ASSETS
Gold ctfs.
on
May 24,
May 17,
May 10.
1939
1939
1939
*
$
$
*
hand and due from U. S. Treas. x.
S
Apr. 26,
June 8,
Apr. 12,
19,
Apr.
1939
1939
1939
$
1939.
$
1938
S
S
1
S
12,876,718
8,785
381,058
12,71«,719
10.637,400
363,506
13,030,716
8,346
381,893
9.444
376.246
397,797
13.567,619
13,491,047
13.420.055
13,266,561
13,102.409
11,044,816
1,668
1,946
2,114
1,958
1,773
1,410
1,628
1,229
1,717
1,606
1.537
1,526
,3,126
4,055
3,614
4,072
3,490
3,038
2,835
3.063
561
562
562
562
562
560
561
536
12,487
12,825
12,796
12,810
12,811
13,291
13,478
13.879
16.732
911,090
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
911.090
911,090
1,176,109
1,191.905
476,816
476,816
911,090
1,176,109
476,816
911,090
1,176.109
*76,816
911,090
1,176,109
476,816
1,176,109
476,816
476.816
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
2,564,015
2,580,472
2,581,121
2,581,456
2,580,987
2,581,459
2,580,878
2,580,906
2,580,888
2,581.518
2,589,851
13,391,719
9,273
13,317,722
8,547
9,372
349,876
346,667
382,078
13,750 869
13,672,936
1,808
1,659
9,372
365,383
13,198,718
9,076
359,825
13,119,718
7,823
13,674.168
13,597,485
2,084
2,207
1,974
1,848
3,467
4,058
561
561
12,429
911,090
—
—
May 3,
1939
'
Redemption fund (Federal Reserve notes)
Other cash *
May 31,
1930
13,282,718
13,222,730
9,619
'
Total
reserves
------
-—
Bills discounted:
Secured
by
Government obligations,
8.
U.
direct or fully
guaranteed-
—
Other bills discounted—
Total
bills discounted--—
Bills bought in open
—
<
market
Industrial advances
——
United States Government securities—Bonds.
_
Treasury notes-------
1,176,109
Treasury bills
——
-
Total U. 8. Government securities
Oth er
5,442
657,253
secu rities
Foreign loans
on
gold
•
-
—
*
Total bills and securities-
Gold held abroad
"
"*161
161
161
161
"""161
"""160
"~"l60
162
161
~184
19,6i2
19,494
19,807
18.991
19,638
19,613
579,855
551,229
549,526
42,549
609,905
21,334
648.928
513,229
51,619
42,549
50,694
20,976
580,517
42,599
16,811,924
Due from foreign banks
Federal Reserve notes of other banks.
•—
42,453
42.464
56,990
54,138
42,523
53,092
19,450
683,343
42,552
52,171
17,030,411
16.921,543
16,965,093
16,976,149
Uncollected items--.
Bank
premises
All other assets—
—
Total assets—...
——
—
LIABILITIES
50,398
672,694
42,633
49,104
16.794,871
16,696,511
20,816
42,640
44,641
50,162
49,267
16,631,655
16,447.152
14,262,804
4,135,785
4,476,310
4,476,764
4,446,379
4,463,349
4,459,364
4,465,004
4,433,389
4,417,822
4.394,453
10,029,054
920,325
284,806
10,005,034
926,636
272,959
9,966,905
9,872,140
9,902,809
936,271
912,910
225,656
226,956
328,257 t.:< 289,458
9,742,839
950,876
301,130
10,096,622
915,385
281,541
276,227
285,975
9,527,804
1,015,034
267,432
247,116
11,057,386
United States Treasurer—General account-
934,964
Foreign banks
309,600
deposits
.
'
320,4,1
...
Total deposits
11,617.648
"
959,289
269,917
250,495
270,220
222,716
11,535,315
11,569,775
11,474,546
11,446,909
11,362,324
11,332,133
11,202,406
584,207
6,827
559,681
5,325
599,244
688,655
5,285
556,182
5,051
618,943
4,519
582,059
•;.v 4,574
663,169
4,153
16.694,992
16,577,085
16,620,359
16,631,835
16,467,506
16,450,790
16,352,155
16,287,550
134,948
135,003
134,972
149,152
134,982
149,152
134,998
149,152
149,152
27,264
27,264
33,370
32,895
27,264
33,020
27,264
32,667
149,152
27,264
34,050
134,945
149,152
27,264
33,097
17,030,411
16,921,543
16,965,093
16,976,149
16,811,924
85.4%
85.4%
85.4%
85.3%
11,473
11,530
11,635
2,492
2,938
2,732
Deferred availability items
Other liabilities, incl. accrued dividends.
— ..
Total liabilities
.
4,961
.
-
•
646.270
7,847,605
1,004,684
131,989
'
267,141
9,251,419
521.177
,
4,686
6,656
16,102,795
13,915,037
134,956
133,558
149,162
27,264
147,739
CAPITAL ACCOUNTS
.
Capital paid in
Surplus
134,953
iSectlon 7)
149,152
*
Surplus (section 13-b)
y
593,886
10,052,643
Deposits—Member banks' reserve account
Other
.
v
Federal Reserve notes in actual circulation.-..
y
8 568
V
27,264
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined.
Contingent
liabilities
on
bills
purchased
1
.
134,971
149,152
27,264
•
,
27,683
32,968
32,718
32,985
38,787
16,794,871
16,696,511
16,631,655
16,447,152
14,262,804
85.3%
85.2%
85.1%
84.9%
84.8%
11,688
11,686
11.722
11,749
11,659
12,016
13,373
2.364
2,858
1,916
1,561
2,007
6,913
«■
182.5%
for
1,703
Commitments to make industrial advances..—
Maturity Distribution of Bills and
Short-Term Securities—,
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted.
61-90 days bills discounted
•
161
107
275
320
360
111
129
428
564
.
„
2,280
263
212
163
138
286
104
559
283
399
343
382
363
295
321
159
255
230
355
280
265
301
235
483
„
449
373
349
322
360
356
540
8,568
321
'
•
Over 90 days bills discounted.--
-
*
"
Total bills discounted
3,467
;
•
4,058
4,055
3,614
4,072
3,490
3,038
2,835
3.063
28
70
242
207
180
203
129
83
47
202
206
203
129
4
252
308
""196
~"l06
23
28
47
159
206
247
2.53
225
301
214
285
152
106
69
143
158
'
1-15 days bills bought in open market-....-.
16-30 days bills bought in open market
31-60 days bills bought in open market.
*~~~56
61-90 days bills bought In open market
Over 90 days bills bought in open market-—..
127
"
'
.
•
Total bills bought in open market————
561
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances,
Over 90 days industrial advances
t
561
.
;
1,635
562
,
562
562
560
561
.536
1,685
562
1,629
1,670
1,908
2.044
2,358
1,544
628
-526
1,052
359
743
712
748
725
166
900
985
1,028
1,042
147
156
99
263
109
174
246
96
249
204
405
715
704
721
1,022
•
104
9,250
9,335
9,321
9,250
9,278
10,318
10,372
10,422
12,429
12,487
12,825
12,796
12,810
12,811
13,291
13,478
13,879
69,693
63/798
67,450
82,553
130,468
154,145
2,129,399
75,673
69,520
138,060
85,813
85,440
75,673
86,005
85,813
137,405
170,495
2,122,624
85,848
84,355
153,613
123,000
2,117,199
72,518
91,685
186,113
121,500
181,285
2,092,199
1,803,467
2,564,015
——
1,017
9,276
—
«
*
■
13,498
„
16,732
■
1-15 days U. 8. Government securities
264,905
134,293
137,405
126,468
2,130,139
2,128,049
2,131,204
2,113,049
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
4,738,919
4,746,943
4,750,545
4,750,139
287,196
290,775
307,507
4,723,841
306,019
4,685,403
290,950
4,434,946
300,564
4,739,164
274,160
4,740.896
262,155
4,476,764
4,446,379
4,463,349
4,459.364
4.465,004
4,433,389
4,417,822
4,394.453
4,135,785
4,872,500
3,838
4,872,500
3,941
4,872,500
3,491
4,872,500
4,847,500
4,812,500
4,535,632
3,846
4.872,500
3,361
4,872,500
3,367
2,893
2,667
2,862
7,659
4,872,867
other securities
67,450
136,793
145,910
4,869,500
Total U. 8. Government securities
150,623
4,476,310
61-90 days U. 8. Government securities
Over 90 days U. S. Government securities
82,185
83,440
146,043
127,630
2,124,717
4,750,019
273,709
16-30 days U. 8. Government securities
31-60 days U. 8. Government securities
Total
1,367
_
...
Total industrial advances.
•
561
1,333
1-15 days industrial advances
4,876,338
4,876,441
4,875,991
4,876,346
4,875,861
4.875,393
4,850,167
4,315.362
4.543,291
'
152,680
109,604
204,754
...
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In
actual circulation
.
..
299,161
Collateral Held by Agent as Security for
•
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas..
By eligible paper
United States Government securities.
Total
*
collateral.
"Other cash" does not Include Federal Reserve notes.
x These are certificates given by
thq 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 of the difference, the difference Itself having beep, appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
"
y
With the statement of Jan. 4,
1939 two
new
items appeared,
two items corresponds exactly to the total of
two Items
statement for June 8. 1938 has been revised
on
the
new
"Other liabilities, including accrued dividends," and "Other capital accounts."
The total of thee
formerly In the statement but now excluded, viz.: "All other liabilities," and "Reserve for contingencies."
basis and is shown accordingly.
,
The
Volume
Financial Chronicle
148
3489
,
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Three Ciphers
Federal Reserve Agent at—
Total
Boston
New York
S
$
$
$
certificates
12 FEDERAL RESERVE BANKS AT CLOSE
Cleveland Richmond
Phila.
ASSETS
Gold
THE
OF BUSINESS JUNE 7, 1939
(000) Omitted
hand
on
and
%
Atlanta
Chicago
St. Louis
$
$
$
$
Dallas
Minneap. Kan. City
$
$
San Fran
$
$
due
from United States Treasury
818,114
13,391,719
9,273
349,876
Other cash *
Total reserves
673.115
1,298
893
577
30,150
25,939
22,314
13,750,868
Redemption fund—Fed. Res. notes._
740,705 6,363,004
663
1,638
85.862
24,516
765,884 6,450,504
704,563
844,946
377,660
354,769
268,380 2,265,599
356,133
326,489
253,673
759,857
1,288
211,881
603
479
587
445
254
548
19,120
50,166
18,735
9,127
17,226
15,890
30,811
228,103 2,316,244
375,475
263,245
343,969
228,319
791,956
*
Bills discounted:
Secured by U. S. Govt, obligations,
1,808
1,659
320
538
388
86
157
70
40
20
24
72
93
89
238
55
42
210
20
34
25
30
406
128
382
3,467
409
776
443
128
367
90
74
25
50
430
200
475
561
42
218
57
52
24
?o
71
2
2
16
16
41
12,429
1,692
2,882
2,519
370
1,171
789
455
5
786
221
595
944
911,090
1,176,109
476,816
67,984
87,759
35,579
256,538
331,160
134,259
47,696
direct or fully guaranteed
Other bills discounted
Total bills discounted
Bills bought in open market
Industrial advances
U. S. Government securities—
Bonds.......
i.—
,
Treasury notes-—
Treasury bills.
44,123
27,660
61,570
24,961
41,369
53,403
21,650
102,026
131,706
56,958
47,123
53,395
23,092
35,708
14,476
46,954
60,613
24,573
36,346
46,916
19,021.
76,830
99-.176
40,209
'
191,322
721,957
206,907
253,398
134,227
116,422
287,127
124,173
77,844
132,140
102,283
216,215
2,580,472
_
193,465
725,833
209,926
253,948
135,789
117,321
287,727
124,205
78,682
132,807
103,094
217,675
161
12
60
16
15
7
5
20
2
2
5
5
12
19,612
200
3,340
1,499
2,730
81,751
29,979
1,311
16,400
510
26,678
26,708
42,453
2,922
3,607
136,893
8,959
16,107
1,601
25,254
1,314
53,319
5,955
6,022
1,949
50,344
2,589
3,439
1,872
579,855
1,068
39,876
2,058
3,917
2,272
5,533
2,399
1,513
1,705
3,183
2,473
2,218
28,3oo
3,2oo
4,718
966,338 1,176,738
571,777
436,815 2,697,922
536,204
362,858
510,567
Due from foreign banks
Fed. Res. notes of other banks.
Uncollected
90,042
116,233
,
2,564,015
Total U. S. Govt, securities
Total bills and securities....
73,522
94,907
38,478
,
items
^
*
Bank
premises
Other
assets,—,..
n.
Total assets.
56,990
—
4,646
6,243
17,030,411 1,019,409 7,341,696
.....
64,353
*
1,239
2,133
,
2,611
362,008 1,048,079
LIABILITIES
F. R. notes in actual circulation
4,476,310
381,688 1,116,319
315,680
414,086
194,836
149,040
988,818
180,357
134,560
170,349
10,052,643
496,631
548,640
77,522
251,259
249,959
143,374
46,883
309,600
320,441
478,101 5,387,958
230,354
53,382
110,680
22,268
241,037
5,604
5,535
7,113
6,231
237,696
46,932
8,969
8,739
11,617,648
559,355 5,970,029
76,226
354,351
185,025
552,619
47,757
8,969
2,148
41,601
22,322
20,293
Deposits:
Memoer bank reserve account
U. 8. Treasurer—General account
Foreign
Other
bank
934,964
__
.„V———
deposits
Total deposits
_
Deferred availability items
Other liabilities, incl. accrued divs
584,207
563
30,000
4,471
28,763
46,390
13,299
10,893
2,043
576,677
665,818
312,991
251,565 1,580,134
314,348
203,601
302,336
243,899
636,895
39,657
63^791
49,002
23,396
83,820
30,842
15,434
27,567
30,715
2,067
499
155
207
503
133
152
293
151
31,730
292
934,081 1,144,194
556,984
424,208 2,653,275
525,680
353,747
500,545
45,575
134,326
6,827
;.L
Total liabilities
53,927
1.812
,
995,533 7,222,486
16,684,992
r
189,511 1,331,870
42,600
206,023
10,825
37,423
8,629
4,818
49,885
8,969
350,991 1,023,208
CAPITAL ACCOUNTS
Capital paid in
134,953
9,397
Surplus (Section 7)
Other
27,264
34,050
capital accounts.
Total liabilities and capital accounts
Commitments to make Indus. advs__
♦
12,057
2,874
*1,522
615
5,075
4,523
13,683
3,984
14,323
1,007
3,561
4,983
5,630
22,666
4,685
3,293
1,442
713
1,429
6,869
545
.1,310
966,338 1,176,738
1,468
1,556
571,777
1,035
436,815 2,697,922
2,088
17,030,411 1,019,409 7,341,696
11,473
13,653
113,696
4,416
50,848
52,463
7,457
8,442
10,083
Surplus (.Section 13-b)._
*
2,254
"Other cash" does not include Federal Reserve notes.
150
Total
536,204
actual
362,858
510,567
362,008
595
190
1,048,079
2,897
Dallas
San Fran.
'
o'?65
2,}21
634
„
.
Cleveland Richmond
Phila.
New York
Boston
$
Bank by F. R. Agent
Held by Federal Reserve Bank
In
•2,16I
79
Atlanta
Chicago
%
$
$
$
$
,
77,064
381,688 1,116,319
,
$
S
%
%
434,214
20,128
315,680
18,302
4,476,310
$
„
206,190
11,354
160,079 1,021,340
11,039
32,522
193,710
13,353
138,800
4,240
180,003
9,654
82,673
6,447
406,015
414,086
333,622
17,942
399,990 1,193,383
273,709
circulation
-
$
4,750,019
■_
Minneap. Kan. City
St. Louit
"
Federal Reserve notes:
.
1,853
10,564
1,265
Omitted
Federal Reserve Bank of—
Issued to F. R
4,006
3,892
2,045
4,251
3,613
1,142
1,016
'
FEDERAL RESERVE NOTE STATEMENT
_
Three Ciphers (000)
1,741
2,912
3,153
l.ooi
:
194,836
149,040
988,818
180,357
134,560
170,349
76,226
354,351
196,000
143,500
182,000
85,500
434,000
25
36
429
201
470
196,025
143,536
182,429
85,701
434,470
51,664
-1
Collateral
held
by Agent
security
as
for notes issued to banks:
Gold certificates
hand
on
and
due
from United States Treasury
Eligible
776
389
439,500
210,000
128
345,000
388
420,000 1,210,000
4,869,500
3,367
paper
1.69,000 1,035,000
367
74
84
J
Total collateral—
•
4,872,867
United States
420,389 .1.210,776
345,388
210,357
439,628
United
Treasury Bills—Friday, June 9
169,084 1,035,074
Rates quoted are for discount at purchase.
'
Exchange—See following
Transactions
'
Securities
Government
States
York Stock
at
the
Stock
York
New
■
Bid
June
14 1939
0.05%
0.05%
0.05%
June 21 1939.
June
28 1939..J:
July
July
5 1939
12 1939.
July
19 1939
July
26 1939.
0.05%
0.05%
0.05%
0.05%
—
Bid
Asked
2 1939
9 1939.
16 1939-
Aug.
-
■
-
Aug.
Aug.
•
-
-
_
__
-
-
-
•
Asked
0.05%
1939
0.05%
6 1939
—
«
PARIS
THE
—
—
Figures after decimal point represent one or more 32ds of
Canadian
Sept. 15 1939..
Dec. 15 1939..
1 H%
Asked
Cie
101.8
101.16
Rate
Maturity
Dec.
Bid
15 1941.
101.18
103.1
103.3
H%
2%
104.13
104.15
1
Mar. 15 1942.
101.28
Asked
Sept. 15 1942.
105.20
105.22
101.26
101.28
Dec.
15 1942.
1
H%
105.1
105.3
102.9
102.11
June 15 1943.
1
H%
102.24
102.26
Mar. 15 1941..
102.20
102.22
Dec. 15 1943.
1
103
103.2
15 1941..
102.21
102.23
June
15 1944.
1
101.5
101.7
101.26
Mar. 15 1940-.
June
15 1940-.
Dec.
15 1940-.
June
1>*%
H%
'
Generate Transatlantique B
——-
Comptoir Nationale d'Escompte
Coty S A
Courriere
—...
Credit Commercial de France—
Credit
Lyonnalse.—.
Eauxdes Lyonnalse
—
Energie Electrique du Littoral..
Kuhlmarm.
STOCK
EXCHANGE
Pathe
HOLI-
—
Liqulde—-
Closing prices of representative stocks as received by cable
of the past week:
June
June
3
5
June
June
June
June
6
7
8
9
Per Cent of
Allgemeine Elektrizitaets-Gesellschaft (6%) 113
Berliner Kraft u. Licht (8%)
160
105
Deutsche Bank (6%)
—111
Deutsche Reichsban (German Rys. pf. 7%). 122
Dresdner Bank (6%)
105
Farbenlndustrie I. G. (7%)
-150
Relchsbank (8%)
-178
Siemens & Halske (8%)—r_
187
Vereinigte Stahlwerke (6%)
101
Commerz-under Privat-Bank A. G. 6%
.
—
Par
113
113
113
114
160
105
111
122
105
150
160
160
160
160
105
105
105
105
111
111
178
186
101
178
178 *
188
188
101
100
111
111
122
122
122
122
105
105
105
105
150
,150
150
151
178
178
188
190
100
101
''
Royal Dutch.....
Saint Gobain C & C-—
Schneider & Cie
*
Societe Franciase Ford
Societe Generate Fonciere
Societe Lyonnalse
,188
14,900
802
1,570
55
544
837
260
835
250
253
226
555
1,670
1,540
360
580
671
1,160
225
538
1,670
1,650
1,520
356
674
82.50
82.50
88.60
87.25
112.10
901
902
425
52
1,720
79.50
82.30
82.30
88.30
87.00
111.90
6,370
6,350
?'3fS
.
.
—
f'lXX
1.400
'483
88
70
Soqiete Marseilles
------Tublze Artificial Silk preferred-.
Union d'Electricite.—.-Wagon-Lits——
•
,
so
70
1-550
—
7,900
223
549
559
1,670
1,550
917
425
48
1,756
79.60
3%
Rentes4%, 1917
Rentes 4%, 1918
Rentes 4H%, 1932, A
Rentes4H%, 1932, B
Rentes, 5%, 1920.....
113
Francs
457
923
—
—
Capital..
Rentes Perpetual
473
1,170
DAY
—
Pechiney
each day
1,184
365
591
Energie Electrique du Nord
Lyon(PLM)NordRy—
Orleans Ry 6%
BERLIN
.
cap*
1,176
474
7,800
1.161
843
260
229
-
Citroen B.
L'Air
THE
Francs
8,100
188
14,900
810
1,620
56
.
548
Pacific—
Cie Distr d'Electricite—Cie GCnerale d'Electricite
Int.
Int.
June 9
June 8
June 7
Francs
8,000
1,182.
476
,
Banque de 1'Union Parisienne..
Canal de Suez cap.
,•
June 6
Franca
8,100
...
Banque de Paris et Des Pays Bas
point.
June 5
Francs
1
Bank of France..
June 9
•
June 3
Francs
Quotations for United States Treasury Notes—Friday,
Maturity
BOURSE
Quotations of representative stocks as received by cable
•
Bid
3505.
0.05%
Aug, 30
•
Rate
Exchange.
3505.
0.05%
—
each day of the past week:
a
New
0.05%
Aug. 23 1939
Sept.
page
Stock and Bond Averages—See page
0.05%
—
Daily, Weekly and Yearly—See
the
on
page.
1.543
.
94
595
16
.
93
586
u
186
179
177
14,900
14,600
14,700
804
787
1,580
1,550
f,570
52
54
52
560
541
.
1,560
360
832
250
1,640
1,520
574
584
667
639
1,160
1,150
906
904
906
908
427
425
55
"425
56
1,723
1,150
1,588
79.30
78.80
78.80
82.20
81.50
81.70
82.10
81.70
81.60
88.20
87.75
87.75
86.80
86.25
86.20
111.50
111.30
110.20
6,380
2.120
6,290
6,280
2,078
1,468
1,410
81
82
70
70
1,516
1,558
645
'
647
92
89
584
571
82
69
79
June
3490
1939
10
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
day.
unlets they are the only transactions of the
NOTICE—Cash and deferred delivery tales are disregarded In the day's range,
such sales in computing the range for the year.
account Is taken of
United States Government Securities
Below
furnish
we
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm
a
Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
/"I..
///>/i4«M/f 1
x/Iam
a.
Daily Record of U. 8. Bond
/n/v/'M f
June 5
June 3
Prices
(High
June 6
/vw o
June 7
June 8
122.13
122.13
122.10
122.10
122.10
122.13
,122.13
122.10
122.9
122.10
122.13
122.13
122.10
122.10
1
1
18
1
21
<rt/Mn/
'mmmm
unit*,..
$1.00
/t
----
.
116.16
116.16
116.16
Close
116.11
116.16
116.16
2
1
108.15
108.10
108.19
108.15
108.10
1
7
1
51
108.16
108.12
108.7
108.5
108
107.23
108
107.23
2«S. 1980-65
108.8
108.9
108.8
108.8
108.9
108.8
w
mmm-
«
-
-
-
mmmm
$1,000 units,
Total talet in
'
109
109.7
109
109.9
109.7
mmmm
.
.
....
_
(High
'•
103.24
mm'
m
„
'
Total sales in $1.000 units...
....
-
....
*
.
107.21
107.18
107.16
107.15
107.10
Low.
107.19
107.18
107.13
107.9
107.6
Close
107.20
107.18
107.16
107.9
107.7
$1,000 unitt...
6
25
31
26
107.20
107.22
107.16
107.17
107.8
Low.
107.20
107.18
107.16
107.il
107.8
Icioee
103.24
6
(High
107.20
107.18
107.16
107.11
107.8
26
26
25
103.24
2
-
103.24
103.23
'
'
2
m.m mm
109.6
Total talet in $1,000 units...
(High
103.23
103.23
w..
5
--
2
109.6
2«s. 1948
103.24
*'«««•
Low
'mmmm
mm
103.24
'
—- Low.
Close
1940-13
.
—
(High
3 He.
.
109.8
Close
Close
Total sale* in $1,000 units...
109
2
5
_
_
2Kb. 1940-53..
"
106
105.30
105.30
106
High
105.30
105.29
106
105.30
105.29
mmmm
Low.
3H». 1941-43
m
mm
Total tale* in
m
msrn m rn
•
Close
mmim
Total sales in $1,000 units...
M
1
-
m
1
'
m
,
mm
2
mm
m
2«s. 1950-52
mm
m
,
m
m
111.10
m
m
Low.
...
111.10
-
mmmm
'
Cloee
!■
m
-
36
105.27
Low.
'
105.27
105.27
105.28
105.27
76
50
(High
mm mm
2s. 1947
111.10
mmrn'rn
-
27
(lose
mm
•
3Hs. 1943-47
'
Total sales in $1,000 units...
■
106.31
LOW.
3*1. 1941...
J
mmmm
High
106.31
Close
*
-
-
«.
-
~
m
«
-
8
•
m
m
*
2
mrnrnm
'
m
mm
m
mm
m
Federal Farm
106.24
•
'
'
-w-#
•
111
111.7
11*1.9
111.3
111.5
Low.
111
111.7
111.6
111.3
111.5
111.4
111
1943-45
111.7
I
Total sales in $1.000 units...
3 Ks.
Low.
1944-46
•
109.18
109.19
109.18
109.21
109.19
109.18
5
1
2
111.23
*
111.24
111.24
111.23
111.22
111.20
Total talet in $1,000 unitt...
111.24
•
111.25
111.26
111.22
111.22
4
26
(H«gh
.(Low.
112.21
112.21
26
3s. 1942-47
40
(Close
112.16
112.16
..
*
112.18
«•
Total tale* in $1,000 units...
J...
1
m*
C lose
114.3
114.3
11*3.29
114.3
114.3
113.29
113.26
114.3
"114.3
113.29
39
'
2
111*27
[High
106.15
106.10
106.15
units..r
2
3
High
109.17
109.15
109.15
109.10
Low.
109.17
109.15
109.13
109.10
109.15'
109.13
5
113.27
25
114.5
Total sale* in $1,000 units...
106.10
11*3*27
114.5
~
106.10
2Kb. 1942-47
8
114.5
106.15
(High
(Low
(Cloee
:
Total sales in $1,000 units...
3s. 1946-48
109.19
109.21
I Oiosc
111.26
Close
3KS. 1949-62
109.21
111.22
111.27
112.21
| High
Low.
45
| Low.
3s. 1944-49
3
High
'
110.6
110.6
(High
111.4
1
—
»
111.5
2
Low.
3*i, 1946-49...
•
Low.
1
'm.mrrn
Total sales in $1,000 unit*...
111.3
4
111.24
mmmm
Close
v
High
Total tale* in $1,000 unit*..
4
'*
High
111.6
110.6
Close
iff 4"
Close
3 KB.
Mortgage
3KB. 1944-64
7
•
•
1 High
.
Total tale* in $1,000 unitt..
"
mmmm
106.24
106.31
Total sales in $1,000 units...
■
106.25
—
25
111.31
25
Total talet in $1,000
109; 10
Home Owners
3e, series A. 1944-52...
111.27
....
Loan
Low.
111.27
111.31
111.27
Close
109.17
Close
111.27
111.31
111.27
Total tale* in $1,000 units...
12
Total sale* in $1,000 units...
1
34
2
-
■
•
.
■
3
I
100.11
100.11
:
■
,
...•>
■
.
(High
100.12
High
3s. 1951-55..
112.26
11*2.23
112.23
11*2.19
11*2*13
2Kb, series B, 1939-49.. Low.
100.12
100.11
100.11
Low.
112.24
112.23
112.23
112.18
112.20
(Close
100.12
100.11
100.11
Total tale* in $1,000 units...
6
1
I
(High
105.18
Low.
105.18
(Close
105.18
Close
.
112.24
Total sales in $1,000 units...
112.23
112.23
112.19
112.10
12
7
1
3
6
m-Lm
110.4*
High
2*8. 1955-60
'
jw.
Total sales in
110.9
110.6
Low.
110.3
110.7
110.4
109.29
109.28
110.4
110.9
110.5
109.29
109.28
109.16
37
27
38
$1,000 units...
4
22
110.2
29
109.28
109.25
High
110:5
110.6
110.1
110.2
110.5
110.5
110.1
110.2
110.6
110.1
110.2
Total sale* in
m
$1,000 units...
m -
«
mt,
i,
<*
1
28
44
m
-m
High
2Kb
1948-51
_■
■
Total sales in
m
-
-
-
-
-
«
-
$1,000 units...
'
109.16
109.15
109.15
'2
2
(■--»-
3
108.21
102.6
1
6
unit*
t Deferred
Note—The
3'
above
i Cash
delivery sale,
table
sale.
includes
of
only sales
Transactions in registered bonds were:
bonds.
Treasury 3kis
Treasury
2^8
Treasury
2^8 1960-1965
108.17
108.19j
108.19
108.9
108.19
108.20
108.9
51
----
102.11
1943-1945.
1945-1947.
111.5
*
coupon
to
111.5
.....109.30 to 109.30
-
108
.....
to 108
1
108.20
108.29
Total sales in 31.000 units.
102.12
1
109.13
108.29
^
102.6
102.4
1
109.13
109.19
-t
M
102.6
102.11
2
10*9.13
109.19
109
*
Close
.
109.19
109.19
'
$1,000
•Odd lot sales,
26
109.21
-
«,
m
High
Low.
2KB. 1956-59
109.26
109.21
-
Low.
Close
Total sales in
Total sales in
25
2
«
102.11
102.12
Close
109.26
'
'
High
2KB. 1951-54
Jm
109.27
$1,000 units...
102.12
102.4
109.27
109.27
Close
■
25
109.27
Low.
•
102.4
Low.
1Kb. 1945-47 wl
109.28
Close
1
*1
(High
109.28
110.5
Total talet in $1,000 units...
_
109.28
Low.
2KB, 1945-47
2KB. 1942-44
109.16
Close
•
50
105.28
Total talet in $1,000 unitt
'
High
■
123
109.7
109,9
(Cloee
.
....
53
87
36
8
107.27
109.10
Low
....
•
1
(High
'
Low.
3
108.1
$1.000 units..
Total tale* in
108.11
108
2«S. 1945__„_«
(High
IHs. 1946-56....
108.8
(High
..J Low.
6
mm*
,
108.11
108.19
108.16
I Close
116.18
Totdl sales in fl.000 units...
108.12
108.16
116.16
4s. 1944-54.
108.12
Total tale* in 11,060 units...
116.18
116.16
mmmm
108.23
108.16
June 9
June 8
June 7
108.15
(Close
2KB, 1968-03
116.11
Low.
June 6
June 5
June 3
(High
J Low
Treasury
116.11
(High
Prices
Daily Record of U. S. Bond
June 9
Low.
4Kb. 1947-52...
Total sou* in
/»/
QOr/o
*v>
Close
Treasury
122.10
/
mil'TiJonti
26'
31!
United States
Treasury Bills—See previous
page.
United States Treasury Notes, &c.—See previous page.
45
.
New York Stock Record
LOW
AND
Saturday
JuneS
$
share
per
♦601-.5
*125
HIGH
SALE
PRICES—PER
6H4
131
Tuesday
June, 6
$ per share
$ per share
*6034
*125
6H4 ^60*2
13
*125-
fU
13.1 \
4234
*35
35i2
35
734
7'b
7h
*21i4
*21l4
2231
*2134
22
22i8
*21
22
130
6i2
6'*>
*8;%
166
7
10*4
1734
8i2
684
*6i2
7
7„
8I2
634
6*1
/
1034
*6i2
10U
1734
*10i8
17i2
1734
81-
*165
9
878
166
734
734
*2134
*21U
2214
166L
12
*lll2
12
S18
122
7
18
5U2
„
18U
1212
*50'4
123)5
54U
Bid and asked prices; no sales
on
17i2
*57
69
69
16
93s
371.1
7*4
900
*65s
*10i4
7l2
1034
18'«
400
200
4,000
"878 ""eon
16
*112
*14
134
; *1*2
912
"MOO
10
19,700
*69
3614
36
3678
16
16
16
70
H2
in
3,400
1214
9i2
70
n2
Acme Steel Co
Adams Express
Adams-Mlllls
Address-Multlgr
100
No par
25
No
Corp
10
Air Reduction Inc
No par
Air Way El Appliance..No par
300
Amalgam Leather Co Inc...l
*67
69l4
6914
6914
183s
1238
1834
123s
1878
1878
20
2,700
12i2
1,000
American Bank Note
53
1212
Z5212
12i2
52i2
1812
1212
*5014
Amerada Corp
Am Agrlc Chern(Del)
52i2
100
17
6%
6%
n
conv
preferred
r
28
par
1284 Apr
li2 Apr
I3i2 Apr
50
Apr
16
Apr
IO84 Apr
50
No par
No par
preferred
New stock.
par
par
10
Apr
*
Ex-dtv.
y
Highest
share $ pet share
36i4 Feb
1195s July
30>4 Mar
61
123*4
45
Nov
Oct
Oct
June
52
11
Jan
25
Mar
6I4 Mar
I4i2 Mar
163j Mar
24
Oct
.
30
Aug
40
677s Nov
27i2 Jan
65*s Jan
Us Jan
May
Sj Mar
Jan
884 Mar
May 25
114 Jan 4
1478 Jan
13^s Mar
95
12*4 Jan
Si2 June
7«4 Jane
I43g Sept
28
May
19
Mar
28K Jan
Jan 19
Ills Jan
Apr
7« Mar
6I4 June
5
Mar
4
3
124
Mar
13'g Jan 21
7
Mar
133s Jan
8^8 Mar
4i2 Mar
193
Jan
4
113s Jan
70
-
Ex-rlghts
" J«.n
4ij Mar
38
Mar
488s Jan
8
8 -197, Jan
4
2*8 Jan
19
Jan 20
4
70 May 25
11
2414 Jan 3
26
11
17®4 Jan 3
60
50
Cash sale.
per
18
52
151i2 Apr 10
10
Apr 10
9l2 Apr 10
6
Apr 11
54i2 Apr 11
$
Jan
45
10
Allied Chemical A Dya.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
100
June
42*4 Mar
121
Jan 19
9
131
11
634 Apr 11
17
a Del. delivery,
638 Apr
Apr
*4 Apr
6K Apr
5
Apr
5ig Apr
117
1
*14
53l2
_
Lowest
64*4 Mar 15
April
Apr 10
33>2 Apr 8
31'2 Mar 31
634 Apr 8
19is Apr 28
1914 Apr *
45K Apr
>4 Jan 30
14
Industries Inc
1612
t In receivership,
53
120
52
Allen
400
""400
$ per than
AlleghanyAWest Ry 6% gtdlOO
Allied Stores Corp
No
5% preferred
Allls-Chalmers Mfg
No
Alpha Portland Cem_.Vo
200
8,000
$ ptr ihar*
% Pf A with $40 war. 100
5K% Pf A without wax. 100
$2.50 prior conv pref.No par
Alghny Lud 8tl Corp.-ATo par
68
this day.
■
Highstt
12
10
10
8
8
Apr 8
Apr 8
68
*14
par
No par
Alaska Juneau Gold Mln...i0
*6i2
1178
Abbott Laboratories...No par
4K% oonv pref
Abraham Sc Straus
Albany & Susq RR Co
100
Allegheny Corp
No par
BH% Pf A with $30 war. 100
800
*834
Par
2*700
8
1784
Rang* for Previous
Year 1938
100-Share Lot*
Lowest
"l~900
*57
H34
134
16i2
67i2
183s
127«
10
11S4
9>8
*69i4
3578
*153s
*ll2
18
6i2
10
12
x36i2
12i2
5U2
684
8
®4
12
9*8
127s
8
634
»4
167
67i2
3684
67i2
8
100
4,500
"
130
♦122
7g
*11
91i
*13
8
81ft
100
78
8I«
165
67i2
3578
*1512
161?
54
♦34
1,100
22
53i2
7g
12
9*4
661?
*2112
533s
*11
67l2
66l2
21i2
12
355s
*15
77«
*11
9
15s
800
23
1712
IS
734
*22
.130
6i2
10
10
35
*8i2
878
812
8i2
16612 168
H65
16634
35i8
134
8>4
7i2
1118
*643g
16
818
*122
*10l2
1734
67i2
16
On Basil of
EXCHANGE
1,900
4278
3434
734
6212
131
♦40
2178
34
Si4
7i2
355s
*15I8
1*8
83s
130
34
1134
93g
16
22
*56
87S
166
*lll3
55
35
7
1034
1 778
115s
183s
liJog
*34
♦34
12"
17
*
35
35
623s
*128
4278
7g
*11
67
*18i«
62
131
*40
5434
12U
*6614
61
*128
4278
*3,1
*11
*14
6ii2
131
9
9
*65i2
35i2
*1518
*158
*51
131
\*40i8
per share
5314
130
Rano* Sine* Jan. 1
STOCK
Shares
$
78
8i4
125s
115),
♦
7h
*55
85«
166
*11
%,per share
YORK
Week
5334
*34
8
*1014
1734
*5812
June 9
75s
217g
21i2
5284
*122
h
8
*6I2
June 8
8U
78
834
*®4
June 7
523g
53
*122
8TOCK3
NEW
the
6034
.
35
*34
Sales
Friday
$ per share
4234
*Si4
CENT
PER
Thursday
,
4234
53
NOT
IVednesday
*3812
1
SHARE,
for
Monday
June b
i
6
Jan
12*4 July
15g July
13*s Feb
125
Dec
1*8
Jan
Tb
17K
178s
Jan
Jan
Jan
2U2 Nov
29*4 Nov
28
May
14K Aug
197
Oct
1284 Oct
147g July
13ij Nov
Mar
70 ig
34U Mar
III4 Apr
1U Mar
55*4
Oct
Oct
20
Oct
10
Mar
24
Jan
55
May
78
July
22
Dec
10
Mar
46U
Apr
314
Oct
28i2 Oct
23ig Julv
63
1 Called for redemption
Nov
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
NOT
Record—Continued—Page
Sales
CENT
PER
STOCKS
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 3
June. 5
June 6
June 7
June 8
June 9
$ per share
$ per share
$ per share
$ per share
534
*5%
5%
371-i
37U
132
*129
94
94
93
175
175
*173
2234
2234
*38
*38
lOSg
39
216%
96%
175% *175
175%
23%
23%
2334
23
*37%
1634
39
39%
17
94%
Range Since Jan. I
STOCK
On Basis of
17
110
*100
110
*100
110
100
*12134 124
123
123
*121% 123
123
123
123
*40}
15
*2
15
*2
15
*6i2
7
-
*6%
7%
7i2
9%
67S
8
*734
15
9%
9%
9%
*70%
7078
3%
5%
*3%
70%
3%
314
6%
*7%
8
*734
9%
70%
*70
7
*6%
9%
•
123
123
123%
500
15
*2
9%
9%
9%
73%
73%
73%
3%
3%
*3%
*5%
3%
Am
500
8
9%
9%
*73
110
*5
534
5%
5%
5%
5%
*5%
5%
*160% 500
*160% 500
*160% 500
*160% 500
*160% 500
*160% 500
2%
2I2
2%
2%
2%
2%
2%
2%
2%
234
*2%
234
19
19
19
19%
20
19% '20
I87g 20%
20%
1834
19%
American
1,100
100
3%
*5
3%
*73g
734
I6I4
*14%
16U
15
4
*14%
4%
3512
35
48
48
*2%
2%
^2%
4
*35
2i4
*2H2
*4I2
*18%
2i4
22%
*5012
*1234
54
*21%
*4%
5
13%
30$
*2%
*2934 30%
*118% 121
24i2
23% 24
434
4%'
4%
30i2
30l2
*115
4%
24%
4%
2%
40*2
39
39
38%
30%
35i2
33%
33%
34
12%
12
14%
*153%
14%
12U
*15312
14*2
12%
55
13%
12%
*28
41%
*53
13%
12%
29%
*53%
1334
1234
*27% 28
41%
42%
138% 138%
*13%
*12%
42
♦1373s 138%
*64
65
65%
151
*_.:.
159
13%
13%
2%
27g
*234
27g
30%
30
30
30
125
120
4%
4%
4%
2-39%
39%
35%' x34%
23%
4%
40%
34%
12%'
12%
159
12%
*152
5434
55
55
I384
1234
28
43%
4%
*39
3434
12%
12%
159
*152
No par
No par
8
April
11
Apr
200
650
6%
25
25%
Amer Power & Light ...No par
...No par
No par
28
152
19,100
Am Rad & 8tand San'y.No par
Preferied
100
"3", 900
American Rolling Mill
159
*18
88
87%
*10%
55
*13%
1334
700
American Safety Razor..18.50
127g
13
13%
600
American Seating Co...No par
*27%
28
27%
28
80
Amer Ship Building Co.No par
x27
4278
44
13,400
Amer
35% Apr 10
129% Feb 17
59% Apr 14
146%May 3
54
43
4234 43%
42%
•138% 144
*138% 145
*66
67
4H%
1,100
•
*
151
■
*139% 144
67
67
*66
151
*____
*17%
1734
163% 164%
*82
85
85
*151
152
'
26
"24%
11
11
11
11
11%
11%
17%
90
17%
167%
82%
84%
11%
11%
17
17
17%
*87
90
*87%
18
18
11%
*17%
*86%
87%
*17%
17%
164% 165
8234
S234
84
~25%
2534
*10%
18
89
*87%
17%
165%
165%
1.7%
165
82
8
May 15
12% Apr 10
conv pref
50
...100
67
17%
83
82%
84
84%
85%
84%
8434
*151% 152
*151% 152
153
25%
*11
18
1734
167
11%
18%
167
167%
151
"b,700
26
100
Amer Steel Foundries..No par
11%
500
American Stores
Oct
13% Sept
4% Mar
20
July,
73%j
9
538 Jan
164
4
Jan
2% Mar
13% Mar
9s4 Jan
1738June
6% Mar
10
Jan
11%
200
American Stove Co
9
4934 June
2%May 10
22%May 15
800
90
300
18%
1,200
11,100
83
84%
85
Amer
1,200
934
6
6
9%
934
*86
4%
34%
*33
*5
4,300
2150
*5
2434
24%
25
24%
24%
*4%
•
4%
33%
33%
"
5
*28
35
10%
87
.87;
4%
33%
5%
*28
6%
9%
92
4%
33%
5%
5
5
35
*28
25%
150% *150% 151
6
57g
6%
10%
97g
10
90
*86%
*86%
6%
300
2534
preferred
10%
7,400
34%
34%
34%
5
35
*28
25
25
47g
734
734
*72%
.
*.___
95
7%
7%
73%
72%
51
*47%
38
38%
75
7«4
*47%
51
73%
*47%
*37
38%
*37
*97
100
*97
*97
100
*97
28% 2934
64
*62% 64
19%
*18%
19
*61*>
8
8
12%
*11%
12
20% 203g
2034
111% *110
111%
7%.
7%
7%
*44
45
45
51
*50%
50%
30% Deo
79
Jan
Jan
Mar 20
2% Mar
23
z26
Jan
7
*44%.
119
*5%
57g
*2%
25g
.2%
*2%
22
*19
51
*49
51
38
*37
100
*97
100
*97
38%
9934
99
*97
100
*97
64%
I884
1834
5
21
19
19
23
z2134
69%
*66
70
*64
70
137S
137S
*13%
*7%
8%
*7%
14
8%
5%
'■111*
1}34
5%
5%
-
5%
684
*6%
221*
5%
11%,.12
5%
*6%
»
19
30%
101
28%
64%
19%
64%
Oct
Nov
Feb
20
*
2
25%
19
*18%
28%
14%
*21
70Q
3% Mar
*72%
23%
*2034
*53%
*48%
57%
*17
*106%
75
23%
21
54%
4934
58%
I73g
1077g
21%
2,500
300
47% Nov
41% NOV
9
18% Jan
162
Mar
19%
Oct
14834 July
13% Mar
Jan
2234 Jan
165%
Jan
Mar
80 84 July
12
Dec
20% Jan
23% Nov
35% Jan
163gMar
20
Jan
7% Mar
2284 Apr
28% Mar
-
34% Mar 10
63% Jan
139
June
67
103
May 24
75%
23%
130
22% Jan
19% Dec
7
91% Jan
82
8
8934
Jan
4
21
21
4034
1134
*5334
55
200
Jan 16
90
Jan
$5 pref
.
1384
*7%
8%
8%
*72%
24%
20%
5484
75
*8
23%
23%
20%
21%
23%
20%
Atlantic
Refining
4% conv pre! series A—100
.5
6%
—
50
preferred
...No par
Atlas Powder
„
5% conv preferred.100
Atlas Tack Corp
tAuburn Automobile.-No par
Austin Nichols
No par
..No par
Baltimore & Ohio
..100
4% Apr 10
10
8%
30
5M %
Bayuk Cigars Inc
1st preferred
Beatrice
50
——5
Barnsdall Oil Co
10
-.10
No par
preferred
2,800
2,500
800
—100
50
100
Creamery
No par
100
25
$5 preferred w w—..No par
Beech Creek RR
50
400
20
Beech-Nut Packing Co
24%
7,800
Belding-Heminway
No par
Belgian Nat Rys part pref
Bendix Aviation
-.5
21
2,900
Beneficial Indus Loan..No par
75
1,300
-
_
..
5434
49%,
400
593g
18,300
Bethlehem Steel (Del)-No par
167g
17
17%
17%
700
107% 107%
22
2234
1,200
preferred
20
7% preferred...
..100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
19
*17%
3934
*34
23%
23
23%
22%
18
11
Bid and asked prices: no sales on
22%
10%
11
20
3984
23
this day.
10%
*17%
10%
priorpf$2.50dlv ser'38No par
200
400
18
No par
Best A Co
5%
No par
20
19%
11%
19%
3,200
*1734
80
Bloomingdale Brothers.No par
*34
3934
22%
3934
3984
10
22%
23%
4,000
pref—1100
Boeing Airplane Co
...5
22%
t lo receivership,
June
Baldwin Loco Works v t c.. 13
57%
11
19
7,000
49%
*34
•50%June
117%May 27
4% Apr 10
2% Apr 11
2
Apr 13
3,000
(The) .3
*54%
18
8
6
4% Apr 10
9% Apr 11
1 ...No par
$5 prior A
58
*17%
43% Apr
Aviation Corp. of Del
5434
10634 10634
21%
207g
18%May
104% Apr 12
7
April
40
4934
21%
18
50
4
24% Mar
Dec
6% Mar
2% Mar
Nov
10% Jan
6
Mar 11
10% Jan
a Def. delivery,
31% Aug
122% Oct
Mar
72
Nov
3
4
Mar
May
Mar 15
z52
54% Mar 15
48
Dec
38
June
27
Mar
100
June
72
Mar
June
78
6
Mar
57%
*54
4
Jan
Mar 15
14
4,500
8%
*72%
Jan
13
72
Mar
18
20%
—
8%
Jan
30% Jan
10% Mar 14
4934
3934
•
75
*49
4934
4934
49%
49%
58
58%
59%
59%
58%
17
*17
*17
17%
17%
17%
*106
109
107% 10819 *107 " 109
*17%
23""' 23
*77g
July
Apr
57%
*34
107g
8
Oct
37g Mar
Apr
Barker Brothers
13%
113% Oct
20% Oct
4% July
28% Mar
Apr
100
8%
*64
13%
Oct
5
Jan
6
200
12
Oct
6484
217g Aug
4
6% Jan
10
Atlas Corp.'
Blaw-Knox Co
Blumenthal A Co
n
New stock,
r
Cash sale.
5
6
Mar 15
23% Jan 10
Jan
4% Mar
6% Mar
1784 Mar
10l7g Apr
684 Mar
3834 Mar
110%June
8% Jan
4784 Mar
5
8
6634 Jan
3
36
Mar
Jan 11
105
Jan
6
'
127
8% Jan
„
6
4% Apr
4% Mar 10
2% June
3% Jan
2
6
30% Jan
8% Jan
1738 Jan
Mar
12% Mar
2% Mar
5
Mar
4
834 Jan
Mar
Apr 10
10% Jan
19
Apr 11
30% Jan
67
Apr
8
87
Jan 11
82
10% Apr
8
21
Jan
5
12% Mar
8
13
Jan
6
33
Feb 28
6
Apr
24%
a;12%
15%
110%
Apr 11
17
Apr 10
98
'Apr 10
28
Apr 11
Apr 10
Apr 11
101%June
3
29
125
70
Mar 22
16% Apr 11
17% Apr 11
48% Apr 6
46
Apr 26
51% April
15% Apr 10
99% Apr 11
15% Apr 10
14
Apr 8
8% Apr 10
l7%May 31
Apr 18
19
April
35
zEx-dlv,
v
5% Mar
2484 Dec
19% Jan 4
22%May 24
11434 Jan 16
22%May 31
113% Apr 28
7% Apr 10
Mar
Oct
July
42%
Apr
15
preferred..
100
100
43
Nov
Mar
1..100
-25
Atlantic Coast Line RR—100
300
10
9%
May
200
500
45
22% Mar
5%
3,400
16% Nov
Aug
7% July
91
July
40
800
19
Oct
Dec
9% Nov
20
71
900
3934
107g
91%
152
82
99
14
*17%
Oct
Dec
88% Aug
116
427g Jan
20%.
69%
*2034
120%
150%
6
4
51% Apr 26
20%
*17%
10%
Oct
117% Mar
103% Jan 10
Atl G & W I SS Lines..No par
3,400
Apr
23% Apr 11
4% preferred
Bangor A Aroostook
Conv 5% preferred
Barber Asphalt Corp
18
Jan
Jan
Mar
89% Apr 27
500
2034
Deo
Mar
100
preferred
6%
*734
2034
Dec
2
without warrants 100
5%
5%
8%
*17
31
Dec
10
5% April
9
97
Atch Topeka & Santa Fe-.lOO
10
*48%
*20%
*17%
10%
19
Dec
9
Jan 15
2% Jan
29% Jan
121% Jan
85
5%
5
Mar
10% Mar
15%
Jan 23
5% pref with warrants.. 100
101
29
11434June
5
*98
May
54% Jan
8
100
21
23% June
Apr 11
*98
Mar
36% Jan
73
Jan
43g Mar
25
58
Apr
Jan
Jan
65
30
Apr
23% Mar
784
Mar 31
70
Mar
3% Mar
33% Apr 11
9% Apr 10
5% Apr ll
41
6%
*734
No par
...100
1
100
100
9
Assoc Investments Co ..No par
5%
2O84
6
May
100
1134
69%
Apr 21
97
300
1,500
*20%
21
200
19
*64
Jan 23
6
68
Jan 10
33
Apr 11
2O84 Apr 11
35
April
13% Apr 8
111
.Apr
37g Mar
43% Jan 10
4% Apr 10
52
*18%
634
24
38%
75
51
*37
"3",000
8%
18%
21
Apr 10
3% Apr 8
28% Apr 10
75
"7%
5%
634
5434
Dec
5834 Mar
130
_
14% Jan 20
93% Mar 10
78
preferred
Associated Dry Goods
6% 1st preferred...
7% 2d preferred
7%
11%
*34
18
100
No par
Artloom Corp
1,000
6934
14
8% Apr il
.
1% Apr 11
Corp
5%
21
18
10%
19
*20%
*17
Constable
11%
5434
June
12% Mar
_
8% Jan
50
preferred.
Armstrong Cork Co
*6%
21
6184
150
6% Mar
l53%May 26
4% Mar 31
52
.5%
634
23%
20%
5838 Nov
140
15% Mar
18% Jan
334 Apr 10
3334 Apr 11
12%
*72%
Jan
12
884 Apr 11
No par
$6 conv pref..-
Arnold
8,300
1334
75
23%
Apr
14% Feb 18
Jan
13% Feb 20
Armour & C© of Illinois—^.5
'
900
65
13%
*72%
23%
20%
5434
Mar
4534
151% Jan 18
75% Apr 11
24% Nov
68
'72% Jan
117% Apr 27
7%
"2", 500
....
*72%
23%
Oct
Mar
16% Mar
...100
&Co(Del)pf7%gtd 100
5%
8
Jan
19
41
20
preferred
Armour
1134
21
29%
7%
44«4 Mar 11
Apr 13
No par
Archer Daniels Midl'd.No par
7%
30%
13%
8
Copper Mining
A P W Paper Co
""166
*2734
*7%
25
Copper Mining..50
$6.50 conv preferred.No par
Andes
19
«•
8
Anaconda
120
"""166
21%
...
Smelt... 1
Anaconda W & Cable..No par
95
5%
<fe
AnchorHockGlass Corp No par
65
20
100
.
Lead
100
29%
5
Zinc
15,300
*28
28
28
28% *27% 28%
28% *27%
28%
14%
14%
14%
1434
14%
14%
14%
14%
14%
14%
22
2134
21%
21%
21%
22
21%
21%
21%
22
114
114
♦112%
♦112%
*112% 113% *112% 113% *112% 113%
22
22
23
22% *22%
*22
22
22
2234
22%
2134
22
*100% 120
*100% 120
*100% 120
*100% 120
*100% 120
*100% 120
*27
*28%
*28
*28%
I ♦28%
*27%
124
zl24
124
125
*122 ' 125
*122
125
*122
125
*123% 125
*27%
14%
77g
6", 3 00
29%
64%
*18%
Preferred.
Amer
5%
*64
Mar
49*4 Mar 11
Apr 11
147
.10
No par
5%
634
Jan
45
122
Mar
15 prior conv pref
,
*19
69%
7%
*64
5%
Mar
Mar
.No par
1,900
*6lo
8
*6%
8
*6%
8
*5%
8
*11 "
*11
12%
12% *11
12%
*11%
12%
20%
20%
2034
2034
20% 20%
20%
20%
110% 110% 110% *110% 111%
110% 110% *109
*7%
7%
7%
734
7%
734
7%
7%
4434
4434
4434 4434
44%
44%
*44%
4434
53
53
54
*6134
50%
5134 *5184 53*
119
119
*116
H834 *116
11834 *116
11834
11834 *116
5%
*5%
5%
*5%
5%
*511
5%
5%
*5%
5%
3
2%
2%
*2%
*2%
*2%
2%
*2%
21.1
*2%
*2%
2%
2%
*2%
2%
2%
♦2%
2%
*22%
53g
29%
30%
5%
634
2134
11%
77
*65
*49
„*37
5%
1134
5%
7%
23%
5%
7%
734
77
*67%
72%
51
Nov
17% July
99% Mar
.
58
$6 1st preferred
.
'
7%
*116
8
-
38
*97
29%
20%
*110%
*49
8%
95
95
8
99
90
29%
*
29%
63%
18%
100
*62%
*183g
*6%
*1 l3g
95
Nov
Mar
111
Am Water Wks & Elec.No par
500
5
-
*_.-,
Nov
57g Nov
June
87% Jan 19
American Woolen
35
39'
95
16
36
10
170% Mar 11
100
2134
*
Feb
1234 July
2078 July
44
Apr 11
500
90
*35
39
37
37
*35%
40
*36%
40
*35%
3934
22
22
22
21%
21%
22%
23%
22%
22%
2134
21%
*113
114% *113
114% *11234 114% *11234 114% 114% 11434 11334 11334
**9%
10%
*9%
*9%
*9%
10%
*9%
10%
*9%
10%
10%
10%
2
2
*1%
2
*1%
2
*158
2%
*1%
2
*1% . 2
25
25
26%
26%
26%
25% 25%
25% 25% *25
*24,
26%
*118
120% *118
120%
120% *118
120% *118
120% *118
120% *118
*99
100
*99% 100%
100% 100% *100
102% *100*2 101% *100% 102
4
4
■,"4
4
*3%
4
3%
3%
3% i
3%
3%
4
*37
38%
3634
*36%
37% *36% 37%
3634
*35%
38
36%
36%
*40%
65
*40%
65
*40%
65
*40%
65
*40%
65
*40%
65
40
S9
39
39
40
4034
39%
3934
.38%
39
39%
39%
*11
*11
11%
12
11%
1158
1134
*11%
1134 *11%
11%
11%
7
7
7%
*67g
*6%
7%
7%
7%
*8%
7%
*6%
734
*36
5% July
25%
Jan
Apr 10
100
Am Type Foundries Inc
1,300
4%
5
24%
57g
*4%
4%
4%
*33%
*28
35
25%
Jan
7% Nov
177
Jan
Jan
Jan
Jan
73
25
Jan
6% July
45% Dec
2% June
148
Common class B
Nov
1634
'
153
0%
10%
*86
4%
34%
*33%
5%
6
934
92
*4%
35"
*30
6
9%
*86
92
*13g
6
15
83
20% July
834 July
'
5%„
97g Nov
13% Nov
4% Mar
12% Mar
25
Tobacco..
Dec
3084 Mar
1% Oct
100
Telp & Teleg Co.
American
Mar
14% Apr
Am Sumatra Tobacco..No par
168%
Mar
75% Mar
American Sugar Refining.. 100
Preferred
..100
8234
May
2
15% Apr 11
No par
17%
Mar
12
5% Feb
35%May 31
784
30%
79%
1534
4%
40%
124%
Mar
177
Apr
3% Jan 20
20% Mar 11
15
Dec
2% Mar
Mar 22
6
Mar
8% Mar
67%
une
20% Apr 10
8% Apr 8
9
Apr 1
No par
84%
84%
25
6% preferred
82
82
100
American Snuff......
2334 Nov
125
11% Apr 10
10% Apr 10
Smelting «fe Refg. No par
Preferred
300
300
5784 Nov
88% Mar
10% Apr
.26
Mar
9% Mar
123% June
14
Apr
884 Feb 24
11% Jan
10% Jan
8
13%
84
14%
14%
1034
11%
Apr
27
117
32
$5 preferred
Jan
Oct
176% Nov
347g Dec
Feb
3% Apr 10
Apr 8
$6 preferred
1,700
1234
Jan 14
14%
55%
14%
2534
1034
11
11% ,,*1034
12
*10%
18
18%
*J0lfr
23
No par
160% Mar
12% Mar
'
151
25
100
*12%
66
25%
preferred
8
2% Apr 11
26%May 17
117% Apr 20
1,000
"
25%
conv
American News Co
4,400
484
40
35
8
47
Amer Mach & Fdy Co..No par
Amer Mach <fc Metals..No par
Amer Metal Co Ltd
.No par
1,800
24
4% Apr
14% Apr
100
Preferred
?13%
139
*
24
*23%
100
300
120
1
100
Aug
Jan
89%
Apr 8
2% Mar 31
.No par
pref..
Nov
105%
24% Jan
12
American Locomotive
400
*118
non-cum
62
135
7034
Jan
55
14% July
23% Mar
Apr
114
1
115% Mar
25% Apr 8
4I84 Apr 11
1% Jan 24
14% Jan 23
Amer Internat Corp.
1,900
40%
*152
6%
2,300
13%
_.
American Ice...
200
13%
10
50
preferred
American Home Products
800
5
5
35
__
6%
2,300
2%
22
187g
52%
5434
151
*.__.
4934
18%
1434
66
American Hide <fc Leather..
500
*47g
14%
139
Amer Hawaiian S8 Co
800
52%
*13%
1234
65
200
4
684 Mar
May
35
April
18
14%
*27%
42%
10
52
14%
'
*197g
No par
18
24
12%
12%
*152
14%
5134
20
$6 preferred
15
*2%
2%
*2%
3,600
Jan
Highest
$ per share $ per share
100% Jan !_
178% Feb 17
Apr 10
*4%
24
35
48%
48%
48%
125
3934
*34
31%
8
12% Apr 10
100
5
52
*116
24%
434
*39
'
a20
*31
No par
.No par
17 preferred.
share
54% Jan
2% Apr
No par
31%
4
4
6% April
Feb 11
Lowest
per
134
61
No par
13%
2%
30%
13
30%
'15
15
4
*31
10
100
$7 2d preferred A
4%
1834
18%
*51
120
120
*14%
5
Apr
3,000
7%
16%
53
*434
3
30%
121
*24
434
1834
13%
1234
2%
2%
53
13%
16%
21
21
434
16%
31%
48%
2%
48
18%
734
4%
31%
2%
22
7%
15%
15
*4
48
7%
17%
*14%
4%
*50%
53
1234
2%
15
2%
18%
*50
17
31
48
8
734
17%
*20%
5
18
I83g
3
-
16
48
47%
8
7%
7%
16%
16%
15
15
4%
4%
35% ,-£31
*7%
$
1
484May 26
164
Apr 4
2
Apr 8
American Express Co
Amer & For'n Power
10.200
share
5% Apr 8
534 Apr 10
Encaustic Tillng-.l
Amer European Sees
~1~706
-
14
Comm'l Alcohol Corp..20
American Crystal Sugar
6*% 1st preferred
1,500
.75
100
No par
Am Coal Co of Allegh Co NJ 25
American Colortype Co.... 10
"""206
7%
preferred
American Chicle
15
*734
734
734
9%
25
Am Chain & Cable Inc.No
par
5%
per
125
100
300
100
*6%
Year 1938
Highest
3% Apr 8
3134 Apr 1
April
83% Apr 11
167% Mar 3
17% Apr 11
32
Apr 8
13% Apr 8
100 May 8
109% Apr 20
Fdy.No par
1,800
39
17%
$
1
Preferred
loo
American Car & Fdy. .No par
Preferred
100
300
2,200
23%
110
6%
Corp
Am Brake Shoe &
4,200
*97
6%
Bosch
5X% conv pre!
American Can
10
96
3%
*5
3%
132
100
73%
73
17%
17
16%
6%
8
39
39
*2
■*2
23
Par
American
400
38%
Range for Previous
100-Share Lots
Lowest
500
175% 175%
23
*37%
17
*102
16%
95%
9534
23
110
*102
*129
175% 175%
39%
'
129
129
9434
*36%
38%
*37
132
3491
EXCHANGE
Shares
534
534
534
*5%
37%
*129
94%
*174
23%
5%
37%
132
9334
175
534
371*
*129
93%
$ per share
5-%
37%
132
227g
39U
165s
5%
5*s
37%
*35%
*129
„
YORK
Week
$ per share
2
1
Mar 23
Jan
4
8% Jan 20
73% Jan 25
2984 Jan 3
21% Mar 11
5434J une 6
57% Mar 11
80
Jan
18
Jan 11
115
27
Jan
4
7
Feb 28
5
Dec
Mar
21% Mar
10% Mar
9
Mar
109
Apr
11% Mar
90% Apr
25
Apr
94% Apr
534 Mar
67
Sept
8% Mar
15% Mar
267g Mar
3934 May
12s4 June
75
Mar
3
17% June
934 Mar
1734 Jan 4
23% Mar 11
10% Mar
13% Apr
22% Jan
44
Feb 24
3434 Jan
Ex-rights.
3
May
1
Sept
* Galled for redemption
Jan
Deo
New York Stock Record-Continued—Page 3
3492
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
CENT
Range Since Jan. 1
stocks
Sales
ffiT
JUT
Tuesday
Monday
Saturday
Wednesday
Thursday
On Basis of 100-Share
new york stock
the
June 3
June 5
June 6
June 7
June 8
June 9
$ per share
$ per share
$ per share
$ per share
Lowest
Week
$ per share
Shares
22
110
22
109
2234
*22
110
56%
56%
21%
21%
*21%
22%
21%
21%
110% 110% *109
110% *109% 110
56
50
*56
56%
50i2
56%
19%
19%
19%
19%
19%
19%
20%
20%
20%
20%
20%
20%
56%
56
19%
*18%
19%
20%
20%
20%
20%
24
24
23«4
2378
2384
24%
24%
243s
2
*134
2
2
*1%
2034
26%
*684
26%
*134
2634
7
7
7
10%
10%
10%
10%
19%
*
1*4
26*4
7
*6'%
10%
10%
48%
*26%
2134
39%
21%
,
39%
48
48%
7
10%
21%
1,400
1%
1%
1»4
134
1%
1»4
*1%
1%
9%
97g
9%
*9%
934
*9%
9%
11%
11%
11%
lUs
12
12%
11%
12%
11%
11%
40
40
40%
41%
2234
23%
40
23
22%
22%
*36
37%
*36
38
41
*39
23%
38
.
1%
600
9%
400
11%
3,500
39
39
39%
39%
800
2234
23%
2234
23
23%
5,000
38
36
36
15
15
15%
*36
38
*36.
*1%
*9%
11%
14%
1434
14%
14%
1438
14%
1434
14%
14%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
8%
1
15
5
*99
104%
*484
484
5
5
36%
4%
28
28%
28%
*28
28%
20
20%
20%
*20
2034
1378
14%
*13%
14%
*13%
13%
13%
13%
4%
*28-
28
*20
20%
20
14%
14%
*13%
14%
*13%
13%
13%
13%
1
100
104%
4%
30
4%
4%
28%
4%
*99
104%
47g
36%
47g
36
37
*36
*99
1047g
-
*
4%
100
434
4%
100
37
4%
4%
4%
37
36%
4%
2734
4%
2734
*28
31% Jan
9% Apr
28%
20
14
14%
13%
1%
14%
13%
1%
*1%
1%
*1%
1%
*10%
12%
*9%
12%
U%
12
12
12%
12%
12%
7
7
*0%
7
*07g
7
7
7%
7%
20%
20%
2034
*6%
*201i
7%
2078
7%
2034
20%
*20%
20%
3
3
3
2%
2%
3
9
834
9%
9
8%
*20
20%
*2%
'
3
*8%
9%
*27g
9
43
43
*42
*13%
14
"
43
43
14
*13%
1%
*13g
*13
1%
*2%
14
3%
*834
*43
43
9%
18%
18%
18%
18%
18%
5212
*51%
52%
52%
52%
1
1
1
1
1%
13%
13
*17%
55
1
1
5%
5%
5%
5%
534
1034
1078
11
11%
11%
*16%
1634
1034
*10%
1634
16%
17
1034
17
*46%
49
*46%
49
4%
*30%
32
4%
48%
434
*46%
48%
434
4%
32
*31
434
5%
*38%
*15%
10
5%
5%
5%
40
8034
584
5%
534
5%
5%
11%
6,800
*46%
48%
*46%
48%
4%
4%
31%
"5%
5%
40
*38%
40
*80
8034
*80
8034
16
16
16
*15
15%
*15
2%
3
*2%
(
*66
*20
20%
*234
69
67
66
66
67
*4
684
*4%
5
*4%
85%
5%
85%
*84%
5
80
7%
39
534
*4%
534
*5%
534
*4%
434
4%
4%
400
5%
*4l2
5%
5%
*84%
5%
100
39
'39
39
8
8
39%
8
30
29
29
100
*100
108
99
99
100
2134
*20%
2134
*9%
10
'*9%
10
20%
20%
.21
21
'
*21
'
40
7%
29%
29%
39
39%
21%
21%
10
*9%
10
*%
38
*%
%
*134
3
%
*%
3%
*2
%
%
/
1%
%
%
2
*P4
2
*134
2
12
II84
1134
1134
11%
%
%
%
1%
84
%
*%
%
34
%
a%
%
2
*1%
2
*13
13%
12 84
13
*34
35%
*46
48.
34%
*46
%
*1%
11%
%
%
2
3
%
*%
1»4
*11%
*%
2
108
400
'
78
%
%
%
%
%
*%
%
*5fl
*34
%
*%
%
*%
9%
%
9%
31
*25
28
*26
69%
70%
68%'
*8
*10%
10%
10%
*25
70
69%
1
?8
*10%
1134
10%
*10%
11%
100
*10
10%
10%
1,100
28
*25
28
*25
71
70%
71%
69%
1334
133s
13%
13%
13%
13%
1334
"13%
95
95
95
95
95%
94%
96
; 95%
60
*47%
*47%
60
*47%
*3%
19%
60
*65
70
*18%
20
*65
*65
70
70
*113% 114
*3%
3%
70
*65
70
*65
24%
78
*72
39%
28%
*130
2438
'
*45
3934
28
78
-
-
-
-
3934
28%
*130
*61%
*19%
*75
*23%
78„
127
19%
*23
24%
*28
19%
3%
20%
*3
112% 112% *111% 113
*23
*45
127
3%
113% 113%
*72
*39
60
3%
"
62
*126
*61%
*45
-
40
41%
28%
28%
*130
128"
62
2384
28%
62
*127
*61%
23%
23%
*74
77.
*45
41
19%
*45
41%
2834
77
.
41
28
•
w- -•
42%
~
62
128
*61%
*26
*10
25
*10
23
*14
15%
*14
1£%
*4
4%
*4
478
*5%
6%
26%|
26%
108% 108% *108
*5%
6%
*10
15%
*4
27
27%
109% *108
25
*10
28
28
110%
60
*20
*65
70
2,800
3,650
.
M,
M
-
w
1,500
77
-
«.
43%
~~7~200
6,700
62
28%
500
129
*61%
15%
106
62
16%
-r
*10
1534
4%
6%
*15
1534
4%
*4
4%
6%
*4
25
*10
100
2,900
2934
25
1534
*4
1534
-
25,700
106
2834
170
1083s 108% *107% 108%
15%
-
*130
25
*15
«
29%
29
*126
Chllds Co
par
__10
No par
....
Chile Copper Co..
....26
Chrysler Corp
City Ice A Fuel
^
^
'
"400
6
Clev A Pitts RR Co 7% gtd.50
Special gtd 4% stock
50
Climax Molybdenum..No par
6%
*19
19%
19
19
19
19
*19
19%
19%
19%
19%
*87%
*984
89
*8778
89
*87
9%
*9%
89%
934
*88%
10
89%
934
*88%
*934
*8778
934
89%
10%
9%
9%
500
Columbia Plct
*24%
2734
*26%
2734
*26%
2734
26%
26%
*25%
2734
2734
2734
200
6%
6%
6%
6%
6%
6%
6%
6%
14,300
$2.75 conv preferred-No par
Columbia Gas & Elec..No par
88%
75%
46%
*86%
89
89
75%
7534
47
*106
8834
*74%
47
109% *106
51
51%
110
110
51%
88
79
*75
47
109% *106
513s
51%
88%
79
47%
88%
*75
47%
109% *106
52
52
88%
79
47%
88%
75%
246%
109% *107
52%
250%
46%
4734
11%
1%
1%
1%
59%
59%
28%
28%
11
11%
11
1%
11%
11%
11%
10%
1%
1%
1%
1%
59%
138
59%
58%
59
59%,
60
28%
28%
28%
28%
28%
28%
Bid and asked prices; no sales on this day.
258
2834
11%
1%
58%
28%
53
52
11
11%
1%
1%
59
59%
2834
29%
$ In receivership,
4% 1st preferred
700
30
5,400
108
107% *107
51
88
79
*76
*107% 110% *107% 110% *108% 110% *107% 110% *107% 110%
11%
•
8834
47,
a
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
Columbian Carbon v t e No par
v
t c
0% preferred series
No par
A
5% preferred
Commercial Credit
4 X% conv preferred
4,600
100
7.600
13,300
3,500,
20,300
Def. delivery,
37% June
6
% Dec
17g Jan
5
112 Jan
95g Mar
14% Jan
1318 Jan
3
9
5
3
Jan 11
33
85% Mar
9
100
100
10
100
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Sol vents..No par
Commonw'lth A Sou..No par
$0 preferred series
No par
Commonwealth Edison Co..25
n New stock,
r
Cash sale,
z
22
'
8
12
25
8
8
Apr
8
11% Apr
1
4*8 Mar 31
4
May 16
14
Apr 10
14
April
73
April
7% April
23% Apr 8
5% Apr 10
Apr
74i2 Jan 3
62i2 Jan 13
3834 Apr 10
105% Apr
42
Apr
106
Apr
9% Apr
1% Mar
4584 Jan
6
8
14
10
31
3
z25% Apr 10
Ex-div.
-Mar
Mar
May
y
Oct
13%
Jan
80
Dec
Mar 11
64
Mar
60
Feb
3
2
Mar
414 Jan
Mar 11
26
29i2Mar 10
Mar 13
,
2
6018 Jan 5
3034 Mar 15
Marl6
10% Mar
Jan
May 23
23*4 Jan
5
Jan
4
9% Jan
3
4
7i2 Jan
203sMay 27
203sMay 25
Mar
115
Aug
44
30% Nov
76
32% Mar
Jan
129
142*4 Aug
61% Nov
May
20
17
3984 Oct
107% Nov
29
9% Mar
3% Mar
4% Mar
13
II84
10
Apr
9
Mar
3012 Mar
6
91
9
Mar 14
19
35% July
9% Oct
57
83
Oct
70
Oct
Feb
8
50
May
May
57
Jan
3
23
Mar
109i4Mar 20
84
Mar
60
Jan
3
Feb 14
59% Nov
108% Nov
64
Nov
112%
Oct
31% Mar
90
Jan
13*4 Feb 25
57g Mar
0
647g Mar 9
29%June« 9
1
Mar
25
Mar
218 Feb
Ex-rights.
Nov
25% Dec
5% Mar
83
110
Jan
June
22*4 July
22% July
98% July
Mar
5384
Feb
23% Nov
884 Jan
4
Apr
13% Mar
4
Nov
104% De
June
3
Feb
Nov
105% Mar
Jan
9
Feb
60% Nov
2534 July
10% Mar
111
Jan
45
Dec
155s Jan
93
Oct'
75
Apr
15% Mar
07% July
13% Mar
8784 June
108i2June
7
27%
Nov
78
June
36%
5% Nov
57% July
7% Mar
6
16% Mar
20
01
88% Nov
78
May 20
Jan
2% Jan
1234 Jan
19% July
13% Nov
Jan
45%May
3
Dec
Nov
July
35% Mar
784 Sept
70
2014 Apr
1%
3
59
June
7434 Jan 23
100
Jan
9
1478May 23
106
47
3% Mar
"
Jan
3984 Nov
Dec
%
Jan
5% July
1984 Dec
Mar
1
Jan
July
17g Jan
1*4
Mar
84 Feb
Mar
4%
20%
2
106
1
1
67g Mar
9
11% Apr 10
1%
Jan
Feb
6% Jan
15% July
Dec
4
4
387g Mar 14
48% Mar 11
3% Jan
2014 Jan
4
1017a Feb
1%
% Dec
62
19%
46%
%
4
7
*4%
6
4
58
100
,«
3
Jan
42
18
4
1
No par
5% conv preferred
Colonial Beacon Oil Co .No par
Colo Fuel A Iron Corp.No par
1% Mar
% Aug
2% Sept
87g Mar
% Nov
i2 Jan
U8 Jan
Jan
*5%
6
5S Jan
37g Jan
13% Mar 11
38%
89
%
4
4
5
334 Jan
135
100
Mar
Apr
Dec
% Jan 14
133
No par
106
June
70
5
.No par
100
Oct
Dec
22
Jan
4%
6%
20
9
8
April
—
June
8
114
0% preferred...
Oct
1284 July
48% Mar
Feb
Jan
Oct
12%
46
33% Nov
Feb
36% April
2U4 Apr 11
59%
May
69
3
Apr
June
115
Jan
Jan
6% July
26% Mar
4% Mar
17% Mar
4
3
20*8 Apr 11
8%
104
6
12714
Collins A Alkman..
Aug
18
No par
Colgate-Palmollve-Peet
Mar
3% Mar
88
Jan
94
Cluett Peabody A Co..No par
Preferred.
...100
Class A
Dec
4
Feb 10
Jan
28
5% July
111% Nov
14
July
3
Coca-Cola Co (The)
19%
6
Apr
68
19%
«*
'15
111
*4%
-
8
712 Apr 11
10
Apr 5
7
Apr 8
25
Apr 8
535s April
9
Apr 8
Clev El Ilium $4,60 pf.No par
Clev Graph Bronze Co (The) .1
4%
«.
6%
June
8
5g Apr
CCCAStLoulsR,yCo5% pref 100
19%
.
%M»y
l58May 19
9i2 Apr 8
i4 Apr 5
% Apr 8
i2 Mar 22
112 Apr 21
10
Apr 10
32
April
44% Apr 1
i4June 1
84 Apr 10
Apr
Sept
Feb 25
58
*4%
1934
,
Mar
Aug
Mar 21
92
I
19%
90
2
Jan
Jan
19% Dec
72% July
187g Dec
z25% Mar
40'sMar
8
8
4%
10
14 Apr 21
U2 Apr 10
90
Mar
9984
Feb 24
Jan
5
19%
3,100
1,100
46
3
Jan
96
Jan
*5%
*414
*5%
Mar
120
Nov
58
July
106% Dec
26% Nov
July
12% Dec
4
3
9*2 Jan 5
5% Jan 3
6i2Mar 11
May
19%
*5%
9
Jan
Mar
4%
82
June
6I4
214 Apr
478
6%
Jan
22% Jan 11
52
1978
*4
100%
9
4
112l2June
79
19%
4%
107% July
72i2 Mar 14
100
..5
20
*4
20
Mar
9
Mar
Mar
10718 Jan
24% Jan
97
Colorado & Southern.
4%
22% Nov
Mar 11
55
.No par
100
Clark Equipment.....No par
90
*45
42%
Chlckasha Cotton Oil
200
24
23%
...100
6H% preferred.
City Investing Co
City Stores
*111% 113
*74
6% preferred
300
3%
20%
3%
28%
15
15
1478
16
15%
15%
16%
16%
1534
16%
*105% 10734 *104% 107% *105
106
*105% 106
*105% 106
27
*26%
108% 108%
55,300
14
*47%
„
97
128"
*130
128
72%
13%
96 34
.....100
Chicago Yellow Cab...No
28
69%
3%
*111% 113
*130
127% 128
*61%
23%
*75%
-
70%
I334
9634
9
*8%
7% preferred
*
%
10%
1384
*47%
400
11%
;
preferred...No par
Pr pf ($2.60) cum dlv No par
10%
*25
par
tChlc Rock Isl A Paciflo._.100
*%
9
conv
100
100
*8%
*8%
$3
par
..100
Preferred.
600
*10%
9
6% preferred.
400
%
%
95
*47%, 55
3%
*3%
*1834 20
-5
%
9
28
....100
47%
*%
12
10%
4% preferred
34
34
*47
%
12
J Chicago Great Western.. 100
Chicago Mall Order Co
tChlc Mil St P A Pac..No
Chicago Pneumat Tool .No
33%
89
June
Mar
11
.100
2,000
47%
*8%
*1034
10%
6% preferred
1%
13%
*%
46
Apr
12%
2%
82%
98%
29%
80
100
40% Nov
8% Jan
42
July
884 Aug
Jan
Jan
20%
37g
94i2
122U
102
Jan 24
•
4% Mar
34% Mar
Apr 20
17U Apr 10
Apr 11
Oct
63%
65g Apr 11
27
Jan
Feb 18
18% April
86
1%
13%
33%
3
Apr 10
98
25
13
*33%
Apr 11
312 Apr 8
312 Apr 11
.100
Preferred series A
J Chicago A North West'n.100
*46%
10%
No par
Chesapeake A Ohio Ry
400
%
11
Chesapeake Corp
1,200
'lOO
35%
10%
6
%
47%
11
Checker Cab
%
*46
4
Jan
Aug
20% Aug
21% July
Apr
Mar
4
34
35%
Mar 22
2%
IO84
5% Mar
85g May
12% Mar
5
%
46
1818 Apr 8
23g Apr 10
109
Mar
May
62 g Jan
13
Jan
*%
*33%
1
5
4712 Jan
*%
"
Apr
61
21
Jan
8
%
2
37%
24%
Mar
3
6U
July
15% Mar
45
34% Mar 11
8
38
%
13
22
6i2 Apr
%
*1%
Mar
2214 Apr
*%
2
2i2 Apr 6
66
April
110
April
38i2 Apr 1
103i2Mar 27
13% Apr 10
33
Oct
13
1
100
600
h
,
*8%
1,000
%
2%
Apr 20
85i4June
5
15% Nov
44% Nov
6% prior preferred
100
Cham Pap & Fib Co 6 % pf. 100
Common
No par
100
3
1134
*%
*%
Cerro de Pasco Copper .No par
Certain-Teed Products
JChlc A East 111 Ry Co
%
%
1
'
24
Mar
64
%
13%
9
4
19% Jan
100
Central RR of New Jersey .100
Central Violeta Sugar Co
19
Century Ribbon Mills .No par
Preferred
100
Jan
July
July
20
98
pref
3%
45i4May 29
17% Jan
1918 Mar 9
52i8June 6
2ig Jan 17
8% Jan 5
1784 Jan 4
20% Jan 18
8
Apr 17
%
13%
.
Mar
Apr 14
Central 111 Lt4
Dec
8
10
38
*1%
6
13% Jan
84
&8
13%
46
1,000
6,400
1,200
*134
11%
'4
48
«•
38
%
%
700
134
*%
*%
70
-•
21%
*2
12
2384 Mar
4% Mar
100
%
1
13
34%
*2-
3
29
9
Jan
No par
*%
%
•
92
11%
: *134
%
34
*?„
34%
9134
%
*%
*1%
21%
34%
9134
3438
"
*
21
3334
91%
3g
*%
10
21%
34%
350
20%
*9%
*101
,90%
•%
38
20%
10
289%
*%
*%
21
21%
234%
*89%
*134.
108
90
337g
89%
«,
2,000
1,800
39%
8%
2934
*9%
221
34%
337g
89%
*%
-
10
21
2134
33%
89%
*1184
%
7%
28%
28%
•»
95
*101
101
101
28
39%
7%
7%
21%
33%
3
8
*9%
21%
89%
*2
60
4%
2134
*33
500
4%
*778
*28%
29
10
5
June
9i8
6% preferred
....100
Central Aguirre assoc.No par
Central Foundry Co
.1
900
*4%
100
7% prior preferred
Celotex Corp,
40
*4%
100
No par
...100
Celanese Corp of Amer.No par
300
68
1
Preferred
1,600
5%
39
7%
28%
*65
...5
Caterpillar Tractor
5% preferred
"8,000
434
'
5% May
1658 Mar
2% Mar
23a Jan
13
Carriers A General Corp
Case (J 1) Co.......
434
95
16% Aug
22% July
3
200
*4%
*84%
6*4 Mar
14% Mar
1% Mar
18% Jan
2 34
234
5%
95
J53g Feb 28
Jan
137g Apr
534
*84%
8
8
4%May 19
1
Mar
15% Mar
13% Mar
Carpenter Steel Co
4%
95
Jan
312 Apr
2934 Apr
Oct
Oct
100% Nov
7% Dec
54% Jan
684 Oct
39
July
13%
Mar
3
Jan
14%
4534May 25
25i2 Apr 11
1U2 Apr 8
13% Apr 10
48*2 Mar
44
41
9
800
4%
*84%
02
Jan
Nov
1484 Nov
46% Nov
23% Oct
Apr
3U Mar
7% Jan 9
421* Feb 17
*4%
95
Jan
Dec
284
12
75
85
*4%
*4%
Mar
30
43
57g Mar
3812 Mar 31
1934
1934
1934
20%
20%
20%
20%
20%
J 934
2 34
3
3
3.
2 34
*278
234
2%
2%
2%
*112
113 - *112
113
113
112% 112% *112
112% *112
3
100
Oct
Dec
37% Aug
40% Aug
10% Mar
27*4 May
5% Mar
13i8 Jan
77
*20
112% 112%
38%
69
*66
2
Jan
Oct
Jan
8% Aug
16
Feb
16
April
11% Apr 10
11% Apr 10
1
Apr 10
6*2 M ar 31
5% Apr 10
18% Apr 11
25g Apr 10
7
April
28
Mar
28
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
,
68
18
June
Capital Admin class A
'
*65
June
50
160
500
79%
115
115
25
No par
40
500
3,000
81%
115
115
anada Sou Ry Co.......100
Canadian Pacific Ry...
Mar
2U2 Apr 10
1
Cannon Mills
Mar
4
55% Jan
5% Jan
3414 Mar
Apr
918 Apr 11
12
April
100
40
19%
36%
434
5% Mar
12*4 Mar
8
Apr
3
5
6~ 500
78
78
,79% 81%
115% 115% *113% 116
*79%
114% 114%
**114% 115
45%
*44%
50
Calumet & HeclaCons Cop
4%
44
45
45
45
45%
44%
44%
*44%
44%
46%
*105
105% *104
105% *104% 105% *104% 105% *104% 105% *104% 105%
18
18%
18
1834
18%
18%
1834
18%
18%
18%
19%
18%
96
98
98
97%
98
98
95% 95%
98
9534
96%
97%
12 34
*12%
12%
12%
12%
12%
*12%
12%
12%
12%
12%
12%
*78%
80
2%
79%
4
14
784 Feb 27
167, Jan
317g Jan
15%
80
16
7
2784 Mar 30
80
*5%
*38%
*38%
8034
8
% Feb 15
5
Apr 8
31%
534
4%
*31
3
Campbell W AC Fdy._ No par
Canada Dry Ginger Ale
5
600
17%
5% preferred
Callahan Zinc Lead
2,700
11%
1634
40
2%
Byron Jackson Co...—No par
California Packing—.No par
4,100
*38%
*79%
*2%
200
2,400
1
*15%
82
13
1
80
27g
Byers Co (A M)
No par
Participating preferred.. 100
100
40
*2%
*78
Butte Copper & Zinc
30
18%
30
5
5°Z conv preferred
500
55
80
2%
300
*52
*38%
16
JBush Term Bldgdep7% pflOO
10
Butler Bros..
1,000
8%
44%
10%
16%
534
*10%
*31
31
31
550
1%
534
*
*79
*2%
*46%
47g
13
18%
...No par
Burroughs Add Macb—No par
Bush Terminal
1
1,200
16%
1
5%
3134
13
No par
Burlington Mills Corp——1
100
13
3
*42
18%
*52
11%
484
44
18%
5%
*10%
*30%
*5%
*8%
53%
18%
*52
584
,
*43
45
*13
18%
*51%
1
1%
7% Apr
2912 Apr 11
Bullard Co
'
1% Apr
5ig Apr
No par
Bui ova Watch..
1,600
1,200
Apr
Apr
41«4 Apr
No par
100
,
7% preferred
600
Apr
100
—
Budd (E G) Mfg
31
Apr
Apr
Apr 8
9434 April
Budd Wheel
400
13%
*1%
12%
*20
7% preferred
310
20
li2 Dec
5% Mar
Zl6% Mar
Bucyrus-Erie Co————6
5,500
20
*19%
13%
13%
*1%
284 Mar
1378 Mar
43% Mar
24%May 25
30
Apr 29
lSUJune
2,000
4%
June
15
May
16% Mar
8
27
Apr 8
13% Apr 10
50
4%
4%
9
Jan
32
Oct
Dee
52% Dec
14% July
1% Mar
2,700
38
37%
4%
Jan
107
3% Mar
'
37
40
5934May 13
20%June
213gMar 10
share
per
30%
Apr
Jan 20
100
8%
8
10
10
8
10
12
14
1
Highest
I
15% Mar
82
1
10% Apr 11
8,300
100
Apr
2812
U0%June
I per share
1
"
*99
12% Jan 30
I6I2 Jan 12
1834 Apr 11
U2
19%
5%
8%
16%
Lowest
shars
Jan i
Brown Shoe Co
No par
Bruns-Balke-ColIander.No par
200
50
*9%
Jan 24
per
RR—---100
Bower Roller Bearing Co—17
Brewing Corp of Amsrlca—.3
Bridgeport Brass Co.
No par
"Brlggs ManufacturlngJVo par
Brlggs A Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
$6 preferred
No par
Bklyn-Manb Transit—No par
$6 preferred series A .No pa
Brooklyn Union Gas...No par
1,600
2,100
7,700
40
8
51
Bond Stores Inc
"MOO
49
1%
22*4
26%
7%
*38
16i4 Apr
$
Jan 23
Boston A Maine
10%
22%
Range for Previous
Year 1938
Lots
Highest
share
104
Borg-Warner Corp
Class B
2
per
No par
Borden Co (The)
3,300
40
984
*30
6,000
49
1%
*38%
1,300
21
25
49
48%
♦9%
'
20%
140
*38
40
48%
5
$
No par
5634
26%
7%
10%
7
10%
2134
21%
22%
*38
Bon Ami class A—
19%
20%
24%
*134
2
10%
7%
10%
Bohn Aluminum <fc Brass
120
5634
26«4
7%
40
47%
27
27
47%
*38
40
48*4'
21%
213s
21%
21%
21%
40
27
Par
400
22
109% 109%
23%
2
2334
*134
22
1939
exchange
Friday
$ per share
110
June 10,
22% Mar
12% July
,
2%
65*4
28
^ Called for redemption.
Oct
Oct
May
Volume
LOW
AND
New York Stock
148
HIGH
SALE
Record—Continued-PageT
3493
Monday
June 3
$
*6%
June 6
$ per share
$ per share
7%
*5l2
6
6i4
2214
*5%
*5
7
*5
*23
2312
20%
20!%
*7
83
23
6
6
*6%
7
7
7
7i8
20U
*534
2034
1912
7
6%
*73%
81
84i2
*84i2
88
*84i2
88
*85
81
88
85
85
li2
*1*4
10i8
*10%
3H4
307g
31%
I067g 107
3038
107
107
13S
1012
1%
13s
10%
1012
31%
3134
107
10714
6i2
734
*178
2
2
*178
3
*25g
*1012
3
3
3
*1012
13'2
*1012
99%
107S
1638
99i2
11
1678
11
11
163*
13s
13s
138
*951*
961*
*9534
*3738
37%
1312
*99i2 100
3434
100
1%
9612
l3g
9534
l3g
9534
37U
37i2
.
2%
23
22%
*56
57i2
57
62
62l2
225g
5
24
1%
100
22%
*56%
57
63
175
55g
2414
•
5%
*35
40
*35
38
*3H4
33
*3U2
10%
33
10%
*81
23%
30
30
30
*11
llSg
2412
*2934
81
81
81
2934
30l.s
*334
414
*334
334
414
69i2
11%
2434
38
*35
40
*31%
10%
33
*31%
32%
10%
10%
69i2
4% *334
4%
37g
3%
3%
5978
334
5978
*56
*11%
*414
115s
434
1112
1U2
*1H2
597g
12
45s
4%
4%
-4%
*11%
*4%
46i2
46i2
4612
465s
4634
46%
53a
5%
26i2
4612
5i2
434
46-4
534
5%
2634
27%
*56
5%
2612
26
•
358
..
263a, 27
*80
90
*80
90
*80
*55
60
*55
60
*55
♦16U
17
1612
,
63g
I684
6
*5%
2078
20i8
2534
*2558
16
16
16
26
I6I4
1714
173s
17
*55
17
6l2
17%
90
111
111
*110% 111%
2034
26
26
163g
17i8
I65g
17%
16%
16%
16%
16%
17
17%
17
26
*26
33
33
42
42
327g
*4134
6i8
*6
6i8
18t2
83
*33
34
*14l2
15
3212
32l2
69
1012
*934
1012
33
34
34
15
14%
3214
*7 is
12!8
12
1178
*1012
1034
*10612
115
146%
14634
138l2 13712
12034 *120
11634 *11534
♦103s
*10612
♦146U
13812
12034
1163,t
*1512
1534
*4i2
434
164
15%
*4i2.
164
164
17734 *175
*175
*22
22.3s
158
287S
12%
2%
15S
283.1
•
1218
*2%
77g
U4
28i4
117S
*23g
16434
17734 *175
22U
H2
28%
1218
2l2
*83%.
2%
80
*8312
7s
87
1
H2
27s
•
„
24%
28
*34
1%
35%
35%
39
*38%
7434
81
87
1
87
77
.
84
H2
89
90%
*2334
24
£27%
27%
28
28
*%
35
*38%
1,100
90%
90%
*90
92'
1
*%
1
500
*1%
1%
1%
1%
700
3
3
3
700
2%
*4%
*H8
H2
*Hs
1*2
4^°
*378
28%
*24%
15%
4%
*3%
29
25%
15%
15%
15%
15%
90
90
90
92%
92%
*95
105
*95
*334
28%
241"
*1434
*88
9012
*88
15
*95
105
*3i-i
35s
15g
*34
15s
*31l
*J%
78
15
90i2
105
f
$6 preferred..
Elec Storage Battery ..No par
3
50
El Paso Natural Gas
Endlcott-Johnson
5%
Corp
,
April
% Apr 10
1% Apr 13
2
Apr 10
1% Apr 10
Jan
3
April
14% Apr 11
1
April
4%
29
29%
"l'-ioo
Fairbanks Morse A Co.No par
24
25%
25%
300
1534
600
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction—15
20
15%
*24%
*15%
92%
*90
94
100
$6 preferred
-.100
Federal Mln A Smelting Co 100
81
Jan 24
85
Apr
*24
26
*25
88
88
*88%
34%
34%
35%
35
*17%
25
8934
35%
*88%
8934
35%
35%
21
*17%
this day.
21
100
234 Apr 10
April
Apr 10
11
Apr 11
5
3%
3%
""400
Federal Motor Truck..No par
27s Apr 10
1%
*34
1%
1,900
700
J Federal Screw Works .No par
Federal Water Serv A .No par
Federated Dept Stores. No par
1
7g
*25
25%
8934
3534
*17%
J In receivership,
100
8934
200
36%
5,200
21
o Def. delivery.
Fed Dept Stores
4X% pf.100
Fidel Phen Fire Isn N Y..2.50
Fllene's (Wm) Sons Co.No par
nNewstock.
r
Cash sale.
12
Dec
Dec
Oct
115
Jan
154'4
Dec
142
MarlO
13034 Mar
May 19
109%
118% Feb 27
18% Mar 2
11134
138% Nov
120% Dec
118% Deo
8% Nov
187
Nov
Apr
Jan
4
Jan
1334 Nov
3% Mar
186% Jan
5
121% Mar
8
183% Feb 8
27% Mar 10
33a Jan
4
38% Mar 10
15% Jan
4
3% Mar 6
12% Jan 19
41% Jan 20
Feb
111
Jan
157
10% Mar
2
Mar
13% Mar
Mar
6
2% Sept
6% Mar
22% Mar
•
17%
173
Dec
Deo
26% Dec
5% July
36%
15%
Dec
Dec
4
Jan
14
6
Jan 30
June
8
34May 25
1834 Apr 11
Apr 1
2734 Apr 11
1634 April
83
jtEx-dlv.
y
Mar
18
Oct
46% Oct
4134 July
35
Nov
2% Mar
38% Mar
10%
71
Oct
85%Juna
40
Mar
72%
Dec
91
69
29%
Fairbanks Co.8% pref
19%
122
46
Mar
Oct
1%
79%
278
1%
6%
Jan
884
Jan
6%
Jan
78
Exchange Buffet Corp .No par
141
90% Mar
8
Ex-Cell-O Corp
Jan
Mby
8% Mar
102
Apr
5
8
*3%
88
"184
45% Nov
111% Dec
2834
2534
.11% Jan 5
19% Jan 13
Apr
*24%
34U
877a
Apr
24%
*873s
31
5
62% Apr
100
100
100
Mar
3
Jan
65% Apr
par
25% Oct
3478 Aug
8034 Dec
27% July
Jan
135
$5M preferred w w..No par
par
Mar
94%
24%
*24
Jan
Dec
12
33
2834
34
17
35
1178Mar 10
100
88
8% Sept
2834 June
8
2,000
26
Jan 9
Jan 16
Jan 3
Mar 29
Apr
1%
34
12%
35%
22%
337S
78%
Apr 13
7
183s
*23i8
*87i2
23% Nov
91% Nov
38
ih
*3%
34
25
65% June
Engineers Public Service—1
$5 conv preferred
No par
18%
3%
1%
11
Mar
Mar 11
234 Nov
1%
h
Mar
87
20% Mar
297a Nov
—lOf £103% Mar 22
preferred
Oct
Oct
Feb
18%
3%
25
% Mar
*1%
1%
%
25%
884 Nov
2% Jan
115% Dec
Mar
17
£17%
3%
Mar
76
21% Mar
6
3.1
Dec
% Nov
4
1% Jan
123% Feb 25
25%
36%June
4334 Jan
4
1%
7% Mar
30% Mar
I84 Jan
5
3
3%
25% Jan
8% Jan
Feb
Jan 25
5
%
Nov
28
Evans Products Co
1%
Jan
17
9
23% Apr 11
% Apr 4
Eureka Vacuum Cleaner
3%
25
Mar
16%June
38
700
*97% 105
25%
1934 Mar
6% Apr 10
20% Apr 11
1834 Apr 8
....No par
No par
$7 preferred
Jan 23
2
100
34
8% Apr 10
100
1%
Bid and asked prices; no sales on
3
22% Apr 11
2
3%
21
May
;—3
Electric Boat
5
7S
*17%
175
5
134,
21
12% Apr 11
4
Apr 1
138% Apr 26
*1%
*97% 105
1334 May
Feb
15634 Jan
18%
li2
4%
29%
105
Mar
Jan 25
*8%
4%
Jan
Nov
24
Jan 18
5
2
3M
*34
*1712
8
102%
Oct
-
29% Nov
884 July
17% Dec
11% July
111% Dec
26
12
$6 preferred...
No
Equitable Office Bldg..No
tErle Railroad
4% 1st preferred
4% 2d preferred
700
lll%June
115
8
1
1%
2414
300
220
4% Mar
13% Mar
6% June
Apr 12
Electric Auto-Lite-(The).—.5
Elk Horn Coal Corp—No par
87
8%
18%
*1%
28
700
"2"400
—
78
*4%
41
800
78
5
2812
2578
15
4,600
1%
36%
38%
39
106% 106% *i06
106%
934
10%
10%
10%
8%
*33.i
*%
35
,
*84
3
18%
1%
35%
39
8%
50
6% Jan 6
17% Mar 10
117% Jan 26
115% Jan 4
Electric Power & Llght.No par
28
24%
8
18
Dec
83
13% Mar
8% Jan
7%
Jan
Mar
48%
*
4
Apr 14
15% Apr 11
1% Apr 8
7,300
27%
May 26
24% Jan
126% Apr 11
13634 Jan 26
Elec & Mus Ind Am shares...
8%
65
10
.No par
900
2734
24%
3
May
Mar 10
100
Co__..4
6% cum preferred
2%
7%
28% Nov
84
Mar 31
Eitlngon Schild
30
11%
27%
Apr 11
Eaton Manufacturing
11
*2%
3% Mar
12% Mar
108
100
No par
6% non-voting deb
$4.50 preferred
29%
2%
June
3
10
Duplan Silk
..No par
100
8% preferred
Du P de Nem (E I) & Co...20
11%
11%
2%
35
3
6
...No par
Dunhlll International1
'3,500
4,700
6,300
6,000
85%
1%
56
Dresser Mfg Co
1%
7734
*%
30% Jan 26
101% Apr 11
No par
23%
85,
1%
No par
1%
28%
6
9% Jan
934May 18
.No par
22%
77
1%
..No par
Class A
Eastman Kodak (N J).No par
170
Jan
7% Jan
28% Jan
48
Oct
4,200
180
Jan
21% Jdly
8% Aug
56
Aug
438 Mar
6
700
6,400
'
9
5% Apr
15% Apr 10
7934 Jan 23
Duquesne Light 5% 1st pf.100,
Eastern Airlines, Inc...—...1
Eastern Rolling Mills
5
70
6% Jan
May
11
1%
29
*8%
28l2
800
400
117%
77
1
18
140
122
12
Dec
22%
1734
18
140
122
117% *116
180
*4i2
858
140
125
31,500
1,400
85%
91
1
1%
12',360
149% 150
87
4
42
1%
15s
*8
400
11%
115
58% May
Jan
4078
Douglas Aircraft
Dow Chemical Co
*111
2
16
303a
22%
5
*412
3
149 '
4%
gl2
1734
*ll2
5
•
39
106% 106%
10
10%
83
1
Do
1%
10R% 10612
9%
10U
745s 76I4
80
115
Mar
3
65%May
Jan
Dome Mines Ltd...
3,300
3
Jan
94% Jan
13% Feb
6% July
Jan
1,300
12
May
44%
5% Mar
Mar
6,500
11% ,*11%
11%
*11%
Jan 21
31%
70%
100
5
92% Nov
Apr
70
2034
3234* 3234
7%
6
6
Jan 16
Apr 10
7%
Jan
44
Mar 31
1,100
96
Mar
19% Mar
32% Jan II
34%June
Dixie-Vortex Co
119
68
15% Nov
Apr 12
10
69%
Jan 10
4734 Jan
Nov
373a Nov
Apr
30
118
91
40
18% Apr 10
No par
7%
*2%
*1%
*45s
21
*7
1%
*25g
*ll2
*278
*112
*1712
8%
28%
24%
28%
28
*38%
39
914
*73%
29%
11%
2%
35
*34
10612 106%
158
3%
I5g
*95
J2
2814
79
69%
29% Nov
10% July
43»4 Nov
39
Doehler Die Casting Co No par
180
35
Ha
35
32%
118
42% Oct
117% Nov
28
5% pref with warrants.. 100
80
538 Nov
25
Distil Corp-Seagr's Ltd.No par
33%
15%
13
Apr 29
41% Jan
40% Feb 28
Oct
Dec
No par
6% partlc preferred
Diamond T Motor Car Co...2
10%
Apr 13
1,100
*1434
70%
234 Mar
21% Apr
5% Mar
Jan
56
177
Diamond Match
100
179
2934
*28lg
74
*9%
*31%
Apr
Apr
Apr
162
3% Dec
3534 July
29% Nov
Devoe & Raynolds A...No par
100
17734 178
11
28is
79
32%
15%
Apr 8
% Apr 28
103
100
2,300
167% 16834
2234
2818
*3812
10%
£32%
4
Delaware Lack A Western..50
18%
90
4^;
8%
93s
*83%
3234
400
16%
1%
29%
11%
2%
8%
24%
18%
90
*14%
100
Detroit Edison
April
1534 Apr 10
Apr 18
11% Apr 10
12% Apr 11
23
IB
6%
*6
18%
1,000
16%
22%
*2234
280
26%
34
*83%
*934
107
JDenv & R G West 6% pf.100
""300
*4%
ll2
2%
800
l's
4%'
16634 16734
22i2
29U
24i2
74
*2412
.
8
Delaware & Hudson
167% 168%
17734
29
4,400
16% J
434
434
l3g
Xll78
17%
4234
69
7%
Diesel-Wemmer-Gilbert
119
24%
.
Dayton Pow & Lt 4^ % pf 100
2,000
34
18%
—5
-.25
(The).l
20
4234
*6
13% Apr 10
4% Apr 12
16
Apr 11
4% Apr 8
No par
34
*116
22%
734
39
26
119
Jan 24
45
Preferred
4234
70
*7%
43,i
434
165
167i2
27U
*38i2
*H8
434
77g
*34
26
5%
*34
.
Apr
1
14
11
11
8
No par
preferred
40
x53
3184 Mar
6
8
No par
Deere & Co
*4134
116
69%
1%
38
73% Apr
500
*33%
115s
1034
27
2414
35
32%
*
11%
11% *11%
12
1034
11%
*11%" 11% *11%
*111
115
*106% 115
*l06i2 115
147?% 148% 148%
1473g
147i2 148i4
138
139% 139%
138%
137% 138
12134 *120
12134
121*4 12134 *122
116
116
116
*116%
117i2 116
16
15i2
15%
16%
1534
16%
12i8
243S
29%
1
93s
32%
116
778
778
'106% 106i2
18
*73s
10%
3334
15%
15
3234
2612
35
*8
758
*934
70%
.117
778
35
*78
22
115
90
*33%
1514
27l8
27%
*2312
*28is
*34
*112
32i2
69%
69
115
8
*7i2
3234
68
,
1834
Zl834
*83%
*934
*1434
*114
693,
*6
19
90
33
116
42%
6:
19
1834
83
26%
34%
42%
6%
33%
4212
*83
1834
83
*26
26i4
3318
5%
,
3% Apr
4% Apr
16%
16%
Apr
19% Apr
11,000
21
20%
*26
8
May 17
1
26%
20%
26
*5%
*34
20
111% 111%
21
26
Apr 14
3
Davison Chemical Co
Mar
234 July
103% July
7% Mar
Apr 5
10% Apr 11
No par
Davega Stores Corp...
10
14% Jan
3% Apr
No par
Cutler-Hammer Inc
Jan 16
37% Mar
8
49
—
Conv 5%
""266
6
20%
116% 110%
400
20
26
17% ' 17%
1,800
6%
6%
100
Curtiss-Wrlght
Class A_
36% Nov
Apr
65
10
Preferred
21% Mar
78 May
21% Mar
9
April
May
75
100
Curtis Pub Co (The)
Nov
1178 July
22% Mar
29
Apr
25% Apr
24% Apr
'
__50
$8 preferred
17%
*17
'6
4
9
.
116
June
Jan
28
Preferred
June
Jan
6
5
Mar
35
Cudahy Packing
49
107
May 31
85
No par
Cuban-American Sugar
36% Mar
19
Cushman's Sons 7% pref.. 100
8,400
60
1634
6%
17,900
90
*55'
20
2,200
5%
26%
*80
26
26
1834
*8178
*934
■
2,200
47
5%
26%
60
10
5
47
5%
16%
*5%
*514
5%
514
514
514
514
5%
5%
*34
Us
*34
ll8
*h
Us
*34 *
1%
*11612 119
♦H6I4 119
*11712 H9I2 *117% 119
v
200
65% Mar
Jan
Pref ex-warrants
100
3
Jan
Crown Zellerbach Corp
5
$5 conv preferred
No par
Crucible Steel of America.-100
Oct
2678 July
4
38
7% Apr 11
Jan
17%
Jan
110
8
.
95% Nov
8% Mar
658 Mar
20% Apr
Preferred
Apr
8
par
No par
Cuba RR 6% preferred
""800
6%
*17
6%
-
26%
♦.
16%
20
*5%
61
*55
100
1134
4%
90
*80
160
2,200
4
59%
2634
6t
*6%
*17
20
4634
5% *■
60
17
I67g
4%
263g
1,100
4%
1134
Crown Cork & Seal
Jan
22
984 May
6678 Mar 10
$2.25 conv pref w w__No par
"166
71
*56
Crosley Corp (The)No
Jan
5%
Mar
Apr 12
26% Jan 3
Apr
Oct
7%
78
17684 Jan
93
*3%
3%
12
46%
.
21
*334
56%
*4%
5:%
*80
*11012 111
2038
2078
20i2
2534
3%
25
100
No par
100
31%
4%
1
5% conv preferred
2,500
*68
._
Jan 26
Apr 21
3% Jan 26
Nov
7%
10% July
1% Mar
4
•
12% Dec
34% Oct
104
10
31% Jan 3
29% Jan 4
5734May 31
54% Apr 19
171
Cream of Wbeat otfs
11%
82%
*11%
Crane Co
25%
30%
56%
59%
12
60
*6%
*1712
*1612 20
20
6
'
6
612
*11018 11034 *1101a
,
u
90
167g
*16%
2012
,*56
6,400
49
25
100
Dec
3
10% Jan
36%June
16% Apr 11
103a Nov
76
Mar
116
29% Apr 11
1% Apr 10
21% Apr 11
2,200
*35%
72
Corn Products Refining
Preferred
Coty Inc
24%'
*11
82%'
*334
$2.50
900
37
32%
10%
82%
*66
Continental Insurance
9,200
30%
3034
82
*30
71
8
280
100
32%
10%
31%
1
Apr
6,200
24%
30
*24%
*56
3%
23%
*10%
30%
Apr
5
3,700
11
*67
111
57%
64%
100
44
3,900
5%
334 Jan 3
15
Jan 10
Mar
Deo
Oct
884
2% Sept
2% Mar
100
No par
400
5
8
Continental Diamond Flbre_5
1
25%
305g
69i2
$4.50 preferred
7
2934
278 Mar
6
Jan
Apr
Apr
7?8 Mar 10
2
1,100
5
30
22% Mar
Mar
9% Jan
3% Jan
32% Apr 11
20
17
887a
6
16% Jan
88
100
4% Mar
Mar 10
107% Mar
1% Apr 10
Continental Steel Corp.No par
Corn Exch Bank Trust Co.20
11
10%
400
8% preferred
Continental Can Inc
35
4
11% Apr 10
Continental Oil of Del
100
Mar
55
100%June
No par
Continental Motors
24%
8134
293g
900
4,300
Class B
1,000
*35
10i2
*65
71
*113
1,800
1%
9,000
£#9%
1
867a Aug
23g Oct
Mar
9% Apr 10
5% preferred v t c
100
Consumers P Co$4.50 pfNo par
Container Corp of Amerlca.20
Continental Bak Co cl A No par
2234
30
ll3g
25ig
2434
10%
30
10l2
7,200
17
5%
24
100
83
24l4
105s
8134
65s
2,900
1753s 176
5% ~ 5%
24%
100
33
2834
175%
Jan
Feb 27
434 Apr 11
7
Apr 11
1% Apr 8
134 Apr 11
9
Apr 11
93% Apr 27
57%
64%
57
64%
6334
*175
5%
23%
100
*98i2 100
*56%
64
175
627g
40
*6
"""466
10134 Jan
2234
22
22
22%
*35
33
4214
Consol Coal Co (Del) v t C..25
1%
*3H4
*1018
*80i4
29i2
26i4
*3234
42i4
200
16%
*11
6l2
3
13%
1%
lll2
24i8
*6
3
16%
*J1
*6i8
100
95%
175
5i8
2378
2334
23%
5i2
1%
1%
3018
263S
1%
17%
57
623g
*173
5i8
100
100
3%
2
1%
*29
*334
3,500
12,800
16%
23
57
62l2
*17112 175
47S
*65l2
7
3778
*21
8% Apr 11
Apr 11
8
9934
11%
71
2% Jan 5
12% Mar 10
1
27
7%
11%
16%
1
$2 partlc pref
No par
Consol Edison of NY ..No par
6%
*9834
26% Nov
1
7%
11%
10% Sept
4% Mar
Apr
Consol Film Industries
6%
11
1478 July
88
900
*2%
Dec
79% Apr 18
4,900
*10%
Mar
4
Jan
9% Aug
37g Apr
25% Jan 3
87g Feb 28
5% Apr 10
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
Consol RR of Cuba 6% pf.100
*10%
13%
*98% 100
6
100
22,500
share
5
w w
10%
per
Mar 31
6
1% Apr
1
Mar
85
6H% prior pref
Highest
share
15
8
Apr
Lowest
per
1
5
1
18% Apr 11
*2%
3
100% 100%
11%
11%
lUs
I7I4
5%June
*1%
13%
8% Feb
303a Jan
434 Apr 17
par
Conn Ry & Ltg 4H % pref.100
Consol Aircraft Corp
l
Consolidated Cigar
No par
6%
2
6
Apr 11
4
31%
107
Apr
73
107%
31%
6
19
par
500
96
96
96
96
95%
3734
38
37%
3734
37%
38%
11512 11512 *]147g H5i2 *114% 116
*113% 115% *11,4% 115%
7U
7i2
7%
7%
*714
734
7%"
7%
7%
7%
36
34U 35
3534
36%
35U 36U
36%
36% 36%
2i2
-25s
2%
2%
2%
2i2
2%
2%
2%
- 2%
23i2 24U
23%
2334 24
2334
23%
24%
23%
24%
24
175
3
Ills
1678
31%
107%
Highest
100
""230
Range for Previous
Year 1938
$ per share
Coude Nast Pub Inc.-.No par
Congoleuin-Nalrn Lnc_.No
Congress Cigar
No
7% preferred
1%
10%
10%
31
107
678
1%
*2%
*1012
131"
1%
1%
*10%
758
2
100
*1%
Lowest
$ per share
Par
734
658
*
16 34
37
115i2 115i2
*7i8
7%
2418
200
*634
*73%
7i2
2334
5,800
6%
7
81
6I4
100
2034
20
*634
63s
478
20
*7314
734
61«4
19%
100
7
7i2
*57
19%
7
81
*6i8
*173
'6%
7
*634
7%
2i2
7
*5i2
*73U
6%
24
*6%
200
7
23%
3,300
7
23
23
20i2
7
24
*6
7
*558
23
7
7i2
*2212
7
23
*6%
3434
Shares
81
li4
10i8
107
*178
Week
$ per share
7
*5
20i2
83
I0i2
31%
31
June 9
$ per share
7
1*2
107
23
7
20i4
8312
*U4
*10i8
6i4
225a
6
*6i4
Range Since Jan. 1
On Basis of 100-»S/»are Lots
EXCHANGE
June 8
share
*75
7U
81
*75
per
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
June 7
$
NOT PER
SHARE,
Wednesday
June 5
share
per
Tuesday
Sales
for
Saturday
PRICES—PER
Jan 20
June
Oct
Jan
Jan
Dec
Dec
234 Mar
1% Dec
68a Mar
.
2% Mar
6
6% Mar
16
Oct
10%
Apr
25
Dec
Mar
Mar
May
May
Mar
Apr
134 Jan
2% Jan
5% Jan
3
13
Jan
24% Jan
2% Jan 20
6% Feb 27
43?8 Jan
29% Jan
5
4
168a Mar
4
1%
3%
19%
22%
67g
92%June
7
67
110
6
Mar 15
Jan
6
378 Jan 7
1% Jan 19
26% Mar 11
89*4 Feb 6
35%June
19
Ex-rlghts-
7
Mar 17
52% Apr
2% Mar
17S Mar
1
Sept
2% Nov
11%
43
3534
16%
Jan
Dec
Oct
Oct
84% Nov
133
Nov
57a Aug
4% July
2% July
12% Mar
29
677a
90%
Jan
Oct
Oct
Oct
22% Mar
36% Nov
15
25
June
Called for redemption.
Oct
New York Stock Record—Continued—Page 5
3494
AND
LOW
PRICES—PER
SALE
HIGH
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
June 3
June 5
June 6
June 7
June 8
June 9
$ per share
$ per share
20*2 20*:
105% 105%
47
46*2
2134
21*4
33*2 33*2
20%
20*j
105*2 105*2
40% 4 684
21%
21%
share \ $ per share
20%
20*2
20%
20*2
X per
S per snare
20*4
20*4
*105
105
105
107
*105% 106
4 6*4
46*2
;r46%
46%
46
46%
*20%
21*2
20*2
21*4
21*4
21%
♦29*2
31
31
31
32
32I2
*18*4
19
*18*2
19
19
20
*2
23g
*27*2
28
28*2
NEW YORK
183;
73
*07
73
*67
29
*28*4
1834
*07*8
2
*
Florshelm
300
X Follansbee Brothers..No par
Food Machinery Corp.... 100
32*4
2034
2
2
*32%
21
21
20*2
20*2
2
*1%
*2*2
*8*8
2«4
*2*2
2%
9
*8%
9
10%
10*2
2
*1*2
2%
2*2
2%
9
9
*96*2 100
9
*10*2
11
*10*2
11
*15
4%
*4%
4%
15
15
15*4
2
15
4%
*14*1
*107
--
73
*70
2
*4%
15
30
2%
2%
500
2%
700
9
.100
10*4
10%
*96% 100
4%
4%
120
—
*14
15
*14
48
49
49
7
—
15
48
—
tm
-
"466
4%
7
400
F'k'n
*40*2
4812
7
7
7
7*8
*97*2 103
48
*47
87g
477g.
8%
2*4
*137
*2%
284
47*2
140
.*
*21
23
*2U2
*234
57
*45
*22
*20*2
21
122
122
*117
140-
57
*2012
122
11%
223j
*45
57
21
*20*2
9%
3
11*4
23
*45
11
9%
139*2 140
»
11*4
11*4
47%
9%
9*4
*11
*46*2 48%
7%
*678
*97*2 103
48% 48*2
7*4
*97% 103
48
9%
140
*138
'*7 "
48*2
*4612
*97*2 101
48*2
21
*117
*684
141
3
*2%
22*2
11
23
22
*48
57
*45
*2034
21
119
35*8
44*4
*115*2
*%
*55
86
*85«4
86
*35
*4%
4%
884
*4*4
8%
109
*108
*108
2034
122
117
80
86*2
87
5
478
47g
*8%
8%
118*4
8«4
*108
109
*108
109
*108
109
89
I
25
25
25
*7g
1634
25%
20%
21
21%
21
16
157g
12%
1134
1578
12*2
17*4
*1634
17%
12%
*13,
97*2
19*2
65s
034
6*2
6%
*50
52*2
9*2
♦
—
.
17*4
24*2
20%
20%
21
16
1534
*12%
12%
97%
6*2
6*2
51
52
9%
97g
17*2
18
18*4
18*4
39
38
39
3*4
2%
*2%
51
18*4
*38*2
3%
2%
80
77
77
*77*4
80
*7834
17*2
17*2
17*2
17*2
*69%
18
177S
18%
6934
70%
*69%
70
69
69
27
2784
101
2734
37g
*3*2
72
334
*3%
72
*68
'
6934
28*4
2734
2778
28%
102
101
101% *101
10078 1007«
334
334
*3*2
*68
72
*68
18%
28
*3%
27%
102
334
*68
600
34
«4
2,900
6
6%
1%
1,200
Graham-Paige Motors
Granby-Conso 1M S & P
5
1%
2,100
Grand Union (The) Co
1
,16%
3,500
34
34
%
6%
6*8
6%
1*4
1*4
*13
13
13
13
1%
14%
*1234
1%
15*4
1334
*12%
14
13%
13%
300
*30
30*2
*2934
30*4
30*4
30*4
30%
30%
*3034
31
31%
31%
1,000
243s
*24
2434
24%
24%
24
24
*24
2434
15*8
15
15
15
15
21
22
2U2
26*8
2134
22%
22%
I47g
2284
20%
15%
16
15%
*24
15
14%
2134'
25
22*4
1,500
23%
26%
18,300
22*8
26
26
26
140
*138
140
140
140
*138
140
140
140
140
140
*42
61
*42
61
*42
61
*42
61
*42
61
*42
61
26*4
26%
20*2
26*2
26%
2,200
90
------
'
33*2
33*2
31
I884
12*4
*27
1834
12*4
33*4
3378
19
1834
19*4
1834
12%
12*4
12*4
12*4
1*8
13*2
4l2
*34
17
*16
*31*2
32
*35*4
3534
12%
1012
*31*2
*35*4
*3*8
35*4
*12
*3%
3534
99
9934
100
*20l2
2134
2134
2134
*21
*144
144
*6*4
6*2
.
80
3
,
>106
4%
17%
*6*8
*75
148
*144
6*4
6*4
80
80
3
2%
109
*106
3
*2%
13
*3*8
■
*34
*108
166
167
166
*12*8
*70
12*2
70*2
*12%
167
*6158
*109
*70
62
62
*38
39
*107
108
*7%
*12*8
109
*15
3834
107
17*2
3834
4%
*3%
*7%
8*4
12%
12*8
12*2
*93
100
63
63
36
*35*4
36
*35%
30
13%
14
7,000
1234
*15%
,2178
*144
„
«
6*4
166
*166
13"
109
*107
8
8
*8
12%
1134
300
148
*144
148
6*4
7084
134
*61
109
3
12
-
3
---
12%
71%
134
*16
64
*3834
*734
*1134
17*2
39%
109
63%
63%
*32%
63%
63%
64
32*4
1178
32*4
3278
*32
12*4
*31%
12*4
33
12
12%
12%
12%
*1184
12%
*68*2
69*2
*69
69*2
69%
70
*68
70
*1*8
57g
*1*8
1*4
5
*4%
5*8
3234
3234
33*2
5
5
5
1%
12%
*20*4
4434
21%
4484
*6
7
5*8
32%
5*8
5*8
13g
*123s
*20
22
32*2,
5*8
5*8
1%
1%
12*2
12*4
*19%
1%
12%
1%
12%
1*4
I27g
21%
20
20*2
4434
4434
4434
*6%
7%
44
45*2
•
6
47%
*4
*1%
7
.
*6
•7
*46
1*4
*1%
5%
*4%
32%
33%
5%
1%
I27g
Bid and asked prices; no sales on this day.
33
*109% 110
6
1*4
*4*4
*6*4
110
6
47%
1*4
47*2
*1%
*4%
33%
32*2
*44
10934 10934 *109
6
3,100
108
11%
110
600
7,100
,
12
110
100
*165
7134
*134
Greyhound Corp (The).No par
5H% preferred
8% preferred.
5
1%
12%
*20
4434
*6
Gulf Mobile & Northern.. 100
0%
*109% 110%
578
5%
47
1*4
5%
33*8
5%
1%
12%
*1%
6
47%
500
900
1%
------
*4%
5%
------
32%
33%
7,400
5%
1,500
1%
1%
17,600
12%
12%
21%
44%
4,500
5
21
*20%
4484
*40
*6
J In receivership,
7
a Def.
127
Jan 27
►5158 Mar
38
07g Jan
Jan
107g
conv
83g
Jan
3
•4618
Dec
5
Mar
Mar
Apr
28*2 Nov
61*2 Jan
1*4 Mar
2*8 Sept
10
Mar
32
,
June
15*8 Mar
69*4 Jane
Jan
*4 Mar
77g Jan
134 Jan
2i2 Mar
1
5
4
Mar 11
Mar
3
Apr 10
96
Apr 11
17
Apr 10
Apr 20
47g Feb
3
8% Apr 10
8
12812 Apr 10
.
24*8 Dec
9*4 Mar
1238 Mar
15*8 Nov
30% Dec
32
Jan
142
Dec
50
23i2 Apr
Apr
7g Mar
12
Mar
Mar
24
24
Apr
30
Nov
30
Apr
35
June
5
Mar
13i2 Nov
2U4 Jan
12
Mar
101
Nov
100
Nov
■Jan
4
15
Mar
May 29
120
Apr
June
6
Jan
June
4*8 June
9
76*4 June
5*2 Mar
Apr
100
103
Leased lines 4%
RR Sec ctfs series A
100
1000
Cash sale,
x
8
81
May
111
Dec
140
Jan
161
Dec
10
Mar
4234 Mar
12684
Jan
Jan
51
Jan
17
Jan
110
Jan
98
Jan
5*4 Mar
115g June
Jan
15*4
104*8 Jan 12
66%May 11
36*g Mar
17*4
9
102
48*8
5
Ex-dlv.
Apr 11
y
49
Ex-rights.
Jan
Aug
35*4
Oct
Jan
105*4 Nov
5
3
Mar 13
11*2
Jan
May
60
Mar
9*4 July
23*2 Mar
1*4 Jan 20
5*2 Jan 9
353g Jan 10
87g Jan 5
2i8 Jan 3
2034 Jan 4
Jan
13*4 July
25*4
83*2
Jan
35
Oct
18*g Oct
72% Nov
53*8 Jan
3*8 July
55*4 Mar
1
Apr 8
934 Apr 10
I6I4 Apr 8
3834 Apr 10
60
105*2 Dec
2u2 Nov
523g Oct
118
Aug
Jan
l0934June
3
Apr
2514 April
434 Apr 8
Dec
Apr
Mar
478 Apr 10
Apr 10
83s
Oct
87
135*4 Dec
108
17*2 Mar
6
Jan
20*4
Mar
46*2
3
6
Mar
19
70*2 Jan
1% Apr
Oct
Dec
11*8 Nov
5
135*2 Mar
63
6*8
Mar 24
8
Apr 21
40
Jan
Nov
111
13igMay 29
108
60i2 Mar 31
Apr
Dec
z7*4
5
4*8
113g Mar
834 Apr 10
140
75
7ig Apr 10
IOI4 Apr 1
95
May 10
61
34*4 July
50*4 Mar
1*4 June
Mar
27
Nov
June
Sept
stk.No par
6i2 July
83
15
Jan 28
Jan
8834 June
7*8 Mar 10
80
Jan
Mar 17
103
144
Oct
1*4
28
8
Jan
32%May
3534June
14*gJune
17*2 Mar 10
103*4 Mar 28
32
Mar
80
130
Oct
28*4 Nov
3
Jan
5*4
22
Feb
40
0% preferred series A.-.100
July
122
June
100
223j Nov
30
10912 Feb
Central
Jan
8% Oct
214 July
I414 Nov
Jan
Apr 27
1434 Apr 17
3l%May 1
105i4 Mar 18
54
104
100
2
U4 Jan
18*2 Feb
Jan
Manhattan
Dec
1
8
Apr
86
5
Dec
6*2 Nov
7234
12 Apr
Apr
t c._25
108
20
19
12.60
v
Jan
Nov
13
63
preferred
378
267g Oct
68*8 Dec
3812 Dec
22
Jan
par
33g July
85
35
3
Jan
June
5
July
10*8 May
Apr
_
24*2May 31
Mar
8
105a June
z3134 Mar 13
28
15*4 July
13
00% Apr
16*4 Jan
31*4 Jan
Feb
61
37
'
4
Jan
June
27*2 Nov
11*8 Feb
5
I0984 Jan
20
2012 Nov
100
7
2434 Jan 4
7412 Mar 16
383s Jan 3
138
Nov
16*4 Nov
67
Mar 13
17
10
July
37*2 June
3»4 Mar 14
278 Jan
Mar
6*2 June
137g Jan 3
66*2 Mar 11
Mar
June
9
Mar 14
"54
Mar
98
275g Mar 10
167
98
Nov
95
34
133g Mar
100
com
r
Mar
Nov
23g July
27 lg
8*2 Mar
14*8 May
117
.No par
New stock,
1
110
15*2 Jan
1634 Jan
99*2 Feb
Jan 21
5% preferred
100
Hudson Bay Mln A 8m Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
n
•
July
9% July
12ig July
15*8 Mar
Apr 10
No par
Houston Oil of Texas
Howe Sound Co
______
Apr
lig Dec
1234 Mar
x85
Sept
101*4
Jan
Feb 20
preferred
Class B
Illinois
6
45
13
41
10
Houdallle-Hershey cl A.No
Hudson &
Mar
7*4 Mar
9
No par
Homestake Mining.
5%
Aug
537g Nov
124*2 Nov
Dec
No par
preferred
Household Fin
125
32*2 Jan
17*gMay
159
Holland Furnace (Del)..
conv
Jan
2ig July
26*2 Oct
4114 Nov
110
Hlnde & Dauch Paper Co.-10
55
Dec
634 Mar
Jan
100
100
4
15s Jan 20
.25
Hershey Chocolate
54
Mar
Nov
79
2112 Mar
5
3
Oct
50
Jan
25*2 Mar
111% Apr
8
Feb 28
No par
0% cum preferred
118
9
l26%June
ll2
Mar
7*2
93
'
503g
123S Jan
Hazel-Atlas Glass Co
Preferred
25
7
21*4 Mai
Apr 10
Apr 11
200
delivery,
June
408g Nov
117*2 Nov
8
2
200
1,100
May 31
87
5g Mar
Apr
14i2 April
10
Jan 19
1
5
.June
71
2,100
300
117i2 Apr 11
Feb
50
Corp of Amer class A... 1
0K% preferred w w
100
Hayes Body Corp
2
25
Not
34*4 Mar
130
Hecker Prod Corp.
Helme (G W)
Nov
48
.
347gjune
6
100
Hat
138
27*4 Mar
227g Mar
108*4 June
5
1*4 Jan
Nov
28
Apr
108*4
5May 31
4
87
2078 Mar
40
Apr
Apr 19
Holly Sugar Corp
7% preferred
12%
Jan
Oct
55s July
19*2 Oct
387g Nov
2414 Jan 26
Apr 12
May 19
700
70
44%
136
32
15
12
33
Mar
Dec
Dec
11*8 July
July
133s Mar
99
Hollander & Sons (A)
12%
Mar
35
Apr
Hamilton Watch Co.—No par
6 %* preferred
100
20
33
11
Jan
June
8
200
*69
Jan
75
25*4 Jan
130*2 Mar 31
50
10
0% preferred-..—
5*4 Mar
35
140
5
Hanna (M A) Co S5 pf.No par
Harbison-Walk Refrac.No par
59*4
Apr
2i2 Mar
Jan
May 24
Jan
Hall; Printing
102l2
115
412 Jan
18
9*8 Nov
Mar
Mar
6*2 Mar
Mar 13
148
42
32
8
4,500
8
25
7% preferred class A
109
64%
Apr
2
8
6334
Mar
Apr 10
Apr 14
8
*107
*11%
11
133
May
200
200
Apr ,8
'Apr
No par
40
Apr 10
24
4I4 Mar
25s Mar
Apr 8
Jan 27
Jan 23
Oct
Sept
29
62*4 Mar
10
Dec
82
Jan
11
Hercules Powder
300
Jan
Mar
29
150
------
9
103*2 Mar 28
5
11
2484
2?%
12i2
16%
July
8*8
52
8Q
1
18
97
June
8
4% Apr 8
7g Apr 10
Oct
578 July
July
48
2
25
Water
3,400
■
3
Apr
69i2June
«4 Apr
100
preferred
Hackensack
7234
17%
47%
7
100
Apr 10
Mar
4*8 Mar
Jan 17
79
•
9*2 Mar
85
378
18
52
4
53
Mar
Jan
19i2 Nov
47
21% Apr 11
90
Apr 8
Sept
Sept
24*2 Jan
Guantanamo Sugar....No par
Hercules Motors
10934
*3834
10
1,100
64
*61
1.1
13%
135
*16
100
Greene Cananea Copper..100
100
12%
*93
69
47
20
3%
108
8*4
12
700
684
95
*75
109% 109*4 *109
*107
8%
6%
6*4
95
20
Green Bay A West RR
GreeD (H L) Co lnc
10
12
109*2
109*8 109*8 *109
6
*534
534
5%
46
46
*45*2 4638
190
.130
21
*12*4
64
*107
------
21
*165
__
*61
63
16%
103
100%
21
*27g
3
72
*12*4
*15%
*100
21
*75
95
27g
16%
103
100*2 *100
*144
148
6*4
*75
14%
.*15%
*1C0
100% *100
*21
148
3
12%
100
217S
6%
16*2
10134 10134
100
80
1234
No par
10
Great Western Sugar.-No par
Preferred
100
100
»
------
pref series.—No par
preferred
5%
30
*93
32*4
-mm
*35*4
69
*31
— rn
36
135
6234
v
17
32
71
63"
4%
*16
*31%
135
62%
*3%
17
32
1
Gt Nor Iron Ore Prop-No par
Great Northern pref......100
10
*16
70*2
12%
mm mm mm
*31*2
*109*4 10934 *109*4 10934
17*2
17*2
*15%
*15%
39% 39*2
*38% 40
107
8*4
1%
11
17*2
13*4
62%
*84
11
conv
Grant (W T)
2,200
32
70*2
62
109
10934
17*2
*15
14,000
12%
*16
134*2 134%
134%
;19%
*31%
*12*4
70*2
134 s8 *133
133
166
1234
1834
12%
1*8
13
*106
109
*10§% 108*2 107% 107*2
1 l7g
12
12
1134
42*8
117g
12%
1178
123s
115
*107
*108
110
115
*107
115
*107*2 115
109
*12
9,100
------
•
*11
4%
34%
32
12
12*4
12%
*15*2 .16*8
16*2
*15%
102'
*100
99*2 100
99
1%
*34
*11
13
12
*98
*75
1*8
3*1
31
*27
19
12*4
*16
99*2
34%
31
18*2
32
144
34%
12*8
*31
*12l2
*15*2
*99*8
34
*27
18%
*34
*27
347g
12*4
•
*11
16*2
34%
18%
*12*8
*27
13*2
4%
16*2
*3*2
34%
31
31
1*8
*34
*1284
34
*27
53
Granite City Steel
300
*1434 ,14%
140
26%
100
1%
34
6%
14%
par
6
34
1%
14lg
243g
15*8
21%
par
No par
Preferred
mmm---
par
No par
6% preferred
Goodyear Tire <fe Rubb.No
S5 conv preferred
No
Gotham Silk Hose
334
72'
6*8
14
No
32
Nov
13
May 17
2ig Jan 23
17g Apr 10
Jan
Nov
55g
I834 Jan
34
,
91
58
Jan
Apr 17
1434 Mar 31
No par
1%
84
Jan 20
7ig Apr 11
52
...No par
Glldden Co (The)
6
34
44
No par
Brothers
$0 preferred
13% Apr 11
34
14
S5 conv
Glmbel
Razor.-No par
preferred-;
No par
Goodrich Co (B F)
6*8
13
Gillette Safety
70
*l.l4
*13%
h
1538 Apr 11
534 Apr 10
Gold & Stock Telegraph Co 100
1,100
17,400
Jan
15a Jan
20*4 Jan
10
13«
14*4
1334
*6
*1*4
14*4
100
Co.—6
Mar
2i2 Mar
92*2 Apr
800
6*8
%
.
General Tire & Rubber
109i2 Nov
295g Oct
10
Mar 27
5
2%
102
*3%
72
*68
72
70
70*4
27*4
101% 101%
June
37*4 Nov
Mar
1*4 Mar
Jan
89
0,%
Gen Realty <fe
Oct
Mar
25
Jan
7ig
Jan
45g
Mar
25a Jan
14
Oct
21
2i2 Mar
Apr
197g Mar
Jan
28
4,600
12,900
30
100
Dec
39i2
50
Jan
4
Nov
43*4 Nov
31*4
11
Jan
13
share
Oct
85
Jan 13
110
3%
18%
7034
29%
334
2678
100
18
55
Apr 15
4^% conv preferred.—.50
Gobel (Adolf) ...^
——1
Goebel Brewing Co
—-1
80
9084
7gMay 29
Apr 8
100
900
Jan
108*2 Jan 11
2934 Jan
14
034May 11
98% Mar 28
1,100
353g
per
U4 Mar
105
par
17%
Jan
No par
Corp.No
40
3%
No par
SO preferred..-
0% preferred...
40
18*4
4
Mar 31
Gen Time Instru
'
1784
Apr
7
9% Apr 11
17%
June
Gen Public Service
30
2%
28
600
51
*7734
9
par
2,800
2%
May
303s Apr 11
12112 Apr 8
500
10%
80
2%
80
117
20
1,700
Jan
21
76
3112 Jan
59
Jan
72i2 Jan 26
Corp
Gen Theatre Eq Corp .No
58%
3%
39
4% Apr 10
General Telephone
12,400
36
16*4 Mar
Apr
24i2 Mar
1078 Mar
1984 June
15
Apr
Gen Railway Signal
97%
3%
3
par
700
9%
*7784
3%
Jan
% - Apr 10
Gen Steel Cast SO pref. No par
40
17%
114
General Refractories.:.No par
57%
17%
*39%
3%
32%
April
36% Jan 27
—1
200
9%
40
8
No par
Common.
200
"24%
6%
6%
51
—No
June
31
Gen Outdoor A.dv A.,.No par
General Printing Ink
1,000
17%
25%
21%
1584
12%
*22%
52*2
*55
117
ki Apr 19
15
Apr 27
19% Apr 11
16
Apr 8
(5
Apr 28
58*2
9%,
58*2
18%
3%
2*2
*50
97g
934
*55
58*2
8
Apr 10
19%May 12
preferred
100
Utilities
1
SO preferred
-—No par
13
13
♦
6%
*55
3%
*12%
1334
■
6%
*36*2
'23s.
*13
*
6*2
39
23s
25
100
.10
No par
S5 preferred.
20
1
preferred.
0%
General Motors Corp
—
600
1,200
I734 Apr
43
A.No par
No par
— 100
SO conv pref series
253g Mar
1
Mar 31
par
No par
General Mills
500
mm---
9
100
preferred-
Gen Gas & Elec A
-
89
*7g
*1634
25*2
227g
*36*2
3*8
*87
1
"20%
*17*8
3*8
89
21%
*50
9%
—
cum
Jan 18
2% Apr
0
par
No par
7% preferred
100
General Electric
No par
General Foods..——No par
S4.50 preferred-.----No par
400
1
6%
58*2
—
900
1734
"20%
*55
-
53,400
109
1
1734
*1534
1034
253.1
97%
*108
*%
*1034
21*4
10*8
12%
1334
*
—
•
400
1
207g
58*2
1778
*3*2
100
2,100
38
17%
*87
1
15%
12%
*13
97*2
109
*7g
17%
"1934
52*2
9*2
.
13
13
1334
"19%
*
7%
134
.No par
Highest
* per share %
60*2 Jan
8% Apr 10
General Cigar lnc
300
*87
•*7g
I97g
*68
13,700
800
89
*1578
13*2
97*2
*69*4
2734
36,500
45
9
89
1
*19'"2
*100
110
—
.
Bronze
Cable.--.----No
Class A.
No
--
200
4%
89
125S
17*2
-
834
1
20
10
2*8
21
*35
S8 1st preferred.
1,500
57
47g
'
*76
4,200
23%
5
1784
*24l2
*3
General
General
884
1
17%
9*2
200
*434
*17%
25
*50
280
3
116% 116%
*%
84
*57
6334
87
*8534
36
S6 preferred-
-
142
11%
4434
-
*8*4
1%
1734
205g
*57
6
m
5
*7g
*16*4
*24*2
•
Baking
m
834
*47g
834
1634
*20
12%
*12*4
General
114% 114%
37
36%
86
36
38
*35
38
*35
40
1
*7g
*1634
7g
16
3,800
21
2034
85
89
89
%
86
9%
22%
-
18
1°
18
*88
86
36*2
18
1
1
*17*4
35*4
Apr
122
3121
121
*121
123
123
120*8 120*2 121
122%
44%
45%
44%
4434
447g
4334
44%
44*8
45%
45%
*125
126% 126% 126*4 *125% 127
124*2 125
*124% 126
120*4 120*4
44*2
44*8
*124*8 12434
35*2 36
*83g
3534
Jan 26
40
*45
367g
357g
36%
36*8
3534
44
44
44*2
44%
4484
4434
44%
44*2
44%
110*8.*115*2 ll01g *115% 110% *11534 1*6*4 *11534 116%
%
a4
%
%
%
«4
%
*%
%
*58
*57
03
*55
6334
6334
6334 *5012 6334
35*4
96
m
share
105i2June
4834 Feb 16
5%May 17
Investors.-.No par
5
'm
11
57
conv
No par
4
*234
11%
22%
bj$%
,
13% Apr 10
47i2 Mar 22
Transportation
142
3
11%
Corp..-.5
pref erred...-.60
Gaylord Container
Gen Am
141
140
9% Apr
Apr
334 Apr
94
Inc.---3
2**, 100
*97% 103
46%
9%
8%May
preferred.....
10
Game well Co (The)
No par
Gannet Co conv f 6 pref No par
S3
Gen Aroer
2
10
29
26
10
10
17
11
22
10
32
Sulphur Co
10
Gabriel Co (The) cl A..No par
Galr Co lnc (Robert)...
1
200
1,200
May
Hz Apr
May
18'4 Apr
1% Apr
2*4 Apr
67
•
634
*97% 103
34034
47*4
9%
9»4
984
*2%
11%
122
7%
5
1414 Apr 11
Free port
"
*461-
8
Apr 14
21
Co
Gar Wood Industries
May 12
103% Apr
No par
No par
Slmon&Co lnc 7% pf-100
Jan 16
Apr 8
Apr 8
Apr 6
per
U2 Apr
10
17 conv preferred
800
.
100
4 yi% conv pref
Foster-Wheeler
Francisco Sugar
...
20%
*8%
*10*2
10%
*96*2 100
"2" 200
40
*2
9
-
2%
20*2
2*2
2,000
-
-
19%
73
*30%
2034
2
32
*2
27g
2%
2%
—
19*4
33
*8%
4*2
4*2
15
-
19
*20
10%
10*2
*90*2 100
*90*2 100
*96*2 100
,
45g
*4*2
2%
*9*4
*17g
30*4
30
-
19
*2
21
*1%
2%
Apr 10
17
(The)
Stove Co
Florence
*70
21
•
No par
No par
Shoe class A.No par
I
25
Hlntkote Co
500
33
.
3,500
400
2%
40
*2%
4,100
21«4
34
29
73
*2
*32
32
47%
22
*20*8
2%
3
39
39
684
*21
'
*2
17%
99%
38%
10i4
& Rubber.-.10
Firestone Tire
*33
1834
*70
73
*2
500
34
*107
----
*32
27g
1,700
21
*17g
29
2834
21
21*4
4
Year 1938
Lowest
Highest
% per share
6% preferred series A... 100
First National Stores..-No par
105
21
2
*107*2
1834
.mm
19%
Par
Shares
105
20*2
Lowest
Week
share
per
1939
Range for Previous
On Basis of 100-Share Lots
STOCK
10,
EXCHANGE
the
*33
21
2%
*107*2
-
-
*18
18%
*17%
28*2
*107*2
*107*2
2
23s
*2%
21
%
Range Since Jan. 1
STOCK8
Sales
for
Saturday
June
4
1
May
3
Mar
95g July
205g Mar
35*8 Nov
Mar
5
10
Jan
*2 June
2*4
Oct
6*8 Mar
12
Apr
207g
35*2
Dec
23
44
3*8
Mar
Apr
ll*s
7 Called for redemption.
Dec
Nov
Dec
i
Volume
LOW
New York Stock
148
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
STOCKS
Range Since Jan. 1
On Basis of 100-SAarfl Lots
for
Monday
Tuesday
NEW YORK STOCK
Wednesday
Thursday
Friday
the
June 3
June 5
June 6
June 8
June 9
Week
Range for Previous
EXCHANGE
June 7
$ per share
*6
$ per share
6%
*20
21
6%
102%
152
*99
s per share
6%
*20%
*100
*149
*612
2034
21
152
*150
79%
80
80
8034
10%
1034
10%
11
5
6%
6%
*2434
2534
*9%
*134
9%
25%
177
60
9%
7%
49%
49%
32
49%
4938
31%
5%
5%
.
934
218
180
50
31s
7
49l2
4978
al35
5%
57
58
58
32i2
33i2
*3214
33
*31i2
32
..." 500
*33
33%
25
93%
*87
33l2
23%
24
24
*2312
25
*2358
93%
*87
933s
*90
9338
*87
7%
7
7
678
7%
7%
7 3s
73s
714
*10%
1034
10%
10%
1118
*82
90
10»2
*82
75
*132
46%
16%
*120
4534
4584
16%
7%
7l2
1012
98
15%
*1414
*85
98
784
20
*90
*14
*85
*8%
*9%
1012
323s
3234
*11
III4
*26
11
28
*2
.
67s
*7812
3214
80
16
23%
2378
*5
25
2612
251s
*8%
10
*133s
*1614
18
98
*85
IOI4
*9%
3334
III4
3312
3378
11
11
32%
*2618
214
?8
*26ls
2i4
*1618
5i2
5
27
2%
*26
....
175s
17
2378
243s
177s
2418
*414
27l2
25%
1018
*1612
1658
,16%
1678
*318
478
3234
*2034
*11512
3314
5
•
5
5
2714
253s
*912
*1612
"27
25
253s
934
1734
10
10
1712
17l2
16U
10%
16%
1634
*334
5
*334
3214
3214
*2Q%
*11214
21%
1%
22%
2714
*112
47
178
23
*1%
23%
*lll4
1134
2238
*111.4
30&8
'3012
4714
4%
47
*458
185
1634
*26
180
*1514
2714
2584
35
180
16
-26"
*175
*1514
10
18,600
400
28
"-7306
214
2412
2412
*458
27%
2778
26
27
1678
414
5
275s
26
IOI4
18
*10
4
150
I7I4
3,900
414
1634
200
33
30
34
2034
33
900
37,500
103g
177s
*16
2034
400
5
2134
3,600
400
4
414
*134
2214
*1118
414
rY,I6o
%
2,500
*134
22%
IH4
2
225®
1134
2?g
2278
1h4
3034
477g
434
38i2
31
31
31
30
30
3034
477s
434
4712
48
47
4714
47ig
478
434
434
185
*175
434
*38
38i2
3812
*10312 106
106
107
10712
' *180
185
*1514
16
*458
16
107
185
*38
*105
200
3,900
100
1,400
4,700
500
*1512
16
.
*15%
16
26%
*33%
2612
2612
2612
*26'8
27
*26
2634
335s
*3312
3514
♦33i8
34
*3318
3412
15U
*15's
1558
1512
15
145s
*1538
1434
15
1512
15i2
15%
4384
4434
4 412
45u
45
46%
6,300
IOI4
44.600
107
*107
15%
1512
44
k
4314
108
15ls
1512
44
4434
*10718 108
"~MOO
*10714
111
10
103s
934
10%
978
10
9%
48%
234
47%
48
48
4834
4914
2%
*2l2
-2%
18ia' I8I2
1834
1834
48U
234
1914
49
*2%
4834
25g
19%
*47%
*25g
*19%
*4734
*2i2
*109
112
23i8
*153
*17%
4312
*29
1834
44
2912
*130
....
*2214
347s
1412
*2712
1
23'S
155
'2
*512
23
34%
1412
29
1%
634
*109
23
155
110
233s
155
212
1914
110
23U
*153
*1758
1834
4312
4312
44
2934
*29
*29
*130
*22U
34'8
1412
131
*1758
*130
438
412
484
12%
12»4
12
1214
3478
3514
34%
*214
23s
41
238
23«
4012
4012
*4958
5034
*438
478
*2958
3038
*9812 105
*13
5012
*4i8
a30
3434
2612
175
1 '2
11U
1134
1212
1212
*1%
158
43s
412
19
3«4
125s
3478
4'2
1234
5
131S
3312
34i4
1H8
12i2
*1'2
4%
par
par
Loew's
Inc
$6.50
Loft
No par
No par
preferred.....No par
Inc
No par
Lone Star Cement Corp No par
5%
preferred
Lorlllard
No par
Biscuit
25
...100
(P) Co
10
5012
4i8
*295s
3012
105
50'4
5058
*438
.
4'2
*2958
30l2
100
133s
133s
13%
1334
1334
1384
141s
14
143s
1378
1414
102
102
10234 107
Bid and asked prices: no sales on this day.
4%
33%
*2%
41%
50l4
*4
*295s
*334
2%
41
2534
177
-
2534
*172
Mandel
100
Apr 27
20% Apr 11
Apr
14
Jan 27
3% Apr
1
34%
2%
16,700
41%
2534
2,900
1,100
177
100
110
50%
4%
1,300
30%
*29%
30%
100
100
*100
101%
1378
*13%
13%
14ig
1378
14%
14%
*10234 107
*10234 107
100
20
400
17,200
7% preferred
100
May Department Stores
10
Maytag Co
No par
$3 preferred w w
No par
$6 1st cum pref..
No par
McCall
200
Def. delivery,
Corp
McCrory Stores Corp
No par
1
6% conv preferred
n
New Stock.
r
Cash sale.
100
Mar
June
24
/Jan
113% Apr
44% Mar
124
Nov
125
Mar
79% June
18
6% Mar
63
Feb
105
Jan
58
June
122
Jan
74%
111%
Jan
64
83% Nov
12a4 July
Mar
133
49«4
19% 'Jan
12184 Jan 20
.
11% Jan
23
12
12
July
78
Apr
Jan
24% July
Mar
123
5% Mar
Jan
Dec
Oct
130
12% Mar
118
Nov
Oct
13% July
24% July
Mar
Jan 18
1434Mar
10% Mar
92
8
8
Jan 11
Apr
484 Mar
14%
Mar
Jan
100
Oct
61
Oct
5
13
3
10%
26% May
6% Mar
27%May 26
284 Mar 24
19
40% Mar
9
12%
19
Mar
3
2434June
9
5%
Jan 15
9
Feb
30
9
22
Jan
6
35% Mar 10
Jan
Oct
8
July
31% July
21% Nov
12% Mar
5%
Dec
19%
22%
Mar
15% Mar
2% Mar
9
June
July
3% July
35
Jan
27%June
Oct
14% Nov
1% Mar
27
13% Jan 20
23% Jan 20
18% Mar 9
Oct
3
80
44% Jan
Mar
Dec
Mar
8
Mar
18
16
Mar
30
Jan
8% Mar
3% May
17
Nov
Jan
7% July
10% Mar
13% Mar
30%
x25%
Dec
Oct
MarlO
95
Jan
120
Oct
6% Jan
% Jan
4
8
3
Mar
3
Mar
8
7% July
1% Jan
4
®8 Dec
1% Mar
2784 Jan 5
12% Mar 10
193g Mar
6% Mar
29
3234 Mar 13
1984 Mar
23% Mar
6% Dec
35%
Jan
5634 Mar 13
6% Jan
3
Jan 10
26
81
9
Mar
40
180
May 26
1734 Jan 20
40%
Jan
5
Oct
Jan
37% Nov
102
81% Mar
157
Jan
July
58% Nov
Mar
106% Mar 14
10734 Mar 14
5%
14% Nov
Dec
103»4 July
176% Dec
Apr
14% Mar
20% Mar
18% Nov
40'i Nov
29
60
May 29
Mar 31
6
41% Apr 11
23g Apr 10
17" Apr 10
Jan
5
54% Jan
4
33
Mar 20
99
108
Mar
12% Mar
Mar
Dec
84 Mar
,11% Jan 19
Jan
5
26
4% Jan
4
22% Mar
9
2% Mar
I484 Mar
62
Nov
21% July
62%-Nov
111% Oct
9
„
Oct
63%
Mar
Oct
684 July
23% Nov
105
Jan
19%
147%
1534
36%
Apr
8
Jan
3
4
157
Oct
68
Jan
3
12% Mar
29% Apr
19%
8
Apr 25
57%
Dec
33
Jan
5
22
Mar
32
Dec
116% Mar
126
Jan
Jan
20
6
Apr
Feb
2
110
June
1
24% Feb 25
June
9
20% Mar 13
131
Mar 29
92
June
107% Dec
2I84 Dec
13»4 Mar
125
154
Apr
Nov
Mar 31
30«4 Jan
Mar
32% Nov
31% April
13
Apr 10
25% Apr 11
1
Apr
5
Apr
9
Apr
5
Apr
43% Feb
24% Mar
19% Jan
38% Jan
I84 Jan
18% Mar
84 Mar
49% Aug
19% Oct
40% Nov
2% Oct
10% Nov
20% Jan
10% Nov
16
July
284 Jan
Apr
Apr
4% Apr 10
334June
7
26% Mar 17
2
May 12
34% Apr 10
23
Apr 11
Mathieson Alkali Wks.No par
8
16
19
(Glenn L) Co
1
Martin-Parry Corp
..No par
No par
5
16
934 Apr 10
Martin
Oct
Oct
1084 Jan
25
Marshall Field A Co—No par
MasontteCorp
Dec
20% Mar 20
1334May 17
35
Apr 10
105
Apr 10
5,600
Market St Ry 6%
11%
9
1438May 20
434
200
11%
3
118
1
7,800
96%
Feb
Jan
Mar 13
10
414
6
87: June
47
26
6
pr pref. 100
"
9% Feb 28
8
%May
;
Manhattan Shirt
Midland Corp
9% Jan 19
Jan 24
164
4
684 Mar
2% Mar
12%June
13% Mar
9
1«4 Jan
5% Jan
8% Mar
15% Feb 17
39% Feb 24
5% Jan 3
57% Jan 3
Jan
4
Jan
6
176
Feb 14
8
62
Mar 11
4
Apr 10
28% Jan 30
93
Jan
3
10% Apr 11
934 Jan 26
88
Jan 13
6% Mar 10
36% Mar 10
101
tEx-rigbts.
zEx-dlv.
J
Feb 14
17% Jan 20
14%June 9
102%June
Mar
4% Mar
7% Mar
20i 2June
36
16
10
4034 Apr
jKZ
8
13% Apr 11
Maracalbo Oil Ex pi oration.. 1
Marine
Mar 24
Jan
48% Jan
30% Nov
35®4 Jan
36% Nov
Dec
400
*4%
s
Modified 5% guar
6
28% Mar
19% Mar
Nov
600
5034
t In receivership,
....No par
Bros
$ Manhattan Ry 7% guar.100
19,100
4i2
*13
No par
3
Feb 10
91
1%
13%
60%June
4% Mar
18% Mar
2% Mar
63
124
10
......1
3
95
28
Inc.....No par
Madison Sq Garden
i",4io
J1
6%May 29
Jan
57% Nov
July
15% Nov
62% Nov
140
Jan
Nov
No par
preferred
Magma Copper...
Manatl Sugar Co
"
1434 Jan
6134 Jan
684 Mar
36% Mar
132
Oct
16
10
Macy (R H) Co Inc_..No par
100
600
50%
100
100
133s
14
10212 10212
12
13
3314
*172
177
11%
*12%
1%
13%
3234
634
20%
6%
Mack Trucks
400
1%
19
,
2,000
5,800
29
1%
*534
13l8
*2l4
:r26%
634
1934
1U2
125g
15s
4%
*28
1278
40i2
25i2
*172
13s
4
2i2
27
15
2734
4
41%
26i2
133s
•
*.100
Lily Tulip Cup Corp
No
Lima Locomotive Wks.No
10
35%
14%
*2'4
4%
10212
6
25
_r.
3
2
Mar
12
3
1% Apr 10
203g Mar 31
938 Apr 10
23
Apr 10
36% Apr 10
4% Apr 11
34«4 Apr 6
97% Apr 11
99% Apr 11
171%May 10
15
Apr 10
21
Apr 10
31% Apr 11
MacAndrews A Forbes.:
23%
34%
•14%
415s
14
*100
Series B...
Preferred
Jan
2
100
3% Apr 10
par
Oct
9%
4%
11%
Dec
...50
par
Jan
164%
Dec
Jan 26
par
70
Mar
3% Mar
11
No par
Lerner Stores Corp....No
LIbbey Owens Ford Gl.No
Llbby McNeill A Llbby No
May
141
10% May
Apr
1
Jan
Dec
100
17
6
29
186
Mar 13
25
60
Mar
Mar
5
Jan
May
1484
Jan
15
16% Jan 20
113
6
3%
X130
5
5534 Jan
34
Mar
48
66% Mar
162% Mar 23
8%
5% July
16% Nov
2
27% Jan
19534 Mar 13
138
Mar
6% Mar
99?£ Jan 17
25
Lehman Corp (The)
Lehn A Fink Prod Corp
80
....
2234
212
177
*130
3434
4112
50i2
♦100
Lehigh Valley RR
Lehigh Valley Coal
6% conv preferred
Loose-Wiles
"231s
2
1584 Jan
3% Jan
4
Feb
100
Lehigh Portland Cement
400
34%
*1414
2734
1%
*5i2
<*18
15s
412
434
*98'2 105
6%
*512
5012
30
15
1238
2612
Lee Rubber A lire
1934
*2214
•
4% Jan
9% Nov
34% Nov
98
Apr
12% Apr il
85
Apr 25
7% Apr 10
6% Apr 10
79%May 26
28
Apr 8
884 Apr 11
20
Apr 8
I84 Apr 11
30
Apr 10
12% Apr 10
20
Apr 8
4% Apr 6
97
.No par
*130
1212
*171
Bryant...
130
12l2
*214
Lane
130
18%
5% Apr 11
April
83g Apr 24
11
7
Long Bell Lumber a
180
13
24
700
4,400
35
Laclede Gas Lt Co St Louis 100
5% preferred.....
100
Lambert Co (The).....No par
2%
23%
8
3
Apr 8
Apr 10
117% Jan 27
Kress (S H) A Co
No par
Kroger Grocery A Bak .No par
30
*112
3414
No par
*29
1158
41
10
30
19
1238
Kresge (S S) Co
Kresge Dept Stores
*29
20l2
412
No par
30
*5>2
*4
$5 prior preferred
*29
138
*4
.1
2934
13112
2912
4'2
par
No par
Loulavllle A Nashville.... 100
138
412
preferred.
par
100
*27'2
412
Keystone Steel A W Co.No
Kimberly-Clark
....No
Kinney (G R) Co
1,000
15
4l2
1
18
29
158
A.l
45
*13s
12%
conv cl
B
45
♦14U
1134
Class
Kendall Co 16 pt pf A ..No par
Kennecott Copper
No par
*17%
*28%
*112
Kelsey Hayes Wh'l
200
157
June
Mar
65% Apr
122% Apr
100
...6
Lion Oil Refining Co...No par
Liquid Carbonic Corp..No par
,110
233g
Mar
80
June
.1
5% conv preferred
Kayser (J) A Co..
700
2,100
15
9634June
12
734June
Apr
100
400
49
9% Mar
28% Jan
19% Oct
5% Nov
46% Mar
5% Feb
par
45
138
1078
*1214
159
City Southern-No
183s
*43i2
1412
158
Kansas
45U
28l2
2612
156
1834
13s
12'2
Jones A Laughlln St'l pref. 100
Kalamazoo Stove & Furn
10
Kan City P A L pf ser B No par
*1758
4412
1834
44U
*2734
175
110
35'2
11
2684
*10912 110
2338
23i8
233s
10
I9I4
...100
7%, preferred..
100
Louisville Gas A El A ..No par
345s
*1414
20
175
2312
23
684'
234
*156
110
23U
19U
*2534
23%
15412 155
345s
*512
*171
*108
2312
155
23
18%
41
110
1934
3412
19
158
*19
108
2278
35%
1778
*12
108
Preferred
par
1514
*1075g
10
10
Nov
28
Apr 14
15
934
934
Sept
95
5%May 25
96
68
Link Belt Co.
.
146
7% Mar
3% Apr
2% Mar
35% Jan21
31% Mar 9
4
Jan
120
300
34
Feb
56% June
31%May 19
19
Apr 10
,...1
200
15%
*1514
9
.No par
Liggett A Myers Tobacco..25
3312
Jan
6
4
Jan 27
1,700
1578
15i2
Jan 12
18
'
4412
*3312
135
17% Jan
Jan 23
1
Life Savers C orp
106
10634 10634
180
180
June
119% Dec
94% Jan
84
100
4% conv preferred..
*4
29
Apr 11
Island Creek C oal
*11214
4
Apr 11
8% Apr 10
77% Jan 9
90
6,400
634
26%
3%
39%
Interstate Dept Storea.No par
Preferred
100
Intertype Corp
No par
18
2434
152
5% Apr 11
6% Apr 11
w..
17
Jan 11
10% July
30% Aug
Mar
8
42'4 Apr 11
Mar
60
484 Jan 12
134
..50
Johns-Manvllle.......No
4
14% Mar
Jan
8% Jan
Inter Telep & Teleg...No par
Foreign share ctfs
No par
Jewel Tea Inc
1
29% Jan 16
119
5% Apr 11
No par
preferred
Jan
Highest
1 per share $ per share
2% Apr
No par
International Sliver...
7% preferred
600
3414
1034
17
,33
2
2234
1134
'
11%
"""366
634
80
17
*20l4
178
*26ig
214
*26
International Salt
International Shoe
8
Year 1938
Lowest
334 Apr 10
15
Kelth-Albee-Orpheum pf..l00
38
38l2 *3714
3812 *3734
3812 *38
*10112 105
*105
*10212 105
*10312 106
104
104
107
10434 105
10514 106
*1514
21s
*11214
4
.
*180
2812
...
%
458
434
*318
21
43g
4678
47
434
103s
4%
178
22%
*11
3314
213«
.....
3012
3078
*37
J
5
26
38
2212
1134
*30
213g
14
2234
*11
3314
*116
11%
175s
17%
24
23%
212
33%
*1034
*26i8
28
*2ls
*26
33
200
10
634
.*7812
3334
1034
2334
4%
10
10
Inter Paper & Power Co
preferred
Kaufmann Dept Stores
98
7
2478
%
15«
107
*85
..100
4%
1512
98
2,200
98
*1434
80
25
%
4414
*85
153S
*65s
26n
4
*97g
98
*1412
*78l2
*8l8
*1312
4%
*15
*918
*85
7
2134
*4
83g
80
*11
10
18%
11
7
325s
325s
8ig
*1612
80
412
*21
83S
153g
*912
300
1,000
1814
4% Apr 10
1634 Apr 10
Apr 3
l47%May 11
67
Apr 8
9% Apr 8
4% Apr 8
4% Apr 10
17% Apr 8
90
Apr 8
2% Apr
1
734 Apr 10
1% Apr 8
16
Apr 8
155
April
48
April
157% Apr 8
86
5% conv pref
100
Internat Rys of Cent Am.. 100
6% preferred
100
40
....
18%
10i2
7
2612
*11512
*15
1012
3,600
49
18U
*11934
98
*85
1638
*37s
*47
18
....
"""766
7712
133
8i8
-
2612
76
133
80
3234
Preferred
$6
79
*1534
18*2
153s
10
79
7834
75%
678
"l7
*5
8
300
47,
*11934
20
200
133
46
18
17%
*91s
*25
2312
47
1,000
4,100
834
*734
*7812
678
80
2U
*16
512
'
98
*132
....
*85
153s
812
7i4
20l8
20%
2014
123i8 *123
12378
,7834.
7512
133
8
98
*734
7
67s
7U
71s
20%
76i2
.
*16
*85
*25
16
8
*14%
28
*2
87
83s
17
1978
10i2
10
87
13~ 200
1112
86
793s
*11934
*85
153s
98
IOI2
11
*26
2%
*25
734
1034
86
20
*46
1634
120
*1534
*9i8
10l2
98
*9l2
7
*678
*79
-
300
11
678
778
1237s *123
*132
47
1634
120
*1534
*878
*90
133
*44
*119%
1812
*16%
*132
*16%
16%
....
*7
133
7
500
25
933s
11
*734
20
-
132
*44%
734
203s
*123
75%
132
734
*20
33
25
87
*8514
123% *123
12378 *123
x77%
77%
79
77%
78
*73% 75
75
76
76i4
33
718
73s
1114
1034
86
558
$ per share
Int Nickel of
Canada..No par
5912
87g
34
55g
$ per share
Marlne.iVo par
300
5812
7%
7%
79
18,900
Highest
Internat'l Mining Corp__.._l
33l2
7%
*77%
600
1,000
491g
5014
13512 13512
812
100
Int Hydro-Elec 8ys class
A.25
Int Mercantile
32i2
7
9
600
7
3234
No par
Prior preferred
1,600
3U
858
32%
534
58%
53s
100
Int Business Machlnes.iVo
par
Internat'l Harvester
No par
Preferred
100
7,800
6,100
2,990
1,410
8I4
32
5912
20%
3's
67s
.7V<? par
Interlace Iron
No par
Internat Agricultural..No par
6,200
538
512
3212
33U
*8
514
878
3334
60%
*20
Transit.._]100
Interchemlcal Corp
900
16H2 162
100
6% preferred
Intercont'l Rubber
400
6234
53s
*87
9
61
3278
24
20%
179
21
181
*1934
10
No par
Inspiration Cons Copper.. 20
Insuranshares Ctts Inc
1
I Interboro Rap
1,000
2,100
1,100
3314
512
5912
3234
32
87
958
85s
33%
*82
370
3
9%
485s 4912
133% 13512
135
9634
3
678
6%
32%
23%
96
3i8
*3
32%
124
2034
17834
-
26i2
4,100
1,700
1,900
1,000
87s
93%
*8
1912
*178
6l2
26
967s
3
9U
.218
5912 60%
*159
16034 161
I6H2
5%
53s
5%
514
3i8
No par
800
8034
1H2
518
*6i8
6078
*6l2
Inland Steel
5i8
5i8
6-38
2514
*2
21
*86
*20
5i8
63s
*2%
914
*23%
*123
11
*32%
3234
7
8034
1H8
25U
603s
135
85s
8034
11
*9514
*178
178
135
8%
*78l2
3
*2
No par
10
26
*20
Industrial Rayon..
Ingersoll Rand
6% preferred
100
152
59
33.
3234
49%
135%
31%
5%
60%
*32%
178
8%
32%
5%
177
♦132
834
60
2
2034
800
103
152
95
-
136
8%
2
-2034
2158
*100
95
2
211s
102
518
234
9i2
Indian Refining
152
2534
'
3%
*7
'
234
934
59% 59%
5912
6OI2
160% 160% *1593s 16034
5%
5
5%
5%
3
3
3%
3I4
*7
7%
*67s
714
160%
5%
*3
234
912
2034
177
60
*132
95
*184
177
5%
25
9434
2%
*19
*159
634
300
102
634
67s
9%
2
11%
6i2
25
*2%
21
82
95
95
*20
8012
Par
7i8
*6
20U
Lowest
Shares
$ per share
7»8
2014
152
5iS
6%
*24
234
80s4
III4
*6
*150
10212
518
5
6%
95
21
*99
*150
Ills
5i8
5
$ per share
7i8
21
102l2
152
5
*2%
*6is
102% *100
10%
95
$ per share
7i8
2034
*149
79
■
3495
Sales
CENT
Saturday
.
6
2
Mar
1% Mar
4% Sept
638 Dec
5% Mar
a
7%
16
Jan
Aug
14% Nov
14% Mar
2% May
37% Deo
25
61
Mar
1984 Mar
7%
Oct
Oct
36% Nov
Aug
165
Feb
28% Mar
3% Mar
163g June
53
Oct
7% Aug
28% Dec
75
156
Apr
97
Dec
8«4 Mar
16
Jan
6
Mar
13% Nov
61
Mar
92% Nov
^Called for redemption.
New York Stock Record—Continued— Page 7
3496
AND
WW
HIGH
PRICES—PER
RALE
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
Range Since Jan. 1
June 3
June 5
June 6
$ per share
$ ver share
$ ;per share
*19
57l2
19%
*7%
57%
11
11
19
19%
7%
57%
11
1911
*7%
7J2
5712
*10%
*834
8h
87#
*90i2 100
*8'2
*8%
9
113#
9%
100
*94
61
*58
*45
57%
*45
57%
56%
*56
57%
4%'
56*4
4%
4i2
*4i#
23
Shares
7
19%
19%
7%
*6%
77#
56%
56%
56%
56%
56%
11
111
11
11
11
Q
<1
*95
100
93#
9%
*94
8»4
100
*8%
8%
*58
59
*58
*45
57%
*45
55
*45
*56
57%
57%
57%
43#
4%
23
23
43#
*22%
*13
15
*13
1534
7%
*13'%
*23'4
137#
7%
*13%
24
*2234
,
28
28%
28%
28%
28%
*4
22%
*13
28%
28%
9%
*95
8%
55
*45
583#
McGraw
McGraw-Hill Pub Co..No par
15% Apr 28
6% Apr 10
57
1,100
Mclntyre Porcupine Mines..5
49% Apr 11
1034
69%
11%
9%
1,500
McKeesport Tin Plate.
10
8% April
18%
4,800
McLellan
7
10
Mar 10
5
1
70
30
55
*4%
61%
~1~700
43#
400
22%
*22
23
147#
28%
*13
147#
28%
7%
240
63
"""soo
29
63
64
64
*63
64
63
63
112
*103
112
*103
112
*111
112
4%,
4%
*40
45
*40
45
*12
12!2
*12
4%
.
*40
4%
4%
*4
4%
62%
*111
4%
*40
45
*40
45
12%
*1%
12%
13#
12
*11%
12%
*1%
12%
1%
12
1%
514
*12
■
■
44%
*i%
5%
5%
5%
5%
53#
%
*%
%
1%
13I2
1%
1234
1%
1234
*1%
13%
97% 97%
9734
*11534 118
117%
12Ji2 121% *121% 123% *121%
507#
51
50%
51%
507#
*34
3534
*3234
34
'
*113#
*33%
113.1
35
64
1,500
33
10
11%
1%
1%
200
5%
2,000
*%
%
700
1%
1%
M%
1%
'*1%
13#
13%
13% 14
*13%
14
13%
143#
9834
99
*98% 98%
99
98%
98%
117% *115% 119
*115% 119
*115% 117%
122% *121% 1223# *121% 122
1217# 1217#
51
52
51%
513#
*50%
51% 523#
300
7% preferred series A—100
^Missouri Pacific
-.100
5% conv preferred
100
35
35
33%
33
33
*32%
14
14
14
14
213#
4%
*20%
21
4%
4%
381"
*35%
38%
62
434
434
43j
38%
11%
38%
39%
*59%
62
57#
*5%
46i2
5%
,61
47
67#
634
*181#
21
1131
10%
*18%
11%
2034
11%
10
47
67#
10
*11
*10
27
27
27%
170
*13
1312
*13%
*11
97
*93%
97
*1814
20
*1S%
27%
20
13%
1834
1834
18%
18%
*93%
*18%
v.1834
9i2
912
9%
9%
934
16
16
161#
*112
*94
112
*51"
534
534
5
*5
26%
26%
*11%
11%
*117#
13
11%
11%
99
*93
99% *95
2034" 21%
21
170
170
*168
2034
16914 16914
146l2 *144
145
177#
77#
177#
77#
1734
734
64
623*
63%
85#
13U
*8%
8%
*11%
4034
*37%
1234
4034
45
*40%
45
8i2
*11'%
*371#
*40%
6%
12%
1,300
600
Motor
900
Mueller Brass
*4%
5
600
11%'
38%
200
11%
1,100
*109
534
5%
47%
*46%
6%
6%
534
1,800
48
300
2;
13%
13%
13%
13%
*93%
97
94%
94
94
20
*18%
*183,
19%
19%
*92%
*18%
*18%
19%
*18%
19%
19%
18%
1834
"""760
10
10
10%
9%
9%
10%
3,500
16
15%
16%
16%
16%
1634
113
113
*112% 113
*112% 113
112
112% *109% 113
*109% 113
23,100
6
6%
5%
6%
26
*117#
100
171
25%
117#
100
21%
21
172
144
11%
100
21%
*165
5%
*12
13
11%
21%
*57#
5%
263#
./ 5%
26%
13
117#
144
*165
18%
77#
*18%
64
64%
64
"
,
8%
10
6
6
5%
5%
1,100
4,200
12%
11%
101
1,100
700
12%
100% 100%
21
21%
3,000
117#
|
21%
*165
173
600
3,100
8%
7%
8%
18%
n
173
64%
83#
83#
380
*10%
26%
28
*80
90
*80
90
85
-85
*80
90
*80
90
*80
90
*38
42
*38
42
*39
42
*39
42
*39
40
40
"i",I6o
40
10%
10%
29
10%
29
*28%
33#
103#
29
10%
287#
10%
300
29%
2,000
100
200
*107
112% *107
112% *107
112% *107% 112% *107% 112% *107% 112%
117#
117#
12
11%
11%
117#
117#
12%
11%
12%
115#
11%
36
36
*35
36
36
36
15%
*14%
151#
15
.15
15%
*14
15
15%
14%
15%
14%
23%
23%
36
15%
14%
23%
24%
3534
*3514
*2
*6
...
27#
6
6
*114
...
*53
a
35%
36
36
15
15%
15
15%
23,900
14
14
23%
23%
14%
2434
900
24
14%
23%
-3,400
36%
36
37
36
36
36%
367#
2,300
*2
2%
100
115
2%
ll'2
*%
*10%
7634
112
187
112
577#
57%
57%
55%
a55%
55%
15%
16%
86,
157#
3219
*57
55%
*321..
32%
37#
*3-%
*35
7
7%
20%
29%
1634
110
9%
23%
*42%
*115
20%
7%
20%
16%
207#
16%
110% 110%
6
*57#
187#
187#
139
139
91.1
45
4%
*43#
*10%
12lo
30%
30%
20,100
200
*56%
57%
57%
5734
255%
55%
55%
5534
2,500
15%
15%
15%
*85"
157#
10,000
86
8%
9
834
86
8%
1097# 110
327#
4
4
*35
38%
38%
7%
7%
7%
*20
4
*3%
*12%
32%
*116
4
3%
14
31
48%
11%
48%
11%
130
156
156% *153
21
*18% 21
131
131
zs-.
7%
*42.2
*116
69%
41
67
4%
31"
14
*3%
*12%
45
*42%
4%)
I
*10%
32%
32%
32%'
487#
487#!
11%
11%
11%
4%
5
Northwestern
.
Equip
_.
No par
Otis Steel
No par
$5.50 conv 1st pref..No par
Outboard Marine <fc Mfg
Outlet Co
No par
100
No par
2d preferred
...No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
No par
Pacific MJlis
240
Pacific Telep & Teleg
100
6% preferred
100
Pac Tin Corp (sp stk). No par
155
this day
100
300
*151
21
6% preferred
1,600
155
*18%
par
No par
6,100
*151
21
Otis. Elevator
11%
155
*18%
Northern Central Ry Co...50
Northern Pacific
...100
North'n States Pow Co $5 pf. 1
323#
132
*18%
t In receivership
•<
21
Def
delivery
July
Feb
Jan
2% May
7% Mar
14%June
58
Apr
1
28
Mar
6
99% Apr
97# Mar
June
40
Marl
Jan
17% Jan
47% Jan
22%, Jan
20
Mar
10
Mar
23% Jan
7
Mar
38
Dec
Jan
2
Mar
7
110
5% Mar
Apr
Aug
111
Apr
Dec
2% Mar
% Jan
484 Mar
16% Jan
Jan
ID4 Mar
120
June
7g
Jan
434
Mar
54
Jan
4% Jan
1
Jan
19% July
48% Nov
2134 Nov
3734 July
101
;
Nov
40
23
1
%May23
834 Apr 8
71
10834 Nov
38%
6
Mar
July
Mar
Jan
1%
Jan
12% Aug
26
18
118% Mar
9
4%
123# Mar
Jan
43% Feb 25
3»4 Feb 28
70
Apr
8912 Mar
8
8
Jan 3
88% Mar 27
1934
12% Apr 11
487#
132
75
Mar
53%May
32
131
July
82
Feb
62
50
487#
131
30
Dec
120
50
6% preferred series
5*4% pref series
North Amer Aviation....
*113#
131
Dec
63% Nov
234
Jan
7% July
1% Jan
163# Dec
Jan
1st preferred
20
18
Dec
Pacific Amer Fisheries Inc..
Pacific Coast
10
100
Oct
70
85
18% April
54>4 Apr 17
600
11%
C%
110
Owens-Illinois Class C..$2.50
3%
Mar
Mar
5,600
14
*4%
4%
11
4%
*12
5
Oct
100
Preferred
I
487#
4%
45
69
*3%
3%
5
11
100
900
'*116
67%'
68
14
2,800
9%
247#
145% Sept
2834 Nov
8
26% Feb 27
58%Mav 25
5534June 7
Oppenhelm Coll & Co..No
37%
178%
June
13% Mar
112%June
100
9%
June
127
Apr 12
300
24%
154
106
2,200
37%
Oct
July
Adjust 4% preferred....100
North American Co
...10
6%
I
31
90
193#
24
17% Mar
,198
18%
95
Nov
65
110
82
Jan
3
7% Apr 10
-
102% Jan
4
nNewstoek.
No par
r
Cash sale
x
.
1
Jan 23
5
Apr
Apr 10
Apr
8
Apr 10
Apr
8
27% Apr 10
41
Apr 8
9% Apr
114
146
17
Ex-dlv
8.
April]
Jan
30,
Apr 10
v
June
92% Sept
25 „May
4
7
l3# Mar
1234 Mar
9334
Jan
14% July
103
Dec
35
Sept
5
Nov
41
Sept
878 Sept
1478
Jan
Feb
Jan
6
19% May
3278
3
7% Mar
83% Apr
19«4 Nov
8% Jan
27% Jan
144
4
4
Mar
13% Mar
122
Apr
Jan
111% Sept
10
Nov
29% Nov
147
Nov
15
Jan
6% Mar
54%
7% Apr 10
May 27
2%
11%
37#
934
Dec
75
-8
113%May 25
40
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
3% Apr 11
Dec
20
20% Mar
1
May 26
57%
57# Mar
June
30
16% Apr 11
135
Apr
4534
63# Mar
3934 Jan 19
10% Jan 5
6% Apr 10
104
Oct
327#June
434 Jan
Feb 24
234 Apr 10
32% Apr
26%
4
110
Dec
13«4 Mar
Jan
/1434
15% Apr 8
12% Apr 10
70
1634
Mar
*6%
139
Mar
June
6%
|*137
207# July
38
18%
139
30
Apr
133
*57#
139
634 July
Mar
195% Mar 10
Oliver Farm
112
Mar
Jan 25
1,800
*111
4
Mar
168
1,200
111
115% Nov
113% Oct
107# Oct
Jan
Apr 28
30
30
16% July
Mar
Mar
81 «4 Nov
23
Feb
May 16
Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
Ohio Oil Co
....No par
3,500
Sept
11% Feb
% Mdi" 27
2% Apr 10
Oct
100
167#
12
*
51
18%
111
"
131
119
21%,
487#
11%
50
25%
11%
106%
105%
3%
3%
17%
11%
29%June
134May 20
N Y Lack & West Ry Co.. 100
JN Y N H <fc Hartford.... 100
Conv preferred
100
Oct
Nov
4434 Mar
12% Sept
4%
8
5% Apr ^8
Jan 17
20
168%
69% Jan
60% Apr
'
par
6
Jan
20
8
28
8
10
8
111
16%
*11%
32
110
27%
9% Mar
Apr
Jan
MarlO
27% Jan
15% Jan
2,700
4%
39
106
4
81% Jan
Apr
30
50
21
*41"
49
.iNo
5% preferred
N Y & Harlem.
16%
*105#
31%
11%
N Y C Omnibus Corp.^No par
New York Dock
...No par
6%
140
68%
*4%
*3%
*12%
67%
-
327#
167# Jan
8
12% Apr
10% Apr
18% Apr
100
18%
91#
4^2
*10%
31%
...
6% preferred series A
21
45
66
700
4
4
18% Jan 10
4
May 23
27
No par
Omnibus Corp (The)vtc No par
6% preferred A
100
16%
*421"
*115
6,600
*109% 110%
*32%
*37#
45
Bid and asked prices; no sales on
.
'
22%
9%
*18%
21
21%
39%
130
156%
22%
9
47#
*
*21%
24
3%
.
1,100
Jan
6% Feb 17
8
8% Apr
Central....No par
240
*35
9%
York
112% 112% *112% 114
11
8
28% Jan
Apr 25
107
N. Y. ChlcA St Louis Co.. 100
Norfolk & Western.
*85
111
*57#
18%
*137
New
""460
40
14
307#
131
137
86
N. Y. Air Brake
""300
24
11%
48%
*11%
12
27#
%
5
Mar 27
114
9%May 8
18% Apr 11
73% Mar 14
32
Apr 8
4H % conv serial pref... 100
Newberry Co (J J).„._No par
5% pref series A
...100
Newport Industries
.1
11
*233,
*103#
481
10%
No par
77
*70%
74%
*70%
190
186% 186% *186
*36
*4i,i
48%
*111#
10%
9
2
10 "Apr 8
40
May 22
43%May 25
2% Apr 11
IN Y Ontario & Western..100
N Y Shipbldg Corp part stk._l
7% preferred..100
24
4
*3
*12%
5
*3#
40
9%
66
4:
3%
131-)
*2%
%
*23%
*42%
...
65%
4%
*3
11%
2%
*3#
*35
45
*115
65%
137
9%
*42%
50
52
2%
1634June
117% Jan
6% Apr
Neisner Bros Inc
10% preferred..-.
'
*52
231"
23%
*115
—
54
42
*35
23%
2
.
111
6%
19
*12
•
7%
o71'1
6
9%
42
60
3,100
8%
9%
109% 109%
327#
327#
37#
37#
*35%
38%
7%
7%
21%
21%
163#
16%
38'%
19
...
65%
*18%
*35
19%
137
*38%
*85
109% 1091"
32%
32%
3%
37#
37#
20
130
1
77
187% 187%
*112% 115
223#
2234
*56%
57%
55%
55%
15%
16
9
6%
137
*153
8%
*16%
163,
16%
11034 *109% 1101
*6
*18%
*130
*84%
3834
7%
6
114
•
327#
37#
*35
383;
6
114
*53
*73%
187
22%
54
%
2%
2
2%
6
*6
*115
*52%
1534
16
86
*8414 86
9'
9
87#
'9
*1087# 109% *1087# 109%
55%
*115
34
*72
2%
300
*114% 115
6I4
115
2%
112
21%
58%
15%
*84%
*57#
56
223#
*57
27#
*114
22
.55%
36
34
112
*11118 112%
217#
22
*35
143#
243#
6%
*53
*2%
2%
*2%
2%
1
*%
*%
*1034
11.3# *1034
11
*72
751
*7214
7634
*183% 186
*183% 186
3 ,200
15%
115
*114
56
%
"
27#
*2
6
*115
56
*%
•
11434 115
6%
*52
3534
*2
116
*115
23%
*35%
27#
*114
'
23%
*34
30% July
634 Apr
No par
Natomas Co..
Dec
Nov
Sept
12% Mar
Apr 21
18% Mar 31
..40
National Tea Co.;.
14%
28
5
3
86
Corp
25
National 8upply (The) Pa.-lO
3%
*10%
Mar
26% Jan
1234Mar
Feb
preferred...
6
15% Mar
Jan
Nov
19
9% Apr 10
5^% prior preferred... 1D0
6% prior preferred
100
1084
273#
14% Jan 3
28% Mar 11
175
14% Apr 11
3%
147# Nov
94% Nov
59
3%
8% Mar
170
$2
July
157# Mar 15
145
100
54
12%
Jan 14
100
15% July
62% Oct
110% Dec
10% July
29
Mar 25
13%
Jan
7% Mar
165
45
Oct
8% July
64%
634 Mar
135
45
32
4
.100
*40
Mar
9% Jan 20
25% Jan
preferred A...
*36%
4
37% Mar
preferred B,.......100
*11%
9% Apr
3434 Mar
95
Apr
5
7%
12%
Mar
5
6%
45
Mar
Jan
3
Apr 12
45
4
26
Mar
11% Apr
...10
*40
Mar
Jan
9%
51
4% Apr 11
preferred.No par
*36%
3%
3
May 29
8
11% Mar
Oct
10% May
1
12%
*10%
*2614
3%
6
3
54%
16% Apr 10
8% Mar 31
12% Jan 13
Nat Enam & Stamping.No par
45
3%
10%
29%
3%
64% Mar
111
4% Jan 13
45
3%
Jan
7% Jan 3
44% Mar 13
14% Mar 6
23% Apr 10
*40%
Dec
117% Sept
65
....10
*36%
110
157# Mar 7
95%May 31
23% Mar 9
Jan 20
*12%
11% July
23# Jan
3% Jan
20% Nov
150
Feb
45
3%
12%
Dec
Dec
Jan 17
Apr 24
No par
Lead
Jan
9
16% Mar 11
8
109
Co.
Mar
30
Mar 31
111
40'
40
*40ii)
3%
*10%
28%
1%
2234 July
173# Nov
National 8teel
1,700
%
5
6
10% Mar
7,200
64%
8%
3
19
Nat Mall & St'l Cast Co No par
National Pow & Lt._._No par
2,700
5
Jan
122%May 24
Apr 10
2,800
77#
64%
*3%
s
300
19
77#
18%
7%
Jan
40% Nov
...No par
preferred
conv.
Jan
33#
383# Aug
100
Nat Distillers Prod
$4.60
Oct
1734
Mar
100
7% pref class A.
7% pref class B
National
72%
10% Apr 26
4
17% Apr 25
Nat Bond & Share Corp newNo
Cash Register
No par
Nat Gpysum
1
90%May
Nat
6%
Mar
10% May
1% Mar
434 Mar
25
160
National Cylinder Gas Co
1
Nat Dairy Products...No par
Nat Dept Store
35
5
4
2% Jan
17% Jan
7% April
23% Jan 24
10
5% pref series A w W....100
257#
26%
12% "12%
6
5%
26
July
2% Jan
934 Jan
5% Apr 10
14% Apr 8
Nat Bond A invest Co.No par
350
8
25
4% Apr
—100
pref
100
160
Nov
Mar
22% May
45
5
Biscuit
Oct
Apr *117
4
147# Jan
9% Apr 10
Nat Aviation Corp....
92
100
3
64% Mar 10
Murray Corp of America—10
Myers (F & E) Bros...No par
Corp.
5
Nash-Kelvinator
1,200
144% 144% *142% 144
18%
7%
77#
6334, 04%
-83#
8%
*11% 13%
No par
10-%
*13%'* 13%
19%
1
10
July
37% Mar 13
16% April
4% Apr 10
30
Apr 8
9% Apr 12
50
Apr 8
106% Apr 14
Murphy Co (G C).....No par
5% preferred
...100
cum
Jan
Jan
303# Nov
39
10
1
Co
Munslngwear Inc.:
7%
49%
227#
111
MarlO
54
8
4
Dec
Feb 28
6% Jan
April
9% Apr 10
$7 conv preferred...No par
National
85% Jan
112
8
7% Nov
40% April
33
Apr 28
National Acme
400
115% Mar 14
534 Mar
12% Mar
15% June
76
Apr
Nov
73
57% July
30
...5
Wheel..—
900
1,200
4
Mar
11%
12,600
5
3
Jan
Jan
11
277#
28
170
170
16% Jan
Apr 10
11
10
12% Jan
29
118
11
277#
47% July
1434 Oct
4
Mar
Nashv Chatt & St Louis...100
170
26% Mar
39% Jan
May
130
*9%
1634 Dec
10
4,800
27%
30
June
3% Mar
67
67#
*169
May
11
111
20%
27%
170
14
5
.19%
11%
10
3
9
Mar 13
17
3
21
.
6% Jan
28% Jan
Jan
Mullins Mfg Co class B
38%
11%
63%
____
32% Apr
May
Motor Products Corp.-No par
14
2134
60
50
9
111
50
14
Oct
6
121
*18
21
*9%
27%
100
7%
*46
67#
*11
14434 145
18
1834
77#
64
177#
5%
57#
47
113#
.
Feb
Mar 22
Essex
21
-
13%
112
5
*109
11%
97
16%
112
*62
*18
27%
112% 113
112
26 "
2012
*144
16
16%
.112%
*112
113
*10,7% 112
*5'4
5%
*5
51#
257# 261#
1214
1214
*1U2
1134
5%
6%
170 ; *169
*167
*111#
62
....
47
10
10
13%
*9312
534
67#
2034
11%
11%
11%
61
*109
47
6%
*18%
27%
170
16912 16912
*11%
61
...
534 *
5%
*45
461
67#
*35
11%
*11%
*109
11%
Jan
Nov
15«4 July
80
61%June
103# Apr 11
8534 Apr 10
Montg Ward & Co. Inc.No par
&
58
% Apr 14
Apr 1
MorrelJ (J) & Co——No par
64
434
*37%.
1J%
2134
Preferred series B
Morris
95
Apr
115
100
40
Apr
634 Mar
No par
preferred
29,300
32
115#
5
3834
115#
62
*14
120
537# Oct
26% Jan
11% Nov
No par
Mohawk
$4.50
Mar
55
1-
Monsanto Chemical Co
10
35% Mar
13% May
5
Apr 10
4
Carpet Mills..—20
10
1,700
1,600
3434
*30%
213#
4%
14%
21
*109
*34
33
11%
14%
14%
2034
—
33%
22
11%
137#
*111#
%
*34%
33%
*412
0
%
123# July
12
103# Apr 10
1% Apr 8
Mo-Kan-Texas RR....No par
5%
2034
*587#
—
%
137#
*109
Mission Corp
1%
5%
2034
*37i2
""306
No par
10
preferred
$6.50
11%
20% Nov
Mar
7034 Jan
Jan 16
3% Apr
40% Apr
MarlO
Jan
7
6
Jan 19
110
4% conv pref series B...100
Minn Moline Power lmpt_..l
1%
33
11%
8% cum 1st pr?f
100
Minn-Honeywell Regu.No par
1,500
43#
45
11%
-5
No par
'
10
9934June
share
per
10
8
13% Jan 25
25
Apr 8
6% Apr 10
11% Apr 10
18% Apr 8
101
April
55
April
Mid-Continent Petroleum..10
Midland Steel Prod
June
April
3-% Apr 10
18% Apr 4
5
Mesta Machine Co.
8
46
1
-.60
5% conv 1st pref
Miami Copper
*11*
*34
33
*40
51
*%
5%
%
9712
98
*11534 118
-
13#
•
1%
*1234
•
*1%
$6.50 pref ser B w w.No par
Shoe—.'
No par
Melville
5,300
112
41#
,58
per
22%
Jan 27
7% Apr
$6 preferred series A.No par
Mengel Co (The)
$
share
Apr
88
100
No par
Mead Corp
2,700
400
per
1
Stores
Mercb <fe M'n Trans Co No par
'
4%
4i4
$
1
Co
Elec
6% conv preferred
"""260
8%
58
59%
43#
800
700
Par
Highest
1 per share $
19%
100
8%
58
111
641#
112
19%
*7
59
Year 1938
Lowest
Highest
Lowest
share
Jan 21
Jan, 5
Mar 10
Jan 3
734
7%
77#
734
77#
7%
7%
8
13»4
13%
14
13%
14
*13%
14
13%
14%
23%
23% 2334
23% 23% *23%
24% *23% 24%
112
112% *110
*110
112
112% *110
*110
112
*110
112
57%
43#
23
15
29l2
7%
*8%
58
58
Range)or Previous
Lots
7%
19%
23
*28
*6212
$ per share
23
15
*111
$ per 8hare
On Basis of 100-Share
Week
*13
231#
*13
112
June 9
*J9%
834
61
June 8
$ per share
100
*95
834
*58
June 7
.
1939
10,
EXCHANGE
Friday
7%
57%
113#
9%
*57
9%
8TOCKS
NEW YORK STOCK
the
Thursday
19%
7%
Sales
for
Saturday
June
Jan
30% Apr
60
10
22% Aug
247# June
45
39% Apr
Jan
116% Mar 25
70
Jan 3
115
Apr
40
Mar
'
7% Mar
37# Jan
2
3
16
Jan
5
6
Jan
4
12*4 Mar 14
3434 Mar 10
Mar 10
49
14% Mar Hi
132
June
9
155
257#
Ex-rlehts
May 22
Jan
Mar
7
5%
2%
10%
334
9%
i22'4
32%
9%
87
Dec
Mar
Mar
Mar
15% Nov
Nov
52
Oct
115
Apr
76% Nov
11% Jan
5% Jan
21% Nov
9% July
15% July
Mar
Mar
30
Mar
43%
Mar
197# July
Nov
Dec
Apr
121
x!32% Mar
149
Nov
30
June
17%
Dec
^Called for redemption
Dec
.
Volume
LOW
New York Stock
148
Record-Continued—Page
8
3497
HIGH
SALE
PRICES—PER
Tuesday
Wednesday
June 3
June 5
June 6
June 7
$ per share
9 per share
$ per share
$ per share
9%
9%
*9%
9%
*9%
3%
3%
12%
12%
3%
12%
3%
13
3%
1212
1234
*5%
5%
*■5%
5%
*5%
5%
%
78
%
%
7g
7g
*5%
34
*461'
471'
*461'
*44
46
46
*97
104
46i2
104
*97
9%
9%
*90
*10
*15
9%
93
15g
10
*15
10
1%
41%
17
134
10%
*9%
10%
*41
16%
134
*50
1%
1%
41%
*1%
134
134
10%
10%
10%
*9%
10
10%
*50
3%
*3%
3%
25
*1234
14%
18%
18%
*3034
32%
*111% 115
*35
*1111' 115
35
35%
*2%
10%
*17
19
,1%
*1%
134
42%
42%
18
1734
18
134
1%
134
10%
10%
9%
10%
934
*51
53
88%
1%
*1%
3%
3%
26%
3%
35%
115
35%
*2%
3
10%
10%
*10%
*24%
27
25
26
*26%
*19
20%
*18%
20%
*19
20%
*19
20
20%
35%
35%
*2%
Patino Mines & Enterpr-Ve par
'
'
88%
*1%
5,600
1%
*3%
500
3%
$7 conv pref.
*112
35%
18%
34
112%
14,500
3
10%
~%66o
26%
27
20%
20%
27%
20%
20%
300
Peoria A Eastern
130
prior preferred
5%
pieferred
Pet Milk—
No par
*18%
*7%
20
8%
734
7%
900
Petroleum Corp of Amer
*6%
7
6%
7
7%
600
Pfelffer
33.,
33%
34
34
6%
3434
33%
33%
34
35%
7,000
433i
43
43;%
*42%
43%
4334
4334
600
82
82
81
81
*80
84%
84%
200
*2%
21'
3%
%
8934
*2%
'2%
*2%
2%
*3%
%
3%
%
*3%
4
88%
8934
88%
*43
4334
*79%
82
*42%
*2%
2%
*31o
3%
*3%
*%
33
%
%
90%
*89%
%
9012
138
5%
230
100
100
100
,
20
*8
8%
8%
*132
138
89
*131
•
*132
138
*6%
*80
*2%
4
8%
'
*132
20
.
.5
Brewing Co—No par
26
Phelps-Dodge Corp
Philadelphia Co 6% pref—60
$6 preferred
No par
JPhlla Rapid Trans Co
60
7% preferred
60
%
1,300
Phlla & Read C & I
91%
90
*132
140
2%
4
7,500
Philip Morris A Co Ltd
10
5% conv prof series A. —100
*%
%
90%
%
138
7
•
140
3%
31
*20
3%:
*3%
*3%
*20
31
*20
35%
35%
36
36
36
*2%
*42%
*634
3%
44„
*2%
*2%
*42%
3%
44
7
7
*634
7%
*634
26%
*46%
26%
26%
26%
*26%
•
7%
*26%
26%
*45
50
*90
115
*3
*12%
*5%
115
*3
6%
*54.%
48%
*90 '
3%
15%
.
5.8
*163
*168
5%
*2%
3%
42%
42%
44
*45%
*42%
*90
16%
6%
58
58
5%
*168
*534
58
6
6
*8%
9
834
8:
35
8%
*28%
8%
*28%
30%
*28%
*13
15
35
15
23
14%
14%
*22%
23%
22%
22%
*19%
9%
9%
9%
9%
1
9%
,
%
%
20%
20%
-
^8
%
9
%
8%
57
37.
1%
*15%
21%
*19%
9
134
1%
1%
11,400
Plttston Co (Tbe)
.—.No par
20%
20%
1,100
Plymouth Oil Co.
6
-
10
*8
9
10%
10%
*1%
1%
1%
*%
%
8%
9
26
*8%
27
*25
57%
•
118
*8%1
*25
57%
57%
57%
118% 118%
*81'
9
9
*83$
*25
57%
57%
57%
118% 119
26
119% 119%
37% 38
37%
37%
109
110
108% 109
1223; 123
*123% 125
145
*140% 145 , *141
37
37
37%
*160
161
116
116
2634
7%
*81
27%
7%
86
6%
*80
6%
100
64%
1%
*18
6%
100
*80
64%
64%
64
*18
64%
64%
9%
9%
16
9%
*15%
16%
16%
13%
17
13
*15%
*12%
*151'
*12%
23%
*21
23%
*17
18
13%
22
19
3%
*12%
*20
*12%
*21%
*17%
*21%
-17%
*3J4
13%
22
17%
3%
49
*40
49
*3%
3%
*3%
*40
49
*7
8%
*7
8%
*7
*15
9%
*8%
12%
_
.
*8%'
12%
9%
1234
68%
*65
681
69%
1%
16%
*06%
1%
16%
.
_
12%
81'
*68
69%
1%
1%
16%
*46%
16%
55
*46%
55
*45%
50
*11%
12%
*11%
12%
*23%
26
*22i«
*65
70
*65
"
*42
50
*42
*834
48
9%
7
37%
834
12%
21%
21%
17%
*3%
21%
*47%
55
cz47%
47%
"466
12%
24%
12%
1,200
Revere Copper A
*7%
8%
"8% ~~8%
*7
7%
15-%
22%
22%
8
167S
*53
55
"
*7
*3%
8
9
7%
15%
22%
34
*33%
*%
%
1%
1%
1%
*2-%
7%
39%
1%
*7
6
*3%
9
*3%
9
42%
42%
41%
42%
*47%
50
12%
24
24
*23%
24%
70
*65
70
*65
45
*42
44%
*42
44%
8%
6%
39%
*3%
834
7%
81
6%
634
40%
40%
*21
221
*21
*53
55
—
8%
7%
1%
*1%
15-%
22%
134
34%
34%
35%
*%
%
*i4
%
1%
*2%
1%
534
*3%
9
42
8
"8%
*7
7%
15%
*20%
22
35%
%
8
1%
35%
8%
4,600
7%
100
15%
1%
37%
*1%
800
1,300
%
100
*'4
1%
*1
1%
4%
*2%
4%
*3%
43%
9
44%
100%
110%
116% H6%
*12%
13
this day.
*3%
9
43%
44%
*3%
9
45%
17,700
101%
610
101
110% 110%
110% 111
*12%
700
44%
100% 101
115
115
*114% 116%
12%
12%
12%
t In receivership,
Reynolds Spring
...
Reynolds (R J) Tob class
1
B.10
10
Westphalia Elec A Pow.
Rlehfie d Oil Corp
No par
Rltter
Dental
Mfg
No par
Copper Mlnes.
Ruberold Co (The)
No par
Roan Antelope
""300
22
36
A..
preferred
% preferred
.6
-10
....100
100
Common
7%
%
8
9
10
124
Mar 15
243s
Jan
4
34-'%June
15
Apr
17
140
110
200
a Def. delivery,
100
{Rutland RR 7% pref
Joseph Lead.
10
St
Francisco—.100
6% preferred
...100
tSt Louis South western.. .100
6% pieferred
-.100
tSt Louis-San
Safeway
No par
Store#.
preferred
6% preferred
7% preferred...—
Savage Arms Corp
5%
n
New stock,
r
100
.-100
100
No par
Cash sale.
19% Mar
110
Jan
MarlO
16
%
,
Mar
42
Oct
Mar
6% July
Mar
1784 July
Mar
43
Mar
38% Jan
17»4 Nov
8% Mar
784 Mar
484
July
13%
Jan
Oct
8%
Jan
30
Mar
43
Nov
Feb 16
60
Apr
74
Nov
2%May 26
1% Apr
3
Nov
Mar 27
2% Mar
6% Nov
4
82%May 19
May 19
103% Mar
3
154
Mar
1
7
Jan
4
Mar 23
1
Mar
14334
Oct
144%
Oct
% Mar
0
3
Dec
47% Nov
38 Jan
126
Jan
Feb
11684
17% Mar
4
Jan
Dec
24%
Feb 17
80
Feb 27
3
9
MarlO
47
8
75
7
8% Mar 14
4434 Jan 5
7
1% Apr
Mar 10
10
7%May 19
584 Apr 10
28% Apr 11
36
Apr 8
July
Mar
41
20%June
15% Nov
31
34
Jan 18
6% July
30
Mar
22%
is4
6%
1738
Jan
Oct
121
40% Feb 6
3% Jan 24
17
Oct
120% Deo
14% Mar
8
75% Mar
114
June
8% July
60% Mar
44% July
4% Mar
Apr 20
31% Apr 10
2% Jan 9
32% Mar 23
32
4334 Jan 3
3% Mar 29
27% Mar
Mar
4
Nov
3
45% Mar 15
30%
Jan
43
July
8% Mar 14
26%June 6
4
Mar
9
25
36
Jan
;
Sept
2
July
Apr 27
Jan
5
166
May
July
90
July
5
Jan
4
3% Mar
20% Jan 5
7% Jan 11
18% Dec
Mar 31
50
62
9
6
4
26% Nov
Oct
June
8
Apr
Jan
39
90
2% Apr
12
20%
.50
173
Apr
Mar
75
Nov
June
174
Mar
62
Aug
30
July
May
45
Mar
17% Nov
Jan
42
Jan 14
3
36% Jan
23
1534 Jan
6
% Apr 28
17% Apr il
6% Apr 14
1 % June
Apr-8|
1% Apr 10
%May 1
6% Apr 10
7% Apr 1
18
Apr 10
50% Apr 14
Maris
8
31% Apr
%
1684
Mar
£J% July
8
Mar
11
1634
6% Mar
10%
1% Mar
% Oct
33S
2% Jan
34 Jan 17
14% Jan
14% Jan
43% Jan
58%June 9
119*4 Feb 27
38% Mar 11
1%
4% Mar
1334 Mar
122% May
Nov
25
Mar
110
June
8
4
125
June
9
129
Apr 25
139
May 31
Apr
105%
101% Apr
112
Apr
148
8
7
7
8
Apr
83
Jan 23
72
161%June 9
Jan 19
39% Jan 4
lit* Jan 3
117%
Apr 12
60% Mar 29
81% Jan 3
1734June 6
13
Mar 11
'
1034 Jan 26
11% Apr 29
5% Apr 10
1
53% Apr 10
85%June
8
4
1% Apr
16% Apr
8% Apr 10
15%May 24
10% Apr 8
1234 Mar 31
17
Apr 11
April
47% Feb 7
3
Apr
1
6% Apt
9
Apr
8
7
,
4
10% Apr 10
65%May
60
1
3
Apr 11
Mar
■
31
12% Apr 10
Apr 8
42
Apr 11
95 1 Apr 11
22
Apr 11
65 May 10
41
May 11
43
7% Apr 10
.
«% Jan
85%June
4
Jan
7
Mar
9
June
4'4 Mar
Jan
1434 June
8% May
184 Sept
15% Nov
Jan
16%
Oct
9%
80
■; Oct
66%
6%
24
Jan
Jan
Jan
18
10% June
22
25% Jan
21% Mar 13
18
Mar
30%
Jan
13% June
27%
Jan
6% Feb 11
Mar 20
64
9% Jan 6
034 Jan 6
11% Jan 12
17% Jan
5
Mar
234 Mar
34% Mar
5
Apr
6% July
58
July
11
Jan
5% Mar
11% July
9
13% July
June
9% Mar
17% July
75% Mar 15
Mar 15
49% May
78
Dec
40
Apr
6?
Nov
5
1
Dec
■72
134
Jan
3%
Oct"
2538 Jan
11% May
25% Nov
70
Jan
39% Mar
78% Nov
71
Jan
38
May
77% Nov
20% Jan
77s Mar
19%
Oct
Jan
17% Mar
38%
Dec
85
Jan
40%
77% Mar 15
05
Apr
Jan 18
45
Dec
54
1434 Jan
4
Mar 13
Jan
5
Jan
4
8
Jan 31
11%
6412
Jan
10
17%
77%
94
Jan
Sept
Sept
Dec
4% Mar
3334 Mar
5
34
Mar
61%
7% Apr
9% Jan
16% Jan
18% Apr 11
«4 Apr 8
27% Apr 11
% Apr 5
Jan
Aug
5
10% Jan
6%May 2
13% Mar 31
12% July
Jan
46%
68%
8%
13% July
14% Mar
2084
Jan
Mar
33%
Dec
2%
49%
Dec
J&n
Oct
July
July
Jan
July
13
Jan
84
Jan
4034 Jan
1%
25% May
Dec
1%
4
2
Jan
1% Mar
33g
l«4May
3
3% Jan
6%
3-%May
6
ls4 Dec
37g Dec
%
Jan
34
Apr 28
4
12
Mar
10l%June
68
Mar
111
45%June
Jan
Jan
9% Nov
Apr
2734 Apr 11
82% Jan 4
Jan
July
24%
29%
18% Jan
68
1
Deo
23% Jan
45
6% Apr 11
13% July
Jan
88% July
Jan
5% Apr 10
35% Apr 11
Mar
..
98%
2% Jan
22% Jan
85
54
39% Nov
74%June
37% Mar
17
Dec
Sept
117
81
Jan
67%
Nov
152%
Mar
8% May
Apr
Oct
11834 Nov
134
21% May
60%
4
7834 Jan
132
112
Jan
35%
80% Mar
Jan
Oct
59
39% Mar
114
Jan
Dec
Jan
Jan
Dec
14%
14% Dec
42% Deo
434 Mar
Apr 10
April
Jan
15
Jan
9
103
23
Jan
84
Dec
115
115% Mar
Jan
Feb 27
22% Jan
8
112
9% July
11% Apr
14
April
May
Jan
41
4% May
7% Mar
20% Apr
9% Jan
_
7
Jan
9% Nov
3% Mar
2434 Jan
April
7% Apr 10
22
Apr 4
12%May 22
5
20
7%
35
145
Jan 12
67
Rhine
*1434
22
Brass
Reynolds Metal# Co ..No par
6M % conv preferred —.100
55
♦2%
110
11,200
*1
115% 115%
*12%
13
Bid and asked prices: no sale# on
900
40%
1%
110% 110%
13
600
81%
634
40
534
115
*12%
5k
1,500
*3%
*1434
*1%
834
81%
634
*53
55
*3%
Class
200
7%
*2%
110% 110%
115
81%
24%
*1
100
100
834
8%
6%
40%
*7
*1434
8%
82
8
8
'
70
43%
100% 100%
100
'3,300
14,000
*lia4
15%
1%
1%
16%
*46%
*1434
34
1%
,
50
12%
*53
55
"
"""150
16%
1%
16%
"2;266
51
*79%
82
7%
39
1%
16%
100
9%
68%
69
55
*42
8%
*79%
■
400
——
8%
734
*65
55
*46%
1%
16%
*46%
47
%
13
1%
*1%
-16%
8%
1%
*12%
*66%
*42
34%
*99% 101
*10«% 110%
115%
69%
70
*%
*115
69%
I4t
16%
*65
*1%
*2%
*6734
70
34%
6
*65
25
*14%
*21%
1%
1%
68%
68
68
500
v
3%
12
12
12
*64%
69
*4734
7%
3834
*8%
£12
68%'
12%
*12
81
38
9%
12%
*66
12%
12%
26
8
*8%
9%
*7%
734
17%
Reading
200
49
*40
49
68%
12%
4734
*31'
*14%
9%
*8%'
*65
100
.
60
4% 1st preferred
60
4% 2d preferred..
60
Real Silk Hosiery
5
Preferred
-.100'
Rels (Robt) A Co 1st pref. 100
Reliable Stores Corp ...No par
Reliance Mfg Co.—— — ..10
Remington-Rand
Preferred with warrants. 26
Rensselaer A Sara RR Co.. 100
JReo Motor Car—
5
Republic Steei Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
3%
*7
600
16
17%
*7%
300
9
S3.50 conv
JRadlo-Keith-OrpheumNo par
Kay best os Manhattan-No par
Rayonler Inc
1
$2 preferred--.--.
-26
2,700
*12%
*3%
*40
J5 preferred B
"moo
*15
.No par
No par
1st pref.-No par
Radio Corp of Amer—
13,400
1%
12%
17%
7%
7%
*834
48%
8%
*53
55
*53
*
8
12%
*24%
*6%
*634
3734
.«'
4734
81
83
*81
48
*7
—100
100
Puilty Bakeries..--"—No par
Quaker Rtato Oil Ref Corp.. 10
6% preferred..
5% conv preferred
27,300
64%
16
12%
21%
8%
*18
'
*7
Pure
1834
1%
9
9%
*40
64%
2
9
*8%
17%
6,000
100
18%
95. No par
Inc——T—No par
Oil (The)
No par
Pullman
72%
1734
1%
9%
8%
Pub Sor IG1A Gas pf
200
•72%
18%
No par
100
preferred
.....100
preferred-...
100
7,100
*11%
12%
6%
6%
*7834 100
2
*8%
9%
"■""196
12%
19
*1%
18%
6%
7%
73%
17%
6%
6%
*7834 100
64%
63%
6%
100
Gamble..—No par
preferred
Preferred
15
.
500
"""466
16
19
2,200
*14034 143
16%
6
60
6% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
4,500
125
1634
75
18%
17%
37%
38
109% 109%
*18
1%
2
19
6%
*80
170
*11%
12
*74%
Procter A
9,100
.
1734
12
75
No par
-—1
5% conv 2d pref.
58 li
124
—
5% conv 1st pref
161
161
161% 161%
116%
*113% 116% *115
26
26%
27%
26%
7%
734
7%
7%
82
*79%
82
*79%
a-73%
17%
75
9
11834 11834
57%
B
Pressed Steei Car Co Inc.
26
*25
27
1734
*65
Class
2,300
12%
6%
8
Porto
100
8%
17%
*7
300
1%
%
8%
No par
Rlc-Am Tob cl A.No par
Poor A Co class B
1,200
%
*11%
3%
10%
8%
17%
8%
Pond Creek Pocahontas No par
9
%
12%
49
50
8%
75
2
230
,V
*%
16%
*11%
64%
15%
2234
9%
15%
20%
*8
*72%
-
100
100
6%t 1st ser conv prior pref 100
Pittsburgh A West Va
.100
7% pref class B
6% pref class A.
"""ho
1%
9
16%
12%
.
Plttsi.urgh Steel Co.—-No par
400
8%
8%
36%
6%
Pitts Screw A Holt..—No par
35
9%
'
100
534
20%
10%
1%
75
*7
21%
•
1%
20%
*72
*3%
*29
*29
16%
*11%
*40
8%
8%
32%
1634
*8%
8%
35
10
171
534
534
Mar
6
Oct
85% July
2% Jan
Dec
16% Mar
33
8
8
8
7% Apr
21
Apr
35% Mar 27
2,700
""""90
i;
•
2
171
171%
5%
Mar
1%
Oct
14% Nov
13% July
68% Aug
2% Mar
10% Mar
5% Jan
6% Apr 11
23
Apr 18
100
6% preferred
.100
Pitts Coke A Iron Corp No var
55 conv preferred.
No par
Pitts Ft W A Ch 7% gtd pt 100
6%
61
59%. 59%
*169
—
Pittsburgh Coal of Pa
100
15%
*534
61
—.
Mar
55
Pitts C C A St L RR Co. —100
15%
16%
6%
Preferred
41
9
116% Mar 14
Pierce Oil 8% conv
3%
81;
9
108% 108% 108% 108%
122% 122% *122% 12234
+139
*138% 140
*138% 140
141%
160
160
*158% 160
159% 159%
118
■116% 116% *115
*113% 116%
26l2
26%
26% 26%
26%
27%
7%
7%
7%
7%
73.1
7%
*81
*81
86
*81
-86
,85
*63%
115
*3
*%
108
G%
*90
3%
8%
*121% 122%
*80
115
6
-9%
*10%
1%
1034
1%
Pirelli Co of Italy "Am shares'*
58
15%
*8
9
10%
*1%
60
%
118
37
108
*8
700
50
8%
*8%
*24%
57%
117
9
101"
2634
50
2234
1%
20%
2034
7%
26%
*%
.
26
57
117
1
20%
7%
*13%
*534
6%
9%
-.5
.100
50
*3
16%
15%
Hosiery
26%
*90
*19%
9%
1%
Petroleum
pref-—100
Plllsbury Flour Mills
^26
"""16
44
8%
:
i
9
*25
'
10%
*1%
1%
*%
8%
*8%
21
*8
11
*10%
*1%
"
*20
.
*8%
*29
Phoenix
200
3%
171% *170% 172
534
15
50
-
Phillips
5,600
3%
*634
115
*13%
31
36%
*26%
*45%
7%
2034
*3
.3%
3%
*2%
*42%
*634
44
*45%
49
*3
*5%
....
5%
5%
*421'
3534
3%
*12%
58
36
36%
*2%
6%
*55
*20
36
35%
3%
16%
*5%,
31
*20
31
*3%
3%
36%
*90, 115
3%
*12%
*20
31
*3%'
3%
*3%
3%
—No par
100
No par
Phillips Jones Corp.
7% preferred
3
Apr 17
No par
•
*3%
>
3%
21%
234
1% Mar
Jan 16
July
42%
884 Mar
1%
Dec
13% July
Mar
1
Dec
30
1% Mar
31% Mar
13
Dec
13%
103
Mar
57% Jan
88%June
8
102
6% Mar
16
11% Mar
3
Feb
Mar
Feb
Aug
61% Nov
534 Mar
Jan
30% Apr 11
2
May 10
...100
Pere Marquette
7
2%
3%
*132
111
conv
8
*3%
*89
preforred—.100
Peonies G L & C (Chic) —100
6H%
3234
43%
81%
*2%
Peoples Drug Stores. ..No par
700
35%
"
*79%
50
Mar
65
Dec
2
3% Mar
3
10
10
20%
RR
9%
2% Feb 25
11% June 9
Apr 10
April
19
Apr 11
12
Apr 8
122
Apr 11
15«4 Apr 10
18%
8884 June
4
2% Jan
Apr 10
% Apr
24
*2
20
par
26
534 Apr 10
9
Apr 10
500
2
*20
Pennsylvania
No
Feb 14
14% Jan
107% Jan
13% Jan
Jan
74
pref ser A...No par
conv
4
Dec
6% Nov
1
Sept
Mar
48
*6%
7%
33%
43%
97
29
19
10
Penn G1 Sand Corp v t c No par
6
3
60% Jan
104
Highest
share 9 per share
10
Mar
15% Jan
6
Oct
3% Mar
per
1534
43
No par
Cement...No par
Lowest
16'% Jan 4
634 Jan 20
1% Jan 5
Apr 11
..No par
—
"7%
.
8%
33
Penn-Dlxle
200
.2.50
Coke Corp
11% Jan
434 Jan
11% Apr 10
1% Jan 26
36
No par
Penlck & Ford
Penney (J C)_.
Penn Coal
10%
1984
201'
18%
33%
35%
*9%
26%
27%
:
100
53
87%
18%
34%
*2
20%
20
Parker Rust Proof Co
*121%
*34
11%
1
Parke Davl«» & Co-
14
*10%
27%
Park Utah CM—
1,500
28
114
1
..
500
3%
114
10
Park & Tilford Inc
May 10
6% Apr 10
Apr 10
734 Apr 11
18
Apr 14
1% Apr 4
80
—.100
934
*25
35%
3
*2%
3
11%
27%
20%
800
100
1
1st preferred
6% 2d preferred
25,800
*13
116
100
6%
11%
14
1734
preferred
conv
Paramount Pictures Inc
Par melee Transporta'n. No par
Pathe Film Corp..
No par
28
34
No par
800
*13
34%
*114
Paralflne Co Inc
8
9%June
3
Apr 8
10% Apr 1
5% Apr 1
% Apr 1
41% Apr 14
Panhandle Prod <fc Ref new.. 1
1%
*25
183,;
10
1,400
18
14
*121%
% per share
Corp
5
Pan-Amer Petrol & Transp_.5
100
~i~66o
S per share
Pan Araer Airways
1%
10%
934
1%'
3%
I0T666
Year 1938
Highest
Packard Motor Car.—No Par
4%
9%
27
*25
.
Pac Western Oil Corp
1%
42%
8734
*1%
300
Par
1%
o42%
17%
*51
53
87%
""766
10%. 10%
•" 19
10%
934
.
%
91
91
134
9%
5%
*18
42%
1%
42
*17%
53
3
*7
*10%
19%
87
11%
*8
10%
9%
8,300
3,800
Range for Previous
Lowest
104
9%
9%
9234
1%
*10%
*102
*91
54
*111
104
*102
3%
48%
*45
9%
93
*1234
*1234
14
*121%
*121%
18%
18%
18%
1834
*33
32% >32%
32%
*121%
47
300
10
14%
*5%
*34
%
" 104
87%
*3%
26%
3%
13
5%
46%
*1%
14%
*9%
9%
3%
13
*5%
47
87%
1%
25
25
*50
88
*1%
3*2
*22%
*12%
*121%
18%
*3034
.54
87%
1%
9%
3%
10%
17%
134
11
10%
134
Shares
%
*17
41%
17%
$ per share
share
per
13
5%
9%
134
41%
171'
Week
*90%
19%
*17
88
*u8
10%
*17
*41
54
88
19%
*100
9%
94
10%
10
19%
"
104
9%
*90%
93
10%
"
arlOO
9%
*90
June 9
$
3%
13
9%
Friday
June 8
934
3%
12%
Range Since Jan. 1
On Basis of 100-Sftare Lots
exchange
Thursday
'
*918
8TOCKS
new york stock
the
CENT
NOT PER
SHARE,
Monday
Sales
for
AND
Saturday
9
7%
2934 Nov
83% Dec
June
68
Mar
99
Nov
104% Jan 11
116% June
79
Mar
108
Nov
10% Apr 11
18% Jan
8»4 Mar
19
Jan
96
rEx-dlv.
Jan
3
y Ex-rlghta.
5 Called for redemption.
New York Stock Record—Continued—Page 9
3498
SALE PRICES— PER
HIGH
AND
LOW
SHARE,
NOT PER
Sales
STOCKS
for
NEW YORK STOCK
the
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
June 3
June 5
June 6
June 7
June 8
Jvme 9
$ per share
$ per share
$ per share
$ per share
14
*13%
14
71
71
*13%
14
71
♦116
*%
♦Us
1912
*2%
75%
15%
1278'
*51%
%
100
57U
57%
*54%
*4
9%
36
*54%
4%
44
35%
36%
*36%
12%
I2I4!
12%
12%
*10478 107
*104% 105%
5%t
♦5%
5%
9%
38 1
*36%
38
*5%
23%
*2%
3%
23%
*2%
92%
79
80
80
82
106
106
106% 106% *104
14
*14
♦78
80
105%
*17%
20%
18%
20%
105% 105%
13%
15%
21%
*30
*4
*62
63
63
2
63
2%
1%
*5%
16%
6%
16%
43%
4212
42%
19%
47
19%
19%
47
47%
12%
12%*
12%
67
67
67%
22%
22%
6%
12%
*66%
*22%
23
3
3
*6%
7
*14
2%
6%
14%
*13%
Spencer Kellogg & Sons No pai
14% Apr
36
11
48
48
12%
12%
12%
13,100
68%
23
69%
1,7044
45,400
560
22%
6%
6%
105
105
3
3
7
7%
76
2%
-
43%
*23%
76%.
8%
6
6
f
4%
5%
*36%
4%
5%
38
*5
5%
4%
39%
7634
7684
7%
8%
8
4%
4%
*4%
11%
4'2
4%.
11%
11%
6%
6%
*50
52
8%
26%
2%
14%
8%
2%
2%
2%
14%
28
*7%
8%
*7%
5
5
5
4%
39%
40
434
39%
4%
39%
40%
*39
39%
39%
4%
4%
28%
4%
4%
4%
4
4%
281
28%
28%
28%
28%
28%
7%
8
8
8
8%
8
8
7%
7%
7%
7%
7'%
*710
15
19%
*17%
1934
17%
*58%
61
*58%
60%
*58%
'3%
4
*334
4
*334
33
34
*33%
38
*33%
*2%
*1%
3%
23
23
2%
2
10
12%
*3
4
*33
2%
*1%
3%
*18
-2%
*1%
312
19%
2%
2%
*Q
10
•*9
10
*9
12%
12%
12%
12%
12%
94%
13%
93%
94%
94
94%
13%
13%
13%
14
1334
1334
13%
14
700
41%
42
41
42%
41
42
42
6%
8%
41%
6%
8
8
1,600
2,400
2,700
7
6%
6%
6
2%
*73
3%
*8
21%
6%
6%
8
7
8%
8%
*6%
♦6
2%
7
2%
75
80%
3%
2%
2%
75
*75
*3%
*3%
*8
8%:
21%'
3»4
8%
*8
*2
*9
10
1284
12%
1234
2%
2%
77%
334
8%
21%
21%
21%
32
*30%
32
30%
30%
*2%
3
*2%
3
*2%
3
*2L
3
27%
2534
77
16%
16%
94%
95
*2534
*9%
*2%
*48
27%
*2534
9%
234
49%
8%
8%
76%
*115%
77%
16%
*94%
16%
*48
97
86%
23%
86%
8712
87%
22%
23%
22%
22%
37%
36%
37
36%
37%
10%
17% -J'17%
10%
10%
17%
10%
*1734
10%
17%
10%
86%
18
*116% 119% *116% 119% *116% 119%
*58
59
*15%
17
•Bid and
57%
*15%
asked
58
17
*57%
59%
*15%- 17
prices:
no
6%'
238
93%
2%
2%
934
12%
*93
6%
"
6%
8%
*6%
2%
1,900
500
2%
10%
1234
96
7
2%
9
Tennessee Corp
50
6
5
—
Texas Corp (The)
—25
Texas Gulf Produc'g CoNo par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil.*... 10
Texas Pacific Land Trust
1
Tatcher Mfg
$3.60
..No par
pref
conv
.;;
,
500
100
conv
preferred.—.10
—
Thompson (J R)
Thompson Prods
Apr 10
$4.50
conv
sales
No par
Timken Detroit Axle....— 10
Tiraken Roller Bearing.No par
Transamerica Corp....
2
Transcont'l & West Air Inc. .5
Transue <fc Williams St'lNo par
8
8
8
400
Truscon Steel
21%
21%
*30
3134
100
2
74
3
4
4
21% Jan 3
47% Feb 18
20
*25%
9%
91
400
3
234
234
400
Ulen & Co
48%
838
49
83s
x48%
48%
600
8%
8%
78
79%
79%
81%
115% 115%
16%
16%
1,900
10,300
3
27%
a
Def.
20
60
1,300
2,200
600
1,000
12,100
6,400
2
No par
Under Elliott Fisher Co No par
Union Bag <fe Paper
No par
Union Carbide & Carb. No par
Union El Co of Mo $5 pf No par
Union Oil of California
25
Union Pacific
Un Air Lines
48% May
12% Mar
6% Mar
30% Mar 10
7%
106
Jan
3
May 23
5%
10% Jan 20
20% Feb
1,000
United Biscuit
No par
"""900
Preferred
United Carbon
No par
100
United Carr Fast Corp.Aro par
delivery,
n
New
stock,
r
Cash
sale,
x
10% Sept
13
53% Jan
Mar
24*4 Mar
32% Apr
3934 Mar
3334 Jan
17% Mar
78
June
49
12% Jan
6
May
6
June
6%
Jan
17% Jan
3% Mar
Jan
45
12712 Jan
11% Jan
38% J«n
3%
Jan
I84 Mar
884 Mar
10% Jan 13
4
8% Jan 4
7% Mar 11
42% Jan 24
6% Mar 11
Jan
3
48% Jan
3
9
7
2
3% Jan 10
3«4 Jan
5
Mar
Apr
4% Mar
3% Mar
Mar
7
Jan 10
Mar
3% May
34
Mar
684 Mar
13
Mar
434 Jan 10
28% Jan
Mar
2% Mar
22% Jan
21
15
22% Mar
484 Mar
26
Jan
4% Feb
40
Jan
17% Mar
6% June
32% Mar
Jan
32% Jan
10% Jan
9
Dec
17% Mar
19%, Jan 19
28% Mar 27
53i
Feb
8%
22% Jan
6%
Mar
119%
30% Mar 14
10% Jan
Mar
5% Mar
8% Mar
66
3
4
15
Mar
53% June
2%
35
Apr
Apr
2% Mar
15
Mar
1
Mar
3% Mar
8% Mar
1% Mar
15% Jan 3
14% Mar 10
10% Mar
96
77%
Apr
8
Mar
Feb
9
18% Jan
3
54% Jan 3
734 Jan 10
10% Jan
10% J n
3
584 Mar
31% Mar
5%
Dec
4
Mar
4% Apr
2% Mar
77
5% Mar
16% Mar
25% Mar
2% Mar
3% Jan
Jan
16
12% Jan
434 Jan
6
30
66
41
12% J an
90% Jan
115%June
57
Mar
Mar
17% Mar
55% Mar
5984 Apr
20
42% Feb 25
4
18%May 27
118%May 8
65% Mar 10
Mar 13
Ex-rights.
Mar
Mar
7% Mar
19% Jan
20
Mar
1% Mar
Jan
13% Mar
June
3% Mar
Mar
y
Mar
25% Mar
23% Jan
Ex-div
Mar
2
4% Mar
6
89
April
94
24% Jan
104
7% Apr 11
15% Feb 24
112% Mar 13
52
Apr 8
133s April
Mar
30% Mar 14
29% Jan 5
50% Mar 9
33
5
784 Mar
29
Jan 20
20% Mar 28
5
Transport
19% Dec
15% Mar
8
Apr 13
78
100
No par
Mar
75ta Mar
113%May 17
16%May 2
81% Apr 11
100
4% preferred.
Union Tank Car
United Aircraft Corp
Mar
4
6% Mar
Jan
8
Mar
2
9
Jan
65% Apr
29
9
4
Apr 27
6*4 Apr 10
Mar
Sept
16% Mar
88
44
Mar
June
4938June
3
Apr 10
Mar 28
5%
8%
17%
2%
6
Apr 10
April
1% Apr 8
17% Apr 11
7% Apr 11
Jan
19% Mar
9% Mar
June
Mar 31
Apr
1% Mar
15% Dec
128
9
34% Jan
9%
J In receivership.,
33% Jan
39% Mar
16% April
273s
day.
4
27% Mar 11
21% Jan 4
23% Jan 4
28
3
*2%
1
Feb
20th Cen Fox Film Corp No par
9%
this
141
100
9%
163s
1034 Mar
Jan 10
5,700
2%
49%
*115%
16%
163g
4
3
21%
26%
7934
13% Jan
20%May
3134
20%
*30
6
10
$1.50 preferred
No par
Twin City Rap Trans..No par
Preferred
...100
Twin Coach Co
1
3
8% Mar
4% Jan
1384 Jan
26% Jan
96%
97
95%
97%
96%
96%
*87
8 734
8734
87
87
8734
*2134 2234
*22
23
21%
21%
3634
37%
36%
37
37%
37%
10%
10%
10%
103g
10%
11
17%
18
18
*17%
18%
18%
*116% 119
*116% 119% *116% 119%
*58% 59%
60
60
58%
58%
*15%
17
*16
*15%
17
17%
on
134 Apr 10
7% Apr 10
11% April
87
April
1034 Apr 10
34% Apr 11
5%May lo
6% Apr 10
5% Apr 10
pref
Apr
Mar
.9
Mar 16
Mar 22
preferred-No par
13
10
Apr
2034June
May 17
3
cum
May
21
17
$3.50
91
60
25
Tide Water Associated Oil. .10
Mar
106%June 7
17% Mar 11
3
Apr 8
1% Jan 17
100
45
Jan 28
Inc..No par
Thompson-Starrett Co.No par
8
3,400
5%Jday 23
35% Apr 26
4% Jan 26
4
Apr 8
35
Apr 8
3% Apr 10
26% Apr 10
7% Apr 10
6% April
1134 Apr 10
14
Tri-Continental Corp..No par
$6 preferred
No par
Truax Traer Coal
No par
80
8
Apr 4
17
Apr 10
2534 Apr 11
4% Apr 10
4
Apr 8
1634 Apr
1
200
*75
8
32% Apr 11
2% Apr 10
'
3%
80
8
1
....100
Preferred
Thermoid Co.
300
5,200
2
Apr
Apr
3% Apr 11
3%
*3%
8
No par
334
*75
8% Apr
46
56
No par
2%
49%
234
4 934
96
*93
2234
...1
*2%
*2534
8%
8%
8%
77%
78%
7834
115% 115% *115%
16%
16%
16%
96
3134
2234
Without warrants
5preferred...,
Telautograph Corp
*9%
9%
3
21%
*3
3%
2234
2%
*30%
*30
*3
10
6%
8%
*6
3%
23%
—
Talcott Inc (James)
Third Avenue Ry
2%
*3
i__25
Symington-Gould Corp ww.l
$3 div
19%
2%
3%
23%
*2
8
*115%
*1»4
1,100
2
'
42%
83
*18
(The)—.50
Swift & Co
100
34%
3%
*22%
6
49%
*134
19%
2%
3%
10
Swift International Ltd
■■
3%
*1312
*41%
3
*18.'
3%
par
—
The Fair.
23%
6
27%
9%
*314
300
4
*3
13%
42%
6%
2%
80%
3%
8%
21%
34
18
60%
23
3%
*93
8
34
....No
Texas & Pacific Ry Co.—.100
23
94%
*5%
37%
1534
♦17%
*3
*23
*14%
1934'
*1%
*85
784
60%
18%
76
8
*58%
*3%
1,200
13,400
1,600
2,300
1,800
2,300
28%
*17%
4
400
40%
734
17
70
5
*7%
19%
*17%
*48
734
500
5%
28%
*
Oil,-
Sweets Co of Amer
"3", 000
4%
60%
19%
►9%
*2%
*1434
4
*17%
*58%
*3%
*17%
*2534
*4.%
*
4
3%
*3%
*7%
21%
*5
5
3%
2%
*75
5
5%
3%
6
5
*5
1
Apr
6'
*4%
'14
Stone & Webster......No par
Apr 10
38
5
33%
*13%
6
38
..1
Studebaker Corp (The)
Sun
l,3O0
6
—
10
600
'300
18
5
4%
38
5%
15
Stokely Bros & Co Inc..
25
5%
4%
*5%
38
5
Sutherland Paper Co—
900
6
*5
3%
*42 "
2%
6
6
10
—
22
6
38
_
Superheater Co (The)..No par
Superior Oil.———.—r_l
Superior Steel
100
1,600
1,100
6
.
Stewart-W arner
200
8%
*37
5%
Sterling Products Inc..
Apr 28
41%May 22
20% Apr 8
65
April
7
Apr 8
3% Apr
7% Apr 11
27%
6
10
...25
100
*734
38
$6 cum prior pref..__No pai
Sunshine Mining Co.—— 10
17%
27%
'5
18
434 Apr 11
6% preferred
8%
26%
*25
2%
No par
Standard Oil of N J.
18% Mar
x84
Feb 21
1
"8", 900
'
26%
2% Apr
pai
Starrett Co (The) LS.-No par
*127%
834
4
5% Apr 10
Apr 8
120% Jan 27
8%
5
*14%
200
17%
27%
5%
*36%
33%
12%
8%
*534
17
8,500
2%
14'%
6%
7%
7%
*13%
12,300
7
29
6
*4%
11%
14%
6
5%
2,300
2,200
1,400
8%
29
6
5
300
"
Jan
Jan
Jan 19
8
Jan
46
16" 800
14%
*734
1734
27%
38
—
$4 preferred
Apr
Standard Oil of Kansas
7,500
29
27%
5%
/50
JStand Gas & El Co ...No
6
98
10
April
13% Apr 10
25% Apr 11
23% Apr 11
51
6%
*50
No pai
$7 cum prior pref—..No pai
4%
H.84
6!
]
April
42
Apr 17
9% Apr 11
60
Apr
18% April
Standard Brands.——No pa?
$4.50 preferred
8
Apr
Standard Oil of Calif. .No pai
Standard Oil of Indiana
25
29
27
3%
*9
2%
*13%
14%
11%
81
*25
28
19%
*92
*127%
8%
26%
14%
3%
*2
8%
*26
6%
50
28
*18%
*22%
6%
*127%
....
8%
*27
12%
51
Square D Co class B.—
700
78
»
Nopai
484 Mar
12% Mar
2% Apr
14% Mar
Jan
8% Feb
2,100
45%
24%
77
8%
*17%
28%
33
76%
26%
2%
5
44%
S
—
*
Jar
4% Apr
11,700
49%
—
—
*23%
Spiegel Inc
Conv $4.50 pref.
2,500
19
8%
4%
18
8
19%
60%
23
27
*7%
*7%"
*13%
♦3%
23
600
26%
26%
76%
*127%
8%
26%
*5
19
26%
2534
18%
27•
26
49%
44%
23%
17%
*36%
24%
49% *-.-44%
43%
26%
5%
23%
49% *._._
43%
23%
*23%
18
4%
*17
26
27%
28%
7%
15%
18
26%
25%
17%
28%
-
19%
27%
27
4%
39%
4%
'
18%
26%
25%
44%
6%
14%
18%
27%
23%
170
6%
6%
6%
6%
x6%
7
105% 106
*10512 106
*105% 106
2%
2%
2%
2%
*2%
3
7%
7%
634
7
6%
7
15
*14%
15
*14'% I484
15%
8%
*50
28
*7%
70%
76%
11%
6%
*14
69%
13%
70%
8%
•
52
*26%
*7%
23
490
12%
4%
8%
4%
11%
14%
23
49
„
7
3%
21%
29%
95%
66%May 26
3% Jan 5
Sperry Corp (The) v t C—... 1
Mar
Mar
3234 Jan
35% Jan 17
134 Apr 10
Spicer Mfg Co
..No pai
$3 conv preferred A.No pai
Apr
10
93
4% Mar 14
"400
12%
5
Feb
2% Jan 25
68
23%
76%
28
Mar 22
4,800
76
2%
June
12,500
12%
69%
23%
15% Jan
20%
17% Mar 11
11% April
1
6«4 Mar
107
12% Apr
10% Apr 11
1% Apr
14
April
127
Apr 17
23% Jan 24
10% Apr 8
11% Apr 11
15% April
1634
No par
Spear & Co...
Aug
37%May 25
Jan 18
44%
1934
43%
19%
49
Sparks Withlngton
1,900
Mar
101'
*16^2
43%
19%
20
48%
2
3
101
48
43%
*14
250
62%
2
Mar
36
11«4 Feb 24
April
34
Mar
9% Mar
5
70
Apr
16%
14%
*26%
Spalding (A G) & Bros.No par
1st preferred...---100
45% Mar
Jan 11
7% J*n
Apr
16%
42%
19%
48%
12%
*68%
49%
7%
26%
2%
"""766
89
92
16%
23
7%
•—100
10
Apr 11
Apr 10
Apr 10
Apr 11
43%
23
27%
5% preferred..
Mobile & Ohio stk tr ctfs 100
47
434
17%
2%
16%
18%
19%
43%
.
No par
Southern Ry_.
10%May 17
May
16%
43%
26
7%
63
.100
—
5
Jan
50% Feb 16
6
101
16%
25%
*127%
4%
61
Southern Pacific Co..
%
1% Mar
15% Mar
234 Dec
18% Jan 10
2134 Jun 5
8
Jan
20
2%
6%
6%
4%
•
.25
28
11
6
'
43%
25%
11%
6,700
3712
4%
—100
6
5
3% Jan 6
77% Mar 13
April
42%
25%
49%
43%
*49%
*127%
.23%
5,500
9,700
8
49%
25%
11%
12,500
22
*30
8% preferred
Southern Calif Edison
21
10
1
11
22
June
6%
15
6%
49%
13%
16%
43
*534
18%
27
11%
63
27%
13%
15%
37%
21%
*4%
80
13%
15%
22%
*30
4%
63
140
South Am Gold & Platinum.. 1
*4 Jan
2% Jan
22% Jan
Apr
2
14%
6%
49%
140
27
% Apr 25
1
16% Apr
2% Feb
60% Apr
11% Apr
10% Apr
54%May
3%May
6%
18%
4%
4%
So P.orto Rico Sugar-..No par
i%
27
15
15%
23
37%
400
12
3434 Mar
112% Dec
*1%
26%
8%
15%
Socony Vacuum Oil Co Inc. 15
19
1%
Mar
5034May 25
117%May 29
*534
18
76
13%
22%
*30%
22,100
1,300
19
11%
.
3
Jan
6%
26%
*4
Snider Packing Corp.—No par
500
June
% Sept
10% Jan 25
Apr
2
18
8%
14
2
26%
25%
*8%
6,000
15
$6 preferred
160
Highest
1334 Sept
62
Jan 20
113
*5%
18%
*4
1,100
2034
1%
2634
13%
62%
26%
43%
*22%
11%
20
*14
«
1
45
6%
18%
*
11
20%
12
19%
19%
19%
140
*135
140.
27
25
11%
■
1134
1%
1%
Co
..No pax
Smith (A O) Corp
10
Smith & Cor Typewr.-No par
15
11%
19%
27
2
26%
*
14%
106% *103% 106%
Simonds Saw & Steel.-No par
17% Mar 9
75% Mar 15
Apr 14
% Apr 10
334 Apr 10
*16%
6%
6%
104% 104%
>6%
6%
♦104%. 105
*58%
430
1%
140
*5%
*16%
18%
46%
*4
95
12%
2
39%
95
12
*19
64
Simms Petroleum
92
12%
2
*5%
♦16%
42%
"""§06
...No par
10
Simmons Co..
90
11%
*61
Silver King Coalition Mines. .5
700
1,500
6% preferred
100
Sloss Sheffield Steel & Iron. 100
*19
•
100
Skelly Oil
12%
1%
19%
►138% 140
*138% 140
26%
26%
26%
27
13%
13%
13%
13%
13%
15%
15%
15%
15%, 15%
21%
22%
21%
22%
22%
*30
37%
37% *30
37%
*4
4%
4%
4%
4%
3%
18%
...No par
5H % conv preferred
500
11%
26%
Shell Union Oil
300
5%
24%
Co .No par
600
20%
2
Sheaffer (W A) Pen
3,000
*234
$ per share
.No par
-
93
11
14%
19%
Shattuck (Frank G).
40
5%
24%
No par
No par
$3.50conv prefser A.No par
1,100
38
J.
Sharpe & Dohme
89
89
140
26%
300
20%
19%
*1%
$5 conv pref.
"""800
93
11
11%
Sharon Steel Corp—No par
900
9%
1
'
18%
20%
19%
1%
*19
-V_
1
18
11
9
'
19%
19
19%
.5%
3%
.TRf*
93
15
12
Seagrave Corp.—
No par
Sears Roebuck & Co-—No par
2,700
19%
*92%
18%
13
19%
9
200
17.700
93
*11%
12
Seaboard Oil Co of Del-No par
4
% per share
lia4 Apr 10
"2~300
48
*37
24
*234
21
*13%
19
"""500
64%
4
*43%
9%
$ per share
67
18
13
19%
♦19
*514
24
3%
14
19%
4%
5%
24%
14%
*11%
900
12%
12%
12%
12%
*1134
12%
105% 105% *10534 107
*105% 107
93
*17%
*20
*51%
4%
47
9%
36%
36%
93
18%
20%
93
3%
64%
9%
5%
5%
24%
24%
3%
*2%
18% ,*17%
20%
*20%
93
*9212
♦2%
♦17%
20%
*92%
*14
*9%
12%
12%
105% 105%
5%
23%
24
24
4
43%
9:
%
*51%
4%
*43%
60%
4
43%
4%
9%
9%
9%
*54%
60%
%
43
4%
43
44
'
%
Lowest
514% preferred
100
JSchulte Retail Stores
1
8% preferred
-100
Scott Paper Co
No par
$4.50 preferred
No par
J Seaboard Air Lin e—-No par
4-2% preferred.--100
500
3,900
%
Year 1938
Highest
Schenley Distillers Ccirp
1,000
%
*9%
*3512
*27%
14%
7034
3s
4%
*18
14
13%
Par
Shares
7034
45
*26%
share
per
%
4%
*135
13%
*70
70%
$
70%
♦44
,
14%
*70
70%
%
share
1939
Range for Previous
Lowest
*g
7
7
6%
6%
*5%
6%
7
*6%
*6%
6%
*50
50*8
50%
50% *49% 50%
50%
50%
50%
*50%
50%
117% *117
11712 *116
117% *117
117% *117
117% *117
117%
%
%
%
%
%
%
%
%
%
%
%
*1%
1%
*1%
1%
1%
*1%
1%
*1%
1%
*1%
112
19
19%
19%
19%
19%
19'2
19%
19
19%
19%
19%
*2%
2%
*2%
2%
*2%
2%
2%
2%
2%
2%
2%
74%
76
74%
7578
74%
75*4
75%
74%
75%
75%
76%
15%
16%
15%
15%
15%
15%
16
15%
15%
15%
16%
13
12%
13
12%
13
12%
*12%
12%
13
12%
13
*6%
*49%
*105
14
14
70%
71
%
%
*%
'
Range Since Jan. 1
On Basis of 100-Share Lots
Week
per
10,
EXCHANGE
Saturday
$
June
Mar
19% Mar
5
Mar
14
Sept
Jan
100%
39
Jan
1284
Apr
5 Called tor redemption.
Volume
LOW
AND
New York Stock
148
HIGH
SALE
PRICES—PER
SHARE,
NOT
Record—Concluded—Page
Sales
CENT
PER
Monday
Tuesday
June 3
June 5
June 6
June 7
June 8
June 9
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
2%
2%
♦345s
34"s
6/
2%
34%
2%
35%
35'-
5%
578
*5%
2%
35%
5%
5%
61
61
62
62
4
4
4
4
*28
30
2S
28
77
78
78
78
78%
*5%
13
12%
13%
512
62
*4
4%
29
29
77%
77%
5%
12%
123}
12%
12%
'115% 116
*115% 116
*8%
9%
8%
9
4%
4%
*4%
4%
7
7
7
*6%
*78
*75
84%
84%
3t
%
*h
%
61?
6%
6%
6%
7
6%
6%
6%
*87
-875
86
*175% 177
*5
•86
5%
30
16%
*251}
16%
4
4
*4
7%
7%
*25%
16%
*47
42
24
109% 110%
*51
52%
65
48%
49%
107% 107%
3o% ■ 35%
50%
2
2
52
*9%
41
41%
-49%
2%
*2
6%
*6%
2
*50%
54
*53
10%
'162
162
*161
72
72
42'-
"%
80
*23%
2%
'42
*
43
1
23
*2
80
*23%
*2%
119%
*73"%
*119%
1%
6%
*2
6%
6%
2%
6%
1,000
United Stockyards
Conv pref (.70cJ
2%
2%
4,800
United Stores class A..No pa*
*54
*77
*%
%
*181]
.203
24%
"3%
24%
3
3%
*1191-
*1
1%
*2
2
*1
*1%
1%
*119%
"2"
*134
*1%
*1%
6%
6%
6V
43
20%
42%
*19%
42%
*19%
11%
2
*10%
1%
32
32%
.
11
11
?
5
14
5
50
•
14
*0%
-
14
*27%
18
26%
2%
18
*26
'
*2%
*1
1%
21
*64
67
20%
*64
95
95
943}
106
10634 106%
*97
97%
119% 131
115
31%
31
1
20%
21%
21
21%
96
96%
*14
*38
*1934
38%
20%
32
*31
*?%
3
*5
5%
*•%
1-
1
1
20%
20%
20%
?134
21%
20%
21%
21%
21V
951-
95%
98%
*21.
95
*38
19%
31%
132%
20
90
9lo
5%
9%
12%
9%
*4%
5%
*1%
1%
*1%
1%
22
*21
*3
3%
1%
1%
*3%
3%
37%
*110%
*17%
461-
*21
13}
98%
99%l
*131
20%
31%
*50
60
*50
*78
' 110
31%
20
20%
20%
90
*17%
46%
1,200
9%
i',800
500
1%
?2%
*21%
22%
*20%
21%
21%
21%
*110%
17%
"l8"
*17%
Ys%
*110%
*17%
46%
47%
46%
47V
46%
15
15
14%
15%
*3
1%
"206
1%
2,000
Woodward Iron Co.......-10
*110%
....
18
18
18%
500
47
47
47%
18,700
15%'
15
27
*24
29
*25
29
*25
29
*24%
27
26
26
*'34
40
*34
27
36
36
*37
391-
*37
40
100
*108
12%
36%
21
*37%
100
40
100
*99
101
""126
81
*80%
81
81
81
600
24
23%
23%
23%
£23
23
*23%
24%
400
15%
15%
15%
15%
15%
15%
16%
13,000
109% *108% 109% *108% 109112%
12%
12% *12%- 12%
*12%
12%
37%
38%
37%
18%
19%
*2%
2%
36%
*76
21%
18%
2%
37%
80
21%
19%
2%
37%
*76%
21%
19
2%
38%
83
109% 109%
*76%
21%
19%
19%
19%
2%
2%
2%
15%
109% 109%
12%
12%
37
37%!
83
21%
22,
Bid and asked prices; no sales on this day
15%
*
*76%
21%
18%
2%
83
19
109% 109%
12%
600
3734
38%
17,700
I
21%
83
21%
|
"moo
19%
19%
10,600
2%
2%
1,000
2%
{ In receivership,
a Def
No par
/nc
Woolworth (F W) Co
10
Worthlngton PAM(Del)No par
Preferred A ? %
100
100
Prior pref 4 M % series.
10
Prior pf 4Vi % conv series 10
Wright Aeronautical—.No par
W rlgley (Win) Jr (Del)-No par
Vale A Towne Mfg Co
26
Yellow Truck A Coach cJ B— 1
.
delivery,
100
Preferred...
80
1234
I *76%
21%'
Wilson A Co
6% preferred B
81
21%
*
1,000
*471-
80%
80
*76
14%
80%
23%
15%
1
10
86 preferred
100
Wisconsin Elec Pr 6% pref. 100
*24
15*4
Wlllys-Oveiland Motors
6% Conv preferred.... 1
800
47
15%
6
300
*42
*23
No rar
3,000
47
23
84 conv preferred
Wilcox Oil A Gas....
3%
*42
23
Co No par
Mach...No par
3%
*47%
*99% 100 "
1
White Motor Co.
White Rock Min Spr
35%
48"'
100% 102
(The S S)20
*3%
*42
*97% 102
80%
80%
pref..-No par
35%
48"
80%
85 conv prior
I 3%
*42
*47%
100
'
31-
48
14%
100
Wheeling Steel Corp...No par
36%
*42
*47%
30
100
5% conv preferred
1%;
3%t
*14%
*47%
80%
1st
Class A...
White Sewing
3%
141}
*96% 102
8
% Apr 21
White Dent'l Mfg
4%
48
14%
4%
3% Apr 10
Preferred
"166
9%
*40
*47%
2% Apr 10
100
5Yx % conv preferred
20%
4%
*110%
9
June "9
100
Wheel A L E Ry Co
*1%
17%
46%
14%
MarlO
Mar
99
*...100
% Apr
,....1100
.
8
8
8
16% Apr
18% Apr
82% Apr 11
Dec
NOV
25
Mar
3438 Nov
4%
34 Sept
Jan
31% June
6% preferred
8
31
Mar
6%
1% Mar
12434 Mar 10
Marylard..^
Dec
16% Mar
11
25% Mar
71
Apr
70
Apr
82% May
97
1
1%
39
Wire.-No par
Youngstown S A T
Ho par
5M% preferred
100
Voungst wn Steel Door. Ato f«*r
Young Spring A
Zenith Radio Corp
Zonlte Products
n
New stock,
r
No par
CorD—
Cash sale.
1
May 20
102%- Jan
103% Dec
97% Jan
116
Mar
126
Jan
12% May
2% Mar
3
4%
74
Jan
1%
Jan
34
Dec
3-% July
16% Mar
1% Jan
24% Jari
31% Jan
34% July
33% Nov
12478 Nov
Mar
1534 Mar
Jan
Mar
61 s4 Mar
103
Jari
Mar
Oct
Dec
20
60
Mar
Feb 20
65
Apr
3134
Jan
Jan 27
80
45% Apr 20
9% Apr 25
60
Jan
4
12% Mar 10
13%
Jan
8
1
7
23
Dec
60
M
90
'Jan
ar
14% Mar
32% Nov
75
Mar
95
Jan
42
May
61
Nov
IO84
Dec
15% July
Mar
15% July
11
Jan
3
Jan
8%
4
6is Mar
Sept
1% Mar
Jan
Apr 10
31%
•
5
Jan
134
Apr 10
3% Apr
l%May
14
20% July
Mar
Jan 12
75
4
Jan 27
7
Oct
21
39
60
15% Apr 10
80
144
9% Mar
31% Mar
6
Apr
Jan
9
% Mar
Mar 27
50
Nov
119% Nov
2678 Dec
111%
Jan
145
Jan
July
82% July
Mar
Jan
120
Oct
Oct
74
Jan
34
Aug
I684 July
17 '
5
Mar
107
July
47„ July
Mar
28% Jan
79
July
8
184 Mar
'
'500
1%
....
24% Jan
3234 Jan
3% Jan
Dec
July
61
Mar
6
Nov
45
Mar
384 Mar
3
1334May 24
6% Apr 27
3134 Mar 14
2
23
20
32 '
60
5
3%
4
116% Apr
110
*1%
3%
36%
8
Jan
4
Mar
*4%
,
Mar
Jan
19% July
Mar
2
Mar 21
Jan
54
20%
Mar
10.
1%
3V
3%
-
22% Jan 4
*32% Jan 13
9%
3%
6%
56
8
„
8
6
5
37%
44
Mar
17% May
14% M ar
2% Jan
15% Apr
*29
Apr
9%
3%
30
50s4 Jan
20-% Jan
Jan
Feb
Deo
10% July
4% Mar
5
800
5
3%
*36%
,
Jan
5
Pacific
Oct
87%
20%
*1%
3%
7
9%
5
Western
Jan
8% July
i50%
Mar
38%May 16
1%
3%
37%
5% Mar
1334 June
74
6
20%
9%
3%
7% Feb 16
Dec
3
4%
3%
*1101}
June
June
100
*4%
*1%
*36%
Jan
Mar
8
.
11%
3%
116% July
1
20% Apr 11
90
3%
37%
Mar 15
Mar
4*7%'
3%
Dfeo
131
•77%
119%
2%
10% Apr
*60
3%
*36%
Mar
37
*10%
1%
37
126
*44
1%
Mat 16
No par
Westvaco Cblor Prod ..No par
11%
1%
77
preferred
60
Inatrum'i.No par
90
1%
Feb
Weston Elec
47%'
1%
12078
100
*10%
•3*8
IS
,
20%
3%'
Mar
9
200
*44
*3
Jan
100
8
Jan
8
38%
*60
3%
4%
15%
Jan 11
2% Mar
15%
,15
2?%
.
119
114
Wcstlnghouee El A Mfg....60
11%
'
Jan
100
preferred
Westlngh'se Afr Brake.No par
47%
*3
1% Apr
5% Mar
120
Western Auto Supply Co... 10
Western Union Telegraph. 100
*10%
3%
1% Apr 10
100
100
West Penh Power 7% pref. 100
6%
8
17% Apr 10
58%'Apr 25
85
April
95
Apr 8
88
Apr 10
preferred
1,700
9%
Mar 13
1
1
6,700
*45:
*3
1
No par
10,900
11%
9
8
5
7% preferred
6%
700
9%
.
3
6% Apr 11
6
Wells Fargo A Co....
Apr 10
Feb
1% Apr
par
1st pref erred...-.No par
Western
1
49%
'
No
83 convertible pref—No par
4% 2d preferred
46'2
90.
.*60
{Wnrreu Bros..*
21%
*38%
20%
20
4
36
21%
*78'
60'
20%
3%
37%
463/!
133
pref:
21%
*31%
31
110
*38%
20%
31%
conv
99% 101%
132% 132%
*50
*60
3%
P4
21%'
100
%
*10%
22%
*3
I
20%'
21%
83.85
*%
20%
60
20%
49
*4%
20%
132
.
6
*%
5
No par
Warner Bros Pictures
140
10,000
3
*5%
' %
*78% 110
*50
*78
*9%
*2%
6
15%
'38%
20%
31-%
31
31%
*10%
3
*14
60
*45
31%
21%
99%
1,170
'
30%
21;%
101
220
240
99
121
121
*114% 115
15%
110
*60
115
33%
*50
11%
430
132
*78
49
96
*38%
20%
60
.90
84 conv pref erred. ...No par
West Penn El class A
No par
*14
*1934
*45
Wesson Oil A Snowdrift No par
15%
19%
*60
160
1,200
38%
20%
38%
*10%
1%
*14
33%
110
*19%
2-%
20%
132% 132%
15%
•
*2%
*%
*20%
1
"
—.100
Webster Eiseniohr.
1
1
I
7% preferred
Wayne Pump Co
*2%
"5%
*%
lo
No par
500
3
5%
8% Apr 11
1% A pr 11
31
May 22
300
31%
'
r
26%
30%
*%
1
115
19% Apr 28
. : ....... No par
Baking Co cl A.No par
Class B
Jan
110% Nov
Mar
"
3
26%
31%
*7%
*5%
%
*78
20%
115
31%
2%
5%
*50
*19%
115
31%
1
132% *132
*14
15%
*131
115
Jan
14% Apr 11
20% Apr 11
106%
Jan
117f June
Oct
3%
19% Apr
98%
31%
,
19l4June
81
106
Jan
Jan
1%
Waukesha Motor Co
96
95%
96
106% 106%
97%
9732
97%
98 |
121% 121% *120% 1*21 I
5%
32%
4%
Jan
3
Warren Fdy A Pipe.... No par
95%
Dec
2
Apr 10
200
25%
18
4% July
37
70
Sept
Mar
Mar
91%June
Prefer red
| *67%
I 96
13%
234
15%
105
"Feb
Nov
1% Mar
500
70
67
4
"""366
68
42
June
1% Jan
18%
2%'.
113
3% Jan
27%
1%'
20%i
June
5% Apr 11
15% Apr 10
Ward
36% Nov
97
30% Mar
25%
7
Walk (H)Good A W Ltd No par
110
14% Mar
June
l%May 31
No par
No par
Co
Jan
28% Oct
2878 Nov
Mar
11% Mar
6
Dec
June
85
Walgreen
600
16
Jan
43^ % pref with warrants 100
Waldorf System
1%
% June
Feb 14
18%
I
Jan
1% Apr 14
1
100
100
100
5% preferred B____
MaV
125
83
40
64% Apr 12
100
........100
Detinning
6% preferred A
2
Dec
159% Dtc
43
1% Apr 12
6
5% Apr
May
116
Nov
86
27% Mar
Mar 24
35% Mar
Apr 21
*27%
106% *10«% 106%
115%
113
200
20
*64% "68
;__100
2,400
26
*%
.No par
Dec
15
116
18% Apr 10
2% Apr 8
17
Apr 10
6
52
7% June
1
13%
26
*2%
6
*10%
*538
?<)%
2%
1
25
Apr 10
110% Apr 26
34% Apr 11
5
1..100
51
234
26%
20%
30%
5
26%
1
Apr 10
*45
2 34
27%
18%
2%
16
,5'
*5%
20%
Corp of Am.No par
{Wabash Hallway
600
12%
...100
20
50%
2%
12%
'
34
Feb 23
1,200
5,600
2%
% Jan 16
Apr 10
""loo
3% July
Feb
37
F 'b 25
78
17
4
5
13%
...No par
.No par
35
35
3
Walworth Co
*33
50%
*2%
18%
120%
,
5
51%
Jan
2,500
20%
11
2
*27%
98
800
*32%
4%
33
"
Sales
'
*19%
11,.
2
181-
66%
95%
30
44
43
|
27%
114
-
43
18%
1%
1%
6%
10% July
May
300
*19% ' 20%
*11
11%
*1%
2
*5%
20%
134
600
27%
2%
1
Vulcan
1,200
42%
56% Mar 15
6
45% Apr 10
6% preferred...
...106
Virginia Ry Co
pref... 100
"""266
1%
19%
5%
1% Mar
162%June
Pref erred..
1%
91%
5%
5%
7% Nov
157
6% preferred..;
20
19.
5%
Dec
3
8
100
preferred
Virginia Iron Coal A Coke. 100
91
18
119
2%
*4%
*%
6%
3
47% Sept
684 July
Mar
Va El A Pow 86 pref. ..No par
30
19
27%
120% 121
30%
6%
/June
48
Va-Carolina Chem
400
'
91
1%
*12%
*115% 116
30%
30%
1
1%
|
1% *....
36
3
...
.
Oct
29% Mar
40
Apr
8
Jan
Victor Chem Works.
2%
70% Mar
71% Nov
121
83%
Van Raalte Co Inc
70
19
•
3
27%
97%
h
*1
Mar
Oct
July
9134 May
Apr 10
1,400
76
-.'*119%
38
4
69
Vlck Chemical Co
1,700
91
5%
.
13
*5%
...
.'
5
3
27%
*1
51
50
I
11934 120
*71
109% Nov
72% Oct
Mar
No par
Apr
Vlcksb'g Sbrev A Pac Ry Co 100
6
6
Jan
7
*4434 Mar
*55
Jan 21
pref A...
7% 1st preferred
19
5%
61%
*2%
*17%
*25%
2%
*20%
42%
500
92%
13
3%
*12%
*6
32
5
„52
3
*13
*134
32
32
*50
3
'
*2
2%
56% Nov
45%
5
Jan 20
8%Mar
2% Mar
Mar
12%
Vandium
""966
117% 117%
1%'
*6%
20%
11
5%
23
8
Apr 13
3%
2
Nov
21
May 11
Vadsco
I
3
46
71
49%
9
conv
8%
"4", 800
23%'
-
Jan
7% Oct
13% Nov
Mar
21% Mar
2% Mar
*
Mar 27
37%June
1% Apr 10
Universal Pictures 1st pref. 100
24%' ""966
3
2
1%
42%
20%
*38
*3
*1%
6%
"
*42%
*19%
*2%
*434
80
24%
*1
1%
1%
41%
97
24%
23%
23%
116% 116%
2%
*1%
41%
107%
*
5%
6%
5%
*5%
6
119% *118
119%
11934 *118
76
*74
76
75%
*73%
75%
5%
97
21%
21
Mar 13
120% Mar 11
Apr 10
6%May
..No par
Preferred
22%
20%'
80
5%
*106
22%| *18%
2
Corp__... 1
Unlveisal Leaf Tob
100
22%
21%
*20%
21%
...2b
50
46
20
....
%
5%
*63%
94%
*162
*%
19
•
""500
"80
%
*%
*93
1%
78
13% Mar
3% Mar
5% Mar
Jan
Nu par
56
50
18%
21
67
943 \
78
24
Universal-Cyclops Steel Corp i
71%
91%
*1
10%
71%
18%
*20%
*9%
71%
91%
*26%
28
*17%
18
*25% 26%
*2% ' 2%
10%
300
*69%
18%
3%
56
*162
91%
5%
2%
56
"
72
5%
"
*9%
55%
.No par
7% preferred
400
35% Jau
30% Nov
70
98%May 19
33
Apr 10
43% Feb 16
2
"•
June
Jan 18
68
43%May 18
100
6%
2%
*18%
52
U 8 Tobacco
Jan 23
..No par
2
*903«
*45
U S Steel Corp
Prefen ed
2%
2%
Nov
10% July
52% Jan
111% Mar
65% Jan
48% Apr 11
60
6%
18%
*1%
3,000
Nov
173
4% Mar
55
6% Mar 10
86% Apr 11
60
,2%
90%
5%
10%
44,000
115
162% Mar
5%
1
60
238
%)%
20%
*10% 1 10%
*1%
2
'32% 32%
5
5%
49%
10834
Mar
9
4
25% Mar
31% Apr 11
100
__
6%
*5
6%
Preferred..
Jan
9% July
12% Nov
4
49
2%
*•>4
"
8% 1st preierred..
U 8 Smelting Ref A Mm
100
1%
Dec
Dec
Jan
Apr 10
10
...
%
Oct
Nov
8734
Mar
32
Apr 10
l%June
13
Apr
May
7% Jan
35
No par
200
80
2%
U S Rubber
900
64%
48%
108
'
'
97,000
8,000
107% 109%
51
51%
*6334
{U S Realty A Imp
8%
3% Mar
6% Mar
10% Jan
61% *eb
1,500
*18%
i;19%
43%
42
>
20
U 8 Pipe A Foundry
8,100
4%
62
Nov
10% Aug
113
8
Apr 25
37%
*56
3%
*2
1%
2
1%
*1%
2%
8
46
45%
23V
23%
22% 24
115% 115% *116% 117%
*119%
1%
6%
*6%
3
7-3%
*1%
1%
*1%
50%
"i',206
42
4
100
*45
24
"24/
6
73%
2
2
2%
119% *117
*119%
*1
4134
2%
42%
114
180
Apr 10
Apr 29
13% April
3% Apr 11
6
April
No par
*3634
80
2%
*0
*117
7G
*
117%
*2
7
1
41%
cl A
conv
Prior preferred
*31%
32%
3,2'1
32%
31%
31%
*31%
32%
*114% 116
*115% 116
*115% 116
*115% 116
I
42
42
42% 42%
42%
42%
42%
42%
124
3
22%
221'-
2%
*5
,
Partic A
37%
*69%
21%
500
60
*48
Mar 31
5% Apr 10
Apr
Jan
1
May 20
7% Jan 4
10% Jan 3
%May 15
5
No par
45
162 ;
21
•
43
*115%'117% *115%.
*117
*20%
21
7%
7%
7%
60
11
87% Mar
75% Apr 17
U S Industrial Alcohol.No par
67% Aug
12"a Nov
Mar
Mar
23
U S Leather-
Mar
884 Mar
100
Sept
4
300
60
6
6
77
700
June
3
167
4%
116
6
5
16%
*4
6
80% Jan
8% July
39% Oct
21% Mar
78% Mar 11
*13% Feb 27
Jan
1078 July
Mar
8
8
Oct
Oct
7%
Apr
3
5
100
16%
4
4%
38
4% Mar
60
7% Jan
50
53^ % conv pref
5
Feb 11
10%Mar
par
100
Mar
Mar
4% June
8
20
7% preferred'
U S Hoffman Mach Corp.
300
2
22
Apr 11
5% Mar 31
6% Apr
100
37%
77%
%
1,900
7,000
8% Jan
Highest
9 per share I per share
6% Jan 4
33% Jan 12
4
No par
45
10%
•29
No
U 8 Freight
U S Gypsum
37
*9%
*%
%
Corp
Conv preferred
220
400
30
64%
48%
107% 107%
54
72
"""206
U 8 Dlstrlb
45%
36%
*45
77%
72
*111% 116
24
2%
*22%
50%
10%
*9%
25
20%
42%
*50
49%
Apr
111% Jan
USA Foreign Secur__.No par
16 first preferred
100
16%
'
11
10
30
*63%
47%
106% 107%
54
*76
,
72
-20
20%
32%
*32
64
United Paperboard
400
.
5%
50%
51%
64
300
30
42%
109% 110% £106% 107%
51%
2,300
97
2%
41%
42
?5 preferred
No par
United Mer & Manu Inc vtc.l
—
5%
62% Apr
Lowest
share
3% Feb 6
39% Mar 14
7% Ma. 10
per
74
April
3% Apr 11
25% Apr 11
..No par
100
7
93
5%l
United Fruit
60
United Gas Improv't-.lVo par
6%
•
41%
2%
54
*161
*69%
be
2%
6%
2%
2%
76
*114% 116
45%
6%
*9%
20%
36%
45%
2
25
108
*36%
45
*?
%
50%
48%
107
3fli,
45
76
.
42%
65
7%
*48
42-
2%
110%
51%
4
7%
41%
2%
*%
91
16%
55
41%
51%
10%
o
*7%
*47
7
*27
4%
2%
*64
77
*1
51
6%
%
*5
17
*4
7%
*7%
100
*75
*20 '
17
4
*47
107%
*353}
52
•
17
5
%
7
7%
91
30
*16%
United Eng & Fdy.
200
2,600
4% Mar 31
10
26,600
84%
175% 175% *175%
5%
*27
30
5
7%
*6%
*%
*6%
177
5%
100
5
*75
*6%
„r
89%
6%
84%
*75
%
177
United Dyewood Corp..
Preferred
29%
*4%
4%
6%
84 >4
61-
5%
4
4%
7%
*7%
*75
%
*25%
65
48%
2%
6%
2%
8%
6%
89
*5
51
107
45
*658
*28
4%
6
United Eleotrlc Coal Cos
$
2
Apr 10
30% Apr 10
4% Jan 26
par
50
Highest
8 per share
No par
800
200
78
78%
78%
12%
13
12%
13
*116% 119
'116% 119
9
9%
9%
9%
119
No
4
*59%
78
"
■
45
30
6'-
175% 177
109
*64
*64%
*27%
7%
88 '
.
41%
2%
41%
40%
30
Corp
$3 preferred
70
4
*41-
%
" 60
109
4
United
United Drug Inc
*5
5%
70
*3%
7
*6%
4%
7%
2%
42
7%
84%
16%
41%
2%
41%
7%
*78
*5
*59%
Lowest
Par
3,400
5%
Range for Previous
Year 1938
EXCHANGE
3,000
36
5%
"
9,300
2%
2%
35%
4
8%
,
2%
35%
5%
70
*3%
*116
5
30
*47
5%
*61
8%
2%
35%
5%
5%
6%
*28
116
8%
2%
35%
2%
35%
5%
5%
*4%
5%
*7%
60
42
.
116
175% 175%
5%
2%
the
Friday
Thursday
78%
12%
5%
0
62
"
Range Since Jan. 1
On Basis of 100-Share Lots
Week
% per share
Wednesday
3499
NEW YORK STOCK
for
Saturday
•'
10
STOCKS
24%
Mar
Oct
1
3% Mar
1% Mar
3% Aug
1% Apr 10
3% Feb
1% June
3% June
3%
Oct
678
578
60%
106%
27%
63%
27%
Jan
July
Jan
Dec
Nov
Nov
Nov
2% Apr
3
Apr
8
3% Apr 10
35% Apr
H
105% Apr 20
6% Feb
Jan
3
Mar
49% Jan
32
Mar
5
108% Jan 12
103
Oct
15
Apr 10
41% Apr 11
10% Apr 11
50
May 17
66
MarlO
43
May 25
65
Jan 18
7034
24
Apr 26
38
Jan
4
27
31% Apr 19
Apr 10
53
Jan
5
28% Mar
120
Jan
3
85
25% Jan
50% Jan
23% JaD
4
10% Mar
5
36
4
Jan
11% Mar
42
Mar
Oct
Mat
65% Mar
72% July
75% Nov
48% Nov
65-% Nov
12114
Dec
Mar31
81%May 27
61% Mar
78
Dec
22%May 16
11% Apr 11
"98
April
9% Apr 10
30
A pr 11
74
May 5
33% Mar 13
2084
Jan
39
July
2184 Jan 5
114% Feb 17
8%
Jan
21%
75
17
12
Apr
8
Apr 1,1
2% Apr 8
*Ex-dlv.
71
Mar
93g Mar
109
Oct
Oct
257g Aug
21%
Jan
55%
Jan
24
85
Jan
62% Mer
S'6% Nov
31%
Jan
11% Mar
31%
22% Jan
3% Jan
yEx-rlghts.
5
9
Mar
»
234
Mar
J8n
67% Nov
Dec
25% July
584 Ma
^Called for redemption
3500
June 10, 1939
Bond Record—New York Stock
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices
"and Interest"—except for Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless tbey are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
are
Friday
Week's
Last
Range or
.2
Sale
Friday's
s
i*
BONDS
N. Y. STOCK EXCHANGE
it
Week Ended June 9
Range
BONDS
Last
Range or
Since
N. Y. STOCK EXCHANGE
Week Ended June 9
Sale
Friday's
TjOW
03 CO
No.
122.13
<fc
Asked
High
Bid
Price
Week's
.
2
42
118.26122.13
10
114.17116.18
Jan.
Low
1
High
------1947-1952
1944-1964
Treasury 3%s
A
O
J
D
1946-1966
1940-1943
1941-1943
1943-1947
1941
1943-1946
1944-1946
1946-1949
—1949-1962
Treasury 3%s
Treasury 3%s_—
Treasury 3%S
-
—
Treasury 3%s._
Treasury 3 Mb
M
122.9
116.18 116.11
8
Treasury 3s
.-1966-1960
.—1946-1947
.—1948-1961
-1961-1964
Treasury 2%s
1966-1969
Treasury 2^8--.-.—-1968-1963
Treasury 2%g
1960-1066
Treasury 2Mb
Treasury 2 %s
Treasury 2%s
Treasury 2%fl
Treasury 2Ha.-
Treasury 2Mb.
1949-1963
1950-1962
116.18
♦116.5
116.12
103.24
9
103.23 105.8
Jan
Mar
4
105.29106.27
111.10
8
109.30111.10
♦Chilean Cons Munlc 7s
100.24
106.31
106.24 107 12
1 1939-1949
1942-1944
15
109.22111.9
111.27
97
109.22111.27
112.16
112.21
9
109.11112.21
-
-
1 Mb series M-_
116
114.5
113.27 113.26
109.2
111.31
37
108.19111.31
112.26
29
107.4
.
M
8
109.16 109.16
M
♦6s assented..
110.9
157
109.28 109.28
110.6
114
107
109.26 109.26
109.27
28
D
109.13
109.21
8
M S
J
108.9
110.6
105.19 109.31
104
103.4
153
109.21
109
108.9
109
108.23
63
102.20108.23
108.16
308
109.10
9
■
109
_
109.10
105.1
2
109.8
109.6
100.6
109.8
J
D
107.7
107.6
107.21
138
S
107.8
107.8
107.22
140
105.28
126
102.16107 22
102
105.28
J
F
J
-—.1962 MN
107.9
8
109.25
*106.23 106.28
106
109.17
21
100.11
100.12
8
100.27
105.3
5
109.10 109.10
110.6
106.26109.21
<*-
106.15
-
J
♦6s extl sf gold of 1927. Jan 1961 J
♦Colombia Mtge Bank 6 Mb
--
-;
-
—
-
—
-
102.6
105.18
105.18
102.12
11
27
♦Gtd sink fund 6s
-1948 A
O
27
102.1
,
1947 A
J
27M
27%
O
J
/
•
91
-
88
88%
22
86
86
86%
12
(♦Cordoba (City) 7s unstamped 1957 F
|*7s stamped
1957 F
Cordoba (Prov) Argentina 78—1942 J
*26%
A
External 6s of 1914 ser A
.
1949 F
External loan 4 Mb ser C
A
4
Mb external debt.—
-
-
Sinking fund 8s
B
ser
14M
15)4
35
10M
14%
15 M
30
9%
15 M
25
10%
15 M
14%
14%
18%
15 M
1945
15)4
48
10%
14
92
13%
13)4
91)4
92
95
94
ii
95
87 M
87%
79%
79M
1957
102.12
14
f 7s 3d series.1957
14)4
Antwerp (City) external 6s
1958
Argentine (National Government)—
1948 M N
S f external 4Mb
-—-1971 M N
8 f extl conv loan 4s Feb
1972 F A
8 f extl conv loan 4s Apr
1972 A O
Australia 30-year 6s
1955 J
J
100 M
External 6s of 1927
...1957 M S
External g 4%s of 1928——1950 MN
♦Austrian (Govt's) s f 7s
J
1967 J
♦Bavaria (Free State) 0%s—1945 F
Belgium 25-yr extl 0%s_
External
1949 M S
f 6s
s
-.1955 J
(Germany)
101'
95%
12%
_
^
-
-
-
i
1st
1962 J
—
Brisbane (City) sf6s
s
5 Mb of 1920..
54 M
54%
69%
99%
~88%
97%
88%
70%
83%
87%
79 M
80
76
76
79%
79%
75
75%
100%
100%
99%
101 %
12M
12%
109%
'80
79%
95% 103%
95% 103%
89%
99
16
2
10%
17%
20
9
16
20%
107
2
.
-
-
1907
dep
1945 M S
♦Frankfort (City of) s f 0)4s—_ 1953 MN
French Republic 7 Mb stamped. 1941 J D
7 Mb unstamped
7s unstamped
1949 J
-
-
97%
71%
65
-
--
-
-
-
m
71%
66%
,
—
71
71
65
-
r
71%
65
-
71
16
19%
14%
....
Gorman Govt International—
*5 Mb of 1930 stamped
♦5 Mb unstamped
5
21%
96
*86.
21%
96
....
106%
19
—■
-
118
—-
16%
105
118
35
D
15
45
18%
18%
16%
18%
1905
17
11
21%
22%
84
'
O
22 M
*17
♦(Cons Agrlc Loan) 0%s__„1958 J D
s f ser 7s.. 1964 M N
♦Greek Government
♦7s part paid
♦Sink fund secured 0s.
♦0s part paid.
19%
*36%
1968 F
28%
23%
A
2
23%
38%
28%
1904
----
1
-
-
22
24%
17%
25%. 33%
20%
22%
29%
16%
25
71
80.
~
25
78
27
9
-
25
18
18%
18%
•
2
*26%
1908
21%
14%
17%
16
♦5 Mb stamp(Canad'n Holder) '65
♦German Rep extl 7s stamped.1949 A
♦7s unstamped
1949
German Prov A Communal Bks
105
113% 125
103% 105
*103%
1905 J
19%
109%
104
-
2
104%
100
105% 107
-
11
19%
*109%
D
14
102
116)4
3
14
21%
18%
4
13
19%
Haiti (Republic) s f 6s ser A...1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Mb '60
Helslngfors (City) ext 6 Mb
1960
20 M
21%
50
28%
80
27%
Hungarian Cons Municipal Loan—
17
18%
18%
203
9%
17
264
9%
22%
16
17
110
9M
21%
♦Hungarian Land
♦Sinking fund 7)4s ser B....196i
♦Hungary (Kingdom of) 7)4s„ 1944
95
99% 108
11%
23
89
98%
10
89
26
96
97
98%
102
-
95)4
101
8%
12%
*7 Mb secured
♦7s secured
M Inst 7)48.1901
17
J
*10
MN
—
-
2
1
-
...
2
9%
12%
*9%
—
—
.
12%
9%
A
*29
*25
28%
---
-
38
A
-
-
F
1979 F
Extended at 4Mb to
-
--
9%
9%
J
MN
.
103 "
102
1945 J
.'..1946 J
f g.
19
*12%
-
....
15
18%
10%
102
18
„
7%
7%
8%
105
11
.
11
10
8%
10
'22%
18%
30
33
11%
64
78
s
f g__.
s
*15%
64
56M
55%
58
83
44%
58
-
56%
57%
16
44%
57 %
58M
58M
3
44%
58)4
60
60
10
47
60
State extl
1900 MN
s f 5s
Italy (Kingdom of) extl 7s
D
1951 J
Italian Cred Consortium 7s ser B
'47 M 8
Italian Public Utility extl 7s___ 1952 J
J
32%
43%
20%
13%
29
♦Lower Austria
......
20
20
11
13
111*4
111
111
111
111%
111%
104
104%
4
194%
104)4
103)4
105%
13
103%
1
102%
102%
102%,
61
------
*15)4
22
*27
32
113
*103
101% 103
57
52
76%
61%
63%
64
64
45%
46%
71
38
55
81 M
80
81%
92
75
85%
58%
58%
59%
118
55
65%
27%
28
2
25
38%
62%
"4ik"
2
54%
75
32%
1968 M N
J
•
J
M
J
S
J
1960
-
-
-
--
-
-
-i
-
-
-
-
-
------
15 1900 A
O
1942 M N
O
F
A
F
A
J
J
J
J
♦6s assented
Jan 1961
♦Extl sinking fund 6s..Sept 1961
♦6s Assented
Sept 1961
♦External sinking fund 6s.—1962
A
O
O
-
„
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 6s of 1899..
1945 Q
1963 MN
1957 J
105%
100% 103%
98% 102%
-
-
-
—
-
-
26
32
♦4s of 1904
27
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small..
(♦Treas 6s of '13 assent (large) *33
21
18
24%
27%
23%
18M
4
10%
5
14%
30
11
14
24
12
9%
13%
10)4
12
9
14%
13
10
10
13
14
14
1
1
8%
9%
10%
13
...1957 J
D
*9
D
13)4
13M
1961 J
D
*9%
10
15%
72%
*1
J
%
%
%
%
*%
J
D
1%
J
J
*1%
J
(♦Small
D
-
-
-
-
-
7 i%
1%
2
i
-
1
%
%
5
1%
1
1%
1%
%
1%
-----
-----
1%
2%
O
49 M
47%
49%
29
12M
12
2
1959 M S
12M
11%
12%
12%
♦Montevideo (City) 7s
1952 J
54
55
8%
18%
16%
12%
18%
8%
17
8)4
5
11%
1
(City, Italy) extl 0)4s —1952
♦6s series A
1959
New So Wales
(State) extl 6S..1957
External a f 6s
Apr 1958
Norway 20-year extl 6s
1943
D
MN
1
99%
104%
11
105%
103%
101%
32
100
33
F
A
A
1963 F
A
8)4
14%
Municipal Bank extl
1970 J
D
11%
16%
14%
103%
104M
1965 A O
4s
6s
-
99%
16
s f
*
99%
98%
1956 M
f ext loan
*
A
O
16%
s
-
F
.1944 F
20-year external 6s
4
60
*52%
20
A
External sink fund 4 Mb
External s f 4Mb
7%
%
3
i%
%
1958 M 8
12%
1%
%
-
«
_
Mlnas Geraes (State)—
♦Sec extl s f 6 )4s
♦Sec extl s f 6)4s
12%
1%
-
J
A
-
-
—.1954 J
%
1%
1%
1%
1%
*1%
Milan
11%
13
1961 J
13
10%
64
1%
16
16%
18%
16%
18%
——
10%
14
J
2
-
18%
16%
18%
16%
8%
1
_
14
8%
12
2
9%
•
I
12
72
71
♦Assenting 6s large..
♦Assenting 5s small
18
9%
*13%
(Prov) 4s read)
19%
21
D
3505
101%
25M
14%
25
*%
1
-
23
21%
„
23%
30
30
15%
14%
*%
10
------
15%
-
9)4
13%
14
D
-
29
10
D
.....
*%
13)4
^
1964
-1954
16%
.
Mendoza
14%
„
------
*23%
♦Mexican Irrigation
gtd 4)4s..l943 M N
*4Ma stmp assented
--..1943 M N
15%
10%
1963 MN
♦6s assented
*19
*17
108)4 111%
101)4 104)4
13%
10
M S
1962 A
♦6s assented
♦External sinking fund 6s
23)4
28
D
108% 111)4
14%
------
M S
(Province) 7 Mb 1950 J
A
57
*19
O
f 7s..—1947 F
>11
*23%
1960
1942 M N
s
♦Medellin (Colombia) 0)4s
J
J
Jan 1961
78%
66
-
-
69%
*105%
19M
1949
...
11
Feb 1961
»>•>»»
92% 101
1
—
104%
76
♦Extl sinking fund 6s..Feb 1961
♦6Mb assented—
—
-
21
1941
„
External 7s stamped
43 %
1960 A
♦Chile Mtge Bank 0%s
♦0%s assented
•Sink fund 0%s of 1920
93
19
75
J
105
40
30
22%
19%
♦6s assented
s f 6s
-
*18%
41%
♦External sinking fund 68—.I960 A
♦6s assented
—
*55
16
*9%
-
—
*68
104%
*70
-
,76-
100)4 108
■
-
75
29
——
65
O
113
101
i
-
73
*69%
J
♦Leipzig (Germany)
f 6s„Oct
w
22
38
105
52% 60
100% 103%
66%
73%
2
100%
97%
89%
70%
O
J
coupon on
Far footnote"
87%
21
108
102%
18
1909 A
1948
95
97%
-
33%
100 %
1945 MN
J
♦0s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
♦Ry ref extl
89%
101 %
80%
99
58
69%
—.1909 A
1984 J
30-year 3s
1967
♦Carlsbad (City) 8s
1954
♦Cent Agrlc Bank( Ger) 7s....1950
♦Farm Lean sC
0s._July 15 1960
s
52
*94
D
Canada (Dom of) 30-7T4s.-..I960 A O
68...
—......1952 MN
10-year 2%s
—Aug 16 1946 F A
26-year 3J4s
1901 J
J
7-year 2Mb
1944 J
J
July
57%
51%
30%
100
2
2
32
*22
.-1967 J
f 7s.._
96%
94%
22%
105
*22
Japanese Govt 30-yr sf0)4s—.1954 F A
Extl sinking fund 5 Mb
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Stabilisation loan 7%s-
♦6s
14%
99%
17%
-V
-
-
27
65%
99%
54%
102%
*68
Irish Free
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Farm Loan
9%
85%
18 M
17
A
♦6s stamped
—-1901 M 8
External s f 4%-4%s
-1977 M 8
Refunding s f 4%s-4%s
1970 F A
External re-adj 4%s-4%s
1970 A O
External s f 4%s-4%s
1975 M N
s
8
"7
14)4
40
2
101%
*55
14
21%
Buenos Aires (Prov of)
♦Secured
9M
21
D
1962 J
♦Budapest (City of) 6s
9%
4
14%
5
106
*101 %
...1940 A
112%
O
I960 J
12
15%
15%
15%
15%
14%
21%
18%
21%
18%
D
1958 F
J
f 6s
-
1967 M 8
Sinking fund gold 5s
20-year
76%
73%
47%
,
26%
101%
O
ser
103M
s
( 1 Mb of 1927—1957 A
♦7s (Central Ry)
-
D
f 6 Mb
1950 A O
♦External sinking fundus -.19581
'
♦Brazil (U 8 of) external 8s
1941 J D
♦External s f 6 Mb of 1926—1967lA O
♦External
-
J
1965 J
External 30-year b f 7s
♦Berlin
A
_
28
27%
27
19 M
14)4
f 7s 2d series. 1967
'
75
99%
J
20-year extl 6s
1942
External gold 5Mb-A
1955
External g 4Mb
Apr 16 1962 A O
Dominican Rep Cust Ad 5%s_.1942 M 8
J*
15)4
-
_
51%
*104%
1951
1962
Estonia (Republic of) 7s
Finland (Republic) ext 6s
15 M
4Mb
,
65
26%
♦Public wks 5)48---June 30 1945
Czechoslovak (Rep of) 8s
♦El Salvador 8s ctfs of
1946
8 f external
„
_
*70
A
,..1977
26)4
1946
sec s
„
48%
J
1949
94 %
f 7s series C
♦External
2
■
*55
♦Costa Rica (Rep of) 7s.
1951 M N
Cuba (Republic) 6s of 1904——1944 M S
90
f 7s series B
sec s
-
"88"
25
s
♦External
-
26%
20%
23%
24%
131
-
-
1953 MN
5
27
*89%
8
s
7s series D
-
26%
28
25
28
25%
*26%
26)4
19%
19%
19%
290
1947 F A
1952 J D
23%
♦External
f 7s 1st series
16
28
25%
16%
14%
14%
20
15
,
♦Sinking fund 7s of 1927
Copenhagen (City) 6s
25 year gold 4Mb.
1
27
♦External
s f
8%
10%
14%
106.15
106.20109.17
100.11 102.22
104.1 105.18
1
102.4
A
s
7
1
1946 M N
5)48 1st series
♦Antloqula (Dept) coll 7s A—1946 J
4
10%
♦Sinking fund 7s of 1926
5Mb 2d series..
♦Dresden (City) external 7s
M
9
9
8%
11%
-
19%
Denmark
•u.
D
(King of Norway) 4S.1968
11
1
-
-
-
35
1900 M
Sinking fund 6%s—Jan 16 1963
45
110.6
106.10
A
9
14
*19
102.13107.21
M
1947 F
♦External
„
High
102.20108.31
109
D
108.10
107.23 107.23
D
♦Gtd sink fund 6s
♦External
Low
1
12%
9
*17%
104.12110.9
S
M S
J
12%
(Hukuang Ry) 6s
1951 J D
♦Cologne (City) Germany 0 %s.l950 M S
Colombia (Republic of)—
♦6s of 1928...Oct 1901 A O
112.26
Agricultural Mtge Bank (Colombia)
Akershus
No.
10%
Municipal-
&
Govt
High
*12%
2d series sink fund 5 Mb..
1940 A O
Customs Admins 5 Mb 2d ser. 1961 M S
Foreign
Since
Jan.1
S
114.5
111.27
112.10 112.10
1945-1947 J
2Mb series G„.
9
111.9
1 1942-1947 M 8
Aug
12%
♦Chinese
111
111.4
16 1942-1947 J
O
O
1962 MN
106
Home Owners' Loan Corp—
3s series A..--May
1 1944-1962 MN
1[2%s series B
♦Guar sink fund 6s
105.29
111.22 111.20
J
1901 A
.1961 A
♦0s assented
113.10116.5
-
111.10
1947 J D 105.27 105.27
Federal Farm Mortgage Corp— .
3MB
Mar 16 1944-1964 M 8
110.6
3s
May 15 1944-1949 MN ...-i. 109.18
2Mb
-
8
Treasury 2s
3s
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
D
M
J
.-.—-—-1946 J D
1948 M S
Treasury 2 Mb
Treasury 2 Mb
§•3
oa <>a
■
103.24 103.23
D
J
.—1946-1948
1961-1966
Treasury 3s
Range
Asked
&
Foreign Govt. & Mun. (Con.)
Treasury 4%s
Treasury 4s
Treasury 3Mb
Treasury 3%s
Bid
Low
(I. S. Government
Treasury 3%s—
Price
8
104%
102%
101
99 %
99%
—
— — —
—
8
4
13
39
7%
7%
56%
16
15%
48
55
45%
52%
94% 101%
101%
100% 104%
100% 106%
98% 105
94% 103%
93
94
101%
99% 104
Volume
148
New York Bond
BONDS
High
No.
Low
Oslo (City) s 14 Ha
•Panama (Rep) extl 6Ha
♦Extl a f 5s ser A..
18H
18H
18 H
53 H
54
49 H
49 H
50 %
42
100 %
100 H
100%
1953 J
D
.1961
1940
o
4 Ha assented
1958
♦Stabilization loans f 7s...—1947
gold 6a
25
43H
5H
L
*
10 H
10
11H
3
10H
o
•Poland (Rep of)
17
10H
7
10 %
125
SH
8H
10
o
ser.
58 H
9H
____
10
10H
88
8H
41
41
-
-
-
-
o
26
3
36 H
a42H
35
a42 H
1
22
1961
...1966 J
D
J
—
Prague (Greater City) 7H«-.
1952 MN
•Prussia (Free State) extl 6 Hs.1951 M S
♦External
..1952 A
f 6s
s
8
42
11%
11H
1
*-_—
18H
O
18H
♦Rio de Janeiro (City of) 8s.-.1946 A
♦Extl sec 6 Hs
1953 F
Rio Grande do Sul (State of)—
15
104 H
105 H
19
*30
rn
-
A
10 H
-
••
♦7s extl loan of 1926
♦7a municipal loan
Rome
1967 J
(City) extl 6 Ha
12
1952
•Roumanla (Kingdom of) 7s...1959
♦February 1937 coupon paid
•Saarbruecken (City) 6s
...1953
8ao Paulo (City of, Brazil)—
♦8s extl secured s f_
1962
♦6 Ha extl secured a f
1957
-
F
J
J
(•8a extl loan of 1921
1936
*88 external
......I960
♦6s extl dollar loan..
s
...1940 A
f 7a.._
12 %
•Saxon State Mtge Inst 7s
♦Sinking fund
g
1945 J
1946 J
6 Ha
D
7H
6H
7H
7H
15H
15H
14H
14H
69 H
1
1
43 H
15
6H
6H
j.
"
"7
....
f 6Ha———1965 F
Externa! s f 5Ha guar......1961 A
♦Uruguay (Republic) extl 8a... 1946 F
♦External
s
•External
s
f 6s___...
22 H
14 H
1
A
Con ref 4a
F
J
J
3 Ha extl readjustment
—1958 F
*
6s..1961
J
AND
Belvldere Delaware
cons
conv
25H
24
63
25
40 H
15
23
6H
3
37H
10H
6f
1966 MN
1041 MN
1941 j
1950 F
A
60 %
110
76 H
36 H
*40 H
112K
U1K
93
111H
111
H
92 H
104
103H
109 H
♦BUff Roch A Pitts consol
{{♦Burl C R A Nor 1st A coll 5a 1934 AO
44
Bush Terminal 1st 4s.
128
37
-
1967 J D
MN
4Ha. 1957
35 H
33
1952
1955
-
«.
«
46 H
•
-
*
-
5
36
43
Bush Term BIdgs 6s gu
40%
2
35
42 H
23
37 H
47
Calif-Oregon Pbwer 4s
Canada Sou cona gu 5a A..
3
35 H
.37H
47
38 %
•
38 %
49 H
»
51
3
*17
^
M
14H
-
*29
-r
M.
—
-
-
*60 %
«
-
16 %
60
*
101
A
~
«.
Guar gold 4Hb-—..June 16 1955 J
Guaranteed gold 4 Ha.
—1956 F
60
*108
106 H
H
'.
1
104
16
,106H
106H
104
100H 107 %
66 H
49 H
108 H
107
7
•
-
32 H
106 %
38
%
40
*36 H
45
32
39
*76 %
78
72
*80
*36
1. -;
J'
77H
68 H
41
34 H
29
6
^
*31 H
27%
*50
8
O
68
16
66 %
29
106 Ys
106H
■
J
70
108
16
;
85 H
57
75 H
48 H
22 H
41H
60
103 H 108
91 %
H
35
45
40
40
80 H
92
33
112H
111H
93 %
104 H
109 H
100
"36
"15
26
59
7
6
6H
5H
82 H
106 H 112 %
103 H 112
72 H
95
93
104 H
109 H H3H
26H
25 H
5H
5
67
68
16
56
9
47
105
165
40H
40
10
8H
75
35
92
-37H
116H
34
116 H
120 %
22
120
115 H
120 %
118H
116H
1.15 H
123 H
123 H
A
76
76
£5H
......
J
{♦Car Cent 1st guar 4s
....1949
Caro Clinch A Ohio 1st 6s ser A1952 J
41
66
93.K
86
Carriers A Gen Corp deb 5s w w 1950 MN
F A
Cart A Adlr 1st gu gold.4s—...1981
1947 J
D
J
*37 H
107 H
107 H
(J P 1st g 4s—..1948
F A
{•Central of Ga 1st g 6e— Nov 1945
•Consol gold 5s
1945 MN
♦Ref A gen 5 Ha series B
1959 A O
O
♦Ref A gen 5s series C
1959
D
♦Chatt Dlv pur money g 4s—1951
120 %
1
118H
2
116H
115H
124H
.77 H
96 %
113'H
16
49
124 %
82 H
11
100 H
90
9
112
95
32
89
22
114 H
-
81H
40
.60
105
100 H
94H
45
,
85
107 H
94
43
43
85
U7H 120 %
117H 120 H
116H 118H
114
116H
112H 115H
10
107 H
96 H
U3H I16H
U3H 116H
54
90 %
94
"§9~~
D
♦Cent Branch
12
103
.
89 H
87"
113K
J
D
19
H
116
A
92H
116K
116H
116H
120 %
D
4% deb stk perpet
1946 M S
J
5s equip trust ctfs—
1944 J
Coll trust gold 5s
Dec 1 1954 J D
J
Collateral trust 4 Ha—
—I960 J
Coll trust 4 Hs
Celotex Corp deb 4 Ha w w.
49 H
76 H
-
H
33
77 H
68
A
.
104
100
11
107H
56
H
67
101
1
101
107 H
—
42
3
99 H
■
101
92
Guaranteed gold 4 Hs._Sept 1951 M S
J
Canadian Northern deb 6 Ha... 1946 J
J
J
Canadian Pac Ry
49
101 %
102
1966
J
31
54 H
1960
O
34
1
...
Guaranteed gold 56
July 1969 J
Guaranteed gold 5a.....Oct 1969 A
Guaranteed gold 5s
1970 F
18H
5*
49
35 H
54
37 H
56
Canadian Nat gold 4 Ha——1957 J
51
22
57 H
49
3
38
40
40 %
46 H
*
H
68
37 %
95
34 H
*5H
*5
...
........
5s
47
•107 H 111
*109 H
35H
33
♦Certificates of deposit.
6H
176
'"l6
109 H
49
45H
-44
39 H
79 H
89
1981 F
A
7
61
111
110
78 H
1957 MN
1st lien A ref 6s series B
51
40
33
33
6
J
58
44
96H 102 H
106H 107 H
*107K
43
43
27 H
A
125
108 H
100H 105H
H
1945 MN
1st lien A ref 6s series A—... 1947 MN
Debenture gold 5s.. 1950 J D
29
57
A
102 H
27 H
105
33 H
103
27 H
M
101H
"47
32 H
28
D
F
175
28
26 H
32 %
25H
33
A
1950 A
1950 A
—
...
105 %
19
<31K
50H
40
1946 A
5s
108
21H
21
28
32H
Bklyn Manhat Transit 4 Ha..
Bklyn Qu Co A Sub con gtd 5s
1st 5s stamped
Bklyn Union El 1st g 5s...—.
Bklyn Un Gas lstcons g 6s...
51
1
3
33 H
42 H
42 H
40
Alleghany Corp coll trust 6s... 1944 F
Coll A conv 6s
1949 J
♦58 stamped
"20H "30"
27K
23K
33 H
Consol
—
♦Coll A
•
1961 A O
{♦Boston ANY Air Line 1st 4s 1955 FA
"
1952 A
1943 J
1998
Atlegb A West 1st gu 4s
AUegb Val gen guar g 4s___.i. 1942
Allied Stores Corp deb 4 Ha— 1950
1951
4Ha debentures.....:
Allls-Chalmers Mfg conv 4s.... 1952
129 H 133 H
~30" ""4
♦Certificates of deposit.
42 H
4s series B
Alb A Susq 1st guar 3 Ha
iieHiio"
1967 M S
1955 MN
—
1st g 4Hs series JJ—
Buffalo Gen Eleo 4 Hs series B
Buff Nlag Elec 3 Ha series C
.
101H
§7
105 H
D
J
Brooklyn City RR 1st 5s—i. 1941 J
Bklyn Edison cons mtge 3Ha.. 1966 MN
....
80
24
23K
*27 H
106 H
101 %
1944 J
54 H
*46
1943 J
Albany Perfor Wrap Pap OS¬.1948 A
es with warr assented
.1948 A
lst
1952
49
28
98 H
133 H
107"
37 H
____
52
108 H
78
117H
105 H
1966
49 H
———
—
—
23 H
25
94
____
15
88
.
133
27 H
♦Debenture 6a
1955
♦Berlin Elec El & Undergr 6 Hs 1956
Beth Steel cona M 4Hs ser D..1960
8
"58
8
102
47 H
90
28
7
56H
25
65 H
*103
28
25H'
s,5
3
50
14H
117"
117H
133 %
3 Ha.. 1943
♦Berlin City Elec Co deb 6 Hs—1951
♦Deb sinking fund 6 Ha
1959
34 H
38
19
42
104 H
86
87 H
cona
Cons mtge 3Kb aeries E
3 Ha conv deba—....
H
*30
15H
_-
-
•
49
104
*
52
52
{{•Abltlhl Pow A Paper 1st 5s. 1953 J D
Adams Express coll. tr g 4a
1948 M S
Coll trust 4s of 1907—
1947 m;d
10-year deb 4H« stamped. — 1946 F
14H
.
Boston A Maine 1st 6a A C
1st M 5a aeries II—
14H
32
COMPANIES
Ala Gt Sou 1st cons A 6s_.
10
.—...1961
Big Sandy 1st 4s
INDUSTRIAL
Adriatic Elec Co extl 7s
b tamped
Battle Creek A Stur 1st gu 3a. 1989
Beech Creek ext 1st g 3 Ha—...1951
Bell Telep of Pa 5s aeries B
1948
1st A ref 5a series C
1960
1«H
4
RAILROAD
115
86
40 %
*46
Venetian Prov Mtge Bank 7S..1952 A O
♦Vienna (City of) 6s.... .....1952 M N
♦Warsaw (City) external 7s
1958 F A
4 Hs assented
Yokohama (City) extl
-
*50 H
A
1978
1984
23 H
23 H
12 H
12 H
"12H
1951
18
35
______
D
3H-4H-4*i«s
4-4H-4H% extl read)
16
40 H
25 H
8
____
102%
______
MN
extl conv_«_...1978 J
16H
9
"49H
51H
57 H
9
21H
104K
1943
40,
.
23H
22
♦Certificates of deposit....
18
30
40 H
O
J~"j
Toledo Cin Div ref 4s A——1959
Bangor A Aroostook 1st 5s
15
7
6H
17H
20H
22 H
4
22%
21%
40 H
102 H
8H-4-4H8 ($ bonds of '37)
external readjustment
1979 MN
3H-4-4H% (S bonds of *37)
external conversion—.....1979
74
____
*25
A
-I960 MN
1964 MN
f 6s
32
*31H
....
16H
18
7H
12
11%
*24
1971 J
1962 M
Taiwan Eleo Pow s f 5 Ha
Tokyo City 5s loan of 1912
11%
21
....
....
s
11
"35
27 H
22
5
'
31H
.7
*24 %
♦Silesia (Prov of) extl 7s...—.1958 J D
4Hs assented
1958 J D
•Slleslan Landowners Assn 6s.. 1947 F A
Sydney (City)
12 %
*25%
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl..
1962 MN
♦7s series B see extl....
.1962 MN
24 H
23 H
21%
24 H
62 H
_
13 H
15H
D
16
44 H
44
6H
10H
<
17H
11
33
19H
10H
23
20
20 H
10 H
68
21H
21 %
42 H
19
26H
22
41H
15
.
21
20 H
21K
21H
21K
42
20
11%
21H
43
20 H
27
O
m"S
2
23
11-H
23 H
16H
18H
52 H
22 H
J
71
52 %
33
*14
J
J
21K
52%.
1
10
...1966 M S
J
....1968 J
♦7s extl water loan
♦Secured
J
20 %
Certificates of deposit-.
♦S* western Div 1st mtge 68—1950
San Paulo (State of)—
i
20 H
63 H
19 H
52
11H
*10H
24
9H
11H
MN
63 H
16H
44 H
*19H
MN
47 H
3
14 H
11H
*
7
89
59
20 H
......
4
61H
21H
52
59
A
62 H
60 H
21
51H
56 %
59
62 H
21
12 H
11H
11H
O
62 H
60 H
62 H
52
6H
12
11H
D
A
102
42
48 H
49
60 H
P L E 4 W Va Sys ref 4s...1941 MN
30
12
1968 J D
1966 MN
72
100
100 H
19 H
17H
4a
...1946 A O
.
60
loo H
60
70
44
15
,
♦8s extl loan of 1821...
♦6s extl s f g. «i
_•
102 H 106 %
20
25
21
y'd
—
2
10 H
9%
8
♦Certificates of deposit.
♦Ref A gen 5s series F
.1996 M~S
♦Certificates of deposit-♦Convertible 4 Hs
1960 FA
♦Certificates of deposit
-■___•
102 H 106 H
107
101
-
11
11
1
60
14
30
105H
O
105 H
21
63H
14H
1
18H
105
10
23
19
Queensland (State) extl a f 78—1941 A O
25-year external 6s
1947 P A
•Rhlne-Maln-Danube 7a A....1950 M S
44
37 H
63 H
105H
60
High
33 H
26 H
62
62 K
105 H
Low
16
2
H
21H
20K
21K
20 H
12K
12H
9H
9H
25
19
1995
Certificates of deposit......_
44
11H
*10 %
-
♦
54
44
1963
36 H
3
J
4Hs assented
Certificates of deposit
♦Ref & gen 6s series C
♦Ref A gen 6s series D—__.2000
52
S
♦
41
No.
34
~63H
.
Jan. 1
42
21
50
J
J
Bait A Ohio 1st mtge g 4s_July 1948 A O
♦1st mtge g 5s—
July 1948 A O
♦Certificates of deposit.
♦Ref & gen 5s series A
...1995 j"*D
<§
35 H
*45
43
♦External sink fund g 8s_„—1950
High
Since
CQ
41K
J
34
37
42 H
J
1941 J
Baldwin Loco Works 5s atmpd.1940 MN
25H
30H
*35
•Porto Alegre (City of) 8s
♦Extl loan 7Ha
12 H
12H
J
J
Austin & N W 1st gu g 5s
5
o
...
13 H
13 H
1948 J
Ranoe
Friday's
A Asked
Bid
Low
Atl A Dan 1st g 4s..
Second mortgage 4s
...1948 J
Atl Gulf A WISS coll tr 6s
1959 J
Atlant'c Refln'ng deb 3s
1953 M
7 {•Auburn Auto oonv deb 4Hal939 J
52
a42H
..1968
4Hs assented
68
Range or
Last
High
16
19H
52H 67
52 H
48H
97 H 103
99H 102
67 H
50
10
54
66
«
10 H
10 %
♦Peru (Rep of) external 7a....1959 M S
D
♦Nat Loan extl a f 6a 1st ser..I960 J
f 6s 2d
-
65H
57
♦Stamped
.....1963 MN
♦Peraambuco (State of) 7a....1947 M 8
s
2
*53 H
4.
^
Price
Low
46
1956 A O
Sale
Week Ended June 9
c>
53H
....1963 MN
N. Y. STOCK EXCHANGE
c2
0
...1958 M N
Oriental Devel Tuar 6a
Extl deb 5 Ha
-
BONDS
Since
Jan. 1
oqo9
Bid
Price
1952 F A
....1963 M S
♦Nuremburg (City) extl 6e
♦Nat Loan extl
Rang*
Range or
Friday's
Asked
A
Sale
8 5
Week Ended June 9
3501
Week's
Friday
•9
Last
N. Y. STOCK EXCHANGE
Record—Continued—Page 2
Week's
Friday
H
43
62
89
82
97
12
19 H
32
12
12
1.
31H
6*
34
"*r%
3H
3H
3%
3H
*4M
8%
3H
3H
7H
12H
6H
6H
♦Alplne-Montan 8teel 7s
Am A Foreign Pow deb 5s
1955 M
2030 M
American Ice s f deb 5s..
1953 J
.1961
.1966 J
109H
S
8
20-year sinking fund 5 Ha—.1943 MN
3Ha debentures..
3Ha debentures
O
D
J
Am Type Founders conv deb.. 1950 J
Amer Wat Wks A Elec 6s ser A..1975 M N
Anaconda Cop Mln s f deb 4 Ha 1950 A O
♦Anglo-Chilean Nitrate—
.1967 Jan
S f Income deb
1995 A
....
103 H
1995
....
1995 M N
.....
...
10
100
25
.*36
106
103
—
'
3
40
39
100
100 %
12
30
40
48H
65 H
103
100H 103 H
98 H 104H
111^112%
105H 110 H
105H HOH
102 H 1HH
99 H 107
104 H
107
45
58.1947
*4
5
J
7
7
7
8
M S
91
91
91
107
—1941
M S
42
76
Gen mortgage 5s_—
97
100 H
97
110 H
97
95 H
95 H
4
95 %
96
5
95 H
98 %
99
19
,
2H
5H
63
61
63
104 %
109 H 111H
102 H 105
110 H UIH
24
39 H
M 8
J
J
{♦Cent New Eng 1st gu 4s—s.—1961
J
♦Central of N J gen g 5s—...1987 J
J
♦General 4s_—.......—.—1987 J
A O
Central N Y Power 3HS——.1982
Cent Pacific
1st ref gu gold 4s..1949
Through Short L 1st gu 4s—.1954
Guaranteed g 5s——......1960
42
98
96 H 100 H
96
100H
F
*111 %
29 H
33H
17K
17%
18H
15H
15%
108 H
'•
75
105 H 110H
95 H
9
96
91
--
87 H
97 H
91H
99
May 1 1942...... MN
8s—.....1941 MN
Certain-teed Prod 5 Ha A.....1948 M S
Champion Paper A Fibre—
S f deb 4Kb (1935 Issue)
S f deb 4Ha (1938 Issue)
1950
1950
—1992
Ref A imp mtge 3 Hs ser D—1996
Ref A lmpt M 3 Ha aer E
1996
Craig Valley 1st 6s—.May 1940
Potts Creek Branch 1st 4s...1946
R A A Dlv 1st con g 4s.—1989
2d consol gold 4s—.......1989
Warm Spring V 1st
8—1941
Ches A Ohio gen g 4 Ha
l06
1
89
91
99
1UH
101H
HIM
1
112
112 H
18
93H
93 H
1
96 %
82 H
96 H
17
89H
97
General 4s
84 H
84H
40
76 H
89 H
1st A ref 4
60%
58K
48
54
71H
1st A ref 5s
68H
60 H
69 H
10
64 H
79
59 H
59 H
1
55
72
101H
112
92
1
96
103 %
98H 102 H
111 %
108
RR ref g 3s
107
112H
♦Chlo A Alton
110
*109 H
110H
Chic Burl A Q—111 Dlv
Illinois Division 4s
85
94
yt
1949
3Ha... 1949
Hs series B
series A...
1949
—1958
1977
-.1971
62
"""5
116
79
17
70
104 H
103 H
104 %
104 %
15
6
M S
125
124 H
125 H
22
100
99 %
100 H
34
A
100
99 K
100 H
69
*
109H
*107H
116H
J
118H 125H
95 H 100 %
95 H 100H
104H 105
M 8
*
114"" 117H
104H 111
*109
9K
86
100 % 104 H
100 H 104 H
109
*115H
J
O
55
115H
55
115
76
MN
A
: 63 H
115
M S
77 H
.72%
40 H
*50
78 H
M S
F
64H
64
•
47 H
24
110
107
44
67H
*64
47 K
28
13 H
15H
*-..—
O
A
M4H
"33"
A
A
F
104KJ
Central Steel 1st g s f
103H
92
D
1946 J
Cent Hud G A E 1st A ref 3 Hs.4965
F A
Cent 111 Elec A Gas let 5s
1951
Cent Illinois Light 3 Ha
—1966 A O
5s extended to
26
30 H
92 H
96 H
103
May 1 1945 MN
.-Oct 1952 MN
mim-rn
94
99H
Atl A Char! A L 1st 4 Ha A— 1944
1944
1st 30-year 6s series B
3505.
37
110H
...
r> ige
32
104
110H
1958
,
103 %
103H
*4
J
♦Mid Gft A At Dlv pur m
♦Mobile Dlv 1st g 5s
95
106H 112-
102
J03H
103
98 H
el 4Ha A.... 1962
1946
Atl Knox A Nor 1st g 5s
Fnr' rtnt."Ote« 8^
198
*97
Cal-Arls 1st A
10-year coll tr 5s
LAN coll gold 4s
1
65%
100 %
1965
Atl Coast Line 1st cons 4s July 1952
1964 J
General unified 4Ha A
31 %
63
*92
1948
Rocky Mtn Dlv 1st 4s.
47
J
♦Mac A Nor Dlv 1st g 5s
100
Central RR A Bkg of Garr
1960 J
Trans-Con short L 1st 4s
109 H
25
«
1955 J
Conv gold 4s of 1910
Conv neb 4 Ha
88 H
109
_
1955 J
gold 4s of 1909...
Conv 4s of 1905
93
40
111H lll'«« 111>»J2
110
110H
110H
110H
109H
110%
*105 H
106 %
106'H 106%
107
106 H
106 H
Nov
....
Adjustment gold 4s
Stamped 4s
Conv
O
10
95
*103
~m%
Q
— 1995
General 4s
100
92
31H
~~65%
....
J
{Ann Arbor 1st g 4s
Ark A Mem Bridge A Term 5s. 1964 M F
Armour A Co (Del) 4s series B. 1955 F A
J
1st m s f 4s ser C (Del)
1957 J
Atchison Top A Santa Fe—
99
I"
-
D
Amer IG Cbem conv 5Hs_— 1949 MN
J
Am Internet Corp conv 5 Ha— 1949 J
Amer Telep A. Teleg—
A
*
1946
Central Foundry mtge 6s......1941
M S
99 H
L
.
109H
9H
9%
30
8%
14H
97 H 101
J
J
101
100
101
92
J
J
104 %
103 H
104 %
17
98
99%
139
86 H
90%
88
91
85 H
94 H
92
33
90H
99H
M S
F
A
88
F
A
93
100 H
94
104 %
100
New York Bond Record—Continued—Page 3
3502
BONDS
Last
Price
Range
BONDS
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Week Ended June 9
Price
Sale
Week Ended June 9
Bid
Asked
A
Low
{♦C A E 111 Ry
O
A
1951 MN
5a
♦Certificate# of depoelt
gen
17
""74
21
*10%
13%
♦9
13
♦8
13
3M
•
21
5
*63 %
112
1st mortgage 4 %s
♦Gen
g
D
-May 1 1989
112
25 %
15
{{♦Den A R G 1st cons f 4a
{♦Consol gold 4 %?
1936
—
A
A
O
7%
2%
2
M N
*13
13%
*
♦Gen 4%s stpd Fed lnc tax—1987
♦Gen 6s stpd Fed lnc tax
1987 M N
MN
1936
depoelt
♦Certificates of
14%
M N
-----1987
J
D
J
D
13
M N
F
J
—1934
♦Certificates of deposit
g
J
D
D
55
Chlo T H A So'eastern 1st 5s.-I960 J
D
65 %
53 %
lnc
68-
gu
—
-
--Dec 1 I960 M 8
—
110
109
104
104
108%
107%
13%
108%
108%
105
108%
13%
109%
108% 112%
1951 J
16%
O
A
16%
East Ry
O
11
East T Va A Ga Dlv 1st 5s.„. 1956 MN
J
Ed El 111 (N Y) 1st cons g 5a.. 1995 J
*145
Minn Nor Dlv 1st 4a.. 1948
20
Electric Auto Lite conv 4s..-. 1952 F
12%
Elgin Jollet A East 1st g 5s—-. 1941
6%
11
5%
3%
11
23
10%
Erie A Pitts g gu
6
9
40
4%
8%
♦Gen
6 '
13
5
♦
103
4
9%
8
2%
♦Series B.
..
conv
....
4s series D
Re; A Imp.
5s of 1927
1976 A
♦Erie A Jersey 1st s f 6s
4%
3%s
guaranteed--
—
J
1963 J
%? series E
J
1951
♦Genessee River
65
55
63%
49
54
s
J
*92 %
D_—. 1962 M S
92 %
Chic A West Indiana con 4s_.. 1962 J
1st A ref M 4 %s series
1943 A
Chllds Co deb 6s
O
) 08%
105%
90%
91%
72%
A
1967 J
1938
3%s._..
Cln Leb A Nor ls»
4s.— 1942 M N
con gu
Cln Un Term 1st gu 9 % ser D
.
1971
MN
1969 F
A
1943 J
CievtCln Chic A St L gen 4s—. 1993 J
Genera 16s series B
1993 J
iiou
.....
Ref A lmpt 4 %s series E
1977 J
•
108% 111
110% 111%
100% 103
67%
68%
49%
63%
77
77
50%
46%
63%
56%
68%
63%
58
70
100%
100%
96
93%
90
108%
109%
1948 MN
...
1950 F
1977 F
100%
90
*106
A
105
107%
*105
*106
.1972 A
87%
O
1st s f 4 %s series C
1977 A
Coal River Ry lBt gu 4s
1945
Colo Fuel A Iron Co gen 8 f 5s.. 1943
♦6s Income mtge
1970
Colo A South 4 Ms series A
O
83
M
77 M
90%
63
85
89%
91%
79%
O
1973 A
85
*83%
-.
83%
77%
-83
75
85
36
68
"79%
74
79%
*105%
103
%
Columbia G A E deb 6a_—May 1952 MN
Debenture 6s
Apr
16 1952 A O
Debenture 5s
Jan
15 1961 J
J
35%
103%
103%
48
1980 MN
48
.
48
34%
35%
""1
4
45
102%
102%
102%
126
102%
102%
102%
103%
19
103%
102%
O
*113
Columbus A Tol 1st bxt 4s
A
179
*113
Columbus Ry Pow A Lt 4s
1965 MN
Commercial Credit deb 3%S—.1951 A O
1f2%8
debentures
Commonwealth Edison Co—
f 1st mtge g 4s series F
list mtge 3%s Beries H
1st mtge 3 M8 series I.
1942 }
1981
1968
Conv debs 3 Ms
1958
3 Ms (lnt waived to and including
May 15. 1939)
.1958
Conn A Passump River 1st 4s—1943
—
Conn Ry A L 1st A ref 4 %s._'„1951
Stamped guar 4 Ma
M S
109%
J. D
J
J
non-conv deb 4s__1954
5
♦Debenture 4s
18
103
105%
101% 103%
105*»
iio""
f 6s
1st mtge 3 Ms
1st mtge 3Mb
Continental Oil
Crane Co
s
conv
2M8-
—
1
108
1
45
107% 110%
103% 107
106%
106%
69
106
104%
108%
105
105%
7M8 series A extended
For footnotes
see
page
f 6
1947 J
%s A
D
A
J
2
67
~~2
,
100% 102%
101
1
100% 102%
101
103%
99
87%
109
102% 104%
2
99
104%
.
86
107
104
5
98
99
*41
45 '
35
59%
7%
50
43
58
"fl"
65%
5%
5%
26
7
10
9%
17%
2%
3%
*101
2
3%
3%
3%
IX
104
3%
100% 102
40%
40%
41%
......
*125%
126%
104%
104%
98%
104%
\ Gen Motors Accept Corp deb 3s. '46 F
15-year 3%s deb
-.1951
A
1st mtge4%s
Gotham Rllk Hosiery deb 5s
95
57
10
49%
57
54
102J7s2
1
104%
48
69
„
62%
55%
16
102 "32 102 2932
102
102«J2107%
35
104% 107%
99% 101%
59
*10%
104%
100
104%
'46 M S
Gouv A Oswegatchle 1st 6s.-..1942 J
Grand R A I ext 1st gu g 4
J
D
2
1Q5
Grays Point Term 1st gu 5s...1947 J
Gt Cons El Pow (Japan) 7s...1944 F
,1st A gen 3 f 8%s_—
1950 J
D
59%
48%
14%
12%
71%
13
205
16
18
37
'"l
45
98
104
100
98
105
4
83
90%
*82
J
45
54
61%
13%
13%
*37%
40%
103% 1032732
104% .105
84%
84%
103%
.1956
w w
123% 123%
102% 105
7
28
54
61
{{♦Ga Caro A Nor 1st ext 6s._1934
♦Good Hope Steel A lr sec 7s_.1945
If Goodrich (B F) conv deb 6a._1945
46%
100
104%
99iSi8
Gen Pub Serv deb 5%s
1939
Gen 8*eel Cast 5%s with warr. 14)49
{♦Oa A Ala Ry 1st cons 6s Oct 1 '45
39
57
100
J
(Germany) 7s
1946 J
D
♦filhklng fund deb 6 %s.—1.1940 J
♦20-year s f deb 6s
..1948 MN
%s._1941
A
105%
103% 106%
*60
77.%
77%
*
J
Great Northern 4%s series A..1961 J
General 5%s series B
General 5s series
0
"79%
v
"73%
5
72
105
8
16
1
105%
9%
1
10%
10%
.
77
10
10%
55
8
l09
# 108
104% 108
105% 109%
18
22%
100% 105%
8
10%
9
9%
44%
13%
12
55
64%
80%
7,8
J
83
89-
94
78%
94
73
75
30
66
81%
Feb
..1944
111%
33
107% 111%
109%
104%
59
103% 109%
4
100
100
16
96
108%
62
38
40%
*34%
108%
60%
58
8
31
35%
37
38%
10
40%
1
39
108%
"~7
60%
126
29%
37
34%
40%
39
45%
38
32%
107% 110%
52%
70%
117%" 122%
33
38%
IODio
101%
38
77%
75
39
23
101
39
34
35
*127
129
34%
•
•
50
67
39
.
25%
101
124
49%
"28
43%
13%
13%
33
11%
111%
112%
12
M
O
1953 M N
1955 M N
F A
111
127
51%
15%
112%
87
91
83%
85
63
75
"53%
54%
56
77%
39.
102%
28%
36%
..
48
"49""
51%
*
55%
27
46%
56
22
47
44
62
42%
52
44%
60%
53"
"48""
54%
"26
57
"53%
58%
9
52
114
39
66%
81%
83%
71
46
48
*80
105
*60
90
63
63
65
63
65
*46"
49%
75%
46%
46%
*56%
*60
84%
60
63
"60"
"ei"
*
Loulsv Dlv A Term g
3%S—1953
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.—1951
1951
g
"4
42
122
74
Litchfield Dlv 1st gold 3s.—1951
Springfield Dlv 1st
92
96%
105% 110
121 %
—1950
Gold 3%s
6
*85%
*85%
110%
108%
104%
106
20
*
1952 A
105
93%
106%
*88
1955 M N
J
1952 J
.
91
92%
111%
Purchased lines 3 %s
Collateral trust gold 4a
Refunding 5s
34
79
13%
A
Collateral trust gold 4s
105%
97
81
90
75
*38%
Refunding 4s
1966
73
78%
74
77
Illinois Bell Telp 3%s ser B—1970 A
Illinois Centra! 1st gold 4s
1951 J
1st gold 3%s
1951 J
Extended 1st gold 3%s.._..1951 A
Aug 1
7%
103%
69
78%
122
106
35%
78%
55
5%
103
106%
Hudson Coal 1st s f 6s ser A...1962 J D
Hudson Co Gas 1st g 5s
..1949 M N
1951
53
6%
93%
{{♦Housatonic Ry cons g 6s...1937 M N
Houston Oil sink fund 6%s A.1940 MN
1st gold 38 sterling.
88
'
A
Hudson A Manhat 1st 5s ser A. 1957 F
♦Adjustment Income 6s.Feb 1957 A
1L7
60
*60
1999 J
4 %s
98%
*103
—
107% 110%
105%
*53%
...1949 J
40-year 4%s_
Cairo Bridge gold 4s
94
80%
89%
103%
85%
105% 109%
105% 109%
102% 103%
104% 106%
74.
75
1
108%
103%
23
98%
17
108%
83
81
89
29
100
74%
6
J
110
105%
17
J
107%
99
101%
87
80%
96%
,
.
cons g
88
82%
,
Hoe (R) A Co 1st
mtge.
100% 107%
80
"82%
J
A_.
Feb
♦Debentures ctfs B
Greenbrier Ry 1st gu 4s*
1940 M N
Gulf Mob A Nor 1st
5%s B._:1950 A O
A O
1st mtge 5s series C.
.J950
Gulf A Ship Island RR—
Hocking Val 1st
17,
37 i
1967 J
Gen mtge 3%s series 1—
Green Bay A West deb ctfs
—
107%
95
86"
1973
Genera] 4 %s series D
1976
General 4%s series E
....1977
General mtge 4s series G
1946
Gen mtge 4 sserles H
...1946
105%
"99%
91 %
95
110
111
106%
106%
1952 J
J
105%
D
3505.
s
107%
D
J
90
102%
104%
104%
i"J
105%
J
J
1941
52%
106%
A
Dayton Pow A Lt 1st A ref 3 Ms 1960 A O
Del A Hudson 1st A refit
1943 MN
£
22
*9%
1952 J
6s aeries B extended to 1946
109%
*6
55
109
to 1946-
108%
9%
10%
D
46%
45%
87
T1952
♦Harpen Mining 6s
98
107%
J
1942 J
37
103
7
1st ref A Term M 5s stamped 1952 J
Gulf States Steel s f 4 %s
1961 A
Gulf States Utll 4s series C
1986 A
22
1950 M N
39
3
103
D
O
>f deposit
1'04% 116%
89%
89%
110% 112%'
105
D
1951
Crown Cork A 8eal s f 4s
Cuba Nor Ry 1st 5 Ms
Cuba RR 1st 58 g__
15
24
7%
105% 116%
104%
109%
D
14
82
102
7%
M
198
105
F
7%
106%
102%
106%
S
1974
149
116%
111%
106%
J
A
ser es
107%
U3%
ni%
-1948
14
31
*98%
102%
106%
I
59%
25
113%
1966 M N
f deb 3 Ms
1
5,9%
110
107%
D
18%
7%
94
89
D
1058« 108%
1043i2 110%
108%
1943 J
21%
"68
*60%
J
97
104%
1946 J
39%
J
14
116%
1970 M N
Container Corp 1st 6s
15-year deb 6s
42
39
1943 J
105J
*88
Consumers Power 3%s_May 1 1965 MN
1st mtge 3 Ms
May 1 1965 MN
1st mtge 3 Ms
...1967 MN
40
S
104%2
*111%
1960 J
10%
M
105!8!
110%
116%
1956 J
s
10%
•41%
39%
*85
48
18
10%
10%
S
M
1043j2
1955 A
♦Debenture 4s
Consolidation Coal
18
14%
13
"iV"
♦Gen Elec
107% 110%
30
1955 J
-
14%
♦
1942 M 8
Gas A El of Berg Co cons g 6s. .1949 J
Gen Amer Investors deb 6s A..1952 F
>92% 103%
109% 114%
109% 113
105
J
1958 J
22
{{♦Proof of claim filed by owner M N
^Certificates of deposit..
102%
101»M
A
——.1956 A
♦Debenture 4s
109%
94
104
109
116%
J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s
1956 J
Consol OH conv deb 3 Ms
1951 J
{♦Consol Ry
115
92% 102%
101%
O
s f 3%s A
1961 F
Consol Edison (N Y) deb 3%s.l946 A
3 Ms debentures-.1948 A
-
47
101%
1951 J
3 Ms debentures
33%
104
Conn Rlv Pow
3 Ms debentures
106% 106%
102% 104
48
65%
,
.1965 A
—-
D
22%
11%
11%
40
38|
I
Columbus A H V 1st ext g 4s— 1948 A
1955 F
15
31
{{♦Proof nt claim Hied by owner. M N
(Amended) 1st cons 2-4s..T.1982
■
A
Gen A ref mtge 4 %s series B. 1981 J
J
Cleve Short Line 1st gu 4 Ha.
1961 AO
Cleve Union Term gu 6 %s
1st s f series B guar.-
1st A ref 6s
Gen Cable 1st
108" 108"
108%
,*106%
...
,
107% 111%
106% 106%
*107%
1942
71
15
A
Francisco 8ugar coll truBt 6s... 1956 M N
60%
*88
18%
14
85
'
*67""
J
"46"
17%
14%
J
r
1954 J
Tire A Rubber 3Ms. 1948 A
♦Certificate?
63
90
♦
1940 M S
------
1942
Fort St U D Co 1st g 4%s
1942
Series D 3%s guar
Gen 4 %s series A
series.—.1942
f 5s stamped
Fonda Johns A Glov 4%b
110%
63
s
{♦Fla Cent A Pennln 5s
110%
109
75
*83
65
103%
45
"l"6%
O
M
30-year deb 6s series B
Firestone
♦
106
Cleve Elec Ilium 1st M 3%s--. 1965
Cleve A Pgh gen gu 4 %s ser B. 1942
Series B 3%s guar.:
Series A 4 %s guar
Series C 3 %s guar
1st lien
{Florida East Coast lst4%s.._1959
110%
J
1940 J
F
1956 J
1st Hen 6fl stamped
15
110%
*42
J
4s
79
12%
111
110
1990 MN
W W Val Dlv 1st g
64
110
D
St L Dlv 1st coll tr g 4s
Spr A Col Dlv 1st g 4s
6s Internationa
*100%
iiom
110%
D
Cln Wabash A M Dlv 1st 4s. 1991 J
107
104
.
14%
110%
*111%
J
1st mtge gu 3^s ser E
Clearfield A Man 1st ju 5s—
109%
*10
65
102""
14%
M
1954
{♦3d mtge 4 %s
Ernesto Breda 7s
107
109%
105% 109 "
100% 106%
97
86%
88
96%
74%
73 H
D
1st mtge
11
105%
92%
92%
{♦Choc Okla A Gulf cons 6s—. 1952 MN
Cincinnati Gas A Elec 3%s.... 1966 F
105%
108%
108%
145
105% 109%
106
107%
65%
43
1st
30
*102%
♦N Y A Erie RR ext 1st 4s.. 1947
54
105 %
109%
M S
*50
106%
92%
85%
139
18
J
f 6s.. 1967 J
MN
83%
Federal Light A Traction 1st 5s 1942
O
1963 J
1st mtge 4« -~ries D
1st mtge 3
1944 A
1
45%
1955 J
70
65%
65%
*50
*102%
1953 A
7953 A
1967 MN
♦Ref A lmpt 6s of 1930
Fairbanks Morse deb 4s.
—
O
1953 A
i
108%
O
65
"55"
19
103
147%
109%
107%
64%
95%
103%
*107%
3%s ser B—. 1940 J
♦Conv 4s series A.
5%
.
109%
1940 J
Serlee C3%s
{♦Erie RR 1st oons g 4s prior.. 1996 J
♦1st consol gen lien g 4a.... 1996 J
16%
"
A
MN
1965 A
6s stamped
11%
*70
25
12%
89
*87%
1965 A
El Paso A 8 W 1st 6e
5%
18%
4
42
25
98% 103
*106
19
5%
16
13%
108%
10%
18
5%
2%
89%
J
J
40
35
16
29
6
*18
112%
110% 112
"so""
*38
D
Dul MlssabeAIr Range Ry 3 %sl962 A
{{♦Dul Sou Shore A Atl g 6s._1937 J
Duquesne Light 1st M 3%a—.1965 J
3%
16
57
.53 %
32
104
11
55
32
Dow Chemical deb 3s
45
*80
3%
12
32
,
S
10%
5%
101
Chicago Union StationGuaranteed 4s
109
111%
O
M
5%
5
100%
12%
2%
D
J
J
1951
110% 113
110
A
---1965 A
Gen A ref M 4s ser F
10
57
6%
*2%
1951
3%s
m"
F
*3%
*30%
111%
2%
23
MN
12
8
4%
-
6
-June 15 1951
Gold
Memphis Dlv 1st g 4s
4%
{♦Dee M A Ft Dodge 4s ctfs—1935
{♦Dee Plains Val 1st gu 4 %e—-1947
11
6
51
....
8
5
MN
.—I960
Ch St L A New Orleans 6s
6%
Detroit Term A Tunnel 4%s..l961
10
1
3%
5%
5
4%a
5%
J
28%
12
♦Certificates of depoelt—
♦Conv
6%
J
*112%
11
{♦Secured 4%s series A——1962 MS
.
3
Gen A ref mtge 3%s ser G.--1966 M S
♦Detroit A Mac 1st lleD g 6s. —1995 J D
♦Second gold 4s
1995 J D
2
39
AO
6%
2%
29
10%
16
*51%
"lT%
3%
"51"
3
29
75
"""9
8%
3%
-----
{♦Refunding gold 4s
158
3%
8
A
J
4
•7M
7%
7%
---
D
J
"ie"
1.5
16%
.
5
4
27
9%
13%
13%
13%
13%
13%
12%
*12%
87
9%
*3%
28%
15
13
106% 108%
105% 107%
105% 107%
7%
15%
9%
14%
9
O
♦Ref A imp* 6s ser B_„Apr 1978
112%
2
2
High
109
A
♦Assented (subJ to plan)
75
104% 106%
Low
19%
19%
6%
1
24%
7%
2%
6%
M N
May 1 2037
♦l«t A ref 4%s stpd-May 1 2037
♦1st A ref 4%s ser C-May 1 2037
♦Conv 4%s series A
----1941
{{♦Chicago Railways 1st 6s stpd
Aug 1938 25% Part paid
....
{♦Cblc R I A Pac Ry gen 4s- 1988
8%
9%
108
4
18%
""5
25
24
F
1987 M N
♦1st ret g 5e—-
9%
4
18
25%
'
♦Stpd 4a non-p Fed Ino tax 1987 M N
♦4%s stamped--—
{♦Secured 6%s
106
No.
19%
25
24%
25
-
—
106%
A
6
111
29
25%
*20 %
"25%
C—May 1 1989
E—May 1 1989
♦Gen 4 %s serlee F—May 1 1989
{♦Chic Mllw St P A Pac 6a A..1976
♦Conv adj 6s.
Jan 1 2000
{♦Chic A No West gen g 3%s-.1987
4a
108%
106%
106%
J
{♦Den A R G Wee* ,'en 5s.Au* 1955
6%
63%
112
24 M
3 %a series B._ May 1 1989
♦Gen 4%« aerlea
♦Gen 4%s series
♦General
MN
Since
High
105
J
Range
Jan. 1
108%
105%
108%
106%
106%
9%
108%
1951 MN
J
1936 J
Stamped aa to Penna tax
1939
3s
Asked
A
J
J
or
Friday's
J
Den Gas A El 1st A ref s f 5e„_1951
{Chic Milwaukee A St Paul—
♦Gen 4a aerlea A
1971
1969
1969
11M
3
70
1st 4 %a
1st A ref 4 %s
86%
24%
13%
11%
3%
3%
4
22%
12%
81%
15%
9%
9M
86%
19M
Range
Bid
Low
Del Power A Light
105
12%
4
Last
High
97
120
1
Detroit F ilson Co 4%s ser D..1901
J
1969
Chic L S A East 1st 4 Ha
Low
2
18%
♦84
"20%
No.
105
16%
16M
17
Chicago A Erie 1st gold 5e._—1982 MN
{♦Chicago Great West let 4a._. 1959 M S
{♦Chic Ind A Louiav ref 6a
1947 J J
J
♦Refunding g 5a serlee B
1947 J
J
♦Refunding 4a aerlea C
—1947 J
♦1st A gen 6a aerlea A—
1966 MN
J
♦let A gen 6s aerlea B._May 1966 J
J
Chic Ind A Sou 60-year 4a
1956 J
High
105
17%
Jan.
10,
Week's
Friday
Range or
N. Y. STOCK EXCHANGE
{{♦Chicago A East 111 let 6«—1934
June
Week's
Friday
3%a.—1951
Western Lines 1st g 4a
1951
60
60
60
Volume
New York Bond
148
Friday
N. Y. STOCK EXCHANGE
Range or
it
Week Ended June 9
Record—Continued—Page
Sale
Bonds Sold
Friday's
&
Asked
Price
Bid
High
No.
52%
Low
BONDS
N. Y
Since
Jan.
156
1
963 J
D
940 A
1st A ref 4%s series C
Illinois Steel deb 4%s
D
O
52%
49%
48
-
-
104%
-
♦Ilseder Steel Corp 6s
Ind Bloom A West 1st ext 4a._
948 F
A
940 A
O
99
950 J
J
*55
J*Ind A Louisville 1st gu 4s
956 J
J
Ind
986 M
8
948 J
J
961 F
A
966 J
J
«♦
Union
Ey 3%s series B—
Industrial Rayon 4 %s
Inland Steel 3%s series D
JInterboro Rap Tran 1st 5s___
Certificates of deposit
90
104%
97%
108%
15
106
109%
57%
60%
64%
233
56
70
60%
1
56
68
33%
108
35
29
27
43
108
57%
....
-
Ml
-
34
__
56
53%
54%
58
18
51
66
947 A
deb 4g
80%
81%
16
79
O
Int Agrio Corp 6s stamped
942 MN
{♦Int-Grt Nor 1st 6s
A
952 J
J
A._July
952 A
O
♦Adjustment 6s
ser
ser
♦1st 6s series B
956 J
♦1st g 5s series C
J
.
Internat Hydro El deb 6s
Int Merc Marine s f 6s
O
57
58
56%
61
82%
83%
83%
1
76%
A
64%
55
69%
88
*2%
D
51%
91%
2%
O
28
O
J
J
J
D
♦
6
46
90%
79
96%
85%
{♦1st
36%
{♦1st
cons 5s gu as to
35
72%
71%
♦1st A ref 68 series A
65
67%
70%
52
56
109
109%
38
105%
105%
105%
26
*
17
-
-
M
8
Kentucky Central gold 4g
Kentucky A Ind Term 4%S—_
J
J
J
4 Ha unguaranteed
Kings County El L A P 6s
J
J
961 J
.....
J
*55
90
*
mm-m.
14
92%
-
16%
*55
*167
F
A
J
1st A ref 6 %s
J
O
J
J
J
941 J
D
27
J
49
3
49%
103%
8
103%
13
*111%
99%
101% 104%
110% 111%
"99%
95
9
*8
*%-
102
7
1%
8%
%
%
*%
"33"
*28
99%
99%
"93%
93%
93%
*67%
"36" '36"
89%
99%
99%
88
"90% "97""
75%
72%
*11
13
*42%
75
9%
42%
24%
24%
4
11
24%
12%
25
*23%
23
6%
*1
60
32
2
17%
28%
4%
1%
•70
F
76%
14%
8%
2%
'«•••»
72
*38 J
J
J
J
1946 J
J
1949 M
S
gu
■.
«
..
1
mm
J
31%
8
2%
10
103
108%
N.
95
98
99
103
107
*98
102%
102%
102%
103
104%
104
104%
12
104
103%
104
36
6%
6
9
2%
2
2
1%
*68
69
64%
70
69
70
10
45
70
37%
22%
36%.
37%
22%
47
34
21%
83
19%
61%
37%
23
17%
32%
19
34
*1%
*1%
19%
18%
1978
19%
8%
15
19%
*19%
"T%
9%
15
~17
14
*13
3%
13%
14%
"~3% "26
15
104
*13
M.N
14%
2%
A O
14%
1980
8
17%
12%
21%
20%
3
6%
12%
12%
"14% "28
*13
...1949 MN
4
2%
68%
15
14%
..
1977|W 3
...j
5%
4
8%
♦Certificates of deposit..
♦Conv gold 5%s...
♦1st A ref g 5s series H.
.
4%
8
'—1975 M 8
4s
♦1st A ref 5s series G
88%
104%
.8%
*4%
J
1965,F A
♦1st A ref 5s series F
167
79
98
107
J
O
♦General
77
mmmmm
163
J
D
1962 J
{♦Mo Pac 1st A ref 6s ser A
♦Certificates of deposit
8
J
1962 J
♦Certificates of deposit
-
i.
„
_
J
F
72%
6%
Prior lien 4%s series D.^._.1978 J
♦Cum adjust 6s ser A
Jan 1967 A
93% 100
106
108%
„
-
^
54%
14
72
99%
87"
39
81
'88%
*8%
103%
81
~72
95
*63%
50
47%
30%
82%
83%
12%
12%
2%
"."2% "21
28
2
21%
20%
21%
19%
4%
12%
21%
13
14%
20%
"l4% "is
12%
12%
21%
20%
"70
65
65
15
14%
'
951 M N
3 %s collateral trust notes
-
„
105%
*104%
--
-
_
87.
,87
-
*88
*1%
int...1938 J
g4s Int
M-K-T RR pr lien 6s ser A
40-year 4s series B
20
27
_
1
76%
76%
A
Kings County Elev 1st g 4s...
Kings Co Lighting 1st 6s—
17%
J
♦1st A ref 5%s series B.
1978 J
{♦ Mo-Ill RR 1st 5s series A...1959 J
Mo Kan A Tex 1st gold 4s
1990 J
95
961 J
Kinney (G R) 6 % a ext to
Koppers Co 4s series A..
Kresge Foundation coll tr 4s__
-
-
*107%
961 J
Plain
-
99
98%
961 J
Stamped
8
17%
-
98%
26%
24%
83
731
50
S
1938 J
con
♦26-year 5 ma..
36
17%
30%
37
~
{{♦M St P A SS M
107% 109%
103% 107
19
36%
*
(par $925)—
Keith (B F) Corp 1st 6s
23%
45
M N
stmp (par $925)..
warr
"
"70%
—
w
15
28
69%
109
56
1934 M N
cons 6s
24%
51%
33%
58%
7
2
23
47%
O
J
16
30%
J
A
♦1st A ref gold 4s__
..1949 M
♦Ref A ext 60-yr 6s ser A... 1962 Q
85%
27%
M N
Karatadt (Rudolph) 1st 08—
♦Ctfs w w stmp (par $645)
5
92
70%
J
Apr
{♦Mllw A State Line 1st 3 %s..1941
{♦Minn A St Louis 5s ctfs
75%
;
J
72%
39%
32%
29%
D
{♦Mil A No 1st ext 4 Mb
1939 J D
♦Con ext 4 Hs........ .....1939 J D
{♦Mil Spar A N W 1st gu 4s
1947 M S
94%
83%
67
15
42
S
51%
70
J
Kansas City Term 1st 4s
Kansas Gas A Electric 4 %s
J
High
105% 107
46
44
1977 M S
MN
Low
73%
49
1977 M S
M
107
46%
A
J
91%
29
A
2
O
F
City Air Line 4s
..1940
Jack Lans A Sag 3 Ha
1951
1st gold 3 mb
1952
Ref A lmpt 4 %s series C„—1979
{♦Mid of N J 1st ext 6s
1940
100
56
A
No.
Since
0
44%
31%
8
J
88% 100
53
71%
•
M
Jan. 1
o
44%
31%
J
♦Miag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
49%
Certificates of deposit
Kan City Sou 1st gold 3s
Ref A lmpt 6s.
♦Mex Internat 1st 4s asstd
♦4s (Sept 1914 coupon)
85%
S
A
66
68%
69%
8
{{♦K C Ft S A M Ry ref
17
97
66
J
A
M
100
99%
O
Marlon Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser A...April 1940 Q J
Mead Corp 1st 6s with warr—1945 MN
60%
93
69
4s„ 1990 A
{♦Man OBANW 1st 3%s._.1941 J
20
20
87%
48%
98%
O
w
16
•
-
92%
M
4s-
4
9%
72%
-
97%
A
♦Ctfs with
88
-
91%
J
961
20%
9%
--
-
98%
Kanawha A Mich 1st gu g 4s..
♦Ctfs
~
91%
J
951
James Prank] A Clear 1st 4s..
♦
87%
J
F
g
10
S
F
Debenture 6s.
Laughlln 8teel 4)48 A..
10
86
87%
MN
1st lien A ref 6%s
Int Telep A Teleg deb g 4%s..
Jones A
*9
*9
M
Bfrs Cent Amer 1st 6s B___
{♦Iowa Central Ry 1st A ref 4s_
2%
2
J
.....
Int
9
12
•
J
941 A
57
2
O
Internat Paper 6s ser A A B.._
Ref s f 6s series A
11%
10
J
A
89%
99% 103
1
103
103
.
10%
60%
cons
♦Second 4s
2013 }"d
Manila Elec RR A Lt s f 6s... 1953 ivi s
Manila RR (South Lines) 4s...1959 MN
Metrop Ed 1st 4 mb series D... 1968
Metrop Wat Sew A D 5 Ha
1950
{{♦Met West 8ide El (Chic) 4s.1938
68
54%
'
conv
148
56
♦Certificates of deposit...
Interlake Iron
8
104
-
-
95
94%
*72
D
♦Certificates of deposit
16
*104
932 A O
{♦10-year 6 s
{♦10-year conv 7% notes.— 932 M S
99
70%
10%
107
f
{♦Manhat Ry (N Y)
41%
95
s
Range
fiqerj
High
&
A...1945 J
D
1960 J
Feb 1 1957 MN
Is
Asked
Friday's
f deb 6s.1951 MN
ser
Gen mtge 4Mb series A
Manatl 8ugar 4s
66
•
20
*7%
56%
32
1
*
Range or
Bid
Low
s
Maine Central RR 4s
103%i 105
12
40
60%
40%
-
-
-
69
-
99
Ind 111 A Iowa 1st g 4a
43
1
Sale
Price
High
Low
65
48
45%
*103%
39%
39%
Last
STOCK EXCHANGE
Week Ended June 9
McCrory Stores Corp
963 J
3503
Week's
Friday
Range
111 Cent and Chic St L A N O-
Jolnt let ref 6a series A
4
Week's
Last
jh
BONDS
A
v.
it.
•
«.
171
102% 105%
100
104
•
♦Certificates of deposit
,
*13
♦1st A ref 58 series I
1981
♦Certificates of deposit
{♦MoPac 3d 7sext at 4%.July 1938
F
A
"14%
13%
*13
MN
*66%
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
959 M S
A
O
942 A
O
{♦Laclede Gas Light ref A ext5s
♦Ref & ext.mtge 5s
Coll A ref 5 mb series C
12%
7
13%
{Mobile A Ohio RR— ■
♦Montgomery Dlv 1st g 6s..1947 F
F
A
56%"
F
A
55
Coll tr 6s series A
F
A
F
A
J
J
90
6
79%
91%
♦Ref A lmpt 4%s
90
1
90
90
{♦Secured 5% notes
16
45
68%
19
45% ' 58%
1938 M S
Mohawk A Malone 1st gu 8 4s.1991 M S
Monongahela Ry 1st M 4s ser A '60 M N
42
51
3
41
50%
—...
67
75
56%
53%
55
47
-
^
941 J
45%
44%
D
Lehigh
'
W
-
88
*65
-
87%
Dec
m
63
67
84
25%
5
21%
57%
25
51%
£7%
4
62
O
89
89%
6
S
*32
84%
31%
A
24%
J
M
57
5s stamped.-.....^
954
♦1st A ref s f 5s
F
27
A
F
A
J
J
....
27%
64
64%
91
39
F
J
J
36%
*33%
J
J
37%
A
Leh Val N Y 1st gu
^
4 %s
4 Mb assented
100%
96%
^
42
1955
o
Gen A ref s f4%s series C—-1955
o
Gen A ref s f 5s series D.....1955
D
Morris A Essex 1st gu 3%
2000
Constr M 6s series A
1956 M N
^
-
-
J
Constr M 4%s series B.....1955 M N
J D
Mountain States TAT
3%s*.1968
M
g 6s...1947
16%,
23%
Nasb Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Ji
24%
16%
24
D
Nat Acme 4 %s extended to
1946 J
MN
Nat Dairy Prod deb 3%
w w._ 1951
30
49%
5
37%
1950 MN
Nat Gypsum 4%s s f debs
J
20
40
50
10
44%
♦4%s July 1914 coupon off.. 1957 J
♦Assent warr A rets No 4 on'57 J
♦4s April 1914 coupon off
♦4%s Jan 1914 Coupon on.-.1957
68 assented
17%
A
conv
Liquid Carbonic 4s
22
14
21
16
22%
15%
22%
55
58
1
O
•
debs..1947 J
17
18%
-
-
«
20
18
19
12
55
O
deb 4%8...1952 A
conv
21%
13%
6
.
*17
4.
O
1965 A
1944 A
1961 F
5s
Lloh Oil Ref
13
18%
1941 A
Llgget A Myers Tobacco 7s
13%
20
45%
17%
18%
2003 MN
Lex A East 1st 60-yr 6s gu
20
62
52
21%
45%
16%
.....2003 MN
Val,Term Ry 1st gu g 5s...1941
55
5
*
^
-
~
~
A
129%
A
*117%,
128%
129%
-
i
-
-
60
_
-
O
57
120
112
17
127
130
21
127%
99%
107%
M N
129%
129
O
D
108
3
99%
Little Miami gen 4s series A
1962
Lone Star Gas 3 Mb debs
1953 F
A
108
A
O
*61
*82%
91%
9
75
F
D
•
......
A
J
M
8
M
—
-
103
-
-
S
M
103
«
8
51
-
-
-
54
61
1944 A
ser
O
1951 V
6s
Louisiana A Ark 1st 6s
A
A_. 1969 J
J
M
1940 J
6
6
126%
1
85%
57
110%
110%
12
108%
2
J
100%
100%
92%
87%
O
A
O
1st A ref 4s series D
A
O
1st A ref 3 Ha series E
Paducah A Mem Dlv 4s
A
O
F
A
St Louis Dlv 2d gold 38
M
8
Mob A Montg 1st g 4 mb
M
S
J
J
69
♦
Lower Austria Hydro Eli) Mb.
F
100%
230
*110
South Ry joint Monon 4s...
Atl Knox A Cln Dlv 4s
C
For footnotes see nav
3595.
M N
A
88%
80
80
109%
54
37%
104%
114
'115%'
'
42%
99%
49
109%
116%
70%
69
42
42%
100
97
70
72
29%
102
*102
106%
106
46
102
102% 106%
104% 106
106% *106%
106'
106
107
98% 103%
68
.....
1
3
A
O
127%
%
1%
%
1%
1%
1%
%
1
3
127
73
J
107%
60
%
65
122% 124
"'24~~
"
*126%
107%
*70%
56%
127% 129%
122% 126%
75%
90%
108
110%
105% 108%
99
101
89%
85%
70
%
%
..
65
24
*21
106%
82%
84%
m
*124%
J
80
84%
J
J
D
N
O
D
53
-
D
,
1952 J
93%
*
*%
New Orl Pub Serv 1st 5s ser A—1952 A
99%
17
*%,
60
N O A N E 1st ref A imp 4 %s A
91
-
*%
*%
86%
84%
-
m
30
15
*%
87
19
80%
%
%
"2
24%
128
*15
128
73
108%
"i
20
20
27%
20
27%
124% 128%
123% 128
73
73
106% 109%
65
74
75
84
19
100%
..
*%
80%
94%
79%
-■
*%■
*%
%
80
88%
*99%
*%
1954 M N
107
81%
13
128%
A
1st A ref 4 %s series
109%
{♦Assent warr A rets No 4 on *26 J
J
♦4s April 1914 coupon on
1951 A O
*48 April 1914 coupon off...1951 A O
♦Assent warr A rets No 4 on '61 A O
{♦New England RR guar 6s...1945 J
♦Consol guar 4s
1945 J
New England Tel A Tel 5s A—1952 J
1st g 4 %s series B
1961 M
N J Junction RR guar 1st 4s._ 1988 F
N J Pow A Light 1st 4%s
1960 A
New Orl Great Nor 6s A
1983 J
66%
_
,
1955 J
New Orleans Term 1st gu 4s...1953
J
{{♦N O Tex A Mex n-c lnc 6s._1935 A
♦
1st 6s series B
.1954 A
74
97% 101
82%
88
110
65
111%
77
*106%
104
105%
*23%
22
24%
O
5
50
59%
106%
30
102
106%
105%
106
29
102
106
56%
67
29
68
8
58
29
29
1
23
30
32
5
24%
74%
34%
37
*25
31%
33
35
*30
35
24%
F
1964 O A
*27
31%
24
*33
35
24%
86%
35%
39%
34%
1956 A
♦Certificates of deposit...
56%
105
A
1956 F
♦1st 5 %8 series A
105%
J
O
♦Certificates of deposit...
♦1st 6fl series C
♦1st 4 %s series D
1st A ref 6s series B
39
42
Nat RR of Mex prior lien 4%s—
Newark Consol Gas cons 6s...1948 J
Louisville A Nashville RR—
Unified gold 4s
31
O
130
108%
108%
8
41
44
39%
A O
O
99%
110%
96%
49
126%
1966 M S
Louisiana Gas A Elec 3 Mb
Louis A Jeff Bridge Co gu 4s..
37
38
J
107
62
86
84%
45%
3?
1977 A
{♦Naugatuck RR 1st g 4Si
104
128%
85
56%
~75
44
42%
J
J
J
♦Assent warr A rets No 5 on *77 A
129%
5
85%
♦4s April 1914 coupon on....1977
1st A ref 6s series B
Lorillard (P) Co deb 7s
98%
72%
67%
117%
23
108%
85
•
92
103%
85%
85%
93%
70
67%
National Rys of Mexico—
•
46%
18
110%
100% 108%
96% 101%
43%
A
16
18%
16
107'
45%
N
28%
17
MN
♦4 mb assented
32
27
17%
18%
MN
'
Mut Un Tel gtd 6s ext at 5%.. 1941 MN
23%
43
*
29
413
.*
42.
-
109%
107
101%
75
o
f 5s series B
l102% 106%
106%
79
O
1955
a
46%
w
106%
J
Gen A ref s f 6s series A
23
M N
*
65
108%
20
MN
4s
6s
45
48
*46
*105%
101
♦4%s July 1914 coupon on.. 1957 J
oons
22%
29%
34
109%
106%
1
*22
6% notes extend to..—
♦6s assented
19%
D
5
*22
♦6s stamped.....
Leb Val Harbor Term gu 6s.—
♦General
17%
24
o
Mutual Fuel Gas 1st gu
*23%
♦5s stamped....';
Leb
36
30
O
27
*22%
♦5s stamped
♦1st A ref s f 68
cons g
7
26%
28%
...I960
1st mtge 4 %s
23%
27
F
♦1st A ref s f 6s
92
*30%
23%
A
♦5s stamped..._
♦Lehigh Val (Pa)
22%
25
26
.29 h
Montana Power 1st A ref 3%s.l966
Montreal Tram 1st A ref 5s
1941
90
56%
25%
J
J
A New Eng RR 4s A...
21
87%
85%
56%
954 J
C—_
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal Co—
♦Sec
74%
Gen A ref
♦1st mtge Income reg
Lehigh C A Nav s f 4 mb A
ser
*
J
J
Lake Sh A Mich So g 3 mb
Lautaro Nitrate Co Ltd—
Cpns slpk fund 4%s
......1977 M S
6s debentures...i..........1965
3% to—
2d gold 6s.
20
Monongahela West Penn Pub Serv
55%
*45%
Lake Erie A Western RRt68 1937 extended at
A
89
90
89%
Coll A ref 6 Ha series D
Coll tr 6s series B
6
.12%
*29%
23
New York Bond Record—Continued—Page 5
3504
Friday
BONDS
Lad
N. Y, STOCK EXCHANGE
Week Ended June 9
Price
Range pr
Friday's
<t
Asked
Sale
Bid
Low
Bdge gen gu 4 Ha .1945
Newport A C
N Y Cent RR
No.
59 H
71H
74 H
.1997 J
J
J
A
O
F
F
.1974 A
613*
77 H
84 H
85J*
124
45 H
A
63
63
5
595*
70
58 H
4
58 H
68 H
47 H
713*
62 H
4s collateral trust
.1946 F
"~823*
72 H
80 H
A
extended to... .1947
,1941
59 H
10
65
59 H
10
50
2
104
72 H
107
8
77H
865*
106
106
106
1953
107
107
107
3
106
107 H
1951
53
54
19
49
59 H
53
4
49
58
1965
HOH
110H
19
1966
1st lien Are! 3 Ha ser E
53 H
53
112?*
112H
32
Purchase money
126 H
N
N
4Ha series B
128 H
6
123 H 1263*
118?*
Lake 5s.. 1946 M N
Y A Harlem gold 3 Ha
i.2000 M N
Y Lack A West 4s ser A
1973 M N
♦N Y A Greenwood
126 H.'
117H
1183*
11
1103* 118?*
12H
12H
♦101
"53 3*
1973 MN
*
5 Ha *42
5s 1943
N Y A Long Branch gen 4s
1941
tONYANE (Boat Term) 4s.1939
♦N Y L E A W Dock A Imp
♦Non-conv debenture
1955 J
J
1956 M N
1956
1948
1940
1957
♦Conv debenture 6s
♦Collateral trust 6s
♦Debenture 4s._
♦
1st A re! 4 Ha ser o!
1927
J
J
J
J
A O
M N
..1967 J
D
{♦Harlem R A Pt Ches 1st 4s 1954 M N
102 %
53 H
56
54 H
56
99 H
S
1153*
116H
51H
65H
56 H
1980 M
8
61 %
D
12H
14
70
70
75 H
J
115*
113*
94
11
1949 M
8
J
1948 M S
108M
13 H
153*
12
4
10
16
Pitta Coke A Iron conv 4 Ha A. 1952 M
113*"
103*
12
22
10H
12H
40
10
43*
10 H
15H
15H
17H
27 H
8H
17 H
45
57 H
"~6
9H
14
14H
77
10 J*
22
22
16
53*
14H
13 H
143*
50
50
52
"48
13
63*
*3H
7
4H
.
1952 MN
8
Pitts C C C A St L 4H8 A....1940 A
Series B 4 Ha guar
-.1942 A
O
Series C 4 Ha guar
Series E 3 Ha Kuar
"
Series F 4s guar
1949 F
1063*
106H
6H
"7H
*6 H
*35
110?*
"86
2H
'•
82 H
86
85 H
11
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gu g
H
16
109
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103?*
4
9
17H
1
8H
50
105H
27
1063*
11
107
107?*
46
...
._
1st mtge 4s
lat mtge 3 H a
—
Oklahoma Gas A Elec 3Ha
4s debentures
*112H
'106H
41H
60
50
535*
J
J
44 H
44 H
45H
24
41
60 H
55H
59
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65
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46
48 H
41
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19
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40
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63 H
—
88
4
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6
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29
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102 H 107 H
94 H
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95
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51
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50
37
23H
18 H
22
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30
21 H
27H
24 3*
243*
21
28
♦Cons mtge 0s of 1928
♦Cons mtge 0s of 1930
Richfield Oil Corp—
a24H
24?*
a24"3*
23H
28
23 H
27 H
105H
106
104 H
104 3*
4s
s f conv
1953 F
A
1955 A
O
1952 M 8
1053*
1952 J
debentures..
104 H
107
110
{♦Rio,Grande June 1st
105H
105 %
103 5*
1053*
112 H
*114
1125*
112H 113H
112H 115H
{♦Rio Grande West 1st gold 4s.1939 J
♦1st con A coll trust 4s A
1949 A
107 H 111
'1135* 117H
116H 118H
105?*
112?*
75
74 H
118H
75
.1946
D
56 H
58 J*
Paclflo Gas A El 4s series G__. .1964
D
112H
112J*
112H
1st A ref mtge 3Ha ser H... .1901
1st A ref mtge 3 Ha ser I
.1906
D
111
111
111H
D
109H
109H
110
A
75
J
*70*
112
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2
243*
10
100H 107H
5
103 H 105H
60
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4 Ha..1941 J
♦Stamped
J
17 3*
17?*
18
15 H
20
104-13is 1043*
"16
104H.
*9H
*26
73*
J
-.1947 J
D
M
S
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1002^2
55
56
88
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8
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1063*
26
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11
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106 3*
106 H
106 H
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7
.
38
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O
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8
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105 H 1073*
106 H
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'
13H
20
4
5H
106?*
J
♦Certificates of deposit
1013*
8
10
30
*6
J
57 H
99 H 102
101H
87H
illH
*108 H
J
St Louis Iron Mtn A Southern—
♦(Rlv A G DIv 1st g 4s
1933 MN
67
j
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8
101H 1015*
101K
1073*
85
89
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603*
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15
15
55
55
52
65 H
513*
12
63
64
50
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89
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68
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45
61
A
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D
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1035*
103H
44
O
103 H 105 H
533*
19521 MN
deb 4s
M
.1948 A
104?*
53 H
S
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112
53 H
S
81H
s f
32
S
107 H
Safeway Stores
29
J
J
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63
33?*
S
O
A
1944 A
M
103 H
1115* 113H
109
112H
105H 110H
46
33
17?*
Saguenay Pow Ltd 1st M 4HB.1906 A
J
1942 M
3Ha series H.r...1967
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1967
{(♦R I Ark A Louis 1st 4H8--1934
13?*
43
33?*
1977 M
....1962 M 8
Gen mtge
10H
163*
*43
J
Bt Jos A Grand Island 1st 4s...1947 J
St Lawr A Adir 1st g 5s
1996 J
2d gold 0s
i960 A
*1015*
.1949 M
Roch GAE4HS series D
Gen mtge 5s series E
*10
1955 F
gu 5s_.1939
83
112
104
Richm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s
72
65 H
1073* 112
108 H 112
75
...
112
111H
Ref mtge 3Ha aeries C
D
.1966
Paducah A 111 1st s f g 4 Ha
.1955 J
J
Panhandle Eastern Pipe L 4s_. .1952 M S
104""
98 H
103
103H
98 H 1035*
104
{♦St L Peor A N W 1st gu 5s
1948 J
8t L Rocky Mt A P 6s sptd_..1955 J
{♦St L-San Fran pr lien 4s A..1950 J
♦Certificates of deposit
♦Prior lien 5s series B
♦Certificates of deposit
♦Con M 4 Ha series A
J
ctfs
♦2d 4s inc bond ctfs...Nov
10
12H
17H
62 H
1978 M 8
52 H
83*
9H
87
7H
8H
J
1
9
8H
8H
122
9
8H
9
21
7H
7H
9
1950 J
J
J
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9
15
73*
9H
46
9
83*
"
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{St L 8W 1st 4s bond
1989 M N
1989 J
J
(♦1st terminal A unifying 58.1952 J
1990 J
J
J
♦Gen A ref g 5s series A
-
72
*21 H
109?*
107H
3505.
42
10H
16H
108?* 110
♦Rhine-Ruhr Water Service 6a. 1953 J
J
♦Rhine-Westphalia El Pr 7s... 1950 M N
♦Direct mtge 6s..._
...1952 MN
109 H
107
page
443*
108H
10 7 H
see
*46 H '
573*
Gen mtge„4Ha series C
.1950 MN
Revere Cop A Br 1st mtge 4 Ha. 1950 J
J
♦Rheinelbe Union s f 7s
1946 J
J
109 H
J
For footnotes
6
23*
633*
J
Saratoga 6s gu.._1941 M N
Republic Steel Corp 4 Hs aer B.1961 F A
Purch mobey 1st M conv 5
Ha '54 M N
106
1962 J
A
3
75 H
107 H
>
35
394
753*
23*
,
101H 1083*
Otis Steel 1st mtge A 4 Ha
1963 F
15 H
H
34
O
(Deb 6s stamped
1941 J
Reading Co Jersey Cent coil 4s_195i A
106
J
E trust ctfs
1948 J
108H
1961 J
ser
106
110
73H
(65% pd)... J
(♦Debenture gold 6s
1941 J
109 H
118H
28 year 4s
deb 6s
108?*
J
1944i
s f
108H
1946 J
Guar 3 Ha trust ctfs D
58
3
...
for deb 6s A com stk
108H
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Ore-Wash RR A Nav 4s
♦Paullsta Ry 1st s f 7s...
Penn Co gu 3 Ha coll tr ser B_. 1941 F
Guar 3 Ha trust ctfs C
1942
236
{♦Radlo-Kelth-Orph pt pd ctfs
109
ill"
cons 5s...
Purity Bakeries
108H
1175*
Parmeiee Trans deb 6s
Pub Serv.of Nor 111 3 3*s______1968 A
109H
117?*
118H
.1947
3Ha conv debentures
1TParis-Orleans RR ext 5Ha... .1968
J
{♦Providence Sec guar deb 4s..1957 MN
{♦Providence Term 1st 4s
1956 M 8
10SH
1103*.
6s._. .1956
-
105
J
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
.1955 F
107
64
110H
4
7H
D
O
174
100
con g 4s...1946 J
g 4s_. .1938
'733*
46
42
109 3*
100
104
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85
.1938
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Pacific Tel A Tel 3Ha ser B-. .1966
14,H
72
41
D
42
15
72 3*
68
1946 J
42
J
72H
50
J
J
J
Potomac Elec Pow 1st M 3Ha. 1966 J
Pressed Steel Car deb 5s
.1951 J
1997 J
154
J
0s stamped
1942 J
J (♦Postal Teleg A Cable coll 58.1953 J
1997 J
70 H
J
15
107 3*
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733*
Gen A ret 4 Ha series B
43
J
"74"
107
J
conv
Gen A ref 4Hs series A
69 H
J
~72H
J
6s—1942 J
Porto Rico Am Tob
1960 M S
55H
42
109H
51H
52
-----
1950 J
Remington Rand deb 4 Ha ww.1950 M 8
Ore Short Line 1st cons g 68...1946 J
deb
,
42?*
59
106
*983*
50
39
45
70
J
A
573*
71H
J
Ontario Power N F 1st g 5s.^.".1943 F A
Ontario Transmission 1st 5s
1945 MN
(♦Pao RR of Mo 1st ext
107
F
J
ser
1st 4 Ha series D
Port Gen Elec 1st 4 Ha
1st 58 1935 extended to.
112H H2H
106
Q
1967 M S
J
...1972 J
1966 J D
Pacific Coast Co 1st g 5s
60
1185* 124
104H 106
1033* 106 3*
105H 1075*
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1943 M S
1965 M N
Ohio Edison 1st mtge 4s.
Guar 4s
54
105H
105H
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61H
353*
15H
107*
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101
94
100H105"ii
6
105H
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1115*'
1095*
11
A
O
4
12
A
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77
D
3
16
40
4s...1948
♦Stamped
Ohio Connecting Ry 1st 4b
Pat A Passaic G A E
1977 J
37.
37
36H
*110
D
124
2047
Ref A lmpt 4 Ha aeries A....2047
Ref A lmpt 6s series B
.2047
Ref A lmpt 6s series C
2047
Ref A Impt 6s series D
2047
Northern States Power 3Ha...1957
Northwestern Teleg 4Hs ext..l944
Pictures
106
A
1974 J
122 H"
Gen lien ry A Id g 3s Jan
Paramount
D
1962 F
123H
1974 M 8
106H 107 H
35H
1st gen 5s aeries B
108
a
1948 J
102 H
101H 106 H
93?*
98?*
39
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36H
107 3*
3
25
40
*.
1st gen 5s series C
40
loi"
98 H
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11H
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2
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1015* 103 H
2
ill
O
1960 A
107?*
116H
112H 1183*
4
-
983*
983*
O
1st mtge 4 Ha series C
106H
106
983*
1943 M N
.1958 J D
1st mtge 4 Ha series B..-..-1959 A
105
112
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108H HI?*
62
82 3*
70 H
90
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100H
45
.
J
118
106
108 3*
105
.....
-----
1063*
15
17
3
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110H
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4 Ha ser A.
12 H
9
8H
1083*
17
A
♦Apr *33 to Oct *34 COUP8-1945
♦Apr'33 to Apr'38 coups..1946
North Pacific prior lien 4s
1997 Q
Oregon RR A Nav
5H
39 H
101H 101»i»
110?*
1115-a
82
D
1974 M 8
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{♦Og A L Cham 1st
5H
*3
101?*
106 3*
93
101H 106 H
1977 J
-----
108 H
1964 MN
Gen 4 Ha series C
109
106
106H 106H
*1083*
1970 J D
..1975 A O
106
94 H
104H 105?*
107
1093*
108H 108H
1083*
*107
Series J cons guar 4 Ha
Gen mtge 6s series B
1093*
95
90
*108
*110H
Gen rhtge 6s aeries A__
1123*
89H
105 H
A
54
110H
7%
4
14
7
106
r»i*
A
104
1949 F
North Cent gen A re! 5s
1960 F
1963 F
77
14
26
108H
1093*
1957 MN
Series H cons guar 4s
Series I cons 4 Ha
109
106H
3
18
109H
105H
D
5
443*
98 3* 105
109 H 1123*
10 H
14
9
A
1953
gold
gold
9H
62
14
3?*
913*
1942 M N
..1945 MN
Series D 4s guar
33*
49
30
*89H
91H
O
5H
44
1103*
"
Phillips Petrol conv 3s
Pirelli Co (Italy) conv 7s
12
3
173
12
83*
106 H 115
108 H 113
107?*
33*
1937 J
♦Conv deb 6s
10
J
{♦Phila A Reading C A I ref 5s. 1973
1073*
{(♦Philippine Ry 1st s f 4s
"Y\" "Ys"
10
12?*
105H
*7H
{♦Northern Ohio Ry 1st guar 6s—
♦Apr 1 1936 A sub coupons..1945 A
♦Oct 1938 A sub coupons
1945 A
Ctfs of deposit stamped
107?*
1093*
105
104
A
104
107
112H
1954 F
1959 F
debenture 3?*8-debenture 4s-i...
109 3*
*112
J
1043*
*5
{(♦Norfolk A South 1st g 5s—1941 M N
North Amer Co deb 3Hs
104
A
1977 J
1113*
106 H
1990 O
108
104 J*
21H
H
11
Norf A W Ry 1st cons g 4s
104
111H
106
♦Certificates of deposit
109H
109 3*
8
1951 M N
J
108H
D
1963 J
J
J
M S
A O
MN
A O
F A
109
"110H
1103*
114H
12
{(♦N Y Susq A Weet 1st re! 5s 1937 J
J
§♦2(1 gold 4 Ha
1937 F A
♦General gold 5a
—1940 F A
♦Terminal 1st gold 5a
.1943 M N
M N
J
J
71
D
48
—1939
1967
N Y Trap Rock 1st 6s
..1946
6s stamped
1946
{(♦N Y Westch A Boet 1st 4 He '40
Niagara Falls Power 3 Ha
1966
Niag Lock A O Pow 1st 5s A..1955
Niagara Bhare (Mo) deb 6H0-195O
jNord Ry ext sink !und 6Ha_;.1950
{(♦Norfolk South 1st A re! 6s.1901
54
1981 J
*66
3Ha »er B._
15
1967 J
O
Re! mtge
67H
61H
General 4 Ha series D
O
N Y Telep 1st A gen s f 4Hs.
76
52
59 3*
Phila Co sec 6a series A
12
113*
El Lt A Pow 3 Ha 1965 M N
Y Rys prior lien 6s stamp...1958 J
J
J
59
6
Phila Electric 1st A ref 3Ha... 1967 M
N Y Queens
Hs—
25
56 H
58 H
j*N Y Providence A Boston 4s 1942 A
N Y A Putnam 1st con gu 4s. .1993 A
N Y Steam Corp 3
65 H
553*
50
61
103 H 106 H
15
63 3*
50
54
115H 117?*
112H 116H
48
583*
33*
6H
106 3*
1974 F
C
15
4
J
1943 M N
15
52
*4
J
J
1
117
11
1992 M 8
N Y A Richm Gas 1st 6s A
90 H
112
833*
.
33
D
N
74 H
81H
60
1955 J
4s
♦General
97
117
Series G 4s guar..
{♦N Y Ont A West re! g 4s
90?*
97
89 H
60
*10?*
1
79
90H
56
1956 J
General g 4 Ha aeries
103H 107 H
97
1st ser A 5s— 1956 J
General 5s aeries B
63
30
96
Apr
Phelps Dodge conv 3 Ha deb.. 1952
102
48 H
r18
903*
U5H 119?*
95?* 100
2
75
1063*
Phila Bait A Wash 1st g 4s
17 H
113
84 3*
41
*46
3 Ha.-1954 A O
4s
♦Conv debenture 3 Ha.;
♦Non-conv debenture
12
110
109H 112H
97
*35
{♦N Y N H A H n-c deb 4s
1947 M S
♦Non-conv debenture 3HS..1947 M 8
♦Non-conv debenture 4s
10
99
95 H
85 H
106 J*
C
93 H
93
104 H 106 H
107 H 1093*
96 H
A
1st g 4 Ha aeries
100
84
*50 3*
*68
M N
J
J
M S
A O
♦N Y L E A W Coal A RR
14
107H
High
93
105H 107 H
121
100
O
1940 A
1st 4s series B
Pow g 5s.. 1948
1949
gold 4s
1183*
83 H
1990
April
4s
Pere Marquette
N Y A Erie—See Erie RR
N Y Gas El Lt H A
1183*
99M
G
Peoria A Pekln Un 1st SHa..- 1974 F
107 H 110H
107 H 1123*
29
Low
85*
1947 M
gold 5s
Refunding
Peoria A Eastern 1st cons 4s.
iDCome
90H
56
113
Jan. 1
96H
96 H
1943 A
Peop Gas L A C 1st cons 6s
♦
5
90
loo"
1970
General 4Ha aeries D
.1981
Gen mtge 4 Ha aeries E
1984
Conv deb 3Ha
---1952
833*
1947
N Y Edison 3Ha ser D
1970
Debenture g 4 J*a..
59 H
73 H
82 H
59 H
39
1953
series B
gold 48.
O
A
General 5s series B—.—!—1968
57
137
3
1093*
106H
General 4 Ha aeries A—.—1965
Gen mtge 3 Ha series C
"64
883*
Consol sinking fund 4 Ha.—-I960
A
4s sterl
29
105
1123*
112H
Consol gold 4s
99
j*
112X
112H
113
MN
51
58 H
49 H
6
109 3*
MN
49 H
57 H
15
104
M N
1943
1948
76
74
503*
No.
99H
106H
97J*
stpd dollar.May 1 1948
38
29
48 H
Conv 6% notes
Pennsylvania RR cons g 4s
80
49H
N Y Dock 1st
"98
1C4J*
78
58 H
4 Ha A
O
O
79
O
...
79
Pa Ohio A Det 1st A ref 4 Ha A.1977 A
4 Ha aeries B
1981 J
Pennsylvania P A L 1st 4Hs—1981 A
69 H
D
76
.1978 M S
3-year 6% notes
89
625*
56
123
79
45 H
51
28
513*
56
Hiah
99 H
99H
Penn Glass Sand 1st M 4H8..1960 J
73H
82 H
Since
©
cqoq
106 3*
Low
Penn-Dlxle Cement 1st 6s A—1941 M S
110
56 H
71
©
Asked
dk
Range
c2
Friday's
Bid
1
■5
Range or
Sale
High
109 H
137
.1952 MN
series A
C
Low
111
57 H
Re! 4 Hs series
v
Price
54 H
59 H
.2013
Airapt4H8ser A
Lake Shore coll gold 3Ha~ 1998
.1998
Mich Cent coll gold 3 Ha
N Y Chic A St Louis-
1st guar 5s
Last
N. Y. STOCK EXCHANGE
Week Ended June 9
49 H
Re!
1st mtge 3Hs
BONDS
Since
55 H
61
.1942 J
Hud River 3 He
Debenture 4s
N Y Connect 1st gu
Range
Jan. 1
50H
O
.2013 A
C
Conv secured 3 Ha
Re! 6 Hs
ll
38
1939
Week's
Friday
Is
74 H
.2013 A
4 He serlee A
Re! & lmpt 5s series
N Y Cent A
High
*110
59 H
.1946 A
f
10-year 3 H s sec a
Re! A Impt
J
.1998 F
4s series A
June 10,
Week's
57 H
7?*
14
13H
14 H
14
14
9
9
73*
56 H
58
48
54 H
65
*26 3*
32
26
35 H
16
23H
8
18
11
....
1-8
11
4
83*
13H
15H
Volume
New York Bond Record—Concluded—Page 6
148
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Friday's
dk
Asked
Price
D
{♦St Paul E Gr Trk let 4 %8—1947 J
J
*3 %
{♦St Paul A K C 8h L gu 4 %a_.1941 F
A
Week Ended June 9
5H
Virginian Ry 3%s aeriea A
6%
9
{{♦Wabash RR let gold 5a
fPaclflc ext go 4b (large)——1940 J
J
J
J
1972
J
1943
8 A A Ar Paaa 1st gu g 4a
J
51
1965
Santa Fe Prea A Phen 1st 6a_—1942
4
111%
17
109%
9
109
20
3
15%
9
15
25
31
25
32%
A
O
A
O
30
118
1946
♦Stamped.
;—
10%
*2
2%
2
4%
"_9
3%
8
3%
3
2%
6%
6%
6%
58
5%
~~6%
A
"va
1946
♦Slleala Elec Corp 6 Ha
Simmons Co deb 4a__
Skelly Oil deb 4a
1951
1950
5a:.1963
—1962
—
\3ocony-Vacuum Oil 3 %s
South A North Ala RR gu
South Bell Tel A Tel
3*8
Southern Calif Gas 4 Ha
1961
1st mtge A ref 4s
...1965
Southern Colo Power 6a A
Southern Kraft Corp
F
1947
4%a_—1946
111
103
58%
22
55
8
58
75%
A
20
59
*23
"75"
A
A
M
F
J
J
104%
104H
10213i6 1021332
O
O
8
A
J
D
"l9
100%
99
99%
J J
A O
255
104%
109%
102%
109%
"~~5
M
107%
109
109%
11
104%
104%
6
93H
92%
93%
59
107
S
M
8
F
A
^
...1945
gold 4s
1943
{♦Western Pac 1st 6a aer A—.1946
100%
m
m
104%
'36
101
168
40
47 H
45%
45
8
15
54
42
22%
8
2361 J
2361 J
J
m
-
-
46
51
84
84%
21
82
gu 5a .1942 J
Wilson A Co lat M 4a serlea A .1955
93
{♦Wis Cent 50-yr 1st gen 4s..
72 H
"62
77
91%
239
44
64
57
76%
82
58
-80%
80
79
;
{♦Sup A Dul dlv A term let
♦Certificates of deposit
.
Conv
-
_
„
111%
108
Z
111%
.1968
1st A ref 3s aeries C—
So'weatern Gas A El 4a aer D. .1960 MN
J
.1955 J
108%
24
104% 109
106
105%
107
71
105% 109%
16
5
4 %s.. .1939 A
A
Gen refund a f g 4a........ .1953 J
Texarkana A Ft S gu 5 Ha A.. .1950 F
J
.1961 J
deb 3 Ha
A N O con gold 6a..—. .1943 J
A Pacific 1st gold 5a... .2000 J
Texas Corp
105%
3
105%
29
105%
106
53
103
63
36
105
7
125
128%
6
101% 103%
80
108%
A
103
'
7
82%
Gen A ref 5a series C._
.1979 A
O
1960 J
*101
..Jan 1960 AO
{{♦Third Ave RR lat g 5a.....
Tide Water Aaso Oil 3 Ha.'
1952 J
D
J
37%
46%
♦
109
7%
87%
13%
$
105
107%
55%
23
53
60%
90%
1942 M S
*106%
*.
m
-
']m
mm
m ■
*24%
*24%
'-4*
mm
.1962 J
123% 125%
104% 109
3
20
23%
25
mm
26
71%
85
106% 110
9%
13
114% 116%
106% 109%
111% 114%
104% 110%
{{♦Union Elev Ry (Chic) 6s.. .1945
Union OH of Calif 6a aeries A.. .1942
114%
114%
115
.1952
108%
108
108%
52
114%
114%
114%
102
lat Ilea A ref 4s
4a.. .1947
June 2008 M 8
109%
June 2008 M 8
110%
112%
35
1st lien A ret 5s.
100%
100%
193
94
130
93
109%
3
107
.1970 A
34-year 3 Ha deb
110
.1971 M N
35-year 3 Ha debenture
United Biscuit of Am deb 6a— 1950 A O
United Clgar-Whelan Sts 5e._ .1952 A O
United Drug Co (Del) 6s_— .1953 M
-
(J N J RR A Canal gen 4s
.1944 M
8
{{♦United Rys St L lat g 48-*
U 8 Steel Corp 3Ha debs
♦Un Steel Works Corp 6 Hs A.
♦Sec a 1 6 Ha series C
.1934 J
-
99%
100%
100
100
109%
m-rn -
—
June 2,
lat cona 5a
.1934 J
J
5s
50
38
1
37
36
S
1949 M
8
2003 J
.1958 A
'
Total
Municipal &
For'n Bonds
Stales
Bond
Bonds
Bonds
Monday...
530,640
Wednesday
Thursday
Friday
.
—
411,320
785,570
-
35%
50%
83%
76
93
69%
24
68%
69%
24
65%
Week Ended June
Stock
101%
100%
*108%
101%
109%
*108%
mrnmmm
4
103%
96
4,889,000
501,000
5,991,000
Jan. 1 to June
2
2
1938
1939
1938
1939
Exchange
2,422,440
100,646,925
96,517,473
$1,762,000
4,469,000
25,597,000
$1,314,000
3,600,000
17,770,000
$42,006,000
116,592,000
594,256,000
$70,742,000
111,072,000
578,628,000
$31,828,000
$22,684,000
$752,854,000
$760,442,000
2,851,050
Bonds
—
andJorelgn
industrial
Total
Stock and Bond Averages
93% 101
69%
69%
365,000
748,000
625,000
"
66
153
393,000
252,000
229,000
'
Sales at
New York
90
100%
101
Sales
$2,568,000
4,519,000
7,139,000
6,722,000
$22,000
$265,000
596,000
1,086,000
1,149,000
$2,281,000
3,671,000
5,824,000
5,180,000
3,776,000
4.865,000
598,710
State
2
68%
closing averages of representative
bonds listed on the New York Stock Exchange
compiled by Dow, Jones & Co.:
Below
are
the daily
stocks and
as
106% 108%
mm
mm
106% 106%
%
H
1
%
%
109%
109%
1
107% 111
Bonds
Stocks
1%
%
*
%
J
1968 M
Exchange,
Miscell.
1939
Railroad and
23
100
J
■
,
_
50
100%
*«.#«•«*
„
Shares
Government
106
36
87%
.
and not Included In
United
Stocks—No. of shares.
30
104
2
69%
A
Va A Southwest 1st gu
24%
83
39
88%
100%
1957 M N
Coke lat g 5..
17
29
105%
69%
.1959
'
during the current week
State,
Tuesday.—•—
110%
100%
O
iron Coal A
109
110
100
.1947
1955 F
B
81
36
-
88%
No salea
83%
38
*
^
1941 A
{♦July coupon off
70
69
38%
.1951
Vandalia cons g 4a series A—
4Ha..
4
28
-
.
Railroad &
175,740
349,070
100%
74
105%
\
\
.
Stocks,
100%
71%
*109
—
.
receivership, or reorganized under
by such oompaniea.
transacted during current week.
at
116%
.
78%
'
Vanadium Corp of Am conv 5s
Va
mm,**-
39
ref 5s_. .1944
5s— .1944
Va Elec A Pow 3 H8 aer
m
.1951
Utah Power A Light 1st
{♦Vera Cruz A P 1st gu
78%
105%
.1948
♦Sink fund deb 6 Ha aer A— .1947
United Stockyards 4Ha w w. .1951
Cons a f 48 series B
110
76
J
{{♦UtU Pow A Light 5Hs
{♦Debenture 5a
7
71%
8
Utah Lt A Trac lat A
11
111%
■
O
'
».
,
Number of
Weed Ended
109%
3 Ha debentures
Union Pac RR lat A Id gr
105.
Aug. tat 102%.
^
Saturday
9
22
108
'
»
the New York Stock
Daily, Weekly and Yearly
*
108
*10
•
101.
.
"98" IOO"
30
76%
108%
75
76%
J
bond Issues which have
New York Stock Exchange
"
65%
'
.1945 M 8
n
mrnm,m
106%
....
yearly
■
.
Friday's bid and asked price.
Bonds selling flat.
Transactions
90%
54%
126%
106%
110
V
.
Deferred delivery aales transacted
No sales.
85
.
99%
*125%
J
deb A.. 1953 J
MN
♦Tyrol Hydro-Elec Pow 7%S— 1955
Trl-Cont Corp 5a conv
A
*97
«.
1949 MS
65%
106%
■
the yearly range:
20
*89%
*60
98
107%
54%
55%
3
97
106%
106%
3 Ha 1960 J D
1950 A O
4s
1962 F
96% 100%
10%
97
103% 107%
{ Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act, or securities assumed
14
Tol St Louis A West 1st
D
89
44%
Tol A Ohio Cent ref A Imp
4a.. 1946 J
79% ; 89
—
loo
35
Home Owners' 2%s 1949, Aug.
9%
10
J
1953 J
78%
2
102
64
3%s series H 1965, June 27 at 104.
43%
!
44 %
2
week and not Included in the
;*
'
-
Commonwealth Edison 4s 1981, June 27 at
♦
J
1937 J
6
82
5%
4%
106% 110%
107% 110%
9%
5
1
Goodrich (B F) 6s 1945, Aug.
108%
113% 118%
78%
89
5
82%
82
salens transacted during the current
Nord Rys 6%s 1950. Oct
83%
.1980 J'.D
106%
2 at 103.
1 at 100.
1 at 102.
Paris Orleans 5%s 1968, Sept. 1 at 100.
'
Socony-Vacuum Oil 3%s 1950, July 21 at 102%..
Warner Bros. Plct 6s 1939, June 29 at 100.
95
104
"~4
118
'
105%
107%
104%
106%
105
General Motors Accept. 3s 1946,
84%
118""
Gen A ref 5a series D
M S
Tex Pac Mo Pac Ter 5 Ha A— .1964
,
(
109
79
19i
105%
*
•-
*9
.1948 M S
T The following la a list of the
113% 115%
44
87
104
105H
J
109%
been called In their entirety:
lODu 102%
14
109
87
D
O
Ujlgawa Elec Power a f 7a
3Ha
5
109%
109%
7
4%
----
2
5
109%
■
Commercial Credit 2%s 1942, July 6 at
115""
114%
108%
D
Union Electric (Mo)
5%
exohange rate of $4.8484.
94% 101
*ioin«
'UIh
.1977 A
f 7s.
6%
*5
11%
9%
7
19
week, a Deferred delivery sale; only
Odd lot sale, not included in year's range.
x Ex-interest.
{ Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
107%
100%
100
Gen A ref 5s aeries B
sec a
13
Cash sale; only transaction during current
r
86
44
103%
127%
103%
113
110
8%
7%
7
MN
.1961 M N
transaction during current week,
106
83%
105
Cash
No sales.
12%
106%
128%
79%
H
O
.1944 F
e
105%
105%
'
2
-
a7%
8%
range:
18%
104% 105%
103% 106%
15
100% 104%
97%
88%
16
*110%
■
4s
27
112 H
110
So'we8tern Bell Tel 3 Ha aer B. .1964
15H
deb
9%
•
92%
-
7%
1st mtge 8 f 4s aer C
62
104%
92%
104
{♦Wor A Conn East 1st 4%s. .1943
Youngstown Sheet A Tube—
74
60%
5
21
♦Guar
9%
9%
104%
1960
4s"'36
...
95%
94%
*101%
D
Wisconsin Elec Power 3Hs... 11968
Wisconsin Public Service 4s.. 1961
61%
72
'
■
52%
104% 104%
109% 111%
97
90%
101% 101%
6
10%
■
*112%
1949
55%
70
66%
59
42%
1
95
1947
68
Conv deb 3%a_—
-Winston-Salem 8 B 1st 4a—
'
*60
67%
22%
45
34
--
.1951
Trenton G A El lat g 6s
51
45
68
57
17%
*105
56%
75%
50%
57%
'
-
1949 M S
54%
Devel A gen 6 Ha
Toronto Ham A Buff lat g
-
D._ .1966 M S
aer
RR 1st conaol 4a
37%
56%
Tol W V A Ohio 4s aeriea C
rn
m
45
rn
J
207
75%
—
~
m
22
•
J
.
44%
71%
18
63%
43
53
57
62%
42%
71
95
82%
104% 107%
23%
14%
13%
23%
66%
55%
74
15
61%
89%
76%
7
63%
{{♦Wllkea-Barre A East
"ioo"
107
105
[15
8
57%
57%
67%
90%
107%
16%
89
63%
57%
128 H
110% 112%
61
62%
61%
71H
Tokyo Elec Light Co Ltd—
1st 6a dollar aeriea
38
85%
63%
37%
56%
♦Adj income 6a.
107
109%
119% 122
6
61%
39
.1966
Third Ave Ry lat ref 4a...
111
D
40%
106
105%
11
120%
14
336
.1956
Texas
7
60%
149
Devel A gen 6s
Texas
15
15
171
64%
.1950 MN
J
Tenn Coal Iron A RR gen 6e.. .1951 J
Tenn Cop A Chpm deb 6a B— .1944 M 8
Tenn Elec Pow 1st 6s aer A... .1947 J D
10071» 101%
123% 128
10
8
MN
84 H
Swift A Co let M 3 Ha
67
109
107
m
mm
109
107%
45
83
m
_
-
128
107%
44%
106
40
106% 108%
110%
m
47
67
mm
1 00732
J
55 H
♦{Spokane Internat 1st g 5a..
Staley (A E) Mfg let M 4b... .1946 F A
.1961 J D
Standard Oil N J deb 3a
J
.1953 J
2%b
.'
J
8tudebaker Corp cony deb fla. .1945 J
rn
1007,i2
mm
O
A
44 H
..
35
40
44
m
J
^
84%
47%
•84%
....
w
84%
90%
43
.1996
,
109
*109%
80
89% 101%
88
90%
40
67
D
44 H
82%
1st cons gold 5e..
45%
106%.
~m»m
Wheeling Steel 4Hs serlea A.¬ .1966 F A
White Sew Mach deb 6a
.1940 M N
63% •
Term Asan of St L 1st g
17
1960 M
Registered
58%
84%
....
89%
66%
74
2
13
1951 J
West Shore let 4a guar..
104%
46%
.1965
1st 4s stamped
;
Southern Ry 1st cona g 5a.... .1994
Devel A gen 4a series A— .1956
Mem Dlv 1st g 5s
76%
120%
J
56
9
62
100»32
m
mm
13
6%
104% 107%
8
95
90%
78
St Louis Dlv 1st g 4a
36
*25
-
8
♦Westphalia Un El Power 6s..1963 J
108% 110%
104%
64 %
•"
12%
7
105%
108%
M
Teleg g 4%s._1950
25-year gold 5s
30-year 6s.
100
.1955
4a
5
127%
♦Certificates of deposit-.
So Pac RR 1st ref guar
m
mm
mm
1946 M
♦6a assented.
Western Union
Wheeling A U E Ry 4s
..
15
*108
West N Y A Pa gen
44
104%
—
'mi
mm
mmmmm
A
1945 F
13
6%
*
Q M
82
Southern Natural Gas—
-
14
6
1003i«
88
.
45
43
43
88
mm*
mm
O
106% 110
106
108
104H
1951 A O
coll)._1949 J D
1st 4Hs (Oregon Lines) A—1977 M S
Gold 4 Hs
1968 M S
Gold 4Hs
—1969 MN
Gold 4 Ha
...1981 M N
10-year secured 3%i
-.19461J J
San Fran Term 1st 4s
19501A O
40%
6%
7
6%
105%
61%
76%
1003i8
22%
91
13
1st mtge pipe line 4Hs
1
7%
44%
m
1939 M S
Western Maryland lat 4a
1952 A
1st A ref 6%s series A..:—1977 J
102% 105 :
10213jj107%
115
117%
21
49
*116%
So Pac coll 4s (Cent Pac
11
62
70
F
A
1952 A O
811ealan-Am Corp coll tr 7a.„—1941
108
105%
70
103
-
6%
105%
1st mtge 3%s series I
1966 J
West Va Pulp A Paper 4Ha...1952 J
58
103
Shlnyetau El Pow let 6%s
1952 J D
♦Siemens A Halske deb 6%a—1951 M S
62%
17%
17%
1
6%
1980
a f 5a.
1939
Westchester Ltg 5s atpd gtd_._1950
Gen mtge 3 Hs
1967
West Penn Power 1st 5s aer E.1963 M
5
2%
2%
28
13
mmmrn
6%
Wash Water Power
5
.
49%
28%
48
m m
m
43
*7
6%
1978
10%
17
2%
m
15%
11
mm*
15
24%
43
1941 M 8
Wash Term 1st gu 3%s
lat 40-year guar 4s
^
109 %
35
16
11
gen 5 Hs A.1975
Ref A gen 5s aeriea
B^.
1976
11
12
"47
3
*2%
17%
5
28
5%
2%
1941
6s debentures..;
1948
{♦Warren Bros Co deb 6a.1941
Warren RR 1st ref gu g 3%s—2000
Washington Cent 1st gold 4a_.1948
19%
8%
16%
A
1951 M S
Shell Union Oil deb 3%a„.
5%
*12%
5%
m's
F
10%
"15
*12%
K Warner Bros Plct deb 6s
4
■3%
3%
~~4H
1935 F
certificates
116% 119%
8
10
10%
♦Certificates of deposit
♦Series B
2
*11
1945 MS
{§»Atl A Blrm 1st gu 4a
1933
{♦Seaboard All Fla 6a A ctfa—.1935
1
30
119%
15%
♦Certificates of deposit
♦1st cona 6a Beries A
31
31
Scioto V A N E let gu 4a
*49%
Walker (Hiram) GAW deb 4%b 1945
Walworth Co 1st M 4a
1955
6s debentures..
1955
20
.1989 MN
f{♦Seaboard Air Line let g 4a—1950 A O
{♦Gold 4a stamped
.1950 A O
♦Adjustment 5s
Oct 1949 F A
{♦Refunding 4s
1959 A O
♦Guar s 16 %s aeriea B
20
1941
♦Ref A gen 4%s serlea C
20
20
J
19
High
105 %
12
25
4a_.1939
g
Low
72
42%
*__
-
-
No.
High
16%
-
-
Jan. 1
oq
109
40%
♦Ref A gen 5a aeriea D_
20
J
J
-
♦
110%
20
J
—1946
{♦Schulco Co guar 6%a
♦Stamped
Asked
&
108%
18
•
^
{♦Wabash Ry ref A
110
109%
M S
107%
111%
Det A Chic Ext lat 5s
♦Omaha Dlv lat g 3%a
♦Toledo A Chic Dlv g 4s
68%
49%
105% 107%
112%
14
51
106%
Diego Consol G A E 4a.
A
Since
Friday's
Bid
108%
40%
._1954
{♦DesMolne8 Dlv 1st
114% H8
117
50%
San Antonio Pub Serv 4a__ —.1963 A O
MN
San
♦
98%
96
12
98%
98
116%
1939 F
1st lien g term 4a
Range
Range or
Sale
Price
1966 M 8
1939 MN
{♦2d gold 6a
♦
St Paul Minn A Man—
St Paul Ud Dep 6s guar
Last
J
Low
87%
3%
3%
5
3
High
87
10
87
87
N. Y. STOCK EXCHANGE
Low
No.
High
Low
St Paul A Dulutb 1st con g 4s..1968 J
BONDS
Since
Jan. 1
12
Bid
•0
SiS
Range
Range or
Sale
Week Ended June 9
3505
Week's
Friday
Week's
Friday
m
m
10
40
J
*55
83
O
55
55
-
m.
,
.
-
mm
mm
2
27%
35
10
72
Total
Total
10
First
10
Indus¬
Grade
Utili¬
40
65
Grade
Indus
Utili¬
Bonds
Stocks
ties
ties
Rails
roads
Rails
trials
trials
46.83
107,52
93.94
108.69
89.85
28.38
24.05
49.24
140.09
46.31
1Q7.60
108.63
89.83
23.80
49.08
28.11
94.01
138.49
107.54
48.77
108.64
89.74
June
28.34
46.49
94.01
138.71
24.04
46-38
89.68
June
23.81
48.50
108.67
28.43
94.11
138.36
107.43
93.90
89.52
23.46
48.19
27.90
107.35
June
137.06
45.84
108.64
94,03
48 30
108 «5
80 «2
23.52
107.49
June
137.12
45.88
Dale
72
54
15
Second
20
Rail¬
June
*30
.«
30
June
109%
63
27.94
New York Curb
3506
Exchange—Weekly and Yearly Record
June
1939
10
NOTICE—Cash and deferred delivery sale* are disregarded In the week's
range unless they are the only transactions of the week and when selling outside
of the regular weekly range are shown In a footnote In the week In which they occur.
No account is taken of such sales In computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for the
beginning on Saturday last (June 3, 1939) and ending the present Friday (June, 9 1939).
It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include
every security, whether stock or bond, in
which any dealings occurred during the week covered.
week
/
Sales
TUlay
Last
STOCKS
West's
Rale
Far
Low
Price
Acme Wire Co common .10
Aero
Range
High
Range Since Jan. 1, 1939
25
Low
zl5
High
May
10
21
Alnswortb
1
—
7U
15
Warrants
Alabama
Gt
Alliance
*t«
.%
June
Jan
92
%
83
1,000
5%
8%
Jan
200
6%
11
1%
14%
Apr
May
18
700
Blumentbal (8) A Co
83
410
2
100
62%
1%
Jan
2
Jan
25
preference
17
ios%
100
106
113
112% 113
Aluminum Goods Mfg.-.*1
Aluminum Industries com*
Ltd
Aluminum
18%
Jan
Apr
110%
131
Jan
115%
Apr
3
Mar
Jan
Mar
16% May
""~56
1,050
104
Mar
141
100
108
Jan
111
30
June
27%
30
1
6,400
1%
50%
10%
1%
100
90
1%
'49
7
7
Mar
June
Jan
Apr
200
common
10c
Common class B
10c
Amer
2
A
%
%
9%
Jan
Apr
200
%
*
Jan
67
Centrifugal Corp..J
1,100
2%
•
1
23
Feb
75
Mar
%
Jan
2%
Am Cities Power A Lt—
Class A...
,..26
Mar
34
Mar
1%
1%
900
1 %
Apr
22
Class Bn-v..
10
Amer Foreign Pow warr...
"23% '25%
25%
Apr
lOJOO
18%
lA
10%
30C
%
34
35%
113% 115
4
4%
4,000
%.
A Hoe com..*
Amer Gas A Elec
10
*
com
35%
N
$0
preferred
American General Corp 10c
$2 preferred
115
4%
25
25
31%
$2.60 preferred.
1
Amer Hard Rubber Co..60
25
31%
31%
8
Amer Lt A Trao com...26
15%,
0% preferred
26
Amer Mfg Co common 100
.....100
Amer Maracaibo Co
Jan
Jan
28%
31%
27
Mar
Jan
400
20%
15%
16%
15%
1,000
10%
75
55
10
900
%
27%
27%
100
7%
""60b
5%
7
7
..2
•
16%
3%
Amer deposit rets
Jan
Apr
Jan
Mar
Apr
Jan
7
June
%
Apr
1
Feb
700
67
Jan
77%
1,800
13
Apr
27
1%
400
2%
100
"""36
108%
Jan
Jan
Apr
600
%
"1%
Apr
Apr
6%.
6%
94
94
X5%
x5 %
x5 %
1,300
10
2
1,100
5%
Jan
78%
6
Apr
Apr
4%
Apr
8
5
100
Jan
Apr
Jan
Feb
Jan
Mar
Jan
300
3, .500
»1S
4%
14
Jan
2%
Mar
Feb
3%
1%
3%
Apr
2.%
7
%
2%
2%
5
1%
4%
VA
2%
Feb
3%
3%
Apr
Apr
Apr
7%
95% June
7% Mar
5%
Feb
%
8%
%
%
7%
%
"18
8%
1,900
68
1
68
1,300
Option warrants.
Assoc laundries of Amer
Assoc Tel A Tel class A.
200
500
10
Mar
68
96%
3%
20%
w w
{Brown Co 0% pref
Cndn Colonial Airways... 1
Canadian Indus Alcohol A*
Canadian Marconi
.1
Capital City Products
Carlb Syndicate
Carnation Co common...*
Carnegie Metals corn
1
Carolina P A L *7 pref...•
$0
preferred
*16
4,200
200
3%
""3% "~3%
"166
15%
Carrier Corp common..-.1
Carter (J W) Co common.]
Products
___♦
Castle (A M) common..10
Casco
Catalln Corp of Amer
32
June
Jan
13%
June
32%
32%
10
29%
Mar
15%
60
2%
2%
4,000
Jan
2%
Apr
15
Apr
Jar
68
common.
25%
Jan
sH
Apr
Jan
8%
4%
16%
Feb
Feb
Jan
Jan
1%
Jan
4
Jan
oom.
5%
20
45
130
35%
19%
70C
14
5%
2,300
4
5%
20
20
5C
1
100
Apr
Apr
15%
5
"u
1
%
Barlow A Seellg Mfg A...6
%
300
"5%
"406
"5"
6%
7
2,300
35
30
Baumann
(L) Co com...*
7% 1st preferred
100
29%
9
-
Jan
Jan
22%
Mar
7%
Feb
Mar
L%
Jan
Mar
1 %
Jan
10%
Mar
May
6%
Mar
Mar
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 60c
com
7%
23
1
100
Bell Tel of Pa 6 % % pf-100
Benson A Hedges oom
*
♦
For footnotes see page 3511.
7
23
7
7%
24%
8%
Jan
Cherry-Burrell common..6
Chesebrough Mfg.
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Macb_._4
Chief Consol Mining
..1
Chllds Co preferred
100
Cities Service common.. 10
Jan
*
Preferred B
•
Preferred BB
Cities Serv P A L $7 pref.*
$0
preferred
*
City Auto Stamping
*
City A Suburban Homes 10
Clark Controller Co
1
Cleveland Elec Blum
Feb
5
Jan
13
Jan
Colon
11%
Feb
36%
10%
Jan
5%
41
41
25
118%
Jan
Apr
Apr
7%
23%
Jan
%
Apr
4%
May
2%
May
Apr
May
1
Jan
175
Apr
123
Jan
Mar
Mar
16
Jan
35
Mar
27
Jan
42%
Mar
27%
19%
"260
Apr
Apr
11
1,200
"ll%
Jan
102
22%
11%
Apr
42
Jan
May
0
Jan
Jan
17
34%
23%
107
Mar
Mar
Jan
Jan
May
15%
2%
Apr
2%
Jan
1%
200
1%
1 %
1
500
Hie May
1
Jan
May
%
Jan
1%
Mar
Feb
May
June
19%
JUne
4%
17%
33%
4%
1%
May
7%
Apr
16%
19%
19%
7%
8,100
1%
0
7%
"li'eoo
"1%
l"
25
.
5*
~i",9o6
Feb
2%
Jan
Apr
1%
June
8
32
t
33%
.
Feb
May
Apr
24%
700
1,*
*18
%
3%
33%
100
130
Jan
Mar
Apr
20%
Jan
Jan
1%
22
Mar
May
4%
Jan
33%' June
•is
Apr
97%
90
Jan
12%
uH
Feb
99%
May
20
96%
90
78
Jan
90
May
Apr
21%
13%
3,600
10
5%
Feb
7
~ii% "ii% "ii%
May
"l"66
9
Apr
15
Jan
17
May
23%
Jan
"V
"3%
""566
Apr
4%
Jan
93%
75
Apr
93%
June
"26"
"26"
"""25
54
56%
14%
170
90
Apr
101
June
"93% "95%
"'"176
85
Apr
90
Mar
Apr
9%
Feb
100% 105%
""425
85
Jan
105%
June
600
1
May
1%
13%
92
2%
76
3%
14%
1%
%
%
sie
Mar
May
5%
18 '
Apr
27%
Mar
Feb
61%
14%
Mar
13%
100
1%
Jan
48
6%
105
Jan
Jan
Jan
%
2%
Apr
Apr
5
Mar
7%
Apr
14
Mar
4%
Jan
5%
Feb
2%
Apr
4%
Jan
400
3%
May
4%
Jan
100
4
Apr
7%
Jan
x6%
Apr
3,100
•
3%
150
3
3%
225
3%
3%
x5
x5
;
5%
.
Jan
ht
Jan
rl2
52%
6
48%
74
51
6
47%
4
74%.
*53%
6%
48%
300
575
3,600
1,400
15
Apr
130
Jan
62
Jan
79
Feb
'5%
74%
Apr
110
Apr
8
Jan
%
34%
5%
43%
3%
%
Jan
9%
Feb
55%
Mar
Apr
Apr
May
Mar
Jan
58
Jan
5
Mar
44%
46%
20
37
Mar
51
Mar
64
67%
120
55
Jan
84
Feb
"64 "
63%
64
40
53%
Jan
81
4%
4%
100
4%
May
7
4%
Jan
5%
Mar
16
Jan
Mar
%
1%
34%
Apr
20%
1%
3%
Jan
40
4
44%
4
300
4%
%
39%
40
300
350
Feb
Apr
Feb
Jan
Jan
Jan
May
5
5
100
4
Apr
6%
2
Mar
2%
300
1%
2%
Apr
2%
Jan
3%
Mar
Apr
Mar
2%
2%
900
6
Mar
7%
ord
5%
5%
Jan
7%
8%
1%
4%
Apr
4
Jan
Feb
4%
Apr
200
4
9
94%
74% May
78
79
200
70
Apr
Apr
70
73
300
55%
Jan
Columbia Gas A Elec—
Conv 5% preferred _.10()
Feb
3%
Club Alum Utensil Co...*
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc. *
Development
May
27
20
4%
50
21%
0% conv preferred
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms 25
Jan
Apr
Apr
33
22%
•
40
1 %
Feb
Feb
Mar
200
"n%
Cleveland Tractor com...*
Cllnchfleld Coal Corp..100
Jan
5%
300
»is
800
Claude Neon Lights Ino__l
Clayton A Lambert Mfg..•
Jan
20%
~~~25
5%
33
Pipe
2
500
7%
Feb
9
1
50
1,900
123"
24
"566
100
Jan
104
123"
Jan
Jan
200
"
preferred
May
30
Apr
3% May
Feb
1
3%
com
11
..20
4%
2
35
Beaunlt Mills Ino oom..10
1
4
48% May
Apr
Apr
35
100
1
%
7%
Basic Dolomite Ino com..l
Bath Iron Works Corp
1
Mar
Apr
22%
20
7% preferred
100
Conv pref erred..... .100
Conv pref opt ser '29.100
16
18
2)3%
5%
56%
0%
May
45
18%
32%
22%
7%
*
Feb
98
Mar
Apr
Apr
21
400
15
$7 dlv preferred..
Apr
May
Apr
2%
,
23%
1
Preferred
30
Bellanca Aircraft com
Bell Tel of Canada..
Jan
%
Jan
Apr
Celanese Corp of America
7% 1st partlo pref...100
Cent Hud G A E
14%
2%
10
com
Apr
Apr
4%
9%
Cent Maine Pow 7% pi 100
Cent N Y Pow 5% pref. 100
%
]
Babcock A Wilcox Co
*
Baldwin Locomotive—
Puroh warrants for com.
$1.50 conv pref
Beech Aircraft Corp
%
1%
6%
Apr
21%
Chamberlln Metal Weather
Strip Co
6
Charts Corp
10
Mar
2'
Mar
77
May
Apr
Jan
150
1,300
*
Jan
2%
13
200
7%
13%
25c
Jan
2% May
Apr
200
Mar
Carman A Co class A.*..*
Class B
*
Centrifugal
14%
1%
•
4%
14%
%
2%
Apr
Apr
32
Am dep 6%% prefshs £1
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Jan
"%
Jan
1 "
40
Jan
%
%
200
"3% "3%
May
500
Jan
3%
*
4%
%
32
11%
Brown Fence A Wire com.l
31%
%
Jan
Jan
100
Apr
%
I
Aviation A Trans Corp
Axton-Flsher Tobacco—
7% Istprefvtc
Jan
Feb
12%
Jan
Amer Tobacco—
Apr
Feb
26
Bardstown Distill Ino
Barium Stainless Steel
2%
17
3%
26
xw_
10
400
6
0% preferred
200
3%
Automatic Voting Mach__»
Avery (B F)_._.
__5
0% preferred
Warrants
3%
20%
3%
*
Automatic Products
-
3%
...
1
Apr
Mar
11%
May
20%
Jan
Mar
*i«
Jan
May
12%
May
7
20%
Cent States Elec
Atlantic Coast Line Co..50
Atlantic Rayon Corp
Austin Silver Mines..
»»i«
1%
11
Jan
%
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries.
7% preferred-
%8
Jan
Jan
Jan
2%
Atlanta Birmingham A
Coast RR Go pref...100
Atlas Corp warrants
Atlas Plywood Corp
%
%
5%
7%
3%
32%
A
1st, preferred
Class A.........
$6 preferred
7G0
1,300
Registered
Celluloid Corp
£1
—
Common
Conv pref....
Jan
Jan
Jan
2,100
Vot trust ctfa
50c
Cables A Wireless Ltd—
15
66
5%
30
•
May
28%
Apr
Jan
Jan
June
'
24%
1%
3
%
9
3%
1%
2%
3
Apr
12%
Cable Elec Prod com...60c
29% May
100
2%
Ashland OH A Ref Co.... l!
Associated Elec Industries
common
30
Jan
70
3%
Mar
3
"1460
2%
.
18
200
•
May
4%
""4%
1%
Feb
10
T10
Corp
3
Burry Biscuit Corp..12 %c
Apr
Tukiii%
*
Arkansas P A L $7 pref..*
Art Metal Works com
51
Bell Aircraft
A...
British Amer OH coupon..
British
14%
Jan
•u
preferred.......100
Class
Jan
Apr
68
Mar
%
20%
2%
*
com
Common class A
Preferred.
Baldwin Rubber Co
7%
Feb
9
1
18
3,300
3%
1%
Appalachian El Pow pref •
jArcuturus Radio Tube.. 1
Class A
,,,
Jan
4
Jan
1%
12%
200
100
Bunker Hill A Sullivan 2,50
Burma Corp Am dep rets
Mar
17
70%
15%
Angostura Wupperman.. 1
Apex Elec Mfg Co com...*
Assoc Gas a Elec
"""4% """4"
Mar
%
73%
%
18
*
American Thread pref...5
Anchor Post Fence
*
Arkansas Nat Gas
*
Bright Star Elec class B..*
Brill Corp class B__
*
Class
9
4%
8%
Jan
10%
34% June
55
Corp com*
1st $0 preferred
$0 series preferred
Apr
Apr
Apr
9%
4%
4%
8%
Buckeye Pipe Line
-.50
Buff Nlag A East Pr pref 25
$6 1st preferred
*
June
9%
55
7%
a.
*
Amer 8eal-Kap com
13
25%
10
55
10
Am Superpower
Jan
6%
3
1
4%
50
June
6
Feb
Mar
May
25
26.
,
Apr
32
Bridgeport Gas Light Co
Bridgeport Machine.
Bruce (E L) Co com:
Jan
3%
24
Apr
50
"
1
Class A pref
Brown For man DlstUlery
$0 preferred
Brown Rubber Co com
Jan
2,100
10%
13
11
40%
116
2%
17%
17%
3%
10%
3,
Aeronautical..
Preferred
Jan
Mar
""116
17%
10
Corp
Jan
28%
1%
Apr
Amer Potash A Chemical.*
American Republics
8%
31
Mar
112%
55
1
Amer Meter Co..
16%
15%
500
Apr
May
Apr
Apr
20
Jan
275
225
8
8
Amer Invest of 111 com...*
Amer Laundry Macy...20
Preferred
Breeze
IK
39%
Apr
Apr
3%
1st preferred.... 100
preferred
*
Brewster
Jan
%
10
1
35
Apr
1
Fork
2d
Jan
4%
500
Am dep rctn ord reg.-lOs
British Col Power cl A
*
Jan
25%
2%
34
Apr
100
6%
26"
23
100
i%
400
Jan
17%
20%
Apr
13%
1%
Am dep rets ord bearer£l
British Celanese Ltd—
27
1
8
125
1%
Jan
30%
Amer Cyanamld class A. 10
Amer
Jan
30%
Class A with warrants.26
Class B.
Mar
Jan
Apr
Feb
18
June
8
1,400
17
23"
1%
Brlllo Mfg Co common.._*
$3 preferred
$5.50 prior pref..
40
Apr
♦
Brazilian Tr Lt A Pow_.
Jan
Apr
46
3%
60%
American Capital—
Class A
7%
May
Apr
30
4%
10%
6%
26
Bowman-BUtmore com... *
Jan
128% 131%
110% 110%
American Beverage com._l
American Book Co
100
com.
250
Bourjols Inc
Mar
7%
May
90
2,300
%
Mar
Borne Scrymser Co—..25
Jan
1%
Mar
"
Jan
""4% "1%
common.*
Amer Box Board Co
110
14
6% preferred
100
American Airlines Inc.. 10
9%
15%
6%
1st preferred....100
7%
Jan
Jan
17
z34
25
"38% "38%
*
Bohack (H C) Co com...*
Mar
9
Jan
Mar
%
Jan
5%
$3 opt conv pref
Mar
Mar
40
1
Jan
May
Jan
6%
Blue Ridge Corp com
%
71%
94%
86%
May
common.
10
17
Jan
%
Co
1
5
Apr
8%
7%
conv com
Bliss (E W) common
Bliss A Laugblin com
Apr
*
Class A
40
Jan
71
1
%
Mar
.
13
Jan
2%
Apr
%
300
%
High
%
.
*
60
13 conv pref
:*
Allied Products com....10
Aluminum
Low
2,100
Foundry
50
82%
Range Since Jan. 1, 1939
Shares
%
•
A Machine Co com
80
2
com
Blrdsboro Steel
71
com.
Allied Internet Invest
%
Jan
92
corn.....*
Invest
Price
%
$2.50 conv pref
70
pref—-—*
Week
Blck fords Inc com
6
91
Southern..60
$6 preferred
Alles A Fisher Inc
21
Apr
Apr
Apr
100
15
15
for
of Prices
Low
High
warrants
Feb
3%
•
| Air Investors common.
Conv preferred..
Ala Power $7
Purchase
18%
400
100
3%
5%
7%
3%
5%
7%
Mfg common.5
Air Associates Inc oom
21
21
1
Week's Range
Berkey <fc Gay Furniture. 1
May
•
New class B..
Par
(Continued)
Supply Mfg—
New class A.....—-.
Sales
I axt
Sale
STOCKS
Shares
15 %
15%
Friday
for
Week
of Prices
71
Mar
Jan
Jan
Volume
New York Curb
148
Friday
STOCKS
Last
(1Continued)
Sale
Par
Price
Columbia Oil & Gas
i
Columbia Pictures Corp..*
3%
Exchange—Continued—Page
Sales
Week's Range
High
3
%
Range Since Jan. 1, 1939
for
STOCKS
Week
of Prices
Low
9 ,.500
2%
4%
Apr
11
Jan
Par
Jan
14
1
1
V t
to 1940
c ext
34%
31
34%
350
26
Apr
.36%
29%
%
550
24
Apr
*29%
June
300
%
Apr
13%
Apr]
16
Jan
37
37
_
6
80 %
100
1
120
80%
40%
3
8% preferred.
100
Consol Royalty Oil
10
Consol 8teel Corp com
*
Cont G 4 E 7% prior of 100
1,100
-
600
92
J4
Jan
1%
Feb
Apr
Jan
6%
92%
Mar
Mar
*i«
Mar
9%
Jan
16
___f,
14%
1
30 preferred A
Cosden Petroleum
]
2
100
74
400
%
4
Apr
100
4%
17%
Apr
Apr
800
4%
400
6%
5%
%
1,000
2*
Apr
100
1
500
9%
'
Cuneo Press Inc
*
54 ~~
preferred.....1001 no
Davenport Hosiery Mills. *
Dayton Rubber Mfg new. 1
850
55%
110
410
4%
4%
"14 %
43%
4%
56%
"760
"Eli "5%
A conv preferred
4%
20%
T"60
"25% "20"
*1
De Vllblss Co com
Mar
7
Jan
Feb
27
"21%
2%
28
25%
7% preferred
lo
Diamond Shoe Corp com.*!
25%
10
*200
Apr
May
29%-
Mar
14
Jan
Apr
"T%
2.2CC
11%
'""906
11%
Co
.10
Dublller Condenser
Corp.l
Duke Power Co
16%
1%
1%
100|
"68 ~
65
:~~i~6o
16%
200
'
68
200
Durham Hosiery cl B com
Apr
Apr :
Apr
Jan
8%
"3%
9%
"l,700
"1,300
9%
9%
Common
Eastern Malleable Iron..26
Apr
10
100
25
Edison Bros Stores
...2|
1%
19%
"l'eoo
1%
Electrol Inc
v
34%
1
Jan
Apr
64%
67%
1,600
59
1%
1%
1%
1,%
800
xl
1%
2,000
Mar
100
t 0..
1
11
10
100
—1
1
"1
100
*
58
40
May
Jan
Feb
Apr
Apr
Apr
5
9
800
8
124%
Mai
132
May
Api
39
Feb
5
A pi
%
*1%
1%
Apt
22%
700
%
Jan
29%
95%
A pi
Apr
107
103%
1%
Jan
110% June
600
31%
3,600
34%
107
10
IOO
200
Api
Jan
8%
5%
"29% "29%
Jan
65
Jan
%
Feb
Apr
Jan
'
2%
Mar
23
Mar
Apr
21
100
3%
36-
Mar
——'
7%
•
6%
3%
7
3%
7%
5%
Jan
22%
9%
Jan
6%
3%
1,500
7%
Apr
100
100
6%
Api
Feb
Apr
9%
Jan
24
Jan
26%
26%
Jan
10
Jan
~"
7
100
'
Mar
30
Apr
45
34
Mar
35%
400
""oh ""■5% "oh
300
3%
Apr
1,800
13%
Apr
9%
Apr
13%
8 ;
Mar
8
Jan
11%
23%
Apr
2%' May
34%
Apr
12
14%
15
13
13%
Jan
2
Border's Ino_.
•
Jan
Mar
12%
Jan
65
""37" "37"
"
.63%
Mar
Jan
May
5
May
Jan
Common
10%» JaD
71
Jan
May
5%
Mar
Apr
9
,9
4
.....
,
Apr
4%
1%
Apr
Apr
2%
29%
4%
25
20
x20
5
100
3
3%
2,200
2%
21%
3,100
14%
Apr
5
4,300
3%
Mar
51%
3%
x20%
May
19%
4%
Apr
Indiana Pipe Line.—-
"IOO
5%
May
Indiana Service 0%
pi
10%
9
10%
140
5%
May
11%
10
11'/
150
5%
23%
5%
5%
Metallurgical—.♦
Fedders Mfg Co
fi|
Fed Compress 4 W'house25
Ferro Enamel Corp
*i«
Jan
10
Feb
Indian Ter
June
200
100
4%
Jan
8%
23%
8%
216%
6
300
9%
1
500
%
Flat Aroer dep rights.—.
17%
9%
5
1,500
100
Jan
Mar
Mar
7
35
22
7
16%
Apr
10%
Feb
28
....
Apr
32
Feb
7
Jan
9%
Mar
50
100%
Apr
200
»»n
Apr
......
1%
1 %
100
%
Mar
"67% "llH
"2",750
106% 106%
%
May
10% June
12%
Jan
108
Jan
B
1%
Apr
1% May
Industrial Finance—
•11
Apr
8%
59
Apr
Apr
20%
......
71
*
June
Jan
Aprj
1%
Internet
%
Mar
June
Apr
71%
24%
Apr
21%
10
Jan
Mar
Hydro Eleo—
17%^,,16%
—
3511.,
June
1%
106%
)
For footnotes see page
Feb
15
......
Mar
May
«i«
New class
.....
May
Apr
Aprj
Feb
Ilium OU-
New non-voting clasi
Jan
May
14%
5%
14%
Jan
Feb
6%
■
......
Jan
5%
800
Jan
Mar
Jan
Apr
35
17%
...
9%
7%
19%
*u May
1,800
15%
Mar-
15
Registered
7% preferred
IndpHP AL0%% Pf-
300
15%
15%
Jan
17
Jan
10
15%
Jan
Apr
Jan
20
"'in """7% "7%
Indus..1
•
Apr
8%
Mar
Chem
Jan
%
54% Mar
7% June
Mar
May
Jan
Jan
Jan
5
12
Apr
10%
%
28%
15%
Feb
Mar
Apr
Apr
Apr
Mar
09 %
5%
""50
Mar
%
23%
Jan
3
100
"300
Mar
Feb
......
June
71
'39%
8%
Hydrade Food Prod—-J
Hygrade Sylvanla Corp..'
Feb
Jan
Mar
•1#
1 %, ■ Jan
21% Mar
51%
3%
"""7-% """7%
Jari
71
Jan
3
noH
—
June
Jan
Mar
24%
Apr
9%
7% oref stamped—,100
1
53
June
Apr
Apr
Imperial Oil (Can) coup-
Fansteel
Feb
53
2",300
Imperial
Fanny Farmer Candy ooml
Feb
Jan
108%
10
'
Mar
300
Feb
;
8%
jHuylers of Del Inc—*
10
Apr
.110
""59% "63%
3%
May
5%
""325
*
•
3%
3%
29%
~3'7%
Mar
1,300
50
9%
110
6% preferred
1C
Hubbell (Harvey) Inc....
Feb
72%
200
....
Mar
%
41%
.
Holt (Henry) A Co cl A..
24%
8%
23%
Jan
15
15
74
U%
June
Apr
Apr
73
8%
8
6%
23%
Feb
%
10%
Feb
'
Feb
8%
Jan
4
w_—21
Feb
11%
1% May
6% Mar
'15% May
3%
54%
1
Mar
*1%
21%
warrants
Apr
Mar
Jan
4.
2C0
Jan
i*H
4
i*
100
Jan
June
Mai
%
""800
Jan
Jan
Feb
40*
Api
63
23
7
7% pref unstamped.. 10(
Hydro Electric Securities.'
6
Falrchlld Aviation
Jan
Apr
1,100
1%
14%
7%
2%
52
1,700
Feb
33
50
5%
Jan
25
150
5.%
Jan
June
June
~~~50
5%
Jan
.i*
22%
7%
12%
102
61%
275
Feb
200
110,% 110%
1%
1%
5%
Jan
Feb
400
36%
5%
"'"in "in
5%
11
Jan
59%
1,700
Feb
69%
22%
26%
33
A pi
58%
25%
Jan
5% May
%
22%
""it '"""%
6
375
.
131
36%
5%
Apj
60%
]
:
Apr |
May
22% June
60%
Esquire-Coronet
1
Eureka Pipe Line eom__60;
European Electric Corp—
Falstaff Brewing
56%
Mar
*58%
10c|
$3 conv pref..
10.0
Mar
96
«!•
^ «.
21%
57%
Empire Power part stock.
Emsco Derrick 4 Equip..
Equity Corp common..
«,
29%
w
Jan
37
Jan
7
IT
Jan
50
71
Apr
Jan
Jan
-
1%
Jan
18%
70
Mar
98%
;
June
Apr
Apr
May
May
Apr
5
100%
6%
Feb
37
100
107
110%
Jan
Jan
19%
15
Elgin Nat Watch Co——15
Empire Dlst El 0% pf 100
Empire Ga^ 4 Fuel Co—
0% preferred
100
0%% preferred
100
7% preferred
100
8% preferred
100
FldeUo Brewery
15
6%
5
Jan
Jan
Mar
Mar
Apr
Apr
Apr
3
Eiectrographlc Corp
52%
Mar;
Feb
""166
Jan
Jan
Jan
50%
l%-
Apr
hi
1%
2
16%
17%
% '
%
Feb
500
A——I
Feb
Feb
2%
80%
,82
6
131
......
Preferred
Mar
%
Apr
6
"
1%
1,300
14,100
_
52
Apr
Apr
-
94%
Jan
19%
19%
;
3 %
17%
Apr
-8
warrants
.
Haverty Furniture cv pfd.*
Apr
58
1
%
:■
98% 102
5%
Mar
Apr
55
8%
Elec Shovel Coal 34 pre!..*
Option
1%'
8%
"""166
%
10%
10%
2%
14%
67%
preferred.'
Elec Power Assoc com
Elec P 4 L 2d pref
18
2%
Apr
May
Feb
8%
102
May
Class A.
Jan
75
■
58
6
preferred
A
19%
Corp....
Elec Bond 4 Share com
Option
2%
Jan
20
100
97%
%
9
Hat Corp 01 Am cl B com.l
HeHer Co common
Jan
Jan
Apr
6
'
*
Mar
May
%
52%
600
8
97%
.
"""9% "9%
Apr
%
Class
14%
5%
12%
10
Brewing Co
Jan
Jan
1%
%
60
1%
1
Jan
Jan
25%
12%
12%
14%
Jan
Jan
15
1
Jan
Apr
37 preferred series A..
30 preferred series B__
Jan
5%
3%
21%
50
""22% "22% "22%
•
Harvard
2
Apr
50
Mar
3%
*
5%
Aprj
\
Jan
19
79%
"i',200
25
8
.
H
•
25
7
Mar
May
Jan
95%
97%
Mar
7%
16
89%
2
80
"*4 % ""4% "4%
Mar
Mar
Jan
Apr
Apr
100
"'"116
....—...5
Hartman Tobacco Co
72
Apr
28
*
Hb
Jan
Mar
Mar
65
25
Mar
Apr
May
Apr
83
51%
51%
""166
'
Easy Washing Maoh B
Economy Grocery Stores
15
z30
6'
.
Corp
Hartford Elec Light
Hartford Rayon v t c
9% .Mar
16%
Corp....
Elsler Electric
21%
5%
1
150
6%
Oil
$6 preferred
Hall Lamp Co
Haloid Co
Apr
2%
43
60
10
Hamilton Bridge Co com.*
10
-
29
Jan
1
""166
3%
Guif States Utll 55.50 pref •
M ar
250
6%
Eastern States
I
Ms
73%
20%
1%
1%
Jan
Mar
12%
86%
.....
3%
1
May
12%
64
17%
Apr
83
%
62%
46%
......
Engr.l
10
17%
8,
Gull
Jan
Jan
Apr
64
1
16%
75
......
4
*
stock
com
25%
1%
8%
prior preferred. 100
preferred
100
6%
25%
%;
,
Jan
East Gas 4 Fuel Assoc—
4 % %
25
31
17
Apr
5
Eagle Richer Lead......10
Mar
"""950
Guardian Investors
Apr
1
Duro-Test Corp com
Duval Texas Sulphur....
June
26
95"
Grumman Aircraft
62
16%
20
Jan
"~95~" ""93%
36%
60
Dominion Textile Co
*
Draper Corp..
——_*j
Driver Harris
20%
3%
r30
11%
Feb
15%
100% 100%
Jan
Jan
7
Dominion Bridge Co
*|
Dominion Steel 4 Coal B 25
Jan
10
50
1
25
Greenfield Tap A Die.—*
Grocery Sts Prod com..25c
Distillers Co Ltd—
4%
17
2,400
22
33%
%
Jan
Apr]
Apr]
1%
Am dep rets ord reg..£l
Dlvco-Twln Truck 00m.
310
20
""74% ""74% "74%
Gt Northern Paper
Mar
15%
1%
2%
2%
31%
'
5
Dobeckmun Go common. 1
18%
18%
11
7% 1st preferred.... 100
May
24
"400
22%
28
Non-vot
May
10
22%
Mar
Great Atl A Pac Tea—
Jan
1%
1%
18%
Mar
42%
Gray Manufacturing Co. 10
6%
Apr
1%
1%
_10|
Corp
27
Mar
1%
Mar
.6%
9%
18%
""*"%
53 preferred.-„,c
*
Gorham Mfg new com.1..10
Grand Rapids Varnish
Mar
9
100
15
400
7%
25
Mar
36
200
2
Jan
16%
:.*
Jan
Apr
Apr
7
1%
1%
Detroit Paper Prod
1
Detroit1 Steel Products...
.
"
Mar
10%
-
18
_
Feb
13%
Detroit Gray Iron Fdy...l
Pet Mich Stove Co com
1
7
""73% "75"
7%
Apr
Feb
36
:
20!
w
1%
—...
18%
17%
Feb
1%
~25%
"400
"""160
»Y Class B
*
*7 preferred..
*
Goldfieid Consol Mines..1
Gorham Inc class A
*
Apr
7%
Apr
Apr
5
May
"l4% ."15"
.....
Godchaux Sugars class A
Jan
May
110
Apr
23%
Detroit Gasket 4 Mfg...l
Distilled Liquors
Jan
9
1
Dennlson Mfg 7% pref lOOj
Derby Oil 4 Ret Corp com
6% pref w
Apr
4% June,
Jan
14%
'MOO
14 %
Jan
1
Glen Alden Coal
Jan
"260
5
'
Jan
23
Gilchrist Co
Jan
Apr
i
"5%
1
com
Stores..
Jan
Feb
10
108
20
35)
Decca Records
%
Feb
6
Curtis MfgCo (Mo).....5'
Darby Petroleum com___5|
A
Feb
2%
54
23
Apr
34
55 preferred
Gilbert (A C) common...*
Preferred
*
Mar
46%
*t
r t c.
Apr
126
............
Georgia Power 30 pref...4
10%
7
.
16%
18
2,400
------
6% preferred A
100
Gen Water G A E 00m... 1
$3 preferred
1%
17%
Jan
Apr
101
Mar
22
$6 conv pref w w
Gen Telephone $3 pref.
General Tire & Rubber-
Apr
14
_«
com
4%
*
...
Apr
,
%
Jan
Jan
Jan
3
Jan
3%
300
Jan
Comraon.,
"
261
8% preferred
Cuban Tobacco com
4
*w
Feb
s*
Mar
1%
Feb
9%
Geperal Shareholders Corp-
Jan
Apr
100
300
9%
Mar
Mar
1%
73
Apr
*
preferred
Gen Pub Serv S6 pref...
Gen Rayon Co A stock
Mar
Mar
-
2%
'■
Feb
7% June
6% Mar
Jan
23%
Jan
9%
•
Apr
Warrants
Gen Outdoor Adv 6% plioo
Jan
1%
Mar
50%
8%
%
52%
$6
Mar
90
Mar
90
19%
20
7%
18%
19%
Gen Gas <fc El 6% pref B ..*
General Investment com.l
Jan
3%
Feb
Mar
1,800
6%
21
20%
%
2%
1%
9%
%
com...25c
Jan
2
100
1
5%
Crowley, Milner 4 Co..,
Crown Cent Petrol (Md).5l
Delay
Apr
5%
14%
80
6%
6%
Ti
Crown Cork Internet A._*
Class
20
1
Croft Brewing Co
0%%
"266
14%
Jan
Apr
2
501
preferred
Crystal Oil Ref
200
12%
Apr
dep rets ord reg-£l
Gen Flreprooflng com
*
Jan
9
Mar
Apr
Amer
Jan
55%
80
com
Courtaulds Ltd
....£]
Creole Petroleum
Crocker Wheeler Elec
Crown Drug Co
Preferred
16
10
Jan1
Apr
10%
600
5%
Apr
4%
15%
3%
5%
6%
71
400
Gen Electric Co Ltd—
Apr!
%
5
High
68
Apr
'
6% pref erred.... ...100
Genera! Alloys Co
*
Jan
56
2.50
>68%
19%
4% conv preferred...100
Gamewell Co $6 c v pref.4
Gatineau Power Co 00m.*
3
8%
52%
T%"
3,500
86
18%
-
"15"
.1
84
•
Corroon 4 Reynolds—
Common
conv
Jan
Jan
-
20
15
50
*
*
m'-» i.
1
"2,700
5%
92
'""206
$3 prior preference....
6%
6
-
com
Copper Range Co.,
Copperweld Steel
60
Jan
Low
60
3%
Fuller (Geo A) Co com... 1
S3 conv stock
*
Feb
92
63
1%
4%
92
*
preferred.
June
Mar!
86
10
Cook Paint 4 Varnish.*. *
Cooper Bessemer
Mar
1%
68
Common
<
Cont partlc pref
Fruehauf Trailer Co
Jan
120
Apr
*
65%
•
Amer dep rets... 100 Ires
Fox (Peter) Brew Co
0
Froedtert Grain & Malt
Jan
Feb
38% May
Apr;
2%
650
3%
92
May
116%
%
10
%
44
83%
-
Share
10%
9%
86
Ford Motor of Can cl A—*
Class B
...»
Ford Motor of France—
Jan
8%
80%
Jan
71
900
120
ll14
Apr
10%
100
reg...£l
Jan
6%
Apr
4%
4%
4,300
6
79
""Vs
Consol Mln 4 Smelt Ltd.6
Consol Retail Stores
1
Continental Oil of Mex_
Cont Roll 4 Steel Fdy
5%
%
65H
Range Since Jan. 1, 1939
R
for
Week
of Prices
High
I jOW
Ford Motor Co Ltd—
Am dep rets ord
Mar
27%
*
$3 preferred
Consol Biscuit Co
—.1
Consol Copper Mines
6
Consol GELP Bait com
4% % series B pref
Consol Gas Utilities
Feb
29
1
.
preferred
Florida PAL J7 pref
Ford Hotels Co Inc
Jan
tit
1
"in May
100
Compo Shoe Macn—
Conn Gas <fe Coke Secur.
Apr]
hi
1,300
"32
14
1
Community P & L 50 pref *
Community Pub Service 25
Community Water 8erv__l
Veek's Range
Price
Fire Association
(PhUa.).i
Flsk Rubber Corp
10
Jan
T0
Warrants
3507
Sales
Sale
High
Commonwealth & Southern
Commonw Dlstrlbut
Last
(<Continued)
Low
Shares
3%
2
Friday
17^
400
12
2%
2%
1,300
2
-
—
hi
Mar
%
Mar
Jan
Mar
4%
Jan
New York Curb
3508
I
Last
Salt
Pot
Internat Metal
Price
Week's Range
Of ITicet
Low
High
for
Range Since Jan. I,
Low
Shares
5
International Petroleum.
2,600
2,500
2}*
23 K
23}*
22 K
23}*
1}*
225*
23 K
June
Apr
International Products...*
Internat riaiety Raior B_*
Mar
5K
Apr
200
2K
K
2
25*
23
Registered....—....
Par
High
May
4
Apr
Class A
27}*
Jan
Jan
100
8
8
—
J*
$3.50 prior pref—>—
Warrants series o11940—
International
K
35* May
5* Feb
~~37~K~~37K
50
""206
"w
600
6?*
55*
Irving Air Chute........1
Feb
»«, May
Jan
25*
4K
10 K
Apr
Apr
Apr
•
'"206
3K
71«
7lt
100
K
Feb
17
16}*
250
15
175*
175*
17
17 5*
200
145*
Mar
•u
25*
IK
4}*
Feb
65* June
145* Mar
7K
Feb
K Mar
195* Mar
215*
Jan
Apr
'3~700
,
Apr
Apr
Royalty..-....1
Italian Superpower A....*
Jacobs (F L) Co
1
Jeannette Glass Co..—.*
5*
Jan
155* May
38K Mar
~"i~K
Interstate Power $7 pref--*
Iron Fireman Mfg v t c._*
Mar
Apr
34
J«r
Interstate Hosiery Mills.-*
10
Apr
Apr
11
37}*
Vitamin—1
Interstate Home Equip.. 1
Investors
"35* """3"
1h
15*
100
.
Apr
Mar
4K
2H
Apr
Jan
Feb
ft
5*% preferred
100
6% preferred.......100
7% preferred...——100
Jones A Laughlin Steel. 100
Julian A Kokenge com...*
Kansas G A E 7% pref. 100
710
98}*
97%
975*
100}*
100}* 102}*
105
107
25
24
78
Lake Shores Mines Ltd—1
Lakey Foundry A Mach.l
80
56
Jan
88
June
110
38
Jan
67
June
600
15*
Apr
25*
2K
Feb
15*
115*
7K
Apr
Jan
Apr
Apr
3K
500
15*
Mar
13 K
Mar
8K
Apr
125*
900
"eii*
"~40
9K
15K
Apr
Jan
Mar
9
" Apr
10
Jan
54
Feb
73
Jan
Mar
45
Mar
900
UK
Jan
12
800
45*
Apr
May
7
K June
Jan
45
12K
65*
41
37}*
3
41
37 K
„
39 K
3
io~
20
3.100
3
700
"16" ""266
'"T
"2}*
25*
25
10}*
"T"
2}*
"166
"32 K "33
10 K
6
2K
May
Apr
*!•
6
Jan
40
Mar
85}*
Mar
May
25*
H
5K
5K
Jan
Apr
Jan
Jan
"JH
Apr
May
Jan
60 5*
13
Apr
45*
Jan
65*
Mar
400
7K
Jan
8K
•Feb
*
•
«
s.
«
15*
-
200
f Nebel (Oscar) Co com...*
113}* 1135*
48}*
495*
Nebraska Pow 7% pref. 100
100
100
14
14
14
,
IK
5*
"30
]02h
700
39 K
Apr
Apr
2K
Jan
UK
Feb
114*
June
Jan
Apr
200
60}*
78K
Jan
25*
4}*
Jan
Mar
78 K
Nelson (Herman) Corp..
Apr
Apr
4
Jan
Mar
o*
Feb
1,1 K
Apr
6% preferred
100
$2 preferred
New England Tel A Tel 100
Jan
II*
May
Apr
H
Feb
New Idea Ino common
75* June
8K
Jan
New Jersey Zinc
New Mex A Aria
275*
9H
May
50
•8
Apr
15
Jan
Mar
May
23
10 K
200
28 K
6,900
27
3K
34
Apr
1.400
Jan
Jan
5*
17
Feb
Feb
...25
116
72K
Mar
Mar
1,175
56
Apr
""46
755*
15
75?* June
20?* May
xll2
116
104
Apr
Apr
Apr
Apr
15*
34}*
1
15*
"ilK
55 K
UK
"266
10 K
54
55 K
450
465*
IK
73
1,100
IK
"73
67 K
300
IK
N Y Merchandise......10
Jan
22
Jan
10
Apr
13 H
Mar
N Y Pr A Lt 7%
$6 preferred
225*
7K
Apr
365*
Feb
Apr
9K
Jan
33}*
28
55*
1005*
55*
99
34K
30K
6
1005*
26
Jan
35
1,400
195*
Jan
30 K
June
IK
4K
Jan
90
89 K
Apr
Apr
Apr
Mar
15*
2,200
1,600
'11
265*
27K
"_350
23}*
15*
2K
3,600
7ie
1
27
Apr
"2
"~2K
""400
Mar
Jan
75*
1005* June
•11
Feb
1K
Feb
Mar
34
Jan
Jan
2K
Mar
Jan
K
"T
Jan
IK
K
Mar
2}*
June
Apr
Mar
Feb
31
Mar
2 OK
Mar
Marconi IntI Marine
Jan
Mar
Jan
Jan
62?*
15*
Apr
80
Jan
27
Jan
Apr
2
Jan
Jan
15
27}*
8
Apr
275* May
100
23 K
Jan
28
June
z75*
8
.
Jan
9
Mar
1135*2/1135*
pref.. 100
•
.75*
27K
T65"
N Y Shipbuilding Corp-*Founders shares
...1
50
107
Jan
105}*
20
99
Apr
Apr
105
113}* June
105K June
13 K
100
6
4
Jan
19 K
""46
4J*
19 K
16
Apr
225*
Feb
65*
OK
5,000
Apr
9K
91K
Mar
9
N Y Water Serv 6% pf.100
9,
Jan
Mar
Niagara Hudson PowerCommon
10
5% 1st pref.——.100
5% 2d preferred
100
......
6K
.87 K
87 K
70
85
70
Class A opt warrants....
535
M
55*
x77K
500
.
K
20
66
15*
Class B opt warrants
Apr
Apr
82
Mar
2
Apr
Mar
Jan
•i»
Feb
Jan
Niagara ShareClass B common
6
4K
5
400
"52"
300
35*
"52"
411*
Apr
65*
Mar
Mar
87
Class A preferred
100
Nlles-Bement-Pond ...._.*
90 K
Apr
64 K
7K
Mar,
Mar
*
1K
June
8
14
'500
....
Jan
Apr
116
—
Warrants
24
K
Apr
Mar
IK
57 K
25
NY A Honduras Roeario 10
7,900
175
v
4H
Land.
Newmont Mining Corp. 10
New Process Co...
N Y Auction Co com...
N Y City Omnibus
Mar
40
18
755*
*
Feb
IK
k
FCb
New Haven Clock Co..—•
Feb
'
UK May
Apr
Apr
Apr
Jan
65*
May
2
Jan
Feb
5k
10
5
Mar
Apr
12
Feb
May
Jan
105*
5
7K
Jan
155*
95*
K
Jan
hs
25
5
75*
15*
K
7%
Nehl Corp common.....
1st preferred
7%
Jan
Apr
28 K
69
44
12.50
Nat Tunnel A Mines
Mar
4,900
National Tea 5K % pref. 10
Nat Union Radio Corp...1
—*
13K
20G
National Sugar Refining.*
Navarro Oh Co
Apr
3
19
7K
...
■7K
100
IK
Nineteen HundredCorp B 1
Nlpissing Mines
5
Noma Electric....———1
IK
800
65*
Apr
IK June
May
June
IK
5J*
Mar
Apr
15*
Mar
05}*
Apr
22?*
21K
Jan
Feb
Jan
Feb
4
Feb
Nor Amer Lt A Power-
Communlca'ns ord reg £1
Margay OU Corp——4.*
Marlon Steam Shovel....*
v t c
15}*
100
15}*
100
3
25*
5K
18
17}*
$4 preferred—
.*•;
McCord Rad A Mfg B—.*
MeWllllams Dredging—*
Mead Johnson A Co—.—*
150 K
Memphis Nat Gas com...5
6
K May
Apr
17
Mar
2K May
5
Jan
45*
15
2
4K
Apr
14 K
Apr
May
1
45*
99}*
1*35*
2,000
9
Apr
Apr
150 K
UK
150
125
125
Jan
4K
99K
1,000
30
m*m
1
mm,
mlmrnrnmrn
Participating preferred.*
3K
Jan
86
Feb
14
Apr
3K
Apr
Apr
25
Merrltt Chapman'A Scott *
Warrants
45*
4}*
""400
3K
........
6K% A preferred.—100
58
Mesabl Iron Co
l
Metal Textile Corp....25c
hs
3,900
2K " %K
355*
36
200
K
K
Partlclpat preferred—1£
Metropolitan Edison—
50
K May
Apr
Tu
Jan
1
Apr
Apr
93 K
Gas A Oil.
600
Sugar Co—..—*
5*
5*
Jan
25*
17
,
Jan
150}* June
4}* June
99 K June
Feb
20 K
5}*.
Jan
Mar
28
$6
6% prior preferred
7% preferred mrnmmlmm 100
Northern Pipe Line..... 10
Northern Sts Pow cl A..25
Northwest Engineering..*
m
Feb
95
j
May
Mar
5*
5*
June
25*
Jan
Jan
Apr
8
Jan
K
Jan
May
*11
Mar
Jan
4
Apr
Apr
55*
Mar
1
Mar
35*
7K
35*
100
3K
»u
t c...
"i«
200
5*
6K
65*
7K
1,300
*
Apr
8K
Feb
Apr
25*
35*
Feb
*
15
Mid-West Abrasive..—60c
Midwest Oil Co...
.10
Miss River Power pref. 100
Missouri Pub Serv com.
100
12
Jan
97
75
93
Jan
1~300
7
Apr
Mar
"7 K ~~7K
Midwest Piping A Sup.—*
Mining Corp o JCanada—*
Minnesota Mln A Mfg...*
Minnesota P A L 7% pf 100
15
95 K
12
97
5*
Apr
15 K
109
15*
85*
15*
515*
IK
53 K
200
1,500
12
Apr
90
Mar
Jan
116
May
Feb
4
Ma?
115
"3 K
3511.
35*
3H
400
3}*
,
98
June
105
June
Feb
;
50
170
87}*
T.200
4M
6 K
19 K
106 K 108
175
103"
103
1045*
300
114 K 114 K
uo'h
110}* 110}*
—60
6% conv prior pref.. 100
Oldetyme Distillers..—..1
Omar, Inc..
.1
.
109
UK
15
43 K
455*
107
109
15
Jan
24
Apr
35
150
,16
Apr
26
Jan
Apr
108
June
.
103
June
10
111 K
.Feb
114 K
Apr
10
104 K
Jan
1115*
Mar
Apr
Apr
105
Apr
15
35-
Apr
45?* June
96
Apr
9,500
2,075
375
8K
8K
K
1125*
9K
109
Jan
Mar
Jan
June
June
Apr
5
Jan
25*
Apr
8
Apr
1,400
1,100
315*
285*
1045*
Apr
335* June
Jan
30 K
Apr
108}*
60
68 K
Jan
55*
'""95*
1
900
Apr
25
30 K
29%
*
Pacific P A L 7% pre!—100
Pacific Public Serv
•
83 K
83K
84K
"2OK "21K
"466
65*
6
K
15,100
135*
""150
6
13
—..10
11
45*
9K
85
Mar
Mar
June
Jan
Mar
Mar
Jan
215*
Mar
Jan
101K
Mar
75*
3K
Jan
Mar
Apr
4 K
3K
15*
Jan
9K June
7H
20
99
$1.301st preferred
*
Page-Hershey Tubes com.*
Pantepeo OU of Venesuela—
Mar
Apr
16
Jan
Apr
14
Mar
15
Mar
20
Mar
Apr
85*
39 5*
395*
395*
100
35
34
34
loo
29
365*
37K
200
7K
*
*
Mar
June
200
6K% 1st preferred
IF Pacific Ltg $6 pref
-
97 K
20 K
IK
335*
30 K
$2.80 preferred
6
May
12?*
Feb
9K
33 K
$5 preferred.
*
Penn Gas A Elec class A..*
Feb
IK
335*
Class B
H
8
Pacific G A E 0% 1st pf.25
Peninsular Telephone.com*
Penn Edison Co—
~
~~
Jan'
Feb
100
97
14 K
45
Apr
IK
4
2,000
17 K
Overseas Securities—*
PaclUc Can Go common..*
Parkereburg Rig A Reel_.l
Patchogue-PlymouthMills*
Pender (D) Grocery A.
*
Mar
Apr
Apr
81
"98
18
Jan
Jan
15*
53}* June
Jan
1-01M 105
95 K
105"
hs
19}*
Parker Pen Co
Jan
Apr
100
1
1#
Ohio Brass Co cl B com...*
Ohio Edison $6 pref
*
preferred
Jan
2K
Apr
May
Novadel-Agehe Corp....*
Ollstocks Ltd common...5
Oklahoma Nat Gas com. 15
47
100
Paramount Motors Corp.l
37
1K
K
9
100
6% 1st preferred....100
Apr
42K May
35
Jan
80
53
15
85*
Jan
Jan
13 K
17}*
335*
American shares
$2 non-cum dlv shs..._*
53
100
17 K
Ohio P S 7% 1st pref
5* May
25* May
May
150
35
Jan
H
800
"'Ik
Jan
36
17 K
Nor European OU com
1
Nor Ind Pub Ser 6% pf.100
K
■
17 K
IK
61 "K
17K
.17 5*
60
Ohio OU 0% pref—
100
Ohio Power 6% pref... 100
77
61K
IK
60 K
No Am Utility Securities.*
Nor Central Texas CMl
6
Jan
25*
Middle States Petrol—
Class A v t c
...—•
preferred
North Amer Rayon el A..*
Class B common......*
6K
K
Tioo
......10
see page
Apr
55*
1
Steel Tube..2.50
Co
Apr
Jan
K
200
pref.
Midland Steel Products
Jan
54 K
Apr
32 K
_.*
conv
185*
Common....—.../—.!
$3
Bumper Corp.. 1
Middle West Corp oom..5
Midland Oil Corp—
2}* May
7K
Jan
Feb
100
500
600
2K
5K
18
53
Memphis P A L $7 pref..*
Mercantile Stores com...*
Merchants A Mfg cl A
Feb
5K
1
Massey Harris common..*
Master Electric Co.—
1
May Hosiery Mills Ino—
UK
900
Conv part preferred...*
National Steel Car Ltd—*
Transit
May
Mar
25
For footnotes
1
National
7K
3
*
June
llH
5
2K
preferred--..;*
Mid vale
Nat Rubber Mach
Jan
Jan
May
33 H
""160
National Refining com...*
Nat Service common
Jan
36H
22
12}*' 12 K
1
1
10
800
Feb
preferred—.—.100
Mapes Consol Mfg Co.—*
$2
13 K
Jan
9K
New Engl Pow Assoc
Manatl Sugar opt warr
v
115*
Jan
9K
Nevada Calif Eleo com. 100
1,200
*
Lynoh Corp
Feb
8
Jan
IK
Apr
23 K May
Lucky Tiger Comb G M.10
Ludlow Valve Mfg. Co
June
Mar
115*
.100
Loudon Packing.
....*
Louisiana Land A Explor.l
Louisiana P A L $6 pret—*
Class B
National Candy Co
New York Transit Co—6
7% preferred...——100
6i«
4,400
705* May
50.5*
3H
Long Island Lighting—
Common........—*
Apr
Apr
65
Mar
2
22
Preferred
com—.—1
si«
Mar
5K
700
Apr
32 K
18 K
Steel Chain—I.—.6
Michigan
Michigan
Michigan
Michigan
65*
Mar
Mar
145* Mar
7 K May
Mar
""566
B
Mangel Stores
7
7
6% pref...
....100
Nachman-Sprtngf tiled—*
Nat Auto Fibre com..—.1
Mar
10
51K
39
K
"33
Loblaw Groceterias el A..*
common..
95*
...
10}*
Llpton (Thos J) class A...1
6% preferred........25
Lit Brothers common....*
Majestic Radio A Tel
400
69
"135*
,K
Neptune Meter class A..
Nestle Le Mur Co cl A...*
Develop-..26
*
13% xl3K
9K
Muskegon Piston Ring.2 K
Muskogee Co com..
*
June
130
Apr
Apr
Apr
May
57
65*
Lefcourt Realty common. 1
Conv preferred...——*
1
65*
'"266
200
UK
100
"3K
Jan
IK
"l2H
8K
•8 K
1,000
IK
UK
Mar
3K
36K
835*
88
67
IK
25*
"eo"
Jan
K
3 K
83}*
12}*
4K
122 K
36}*
815*
63}*
15*
25*
"61 5*
2,200
835*
Mar
Apr
""60
5K
i30
128
"36}*
88
10}*
Lockheed Aircraft
Lone Star Gas Corp....
130"
National P A L $6 pref.—•
Class A..
Le Tourneau (R G) Ino.l
Line Material Co
6
§ Mountain States Pw com*
Mountain Sts Tel A Tel 100
Murray Ohio Mfg. Co..
4
Nat Mfg A Stores com.—*1
National Oil Products..
4
Langendorf Utd Bakeries—
Lehigh Coal A Nav...... *
1,100
3K
6K
3,800
.67
Lane Bryant 7% pref.. 100
Lane Wells Co com..
l
Class B.
Jan
"3%
Jan
5}*
65*. Jan
5 K June
UK
Kresge Dept Stores
4% conv 1st pref-_-_100
Kress (S H) special pref.10
Kreuger Brewing Co—-.l
Lackawanna RR (N J) .100
Apr
UK
5*
29
Apr
June
Apr
UK
9
Jan
•i«
Jan
108 K May
Mar
May
5K
3K
26
Apr
65*
172 K
32 K
245*
225* Mar
112}* Mar
21K June
4
Apr
6K
Apr
105
Feb
5*
Mar
Jan
Apr
152
150
29
$3 conv pref...
50
National Container (Del).l
National Fuel Gas.—*
"
Mar
Jan
Jan
fMoore. (Tom) Distillery. 1
National City lines com.l
May
21K June
6}*
Jan
3K
2K
Fg
Mar
Mtge Bank of Col Am shs. .
Mountain City Cop com 5c
Mountain Producers..—10
Jan
118 K
145*
55*
23
IK June
29 K
39
Kobacker Stores Inc.-...*
$3 preferred....
Mexico-Ohio OU
Apr
150
102K June
Klein (D Emll) Co oom..*
Klelnert (I B) Rubber ColQ
Koppers Co 6% pref...100
98K June
J&h
32 K
29
1075* June
Breweries
Knott Corp common....1
675*
32
Jan
Kimberly-Clark 6% pf.100
Mass Utll Assoc
Mar
IK
55*
Apr
10
oonv
280
Jan
1,200
$5
17\K 172}*
in
17
4}*
1
Kings Co Ltd 7% Pf B 100
5% preferred D
100
Kingston Products...—.1
Kirby Petroleum........1
Klrkl'd Lake G M Co Ltd 1
Ward A—.*
Montreal Lt Ht A Pow..*
Moody Investors part pf
Montgomery
High
Apr
35*
l'.OOO
86 K
60
21 K
6% pref class B
"lK "m
"~VA
150
4}*
Locke
9K
300
1,000
900
21 K
Clflss
UK
4
27}*
1st prflOO
Leonard Oil
35*
35*
1075*
'
Kennedy's Inc.——6
Ken-Rad Tube A Lamp A *
Kingsbury
UK
1
Monogram Pictures com.l
Monroe Loan Soc A
1
Nat Bellas Hess
Jersey Central Pow & Li¬
Keith (Geo E)7%
Low
Monarch Machine Tool.
Mar
65*
K
600
K
preferred--.-—*
$1.75
Range Since Jan. 1,1939
145*
Molybdenum Corp
Jan
for
Week
of Prices
High Shares
Low
Montana Dakota Utll... 10
mm mm mm
•
Price
Mock, Jud, Voehrlnger—
Common.—
.$2.50
27
International Utility—
Class B
Week's Range
Sale
(Continued)
Indue A
Inter oat Papei A Pow warr
Last
STOCKS
1939
Week
1939
Sales
Friday
Sales
Friday
STOCKS
(Continued)
June 10,
Exchange—Continued—Page 3
31
53
3K
39?* June
Apr
12
Feb
Jan
34
June
Apr
37K June
Jan
60
May
5K
May
Jan
Volume
New York Curb
148
Friday
STOCKS
fyost
Par
Penn Mex Fuel Co
Price
of Prices
High
Low
Corp com
IX
8%
1
*
•
108 %
60
148 %
147% 148%
preferred
Penn Salt Mfg Co
100
Penect Circle Co
Apr
2%
Feb
Jan
Simmons
Jan
9%
108%
104%
Apr
167
135
Feb
16
1,050
74
Jan
84%
Mar
100
58
Apr
75
Mar
23%
77%
79%
72
71
Apr
27
Feb
10%
7%
Jan
1
8%
9%
South Coast
Southern
7
Phtla Elec Pow 8%
Phillips
Packing
*
Apr
5
1,200
Apr
118
■
June
June
Jan
Jan
Con
v
May
118%
29%
100
29%
Apr
30%
Jan
3%
1
53 pref series A__ 10
4%
■1,900
2%
Jan
4%
June
4
4%
21%
2,300
2%
2%
""566
7%
8%
3,300
4%
21
21
2%
150
16
Pierce Governor common.*
Pioneer Gold Mines Ltd—1
Pltney-Bowes
*
29
Jan
Apr
18%
Feb
Apr
2%
Jan
8%
June
2%
5%
60
Apr
41
8
Pittsburgh Forglngs
1
7%
8
54 %
54
54%
Pittsburgh A Lake Erle.60
7%
8
Pittsburgh Metallurgical 10
104%
Pittsburgh Plate Glass. .26, 104 % xlOl
Pleasant Valley Wine Co.l
%
1
8%
9
Plough Inc
;
-—*
7%
19%
Mar
•xl
Mar
100
Jan
Jan
Mar
102
Apr
16%
1%
1%
1%
May
23
Mar
1%
Apr
100
42
40
50
36
Mar
7
Apr
"500
ht
Feb
4%
42
,
700
94%
Jan
Brewing Co
31.60
conv
Standard
Jan
Apr
105%
107
10
Feb
110
Jan
38
June
103%
Standard
June
Jan
%
Jan
34%
Jan
58%
Mar
14
Jan
25%
Mar
4
May
5
6%
17%
20%
Apr
12
Jan
4%
<1,325
Pyle-Natlonal Co oom—6
1,000
Feb
7
June
123
Mar
Quaker Oats common—
120
118
120
110
108
—.100
*
Ry A Light Secur com...*
Railway A Utll Invest A__l
Raymond Concrete Pile-
151
151
152
100
148%
Apr
16
'""225
May
Mar
9%
200
Apr
Jan
Jan
158%
18%
12%
13%
200
2%
800
2
27%
28%
300
25
6%
6%
300
5
12
preferred
1
28%
„
200
%
4
4
100
4
2%
2%
2%
200
1%
%
%
500
Co-
41
Apr
Jan
9%
%
%
Apr
Apr
%
Reliance Elec A Eng'g—6
21'
June
50c
*
Inc
Stetson (J B) Co
8
100
18%
900
102
%
8%
10%
2,500
Mar
oom
*
Sullivan Machinery
*
*
6
1C0
%
Apr
•i»
Jan
15%
Apr
41%
June
Apr
2%
Jan
Mar
Jan
%
Apr
4
■
Jan
Jan
Jan
Apr
4%
Feb
6%
Jan
2%
2%
Apr
3
Feb
M00
""1% "~3%
8%
Mar
4
5%
Jan
7%
Feb
125
6
5
Jan
12
7%
12
•
100
Jan
Apr
9%
Jan
Apr
9%
Jan
6%
10
June
100
2
1,000
Apr
2%
Feb
38
.100
31
Apr
42%
42%
100
36
Apr
38%
45%
Mar
40%
Feb
13
Apr
4%
4%
100
Apr
1%
Jan
Superior Port Cement
33.30 A part.T
Class B com
*
*
-
3
3
3
31%
32%
100
1,100
16%
Mar
14%
5%
Mar
Jan
Mar
5%
May
36' %
Jan
May
%
Mar
16%
95%
16%
1,000
»
96
/ 250
14
"266
ii%
13
13
250
11%
1
12%
400
Jan
Jan
2%
May
8%
Apr
Apr
104
Jan
Tlshman Realty A Constr*
2
Jan
Apr
112
Apr
Tobacco AUled Stocks—_*
60
Feb
Mar
15
Jan
Tobacco Prod Exports.—*
24%
4%
300
50%
4%
1,545
10
Apr
4%
"i«
Apr
Mar
69%
94
5
TUo Roofing Inc
42
"
28%
Taylor DlstUllng Co
Technicolor Inc common.*
Tenn El Pow 7% 1st pf.100
Texas P A L7% pref.—100
Thew Shovel Co oom
Apr
%
%
.1
com.
4%
-•is May
102
Feb
Rolls Royce Ltd—
12
12
2
38
2
...
5%% conv pref
60
Superior OH Co (Calif)..25
13%
Etoeser A Pendleton Inc.
Feb
1
May
Feb
100
Mar
Jan
Apr
96
C100
6% pref D..».
*100
Rochester Tel 6% % prf 100
35
Jan
Jan
4%
8
Texon Oil A Land Co.—
% May
4%
11%
112
,
RochesterGAE16 % pf
Apr
May
May
200
5%
7%
3
5
5%
*
Tampa Electrlo Co com..*
Tastyeast Inc class A... 1
12%
14
Apr
1%
400
2
%
Taggart Corp
Feb
Feb
7%
Jan
Apr
Jan
1
10%. Mar
7,800
28
•
Jan
Mar
37%
Apr
10
4%
Jan
Apr
May
14
Swan Finch Oil Corp—15
%
%
6%
Feb
316
39
1%
Jan
7
Jan
June
1%
1%
Jan
33%
106
Apr
5
Drug Co
Oil
21%
Jan
Mar
Apr
41%
3l«
u
5
Jan
Apr
%
300
Jan
Jan
18%
10%
Apr
Feb
17
50
19%
106
Pit
"40"
2%
'
6
100
3%
(Hugo) Corp
Stroock (8) Co
Sunray
Jan
17%
2%
Stlnnes
Sunray
'
1
700
106
10
Sterling
Mar
Feb
Apr
35%
60c
Reeves (Daniel) common.
18
»16
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod
Sterling Brewers Inc.——1
Mar
Feb
'
2
12
SterchI Bros Stores
20
2%
June
Phos
109
*i«
13%
Wholesale
Jan
700
ht
May
7
phate A Acid Wks Inc 20
101
55%
13%
-
103% June
51
ht
.
Jan
55%
'
9%
100
1
B
93
»Pub Utll Seour 57 pt pf.
~~9% "16"
"19%
106
Starrett (The) Corp v t o.l
Stein (A) A Co common.
Puget Sound P A L—
7
.50
7
17%
1
Sliver Lead
20
109
109
9%
2%
12%
21
60
101% 103%
100
8
Standard Steel Spring——5
62% June
Apr
1%
7
18
1
Standard Tube cl
44%
"166
*
Standard
Apr
Jan
16%
Preferred
June
3
9%
7
1
Common class B
Jan
1%
Oil
Standard Pow A Lt
2%
16%
pref*
10
(Neb)
25
Standard Oil (Ohio) oom 25
6% preferred
100
Mar
Mar
104
110
110
2%
preferred..20
Standard Products Co
100
100
bi
*
Standard Invest 35%
Standard Oil (Ky)
June
10%
£1
reg
Standard Dredging Corp—
Common
]
Jan
2%
26
Apr
Jan
Feb
22%
Jan
99
Feb
102% May
Jan
4
15%
15%
2
Mar
Jan
Jan
63'
5%
May
Mar
Tobacco Secur Tr—
-
£1
.
Roosevelt Field Inc.—
6
2%
700
""%"""%
1%
%
Royallte Oil Co Ltd
—*
Royal Typewriter
*
Russeks Fifth Ave——2%
1
St Regis Paper com
54
~~8~
""83
250
39%
55
2%
%
25
Jan
Trans
Mar
.
J
43
Mar
Apr
71
Apr
6%
12%
Mar
Apr
Apr
44%
Mar
ht
53%
....
35%
2%
300
325
55
49
Apr
Apr
3%
.....
Feb
Feb
2
"9% "l"6%
1%
'""eoo
1%
200
"12"
""lOO
Mar
37
"ion
*
Scovlli Mfg
%
Jan
Apr
2.600
6
Schlff Co common
Mar
Apr
Apr
7
i~3o6
Samson United Corp com 1
Savoy Oil Co.——
2%
6%
Corp.--.*
Toledo Edison 6% pref-100
7% preferred A
100
Tonopah Mining of Nev.l
45
50
2%
-
.....
1
Jan
%
100
preferred
2%
1%
1J300
39%
5
Salt Dome OllCo...
Apr
3%
Ryerson A Haynee com..1
*
h
52
8%
*
Safety Car Heat A Lt
St Lawrence Corp Ltd..
Feb
37
--*
Ryan Consol Petrol
Apr
13%
4%
20
r*
Rustless Iron A Steel
May
*
9%
Apr
1
Apr
3
65*
Jan
Jan
Jan
Jan
Mar
'2 in
21%
500
22
Lace common. .*
*
Securities Corp general—*
Seeman Bros Inc
*
Selberllng Rubber com..-*
%
he
ht
8
3,900
13
250
stock
»i«
"206
2
6%
100
6
2
preferred.
Ulen A Co ser A pref
*
57%
57%
58
57%
♦
10
114%
Apr
Jan
Jan
28
Apr
%
May
13%
1%
1%
32%
Mar
May
4%
Jan
12% June
%
Apr
Seversky Aircraft Corp— 1
Mining—6
Shawlnlgan Wat A Pow..*
Sherwin-Williams com—25
6% cum pref ser AAA 100
Sherwin-Williams of Can.*
Co.—50
Mar
3%
5%
Jan
Mar
Apr
4%
May
Jan
114
<fl"4% "l5%
.....
.....
~300
36 1st preferred
*
United Milk Products.—*
preferred
%
%
Jan
33
Mar
United
70
Mar
13t<>
Feb
1%
90%
2%
2,100
3%
2,900
5%
700
100
%
6
Jan
Apr
•is May
9%
Jan
800
150
2%
5%
Mar
Apr
22%
Mar
83
Apr
*13%
*15%
Mar
Apr
108%
Apr
10%
Apr
5%
9
14
Jan
Jan
Mar
Jan
Mar
2
Mar
14
June
Jan
ilH
Apr
Mar
Jan
Apr
3
Mar
12%
2%'
Jan
16
May
Jan
3%
Apr
4%
Jan
Feb
42%
Mar
Mar
1%
%
2%
Jan
Jan
Apr
Mar
Jan
7
Mar
74
Apr
3%
Jan
Apr
1%
92%
Mar
91%
500
%
2,400
1%
1%
1,000
1%
Apr
3
1%
1%
1,000
1%
Apr
2%
Jan
26%
4,000
19
Apr
36%
Mar
20%
Feb
23
Mar
Jan
73%
Mar
Apr
6%
Mar
%
84
1%
"26""
24
70
.
84
70
30
25
United Profit Sharing.-25c
200
3%
2,500
dep rets ord reg.—
United N J RR A Canal 100
%
Maf
7
*
9%
69%
May
Apr
Jan
Jan
Apr
7%
6%
38
Common class B——*
May
5%
93
115%
.....
.
54
3%
90%
"15%
pref non-voting.*
Option warrants
United G A E 7% pref. 100
United Lt A Pow com A.*
52
7
114
1st 37
3%
%
Jan
Feb
Apr
Apr
Mar
1%
1
Feb
Apr
13%
38%
warrants
United Gas Corp com
18%
93
300
"166
13%
*
»«u
1
Corp
United Elastic Corp
8%
15
United
Jan
150
7
For footnotes see page 3511.
%
200
1%
14
com..*
"366
%
%
1%'
33 cum A part pref.—*
£1
1
1%
United Chemicals com.—*
22%
Investment
Union Premier Foods Sts. 1
Apr
3%
.
*
Apr
Selfridge Prov Stores—
Seton Leather common—»
6%
*
Series B pref
Jan
8% June
7
19%
"~2"
-1
--
May
100
5
26
Allotment certificates
"11
"-2%
80c dlv.
Mar
Selected Industries Inc—
1
5%
1
A
Tung-Sol Lamp Works
27%
700
7%
12%
7%
2%
Apr
400
May
31
*
Apr
% May
7% May
1,200
Union
Apr
Jan
Jan
1%
2%
8%
Union Gas of Canada
5%
Jan
Apr
100
8%
Jan
%
200
100
Mar
%
500
8
9%
100
Segal Lock A Hardware.-1
56.60 prior stock
7i#
18%
114%
21
7%
105%
111
7i«
1%
1%
3%
3%
10
Un Cigar-Whelan Sts.-10c
*
Mar
Feb
Apr
8%
Union Traction
Jan
1%
Apr
*
Jan
June
15
81
Feb
1
Unexcelled Mfg Co
IS'
Feb
%
Tublze Chatillon Corp-Class
Mar
June
98%
Truna Pork Stores Inc.
Jan
12
50
105%
Common
Transwestern Oil Co
Feb
Jan
45
Trl-Contlnental warrants
17
Jan
14%
1%
48
Screen-
Jan
....
Common
Plot
Jan
17
Warrants
Selby Shoe Co
Lux
4%
3%,
59%
Scranton Spring Brook
pref
Ordinary reg
Def registered 5s
Todd Shipyards
1
"l2"
Scranton Elec $6 pref—
com
£1
24%
Apr
100
Root Petroleum Co
51.20 conv pref
Rossla International
pref
100
Apr
9
1%
11
11
Rome Cable Corp com—
Denn
Feb
23%
12
Apr
3,150
Shattuck
Mar
18%
Apr
Apr
Apr
2,825
Sentry Safety Control
34%
50
1% May
3
9
38
Amer dep rets reg
Apr
19
20
"366
62%
Convertible
Jan
300
19
Jan
55
Service
6%
30
5%
27%
May
29%
r__.25
Mar
30
Water
Mar
Mar
17%
62%
Scullln Steel Co
Feb
4
2%
14
Apr
'36%
Scranton
5
Jan
Apr
Mar
14
*
7%
1%
10
Standard Cap A Seal com.l
Conv
preferred
10
•is
57 prior preferred.——*
conv
100
Jan
Apr
Public Service of Okla—
52.60
3%
300
1 %'
25
Mar
Public Service of Indiana—
.
3%
3%
1%
..
%
Mar
Am dep rets ord reg.
Jan
Mar
Mar
Mar
100%
Voting trust ctfs
1%
55
%
Apr
Rio Grande Valley Gas
May
100
1%
*
5
Radiator.
1%
1%
Standard
6
Richmond
June
Jan
May
5%
I Reynolds Investing
Rice Stlx Dry Goods
29
2%
1%
*
Reed Roller Bit Co—
Jan
3%
*
Relter-Foster Oil
27%
Apr
Public Service of Colorado-
*
60C
152
Preferred A
Feb
conv
29
Jan
Southern Union Gas.
Mar
53
June
29
Mar
%
Red Bank Oil Co
29%
29
1%
5%
8%
Raytheon Mfg com
Jan
2%
Jan
-—
28%
♦
Jan
Common
900
Stahl-Meyer Inc
Apr
preferred
Quebec Power Co
29%
Am dep rets ord
Spencer Shoe Co-
7
6%
June
29%
Jan
3
Pyrene Manufacturing.. 10
44%
29%
Apr
Feb
500
*
56 preferred
'
Puget Sound Pulp A Tim.*
Apr
1%
Mar
200
preferred.
40
8
8
56
270
Feb
3%
6% prior lien pref... 100
7% prior lien pref..-100
100
44%
Mar
8
preferred
1%
44
1
3%
56
Jan
Jan
9%
*
1st preferred
Jan
Mar
117
101%
*
1st preferred
3%
1%
5%
2%
Apr
Jan
*
7%
Apr
Apr
*900
"4% "4%
Corp.----.i26c
6%
100
%
•i«
1
preferred
Mar
1,000
Apr
May
% June
7%
Prosperity Co class B
56
1%
1%
3%
1,100
1%
4%
92
500
-*
Prudential Investors
3
4%
Jan
400
i% "i%
6
Gas..
Jan
June
44
Southwest Pa Pipe Line. 10
Spanish A Gen Corp—
•
Pro
ldence
3%
Jan
Southland Royalty Co
Pressed Metals of Am—1
•
200
42
South Penn Oil
Canada—*
Premier Gold Mining
Prentice-Hall Inc com
Jan
148
Jan
1st preferred.—-100
Pratt A Lambert Co
219
100
Jan
Potrero Sugar common—6
Power Corp of
preferred
Jan
Apr
Jan
Apr
170
f
12%
90
4%
1%
64%
500
"76
2%
1%
com..
Apr
•
3
Feb
8
10
26c
Powdrell A Alexander
Corp
Apr
8
Apr
Calif Edison—
6%
Apr
173"
4%
47%
6
Feb
South New Engl Tel—100
Southern Pipe Line
10
Feb
43
Jan
2%
%
2%
110
90C
Pneumatic Scale com.^
Polaris Mining Co
Apr
'11
13%
Apr
84%
•1%
200
......
Producers
Apr
"
10
"_2%
170"
Feb
Apr
1%
300
1%
4
5% % pref series C
25
Southern Colo Pow cl A. 25
Jan
6%
170"
6% original preferred.25
6% Preferred B
25
Postage
Meter
Pitts Bess ALE RR
6%
Apr
1%
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
Skinner Organ..
*
Phoenix Securities—
Common
1%
Singer Mfg Co Ltd—
29%
Pref 26
Co
High
1%
Soss Mfg com.
Feb
Jan
92%
Pbiladelpnia Co common.*
Thila Elec Co 515 pref
Low
ht
9%
Solar Mfg. Co
Sonotone Corp
Feb
72
Shares
25
H'ware A Paint.
Simplicity Pattern com
1
Singer Mfg Co
100
100
100
High
Sllex Co common.
Apr
98
♦
Pharls Tire A Rubber
2
Apr
15
79 %
Peppered Mfg Co
Apr
1%
5%
200
Range Since Jan. 1, 1939
for
Week
of Prices
Low
Price
Shreveport El Dorado Pipe
Mar
lht
1,500
Pennsylvania Sugar com 20
Pa Water A Power Co
Apr
Week's Range
Sale
Par
Line stamped
2,400
8%
107H 108%
104% 104%
3509
Sales
Last
High
2
1%
8%
FaPr A Lt 57 pref
STOCKS
(Continued)
Low
%
1
56
Range Since Jan. 1, 1939
for
Week
Shares
2.60
Penn Cent Airlines com._l
4
Friday
1
Penn Traffic Co
Pennroad
Week's Range
Sale
{Continued)
Exchange—Continued—Page
Sales
%
80
69%
June
»ii
Feb
Jan
86%
Feb
Jan
Molasses Co—
5
Am
United Shipyards cl A.—1
Class B
1
237
10%
10%
10%
1,200
%
9%
1%
1%
2,900
1%
Jan
242
Feb
Mar
•11
Jan
Mar
May
Jan
10%
1%
Apr
New York Curb Exchange—Continued—Page 5
3510
Sales
Friday
Last
Par
Week's Range
of Prices
Friday I
for
Sale
STOCKS
(Concluded)
Week
Low
Price
United Shoe Macb com_25
84
High
Range Since Jan. 1, 1939
Low
1,575
72
42
25
8154
4354
44 54
160
United Specialties com— 1
354
354
100
3 54
354
4
~57~~
54 54
Preferred
.1
U 8 Foil Co class B
U 8 and Int'l Securities-.•
1st pref
with warr
1*
U S Lines pref—--—— *
U 8 Playing Card
10
U 8 Plywood
SI54
conv
5754
154
154
H
50
254
154
Apr
Apr
454
254
54
Jan
Feb
Mar
't
2
"454 "454
Universal Products Co—*
"it
58
46
Jan
'"x
Jan
6s ser A
Mar
May
954 June
Denver Oas A Elec 68.1949
*107
Apr
60
Feb
154
Mar
♦Deb 7s—Aug 1 1952
May
254
June
♦Certificates of deposit
Mar
Eastern Gas A Fuel 4s. 1956
47
425
42
Apr
.
Apr
154
Mar
54
Mar
Apr
200
154
Apr
Apr
24
30
Jan
Mar
28
Feb
200
20
»»i«
54
*i«
Jan
1,600
*12 *
West Texas Utll *8 pref—*
"12*
100
Jan
El Paso Elec 6s A
!
Empire Dlst El 6s
1962
Jan
Eroole
254
"u
100
♦First Bohemian Glass7s'67
Feb
Florida Power 4s ser C 1966
"97 %
7454
154
May
Florida Power A Lt 6s. 1964
10154
654
Mar
Mar
20
Feb
1
Apr
154
Jan
854
354
Apr
254
Apr
254 May
86
500
3 54
500
3"54
.
.
54
254
Jan
100
6s ex-warr
40
40
50
32
May
Formerly Venez Mex Oil.
Williams (R C) A Co.. —»
554
'«754 "7 54
9554
254
2
454
1
9554
254
5
5,
66 54
Jan
42,000
109 J4
Apr
143,000
66 54
Apr
79
107?*
22:666
Jan
102
Jan
11254 May
8154 Mar
112
May
Apr
10454
99 H
Jan
103
3,000
39 >4
Apr
5054
11,000
104 54
10754
27,000
,
Jan
May
Jan
3,000
88:666
9754
10154 10154 495,000
Jan
10854
Apr
Apr
8754
Mar
99
Apr
10454
15
15,000
8654
Mar
81
8954
Jan
92
Apr
20
Feb
Mar
9754 June
10154 June
Feb
♦General Rayon 6s A. 1948
Gen Wat Wks A El 6s. 1943
Georgia Power ref 58—1907
10454
Georgia Pow A Lt 68—1978
73 54
♦Gesfurel
Jan
Glen Alden Coal 4s.
91
„
25,000
95
Jan
9954
5,000
81
Apr
90
Jan
3.000
90
Apr
9754
Jan
91
43,000
76
Apr
9154 May
73
Feb
98 54
*73
*93
54
1953
6s
9954
8754
9354
9054
Gen Pub Utll 654s A.1956
77
93 54
25:660
87
Jan
10454 10554
95,000
9554
Jan
9254
70
73 54
*2554
58
Jan
2554
6854
64 54
67
89 54
67
(Adolf) 454s.—1941
19,000
40
68
1965
8954
"
21:666
Apr
6554
May
Mar
75
Jan
94
May
10554 May
7354 June
29
7254
Mar
Jan
8,000
60
Jan
72
Jan
7,000
.
87
Jan
91
Mar
10
754
Jan
Orand Trunk West 4s .1950
Jan
Ot Nor Pow 5s stpd—1950
Apr
10954
Mar
5054
Grocery Store Prod 6s_1945
50 54
52
"2:666
47
Mar
5254
48
48
1,000
45
Apr
53
Jan
3854
3854
2,000
36
Apr
50
Feb
102 54
24.000
98
Apr
26
May
10
100
Apr
Apr
Apr
654
Jan
Hall Print 0s stpd-—-1947
Jan
♦Hamburg Eleo 7s
1935
*20
10
Jan
Mar
9
Jan
*22
•28
8254
254
Apr
9554
June
♦Hamburg El Underground
A St Ry 8 54s
1938
Heller (W E) 4s w w —1946
102
101
102
Apr
Apr
254
Feb
Houston Gulf Gag 68.-1943
10354
7
3
400
4
854
Jan
v
100
5
May
054
Jan
Houston Lt A Pr 3 54s. 1906
Apr
1554
Mar
Apr
May
854
Mar
154
Jan
10254
54
5 Ha ex-warrants
1943
BONDS
2,100
754
400
54
Idaho Power 354s
1967
111 Pr A Lt 1st 6s ser A.'1063
Sold
Alabama Power Co—
Indiana
1958
.107
10754 (18,000
102
Jan
10754 May
10554 May
10554
10554 105 54
10454 105
9,000
98
Jan
3,006
96
Jan
105
102 54 10354
24,000
"87
Jan
10354
May
9754
Ltdfts..1948
9754
9854 187,000
J1Q3.5 103.24
Amer O A El debt 6s..2028
108"
Am Pow A Lt deb 6s..2016
9454
Amer Radiator 454s..l947
Amer Seating 8s stp—1946
10754 108
9154
~54~o66
95 54 136.000
105
10554
*103
10354
8.00Q
Jan
8154
1035ie May
10654
8354
104
9954
May
Apr
Apr
Apr
9854 June
10654
10954
9654
10654
103
Jan
654s series B
9454
—r_1953
6s series C
6s.
6754,
9454
10154
Jan
102
Apr
103*4
Jan
10154
Jan
103
Apr
"ejjpo
10854
Apr
11154 June
Ie:666
*103
54
106
59 54
61,000
10554
10354 104
46,000
10054 10154 184,000
94
24,000
9454
104
99
9854
1st lien A ref 6s
105
5,000
9954 121,000
19,000
98 54
10454 10454
*10854 10954
1963
Jan
9654
62
6154
♦Indianapolis Oas 5« A 1952
Indpls Pow A Lt 3 54s. 1968
8754
109
59
5954
84
109
28,000
,62
11,000
6154
42,000
8854
109
29,000
Associated Gas A El Co
Conv deb 4 54s C—1948
105
Feb
Jan
4154
Jan
Debenture 6s..
c
1952
"70
67
4754
7054 181.000
4554
48
41,000
40°
31
Feb
Mar
454s series F—.1968
96 54
39
40
65,000
2754
Jan
4254
Mar
Iowa-Neb L A P 6s..-1957
10254
44
30
Jan
4754
Mar
10254
102 54 103
3954
4254
33,000
33,000
2954
Jan
4454
Mar
48
49
40
Jan
59
Mar
81
83
4,000
32,000
Iowa Pow A Lt 4548—1958
Iowa Pub Serv 5a
195
7254
Jan
83
May
Isarco Hydro Elec 7s.l95i
6s series B__—
1901
10254
Jan
10654
May
Isotta
Fraschlnl
Apr
109
June
Italian
Superpower 0a. 1903
*93 54
96
89
Apr
92
May
9554
85
Feb
87
Mar
7s
9454
10854
1st M 6s series B—.1967
5s series C_.
I960
127" "
9254
108
94 54
22,000
8254
Apr
7,000
108
6,000
120
Apr
127
127
Mar
140
1,000
1,000
123
1^0
1998
10854
12454 12454
June
9854
10754 10754
10554 106
106
46
5s stamDed._-----.1942
Jersey Central Pow A Lt—
,
4454
10354
10554
Jan
11054
12454 June
454s series C
1981
Kansas Elec Pow 3 54s. 1900
Kansas Gas A Eleo 6s.2022
Kansas Power 6s
102 54
127
June
1947
140
June
14854
Jan
99 54
94,000
86
Jan
9954
June
8654
92 54
6954
Jan
9254 June
654s series F
97 54
81
Jan
9754 June
5s series I
1969
104 54 105
13,000
21,000
10554 x0654
61,000
1103n 11054
12,000
10354 104 54
13,000
9154
9354 105,000
10254
Jan
May
Apr
105
Mar
Jan
107
May
Lehigh Pow Secur 6s-.2026
♦Leonard Tletz 754s..1946
9254
104
104
104 54
41
3954
41
4154
40
4154
6854
6754
82,000
10554
110*.. June
11554
Mar
101
Apr
10454
June
81
Apr
9854
Apr
9354 June
10454 June
62,000
71,000
35
32
Jan
4654
Mar
76,000
55 H
Jan
6954
Mar
Jan
Chicago A Illinois Midland
3,000
70
1,000
40
25,000
Apr
May
5054
Apr
49
68
Apr
Apr
107
11054
63
Jan
Jan
Mar
6254' Mar
June
May
Jan
55
Apr
70 54
38 54
Jan
49
99*4
June
97
June
Mar
43 54
82
Jan
77
9854
Jan
10254
98
Jan
103
10554
Jan
108
Mar
10354.
3954
Apr
106
June
Jan
Apr
5254
June
June
Jan
5954
Feb
80
Jan
31
Apr
44
Mar
47,
Mar
4454
11,000
38
Jan
102 54 103?4
15,000
102
May
10554 106
45,000
10554
"i:666
103 54
Jan
119
"Apr
123
May
13,000
10154
Apr
10354
May
8954
Apr
100
June
123
Lake Sup Dlst Pow 3 54s '66
9754
96 H
If Cedar Rapids M AP 5s *63
12.000
*10554 10854
1956
97
72,000
11,000
100 54 101
104
June
107
Feb
Kentucky Utilities Co—
11654 ' Jan
9854
10554
2,000
70
4Q
1947
91
Canada Northern Pr 6s *63
46
10.000
39
1942
"9854
Broad River Pow 6s..1954
9854 June
Gas—
5s series B_
Bell Telep of Canada—
1st M 6s series A—1955
1956
104
*93
9954
Jan
Service—
43
Jacksonville
Apr
June
May
10154
67.000
Interstate Power 5s.—1957
Apr
86
Mar
10354,104
100,000
10654
67,000
Interstate Publl
June
9954
85
Mar
16,000
Works—
105
June
June
5554
30,000
49
40
warrants... 1947
5s without warrants 1947
104
54
47
47
6 54s series C.
4354
4254
5s with
Apr
June
5254
4554
2,000
96 54
9454
Apr
4654
1952
14;000
Jan
Apr
4554
1957
7s series F
105 54 10554
108J4 109
10154 June
85 54
Apr
4354
7s series E
June
40
10354
104
Apr
3654
3654
4154
4854
Mar
124
9554
9954 196,000
97
8954
434,000
102 54 10254
29,000
Atlantic City Elec 354s '04
Avery A Sons (B F)—
Apr
9454
3,000
1956
10754
Jan
6s series D...;..
"8154
Jan
9554
'
Apr
42
10154
'8854
110
Apr
1,000
June
6754 June
11054
Feb
10554 May
May
11854
10654 June
6354 Mar
6754
Apr
10854
10754
102
Mar
June
7.000
106
59 54
2054
Apr
54
10854
64:666
1.000
5754
Jan
60
107
5 COO
106
59
3,000
20,000
6,000
124
Mav
3.000
22,000
10954 10954
10654
106
29
Jan
124
10654
10254 June
1854
ol05
105
1950
Mar
6754
109 54
10354 104
4——.1957
Indiana Servioe 5s
Mar
109
Jan
40
10354
1951
International Power seo—
111
10354
1947
June
Appalachian Elec Power—
.1963
105 54
10054
Indiana Hydro Eleo 5< 1958
Indiana A Mich Eleo 6s '55
Jan
6754
11154
Mar
Electrlo Corp—
6s series A—
June
102 54
6554
109
1st A ref 554s ser B.1964
1st A ref 6s ser C
1966
8f deb 5 54s—May 1957
Bonds
107
6754
6754
1949
2654
10354 10354
103
*102
*8
Hygrade Food 6s A—.1949
6« series B
102
111
♦Hungarian Ital Bk 754s'63
1
10754
*10854 110
4 54
12
5
Yukon-Pacific Mining Co. 5
46
Mar
1st mtge 58 ser H
654s series D__
1961
123
102 54 102 54
99
9854 100
77,000
*104 54 10554
100 54 102 54
99 54
.1948
Lexington Utilities 6s_1962
Llbby MoN A Llbby 6s '42
"19:660
9754
101
9954 151,000
9354
8854
Jan
54
103"
106
May
102 54
June
Apr
9954 June
10754 June
11054 June
6,000
100
Jan
25,000
107
Jan
10354 10354
12:666
104
10454
3.00C
95
10254
Mar
Jan
11054 11054
40
*26
2254
Mar
Apr
10754 10754
110
10654
108
Jan
Mar
30
Mar
10354 May
Jan
105
Feb
1945
100*"
100
100*4
48,000
Jan
10054
Louisiana Pow A Lt 5s 1957
Mansfield Mln A Smelt—
10754
107
10754
31,000
10554
Jan
10754 June
2854
Jan
105"
105
105
3,000
10354
Jan
3054 May
10554 May
52
5,000
Long Island Ltg 6a
♦7a without warr ts.1941
Marlon Res Pow 454s.l964
*30 54
60
91
June
McCord Rad A Mfg
104
104
1,000
98
Apr
104
103
03
5,000
103
Apr
10454
Jan
June
6s stamped
1943
52
4854
45
May
60
Feb
Memphis Com ml Appeal—
103
51
5154
12,000
4454
Apr
75
5154
"77"
75
3,000
7054
Jan
5554
7854
Jan
Feb
77
77
2,000
7254
Jan
8154
Apr
Deb 4 54s
page 8511.
*9554
1952
Memphis P A L 6s A..1948
Mengel Co conv 4548.1947
Metropolitan Ed 4s E.1971
4s series G
Apr
Guardian Investors 6s. 1948
"266
854
see
6354
Jan
700
Amer dep rets
5c
Wright Hargreaves Ltd--*
For footnotes
146,000
8754
General Pub Serv 68—1953
Ltd—
1966
66 54
754
154
754
Wisconsin P A L 7% pf 100
Wolverine Portl Cement.10
6a series B
Feb
Apr
1
|*Chlo Rys 6s ctfa
1927
Cincinnati St Ry 5 Ha A '62
154
154
754
5
...•
Ry 454s A
1966
Chlo Jet Ry A Union Stock
Yards 6a
1940
Feb
Apr
554
Williams Oll-O-Mat HI..*
5 Ha ex-warrants—1964
Cent States P A L 6 Ha *63
954
Apr
93
1940
General Bronze 6s
Jan
454
Jan
Cent Pow A Lt 1st 68.1956
Cent States Eleo 6s... 1948
Apr
54
H
Guantanamo A West 6s '58
Apr
554
Cent Ohio Lt A Pr 6s„ 1950
Cent Power 5s ser D„1957
454
96
9954
stamped.1944
Jan
June
154
Apr
854
Canadian Pao Ry 6s—1942
Carolina Pr A Lt 6s—1960
2,000
Feb
Gary Electric A Gas—
Apr
Jan
354
Jan
'
10
9,000
.
9954 100
*19
50
Mar
554
5
Mar
Banks 6s- 5s stpd —1961
Feb
12
Jan
Mar
6,000
86
Feb
*
Birmingham Elec 454sl988
Birmingham Gas 5s
1969
108
Mar
Corp. -10
Bethlehem Steel 6s
454
46 *4
4654
10754 108
1953
9
Weyenberg Shoe Mfg—.1
♦Convertible 6»..—I960
1,000
1
Mar
'is
"166
154
154
354
7% 1st preferred-—100
Conv deb 554a
1977
T A T deb 5 54s-A'55
Atlanta Gas Lt 454s.. 1965
97
54
104
9
200
Jan
6854
10654
10854
March 1 Eleo Mfg
054s series A...
Gobel
adsoc
Apr
54
454
4
1C2 54 103
103
Erie Lighting 6s
1967
Federal Wat Serv 554s 1954
Finland Residential Mtge
Jan
Western Maryland Ry—
1688
Jan
*11254 11654
1950
Jan
754
*
*
1949
Jan
54
7454
Elmira Wat Lt A RR 6s '56
Jan
54
54
!
1.26
—.195(1
79
53
Apr
Apr
554
Apr
7454 May
154
Apr
454
Apr
Bros-Brower.,1
Arkansas Pr A Lt 5s..1956
Associated Elec 454s—1953
Apr
,10654
11054 11254
11054
4
Wellington Oil Co.
Debentures 4 54 s-.-1948
Appaiao Power Deb 8s 2024
Ark-Loulslana Oas 4s. 1951
May
64 54
6554
6
Wayne Knitting Mills—6
-1967
56 54
92 54
10454
54
54
65
54
16
Apr
3854
••
54
1908
an
3,000
4,000
10754
454
-
Edison El lb (Boat) 3 54s
hs
1
1st A ref 6s
Apr
10,000
9454
10554
454
454
Eleo Power A Light 5s.2030
1054
20
2354
54
...
1st A ref 6s
Aug 1 1952
♦6 54s
Feb
450
*
1951
"
7954
96 54
Detroit Internat Bridge—
Feb
\u
154
200
2,400
54
1454" 15
154
54
Jan
154
'".TOO
*
1940
9454
♦Certificates of deposit
Jan
154
32,000
6854
8954 128,000
3,000
65
105
154
100
1st Aref 5s.
65
Delaware EI Pow 6 54s. 1959
4754
100
1st A ref 5s
89
1067i« 10654
1944
Cuban Tobacco 5s
100
754
Petroleum-
6454
8954
Oudahy Packing 3*4s_1965
300
754
Wtllson Products Ine
125
Jan
500
Wagner Baking v t o_.—*
Westmoreland Coal Co
10054
8,000
stamped...1943
Feb
100
Looom
68 54 June
9154
Mar
10854 Mar
May
4
Baldwin
Apr
Contl Gas A El 6s.—1968
TfCuban Telephone 754s.*41
4
Debenture 5s
58 54
Jan
Jan
Vogt Manufacturing...'
Waco Aircraft Co...—'—*
Conv deb 4 Ms
Conv deb 5s.
June
1
Va Pub Serv 7% pref—100
1st mtge 4s
Jan
129
3,000
12754 129
1964
June
54
15
Petroleum—1
— .
102
Jan
Gen mtge 4 54s
112'
10054 10154
—.—1939
6s
1
"Hi "154
Van Norman Mach Tool-6
1st A ref 4 J48-
June
11154
Consol Gas Utll Co—
254
54
1
^[Aluminium
June
85
'
"1%
com
112
19
58
57
7
lUttl Pow A Lt common.-l
Wool worth (F W)
Apr
Feb
Utility A Ind Corp com
Wolverine Tube
10954
Jan
in
Woodley
Feb
17,000
Apr
Apr
MOO
2?4
Wilson Jones Co.
Mar
131
Apr
ix
Wichita River Oil
87
June
54
2
.
Apr
12854
1354
*
*
Western Air Express
74 54
1,000
100
1
West Va Ccal A Coke
93.000
2.600
Utah Radio Products
Wentworth Mfg
84
8554
12854 12854
1
.
Utility Equities Corp
(5.50 priority stock
Welsbaum
Mar
16
16
6
Class B
8654
»ie
Jan
Walker Mining Co
Mar
Jan
"u
154
1454
700
6
7% preferred
Mar
86
72 54
100
54
in
Universal Pictures com—1
Wahl Co common
77
Jan
96,000
654
7i«
15
Waltt A Bond class A
Apr
72 54
8554
.
Jan
Jan
»
1554
454
14 conv pref
75
85*4 276,000
8254
(But) 3 54s ser N...1971
Consol Gas (Bait City)
Apr
Venezuelan
6754
7354
82
8554
Mar
Apr
100
1
—5
27,000
75
8554
1949
2754
3
Class B.
1969
Feb
12
7% preferred
Vaispar Corp com
6s
21
Apr
8
Conv preferred
Mar
1,000
54
-1
*
77
Community Pr A Lt 6s '67
Conn Lt A Pr 7s A
.1951
Universal Consol Oil.—. 10
-
Mar
Apr
Consol Gas El Lt A Power
600
2
-
7854
66
654s
Jan
354
Utah Pow A Lt S7 pref-
Apr
15,000
Jan
3
Utah-Idaho Sugar
66
75
1654
3
Insurance
7654 319,000
74
Debenture
Feb
54
Universal Corp v t c
Universal
74
154 May
3754 June
1
Exten—60c
Mar
76 54
74M
Jan
1st pref
United Verde
84
196«
Apr
50
United Wall Paper
High
Jan
1950
154
24
United Stores new com 50c
Low
7154
21.000
Cities Serv p A L 6 54s.1952
Jan
54
81
5s
2854
U 8 Stores Corp com
conv
654
68
81
$
Debenture
Conv deb 6s
150
U 8 Rubber Reclaiming.
17
454
Jan
1,000
37
36
24
U 8 Radiator com
June
81
196^
Cities Service 5n
1054
37
i
20
pref
4454
Apr
Apr
Apr
Apr
3
775
Jan
Jan
300
8554
1939
Week
of Prices
High
Low
Price
10,
Range Since Jan. 1, 1939
for
[Week's Range
Sale
Par
High
Apt
254
700
54
%
Last
BONDS
(Continued)
Shares
85
June
Sales
1966
9654
9554
10154 102
12,000
84
6,000
92
Apr
Jan
84
84
107
107
10854
5,000
10554
Apr
110
11054
7,000
10754
Jan
82
Apr
96 54
102
9154
May
May
Mar
10954 May
11054 May
Volume
New York Curb Exchange—Concluded—Page 6
148
3511
•
Last
Weel's
Sale
bonds
of Prices
Low
High
0Continued)
Par
Price
105
954
Miss Power A Lt 5s___1957
Miss River Pow 1st 68.1961
1014
Missouri Pub Serv 68.1960
904
Nassau a Suffolk Ltg 6s '46
Nat Pow a Lt 68 A.-.2026
93
May
66 4
Mar
93 4
Apr
1014
Mar
Tide Water Power 5s..1979
97 4
Apr
1024
June
Tieta
May
^wln City Rap Tr
54s *52
85 4
93
1064
824
Jan
99 4
Feb
92,000
884
Jan
June
7,000
1084
Apr
102 4
110
May
90 4 136,000
934
34,000
73 4
Jan
904
June
United El Serv 7s
77
Jan
934
June
98
Jan
1094
June
924
Jan
1044
June
33
Apr
32,000
Apr
64a
Jan
1114
May
54s
123
2,000
1154
Jan
123
June
Un Lt A Rys
15,000
Jan
109
123
1084
1194
694
78 4
834
1,000
38
June
United Lt A
83 4 153,000
754
May
89 4
Mar
6s series A
1,000
1184
May
63,000
55
Jan
724
Mar
694
15,000
54
Jan
72
674
694
60,000
544
Jan
724
Mar
1.000
1074
Jan
874
Apr
1094
964
May
964 152,000
88,000
994
90
Apr
994
June
964
954
994
99
Debenture 6 4s
1964
New Orleans Pub Serv—
99
974
104
$80
N Y Central Elec 54s 1950
♦Ext 41*s stamped. 1950
N Y P A L Corp 1st 4 l*s'67
~1064
N Y State E A G 41*8 1980
N Y A Westch'r
Ltg 4s 2004
Debenture 5s
1034
1954
toto
to
to
1044
104
53 4
544
No Indiana GAE 6s..1952
804
824
June
Apr
1044
Mar
1074
May
89 4
34,000
784
Apr
90
Feb
1154 1154
112
Jan
116
May
87 4
2,000
Apr
1124
w -
-
June
Jan
1134
May
25,000
■
Mar
50
Jan
954
Apr
1004
944
Mar
91
Apr
984
June
100
May
June
87
98
June
2,000
82
Jan
98
June
204
20 4
214
11094 110
29,000
194
1074
May
1044 1044
10
1044
Jan
Jan
May
109
1044
♦5s income deb
1954
Wash Ry A Elec 48—1951
Wash Water Power 5s 1960
108
Mar
Wheeling Elec Co 6s..1941
1044
106 4
814
Apr
43,000
15,000
West Newspaper Un 0s '44
Jan
Apr
814
98 4
964
Mar
Jan
684
944
90 4
95
1054
May
80
9,000
11,000
19,000
97
io2",;
99
Mar
97 4
1946
West Texas Utll 6s A 1967
104 4
Apr
72
Apr
Jan
West Penn Elec 6s—.2030
West Penn Traction 6s '00
1054
15,000
894
Feb
to- to to to
68
32,000
81 4
107
85,000
Mar
to'
Mar
6,000
804
79 4
984 100
864
CTIOOO
Jan
Jan
274
98
Waldorf-Astoria Hotel—
Wise Pow A Lt 4s
25,000
1064
June
104
Jan
1064
1104
Jan
1144
June
Apr
1024
June
1,000
1024 1024
70,000
99
564
4,000
50
Apr
1074
tl06
1054 106
106
Jan
100 4
Jan
46T666
100 4
Jan
106 4
May
1024
J»n
1054
Feb
564
"i054
Yadkin River Power 6s '41
{♦York Rys Co 5s
105
Feb
314
1144 1144
1966
554
$1054 106
63
Mar
92 4
92 4
"SLOOO
87
Apr
94
Jan
914
1937
93
23,000
864
Apr
944
Feb
254
Feb
284
Jan
26
Jan
27
Apr
244
Jan
*244
Mar
Jaa
May
58
Stamped 5s...
No Boston Ltg Prop3 l*s'47
Nor Cont'l Utll 6HS..1948
27
Apr
994
1054
86,000
1004
1044
Mar
23
93
Jan
56
100
264
29
78 4
Jan
—
1004
52
35
Jan
Mar
118
Apr
4
1024
$1064 107
56
.1956
Jan
404
80
"98
Va Pub Serv 64s A—1946
1st ref 5s series B—1960
No Amer Lt A Power—
6V*» series A.
1154
Feb
to
Nippon El Pow 61*s..1953
1164
"894
1944
68---
4,000
78
4,000
1044
524
9,000
107
May
$1134 114
to
Apr
49
814
100 4
109
31
118
80
1014
79
June
14,000
$274
Feb
824
106 4 107
1034
-
44s
June
New York Penn A Ohio—
64
$264
Apr
i
Jan
484
118
894
'
504
43
99 4
8,000
99 1044
June
29,000
424
50,000
1014 1014
1014
1942
♦Inoome 6s series A. 1949
June
994
64
0s series A
1973
Utah Pow a Lt 6s A—2022
Mar
109 4 109 4
New Eng Power 3tfg_1981
New Eng Pow Assn 58.1948
1204
70
68
69
1950
Jan
674
1194 1194
111
Jan
624
1064 1074
1094 HI
~49~*
1952
694
-.1948
-an
66,000
42 4
(Del) 64s '62
Rys (Me)—
96
June
994
864
994
1959
-
1074
984
1974
1074
109
High
Jan
64
1956
1064 109
"1094
Low
103
24,000
15,000
994
111
♦United Industrial 64s '41
♦1st s f 6s
—1945
United Lt A Pow 6s.—1975
374
109 4
Range Since Jan. 1, 1939
%
Ulen Co—
32.000
374
Wert
High
1064
Conv 6s 4th stamp. 1950
United Elec N J 4s_„J949
1024 1044 100,000
—
for
of Prices
Low
Leonard
see
179,000
96
103
N E Gas A El Assn 6s 1947
(L)
Apr
1094
New Amsterdam Gas 6s '48
Mar
1024
108 4 1094
mimtm
984
Jan
35,000
1024
1084 109
Netoner Bros Realty 6s '48
Nevada-Calif Elec 6s. 1966
6s stamped
584
76,000
94 4
2022
Conv deb 5s..
2,000
99 4
101
109
2030
5s
984
63 4
93 4
Wecl's Range
Sale
Price
Texas Power a Lt 5s—1956
6a series A
2022
2,000
1044 1054
Mississippi Power 6a..1955
6s series A
Last
Par
1014 1024 139,000
102
1965
Deb 68 series B
S
99 4
994
1978
{♦Nat Pub Serv 6s ctfs 1978
Nebraska Power 41*8.1981
bonds
(Concluded)
High
Low
984
Mllw Gae Light 44s—1967
1st 4 ref 6s
1939
Ranoe Since Jan. 1,
for
Weet
62
Middle States Pet 61*8 '46
Midland Valley RR 5s 1943
MlnnPAL44s
Range
Sales
Friday
Sales
Friday
9.000
104
May
107 4
May
54 4 •13,000
1,000
47
Jan
Mar
57 4
1084
Mar
107
"93"
1947
1074 107 4
FOREIGN
GOVERNMENT
Jan
AND
Jan
Agricultural Mtge Bk (Coll
♦20-year 7s
Apr 1946
MUNICIPALITIES
Northern Indiana P 8—
6s series C
1986
1054
1054 106
10,000
1044
Apr
107
5s series
1959
1054
1054 106
104 4 104 4
23,000
1044
Apr
106 4
Jan
6,000
102
Apr
1054
May
100 4
1064 106 4
3.000
104
Feb
1U8
May
103 4
1034 1034
21,000
Apr
1034
June
Jan
1094
May
D.___
4 4b series E—
1970
N'western Elec 6s stmpd'45
N*western Pub Serv 5s 1967
Ogden Gas 5s...
1945
Ohio Public Serv 4s
$1084 109
1084 1094
1094
1962
Okla Nat Gas 4 4s....1961
1946
Okla Power A Water 5s '48
974
108
1024
Pacific Coast Power 6s '40
47,000
108 4
104 4
Mar
6,000
1094 May
May
1054 1064 20,000
107
1084 106,000
52,000
1014 1024
1054
T084
5s conv debs
w
------
-
98
Apr
1064
108 4
914
Jan
1024
1014
Jan
104
Jan
"
113
113
Pacific Ltg A Pow 6s.. 1942
Park
Lexington 3s
to
1964
^
W
to
—
to
ser A
♦7s
ser
B ctfs of dep. 1945
ser
C ctfs of dep. 1945
♦7s
ser
D ctfs of dep. 1945
Mar
114
May
94
Apr
10fe4
1960
♦7s 2cl
ser
ser
1,000
32
Jan
37 4
Feb
♦Baden 7s—,—...1951
91
Jan
994
May
♦Bogota (City) 8s ctfs. 1945
98
Jan
1044
Mar
Jan
104 4
May
107
May
♦Caldas 74s ctfs of dep. '46
♦Cauca Valley 7sr—.1948
6.000
53,000
81,000
1064 May
1961
Pblla Elec Pow 54s—1972
112
1054 May
14,000
3,000
1064
Jan
1094
Mar
,000
105VC
Jan
108
Mar
5,000
1024
June
105
Jan
4,000
106
1084
Jan
Mar
914
Apr
94,000
924
Apr >1004
36.000
1114
994 100 4
1124
80
80
474
60
08—1949
103
90
♦Pomeranian Elec 6s—1953
1,000
1074
Potrero Bug 7s stmpd.1947
PowerCorp(Can)44sB '59
toto to
toto
$22 4
Feb
51
Jan
Mar
Feb
♦German Con Munlo 7s *47
22
June
80
May
to — to
-
to
-
*to
to
4.
23
♦Secured 6s
46,000
4,000
1074 1074
90
924 141,000
»
1906
"I24
Puget 8ound P A L 6 4s '49
1st A ref 6s ser C...195T
90
1st A ref 4 4s ser D. 195f
86
87
'
83 4
90
48,000
.86
125,000
64
Jan
107
Jan
109 4
Feb
1094
Jan
93
38,000
39 4
Jan
1004
Jan
Feb
45
1054
23
May
Mar
Feb
048 stamped
♦Maranhao
30 4
30 4
1,600
$234
Safe Harbor WaWr 44s *79
108
6,000
|*8t L Gas A Coke 08.1947
$19
25
1O8 4
204
$1374
SaD Joaquin L A P 6s B *52
146
Apr
1534
June
1064
Apr
1084
May
754
Jan
924
72
Jan
904
Mar
704
Jan
86
♦Schulte Real Est 6s„1951
Scrlpp (E W) Co 5 48.1943
+22
——
1664
Scullln Steel 3s
524
1951
.
51
25
to
1034 1044
toto-to
102 4 102
to •
-
104
to
to
1034
-
--
12,000
524
..
to
to
-
IMOO
-
? 1st 4 48series B...1968
1st 4 4s series D
1970
Jan
93
June
Apr
35
Jan
June
108
110
to
to
—
31,000
12,000
4
7,000
104 4
Feb
Apr
23
Apr
314
Jan
100
May
May
1034
Mar
48
1054
Apr
10 »4
Ref M 3%s B.July 1 '60
1104
110
110 4
1104
111
111
toto
to
to,** -
13
♦Issue of Oct 1927.
$26 4
♦7s ctfs of dep. Oct '47
$24
$124
1034
8'western Assoc Tel 6s 1961
S'western Lt A Pow 6s 1957
_
-
^
-
-
—
934
So'west Pow A Lt 6s..2022
Feb
9
Jan
13
June
Jan
264
Mar
254
Jan
264
Mar
26
.
Apr
26
Apr
114
Apr
16
Jan
90
•
------
Apr
Mtge Bank of, Columbia—
♦7s ctfs of dep
$24
$24
914
1947
♦Parana
32
32
94
$24
1946
94
32
04s. 1959
6/ioo
134
11
4
$124
104
4
♦Russian Govt 6 48—1919
10,000
27,600
"_964"
Jan
Jan
Jan
Jan
64
4
4
47
15
Apr
84
25,000
4
4 "
.1921
♦54s
"
•
7s—.1958
de Janeiro
♦Rio
(State)
52
Mar
Mar
144
4
4
Mar
Feb
Jan
M
ar
144
Jan
1901
$94
14
84
May
144
Jan
Feb
♦7s
Apr
Feb
83
Mar
99
June
108,4 June
33.000
1034
Apr
106 4
Mar
40,000
1084
Jan
1114
May
32,000
1084
Jan
May
Jan
Feb
1054
524
Mar
1034 1034
23,000
1024
Feb
1034
Jan
104 4
7,000
102
Apr
104 4
June
934
5,000
81
Apr
944
108
May
No par value.'
a Deferred delivery sales not Included In
n Under the rule sales not included In year's range,
Interest.
cluded in year's range.
Jan
May
7,000
111
1044
Jan
Feb
684
644
684
38,000
55
Apr
x
$ Friday's bid and asked price.
Bonds being traded
a
r
d Ex-
Cash sales not in¬
No sales were transacted
during current week.
flat.
} Reported In receivership.
TfThe following Is
year's range,
Ex-dividend,
list of the New York
'
■
'
Curb bond Issues which have been
„
.
called
In their entirety:
Feb
Standard Gas A Elec—
...1048
10
May
394
914
Feb
84
Jan
$1064 1074
So'west Pub Serv 08—1945
June
114
103 4
104
Mar
16
254
30
32
28
36
17.
$24
15
"uooo
13
,$264
13
Jan
Jan
10
$134 ' 15
1951
Mar
May
64
114
56
16,000
454'
10,000
$104
27,000
44 4
10
20~66o
10
$50
1114
1124
1034 104
124
124
1949
4
1114
1st A ref mtge 4s...1900
Sou Counties Gas 44s 1908
8ou Indiana Ry 4s
1951
Mar
10
♦7s ctfs of dep. May '47
*
103H 104
1094
Apr
20
♦Santiago 7s
1054
Jan
101
1945
22
Apr
♦Santa Fe 7s stamped. 1945
Sou Calif Edison Ltd—
Debenture 3 4b
Jan
14
Jan
1054
Jan
Ref M 3Hfl-May 1 1960
17
Apr
106
764
to*--
.
Feb
65
Mar
May
94
to--»
Mar
"i~66o
184
107
Apr
1024
102
103.4
83
99
Mar
20
114
♦64s ctfs of dep...1947
Mar
49
80
97
20
Apr
194
16
Mtge Bk of Denmark 5s '72
27
1074 1084 104,000
$78
984
354
Apr
164
$10
1958
Feb
Apr
108
Southeast PAL 0s...2025
May
164
Jan
25
1968
7s
Mav
136
'
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s. 1957
18U
Feb
204
$105.5
T[5ervel Ino 5s
,...1948
Shawlnigan W A P 4 4s '07
63 4
28'
134
100 4 101
244
13,000
Jan
'
$184
♦Issue of May 1927
Mar
164
t244
♦Saxon Pub Wks 08—1937
964
22 4
♦04s ctfs of dep
1954
Mtge Bk of Bogota 7s. 1947
June
n
—-
100
Apr
$194
♦Medeliln 7s stamped. 1951
♦7s ctfs of dep,
♦Ruhr Ga9 Corp 6 48.1953
♦Ruhr Housing 64s—1958
Apr
Lima (City) Peru
♦Mtge Bk of Chile 08.1931
91
93
Mar
15,000
28
27
♦Hanover (City) 7s.—1939
♦Hanover (Prov) 04s.l949
Jan
Queens Boro Gas A Elec—
.1952
22
$19 4
184
.1947
1084
204
3,000
153 4
914
1953
u.
99
Pub Serv of Oklahoma—
(stpd)
60—,
Jan
to
Feb
854
88^
♦04b ctfs of dep
1959
Danish 64s
—.1956
♦7s ctfs of dep
153
0% perpetual certificates
6s
$86
Mar
85
17
914
Feb
254
30
$11
914
254
,30
$22
Jan
Apr
194
$22
*01
174
10,000
Jan
214
♦08 ctfs of dep..July '61
108
20,000
-
12
Cundlnamarca (Dept of)
Jan
784
Mar
Mar
22
1,000
30
Apr
1,000
114
234
$23 4
Mar
22
$44'
49
1054 1054
—
1054
Feb
80
r
164
Jan
10
14,000
16
234
1952
38
954
.1074 108
------
June
Public Service of N J—
6 4s series A
♦6s series A
103
7,000
$109 4 HO
1901
♦Prussian Electric 68—1954
4s series A—...
♦Prov Banks 6s B—1951
6,000
•
78
"784"
Potomac Edison 6s E.1956
1134
Mar
17
154
16
Danzig Port A Waterways
♦External 04s..,—1952
98
4
Apr
Apr
Feb
15
Columbia (Republic of)—
3,000
48'
104
76
22
Portland Gas A Coke 6s '40
994 June
994 177,000
19
Mar
15
Cent Bk of German State A
1O8
Pittsburgh Steel 0s.—1948
4 4s series F
$114
May
174
1,000
18.
109
112
Pblla Rapid Transit 6s 1902
Hydro El 0 4s
19
♦0s ctfs of dep.. Oct
100
Mar
18
Jan
-
91 4
98
994
11
20
$134
Jan
107
19
$114
♦74s ctfs of dep...1946
100 4
1064 1064
1064
•
Mar
18
18
June
26,000
1024 1024
1981
4s series D
—,s —
18
$114
108
1968
June
"(11
1,000
15
1948
Peoples Gas L A Coke—
4s series B__
14
Bogota (see Mtge Bank ot>
97
14
$134
$11
$11
$11
ctfs of dep.'57
June
June
84
IS
14
ctfs of dep.'57
♦7s 3d
134
14
3,000
134
$134
14
ctfs of dep.'57
ser
Jan
1124
109
Penn Water A Pow 6s. 1940
4 4s series B—
134
97,000
1064 107
1051054
...1954
Coal
♦7s 1st
ctfs of dep. 1945
June
1034 104
Deb 5 4s series B—1959
Pittsburgh
lumbla—
♦7s
884
994
1034 1034
1064 1064
Penn Pub Serv 6s C—1947
Pledm't
of) Co
♦7s Ctfs of dep.
6s series A....
D
(Dept
Mar
Penn Ohio Edison—
58 series
29
Antioqula
113 4
37 4
1034
1064
29
$24
1,000
29
$24
Jan
37 4
_
$24
Apr
984
^
89
30
'47
June
Apr
1J24
-204
♦6s ctfs of dep
Aug '47
*68 ctfs of dep...Apr '48
76
Moo
884 200.000
1034
1962
to
854
99
1071
5s series H
92
9,000
to
1124 1124
-
884
Penn Cent L A P 4 J*s.l977
1st 5s
1979
Penn Electric 4a F
—
113
t90
toto
Paclflo i'ow A Ltg 58—1955
dep. Jan
264
264
204
June
Pacific Gag A Elec Co—
1st 6s series B......1941
♦7s ctfs of
•
$264
$24
'46
Jan 1947
♦7s
1024 1024
Pacific Invest 5s ser A. 1948
♦78 ctfs of dep. Apr
♦20-year 7s
Aluminium Ltd 5s 1948, July 1 at
Cedar Rapids 5s 1953, July
103.
1 at 110.
70
Mar
Cuban Telep 74s 1941, Sept. 1 at
105.
July 15 at 8105, and dividends.
105,
Shawlnigan Water & Power 44s 1968, July 7 at 1024-
Conv 6s (stpd)
1948
684
644
684
46,000
544
Apr
704
Mar
Pacific Ltg. $6 pref:,
Debenture
1951
69
65
694
41,000
55
Apr
704
Mar
Servel 5s 1948. July 1 at
Debenture 0s. Dec 11966
684
64 4
684
38,000
Mar
6s gold debs
674
6s
54
Apr
70
67 4
68
6,000
54
Apr
694
Standard Investg 54* 1939
95
95 4
20,000
87
Jan
96 4
Mar
yearly range:
Standard Pow A Lt 08.1957
64 4
66 4
41,000
53 4
Apr
704
Mar
No sales.
23
23
9,000
19
May
35
Jan
514
57
39
5,000
50
Apr
64
Mar
34
Apr
1957
♦Starrett Corp Ino 6s. 1950
Corp—
1940
2d stamped 4s
1946
Stlnnes
Mar
(Hugo)
V
Cash sales transacted during the current
Under-tbe-rule sales transacted during
weekly
57
2d stamped 4s
"994
Tennessee Elec Pow 5s 1950
$37
994 100
454
Terol Hydro-El 64S..1963
"1034
Texas Elec Service 5s. 1960
e
454
1034 104
-
-
-
to
-
-
50
88 4
Jan
1004
Feb
4,000
38 4
Apr
53 4
Jan
97
Anr
103,000
1044 May
t
Deferred delivery sales
7% pref, June 7 at
Included in
116 4.
transacted during the current
week and not Included
In weekly or yearly range:
No gales
Abbreviations
Used
"v t
convertible; "M," mortgage;
1," when Issued: "w *
c," voting trust certificates; "w
without warrants.
"cons," consolidated:
"n-v/ non-voting"x-w"
stock;
with warrants:
Above—'"cod", certificates of deposit;
"cum," cumulative; "conv,"
1
the current week and not
yearly range:
New York Power & Light
Jan
17.000
or
week and not Included In weekly or
1939
June 10,
Chronicle
Financial
3512
Other Stock Exchanges
Baltimore Stock
June 3 to June 9,
Exchange
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1, 1939
Shares
Low
21%
21%
22%
21%
636
20%
Apr
230
17
Apr
Bait Transit Co com v t C-*
35c
36c
346
30c
65
Brager Eisenberg Inc com 1
71
Jan
10
116
176
112
May
Apr
128%
Jan
120
118
120
124%
122% 124%
32%
32%
9%
9%
22
21%
10
Houston Oil preferred. .100
21%
50c
......
15
MononWPennPS7^ pref25
1.20
Apr
16%
Mar
70
29%
Apr
100
9%
May
1,070
16%
Apr
9.50
60c.
60c June
100
15
14%
60c June
423
'
13
Jan
19
Jan
120
100
«*
1.40
1.40
New Amsterd'm Casualty b
North Amer Oil Co com. 1
1.35
Mar
25
Jan
27%
Mar
50
35%
Jan
45
701
10%
Apr
14%
Jan
1,300
1.00
Feb
1.45
May
83%
Jan
88%
Mar
73
Jan
84%
Mar
12%
Apr
13%
Jan
16%
Apr
23%
Mar
31
Jan
33%
Mar
85
85
10
Penna Water A Power com *
78
79
125
13
13
20
U 8 Fidelity A Guar
.
«.
M
_
«•
20%
21%
21%
1,357
33%
2
Western National Bank.20
33%
30
1975
A 6s flat--
23%
25
27
1975
B
23%
27
28%
84%
9,000
100% 100%
1975
6s.^..
Finance Co of Amer 4 % *47
84
£.
a..
$60,500
19%
Apr
25%
May
22%
Apr
83% May
28%
June
3,500
100
Armour A Co common—6
86%
96
100%
Boston Stock
to
June 9,
Exchange
Stocks—
Par
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Range Since Jan. 1,1939
Shares
Low
High
*
pref
non-cum
45c
1st pref
50
Amer Tel & Tel..;.100
Assoc Gas <fc Elec Co cl A. 1
13
168%
45c
i.
330
32c
60c
1%
35
Jan
Jar-
2
12
2,654
Feb
450
Ring com
Class A 1st pref..
7%
1%
1%
1%
15%
1%
100
Brown-Durrell Co com...*
1%
Calumet & Hecla
25
Range
5%
25
East Boston Co..
72
3%
*
1st preferred
8
Feb
147% June
66
Mar
19
Jan
165
6
Jan
11 %
Mar
3%
Mar
71
2%
3%
Mar
1%
9
100
1%
4%
3%
33
20c
177
Jan
23
_._.*
Jan
Consolidated Oil
Apr
5%
Jan
6%
35c
Mar
1%
Jan
Jan
'7
Apr
12%
Jan
15
95
,
60
75
Mass Utilities Assoc
v
3
Jan
77
Feb
26
Apr
-
Racing
Inc
New England Tel A Tel 100
New River 6% cum pfd 100
N Y N
Havep A Hart. 1100
Buttfe
48
7%
Mar
4%
Jan
Apr
5%
Apr
5%
Apr
8
Jan
Jan
27
Mar
Apr
-2%
Jan
10
192
30
.
20
24
Jan
7
Jan
150
2
Jan
2%
May
18%
35
17
Mar
22%
Jan
5%
1%
1,570
116%
%
3%
Jan
50
1%
Feb
420
103%
Apr
48
70
%
%
%
36c
2.60
36c
40c
42
1,155
May
5% June
2
Jan
116% June
58
Feb
Mar
1%
Jan
Mar
%
35o
1.00
Jan
Colony RR—
Common...
loo
Ctfs of dep
Pennsylvania RR
..60
Qulncy Mining Co..... 25
18 %
1X
Shawmut Assn T C
*
8tone A Webster
*
*10%
6% cum pref..
.
2.5
Cudahy Packing Co preflOO
Cunningham Drug Sts.2%
*
25
Utah Metal A Tunnel Co l
Vermont A Mass Ry Co 100
Waldorf System
*
Warren Rros
Household Utll cap.6
Elgin Natl Watch Co...)5
FitzSim A Son DAD com *
Fox (Peter)
Brew'com
6%
80
6%
2%
23
Jan
May
3
Jan
Feb
17
June
Apr
11
Mar
Apr
91
17%
Jan
-
Acme Steel Co
Allied Products—
Common..
1%
11
127
9%
May
Apr
May
20(1
50
May
73
Mar
17
150
Apr
17
May
600
9
50
23
14%
2%
21%
4%
19%
3%
19%
14%
15
.
3%
2%.
13%
12%
:
.
120
15%
4
17%
Apr
1%
110
28
Mar
Jan
Apr
14%
100
June
37%
Apr
150
15
3
19%
"15
Jan
Jan
21%
52
18%
.
16%
110
102%
24%
20%
4%
______
.
120
165
110
Feb
Jan
Jah
June
.
3%
23%
Mar
5%
May
Mar
19% June
4
500
2%
Apr
200
17%
Apr
22%
50
10%
Apr
14%
300
10
Jan
15
3%
250
3
Apr
2%
14%
2,250
May
Mar
Jan
Mar
4%
Mar
2%
Apr
11%
Apr
14 %
June
40%
Apr
60
2
1,150
Jan
Jan
Apr
6%
Jan
General Motors Corp
10
Gillette Safety Razor pref. *
Goldblatt Bros Inc com..*
43%.
45%
6%
825
12
12%
100
27%
28%
420
9%
9%
50
47%
6%
9%
24
24
Hall Printing Co com
10
Heileman Brew Co G cap. 1
8%
8%
Hordes Inc com..
14
'
9
18%
8%
Apr
51%
Mar
Apr
8%
13%
Jan
Apr
37%
Jan
11
Jan
Apr
27%
Feb
Jan
14
June
6%
Jan
9
Mar
34%
Jan
37
Jan
50
10%
Apr
13
Feb
470
8%
Apr
17%
Jan
12%
Feb
500
30
H%
11%
12%
12
12%
10%
Houdaille-Hershey cl B._*
Hubbell Harvey Inc com.5
Hupp Motors com
.1
Jan
May
Apr
21%
3,300
8%
35
10%
10%
.
2%
45
Apr
37%
5%
-10
800
35
*
,
100
24
12%
13%
HibbSpenc Bartlettcom.25
'
Apr
Illinois
964
71%
85%
Jan
44%
Mar
Illinois Central RR com 100
Indiana Steel Prod /com._l
2%
2%
350
2%
Apr
85c
May
Inland Steel Co cap
*
80%
81%
31
66%
Apr
94%
June
International Harvest com*
59%
60%
92
49%
Apr
66
Mar
24
24
24%
1,000
18
Apr
26
Jan
4%
100
3%
Apr
7%
39%
7
7%
1,700
5
Feb
7%
38
39%
110
29
Jan
40%
91
90
91
60c
Apr
54
69%
Jan
6%
100
5%
Apr
3%
275
81
23
70
81
Feb
Mar
3%
Feb
Mar
1%
23
7%
24%
Feb
BrlCk Co
S3 50
9%
May
1%
1%
950
1%
Apr
2%
Jan
4%
4%
150
4
Apr
Jan
320
9%
Apr
"6%
20%
"
12%
""2%
1
1
4%
"
Kellogg Switchboard com.*
cum
pf.50
Apr
92% June
Leath A Co corn
Lincoln
13
91
80
69%
Jan
%
200
%
""3%
*
600
2%
4%
151
4
4
"
5
Apr
3
%
3%
4%
100
Kingsbury Brewing cap..]
80
50
1%
4%
;
10
Jar vis (W B) Co cap
Katz Drug Co com
Jan
Jan
Jan
Mar
June
Mar
June
%
Jan
Apr
3%
Feb
Apr
6%
Jan
Printing—
Common..
*
83% preferred
2%
2%
100
2
Mar
80
2%
26
May
5%
Jan
32%
Mar
Range Since Jan. 1, 1939
Shares
Low
High
26%
27
*
14%
*
15%
15%
6%
300
Liquid Carbonic
Sales
*
Lion Oil Ref Co com
14
May
100
5
Apr
8
Jan
28%
29
110
25
Apr
32
Mar
12%
12%
com
*
McQuay-Norrls Mfg com.*
McWilliam
Dredge
com
com
62%
412
53%
66
31%
Apr
Apr
64%
34%
6%
Jan
Class A
200
5%
May
9%
Jan
Prior preferred
1%
50
1%
Apr
3
Jan
14
14%
300
11
Apr
15%
Mar
7
7%
150
5
Apr
8 %
Jan
Mar
j
Merch A Mfrs 8ec
*
50
Apr
10%
May
%
"13%
%
200
%
13%
5,350
9%
Apr
20
Jan
18%
16%
Apr
12%
4
4%
600
*
26%
1
3%
26%
3%
650
6%
7%
4,550
2%
2%
100
1
com.
Middle West Corp cap__x.5
Midland United Co—
Conv preferred
9
12%
%
15
Jan
Jan
Jan
Feb
—■
com..
Mlckelberry's Food
»
6
*
*
com
61
43
15%
"~6%
McCord Rad A Mfg A
34%
6%
1%
For footnotes see pace 3515
Feb
1%
4%
Manhat-Dearborn
"14%
Jan
2%l
10
Jan
Jan
for
10
9%
10
Marshall Field
Advanced Alum Castings.5
Allied Laboratories com..*
Apr
Apr
Week
62%
7
Mar
of Prices
com. *
Mar
493
8
86c
Week's Range
25
com
Adams Oil A Gas Co
6%
24%
Sale
*
Apr
28%
Last
Abbott Laboratories—
Common (new)
29%
15%
June
Apr
5
Apr
41%
High
Apr
9
Feb
both inclusive, compiled from official sales lists
Low
25%
550
200
Feb
Chicago Stock Exchange
Price
7%
2%.
4%
Libby McNeill A Llbby..*
Par
21,650
35c
184
Friday
29%
10%
5%
Mar
17
45
600
91
May
3%
4%
Kentucky Utll Jr
6% preferred
Eastern Mass 8t Ry—
Series B 5s
1948
27
22%
616
Apr
Apr
80c
Feb
Jan
4%
24%
44
9%
Jan
18%
Jan
Apr
175
May
2%
50
Apr
415
486
6
50
1%
1,209
8%
8%
Mar
36%
\\i
1,127
84%
230
,18%
,
Apr
."200
Jan
1%
Jan
1
Apr
2%
14%
14
%
53%
44%
Mar
254
100
644
48%
9%
15%
78c
Mar
2%
12
42%
78%
44%
H%
78c
Jan.
350
16%
,
2%
Gossard Co (H W) com...*
Great Lakes DAD com.. *
42%
81
62
250
Feb
General Foods com......*
General Outdoor Adv com*
Jan
82
Mar
/ 30
80c
'
"84 %
38%
2%
26%
52
"17"
"14%
Apr
55c
Jan
33%
Apr
100
4
79
23%
Gardner Denver Co com..*
General Amer Transp com5
General Finance Corp coml
25c
20%
85%
2%
6%
2%
110
3%
119
28%
16%
1%
*
Ho"
Four-wheel Drive Auto. 10
Fuller Mfg Co com
^.1
37c
55c
Mar
6%
JaD
Apr
15
200
74%
%
1%
Apr
2%
30
2,300
1%
10%
Gcodyear T A Rub com..*
20%
4%
5
•
.'.5
Jan
25%
2%
Stocks—
Mar
28%
10%
......
Elec
1.50
11
■
28%
Co..."" ~*
June 9,
Mar
108
26%
*
.
Apr
Bonds—
*^une ®
55
Jan
6
"29%
Dexter Co (The) com
5
Eddy Paper Corp (The)..*
75c
10%
12%
Jan
Jan
-
100
163
9%
11%
Suburban El Sec Co com.*
Union Twist Drill Co
5
United Shoe Macb Corp.25
Warren (S D)
Continental Steijel pref.
Crane Co com
95c
17
Jan
Feb
Apr
6%
*
11%
17%
1%
15%
Reece Button Hole MachlO
Torrlngton Co (The).
Corp
36c
»
6
Apr
1
73%
Common pr sh v t c A.50
Container Corp of Amer.20
75c
....
Pacific Mills Co
4
750
14%
2%
42
1 %
28
18%
122
■
100
14
125
113
5%
28
1%
1%
116"
%
14%
5%
National Tunnfel & Mines. *
May
28
18%
.5%
%
Cumulative cl A pref..35
Decker (A) A Cohen com 10
Assr
l
100
Dayton Rubber Mfg com."
2%
2%
%
•
Mar
May
217
6%
Feb
Mar
4%
1%
t c.1
Mergenthaler Linotype... *
Narragansett
.
25
25
75%
Consumers—•
Feb
25
5%
5%
*
Apr
45
%
1
com
Deere A Co com
Hathaway Bakeries pref..*
Isle Royal Copper Co..."15
64%
100
69%'
25
;
8%
Apr
135
capital
Apr
Apr
4%
New
Consoi Biscuit
123.
21%
Jan
660
50
74%
Compressed Ind Gases cap5
1.
21
20%
Jan
16%
23%
400
4.%
..10
Feb
16%
.
(New) common
1%
Jan
485
21
Mar
Apr
Apr
9%
Cities Service Co—
Jan
May
182
*
23%
Apr
16
Commonwealth Edison—
Mar
25
76
4
•
18%
50
15%. 16
1%
1%
33%
33%
Coleman Lamp A Stovecm*
105
8
20%
4
Employers Group.
Razor
-
Club Aluminum Utensil..*
Jan
1%
1% May
150
-
140
Apr
54
1%
51
-
Chic A N W Ry com... 100
Chrysler Corp common..6
Jan
Apr
Eastern 88 Lines-
Gilchrist Co...
-
""!%
Chic Flexible Shaft com..5
Apr
40
17
7%"
21
100
....
m
*
16
1
1
100
Gillette Safety
Preferred
38%
20c
16%
,.100
•
m,
*
270
4
6
1,755
Jan
104% 105
1%
54
._.*
preferred
100
380
3%
.*
Preferred B
"72"
1
Common
530
1%
1%
16
1%
5%.
20c
4%% prior pref
100
6% preferred
,...100
'Eastern Mass St Ry—
Adjustment
20%
..
„
—
506 *127
'
8
1%
5%
10
Common
6%
5%
com
Preferred
East Gas & Fuel Assn—
Old
71
793
i5 %
North
50
75
Class B 1st pref std.. 100
Common
18
73%
'
Jan
18
Mar
1%
9
10%
"~7%
...10
%
Prior lien
Apr
150
82
Boston & Providence... 100
Copper
,
Jan
2%
100
1
Mar
17%
June
11%
2%
7%
20%
10%
2%
5% conv preferred
30
Campbell WyantACanFdy*
Castle A Co (A M) com.. 10
Mar
Apr
2%
11
"n%
1
Central 8 W
9%
20%
67
8
Jan
Jan
17
200
10
.100
Mar
June
210
21
82
100
pret std
20%
23%
391
22
5
j
Prior preferred
Apr
22
24%
20%
20%
Burd Piston
May
Boston & Maine—
Class A 1st
May
32
23%.
20%
82
17%
10%
Jan
24%
*
Chicago Corp Common
17%
Jan
JaD
Apr
5
(New) common
15
89%
Mar
June
6%
29%
Borg Warner Corp—
170
May
10%
16%
'
Apr
Apr
20
17
Jan
Apr
17
Central States P A Lt pref *
Chain Belt Co com
70%
Apr
Bliss A Laugblln Inc com.5
Jan
Apr
10
7%
13%
Mar
143% 147
47%
48%
4%
15%
1
Jan
7%
300
16%
Apr
147%
100
9%
16%
1,450
Mar
47 %
Feb
2,850
1%
147
7%
5%
26%
100
Apr
10%
% May
100
Elevated.
5
10
24%
20% May
Boston Herald Traveler..*
5
9%
63
Boston
Jan
23%
44
74%
4
10%
20%
J00
Jan
Apr
-
"23%
*
20%
Boston & Albany
Boston Edison Co
8%
2%
90
5
100
.
Apr
200
Berghoff Brewing Co....I
__*
Preferred
5%
2%
5%
Cent 111 Pub Ser $6 pref..*
Blgelow-San Carpet—
Common
Jan
Convertible preferred..*
300
IX
I%
1214
13
163% 168%
60
Jan
10%
Mar
100
Central Illinois Secur
Common
6%
May
9%
American Pneumatic 8er
6%
May
%
4%
5
.
Last
3%
8
150
15%
Butler Brothers
Friday
Mar
150
Bastian-Blesslng Co com.*
Bruce Co (E L) com
Sales
June
170%
700
-
9
5
Brown Fence A Wire cl A. *
both inclusive, compiled from official sales lists
85%
Apr
69
%
BarlowASeellg Mfg A comS
Bracb A Sons (E J) cap
June 3
Jan
Jan
147%
410
821
2%
2%
Trans C cap.l
Backstay Welt Co com—*
June
Jan
47%
Apr
28%
%
8%
com__l
Co com
1
Aviation Corp (Del)
3
Asbestos Mfg
com
High
Low
221
"
Aro Equipment Co
Aviation A
Shares
High
35%
36%
81%
85%
163% 167%
4
3%
Amer Tel A Tel Co cap.
Mar
1,000
Low
"83"
Amer Pub Service pref. 100
Bendix Aviation
Bonds—
Week
Price
Par
Belmont Radio Corp
Bait Transit 4s flat
Range Since Jan. 1, 1939
for
of Prices
Allls-Chalmers Mfg Co—*
Mar
Seaboard Comml com...10
Northern Central Ry.._50
Stocks (Continued)
Week's Range
Sale
Jan
17
Sales
Last
Jan
1.40
12%
1.40
+
CHICAGO
Friaay
10% Mar
June
22.
35%
13%
35%
13%
m
Municipal Dept. CGO-. 521
LJ* Salle St.,
S.
June
Mt Vern-Woodb MillsPreferred
10
Mar
80%
45
27%
27%
27%
-
60c
60c
.
Merch A Miners Transp..*
Teletype
Trading Dept. CGO. 405-406
Mar
35%
..100
20
1
Jan
245
80
Common class A...
2.10
5
Principal Exchanges
Bell System
Jan
1.40
78
1
65c
19
80
Finance Co of Am A com .5
Members
Jan
1.35
Consol Gas E L A Po w...»
....
Mar
Mar
24%
31%
19
1.40
1st pref vtc
Mar Tex Oil
Paal H.Davis & Go.
High
*
Atlantic Cst Line (Conn) 50
Arundel Corp
4%% pref B
Fidelity A Deposit
Fidelity A Guar Fire
Unlisted
Listed and
Sales
Friday
SECURITIES
CHICAGO
both inclusive, compiled from official sales lists
J
*
7
-
-l
-
10
Apr
5%
Jan
Mar
28%
Feb
Apr
4%
Jan
5%
Apr
8%
Mar
2%
May
5%
Mar
3%
26
2%
Volume
Financial
148
Chronicle
3513
'
Friday
Sales
Range Since Jan. 1, 1939
Last
Par
for
Sale
Stocks (Concluded)
Week's Range
of Prices
Week
Price
Low
High
Low
Shares
High
Ohio Listed and Unlisted Securities
Midland Utli—
6% prior lien pref
100
6%
100
preferred A
6%
Miller & Hart
6
1
%
650
%
Jan
1% June
2,050
7
%
Feb
7
June
1% June
%
2%
1%
2,850
%
Jan
2%
20
2
Jan
3
Feb
1
10%
10%
50
7%
Jan
11
May
*
18
18
50
Apr
22
pref..*
conv
com..
Members Cleveland Stock Exchange
June
7
Feb
3,650
1 %
%
7% prior lien pref... 100
7% preferred A
100
Minn Brew Co
6%
6%
7
Modlne Mfg com
16
CILLIS pj RUSSELLco.
Jan
Montgomery Ward—
Common.
*
52
Nachman Springf com
971
40%
250
41%
Mar
35
16
Apr
19%
Jan
Last
Week's Range
for
16%
A pi
27
Mar
Sale
of Prices
Week
2%
Feb
3
Jan
22%
2%
2%
2%
200
12
14
150
11%
Apr
169
15%
May
24%
14%
50
13%
Feb
16
35%
30%
Apr
40%
26
26
24
Apr
29
8%
10
-
-
2,850
%
Apr
%
Jan
%
350
%
Mar
%
Jan
7%
8%
75
120%
280
150
29
29
200
27
*.
Jan
14%
100
Clark Controller
CI Cliffs Iron pref__
1
17
*
44%
CI Elect 111 $4.50 pref
*
Cleve Railway
Cliffs Corp vtc
.100
Stewart-Warner
5
Sunstrand Mach Tool com5
International
-
25
Mar
Ohio Brass B._
Jan
18%
50
16%
Apr
20
Mar
108%
16%
June
Mar
_.___*
Common
Jan
12%
95
12
Apr
14%
Jan
36%
50
31
Feb
36%
June
Mar
5
June
5
5
100
128
7
Apr
7
Apr
8%
Mar
Patterson-Sargent...
*
13%
50
12
Apr
14%
Jan
30
Feb
Richman Bros
*
Seiberling Rubber.
33%
32%
33%
621
35
Jan
"7%
"78%
22%
7%
200
Jan
8
Mar
81%
201
50
Jan
91
Apr
18
Apr
27%
Feb
10% June
14%
Jan
Feb
28%
19%
200
3
Mar
3%
Jan
Apr
15%
Apr
90%
Jan
Apr
13%
112%
Mar
22%
61
10%
10%
387
38%
10%
38%
50
Jan
3
14%
500
11%
79
481
66
10%
7%
60
Jan
Jan
89%
64
77%
Apr
2%
4,950
1%
Apr
2% June
1%
150
1%
Apr
Watling, Lerchen 6l Co.
Members
New York Stock Exchange
New York Curb Associate
Detroit Stock Exchange
Chicago Stock Exchange
Feb
%
150
%
10
15%
.__*
38%
38%
20
38%
1%
Jan
%
18%
39
Jan
,DETROIT
Feb
Apr
Buhl Building
Feb
Jan
-
Telephone: Randolph 5530
200
■19%
450
26%
21%
40
20%
119
16%
94%
99%
401
83%
7%
7%
50
7
May
2
-r'W
-
1
18%
26%
Western Un Teleg com. 100
Whouse El & Mfg com..50
2
100
2
Apr
Jan
Friday
3%
Apr
5%
Jan
Last
Week's Range
for
3
Apr
5%
Jan
Sale
Week
74%
Apr
81%
May
of Prices
Low
High
12
Apr
??%
.Jan
1
-
M
»
-
6%
Mar
Apr
15%
Wieboldt Stores Inc com.*
Jan
Jan
Apr
%
1
26
"si"
*
100
Weinberger Drug Stores..*
Youngstown Sheet
Tube*
2
19%
Mar
2%
Jan
7
65
Thompson Products Inc.
Apr
7
15%
*
3%.
1%
41
1%
Jan
17
138
*
com..*
Mar
33
12%
36%
34
"36%
8%
13%
Jan
1%
Walgreen Co common....*
Wayne Pump Co cap
1
Jan
Mar
17%
Feb
25%
700
■
1
com.
Preferred....
42%
101%
1%
2%
1,250
9%
85%
Util & Ind Corp conv pref 7
Apr
May
8%
13%
18
10%
2%
Jan
Feb
34
17%
Apr
7
76%
Co com
20
Utah Radio Products com »
Jan
June
2%
*
29%
27%
3
S Gypsum
Jan
*
.1.
Apr
Ap
12%
10%
9
--
28
27%
.
Mar
20
Packer Corp.....
Apr
1%
9
23%
14
United Air Lines Tr cap. 5
2%
Goodyear Tire & Rubber.*
Mar
3
17%
Trane Co (The) common.2
Union Garb & Carbon cap *
Mar
310
32%
26%
3
25
com
31%
2%
77%
May
'
11
Jan
-i'
w
63
2%
Apr
1%
.
Apr
17%
Feb
*
Apr
60%
10
9
15
Co
2%
Fostoria Pressed Steel
Miller Wholesale Drug...*
National Tile
100
400
12
45
Jan
1%
8%
23%
22%
Apr
160
11%
2%
76%
8
Apr
10%
14
85
104
8%
Apr
12
17%
11%
34
27%
300
16
14
17%
34
May
350
May
17%
McKee (A G) B
1%
22%
605
Mar
114
1
Interlake Steamship
__*
Kelley Island Lime & Tran*
2,800
5
61
Apr
*
Jan
1%
.
May
112
Colonial Finance.
Jan
2
Apr
1%
Apr
43
4
Mar
30
Apr
May
9%
17
195
97%
%
26%
150
111
40
8%
1%
17
44%
17
44%
111
15
60
9%
25%
May
75
10
9%
June
Apr
90
40
62
25
May
9
'28
100
12%
1
20
_
Jan
14%
97
115
97
Mar
6%
286
8% pref
Conv preferred. _
Standard Oil of Ind
97
13%
97
*
Preferred
130
40
200
12%
City Ice & FueL____
7%
7%
100
108% 108%
2
High
Low
7%
13%
Great Lakes Tow pref. .100
1%
18%
Southw't G & E 7% pref 100
Brewing Corp of Amer___3
Hanna (M A) $5 cum pref *
1%
100
Range Since Jan. 1, 1939
Shares
High
Jan
9%
1,171
Low
Mar
74%
-
Price
123
27%
76%
Par
157
9%
..
(Concluded)
Sales
Apr
1%
1%
Stocks
,
May
1%
5
Viking Pump Co
Apr
108%
180
«-
1
Wahi Co
%
152
'•«
Sears Roebuck & Co com.*
U
Mar
8%
Sangamo Electric Co com.*
Thompson (J R)
4%
150
com v t c50c
Reliance Mfg Co com
10
Rollins Hosiery Mills com 1
3wlft
Feb
117
Raytheon Mfg
Swift &
3%
%
119%
com
Mar
100
%
100
Standard Dredge—
Common
30
Feb
4%
%
1
Spiegel Inc
371
Jan
Mar
4%
_.
Quaker Oats Co common.*
So Bend Lathe Works cap
Jan
15%
18%
1
Serrick Corp cl B com
June
35
26
Rath Packing com
55
20% June
13%
Perfect Circle (The) Co..*
Pictorial Paper Pkge com.5
Pines Winterfront com
1
Car
11
Feb
Jan
40%
1,010
9
Apr
Friday
Jan
12%
Apr
100
55
20%
6%
17%
14%
50
35
Steel
Jan
11
350
1,200
8%
17%
A 10
Preferred
12
7%
50
100
Pressed
Jan
1
110
21%
20%
Potter Co (The) com
Apr
Jan
200
22%
N'West Util prior lien.. 100
7 % preferred
100
Parker Pen Co (The) comlO
caD
%
A. T. & T. OLEV. 665 & 666
June
15%
1
8%
Peoples G Lt&Coke
35
Apr
18
150
Northwest Bancorp com..»
conv
Jan
10%
50
Billdlng, Ctevsland
telephone: OHerry 6060
1
20
Penn RR capital
Mar
17
18
Northern 111 Finance com*
Penn Elec Switch
8
30%
180
13%
Union Commerci
59% June
Apr
6
100
13%
Noblitt-Sparks Ind com..5
com
8
34
34%
Nat'l Rep Invest Tr pref.*
National Standard com. 10
54%
Apr
59%
8
*
com
North Amer Car
52%
56%
*
National Battery Co pref.*
Natl Bond & Inv
50%
58%
Mountain States Pw prf 100
Mar
Feb
%
15%
1%
Apr
22
Apr
Apr
19% June
Jan
32%
Apr
10
Detroit Stock
Jan
24%
119%
Apr
Exchange
Jan
Mar
-
Williams OU-O-Matic com*
Wiscon Bankshares com..*
Woodall
Indust
Wrigley
(Wm) Jr
Zenith
4%
4%
1,000
3%
3%
3%
500
19%
.
80%
18%
_
2
com
(Del)..*
Radio Corn com
*
81
131
19%
6,650
2%
Par
Stocks—
Allen'Electric com___.„..l
Auto City Brew com
.
.
._ _
1
___*
*
Burry Biscuit com —12 % c
BriggS Mfg com
Burroughs Add Mach.
W. D. GRADISON & CO.
DIXIE
TERMINAL
-
"
Neysr York Stock Exchange
Detroit Edison com
Det Gray Iron
_
..
1
__5
1%
11%
June 3
to
June 9,
*
14%
Par
Aluminum Industries
Week's
of Prices
Low
High
Price
*
77%
Churngold
2%
_
"8%
*
_■
6
109"
Cincinnati G & E pref. .100
107%
Low
123
6
'
1%
Cincinnati Telephone—50
Cincinnati Union Stk Vds *
....J
Eagle-Picher
Formica
_
_,
96
Apr
5
June
Jan
17% Mar
77% June
2% Mar
98%
10
June
Mar
Mar
75
8
May
4
6
Mar
101%
11%
Jan
7-'
Jan
109
June
June
3
Jan
88
Jan
86
13
Jan
103%
Jan
1%
__ _
2%
9
10
insulation—
*
Hilton-Davis
1
Hobart A
9%
*
*
117
2%
99
9%
16
16
10
41~
40%
41
120
29%
57%
12
24%
56%
26%
936
58%
1,521
100
U S Printing..
8
Jan
12
Apr
June
12
Apr
389
1%
4
7%
8
Apr
June
5
100
8%
235
6
Apr
10
73
Feb
90
90
27%
Jan
1
Feb
4% May
June
Exchange
Week's Range
for
Sale
of Prices
Week
Low
High
Range Since Jan. 1, 1939
footnotes ->ee
1%
100
1%
Apr
2%
Jan
14%
80c
2%
13
215
*
500
2
100
,
Jan
825
1%
*
Jan
2%
Jan
Mar
1.00
Jan
12%
400
1%
4
Apr
76c
250
1%
14% May
Mar
2%
100
.
2%
Apr
101
122
16% June
123
Jan
Feb
1%
1%
Apr
2
300
1%
Apr
2%
Jan
11%
100
9%
Apr
13%
Mar
•
Apr
1%
200
1
200
12
Apr
19
19%
•
Feb
14%
.3
5
page
TV
3515
,
515
1%
250
2%
Shares
4%
4%
10%
1%
1%
Feb
Jan
16
Feb
Mar
Apr
2%
May
Feb
19%
June
Apr
7%
Jan
340
4%
4
7% June
*
7%
7%
120
Qeneral Finance com
1
2%
1,304
44%
2%
45%
2%
2%
750
75c
75c
500
37c
-40c
General Motors com.... 10
45%
1
•2%
Goebel Brewing com
•
1
Grand Valley Brew com..l
Hall Lamp com
*
Houdaille^Hershey
Graham-Paige com
2
2
■
1%
Apr
2
500
F.25
Jan
Feb
45c
Mar
2
235
12%
653
345
4%
"45c
41c
47c
43c
42c
45c
...
24%
23%
24%
1,680
1%
100
2
2
Masco Screw Prod com... 1
67c
-*
McLanahan Oil com
1
Mich Steel Tube Prod.2.50
McAleer Mfg com
Mich Sugar com.
Micromatic Hone com
—
f
Motor Wheel com..
*
Parker Rust-Proof
Reo Motor com...
Rickel (H W) com
20%
Jan
1
Jan
24% June
1%
Jan
Jan
300
1%
70 c
800
500
26c June
h
66c May
26c
VA
Feb
96c
»
Mar
70c
Mar
19c
1,600
12c
Apr
30c
5%
200
5%
Apr
8
35c
225
32c
Apr
50c
3
400
1%
520
1.00
14
14
5%
2
95 c
Jan
Apr
205
10%
Apr
175
4%
Apr
3
1.75
16
8%
Jan
Mar
Jan
June
Jan
Mar
Jan
3%
725
3
Apr
4%
Jan
42
42%
1,004
36
Apr
43%
Mar
17%
110
12%
Apr
18
3%
Jan
Apr
8
Mar
1%
1%
256
1%
Apr
2
Mar
1%
1%
201
1
Apr
1%
Feb
3%
24%
3%
24%
2%
Apr
3%
May
210
22% May
25%
15%
15%
16%
7
"l%
5
_.2
10
*
Jan
.
17%
42%
*
Pfeiffer Brewing com
Jan
55c
2%
5%
com2.50
Prudential Investing com. 1
76c
42c June
67c
3
1%
Packard Motor Car com..*
Parke Davis com..
41c June
425
17c
10
Murray Corp com
Jan
1,150
35c
14
Jan
Feb
8%
5%
*
1
Mid-West Abrasive com50c
17
Apr
Jan
Apr
,
26c
Mich Silica.
2%
Apr
9
5%
La Salle...
Mar
2%
Apr
1%
com.._l
com_____-_.l
Kresge S S) com
10
Hurd Lock & Mfg
Kinsel Drug
51%
Mar
75c
30c
.
.12
5%
12%
7% June
2%
Jan
Apr
38
2,197
•
Hudson Motor Car com..*
"15%
4
Sheller Mfg
7
100
565
6
194
13%
4
200
14
210
3% May
Apr
10%
Apr
5
Jan
Jan
Apr
18%
Jan
1
2%
2%
2%
350
2%
Apr
3%
Jan
Tom Moore Dtst com
1
*
*
*
1
25c
25c
25c
100
25c June
55c
2%
2%
100
2
3%
Low
3
3
500
1%
1%
600
2% May
Jan
1%
94c
95c
350
12%
12%
300
—
United Shirt Dist com
High
8%
25
6%
Apr
9%
Mar
6%
6%
50
6%
May
8%
Feb
13%
Timken-Det Axle com... 10
Union Investment com
8%
100
Amer Coach & Body..
For
Jan
1%
1
1
Fruehauf Trailer
Universal Cooler B
Airway Elect pref
Jan
18%
Tivoli Brewing com
Sales
Last
Price
_»•-
Stearns (Fred'k) com
both inclusive, compiled from official sales lists
Par
_ _
Scotten-Dillon com
Friday
Stocks—
Feb
June
11% June
27% May
Feb
1%
5% June
8% June
Cleveland Stock
June 9,
Jan
41
29%
Mar
36%
5
18
Jan
230
35
8
June
Mar
36
87
Apr
16
34%
216
5
10
Preferred
Jan
Mar
25
10
230
259
100
Wurlitzer
11
Apr
June
9%
10
Western Bank
May
Mar
June
11%
1%
Apr
9%
June
58%
118%
10%
*
7%
,15
3%
14%
26%
9%
10
2%- May
20%
Apr
Apr
50%
118% June
10%
U S Playing Card
.
10
118% 118%
*
to
25
230
Rapid
3
420
12
26%
___*
Sport Products
June
75
100
8% preferred
120
10
28
*
5% preferred
14%
•
139
28
*
Kahn
Kroger
284
96
14%
"~~2H
*
Gibson Art
Procter & Gamble
31%
Apr
Gemmer Mfg B^:.___
1%
10p
60
1%
1%
95
_
Gar Wood Ind com_
'
Cincinnati Street Ry_._-.50
.
Frankenmuth Brew com__l
1939
High
May
15
73%
0
109
3
45
20
2%
2%
99% 100
8%
8%
Cincinnati Advert Prod..*
Dow Drug
7%
Apr
11%
'
Shares
16%
77%
77%
£,
Range Since Jan.
for
Week
5
1-6%
100
Burger Brewing
*
Champion Paper pref__ 100
_
Range
5
Amer Laundry Machine_20
...
Federal M ogul com
Sales
Last
Sale
Balwin pref
Apr
17
245
14%
\
2%
1
Durham Mfg
Jan
645
1,417
13%
both inclusive, compiled from official sales lists
Friday
Stocks-
Exchange
—
5
6%
22%
1%
1%
11%
"1%
Det Steel Corp com.
Jan
May
1%
Det-Mich Stove com.__.-l
Cincinnati Stock
40c
3%
15%
16%
117% 118
118
com____..5
Det Paper Prod com
Apr
May
80c
*
100
25c
3
14%
2%
2%
.
10
_
130
300
6%
—
Deisel-Wem-Gil com
Teletype: OIN 68
Jan
27c
3
13%
"■
Consumers Steel
BUILDING, CINCINNATI, O.
Telephone: Main 4884
—
1%
21%
"22"
—
Continefttal Motors com. .1
Crowley Milner cora._
Feb
*1%
27c
■
Consolidated Paper com .10
"
High
Low
200
1%
■
.
3
27c
Baldwin Rubber com.._M
Cincinnati Listed and Unlisted Securities
Members
1%
;
Range Since Jan. 1, 1939
Shares
~
1%
3
Atlas Forge.
Cincinnati Stock Exchange
Price
/
Sules
Warner Aircraft com
Yo,'T,e' Sn*,i»ic:
Wl-e...
.
*
....
12%
Apr
94c May
10%
A or
4
Jan
Jan
Mar
2%
Feb
1.50
Mar
I"
Jan
3514
Financial
Chronicle
June 10, 1939
Philadelphia Stock Exchange
June 3
June 9,
to
both inclusive, compiled from official sales lists
Wm.Cavalier&Co.
Friday
New
Lot
Par
American Stores
Los Angeles
.100
12244
American Tel & Tel
Teletype L.A. 290
Budd (EG) Mfg Co
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Friday
Sales
Week's
Last
Sale
Stocks—
Par
Price
Range Since Jan.
for
Range
I, 1939
5
654
40c
Bolsa-Ctilca Oil A
254
corn
Broadway Dept Store
*
Shares
Low
High
Backing Corp
Chrysler
com..*
Corp...
5
Consolidated Oil Corp—
Consolidated Steel Corp*.*
Preferred
554
654
8,235
354
Jan
654
May
40 c
40c
4C0
40c
Apr
75c
Jan
2 54
244
554
1344
750
IK
Miv
3^4
'
■■
554
Byron Jackson Co
■
554
*
com
Electric Storage Battery 100
General Motors
10
Horn & Hard (Phila) com
Lehigh Coal & Navlgat'n *
Lehigh Valley..
50
May
50
"SK
Philadelphia Traction...50
Apr
8344
Jan
Scott Paper.
Apr
944
Jan
Transit Invest
Mar
75
6034
Jan
644
11
June
Douglas Aircraft Co
Electrical Products Corp.4
06854
Apr
7054
Feb
150
9
A pr
1134
Mar
Ernsco Derrick & Equip..5
Exeter Oil Co A com...., 1
8
8
8
335
654
Apr
1044
Jan
45c
45c
46c
300
40c
Apr
6744c
Jan
Jan
399
Gladding-McBean & Co..*
654
644
.*
8
8
8
Goodyear Tire «fe Rubber.*
29
Hancock Oil Co A com.,.*
Holly Development Co.
I
4154
Hupp Motor Car Corp... 1
6
Apr
1.144
June
51K
954
100
634
Apr
29
595
24H
Apr
419
33
Apr
4244
1,15
1.25
6,300
134
134
154
200
O1044 01044
15
12c
27 54
2 44
12c
12c
2754
534 % 1st pref
Pacific Indemnity Co
Pacific Lighting com
25
Jan
June 3
June 9,
to
Apr
134 dune
10
May
6c
1
♦
14c
Apr
Apr
Stocks—
Par
3
Jan
454
Mar
300
40c June
60c
Apr
2,020
244
June
554
Jan
Blaw-Knox Co
60c
2,250
55c
May
85c
Jan
Byers 1AM) Co
1054
250
9 X
28
Apr
Mar
Apr
1254
33*4
300
Republic Petroleum com.l
234
3154
5)4 % preferred
Richfield Oil Com
.50
com
..*
Roberts Public Markets..2
24
Arkansas
Ryan Aeronautical Co...l
644
45
Sontag Chain Stores Co..*
954
80 Calif Edison Co Ltd..25
'
Duquesne Brewing Co
5
3354
Fort Pitt Brewing
1
874
Jan
200
624
June
654
200
2K
Apr
354
Jan
'
20
3 44
36
Koppers G & Coke pref 100
Lone Star Gas Co com
844
Unlisted—
Amer Rad & Std Sanl..__*
Smelting & Refg.
Amer Tel & Tel Co
*
loo
Anaconda Copper
50
Atlantic Refining (The)"25
Aviation Corp (The)
(Del)3
Bendlx Aviation Corp....5
1
"1
Co
*
Foods Corp
Goodrich (B F) Co.
fntl Nickel Co of
"l~*
Canada"*
International Tel
A Tel
Kennecott Copper
Loew's Inc
"*
Corp""*
..II*
Ward & Co.*
New York
Central
Nor American
RR__~*
Aviation
American Co
Jan
754
May
Apr
5634
Jan
10
Mar
17 34
1254
Jan
•60c
Jan
854
Feb
854
37
734
Apr
30c
100
30c
Apr
1644
954
•»
Socony-Vacuum Oil Co "
Standard Brands, Inc
*
Standard Oil Co (N
Studebaker Corp
15
*
J)""" 25
"
1
Swift & Co..
United Aircraft
Corp
*P
f
United Corp
(The) (Del]
(Dei).*
United States
Rubber Co 10
S Steel
Corp
Warner Bros Pic'tures"r
WesUnghouse El & Mfg 150
see page
Apr
534
134 June
Apr
1134
3
Jan
Jan
Apr
11654
.
Jan
Pittsburgh Plate Glass
.25
.
J
~
*
~
~
«•
^
-
20
United Eng #
Foundry...5
June
United States Glass C6...1
27 44
-Ian
29
June
Westlnghotise Air Brake.. *
Mar
34
June
'Westinghouse,El &. Mfg.50
2154
Jan
3044 Mar
1044 June
754
Jan
1944 Mar
Pennroad Corp v t C.....1
May
Apr
Apr
1644
1244
May
400
Apr
1654
Standard Steel Spring
Jan
9 44
4
Mar
644
June
200
2
94
Apr
5
J&n
844
200
8 44
Apr
10
19 44c
Mar
30c
le
Jan
5c
4c
306
43 54
1254
4354
110
3544
Apr
5354
Jan
4034
June
2534
Apr
3334
Mar
50c
Mar
75c
Mar
18
Apr
3154
Jan
183
8334
Apr
11834
Jan
10
134
Apr
16854
411
H944
Jan
16854
154
255
t
Jan
234
1877
INVESTMENT SECURITIES
June
243-4
2554
a20M O2044
91
;
FRANCIS, BRO. & CO.
Jan
163 54
24
75
100
«Tulsa. Okla
Jan
FOURTH AND OLIVE STREETS
,
v
Feb
50c
m
....
Jan
1,000
3
„
Jan
244c June
101 34
Apr
2834
21%
2154
95% 101%
f.
May
154
100
Jan
20
.
Jan
•
4034
Mar
934
May
Alton, 111
June
100
"
200
Jan
534
Apr
20
Unlisted—
Mar
8
*
434
10
2
50c
Mar
,
9054
50
5%
20
June
196
254
5%
~
-
44-
2754
179
10054 1013-4
—
W
2954
6j4i
Feb
2
Jan
25 24
7 44
954
Feb
Apr
150
Jan
>Pr
Apr
Apr
593
7234
A pi
4044
2,105
Feb
Feb
734
23
Apr
Mar
Mat-
1.50
5734
83/
2854
10 24
134
14%
Jan
45
934
1,253
644
61
9%
25
760
90c
'
1%
4034
2834
32
30c
800
4%
Shamrock Oil & Gas Co._l
894
100
,
1.50
60 %
337
.
1%
13
1%
134
1134
ST.
LOUIS
MEMBERS
0544
a544
23 44-
24
02334 02544
454
oil
oil
•'
154
02444
554
02644
a4454
18
049 44
o654
3354
04544
.
154
1854
Apr.
3846
Ar>r
Mar
31
5
3
May
Apr
10 44
May
Apr
125
134
6
2654
Telephone: CHestnut 5370
521-4
1554
Fee
o
Mar
87
24
160
70
544
1254
244
2654
Jan
June 3
to June
Last
34 44
Apr
44 K
Jan
4454
June
24 54
55 44
Jan
225
1654
May
20
45 K
Apr
3354 3354
04454 04534
146
1554
1554
22?4
744
for
of Prices
Low
High
Week
Jan
Jan
Stocks—
American Iuv
Par
Price
*
com
Burkart Mfg com...
Central Brew com
644
30
4534
215
1554
325
34
34
1
^
^
^
Apr
944
Feb
...
May
3944
4554
Jan
Coca-Cola Bottling com__l
Mar
Coll ins-Morris Shoe
45
Apr
52 44
June
com.
_
1
5
com
„
»
^
"934
Ely & Walker D Gds com25
14
Apr
1
~~~8%
16
131
1244
Apr
19V6
Jan
Grlesedieck-West Brew cm*
5834
130
1954
Apr
28 44
Feb
Ham-Brown Shoe com...*
744
344
100
3 44
0 54
0944
654
d9%
654
280
544
1654
1654
175
1454
7434
76
ISO
6954
54
1144
Apr
744
34
a954
3
76
ol244
654
4444
654
01154 01234
644
744
43 44
4444
6";
654
a)7K a 1754
110
70
220
744 May
344 May944 June
6
10
Jan
Huttig S & D
54
Jan
International Shoe
Apr
1354
844
Mar
Apr
25
3954
Jan
76
June
Apr
1354
Jan
Midwest Piping & Sply cm*
Mo Ptld Cement com
25
744
Jan
Natl
Jan
3
June
160
544
Apr
854
Mar
1744
150
012 54 ol2 54
65
60
5
com
*
com
Bearing Metals com.*
2d preferred
May
Jan
1444
Mar
8454
Feb
Stix Baer & Fuller com.
Apr
4154
Feb
Wagner Electric com__...15
Apr
May
354
5144
Jan
69
Jan
284
35
43 34
40 54
43 54
363
4954
49 54
4954
547
a
454
o454
a454
110044 ol0044a!00J4
25
3515.
4
•
Apr
354
Jan
254 May
•
275
31
May
3454
254
300
934
Jan
360
93£
June
430
5834
854
57
234 June
Apr
634
1434 June
734 May
137
46
34
1,705
3334
96
434
120
435
15
834
34
7
33
11
"1034
w--*-.
_
634
17
11
1034
1034
23
23
5
18
Jan
8% June
5834 June
Jan
34
Mar
June
7
15
65
554 May
31
934
35
May
"
J an
4
6
Apr
1534
Apr
Mar
Feb
2134
Mar
854
Apr
1134
Mar
170
9
Apr
1134
Mar
10
22
Apr
29
10
634
634
132
6
Apr
554
634
315
5
Apr
75
Mar
634
Jan
Feb
Mar
Feb
366
35
60
934
434
*
Scruggs-V-B Inc com....5
4744
7954
3744
0244
244
-
323-4
17
20
1754
3744
a244
50
"3334
Laclede-ChristyClayPr cm*
Laclede Steel corn
Apr
3754 May
1154 Apr
7144 Apr
79 54
Jan
2
234
934
1434
7
National Candy com.
Jan
43 44
3954
June
20
June
.134
Jan
4
116
20
Falstaff Brew com
100
Scullin Steel com
3954
01254
7954
3744
o2>4
3454
1434 May
300
134
34
Jan
High
Feb
3234
*
2254
22 44
27
>70
16
134
3
~
Century Electric Co.... 10
Mar
—r
Low
395
3454
16
—
Shares
"
—5
'
5244
Range Since Jan. 1, 1939
Jan
3744
,"
Week's Range
Sale
Feb
Jan
Sales
Friday
Feb
Jan
Exchange
9, both inclusive, compiled from official sales lists
Feb
744
2754
04944 04934
o6 54
o654
5054
Teletype: St. L 193
St. Louis Stock
24
230
40
St. Louis Stock Exchange
St. Louis Merchants Exchange
Jan
2144
50
Chicago Stock Exchange
Chicago Board of Trade
.
New York Cotton Exchange
N. Y. Coffee & Sugar Exchange
Jan
Jan
Feb
14
24
.
Jan
1944
Mar
.
New York Stock Exchange
N. Y. Curb Exchange (Associate)
-Jan
23
1944
70
01144
18
Apr
180
140
154
,
2254
854
2944
454
024)4 02444
554
554
02 6 44 0 2 6 44
03544 03654
04454 o4454
*18
20
1144
Columbia Brew
al754
Texas Corp
,The)
25
Tide Water Assoc Oil
Co.10
Union Carbide &
CarD
Carbon.*
20
654
1%
—
1654
Co"""*
Jan
154
1254
4354
16044
2544
o2044
1544
.
For footnotes
"554
7
4
1,000
2254
Paramount Pictures
IncIIl
Radio Corp of Amer
*
Republic Steel Corp.II"*
Sears Roebuck &
Co.III *
'
Jan
320
1,000
*
*
Packard Motor Car
Hl»h
2734
Apr
.1454
960
20c
1
Ohio Oil Co
Low
50
%
490
254c
234 c
o30 54
General
Range Since Jan. 1, 1939
for
Shares
1%
20c
454
A
Mar
2
244c
,5
CurtlRs-Wrlght Corp.
9 44
454
244c
25
Continental Oil Co
Jan
.
1%
c
Canadian Pacific Ry_.l
Commercial Solvents
**
(Dei)"5
654
11654 June
IK
20c
o544
2334
02544
Commonwealth & South
Jan
114
244
Borg-Warner Corp
*
11154
2
234c
10c
.........1
Electric
17
ESTABLISHED
Calumet Gold
193
Week
High
1254
„•
ZendaGold
Feb
35
.10
May
2,046
1534
•
Feb
1344
Mt Fuel Supply Co
10
2,205
834
3854
Apr
Pittsburgh Brewing Co—*
Apr
644
Gold....10
Black Mommoth Consul I ()c
Jan
1054
Natl Fireproofing Cbrp___*
7H
1034
Alaska-Juneau
354
3154
Jan
100
2654
254
Feb
Apr
83
19,017
Jan
-
10.44
254
2
436
Jan
June
_
2644
634
Jan
544
744
Pittsburgh Steel Fdy pf 100
1044
644
Mar
254
10 44
June
2654
■
354
'54 May
481
10
914'
45
1354
944.
1,016
1
6
~
*
Feb
13 34
1534
Mar
344
30c
......
Mar
13 54
North
June
5H
34
1634
144
144
70
1.50
30 44
33 34
944
June
854.
"
145
3354
Montgomery
Jan
49
4,
7,571
29
Wellington Oil Co of Del.. 1
u
3144' June
054
Apr
435
600
2854
Union Oil of Calif
25
Universal Consol Oil
10
Yande Kamp'slI D Bakers*'
Weber Shwcse & Fix 1st
pf*
54
June
27
6
145
Mar
100
6
Consolidated Ice Co pref.*
29
General
Columbia Gas & Elec Co.*
Mar
44
Class
Mar
June
2934.
634
1054
1544
May
'
May
44
Taylor Milling Corp.. _..*
Transamerlca Corp
2
5054
11
30c
29 54
2934
Amer
1
3244
44.
Mining—
Carnegie Metals Co.
Jan
2944
So Calif Gas 6% pref A..25
Southern Pacific Co... 100
Standard Oil Co of Calif..*
Apr
40
~"$~k
Jan
5 4%
.25
4354
7
..*
Jan
Original pref..25
6% preferred B__
25
preferred C
Mar
264
May
39 %
""40""
com
27 34
43
9%
2054
944
154
11
3144
45
954
27
444
Feb
54
17%
...I..*
.29 34
844
544
m
4244
May
5044
Low
1714
Pittsburgh Screw & Bolt..*
Safeway Stores Inc...."..*
Mar
3
654
"
50
3144
8
Jan
Sales
100
200
234
454
554
Jan
515
of Prices
IHatl Gas Corp—
654
3144
Feb
Apr
2944
227
Wtek's Range
Allegheny Ludlum Steel..*
33 H
49
a'iO
234
854
554
205
3154
3254
'4854
654
654
1,572
944 $22,000
Price
Armstrong Cork Co......*
1054
3154
3254
Pacific Public Service com*
Jan
11944
Apr
244 June
115
478
'
9
Sale
400
55c
„
2454
254
Mar
1554
100
115
3054
254
Last
.
Jan
254
49
1,786
Feb
Feb
2 3-4
3244
1754 •1854
'244
244
11754 11944
2954
3044
244
254
4
344
Friday
244
1144 May
Jan
254
54
030
Feb
:
J ah
40
3054
40c
3334
1
both inclusive, compiled from official sales lists
May
Apr
4
a30
10
2,278
Jan
Pittsburgh Stock Exchange
Feb
854
Apr
1054
3154
32 J4
Oceanic Oil Co..
1
Pacific Finance pref A
10
Pacific Gas A Elec com. .25
0% 1st pref
•
25
154
244
Bonds—
Preferred..
Menasco Mfg Co
Jan
Mar
902
'
254254
35
3454
1254
1344
11554. 11654
13
Flee fc Peonies tr ef fs 4s *45
134
40c
•
40 c
544
944
244
254
..__*
22K
454
434
...1.1
.'t 1
354
Apr
54
54
*
760
254
60c
Investment. 10
Mascot Oil Co
Apr
Apr
50
*
2,514
234
254
-
Mar
"
92J4c
1,425
28
Jan
12544
Jan
Jan
38
4154
Lockheed Aircraft Corp..!
Los Ang Industries Inc
2
112
Mar
Mar
4134
Lincoln Petroleum Co.. 10c
Los Angeles
V
Apr
2754
.
ol()34
.
9% May
3754
200
.
Mar
■
1.20
..
Lane Weils....
360
'
644
Golden State Co
3
100
659
10
5154
354
854
Preferred
Preferred
115
3044
654
.
United Corp com..
Apr
3644
644
10
Union Traction........50
United Gas Imp com
Apr
620
Corp.......
;
11
Jan
Mar
Apr
486
4454
225
Jan
8454
Apr
2844
5
844
5054
Apr
5854
354
2354
254
354
....*
Preferred
454
Apr
3544 May
754
m
Mar
:
50
Jan
Jan
7 K
.
2954
Feb
3 34
Farmers & Merclw Natl 100 1383
o383
a383
Fltzsimmons Stores A.....
1154
1144
1134
General Motors com ...10
4534
4544
4544
,
8
1,400
2,440
180
154
1854
16
7
Mar
30
154
17
382
Mar
124
754
Apr
61
17044
Apr
25
244
244
7 % preferred
Apr
11744
354
Phlla Elec of Pa $5 pref... *
Phila Elec Pow pref.
25
Phlla Rapid Transit.
14854
83
37
254
..50
Penn Traffic com
1254
6954
115
Apr
205
1034
2744
—
June
15
554
1044
5
Feb
Apr
541
5
454
5 34
80
11
954
06 8 54 008 54
1054
High
844
37
1334
120
754
754
454
11
:
310
13 44
ol854 01854
6944
7244
1344
al854
7144
754
544
Low
505
69J4
454
2754
4454
5
Pennsylvania RR
Bandlni Petroleum Co..
Range Since Jan. 1, 1939
Sharet
High
1054
1144
16354 16854
12144 123
.100
National Power & Light..*
Pennroad Corp v t c
1
Week
of Prices
Low
High
Berkey & Gay Furn Co_..l
Calif
Low
1144
16844
Corp
Curtis Pub Co
Los
Price
*
Preferred
June 9,
Week
Bell Tel Co of Pa pref.. 100
San Francisco Stock Exchange
Chrysler
to
for
of Prices
Chicago Board of Trade
Angeles Stock Exchange
623 W. 6th St.
June 3
Week's Range
Sale
Stocks—
York Stock Exchange
Sales
Last
MEMBERS
4544 May
4
Apr
10* K
Mar
654
110
Jan
Jan
Sterling Alum
4.
*.
—
75
25
5734
Jan
85
Mar
*
634
634
10
May
13
100
Sedalia Water pref
9034
534
654
9034
15
9034
June
9034
June
534
100
434
Apr
654
Jan
30
27
30
275
534
2134
Apr
3234
Mar
23
28
$2,000
2434
Jan
30 %
Mar
2854
2934
10.000
24
34h
Jan
3134
Mar
2754
28 V4
21.000
2434
Jan
3114
Mar
1
com
_
10
"2934
654
6
Jan
'
Jan
654 June
Bonds—
t City & Suburb P S 5s.'34
t United Ry 4s c-d's
t 4s
1934
_
2834
Volume
Financial
148
Chronicle
3515
Sales
Friday
Last
Orders
solicited
Stocks
Pacific Coast Stock Exchanges, which are
M. Eastern Standard Time (2 P. M. Saturdays)
on
open until 5:30 P.
{CondudeS)
M J & M M
111 Broadway, New York
Cortlandt 7-4150
6
Monolith Port Cem
com
compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
Sales
Week's Range
of Prices
Price
Low
Range Since Jan. 1,1939
for
Week
Low
Shares
High
■High.
'
Anglo Amer Mlp Corp.-.l
13c
19c
500
13c
Anglo Calif Natl Bank. .20
8k4%
83*
334
8% May
5
604
6%
63*
325
Associated Ins Fund Inc 10
Atlas Imp Diesel Engine. 5
Bank of California N Au_80
130
180
Byron Jackson Co
13 k
-----
Calamba Sugar pref
21
37c
ml
—
—
«,
M,
190
Apr
17
—
^
«,
21%
Feb
Jap
35c
Jan
183*
528
52
10
135*
48%
Apr
Mar
20
98
42
30c
405*
1025*
3%
Apr
1,769
42
16%
5%
10%
82
81
40
163*
53*
103*
823*
12
35
12
175
"17 H
Emporium Capweii Cofp. *
Pref fww)
.....50
Ewa Plantation Co cap.20
54%
Mar
107
Apr
Apr
Jan
4%
Jan
150
19%
65*
145*
Jan
"01
Jan
10
8
Apr
21
173*
14
50
18
Jan
42% June
31
190
Jan
35%
1,245
Jan
36
-
June
42
V
«
'
200
37
Jan
42
June
89
290
347
Apr
Apr
June
32
79%
21%
89
30
45%
42
86
-
32,
32
June
23
60
21
443*
6k
453*
1,514
63*
100
5
Apr
Apr
Apr
83*
4,543
6
Apr
30%
61%
8%
85*
100
37
Mar
8%
8
"22%
20
Hancock Oil Co of Cal A_*
40%
1
1.15
403*
223*
1.25
403*
163*
38%
"40 %
16%
16%
1-.65
113*
45
30
315*
33
1.65
50
LeTourneau fR G) Inc...!
4.
*
•»
-
»
**
28
Apr
40% June
Feb
17
1.40
258
43
Langendorf Utd Bak B... *
42% May
22% June
1.40
Jan
12%
90
Apr
Apr
37
310
11 k
45
Hunt Brothers pref..... 10
40
Jan
Mar
95c
150
10
Feb
Mar
17%
1,505
1.550
Honolulu Plantation Co. 20
Mar
May
1.80
Apr
19
11
Feb
11%
27
27
23%
25
18
25
185*
265*
29%
190
6%
5%
.26%
29%
Apr
Apr
335
20
Apr
125
15% May
23%
Jan
28%
Jan
28%
25%
26%
^
Mar
8%
Mar
669
456
3
6%
6%
6%
117
7
200
100
3
Jan
6
Feb
Mar
Mar
Jan
27% Mar
29% June
4
June
6
May
.5% May
40
.
50
«37%
2%
2%
40
Jan
7%
Mar
8%
June
22
40
a37
a37%
35
Jan
100
2% May
10
......25
com
Feb
27
50
3
7
5%
4%
Mar
200
100
55c
55c
100
40c
Apr
5
5
5
100
4%
5%
5
5%
206
4
Apr
May
J. G.
Mar
44%
42%
Feb
65c
..5
54c
Jan
3% May
Apr
75c
44% May
%
Feb
69%
Jan
%
Feb
Feb
1.00
Jan
6%
Mar
5% June
Lonsdale, Former President of A. B. A., Receives
of Doctor of Laws from University of
Arkansas
"'r;.-
The
degree of Doctor of Laws was conferred upon John G.
Lonsdale, President of the American Bankers Association
1929-1930, by the University of Arkansas at the commence¬
ment exercises held at the University on June 5 in Fayetteville, Ark. The degree was conferred by Governor Bailey of
Arkansas on behalf of John 0. Futrall, President of the
University. The following regarding Mr. Lonsdale is from
an announcement issued by the A. B. A.:
Mr.
Lonsdale
was
of
Co.
institution—the
12%
ftlar
tinuing
45
June'
January, 1933, and
May
4% May
225*
Apr
350
5%
37%
5dc
as
St.
institution was merged with the
He served as;President of the con¬
Louis.
Mercantile-Commerce
U%
15 k
153*
2,80
1
7%
6%
26%
24%
73*
253*
243*
1,354
1,095
1,101
115*
2.45
50
255*
Apr
34
40
Mar
25
245* June
Jan
23%
31
25
28
Mr.
Mar
No Amer Invest 6 % prf 100
«r
Occidental Petroleum....1
12c
12c
4
4
5
"ilk
10%
113*
1.85
1.80
1.85
32 H
6% 1st pref..
:..^25
5%% 1st pref.......25
Pacific Light Corp com...*
33 %
30 %
313*
313*
303*
323*
333*
303*
2,037
2,698
2,000
48
483*
1063* 1063*
1,392
..*
Pacific Pub Service com..*
6k
63*
203*
*
"~132
30
Lonsdale is co-trustee of the St. Louis .& San Francisco Ry. and
•
A...100
-mtmrn.-'
8k
108
Ryan Aeronautical Co...l
133*
8
106
6k
53*.
Jan
2.40
Mar
33% June
of
30% June
Feb
according
49%
Mar
June
147
Feb
154
May
7%
5% May
32
8%
60
Apr
10%
6%
10%
May
Apr
2 25
500,
165*
3%
Apr
Apr
,10%
20
100
Jan
108
6,569
63*
—The Chicago
34%
Jan
June
1,480
He
was
Presi¬
NOTICES
CURRENT
,
Apr
22
83*
Chairman of the special Committee
dent of the National Bank Division for the year 1921-1922.
Feb
133
133*
as
Rail Mergers of the Commerce and Marine Commission.
on
Jan
318
5
Mar
108
the A. B. A. as President in the year 1929-J.930,
as a member of the Executive Council
11% June
Apr
Apr
10
former Vice-
Jan
500
i
9
2.45
a
Louis Clearing House Association.
and Administrative Committee and
41 k
60
He is
Mr. Lonsdale has served the A. B. A.
31%
113
33
.
In addition to serving
Feb
114
53*
9
5%
6%
Feb
Jan
50
h
of the St
28%
1,307
1533*
2.40
19c
Jan
8
675
63*
133
3
9
2.40
com. 1
Jan
109
130
53*
»%
Apr
Louis.
President of the United States Chamber of Commerce and past President
Jan
1045*
Apr
35* May
185*
Apr
153
Preferred. ......... .100
REAR Co Ltd com.
*
RE& R Co Ltd prefT. 100
Rayonier Inc com....
1
Mar
1.4B
"27%
130
22
16%
55*
5
600
Pacific Gas A Eiec com..25
16%
Mar
12p May
3% May
1,010
Pacific Coast Aggregates 10
May
5
175
<
Jan
Apr.
2.45 June
800
Paauhau Sugar Plant... 15
Pacific Can Co com. .....*
67c
11
10
12c
5
4
-
Apr
Bank & Trust Co. until
Chairman of the Board of Directors until January,
1937.
Mar
Mar
2.45
50c
St.
to 1920, when that
Trust
100
43*
4%
27%, 283*
Bank of Commerce,
President of the National
Louis, Mo., from 1915
Mercantile
34
290
1
11%
660
Jan
113*
com
50
65c
Jan
11%
15%
Richfield Oil Corp
48
al%
a%
Apr
413
Roos Bros pref ser
Jan
495*
22
50c
Rheem Mfg Co....
45
65c
460
50c
Republic Petroleum
26
16
495*
a%
85*
38%
■-
1
1st preferred........
Jan
47
28
24%
director of the Federal Reserve Bank of St.
Magnavox Co Ltd—___2%
Magnln A Co (I) com....*
March Calcul Machine...5
Pacific Tel A Tel com.. 100
25% May
15
13%
20%
18%
Jan
.25
No par value.
a Odd lot sales.
A Ex-stock dividend,
d Deferred delivery.
Cash sale-^-Not Included in range for year.
* Ex-dlvidend.
y Ex-rights.
Listed,
t In default.
Mar
•
22
*
Golden State Co Ltd..... *
$6 dividend
500
16
Feb
Jan
Mar
Feb
47
'
-
West Coast Life Insur....5
Feb
36
6%
Oliver Utd Filters B_..__*
5%
Mar
Apr
425*
General Paint Corp com..*
5k % pref._-._..._^100
Occidental Insur Co....10
40
Mar
6%
8%
19%
Mar
77
16%
42
■
Galland Merc Laundry __* 'j*
General Motors com
10
Menasco Mfg Co com
06%
4%
52%
Apr
Apr
Apr
Apr
al%
11%
6%
5%
£
Warner Bros Pictures
t
Jan
3%
com- .5
Utah-Idaho Sug Co
f
Apr
44%
"
United Aircraft Corp cap. 6
June
Jan
Jan
25
'
47
Sup Port Cem pf A.
20
16c
37c
lie May
4
Feb
100
24%
'-i*.
W
.1
United Corp of Del...
.*
U S Petroletim Co.
1
United States Steel com..*
*
Jan
347
Standard Brands Inc....*
VicaCo
Jan
40%
fl65*
155*
a6%
.....25
Studebaker Corp com
Feb
4
i50
2.50
Apr
4%
,S P Gold Gate 6% pref.100
June
230
36
Food Machine Corp com 10
com
6% preferred
42
9 *
.
Apr
Apr
4%
Schumach Wall Bd pref._*
Shasta Water Co com.,
*
So Calif Edison com....25
108
450
42
42
Fireman's Fund Indm ColO
National Auto Fibres
Mar
.
21o
20
52
Jan
Mar
1.50
29
4,400
4%
4%
51%
Radio Corp of
America.., *
Riverside Cement Co A.-*
Santa Cruz Port com
12c
11c
Park Utah Cons Mines...!
Pioneer Mill Co..
.-20
Jan
1,388
75
Jan
7
9%
Apr
Degree
D1 Giorgio Fruit pref-.100
Llbby McNeill & Llbby..*
Lockheed Aircraft Corp..l
45o
Onomea Sugar Co......20
Pacific Port Cem pref.,100
103% May
195*. May
Apr
16J*
330
20
Mar
June
102% June
Jan
120
33*
19
52
Jan
378
443*
20
20
1,400
105
10 5*
*
Preferred-
Jan
Mar
104% 105
Cons.Chem Ind A
cap
Jan
'
25c
20
Creameries of Am Inc vtc. 1
Crown Zellerbach com...5
.
Apr
12
110
3%
—
.*
m w
Csr Cos G & E 1st pref. 100
Col Broadcast Syst A.2.50
Ltd;..*
124
2,500
105
«.
Clorox Chemical Co.... 10
Hawaiian Pine Co
Feb
29c
4434
Preferred-.......... 100
Cent Eureak Min Co com 1
Holly De vei opment.
Home F & M Ins Co
45
102 % 102 y.
38c
37c
102%
com.. *
Fireman's Fund Ins Co..25
6%
7% May
18
"Ii%
..50
Preferred
Apr
4J* May
390
133*
Mar
10% May
213*
25c
Calif Water Service pf.100
Carson HU1 Gold cap
l
Caterpillar Tractor
30o
June
52
20
Calif-Engels Mining Co. 25
Calif Packing Corp com..*
Preferred
134
4
<
375
North American Aviation 1
Oahu Sugar Co Ltd cap.20
Exchange
5% June
400
_*
Nash-Kelvlnator Corp.-.5
June 3 to June 9, both inclusive,
22c
1.75
42%
6
25
22c
High
Apr
31%
2,630
1.70
Cons......_l
Low
370
a32% o33%
Montgomery Ward A Co.*
Mountain City Copper;
.6
Private Wire to own offices In San Francisco and Los Angeles
Shares
a7
lie
Range Since Jan. 1,1939
for
Week
36%
5%
c7
Mines.. 1
Inter Tel & Tel Co com
*
Italo Pet Corp of Am com. 1
Italo Pet of Amer rref..*.l
Kenn Copper Corp com..*
Member* New York Stock Exchange
Range
36%
5%
.
Idaho-Maryland
Schwabacher & Co.
Francisco Stock
of Prices
Low
High
Price
Par
General Electric Co
San
Week's
Sale
14%
Jan
Jan
Mar
May
Jan
Jan
Jan
Jan
June
a
new
office;of Paine, "Webber & Co., has announced the opening
special department to specialize in Chicago traction securities,
to
Mahlon H. Bradley, bond department manager.
The de¬
partment will be in charge of Cecil O. Condit and Walter F. Wylie, both
with Pa.ul H. Davis & Co. until recently.
Both men entered the traction
security field with EL. Lobdell & Co., the oldest and largest traction
house in Chicago prior to
their recent dissolution.
Mr. Wylie was also
formerly with John Dunbar & Co. here and has been on La Salle street since
Mr. Condit was at one time with Farwell, Chapman & Co. and en¬
1020.
tered the investment business in
1921.
•
—R. K, Webster & Co., Inc., 40 Wall St., New
York City, has announced
publication of the twelfth edition of its State and Municipal Comparative
Debt Statement, which includes
dcgbt information on all cities,of over 30,000
Jan
population, certain smaller municipalities and leading counties throughout
42% June
country, the Philippine Islands, Hawaii, Puerto Rico and all the States
With it is combined the firm's State and Municipal Bond Ladder, a com¬
7%
the
Safe Stores Inc
*
com
Schlesinger Co B F 7% pf25
Shell Union Oil com.....*
10
252
11
May
135*
Jan
parative study of the credit position of States
235
26
May
32
Jan
over
12
123*
1,100
11
Apr
19%
Jan
34
So Calif Gas pref ser A..25
Southern Pacific Co
100
333*
133*
433*
263*
34
610
32
Jan
34
133*
945
105*
39%
25%
Apr
215*
Jan
Co., Inc. to conduct
Jan
46%
201*
Feb
opening of offices in Philadelphia.
Apr
Mar
21
Jan
35% May
4%
'
Sperry Corp partic
^..1
Standard Oil Co of Calif..*
26%
Super Mold Corp cap___10
......
Texas Consolid Oil Co... 1
35
433*
292
273*
353*
1,736
446
30c
31c
300
94%
Tide Wat Assd Oil pref...*
5,612
1,160
20
26c
Apr
6
Apr
Jan.
June
6H
Mar
36c
May
5% May
16% June
955*
Jan
75*
Jan
91
Jan
16k
Universal Consol OI1_ .__10
15%
«.
-
-v
«»v
Co 10
163*
153*
943*
63*
163*
153*
647
12
Apr
17
Mar
30
31
210
25
Jan
31
June
300
Transamerlca Corp......2
Union Oil Co of Calif....25
Western Pipe A Steel
30
53*
12J*
273*
12
Signal Oil A Gas Co A.... *
Soundview Pulp com
5
Walalua Agricul Co....20
Wells Fargo Bk A U T.100
413
423*
423*
53*
123*
273*
"~Y%
......
300
10
280
Apr
300
Jan
Apr
19
123*
110
123*
115*
19%
Jan
a
audi Territories and cities of
'
•
—Announcement is being made of
the formation of Tyson, Jourdan &
business in general investment securities, and the
The new organization
all of whom have been
actively engaged in the securities business in Philadelphia for a number of
years.
Associated with them are John K. Parker and John E. Nash.
Brusstar, James G. Faunce, Jr., and Oliver N. Long,
—Co wen & Co, announce the admission of Leo Trencher, member of the
New York Stock Exchange, to general
seat of
for
one
a
partnership.
The stock exchange
Harry G. Co wen, senior member of the firm, was recently transferred
nominal consideration, to Mr. Trencher, who
of the firm's floor members.
It
was
will in the future act
as
also announced that Edward
Elkan, formerly with George A. Seligmann & Co., is now
Unlisted—
is composed of
Eugene H. Jourdan, Edward H. Tyson, D. Gordon Allan, Margaret E•
Jan
6
50,000 population.
associated with
the firm.
Am Rad A St
Sntry
*
American Tel A Tel Co. 100
Amer Toll Bridge
~m~k
47c
a5%
(Del)_.l
Anaconda Copper Min_.50
Anglo Nat Corp A com
122
al23* al23*
1643* 1683*
504
45c
50c
9,600
253*
.93*
c53*
053*
253*
126
1
13*
93*
o53*
053*
13*
Bendix Aviation Corp...5
233*
74
74
Blair A Co Inc cap
6% pref 1927..
Cltiee Service Co com
Cnrri««»»-Wrtptit Gnrp
Domtnguez Oil Co
*
.3
100
.
Fibre Brd Prod pr pref. 100
17
Mar
Apr
170
Mar
380
Jan
21%
Apr
/
/:
,
45*
45*
1%
15
176
100
18
Apr
Apr
43
65
"36 k
......
a6
o5 3*
50
363*
180
31
A pr
10
107
June
353*
107
107
'
3%
29%
Apr
,15
6
4%
Jan
Mar
9
'•»
Feb
7%
37%
107
—The firm of Henry
11 Broadway, New
business by
De Meester & Co. has been formed with offices at
York City, to transact a wholesale and retail securities
Henry De Meester, who formerly acted as an
Harold B. Smith, formerly of
Feb
Association, is associated with the new
firm, which will specialize in seasoned
—The name of Gertlesr & Co.,
securities.
Inc., dealers in municipal bonds, has been
changed to Gertler, Stearns & Co., Inc.
Richard Stearns, who has been
Vice-President of the company since 1937, joined Gerler ,& Co., Inc. when
Jan
June
individual dealer.
Smith, Frizzelle & Co. and past President of
the New York Security Traders
Feb
June
76
Apr
May
-ar
Jan
74
70% May
74
o6
Msr
11% May
Jan
8%
6% Feb
Apr
50
74
670
36
8% May
60
o53*
100
10
»
*
147%
Apr
20
233*
Cal Ore Pwr 6% pf n-c.100
Aviation Corp of Del
Bait A OhlaRR com
12
it was formed in
1934.
Mr. Stearns was formerly associated with Ban-
camerica-Blair Corp. and B. J. Van Ingen &
Co.
3516
Financial
Chronicle
June 10, 1939
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Montreal Stock
Municipal Issues
Closing bid and asked quotations, Friday, June 9
Bid
Province ol Alberta—
11948
Jan
6s
Province of Ontario—
Ask
66
5s
Oct
62
6334
6s
Sept
15 1943
5fl
May
1 1959
*
6s
June 15 1964
93
95
6b
Dec
93 34
95
95
104
June
434e
106
103
4HB
1 1942
4e
12 1949
-Oct
1 1953
Province of Manitoba—
4Hs
Aug
11941
_-J*ly
6s
Bid
64 34
Oct
1 1966
Prov of Brittab Columbia—
4Kb
Jan
1 1902
15 1905
122
123 34
109 34 110 34
11634
4 Ha
.Apr
16 1960
Apr
16 1961
108
Mar
2 1950
11034 11134
Feb
1 1958
108 34 10934
May
11901
11234 11334
Sept 16 1962
6s
Mar
1 1960
27
4348
Oct
1 1951
79
81
Ogllvle Flour Mills
*
100
11946
6s
Dec
1 1954
4 He
July
11960
9534
3834
57
Mar
23
481
82
2934
Mar
Apr
94
1434
25
1434
June
15
98
20
99
May
Jan
102
39
140
38
June
125
125
25
^
r
Jan
•
Mar
Feb
4234
125
June
*
"1634
1034
1034
342
9
*
1134
11
1134
635
934
May
Apr
1934
Jan
J
40
40
40
May
6734
Jan
12
June
Placer Development
88
Jan
2234
98
-
,100
87
Feb
4534
61
38
-
100
Preferred
Jan
Jan
4134
4334 May
16
May
70
Apr
2734
1434
Power Corp of Canada
Price Bros <fc Co Ltd
9634
94 34
June
3234
100
Preferred
Sept
80
Apr
__*
_
Penmans
434s
Mar
1,915
117
7634
Jan
43
80
*
7534
70
Apr
7934
Nor an da Mines Ltd
4s
Mar
35
83
Ask
66
125
83
Bid
21
2,261
2934
195
81
Canadian Pacific Ry—
68
42
17
81
Ask
Mar
4234
15 1946
Bid
54
48
Nov
Canadian Pacific Ry—
72
17
6348
Apr
3,931
47
10934 11034
May
55
48
25
100
33
67
Preferred
35
Apr
55
4134
4234
Niagara Wire Weaving—*
Mar
734
May
■
32
42
June 15 1943
Railway Bonds
35
100
67
-
-
High
Fet>
634
10
10
10014
National Breweries——.*
Preferred.
perpetual debentures.
6s
Sept 15 1942
4 He
Dec 15 1944|
6s
July
1 1944
3234
.
Low
620
634
38
99 34
*
Range Since Jan. 1, 1939
Shares
40
Montreal Tramways—100
Ottawa L H & Pow
4 He
38
Montreal Telegraph
5s
Province of Nova Scotia—
534
534
National Steel Car Corp.. *
Prov of Saskatchewan—
109
•
100
Mont L H & P Consol
4s
Week
Montreal Cottons——100
Preferred.
434s
for
of Prices
Low
High
Price
Par
M cColl-Frontenac Oil
11034 112
4 Ha
Stocks (Concluded)
Week's Range
Sale
110
11034
11534 116
434«
2 1969
Prov of New Brunswick—
Sales
Last
Ask
Province of Que boo—
9634
Exchange
Friday
Quebec Power
-
-
—
100
v
125
June
12 34
Jan
93 34
94
12
12
12
20C
1834
1834
135
16
Jan
19
100
9234
9234
9234
35
93
May
98
Jan
8 ague nay Power pref— -100
10034 101
106 34
107
Apr
•
Rolland Paper pref
11334 11334
Bid
Bid
Canadian Northern Ry—
6 He
July
1 1946
Canadian National Ry—-
Sept
1 1951
..June 15 1965
Feb
1 1956
4He
4Kb
4Hb
1 1957
1 1969
July
July
4HB
5s
6s
-Oct
1 1969
6s
Feb
1 1970
Bonds
Ask
115H 11534
AtJt
50
pref. 100
121
123% 124 H
Sherman-Williams Canada*
116H 117
Jan
8s
116 H 117
11962
111 H
110
Last
Sale
Stocks—
Par
Price
Alberta Pac Grain A...-.
Preferred.:
120
Apr
42
1834
Apr
22 34
11
1,746
11
1134
1134
125
7634
7734
1,012
74
7434
257
Preferred
25
United Steel Corp
i
•
„
J
-
*
*
B
Exchange
10
15
1134
Viau Biscuit.
Grocers pref. .100
434
434
334
110
2
Jan
1434
12
Apr
Apr
7734
June
Apr
7434
June
334
234
56
110
110
Jan
Jan
Mar
6634
5
334
16
Jan
1034
90
434
16
May
Jan
07
May
Feb
12
Apr
*
1.75
1.75
1.75
517
10334
1.50
*
1.75
1.75
1.75
756
1.60
100
934
934
934
65
—
Preferred
7
Apr
Mar
Apr
May
Jan
7
Jan
3
Jan
Mar
1434
109
Mar
234
Jan
2.00
Jan
10
Mar
1.50
30
1734
65
634
5134
Apr
14
Apr
69
1.00
Apr
47
302
302
43
300
Apr
310
Royal
100
187
187
189
107
178
Apr
193
50c
Apr
27
.
234
3
6% cum pref
Aluminum Ltd
Jan
28
Mar
3
Mar
Beauharnois Pow Corp
Jan
9534
211
89
Apr
16
1634
310
1434
Apr
1.75
734
1.90
1,206
32
"834
.25
20%
834
1734
20 34
2,218
16
16
1634
1,176
9
320
434
Apr
17
Apr
28
Apr
1034
Jan
Mar
—100
*
1
*
Belding-Corticelli Ltd__100
7% cum pref—
.100
Brewers A Dist of Vane.
434
131
"~434
1.40
12^4
1234
25
434
434
434
434
50
25
1,575
18
Jan
Jan
Canada Starch Co Ltd. 100
17
May
Canadian Breweries Ltd..
Apr
110
June
Canadian
2734
27
2734
38
36
38
111
111
112
6
1.30
10
1934
Mar
21
Feb
Cndn General Electric. .50
Canadian
4
7
55
634
Apr
7
Jan
Cndn Gen Investments
Feb
Cndn Industries Ltd B
Jan
Cndn Intl Inv Trusts
Cocksbutt Plow
Distillers Seagrams.—-*
Dominion Bridge.—
•
Dominion Coal
pref
25
Glass.......100
Preferred
,
Preferred
"43
1834
"l2"
Electrolux Corp
__j
Rights
General Steel Wares
Preferred
434
2,400
6344034
7
387
44
5,287
25
40
•1834
1834
113
1134
534
7934
1034
6334
334
1034
834
1434
*
Foundation Co of Canada •
Gatlneau Power
»
Preferred
100
434
534
»
Dry den Paper
434
160
100
Dominion Textile
1.25
10
29
"l9"
113
1.100
Dominion Steel A Coal B 26
Dom Tar & Chem
134
75
25
*
Consol Mining & Smelting 6
Crown Cork & Seal Co...*
50
434
434
9
"94
94
'19
100
GoodyearT ref fnc '27—50
Gurd (Charles)
*
Apr
634
534
Apr
834
3734 May
Jan
2134
6134
10
Jan
2434
Apr
27
2034
110
210
70
Jan
78
Mar
Jan
65
Mar
Ford Motor of Can A
Mar
Fraser
1134
Jan
1634
Mar
JaD
9434 June
Jan
Mar
Jan
190
00
Mar
82
Jan
Apr
58
June
15
12
12
1.00
1.00
634 May
Jan
International Power
Lake of the Woods
Lang A Sons Ltd John A.
_
»
6034
Feb
94
534
Apr
034
June
Jan
Mar
Jan
35
101
Jan
105
Apr
33
Apr
5634
Jan
Apr
Jan
2234
Apr
2634
2734
334
Jan
Feb
Jan
Mar
Jan
Walkerville Brewery
*
Walker-Good A Worts (H)*
$1 cum pref
T:
*
T.I 5
25
634
107
Feb
Jan
Jan
Jan
734
109
Mar
May
1.15
1.15
50
1.00
1.40
Jan
423-4
4334
255
38*4
Apr
5034
Jan
2034
2034
127
1934
June
2034
Jan
35c
_2034~
30c
Apr
50c
8c
Jan
Mines—
Aldermac Copper Corp...*
35c
900
Beaufor Gold.
1
8c
8c
1,000
Apr
14c
Feb
1
15c
15c
650
15c May
28c
Jan
434c
5c
2,500
434c June
10c
Jan
5c
5c
1,000
50
10
Apr
1234
Jan
150
11
Apr
1334
Jan
Brazil Gold A Diamond M 1
25
4
Jan
5%
Mar
5
5
160
434
A
7H
Jan
•
nr
16
Apr
261
103
734
100
4
10
1234
June
83
10334
Sou Canada Power
4
10
16
29J4
734
734
10934 HO
Feb
_
Big Missouri Mines
Bouscadillac Gold
1234
Jan
Power Corp of Canada—
6OT cum 1st pref..— .100
Provincial Transport Co. *
23
115
Feb
1.05
Feb
4234
Jan
Jan
2434
Jan
Jan
Mar
"1234
10
50c
104
30
.....
6
20
Apr
834 May
23
Apr
5034
2434
2334
*
6
Jan
97
30
*
68
June
120
4834
3
46
275
Jan
1.75
97
~50"
112
52
775
1734
30
97
Mar
35
10
65c
Apr
Apr
Page-Hersey Tubes Ltd—*
1534
121
10
24
60c
8
1.75 June
25
Mar
3,164
120
10
24
10
25
25
Mar
1634
120
375
1634
1634
100
934
1.75
32
1234
1634
1734
934
32
Apr
Jan
535
934
June
Mar
1734
Jan
Jan
8
1734
1634
17
1034
2334
12
3534
"17"
Apr
Apr
25
Apr
•
Jan
6
17
100
Apr
77
Jan
525
16
May
Jan
5
12
2534
1434
3
Apr
415
43
88
7434 June
Apr
1334
Jan
1934
89
50
1C5
Feb
534
10
1,080
365
1934
16
1334
1,715
6
89
Jan
4
534 May
334
580
4134
10
75
Apr
534 May
May
10
3,922
334
3
60
6
434
Maritime Telg A Teleg—10
79
75
Apr
50
334
3
12
1534
2234
Jan
25
*
3334
4
334
Jan
35
.
38
Jan
*
96
2234
11.00 May
10
Mar
634
6
% cm pf 100
McColl-Fron 6% cm pf.100
Melchew Distillers Ltd pf*
Mitchell (Robert) Co
28
May
1.10
305
4
M assey-Harr 1b5
Mtl Ref A Stor $3 cum p
50
25
Jan
•
534
*
Jan
170
1.00
26.
334
334
434
*
Jan
15
*
*
6
94
.100
Lake St John P A P,
Loblaw Groceterias A
Mackenzie Air Service
15
3,505
3 34
1.75
Apr
3234
24
*
Apr
1534
2434
85c
1.00
Inter-City Baking Co.. 100
1.00
33
Intl Bronze Powders pref 25
Internat Pet Co Ltd
*
Voting trust ctfs
Hillcrest pref.
1334
•
Imperial Tobacco of Can.6
Industrial Accep Corp
«
Intl Nickel of Canada
•
250
Companies Ltd—
31
94
1.05
26
334
*
1,900
»
...
Hudson Bay Mining
Imperial OH Ltd.
"334
Cub Aircraft—,
Dominion Engineering..!*
Jan
Jan
8
1434
1.05
...
6%
Jan
Jan
Jan
334 May
Feb
May
734
6
320
75c
Apr
Apr
534
2.24
45
334
7
Mar
May
1.958
15
5
Apr
25c June
434
Jan
5534
1.99
45
May
434
Jan
80
30
834
434
Mar
5
40
96
65
45
Apr
Feb
234
634
25c
25c
45
734
2.50
220
58
300
Jan
225
70
834
198 34 199
Jan
1.50
634
58
June
625
434
69
255
1.85
Apr
88
Feb
1.70
Apr
468
220
1.76
7
1134
Jan
21
255
Jan
Commercial Alcohols Ltd. *
Consolidated Paper Corp.*
934
429
23
15c
Mar
9
Apr
1.10
162
1434
9434
18
Apr
Jan
1034
655
Mar
150
634
734
1.80
10c
20
Apr
Jan
Apr
15c
6,465
334
22
634
1.10
3
12
60
Jan
70
710
750
160
77
112
*
6
100
1
*
Donnacona Paper A.
Donnacona Paper B
European Electric Corp. 10
Falrchlld Aircraft Ltd
5
Fleet Aircraft Ltd
*
55
Jan
Feb
280
Jan
10
Mar
10c
Mar
75
36
434
2834
15c
June
1234
Jan
May
334
19
Apr
May
3234
107
10c
37
Apr
Feb
434
2634
15c
115
734
45
Feb
1.50
834
198 %
25c
Feb
434 June
"~I6c
Jan
334
100
1234
Claue Neon Gen Advert..*
Jan
63 34
*
pref
Jan
434 June
2234
1.30
255
*
534
2334
Mar
Apr
City Gas A Electric Corp.*
15
4
22
Apr
434
1934
11
.
Jan
108
335
cum
pref—.*
Jan
Feb
,Jan
Jan
6
"5%
155
Jan
Mar
5
534
7934
5%
Brew,
6
Jan
434
Jan
Jan
Cndn Marconi Co
Cndn Vlckers Ltd
Jan
154
"1434
334
Mar
805
Hollinger Gold Mines
6
Howard Smith Paper
•
Preferred
-..100
Secord
8'
19
434
Lindsay (CW).
Massey-H arris
234
29
Gypsum Lime A Alabas..*
Hamilton Bridge
*
Preferred
234
Jan
113
534
434
Preferred
415
Jan
Apr
5
434
*
775
'
1.75
141
12 34
34
1.75
Jan
Canada Bread Co Ltd
June
1.75 «1.75
135
British ColumbtaPackers. *
19
26
5
1.40
Mar
19
*
95
Mar
Rights.
»
Jan
June
18
Canada Malting Co Ltd..*
Can Nor Pow 7% cm pf 100
•
3.25
3
102
Canada Bud Breweries...*
Canada A Dom Bug (new) *
1.25 May
2134
140
90
15
Jan
Apr
566
2,880
Jan
Jan
3J4 May
234
..■5
434
90
434
*
High
May
115
50
2234
150
Class B
2.00
434
234
98
25
,
22 34
110
Canadian Locomotive
Canadian Pacific Ry
434
90
60c
494
434
131
22 34
110
Converters. .100
Canadian Indus Alcohol-.*
4
131
2.00
5
39
734
Low
695
60c
»
..
1734 June
10H
Jan
.
Range Since Jan. 1, 1939
Shares
Brit Amer Oil Co Ltd
Jan
1034
June
High
Mar
Jan
734
32
80
Foundry-*
.
1.70 May
495
934
32
Low
60c
Bathurst P A P Co Ltd B .*
7
1634
Price
Abltibi Pow A Paper Co—*
Mar
14
97 34
Jan
June
23
-—•—100
Par
1234
234 May
'
Stocks—
Jan
178
390
Can North Power Corp
*
Canada Steamship (new).
leh
May
Sales
Friday
JaD
1,773
1634
24
834
1.50
15
2,095
16
24
834
100
2
2
Jan
Jan
734
2234
150
Jan
«
both inclusive, compiled from official sales lists
May
834
Jan
834
9734
1634
24
9
166
485
3
»
1,283
2,354
234
SlikM Ws
15
2734
June 9,
for
30
10 34
Jan
Week
Apr
934
to
of Prices
5
5
Feb
Montreal Curb Market
June 3
Week's Range
390
17634 178
Jan
Sale
May
1034
2.50
Last
Jan
31
634
■"
31
15
65
177
Preferred 7%
303
1034 June
356
Bell Telephone
100
Brazilian Tr Lt & Power, •
British Col Power Cor p a •
*
100
Jan
1634
15*
Preferred
222
2834
30
75
Canadian Car A
Mar
Apr
30
15
Canadian Celanese
Apr
203
19
3,292
75
60
160
97
Jan
2434
634
-
167
50
16 H
Dredging
170
22134 21134
_
473$ May
2234
1634
15
6% preferred
20
30
Building Products a (new) •
15
170
21134
Jan
350
,
167 H
178
167
170
100
Jan
410
"75
Canadian Bronze
Jan
813
1.00
*
Preferred
2.50
Mar
162
167
100
—
1734 June
1034
1.00
100
•
Apr
69
"~24~34
•
Canada Cement
*
10
47
.
Preferred
1.50 May
14
6734
1.00
Assoc Tel & Tel A pref.. *
Bathurst Power & Paper A*
Bawlf (N) Grain.
High
10%
100
Breweries
Low
100
Commerce
Montreal
69
*
Preferred
of Prices
Low
High Shares
Canadienne
Nova Scotia
Range Since Jan. 1,1939
for
Week
1.50
Amalgamated Electric
*
Anglo-Canadian Tel pref 50
Asbestos Corp
*
Banks—
Sales
Week's Range
1734
.100
Algoma Steel Corp
Laura
Jan
21
77
Wabasso Cotton
10034 101%
120^1121
120 34121
Friday
Dominion
Apr
120
434
1634
June 9, both inclusive, compiled from official sales lists
to
Bllolo Gold
20''
8
15
112
-
Steel Co of Canada.——*
Winnipeg Electric A
Bruck
1934
Apr
305
10
Apr
234
121
26
10334
Southern Canada Power.. *
Grand Trunk Pacific Ry—
4s
i—Jan
11962
116 H 117
Montreal Stock
Associated
934
20
121
3
26
Shawlnlgan W A Power. .*
118 H 11934
234
121
•
St Lawrence Paper pref. 100
Western
June 3
234
*
Mar
298
10634 10634
10
St Law Flour Mills
Dominion Government Guaranteed
St Lawrence Corp
A preferred
Jan
1434
No par value
1
434c
4c
Mar
Jan
8c iMar
Volume
Financial
148
3517
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Friday
Last
Stocks (Concluded)
Cndn Malartic Gold
*
Capitol-Rouyn Gold..
for
of Prices
Low
High
Price
Far
Century Mining
Cent Cadillac (new)
3,300
1,000
•20c
2%c
3c
3c
20c 22He
24c
-1
..
1
23c 24 %c
l%c
1,000
2%c
70c
2%c
Stocks
(Continued)
Apr
1.00
Jan
Apr
3Hc
Feb
Cariboo....
Feb
6c
Jan
Carnation pre!
Central Patricia
5,000
15c May
22c May
18 He May
20c May
2.74
4H
2.63
350
2.20
Apr
14c
14c
400
13 He
May
29c
Jan
400
Apr
33 H
Jan
Chromium
Duparquet Mining Co
1
2%c
2%c
2%c
7,400
2o
Apr
Jan
Commoil
East Malartic Mines.....!
2.65
2.60
2.72
6.100
2.10
Apr
2.80
Jan
Cockshutt
1.40
1.44
1,050
1.04
Apr
2.35
Jan
Conlarum
Eldorado Gold M Ltd
1
Falconbrldge Nickel.
Francoeur Gold
*
375
4.50
Apr
6.00
Mar
Consolidated
23c
2.400
16c
Apr
250
Mar
Consol
6%c
36,300
3c
Apr
6HC
Feb
1.57
1.57
400
1.20
Jan
1.74
Mar
Jan
Dark water
.1
37%
1
4~85
39 %
4.90
34
4,900
Apr
50 H
4.10
431
4.65
1
Macassa Mines
5.60
Apr
5.80
Jan
68%
Mar
Jan
52 H
62
Cons
Consumers
_
1.31
Jan
74c
Jan
Distillers Seagrams
Dome Mines
3c
3c
3c
1,000
3c
34c
34c
2,700
2.40
2.41
545
*
2.98
2.98
3.00
1,500
2.82
Pamour-Porcuplne i
.
8c
25c Ma.V
Apr
Jan
Mar
Dominion Bank
Jan
6 He
7c
12,700
4c
May
2.50
2.48
2.50
600
2.10
Apr
2.55
Mar
Dominion Foundry.
1.85
1.90
2,200
i.45
Jan
1.91
Mar
Dom Stores
2.85
1
2.95
1,200
4.60
Apr
5.60
Mar
1.65
"2:49
1
1.65
100
1.18
Apr
1.72
Jan
6c
Reward Mining........^1
2%c
6c
1,800
2c
Red Crest Gold.........*
2%c
21,500
3Hc May
9c
.
Jan
5HC
2c June
Jan
Mar
Dom Tar
Jan
197
175
Apr
18
120
17
May
3Hc
1,000
32c
34c
10,200
27c
Apr
60c
1,500
Apr
16c
Jan
338
9%c
15%
Apr
20%
Mar
1,551
30%
Jan
34
Mar
30
June
11 He 11 He
22
Jan
8%c
3%c June
Jan
30
50
30
June
44
200
Apr
210%
Mar
Feb
19
June
'
35
2c
2c
15%
3%c
2c June
1,750
22 H
23
390
Apr
25
11H
11H
7H
12
3,285
7%
Apr
12%
939
4%
,Jan
78
79
7%
..100
7%
19
73
40
i
"5 He
5%c
7,100
.1
19c
18c
22c
38,200
7c
7c
7%c
6,000
2.73
East Crest Oil
4
He
79
June
Mar
Apr
9%0
27c
Mar
Aprr
13o
Mar
4 He June
14c
Jan
7% May
Feb
6 %
Mar
Feb
23
.
Jan
'
205 H 210
18
19
208
25
Dorval Slscoe
Jan
Mar
183
1
Duquesne Mines.
61
182%
182
3Hc
_.*
pref
27c
14c May
37% May
33
Dominion Steel B
Preston-East Dome M
1,300
4,858
"32c
25
6%e
Mar
15c
32 H
30
Dominion Exploration
Jan
Mar
44 H
19
Dominion Coal pref
Jao
8%
1.74
17
182 H
*
1
Pickle Crow Gd M Ltd
17
Jan
17
15c
100
4.80
14
811
May
Apr
Apr
1.26
6,112
2.40 June
108
Apr
5
136
7
1.65
18 H
Dominion-Anglo
Jan
Pato Cons Gold Dredging. 1
Perron Gold
1
Pandora Cad
Jan
.__*
16o
Apr
Feb
55c
*
(new)
60c
"
Jan
85c
40 H
Nickel Mines... 1
3.35
Apr
1.95
r
1.39
Jan
35c June
16
17
.*
Apr
34c
Apr
50c
6H
...1
.
Apr
2.40
8t>c
.1
Petroleum
43c
1
*
Feb
1.50
*
1.07
._.._*
New True Fissure
O'Brien Gold
70o
*
.100
51c
Newbec Mines
May
35c
Gas
100
McWatters Gold
Feb
27 He
2,305
43,545
4,750
1,300
61c
"43
800
.1
12c
1.18
Bakeries...*
51c
McKenzie-Red Lake
2.75
Jan
35c
Chlbougamau
1.31
56%
Apr
6c
36c
1.62
Denlson
5
2.05
2.64
60c
_
57 %
1.33
Mclntyre-Porcuplne
7,900
9c 13 He 116,910
"U6
Smelters...
Da vies
Mar
1.06
Cosmos
5.25
Apr
103%
__*
_
Mines.
5%<:
6%c
Lake Shore Mines Ltd
8c
2.10
50
__.*
;
22 He
*
Jolleb-Quebec
Kirkland Lake Goldi
31
May
225
33 He
Chestervllle-Larder Lake.l
32%
2.63
6%
2.40
2.55
1
32%
2.63
High
Apr
1,285
12 He
1
*
Low
3H
4H
2.30
1
Jan
ecv.
107 H 108
108
100
Central Porcupine
Chemical Research
rr
4%
1
___
Gold. 1
Cons Chlbougamau
Shares
26
Dome Mines Ltd
Central Patricia Gold..__l
for
of Prices
Low
High
Price
Par
C P R
27,400
Range Since Jan. 1,1939
Week's Range
Sale
1, 1939
High
Low
Shares
82c
80c
80c
~3c
Sales
Last
Week
1
Cartter Malartic Gold
Range Since Jan.
Week's Range
Sale
Exchange
Friday
Sales
San Antonio Gold
1
1.64
1.56
1.64
600
1.30
Apr
1.65
1.02
1.09
94c
Apr
46,952
Eastern Steel pref..
100
Feb
Apr
Jan
105
1.20
1.65
5
110% May
1.23
1.25
110
1
96c
110
Slscoe Gold Mines Ltd
1,825
3,180
Jan
279
1.05
Apr
1
1.44
202
Sherrltt-Gordon
Jan
Eastern Theatres pref..100
75
75
10
65
Jan
75
Sladen Mai..
74c
46c
200
40o
54c
58c
26,278
460
Jan
1.03
Feb
83c
88c
78o
Mar
1.01
Mar
4.30
4.25
3.95
May
4.60
Mar
13c
46c
..1
Stadacona (new)
Sullivan Consolidated
*
1
Teck-Hughes Gold Ltd.„_l
Thompson Cad
1
Apr
Eldorado
2.60
2.63
1
East Malartic.
1.05
Apr
2.36
Jan
.5%
5H
70
5%
May
8%
May
".5" 50
5.30
5.55
4.50
Apr
6.00
Mar
23 %
22%
23 H
4,515
2,281
3Hc
4c
10,560
1.35
1.35
...1
...
English Electric B
„._.*
1.45
4.35
88,000
1,275
12%c
13c
8,200
10c
Apr
31o
Feb
"Ventures Ltd........
*
4.85
4.85
100
4.90
Apr
5.75
Mar
Walte-A mulet......
7.10
7.30
300
5.70
Apr
8.10
Jan
Firestone Petroleum
8Hc
8Hc
•
12c
14c
17,000
8H0
Apr
Jan
8.10
200
7.50
Apr
8.85
Mar
19
8.10
Ford A
19%
8,276
26
1
18 Ho
26
Wood Cad
Fleury-Bissell pref_.___100
Wright Harg reaves
88c
14c
.*
Falconbrldge
....
Fanny Farmer
Federal-Kirkland
1
25c
Oil-
Anglo Canadian Oil..
*
600
Apr
80c
1.51
Jan
2.15
41c
100
1.93
Jan
2.75
100
21c
Apr
24Hc
Mar
41c
150
38c
Jan
75c
Jan
8%c
Jan
13c
1,300
Jan
25
5
Apr
9o May
150
Apr
June 3
to
June 9,
3.70
Jan
2,500
Apr
25c
Jan
\ 400
1.00
Apr
1.72
Jan
235
31%
Apr
44 %
Jan
Toronto Stock
2,826
1,000
.*
22 He
14
24c
2,600
14H
878
11
Jan
16%
Mar
93 H
94 H
241
87
Apr
95
June
6
Mar
*
Gatineau Power
Preferred
93 H
100
...
2%
305
6c
7 He
2He
2Hc
Sales
Sale
of Prices
Low
High
Price
Par
Stocks—
reek's Range
Week
Jan
Feb
2%c
Jan
4c
Mar
33c
35c
20o
Feb
20c
3,300
15c
Mar
35c
1,600
35c June
i
5Hc
14,250
5c
1
2c
15,500
2c June
.....50
57 H
,
Low
High
6%
preferred...... .100
♦
Acme Gas
'4,
«.
Aldermac
Copper
Algoma Steel.
10,300
4 %c
May
13%c
Jan
5c
8,500
4c
Apr
7C
Jan
3H
17
3%
Apr
6%
■•5
10%
Apr
17
•
Preferred
Amm
^
_
*
...1
Gold Mines
""16c
Bankfield
...
J00
Blue Ribbon
Bobjo
...
85c
17Mc
17Hc
7
Apr
14%
68
50
51
Apr
68
•i
8,900
9 %o
1.09
4,700
82c
2.50
3.25
Mar
9%c
Apr
5 %c
Apr
17Hc
10%c
Feb
3Hc
2 He May
6%c
Feb
9c
5,500
1,000
1,750
8c May
67,706
239
Jan
252
215
1,200
20
Jan
37
18c
18c
3,200
llo
1,22
1.27
7,570
1.00
2.00
37
618
4%
4H
176H 178
.
19c
490
20c
9,825
6,100
30
•
9%
•
_
_
Jan
Kelvlnator..
...*
9H
Kerr-Addison
J
1
....A
35c
31,600
21 He
23c
7,500
18c
Apr
12 H
895
10 H
Mar
3
9c
1,125
14,000
2.15
2.10
2.20
36c
148"
Indus Alcohol A
Malartic...
May
5%
Jan
Mar
10%
Mar
101%
Mar
Little Long Lac
Loblaw A
65o
Jan
~
—
-
-
220
18
Apr
23
Mar
80
159
Apr
179
Mar
3
June
7%
1,069
8%
1,675
20 H
246 H
1.620
i:85
265
246
50
"1785
*
1100
1.70
80c
80c
15
100
140
18
8H
....
3
17 H
6
20 H
»
Jan
1,012
17
7H
•
Jan
■
82c
10
8,365
15
15
60
114
115
20
16 H
6
May
May
6% June
18
200
June
Feb
1.50 May
69c
Apr
13% May
106
May
4%
Jan
Jan
Jan
27%
Jan
1.26
Apr
Jan
ll%o
13%c
Jan
lie
Jan
Feb
12
Jan
Jan
7c
Feb
9c
Mar
50%
Jan
5.50
Feb
685
Mar
22c June
54c
Jan
Apr
10%
Apr
13%
Jan
59c
Mar
860
Jan
2,000
3%c May
8%o
Jan
7,950
3,365
63c
Apr
85c
2.60
Apr
3.60
Apr
Apr
23
900
25
23
Jan
Jan
Mar
Jan
1
4.85
4.65
4.85
5,985
3.85
Apr
5.90
Jan
1
1
1
*
2.11
2.11
2.20
1.70
J.n
40c
42c
30c
Apr
Mar
3.20
41c
7,525
5,742
55c
Jan
43c
Madsen Red Lake
Preferred..
Massey-Harrls
72c
Preferred
McColl Frontenac—
Preferred.....
*
5
100
42 H
*
100
5%
McVlttie-Graham
McWatters Gold
*
1
1>
May
Mining Corp......
2.75
May
Model Oils
1.03
Jan
Moneta
Jan
*
No oar value
51,290
Jan
70c
May
2.500
%c May
l%c
Jan
6%
277
1.50
103
5% May
1.00
Apr
1.65
Jan
3 H
20
2% May
4%
Mar
5%
1,015
2%
7%
Jan
3H
4H
41
5%
88 H
13c
*
McDougall-Segur
69 He 73 He
1 He
lc
6H
1.50
*
Jan
Jan
Jan
May
66%
32%
22
Jan
122
107
Mar
Feb
23
18
20
7%
Mar
22 %
21
34%
250
Feb
8
91%
1.75
1,903
*
5
1
1
7%
Feb
73c
24
Mclntyre Mines..
McKenzle Red take
Mar
22c 28 He
,
Mar
16%
2.08
23%
Jan
19
6.85
17%
Apr
24
Maple Leaf Milling
10%
6.60
Jan
215
.
30c May
*
*
Mar
45
1.80
1,600
3,490
2,170
15,350
Maple Leaf Gardens pref 10
1.50
Apr
7 He
40
1
Mar
22%
3
—
^
'
""
1.00
7 He
37 H
Jan
Apr
Mar
Macassa Mines
Manitoba & Eastern
Apr
1.15
Jan
MacLeod Cockshutt
Malartic Gold
May
22,405
9
*
B
June
7%
1.56
84c
May
25
1.50
3.10
77
20
1.53
Apr
May
81c
36
377
23,873
1,300
1.47
30c
Mar
4%c
3.00
Jan
9%
1.92
30c
5c
500
4c
May
35
225
1.80
30c
5,400
3.05
Jan
2.63
9H
1.90
......—J
66
1.70 May
5c
838
32
992
8c
5c
May
5,532
89%
185
7c
"38
Apr
3o
5c
2.80
152
3,800
9
Apr
1.16 June
400
5Hc
83c
15
Feb
22%
1.18
5c
12 %
872
140%
23 H
42%
1.16
4c
76
25
Feb
74c
38
148
104
7,351
4,495
12H
119
Apr
5
50
80c
40
167H 170
#
•
3%
106
H
22 H
5c
Mar
Apr
Apr
12%
235
7
7%
3%
70
1
ll%c
1.25
21H
170
"2*
Canadian Gen Elee..
May
22 H
1
70%
Feb
40
3
(new)
Jan
21H
1.35
*
*
B
30 He
20
.....1
Lapa Cadillac
Leltch Gold.....
4,200
260
75
22 He
Lebel Oro
38c
7%
5%
5 %
6.60
Mar
Apr
Apr
35%
Apr
15
*
4%
8%
Breweries pref. *
Preferred
....1
Mar
Apr
15%
590
)
Laura Secord
1.81
6,064
16H
Lamaque Gold Mines..
Lava Cap
5o
15H
16 H
Lake Shore.
Jan
17
3
15
"~5%c
1
<
Laguna
8%
97%
35
Cndn Bk of Commerce. 100
"20
Kirkland Lake
Jan
2,085
175
"50
_
Apr
Klrkiand-Hudson
33c
Jan
14
Mar
1
1
J M Consolidated
15%
5 Ho
145
Canadian Bakeries pref. 100
...
2He
•
Jan
1
75
97 H
*
Breweries..
75c
*
Island Mountain......50c
95 H
36
37 H
lion
Canadian
16%
4H
8H
8H
*
Canadian
6,000
7Hc
w
•
Canada Steamships
4
7c
16
H
Apr
Jan
Mar
26 %0
31c
64%
202%
48
50
Feb
27
Jan
Jan
10
106
pref.......100
22c
23%
3.75
Apr
30
75
32%
May
Apr
Jan
8c
2
;
Jan
24c
69
213% 213 H
Jan
1.98
67
7%
5%
Jan
30HC
"16
"69"
£1
International Petroleum.
350
Apr
Apr
Feb
Jellicoe Cons
4
Jan
25%
Jan
19%
Jan
15
,3,580
June
21%
28c
15
Apr
33%
7 V,
65
Apr
13%
3,005
32 H
30c
755
8
580
11
33%
Mflr
3,813
Apr
*
14 He June
Jan
May
16c
21,050
Jacola Mines
7H
1,500
46,167
Jan
11% May
12% Mar
5% .Mar
20c
31,715
Feb
Apr
Feb
14c
Mar
Apr
1.58
35c
30o
11H
1100
Malting
Canada Packers..
Can Car & Foundry..
International Nickel—
4%
*
Canadian Can A
Intl Milling
Jan
21 He
*■
Canada Cement
Canadian Can-....-..
Jan
1.40
22%
""1
Canada Bread
Preferred
32c
Apr
35c
*
Canada Permanent
Mar
9c
85c June
2.54
100
27 H
4
1
Preferred
*
Preferred..
9%
Jan
93c
13c
5
25
10c
33c
100
* "l 5%
16%
Imperial Tobacco...— 6
Preferred
27 H
»
.100
Intl Metal A.
2,950
4,512
May
2-41
175%
,
6c
13c
Jan
6
1.95
34c
Jan
17c
Apr
2.45
Imperial Bank...
Imperial Oil.......
Jan
22 H
«.
*
Bunker Hill
Huron & Erie....
June
Apr
94c
_
Jan
June
4
Apr
2%
2
.'.
Mar
c.
4H
Hunts A.
Jan
58
49%
15
Apr
2%
165
80
.
Howey Gold.
..1
Hudson Bay Mln A 8m..*
Jan
Mar
50
14%
-
Jan
6c
1.00
2%c May
320
4
'
,
7,700
7,700
3,415
58
4
11
1
June
10,900
11c
12%
10%
Homestead Oil
•
"UVs
....*
Home Oil Co
30c
12c May
5
30 H
10c
HH
:<
10
*
Calgary & Edmonton.
Calmont Oils
23c
38o
16c
1.77'
22%,
Building Products (new).*
Feb
1.85 June
Apr
■
Hollinger Consolidated... 5
5,700
18c
.'.
Hedley Mascot
High wood-Sarcee.
Hind e & Dauch......... *
3,100
„
Harker
Jan
2,050
27c
57
•
Jan
14c
1.75 June
4c
1
Hamilton Theatres
1.52
7%c
35 %
10c
12 H
—
Buffalo-Canadian
<-
Feb
11". 6
Buffalo-A nkerite.
June
17c
Mar
Jan
Apr
2.40 May
'
Brown Oil
".
85c
350
-Jan
310
30
1
Preferred
—.1
.*
8,300
14%c 14HC
7%
7%
*
B roulan-PorcupIne
—
9c
52o
Feb
.
*
Canadian Oil.
8Hc
Apr
300
4 H
"177 "
Brit Col Power A
Canadian
1
8 He
29%o
48
1.27
British American Oil..
Cndn
1.17
16c
*
Brewers & Distillers..
Canada
1.10
250
...1
Brazilian Traction
1.10
250
_
..50
pref
...
..1
Jan
*
Bralorne
..*
Hard Rock
24
220
19c
..i...
Harding Carpet
Jan
Apr
Mar
1
Biltmore
Hamilton Theatres pref 100
Jan
1% June
203
*
Big Missouri
Feb
Jan
14c May
14
16'
»
I100
45c
30c
24 He
35%,
Beauharnols-..-..n_.
84
2%
80
140
20
Bidgood Kirkland
12,200
50c
1,000
303
...1
Bell Telephone Co....
3Hc
16c
2
17H
302
"II97
Beattle Gold
Jan
Jan
3c
*
Bear Exploration
6%
3%0
,
500
Mar
210H 213
50
Base Metals
Apr
lo May
5H
2c
4c
9c
100
Bank of Toronto
Barkers pref
3%
4%
1
...
9%C
10%
«
Bank of Nova Scotia.. .100
Jan
Feb
303
"1
Cons
Bank of Montreal
640
Apr
24 He
210H
...1
Bagamac
~
Mar
2c
7c
im- m
40o
57c
4%o
13c
-M,
19,800
640
53c
5.66
•37c
3c
Aunor Gold Mines-... ...1.
May
"57c
J
Halliwell
-
...
12%
2,000
2.50
Ashley...
Jan
5c
10c lOHc
nil
...i '<*
10%
2c
1.05
1.06
Arntfleld Gold
Astoria Que
Halcrow-Swazey
68
*
Anglo-Huronian
Jan
110
Jan
21%
•
10
10%
*
Anglo-Can Hold Dev.
2%
Mar
33c
.100
...
Mar
4
1H
.
.
50c
Jan
10 %
4%
....
360
Jan
13
10
--
Gunnar Gold
3H
13
13
Voting pref...........*
795
16c.
*
.
Jan
4%c
60c
15
""33C
Jan
5c
5c
Alberta Pac Grain pref 100
Jan
58
Jan
6c
2c
*
Alberta Pacific Grain.
Jan
*
4%
m
Alberta Pacific Consol ...1
Jan
60c
1
50 c
.7. 4H
IIA
Afton Mines Ltd..
28c
13%c
3%c
Mar
Grandoro.
4
60c
37o May
Granada Mines
Gypsum Lime & Alabaa.
•
Abltibt
56
186
58 H
Jan
7%
20c
33c
—...
Goldale Mines
Jan
11%C
1
God's Lake
Jan
Jan
50c
...1
Glenora..
Greening Wire
Shares
250
May
5
18,000
1,000
11,066
7c
1
Gillies Lake..
Great Lakes voting
Range Since Jan. 1, 1939
for
14%0
4c
15
6
6
6
..*
5
4H
5
Rights..
General Steel Wares
Preferred
both inclusive, compiled from official sales lists
Last
Jan
10c
19%
Gold Belt
Exchange
Friday
Jan
23%
16%
Goodfish
Jan
10c
1.20
37
*
2.00
37 %
1.20
T.20
.*
RoyaliteOil Co...
33
May
Gold Eagle......
Homestead Oil & Gas__,._l
Okalta Oils Ltd
11,060
2.54
,2.41
14%c 14%c
2.45
Home Oil Co
Mar
24
Jan
June
8c May
3 He
10c
Jan
23c
40c
Commonwealth Petroleum*
Dalhousle Oil Co
2.15
23c
*
Calgary & Edmonton
1.10
1.05
19
Foundation Petroleum...*
Francoeur
1.07
Mar
June
42 H
29%
390
6%
.
618
90
13c
Apr
Apr
6% June
83
46
Feb
12c
500
Jan
7
60
7%
94
24c
59
Jan
Jan
Mar
Mar
Jan
Mar
56H
57 %
731
49 %
Apr
1.30
1.34
6,890
1.03
Apr
1.32
Jan
18%c
17c 20 He
57,150
1,100
1.35
48 He 48 He
1.40
1.25
31c
29He 31 %C
1.34
1.17
1.15
1.20
*
6c
Mar
20c
May
38c
Apr
75c
Jan
2.00
Jan
900
1.10
Apr
2,900
29c
Apr
48c
Jan
8,735
89c
Apr
1.45
Jau
3518
Chronicle
Financial
June 10, 1939
Canadian Markets—Listed and Unlisted
Toronto
Stock
Weet's Range
Sale
A
100
171
B
for
100
Range Since Jan. 1, 1939
Bid
Week
of Prices
High
Price
Tsow
Ask
49 H
Shares
Low
Bid
Manitoba Power 5 Ha. 1951
50
83
High
85
5 H8 series
106
37 H
80 £
35
40
Jan
3/
155
Maj
171
June
33
11
215
Ap
230
Mar
37
30H
Morrls-Klrkland
"""9c
_
.
10c
13.50C
lHc
IHc
l,00t
42
*
Brewing
42
Ma
8c
Mai
lc
A pi
2HC
Jan
39 H Ma>
15C
42 H
Mar
20c
5H
5H
5H
28 £
24H
23
Ma>
25
47 H
24 %
49
445
49
455
43 H
Maj
61 H
27Hc
20c
31,700
16c
A pi
51Hc
3Hc
5,600
2Hc
A pi
9c
.500
9c
Apt
25c
Jan
Newbec Mines
1
New Gold Rose,vi.
1.40
5
Nlplssing.
1.50
Norgold Mines...
79 H
5Kc
5Hc
6c
4Hc
5c
6,000
45c
.1
45c
960
5c
..1
*
Norrnetal
Jan
0H
1.40 June
700
80
Mines
Nordon Oil
A pi
Gold.
Okalta Oil
2.40
1
2.47
2,776
201
1.23
2,600
3,000
91c
Apr
lc
May
53c
---1
34c
35c
8,750
25c
3.35
May
*
—
3.75
3.75
300
1.50
Jan
6c
6c
3,200
98
97
Eastern Dairies 0s.... 1949
42
Jan 1 1950
—
6Hc
-......
Partanen Mai
Paulore
1
—#..1
Gold..
3 He
......I
99 H
99 H
92 H
83
65
66
Jan
3.75 June
12c
Apr
104 H
Lake St John Pr A Pap Co
3.05
7,168
6Hc
2,000
16c
Jan
6H
100
4Hc
Apr
7C
5c
4,500
3Hc
Apr
7Hc
4c
7Hc
103
73 H
53H
1965
-...1965
74 H
54H
Feb
Mar
94
,,
2.76
4 75
Apr
4Hc May
.
Jan
♦
No par value.
n
f Flat price.
Nominal.
*
3Hc
Mar
47c
2,000
17,557
2 He
44C
35c
Apr
1.90
2,500
1.45
Jan
1.94
Mar
Pickle Crow
---J
4.90
4.85
4.90
10,225
4.50
Apr
5.60
Jan
Gold.....—...1
Porto Rico pref
100
2.49
2.45
2.52
4,250
2 25
Apr
2.70
Jan
Powell Rou—
1.97
99H 100
1.85
1.98
<7,700
50
97
61c
100
May
1.18
Jan
Visit of King and
Queen to Canada Was Economic In¬
Says A. E. Arscott of Canadian
fluence for Good,
Bank of Commerce
June
Apr
2.45
Jan
Apr
12H
Mar
Apr
2.40
Jan
Apr
In his
10H
Mar
1.67
34,920
Apr
1.75
Feb
10c
500
10c June
15c
Jan
of Canadian business, issued June 9,
Manager of the Canadian Bank of
Commerce, states that "in an economic sense the Royal
Visit has proved to be beneficial although undue fears as to
5Hc
5Hc
9c
Jan
lack of accommodation and freedom of movemeiit in certain
55c
1,000
11,600
3Hc May
50C
;-*
46c
Mar
10H
...1
i
1.63
10H
186.
1.90
1.93
Pressed Metals.—
Preston E
1.57
10c
Corp
Premier.
1.95
3.450
7
Dome....
7
Quemont
Red Crest
Gold...
50c
Riverside Silk....
*
Roche L L
1
.^r
Royal
Bank..
...100
Royallte Oil.......
*
St Anthony
37 H
20
10c
1.70
3,000
44 H
Feb
10H
Mar
June
6,700
1.10
13,541
Blgman Mines, Quebec...
Silverwoods
»_*
6.80
6.80
7.20
2,078
1.50
1.50
35
4H
4H
45
Standard
Paving.
-*
Preferred,
—.....100
Steel of Canada.. J
"
Preferred
"76H
-*
15,633
45
1.60
915
19
100
1.45
Jan
7.20
2.75
Mar
3H
8H
8H
5%C
8H
.
5
Apr
Feb
4H
Feb
96c
Apr
41c
Apr
80c
5He May
Mar
13c
45c
1.66
Mar
3
Jan
Jan
1.C3
Feb
8
" June
Jan
1.50 June
15
Jan
3.50
27 H
Apr
Mar
00H
Apr
77 H
Jan
75
4 He
Apr
11c
Jan
8H
May
16
Jan
270
some
Moreover, this memorable event has had
an
influence upon employment,
apart from that of a seasonal character and that resulting from the greater
industrial activity just
of the
The employment report of the Dominion
noted.
Jan
working forces
in
10,550 employers who submitted returns, and while expansion
manufacturing, mainly in the food, lumber and iron and steel units, ac¬
counted for part of this rise, most of the improvement was in
trade, transportation and construction
were
in the greatest demand in the
Mar
65
20,200
outside people from these points.
political situa¬
on the whole
populace, while the preparations to welcome and care for
the King and Queen were undoubtedly responsible for at
least part of the upturn in our index of industrial activity
during April and May." Mr. Arscott added:
major centers kept
But the mental diversion from the European
has had a decidedly heartening effect
Government for April records a quite large increase in the
90
169
15
5Hc
survey
tion
Mar
1.50 June
monthly
E. Arscott, General
A.
Jan
5.50
Mar
316
11M
73
5 He
•
76
75
---*
Stuart Oil
2,900
57c
VA
19/
—2'
Straw Lake Beach
6c
54c
1.50
Tso
Apr
Apr
4,725
3,100
7
>
90c
Mar
47c
54c
1.20 June
3
5Hc
"
17c
Jan
78
45c
*
1.73
Apr
4
1.27
1
Stadacona
Standard Chemical
JaD
10c
200
1.22
Jan
1.18
92c
4
45c
'
Lake
5,750
88
1.22
Bladen Malartlo
Mar
15Ho
1.01
Slscoe Gold—
Jan
192
Apr
Apr
32,100
4
11 He
5Hc May
Apr
1.73
88'
May
Apr
1.04
88
28
8H
1
100
Apr
-
9Hc
11 He 11 He
1.15
1.20
Simpsons B
22 H
32
1.17
Simpsons pref..
Mar
70
llHc
Preferred
20c
375
.1
Sherrltt-Gordon
6
1.17
1,500
9
1.60
1.80
178
60i
..
Sheep Creek
9
52
37 H
11c
37
9
>.
Sand River Gold
27
6 He
8c
187
190
190
Corp A....50
San Antonio.
10
7
27
1
St Lawrence
Slave
4~5s series A
4-5s series B
Jan
96
1.83
Reno-
77
34
Jan
6e
1960
Winnipeg Elec 4Ha
75
32
1901
1951"
5 Ha
>
Jan
98
'
1
"
94
82
44c
—
104"
102
1.83
Power
103 H
103 H 104 H
Int Pr A Pap of Nfld 6s "68
1
Pioneer
44
Gatlneau Power 3HS-1969
-.1
—
Cons
106
1960
Gt Lakes Pap Co 1st 6s '55
Perron Gold
Paymaster
4 H8 series B
lawlnlgan W A P 4 Ha '07
Smith H Pa Mills 4 Ha '51
Jan
5c May
'
Pamtepee..........
Co—
....
....
Jan
96 H
2.94
.
92 H
87
Jan
>
6Hc
2.94
4s
deb
90
6H
4Hc
Page-Hersey
Porcupine......*
Pandora-Cadillac.
1
Pamour
106 H 107H
East Kootenay Pow 7a 1942
Jan
2Hc
Apr
8aguenay Power 4 Ha A *60
Feb
1.73
1HC
85
100
conv
97H
70c
1.16
1957
2nd
65
6c
.....—-*
Orange Crush
Pacalta Oils
2.40
*
102H
102H
91H
1957
Provincial Pap Ltd 5 Ha '47
97
4 He June
1HC
1.19
-
Olga Gas
Omega Gold...
1
40 H
64
4s..
Eraser Co 0s
O'Brion
Can 4Ha'59
Dec
Price Brothers 1st 5a..1957
1956
Jan
Apr
5a...-
85H
39 H
5 Ha
Donnaoona Paper
13c
38c
Power Corp. of
103
Consol Pap Corp—
Mar
5Hc Jaun
•'
102 H 103 H
97
96
84 H
Mar
1.80
70
82
103 H 104 H
1973
Montreal Tramway 5s 1941
102
ex-stock
1901
Dom Gas A Elec 0 Ha. 1
3,106
Apr
1950
3 Ha
105H
104 H 105 H
95
94H
Canada North Pow 5e_ 1953
May
2,100
80
53
107
3 Ha
Jan
10c
20c
Nay bob Gold
4H
52
105
Montreal LH A P—
106 H
Jan
10c
*
91
Montreal Island Pr 5Hs '57
39
104 H
1941
Canada Bread 6e
Jan
3C
20
Preferred....
Ask
91
1952
2 Ha to'38-5 Ha to'49..
108 H
34 H
Jan
24 H
National Grocers...
National Steel Car
Noranda
225.
9c
-.1
Murphy
National
39H
B
Maple Leaf Milling—
108
165 H 171
225
Moore Corp
Utility Bonds
Closing bid and asked quotations, Friday, June 9
Sales
Last
Par
Stocks (Concluded)
Industrial and Public
Exchange
Friday
an
increase of
the service,
whose facilities of course
groups,
But
preparations for the Royal torn-.
probably equal extent took place in work of various kinds not
covered by the
Government's report.
The visit of Their Majesties has been marked by improved conditions
June
branches of the national economy, the heavy industries and
in
agriculture, for
Sturgeon River Gold
l
15c
15c
500
12c
Jan
example, whiyh are dependent upon influences other than those
Sudbury Basin
Sudbury Contact.
*
'2*30
2.25
2.35
875
1.80
Apr
3.00
Jan
above.
-.1
8c
8C
8c
1,500
7c
Apr
14 He
Feb
Sylvanlte Gold
-.1
Tamblyn Co...
Teck
Huahes.
— -
Tip Top Tailors
3.30
3.40
12 H
4.25
12 H
105
4.40
5,791
6.170
"
9
9
10
-.100
Preferred....^
109
109
10
Toburn
1
Toronto Elevators.
Preferred
A.4
May
11
Mar
May
109
June
105
1.74
43
25
42
85
80
e
80
80
May
25c
25c
25c
1,000
—
5
1.35
1.30
1.38
4,500
*
..--50
Jan
SH
Jan
Jan
Apr
46
Feb
businesses, effective June 13th, according to C. B. McDonald and R. V.
June
90
Feb
Mitchell,
40
Jan
McDonald-Coolidge
1.03
14 H
4,699
11
Apr
34
280
28
May
38
Feb
4
282
2H
Apr
5
Feb
4H
980
3H
Apr
7
4.85
5.00
Wafte
2,925
4.30
*
7.30
,7.00
7.40
9,004
5.50
42 H
43 H
2,028
20H
20H,
516
19H
Jan
9Hc
10c
7,300
8 He
May
*
43 H
*
20H
1
9 He
Preferred
,
25
25
12'
Wlltsey-Coghlln.
1
^
Winnipeg Electric
A
15
5c
15
Jan
of
Jan
and C. B.
Apr
■
9H
Apr
20 H
Feb
Jan
12H
Feb
95
to
Jan.
an
years
4,500
3HC
Mar
8
43
1.25
May
2.12
Mar
Co. and Reliance Steel
106
1.50
May
2.00
Mar
other corporations.
13c
2,600
9c
Apr
18H«
Jan
8.20
9.725
7.30
Apr
8.90
Mar
5c
May
9c
Mar
5Hc
5Hc
2.100
Friday
Last
Sale
Price
of Prices
Low
High
Eldon H. Keller of Mitchell, Herrick &
McDonald-Coolidge & Co. have underwritten
se¬
Thompson Products, Inc., Tappan Stove
Corp.,
Mr.
as
well
participating in financing of many
as
Mitchell, who
will
primarily to the underwriting branch,
Harris-Seybold-Potter
Co.,
printing
as
heretofore
will continue
press
as
devote
himself
President of the
manufacturers.
director and member of the executive committee of
He
is
also
a
Thompson Products,
Inc., and director of Dill Manufacturing Co., General Printing Ink Corp.
of New York,
recently
Union Metal Co., the Kaynee and other companies.
elected
was
of the Investment
governor
Bankers
Association
He
of
America, and is Vice-President of the Lithographic Technical Foundation.
Sales
Week's Range
It is
executive committee
Co., New Idea, Inc., Harris-Seybold-Potter Co., Ohio Finance Co., Haloid
8.05
8.15
or¬
of their activities in underwriting and dis¬
official capacity.
curities of Master Electric Co.,
1.70
June 9, both
inclusive, compiled from official sales lists
Par
in
serve
recent
12c
*
Stocks—
Within
1.70
He
Companies will combine their respective
scope
McDonald, President,
Co, also will
June
25
May
85
of
name
McDonald-Coolidge & Co. with J. H. Coolidge, executive Vice-President,
Jan
15c
the
general market underwfitings and to deal in unlisted securities.
8.25
51H
will combine their
under
conducted
understood that Mr: Mitchell will be Chairman of the
Jan
Apr
'
be
tributing corporate and municipal securities and will continue to participate
jn
Toronto Stock
Exchange—Curb Section
June 3
Building will be expanded.
5.80
Apr
will
& Co., whose present offices in the Union Commerce
ganizations to broaden the
Apr
38
Business
1.60
1
*
576
14 % June
largest security underwriting houses,
Presidents.
1.70
*
Wood-Cadillac
Wright Hargreaves
Ymir-Yankee Girl
10
12H
90
;
4Hc
*
B
25
11H
90
100
land's oldest and
Jan
5.00
Western Can Flour pref 100
Westons
*
Jan
3H
4H
*
Preferred
1.65
Mar
*
Wendlgo
—McDonald-Coolidge & Co. and Mitchell, Herrick & Co., two of Cleve-,
2.30
16H
13 H
..
NOTICES
Apr
Ventures...
Walkers
CURRENT
Mar
10
United Steel
Amulet
Jan
32 H
14H
.....
United Fuel
Investment...
mentioned
1
May
4.70
70
—
....
3.55
12H
Apr
180
1
Ucbl Gold...
Union Gas
Apr
Apr
3.80
1.85
--50
Toronto General Trust.
^00
Towagmac
2.78
11
12H
1.85
*
*
United Fuel
v
3.35
4" 25
*
*
—
24 He
Apr
Range Since Jan. 1, 1939
for
Week
Branch offices of Mitchell,
Herrick & Co. in Akron,
Springfield and Cincinnati will be continued
Shares
Low
as
Canton, Columbus,
McDonald-Coolidge & Co.
High
—Henry C. Evans, partner in the investment banking firm of Stein Bros.
Brett-Trethewey
—11
lHe
lHe
1.500
3H
4H
230
12H
12H
25
Canada Bud Brew
*
Canada Vinegars
Canadian Marconi
*
1
T.if
75c
1.1-B;
Consolidated Paper
1,350
*
4H
4H
4H
1,235
3H
Corrugated Box pref—100
Dominion Bridge
Preferred
•
Honey Dew—
*
*
32 H
100
Rogers Majestic A
Bbawlnlgan
*
•*)
—
1
75c
5
Apr
14
June
3H May
May
25
23 H
Apr
37
24
Apr
35
100
70
15c
10
May
Feb
10c
32 H
582
29 H
Apr
10
7H
May
2,185
1.28
Apr
1.40
125
1.50
125
"~2H
2H
19 H
'o*c
19H
°c
flue
2H
7H
Jan
20 H
800
8
June
5
15
110
955
115
May
H
17c
32H
15
May
Jan
95
125
Jan
Apr
22 H
Mar
Anr
14Ur
18%
«Kc
was
elected President of the Baltimore
June 5, to succeed Charles
on
served many years
as
Vice President.
as
L.
Evans is 44 years old and a
graduate of John Hopkins University, Class of 1918.
War he served
W.
in that post, previously having
Mr.
During the World
Captain of the Sixth Field Artillery, First Division, in
France and received the Distinguished Service Cross and Silver Star Medal.
Simon J. Block, Lee E. Daly and F. Grainger Marburg were elected members
Apr
231
1.200
Md.,
of the Board of Governors to
Jan
May
Baltimore,
who has retired after five years
Jan
Jan
2H
1H
Boyce of Baltimore and New York
Stock Exchange,
Jan
65c
I
Jan
&
Johnson
Jan
12
Apr
Feb
Feb
Apr
Mar
1.15
175
31H
■
3Hc
Apr
15c
8
i~43
20c
12
3H
15c
100
Robt Simpson pref
Temiskamlng Mining.
12
15c
1
31
20c
12
*
Pend Oreille
21
29 H
31
*
Preferred
Mandy
Montreal LHAP
Ontario Sllknlt pref
21
29
~29H
100
lHe May
11
Feb
was
serve
a
three year term.
John D. Howard
elected Trustee of the Gratuity Fund.
—Braun,
their
Bos worth
Detroit
office
Cadillac 9640.
Cincinnati.
to
&
Co.,
3366
dealers
Penobscot
The firm also
in
municipal
Bldg.
maintains
bonds,
halve moved
The telephone number is
offices
in
Toledo,
Chicago and
Volume
Quotations
New York
o3s
Jan
1 1977
o3s
Feb
1 1979
a3HB July
1 1954
d3 )4s Nov
1 1964
o3)48 Mar
I I960
New York Bank Stocks
City Bonds
Bid
102)4 102)4
102)4 102)4
1 1975
o3 )4a May
Over-the-Counter Securities—Friday June 9
on
Ask
Bid
105)4 106)4
109)4 110)4
109)4 110)4
110
110)4
111
National Bronx Bank...50
41
45
45
National City
26
27 M
a4)48June 1 1974;
12414 125)4
Bensonhurst National..>50
75
100
11)4
13)4
a4J48 Feb 15 1976.
125
Chase
33)4
1 1977.
125)4 126)4
04^8 Nov
15
'78.
1981.
1957.
1957.
1963.
1965.
1967.
1971.
1 1979.
126
116
117
120
121
1 1980
121
122
04)48 Sept
1 I960
119)4 120)4
a4)4s Mar
1 1962
120)4 121)4
a4)4s Dec
a4
1 1964
...
131
Avenue
100
175
169
10
9
11
Peoples National
35)4
50
47
54
25
29)4
31)4
730
700
First National of N Y..100 1775
123
124)4 125)4
125)4 126)4
126 34
Fifth
Penn" Exchange
Public National
13.55
Commercial National..10U
127
127)4 128
12154 122)4
122
...12)4
National Safety Bank_12)4
126
•4Mb Jan
1 1977
Hb Mar
Ask
19)4
40
May
116)4
May 1 1959
a4s
116)4
115)4
...
Bid
17)4
Bank of Yorktown..66 2-3
o4Hs Mar
115)4
1958
1
Par
Ask
Bank of Manhattan Co. 10
Oct
Nov
Bid
12154 122)4
123)4 124)4
a 4s
May 1 1957
o4s
Par
1 1966.
04s
04s
110
Ask
a4)48 Apr 15 1972.
a4Ms Apr
1
o4Mb May 1
a4)4sNov 1
a4Hs Mar 1
a4)4BJune 1
a4HB July 1
a4%8 Dec 15
a3 Mb Jan 16 1976
3519
Chronicle
Financial
143
1815
Sterling Nat Bank A Tr 25
22J4
24 34
Merchants
103
Trade
14)4
17)4
Bank..
100
97
Bank
12)4
127)4
127)4 129
132
NEW YORK BANK, TRUST CO.
121)4 122)4
and INSURANCE STOCKS
New York State Bonds
Bid
62.05
less
1
38 1981....
62.10
less
Laird, Bissell & Meeds
Ask
Bid
Ask
38 1974
120 Broadway, New York
World War Bonus—
1
Improvement—
4a Mar A 8ept 1958 to '67
5s Jan A Mar 1964 to '71
62.25
Highway Imp 4)4s Sept '63
144
Canal Imp 4)48 Jan 1964..
Can A High Imp 4)48 1965
Canal Imp 4s
Bell
134)4
System
—
Tel. BArclay 7-3500
•
•
Wilmington
51.30
4)48 April 1940 to 1949..
Highway
Canal A Highway—
Philadelphia
N Y-l-1248 and 1-1249
Teletype
134)4
JAJ '60 to '67
144
mm**
115
Barge C T 4)4s Jan 11945.
141)4
New York Trust
Par
Port of New York Authority
Bonds
Bronx
Holland Tunnel 4)48 ser E
Port of New York—
Gen A ref 2d ser 3)4s '65
Gen A ref 3d ser 3 Mb '76
106
1939-1941
Gen A ref 4th ser 3s 1976
Gen A ref 3)48
1977
George Washington Bridge
4)4B8er B 1940-53.MAN
102
MAS
1942-1960.—.
108)4 109)4
106)4 107)4
Gen A ref 4s Mar 11975.
0.80%
6
MAS
1.00%
MAS b
MAS 110)4 111)4
1939-1941
1942-1960
106 54 107)4
113
114
Apr
1955
101
1952.
1941
6)48 Aug
.....
109
—10
12)4
11)4
1540
100 1500
30
27
25
104
Kings County
Lawyers
50)4
56
9
Continental Bank A Tr.10
13
14)4
Corn Exch Bk A Tr
20
56)4
57 M
Title Guarantee A Tr„_20
Underwriters
100
.......10
13)4
14)4
United States
100 1585
Manufacturers
20
20
Preferred
New York
11
'
.25
<
CAMDEN
,
FIRE
INSURANCE
111)4 112
111)4 112)4
OF
COMPANY
(Sco.
110
Conversion 3s 1947
INSURANCE
FIRE ASSOCIATION
117)4 119)4
111
112)4
U S conversion 38 1946
Ask
Bid
3s 1950 opt 1946
3s 1950 opt 1946
109
109)4
109
109)4
OF
ASSOCIATION
NORTH
AMERICA
%.£midcv
.
•
•
•
N. Y. Tel.—Rector 2-3300
C5o.
.
110
110)4
113)4 114
£
surance
Par
Aetna
Joint Stock Land Bank Bonds
Life
..10
101)4
f22
/22
/2134
4)48...
Central Illinois 6s
26
26
Chicago 4)48 and 4)48
5s and 534s...
Dallas 3s_
101
Oregon-Washing ton 6s
Pacific Coast of Portland 5s
101
-
100)4 102 H
100
101
454s
100
100)4 102
3)4s
4Mb
42)4
-10
24
-25
51)4
25)4
63)4
-10
33
Automobile
100
-
Baltimore American.. -2)4
100
101
e* to
Bankers A Shippers...
Boston
.100
Pennsylvania 3)4s.
100
101
Camden
105)4 107 H
107)4 109
100
St Louis
101
/21)4
4)4 and 5s
85
5Hs
86
Illinois
99
94
97
Lafayette 58—
99
101
98
101)4
23)4
/12H
101)4
Midwest 5s
t
«
99
6)4
7M
90
-
Mercb A Mfrs Fire New'k 6
8
Merohants (Providence)—5
3
27)4
61)4
29)4
7)4
610
8 54
National Fire..
Virginian 3s
620
New Amsterdam Cas
27)4
22)4
28)4
23 54
New York Fire
31)4
Northeastern..
-2)4
154
33)4
254
Northern
50
North
101
Eagle Fire
Employers Re-Insurance 10
...5
48
8)4
42
-10
Fire Assn of Phil a
Fireman's Fd of San Fr.25
123
9)4
New Brunswick
...10
■;
Bid
Par
Ask
Bid
Par
'
Ask
Atlanta
65
75
100
12
15
Atlantic
50
60
100
65
75
120
100
22
27
River
100
90
100
100
76
80
110
Dallas
.100
Denver..
Des
Moines.....
40
38
100
60
Potomac...
65
'
First Carollnas—
100
5
Fremont
100
1
Lincoln
100
2
4
100
85
2d
—6
—
26)4
Northwestern
Natlonal.25
122
4)4
.
127
Pacific Fire—.
.
....10
78)4
82)4
.6
17)4
19)4
10
32
34
25
Provldenoe-Washlngton
Reinsurance Corp (N Y).2
Revere (Paul)
Accident
Fire
.
..10
,.10
115
-
119
8)4
7)4
25
20)4
25)4
26)4
22)4
24)4
Rhode Island..
24
26
St Paul Fire A
39)4
4134
Seaboard Fire A Marine..6
11
1234
Seaboard
19)4
22)4
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant—........-.5
31)4
29)4
119)4 122)4
4)4
3)4
67)4
preferred
Great American
Great Amer Indemnity
25)4
2.50
K
70 M
26
2734
.6
3
Marine_62>4
222
Surety
10
4)4
228
8)4
6)4
29
31
•
11)4
Sun Life Assurance
100
390
440
Halifax
9H
22)4
24
Travelers
100
478
488
Hanover
2
1)4
2)4
mmm
—5
95
91
43)4
Globe A Rutgers Flre. —15
3
89
41
Globe A Republic
16)4
15)4
92
Preferred
29)4
—5
63)4
122)4 128)4
14)4
13)4
33)4
31)4
46)4 48)4
5
68
1054
3054
—
4)4
12.50
66)4
9)4
Glens Falls Fire
9
"
Phoenix
43)4
126
Firemen's of Newark. —6
Gibraltar Fire A Marine. 10
10
....5
Republic (Texas)
'
2
New Hampshire Fire
2954
General Reinsurance Corp 5
-10
Georgia Home
100
——
Joint Stock Land Bank Stocks
■
..10
National Liberty
2
National Union Fire.—.20
93
Franklin Fire—..... —5
4)48
4
45
26
Federal
99)4 102
5b
-3
41
City of New York.-. -10
Connecticut Gen Life. -10
Excess—
101
10)4
3"
68)4
Carolina
Fire
Fidelity A Dep of Md. -.20
Union of Detroit 4Mb
41)4
39)4
9)4
2)4
56)4
21 M
14
84
Southwest 6s—
2)4
20)4
71 %
Mass Bonding A Ins..12)4
Merch Fire Assur com
6
19)4
87
101
Iowa of Sioux City 4 Ha
100
Southern Minnesota 5s
68.
1
Continental Casualty. —5
4)48............
68....................
Potomac 3s
San Antonio 3s
84
—
Maryland Casualty
Ask
1)4
18)4
70)4
35
American Reserve
American Surety
102
102
Fremont
40)4
Phoenix
Chicago—
4)4s
Fletcher
American Re-Insurance. 10
101)4
99)4 102
44
/39
Ohio-Pennsylvania 5s
5
..6
Bid
National Casualty...'...10
14)4
99
North Carolina 38—......
100
First Texas of Houston 5s.
4)4s
101
13
100
99
First Carolines 6s
First Trust of
99
80
American of Newark.. -2)4
100
100
98
9)4
634s
New York 5s
101)4 102)4
.
Denver 3s
7)4
mmmm
5)4
83
10
—10
92
"
Ins Co of North Amer
Lincoln Fire
95
—
33
Jersey Insurance of N Y.
Knickerbocker
91
;
49)4
31
10
24
6s.
Montgomery 3s
47)4
Homestead Fire
2254
American Home
New Orleans 5s
Par
Home Fire Security.....10
113
22)4
94
5)4
109
Companies
Ask
21)4
90
'
'
—10
American
Lincoln 4)4s
Bid
Equitable.. —5
Ask
23)4
/354
/354
-26
Ameiican Alllanoe
Burlington 5s
Agricultural
Bid
Ask
PA.
A. T. & T. Tel.—Pbla 220
Ask
Bid
-
3)481955 opt 1945—MAN
4s 1946 opt 1944
JAJ
Aetna Cas A Surety.. -10
Aetna
-10
100
90
1635
Established 1895
•
109)4 109)4
Bid
5)4
4)4
80
PHILADELPHIA
STOCK EXCHANGE BUILDING, PHILADELPHIA,
JAJ
—JAJ
MAN
54)4
Members Philadelphia Stock Exchange
Federal Land Bank Bonds
3s 1955 opt 1945
43)4
41)4
5234
110)4 113)4
We Maintain Trading Markets in:
4)48 July 1952
....
5b
July 1948 opt 1243.
117 H 119)4
Hawaii 4)4a Oct 1956
283
25
Govt of Puerto Rico—
115)4 117)4
101
205
278
Irving.
84
20
195
100
48)4
Ask
Bid
103
Feb
5H
4)4
Ask
Bid
100
Guaranty
50
115)4 117)4
6s
58
50
123)4 125
U S Panama 3s June 11961
5s
Par
Fulton
Chemical Bank A Trust. 10
Empire
Ask
Bid
56
79
Central Hanover
United States Insular Bonds
Philippine Government—
4)4s Oct
1959
4)4s Jujy
1952—
419
100
——
Companies
Ask
428
Colonial Trust
111
Inland Terminal 4)48 ser D
105)4 106
.7
Bid
Clinton Trust.....
110
107
102 %
County
Brooklyn
Ask
Bid
Ask
Bid
Bank of New York—..100
Bankers
10
28)4
2954
U 8 Fidelity A Guar Co..2
21
79
82
U S Fire
51 Hi
53)4
5454
5654
U 8 Guarantee...
61
63
3054
3254
Westchester
33)4
35)4
1
..10
Hartford Fire
Hartford Steam boiler. -10
6'
Home..
4
Fire.
10
2.60
22)4
Federal Intermediate Credit Bank Debentures
Bid
1%
1%
1%
1%
1%
1%
due.....June
due
July
due
Aug
due..
Sept
due
Oct.
due
Nov
Bid
Ask
1% due
1% due
Dec
1% due
161939 5.25%
15 1939 6 .25%
15 1939 5 .25%
15 1939 5.25%
16 1939 5 .25%
11939 5 .25%
Feb
Mar
Apr
1% due
1% due
Jan
Ask
Surety Guaranteed Mortgage Bonds and Debentures
5
.30%
1 1939
2 1940 5 .30%
11940 5 .30%
11940 5.35%
11940 5 .35%
Bid
Arundel Bond Corp 2-5s '63
Debenture
3-6a
1953
100
201
100
211
84
67
2-3s
Bid
Ask
280
290
Northern Trust Co—100
540
555
1945
Interstate Deb Corp 2-5s'55
mm,
mm
mmm
m
56
mrnmm
48)4
rnmmm
94
m
Inc 2-6s
1953
m
Corp (all
82
mrnmm
Potomac Cons Deb Corp—
3-68
1953
50)4
53 M
Potomac Deb Corp 3-6s *63
49
52
Issues)
2-5s
1963
Potomao Franklin Deb Co
1953
3-6s
Mortgage Bond Co of Md
53
m
m
m
m
94
Potomao Maryland Deben¬
78)4
213
80 H
218
SAN
34
36
Corp 3-68
1953
90
mmmm
Potomac Realty Atlantic
Central Funding
serles A A D
3522.
ture
Nat Bondholders part ctfs
FRANCISCO—
Bk of AmerNT AS A 12)4
series B A C
For footnotes-see page
mmmm
1954
5734
Empire Properties Corp—
Harris Trust A Savings.100
Continental Illinois Natl
Bank A Trust
33 1-3
First National
Par
Ask
American National Bank
A Trust
8034
Series B 2-5s
64)4
1954
Potomao Bond
Chicago &, San Francisco Banks
Ask
Series A 3-6s—
Associated Mtge Cos Inc—
Cont'I Inv Bd Corp 2-52 *53
Bid
Bid
Nat Union Mtge Corp—
55
Cont'l Inv DebCorp3-6s "53
Par
Ask
84
Arundel Deb Corp 3-6s *53
—r...
Nat Cons Bd Corp 2-5s *53
Nat Deben Corp 3-0S.1953
m
J2\
82
50
mrnmm
rnmmm
mm
mm
rnmmm
Deb Corp 3-6s
1953
60
Realty Bond A Mortgage
deb
3-6s
1953
Unified Deben Corp 5s 1955
60)4
47)4
mmmm
49 M
Chronicle
Financial
3520
Quotations
June 10, 1939
Over-the-Counter Securities—Friday June 9—Continued
on
DEALERS
Guaranteed Railroad Stocks
RAILROAD BONDS
Joseph Walkers Sons
Robert L. Whit taker Si Co.
Mrmhen Js[ew York
Sleek Exchange
Dealer* in
120 Broadway
Members
1420
Tel. RE ctor
GUARANTEED
NEW YORK
ST.,
-
PHILADELPHIA
.
Kingsley—0782—Bell Teletype PhU. 377
2-6600
STOCKS
Sine*
Philadelphia Stock Exchange
WALNUT
Direct Wire to DeHaven A Townsend, Phil.
1855,
Railroad Bonds
Guaranteed Railroad Stocks
'
(Guarantor In Parentheses)
Bid
Akron
Dividend
Canton
6s
Par in Dollars
Bid
Asked
and
Youngstown 5Hs...
..1945
,
Atlantic Coast Line 4s
/31
i... ..1939
...
Asked
f31
..1945
....
32
33
100
99%
Baltimore A Ohio 4 Ha.,
6.00
n%
123 H
128 H
64
6.00
Boston A Albany (New York
60
2.00
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
28%
Canada Southern (New York Central)
46 H
49%
81H
6.00
79 %
Central).. 100
5.00
3.50
66 H
75 H
46
...—
...100
pref (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)..
6.50
9.00
100
—
4.00
100
—
Michigan Central (New York Central)
50.00
60
Morris A Essex (Del Lack A Western)
Central
4.00
84%
40
42
44
3.00
82
7.00
Z168H
6.64
6.00
137
Second
(Terminal RR)
—
7.00
3.00
—
—
Preferred
a
10.00
238H
42 H
67
62
5.00
56 H
60 H
58 H
62 H
3.50
3.00
'
'
94
..1959
112
.1940
99
101
.2000
101
103
26%
51H
Bid
Baltimore A Ohio 4Ha——
1.25
64.35
Bid
6s
64.75
4.00
3Hs Dec 1 1930-1944—f
64.50
3.75
62.50
York
Chicago
St. Louis
6s
62.40
2.00
62.40
Canadian National 4Hs_
1,90
3.00
1.50
62.00
61.50
3.50
6s
61.25
0.50
64.35
3.50
64.35
3.50
65.20
4.50
Jan A
Pere
4.50
97%
'
*
'
•
,
2.00
62.00
1.50
Bid
Alabama Power 37 pref..*
98 %
Associated
6a
62.00
Gas A
64.50
4.00
St Louis Southwestern 6a..
3.75
Great Northern 4Ha
61.50
1.00
Southern Pacific 4H8
Southern Ry 4Hs
5HB
,3.75
64,00
64,00
3.25
1.85
3.75
3.25
62.50
2.00
6U5
0.76
62.30
1.75
Hocking Valley 5s
61.00
0.50
4HS—
62.30
Illinois Central 4Hs—
Internat Great Nor 4Hs.
62.50
1.85
6s
61.50
1.00
64.00
3.00
Long Island 4Hs
63.50
2.50
Virginia Ry 4Hs
61.25
0.75
Western Maryland 4Hs—
62.50
1.50
Western Paolflc 5a
64.50
4.00
64.50
3.50
93H
95 H
Monongahela
2H
3
3%
4%
4
5%
Birmingham Elec 37 pref.*
Buffalo Niagara A Electern
79
81
3160 preferred
25
Carolina Power & Light—
$7 preferred......
21%
22%
96%
98
6% preferredCentral Maine Power—*
»
89
91
7% preferred
100
103
105
100
93
95
Consol Traction (N J). 100
Consumers Power $5 pref*
Continental Gas A El—
6s
;
3.50
104H 105H
K
•J
52
105-
5Ha
Bid
way
City Park¬
Authority 3 Ha '68
Ask
1944 b
3 Hi revenue
1949 6
108 %
109%
1.60 less
1
2.20
less
1
Is
July
1931
Dec
194(
Apr
ederal
100.1
100.4
102.13 102.17
103.6
103.10
1194i
Natl. Mtge Assi
2s May 16 1943—
CaU Novl6*39 at 101
102.1
Reconstruction Finance
Corp—
H % notes July 201941
H%
Nov 1 1941
H%
Jan 15 1942
101.8
101.10
101.10 101.12
101.8
101.10
102.5
lHs Jan 3 1944—
Trlborough Bridge—
Call Jan 3 *40 at 102.
56
106
101.23 101.27
4s
s
f revenue '77. A AO
112 H
'111?*
4s serial revenue..1942 6
Ha
May
16
1940
100.7
Ha
May 16
1941
100.19 100.21
100.9
1.10
less
H
4s serial revenue..1968 b
Home Owners* Loan Corp
24 %
113H 115
28%
29H
17 prior Hen pref
43%
44%
110% 112H
*
New York Power A Light—
*
105
106H
cum preferred... 100
113
115
$6 eum preferred
Northern
States
Power—
(Del)
7% pref.
(Minn) 5% pref
71 %
73 H
109H 110H
100
*
Ohio Edison 06 pref
106% 108
*
27 H
94
17 preferred
*
Ohio Power 6% pref... 100
Ohio Public Service—
100
7 % preferred
Okia G A E 7%
.100
H0H U1H
30
pref. .100
109H HOH
104 H 105
36 preferred
Pacific Ltg §5 pref
23%
25
25%
Penn Pow A Lt 07 pref...*
25%
26%
Queens Borough G A E—
6% preferred
*
24
26
3.30
less
1
U S Housing Authority
1H% notes Feb 1 1944
102.26 102.28
Kan Gas A El 7% pref. 100
Kings Co Ltg 7% pref. 100
116 H H8H
88
90
Long Island Lighting—
6% preferred
100
7% preferred
100
Mass Utilities Associates—
partlc pref..50
Memphis Pr A Lt 37 pref.*
Mississippi Power 36 pref *
37 preferred
*
Mississippi P A L 36 pref.*
Miss Rlv Pow 6% pref. 100
83 H
85%
108% 109%
30 H
100
32%
110 H
H3H H5H
4%
5%
104% 106
conv
103 H 104%
Pacific Pr A Lt 7% pf.. 100
24 H
*
7% preferred
100
Interstate Natural Gas..*
Interstate Power 37 pref. *
5%
112% 114H
U3H 115
*
*
Jer Cent P A L 7% pf._100
Fed'l Home Loan Banks
2s
92%
oum preferred
37 cum preferred
Idaho Power—
New York
100.15 100.17
61
23
Nebraska Pow 7% pref. 100
New Eng G A E 5H % Pf-*
ft
U6%
36.50
3Hs revenue
2s....
....100
Federal Water 8erv Corp—
36 cum preferred-______
Ask
100.11 100.13
59
7% preferred
100
Nassau A Suf Ltg 7% pf 100
28
6% preferred.
7% preferred
Dallas Pr A Lt 7% pref. 100
2.75
Miscellaneous Bonds
Commodity Credit Corp
% °78 notes Nov 2 1939.
6%
26%
o
2.75
Bid
Ask
Penn
Pub Serv 7% pref
25
Mountain States Power-^.
7%
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas 36 pref
West
6
New Orl Pub Serv 07 pf..*
Derby Gas A El 37 pref..*
64.25
63.75
63.75
6Ha
Missouri Pacific 4Ha
H
New Eng Pub Serv Co-r-
36 preferred
4.00
2.50
64.26
Missouri Kan Pipe Line..6
12.0
•
63.50
*
Bid
Par
92%
Atlantic City El 6% pref. *
1.75
Texas Pacific 4s
*
37 preferred
62.30
4Hs
4,00
_•
52
NEW YORK
Ask
Electric
Original preferred
1.50
64.35
64.35
64.40
-
69H
Utility Stocks
'
St Louis-San Francisco—
64.50
6s
51
91 %
Arkansas Pr A Lt 7% pref *
Erie RR4Hs
Maine Central 6s
.39
.1990
....
1.60
.
Reading Co 4H»-
4s-
6s
75
67H
37
1.80
62.50
Marquette 4Ha
62.10
62.25
July 1937-49
Dec 1 1937-50
$6.50 preferred
65.20
6a
106 H
70
Bell Teletype: N. Y. 1-1043
Fuller, Cruttenden & Co., Chicago
Direct wire to
Chicago R I A Pacific—
Denver A R <3 West 4Hs--
...
Incorporated
2%a series G non-call
-
.1951
..1968
3Hs-
WALL STREET,
Hanover 2-3888
4s series E due
1.50
Trustees* ctfs 3%a
I
113
.1954
Public
64.50
6a
99
1.00
62.20
6a...1
110
108
Bishop Reilly Si Co.
1.00
Pennsylvania RR 4Hs
4Ha—-
Chic Mllw A St Paul 4Ha.
100
98%
.1957
.1940
04
4Hs__
Northern Paolflo 4Ha
Chesapeake A Ohio—
Chicago & Nor West 4Ha.
107
2.00
62.35
90 H
78
105""
.1946
.'
3.00
New York New Haven A
5s
Canadian Paolflo 4Hb
Cent RR New Jersey 4Ha.
89H
PUBLIC UTILITY STOCKS
A
4 Ha
Hartford
117H
.1967
West Virginia & Pittsburgh 4s
2.00
63 00
New
4.00
103
3.00
63.75
3.25
64.75
104
.1941
.1947
_
United New Jersey Railroad A Canal
| Ask
63.50
3.25
64.35
Maine 4Hs
69"
.1961
Vlcksburgh Bridge 1st 4-6s
Washington County Ry. 3 Ha
54%
64.00
New Orl Tex A Mex 4Hs..
New York Central 4Ha~.
68...
I.
66
DEALERS
,
Ask
.1939
1854
80
.1942
■
62.00
/16H
.1947
...
96 H
95 H
.2032
...
Equipment Bonds
Atlantic Coast Line 4Ha.
.1948
Vermont Valley 4Hs
28 H
95
.1947
'
Boston A
_
....
Toronto Hamilton & Buffalo 4s
p
Railroad
..1978
....
Toledo Terminal 4Hs
*
'
65
Toledo Peoria A Western 4s
45 H
5.00
Warren RR of N J (Del Lack A Western)
..1950
Providence & Worcester 4s
242 H
6.00
100
Weet Jersey A Seashore (Penn-Readlng).*
71
64
Terre Haute A Peoria 5s
100
...
109
'66,
Portland Terminal 4s.
137
100
Valley (Delaware Lackawanna A Western)
Vicksburg Shreveport A Pacific (Illinois Central) ...100
—
108
..1953
Philadelphia A Reading Terminal 5s.
Pittsburgh Bessemer A Lake Erie 5s
146
70 H
140H
5.00
United New Jersey RR A Canal (Pennsylvania).
Utlca Chenango A Susquehanna (D L A W)
38H
H
..1945
Pennsylvania & New York Canal 5s
67
6.00
preferred
Tunnel RR St Louis (Terminal RR)..
51
49
..1962
.....
New Orleans Great Northern Income 5s
Norwich A Worcester 4Hs
171H
140
-
36
New York Philadelphia & Norfolk 4s
85
67
100
St Louis Bridge 1st pref
3Hs
New York & Harlem 3Hs
86%
36 H
1.60
Preferred
107
..I960
New London Northern 4s
53%
4.50
Pittsburgh Fort Wayne A Chicago (Penn.) pref. ...100
—100
Pgh Ygtn A Ashtabula pref (Penn)
Rensselaer A Saratoga (Delaware A Hudson)...
104
,_1951
Memphis Union Station 6s
32%
50
Pittsburgh Bessemer A Lake Erie (U S Steel)...
84
101
Kansas Oklahoma A Guif 5s
800
X30% :
X6\%
—50
(Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
80
..1961
..1995
Duluth Missabe & Iron Range 1st
5.00
New York Lackawanna A Western (D L A W)__ ...100
67"
..1951
....
Illinois Central—Louisville Dlv. A Terminal 3Hs
Indiana Illinois A Iowa 4s
41H
6.50
65
Florida Southern 4s
56H
155
X39%
3.876
100
..1956
Connecting Railway of Philadelphia 4s
Cuba RR. improvement A equipment 5s
46
H
149
32
..1955
Cleveland Terminal A Valley 4s
70
53
...100
Fort Wayne A Jackson
Northern
43
2.00
Delaware (Pennsylvania)
36
..1944
Chicago Stock Yards 5s
49
stock
Betterment
39
Chicago St. Louis A New Orleans 5s
77 H
2.00
Cleveland A Pittsburgh (Pennsylvania)
74
36
4Hs
20
Carolina Cllnchfleld A Ohio com (L A N-A C L). —.100
Cleve Clnn Chicago A St Louis pref (N Y
52
70
..1940
Chicago Indiana A Southern 4s...
75 %
15
3.00
100
—
r.i%
8.60
Boston A Providence (New Haven)
51
..1943
Cambria A Clearfield 4s
31
8.75
Central)
..1939
Boston A Albany 4 Ha
Boston A Maine 6s
73%
10.50
Alabama A Vicksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson)—
Republic Natural Gas
5
1
6H
Rochester Gas A Elec—
6% preferred D
99H 101H
100
Sierra Pacific Power com.*
Sioux City G A E 07 pf.100
21
22
95H
98
29H
30%
94 H
.
95%
Southern Calif Edison—
6% pref series B
25
30 %
35
Tennessee Elec Power—
33H
33 H
33 %
98H
99%
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
29H
76 H
83
100
100
95 %
96 H
102% 104
110 H 112
78%
80 H
6% preferred
7% preferred
78%
116
79H
119
United Gas A El (Conn)—
7% preferred
Utah Pow A Lt 07 pref
Vlnrlnlan Rv
84
100
57 H
*
ion
145
85
58 H
155
Sugar Stocks
CURRENT
Par
Bid
Cunan Atlantic Sugar._7H
Eastern Sugar Assoc
Preferred
8
1
1
,
4
14HI
For footnotes see page 3522.
| Ask
9
6H
16
Par
Savannah Bug Ref com.__l
West Indies Sugar Corp_.l
Bid
I
30
3%\
NOTICES
Ask
32 %
4H
—Charles E. Weinmann, Jr., is now associated with Robert C. Mayer
&
Co., Inc., where he will specialize in municipal bonds.
—Robert A.
Seager, formerly with R. H. Johnson & Cq., is
Amott, Baker & Co., Incorporated.
now
with
Volume
Quotations
Public
Bid
Associated Electric 5s. 1961
•
Consol Gas 4S..1963
Mich
32%
Missouri Pr A Lt 3148.1966
35
107
65%
68%
70
Conv deb 5s
72%
73%
76
—
...1938
1st 6s
102
—
Conv deb 5%s_
1973
8s without warrants.!940
Main Office
115 Broadway
...1966
35
38
34
...1965
-
81
78%
103% 104
Investing Companies
Sink fund lnc 5s
1983
36
8 f lno
1986
35
Sink fund lno 5-0s--1986
37
110%
110
36
Ohio Power 3148 1968
37
..
.......1964
314s
—
Old Dominion par
.
6e—1951
Parr Shoals Power 58..1952
Central Gas A Elec—
1950
6s
8614
1st lien coll tr 6%s.l946
1st lien ooll trust 6s. 1946
2037
...2037
1st A ref 6a
1st A ref 8s-
Central Illinois Pub Serv—
104
109
88%
1st mtge 314s
10414
1968
10914
Cities Service deb 5S..1963
74%
85%
72%
75%
76
Cons Cities Lt Pow A Trac
68
1962
9214
52 %
93%
5314
51
53
Consol"E*"i"G'6e AlIZl962
.1962
6s series B
52%
A Pow
4%s———1947
Sioux City G A E 4S- .1966
Coll lnc 6s
10914 10914
Sou Cities UtU 6s A..1958
50%
(w-s)....1954
Cumberl'd Co PAL 3%s'66
Dallas Pow A Lt 3148-1967
Dallas By 4 Term 6s. 1951
73;14
7514
Toledo Edison 3 Ms
Federated UtU 514s... 1957
7914
1968
5%
95
Maryland Fund Inc...10c
4%
.28
Mass Investors Trust——1
20.60
24.47
13
1
26.17
Mutual Invest Fund
10.03
2814
30
Wisconsin G A E 3148.1966
109% 109%
4.20
Common...........25c
3.33
3.59
5%
6%
Voting shares....
National Investors Corp.l
New England Fond.....I
N Y Stocks lno—
Series AA
Agriculture
2.44
III"
10914 110
Wis Mich Pow 894S..1961
109% 110
97%
2.33
2.33
Aviation.....
2.75
com.
■
7.52
8.14
4.82
5.24
9.29
...
10.04
9.20
0.81
7.38
9.49
10.26
0.79
7.35
7.51
Metals
4.73
16.54
1.61
-»
«■
f
No Amer Bond Trust ctts.
49%
2.18
7.02
Series 1955..
1
Series 1960———.1
Series 1968...... .....1
m
«
8.08
0.28
6.81
7.60
m
m.
—
'
m
—
—
3.04
2.69
8.78
7.46
No Amer Tr Shares 1953.*
37
■
8.12
Oils
Railroad equipment....
Sted...............
30
112%
3.65
6.93
Electrical equipment...
Insurance stock
Machinery............
27%
15.30
D
Automobile.
.......
25%
118%
100
„
2.80
—
m.
2.75
2.61
1
5:65
6.30
Plymouth Fund lnc
.38
.41
2fic
Dividend Shares
1.20
1.30
♦Putnam (Geo) Fund
14.07
Quarterly lnc Shares.. 10c
5% deb series A
Representative TrustShslO
8%
100%
15-05
9%
Republic Invest Fund.25c
.23
.26
9.32
10.16
Eaton A Howard Manage¬
ment Fund series A-l...
PRUDENCE COMPANY, INC.
6.12
13.13
Building supplies......
2.75
..10
Diversified Trustee Shares
C
3.60
CORPORATION
1,38
5.75
Bank stock...........
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Sh« ser B1
Collateral Issues
1.25
12.18
........
1
Delaware Fund........
We specialize in:
3.58
......
Accumulative series...!
Series AA mod.......]
♦7% preferred
100
Cumulative Trust Shares. *
95%
1960
10
14%
1,0.79
•
Series ACG mod..,.....]
Western PubUc Servicer
Kan City Pub Serv 4s,1957
7.80
4%
22.15
11.61
le'oi
.13
♦Common B share.-.10
51%
7.07
14.89
26.01
♦Crum A Forstef
127
4914
PRUDENCE BOND
Manhattan Bond Fund lno
♦Crum A Forster insurance
Inland Gas Corp 6148.1938
15.02
3.93
9.97
♦8% preferred
/4314
21.94
Series S-4
3.85
'
108% 109
....1957
....
24.19
■
75%
97%
73%
Havana Elec By 5s... 1952
5%s-
6%
"3.66
Corporate Trust Shares..1
105%
50%
"48%
Utica Gas A Electric Co—
Kan Pow A Lt 1st 414s '65
Series S-3
Century Shares Trust...l
81
5s..
........
Commonwealth Invest... 1
♦Continental Shares pflOG
105
Texas Publlo Serv 5s.. 1961
Series B-3.
'
Chemical Fund
105
Tel Bond A Share 5S-.1958
H014
—
Nation Wide Securities-
St Joseph By Lt Heat
Crescent Public Service—
11.52
4,43
Corp
Canadian Inv Fund Ltd..*
...1951
15.14
10.40
4%
Bullock Fund Ltd..
Republic ServiceCollateral 5s
13.73
4%
Broad St Invest Co Inc..5
t—
83%
9.86
Series S 2
.47
....
111%
1968
1st mtge 314s
214
14.76
5%
3.38
.41
BaBio Industry Shares..l0
Boston Fund lnc
British Type Invest A...1
Ask
5
25%
3.05
♦Class A—..........
Bid
27.54
Series K-l............
Series K-2
24%
Invest
Keystone Custodian Funds
Series B-l._.
Series B-2„...........
30.08
24.05
16.48
16.18
10.92
Corp..*
Bankers Nat
149%
219% 224%
Pub UtU Cons 5%8—. 1948
ri%
3.68
Assoc. Stand OU Shares-.2
Pub Serv of Northern 111
Central Publlo Utility—
Income 514s with stk '52
Par
12.28
3.32
Amer Business Shares....
21%
/20%
Ask
11.54
Amer Gen Equities lnc 25c
Am Insurance Stock Corp*
Public Serv Elec A Gas—
87%
91X
1st mtge 3 %s_—.1968
Cent Maine Pr 4s ser G '60
♦Amerex Holding
90%
Portland Electric Power—
9914
Bid
Admlnls'd Fund 2nd Inc.*
AffUlated Fund lnc
1%
102% 103%
Peoples Light A Power—
1st lien 3-6s__.
1961
109
98 %
Par
109% 110%
71%
69%
39
Blackstone Valley Gas
1968
Teletype JCY.1518
Private Wire System Connecting Branch Offices In leading Cities
Nor States Power (Wise)—
Cons ref deb 4%s—1958
Sink fund lno 4%s_.1983
A Electric 314s
Jensey City Office
Tel. Journal Sq. 2-4400
N Y State Elec A Gas Corp
314s
Assoc Gas A Elec Co-
Cent Ark Pub Serv 68.1948
UNLISTED
66
80
111%
111
New Eng G A E Assn 5s.'62
N Y. Pa A N J Utll 5s 1958
4s
4%s-5%s
IN
921 Bergen Avenue
New York City
Tel REctor 2-5485
Narragansett Electric—
—
MARKETS
GOODBODY fit CO.
104
97% 100
....1973
TRADING
Members N.Y. Stock Exchange and other
Principal Stock and Commodity Exchanges
108
40
37
Income deb 4%s—.1978
Conv deb 4s
...1973
Conv deb 4%s
1973
ACTIVE
86%
101% 101%
Mountain States Power—
39
..1978
33%
34%
36%
1978
1978
Income deb 4s
59
84
Lehigh Valley Transit 5s '60
Lexington Water Pow 6s '68
MAINTAIN
Investment Trust Issues
57
63%
Corp—
Income deb 314s
Income deb 3lis
WE
Ask
Bid
Ask
46
Amer Utility Serv 68.1964
3521
Over-the-Counter Securities—Friday June 9—Continued
on
Utility Bands
%l 48%
83%l 85%
64%
Amer Gas A Power 3-5s '63
Assoc Gas A Elec
Chronicle
Financial
148
17.51
18.80
10c
...
102
Equtt Inv Corp (Mass)..5
Equity Corp $3 conv pret 1
Ask for
Quotation List PRU.
27.08
Fidelity Fund lno.......*
Specific Property Issues
18.11
19.49
6.81
7.61
Selected Amer Shares..2%
Selected Income Shares...
4.26
10c
2.49
2.76
.72
3.26
3.62
Sovereign Investors.,
Spencer Trask Fund.....*
.65
Insurance stk series.lOc
14.78
15.06
26%
First Mutual Trust Fund.
29.12
•
27
Fiscal Fund lno—
Bank stock series
NEWBURGER, LOEB & CO.
Members New York Stock
♦State St Invest Corp... *
78%
4.55
Super Corp of Am Tr ShsA
3.62
Fundamental Invest Inc.2
16.83
18.30
Fundamental Tr Shares A2
5.02
5.73
Fixed Trust Shares A...10
New York
ATLANTIC CITY, N. J.
LEBANON, PA.
8.15
4.25
10.30
M
-
.49
7.41
Foundation Trust Shs A.l
Bell System Teletype NY 1-2033
Telephone WHiteball 4-6300
Standard Utilities Inc. 60c
Foreign Bd Associates lno.
Exchange & Other Exchanges
40 Wall Street,
PHILADELPHIA, PA.
•
9.80
9.41
*.
—
-
—
AA
B
.
...... ............
_
—
.63
81
.
-
-
-
2.47
3.69
—
3
9.86
Trustee Stand Invest Shs—
Series C
.......1
10.72
2.48
Supervised Shards
....«
4,55
General Capital Corp
*
General Investors Trust.*
30.26
32.54
4.82
•5,25
5,59
6.09
4.52
4.93
Series D__
.1
Trustee Stand Oil Shs A.l
Series B......—.....1
7.46
8.1 i
Trusteed Amer Bank Shs B
.57
.03
7.01
Trusteed Industry Shares.
.84
.94
U S El Lt A Pr Shares A..
15%
B.*._
Group Securities—
Agricultural shares.....
Automobile shares.....
.
Real Estate Bonds and Title Co. Mortgage Certificates
Aviation shares
Bid
Alden Apt 1st mtge 30.1957
11
B'way Barclay lno 2s..1956
m
12
23%
32%
1948
66
68%
1957
/7%
Chanln Bldg 1st mtge 4s '45
43%
48%
Chesebrough Bldg 1st 6s '48
Colonade Construction¬
ist 4s (w-s)._
70
46%
50
33
35
28
...1948
24
4s with stock stmp.. 1956
N Y Title A Mtge Co—
5
6
5%s series BK—.r.....
6%s series C-2—
—.
5%s series F-l.
5% s series Q
52
1955
1st 3%s.
..1950
Dorset 1st A fixed 28—1957
25%
m
Eastern Ambassador
5%
Hotel units
36
Eqult Off Bldg deb 5s. 1952
50 Bway Bldg 1st 3s lno '46
6%
38%
36
Deb 5s 1952 legended..
fl7
.
.
'
3.30
B.. ........——w.
5.48
5.97
Voting shares.........
6.20
6.75
4.59
3.66
3.99
5.36
5.84
Tobacco shares........
5.24
5.71
♦Huron Holding Oorp...l
.15
.35
Investors..*
♦Independence Trust Shs
16,11
17.32
'
!.
Incorporated
54%
33%
31%
54
Olicrom Corp *1 c...
1 Park Avenue—
56
'
40%
5%s '51
Sees f ctfs 4%s (w-s) '58
Bank Group shares
42%
30%
1st 4s '49
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 4s stamped
1948
40 WaU St Corp 6s
39%
/21%
/51
5s
24%
53
Income
1943
Rlttenhouse Plasa (Phlla)
2%s
1958
49
/19
48%
42%
38
—
1st mtge 4s
Savoy Plaza Corp—
3s with stock....
1957
35
76
78
Sherneth Corp—
1st 5%s (w-s).
20%
47%
22%
-
Hotel St George 4s... 1950
44%
Harrlman Bldg 1st 68.1951
48%
46%
46%
67
...1948
56%
59
29
/17%
19%
Preferred.-.——
Emp A Bay State Tel—100
Franklin Telegraph—. .100
Gen Telep Allied Corp—
$6 preferred—
*
3s with stock..
1948
53
---
1st 3s
Bid
94
1951
40
51
.1963
Loew's Theatre Blty Corp
69%
1st 4s
Income 5%s
w-s
1947
1st 6s
53""
34%
29%
1st A gen
3-4s_——1952
(Bklyn)
1st 5a (L I)
1st 5s
1947
1951
Textile Bldg—
1st 6s
179
Pae A Atl Telegraph
121
121
Peninsular Telep com----*
Preferred A—
100
50
/40%
44%
52%
Wall A Beaver St
1st 4%s w-s
3s
...
1950
Corp—
1951
Westlnghouse Bldg—
1st mtge 4s.....
1948
15
%
mmm
17
1$%
73
75
Ask
15
25
25
14
15%
33
35
110%
—
101% 104
m-J.
Telephone—
$6.60 1st pref:..—100
...
113
—
15
So A Atl Telegraph——25
Sou New Eng Telep—.100
155
Wisconsin Telep 7% pf.100
118%
157
...
Chain Store Stocks
Bid
Per
Ask
Bid
Kobacker Stores—
6
7% preferred...—..100
67
7% preferred..——100
Foods lno common *
87
1%
2
Bohack (H C) common.—*
2
3
Miller (I) Sons common—5
preferred..——100
24
27
8%% preferred....—50
21
Diamond Shoe pref
100
Fishman (M H) Co Inc..*
107
pref—100
99
7%
Walbrldge Bldg (Buffalo)—
64
Bid
B /G
1st 5%s
1939
2 Park Ave Bldg 1st 4-5s'46
49
1
Rochester
46
Borland Shoe Stores—...*
37%
99%
...
—
64
Par
34%
43
50
par
New York Mutual Tel.100
176
128
70
1958
97%
Ludwlg Baumann—
98
31%
41%
London Terrace Apts—
Ask
Int Ocean Telegraph... 100
36%
1957
Trinity Bldgs Corp—
70%
%
2
18%
117%
Lewis Morris Apt Bldg—
Lexington Hotel units....
Lincoln Building—
16%
♦Schoelkopf, Hutton A
Pomeroy Tnc com—.10c
1
37
.1950
1955
2%
26
♦First Boston Corp—.—-10
115
Mtn States Tel A Tel—100
Syracuse Hotel (Syracuse)
Lefcourt State Bldg—
1st lease 4-6 %s
/26%
1956
33
(N J) com.*
100
Bell Telep of Canada...100
Bell Telep of Pa pref-—100
Cuban Telephone pref.100
Am Dlst Teleg
.1956
1947
1%
23
61 Broadway Bldg—
3%s with stock
616 Madison Ave—
Lefcourt Manhattan Bldg
1st 4-5s
1st 3%s
Investm't Banking Corp
Blair A Co
♦Central Nat Corp el A..*
♦Class B
»
Telephone and Telegraph Stocks
.
38
65
14.88
1.40
-
'56%
44
.98
13.63
10.87
«...
•
60 Park Place (Newark)—
Hearst Brisbane Prop 6s '42
Fuller Bldg deb 6s
1944
1st 2%-4s (w-s)
1949
Graybar Bldg 1st lshld6s'46
/3%
22%
1.21
1.33
.1
45
Roxy Theatre—
5%
24%
38%
.1941
1.10
Wellington Fund...
...
-
Fox Thea A Office Bldg—
1st 6%s
tr
Investors Fund C.......1
6
Prudence Secur CO—
5%s stamped
1961
Realty Assoc Sec Corp-^-
36
1st leasehold 3s. Jan 1 '52
FUm Center Bldg
.
Par
28%
6%s (stamped 4b)..1949
-
10.18
600 Fifth A venue—
62d A Madison Off Bldg-
—«»
Insurance Group Shares.
/4%
2d mtge 6s
—1951
103 E 57th St 1st 68... 1941
'2.15
Institutional Securities Ltd
•
2.28
5.00
... ..
(
165 Bway Bldg 1st
20"
3.10
Petroleum shares.....
RR equipment shares.
26
30
Court A Bemsen St Off Bid
4.92
Investing shares.......
Merchandise shares....
Steel shares
2s.._.
5.46
5.11
6.90
6.34
4.51
Mining shares....
N Y Majestic Corp—
9
'
Food shares.........
102
N Y Athletic Club—
Brooklyn FOx Corp—
3s
99
68
1945
33%
Broadway Motors Bldg—
4-6s
1948
6s
Metropol Playhouses lno—
S f deb 5s—
B'way A 41st Street—
1st leasehold 3 %-5S 1944
6.44
Building shares
Chemical shares.......
Ask
Bid
Metropolitan Chain Prop—
fZ2
Beacon Hotel lno 4s..1958
•
Ask
2.43
Kress (8 H)
6% pref
For footnotes see page
7
12
3522.
Reeves (Daniel)
9
12%
2%
United Cigar-Whelan Stores
35 preferred
--*
16
—
Chronicle
Financial
3522
June
10,
1939
Quotations on Over-the-counter Securities—Friday June 9—Concluded
Industrial Stocks and Bonds
If You Don't Find the Securities Quoted Here
Par
Ask
Bid
Mills Inc....
Alabama
Par
2%
1%
Amer Bemberg A com—*
our
monthly Bank and Quotation Record.
cation quotations are
ffnd
wiU probably
in which you have interest, you
them in
10
12
11%
12%
34
6% oonv pre!—.
10
American Enka Corp
*
American Hard Rubber—
carried for all active over-the-counter
„
25
Maize Products...*
American Hardware
Domestic (New York
Amer
Municipal Bonds—
Banks and Trust Companies—•
Andlao National Corp..
Canadian
Out-of-Town)
Art
Metal Construction. 10
Foreign Government Bonds
Industrial Bonds
Railroad Stocks
common.—1
Cessna Aircraft—■——1
Chic Burl A QUlncy—.100
Chilton Co common
10
Industrial Stocks
Real Estate Bonds
Columbia Baking com..
Federal Land Bank Bonds
Real Estate
Insurance Stocks
Trust
17X
Poilak
Manufacturing...*
Remington Arms com
*
12
62 X
35
Scovill Manufacturing..25
21
14
16
170
Dentist's Supply com—10
Devoe A Raynolds B com *
Stocks
Mill Stocks
Mining Stocks
2H
U- S. Territorial Bonds
.
\
Dixon (Jos)
Crucible—100
Domestic Finance cum pf_*
Your subscription should be sent to
sells for $12.50 per year.
■*
30
Preferred—
Tennessee Products—
•
Time I no
*
162
166
Corp.....*
33
35
70
78
Steel
..*
common
27 '
Trlco Products
30 X
Tublze Chatlllon
2%
—
pf .10
cum
«
42%
44%
preferred—*
Welch Grape Juice com..5
7% preferred.—..100
43%
13%
47%
Preferred—
8
Veeder-Root Ino oom_
Warren (Northam)—
25
9%
8%
IX
3%
$3
conv
12%
15%
West Dairies Ine
coin...:*
■;
Preferred—......100
S3
cum
38
Wilcox A Glbbs
25X
27 X
Great Northern Paper..25
36
38
Worcester Salt
5X
3X
37%
55 preferred,.—
& CO., INC.
4
6
—
Klidun Mining Corp.
2%
35X
1
7%
5
...100
*
St., N. Y.
Bid
Anhalt 7s to.........
6
Antloaula 8s.——..
6
/19
/37
f26
f26
/23
/19%
7
Bank of Colombia 7%*
7s
8
—.
8
5
Bid
Ask
f43%
46
Bonds—
27%' Amer Writ Paper 68—1961
15
17
mm
Hungarian Cent Mut 7s '87
Hungarian Ital Bk 7%s '32
m
mmm
change Bank 7s
1936
Jugoslavia 6i fundtng.1956
Jugoslavia 2d series 6s. 1966
mmm
.
■
m
mm
Konolyt 6 %s.
.1943
Land M Bk Warsaw 8s '41
......
5
/14
/20%
7
5
fl 8
7
9
7s———.
0
3
1
/22
Water 78.*....
5
0
/112
/IS
18%
7
/23
-
/1%
5%
/20
1962
Madgeburg 6s
193
I
f26
/48
195: 1
1948
/8
/99
.1947
39
7945
Bid
Coupons.
65
/53
/17
/20
18
/17
18
i
f\7
17%
i
5
5
J
/19
)
1
6%s.
vestment 7 Ks—.
/19%
/20%
/20%
J
5
7s.
7
I
I
5
2
.
—.1936-1937
many) 7b
1946
27
P5
747
/20
/17
PX
5s
1941
/17
PX
PX
6s.
.1941
]
]
/19
/18%
145
145
German Building A Ls
bank 614s.....
1
German Central Bank
Agricultural 6s
1
/40
/23
50
Chester Wat Serv 4 He '58
3
German scrip..
15
deposit. 1948
.1947
£
f'oX
fl7
/19
/17
710%
6
...
Ore-Wash Wat Serv 6s 1967
101
103
5s....
1956
oho Electric 7s.....1955
107
108%
103% 104%
Peoria Water Works Co—
1st consol 48...—..1948
Ireiand4s_1990
105%
9%
---
11
—
168
1946
73
78
Plainfleld Union Wat 6s '61
107
ConntlJsvllle Water 5s 1939
100
ioi% iol
102
Richmond W W Co 68.1957
105%
Roch A L Ont Wat 5s.l938
100%
.....1952
102 % 104%
St Joseph Wat 4s ser A.'66'
101X
Scranton Gas A Water Co
4%s—
1954
102
1954
—
103 X
.....1962
1958
106%
—
Scranton-8prlng Brook
Water Service 5s_1961
1st A ref 6s A
1967
105
106% 108
Sbenango Val 4s ser B1961
South Bay Cons Wat 6s '50
Sprlngf City Wat 4s A '56
1958
100
Terre Haute Water 6s B *56
1957
105%
Indianapolis Water—
1st mtge 3%s
1906
Indianapolis W W Secure—
103% 104%
89
,84
85"%
90%
101%
8o"
75
101%
fl9
P9H
101
103%
103%
Kokomo W W Co 58—1968
105%
Long Island Wat 6 %s.l955
12
9%
...
105
106%
Union Water Serv 5%s *51
103
Middlesex Wat Co 5 Xa '57
Monmouth Consol W 5s '56
106
108
W Va Water Serr 4S..1961
105% 107
105
Western N Y Water Co—
98% 101
06
1st mtge 6s-—.—1951
1st mtge 6%s
1950
95
100
105%
99
102%
105%
Westmoreland Water 5s '62
New Jersey Water 6s. 1950
New Rochells Water—
5s series B_.
..1951
101
5 Ha
1950
5s series B
102
£
102%
Wichita Water—
...
—
100
..1950
Morgantown Water 5s 1905
Muncle Water Works 6s '65
Monongabela Valley Water
...
19511
5%a
6s series O........ 1960
101%
105%
6s series A....—..1949
105%
5s series
92
97
96
1100
B—.—1956
W maport Water 5a
1952
103% 106
...
100% 101%
35
....1949
— — •
69
121
6s series A
Texarkana Wat 1st 6S.1958
20
I
Joplln W W Co 5s
102
...
65
1
3
104
Phila Suburb Wat 4S-.1965
Pinellas Water Co 5%s. '69
Pittsburgh Sub Wat 5s '58
6s
56
27
...
100
1948
73
6s—
53
119 X
f25
/19%
1948
101 %
1957
5s series B
56
70
3
101
1st consol s*
68
6s.
53
63
95
102% 103
101
Prior lien 6s
101% 103%
...
1
Britain A
.—i960
1st A ret 6s
.1946
1st'5s series 0__
5 %r series B—
5a series A.
34
fl8
95
Penna State Water—
.1954
6s series B__——.1952
117
/30
90
104
105%
Huntington Water—
70
PI
.1951
f!9%
PI
1435
2d series 6s...
1956
g tettln Pub UtU 7s...1946
92
101% 103%
mmm
21
19X
31%
87
107
Ohio Water Service 5s. 1958
mmm-
g
/31
99
105
Ohio Cities Water 5%s '53
Ohio Valley Water 5s.1954
Community Water Service
mmm
68
g
96
101
Greenwich Water A Gas—
/H%
See United Kingdom
..1941
6s series A
9%
Ask
Bid
New York Wat Serv 6s *51
mmm
/10
6Ha.
...
108%
mmm
5
a
Graz (Austria) 8s
191
Great Britain A Ireland-
..1954
5s series B
£
/19%
*
29
Newport Water Co 5s 1953
105X 106%
5s
---
£
i
1945
Ask
102%
City Water (Chattanooga)
120
>
5%s
1st coll trust 4%s..l966
PI
88 ctfs of
mmm
...
f60
120
19X
PI
7s etfs of deposit. 1957
mmm
SoovlU Mfg
103
100
Calif Water Service 4s 1961
d'
118
4s scrip...——
8s
1948
mmm
20
;
106
103%
5s series B—
f20
™!
mm
103% 104
fl8
106
102
6%b series A
...1954
Butler Water Co 5s.-.1957
135
124
122
....:
...
Conv deb 3%b —.1949
Nat Radiator 5s
1946
2d cony Income 58—1962
City of New Castle Water
/9%
/19
28%
26%
Birmingham Water Wks—
5s series C.........1957
f 19
»
f27%
1959
56
)
— .,
/8
/63%
J
68
.1952
..
7
Minn A Ont Pap 6s
1945
Nat Distillers Products—
1962
Atl&ntio County Wat 5s '68
/19%
Mtge 7s
51
J
67 X
ist 5s
Alabama Wat Serv 58.1957
P9H
196 3
17%
66%
Texas Corp 3s
Woodward Iron¬
3%
2%
Ashtabula Wat Wks 5s '58
-
-Mean Nitrate 5s
74%
P3
5%s 1950
McKesson & Rob
Water Bonds
Central German Power
City Savings Bank
Budapest 7a.
ioo% 101%
fl5%
20
26
*
1948
1937
Haytian Corp 8s.....1938
103 X
30 X
108X 109X
104% 104%
14%
12%
18%
24%
99X
America,
i
Nat Steel Corp 3s
1965
Old Bell Coal lnc 6s...1948
104
preferred.—100
of
35%
86%
'98%
50
f8
4s.
Central Agric Banksee German Central Bk
—
112
104
23
119X
47
National Hungarian A Ind
«•'«,
115
Steel
4%s
Deep Rock Oil 7s
1%
14%
26X
100
New Britain Machine
/22
18%
3%
H
13 H
25 X
*
f35
119 H
/6%
/18
l
Casket——*
Preferred.—
fl9%
7s to.
I
5
4%
.84
120
Hungary 7 Ha
Oauoa Valley 7%s——194 3
Ceara (Brazil) 8s
194 7
37 %
Nat Paper A Type com...*
Nat Central Savings Bk of
■
36 X
Nations!
185
/85
---
B
1
7% preferred..,
.100
Muskegon Piston Ring.2 H
PI
1945
28
2%
Mock Judson A Voehrlnger
PI
/37
/22
(A A B) ,4s
1946-1947
(C A D) 4s—.1948-1949
f47
-
55
Nassau Landbank 6 He '38
Nat Bank Panama—
...
/24
Crucible
40
25
6% preferred.—. 100
55
Munlolpal Gas A Elec Corp
Recklinghausen 7s—1947
"""
/8
52
Munie Bk Hessen 7s to *45
0
7%S——
19€ 2
Brown Coal Ind Corp—
6%s
195 3
PH
Montevideo scrip
Munich 7s to—.
23
.24
/22
/16%
0
1948
41
19
*
f 3 con v preferred—,r *
Merck Co Ine common..1
,52
Mannheim A Palat 78.1941
Meridtonale Elec 7s. -.1957
f36
-
6s.
3%
3%
3%
4%
P%
/3%
/3%
/3%
/2Q
8
7s.............
Leipzig O'land Pr 6%s '46
Leipzig Trade"Fair 7s. 1953
Luneberg Power Ligbt A
rnmm
19
10%
Carrier Corp 4 %s—1948
Crown Cork A Seal 4%s '48
3X
2%
McKesson A Robbing
PX
PX
Hungarian Dlsoount A Ex
mm
i Brown Co 5%sser A.. 1946 734
Marlln Rockwell Corp
Ask
5X
X
7X
Preferred
4
34
25 H
Long Bell Lumber..——.*
S5 preferred
100
Macfadden Pub common
Foreign Unlisted Dollar Bonds
10.
27%
46%
31%
King Seeley Corp com.-.l
Ley (Fred T) A Co
5
7
25%
42%
100
preferred...
Landers Frary A Clark..25
Tel. HAnover 2-6422
25
4%
50
com
Lawrence Port! Cement 100
02 William
96%
1X
York Ice Machinery
HarrHburg Steel Corp
13 X
22 X
WJR The Goodwill StA
Interstate Bakeries com...
11X
93%
t c 1
Wlckwire Spencer Steel—*
33%
17
107
*
com v
preferred
—.100
Preferred..
2%
IX
7%
2%
2%
ox
21
11X
13%
4%
4%
1
2
100
.
West Va Pulp A Pap com.*
Extinguisher...*
4%
1%
%
8%
68
65
4%
3%
IX
.
oom *
United Piece Dye Works.*
Great Lakes S3 Co com..*
Inactive Exchanges
BRAUNL
20
40
Humor Corp
Graton A Knight
39
38
*
Gen Machinery Corp com*
Foreign Stocks, Bonds and Coupons
37
3%
18%
33
shares
Garlock packing com
Gen Fire
Stanley Works Ine
.25
Stromberg-Cartaon Tel Mfg
Sylvanla Indus Corp....
23%
29%
23X
27%
Co..
—*
Foundation Co For she—*
Good
20
4%
5%
4%
33 X
5
Taylor Wharton Iron A
X
56%
Fobs CHI
American
173
3%
24H
31X
IX
58 X
25X
*
Bake Shops
Federal
3%
22%
3%
30%
Standard Screw
3X
5%
12
AlrpI—..1
Fairchild Eng A
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
47
2%
13%
2%
1
United Artists Theat
Douglas (W L) Shqe—
Conv prior pref—
Draper Corp
Record is published monthly and
Solar Aircraft.......
2%
.
The Bank and Quotation
3%
1%
Dictaphone Corp—.—..*
U. S. Government Securities
Singer Manufacturing..100
Singer Mfg Ltd.
Skenandoa Rayon Corp.
29X
A—10
Dennlson Mfg class
Title Guarantee and Safe Deposit
ties
15%
6%
"%
IX
4%
1
X
4%
18%
10 X
17
22 X
Crowell Publishing com.
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
Exploration
57 X
44
Ask
65
10%
f 1 cum preferred
Land
and
1
Petroleum Heat A Power.*
Pilgrim
Bur dines Ine
Railroad Ponds
Conversion
95
24 %
Bankers Indus Service A.*
Public Utility Bonds
'Public Utility Stocks
Canadian
Petroleum
92
32
5% pref 100
American Mfg
Domestic
and
3OH
I
17%
8H
15X
99%
H
-•
Pan Amer Match Corp. .25
Paths Rim 7% pref—*
23 X
..100
8% cum pref
55
Ohio Match Co.....
American Cynamld—
In this publi¬
The classes of securities covered are:
stocks and bonds.
33
Bid
100
2%
New Haven Clock—
Preferred 6X%
Norwich Pharmacal
37
American Arch—
*
No par value,
/Flat
a
Interchangeable.
price,
z Nominal quotation,
divldend.
« Ex-Rctuidatlng dividend.
t Nqw listed on
w
6 Basis price.
A Coupon,
e Ex-Interest,
i When Issued,
w-s With stock,
z Ex-
New York Stock Exchange.
t Now selling on New Yprk Curb Exchange.
A
Quotation not furnished by sponsor or Issuer,
^
.
Volume
Financial
148
General
OF
REGISTRATION
SECURITIES
UTILITY—INDUSTRIAL-INSURANCE—MISCELLANEOUS
it is
reasons
However, they
FILING
are
not
always possible to
always
as near
UNDER
STATEMENTS
$117,558
Dec. 31
•..
..
.
.
Net profit from
Other income
1938
$385,093
12,928
20,000
.
manufacturing, before deprecia'n.
■
Dividend received from
subsidiary
Total income
be offered
9,000
on
16,897
bonds
$1,502,203
316,516
246,308
,Cr73,235
<-188,548
$99,608
Interest and amortization
Non-recurring income (redemption of bonds)
$824,067
Reserve for Federal income tax
Balance..
Filed June 1,
1937
$1,477,224
15,979
$418,021
178,446
123,069
Depreciation
portions
public.
Balance Sheet Dec. 31, 1938
'
filed
registration
a
statement
debentures, due July 1, 1964.
subsequent page)
Assets—Cash, $134,900
cash surrender value of life insurance policies,
$89,192: accounts receivable (less reserve), $585; notes receivable,
$2,265;
inventories, $265,440; due from affiliated companies, $490,980; invest¬
ments,
$2,617,832; treasury securities, $37,921;
cofering
$50,000,000 of 25-year 3%
(For further details see
Filed June 2, 1939.
sinking fund deposit,
$43,599; fixed assets (after depreciation of $1,779,529), $3,087,397; de¬
charges, $38,138; total assets, $6,808,250.
Liabilities—Notes payable, $30,000; accounts payable, $16,230; accrued
items, $9,240; long-term indebtedness". $1,685,620; prior lien 8% stock,
$1,731,990; $6 pref. stock (no par value). $664,720; common stock, $1,827,200;surplus, $843,250; total liabilities, $6,808,250—V. 146, p.3327.
.
Beneficial Industrial Loan Corp. (2-4069, Form A-2) of Wilmington,
Del. has filed a registration statement covering 50,000 shares of no par
ferred
common
stock, which will be offered at market. The stock will be offered
for the account of Beneficial Loan Society.
Charles H. Watts is President
of the company.
Eastman Dillon & Co. and others to be named by amend¬
ment will be underwriters.
Filed June 2, 1939.
Aero
•
Supply Mfg. Co., Inc.—Earnings—
filed
Gaylord Container Corp. (2-4070, Form A-2), of St. Louis, Mo., has
a registration statement
covering 10,000 shares of 5M% cumulative
convertible preferred stock, $50 par value, and 80,000 shares of $5 common
Calendar Years—
Net sales
stock.
Cost of sales..
The preferred stock will be issued to Great Southern Lumber
Co., Inc.,
of Bogalusa, La., for property conveyed by Great Southern Lumber Co. to
Admin, and gen. exp...
86,944
Net oper. profit
Other income (net).....
$211,381
6,056
the
b$436,012
Does not
reflect loss on sale of
Middletown, Ohio, plant, which was
charged directly to surplus,
b Profit.
Southern Advance Bag &
Paper Co., Inc.—Income Account for Years Ended
Socony-Vacuum Oil Co., Inc. (2-4068, Form A-2) of New York, N. Y.
has
118,402
CV74.837
41,733
\
Balance—loss..
Proceeds of the issue will be used for redemption of 6% debentures of
1942, for payment of other debt and for working capital.
Marx Hirsch
President of the company. Conroy & Co., Inc., is named principal under¬
1939.
148 678
95,667
bonds""""""HI
Reserve for Federal income tax
(2-4067, Form A-2) of New York,
N. Y. has filed a registration statement covering $1,500,000
5% con¬
vertible debentures of 1949 and 172,000 shares of $1 par capital stock re¬
Other underwriters will be named by amendment.
$669,986
155 q91
..
on
Non-recurring income (redemption of bonds)
Molybdenum Corp. of America
writer.
80,000
subsidiary...
Total
a
1937
b$65,351
354,635
250,000
166,004
-
•r,
income.
Depreciation
Interest and amortization
Tobey & Co. and Heinzelmann, Ripley & Co., Inc., are named
principal underwriters.
F. William Zelzer may be an underwriter.
Filed
June 1,1939.
at 99.75 to stockholders and the unsubscribed
$111,805
$134,199
nilTme-"-*
company.
to the
alphabetical order.
manufacturing
.Dividends received from
through underwriters at $4.75
through underwriters
exact
possible.
«
ashareand 15,000 shares will be issued to underwriters by A. J. Miranda Jr.,
and I. J. Miranda, in consideration of the sale of the 250,000 shares. Under¬
writers propose to sell the 15,000 shares at $4.75 a share.
Issuer's portions
of the proceeds will be used for manufacture of new
models, plant additions,
development and working capital. A. J. Miranda Jr., is President of the
will
as
(Not including Southern Advance
Bag & Paper Co., Inc.)
Years Ended Dec. 31-—
■
1938
Net loss from
American Armament Corp. (2-4066, Form A-l) of New York, N. Y.
has filed a registratiomstatement
covering 265,000 shares of $1 par common
stock.
Of the total, 250,000 shares will be offered
The debentures
position
Advance Bag & Paper Co.,
Inc.—Earnings—
ACT
following additional registration statements (Nos. 4066
to 4075, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 19,33.
The amount involved is approximately $85,508,500.
of the debentures;
arrange companies in
alphabetical
The
served for conversion
3523
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For mechanical
Chronicle
Selling
expense.
1938
...
1937
$1,069,774
708,481
62,968
$1,411,803
1936
1935
896,188
70,834
85,137
$805,519
535,404
41,942
82,440
$568,528
388,532
27,698
47,167
$359,643
13,794
$145,732
19,106
$105,130
13,365
$164,837
15,043
69,132
22,154
$118,495
16,763
76,185
4,677
,
Gaylord Container Corp. in 1938 and if stock is resold it will be offered
at market.
Of the total issue of common, 20,000 shares are reserved for conversion
of the preferred stock, while the remaining 60,000 shares are to be
optioned
to certain individuals at the maximum price of $17 a share.
Clifford W. Gaylord is President of the company.
Great Southern
Lumber Co., Inc;, et al, have been named underwriters.
Brown
R.
Idle capacity
$217,437
8,112
69,516
30,384
Surtax
on
I.
$373,437
12,857
72,784
44,201
7,537
$109,425
expense...
Fed. & State inc. taxes..
&
Sharpe Manufacturing Co. (2-4071, Form A-2) of Provi¬
has filed a registration statement covering 34,000 shares of
$50 par capital stock. ' The shares will be offered ror account of certain
stockholders who will receive the proceeds.
Henry D. Sharpe is President
of the company.
Lee Higginson Corp. and others to be named by amend¬
ment are to be the underwriters.
Filed June 7, 1939.
dence,
Total income....
.
Depreciation
Filed June 3,1939.
;
$236,059
undist. profits
Profit for the year
.
.
$58,508
$20,870
Earnings for the 3 Months Ended March 31
1939
Net
Seiberling Rubber Co. (2-4072, Form A-2) of Akron, Ohio, has filed
income
after
operating
'
1938
normal
expenses,
Federal income taxes and other charges.
$16,800
$0.03
...
$33,600
$0.07
registration statement covering 34,000 shares of $2.50 cumulative con¬
vertible prior preference stock of no par value and 203,889 shares of ho
par value common stock.
Earns, per sh. on 412,461 shs. of class B stock
The preferred stock will be offered at a maximum price of $50 a share.
Of the common, 188,889 shares will be reserved for conversion of the
Assets—Cash, $270,638; accounts receivable (net), $81,629; inventories,
$257,291; fixed assets (net), $414,586; treasury stock (600 class A shares
and 12,660 class B shares at cost), $30,740;
oth,er investments, $11,060;
notes receivable, $19,490; accounts receivable (deferred), $16,050;
patents,
$190; goodwill, $1; deferred charges, $3,529; total, $1,105,204.
Liabilities—Accounts payable, $7,926; accrued items, $17,022; reserves,
$44,440; inventory adjustment reserve, $10,000; reserve for contingencies,
$30,490; capital stock (no par), $439,414; surplus, $555,911; total, $1,105,-
a
preferred and
warrants
to
15,000 shares will be reserved for issuance on exercise of
to underwriters.
The warrants will be exercisable
be issued
at the price at which the preferred stock
time of the exercise of the warrants.
is convertible into,
common at the
'
-
Proceeds will be used to pay on account of its guaranty of bank loans
made to Seiberling Rubber Co. of Canada, Ltd. and for working capital;
: •
J. P. Seiberling is President of the company.
E. H. Rollins & Sons, Inc.
and others to be named
by amendment
June 7, 1939.
are to
be the underwriters.
'
v
.
,
common
204.—V.
Filed
; •
shares reserved for conversion of the pre¬
ferred.
12
x
Net
x
Underwriters to be named by amendment.
Filed June 7,1939.
Bethlehem Steel Corp. (2-4074, Form A-2) of New York, N. Y; has
a registration statement covering $25,000,000 of consolidated
mortgage
filed
20-year sinking fund 3M % bonds, series F, due July 1,1959.
1939.
(See subsequent page for further details.)
Filed June 7,
Davidson Manufacturing Corp. (2-4075, Form A-2) of Chicago, 111.
has filed a registration statement covering 64,280 shares of $2 par class A
common
stock.
•
■
■
,
•
,
-
Of the total, 50,000 shares will be offered through underwriters at $7 a
share, 10,000 shares will be optioned to underwriters at $7 and $8 a share
for resale at an estimated maximum price of $9.60 a share and 4,280 shares
148,,p. 3209.
Weeks Ended—
profit_
_
I
Mar. 25 '39
Mar.26 '38 Mar. 27 '37 Mar. 21 '36
loss$26,516
$9,234 loss$32,l38
$261
-«
After expenses and depreciation and Federal taxes.—V.
•
"
'
•
'
"
'
Alabama & Western Florida
Commerce
'b
148,
3051.
p.
-
RR.—Abandonment—
Commission on May 27 issued a certificate
to interstate and foreign commerce, by the
its entire line of railroad extending from Chipley to a point at or near Greenhead, approximately 19.25 miles, and to aban¬
don operation over the railroad of the Sale-Davis Co. of Florida,
Inc.,
extending from Greenhead to South Port, approximately 18.75 miles, all
in Washington and Bay counties, Florida.—V. 143, p. 3135.
'
The
The preferred will be offered first through rights or in. exchange for out¬
standing preferred and the unsubscribed portion will be offered to the
public through underwriters.
Proceeds will be used to redeem outstanding
preferred and for working capital.
Donald L. Barnes is President of the
Company.
31, 1938
Air-Way Electric Appliance Corp.—Earnings—
<
American Investment Co. of III. (.2-4073, Form A-2) of Springfield,,
111. has filed a registration statement covering 80,000 shares of $50 par
5% cumulative convertible preferred stock.
Rights to buy the preferred
will be issued to common stockholders.
The company also registered an
unspecified number of
Balance Sheet Dec.
..
.
Interstate
permitting abandonment
as
receiver of the company, of
,
Alaska Juneau Gold Mining
Period End. May 31—
Gross earnings."
x Profit---
Co.—Earnings-—
1939—Month—1938 '
$380,000
$480,000
102,500
206,300
1939—5 Mos—1938
$1,785,000
$2,093,000
427,500
813,200
x Includes other income and is after operating expenses and development
charges, but before depreciation; depletion and Federal taxes.—V. 148, p.
3051.
6% cumulative preferred stock.
Alleghany Corp.—Court to Rule
Enjoin Use of $413,325 Assets—
Proceeds will be used to fetire the 6% preferred for the purchase of 4,000
common shares held bv W. W. Davidson as trustee and for
working
capital.
W. W. Davidson Is President of the company.
Med way Wadden
& Williams, Inc., have been named underwriters.
Filed June 7, 1939.
Federal Judge Vincent L. Leibell reserved decision, June 2, on a motion
by trustees for corporation's 5% bonds of 1949 and 1950 for a temporary
injunction to restrain the management from using $413,325 in free assets,
pending the outcome of a suit to compel specific performance of covenants
will be reserved for the conversion of 5,350 shares of
outstanding $5
par
class A
The last
in
our
previous list of registration statements
given
Abbott
Laboratories—Earnings-—
12 Mos. End. Mar. 31—
Shs. cap. stk. out.(no par)
Earnings
x
per
share
1939
1938
1937
1936
$1,770,&31
672,094
$2.50
$1,590,407
640,090
$2.44
$1,510,379
640,090
$2.36
$1,198,782
640,090
$2.00
After depreciation and normal Federal income taxes, Ac.—V. 148, p.3209
Abitibi
Power
&
Paper Co., Ltd.—Committees to Meet
June 13—
A meeting of four committees of security holders and creditors will be
held in Toronto June 13 to discuss plans for compromise with bondholders'
committee and to elect a joint committee to deal further with bondholders'
committee of which H. J. Symington is Chairman.—V. 148, p. 3209.
Plea
to
The corporation proposes to use the money, the only
free assets it has, to
pay administrative expenses in connection with a plan for the adjustment of
the bonds secured by the 1950 indenture; to meet future interest require¬
ments under the 1950
Net profit
Trustees'
contained in the bond indentures.
was
issue of June 3, page 3367.
eDAlfredyAf Cook,
x
on
indenture, and to
pay
administrative
expenses
for the
Attorney for the Midland Marine Trust Co., trustee
under the 1950 bonds, and Caro L. Hoffmann, Attorney for the Continental
Bank & Trust Co., trustee under the 1949 bonds, in arguing the motion,
said the covenants required that Alleghany post as collateral securing the
bonds sufficient securities or cash to equal at all times 150% of the aggregate
face amount of the bonds outstanding.
In the case of the 1950 bonds, Mr. Cook said, the collateral securing
the $23,046,000 in outstanding bonds had a current value of only $6,018,459
according to an appraisal completed on May 1, last.
The 1949 issue, of
which a total of $21,938,000 is outstanding, is secured by collateral with a
May 1 value of $21,615,332, Mr. Hoffmann said. Both attorneys maintained
that the "free assets" should be posted as additional collateral to secure the
outstanding bonds.
^
Carl E. Newton, Attorney for Alleghany, disputing the figures presented
by the trustees' attorneys, declared the assets of the corporation, at present
market values, were at least $100,000,000. All of the assets are pledged, he
Financial
3524
causes."
Mr. Newton
was
praisal," he added.
Under the covenants, whenever
the collateral goes below the 150% point,
Alleghany is prohibited from declaring or paying dividends on its common
stock, of which 4,000,000 shares are outstanding.
The income from the
directly to the various trustees and in¬
terest on the bonds is paid by the trustees, who acquire numerous other
rights.
v
"If Alleghany is compelled to cease operations," said Mr. Newton, "the
bondholders will suffer.
The covenants with the three trustees under the
bond issues are not linked together.
Each is a separate agreement between
the individual trustees and the corporation, so that in the event of a fore¬
closure of the collateral all that any trustee could obtain would be the
forced market of the securities posted as collateral. By permitting the corpo¬
ration to live, the bondholders will benefit.
"When the market value of the collateral behind any single issue of
bonds goes beyond the 150% margin, the corporation is permitted to
receive the excess collateral and that excess can be placed to support a less
favorable issue.
At the same time, any excess in income over interest re-
Maintenance.
Depreciation _:
,
Taxes...—.i
918,671
829,095
_ _
....—
.
_
$366,318
48,234
155,081
20,210
—..
$579,292
89,244
149,323
x45,170
Income charges
— -
....1_
Depreciation
—.
—
Provision for Federal income taxes
$142,793
5,038
Total income ....a
—
on
424,342
pref. stocks._._
.
Balance of income for
$642,440
$594,024 $10,949,966 $10,336,601
$642,440
stocks.
$594,024 $10,949,966 $10,336,601
209,963
2,168,851
2,941,095
•
owned
by A. G. & E. Co
Int. from subs, consol..
Pref.
divs.
154,104
subs,
from
165,681
1,988,170
4,509
5,958
58,362
$966,734
51,047
$975,626
44,431
pref. stock
$915,687
128,437
177,811
$931,195 $14,608,285 $14,539,861
171,658
1,865,436
2,051,046
177,811
2,133,738
2,133,738
1
$609,438
$581,726 $10,609,111 $10,355,077
Total income
.
*
■
$84,262 charged to capital
'
Balance Sheet Dec. 31,
U.
Government
8.
1937
prof.$47,851
1938
1
$761,974;
securities,
,
contract
Aluminum Co. of America—Accumulated Dividend—,
July
have
declared
on
the
a
dividend of $1.50 per share on account of
cumulative preferred stock, par $100, payable
15.
Like amount was paid on April 1
6%
to holders of record June
and Jan. 1, last.
1
-
,
monopolistic
combination.
time
trial
Actual
in
the
case
amounted to eight months of five court days a week.
The Government contended that company and its
Aluminum
Goods
Manufacturing
-To
Co.•
.<
Sept.
15, respectively.
Dividends of 20 cents
was
Pay
Two
also paid on April
1,
.
.
Ambassador Hotel Co. of Los
Angeles—Earnings—
Period Ended ,Jan. 31, 1939—
taxes and other
charges, but exclusive of profit on bonds purch..
—V. 147, p. 2383.
Net loss after operating expenses,
6 Months
sales.
debentures
12 Months
American Business Credit
$4.63 per share of common stock.
•
(
on March 31,1939, amounted to $1,511,466 compared with
Dec. 31, 1938.
During quarter ended March 31,1939, the corporation acquired $194,000
face amount of its 5H % debentures, at a cost of $199,619, leaving $9,780,000 face amount of debentures outstanding.
There was no change during
the quarter in the amount of shares of common stock outstanding, namely,
.1,000,000 shares.
•
Cash balances at March 31, 1939, amounted to $1,511,466 compared
with $2,256,135 at the end of 1938.—V. 148; p. 429.
first
page
American Optical Co.—Dividends
Jan.
securities
_.
Total income
Expenses.
Depreciation
Loss
on
deposit
Period End. Mar. 31
Federal tax..
$957,470
lossl34,501
Surtax
on
undis. profit.
Netprofit...
to
public
$9,674,426
43,223
$9,741,994 $35,302,530 $37,294,536
60,097
138,318
213,549
$9,717,649
Other income (net)
$9,802,091
3,984,757
0755
3,996,768
$35,440,848 $37,508,135
and
Balance
Crl 13,078
$5,247,166
733,296
1,052,913
12,772
90,000
300,000
•
L,277,732
679,240
932,826
$1,020,372
1,792,929
1,792,915
17,634
15,984,109
0360,912
16,020.651
Cr296,712
$19,716,909 $21,884,93$
7,171,705
7,171,667
17,409
ority interests
71,303
64,555
&
Light Co. in inc.
of subsidiaries
*
$2,375,323
593,657
1,019,471
31,453
7,040
38,089
140,2,60
372,963
45,813
122,078
$2,517,539
$2,092,062
21,888
$556,215
$3,923,084
$4,108,077 $12,480,649 $14,641,968
Amer. Pow. A Light Co.—
Net equity of Amer. Pr.
&
178,000
530,000
150,000
85,418
$5,733,647' $5,9/18,401
....
Pref. divs. to public
Portion applic. to min-
Light Co. in income
38,360
of subsidiaries
'39 Jan. 2, '38 Dec. 27, '36 Dec. 29, *35
$3,478,039
$5,038,581
$4,106,659
$2,325,736
27,874
41,609
57,331
49,056
40,162
67,785
19,073
531
48,206
99,191
94,669
_
...
1939—12 Mos.—1938
Subsidiaries—
Net equity of Am. Pr.
Corp.—Operations—
with
:
(& Subs.)—Earnings—
1939—3 Mos.—1938
Operating revenues
$25,861,834 $25,345,483 $97,400,331 $98,877,828
Oper. exps., incl. taxes. 13,685,144
13,244,373
52,321,260
52,400,810
Property retir. and depl.
reserve appropriations
2,502,264
2,359,116 • 9,776,541
9,182,432
1938
$1,105,163
64,811
1,
$3,594,281
816,897
1,354,239
bankers
Loss on assets demolished
North Carolina inc. tax.
Resumed—
,
American Power & Light Co.
other' deductions.....
American Enka Corp.—Earnings—
on
111.—Registers with SEC—-
of this department.—V, 148, p. 3368, 3052.
Directors have delcared a dividend of 25 cents per share on the common
stock, payable June 20 to holders of record June 5.
This will be the first
dividend paid since Nov. 15, 1937 when a distribution of 50 cents per share
was made.—V. 145, p. 2061.
Interest
Corporation reports preliminary figures for May, 1939, showing gross
outstanding at the month end totaling $5,682,284, a gain of
$98,879 for the month.
Volume of business transacted during the month
was $2,300,159.—V.
148, p. 2884.
Profit
.
American Investment Co. of
See list given on
receivables
Interest
Value—
ana
Net oper. revenues.__
$139,003
1939
;
Miscellaneous income.
1936
$426,295
on
Int. charged to constr..
Net profit after taxes, deprec. & other charges
—V. 148, p. 3052.
Years Ended—
Gross profit
$233,639
Corp.—Earnings—
3 Months Ended March 31—
Net
$206,602
fer share of equal to $1,463 .11 perwith netprincipalon March 31, 1938, of
assets amount of outstanding
14,631,170, common stock, and
$1,000
first page of this,department.—V. 148, p. 1159.
American Bosch
1937
$210,574
1938
1939
'
American International Corp.—Asset
Gross income
on
Earnings-
The corporation reports net assets as of March 31,1939, were $16,732,793,
equivalent to $1,710.91 per $1,000 principal amount of outstanding de¬
bentures and $6.95 per share of common stock.
.
This compares with net assets on Dec. 31, last, of $21,191,285, equal to
$2,124.65 per $1,000 principal amount of outstanding debentures and $11.21
J
$99,286
American Armament Corp.—Registers with SEC—
See list given
741,060
$1.16
—V. 148, p.2570.
Directors have declared two dividends of 20 cents per share each on the
common stock, payable July 1 and Oct. 2 to holders of record June 15 and
last.—V. 147, p. 3443.
$860,512
■
(& Subs.)
3 Mos. End. Mar. 31—
Net loss after int., depr.,
Federal taxes, &c. _I_
■
.
:
.
1937
1938
$741,554
741,060
$1.00
$1,073,610
804,851
■
$133
.
subsidiaries have a
100% monopoly in the production of aluminum in the United States and
that through its Canadian affiliate. Aluminium, Ltd., it has engaged in con¬
spiracy with principal foreign producers to allocate and monopolize the
markets of the world.
In attempting to prove this thesis the Government
case resulted in 18,243 pages of stenographic records and 994 exhibits, from
1 to 300 pages were put in the record.
Federal Judge Francis G. Caffey fixed June 21 as the date for defense's
opening.—V. 148, p. 2569.
<
Dividends—
,•
American Ice Co.
$2,256,136
Exactly one year after the opening of the anti-trust trial of company the
and 60 co-defendants charged with unfair and monopolistic practices, the
Government June 1 rested in its suit which seeks a decree of dissolution of
alleged
_
Earnings per share
—V. 148, p. 3212.
Subs.)- -Earnings-
1939
Cash balances
Government Rests Case—•
the
American Home Products Corp. (&
3 Months Ended March 31—
'
Net profit after depreciation, interest,
of
surplus, $584,765; earned surplus, $77,181; total, $3,178,144/—V. 148,
Directors
Balance
15.165,349 $15,286,079
557,064
746,218
-V. 148, p. 3210.
Federal income tax, &c.
Shares of capital stock outstanding.
deposit, $103,014; accounts receivable (net), $103,079; inventories, $495,485;
cash surrender value of life insurance, $18,242; long-term assets, $4,938;
fixed assets
(net), $1,610,024; other assets, $52,070; prepaid expenses,
$29,318; total, $3,178,144.
Liabilities—Accounts
payable,
$12,027; dividends payable, $28,087;
accruals, $40,584; reserve for contingencies, $80,000; class A convertible
common (oar $25), $1,605,000; common stock (par $10), $750,500; capital
accumulations
on
•
'
and
Balance
$2.44
y
Earnings for the 3 Months Ended March 31
1939
"
1938
Net loss after depreciation and taxes..
$12,771
$44,211
Assets—Cash
(net)..
Int. & other deductions.
Divs.
1,935,656
72,727
165,681
consolidated
112,350
•
Includes surtax on undistributed profits,
surplus.
26,070,285
10,693,677
5,040,007
75,050 shares of common
Earnings per share on
stock ($10 par).
x
...:
1939—12 Mos.—1938
$1,895,549 $25,854,845
877,184
9,812,360
424,341
5,092,519
L,859,080
792,298
I
Int. & other deduc'ns
$295,554
yll2,350
$0.41
Net profit for the year.
on class A stock...
Dividends
(& Subs.)—Earnings-
$1,891,457 $25,805,037 $25,985,214
4,092
49,808
85,072
$1,854,042
Operating income....
Other income
Taxes & expenses
income.
After depreciation,—V.
$5,703,529 $73,772,648 $73,632,683
1,779,946
23,016,626
22,892,449
361,399
4,111.562
4,422,755
883,671
10,745,446
10,055,503
787,055 .10,099,977 " 10,276,763
$5,877,206
1,923,394
352,003
Other income.
Gross
y
Consolidated—
Subs.
107,707
Other income credits.
17.460.923 17,958.488
Total
shares,
par
1939—Month—1938
Operating revenue..—
Operating expenses
$561,012
18,280
80,521
no
American Gas & Electric Co.
1937
$749,240
1343,385
Selling expenses_ •
,
Administrative expenses.,
by 372,550
stocks of subs,
1938
$484,200
54,045
86,770
operations (before depreciation).
33,150
17.958,488
Period End. Apr. 30—
common
Calendar Years
Gross profit from
11.000
Amer. Gas <fc El. Co.—
Bal. of income for com.
(Mich.)—Earnings—
3,763,384
148,412
44,171
x Bepresented
147, P. 3149.
would be made within two weeks.—V. 148, p. 3367.
Allied Products Corp.
11,000
17.460.923
Total.
Divs.
4,028,065
11,651,672 11,075,158
Fixed assets
Deferred charges..
indicated that decision
attorneys to file briefs and
The Court directed
Surplus...
121,247
_
Other receivables.
collateral securities, likewise, goes
itional collateral for another
3uirements goes directly to theissue of bonds." also can be used as adcorporations and
Current
2,150,296
1,136
2,313,174
Restricted deposits
1,136
Inventories
Mtge. receivable.
'38
%
2,685,530
securities
Market,
2
Jan.
12,294,150 12,294,150
liabilities. 1.138,708
1,900,954
516,847
1,210,714
Accts. & notes rec.
y
admitted that the collateral behind the 1950 bonds was
150% required by the covenant, but said he did not know whether
true with respect to the 1949's.
"That would require an ap¬
below the
that
1939
Capita) stock
x
600.000
Time deposits-...
*39
$
Liabilities—
$
736.958
2,107,808
Cash....
1
Jan.
2 '38
Jan.
$
A ssels—
"The
39
1
Jan.
indebtedness being about $70,000,000.
question is whether this corporation is to be stripped and denuded
of ail its funds, as it has been since 1937, the last time it had any free assets,
or whether it is going to be permitted to function," said Mr. Newton.
"The aggregate income from the corporation's assets
(the securities
and cash securing the bond issues)," Mr. Newton added, "in each year
since 1930, except for 1933 and 1934, has been more than sufficient to pay
the aggregate interest requirements of all three issues, in most cases by a
wide margin.
This has been true despite the depression, the occasional
abnormal collapse of general security prices in the last 10 years and other
10,
Balance Sheet
bond issues, the other being due in 1944, the tota
to secure three
said,
June
Chronicle
Other
$4,108,077 $12,480,649 $14,641,968
19,560
94,010
67,110
$3,961,444
93,050
726,631
$4,127,637 $12,574,659 $14,709,078
88,080
429,597
395,077
726,777
2,906,956
2,909,192
$3,923,084
income
Total.
Epxenses, incl. taxes
Interest and other deduc.
Balance carried to
con-
^
_
$9,238,106 $11,404,809
Note—Litigation in which one of the subsidiaries had been engaged regard¬
ing a rate reduction, for which a reserve had been provided by appropria¬
tions from surplus, was decided against the company in Nov. 1938.
An
adjustment was charged against operating revenues in Dec., 1938 to remove
sol. earned
surplus.
$3,141,763
$3,312,780
revenues for the year 1938 the amount of the rate reduction applic¬
Fdr the 12 months, ended March 31,
1939, this adjustment has the effect of removing from operationg revenues
$178,576 more than the amount applicable to that period.
Operating
revenues for the 12 months ended March 31, 1938 in the above statemen
from
able to the first 11 months of the year.
t
Volume
148
Financial
include $621,305 of revenues of such
subsidiary
period, for which a reserve was provided.
Chronicle
3525
during the
in litigation
Earnings for the Quarter Ended March 31
1939
~
_
Statement of Income
Income from subsidiaries
$2,269,407
38,360
Other...,
Total...
$2,383,014
19,560
Net income.
$2,402,574
$1,488,086
taxes...
Interest & other deduc..
$1,587,717
88,080
726,777
Summary of Surplus for the 12 Months Ended
$9,229,131 $10,099,617
94,010
67,110
March 31,1939 (Company
$9,931,980
Net income for the 12 months ended
March 31, 1939..
Restatement of reacquired
were
a-8 of March 31, 1939, amounted to $3,306,863 and current
$985,661, comparing with $2,918,971 and $571,256, respec¬
Balance Sheet Dec. 31, 1938
Assets
Cash
on
hand,
demand
and
time deposits,
Treasury bonds, $1,000,000; trade accounts and
retained
percentages, $991,697; inventories, $49,920;
$1,024,476; United
notes receivable and
accounts receivable
affiliated companies,
$39,922; insurance claim receivable for damaged
manne
eqmpment, $23,853; accrued interest and other sundry
debtors,
$z7,85b; investments and deferred
assets, $1,120,847; land, buildings,
rrom
Only)
machinery, floating
equipment,
&c.
(after
reserves
for
depreciation and
deferred charges,
a?d depletion of $4,966,718), $4,263,646;
com. stock
$36,026
$106,364; total,
$8,648,582.
Liabilities—Trade
accounts payable and accruals, $427,645; accounts paymbated company, $20,087; reserve for Federal taxes on
income,
14,210
14,210
....
1936
March 31, 1938.
on
States
5,986,588
36,026
5,986,588
....
Other credits
tively,
Total
$9,931,981
Capital
1937
^ent assets
v
$6,862,458
$5,986,588.
1938
$219,314
$204,894
$201,086 loss$115,572
depreciation and charges but before Federal income taxes,
Alter
liabilities
$9,323,141 $10,166,727
429,597
395,077
2,906,956
2,909,192
Earned
Surplus, April 1, 1938
x
1939—12 Mos.—1938
$2,307,767
93,050
726,631
__
Expenses, incl.
Net profit
x
(Company Only)
1939—3 Mos.—1938
£??Lerve for other Federal and State taxes, $86,696; deferred
liabilities, $279,480; capital stock [issued, 495,426 shares
(incl. 18,705 shs.
acquired for treasury,
per contra)]
$4,954,260; 2,870.4 shares reacquired
)•
Total
Dividends declared—
Preferred stock ($6)__
.
..$15,932,779
$36,026 $15,968,805
2,678,252
2,751,931
2,678,252
2,751,931
97
..
97
,
at
$5 preferred stock
Other debits
__:
Surplus, March 31, 1939..
..$10,502,499
Balance Sheet March 31
$10,538,525
$36,026
Assets—•
,
,
Investment in subsidiaries
been
$
.
__j
Short-term securities—other
Accounts receivable from subsidiaries
Accounts receivable from others.
Other current assets.
...
J
Deferred
charges.
Total
...
•'
Pref.
divs. declared payable April
Accounts payable
Accrued accounts
1
___________
.....
_______
/
36,025
10,502,499
$3,000,000
taxes, if available for interest, would be enough
to pay interest at 5% on more than
$344,000,000 of securities.
'Total taxes on all companies now included as
part of the Associated
Gas & Electric Co. have increased from about
$6,500,000 in 1930 to $17,-
9,931,980
237,000 in 1938, a growth of over $10,700,000, or 165%.
During the same
period, on a comparable basis, gross operating revenues have increased
only about 12%."
Mr. Magee said that operating companies made effective in 1938 reduc¬
_________
274,457,534 274,556,737
Represented by preferred ($6) cumul. (entitled upon liquidation to
a share); pari passu with $5
pref.; authorized 1,000,000 shares; issued
and outstanding, 793,581 2-10 shares, inclusive of
28 2-10 shares of scrip;
$5 pref., cumul. (entitled upon liquidation to $100 a
share) pari passu with
pref. ($6); authorized 2,200,000 shares; issued and outstanding, 978,444
shares.
Common, authorized, 4,000,000 shares; issued, 3,013,812 27-50
shares, inclusive of 2,223 27-50 shares of scrip.—V.
148., p. 3368.
x
tions
Gross profit
__
$521,842
90,107
$132,081
206,103
19,478
Cr 4,63 5
$611,949
786,486
74,187
1,840
31,124
Crl2,497
$1,092,826
922,332
82,806
22,500
33,781
Cr4,635
$97,117
$167,568
_______
Expenses.
Depreciation.
209,555
15,515
_•__
Interest..
$269,491
7,744
Depletion
ore reserve.
_
8,252
831
t
__
Profit on bond retirem't
______
$66,077
_____
Indicates profit.—V.
148,
p.
Quar. End. Mar. 3i—
Mpf
nprtfit,
aftpp
1939
1937
operation,
spend a somewhat larger amount in 1939."
Mr. Magee added that the corporate structure of the Associated
system
been simplified by the elimination
through merger, consolidation, or
dissolution of 368 companies whose separate corporate existence has served
its purpose.
This program goes back to 1922, he said, with 14 companies
having been eliminated in 1938 and three thus far in 1939.
Weekly Output—
For the week ended June 2 Associated Gas & Electric System
reports net
electric output of 86,028,972 units (kwh.).
This is an increase of 8,688,278
units or 11.2% above production of 77,340,694 units for a
year ago.
Gross output, including sales to other utilities, amounted to 92,969,876
units for the current week.—V.
148,
p.
3369.
Associated Gas & Electric Corp.
1936
rlAfipPf*
At the end of 1938 there
a
has
Subs.)—Earnings—
1938
6
•
stock
x
and
per
taxes...'.
sh.
$793,4791oss$197,310 x$2,320,816
$0.10
on
Nil
3 Months Ended IS^arch 31—
common
stock
$0.34
Gas_
on
Transportation
Co.—Earnings—
:
k
1939
Net sales
share
End.April 30—•
Water
Net profit after operating expenses,
and other charges
per
$0.80
12 Mos.
Electric-
"
undistributed profits.—V. 148, p, 2253.
American Stove
Earns,
"
-
(par $25)
Before surtax
$743,904
com.
on
.
$3,200,228
'
102,330
539,990 shares
(no
par)
1938"
$2,130,717
$0.19
__
______
„
.
lossl91,827
of
.
___
.____.
J_
Oper.
taxes..
...
Net operating revenue
•
Operating income.,
x
Armour & Co.
3212.
Company reports that the appointment of the Old Colony Trust Co.
transfer agent, in the City of Boston, Mass., for the $6 cum.
conv. prior
common stocks has been revoked, effective at the
close of business
on June 30, 1939.
Board of directors designated George A. Eastwood as
Executive VicePresident.
Mr. Eastwood, who has been Vice-President since
1929. joined
x
Wkt
-3
Months-
Apr. 2, *38 Mar. 31,'37 Mar. 31,'36
x$75,2581ossy$ 112666
x$45,574
x$6,533
After depreciation,
nventory adjustments and Federal and State taxes.—V. 148, p. 3213.
y
Operating income
Prov. for Federal taxes.
Net income
Common
dividends
$1,252,783
245,000
$1,007,783
716,764
debentures, series due
$291,019
473,851
$2.12
1946, have
Co.—Earnings1937
1938
1935
1936
$1,804,607
1,532,318
96,322
$1,586,807
1,393,035
80,551
$1,669,961
1,487,829
114,818
$1,788,864
1,596.358
103,157
$67,314
^^$89,349
$175,967
rents—-Dr.-
$13,204
$13,931
$38,913
Joint facil. rents—Dr.._
159,929
154,001
141,999
$112,887
$16,683
146,637
deficit.$105,819
$78,583
$4,945
$50,433
27,066
24,161
23,205
24.308
$78,754
84
5,447
$54,422 prof$18.260
Cr246
180
4,781
4,116
$26,125
303
$84,285
$58,957 prof$13,964
$26,729
Net ry. oper.
Other income
Fixed charges
deductions
Other
Net deficit.
1937
$948,724
135,000
1936
$763,460
132,244
$813,724
725,727
$631,216
483,818
$597,625
$87,997
$147,398
483.851
483,851
$1.30
$113,807
483,851
483,818
a
$1.68
$1.23
—---
<334
301
3369.
Associated Public Utilities
1935
$695,425
97,800
-
Corp.—Dividend—
At a special meeting held on May 26,1939, the board of directors
dividend of 10 cents per share upon its common stock payable on
declared
June 15,
1939, to holders of record at the close of business on June 1, 1939.
Holders of five-year convertible secured gold bonds of Utilities Public
Service Co. or certificates of deposit issued in respect of such bonds, who
have mot exchanged them for commori stock of
Balance, surplus
com. outst. (no par)
Earns, per sh. on com..
Shs.
6
.
Railway oper. revenuesRailway oper. expensesRailway tax accruals
Uncoil, railway revenues
—V. 148, p.
Corp.—Earnings—
1938
10-year 3%
Atlanta & West Point RR.
Loss
Directors have declared a dividend of 10 cents per share on the
common
stock, payable June 22 to holders of record June 12.
Previously regular
quarterly dividends of 20 cents per share were distributed.—V. 146, p. 4106.
Arundel
outstanding
Calendar Years—•
Works, Inc.—Smaller Common Dividend—-
Calendar Years—
of the
Equipment
Mar. 25,*39
25,'39
A ter depreciation, &c., but before Federal taxes,
Art Metal
14
Associates Investment Co.—Debentures Called—
■Earnings—
—jo
Period—
$2,005,782
Railway oper. income-
the company in 1897.—V. 148, p. 123: V. 146, p. 1539.
Net profit.
$34,284,108
Decrease.
All
pref. and
Corp.-
$36,289,890
^8
been called for redemption on Aug. 9 at 102 and accrued interest.
Pay¬
ment will be made at the Guaranty Trust Co. of N. Y.—V. 148, p. 2887.
as
Artloom
$3,541,343
1,535,561
.
-
(III.)—Transfer Agent—NewVice-?resident
...
3
x2
12
xl,439,756
1,941,000
Note—Includes operations of properties acquired since dates of acquisi¬
tion only—V. 148, p. 1632, 123.
•
140.
p.
$4,042,587
$45,295,173
11,011,065
^
%
3
2
1
66
x6
x4
70,183
1,146,138
x92,721
x,53,755
$127,200,053
65,984,281
15,920,599
64,544,525
17,861,599
$48,836,516
Provision for retirements.
The directors have declared dividends of $1.75
per share on the $7 cumu¬
lative preferred stock, no par value, and $1.50
per share on the $6 cumu¬
lative preferred stock, no par value, both payable
July 1 to holders of record
June 15.
Similar payments were made in each of the 15
preceding quarters
and compare with $1.17 and $1
per share, respectively, previously dis¬
tributed each three months.
(For detailed dividend record see V.
'—XTlCTCdSC-—
Amount
$2,641,130
331,612
12,546,626
and maintenance
exps.
Provision for
Arkansas Power & Light Co.—Accumulated Dividends-^-
1996.)—V. 148,
•
,
1939
1938
$104,402,912 $101,761,782
14,369,858
14,038,246
6,808,694
6,738,511
2,874,256
1,728,118
1,513,091
1,605,812
1,273,829
1,327,584
Total gross oper. revenues.$131,242,640
Nil
.
;
Heating.
Iqe
Federal taxes
—V. 148, p. 2570.
p.
'
(& Subs.)-—Earnings—
'
1
interest
Earns,
,-
to
3211.
American Rolling Mill Co. (&
customers of $1
mileage approximately equal to the circumference of the
earth.
This represents an investment of more than
$43,000,000 to serve
some 232,000 rural customers.
Operating companies now in the system
spent $14,808,000 for all new construction during the yezr, and are planning
x$36,040
•*.
estimated saving to
rdipiiring the building of 1,516 miles
were 24,720 miles of rural lines
of rural lines.
in
$943,101
149,725
441,867
19,905
Total income.
x
$105,647
26,434
which represent an
-
$3,277,437
2,334,336
$147,663
;_
_
Other income
Net loss
$2,203,531
1,681,689
rates
Other accomplishments of the year noted
by Mr. Magee included an
increase of 48,249 in the nubmer of customers
served, bringing the total
a"t the end of the year to
1,762,029.
"Service was extended to 9,718
additional rural customers in 1938,
1939—12 Mos.—1938
$547,514
in
639,000 annually.
This brought to a total of $17,080,000 annually the
reductions made by present subsidiaries during the past 10 years.
American Machine & Metals, Inc.
—Earnings—
441,297
more
than the total gross revenue from all
gas operations.
They were equivalent
to 52% of total
payroll, or to $893 for every regular employee on the payroll
in 1938.
This amount of
Total________________
Costofsales
'
"Various comparisons indicate the
present size of our tax burden.
If
by the number of days, they are equiva¬
lent to about $47,000 a
day.
They amounted to some
taxes for the year 1938 are divided
$100
Period End. Mar. 31— 1939—3 Mos —1938
Net sales.
$588,960
of
year
stated:
420
______
Earned surplus
■
274,556,737
_____________
Accrued int. on long-term debt
Other current liabilities.
Capital surplus
29,934
144,691
3,476,111
_x214,579,677 214,645,637
47,502,500
47,533,500
1,206,704
1,810,069
54,889
80,777
190,143
410,083
384,675
144,691
L
r
rate
improvement continues, operating revenues of
Co. and subsidiaries should amount to about
1939, S. J. Magee, Vice-President and General
at the annual meeting of stockholders held June 7.
He said that revenues were
$131,242,640 for the 12 months ended April
this year and
$129,320,366 for the year 1938.
Although the general level of industrial production in the United States
was
22% lower in 1938 than the year before, our electric output declined
only 3.2% and gas sendout increased 3.1 %," declared Mr.
Magee.
"Elec¬
tric output in March and
April this year showed increases of 8.8% and
10-4% respectively over the same months of 1938."
1,
Mr. Magee added that the increase in
taxes was again substantial last
year
amounting to 9.8% over 1937, and bringing the total taxes on Asso¬
ciated Gas & Electric Co. and its
present subsidiaries to $17,237,902.
He
.
value)...
par
present
-5135,000,000 for the
Manager, announced
177
147,583
3,428,297
274,457534
„
Liabilities—
Capital stock (no
Long-term debt
If the
2,766,470
6,495,510
1,055,120
35,358
2,041,673
9,324,196
914,011
65,694
......
Reacquired capital stock (5,301 shares common)..
Special deposits-
vacancy created by the
Henry R. Hayes.
The resignation of Mr. Hayes, who has
director since the latter part of
1936, was announced at the meeting.
^^ociated Gas & Electric
500,000
•
...
Short-term securities—U. S. Government
a
Stockholders Told of Increases in Revenue and
Output—
$
^.253,124,792 253,936,860
^
6,116,681
5,411,109
1
3904.
p.
resignation of
1938
1939
Cash in banks—on demand
Cash in banks—'time deposits
held in treasury, Dr$28,704; surplus, $8,-
147,
D. Mortimer was elected a director of
this company at a meeting
or the board of
directors held June 2.
He fills the
(Company Only)
•
of corporation and
Associated Gas & Electric Co.—New Director—
'
.
inceptmn
664,118; total, $8,648,582—V.
Associated Public Utilities
Corp. in accordance with the amended plan of reorganization, dated May 1,
1937, of Utilities Public Service Co. will receive the dividend payable upon
the stock issuable to them (in the ratio of 50 shares for each $1,000, prin-
Financial
3526
In first five months the company had a net gain
compared with gains of 8,304 in the like 1938 period
1937 period.—V. 148, p. 3369.
Trust Co. of New York will until 12 o'clock noon
June 12 receive bids for the sale to it of sufficient 6 lA % gold bonds to exhaust
the sum of $8,349 at prices not exceeding 102 and accrued interest.—V. 147,
p. 4048.
Beneficial Industrial Loan Corp.—Registers with SEC
given on first page of this department.—V. 148, p. 2888.
See list
Corp.—Sells Control of Barge Line—
Atlas
Mississippi Valley Barge Line, freight carrier on the
Rivers, will be transferred by this corporation
disclosed on June 3.
This corporation has agreed to sell 200,667 of its 466,667 shares of stock
to an investment group which includes Francis Bros. & Co. of St. Louis.
This will put about 50% of the stock in St. Louis hands.
J. Gates Williams of Francis Bros. & Co., who were among the organizers
of the barge line in July, 1930, declined to name the new stockholders.
L. Wade Childress is President of the barge company.—V. 148, p. 1794.
Bethlehem Steel Corp.—Registers with
of the
Control
lower Mississippi and Ohio
Louis interests, it was
to St.
Corp.—Rights to Stockholders—
The stockholders are advised that the board of directors has authorized,
subject to certain Conditions, an offering to stockholders of record at theA
close of business on June 22, of additional shares of capital stock in the
ratio of one new share for each three shares held, at a price to be determined
As soon as practicable after the
stockholder of record
expiring at 3:00 p. m.
(EDST) on July 6, as therein provided, to the additional shares of capital
stock and to enclose therewith a prospectus under the Securities Act of
1933, as amended, concerning the additional shares.
The company, in order to assure itself that it will receive the desired"
additional capital, expects to contract with a group of underwriters, headed
by Schroder, Rockefeller & Co., Inc. and Emanuel & Co., to purchase all
shares not subscribed for by the stockholders.—V. 148, p. 3369.
by the board of directors.
at a itaer date
record date, the company proposes to mail to each
transferable warrants evidencing rights to subscribe,
Axton-Fisher Tobacco Co., Inc.—New Directors—
an adjourned stockholders meeting with
114,000 shares represented,
C. Palmer Parket, Edwin D.
Axton, William B. Harrison, Henning Chambers, W. L. Lyons Jr., Morris
,
At
the following board of directors was elected:
v
and for other purposes.
by the lien on that mortgage pari passu
1939
x
p.
After
1632.
1937
$176,050
$121,086
$0.63
loss$31,675
$0.43
on
$0.38-
;
Nil
.
&c.—V. 148,
"
.
Payment—
Company has declared semi-annual interest payment of 1M% on its
4% debentures and 1% on series A 5% debentures, payable July 1
record June 12.
These interest payments are the same as
those paid on Jan. 3., 1939.
On July 1, 1938, an interest payment was made on these obligations at
the rate of 1%. on the series A 4% debentures and 1
% on the series A
5% debentures.—>-V. 148, p. 3213.
'•
to holders of
Bangor Hydro-Electric
Per. End. May 31—
Gross earnings
.
12,136
....
$62,810
25,433
$72,989
25,743
Dividends on pref. stock
Div. on common stock..
$37,377
25,483
21,722
$47,246
25,483
Net oper. revenue
Fixed charges
375,684
168,194
$984,282
306,090
$973,744
292,679
$678,191
305,794
260,659
■
.
352,650
159,493
$681,065
305,794
'242,558
$111,738
30,000
_
Depreciation
of the company.
1939—12 Mos.—1938
$2,232,091
$2,229,723'
-704,531
743,836
58,084
30,000
11,052
58,667
by John E. McCauley, President
The notes will be amortized in equal semi-annual instal¬
Announcement of the financing is made
Co.—Earnings—
1939—Month—1938
$163,613
$172,726
Operating expenses
Foundry & Machine Co.-—$450,000
Privately—Through an issue of $450,000 5-year
4% serial notes, placed privately, company has reimbursed
its treasury for expenditures made and to be made for the
purchase, improvement and equipment of a new plant at
Reading, Pa., and for expenditures on improvements to its
main plant at Birdsboro.
Steel
Notes Placed
series A
.
148, p. 3214.
dividend payments.—V.
Birdsboro
Baltimore Transit Co.—Interest
Taxes accrued.. A
declared a dividend of $1.75 per share on account of
cumulative preferred stock, par $100, payable
Like amount was paid on April 1,
last and compares with $5.25 paid on Dec. 21, last; $3.50 paid on Oct. 1,
1938 and $1.75 paid oh July 1 and on April 1, 1938.
A dividend of $5.25
was paid on Dec. 21, 1937.
See also V. 147, p. 1183 for record of previous
July 1 to holders of record June 20.
1936
depreciation and Federal income taxes,
interest,
Inc.—Accumulated Dividend—
accumulations on the 7%
'1938
•
profit.$120,559
per
share
capital stock...
,
,
has agreed to make sinking fund retirements equivalent
to 2% of the principal amount of the bonds outstanding each year.
The
premiums for sinking fund retirements will be supplied by amendment to
the registration statement.
Redemption for purposes other than the sinking fund will be at par and
accrued interest, plus premiums beginning with 5% if called on or before
July 1, 1949, and decreasing 1 % every two years thereafter.
After July 1 <
1957, redemption will be without premium.—V. 148, p. 2572.
The corporation
B-G Foods,
Co.—Earnings—
3 Mos. End. Mar. 31—
Net
with the series D bonds and the
series E bonds.
The directors have
Baldwin Rubber
x
...
_
,r
Co. and Smith, Barney & Co. of New York and the
Pittsburgh are expected to be among the principal
underwriters.
The names of any other principal underwriters, the under¬
writing discounts or commissions, and the offering price of the.issue will
be supplied by amendment to the registration statement. , The series F
bonds are to be issued under the consolidated mortgage and will be secured
Loeb &
Kuhn,
Mellon Securities Corp. of
Wertheim and Howard S. Cullman.—V. 148, p. 2415.
Earnings
SEC—
Corporation June 7 filed with the Securities and Exchange Commission
registration statement (No. 2-4074, Form A-2) under the Securities Act
of 1933 covering an issue of $25,000,000 of consol. mtge. 20-year sinking
fund 3 H% bonds, series F, due July 1, 1959.
According to the registration statement $21,400,000 of the amount
to be raised by the issue will be paid to Bethlehem Steel Co. (Pa.) to replace
in part the amount by which that company's working capital has been
reduced as a result of the retirement of its 1st lien & ref. mtge. bonds and
the 1st consol. mtge. bonds of Lackawanna Steel Co.
The balance of
the proceeds of the issue will also be paid to Bethlehem Steel Co. (Pa.)
to provide for additions and betterments to properties, for working capital,
a
*
Aviation
,
peak of May, 1930.
of 23,644 stations as
and 44,293 in the like
1,257,322, which is 34,851 less than the
Corp.—Tenders—
Atlantic Beach Bridge
Stations—
in
Company reports a net station gain of 4,855 for May as compared with
794 in the same month last year and with a gain of 8,436 in May, 1937.
Total number of telephones in service in Pennsylvania as of May 31 was
exchange for shares of such common stock.
The Marine Midland
*
Co. of Pa.—Gam
Bell Telephone
cipal amount, of bonds or certificates of deposit) only after surrender of
their bonds or certificate of deposit to the Huntington National Bank of
Columbus, Columbus, Ohio, in
—V. 148, P. 1018.
June 10, 1939
Chronicle
$132,713
ments.
■
.
.
'f
The plant acquired at Reading, formerly leased from the Reading Iron
Co., will be used for the production of abrasive'products and the recently
developed machinery for grinding and polishing sheets and strips of stainless
and carbon steel, also non-ferrous metals.
The company, in addition, will
manufacture at this plant forming dies and other cast iron specialties. The
products will further diversity the company's activities and are expected
materially increase the volume of its business. The new lines of products
and Randupson process,
new
to
will be manufactured under the Mulholland patents
Surplus
21,722
to both of which the company
def$9,827
;
$ 137~,425
$83",491
$2,486,586
192,317
$2,430,064
154,632
$0.22
$0.52
$0.41
JSTcti 83/1(^5
X
Optical,Co. (& Subs.)—Earnings-
Net
Selling, general and adminis.
Operating profit
expenses
1936
$7,714,823
394,115
6,725,3,69
$9,087,359
396,468
$8,163,164
386,484
7,193,529
6,407,424
$595,340
135,222
Provision for depreciation._________
1937
$1,497,361
$1,369,256
.179,965
_.i
Other income
Total income
Canadian
,668,404
74,831
38,027
$1,549,221
70„547
4,030
142,377
...
Miscellaneous charges.
Prov. for Federal and
234,037
235,121
in¬
taxes
Prov. for Federal surtax
on
undistrib¬
uted
a
94,128
88,858
144,659
80,916
127,761
$482,784
$0.57
$1,087,992
$2.04
$1,030,845
$1.90
profits.
Minority interests..
Net profit..................
Earnings
a
In
per
net
share
on common.,
profits of subsidiary companies, including dividends on pref'
were paid as follows:
First preferred (retired
fetrred stocks of these companies.
During 1938 dividends
Jan*
*£■ 1938), $3,667: convertible preferred ($5
($0.50
mon
a
share), $205,000.
share), $243,819; com¬
a
'
"
"...
,
•
,
Current assets
$730,561
7,286
3,987
*
Interest charges
come
171,043
'
*
profit" I" .I"III
After charges, depreciation and taxes, &c.
as of March 31. 1939, including $740,110
x
1938
Calendar Years—
Gross profit from operations
v
1939—6 Mos.—1938
Earns, per sh. on com.$0.37
—V. 148, p.,2887.
Bausch & Lomb
Co. (& Subs.)- —Earnings—■
1939—3 Mos.—1938
Period End. Mar. 31—
•
Balance
holds exclusive rights.—V. 148, p. 25/3.
Black & Decker Mfg.
cash, amounted
$3,171,396 and current liabilities were $314,490.
This compares with
of $251,406, current assets of $3,287,886 and current liabilities of
on .March 31, 1938.
Inventories were $1,870,152 against $2,385-
to
cash
$371,931
849.
as
of March 31, 1939, ^mounted to $5,620,207 against
March 31, 1938; capital surplus was $2,7011229 as compared
on March 31, 1938, and operating surplus was $712,597
against $671,188 in 1938.—V. 148, p. 873..
•
'
Total
assets
$5,646,060
on
with like amount
.
.
Bloomingdale Brothers—New, Vice-Presidents—
of directors held May 31, five executives of the
They are David Freudenthal, Treasurer
Hirschirann, Director of Sales and Advertising;
George Xirstein, Store Manager; Sidney Reisman, General Merchandise
Manager, and Frank Sehmandt, Merchandise Manager of the basement
store.—V. 148, p. 2256.
.«
At the meeting of the board
store were elected Vice-Presidents.
and Assistant Secretary; Ira
.
Bon Ami Co. (&
Subs.)—Earnings—
'
1939
$655,425
411,989
14,317
Fed. & Canadian taxes64.687
1938 '
$643,328
408,150
1 5,925
54,916
1937$616,780
387,488
1 9,094
51,085
Net profit-.,..
CI. A shs. outstanding.,
$337,309
94,573
$1.62
200,000
$0.92
$317,309
92,647
$1.54
200,000
$0.87
"
Quar. End. Mar. 31—
Gross profit on sales
_
Operating profit
Depreciation
.
.
1936
$549,672
306,805
20,879
40,370
Earnings for the 3 Months Ended March 31
1939
Net profit after depreciation, interest, Federal and
Canadian income taxes, minority interest, &c._.
Earnings
per
share
on common
1938
.
,
$273,568
$0.51
,•
$156,894
$0.23
'
A.
Cash
Notes and accounts
rec.
■
(net)
Inventories
Co.,
Ltd.
(London),
buildings, machinery,
equipment, &c. (net).....
Patents, less amortization...
102,065
-492,436
Land,
Period End. May 31—
Sales.
291,693
—V. 148, p.
leasehold
83,598
im¬
provements
conv.
pref.
stock
(par $100)
cause
5,000,000
Common stock (par $10)
Capital surplus
4,100,000
2,615,314
2,220,086
surplus
$15,859,846
Total
it
Director—Acquisition—
meeting of the
of illness...
board of directors, Dr. Harry A. Ross was
Stanley M. Ross, who resigned recently be¬
.
This company has bought the ice cream business of the Bartholomew Co.,
was announced on June 5.
On March 17, Borden absorbed the exten¬
be removed
Ice Cream Co., Inc., the oldest con¬
The Bartholomew ice cream manu¬
to the Borden Teall plant at once.
.
Corp.—Pays $8 Pref. Dividend—
Company paid a dividend of $8 per share on the 6% preferred stock, no
value, on May 29 to holders of record May 24. This compares with $4
paid on May 27, 1938 and $8 paid on May 22,1937.—V. 146, p. 3661.
1939
1938
1937
$118,972 loss$53,510
$154,150
After deductions for operating expenses, normal Federal income taxes
and other charges.—V. 148, p. 2572.
Belding-Heminway Co.—New Vice-President—
Directors recently made Fred Xlein
one
of the Vice-Presidents of this
company.
No Chairman of the Board was elected to the place formerly
held by R. C. Xramer, and no Chairman of the Executive Committee was
chosen.
Paolino Gerli, who formerly held the latter position, continues
member of the committee.—V.
1939—5 Mos.—1938
$8,853,717 $7,287,709
par
Subs.)—Earnings—
3 Months Ended March 31—
Net income
a
Co.—New
director to succeed
Boston Garden-Arena
Bridgeport Machine Co.—Amendments—
Company informs us that at the last annual
x
as
recent
a
sive plant and business of the Tealls
cern in
Western New York State,
$15,859,846
—V. 147, p. 4048.
x
a
facturing equipment will
—V. 148, p. 2573.
28,217
Belden Mfg. Co. (&
At
elected
1939—Afos—1938
$1,439,124
$1,878,332
2888.
Borden
10,000
79,258
859,531
24,820
Mlscell. deferred charges
Total
cum.
cos....
145,965
Earned
Unexpired insurance
Unamortized
on real estate
Reserves for contingencies
Minority int. in sub.
$0.70
Stores, Inc.—Sales-
487,998
5%
4,662,069
22,555
Bond
$50,000
Accrued salaries, wages, com¬
Mortgage
a
W
Accounts payable.I...
Prov. for Fed. income taxes.
wholly owned subsidiary..
Other assets
$245,556
88,870
$1.18
200,000
.
*
missions, taxes, &c
to Bausch & Lomb Optical
per
Notes payable by sub. cos
Investment in and advances
$1.60
200,000
$0.91
share
share.-.-.
—V. 148, p. 1162.
Liabilities—
$1,927,165
2,055,750
6,461,172
per
CI. B shs. outstanding..
Earnings
Consolidated Balance Sheet Dec. 31, 1938
Assets—•
Earnings
$332,985
94,573
148,
p.
3054.
stockholders' meeting, an
amendment to the Certificate of Incorporation was authorized.
1939 said amendment was approved by the State of Delaware
recorded.
The following is a copy of the amendment:
On May 15.
and properly
"Article IV, paragraph (f): The company shall not, without the affirm¬
or written consent of the holders of at least two-thirds in amount
ative vote
preferred stock (1) create any mortgage or other lien
personal property to secure an issue of bonds, obligations
than five years from the date
of the issue thereof, except such obligations or evidences of indebtedness
of the outstanding
upon any
or
real
or
evidence of indebtedness maturing more
Volume
Financial
148
(2) create or issue any
priority over, or any
as may be created in the ordinary course of business;
shares of stock which shall*have any preference or
shares of stock other than the shares of preferred stock hereby authorized
which shall be on a parity with the preferred stock hereby authorized to
Chronicle
J.
3527
Hanau, Alfred Jaretzki Jr., Edwin P. Maynard, Richard S. Maynard,
and Francis F. Randolph,
•„^awrencb Oakiey, Cyril J. C. Quinn
I
Officers—Earle Bailie, Chairman of the Board; Francis F. Randolph,
resident; Cyril J. C. Quinn, Hunt T. Dickinson and Arnold Smith, Viceresidents; Paul Bartholet, Vice-President and Treasurer; Francis W.
be issued by this certificate;
1
stock, if
Laharge, Vice-President; Kenneth H. Chalmers, Secretary; William Renner, Asst. Treasurer; L. H. Couch, Asst.
Secretary, and W. G. Manning,
Asst. Secretary.—-V. 148, p. 2574.
(3) issue at any time any shares of preferred
result of such issue, the dividend requirements upon all of
the preferred stock of the company, including the preferred stock thereto¬
as
a
fore issued and the preferred stock currently to be issued, shall
third of the net profits of the company for the period of twelve
exceed oneconsecutive
calendar months which shall terminate not less than 60 days and not more
than 90 days prior to the date of such issue; (4) alter or amend any of the
provisions of this Article Fourth in respect to the rights and preferences
of the preferred stock.
The provisions of this Sub-division (f) shall not
be deemed or construed to apply to, not operate to prevent the company
from giving purchase money mortgages or other purchase money liens on
Carbons Consolidated, Inc.—To
V
by the company."—V. 148, p. 2573.
property hereafter; acquired
Brown Fence & Wire Co.—Sales—
$475,698 in May, 1938, an increase
April sales were $643,273.
For 11 months ended May 31, 1939, sales amounted to $4,038,238 as
compared with $3,749,336 in corresponding period of previous year, an
increase of $288,902 or 7.7%.—V. 148, p. 2889.
17.8%.
Brown Rubber
Co., Inc.—Earnings—
Brown &
200,000 shs. of capital stock.
Nil
House,
Bush
with SEC—
on
undist.
shs.
Earnings1939
$5,375
depletion.
$6,049
stock
x$486,118
x$54,980
x$209,681
$122,998
$804,652
3,193
$766,130
$889,432
$641,210
3,255
Indicates loss,
y
deducting
214",757
13.515
$766,130
$674,676
$637,954
$0.07
$0.17
$0.52
$0.47
"
.
,,
1938
$54,492
1937
loss$l,042
1936
$82,159
$85,012
After depreciation, interest and other charges, but before taxes.
Consolidated Balance Sheet Dec.
31, 1938
Assets—Cash, $93,369; accounts receivable (net), $244,247; notes re¬
ceivable (net). $133,348; inventories, $128,855; prepaid insurance,
$5,533;
machinery and equipment (net), $433,453; investments, $72,050; processes,
Liabilities—Accounts payable, $54,381; trade acceptances payable,
$39,882; Federal and State taxes payable, $12,957; capital stock (536,892
shares), $536,814; earned surplus, $787,944; capital surplus. $29,578;
total, $1,461,556.—V. 147, p. 3153.
^
Cedar
1939
1938
$19,173
$1.20
$17,728
$1.11
•
other deduct.
Earnings per share on class A stock
.
Rapids
Manufacturing
&
Power
Co.—Bonds
Called—
Company's 40-year 5% first mtge. sinking fund bonds due Jan. 1, 1953,
been called for redemption on July 1, 1939, at 110% plus accrued
have
interest.—V. 138, p. 681.
,
,
Campbell Realty Co.—Promoters Indicted—
Celanese Corp. of
Justice and the Securities and Exchngae Com¬
Federal Grand Jury in Chicago June 2 returned an
indictment against Charles P. Campbell and Marshall Campbell, both of
Chicago, for violation of the Securities Act of 1933 and the Mail Fraud
Statute in connection with the sale of stock, evidences of indebtedness,
profit sharing participations and investment contracts of various trusts,
corporations and syndicates set up by the defendants and Campbell Realty
Department
$787,944
1939
Corp.—Earnings—»
Net income after oper. exps., taxes &
—V. 148, p.2889.
$520,946
142,093
024,480
94,531
5,039
9,110
patents and goodwill, $350,701; total, $1,461,556.
Nil
Nil
Nil
$0.09
_
California Art Tile
of
mission reported that a
America—Participating Dividend—
The board of directors has declared a dividend of $1.75 per share on the
7 % cumulative series prior preferred stock and a Participating dividend of
$3.50 per share on the 7% cumulative first participating preferred stock,
former
the
is payable June 30 and the latter July 1 both to holders of
of business June 16.
A participating dividend of 19
paid on April 1, last and $5 per share was paid on Dec. 31 last.
—V. 148, p. 3216.
record
at
the close
cents was
r
Co.
charged, the making of false representations
and to be made in connection with the
operations of defendants for the purpose of inducing investment by the
public.
4
0
The scheme involved,
it
Canada
Celluloid Corp. (&
was
with respect to the profits made
„
Canadian
Ltd.
Breweries,
Subs.)—Balance Sheet
(&
Celotex Corp.—Option Price Reduced—
Corporation has advised the New York Stock Exchange that the price
stock of the corporation may be purchased, upon exer¬
cise of Stock Purchase Warrants Originally attached to
10-year 4H% de¬
bentures, has been reduced to $23.11 per share.—V. 148, p. 2259.
Central Eureka Mining
1939
$
$
Investments
Bank loans A over¬
(secured).
draft
293,825
Accts.
payable
307,079
230,297
1,854,730
68,654
410,873
Fed.
1,990,518
150,584
386,143
& Pro v.
expenses.
buildings,
plantsA equip.. 7,227,552
Other investments
331,454
825,929
Central Illinois Electric & Gas
112,545
payable
fund
7,251,111
325,241
400,000
int.
in
y
surp,
A
Total....
1,300,000
3056.
1,038,479
4,918,960
4,918,960
1,859,813
1,885,056
' •
'
■
.
.
Directors at their recent meeting took no action on payment
of
a
dividend
preferred stock at this time.
A dividend of 44 cents per share was
April 11, last.
President Victor Drury stated present action was taken in order to con¬
serve company's working capital and in view of the fact that present earn¬
ings do not justify payment.
Including payment due at this time, arrears on 7% cumulative participat¬
ing preferred amount to $6.94.—V. 148, p. 874.
the
Earnings of the System for the 10 Day Period Ended May 31
1939
1938
$5,529,143
York
Paying Agent for $4,500,000
due Dec. 1, 1968.—V. 148,
'
Checker Cab Mfg. Corp.
$4,363,270
$1,165,873
taxes, Ac., charges...—
—v. 148, p. 3057..
; ■
,
Chemical Fund,
Statement of Income
1939
Similar payments
-
1938
•
•
$75,319
'
.
■
from Incorporation May 12,
1938
Total...
-
Compensation
$38,034
384
$38,418
....
4,489
6.517
.....
Other charges
Net income for
to March 31, 1939
,
-
..
$27,412
period
Net profit on sales
of portfolio securities on "first in-first out" basis.
1939
1938
Increase
$3,945,000
$3,430,000
$515,000
Preferred Dividend—
Directors have declared an initial dividend of $1.50 per share on the 6%
preferred stock, payable June 30 to holders of record June 20.—V. 148,
P 1472.
Dividends paid
compensation of directors,
of management agreement.
Of F. Eberstadt & Co., Inc. after deduction of
,
$170,302 in quoted market value of investments.
Based on the belief of the company that it has qualified for the period as a
"mutual investment company" under the Revenue Act of 1938 and on the
amount of dividends paid during the period, no provision for Federal income
tax is required.
Balance Sheet March 31, 1939
Assets—Cash on deposit with custodian, $114,522;
receivable from sales
capital stock. $12,657; dividends and interest receivable, $7,359; prepaid
$371; U. 8. Treasury bonds, $20,437; pref . A com. stocks, $2,420,271; total, $2,575,618.
Liabilities—Accounts payable and accrued expenses,, $5,120: capital
stock, $1 par (incl. 1,280 shares sold—not paid for).
$255,651; surplus,
$2,320,004; 510shares held in treasury, $5,157; total, $2,575,618.
of
expenses,
Capital Administration Co., Ltd.—Personnel—
is
a
list of officers and directors of this company:
Ames, Earle Bailie, Thurston P. Blodgett, Henry
Alfred M. Ellinger, Reg. Halladay; Kenneth
C.
C. Breck, Hunt T. Dickinson,
8.603
$36,015
36,789
period
Notes—Net income has not been reduced by unrealized depreciation of
—V. 148, p. 3370.
The following
$110,62
Inc.—Earnings—
Interest..
x
1937
'
.
$80,982
_—.......
Income: Cash dividends
in accordance with terms
Earnings for the 10 Day Period Ended May 31
Directors—James
<
.
(& Subs.)—Earnings—
Months Ended March 31—
Net loss after depreciation, interest,
3
x
.
New
,
paid on Dec. 16 and on Sept. 15,1938, and previously regular quarterly
dividends of 20 cents, per share were distributed.—V. .148,, p. 1472.
Increase
Ry.—Earnings—
Canfield Oil Co.—Initial
Co.—Paying Agent—
is
Directors have declared a dividend of 10 cents per share on the common
—V. 148, p. 3370.
Traffic earnings
-
Net income for
Canadian National Ry.—Earnings—
Canadian Pacific
Co.
were
on
Gross revenues
Trust
stock, payable June 16 to holders of record June 12.
Canadian Car & Foundry Co., Ltd.-—No Pref. Div.—
paid
•,
.
10,817,678 10,764,990
reserve for depreciation of $5,275;397 in 1939 and $4,986,433 in
Represented by 163.428 cum. sinking fund conv. preferred shares,
no par value and 674,667 common shares, no par value. ,
The income account for the 3 and 12 months ended April 30 was published
y
3370i
„
Chamberlain Metal Weather Strip Co.—10-Cent Div.—,
1,044,070
After
inV. 148, p.
,
1st and general mtge. bonds series J, 3M%,
P.
dis-
tributabje surp.
10.764,990
.
sub.
Capital stock
Cap.
3370.
Manufacturers
Series B debens.j:
Co.—Registers with SEC
p. 3367.—V. 148,
"\
given in "Chronicle" June 3,
Central Maine PoWer
due
deb.
1938
$125,184
35,000
,
1,300,000
Min.
—See list
p.
27,000
April 1. 1946...
companies..-.-
1938.
1939
$132,375
755,976
750,318
5M % ser. A sink.
Land,
Total.........10,817,678
410,562
jinc.
taxes..
Mortgage
Invests, in A ad vs.
to affil. cos..
Co.—Earnings-
Quarter Ended March 31—
Oper. income before deprec., depletion & taxes..
—V. 148, p. 1472.
&
liabilities
accrd.
less res.for doubt-
Inventories
$
.
Accts. A bills rec'le
ful accounts
1938
$
Liabilities—
142,420
264,402
347,784
Cash...
1939
1938
Assets—
1938
1939
$86,484
at which common
April 30—
Prepaid
Subs.)—Earnings—
12 Months Ended March 31—Net loss after oper. exps., taxes & other charges..
—V. 148, p. 2736.
Cycle & Motor Co., Ltd.—Initial Dividend—
Directors have declared an initial dividend of $1.55 per share on the 5%
sinking fund prior preferred stock payable June 30 to holders of
record June 15 —V. 148, p. 1634.
'
•
.
cum.
on
$254,428
x386,781
capital stock
*
-1938
1939—12 Mos.
-1938
12 Months Ended March 31—
x
$281,055
608,377
Net profit....
-Earnings—
The figures for the periods ended March 31, 1939,
depreciation, but the figures lor the periods
ended March 31,1938, are before deducting depreciation,—V. 148, p. 2735.
x
$91,454
674,676
$1,484,893
963,947
Earnings for the Quarter Ended March 31
x
x
1939—3 Mos.
Net profit after taxes,
pat. amortiz., Ac._
Earns, persh. on 264,635
$0.05
y
'
$38,522
766,130
...
prof$29,193
Nil
Nil
(A. M.) Byers Co. (& Subs.)
Period End. Mar. 31—
The
40",224
Includes capital surplus.
x
1937
1938
Earns. per sh. on 600,000 shs. cap .stk.
—V. 148, p. 1471.
,v
stated after
027,997.
(48,772
\ 7,482
......
Net loss after expenses, &c., but be-
x
40,589
Surplus, end of period
Earns, per sh. on 536,892
3 Months Ended March 31—
are
6,712
3,068
1935
'
$16,741
Copper & Zinc Co.
common
Dr27~479
■
profits/
Total
before Federal income taxes.
shares
Drl9.875
Miscell. adj. (net)
Federal income taxes__.l
Dividends
Other surplus charges...
—V. 148, p.3054.
ore
$552,342
161,931
Cr33,340
99,329
15,111
Add'l taxes, prior years.
Wholly-Owned Subsidiary]
Earnings for the Quarter Ended March 31, 1939
Net profit after interest, depreciation and ordinary taxes but
Butte
$402,738
199,739
Cr28,975
69,384
Bonus to employees
Co.-—Earnings—
Ltd.,
$303,101
197,785
Cr31,569
68,319
3,458
exp...
Net addition to surp.
Previous earned surplus.
of this department.—V. 144, p. 3662.
Bush Terminal Buildings
$1,628,944
1,076,602
sales..
Surtax
See list given on first page
[Excluding
loss$l 1,827
'
Sharpe Mfg. Co.—Registers
1936
$1,352,242
949,504
Income charges
1939
$4,943
$0.02
Net profit after interest, taxes and other charges__
on
on
Selling & admin.
1937
$1,223,437
920,336
Cost of sales.
Gross profit
(& Subs.)- —Earnings—
1938
Net
Other income
Other expenses
3 Months Ended March 31—
Earnings per share
—V. 146, p. 2239.
cents per share was distributed on Dec. 20, 1937.
Years End. Dec. 31—
sales
^
of $84,848 or
°f
ai47
Catalin Corp. of America
Sales in May were $560,546 against
Pay 40-Cent Div.—
Directors have declared a dividend of 40 cents
per share on the common
stock, payable June 14 to holders of record June 7.
Dividend of 50 cents
was paid on
Sept. 28, 1938; one of 40 cents was paid on March 28, 1938,
-
•
.
■
'
'
-
"
..
./'
(based
Chronicle
Financial
3528
liquidating value
value and
K0te—Asset
sharp on Iviarch 31,
per
quoted market value of securities) $9,4074.—V. 148, p. 1797;
4050.
on
V. 147, p.
June
1939
10,
business booked for this period amounts to $301,995 against
$126,614 for the same period last year.
Net earnings for the respective
Total
1939
new
periods are reported at $1,271
3009.
against a loss of .$36,407 in 1938.V—147.
p.
Cherry-Burrell Corp. (& Subs.)—Earnings—•6 Mos. End. Apr.
1937
1938
1939
30—
(The) Cleveland Worsted Mills Co.—Earnings—
1936
Net income.
$205,435
$199,389
$612,257
y444,345
$0.38
y444,345
$0.36
zl48,115
zl35,918
$3.89
Earnings for the Year Ended Dec. 31, 1938
$450,768
Shares com. stk. outst'g.
$2.81
Earnings per share
-
x
&c., but before any provision for
y Par $5.
z No par shares.
Current assets as of April .30, 1939, including $975,880 cash, amounted
to $4,901,989 and current liabilities were $587,638.
These compare with
cash of $923,648, current assets of $5,217,372 and current liabilities of
$1,022,605 on April 30, 1938.—V. 148, p. 434.
interest, depreciation, taxes,
Federal surtax on undistributed profits,
x
After
$371,107
323,855
17,953
-
Operating profit
$29,299
—
22,607
Interest earned and other income (net)
Profit before
$51,906
26,480
128,132
depreciation and interest
Interest charges
Provision for depreciation..---
Chesapeake & Potomac Telephone Co. (Bait.)-—Gain
in Phones—;
Manufacturing profit.
Selling, administrative and general expenses—
Provision for doubtful accounts
,
Net loss
Company had a net gain of 1,200 stations during May, compared with
1,392 in May, 1938, and 1,492 in May, 1937.
For the first five months, company had a net gain of 8,105 stations com¬
pared with 5,959 in 1938 and 9,083 in like period of 1937.—V. 148, p. 2116.
—
—
—
After deducting cost
x
$102,705
u
of goods sold, including materials, labor and
Earnings for the 3 Months Ended March 31
19-39
Chicago & North Western Ry.—Trustee—
Net
3 Mos. End. Mar. 31—
'1939
1938
1937
$221,284
$421,137
$191,427
$0.02
$0.12
$1.31
$0.17
$0.93
,
Nil
Balance Sheet Dec. 31,1938
,
com-
on
loss$64,816
Assets—Cash, $166,756; trade accounts receivable (less reserves of
$49,583), $1,046,692; inventories, $1,'630,581; other assets, $3,546: property,
(net), $1,813,274; deferred charges, $11,640; total,
$4,672,490.
Liabilities—Notes payable, $750,000; accounts payable, $170,012; ac¬
crued taxes,
$43,519; reserve for contingencie
$29,976; capital stock
(143,170 no par shares), $2,000,000; capital
urplus, $2,075,329:. deficit,
$(375,929; treasury stock (5,169 shares at cost), Dr $20,416; total, $4,672,490.
—V. 147, p. 2241.
•
'
...
■
,.
• •
1936
$185,219
sH.
monstockr
per
<
plant and equipment
Net profit
Earns,
$128,454
•
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
x
1938
deprec. and
Earnings per share on capital stock
of the Chicago & Eastern Illinois and devote all of his time
trusteeship if the appointment is ratified.—V. 148, p. 3371.
as trustee
new
profit after operating expenses,
taxes
applied June 2 to the Interstate Com¬
merce Commission for ratification of his court appointment as trustee of
the road, succeeding Charles P. Megan, resigned.
He said he intended to
Charles M. Thomson of Chicago
resign
to the
manu-
acturing expenses, but before deduction for depreciation.
x After
depreciation, Federal income taxes and other charges, but ex¬
profits earned by certain foreign subsidiaries operating in countries
hiving exchange restrictions.—V. 148, p. 1798.
•
clusive of
Cliffs Corp.—Plans
•
Cincinnati Ball Crank Co.
(& Subs.)—Earnings—
— __
_
$22,311
_.
Deductions from income (net).
Depreciation
Net loss
Consolidated Earnings for the Quarter Ended March 31
1939
1938
•
$5,448
v
Columbia Gas & Electric Corp.—-Hearing June 14—
$23,126
The
Conslidated Balance Sheet Dec. 31, 1938
$37,579; accounts and. notes receivable (net), $90,823;
miscellaneous accounts receivable,
$2,371; inventories, $130,008; other
assets, $8,000; land, $30,749; buildings, machinery and equipment (net),
$249,082; deferred charges, $14,334; patents, $1; total, $562,947.
Liabilities—Accounts payable, $14,814; notes payable, $45,000; accrued
wages, taxes and royalties, $14,790; common stock (par $5), $411,770;
surplus, $76,573; total, $562,947 —V. 147, p. 3154.
'
Cities Service Co. (&
Gross operating revenue.
_
—^
-
Subs.):—Earnings—
1939
1938
$57,425,988 $59,308,138
41,152,723
41,527,755
6,554,249
6,609,313
„
-
-
.
—
maintenance and taxes
Reserves for depletion and depreciation
x
Operating
expenses,
Net operating revenue.
Other income.
-
$9,719,016 $11,171,069
1,198,648
1,234,383
-
Securities and
Exchange Commission announced June 3 that oral
argument on the integration plan for the corporation has been postponed
Assets—Cash,
3 Months Ended March 31—
Peabody & Co.—New Official—
The appointment of H. W. Woodruff to the newly created executive
position of Comptroller was announced on June 6 by the board of directors.
—V. 148, p. 3371.
$58,881
deprec. and other charges
special meeting June 8, stockholders approved changing the shares
of $5 from no-par basis.—V. 148, p. 3217.
Cluett
19,621
---
—
Net loss after oper. exps.,
a
of company to par value
16,948
-----
—
---
....
•
.
June 18.
At
-
_
Exchange
capital stock, effective June 19.
As of Dec. 31, 1938 there were 805,734 shares (no-par) of stock outstand¬
ing, Of which 531,860 shares were voting trust certificates, listed on the
local exchange and issued under a voting trust agreement which expires
Manufacturing profit before depreciation
$147,382
Shipping, selling, administrative, and general expense.169,693
Operating loss.
,
The corporation has made application to the Cleveland Stock
to list its
Earnings for Year Ended Dec. 31, 1938
•
Listing—Par. Value Changed—
from June 5 to June 14 in the Commission's
<•»
Washington offices.
Department of Justice Seeks to Intervene—
The Department of Justice has petitioned the SEC for permission to
the hearings on the integration plan.
Robert H. Jackson,
Acting Attorney General, said he would ask the Commission to disapprove
any plan filed by the utility company which did not include provision for
divesting itself of control of Panhandle Eastern Pipe Line Co. and the
Michigan Gas Transmission Co;
*
At the same time Arnold Levy, counsel for the Commission, filed a
brief holding that the Columbia system does not conform in all
respects
to the requirements of Section 11 of the Public Utility
Holding Company
Act,
It is doubtful, the SEC counsel held, on a geographical basis, whether
all of the gas distribution activities of the Columbia system could be viewed
as being within a single area or region.
intervene in
Columbia
Gas
Electric
&
had
filed
an
80-page brief holding that the
as it actually exists and
system meets the standards of the Act and that
Gross income
t$10,9l7,665 $12,405,452
—
Subsidiary deductions;
Interest charges and amortization of discount._
3,990,855
Preferred dividends paid and accrued...1,484,808
Earnings applicable to minority interests..
504,430
operates, it is a working, integrated system.
;
.
J.
Balance...
Net
x
income;
$4,937,571
2,378,063
------
Cities Service Co.—int. chges. & amort. of disct.
Provision for contingencies._—
—
—
—
_
Includes provision for Federal income tax.
Service Power & Light Co., a
$6,013,338
2,449,110
200,000
.
__
$2,559,508
_
Note—Cities
4,250,207
1,511,124
630,783
$3,364,228
subsidiary, has registered
under the Public Utility Holding Company Act of 1935.
Future consolL
dated income statements may not reflect, in the form in which they are
included above, the operating results of its group of properties.—V. 148,
p.
2577.
,
.
.
•
Utility May Drop Pipe Line—
With the SEC and the Department of Justice pressing for a settlement
of the question of the Columbia Gas & Electric Corp.'s
relationship with
the Columbia Oil & Gasoline Corp. and, in turn, the latter's control over
the Panhandle Eastern
Pipe Line Co., a new plan, it is stated, is being
looking toward divestment of control by the Columbia com¬
panies over the pipeline concerns.
While the exaqt nature of the plan has not been made known, the
plan,
it is said, in effect, will return all of the physical properties in the Columbia
Oil & Gasoline system to the Columbia Gas & Electric Corp.
Under thfe
plan, however, Columbia Oil would retain its stock interest in Panhandle
Eastern as its only asset and the name of the Columbia Oil
company
would be changed.
"
In payment or the oil and gasoline properties of Columbia Oil, Columbia
formulated
.
Gas &
■
Electric would cancel all
in the form of debentures and
Citizens Utilities Co.
(& Subs.)—Earrings—
(Exclusive of Central America Power Corp.)
4 Months Ended April 30— "
Operating revenues.
:—------Operating expenses
1939
—
Taxes..
Operating income.
_•
Other income^
—
Gross income.
$122,809
Taxes ivssumed
3,867
3,285
1,700
--
Other interest charges
Miscellaneous income deductions
Interest
3,800
$133,845
110,963
1,908
165
interest
on
$130,045
♦
110,254
long-term debt.—
on
58,207
$120,624
2,184
—
-
75,649
57,979
Depreciation—
$613,803
302,735
47,167
86,283
—
Maintenance expenses
Interest
1938
$562,409
267,271
30,252
—
?
216
charged to construction
•
Net income..
$6,614
Crl52
$17,832
Consolidated Balance Sheet April 30,1939
»
Assets—
the indebtedness
Commonstock.
$276,250
Construction work in progress
109,611
Long-term debt
7,091,195
Invest.
563,331
Accounts payable
93,713
242,083
Customers' deposits
task of
proceeding with its litigation against the Columbia companies.
Michigan Gas Trans¬
under consideration.
This would remove Michigan Gas, 100% owned, from the Columbia
systenj.
Panhandle Eastern, it is believed, would finance the purchase of
Michigan
Gas Transmission through the sale of bonds.—Y. 148,
p. 3372.
As
a
collateral feature of the plan, the sale of the
the Panhandle Eastern Pipe Line Co. is
mission to
Columbia Picture
Corp. (& Subs.)—Earnings—
9 Months Ended—
Apr. 1, '39 Mar. 26, '38
Net loss after all charges includ. pro v. for Federal
income and other taxes.
The balance sheet
Special deposits
9,597
Temporary cash investments.
208,200
Notes receivable..
15,553
Accts. receiv. (le^ reserve)..
204,449
Int. & divs. receivable
Accrued utll
1,728
revenue
38,511
—
Materials & supplies
146,963
Prepayments
15,163
Other curr. & accrued assets.
curr.
81,950
& accrued liabs.
54,122
.
Deferred credits
28,151
Reserves
3,040,296
Contribs. in aid of construct'
Capital surplus
61,135
n
Commonwealth Edisori Co.— Weekly Output—
electricity output of the Commonwealth Edison Co.
376,349
held
as
special
;..$11,625,094
following
.
Total
$11,625,094
Week Ended—
3
Vice-President
in
—V.
148,
p.
—
....
was
made
of
the
election
of Charles
W.
Nickerson
as
charge of operations.
Company reports
of the
a
substantially larger volume
ypar
as
a
of business for the first
result of installations at the World's Fair.
126,411,000
134,673,000
131,669,000
129,679,000
% Increase
111,615,000
119,408,000
121,803,000
121,043,000
13.2
12.8
8.1
7.1
3372.
Consolidated Cigar Corp. (& Subs.)- -Earnings—
1938
1939
$124,465
$136,732
1937
1936
$126,422
$100,554
148, p. 2118.
Consolidated Retail Stores Co.—Sales—
1939—Month—1938
$795,864
—V. 148, p.
The company also announced the election to the Board of Directors of
John L. Proctor, President of the Noma Electric Co. of Canada and Chair¬
man of the Board of the same company of England.
four months
Kilowatt-Hour Output1938
1939
—
May 27
May 20...
May 13
Sales
Claude Neon Lights, Inc.—New Vice-President—
Announcement
the output and percentage comparisons for the last
corresponding periods last year:
Period End. May 31-
—V. 148, p. 2420.
(inter¬
126,411,000
group
was
are
weeks and the
June
—V.
41,055
depositary
Total
The
our
3 Mos. End. Mar. 31—
Net profit after all chgs.
and taxes
299,400
1939
kilowatt-hours compared with 111,615,000 kilowatt-hours in the correspond¬
ing period last year, an increase of 13.2%.
370,705
Earned surplus
13,090
Reacq. long-term debt.
secure,
77,833
Interest accrued
1,345
Deferred debits
Cash &
Taxes accrued
Other
<>$80,159 prf.$438,268
of April
1, 1939 shows current assets of $12,105,5l6»
$1.285,161.
Working capital amounted to approxi¬
mately $10,800,000—V. 148, p. 2578.
as
and current liabilities of
73,393
Cash.
Columbia Oil held
of Columbia Oil & Gasoline before it could be put into effect.
In addition,
the Department of Justice, should it find that such a program
effectively
the standards set up in the anti-trust laws, would be relieved of the
company sales deducted) for the week ended June 3,
Liabilities—
fund accounts
o
In effect, this operation
met
The
(Central America Power Corp. not consolidated)
Prop., plant & equipment.$9,679,016
o
partic. pref. stock.
would lesve Columbia Oil & Gasoline only with capital stock
outstanding.
Such a plan, however, would have to meet the approval of stockholders
$658,776
1939—5 Mos.—1938
$3,802,148
$3,585,383
2893.
Consolidated Edison
Co.
of
New York,
Inc.—Weekly
Output—
Company
week
with
announces production of the electric plants of its system fqr the
ended June 4, amounting to 130,400,000 kilowatt hours, compared
110,800,000 kilowatt hours for the corresponding week of 1938, an
increase of 17.7%.
Volume
Financial
148
can
Earnings for the 12 Months Ended April 30, 1939
Operating
_
„__i
—
_
— _
—
Other operating revenue._.
Total operating revenues
Operating expenses
Depreciation
Taxes
_
„
_
—_$101,031,870
34,160,188
5,283,625
—
—
_
be issued under this indenture for any purpose after issuance of series P
bonds against retirement of the 5%
revenues:
From sales of electric energy
From sales of gas
3529
Chronicle
(d)
<
__$140,475,684
75,021,624
11,197,493
by contract
Operating income.
White
$27,018,702
20,425,381
699,083
,
.
.
..
Non-operating revenue deductions
—
Gross income
— — —
—
— —
-
— _
$46,744,999
and miscellaneous deductions—
pense
_ _ __
_ __
Brown &
js
—-._
—
3372.
$35,240,984
_
,
1938
Calendar Years—
Completed work
Cost of completed work,
$3,449,371
incl. sell. & adm. expv
3,102,586
Dr29,189
Other expenses, net
Depreciation provision.
_
5,237,463
4,556,395
03,718
186,239
Dr31,023
157,230
3,597,570
Dr40269
157,189
xl,753
16,154
___—
88,000
Net
profit for yeary.
pref. stock
on
Nil
$0.77
.
'
13
Balance Sheet Dec.
Electric
Gas
-
547,740
84,220
4,916
14.980
$604,859
$898,718
Power
$68,021
$0.02
Co.
Offered—White, Weld & Co. headed
1, 1939, due June 1,
bonds are dated June
1969.
Cream of Wheat
Net profit after all
shs. cap.
,,
1965-
$7,076,000
-
22,145,000
28,440,00
314%, due Dec. 1, 1971-_______
Series O 3X %, due Jun,
15,1968Series P 3 %, due June 1, 1969 _ _.
Con. Gas Co.of Baltimore City, Gen.4 Ms 1954
Indebtedness to Mayor and City Council of
Laurel, Md„ payable $2,500 annually with¬
out interest
—
b7,000,000
6,100,001
c
B 4H%
_____——
—
a
22,500
276,937 shs.
.___
(no par)
—-1——
$100,000,000.
b The issue and
sale were authorized by the P.
land on June 6, 1939:
c Closed mortgage exceDt
amount of
U. Commissipn of Mary¬
that $3,400,000 may be issued to retire a like
outstanding 5% bonds due July 1, 1939.
5,992,292
36,039
131,315
x$25,774
$218,441
$687,877
______
______
Net profit
i
$208,916
—_
x$25,774
$687,877.
x$31,55ft
Indicates loss.
x
of March 31, 1939. including $406,149 cash, amounted
to $5,284,851 and current liabilities were $844,179.
This compares wit;»
cash of $118,311, current assets of $4,976,745 and current liabilities of
$940,919 on March 31, 1938.—V. 148, p. 3373.
Current assets as
Crown
Drug Co.—Sales—
1989 were $661,547 as compared to $636,065 for May,
$25,482 or 4%. Company has 82 stores in operation at
present time and these figures cover 82 stores for both periods.
How¬
ever, in May, 1938 it had 90 stores in operation and sales for the 90 stores as
compared to the 82 this year were $681,206, which would show a decrease
this year of $19,659 or 2.9%.—V. 148, p. 2893.
Sales for May,
1938, an increase of
the
Initial,Dividend—
Cuban Telephone Co
declared an initial dividend of $3 per share on the 6 %
Directors have
preferred stock, payable June 30 to
p.
holders of record June 15.—V. 148,
;
1474.,
Cunningham Drug Stores, Inc.—Earnings—r
1939
6 Mos. End. Mar. 31—
Net
$324,271
$1.64
profit after all chges.
.stk
Earns, per sh. on com
—V. 147. p. 3760.
•
<
sh.
per
stock...
x
$178,303
prdfit after all chgs.
Earns,
on
1939—4 Weeks—1938
$518,434/
148.,
p.
2893.
$348,187
■ /
•//
.,
Davidson Mfg.
See list
v
>
■
Corp.—Registers with SEC—
given on first page
3 Mos. End.
x
,'
Net profit--
of this department:
1939
Mar. 31—
—
!-—
— --
-
(par $10).
Earnings per share.
Shs. com. stk.
x
After
$64,410
196,142
$0.26
1937
$88,078
196,942
$0.36
1938
$42,066
196,143
$0.14
depreciation, Federal taxes, &c.—V.
Detroit Steel
.
1939-13 Weeks-1938
$5,155,665 $4,663,877
/
/; ('.
DeiseLWemmer-Gilbert Corp.—Earnings-—
'
.
Inc.—Sales—
Period End. May 27—
—V.
Nil
Nil
$0.21
$0.46
Sales
.
»
-
loss.—V. 148, p. 2739.
Davidson Bros.,
'36
x$334,975
x$51,177
$154,759
com.
—
Indicates
*
Apr. 22, '36 Apr, 23, *38 Apr. 24, '37 Apr. 18,
Weeks Ended—
16
Net
1936
$283,441
$1.42
19.37
$326,202
$1.64
Inc.—Earnings—
Cushman's Sons,
;
1938
$263,302
$1.32
,
;
1936
$87,777
196,942
$0.35
148, p. 2120.
Corp.—Earnings—
[Including Craine-Schrage Steel Co.]
3 Months
Net prof it
x
1939
$92,407
Ended March 31—
after deprec., taxes, &c
sh. on common stock
Indicates
$0.45
1938
x$48,806
Nil
1937
$211,149
$1.02
loss.—V. 148, p. 1639.
(W. S.) Dickey Clay
6 Months Ended
Net profit after all
—V. 148, p. 435.
Mfg. Co.—Earnings—
1939
April 30—
charges
Di-Noc Manufacturing
$286,126
1938
$49,147
Co.—Earnings—
$78?183
'
($100 par)—
— 223,063 shs.
223,063 shs.
>—__2,000,000shs. 1,167,397 shs.
a The
indenture, dated Feb. 1, 1919, as
amended provides that the
aggregate principal amount of all the bonds issued and outstanding under
this indenture at any one time shall not in any event exceed the sum of
Series
3,711,265
43,630
250,000
Profit—.
Earns, per
Series N
3,122,841
33,293
13,909
$208,916
deductions._____
Included among the consumers
a
.
1936
$6,847,523
Provision for flood losses
,
fund bonds
$0.61
"
"
1937
$3,973,336
3,731,069
6,999
67,492
&c____________
improvements, betterments, extensions and
1st refunding mortgage sink,
Series M 3H%, due July 1,
1938
$3,144,269
'
made since Sept. 1, 1936.
The remainder of the net
estimated at $140,807, will be applied to general corporate
Lond-Term Debt and Capital Slock (Giving Effect to Present Financing.)
.Authorized
Outstanding
.
$0.63
^:
1939
$4,014,476
Federal income taxes,,-
additional property
of its lines.
•
.
Costs, royalties, deprec.,
$3,400,000 consolidated first mortgage 5% bonds of consolidated Gas Co. of
Baltimore City; $3,495,000 will be paid out to the company in reimburse¬
ment of its treasury, as permitted by the first refunding mortgage, in respect
served by the company are the Baltimore
Transit Co. which operates the street railway system in Baltimore and
vicinity, and the Pennsylvania RR. for electrified operation of certain
$0.50
$364,546
Crosley Corp. (& Subs.)—Earnings—
The indenture
about 1,000,000.
1936
$381,449
$299,064
3 Afo.s\ End- Mar. 31—
Net sales.—
will reimburse the
,
1937
1938
1939
$309,997
___________
Earns, per sh. on
ail
'
Business—Company's principal business is the purchase, production and
sale of electricity and artificial gas. Company and i ts predecessors have been
engaged in the production and sale of gas since shortly after the incorpora¬
tion of the first predecessor in 1817, and in the production and sale of
electri&ty since 1881.
Other business of the company includes: sale of gas
and electrical appliances and allied merchandise; production and sale of
steam; operation of a cold storage warehouse business including loans to
customers; operation of office building for use by the company and its
tenants, and by a wholly owned subsidiary, purchase and sale Of natural
gas in a limited area in Maryland.
Company is now furnishing, without competition from other gpublic
Utilities, electricity and gas in the City of Baltimore and adjacent territory.
Electricity and gas for industrial purposes are supplied to a variety of users.
The population of Baltimore, according to the 1930 census, was 804,874.
The total population of the territory served with electricity is estimated
to be about 1,176,000.
The total population of the territory served with
Previously regular
Corp. (& Subs.)—Earnings—
—V. 148, p.
■
1953 ; 104% on or before June 1, 1957; 103% on or before June 1,
1961; 102% on or before June 1, 1964; 101H% on or before June 1, 1965;
101% on or before June 1,1967; 100 H % on or before June 1, 1968; 100 XA,%
thereafter to maturity.'
purposes.
$520,315
Inc.—Dividend Increased—
600,000
stk. (no par)
$0.52
2120.
■ •V:
;
and taxes
June 1,
capital expenditures for
$464,875
chgs.
'
of
Purpose—Net proceeds are estimated at $7,140,807, of which $105,000
company's treasury for the acquisition and retirement,
before marurity, of $105,000 of 5% bonds of Roland Park .Electric & Water
Co., due Feb. 1, 1937, and $6,895,000 will be deposited with the trustee
under the first refunding mortgage.
Of the amount so deposited, $3,400,000
will be applied to the payment at or before marurity on July 1, 1939, of
89,200
3,328
quarterly dividends of 10 cents per share were distributed. In addition, an
extra dividend of 10 cents was paid on Dec. 27, 1938.—V. 148, p. 2893; V.
147, P. 3453.
3 Mos. End. Mar. 31—
&
1,255
'
1638.
148, p.
Other
Light
•
Directors have declared a dividend of 12 M cents per share on the common
covering the new issue provides that any or all of the series P bonds out¬
standing shall be redeemable at any time at the option of the company upon
not less than 30 days' notice, at 108% on or before June 1, 1941; 107% on
or before June 1, 1944; 106% on or before June 1, 1949; 105% on or before
Series A 5%
$1,067,447
454,604
$1,098,090
184,020
Corp.; Minsch, Monell & Co., Inc.; Joseph W- Gross & Co.;
Lee Higginson Corp.; Alex Brown & Sons; Bakery Watts
& Co.; Mackubin, Legg &.Co.; Robert Garrett & Sons, and
W. W. Lanahan & Co.
'
Common stock
$1,063,406
4,041
518,427
31, 1938
$7,000,000 30-year series P 3% lstref. mtge. sinking fund
bonds.
The bonds were priced at 105 and int.
It was an¬
nounced that the books were closed at noon of the offering
date and all selling restrictions removed.
■
Other members of the "group include: The .First Boston
Preferred stock
$1,094,642
3,448
$1,616,145
underwriting group which made public offering June 7 of
is estimated to be
$1,610,779
5,366
125.770
$5,186,841.—V. 148, p. 2264.
1
gas
5,957
528.084
payable, $151,774; accrued taxes, $85,743; esti¬
mated liability for workmen's compensation awards and commitments
payable after 1939, $19,277; 6% convertible notes, $721,000; preferred
stock, $3,554,725; common stock (241,617 no par shares), $1; self-insurance
reserve,
workmen's compensation insurance, $75,000; surplus, $579,321;
proceeds,
$1,257,672
$1,263,629
186,841.
Liabilities—Accounts
of
Apr. 1, '39 Mar. 26, '38 Mar. 27, '37 Mar. 28, '36
Creameries of America,
$718,563; accounts and notes receivable, $329,211; in¬
ventories, $1,363,403; prepaid items, $43,672; land, $939,152; plant and
equipment (net), $1,758,361; ptaents, $1; amount receivable from joint
venture, $10,046-; deferred charges and other assets, $24,431; total, $5,-
The
'
stock, payable June 29 to holders of record June 10.
"
Assets—Cash,
Baltimore—Bonds
Weeks Ended—
—V.
1938
$141,483
$0.33
$134 736
Subs.)—Earnings—
^
Nil
1939
Consolidated
Inc.—Earnings—
Weeks Ended Feb. 25, 1939
Baking Co. (&
Net profit.
$121,514
$0.73
300,000
225,000
225,000
—
,
Interest
$425,650
266,604
$435,593
213,283
$102,481
71,094
Net profit, after deprec., Federal taxes, &c_______
Earns, per share on common stock. ______
total,
—
147. p. 1636.
Other income—
______
'
.
V.
Depreciation
down to a nominal value of $1 as of
15, 1935, no amortization of patents is incl. in expenses after that date.
Earnings for the 3 Months Ended March 31
V
300 000
_
—-A—.
Total income._______
16,883
450.000
_
___
Operating profit
10,912
Inasmuch as patents were written
Feb.
_
_
_
Federal income taxes—.
Earns, per sh. on 241,617
shs. com. stk. (no par)
x
_
___
148. p. 3372.
Continental
in val.
steel inventory
Divs.
62,093
—
-
undistributed
Reduct.
1936
43,000
Fed. surtax on
profits_
of stock
Pro v. for
$3,934,449
6,000
Prov. for Federal inc. tax
______
Net loss after deprec., accrued interest, flood expenses, texes, &c
1935
$5,243,303
...
T
Earnings for the 26
1937
$5,986,577
192,232
_
Amortization of patents
^_
_________
Consolidated Textile Co.,
Consolidated Steel Corp., Ltd.—Earnings—
—
;
W. W. Lanahan & Co
—V.
.Netincome.'
—V. 148, p.
_
—
Mackubin, Legg & Co____
567,726
—
.
Sons
Robert Garrett & Sons
___
$1,675,000
1,300,000
1,225,000
800,000
590,000
_____
Corp.____L_.__
Baker, Watts & Co
10,936,290
long-term debt
— — —
__ _
Miscellaneous interest, amortization of debt discount and ex¬
on
Co.,
Power
Amount
Weld & Co__
Minsch, Monell & Co., Inc.
Joseph W. Gross & Co
Lee Higginson Corp
Alex.
Interest
Cheaspeake Bay
&
Name—-
27,237,865
The First Boston
N on-operat i ng revenue
bonds.
of Annapolis
follows:
_
(incl. provision for Federal income tax).
Created
dated Aug. 30, 1923, assumed by the company in 1933, in connection with
the purchase of the properties of the Annapolis company.
Underwriters—The names of the principal underwriters and the respec¬
tive amount of the series P bonds severally underwritten by each are as
No additional bonds
Net
profit after all charges.
—V.
12,125
—
loss40,213
145, p. 2070.
Dixie-Vortex Co. (& Subs.)—Earnings—12 Months Ended March 31—
1939
Net nrofit after deprec.. Federal income taxes, &c_
$719,548
1938
$899,154
202,666
202,916
stock.
$1.34
$2.23
Current' assets as of March 31, 1939, including $891,191 cash, amounted
to $3 125,539 and cut-rent liabilities were $646,508.
These compare with^
cash of $808,873,; current assets of $3,462,483 and current liabilities of
$927,688 on March 31, 1938.—V. 148. p. 2265.
stock outstanding.
Earnings per share on common
Common
—
.
3530
Financial
Dixie-Home Stores—Sales—
Weeks Ended May 20—
4
—
—V. 148, P. 1167.
.,>
1939
$6,408,020
4,984,814
-
—
$259,226
186,399
-1938
$248,552
178,483
$17,205
5,776
—
(
Total oper. expenditures
$16,304
5,776
10,000
$70,070
23,106
50,000
18,534
$21,570
4,435
Fixed charges../
Renewals.-
1938
$6,651,907
Taxes
$1,423,206
94,212
-
—
-
-
-
-
-
—.
-
$492,339
35,454
$1,517,418
587,907
726
157,263
Operating profit
$527,793
-V. 148, p.
2741.
(Del.) (& Subs.)—Earnings-
El Paso Electric Co.
Total income
-:
Experimental cost write-off
Other deductions
Federal income taxes
Net profit-,.,Earns, per sh. on
—
----- -
——
--,-
— -
—:
— »
-
570,680 no par shs. of cap. stock.
$406,771
$0.71
1939—12 Mos.—1938
1939—Month—1938
Period End. Apr. 30—
Operating revenues. A—Operation
36,160
84,862
$771,522
$1.35
----
$24,076
6,159,568
Total deficit
Other income,
4,447
$3,919
10.000
—
—
$72,827
23,106
55,000
18,797
$3,006
Operating surplus
Douglas Aircraft Co., Inc. (& Subs.)—Earnings—
Net sales
Costs and. expenses
$58,417
42,113
-1938
Total revenue
$549,490
-
Quarter Ended Feb. 28—
$60,180
42.,975
1938
$673,413
....
fune 10, 1939
Edmonton Street Ryv -Earnings—
—.
1939
_■
Sales
Chronicle
$242,0)7
103,457
$Z,919,870
1,177,770
233,378
364,323
$231,303
99,666
15,688
$2,895,756
1,210,236
163,701
328,842
29,834
13,866
28,763
$93,028
1,309
$89,008
Dr4,778
$1,174,399*
Dr30.782
$1,192,977
Dr38,076
—
$94,337
(public)_
36,214
$84,230
36,162
$1,143,617
436,490
$1,154,901
438,955
$58,123
$715,946
Maintenance.
— -
Taxes.
-----
w
—V. 148, P. 3373.
.Net oper. revenues.—
Dresser Manufacturing
Non-oper. income (net).
Co. (& Subs.)—Earnings—
Earnings for the Quarter Ended March 31, 1939
Net loss after depreciation, Federal
other charges
—
- — —
siate income
and
—
—
—V. 148, p.
1321.
.1
Balarice
Int. & amortiz.
taxes and
$20,026
— -
"
taxes.„-
'
1939
1938
$329,237
$45,984
$682,127
345,532
Balance
(public)
Preferred dividend requirements
single vote the Workers' Protective Association of this company
decided to accept a temporary 10% wage cut asked by the management.
The vote was 119 to 118, eight ballots having been rejected for defects.
The company promises to restore the reduction in part or in whole at the
end of each quarter if a profit is made,
The restoration will precede divi¬
dend payments.
The firm employs approximately 600.
The vote was taken after a three-hour meeting, during which Michael
Fill, President of the Association, an independent labor group, presented the
company's request.
Mr. Fill pointed out that the company reported that
a wage cut was inevitable.—V. 148, p. 3220.
•
—
$354,695
46,710
$289,885
—--
$690,946
336,250
$336,595
46,710
Appropriations for retirement reserve
Eagle Lock Co.—Wage Cut-—
$307,985
a
Balance
Eason Oil
"
.
applicable to El Paso Elec. Co. (Del.)
Earnings of El Paso Electric Co. (Del.)
Miscellaneous revenue
Total
Earnings for the 3 Months Ended March 31, 1939
$284,119
$41,079
6,317
,
$47,396
depletion, &c
— - - -
w
.
395
-.
34,315
Depletion and depreciation
Amortization of undeveloped leases
—
-
— -
-
'6,508
— -----
"Net loss---.—...
Balance Sheet March 31,1939
»
Assets—Cash in banks and on hand, $188,953; receivables (net), $250,650;
inventories, $154,106; deferred notes receivable (less reserve $22,177),
$51,805; miscellaneous receivables and advances (less reserve $38,294),
$43,116; cash surrender value of life insurance, $131,980; due from officers
and employees, $3,579; investments, $31,129; property, plant and equipment
(net)
$937,168; land, buildings and equipment not used in the business,
(at cost less reserve for depreciation of $37,738), $35,507; prepaid expenses
and deferred charges, $50,042; total, $1,878,035.
-
Co.—Hearing June 19—
The Securities and Exchange Commission announced June 1 that a hear¬
ing had been set for June 19 in the Commission's Washington offices on
application of company (File 32^147) for an exemption from the necessity
of filing a declaration, in connection with the issue and sale of a $481,000
promissory note and $481,000 3 % % 1st mtge. & ref. bonds, due 1943, which
are to be pledged as collateral to the note.—V. 148, p. 3374.
Eastern Massachusetts Street
Ry.~—Earnings—
Condensed Income Statement April,
Period End. April 30— 1930—Month—1938
Ry. operating revenues.
$584,377'
$530,833
Ry. operating expenses.
351,155
,
333,450
—
Net after taxes
Other income
$197,383
43,044
$233,222
$177,457
5,904
$154,339
5,608
*
—.
Non-oper. income
_
$183,361
_
.
1,476,205
1,388,585
$986,270
227,156
•
Depreciation
Net income before pro¬
vision for retirement
losses.-.
x
174,904
$648,265
20,113
$759,114
20,404
46,016
95,018
184,434
381,712
,
.
.
$42,327
x$5,282
Other income....
Other expense
$9,027
$14,582
889
802
52,845
Deficit
53,734
$57,238
205,433
417,228
Cr500,013
$2,027,414
$4,391,452
$2,306,115
(1) of
including in income only dividends received from affiliated pipe line com¬
panies instead of their proportion of net income of such companies, (,2) in
the
case of the subsidiary oil companies, of charging against operations
leasehold development expense including lease rentals (formerly capitalized,
but reserved for in full through the provision for depletion) and dry hole
losses and contributions, and (3) in the case of Indian Territory Illuminating
Oil Co. (a subsidiary), of providing for depletion of oil producing pro¬
barrel" basis and for lease cancellations on a
These changes in accounting policy brought
$318,064 in the net income for the year 1938 in
comparison with the besult on the basis of the practice previously in effect.
perties on an overall
per
normal cancellation,, basis.
about
a
net increase of
Consolidated Earnings for
the 3 Months Ended March 31
1939
1938
$20,604,317 $22,585,777
Operating expenses, maintenance and taxes—i.., 14,749,672
15,378,657
Depletion and depreciation
3,186,352
3,233,900
Net operating revenue
Other income
:
-
-
$2,668,292
539,633
$3,207,925
1,785,965
953,639
.
$3,973,220
643,872
$4,617,092
1,992,546
$468;321
__
$1,312,312
J
Gross income-
Sub. int. charges & amort. of discount.
Empire Gas & Fuel Go.—interest charges
Net income
x
1,312,233
Includes provision for Federal income tax.
Dec.
*4. sscts
1939—4 Mos.—1938
$2,528,685
$2,451,325
2,698,958
2,742,781
x$l70,273
3,601
219,389
x$291,456
3,281
225,408
$38,350
$386,061
$513,583
losses and
other non-operating
adjustments.
of
line
pipe-
Notes payable..
11,923,880
5,923,978
Cash
Preferred 50-Cent Dividend
& refined oils.
1.446,791
1,623,804
cos-
Jan. 3, 1938.
After the payment of the current dividend there is still due and unpaid
dividend arrearages of $1.50 per share on this stock.—V. 148, p. 2740.
1939—Month—1938
1939—5 Mos.—1938
$2,337,617
$2,193,239 $10,207,257
$9,913,504
.
322,303
2,227,108
85,270,885
48,917
90,379,068
69,586
y287,050
13,216,741
3,487,336
Deprec. & depl-110,752,330
3,514,871
85,412,519
Cust'8' deposits
243,113
789,206
accts. payable
5,536,698
Well drilling con¬
503,425
534,340
(non-current)
payable
Crude & ref. oil
accts.
156,605
145,819
3,752
28,951
2,994,801
611,059
rec., not curr.
Advances to per¬
3,937,484
3,624,908
141,972
5,414,426
143,720
23,468,561
2,000,600
3,530,934
22,678,293
16,238,816
price chge. res.
Injuries & dam.
Other reserves—
89,711,959
Min. stockhldrs.
debt
disct. & exps.
Other def. chgs.
806.538
447,861,385 512,899,481
int. in sub .cos.
Surplus
-
447,861,385 512.899,481
Total.
Represented by 750,000 no par shares,
y
Accounts only.—Y. 147,
2682.
Erie
Stores, Inc.—Sales—
3,243,581
income taxes.
Prov. for Federal
tracts
taxes, &c
x
2,344,529
3,932,252
Prepd.ins., int.,
P.
3,556,290
Accrued Interest,
631,920
accts. receiv..
Accepts, receiv.
Total
6,754,480
payable-
37,405,357
54,424.737
93,336,901
4,860,000
4,860,012
Other notes and
Other notes and
&
38 Nov. 30, *37
$
Due to parent co
23,660,744
5,558,121
Current accts. of
Notes
Accts.
taxes, Ac
15,529,465
4.657,064
rec. oust.
TJnamort.
a dividend of 50 cents per share on account of
the $2 no par convertible preferred stock, payable July 1 to
holders of record June 23.
Like amount was paid on April 3 and Dec. 23
last and a regular quarterly dividend of 50 cents per share was last paid on
on
12,201,345
5,512,867
Invent, of crude
Accts.
$
Common stock 37,405,357
Preferred stock- 64,424,737
x
Long-term debt., 96,201;977
«
and
co.
Dec. 31
,
Liabilities—
$
sonnel
Directors have declared
■
31, '38 Nov. 30, '37
§
Plant & invest. .399,530,380 452,303,328
Spec. cash depos.
16,015
17,121
$45,717
$213,372
x Indicates deficit.
Note—The above statement covers operations after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
Cr206,566
a
Including surtax of $558,250 in 1936 and $1,206,050 in 1937.
Note—Effective Jan. 1, 1938, the companies adopted the policy
Mat'ls & snppl's
Edison Brothers
32,090
$709,132
___—
Net income..--
33,512
Dr50,418
8,094
_
affiliated
Period End. May 31—
*3,664,867
2,389
32,158
Miscell. deductions
other invest'ts
Operating income
Sales...
—V. 148, p. 3061.
294,000
.
of subs. cos. applicable
to minority interests.
,
Secure,
Period End. April 30—
1939—Month—1938
Operating revenue
$732,559
$769,846
"Operating expense.737,841
755,264
accruals
845,142
interest coupons
Proportion of net income
on
$668,378,
Steamship Lines, Inc. (& Subs.)—Earnings—
or
11,627,862
4,300,589
Federal and State taxes
—y. 148, p. 3220.
capital gains
369,103
Consolidated Balance Sheet
rents, &C-._
Eastern
$1,994,393 $18,664,208 $15,465,297
1,007,229
11,865,292
11,719,491
960,665
879,717
72,331
a946,950
114,800
a1,700,800
Interest charges.
Amort, of bond discount
Pro v. for income tax-2_-
$823,169
$779,518
66,000,900
x
1939—4 Mos.—1938
\
$2,462,475
$2,211,754
51,043
99,877
74,245,252
6,488,693
72,282,224
Gross operating revenue.
1939
$159,947
Monthof
Year Ended Nov. 30—
Dec., 1937
1937
1936
$8,113,982 $88,608,871 $77,801,330
$1,625,289 $14,363,619 $11,800,430
------
Total earnings
.
Gross corp. income.
Interest on funded debt,
*
$9,741,901
5,084,675
-
_
Net ry. oper. revenueTaxes.-.-—---.-
$206,340
_$14,826,576
Net oper. re venue
$829; accounts payable, $90,884; due to
East Tennessee Light & Power
$182,145"
v
Year End.
Dec. 31, '38
$82,024,125
taxes
,
accrued taxes, commissions, interest, &c.,
$43,883; preferred stock dividend payable April 5, 1939, $7,175; long-term
liabilities, "$23,475; $1.50 cumul. conv. pref. stock ($20 par), $382,620;
common stock ($1 par), $460,520; surplus (restrictedfor dividend purposes
in amount of $841,478 by reason of purchase of common stock for treasury),
$1,717,087; deficit, $7,796; treasury common stock (146,328 shares at cost),
(Dr.)$841,478; total, $1,878,035.—V. 148, p. 3374.
"
•
Oper., maint., deprec. &
$7,796
Liabilities—Notes payable,
officers "and employees, $837;
$389,312
182,972
Empire Gas & Fuel Co. (& Subs.)—Annual Report—
803
Provision for doubtful accounts.sale of depreciable assets ------
$413,615
24,303
$365,117
182,972
.
Period—
.'
Gross earnings i v-
5,539
7,632
Royalties and leases charged off
on
$400,705
35,589
Balance for common dividends and surplus..__
67,816
-----
operating profit before depletion, depreciation, &c_.
Net profit before interest,
Interest charges.—
'.1
—,_i.—
Preferred dividend requirements.—
—-V. 148, p. 2895.
Other income
80,630
------
175,224
-
Operating and general expenses—„
Net
$307,985
25,000
15
;
Balance..
Gross operating income—
Cost of sales and services
1938
$289,885
25,000
85,805
,
—
Expenses, taxes and interest...
Co.—Earnings-—
1939
12 Months Ended April 30—
Earnings of El Paso Electric Co. (Texas)
Note interest deducted from above earnings_
Earns, of other subs. appl. to El Paso El. Co. (Del.)
f
Loss
25,000
$56,040
Balance..-.-
—V, 148. p. 3373,
By
25,000
•
Del.).
Co.,
$395,751
$707,127
2,083
Electric
Interest (El Paso
3 Months Ended March 31—
Net profit after alJ charges and
$48,067
2,083
Balance
,,
Manufacturing Co.—Earnings—
Du Pont Film
RR.—Trustees^ Authorized
to
Appeal New
Jersey
Court Order—
The trustees have been authorized by Judge
Cleveland, to appeal
a
Paul Jones of Federal Court,
recent order of the United States District "Court
Volume
Financial
148
for the District of New Jersey in the matter of New York
Western RR.
Chronicle
Susquehanna &
Ex-Cell-O
Sales, less discounts, returns and allowances
expenses
Profit from operations.
Other income..
*.
„
a
*
.
Gross income.
division
;
on
_
on notes
payable
Provision for loss
on
+.
...
;.
.
_
_
n
investments and misctll. other charges.
Loss for the year
Loss
Earnings for the Quarter Ended March 31
Net loss after
"
Period End. April 30—
1939—Month<—1938
1939—12 Months—1938
Operating revenues
$4,352,796
$4,248,170 $53,069,888 $52,772,590
Operation...
1,577,120
1,673,152
19,861,754
20,556,522
Maintenance,
279,177
285,996
3,605,2373,670,238
Taxes:
601,054
565,343
d6,520,592
6,428,559
.......
Net oper. revenues...
Non-oper. inc. (net) def.
$1,895,446
Dr30,279
$1,723,679 $23,082,305 $22,117,271
Dr35,495
Dr403,059
/>488,341
Balance.............
$1,865,167
661,746
$1,203,,421
Appropriations for retirement reserve
$1,022,843 $14,462,521 $13,715,889
5,804,394
5,595,145
& amortization
$623,588
108,056
30,520
$8,658,128
.....
on
Balance.
preferred stocks, declared
.1
2,309,384
Net
.
.
....
$4,527,779
"17,130
—
Amount applicable to minority interests
a
Balance
Bal. of
$322,473
.
____L
$4,510,650
$4,510,650
Undeclared divs.
Total
69,937
80,013
131,979
$4,670,989
Balance for common stock and surplus
Earnings per share of common stock.
e Earnings per share of common stock
a
Applicable to
Engineers Public Service Co.,
$4,295,835
541,419
$4,670,989
2,320,359
$3,754,416
2,323,547
$2,350,630
$1,430,869
f$1.23
$0.75
$1.03
$1.23
before allowing for
un¬
earned cumulative preferred dividends of a subsidiary company, b Of Earn¬
ings of parent and subsidiary companies applicaole to Engineers Public
Service Co. stocks, before allowing for loss,
c In investment in common
stock
of a subsidiary company, measured by cumulative dividends on
preferred stocks of such company net earned within the year, less minority
interest, d Includes Federal income taxes of $901,296.
e Before deducting
unearned
preferred dividends of
a
subsidiary
company,
Baltimore—To Redeem Pre¬
At the regular meeting of the board of directors held June 8 the directors
7% class A preferred stock, par $5, at
or $5.25 per share, plus accrued dividends on July 10, 1939.
They further set June 30, 1939 as the date on which the stockholders will
vote on a reduction in dividend rate on the preferred stock from
7% to
5H%,
Should the stockholders vote favorably upon this reduction, the
7 % class A preferred stockholders will have the option of accepting cash or
exchanging their stock share for share for the new 5H% preferred stock,
with an appropriate adjustment of dividends.—V. 147, p. 419.
105%,
First National Stores,
Stores
Apr. 1 '39
(number of).....
"
_T._
Profit,
3,261,928
(net)..
rec.
3|l08,993
4,067,282
214,714
x103,149
3,608,889
156,871
3,286,570
4,385,145
3,765,760
98,110
468,269
15,000
657,435
177,577
235,248
Refunds
on
■«?-
>.
3,497,176
paid
25,034
149,021
548,755
sale of assets.._
.
Surtax oh undist. profits
------
«
less
senting the estimated loss in such investments.
Such reserve having pro¬
vided for a considerable period in advance for loss which may be sustained
because of the accrual of unearned cumulative dividends on preferred stock
of a subsidiary company held by the public, it is unnecessary to make
further provision through the reduction of consolidated
earnings by the
part of such preferred dividends as is not earned during the 12 months'
period amounting (after allowance for minority interest) to $349,893.—V.
148, p. 3220.
2,705,191
136,114
2,042,975
3.647,002
181,416
2,858,296
3,163,329
2,044,226
724,534
526,102
607,290
941,379
Surplus
5,605
x
:
from supplies covering processing taxes applicable to prio.
net after deducting windfall taxes thereon,
y Includes interest paid
Comparative Balance Sheet
A QQ/'fa
Apr. 1 •39 Apr. 2 '38
<£
r
Cash......'.
U. S. Govt. &
4,114,360
4,433,512
337,617
nicipal securs
Inventories
4,091,277
395,745
10,458,842 10,298,508
268,001
349,815
Investments, &c__.
64,274
116,541
Accounts payable.
2,761,493
1,083,542
2,736,894
Accrued
expenses.
for
622,340
9,024,152
exp.
Fixed assets
8,987,253
Pref. stk. sink. fd.
1
648,014
30,033,867 29,152,741»
taxes
Reserves!
575,206
1....30,033,867 29,152,741
Total
x After
depreciation of $6,368,387 in 1939 and $6,328,486 in 1938Represented by 827,634 no-par shares,
z Includes
10,057 shares of
common and 1,296 shares of pref. stocks held in treasury in 1938 and
9 557 shares common in 1939.
a April 2, 1938, the pref. stock outstanding
was shown at $2,721,600,
authorized and issued, less $2,640,969.50 held
for retirement, or a net amount of $80,630.50 which included $10,560.50
conversion premium.
The conversion privilege was withdrawn by a vote
of the directors on May 24, 1938, and in the above figures the conversion
reserve.—V. 148, p. 1168.
Fishman Co., Inc.—Sales—
Period End. May 31—
gales.
-
Cash dividends paid
Earnings per share
on
500,000 shs. capital stock (par $1)
Florence Stove Co.
$316,282
$306,418
450,000
$0.61
Consolidated Balance Sheet March 31, 193 9
Assets—Cash, $1,110,436; notes and accounts receivable (net), $230,932;
inventories, $337,015; furniture, fixtures, equipment, &c. (after reserve for
depreciation), $79,970; deferred charges, $508,776; total, $2,267,128.
Liabilities—Accounts payable, $323,761; accruals, $15,992; provision for
Federal income taxes (est.), $50,000; deferred income, $607,147; capital
stock (par $1), $500,000; paid-in surplus, $750,669; earned surplus, $19,560;
total, $2,267,128—V. 148, p. 2266.
1939—Month—1938
$381,223
$344,434
operation
—V. 148, p. 2896.
Stores in
Quar. End. Mar.
-
1938
1937
1936
$2,036,866
$1,789,938
$2,503,156
$1,716,545
106,333
47,370
x240,561
xl37,427
$3 968 486
cash
^
Before reserve for Federal taxes.
Current assets as of
to
1939—5 Mos.—1938
$1,414,176
$1,364,764
39
38
-Earnings—
1939.
31—
Net profit after charges
and Fed. income taxes
x
income
a80,631
70,070
70,070
6,977,422
y Common stock.. 6,977,422
Earned surplus
17,342,501 16,617,967
1
Net sales
Net
573,530
80,631
v
1
$352,974
46,556
660,833
8% pref. (par $10)
Goodwill
Total
385,430
720,628
Federal
267,768
__
Prepd.ins. &
36,692
Net income before prov. for Federal income taxes
Provision for Federal income taxes..
358,100
certificates..
income
254,455
1
treasury
933,424
Employees' invest.
Prov.
Common stock in
x
$
Accepts. pay. und.
letters of credit.
mu¬
Accts.rec., less res.
z
Apr. 1 *39 Apr. 2 '38
Liahlliltes-
4,635,046
(M. H.)
Advertising, circulation and other operating revenue, less dis¬
counts, returns, allowances and agency commissions
$5,697,844
Operating costs and expenses—editorial, production, distribu¬
tion and general expenses..
5,381,562
&c
181,470
2,040,480
Refunds
years,
premium has been transferred to the sinking fund
Net operating revenue
82,025
520,406
22,500
2,774,366
Esquire-Coronet, Inc. (& Subs.)—Earnings—
Interest income,
—
58,208
Common dividends
minority
are not a claim against Engineers Public Service Co. or its
other subsidiary companies,
f Engineers Public Service Co. on May 31,
1938 set up in a reserve for depreciation in investments an amount repre
Earnings for the Year Ended March 31, 1939
—
.
Net profit
•Preferred dividends
interest, which
'
Year Ended
Mar. 27 '37 Mar. 28 '3
2,473
'
2,556
2,350
■*
<j|j
s»jj)
124,222,956 124,294,618 120,682,961 119,575,418
&c....120,005,014 yl20179,976 yll5535,901 yll4846,540
956,014
1,005,649
1,079,778
1,119,989
Costs, expenses,
Interest
53 ' Wks.End.
Apr. 2 ' 38
2,244
'
Sales..
Loss
Inc.—Earnings—
Year End.—
Period—
4
Bal. applic. to stks. of Engineers P. S. Co
Divs. on pref. stk. of Engineers P. S. Co.
at
.
See f
^
undistributed
on
decided to redeem all outstanding
$4,541,657
245,822
249,004
_.
b Balance
Allowing for loss
41,349'
162,288
107,780
102,981
...
Expenses, taxes and interest
c
$4,218,378
$4,£18,378
36,293
_
loss$98,869
33,099
$4,919,993
sources.
$78,982
Finance Co. of America
Federal taxes
Interest
Earnings from other
$139,675
273
ferred Stock and Lower Dividend Rate—
Total income
applic. to Engineers Pub. Serv. Co.
on pref. stock & amort, on bonds
owned by parent company, incl. in charges above
Earns, from sub. cos., incl. in charges above:
Preferred dividends, declared
earns,
$4 f251,477
6,016
1,617
5,184
z27,571
29,266
24,363
15,366
20,561
84,005
52,919
-12,566
3,920
4,260
224,878
24,571
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $193,969; accounts receivable, trade (less reserve $3,296),
$249,043; other accounts and notes receivable, $7,651; deposits on con¬
tracts, $1,327; inventories, $412,664; notes receivable not due within 1
year,
$7,500; investments (at nominal values), $11; fixed assets (after reserve
for depreciation of $267,565), $314,922; model
development, tools and
patterns, $86,464; "prepaid management compensation, $23,708; unexpired
insurance, $4,532; goodwill, $1; total, $1,301,792.
Liabilities—Note payable (banks), $100,000; accounts payable,
$69,181;
deposits on contracts, $3,424; accruals, $212,335; minority interests,
$99,140; common stock (authorized 375,000 shares of $1 par value each;,
issued and outstanding, 337,032 shares),
$337,032; capital surplus, $110,083;
operating surplus, accumulated since Jan.
1, 1936,
$370,597; total,
$1,301,792—V. 148, p. 2741.
Int. & divs.
Balance
1,555
.
$5,758,577
1,507,100
1,820,964
1,918
48,534
2,688
3,365
income
Depreciation.
$6,348,743
.....
Cum. pref; divs. earned, but not declared:
$8,120,744
2,362,166
$16,599
54,903
adjustments
,
Balance
83,032
5,219
17,367
'16,549
•'
Dividends
$238,444
68,192
2,083
#
Balance....
$345,882
280,165
"""928
$1,688,184 $22,679,247 $21,628,931
665,340
8,216,725
7,913,042
Int.
$681
15,918
z Includes
$49 in 1937 and $3,203 in 1936 for surtax
profits.
'«
Balance Sheet Dec. 31, 1938
Engineers Public Service Co. (& Subs.)—Earnings—
$187,977
50,467
Minority int. in subs
$50,548prof$132,377
Nil
$0.35
Assets—Cash,
$276,809;
marketable securities,
$24,366;
notes
and
accounts receivable (net), $449,147; inventories, $2,525,932; miscellaneous
investments and advances, $75,645; land, buildings and equipment (net),
$1,589,941; deferred charges, $61,233; patents and manufacturing rights, $1;
total, $5,003,074.
Liabilities—Note payable, $600,000; trade accounts payable, $385,794;
miscellaneous accounts payable, $18,653; salaries, wages and commissions
payable, $38,313; social security and other taxes accrued, $42,582; reserve
for contingencies, $100,000; capital stock (373,594 shares of $5 par,value),
$1,867,970; surplus arising from reduction of stated capita], $1,372,003;
earned surplus, $577,760; total, $5,003,074.—V. 148, p. 2424.
$281,965
63,917
Federal taxes
deprec., estimated Federal income
taxes, and other deductions
Earns, per sh. on 373,594 shs. of $5 par com. stock
809,103
320,695
Interest and discount
1938
1935
$1,533,895
1,253,048
sale of cap.assets
on
Miscell.
•
j939
1936
1,118,299
662,446
267,876
Inventory adjustments.
x
Including $246,007 development expense, $137,934 repairs and mainte¬
of plants and equipment and $139,434 depreciation,
y Including
$13,641 depreciation.
..
Nil
$591,278
32,310
expense
Experim'l & research exp
Repairs & replacements
to goods sold
Moving expenses
nance
•
$1,411,763
Gross profit
Development & tool cost
$230,029
:
$2,195,817
1,228,227
376,312
$2,221
376,810
-Earnings-
1937
Operating profit
180,000
37,500
26,020
29,182
15,759
,
1938
Other income
inventories of the tractor
Provision for loss on advances
Addition to reserve for contingencies
Interest
Selling & admin,
$58,431
_
Special provision for anticipated loss
$0.33
1936
$108,837
386,848
$0.28
and
returns
Cost of goods sold
$37,990
20,441
..
_
(less
allowances)...
$5,218,728
4,568,820
564,639
47,279
Cost of sales
_
$0.38
Calendar Years—
Sales
Earnings for the Year Ended Dec. 31, 1938
Selling, general and administrative
1937
$132,063
393,345
Fairchild Aviation Corp.
(& Subs.)-
Equipment Co.—Earnings—
Provision for doubtful notes and accounts
1938
$149,771
394,750
Earnings per snare
—V. 148, p. 1803.
Erie's appeal will be filed with Circuit Court of Appeals for the Third
Circuit.—V. 148, p. 3220.
x
1939
int., Fed. taxes, &c._
Shs. cap. stk.
(par $3)..
trustee's petition for permission to appeal the order.
y
Corp.- -Earnings-
Quar. End. Mar. 31—
Net prof, after
deprec.,
Erie has claims totaling $8,756,033 against N. Y. S. & W., which is now
being reorganized under Section 77, and certain parts of the New Jersey
District Court's recent order might exclude general creditors from substan¬
tial participation in that road's
reorganization plan, according to Erie
Emsco Derrick &
3531
March 31,1939, including $1,291,296 cash, amounted
and current liabilities were $770,535.
This compares with
current assets of $3,619,063 and current liabilities of
of $316 866,
on
March 31, 1938.
$2,110,658.-V. 148, p. 3063.
$762 056
Inventories
were
$1,664,509
against
Follansbee Bros. Co —Hearing July 25—
R
M. Gibson in Federal District Court at Pittsburgh June 5
of confirmation of the plan of reorganization
to allow time to complete negotiations pending for new financing required
to complete the reorganization.
July 18 was fixed as the date for filing a
report and July 25 as the date for hearing thereon.—V. 148, p. 3221.
Judge
ordered further continuance
Financial
Florsheim Shoe Co.—Dividends Doubled—
stock and
a
of 50 cents per share on the class A
dividend of 25 cents per share on the class B common
stock, both payable July 1 to holders
June
1939
10,
compared with the
previous 10 days, and used car sales also registered a gain.
Chevrolet's world sales of new cars and trucks, for the 1939 model year
to date, total more than 600,000 units, the figures revealed.
Truck sales increased from 4,673 to 5,165 units, as
Directors have declared a dividend
common
Chronicle
_
of record June 19."- Regular quarterly
April 1, last.—V. 147, p. 3911.
Inaugurates Employees' Hospitalization Plan—
dividends at half these rates "were paid on
P. Sloan, Jr., Chairman, on June 9 announced a Hospitalization
Surgical Benefit Plan available to the corporation's 200,000 employees
United States and Canada.
The plan is an addition to the present
Group Life-Health-Accident Insurance Plan which is now in the 13th year
of successful operation.
Approximately 98% of eligible General Motors
employees are insured under the group arrangement.
Employees participating in the extended plan will be assured of hospital¬
ization benefits of $4 a day to run as long as 70 days for a single disability.
Alfred
Corp.—Earnings—
Food Machinery
and
incl. pref. divs
„
$0.79
731.
In addition, there are included benefits toward defraying costs
-Earnings—
Formica Insulation Co.1938
1937
1936
1935
$2,183,411
92,928
1,690,304
294,617
$3,519,926
138,486
2,701,066
338,227
$2,660,410
$2,125,676
130,835
r,941,421
288,527
93,324
1,551,669
244,148
$105,562
9,463
$342,146
12,651
$299,627
11,330
$236,534
5,898
$115,025
6,075
55,430
$354,797
x49,511
64,320
$310,957
x31,830
76,670
$242,432
21,443
65,976
$53,521
$240,966
36,000
144,000
$202,457
144,000
$155,012
144,000
$17,521
$96,966
$58,457
$11,012
$0.30
$1.34
Calendar Years—
Net sales
Deductions from sales.
Cost of
$337,416
$322,847
$0.76
$169,397
$0.40
$208,056
$0.49
.,
Earns.per sh.of com .stk.
—V. 148, p.
-1938
1939—6 Mos.
1939—3 Mas.—1938
Period End. Mar. 31—
Net earns, after all chgs.,
in the
goods sold-
Gen. & admi. expenses.
Profit from operations
Other income (net)-.—
Total profit
Federal income tax-
--
Deprec. of plant & equip
Net profit.
Dividends--
Surplus
*
—
Earns, per sh. on 180,000
shs. cap. stk. (no
■
par).
_
$0.86
,$1.12
Including tax on undistributed profits.
x
Earnings for the Quarter Ended March 31
1939
1938
1937
x
Net income.
y
Earnings per share
$0.23
Nil
$0.25
Federal income taxes,
x After
depreciation and
capital stock.
*
Balance Sheet Dec. 31,
1938
$346,931; notes receivable, $860; insurance deposit, $6,110; inventories,
$408,459; fixed assets (net), $714,002; deferred assets. $13,364; formulae,
&c., $1; total, $1,727,702.
processes,
■ •
the
\
x
Profits--.-
—
1936
1935
$1,986,528
907,000
207,804
732,350
157,726
$3,051,796
1,007,000
214,797
729,588
185,565
$2,100,920
$1,827,624
622,188
Bond
155,294
20,050
loss$18,352
$759,552
$94,974
interest
Other interestProv. for Dom. inc. tax.
Net income.-x
...
903,000
105,989
749,867
227,039
130,521
763,263
395,940
'
.
*
.
-
■
-
1937
$167,841
$142,929
Consolidated Balance Sheet Dec. 31
"
.
A
1939
loss$263,003
c*
a
Liabilities—
%
i
'
663,222
246,843
1,098,159
4,027,161
1,254,723
4,294,827
Land, bidgs.,&c 17,809,180
Investments11,007
18,775,674
11,351
Cash
Accts.
rec.,
—
Ac...
Inventories.y
Deferred
675
"
tees
63,629
charges.
23,613
$
$
payable... 1,070,464
1,300.975
Funded debt.....11,999,500 12,004,500
Acets.
Bank
loan
(noh-
int.
2,101,957
338,678
99,275
reserve.-
for conting..
190,000
Spec. loan Int. accr
Bank loan (curr.)
77,000
Payroll
and
charges
x
>..23,662,358 24.607,705
•
375,000
389,988
389,280
3,984,459
3,200,933
accrued
Surplus
Total-!..
49,186
<.6,104
other
Capital stock
2.037.690
90,030
55,431
36,335
123,835
October...
r
November
203,139
226,681
188,010
82,317
166,939
200,256
.....
306,632
Sales to Dealers in
United States
1937
70,901
49,674
216,606
199,532
1936
131,134
116.762
162,418
194,695
180,085
187,119
72,596
61,826
34,752
186,146
159.573
150,005
162,390
187,869
157,000
58,181
<136,370
153,184
108,232
935,163
1,680.024
1,682,594
1938
116,964
115,890
142,743
126,275
.■
,
June
56,938
63,771
112,868
March
April....
May
,
71,676
1939
76,142
78,525
t
July....
August!'.
.
September
16,469
92,890
......
October
November
•
Total..............
,
177,436
99.775
4.669
69,334,
156,041
197,065
232,854
Sales to Consumers in United States
46,669
Shipment reserve.
lies,
2,116,897
101,908
186,738
Taxes payable
General
1,307,749
•
238,377
216,654
512,250
1,901,957
338.527
24,000
accrued
„
December...
439,425
current)
Special loan
Bond
Cash held by trus¬
1937
1938
1937
1938
195,136
160,444
144,874
196,721
229,467
222,603
217,931
204,693
121,943
19,288
90,764
191,720
239,114
260,965
109,555
109,659
104,115
July...
August
Septemoer
doubt¬
but before pro¬
viding for Dominion income tax—
187,909
158,969
145.786
.......
December....
1936
158,572
74,567
94,267
94,449
182.652
April
May
1937
103,668
1938
153,886
January
February
31
1938
Earnings for the 3 Months Ended March
Income after charges
>
152.746,
Total....
ful debts.
,
•
five months of 1938.
loss$84,288
operating expenses, taxes, &c., and provisions for bad and
After
June 8 released the fol¬
June...
1937
-------
same
March
'
1938
Depreciation
Depletion.-
five months of 1938.
1939
Ltd. (& Subs.)—Edrnings—
Fraser Companies,
same
January
February...
share in addition
regular quarterly dividends of like amount on the common stock,
both payable June 30 to holders of record June 15.
Similar payment was
made on April 1, last.—V. 148, p. 2426.
the
Calendar Years—
company on
Total Sales of General Motors Cars and Trucks from All Sources of Manufactur
(Peter) Fox Brewing Co.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per
earnings at
The extended
ployees for the additional protection will be at the rate of 75 cents per month.
The present insurance plan provides not only life insurance, but also sick
and non-occupational accident benefits.
These provisions will be continued
as in the past.
The additional plan, as well as the present one, is being
handled through the Metropolitan Life Insurance Co.
"In introducing these additional features to its group insurance plan,
General Motors gives practical recognition to the desirability and worka¬
bility of cooperative efforts of this type," Mr. Sloan said in making the an¬
nouncement.
"The basic plan, now participated in by 98% of all eligible
employees, indicates that General Motors men and women will welcome this
opportunity to strengthen their protection against unforeseen contingencies.'
The new plan is believed to be the largest group hospitalization program
ever undertaken in the United States.
"
"
the
payroll, $7,380; Federal
income tax, $6,075; accrued real estate and other taxes, $17,920; common
stock (180.000 shares of no par value), $600,000; surplus, $1,035,745;
total, $1,727,702.—V. 147, p. 3610.
Liabilities—Accounts payable, $60,582; accrued
to
will be eligible for participation.
Sales to consumers in the IJnited States totaled 129,053 in May compared
with 92,593 in May a year ago.
Sales in April were 132,612.
Sales for
the first five months of 1939 totaled 575,843 compared with 422,049 for
,
™
„
per year
May sales of General Motors cars and trucks from all sources of manu¬
145,786, compared with 104,115 in May a year ago.
Sales
April were 158,969.
Sales for the first five months of 1939 totaled 794,039
compared with 512,045 for the same five months of 1938.
Sales to dealers in the United States totaled 112,868 in May compared
with 71,676 in May a year ago.
Sales in April were 126,275.
Sales for
the first five months of 1939 totaled 614,740 compared with 347,052 for
U. S. securities, $49,656; accounts receivable.
Assets—Cash, $188,318;
$4,200
plan becomes effective after 75% of all eligible employees indicate a desire
to participate.
The corporation will assume a share of the costs as it does
in connection with the basic plan.
Contributions by participating em¬
in
'
,
rate up to
facture totaled
Qn 180,000 shares
y
the surgical benefits.
:
All employees in the United States and Canada with annual
and
a
May Car Sales—The
lowing statement:
1936
$38,161
$0.21
$41,178
loss$l1,965
$45,683
.
of surgical
operations up to $150 for a single operation.
The plan also provides for
payment of certain specified hospital services in addition to the $4 a day
3,984,459
3,218,739
Total....23,662,358 24,607,705
Represented by 371,016 no par shares, y After reserve for depreciation
of $6,915,205 in 1938 and $6,019,047 in 1937 and reserve for depletion of
$3,717,432 in 1938 and $3,501,756 in 1937.—V. 147, p. 3159.
x
1939
February
March.
April....
May
63,069
62,83 1
100,022
103,534
92,593
76.071
78,758
64,925
40,796
68,896
131,387
118,888
129,053
June
July
August
September
.—w..."
October
November.
December
......
"
88,564
107,216
117,387
89,682
1936
102,034
96.134
181,782
200,117
194,628
189,756
163,459
133,804
85.201
44,274
/ 155.552
173,472
1,594,215
1938
88,865
83,251
142,062
132,612
January..
1,720.213
•
1937
92,998
51,600
196,095
198,146
178,521'
153,866
163,818
156,322
*
.
/
.
Fundamental Investors,
Stockholders at
Inc.—Management Plan Votes
special meeting held May 29 approved the transfer of
trusteeship from E. A. Pierce & Co. to Investors Management Co., Inc.
Investors Management Co., Inc., is the successor of Irving Investors
Management Co., Inc.. and of Investment Management Co.
It is asso¬
ciated with the firm of Roosevelt & Son, investments and securities manage¬
ment company.
Investors Management Co., Inc., has under it supervision
two other investment companies—Investors Fund B, Inc. and Investors
Fund C, Inc.
At the regular
Gar Wood Industries,
3 Months Ended March 31—
Net loss after charges
—V. 148. p. 3064.
Inc.—Earnings—
1938
1939
$6,928
-
$170,232
Gaylord Container Corp.—Registers with SEC—
on
148,
1,00.1,770
3376.
p.
General Telephone
Cor p.—Gain in Phones—
Corporation reports for its subsidiaries a net gin of 3,405 company-owned
telephones for the month of May, 1939 as compared with a net gain of
2,388 telephones for the month of May, 1938;
The net gain-for the first
five months of 1939 totals 11,619 (exclusive of sale of 843 telephones) or
2.53% as compared with a net gain of 7,683 telephones or 1.73% for the*
corresponding period of 1938."
,
<
.
annual meeting of stockholders, the following were elected
George M. Grinnell, R. Graham Geiner, Allan L. Melhado,
Roosevelt and Philip J. Roosevelt.
"
elected the following officers:
Philip J.
Roosevelt, President; Philip W. K. Sweet, Vice-President; Arthur M.
Hamilton, Vice-President and Secretary; Charles J. Vollhardt, Treasurer;
Edward S. Hunter, Assistant Secretary, and John H. Jobes, Assitant
Treasurer.—V. 148, p. 2897.
John F; B. Mitchell, George E.
The directors then met and
given
—V.
172,116
a
directors:
See list
Total...
first
page
of this department.—V. 148, p. 3221.
torp.—Dividend Decreased—
General Acceptance
Directors have declared
a
dividend of 20 cents per share on the class A
and
common stock, payable June 15 to holders of record June 8.
Pre¬
viously regular quarterly dividends of 15 cents per share were distributed.
In addition, an extra dividend of five cents was paid on both issues on
March 15, last—V. 148, p. 3375.
General Motors
Corp.—-Chevrolet Sales-
Chevrolet dealers achieved
36.4% gain, during the second 10 days of
May, over their sales for the same period in 1938, selling 25,891 new cars
and trucks at retail.
The announcement was made at company head¬
quarters on June 1.
In the same 10 days a year ago, Chevrolet delivered
18,963 units, figure comparisons showed.
The second 10 days showed an 11.1 % increase over sales for the preced¬
ing period, which totaled 23,307 units.
It was greater ,by 695 units, than
the second 10 days of April, the heaviest volume month thus far in the
current model yeari
a
The
subsidiaries
phones.—V. 148,
have
now
p.
in
operation 470,433
2898.
,
•• >
company-owned tele¬
;
*.
Georgia & Florida RR.—Earnings—
—
Week Ended May 31
1939
Operating
revs.
—V.
p.
148,
(est.)...
3377.
$25,000
1938
$23,993
Jan.
1 to May 31
1938
1939
$409,188
$410,639
Goebel Brewing Co.—Dividends Resumed—
Directors have declared a dividend of five cents per share on the common
stock, payable June 30 to holders of record June 10. This will be the first
dividend paid since Dec. 28, 1938 when a regular quarterly dividend of
five cents per share was distributed.—V. 148, p. 3377.
Gorham
Manufacturing Co.— Unlisted Trading—
The company's new common stock, par $10, has been admitted to un¬
listed trading on the New York Curb Exchange and the voting trust certifi¬
cates representing the old common stock, no par,
have been removed
from unlisted trading.
The new common stock was issued, share for share,
in exchange for voting trust certificates representing the old common stock.
—V. 148, p. 732.
(W. T.) Grant Co.—Sales—
Period End. May 31—
—V8
148"
p
"2898
1939—Month—1938
1939—5 Mas.—1938
$8,496,321 *7'214'199 *35,515,188 $32,655,768
Great Atlantic & Pacific Tea
Co.—Company Asks Court'
to End FTC Order Under Patrnan Act—
The most determined attack yet launched against the Federal Trade Com¬
mission's interpretation of the Robinson-Patman Act came to trial before the
U. S. Circuit Court of Appeals at Philadelphia, June 7.
Volume
Financial
148
prior years, over equities in net worth at dates of acquisition, Dr.$80,862;
total, $3,083,664.—V. 148, p. 1478.
one
performs.
Gulf States Utilities Co.—Files $27,300,000 Bonds—
The company June 8 filed a registration statement
with the Securities
Exchange Commission covering $27,300,000 first and refunding D
Offering price of the securities and names of underwriters
will be filed by amendment to the registration statement.
According to the statement, net proceeds from the sale of the bonds,
together with a loan from Engineers Public Service Co., the parent company,
will be used for the redemption of $27,300,000 of the company's first and
refunding C 4s of 1966 at 106.
The bonds are redeemable at the option of the company on 30 days'
notice at 110 through April 30, 1941, the premium decreasing by M % on
May 1, 1941, and on May 1 of each year thereafter to 105 through April 30,
1951, and decreasing by 1% on May 1, 1951, and at four-year intervals
thereafter to par on May 1, 1967.
The Securities and Exchange Commission announced June 8 that a
public hearing will be held on June 22 at the Commission's offices in Wash¬
ington on the declaration (File 43-219) filed under the Holding Company
Act by Gulf States Utilities Co. in connection with the issuance of $27,300,000 first mortgage & refunding bonds series D, 3H%, due May 1,
1969. The company is a subsidiary of Engineers Public Service Co.
and
^
price discrimination act.
employed by the com¬
exchanged with the sellers, as is customary in
respect to market conditions, and advised
sellers regarding routing of shipments, size of containers, and methods of
improving the quality of merchandise.
It found that while sellers benefit from the information and advice given
by the A. & P. agents, these agents are rendering a service to and promoting
the interests of the company alone, and are not performing for the sellers
any selling or brokerage service or any service whatsoever in selling their
commodities.
The Commission further found that A. & P. buying agents
rendered no selling service whatsoever to sellers in connection with pur¬
chases made for the company, but rendered only buying service to their
The Commission held that the field buying agents
pany on a salary basis merely
the trade, informatiion with
Period End. Apr. 30—
employers.
The Commission ordered the company to stop
practices, which, it claimed,
attempts to circumvent the prohibition of Section
Patman Act against the buyer accepting "brokerage"
were
Operating revenues
2C of the Robinsonfrom sellers or pro¬
Operation
Maintenance
Taxes
ducers of goods unless actual services were rendered.
The Commission held that the methods used by the company
of making
contracts for prices which would net the seller the same amount with
"brokerage deduction" and taking "quantity" discounts amounted to the
brokerage fees.
Counsel for A. & P. argued to Circuit Judges Biggs, Maris
same
thing
3533
Chronicle
brought by company in an attempt to upset an FTC order
denying A. & P. brokerage fees for services which the company claims it
The outcome of the suit, which probably will go to the Supreme
Court, has wide significance, not only for the A. & P. and other chains-, but
also for quantity buyers, including the big department stores.
Caruthers Ewing, counsel for A. & P., June 7 asked the Court to set aside
the order issued by the Commission early last year requiring the company
to discontinue acceptance on purchases of commodities of discounts in lieu
of brokerage fees.
The practices prohibited by the order were held by the
Commission to violate the brokeraage section of the Robinson-Patman
The suit is
■
1939—Month—1938
1939—12 Mos—1938
$788,289
$854,793 $10,475,607 $10,383,003
265,084
368,936
3,914,278
4,313,826
49,743
43,545
533,682
509,167
110,296
97,814
1,262,391
1,123,997
Net oper. revenues...
$4,436,014
Drl ,345
$363,166
Drl,010
$344,499
2,360
$4,765,257
Drl9,575
$362,156
110,577
$346,859
99,857
$4,745,682
1,360,098
$4,434,669
1,198,641
$247,002
$3,385,584
1,244,067
$3,236,028
1,175,554
$2,141,517
Non-oper. inc. (net)____
$2,060,474
•
,
as
and District
Judge Kalodner, constituting the Court, that Section 2A, which he claimed
take advantage of quan¬
tity discounts, and Section 2C, prohibiting the return of part of the purchase
price as brokerage, are conflicting if the Commission's theory is sound and
consequently that part of the law is unconstitutional.
By either method, Mr. Ewinsr contended, sellers suffered no disadvantage,
as they would have to pay brokerage to agents who would sell to the A. & P.,
whereas, he claimed, A. & P. had its own corps of purchasing agents who
rendered actual service to the producers by keeping them informed on the
Balance.
Interest & amortization.
allowed chain stores and other big corporations to
market
trends.
•
»
.
Balance...
$251,578
Appropriations for retirement reserve
.
Balance.
Preferred dividend requirements
Balance for
..
common
594,470
dividends and surplus.
_.
604,438
$1,547,047
_
$1,456,036
-V. 148, ,p. 3222.
Commission's order was strictly a "cease and
orde.* on the company to buy merchandise
through brokers and pay them a commission or add the brokerage to the
price it paid the sellers.
■
"
Counsel for the Commission contended that the lower prices the company
paid for its goods by its new processes reallly amounted to the extension of
rebates because its competitors had to pay higher prices with the brokerage
added and such methods are contrary to the law.—V. 148, p. 2898.
He added that although the
desist" one, actually
it was
an
Hamilton Bridge Co.,
The
Power
Lakes
Dominion
Co.,
Securities
Corp.,
Ltd.;
6 Co.,
Dated June
1, 1939; due June 1,
1957.
Principal and int. (J. & D.)
payable in lawful money of Canada in Toronto, Montreal, Halifax, St. John,
Winnipeg or Vancouver, at holder's option.
Coupon bonds in denom. of
$1,000 and $500 registerable as to principal only.
Red. on 60 days' notice,
at 104 on or before Dec. 1, 1941, thereafter at declining premiums, in each
cash with accrued interest to date of redemption.
Sinking fund commenc¬
ing June 1, 1940, "will be provided for the retirement of this issue sufficient
to redeem semi-annually $25,000 principal amount of these bonds.. Trustee:
Chartered Trust & Executor Co.
»
In the opinion of counsel these bonds will be a legal investment for
companies registered under the Canadian and British Insurance
Companies Act, 1932, as amended.
'
Company owns and operates four hydro-electric plants with a developed
capacity of 74,000 h.p.
It supplies hydro-electric power to the City of
Sault Ste. Marie, Ont., and the surrounding area in the Algoma District,
including 14 communities in the vicinity of Sault Ste. Marie.- ,
Company serves more than 610 customers for electricity, including in¬
dustrial, commercial and domestic consumers.
It owns over 236 miles of
transmission lines of 6,600 volts or over.
Company's power developments
and distribution equipment provide the only hydro-electric power available
within some 180 miles of the growing industrial and mining area of which
Sault Ste. Marie is the center.
*
.,
Total funded debt of the company of $6,250,000 represents less than $85
insurance
per h. p. of the 74,000 h.p. developed
with leading Canadian hydro-electric
capacity, which is low in comparison
developments.
Capitalization—Capitalization outstanding as at Dec. 31, 1938 (after
effect to present financing) will consist of $4,250,000 4%% first
mortgage sinking fund bonds; $2,000,000 5% general (closed) mortgage
sinking fund bonds (present issue), 7,500 shares $7 (no par) cumulative
preference stock, series A, and 30,000 shares (no par) common stock.
Earnings of the company, for the fiscal year ended Dec. 31, 1938, includ¬
ing dividends from subsidiary and other miscellaneous income, after deduct¬
ing first mortgage bond interest and depreciation, amounted to $360,672.
Average annual earnings on this basis, during the seven years ended Dec. 31,
1938. amounted to $338,842.
Annual interest requirements of this issue
giving
,
a new
outstanding issue of $2,1957, wheich were issued
Co. of Canada, Ltd.,
in payment of balances owing in connection with advances for capital
purposes with certain accumulation of interest thereon.—V. 148, p. 3377.
in 1936 to the parent company,
Middle West Utilities
(H. L.) Green Co.—-Sales—
1939—Month—1938
Period Ended May 31—
Sales.
$2,733,225
_'
—V. 148, p.
1939—4 Mos —1938
$9,105,715
133
133
$2,382,525 $10,003,926
Stores in operation—
r
2898,2588.
Greenwich Gas Co.—Dividends—
-
,
.
•
a dividend of 24 cents per share on the common
payable June 1 to holders of record May 20.
Like
amount was paid on Feb. 15 last and in previous quarters.
Directors also declared an extra dividend of 4 88-100 cents per share on
the $1.25 participating preferred stock, payable June 1 to holders of record
May 20.
An extra of 6 7-10 cents was paid on Feb. 15 last and one of
7 1-10 cents was paid on Oct. 1 last.—V. 148, p. 2427.
declared
Directors have
stock, no par value,
Gruen Watch Co.
Hamilton Cotton Co.,
50 cents per share on account of
stock, par $30
payable July 3 to holders of record June 15.
The dividend will be paid on
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
Like amount was paid on April 1 and Jan. 2. last, and Oct. 1 and on July
1, 1938; a dividend of $1 was paid on April 1, 1938.,
Accumulations after the current dividend will amount to $6 per share.
See also V. 148, p: 1030.
the $2 cum. conv. sinking fund preference
on
Hamilton United
Other income
a
$781,831
119,207
121,955
—
Total income
Other deductions
Prov. for domestic &
foreign taxes on income.
Net income
— -
Dividends paid on class A
preferred stock
1938
$890,068
84,198
$974,267
97,117
151,007
$540,669
$726,142
23,862
$236,840; notes and accounts receivable, $1,118,445;
inventoriees, $1,147,059; cash surrender value of life insurance policies.
$8,283; other notes and accounts receivable, $1,761; sundry investments,
$788; land, buildings and equipment (after allowance for depreciation
$347,610), $525,108; prepaid expenses and deferred charges, $45,378;
Assets—Cash,
trade-marks, copyrights and goodwill, $1; total, $3,083,664.
Liabilities—Due to banis, $204,219;,accounts payable, $58,587; accrued
expenses,
$117,448; provision for domestic and foreign income taxes,
$131,427; class A preferred stock ($100 par value), $582,000; class B conv.
non-voting preferred stock ($1 par value), $138,864; class C preferred stock
(par value $25), $489,375; common stock ($1 par value), $339,772; earned
surplus, $1,102,835; net excess of cost of shares of subsidiaries, acquired in
patents,
dividend of $1.50 per share on account ofr
to
the 7% cum. pref. stock, par $100, payable June 30
holders of record June 15, leaving arrearages of $8.75 per share.T—V. 148,
p.
1478.
on
'
'
;
Dividend—
Hancock Oil Co. of California—Stock
Directors
common
3% on the class A and B
record June 15. Dividend is
have declared a stock dividend of
shares payable June 30 to holders of
subject to approval of California Commissioner of Corporations.
See
148, p. 2428 for record of previous cash distribution.—V. 148, p. 2744.
Hat Corp.
Net
profit
after
1939
«
1938
1936
1937
*
taxes,
deprec.,interest,&c__
„
$313,244
$247,492 •
$273,740 loss$ 129,961
corporation as of April 30, 1939,
$1,180,570, were $4,105,805, compared with total current
Total current assets of the
cash of
V.
of America—Earnings—
6 Mos. End. Apr. 30—
including
liabilities
$509,288. On April 30. 1938, current assets totaled $3,581,419, including
cash of $674,401, compared with total current liabilities of $370,623.
Earned surplus on April 30, 1939, stood at $1,480,820, compared with
$1,036,249 at the end of April 1938.—V. 148, p. 2125.
V
of
Hayes Body
Corp.—New Financing—Company to Obtain
and RFC Loan—
$750,000 Through Stock Commitment
by the corporation
$450,000 1 0-year Reconstruction Finance Corpo¬
of approximately $750,000 of new money
The receipt
which will result ft-om a
already arranged and a firm commitment for 120,000 shares of
its cprcmion which will be offered shortly, will remove what has been the
primary obstacle to the corporation's success, accdrding (o E, J. Connolly,
who was elected President June 6.
"For a number of years the company has been'severely handicapped by
lack of adequate cash working capital, and the difficulties it has sustained
during this period have been in great part due to the fact that, because of its
impaired working capital position, the corporation has not been able to
convince present and prospective customers that it Would be able to fill
their orders," he said.4,.
*
'
"As a result of the present financial program;" Mr. Connolly said, "the
Corporation should be able to secure and handle on a profitable basis a sub¬
ration loan
„
stantially greater volume of business."
A Securities and Exchange Commission
_,
..
,,
,
have
registration statement, covering
of common stock became effective
been admitted to list on notice of issuance
129 767 shares
21,825
Consolidated Balance Sheet March 31, 1939
Theatres, Ltd.—Accumulated Div.—-
The directors have declared a
accumulations
At
1939
$707,735
74,096
Ltd.-^Accumulated Dividend—*
The directors have declared a dividend of
accumulations
(& Subs.)—Earnings—
Years Ended March 31—
Profit from operation.
1
Delaware corporation with a capital of
amount to $100,000.
The present issue of $2,000,000 will replace the
000,000 5% general inortgage bonds due Sept. 1,
Toronto,
400,000(no par) common
stock, of which 200,000 shares would be sold immediately at $3,50 per
share, old stockholders to have right to buy share for share before the
stock is offered elsewhere.
The remaining 200,000 shares would be held
in treasury for future use.
- The Reconstruction Finance Corporation would be approached to make
a loan to the new company of
approximately $700,000 to be secured by
fixed assets and inventories to provide working capital, providing share¬
holders contribute an equal or larger sum.
There are 200,000 shares of no-par common currently outstanding.
If a majority of the stockholders indicate approval, plan then will be
submitted to creditors.—V. 148, p. 3222.
tion of
Murray
Cochran,
at
Hamilton Brown Shoe Co .-—To Reorganize—
Ltd.— Bonds
Ltd.; W. C. Pitfield & Co., Ltd.; Collier, Norris &
Henderson, Ltd., and McTaggart, Hannaford, Birks &
Gordon, Ltd., offered June 2 in the Canadian market, at
98 and int., to yield 5.17%, an issue of $2>000,000 5% gen.
(closed) mtge. sinking fund bonds.
Middleton
The trustees have prepared a plan of reorganization providing for forma¬
Offered—Wood,
Gundy & Co., Ltd.; McLeod, Young, Weir & Co., Ltd.;
Great
Ltd.—Plan Approved—
Ont;, has approved the proposed plan
existing preferred and common shares will be
exchanged for new common stock, arrears on preferred eliminated and
a bond issue authorized.—V. 148, p. 3378.
Justice
for reorganization whereby
the
adjourned annual stockholders'
May 31, and these shares
by the New York Stock
meeting, June 6, all directors
rc©l©ct6cl.
a subsequent directors' meeting, Mr. Connolly, who has been VicePresident and General Manager, was elected President to fill the vacancy
caused by relinquishment of that office by A. A. Anderson, who was elected
Chairman.
R. J. Charters was elected*VIce-President in Charge of Manu¬
facturing, R. C. Cfoly, Vice-President in Charge of Sales; McKee Robison,
Secretary; O. W. Birnie, Treasurer & Assistant Secretary, and J. H. Lee,
Assistant Treasurer.—V. 148, p. 3222.
At
Holland America
Line—Financing—
has placed
of the com¬
According to press dispatches from Amsterdam, the company
privately 4,500,000 guilders of new shares, raising the capital
pany
were
to 22,500,000 with
recently ordered, as
the new of financing the two new vessels
well as taking over the Red Star Line.
which
Acquisition—
this company has been completed
advices received here on June 2 by F
R.
Toorn, joint general managers of the Nether¬
lands company in the United States.
„
,
T,
Included in the sale were the transatlantic liners Westernland and I enriland
together with the good-will and company name.
The two ships
have been tied up in Europea/
ports under maritime liens and, although
The sale of
in
the Red Star Line assets to
Rotterdam, according to
and Peter van den
Wierdsma
_
,
^
Chronicle
Financial
3534
fund payment shall be payable in any year only in an amount equal to the
amount of the consolidated net earnings of the company and the subsidiary
here had no word as to the disposition of the libel suits, it
assumed that titles were cleared before the contract was signed.
a consideration of the sale, the associated liners Gerolstein, Usenstein
the company
was
and
P.
the
Konigstein, which have been operated
by the Arnold Bernstein Line,
be withdrawn from service.—V. 146,
affiliate of the Red Star, are to
ment shall
payment fails to equal $250,000, the deficiency shall be made up on each
succeeding May 1 that and to the extent that such consolidated net earnings
755.
Holly Sugar Corp.—To
preceding such May 1 shall exceed $250,000,
sinking fund payment
Company may, from time to time, make advance
and excess payments into the sinking fund (including total payments in
excess of $7,000,000) and may deliver to the trustee debentures theretofore
purchased by the company to be credited at the equivalent of the principal
amount thereof against any sinking fund payment then due or to become
due.
Moneys at any time in the sinking fund which have not been set aside
for redemption of debentures are to be applied by the trustee to the pur¬
chase of debentures, if obtainable, at prices not exceeding the then redemp¬
tion price, but if at any time the moneys in the sinking fund not set aside
for redemption of debentures shall have exceeded $100,000 for a period of
30 days, the trustee is to set aside out of such moneys for the redemption
of debentures the amount required to redeem the maximum principal
amount of debentures redeemable out of such moneys on a date (to be fixed
by the trustee) not more than 75 days thereafter and shall apply such
moneys to the redemption of debentures (selected by lot) at tne price which
the company might, on the date fixed for redemption, redeem all out¬
standing debentures..
..
Debentures are to be redeemable either through operation of the sinking
fund (above) or upon call for redemption of all outstanding debentures, in
both cases upon priqr notice by publication once in each of four alternate
weeks in daily newspapers published in Baltimore, St. Louis and New York,
at the principal amount thereof with interest accrued to the date fixed for
redemption, plus a premium of 3% of the principal amount thereof if red.
on or before May 1, 1940, but if red. after May 1, 1940, such premium shall
be reduced by K of 1 % of the principal thereof for each additional year or
fraction of a year thereafter until and including May 1, 1951, and thereafter
debentures shall be redeemable without premium.
Change Directorate—
for the calendar year next
until the full amount of such accumulated and unpaid
Stockholders at their annual meeting on June 21 will consider amending
the certificate of incorporation to provide that the number of directors shall
be not less than 3 nor more than 15, and that directors be stockholders of
record of the corporation, Instead of seven directors as heretofore; also
amending the by-laws to provide that the seven directors to be elected shall
be divided into three classes; first class of two directors whose terms will
shall have been
second class of two directors whose terms will expire in 1941
of three directors whose terms will expire in 1942, and that
shall be elected until the third annual meeting next
their election.—V. 148, p. 3378.
expire in 1940.
and third class
thereafter each class
ensuing
preceding calendar year. - Indenture is to provide, however, that
company's obligation with respect to such additional sinking fund pay¬
be cumulative so that if in any year the additional sinking fund
for the
As
an
June 10, 1939
Hotel Taft, N.Y.
City-—Earnings—
■
Earnings for 6 Months Ended Jan. 31, 1939
Net income before depreciation
—V. 145, p. 3657.
Houston
'
$112.448
\
Oil Co. of Texas—Debentures Offered—Public
offering of $10,000,00015-year 4^% sinking fund debentures
was
made May 6 by an underwriting group headed by
Mackubin, Legg & Co., Whitaker & Co., Paine, Webber &
Co., Otis & Co. and Estabrook & Co.
Debentures were
priced at 100 plus accrued interest. The issue has been
oversubscribed.
....
*
Purpose—Of the net proceeds, approximately $6,660,000 (together with
$300,000 paid by the company on May 1, 1939, to the trustee under the
indenture under which the old bonds were issued in accordance with the
sinking fund provisions of such indenture) will be used to retire all of the
company's outstanding 10-year secured 5)4% sinking fund gold bonds,
series A, due May 1, 1940 (including premium thereon and exclusive of
accrued interest to the date fixed for redemption), which the company
intends to call for redemption on or before Aug. 31, 1939.
No specific allocation of the remainder of the net proceeds from the sale
of the debentures has been or is intended to be made.
Such remainder is
to be added to and become a part of the general funds of the company and,
as such, together with other general funds,
may be used for increasing
working capitalM or for capital expenditures, or for reimbursing the treasury
for such expenditures previously made, or for such other purposes as the
Principal Underwriters—The names of the principal underwriters and the
principal amount of debentures severally to be purchased by each are as
follows:
<
Otis & Co...
owned by others in various fields in Texas as follows: Aransas
2, Buckeye 1, Carolina-Tex 3, Cole-Bruni (Bruni area) 19, Dickinson 6,
Driscoll 1, Mykawa 1, Palacios 1, Pickett Ridge 4, and South Houston 1.
The foregoing figures do not include one well in the Carolina-Tex field, and
eight wells in the Cole-Bruni field, which were capable of producing gas but
temporarily shut in.
■
Company has a topping plant at Viola, near Corpus Christi, Texarf, where
operations are carried on for the manufacture of gasoline, kerosene, and fuel
oil, and for the blending of lubricating oils from blending stocks largely
•purchased for that purpose.
♦
Gasoline and other refined products, manufactured at the Viola plant or
purchased from other sources, are marketed through 11 bulk distributing
plants and 57 retail outlets owned and operated by the company or by others
under contract or lease agreement, or by others without any specific con¬
tract or lease agreement.
in
1934, 172,230 barrels in 1935, 229,583 barrels in 1936, 286,186 barrels in
1937, and 227,774 barrels in 1938, or a total of 1,056,644 barrels for the
five years.
Funded Debt and Capital
Stock Adjusted to Give Effect to Present Financing
Authorized
15-yr. 4M% sink, fund debs., 1954
$10,000,000
6% cumulative preferred stock (par $25)400,000 shs.
Common stock (par $25)
1,100,000 shs.
Outstanding
$10,000,000
a357,904 shs.
bl,098,618 shs.
a Exclusive of voting trust certificates with respect to 32,240 shares of
preferred stock in the treasury of the company.
b Exclusive of 1,183 3-5 shares of common stock and voting trust cer¬
tificates with-respect to 198 2-5 shares of common stock in the treasury of
the company.
As of Dec. 31. 1938, the company's outstanding funded debt and capital
stock, exclusive of amounts held in the treasury, consisted of $6,907,500 of
bonds (which are to be redeemed), 357,904 shares of preferred stock (390,144 shares issued), and 1,098,618 shares of common stock (1,100,000 shares
issued).
Debentures—Dated May 1, 1939, due May 1, 1954.
Interest payable M-N 1 in any coin or currency of the United States of
America which at the time of payment is legal tender for the payment of
public and private debts.
Both principal and interest payable at principal
office of Maryland Trust Co., trustee, Baltimore, or, at option of bearer or
registered owner, at either principal office of Bankers Trust Co., New York,
or Boatmen's
National Bank of St. Louis.
Coupon (registerable as to
principal only) in denominations of $1,000 and $500.
Sinking Fund—Company is to covenaiit in indenture that it will pay to
the trustee on or before May 1, 1940, and on or before each May 1 there¬
after, as and for a sinking fund for the retirement of debentures, (a) a fixed
sinking fund payment of $250,000, and (b) an additional sinking fund
payment of $250,000, subject to the condition that such additional sinking
*.«,'• $150,000
Minsch, Monell & Co., Inc...
1,000,000
Stix & Co
150,000
Dewar, Robertson & Pancoast
125,000
500,000
-
150,000
500,000
&
A. W.
400,000
Terry
H. M.
100,000
100,000
100,000
Snyder & Co
125,000
Milton R. Underwood & Co.-
Dickinson,
Estabrook & Co
300,000
Baker, Watts & Co
250,000
125,000
Byllesby & Co., Inc...
Elworthy & Co
Robert Garrett <fc Sons
250,000
250,000
Gregory,
Eddleman
crombie
&
-
100.000
Stein Bros. & Boyce.
100,000
-
100,000
Co
100,000
100,000
...
100,000
'
100,000
Inc
150,000
Crago, Smith & Canavan..
148, p. 3223.
100,000
Reinholdt & Gardner
Edward I). Jones &
Mason-Hagan,
Aber-
.1
Beckett, Gilbert & Co., Inc—
Wm. Cavalier & Co
—V.
Mitchell, Herrick & Co
150,000
i
I. m. Simon & Co
W. W. Lanahan & Co
150,000
•
Kalman&Co..
200,000
—
J. A. Hogle & Co....'..
250,000
175,000
Francis, Bros. & Co
Metropolitan 8t. Louis Co
Smith, Moore & Co.-...
\
Hudson Motor Car Co.—Salei.
Retail sales of Hudson catrs in the United States for the first four weeks of
May gained 34% over the same period a year ago,
June 6 by George H. Pratt, General Sales Manager
Hudson's average daily rate of sales in 52 cities
higher than in April, against an industry gain of
disclosed.—V. 148, p. 3223.
'
Hupp Motor Car Corp. (& Subs.)
3 Months Ended March 31—
x
it was announced on
for the company.
during May was 8%
only 2%, Mr. Pratt
-Earnings1
1939
1938
$173,218
364,870
$366,716
661,962
$57,424
224,675
$191,652
'7,956
$295,246
11,889
$167,251
31,819
$183,696
8,044
2,489
Costs and expenses.
$283,357
4,908
2,231
1937
'
Operating loss!.
Other income
Interest.
...
_
Idle plant expense,
....
Net loss.
;
x
Includes depreciation
dies, tools, jigs, &c.
,
Current assets
$194,229
of plant and
$290,496
$135,432
/
2,293
$137,725
equipment and amortization
-
of
.
of March 31,
1939, including $153,757 cash, amounted
to $1,228,703 and current liabilities were $907,676.
This compares with
cash of $52,442, current assets of $1*150,005 and current liabilities of
$788,904 on March 31, 1938.
Inventories were $637,868 at March 31,
1939, against $1,022,174 at March 31, 1938.
Total assets as of March 31 last amounted to $4,480,268, as compared
with $5,794,578 a year previous.
Capital surplus was $5,489,502 on
March
31
as
deficit
and
from
operations was $4,465,194.
3067.
amounted to $900,000.—V. 148, p.
Mortgage loans
,
Imperial Tobacco Co. of Canada, Ltd.—Interim Div.—
Directors have declared an interim dividend of 10 cents per share on the
ordinary shares, payable June 30 to holders of record June 9.
A final divi¬
dend of 22 XA cents in addition to an interim dividend of 10 cents per share
was paid on March 31 last.—V. 148,
p. 1170.
International Power Co.,
The directors have declared
Ltd.j—$1.50 Pref. Dividend—
dividend of $1.50 per share on account of
1st pref. stock, par $100, payable July 3
to holders of record June 16.
A like payment was made in each of the
13 preceding quarters and compares with $1 per share paid on Nov. 1,
July 2 and April 3,' 1935, this latter being the first payment made since
Oct. 1, 1931, when a regular quarterly dividend of $1.75 per share was
paid.—V. 148, p. 1479.
accumulations
on
the
International
7%
a
cum.
Telephone
&
Telegraph
Corp.—New
Vice-Presidents
Stockholders
The volume of such products sold, including refined products purchased,
for the five years ended Dec. 31, 1938, was approximately 140,871 barrels
Mahan, DittmarA Co
1,775,000
—
Inc.....
.
from 39 wells
»
,—$1,775,000
White, Weld & Co..—......
Nichols,
determine.
Business—Company was incorporated in Texas on July 5,
1901, for a period of 50 years.
Under present Texas law, the charter can
be extended or renewed if appropriate corporate action is taken.
The
general character of the business now being done by the company and
Houston Pipe Line Co. (wholly-owned subsidiary) is (a) the acquisition
through lease or otherwise and the development of prospective and proven
oil and gas lands, (b) the production, purchase, sale and transportation to
storage facilities of crude oil and the production, purchase, transportation
and sale of natural gas, (c) the refining at the company's topping plant of
crude oil into gasoline, kerosene and fuel oil and the blending of lube stocks
to produce various lubricating oils, and (d) the distribution and sale of
petroleum products to and through a relatively limited number of wholesale
.
—
Paine, Webber & Co..i
History and
engaged principally in the purchase, gathering, trans¬
mission, and sale of natural gas direct to industrial consumers and to five
non-affiliated companies at city gate stations for distriubtion in more than
60 towns and communities in southern Texas.
One of such non-affiliated
companies partially serves the City of Houston.
The gas so purchased,
gathered, and sold is produced by the company or purchased from others
and competes in the territories served in southern Texas with various other
fuels and sources of heat, among which are coal, oil, wood and electricity.
Operations by the company for the production of crude oil and natural
gas are currently carried on in Texas and in Oklahoma, and the production
of crude oil is subject to restrictive State legislation in both States.
Produc¬
tion is in part derived from properties operated by the company, or under
joint interest, unitization, or other agreements, under some of which opera¬
tions are carried on by others.
In addition to production secured from
such operations, production is also derived from royalty and mineral fee
interests under properties in States of Louisiana* New Mexico and Texas,
such royalty and mineral fee interests being undivided interests under lands
presently leased to others for oil and gas development.
The greater portion
of the company's production is derived from lands under lease to the com¬
pany in Texas and. to some extent, in Oklahoma.
Present production of
oil and gas, either through operations carried on by the company individually
or through joint operations carried on by the company or by others, or
derived from mineral fee interests under lands currently leased to others
and royalties under leases assigned to others for development, is secured
from various fields in Texas, Louisiana, New Mexico and Oklahoma.
In addition to the production, purchase, sale and utilization of crude oil,
the company produces and purchases natural gas which is sold for light or
fuel or for processing for the production of natural gasoline, or used for
operations.
Such sales are made by the company to its subsidiary for
transportation and resale or by the company direct to others for field opera¬
tions or for processing for natural gasoline.
Gas requirements of the sub¬
sidiary are supplied from gas produced or purchased by the company.
At
Dec. 31, 1938, a substantial portion of the gas being purchased by the
company was currently being gathered by the subsidiary or the company
'
.
Mackubin, Legg & Co
Whitaker & Co-.-
management may
and retail outlets.
The subsidiary Is
paid.
.
added
three Vice-Presidents
to
the
company's board at
meeting, and Arthur Anderson & Co. were renamed
independent auditors for the ensuing year.
Vice-Presidents elevated to the
board were James E. Fullam, now in the Far East; A. H. Grinwold, in
charge of telephone operations, and Henry M. Pease, manager of I. T. & T.'s
manufacturing activities.
Allen G. Hoyt retired from the board, but all
other directors were reelected.—V. 148, p. 3069.
the
recent
annual
Indiana &
Michigan Electric Co*—Hearing June 16—
A
hearing has been set for June 16,1939 at 10 a. m. in the Securities and
Exchange Commission's offices on applications (File 56-40) of Indiana &
Michigan Electric Co. and American Gas & Electric Co. regarding the issue
and
sale by the former of $22,500,000 3H% first mortgage bonds, due
1969, $2,000,000 2^% promissory note, maturing June 15, 1949, and not
150,716 shares common stock, no par value.—V. 148, p. 3378.
to exceed
Inter borough Rapid Transit Co.—Court Decision Aids
Unification—
Unification of the city's subway systems moved a step closer with the
S. Circuit Court of Appeals, handed down
unanimous decision of the U.
June 3, denying
the Manhattan
the petition of the I. R. T. for
a
rehearing
on appeals of
Ry. Co. from the disaffirmance of the Manhattan-Inter-
borough lease.
The decision paves the way for conslusion of the unifica¬
tion agreement by upholding the Manhattan Ry. lease, which guarantees a
five-cent fare for through rides over all Interborough and Manhattan Ry.
lines.
Charles Franklin, attorney for the Manhattan, stated that actuaries and
engineering accountants who have been working on the unification plan
report that the city has a safe margin in continuing the five-cent fare
under unification, and that no future fare increase can be placed in effect
except'by
a referendum vote of the people of New York City.
Mr. Franklin said the practical effect of the decision is that It will expe¬
dite unification and that an agreement between the City of New York
and All Interborough and Manhattan Ry. interests similar in form to the
Volume
Financial
148
hand and take the legal proceedings necessary to effectuate the plar.
Then,
if the plan be consummated, eacn depositing bondholder will receive in a
single transaction, upon surrender of depositary receipt, the 30% cash
payment on prircipal, plus accrued interest on the deposited bonds to the
date fixed for exchange, plus the 70% in par value of new preferred stock,
all as specified in the plan.
If the plan be not consummated, the deposited
bonds and coupons will be returned against surrender of depositary receipts
and the question whether interest can be paid then determined.—V. 148,
B.-M. T- Plan will be made within a short time.
"We have all been wait¬
ing for this decision before concluding a unification agreement," he added.
—V.
148,
2899.
p.
Interstate Hosiery Mills,
Inc.—New Directors—
A meeting of stockholders was held May 24.
Paolino Gerli, Howard M.
Ernst, and Bertram S. Rosenbaum were reelected to the board of directors.
Frank Weill, a lawyer, succeeds Karl Nathan, who had resigned. The onlyother change was the appointment of F. A. Greenwood, formerly of Marshall
Field & Co., as Assistant Treasurer. Hereafter the company's annual meet¬
ing will be held on the first Wednesday in March.
Stockholders
also
voted
to
approve
new
Key West Electric Co.—Earnings—
Period End.
Operating
proposed by the directors.
Ivan Selig, President; Harold D.
Greenwald, Vice-President and Treasurer, and Lawrence H. Greenwald,
Secretary, will receive seven-year contracts starting as of Jan. 1, this year.
Messrs. Selig and Harold D. Greenwald will receive 825,000 annual salaries
each, while Lawrence Greenwald would receive $23,000.
As additional
compensation, the three officers each will receive 6% of the net operating
profits in excess of $175,000 per annum. Provision also is made for options
to each of the three officers to purchase, during each year, not exceeding
company
500 shares of the company's stock
A similar provision was embodied
Directors have declared a dividend of $1 per share on
2.601
Balance.
DrS77
$92,147
Dr5,628
$74,246
Z>2,544
$8,309
1,861
$6,775
1,892
$86,519
23,261
$71,701
$6,448
______
1,556
$7,652
4C3
Interest & amortization.
the $6 preferred
$4,883
$63,257
21,193
$47,231
$42,064
24,374
$27,389
24,374
$17,690
$3,015
Appropriations for retirement
reserve.
24.470
19,842
payable July
Balance.
_
Preferred dividend requirements
account of dividend
arrears on the former cumulative preferred stock of the company outstand¬
ing on Aug. 3, 1938, at the rate of $1.75 per shate for the 7% series, $1.62 M
per share for the 6 H % series, and $ 1.50 per share for the 6 % series, payable
on July 1 to holders of record on June 15, 1939, of dividend arrears certifi¬
cates.—V. 148, p. 3379.
•
.
Balance for
-V.
1939
Kirby Lumber Corp.—Bonds Called—
$227,966
378,680
$0.60
Earnings
per
Kobacker Stores,
Directors have declared
Inc.—Sales—
Period End. May 31—
Sales.
1938.—V. 148, p. 1479.
t
'•
The sales
Calendar Years—
515,265
498,407
1,544,024
862,939
398,000
3,000
$3,327,695
804
$3,579,404
1,436,419
1,467,586
—
L:—
Provision for income taxes
Provision for Federal surtax on undistrib. income.
Net
;—
operating revenues..^.
Non-operating revenues.
—
income.
Net interest charges
Miscellaneous income deductions
5,348
$1,886,731
I————
Surplus Statement—Balance, Dec. 31,
...
$2,fll,818
1937, $1,404,828; net income for
31,1938, $1,886,732; amount received in liquidation of
$94,882; other credits, $5,929; total, $3,392,371;
stocks, $851,583; dividends on common stock,
$840,000; other debits, $85; balance, Dec. 31, 1938, $1,700,703.
the year ended Dec.
insurance fund deposits,
dividends on preferrred
Lane
Stores in
co. on cur.
Langendorf United Bakeries, Inc.—Extra
6% cumulative pref. stock..
Common stock ($10 par)
12,260,000
Funded debt.......
..
Lehigh Coal & Navigation
Accounts
expense-
2,146,640
" 21,797
16,201
"
__
Prepaid insur. and expenses.
Other deferred charges
322,938
payable..
_i
pref. stocks.,.
' 212,896
Dividends on
875,226
Taxes accrued
Customers'
Other
"
accrued
Interest
.Unamortized bond disc, and
236,863
242.470
deposits
current liabilities.
58,895
Contrib. by customers for con¬
struction
of
property'
Reserves—Deprec. and retire.
Casualties
Surplus
.
Gonsol. net loss
$24,112
...
12 Mos. End. Mar. 31—
x
Net profit
1939
$1,043,234
$61,955,756
Total
x
After
City
Co.-r-Eamings—
1937
$2,318,054
1938
$807,560
$626,701
$0.28
,
Lehigh Valley Coal Co.—Deposit Time Extended—
has notified the New York Stock Exchange that the time
refunding mortgage sinking fund gold bonds, 5%
series of 1924, and secured 6% notes, class A due Jan. 1, 1943, may be
Company
within which first and
deposited under the plan of the company dated
extended until further notice by the company.—V.
Lehigh Valley RR.—Temporary
Directors
President
Jan. 4, 1939 has been
148, p, 3225.
President—
May 31 designated R. W. Barrett, ViceCounsel, to assume the duties of the President
of the railroad on
and General
of D. J. Kerr, the road's President,, on
account of illness.
Hearing Date Set—
-V. 146, p. 2373.
Kansas
^
p$352,011
$1.08
$0.77
$2.67
depreciation, Federal taxes, &c.—V. 148, p. 1481.
Earns, per sh. on com._
temporarily during the absence
$61,955,756
Total
p$259,354
Nil
z$0.13
a Net inc. of parent co._
1,101,565
1,491,326
1,800,922
Earnings per share
■_#
"
z$0.57,
z$0.77
..
z$0.93
a Accruing from direct operation and from railroad, rentals,
divs., &c.,
after taxes and charges,
p Profit,
x On 1,929,127 shares of capital stock
(no par).
y Company's proportion of undistributed earnings and losses of
subsidiaries whose stock is either owned or controlled, after interest, taxes,
depreciation, depletion and reserves,
z On 1,930,065 shares capital stock
(no par).:—V. 148, p. 1811; V. 147, p. 3,461.
•
"
56,223
1,700,703
1936
1937
1938
$141,495
Nil.
920,082
x$0.47
Earnings per share—... '
112,905
4,759,735
,
........
Co.—Earnings—•
1939
12 Mos. End. Mar. 31—
y
28,960,000
10,500,000
Dividend—
dividend of fiye cents per share in addi¬
quarterly dividend of 30 cents per share on the class B
stock, both payable June 24 to holders of record June 14.
Similar amounts
were paid on April 15 and on Jan. 15, last.
A dividend of 30 cents was paid
on Oct. 15, last, and an extra dividend o£ 25 cents in addition to a dividend
of 25 cents per share was paid on June 17, 1938, these latter payments being
the first made since 1930.—Y. 148, p. 2748.
Directors have declared an extra
$1,656;900
927,600
66,233
585,025
acct.
Materials and supplies
.
23
22
operation
Lehigh Portland Cement
7% cumulative pref. stock...
218,686
Accounts receivable
1939—5 Mos.—1938
$5,733,532
$5,610,091
1939—Month—1938'
$1,328,370
$1,141,692
tion to the regular
Liabilities—
Cash for pref. dlvs, &c
Bryant, Inc.—Sales-—
Period End. May 31Sales.
Balance Sheet Dec. 31, 1938
,
Assets——
Property and plant
$54,219,088
Cash on deposit with trustee.
5,601
Cash in banks and on hand..
3,748,882
,
4,032
3,916,,
—V. 148,'p. 2748.
$3,568,665
10,738
$3,328,499
«
1,590,883
788,719
401,000
Maintenance
1939—20 Wks.-r-1938
$91,664,022 $90,292,506
Stores in operation.
1937
-$10,162,577 $10,560,398
3,539,013 '
3,685,361
Appropriation for depreciation
Taxes, other than income taxes..
1939—4 TFfcs.—1938
.$19,248,155 $18,261,740
.
1938
*
Sales.______
—V. 148, p. 2901.
Light Co.—-Income Statement—
Total operating revenues
Co.—Sales—
Kroger Grocery & Baking
Period End. May 20—
Operating expenses
Due from aff.
$6,818,056, an increase of $311,384, or
•
'
"
May 31, were $29,319,404, a de¬
1.4%.—V. 148, p. 2901.
for the five months ended
of $428,400, or
crease
Company fraid a dividend of 12 H cents per share on the common stock,
no par value, on May 25 to holders of record M&y 22.
This compares with
20 cents paid on April 15 and on Jan. 16 last; 50 cents paid on Nov. 23, 1938;
25 cents paid on Sept. 26, 1938; 12^ Cents paid in each of the three preced¬
ing quarters; 25 cents paid on Oct. 5, 1937; 12M cents on July 15. 1937 and
April 15, 1937, and a dividend of 25 cents paid on Jan. 10, 1937, this last
being the first dividend paid since Sept. 1, 1933, when a regular quarterly
dividend of 12H cents per share was distributed.—V. 147, p. 2091.
and
679
Sales for the month of May were
4.8%.
Cent Dividend—
Net income
1939—Month—1938
1939—5 Mos.—1938
.$12,104,732 $10,862,364 $54,652,754 $52,437,040
(S. H.) Kress & Co.—Sates—
*
12
Johnson, Stephens & Shinkle Shoe Co.—Pays
Gross
___
Company operated 740 stores in May, of which 682 were American
58 were Canadian.
A year ago the company had 735 stores, of which
were American and 56 Canadian.—V. 148, p. 2901.
dividend of 75 cents per share in
regular quarterly dividend of 75 cents per share on the
par value, both payable July 1 to holders of record
June 15.
Like amounts were paid on April 1, last.
Extra of $1.75 was paid
on Dec. 28 last and extra dividends of 75 cents were paid on Oct. 1, July
no
Kansas Power &
the 6% pre¬
(S. S.) Kresge Co.—Sales—
the
1 and April 1,
dividend of 75 cents per share on
,
The directors have declared an extra
to
a
stock, payable July 1 to holders of record June 15. Like amount
paid on April 1 and Jan. 1, last; and on Oct. 1,1938, and previously
regular quarterly dividends of $1.50 per share were distributed.—V. 148,
p. 3070.
V ,
•
(Mead) Johnson & Co.—Extra Dividend—
stock,
.
was
Company reports that its sales for the four weeks ended May 20, 1939,
$1,866,701 as compared with $1,834,481 for parallel weeks in 1938,. an
increase of 1.76 %.
Sales for the first 20 weeks of 1939 were $9,365,112 as compared with
$9,154,139 for a like period in 1938, an increase of 2.30%.—V. 148, p. 2901.
common
Trust Co. of New
stock, no par value, effective as of
117.
p.
ferred
were
addition
transfer agent for the common
Koppers Co.—Preferred Dividend—
$2,096,103 and current
of $194,427, current
$456,395 on March 31, 1938.—V. 148, p. 2747.
Jewel Tea Co.,
as
May 1, 1939 —V. 147,
cash, amounted
liabilities were $275,990.
This compares with
assets of $2,301,702 and current liabilities of
cash
Inc.—Transfer Agent—
The Bank of Manhattan Co. succeeded the Guaranty
York
•
x After taxes, depreciation and interest, &c.
y
Current assets as of March 31, 1939, including $476,577
to
been called for redemption
be made at the
July 16 at par and accrued interest.
Payment will
First National Bank, Houston, Texas.—V. 148, p. 3766.
yl937
yl936
$303,746
$213,125
378.680
346,356
$0.80
$0.61
Consolidated figures.
1938
$119,071
378,680
$0.31
stock
share
148, p. 2901.
A total of $425,000 first mortga ge bonds have
(Byron) Jackson Co.—Earnings—
3 Mos. End. Afar. 31—»
Net profit
Shares capital
dividends and surplus
common
on
,
x
...
(Del.)—Accum. Div.—
Iowa Southern Utilities Co.
The board of directors has declared a payment on
4
$158,428
54,892
10,158
19,131
.
$7,906
Net operating revs...
Non-oper. income (net).
1 to holders of record June 20Previously regular
quarterly dividends of $1.50 per share were distributed.—V. 137, p. 323.
stock,
I
$191,345
55,971
14,238
28,989
$14,640
4,295
1,137
$16,432
4,772
1,153
Taxes
Div.—
Rhode Island—Smaller Pref.
Investors Corp. of
1939—12 Mos.—1938
1939—Month—1938
Apr. 30—
revenues
Operation
Maintenance
each.
2274.
in units of not less than 100 shares
in previous contracts.—V. 148, p.
3379.
P.
of the
contracts for officers
3535
Chronicle
Public
Service
Co.—Time for
Deposits
approvals were in hand from the holders
of approximately 86% of the bonds concerning the
ment.
The Reconstruction Financial Corporation
situation and requested to modify its
plan of capital readjust¬
has been notified of the
requirement that a minimum of 90%
[It was stated June 8 that $10,521,900, or 87.37% of the bonds,
deposited.]
the basis that it is not convinced
that the required 90% approval cannot be obtained, that the crucial con¬
ditions confronting the company justify further efforts, and that the matter
will be held open during the next two or three weeks while attempts to
procure that minimum percentage will be continued.
Accordingly, the time or filing approvals of the plan is being extended to
the close of business on Monday, June 19, at which time the RFC will
again be notified of the situation and such action taken as may then be
The RFC has declined that request on
advised.
determined to defer the bond interest instal¬
ment maturing July 1 (as permitted by the "period-of-grace" clause of the
mortgage), in view of the current earning record and financial condition of
the company, pending further efforts to consummate the plan.
In the
interim, if it appears likely that the plan will be consummated, call will be
made prior to July 1 for the deposit of bonds with July 1, 1939 and sub¬
sequent coupons attached, against issuance of proper depositary receipt,
so that the company can certify that the required amount of bonds is in
I
the
suit
bonds of the Pennsylvania & New York Canal &
RR. Co., payable of which had been guaranteed by Lehigh.
The road de¬
faulted on payment of principal and interest due April 1.
The plaintiffs
immediately filed the action separately, but these were recently con¬
solidated into one suit.—V. 148, p. 3379.
/
Lerner Stores
approve.
had been
The board of directors has
Justice Levy has fixed June 15 for the hearing on
judgment against the road in the consolidated
brought by 91 holders of
Again Extended, to June 19—
At the close of business June 1
Supreme Court
motion for summary
Period End. May
Corp.—Sales—
SaleT.......
—V.
1939—4 Mos.—1938
1939—Month—1938
31—
$3,412,814
$3,001,240 $12,282,292 $11,721,766
148, p. 2901.
(& Subs.)—Earnings—
1939
1938
1937
1936
*220,706
*194 558
**234 647
*154,498
$0.63
$0.55
$0.67
$0.44'
Federal taxes, &c.
y On 350,140 shares capital
Life Savers Corp.
Ouar
x
y
End
Mar. 31--
Net profit
Earnings per share
x After depreciation.
148, P. 3071.
stock.—V.
Lion Oil Refining
3 Months
Co. (& Subs.)—Earnings—
1939
1938
Profit after deprec.,
deple., &c., but
before Federal income taxes
—V.
1937
Ended March 31—
148. p. 3071.
_■
loss$l 1.819
,
$300,932
*
$175,252
3536
Financial
Chronicle
Lily-Tulip Cup Corp. (& Subs.)—Earnings—
12 Mas.End.Mar. 31—
b Net profit
Shs.
a
stock outst'g.
com.
Earnings
1939
per share
1937
1936
$480,334
189,539
$297,496
189,539
$1.57
$1.62
Period Ended
—V.
3 Months Ended March 31, 1939
Line Material Co.—To Increase Directorate—
special meeting on Juno 19 will vote
1
*
_
__
Dividends received^
1939—3 Mas—1938
$6,255,679
423.167
231,041
65,746
$299,643
38,855
$453,205
42,769
183,605
20,952
.
.
j
_
U. 8. & Can. income tax
Social
30,038
188,053
9,764
_
$7,575,664
*,.
$296,787
670,297
42.080
73,438
355,137
23,769
147,264
153,498
$306,315
x$102,204
$0.14
■
72,003
$9,032
Net loss
89,137
x$116,742
Earns. per sh .on cap. stk
Nil
.
Nil
•
Weeks Ended—
for
Mar.
contingencies
16 *39 Mar. 17
7,268,847
.___
Net profit after reserve for contingencies
Earnings per share of common stock outstanding..
—V.
148, p. 1483.
'38
6,887,678
6,487,678
$3.76
6,368,847
__
$3.68
McCampbell & Co., Inc.—Earnings—
Statement of Operations for
Corp.—To Pay 10-Cent Dividend—
on April 1, last, and compares with 12 cents paid on Jan. 3, last, and
10 cents paid on July 1, April 1, and Jan. 3, 1938.
Directors also announced that it is their intention that the next consider¬
dividend will not take place until
a
December.—V. 148,
have declared a dividend of 20 cents per share on the
no par value, payable June 26 to holders of record June 15.
with 15 cents paid on April 15, last; 25 cents paid on Dec. 15,
last; 10 cents paid on June 28, and on May 25, 1938, and 30 cents paid on
Dec. 17, 1937.—V. 148, p. 1965, 1033; V. 147, p. 3313.
stock,
Michigan Bell Telephone Co.—Gain in Stations'—
As
of June
1 there were 354,634 telephones in service in the Detroit
a gain of 1,440 during May and 13,196 in the first five months of
according to the company.
Company had total of 709,705 tele¬
phones in service June 1, a gain of 5,112 in May, compared with an increase
Of 5,946 during April.
Total gain in five five months "was 29,334, compared
with 2,425 in 1938.—V. 148, p. 3380.
'
•
exchange,
this year
.
Co.—Earnings—
(Incl. Subsidiary Companies, Except European Subsidiaries,)
616,997
Consol. Excl. National
Earnings
i...
______
per
share
on common
stock
Sales Data for Calendar
■
1938
flolpc
"\Tp|f.
"
charges
1937
"
1936
Average yards per pound
Average price in cents per yard.
8.54
Unfilled orders at year end..
10-33
9-80
$3,771,147
$7,289,485
'
$3,499,715
rqitfrilifl
revenue).___'r-
•
$14,301,007 $17,410,765 $16,852,425
167,488.711 168,569.813 172.017,604
3.78
3.94
'3-63
Total yardage
—Year End. Dec. 31
-
..
Years
1938
Consol., Incl. National
Pole & Treating Co.
Year End. Dec. 31
1938
1937
Pole & Treating Co.
$76,889
$1.52
......
•'
Total
2277.
directors
Minnesota & Ontario Paper
interest, depreciation and Federal taxes..".
Net profit
p.
Memphis Natural Gas Co.—Dividend Raised—
$693,886
expenses,
,
$1.17
paid
Year Ended Dec. 31, 1938
Total income.
Operating
$178,265
"
on June 7 declared a dividend of 10 cents per share on the com¬
stock payable July 1 to holders of record June 16.
Like amount was
The
..
the common stock,
This compares
Company's share of operating profits of subs.,
after deducting preferred dividends of subs
$10,516,538 $10,207,339
Operating revenue after deprec. & taxes but before
reserve
Marine Midland
common
Loew's, Inc. (& Subs.)—Earnings—
28
on
Directors
mon
ation of
$0.16
Indicates profit.—V. 148, p. 1482.
x
dividend of 10 cents per share in addition
Earnings for Quarter Ended March 31. 1939
Net earnings after charges._
Earnings per share on 152,202 common shares (giving effect to
recent financing)
—V- 148, p. 3072.
$712,377
77,769
367,558
14,842
Security tax and
group insur. prem
an extra
regular quarterly dividend of 25 cents per share
holders of record June 10.
—
$4,199,620
_
Depreciation
1939—4 Mos.—1938
$6,459,539
$6,004,958
.
both payable June 20 to
1939—6 Mos.—1988
$3,694,171
251,968
47,675
Total income
Interest
3227
p.
Mansfield Tire & Rubber Co.—Extra Dividend—
to the
Liquid Carbonic Corp. (& Subs.)—Earnings—
Period End. Mar. 31—
Net sales......__
Profit before charges.
148,
Directors have declared
board of directors from five to nine members.—V. 147,
p. 3312.
v
Corp.—Sales—
1939—Month—1938
$1,856,257
$1,661,213
Directors have declared a dividend of $1 per share on the common stock,
payable July 1 to holders of record June 20.
A similar payment was made
on July 11, 1938—V. 147, p. 1494.
increasing the
on
Stores
(B.) Manischewitz Co.—To Pay $1 Common Dividend—
$16,563
$0.21
.
2902.
P.
Period End. May 31—
Sales
—V.
Net profit after taxes, depreciation and other charges
Earnings per share on 60,000 shs. of com. stock ($10 par)
—V.
147, p. 3312.
a
148,
McLellan
excess
Lindsay Light & Chemical Co.—Earnings—
Stockholders at
1939
1939—Month—1938
1939—5 Mos.—1938
$3,300,398
$2,909,385 $15,417,797 $14,524,120
202
201
______
b After depre¬
ciation, Federal taxes and other deductions, but before provision for
profit tax or surtax.—V. 148, p. 3226.
May 31—
Sales..,
Stores in operation
189,539
$1.57
$2.53
There has been deducted $206,028 for hurricane loss,
10,
McCrory Stores Corp.—Sales—
1938
$297,818
a$306,175
189,539
June
1937
.
$11,970,020 $15,702,680 $13,442,866 $17,417,597
Cost of sales.
10.579,947
13,632,425
11,944,293
15.209,261
Gross profit.$1,390,073
$2,070,254
$1,498,572
$2,208,336
1,740,957
1.653,324
Selling, incl. commissions
admin, and ageneral..
1,509,205
1,889,292
Earnings for Quarter Ended March 31
,T
1939
,
Net income after charges and taxes
Earnings
per
share
on
1938
$32,702
$1.71
$52,622
common.
_
Financial Statement
as at
$3.72
*
___
Dec. 31,1938
.
-
Assets—Cash in banks and on hand, $142,682; customers' accounts
receivable, less unearned interest, $1,597,761; mortgage certificate instal¬
ments (due within one year), $5,000;
prepaid interest, $600; investments at
cost—Graniteville Co., 47,584 shares capital stock,
$1,0213,110; Sibley
Enterprise participating mortgage certificate, $42,500; other cotton mill
securities, $64,557), $1,130,167; fixed assets, net book value, $27,780;
total, $2,903,990.
Liabilities—Notes payable to banks, $500,000; mill and
factory credit
balances, $645,680; customers' credit balances, $6,926; accrued interest,
$1,850; Federal and State taxes, due 1939, $23,958; reserves, $80,535;
7% preferred stock ($100 par), $881,300; common stock (10,000 shares,
no
par), $100,000; surplus, $663,741; total, $2,903,990.—V. 147, p. 3313.
.
McColl
Frontenac Oil
Other
re-elected and financial statements approved.
Approval was given to a new by-law providing for reduction in the paid-up
capital. The by-law said, in part, "In effect that that
portion of the paid-up
capital of the company amounting to $11,777,830
represented by 766,783
common shares without nominal or
par value of the company's capital stock
be reduced by $2,178,466.' '—V.
147, p. 2869.
expense..
five
•
Sales (net of discounts and
allowances)
Cost of products sold
5,399,304
Gross profit.
General, administrative and selling expenses.
.........
TotalIncome.
$220,284
______
$2,937,533
$2,233,184
Earnings for Quarter Ended March 31
Inventories
1,259,756
771,388
326,914
336,980
94,944
94,944
1,876,812
1,474,411
1,636,907
Accrued
5,576,221
Acer. int.
658,670
723,475
co.'s
Other
taxes.
on
subs.
obligations
curr.
6,411
liabil__
Other liabil., incur¬
2,734,090
1,293,723
red by subs, prior
x6,501,413
6,501,412
to
.57,072,451
plant
equipment
159,547
59.349
—
income
for
tax
purposes
differs
from
that
57,613,830
&
receivership of
parent
company
Liabilities of Minn.
& Ontario Paper
def.
by
re¬
26,690,478 23,251,920
ceivership
Funded
debt___._27,900,000 29,170,820
in
3
1938)
$14,418 in 1938) and taxes ^21-849 in 1937 and
Earnings1 for Quarter Ended March
•
31
'
•
Net income after
charges
Shares of capital stock
per
1939
Balance Sheet
Cash
on
and
debt losses
hand
notes
and
as at
118,880
$0.23
Dec. 31, 1938
demand
receivable
deposit, $85,641; accounts, trade
(trade) after allowance of $51,077 for
$574,293; deposits for
ventorizes 11,708; prepaid items,
posits,
crude
oil
purchases,
$14,197; in¬
principally taxes, insurance, and de¬
$44,495; trust funds deposited with Glens Falls Indemnity Co. on
performance bond to State of California
(marketable securities at cost—
§5;?$58,177; properties, $1,283,761; other, assets,
$77,234; total, $2,649,507.
Liabilities-—-Notes payable to banks ($70,000 secured
by mortgage,
Arkansas refinery),
$200,000; accounts payable, including accrued items
other than taxes,
$259,783; accrued taxes (including Federal income and
capital stock taxes), $153,275; State of California
for delinquent motor fuel
]j<)ense tax and interest thereon, due
in 1939, $19,125; deferred liabilities,
$200,813; common stock ($5 par), $$41,995;
surplus (from operations sub¬
sequent to Dec. 31, 1936, $310,048; from
reduction in par value of capital
stock, after charging thereagainst deficit caused
by diminution in valuation
of property and
Dec. 27, 1938,
treasury,
investments
to
Dec.
31,
1936, and the dividend paid
$887,512; total, $1,839,555; less 3,036 shares common stock
1,804 shares revalued as of Dec. 31, 1936, $9,020 and 1,232
shares acquired since Dec.
31, 1936, at cost,
$2,649,507.—V.
147,
p.
3917.
1,373,552
partic.
pref.
-
stock
Common
Surplus,
Total
a
.74,020,598 74,605,327
4,036,000
stock
4,036,000
10,092,000
10,092,000
including
689,412
2,719,523
74,020,598
74,605,327
& paid-in
Total
Consolidated, exluding National Pole & Treating Co.
b Consolidated,
including National Pole & Treating Co. x Amount representing 52,073 2-3
shares of common and 17,033 1-3 shares of
preferred stock of, Minnesota &
Ontario Paper Co. and a 72.5569% interest in undistributed
Backus-Brooks Co., in liquidation.—V. 147, p. 3615.
$27,633
121,181
$0.36
.....
1,277,378
assets
of
1938
$43,495
.
share
acceptances,
interest
$256,232
118,871
herein due
Including deprecia-
1,594,988
Min. stockholders'
reported
y
$
719,048
1,346,3(32
Invest, in and adv.
S
Accounts payable-
4,658,850
rec.
_
Other assets
b
a
Liabilities—
$
,1,048,761
Notes & accis.
*.
b
a
Assets—
Cash
Property,
$712,714
$659,748
Balance Sheet Dec. 31,1938
,
apprec.
-
1938
1939
Net loss
$403,390
130,158
xl7,000
176,547
*17,000 *
principally to depreciation and depletion deductions,
total,
Cr37,567
[Excluding National Pole & Treating Co.]
6%
Dividends
in
6,669
Cr8,242
.
$2,193,701
10,996
$232,180
j
....
Net income
Assets
2,487,300
.
$392,394
11,896
Provision for Federal income tax
bad
2.684,665
2,907
$1,211,448
819,054
...
Income deductions
Earnings
143,888
2,516,897
Co.
....
;
Other income
$26 851
82,781
Reserves
Profit
Net
4
57,73-2
4,745,242
$1,159,755
y939,472
$367,106
.
$2,857,515
«
$5,956,690
....
48,061
$380,928 loss$l75,422
of
credits.
solidated
$6,559,059
......
Dr20,670
— ________
retirement
on
Other..
1937
$.319,044
'
Loss for year before extraord. charges and
Corp.—Earnings1938
51,631
year secured notes
to subs. not con¬
Income Statementfor Year Ended Dec. 31
$329,297 loss$154,751
Amort, of note extension
Gain
were
Macmillan Petroleum
x
income-...,
_loss$l 19,132
•
ZM8.164
loss$137,295
Interest which is being
accrued and paid
'
5,554
Int. which is being ac^
crued and not paid___
2,714,665
Lionel O. P. Walsh, President of Dominion Tar & Chemical Co., was
elected to the directorate of this
company at the annual meeting held May 30.
Directors
_________
Total income._L_
.
Co., Ltd.—New Director—Paid"
'
Up Capital. Cut—
Net profit.
$14,024, $23,044), $1,816,511;
Mission
Corp.—Earnings—
Quar. End. Mar. 31—
Net inc. after charges &
Federal income taxes.
Earns, per share
1939
1937
1938
1936
x$247,717
x$227,003
$1,395,878
$267,790
$0.18
$0.16
$1.00
$0.19
on cap.
stock outstanding
Before Federal income taxes and surtax on undistributed profits.
The company reported that on March 31, 1939 it held 1,002,123 shares
of the common stock of the Tide Water Associated Oil
Co., 567,657 shares
of the common stock of the
Skelly Oil Co., 31,900 shares of the common
x
stock of the Pacific Western Oil Corp.
stock in its treasury.—V. 148,
p. 3230.
and 300 shares of its
Mississippi Valley Barge Line Co.,
own
capital
Inc.—Underwriters
The Securities and Exchange Commission announced June 6 the filing of
amendment by the company naming D. M. S. Hegarty & Co., Inc., and
Francis Brothers & Co. as principal underwriters for a proposed offering of
an
100,000 shares of $1 par value common stock.
fixed at $4.75 a share.—V. 129, p. 2399.
The offering price has been
Missouri Kansas Pipe Line Co.—New Director—•
Directors
on
June 2 elected William C. Tringham to be a director of the
company to fill the vacancy caused by the death of the late Harold P.
Childs.
Mr. Tringham is Secretary and Treasurer of the company.—
V. 148, p. 3230.
Volume
1938
1937
1936
1935
$793,933
642,038
$933,014
790,217
$920,228
717,926
$726,055
638,467
$151,896
Gross operating revenue
Operating
Terre Haute, Ind., a city of 65,000 population, effective June 4.
The
present Terre Haute street car lines operated by the Indiana Railroads,
are being abandoned.—V. 148, p. 3381.
-Annual Report-
Mississippi Central RR.
$142,796
43,378
$202,302
48,742
$87,587
27,888
Calendar Years—
expenses
Net oper. revenue.___
Tax accruals
54.445
,
National Paper
$97,451
$99,418
$153,560
$59,677
247
838
486
579
2,156
2,799
2,004
9,200
1,646
7,339
1,355
$102,653
51,568
10,320
$106,382
60,626
9,646
116,855
$164,892
46,239
116,855
14,100
14,239
.16,499
$68,951
33,801
8,179
123,795
7,860
$90,190
182,345
___
$94,985
182,345
$24,152
181,399
$104,684
175,404
$277,330
$205,551
$280,089
Joint facility rents
Miscellaneous
Gross income.
Equipment rents
Joint facility rents
Int. on funded debt—__
Miscellaneous
Net deficit
Sinking fund deductions
Deficit
$272,535
$8 ,529,986
$8,629,123
134,948
Investment
117,288
Cash,.
Due
5,364
3,592
17,266
17,979
Mat'ls & supplies-
101,215
139,665
wages
Int.
mat'd
Unmatured
101,703
261,456
946
inter¬
18,625
14,000
est accrued
306
802
liabils.
6,035
4,461
828
Other unad j. cred.
462,308
455,991
Add'ns to property
Other
ad¬
_
Other def'd assets.
1,497
482
Unadjust. debits.
8,926
19,061
_
curr.
reserve
Deficit
Total
$8,919,131 $8,953,652
—V. 148, p.3380.
43,804
42,990
3,234,660
-1,630,725
3,052,315
1,356,198
through surplus.
Sink, fund
Total
65,508
1,592
351,311
_
unpaid
827
Interest receivable
fund
payable-
Mlscell. accts. pay.
ac¬
vances
19,262
Audited accts. and
conductors.;
Working
225,000
24,035
payable
balances
24,832
18,794
counts receiv'le.
and
220,000
Loans & bills pay.
agents
Miscellaneous
P-
_______..$8,919,131 $8,953,652
,
Molybdenum Corp. of America—Registers with SEC
first page of this department.— v . 148, p. 1484..
See list given on
Monroe Auto Equipment
"a
Co.—Earnings—
1938
loss$3,532
Nil
1939
$15,634
$0.12
Quarter Ended March 31—
Net income after charges.
Earns, per sh. on 129,834
—V. 147, p. 3615.
589.
shs. capital stock.______
'.-7.V '
i
Montana Coal & Iron Co.—Tenders—-
Empire Trust Co., trustee, is inviting tenders for the sale to it on July 3,
1939, for the sinking fund, of first mortgage 5% 30-year sinking fund gold
an amount sufficient to exhaust the sum of $13,144.
Proposals
will be received up to 3 p. m. June 21, at prices not to exceed 105% and
accrued interest, at the main office of the bank, 120 Broadway, New York.
Coalition
Lode
Mother
Dividend
Co.—Initial
Mines
New Shares—
Directors have declared an initial dividend of 25 cents per
new
common
share on th
Radiator Co.
(of Pa.).
The operation by the
receivers of the properties of
ing industry generally and in
served to deplete the working
that
result
March 19
(G. C.) Murphy Co .—Sales—'
Period End. June I—
—y
•
148
___—.
f
p
;
■
1939—Month—1938
1939—5 Mos.—1938
$3,741,335
$3*159,581 $16,231,174 $14,571,940
2903•
•
s
Muskegon Piston Ring Co.—Annuel Report—
Income
Gross
profit
Court entered an order authorizing
William G. Heiner, one of the turstees to prepare and file
1938 a plan of reorganization.
In pursuance of this
order William G. Heiner, trustee, on Dec. 3, 1938 filed a proposed plan of
reorganization which by further order of the court was referred to Watson
B. Adair, as special master, for hearing
and to report his findings and
recommendations. Such report of the special master was filed Jan. 18,1939.
Reorganized Company—It is proposed that upon confirmation of the plan
the trustees shall organize a new corporation,
As an incident to the con¬
summation of the plan, it is proposed to transfer to the new corporation,
all of the properties and assets owned.
•
v-
Oct!
On
on
26, 1938 the U. S. District
before Dec. 5,
or
capital structure of the reorganized company, as
The
the plan, is as follows:
New Common Stock—
$10)
Claims and Securities
_
_ _ .
62,672
Selling and shipping expenses
general expenses
Administrative and
Net income from
Other income
,
operation8_______li_______________^i_i_
_'
...
Total income
______
_
_____
Other deductions
Provision for Federal income tax___.____
__Z
accrued
profit after depreciation and Federal income taxes___
Earnings per share on capital stock
_.___
Balance Sheet Dec. 31,1938
Assets—Cash on hand and in bank,
$302,794
28,680
47,469
186,918
$1.09
207,696 shares capital stock
Earnings for Quarter Ended March 31, 1939
Earns, per share on
Net
80,608
$293,439
9,355
$226,645
:
Net income..
Dividends paid and
58,123
•___
_ _ _
___
$107,998
"
$0.52
$337,410; U. S. savings bonds cost
(market $7,500), $7,500: notes and accounts receivable, $140,038; creditors'
debit balances, $98; accrued interest receivable, $100; inventories, $185,202;
cash value life insurance (accrued), $9,824; investments, $18,250; other
assets, $995; fixed assets (cost), $518,489;
ferred charges, $13,851; total, $1,249,580.
intangible assets, $17,822; de¬
National Gas & Electric Corp.
Apr. 30—
Operating revenues
Operation..
Maintenance.
Taxes
$38,634
Net oper. revenues
(& Subs.)-—Earnings—
1939—Month—1938
$119,324
$104,726
66,134
60,900
3,838
6,075
10,718
9,013
70
Non-oper. income (net).
$28,739
1,538
.__
Retirement accruals....
$38,704
16.384
$30,277
12,304
469,440
46,944
Affected by the Plan
interest thereon to and
each of the 15-year 5% income debentures
Manufacturers Trust Co., trustee, dated as of
together with all coupons appurtenant thereto and matur¬
ing on Sept. 1, 1938 and thereafter, the debenture holders will receive
shares of new common stock on the following basis;
Debenture
Computed Claim with Interest
No. of Shares of New
Denomination
to March 18, 1938
Common Stock to Be Issued
Debentures—In exchange for
issued under indenture to
Sept. 27, 1932,
32
$1,340.48
$1,000
-
500
250
.
16
8
670.24
335.12
«
holders of general claims exceeding $25 and not
exceeding $500 (excepting customers' credit balances) shall receive in
exchange therefor, at their option, either;
■
(a) One share of new common stock for each $40 involved in such claims,
respectively; and for balances of such claims of less than $40 one additional
Genefal Claims—The
written demand of
90 days after
payment
between such
share of new common stock will be issued, but only upon
the holder of any such claim made upon the trustees within
the date of the order of the court confirming the plan, and upon
of that proportion of the sum of $10 which the difference
balance and $40 bears to $40; or
,
.
A
the
Cash in an amount equal to 25% of such claims, respectively, or
of said amounts may be higher.
Any holder of any such general claim exceeding $25 and not exceeding
$500 (excepting customers' credit balances) who shall have failed to notify
the trustees in writing within 60 days after the date of the order of the
court confirming the plan as to his election with respect to the foregoing
alternative methods of treatment, shall receive shares of new common stock
in accordance with option (a) set forth above.
■
The holders of general claims exceeding $500 (excepting the customers v
credit balances) shall receive in exchange therefor one share of new common
stock for each $40 involved in such claims, respectively.
For balances of
such claims of less than $40 one additional share of new common stock will
be issued, but only upon written demand of the holder of any such claim
made upon the trustees within 90 days' after the date of the order of the
court confirming the plan, and upon payment of that proportion of the
sum of $10 which the difference between such balance and $40 bears to $40.
of $25, whichever
V
1939—-12 Mos—1938
$1,333,161
767,320
$1,260,169
695,821
67,012
110,747
68,201
102,226
$388,082
Dr2,512
Summary
of—
resoect of principal and interest-__
General claims of $25 or less (approximately) _ _ _
General claims exceeding $25 and not exceeding
$.500.
1•_
_________
General claims exceeding $500 (approximately) _ _
Customers' credit balances
__________
To Holders
Debentures in
$398,228
155,910
None
"New Common
145,158 shs.
None
13,666
None
None
7,898 shs.
8.069
None
$24,884 153,056 shs.
the court, as a part
Total
Stockholders—It is proposed to request
pursuant to Section 174 of Chapter X
the debtor is insolvent, and that neither
the present preferred stock nor the present common stock of the debtor is
affected by the plan in such manner or to such extent as to require the
holders thereof to accept the plan as a prerequisite to its confirmation and
consummation.
The holders of the present preferred and common stock or
the debtor will accordingly have no interest whatever in the reorganized
order approving this plan,
of the Bankruptcy Act, to find that
of its
$393,920
4,307
$.385,570
152,478
Cash
$3,149
COrManagement
board of
Evans,
B.
of Reorganized Company—The members of the first
shall be the following:
Charles L. Crouse, C. Lawrence
B. Flershem, William G. Heiner, Leo J. Larkin, Thomas
McAdams, Arthur B. Van Buskirk, Robert S. Waters.
directors
Rudolph
Statement of Income
Dec. 31, 1938
for depreciation.
$844,528
Period from March 19 to
profit from sales, exclusive of allowance
Selling and administrative expenses
591,214
$253,314
8,493
Operating profit.
Gross income
Int. & amortization, &c_
$22,320
7,982
$17,973
8,438
$233,091
99,461
$242,317
93,125
Other income.
$14,338
$9,535
$133,630
$149,193
46,549
Income
Total income—
Net income
Dividends declared
Earnings per
—V. 148, p.
outstanding share
2278.
62,056
.4?
$0.48
National City Lines, Inc.—Acquisition—
This company, which operates motorbus transportation lines in 2.^ leadsyi tem in
ing cities, has taken over the operation of the city transportation
with
including March 18, 1938,
Basis of Exchange
Gross
Balance------
200,000
153,056
$6,080,718.
Treatment of
$20,182; debtors' credit balances,
$21; accrued liabilities, $87,474; dividends payable, $102; capital stock
(par $2.50), $519,240; paid-in surplus, $37,213; capital surplus, $339,426;
earned surplus, $245,920; total, $1,249,580.—V. 148, p. 1331.
Liabilities—Accounts payable (trade),
Period End.
Shares
,
$494,842
_
*
$2,000,000
1,530,560
General claims exceeding $25 (approximately $362,834).
Claims of the holders of $4,536,207 of debentures, aggregating
(1)
(2)
sum
on
Provision for
—
plan (approximately) ----To be subject to issuance for other corporate purposes (approximately)
'
•—
•
contemplated by
Par Value
(b)
Acgount Year Ended Dec. 31, 1938
manufacturing operations.
depreciation and amortization.
particular further
the radiator business in
capital of the reorganized company, with the
reorganization were instituted on
the present proceedings for
1938.
and directing
shares
Sales__
the Delaware corpora¬
United States, decided Jan. 8, 1934, served to delay the consummation of
the reorganization for a considerable period of time and, to some
extent,
financially to embarrass the reorganized company.
Conditions in the build¬
holders of record June 9.
previously outstanding on Dec. 23, 1938; dividend of 45 cents was
paid on Dec. 23, 1937, and a dividend of 12M cents per share was paid on
Dec. 21, 1936, this last being the first dividend paid since June 30, 1930,
when 10 cents per share was distributed.—V. 148, p. 2278-
.
tion was discontinued at the transfer of the assets to the Maryland corpora¬
tion on Sept. 26, 1932; but protracted litigation at the instance of minority
interests culminating in the decision of the U. S. Supreme Court of the
(par one cent) now outstanding, payable June 30 toe
Dividend of 30 cents was paid on the old no par
shares
.
the Western District of
Pennsylvania entered an order confirming the plan of reorganization pro¬
posed by William G. Heiner, trustee, dated Feb. 4, 1939 and directing that
the trustees should execute and consummate the, pi an on or as foon as
practicable after June 1, 1939.
The plan is now being carried into effect
pursuant to the direction contained in the order of court.
Corporation on March 19, 1938 filed in the U. S. District Court a petition
for reorganization under Section 77-B of the Federal Bankruptcy Act, as
amended; and William G. Heiner, of Pittsburgh, Pa., and C. Lwarence
Evans, of Johnstown, Pa., were on March 19, 1938 temporarily appointed
trustees, and on April 18, 1938 the appointment was made permanent.
Corporation was incorp. in Maryland on Aug. 16, 1932, and was formed
to take over the business and assets of the former National Radiator Corp.
(of Del.). The prior Delaware corporation was incorp. on June 25, 1927. to
acquire as the result of a merger the business ans assets of various radiator
and boiler manufacturing companies, including the original
National
the sum of
Company's gross sales for May, 1939, were $42,322,968 compared with
$36,149,558 a year ago, an increase of $6,173,410 or 17.08%.
For the
four months to May 31, $144,612,259 compared with $125,773,869.
This
is an increase of $18,838,390 or 14.98%.—Y. 148, p. 3231.
,
Corp.—Reorganization Plan—
1939 the U. S. District Court for
accumulated and unpaid
Montgomery Ward & Co.—Sales—
148.
.
,
To be issued under the
-
$67,043
$0.75
$79,748
$0.95
Federal income taxes and other charges.—V.
Radiator
bonds in
on
Feb. 28, *37 Feb. 29, '36
Feb. 28, '38
$54,216
$0.55
...
To be authorized (par
•:
$45,613
$0.42
;
National
Traffic & car serv.
receiv.
from
1937
.$3,940,000 $3,940,000
2,187,100 2,187,100
Long-term debt...
car serv.
balances
•
1938
Capital stock
100,000
deposits^.__
Traffic &
8,504
117,801
Liabilities—
1937
■.
After depreciation,
On April 28,
31
Dec.
Sheet
Balance
1938
Assets-
Time
4,122
Feb. 28, '39
Earns.per sh.on com.stk.
x
Operating income.
Equipment rents
& Type Co.—Earnings—
6 Months Ended—
Net profit
x
22
Uncoil, railway revenue-
3537
Chronicle
Financial
148
_____ —
Profit, exclusive of losses
ance for depreciation
Losses of
of subsidiary
companies and allow-
—
wholly-owned operating subsidiary
Allowance for
Loss for the
depreciation—______ — __
period.
$261,807
75,710
deductions
companies
—
$186,097
8,051
187,809
$9,763
3538
Financial
Balance Sheet
Chronicle
June
1938
■.
$326,874
426,430
1,031,610
—
Inventories
Due from closed banks and other
receivables, less allowance of
860,000 for losses
Investments in and advances to wholly-owned subsidiary
Property, plant and equipment (net)
Prepaid expenses and deferred charges
'—
40,336
157,633
2,567,276
94,661
_
1
Total
$4,644,820
_
Liabilities—
$39,035
2,885
44,315
Customers' credit balances..
Accrued liabilities
...
Liabilities existent at close of business, March 18, 1938—
Claims for taxes
17,941
6,455,072
255,925
65,493
a
Excess
of
value
book
Deficit
1......
Total
471,738
—
3,380,993
1,714,678
1,947.715
10,508
1,708,511
23,731
Traffic
Cash
342,239
416
21,041
507,465
Special deposits—.
1,345,597
246,916
515,758
-
Traffic & car serv.
balances recei v..
payable._
wages
1,286,628
1.361,298
19,933
28,454
Int. rnatur. unpaid
9,536,260
8,351,074
Divs.
mat'd unp'd
16,340
16,340
2.367,100
Unmat. Int. accrd.
636,177
2.354,100
Funded
debt
ma¬
tured unpaid
Other
Miscell. accts. rec.
108,089
746,142
108,745
728,527
1,157,235
1,214,679
conductors.
34,503
Accrued
38,172
102,705
5,698,516
55,875
deprec.—
Equipment
Miscell. physical
2,748
5,155
— ---
52,334
116,408
6,051,391
liabilities
Tax liability-
194
54
1,428
638,029
lia¬
current
Deferred
from agents and
Int. & div. receive
6,139
Sept. 27,
17,151
327,992
bilities
Other curr. assets.
at
as
59,265
246,444
service
car
balances payable
Net balance recei v.
$4,644,820
assets
13,952,197 13,411,860
of
Miscell. accts. pay
1932, over principal or stated value of
securities issued thereafainst, as adjusted, less a charge of
$1,180,108
representing adjustment of book values of physical properties the corpora¬
tion and the National Steel Boiler Co., a wholly-owned
subsidiary com¬
pany, to fair values established by an appraisal as at March 18, 1938.—V
146, p. 2701.
Of net
a
aid
Audited accts. and
investment
—
in
construction
3,379,340
Invest, in affiliated
—unpledged
to affiliated cos.
466,307
property
Invest.in affil. cos.
debt
Non-nogot.
Grants
physical
Miscell.
Mat'ls & supplies.
1,452,308
3,688,155
......
14.832,900
Fund, debt unmat.41,079,900 41,307,900
Loans & bills rec.
General claims, including claims on income debentures
$7 preferred stock (no par)......
Common stock (no par value)
$
$
equipment—-.72,930,260 72,632,037
Dep. in lieu of mtg.
12,296
property sold—
13,371
Other
_
1937
1938
Liabilities—
Capital stock..-14,832,900
x
cos.—unpledged
March 18, 1938—
$
Assets—
Invest. In road and
—pledged
Liabilities arising subsequent to
Accounts payable, trade
1937
$
AssetsCash
Notes and accounts receivable, trade—-
1939
10
Consolidated Balance Sheet Dec. 31
(Unconsolidated) Dec. 31, 1938
'
Other
ad¬
Working fund
vances
Insurance
&
6,048
4.264
617,655
420 240
property■
unadjusted
credits
Excess of book val.
other
9,795
10,688
316,669
276,599
funds
of
of sub.cos.
sec.
-
Other defd. assets.
Neisner Brothers,
1939—Month—1938
$2,069,141
$1,539,327
Sales
—V.
148,
1939—5 Mos.—1938
$8,334,961
84,114
distribution.—V.
146,
"
Mo.—Property Sold—
City Title & Trust Co.,
as trustee under the trust deed and
securing the general mortgage 5% bonds, sold all the
property pledged as security for the bonds on May 26, 1939 and now holds
the proceeds of such sale for distribution to the bondholders.
New Orleans Texas & Mexico
Ry.—Annual Report—
General Statistics for Calendar Years
1938
Average miles operated.
1937
1,765
carried
439,407
28,191,256
1.75 cts.
Pass, carried one mile..
Rev. per pass, per mile.
.
1936
1,764-
Revenue tons carried...
5,323,257
5,861,118
Rev. tons carried onem.843,577,591 956,485,358
Rev. per ton her mile...
1.54 cts.
1.51 cts.
Passengers
1935
1,763
1,763
5,003,804
4,375,087
731,884,086 597,491,636
1.52 cts.
1.45 cts.
420.660
324,903
22,768/984
477,330
33,208,042
27.584,004
1.69 cts.
1.65 cts.
Consolidated Income Account, Years Ended Dec. 31
Railway Oper .Revenue—
1938
1937
1936
Freight.
..$12,973,149 $14,398,111 $11,109,418
Passenger...
494,139
562,414
456,333
Mail
237,272
249,301
227,918
Express....
*
131,584
154,897
134,450
Miscellaneous
113,637
126,955
.118,176
Incidental
112,201
118,966
68,032
Joint facility
132,477
149,122
128,380
1.72 cts.
*
1935
$8,818,493
392,458
224,123
147,869
80,494
68,995
101,076
$14,194,460 $15,759,766 $12,242,708
$9,833,509
Railway Oper. ExpensesMaint. of way & structs
Maint. of equipment—_
x
2,274,972
2,421,825
565,296
585,728
expenses
Miscellaneous operations
General expenses
...
29,486
605,048
1,915,889
2,281,095
537,802
3,909,733
22,056
570,635
35,651
Transportation
31,210
11,945
4,847,546
Transportation for inv,—
The Pennsylvania RR., which owns 319,925 shares of New Haven com¬
stock, has asked that "reasonable participation" be allowed common
mon
stockholders in reorganization of the New Haven.
The New Haven amended plan of reorganization, pending before the
Interstate Commerce Commission, provides that present common stock¬
holders receive nothing for their holdings.
The Mutual Savings Bank Group Committee has asked that definite
provision for inclusion of Old Colony and Boston & Providence in the reor¬
ganized New Haven company.
The committee said the New Haven "fails to offer any constructive sug¬
gestion" for the Old Colony, and makes no provision for including Boston
& Providence in the reorganized company.
The New Haven filed a supplement to its amended Plan to provide
for the acquisition of the properties of the Providence, Warren & Bristol.
This line would be used for freight only, its charter having been amended
to relieve it of all obligation to operate passenger service.
Under the proposal the New Haven would acquire Providence, Warren
& Bristol properties in exchange for its obligations to the New Haven, now
estimated at $688*000.—V. 148, p. 3382.
.
New York State Electric & Gas
1,596,963
1,956,142
507,329
3,493,274
19,464
x467,657
6,680
Total
.....$10,368,692 $10,712,964
for
rPDOWalc
1938
retirements,
q
nrl
ppnla
capital-
Federal income tax.
,
$5,152,397
•Operating income
Other income-.-
277,596
Int.
on
long-term debt—
-
$8,034,151
859,719
$5,046,802
y597,713
$1,799,358
556,027
Amort, of misc. suspense
Prov. for loss of sub. co_
incomo $2,966,050
$4,449,089
Railway tax accruals
$2,248,996
$1,243,331
$9,225,266
oper.
241,283
134,802
273,422
128,581
305,368
103,082
24,380
3,742
_
31',930
Total oper. income.__
"28","162
263,327
98,572
28,188
9,773
1,695
949
949
$4,884,717
$2,686,557
•
balances
Rent for locomotives
Rent for pass. train cars.
Rent for work equipment
facility
934,971
241,672
112,501
1,628
313,593
1,184,066
266,308
144,691
4,404
$1,765,892,
rents
Net ry. oper. income.
$1,644,140
390,352
1,029,107
220,682
110,638
10,057
324,183
799,499
171,954
64,545
13,473
329,869
$2,894,896
$991,889
30,953
79,850
31,504
66,454
Gross income
5,606
'
300
sees
Miscellaneous income
19,567
5,016
2,632
58,217
6,701
2,546
22",996
24",887
3,981
1,263
3,681
1,004
900
zl3,105
2,351
1,304
$1,923,080
leased
$3,039,420
$1,124,790
$355,136
5,456
5,938
Net income.$2,382,184
Divs. on 5% cum. pref.
$1,868,993
$1,522,921
$1,459,540
1,17 5",666
1,775",066
stock
Miscellaneous
cum.
pref.
rents
Amort, of disc, on fund.
debt
Miscell. income charges
.
Net loss.
,
1,850,000
694
1,200,000
$627,299
Divs.
4,765
on common
stock.
Note—-The above statement includes results of operations of merged com¬
Operations for 1936, however, include duly one
month's operations of Elmira Light Heat & Power Corp., which was merged
as of Nov,. 30, 1937.
The operations of New York Central Electric Corp.
and Empire Gas & Electric Co. are not included for the year 1936 since
these companies were merged
during 1937 as of Dec. 31, 1936.
Balance Sheet Dec. 31
1938
1937
Liabilities—
$
Plant, prop., &c.125
5,414,405
124,381,925
729,472
714,107
Investments
Notes&accts.rec.
($25 par)
bonds & bond
1,049
1,450
565
420
655
2,703,126
123,892
2,715,563
34,024
2,724,806
1,303
20,599
8,171
20,599
12,354
20,599
3,638
90,627
145,487
145,315
29,586
$1,650,505
to
1935
railway operating
revised
Interstate
accounts, effective Jan. 1, 1936.
.
75.000
23,771,668
53,736,500
52,372,000
5,602,850
5,421,338
to affil. cos
Mat'd bds. & bd.
.
582,853
13,733
Acc'ts payable-
1,963,464
Mat'ls & suppl's
AppI. accts. rec.
536,514
2,094,546
830,349
90,627
145,487
1.095.543
Notes payable..
15,453
640,134
1,724,575
1,109,217
732,383
accrued
850.823
796,547
Misc. accruals—
151,618
129,378
1,373,185
1,193,268
Taxes accrued
Interest
.
-
(contra)-
850,493
1,345,559
Cons .service and
Def. debit items.
5,039,484
5,246,470
line deposits—
sold
Employees
sion
pen¬
accr'l
fd.
443,515
Liab .for redemp.
of pref.
$2,374,305
have been reclassified
Commission classification
revenues
Commerce
96,950
23,771,668
757,880
stks.of
merged cos
—
77,020
Guar, of appl'ce
accts. rec. sold
(contra)
_
_—
850,493
1,345,559
7,951,872
8,249,034
Res. and miscell.
unadj.
credits
Contribs. for ext.
(non-refund.)
Capital surplus.
Earned surplus.
'
Note—The
—
int. (.contra)
Cash (incl. work¬
1,226
$925,868 prf$177,745
3,371 ;600
Common stock
a
Accts. receivable
1,137
611
2,692,286
119,317
$
3,379,600
Note&accts.pay.
(contra).
Special deposits-
Corp. for the years 1932 to 1937. inclusive, amounting to $12,234 of which
$10,771 was allocated to the companies in 1937, but taken into the accounts
conform
($100 par)...
Long-term debt.
129,468
x
1938.
,
$1.25 cum. pf. stk.
115,651
Depos. for mat'd
int.
1937
$
$5 cum.pref.stk.
from sub. & af¬
filiated cos...
Includes credit of $83,501 covering adjustment of amounts
charged to
general expenses in 1934, account of contributions under Federal Retire¬
ment Act.
y The provision of $177,756 made in 1936 under the Federal
Retirement Act of 1935 has been credited to the income of
1937 as a result
of the repeal of the Act in 1937.
z Includes the
companies proportion of
undistributed profits of the fund administered by The Railroad
Credit
in
$347,921 def $315,460
panies for the year 1937.
...
3,127
4,838
Miscell. tax accruals
Interest on funded debt.
Int. on unfunded debt__
41,000
168.913-
Divs. on $1.25
stock./
ing funds)
Notes receivable
roads
& equipment..
113,312
70,563
—
Assets—
Deducts from Oross Inc.
Rent from
114,845
73,016
45,859
$264,799
3,254
...
unfunded
„
to con¬
1938
25,943
110,930
*,
property.
Dividend income
Inc. from funded securs.
from
$3 ,433,168
1 ,592,235
203,456
'
27,909
Inc. from lease of road &
Miscell. rent income
Misc. non-oper. physical
Inc.
574,314
$3,738,373
1,730,680
302,367
$5,248,520
2,583,398
157,760
Interest charged
Non-Oper. Income—
equipment..^
$3,281,781
151,387
Balance, surplus.$358,506
.1 1,370,257
Deducts, from Oper. Inc.
Hire of frt. cars—debit
Joint
$3,453,975
284.398
292.849
12.221
struction—Cr—-
Rent from floating eqpt.
Rent from work eqpt
-Joint facil rent income.
593,131
236,635
898.866
$4,955,671
T
142,851
65,563
Miscell. deductions
Railway
Other Oper. Income—
Rent from locomotives.
Rent from pass, train cars
631.054
1,403,244
85,832
2,062,502
Amort, of debt discount
$3,017,442
y768,446
$5,429/994
2/431,410,
437,837
189,047
999,446
158.890
96,563
1,580,638
369,742
2,423,882
.
Other taxes-----
and expense
$3,825,769
Corp.—Earnings-
1935
1937,
1936
Operating revenues
$24,285,394 $23,347,004 $14,633,251 $13,723,190
7,617,262
13,245,318
8,291,424
Operatingexpenses-.--^ 13,514,813
Maintenance
1,243,921
1,594,435
1,068,304
1,095,516
Calendar Years—•
Other interest
Net oper. revenue
„
York, New Haven & Hartford RR.—Pennsylvania
RR, Asks Protection for Common Stock—
Gross income
credit
-...-83,988,823 83.496.473
Total
148,329 shares of common stock par $100.—V. 148, p. 3382.
ments of fixed
,338,418
,222,748
551,046
,673,247
33,157
Traffic expenses
..83,988,823 83,496,473'
Total
Prov'n
Total
131 000
'•
mortgage
•
13,915,644
417,483
New
Newbern Hotel Co., Kansas City,
The Kansas
Chattel
131,000
.15,364,176
not
surp.
invested..
spec,
Deficit
Pay 10-CentDividend—
3962.
p.
104,713
' 437,822
— .-.--
5,803 872
2,510,371
inc. and surplus.
Approp.
-
unadjusted
debits..
Directors have declared a dividend of 10 cents per share on the common
stock, payable June 15 to holders of record June 9.
Dividends of five cents
per share were paid on Dec. 20 and on June 15, 1938, this last being the
initial
debt
Other
New Mexico Eastern Gas Co.—To
35,220
Discount oh fund.
$6,969,974
3381.
p.
5,803,872
2,506,640
Add. to prop. thru.
42,139
advance...
Period End. May 31-i-
thereof
over cost
.premium paid in
Inc.—Sales—
at dates of acq'n
& Insurance
Rents
1,043,362
1.009,520
33,884,164
33,854,426
589,796
242.122
Total- .....135.643.395
135,529,450
to
of
Total
a
.135,643,395 135,529,450
Represented by 46,484
no par
shares.
Volume
148
Financial
Chronicle
Bonds and Preferred Stock
Registered-
Norfolk & Western
Ry. Co.—Annual Report-
The
Securities and Exchange Commission announced
May 29 that the
had filed a registration statement
(No. 2-4062) under the
Securities Act of 1933 covering
$13,000,000 first mortgage bonds, due
May 1, 1964, and 60,000 shares of
cumulative preferred stock ($100
par).
Of the preferred stock being registered, 29,276 shares are to besold
by the company and the remaining 30,724 shares are to be sold for the
3539
Operating Statistics for Calendar Years
corporation
account of
affiliates.
Associated Power Corp. and General Utility Investors Corp.,
Proceeds from the sale of the securities will be
applied as follows:
To the redemption, at
107%, on Dec. 1, 1939, of $1,720,000 Empire
Gas & Electric Co. gen. & ref.
mtge. 6% gold bonds, series A due 1952.
To
the
redemption, at 102%, on Sept. 1, 1939, of $2,634,000 Empire
Gas & Electric Co. and
Empire Coke Co. joint 1st & ref. mtge. 5% gold
bonds, due 1941.
To the
redemption, at 103%,
on
To
the redemption,
at
102M%, on Sept. 1, 1939, of $393,500 Seneca
Power Corp. 1st mtge.
6% gold bonds, due 1946.
To the payment of the
company's 4H % note due May 6, 1942, payable
to the Chase National
Bank, New York, aggregating $3,460,0004% note, due Dec. 1, 1939, payable to
York, aggregating $1,000,000.
To the payment of the
company's 6% demand note in the principal
amount of $976,500 due General
Utility Investors Corp.
To the redemption, at $25.75
per share of 3,878 shares of the company's
$1.25 cumulative preferred stock.
$1,500,000 to be deposited with the trustee under the mortgage of July 1.
1921, for withdrawal against expenditures for additional
property or against
To the payment of the
company's
the Chase National Bank, New
retirement of bonds or refundable divisional lien
bonds, in respect of which
no additional bonds
may be issued.
The
First Boston Corp. and Glore,
underwriters.
Forgan & Co. will be the principal
According to the registration statement, the principal underwriters have
been authorized to make
purchases and sales of the bonds and preferred
stock "for the purpose of
stabilizing the market in the bonds and preferred
stock in order to facilitate their distribution."
Coupon rate and redemption provisions for the bonds, offering prices
and underwriting discount or
commissions, and names of other underwriters
will be furnished by amendment.
The company is a
subsidiary in the Associated Gas & Electric Co. holding
Corporation has filed an application (File 32-149) under the Holding
Company Act for an exemption from the necessity of filing a declaration
regarding the proposed issue and sale of $13,000,000 first mortgage bonds,
due 1964, and 60,000 shares
5H% cumulative preferred stock, $100 par
value.
A declaration also
was
Av. per
rev. ton per mile
0.666 cts.
rev. per mile of road $33,169.36
rev. pass,
carried.__
1,238,648
No. rev. pass, car'd 1 m_
85,838,986
Av. rev. per pass. mile..
Ay.
No.
5% cumulative preferred stock into 30,724 shares 5Y%
cumulative preferred stock.
The reclassified shares will be held by Asso¬
ciated Power Corp. and General
Utility Investors Corp. and will be included
in the 60,000 shares
proposed to be sold.
Only the proceeds from the sale
of the bonds and 29,276 shares
5Y% preferred will accrue to the company.
—V. 148, p. 3382.
Telephone Co.—Earnings—
pass
Net op.
Period End. Apr. 30—
1939—Month—1938
1939—4 Mos—1938
revenues....$17,520,558 $17,143,005 $69,627,127
Uncollectible oper. rev.
58,110
79,406
280,827
$68,084,118
328,741
Operating revenues. .$17,462,448 $17,063,599 $69,346,300 $67,755,377
Operating expenses—.„
11,212,454
11,418,508
45,947,823
46,003,326
Net operating revenues $6,249,994
Operating taxes
2,812,842
...
Net operating income $3,437,152
^
Netincome...
3,010,874
—V. 148, p. 3235.
$5,645,091
2,680,143
$23,398,477
11,152,916
$21,752,051
10,722,044
$2,964,948 $12,245,561
2,577,093
11,089,050
$11,030,007
10,059,697
New
York
Title
&
Mortgage' Co.—Mortgage
Claims
Referee—
0.672 cts.
$33,968.36
1,431,040
93,169,563
1.977 cts.
rd_
$1,654.26
$14,010.60
$1,903.03
$18,959.27
$1,923.68
$20,553.97
$15,469.18
Income Statement for Calendar
Operating Revenues—
1938
$1,670.07
Years
1937
1936
1935
$72,898,946 $89,835,838 $89,903,067 $73,661,075
1,942,334
2,274,594
2,220,260
1,841,601
Mail-.
1,245,285
1,306,575
1,334,320
1,217,850'
429,632
Egress
'303,758
458,834
432,735
All other transportation.
324,564
352,720
341,787
300,561
Incid. & jt.
facility revs
448,053
662,142
606,025
590,560
Total
$77,162,942 $94,861,503
...
Operating
8,078,287
Maintenance of equipm't 15,128.096
Traffic
1,666,576
Transportation
19,220,704
Miscell. operations
General
200,056
2,123,587
46,588
Transp. for invest.—Cr_
Total
_
revenue from oper
accruals
Uncollectible
9,850,867
17,450,617
1,632,689
21,584,624
218,303
2,399,087
28,866
$46,370,719 $53,107,322
_
Net
Tax
$94,864,293 $78,044,384
Expenses—
Maint, of way & struc..
11,485,030
11,160,263
15,056,035
1,515,288
20,074,242
186,706
2,578,156
422,792
8,577,223
14,411,433
1,433,018
17,949,958
164,650
2,022,480
59,599
$50,147,899 $44,499,165
.$30,792,223 $41,754,181
$44,716,395 $33,545,219
13,734,849
8,840,000
13,035,513
revenue
7,105
.
income—.$19,307,193 $28,718,667 $30,981,546 $24,698,114
Non-Oper. Income—
"
Hire of freight
Hire of other
cars (net)
equip.(net)
Joint facil. rents (net)._
-
$2,571,797
04,006
Drl60,707
$2,415,095
Total-
Drl54.495
$3,996,614
4,158.089
Dr6,980
3,718,986
0 59,216
Dr254,324
$32,715,282
3,491
95,330
55,328
55,533
72,346
35,921
335,879
749,401
908,999
Miscell. rent income
Misc. non-op. phys. prop
Dividend income..
Inc. from f imded secur
Income from sink, fund,
.
reserve funds.
Drl29,690
$3,523,878
Net ry. oper.
income...$21,722,288
Income from lease of road
2,208
$2,605,703„
2,762,841
Dr27,447
$34,505,424 $27,303,818
3,604
3,533
76,425
66,976
78,843
12,447
67,028
35,824
550,324
1,050,875
82,034
,75,028
68,035
61,498
10,578
11,261
95,017
76,766
6,282
65,246
5,091
Income
from unfunded
securities & accounts.
Miscellaneous income
*
9,934
Gross income
Rent for leased roads
-$22,764,558 $34,271,307 $35,401,529 $28,636,512
240
240
84,993
99,434
2,522
2,592
2,688
,2,501
Int. on funded debt.,...
2,142,256
2,145,801
2,145,767
2,839,914
Int; on unfunded debt..
26,989
14,124
2,512
73,260
Misc. income charges.__
578,862
309,268
256,228
265,364
Miscellaneous
rents
.
-Total
$2,750,871
$2,472,025
income...
.$2p,013,686
Dividends on adjustment
$31,799,281
Net
Scored by
0.656 cts.
2,168
39,345,242
10,962,903
5,055,477
road
rev. perm.
rev. per m.
Freight
Passenger.
&c.,
Operating
0.632 cts.
$40,791.64
$41,324.10
1,574,856
1,693,434
1 08,746,366 108,607,896
1935
-
2.044 cts.
.
New York
2,175
49,193,930
13,511,975
6,210,803
2.092 cts.
filed in connection with the reclassification
of 33,796 shares
1936
2,202
51,304,416
14,211,600
6,453,043
2.263 cts.
Av
Total oper.
company system.
1937
2,197
39,736,795
omit.). 10,940,838
Rev. 1 mile perm, of rd_
4,978,132
Sept. 1, 1939, of $3,049,000 New York
Central Electric Corp. 1st mtge.
gold bonds, hYi% series of 1950.
To the redemption, at
103%, on Jan. 1, 1940. of $662,000 New York
Central Electric Corp. 1st mtge. gold
bonds, 5% series of 19o2.
1938
Aver, mileage operated.
Revenue tons carried.__
Rev. 1 mile (000
916,500
14,064,830
$3,280,660
*
»
pref. stock (4%)
Common dividends
$2,492,004
$32,909,525 $25,355,852
919,692
22,503,728
919,692
919,692
1 8,284,279
14,064,830
s
A
report recommending that two of the test claims filed against the
a decision of Louis Pink, State
Superintendent of Insurance, was filed June 8 with Supreme Court Justice
Alfred Frankenthaler by John G. Saxe as Referee.
One of the claims was
company be disallowed in accordance with
based
whole mortgage guarantee; the other, on
participation certificates
mortgage series.
case the
question of establishing a standard for valuation of
mortgage investments was before the Referee, but in neither was it treated
exhaustively for technical reasons. Mr. Saxe explained in his report that he
intended to go into the question in greater detail when he reports on the
remaining two text claims now before him inivolving other investors.
in
a
$13.57
—
on a
$5,500 mortgage.
He interposed
no
by Frederick H. Ryder, owner
objection to Mr. Pink's decision
that the claim was baseless and Mr. Saxe said he was therefore bound
to
recommend approval of the Superintendent's determination.
The certificated mortgage claim was submitted in behalf of Gabriel and
Margareta Berlenbach as owners of $15,000 in particupation certificates in
The outstanding certificates amounted to $126,351 and the value
in the series, to $148,000, the Referee found.
The
property securing the mortgages he found was worth $197,500.—V. 148,
Assets—
Invest.
&
In
road
equipment.481,643,313 480,801.154
funds—
2,167,646
1,983,819
Dep.
in
of
mtg.prop.sold
Misc. phys. prop
Inv.inaffil.cos.
4,500
Operating
revenues
■
1939
1938
$36,100,869 $35,737,785
13,598,480
14,228.008
Maintenance
i___
1,748,755
1,536,721
Appropriation for retirement reserve and deprec..
3,095,240
2,924,153
Taxes.,.
4,870,657
4.600,012
Provision for Federal and State income taxes
1,275,366
432,349
Operation.
_
_
———
._
—
_
Cash
stock. 140,648,300
grants
4,190,199
14,900,672
4,340,210
Traf. &
34,778
52,139,532
108,592
52,030,532
car serv.
Aba Is. payable.
104,418
98,984
.
13,836,664
udited accts. &
10,611,847
17,716,760
10,990,0^0
wages
828,117
Misc. accts. pay.
Relief fund (cash
3,041
7,347
held in trust).
89,409
Int. mat'dunpd.
31,132
28,396
3,178,660
2,764,286
Divs.mat'd unpd
65,155^
312,321
228,845
229,923
rec.
15,224,623
Traf. & car serv.
bals.receiv.__
3,105,370
payable
•
3,005,378
380,124
350,207
74,617
Unmatured divs.
declared
agts. & condrs
Misc. accts. rec.
371,428
2,323,559
Mat'l & supplies
Int. & divs. rec.
llab..
148,122
420,256
70,566
Deferred liabll—
3,657,410
Deferred assets.
6,488,729
34,042
65,835
4,208,217
3,587,602
Unadjust. creds.
82,171,313
3,476,389
80,576,469
Unadjust. debits
3,777,463
2,954,401
Sink. fd. reserve
2,169,461
1,644,306
47,234,000
47,234,000
Other
cur. assets
__
T
•
$
22,992,300
140,648,300
419,091
Other investm'ts
Net bal.rec.from
Subs.)—Earns.
Govt,
Long-term debt.
Special deposits.
Northern States Power Co. (Minn*) (&
Common
1937
$
22,884,500
"
lieu
Loans & bills
Years Ended March 31—
1938
Liabilities—
Preferred stock.
.
Sinking
of the two mortgages
v.
$13,705,554 $10,371,330
1,406,483
1,406,483
$29.85
$17.37
1937
$
series BN.
P. 3077.
$8,375,861
1,406,483
$21.96
Balance Sheet Dec. 31
1938
each
The whole mortgage claim was submitted
a
on com.
small
In
of
Balance, surplus
$5,032,357
Com.shs.out.(par $100)1,406,482
Earns, per sh.
280,051
1,892,441
Unmatured
6,831,450
51.744
accrued
Other
cur.
int.
509,784
508,694
Fund, debt ret'r
....
through inc.&
sin-plus
Net
!.
operating income.-
Miscellaneous income
income.1
Gross
Interest
on
—
—$11,555,433 $12,072,179
3,839,028
3,821,806
662,297
663,087
(>8,377
Cr 17,743
41,842
41,842
132,020
88,289
—
long-term debt.
-
_
Amortization of debt discount and expense.
Other interest (net)
Amortization of sundry fixed assets
Miscellaneous deductions
Add'ns
$11,512,370 $12,016,540
85,494
88,462
Dr48,504
Dr40,355
5,665
*
6,618
406
913
Rent from leased property
Merchandise and jobbing (net)
Interest and dividends..
preferred stock
of Northern
Total
-V.
552.100,505 546,449,059
...
148,
3235.
p.
cos..
Netincome
North Boston Lighting Properties—Subsidiaries Seek
Authority to Renew $3,109,375 Notes to Parent Company—
$7,415,806
Balance March 31, 1938, $550,630; net income for the year ended March
per comparative consolidated income account. $6,643,100; interest
indebtedness of parent company for the year ended March 31,
31, 1939
1939,
$276,520; total, $7,470,250; cumulative preferred, $5 series, dividends.
$1,375,(KM); common dividends, $4,700,000; miscellaneous direct items (net),
$92,235; balance March 31, 1939, since Feb. 3, 1937, $1,303,015.
Notes—(1) For comparative purposes the figures prior to Jan. 2, 1938
included in the year ended March 31, 1938 figures below have been adjusted
to include the income accounts of Northern
States Power Co. (Wis.) and
subsidiary companies and Midland Public Service Co. which became sub¬
sidiaries of Northern States Power Co. (Minn.) effective as of Jan. 2, 1938.
(2) Northern States Power Co. (Minn.) made no provision for Federal
and State income taxes for the year 1937, as it claimed as a deduction in its,
that
unamortized discount and expense and
expense and duplicate interest applicable to
year
redemption premiums and
bonds redeemed during the year 1937, which deduction resulted in
able income for that year.—V. 148, p. 2908.
4
with
the Securities and
Ex¬
no
tax¬
235,000
Gloucester Electric Co.
Salem Gas Light Co-r
Suburban Gas & Electric Co
-
785,000
$3,109,375
Total
—y.
148,"p.
3077.
Northwestern
Wisconsin
Electric
Co.—Bond
Issue
Approved—
The Public Service Commission of Wisconsin
announced May 31 that it
had authorized the company to issue $125,000 of first mortgage 5% sinking
The bonds Will mature May 1, 1954.
They will be! used to
fund bonds.
retire
bond
issues
of Clam
River
Electric
Co.
and Polk Electric Light
Co., payment of a $6,000 debt to the American Utilities Corp., and provide
$43,610 for additions to plant and equipment.—V. 144, p. 4
_
have filed declaration
1939.
$6,643",100
income tax returns for
546.449.059
According to Frank D. Comerford, chairman of the board of the New
England Power Association, of hich North Boston Lighting Properties is a
subsidiary, it is proposed to renew thsese notes for an additional 10 months
period so that maturity date of the new notes will be May 1, 1940.
The subsidiaries involved, and the amount of notes, follow:
Haverhill Electric Co
>014,375
Beverly Gas & Electric Co
850,000
.
Summary of Consolidated Earned Surplus Account
on
552,100,505
Total
'
59,090
226,125
19,396
>
/
44,862;659
147,780,541
change Commission, applying for permission to renew notes aggregating
$3,109,375 payable to North Boston Lighting Properties and due July 1,
States
Power Co. (Wis.)
Minority interest in net income of subsidiary
44,870,508
,-.151,694,535
loss
balance
$7,474,896
$6,888,621
_
on
prop,
surplus
Profit and
Several subsidiaries
Balance
Dividends
to
through inc.&
\
<S'
number
2909.
Indicated
V.
& LIGHT COMPANY
POWER
PENNSYLVANIA
$6.00
—
$6.00
W. M. Packer has been
Panhandle Eastern Pipe Line Co.—Contract—
1 the signing of a long-term contract under
the Ohio Gas Light & Coke Co. with all of its natural
gas requirements in the towns of Bryan, Edgerton,
Napoleon, Montpelier,
Wauseon, Pettisville, Archbold and Stryker, Ohio, and part of require¬
ments in Delta, Ohio.
Initial delivery of gas under the new contract is
expected to begin early in June.
The contract runs to Dec. 31, 1951, and
will continue after that date until 12 months' notice of cancellation is given
by either party.—Y. 148, p. 3237.
.1
YARNALL & CO.
N. Y.
Northern States Power Co.
Electric output of the
which it will supply
A. T. & T. Teletype—Phla 22
Philadelphia
Walnut St.,
1528
Company announced June
Stock Exchange
Telephone—Whitehall 4-4923
(Del.)—Weekly Output—
the week
Northern States Power Co. system for
25.539.901 kilowatt-hours, an increase
ended June 3. 1939 totaled
compared with the corresponding week
of 11.2%
Parker Wolverine Co .—Dividends Resumed—
declared a dividend of 25 cents per share on the common
last year.—Y. 148, p. 3382.
Directors have
stock, payable June 15 to
Telephone Co.—Earnings—
Period End. Apr. 30—
1939—Month—1938
1939-^1 Mos —1938_
Operating revenues
$3,651,961 $3,468,912 $14,349,438 $13,769,361
Uncollectible oper. rev__
4,609
•
22,856
20,200
' 72,916
Ohio Bell
3 Months Ended March 31—
Film developing & printing sales
Operating taxes
;
$3,446,056 $14,329,238 $13,696,445
2,203,654
8,974,516
8,905,357
$1,422,623
518,140
Net oper. revenues
$3,647,352
2,224,729
$1,242,402
489,963
1,984,149
1,948,356
$904,483
$752,439
743,613
$3,370,573
$2,842,732
Net oper. income.___
Net income
—V. 148, p.
881.454
Total.....
Oklahoma Power & Water
Co.—Note Issue Approved—
Total income.
—
J.
at the end of each of the
balance of
second, third, and fourth years, and the
$1,619,000 1st mtge. 5% 20-year gold bonds, series A, at '
102M and accrued interest, requiring, exclusive of interest.. $1,655,428
$381,000 1st mtge. 5% 20-year gold bonds, series B, at 102)^
and accrued interest, requiring, exclusive of interest
390,525
—V. 148, p. 3078.'
'
Abandon Unprofitable Lunes—
Files Reorganization Plan Giving 'New Haven Best Portions of
Property-—
"
.
time
as
the abandonment can be effected.
'
Boston and the Union
Freight RR., would be abandoned under the propsal.
Continued operation of tne Boston group of properties by the reorganized
Old Colony would clearly be confiscatory, in view of the heavy annual losses
passenger service, it was stated.
In order to realize upon certain assets and to carry out
resulting from local
the Old Colony would:
Release all its claims
*
the amended plan,
.
.
•
against Bankers Trust Co. of liability for non¬
performance of the old Colony lease, based upon the New Haven's assign¬
ment of that lease to Bankers Trust, as trustee under a New Haven mortgage:
Sell and convey to the reorganized New Haven free and clear of the Old
Colony mortgage and Cape and Western groups of properties and the
Market Terminal and Union Freight RR. in Boston;
Surrender its claims to principal and interest as a holder of $3,600,000 of
New Haven first and refunding bonds:
Release its claim against the New Haven for damages resulting from re¬
jection of the Old Colony lease; and
Assign to the New Haven all its rights against the Boston and Providence,
the properties and earnings arising out or operation since June 3, 1936, or
otherwise, together with the eight
shares
of Providence
Warren &
Bristol preferred stock.
*
,
;
In consideration, it is proposed that the New Haven trustees release and
discharge their claims against Old Colony, its properties and earnings aris¬
ing out of operation since 1935;
»
"
That there be issued by the reorganized New Haven to the holders of
Old Colony mortgage bonds 20% in fixed interest bonds, 40% in income
bonds and 40% in preferred stock;
That the New Haven settle claims of the Boston & Providence and of the
.
Providence
Warren
&
Bristol against
Old Colony for damages from the
rejection of their leasesThat New Haven surrender and cancel shares of the
Old
Colony
now
outstanding stock of
The reorganized Old Colony, which would operate temporarily and on a
restricted basis the properties proposed to be abandoned, would have out¬
standing only the 25,008 shares of its capital stock now publicly held.
The operating agreement for the unprofitable lines will provide, among
other things, that the reorganized New Haven will receive notes of the
reorganized Old Colony for
any money spent by the New Haven
in excess of
receipts.
The Old Colony's amended plan was filed after several studies had been
made of the properties and revenues and expenses segregated in order to
determine
the
revenues.
The recent further comprehensive studies made by a committee
relative
contribution
of
each
segmept
to
the
company's
of experts headed by Professor W. J. Cunningham showed the previously
filed plan to be impracticable, it was stated.
The Boston group of proper¬
ties, it was shown, were operated at
heavy deficit.
At the same time the Boston & Providence RR. petitioned the commission
for permission to file an amendment or addition to the New Haven's
amended plan.
Outlining the proposed amendments, the carrier suggested
that the B. & P. lease to the Old Colony be reinstated or that the Boston &
a
Providence bq included in the reorganized New Haven.—V. 148, p. 2600.
Pacific
Telephone & Telegraph Co.—Gain in Phones—
Company reports for May a preliminary net station gain of 4,482 as
against 2,021 in May 1938.
For the first five months this year the gain was
35.446 against 18,370 in like 1938 period and 50,631 in like 1937 period.
.
.
'
V
\
Consolidated—New
,
Chase National Bank, was on
$22,233,020, as
the month of May, 1939 were
Peoples Drug Stores,
Period End. May 31—
Sales
—V.. 148, P. 3080.
Inc.—Sales—
..
Petroleum Exploration,
Directors have
1939—5 Mos.—1938
$9,095,628 $8,690,539
1939—Month—1938
$1,858,647 $1,718,516
Inc.—Extra Dividend—
declared an extra dividend of 25 cents per share in addi¬
quarterly dividend of 25 cents per share on the common
tion to the regular
stock, both payable June
15 to holders of record
See also V. 148,
June 5.
1336.
P.
<•'
Co .—Decision
Philadelphia & Reading Coal & Iron
Reserved—
Biggs, Maris and Clark reserved decision June 5
Federal Judge Dickinson's refusal to grant the
Commission's petition for the appointment of an
examiner to investigate the affairs of the company.
The appeal was taken by a small group of debenture holders represented
by Attorney Archibald Palmer, because the SEC has no right of an appeal.
However, attorneys for the SEC supported the appeal but did not agree
with the legal theories advanced by Mr. Palmer, who argued that the Dis¬
trict Court was "bound" to appoint either a trustee or an examiner under
U. S. Circuit Judges
on
the appeal
to reverse
Securities and Exchange
*
» .'
Panuch, special counsel for SEC, conceded that Judge
"discretion," but maintained that he technically
abused it by refusing to appoint an examiner in the face of grave charges
that the mismanagement by the officers and directors had caused a loss of
nearly $30,000,000 to the company between 1932 and 1938.
Attorneys for the company and the four bondholders' committees,
which have sponsored the plan filed April 3 for the reorganization of the
company, vigorously opposed the appointment of an examiner, asserting
that Judge Dickinson had refused it knowing all the facts in the case.
Judges Biggs and Maris remarked dining tne argument that the appoint¬
ment of an examiner would not only delay action on the plan, but would
impose an enormous expense on the company, inasmuch as the court
"examiner" would have to be a disinterested party with no knowledge of
the company's affairs, which would make it necessary for him to make a
most exhaustive investigation, which could be done only with a large staff'
of assistants.
Moreover, Judge Biggs observed he felt that if the Circuit
Court disagreed with JUdge Dickinson all it could do was to send the SEC's
petition back to him with directions that he hear it op the merits, as his dis-;
missal of it two months ago was on the legal ground that it was equivalent
to a petition for the appointment of a trustee, which was then and is now
pending before Special Master,Howard Benton Lewis.
The hearings on appeals taken by Mr. Palmer from Judge Dickinson's
orders suspending hearings before Mr, Lewis on whether a trustee should be
appointed, and refusing Mr. Palmer's jequest that Mr. Lewis be ordered to
decide whether the company is solvent, were postponed to June 16 by the
Circuit Court because Mr. Palmer has not completed the record.—V. 148,
the Chandler Act.
J.
.
.A
Anthony
Dickinson was vested with
•
p.
3239.
Philip Morris & Co., Ltd., Inc. (&
1937
1938
$64,595,408 $55,613,034 $38,466,513
6,551,297
5,663,221
3,563,617
Net profit after all charges and taxes.
Shares of common stock outstanding.
Earnings
Subs.)—Earnings—
1939
Years Ended March 31—
Sales (net)
owned by it, and
That the New Haven pay in cash all reorganization expenses.
$59,373
$0.08
(J. C.) Penney Co.—Sales—
A plan 6f
The properties which are proposed to be abandoned by Jan. 1 ,1941, com¬
prise the so-called Boston group, including the lines from Boston to Middleboro, and Plymouth, the commuting area. The Western and Cape groups
would be conveyed to the New Haven free of lien,
.
The Boston group of properties, except the Market Terminal in South
$34,326
$0.03
compared with $18,853,992 for May,.1938.
This is an increase of $3,379,028 or 17 92%.
'
Total sales from Jan. 1 to May 31, 1939, inclusive, were $93,420,274, as
compared with $84,974,118 for the same period in 1938.
This is an in¬
crease of $8,446,155, or 9.94%.—V. 148, p. 2910.
Old Colony RR .—Seeks to
reorganization providing for the conveyance of the most profit¬
able portions of its property to the reorganized New Haven System and the
abandonment by Jan. 1, 1941, of other unprofitable parts has been filed
with the Interstate Commerce Commission by the road.
The company, which has been the focal point of dispute in the New Haven
reorganization case, plans to reorganize spearately for the time being with
the remaining unprofitable portions of its lines and to enter into a new lease
arrangement with the New Haven covering these properties until such
2,400
$9,902
Nil
Rovensky. Vice-President of the
Sales of the company for
.
1.
2.
$61,773
227
May 31 elected a director of this company.
Company also announced that more than 20,000 common shares have
been reacquired by the company since Jan. 1 at an average price of slightly
more than $10 a share, reducing the number outstanding to 1,350,000.—
V. 148, p. 3238.
—
$1,550,000 maturing at the end of the fifth year, frond the date of said notes.
Each purchasing bank will take proportionate amounts of each maturity.
Rightls reserved in the declarant to prepay the notes in full—or to partially
prepay them in multiples of $50,000—upon 30 days' written notice and
payment of a premium of
of 1% of the amount of any such prepayment.
The net proceeds from the sale of the notes, together with funds in the
estimated amount of $45,952 (to pay the redemption premium), will be
applied on Aug. 1, 1939, to the redemption of:
C.
S8.259 prof$12,921
42,812
48,852
$34,553
Enterprises
&
Mines
Director-—
200,000
National Bank of Tulsa
■_■
200,000
First National Bank & Trust Co., Tulsa, Okla
200,000
First National Bank & Trust Co., Oklahoma City
200,000
The notes will be payable in instalments, $150,000 of principal maturing
215,790
31,070
4,795
profit.
Earnings per share on common stock.
—V. 148, p. 3384.
$500,000
400,000
300,000
;—
44,539
218,263
30,289
$14,697
-—
-
Net
Patino
*
$21,804
36,501
■_•'
Interest expense.
$2,000,000 outstanding first mortgage 5% 20-year gold bonds.
The notes to be issued will bear interest at the rate of 3 *A % per annum
and are to be sold for cash at par to seven banks in the following aggregate
839
156,769
34,836
-
-
_
$304,320
•
•
3,676
Loss from operations
Other income.
$241,132
$173,477
_
Operating expenses..
Selling, general & admin, expenses—
The Securities and Exchange Commission has approved a declaration
regarding (1) the issuance and sale to certain banks of $2,000,000 of 3M%
serial five-year notes, and (2) the issuance and pledge, as security for the
payment of sucb notes, of $2,500,000 first mortgage 5% bonds, $500,000
of which are presently held in treasury.
The proceeds from the sale of the
notes, together with other funds, are to be used for the purpose of redeeming
principal amounts:
Harris Trust & Savings Bank (Chicago). —
Chase National Bank, New York...
City National Bank & Trust Co., Chicago
American National Bank & Trust Co., Chicago.
—
zation of advances
2,844,501
3,312,911
49,125
3,581
2,484
4,943
(net)
Producers'participations and amorti-
2908.
1937
$251,614
„
_—
Income from other operations
«-•
$238,648
$168,534
(net)
(net of distribu-
Film rental income
tors' allowances)
$4,791,088
$5,354,722
(& Subs.)—Earnings-—
.
1939 ■
1938
Pathe Film Corp.
...
Last previous payment
1937.—V. 148, p. 887.
holders of record June 1.
distributed on Dec. 15,
25 cents per share
was
^
Operating revenues...
Operating expenses..
1,884,200.—
in service is now about
of telephones
p.
company.
PREFERRED STOCKS
Members New York
148,
Packard Motor Car Co.—New Vice-President—
appointed Vice-President of distribution of this
Since Jan. 1, 1936 Mr. Packer had been Packard's General
Sales Manager.
He joined the company Oct. 8. 1934.—V. 148, p. 2753.
$7.00
—
June 10, 1939
Chronicle
Financial
3540
per
855,195
519,151
519,151
$7.37
$10.91
$6.88
share of common
—V. 148, p. 3232.
.
Pittsburgh Metallurgical Co.,
Directors
on
June 7 declared a
Inc.—Dividend Resumed
dividend of 50 cents per share on the com¬
stock, payable June 19 to holders of record June 13.
This will be the
first dividend paid since Dec. 15, 1937 when a distribution of 25 cents per
mon
share
was
made.—V.
Pittsburgh
146, p. 1413.
Steel
Co.—Tenders—
until noon, June 20, receive bids
6% s. f. debenture gold bonds dated
The Union Trust Co. of Pittsburgh will
for the sale to it of sufficient 20-year
Feb. 1, 1928, to exhaust the sum of $250,323
and accrued interest.—V. 148, p. 2602.
Pittsburgh
Terminal
at prices not exceeding 103
Coal Corp.—May
Sell Mines—
unable to sell certificates of indebted¬
considering sale of the
mining properties, according to Pittsburgh press dispatches.
•
Miners at the Coverdale pits of the company have rejected an offer of
20% of back wages and a promise of payment in full at a later date, and
have refused to reenter the pits until their wages are paid in full.
The
The receivers for the corporation,
ness to meet an
overdue payroll of $43,500, are now
mines have been closed down since March
31.
Volume
148
Financial
Chronicle
Although the company's Horning mine had been operated for the pas
six weeks at a loss of
$20,000, receivers expressed the belief that operations
could
be made profitable
P. 3239.
if the miners would return to
'
'.
'
■
Portland General Electric Co.—Extension
of
Notes—
i
1936.
was
This included the
gain in the bus passenger traffic, which showed 75,000
passengers daily in 1938 than in the preceding year.—V.
148, p. 288.
Railway Equipment & Realty Co., Ltd.—Annual Report
Consolidated Income for Calendar Years (.Inch
Subs.)
„
$5,997,324
4,846,012
330,268
""
384,069
185,594
loss$76,458
$251,379
Operating expenses-...
Taxes, &c
Depreciation-.
Interest, &c
Balance.
____
....
Other
charges and credits, net, incl. year's surplus
items--.
Cr4,028
loss$120,685
$255,408
"
incorporated to acquire the
Cable Co.'apd All America
Telegraph System, Inc., Commercial
Mackay Corp. and All America Corp. Counsel for the protective commit¬
tees, proponents of the plan, told E. A. Bamman, Examiner for the Com¬
mission, that they had incorporated the three new nominal companies
upon advice of Federal Judge Alfred C. Coxe.
William J. Deegan, Vice-President of Postal
Telegraph, reported that
approximately $20,000,000 of the company's bonds and debenture stock
had filed proofs of claim and that 97
% of these bonds and debenture stock
had expressed approval of the Lehman -Stewart
plan.—V. 148, p. 2602,
3081,3385.
Service
Co.
Finding
Marks First Time
of
Firm
a
Balance
Condensed Consolidated Balance Sheets Dec. 31
1938
1937
$
$
Assets—
Capital
assets
1938
Liabilities—
26,762,294 26,989,608
Cash..
689.942
1937
$
1st mtge. 4Ms
'
$
5,000,000
5,000,000
Instalment contrs.
835,135
472,439
201,994
Receivables-....-"' 80,472
Mat'ls & supplies.'
236,785
107,546
Bank loans
787,503
265,699
Accts., wages,taxes
Deferred charges..
462,646
687,496
Accrued
857,613
397",206
80.797
75,000
107,763
136,827
Res. for deprec..--
Colorado—Halsey Stuart & Co.
as
Prospective Underwriter—
Has Requested Advance Determina¬
Interest..
Dividend payableDeferred credits..
3,749,236
3,861,159
61,453
1
Capital stock
7,054,097
7,054,243
1,666,101
1,422,608
Othersurp.accts.. 9,390,112 10,431,398
Status
on
1937
Dr44,226
______
8.
The three new concerns which have been
stocks of Postal's line
company, Commercial
Cables & Radio, Inc., are Postal
tion Under New
1938
$5,786,080
4,948,848
352,527
>
329,412
231,750
.
,
Gross (mcl.
non-operating income)
reorganization, counsel for the proponents informed the New York P. S.
SEC
1,886,927,692
more
In preparation for the
early confirmation which they expect the Federal
District Court to give to their proposed
plan for reorganization, the Lehman
and Stewart committees and International
Telephone & Telegraph Corp.
have incorporated three concerns to facilitate the consummation of the
June
3.39%
daily traffic during 1938, calculated by dividing by 340,
approximately 9.062,000 passengers, or 140,000 fewer than in 1937.
•
.
a
a 2.38% decrease on the rapid transit
passengers.
The average
Telegraph & Cable Corp .-—Three Concerns Organ¬
Facilitate Consummation of Plan—
■'
Public
street surface cars and
12.15%, compared with
e?rease in Passenger traffic on the city's rapid transit lines was
This decrease continued until
1934. when there was a slight gain over
year, and this slight increase was improved in 1935 and
again
But 1937 saw the start of another
recession, with
noi
1931.
•
in
Postal
Commission,
of
February and November, but during the last two months of
November and
December there was a net
gain of some 2,900,000 passengers, or half of 1 %.
A table
prepared by the Transit Commission showed that the first
year
„
ized to
loss
a
The increase in the bus traffic
represented a 4.17% gain.
I he city's
Independent System passenger increase was a
gain of 11.60%.
Most of the losses in
passenger traffic occurred between the months of
Securities and Exchange Commission has
exempted the company, a
registered holding company, and a subsidiary of Portland Electric Power
Co., also a registered holding company now in
reorgainzation, under Chap¬
ter X of the
Bankruptcy Act, from the provisions of Section 6 (a) of the
Holding Company Act of the proposed extension from May 31, 1939 to
May 31, 1940, of the maturity of $3,420,000 5% collateral extension notes.
The notes are held by The Chase National
Bank, New York and Harris
Trust and Savings Bank,
Chicago, in the principal amount of $3,173,836
and $246,164,
respectively.
These notes represent part of the unpaid
balance of the original bank loans (evidenced
by 6% collateral notes)
made Jan. 3, 1933, (and
subsequently extended) to pay at maturity $7,500,000 of publicly held 4% unsecured gold notes.
Chase and Harris
Trust participated in the
original loans to the extent of $7,100,000 and
$400,000, respectively.
The original loans have been reduced to a total
of $6,012,600 as of May
31, 1939, represented by $3,420,000 of notes
proposed to be extended and $2,592,600 of 4% collateral notes due May 31,
1940.—V. 148, p. 3081.
.
3541
decrease represented
lines** °n
148,
work.—V.
The
This
Earned
Total.
Bargaining Rule
-...28,527,105 28,885,3841
surplus
Total....
28,527,105 28,885,384
Earnings for Calendar Years (Company Only)
Marking the first time
a prospective underwriter has availed himself of
"advance determination" procedure offered under the Securities and
Exchange Commission's new "arms-length" bargaining rule,
Halsey.
Stuart & Co., Inc., has asked toe Commission for a
finding with regard to
its status as a prospective underwriter of Public Service Co. of Colorado
securities.
the
1938
Total income.
1937
1936
1935
$863,323
66,295
14,062
$861,066
65,124
17,132
$854,623
89,507
21,076
$751,631
67,573
13,787
$782,966
166,759
23,349
33,040
307,016
2,522
$778,810
149,978
1,302
25,623
343,260
2,677
$744,040
109,375
30,345
12,648
337,304
17,397
$670,271
107,253
37,890
3,886
303,052
25,797
$250,280
$255,969
12
$236,971
324,000
$192,393
96
$250,376
125,952
$255,982
251,760
140,641
$560,971
$192,393
$124,424 def$136,419
Oper. & miscell. expenses
Taxes
$246,508
.
In its request
Net inc. before int. &
for findings, Halsey, Stuart & Co. stated it has not ap¬
proached the company as yet but would like to attempt to enter into
nego¬
tiations looking toward the purchase of the bonds and debentures.
The Commission's
new
rule
depreciation
Interest
on
funded debt-
Other interest
!—
Amort, of bd. disc. & exp
promulgated March 1.
According to its
terms, underwriters, if they are handling more than 5% of the proposed
issue, are prohibited from receiving fees if it is determined there had been
an absence of
"arms-length" bargaining in the sale agreement.
Public Service Co. of Colorado proposes to issue
$40,000,000 first 3 Ms of
1964, $12,500,000 4% debentures of 1949 and $2,190,000 par value 5%
cumulative first preferred stock.
The company is a subsidiary of Cities
Service Power & Light Co."
Halsey, Stuart & Co. also said that on Dec. 12, 1938, that company and
56 others signed purchase agreement with Public Service of
Colorado, cover¬
ing $40,000,000 3%s of 1963 and $10,000,000 4% debentures of 1948.
This proposed offering was later withdrawn and the contract canceled.
The underwriting firm, in addition, declared that it was not its
policy to
hold voting securities of the Cities Service
system, that none of its officers
or employees were connected with the
system and that Halsey, Stuart &
was
Depreciation--.
Other income charges
Other income.
.
Net income
.
1938
it
had
entered
into
no
agreement
A
a
r
Properties
.......
Operation
.
Maintenance-
Taxes--..—
i, •'
Net oper. revenues
,
Non-oper. income (net).
Balance
$606,445
—
Interest & amortization-
,
$7,168,257
Dr247,122
$507,621
320,262
Dr 17.977
$7,219,060
Drl56,691
$7,062,369
3,829,184
Current liabilities.
1,000,766
185,687
Reserves
2,987,087
3,098,285
53,175
Deferred
Deferred charges..
476.817
553,791
$187,359
$3,233,185
1,451,526
$3,068,641
1,479,832
Balance$276,461
Approprations for retirement reserve..
-
»
------
—
-
Balance
Prior preference dividend requirements—
_
_
.
Balance..
$1,781,659
550,000
$1,588,809
550,000
-.
$1,038,809
1,583,970
$352,311
Preferred dividend requirements.
$1,231,659
1,583,970
y
Transit Research
-
$545,161
48
York
City—Transit
••••..
Systems
-
1937.
The city-s Independent System, alone of the subways, showed
crease in passneger traffic,
with 361,157,204 fares collected in
an
1938,
Transit Co.
reported
that
749,748,612 fares
when it carried 190,234,281
Avenue El
on
passengers.
The closing of the Sixth
Dec. 4 last accounted for the losss of approximately 3,000,000
'
^
The New York Rapid Transit Corp., the operating subsidiary of the
Brooklyn Manhattan Transit Corp., carried 540,934,472 passnegers in
1938, a decrease of 29,923,808 from 1937.
The Hudson Tubes, operated by the Hudson & Manhattan RR., had a
decrease of 9,475,121 vrom 1937, carrying 68,514,736.
4,200,000
3,016,253
13,193,066
x
Total...... ...28,646.870 28,833,840
Represented by $100'par shares,
y
Represented by 140,700 no
par
Co—Earnings—
9 Months Ended March 31*—
1939
Net income after all charges
Earnings per share
—V. 148, p. 594.
on
____
_
,
•••
■
..
1938
$58,380
_
100,000 shs. of cl. B stock
loss$37,968
$0.19
Nil
.
Remington Rand Inc.—Interim Dividend—
'
common
ments
an
interim dividend of 20 cents per share on the
stock, payable July 1
were
made in
to holders of record June 5.
preceding quarters.
Revere Copper & Brass,
Similar pay¬
See also V. 148, p. 1337.
Inc.—Earnings—
[Including wholly owned subsidiaries]
Other income.
Total income.-..
$2,243,602
45,703
$758,068
39,652
$2,289,305
$797,720
132,728
2,950
77,198
Int. paid expect on own
bonds..
9,511
65,530
—
Cash discounts, &c
Loss on bonds
100,213
reduce bookj
value of securities—
Prov.
1937
1939
1938
$731,685 loss$387,950
31,256
26,466
$762,941 loss$361,484
3 Mos. End. Mar. 31—
Operating profit
1936
to
i
3,000
90,808
13,437
101,478
Amortiz., discount, &c.
Depreciation
95,210
16,949
100,921
—
Hurricane loss—
Net profit
Earns, per sh. on 513,260
shares common stock.
335,889
326,756
300,000
13,125
320,507
51,200
$156,210 loss$879,659
_
$1,414,712
$234,769
346,959
47,000
11,081
Nil
Nil
$1.98
Note—No provision has been made for Federal surtax
profits.—V. 148, p. 2132.
on
Nil
undistributed
Reo Motor Car
to
Co.—Hearing
on
Reorganization Adjourned
July 10—
on the trustee's plan for the reorganization of the company
adjourned June 8 by Judge Arthur Lederle until July 10, with the
Hearing
was
Court instructing the trustee, Theodore I. Fry, to be prepared to report at
collected on its subways in 1938, a drop of 35,072,326 in one year.
The elevated lines of the I. R. T. reported a loss of 17,395,196 in the last
year,
12,215,598
j
shares.—V. 148, p. 2755.
an
were
passengers.
cum. pf. stock 4,200,000
Common stock-- 3,016,253
in¬
increase of 37,538,207 over 1937.
The Queens Boulevard line of the Independent System, which was ex¬
tended from the Union Turnpike to the 169th Street station on April
24,
1937, accounted for an increase of more than 15,700,000 fares in the
Independent System's gain.
The Interborough Rapid
310
$6
28,833,840
Corp
Federal income taxes
New York City's subways, elevated lines, streetcars and buses carried
3,081,179,133 passengers during 1938, representing a decrease of 47,729,093
from 1937, according to the report of the Transit Commission for
the
12 months ended Dec. 31, 1938.
The only means of travel to show an increase in the metropolis
during
1938 were buses, with 634,720,013 passengers, a gain of 25,388.794 over
.
48
Total..... -1. .28,646.870
Interest
Rapid Transit in New
Show 47 Million Fare Drop-—
i_
credits..
Surplus
purch'd.)
Balance, deficit
-V. 148, p. 2912.
x
Inv. In cap. stk, of
$6,921,135
3,852,494
$588,468
312,007
90,549
478,795
_
Directors have declared
$523,957
Dr 16,336
86,069
Due to subs..
695,876
1
.
$
5,050,000
670,636
Randall
revenues
13,305,341
1937
$
5,140,786
483,971
55,077
Puget Sound Power & Light Co. (& Subs.)—Earnings
Operating
Liabilities—
Long-term debt...
Due from subs.cos.
hearing will be held June 15, at the SEC's offices in Washington
Halsey, Stuart & Co., Inc.,
as a prospective underwriter of the securities
proposed to be issued by Public
Service Co. of Colorado.
A request for a finding in this matter was filed
by Halsey, Stuart & Co., Inc.
The Commission ordered that, for the purpose of this
proceeding, this
matter be consolidated with proceedings in connection with the declaration
fileid by Public Service Co. of Colorado (File 43-195).
The declaration
covers a proposed
issue of $40,000,000 of first mortgage 3H% bonds,
$12,500,000 4% sinking fund debentures and 21,900 shares of $100 par
value 5% cumulative first preferred stock.—V. 148, p. 2132, 2283.
1939—Month—1938
1939—12 Mos.—1938
$1,325,062
$1,260,993 $15,986,080 $16,458,794
449,460
460,720
5,488,534
5,838,952
76,595
94,577 - 1,056,444
1,240,937
192,561
181,740
2,222,042
2,210,648
1938
'
Other assets......
A public
April 30—
$192,393
Current assets...
Service of Colorado giving it first call on the securities.
Period End.
%
14,"190,565 13,746,813
Inv. In cap. stocksl2,769,755
to consider the status under Rule U-12F-2 of
f
1937
"
Sfc
.
list of its under-
The company de¬
understanding with Public
or
314,463
Comparative Balance Sheet Dqc. 31 (Company Only)
Co. did not control the system in any way.
Halsey, Stuart & Co. also furnished the SEC with
writings in connection with the Cities Service system.
clared
_
Preferred dividends.
Common dividends
that
time
as
to
what progress
had
been
made
in
obtaining a proposed
$2 000,000 loan from the Reconstruction Finance Corporation.
The hearing June 8 was marked by objections to the plan by counsel
for the management, who declared that the management felt that the
question of what constituted "adequate working capital" was strictly a
management problem, and not the concern of the trustee.
'
The Securities and Exchange Commission, through its resident attorney,
pointed out that provisions of the Chandler Act clearjy provided that
any reorganization plan's feasibility and approval hinged upon the reor¬
ganized company being given an adequate capital structure while under
the Court's jurisdiction.
the
.—V. 148, P. 3387
given on first page of this department
See list
be
the
provide
to
SEC—
Seiberling Rubber Co.—Registers with
trustee's plan, merchandise and other creditors' claims of
be paid immediately, $1,000,000 of assets of the company
segregated in favor of remaining creditors, $2,000,000 would
be obtained on a first mortgage loan on remaining assets from the RFC
Under
under $500 would
would
June 10, 1939
Chronicle
Financial
3542
working capital
with
company
stand on this plan, as presented to the Court by its
attorney, is that the question of providing working capital should be
solved after the company is taken out of receivership.
By selling surplus
and unused assets, it was stated, the management feels it could raise
$1,000,000 cash within 120 days with which to resume operations.
Cred¬
itors' claims under the management proposal would be protected by a
segregation of assets slightly different from that proposed by the trustee.
—V. 148, p. 3241.
_
876,137
470,581
$1,448,732
1,006,576
42,460
7,821
3,843
$182,026
z200,449
-
$1,280,651
1,037,050
28,396
37,427
$173,935
z200,449
$539,485
z200,449
$310,521
z200,898
def$26,514
$339,036
$109;623
$0.43
$0.14
___
Net profit
Preferred dividends.—
Surplus
sh. on 776,627
shs. com. stk. (no par)
37,588
51,587
68,614
•
Earns, per
1935
$4,899,387
1936
$5,890,473
556,239
,259,918
1937
$9,667,549
1938
$6,471,430
242,472
239,055
Calendar Years—
Net prof, after all charges
Dividends disbursed
$1,821,517
1,136,203
40,138
37,077
$1,364,387
1,094,969
41,991
37,580
def$18,423
Federal taxes
(H. H.) Robertson Co.—Annual Report—
1936
1937
1938
1939
Mar. 31—
Guar. End.
Grossprofit
Expenses
Charges (jxet)
Depreciation
The management's
Volume of sales
Inc.—Earnings—
Sharp & Dohme,
the company
and then
of the directors.
would be returned to the management
Nil
Nil
Regular dividend of 87M cents per share (amount estimated).
■'
Note—No provision was made for Federal surtax on undistributed profits.
—V, 148, p. 2757.
z
490,545
Consolidated Balance Sheet Dec. 31
Assets—
Accounts
$957,020
.-$1,221,969
securities
Working funds and
28,606
.
$469,059
338 017
395,845
Reserves...
1,546,875
1.546,875
2,422,550
2,443,011
Common stock.
y
33,689
advances
$282,816
payable.
Surplus
Shawinigan
Water & Power Co.—Bonds Offered—
Aldred & Co., Ltd., and Dominion Securities Corp., Ltd.,'
offered in the Canadian market June 2 $15,746,000 first
1937
1938
Liabilities—
1937
1938
;
.
Cash A marketable
184,553
193,081
life insurance...
about 3.83% to
Accounts and notes
-
503.187
637,140
605,516
market...
558.721
or in part on any interest date at 106 and int.
thereafter at 104H and int. on or before June 1,
issue of emp'yees'
stock tr. certifs.
par
no
stock—*
cost
(8,440
at
168,800
824,521
32,086
28,518
and
plant
equipment-
-
...
Deferred charges.
Patents and trade¬
marks
Total....../...$4,590,259 $4,854,789
x
After reserve for depreciation
no par
.....$4,590,259 $4,854,789"
Represented by 247,500
Total
of $1,114,940.
accordance with their terms,
.
Earnings for 3 Months Ended March 31
1939
Net income after all charges and taxes.
share
per
(no par)
147,
on
$74,474
$0.38
j
1938
$89,693
:
Earns,
,
$15,746,000 series G bonds will be used to redeem, in
the $15,746,000 series B 4^% first mortgage
and collateral trust sinking fund gold bonds of the company presently out¬
standing, the remainder of the funds required for this purpose being supplied
Proceeds of the
y
shares.
.
$0.31
capital stock
239,060 shs.
......
—V.
p.
3620.
from the company's own resources.
Bonds Called—
All of the outstanding first mortgage
Royal Typewriter Co., Inc. (& Subs.)—Earnings—
p.
Sherwood, Swan & Co., Ltd.—Earnings—
•
1939^
.
Earns, per sh. on 268,618
shs. com. stk. (no par)
148,
1939—9 Mos.—1938 •
1939—3 Mos.—1938
'
$520,187
$254,223
Period End. April 30-r-
$1,476,587
$1,456,190
,
1338.
$4.68
$0.70
$1.69
»
,
»
and collateral trust sinking
fund
gold bonds series B4K% tyave been called for redemption on July 7 at
1023^ and accrued interest.
Payment will be made at the Royal Bank of
Canada, Montreal, Canada,
the Bank of Manhattan Co., New York
City, or at the Bank of Scotland, London, England.—V. 148, p. 3242.
•.
Net profit after deprec.
& Federal taxes^
—V.
before June 1, 1944;
1949; thereafter at 103 and
panies Act, 1932 (Dominion), as amended.
'
The series G bonds will be secured by and issued under a trust deed of
hypothec, mortgage and pledge executed by the company in favor or
Montreal Trust Co. as trustee under formal date of Oct. 1, 1927, and by 13
supplementary deeds and is to be further supplemented by a supplementary
deed dated as of June 1, 1939.
The trust deed secures a total authorized
issue limited to $200,000,000 including at par of exchange any bonds issued
in other currencies.
' -;
•
168,800
X787.673
shares!...
Land,
on or
before June 1, 1954; thereafter at 102 and int. on or before June 1,
1959- thereafter at 100 and int. to maturity. Montreal Trust Co., trustee.
In the opinion of Counsel these bonds will be a legal investment for insur¬
ance companies registered under the Canadian and British Insurance Com¬
int. on or
Invest, in this com¬
common
maturity.
1939; due June 1, 1969.
Interest J-D. Coupon bonds
registerable as to principal only. Principal and
interest payable in the cities of Montreal and Toronto in lawful money of
the Dominion of Canada. Callable on 30 days' notice as a whole at any time
1,
Dated June
$1 000 and $500 denom.,
Trustee for plan for
pany's
103 and int., to yield
'
the
at
of cost or
lower
1,466,909
1,044,256
receivable—Net
Inventory
fund bonds, 30-year
mortgage & collateral trust sinking
series G, 4%.
Bonds were offered at
Cash surr. value of
1938
3 Months Ended March 31—
„
Net income after all charges,
$4.76
,
$11,952
but before taxes
Earnings per sh. on 45,000 shs. common
—V.
147, p. ,3620.
\
$0-24
$016
stock—_
.
St. Louis-San Francisco
Ry.—Interest—
Sierra Pacific Power Co.—-Tenders—
England Trust Coi, Boston, Mass., will until 10 o'clock, June
23 receive bids for the sale to it of sufficient first mortgage and refunding
gold bonds series B 5H% due March 1, 1957 to exhaust the sum of $16,000
at prices not exceeding par and accrued interest.—V. 148, p. 3388.
Federal Court at St. Louis recom¬
The trustees have filed a petition in
The New
1, 1939 on bonds of the
Kansas City Memphis & Birmingham RR. Payments sought are $66,460 on
general mortgage 4% bonds and $89,500 on income 5% bonds.—V.148,
mending payment of semi-annual interest due Sept.
p.3386.
•
.
Savannah Electric & Power Co.Period End. April 30—
Operating revenues
Operation.
Maintenance
$183,155- $2,259,619
67,306
801,749
9,625
126,864
22,035 •
291,909
$191,413
64,992
10,802
24,863
Taxes.!
Net opef. revenues
$90,755
Balance.
$90,587
31,294
amortiz..'.
$1,039,097
Drl2,045
$982,136
$1,027,052
377,588
$986,745
379,152
$84,189
Dr480
$83,708
31,570
,
Net sales.
•.
$607,593
.
Balance
_
....
Balance for common dividends and surplus..
—V. 148, p. 2913.
Schmidt Brewing
.
'
"
Other income.,
p.
60,000
'
/
4 Months Ended April 30—
147,
$148,311
•
.
Co.—Earnings1939
Net income before Federal taxes
—V.
1938
$55,896
$95,420
3321.
Schulte Retail Stores Corp.
Period End. April 30—
Stores in operation
Sales
Loss after admin,
,
1939—Month-
Earnings1939—4 Mos.—1938
•1938
253
269
$1,486,410
,
i
$246,446
$114,955
per
67,046
30,144
_•
I
—,—
share on 500,000 common shares
;
-i__,
1939—16
$15,324
$0.03
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash, $155,438; notes receivable, $2,898; accounts receivable
(after reserves), $369,507; inventories, $484,602; other current assets,
$27,800; miscellaneous investments, $685; fixed assets (after reserve for
depreciation), $1,189,961; patents and trade-marks, at nominal value, $1;
deferred charges, $36,740; total, $2,267,632.
Liabilities—Loans payable, $148,907; notes, payable, $145,192; accounts
payable, $211,833; accrued liabilities, $149,303; other current liabilities,
$66,504; long-term debts, $236,686; reserves, $423,053; common stock
($1 par value), $500,000; capital surplus, $526,248; deficit, $140,093;
total, $2,267,632.—V. 145, p. 2244.
*
"
Yards Co. (& Subs.)—Earnings—
Earnings for the Year Ended Dec.
31, 1938,
I.
U__
$1,168,882/
Operating, $596,874; administrative,
$75,773; depreciation,
$78,884; insurance. $22,970; taxes (other than income taxes),
Gross earnings.:
936,483
$121,981; interest, $40,000
1939—4 Wks.—1938
Wits.—1938
$54,378,932 $42,496,947 $179807,116 $149275,098
^7-
—V. 148, p. 2604.
i
Sioux City Stock
prof8,375
$112,513
Net profit for the year..-
Earnings
„
Sears, Roebuck & Co.—Sales—
Period End. May 21—
_
43,531
— ......
—
',+L
Provision for foreign income taxes
exps.
&
38,549
2,238
$68,982
Income deductions
$1,580,038
deprec., but before
special chgs. and cred.
—V. 148, p. 2913.
90,108
74,540
Operating profit
$208,311
$180,522
_
Preferred dividend requirements
$357,426
149,115
$240,522
60,000
___.
2,160,462
1.253,247
250,167
$389,637
149,115
....
$3,649,577
—
__
__—.
Total income..
Balance.
$5,171,362
1,521,785
Cost of goods
sold
_ _
Selling, general and administrative expenses.
Provision for depreciation_
Taxes, other than income taxes
__
Provision for doubtful accounts receivable.
,
o
-
.
_—
259,826
Appropriations for retirement reserve..
Debenture dividend requirements.
„
-—-•-
-
Returns and allowances
4,609
$649,463
$52,138
$59,293
4
Subs.)—Earnings—
Earnings for Years Ended Dec. 31, 1938
Sales
•
Balance..
,
„
$2,214,024
862,334
118,389
251,164
'
Drl67
Non-oper. income (net).
Interest and
1939—12- Mos .—1938
1939—Month—1938
...
d
Simplicity Pattern Co., Inc. (&
Earnings—
$232,399
Net earnings before income taxes.
Federal income taxes
:
State income taxes
...
32,405
4,513
Seeman Bros., Inc.—Extra Dividend—
Directors have declared an extra dividend of 50 cents per share on the
stock, payable June 26 to holders of record June 15.
A regular
quarterly dividend of 62 H cents per share previously declared will be paid
on June 15.—V.
148, p. 745.
common
$195,480
Net income
Dividends
Dividends
Earnings
on
per
90,000
preferred stock
on common
135,000
stock
$0.88
share on 120,000 shares common
Consolidated Balance Sheet Dec. 31, 1938
Seversky Aircraft Corp.—Major Seversky Ousted—
Major Alexander P. de Seversky, wartime pilot of the Imperial Russian
Navy and founder of this corporation has been notified of the termination
of his employment by the company, effective on June 30.
Major de Seversky's salary was continued, however, and he remains a
director of the company.
Joseph S. Powell, President of United Shipyards, Inc.; J. J. Daly, PresiSpencer Shoe Co., and W. W. Rellett, newly elected President
of this
company,
vanced
some
nominated to be directors of the company some
months ago by interests connected with White, Weld & Co., shich had ad¬
y
were
$770,000 to Seversky Aircraft
are
over
9 Months Ended April 30—
Net income after charges
Earns, per share on 74,999 shares com. stocks
invested assets,
$10,000; accrued taxes, $135,085; first mortgage 4% 15-year bonds, $1,000,000; preferred stock (60,000 shares), $900,000; common stock (120,000
shares), $1,800,000; capital surplus, $1,800,000; earned surplus, $279,282;
total, $5,947,383 —V- 148, p. 1040.
-
the last two years.
Moore, Livingston Piatt and Horace N. Taylor.
Shakespeare Co. (& Subs.)—Earnings—
—V. 145, p. 2863.
$341,873; accounts and note receivable (after reserve for
debts), $75,829; inventories of feed, bedding and supplies, $77,138;
$74,980; fixed assets (after reserves), $5,285,873; deferred
charges and prepaid expense, $29,816; leased stock contract settlement,
$61,875; total, $5,947,383.
Liabilities—Accounts
payable, $23,017; accrued interest on bonds,
Assets—Cash.
bad
„
__
1939
$103,901
$1.32
Typewriters, Inc.—Common
Official—
(L. C.) Smith & Corona
Dividend Omitted—New
1938
$40,437
$0.47
.
.
6 decided not to take any action
ordinarily due at this time on the common shares.
Regular
quarterly dividend of 25 cents per share was paid on April 1, last.
Duncan K. Van Cleef was elected Comptroller apd Mercer V. White,
Assistant Comptroller of the company.—V. 148, p. 2757.
Directors at their meeting held on June
on
the dividend
Volume
148
Financial
Chronicle
Sivyer Steel Casting Co.—Earnings
Calendar Years—
1938
1937
$189,802
197,252
1935
1936
Consolidated Statement ofProfit and Loss for the Year Ended Dec.
31,1938
Sales, less freight, commission, discounts, &c
$4,062,929
<^^of^oods sol(i (incl. prov. for deprec., depletion & amort, of
$263,786
$457,859
199,156
60,967
$645,941
246,471
72,855
75,877
63,383
Operating profit
loss$68,417
Interest & other income.
5,889
$326,614
11,113
$182,826
20,203
$54,389
Net profit
Prov. for income taxes.
loss$62,528
$337,728
78,290
19,653
$203,029
44,849
10,189
$65,092
6,292
li",207
$239,785
79,990
$3.00
$147,992
79,990
$1.85
$36,906
79,990
$0.46
8ell., adm. and
gen. expz
Prov. for depreciation.
_
_
Sundry charges 1..^
Net profit for year
Shs.
com.
Earnings
loss$73,736
stk. (no par)._
79.990
per share.
Nil"
Balance Sheet
as at
146,014
$291,714)
10,703
$676,463
16,590
Total income
$693,053
157,915
209,863
57,000
^
Other charges
21,894
"
Prov. for deprec. on
pulp mill while not in
Provision for Federal income tax
use-
Net profit
Dividends
on
Dividends
,$16,186; accounts
and notes receivable
(after reserve of $6,390), $84,417; inventories, $168,675;
cash surrender value of life
insurance, $80,813; sundry current assets,
$3,085; property, plant and equipment (after reserve for depreciation),
$934,295; other assets and deferred charges, $11,240; total, $1,468,165.
Liabilities—Accounts payable, $7,844; accrued salaries and wages, $7,040;
accrued property taxes,
$7,444; accrued social security excise taxes, $6,137;
accrued Federal capital stock
tax, $2,880; provision for additional Federal
income taxes for years 1935 to
1937—net, $3,340; sundry current liabilities,
$595; common stock >'79,990 shares no par), $1,199,917; earned surplus,
$162,788; surplus arising from appraisal of fixed assets, $70,151: total,
$1,468,165.—V. 146. p. 3522.
SIoane-Blabon
3,386,466
Gross income from operations
Miscellaneous income
_
Dec. 31, 1938
Assets—Cash, $169,455; marketable securities
3543
Soundview Pulp Co. (&
Subs.)—Earnings—
on common
preferredstockf,
at cost
$268,275
I_
6% cumulative.
stock
I.
125,685
122,062
_
.
Consolidated Balance Sheet Dec. 31, 1938
Assets—*
Cash
Liabilities—•
.
hand
on
&
demand
posits in banks
de¬
Inventories.
Ad vs. to
A
_
Notes pay. to banks on dem__
_____
_
_
_
_
_
logging contractors A
Prop.
costs applic. to felled timber
33,269
Investments
a
Capital
Deposits
&
cap.
73,510
.
Timber purch. contr. pay. in
1939
______
35,441
85,596
Notes pay. to bnks. (.not curr)
1,300,000
Serial notes: series A, 4%___
Series B, 5%
112,000
8,880,735
18,025
timber options.,
on
stock taxes
2,705
106,495
63.502
_____
Process right
__
Deferred charges.
Corp.—Earnings—
excise taxes
for Fed. inc.
Piov.
101
assets ;j_
23,856
Int. accr. on notes payable
1,385,745
_
195,660
Salaries & wages payable
313,319
:_
$30,000
Accounts payable
$133,046
_,
Accounts receivable
Consolidated Income Account Year Ended Dec. 31,1938
Timber
Gross oper.
income, before main. & repairs, and depreciation $1,199,956
Maint. & repairs ($161,623), prov. for
deprec.
($238,889),
selling, gen., & admins, expenses ($984,414)
_
1,384,925
purch.
contr.
50,000
pay¬
able, due May 15, 1942____
Pref;
stock,
6%
50,813
(par
cum.
value$100)___
2,107,509
Com. stock (par value of $5)_
Operating loss
_1
Interest expense
Taxes on land not used in
j.
....
operations.I
;
___i
1934.__.___
Total
$209,987
a
Consolidated Balance Sheet Dec. 31,1938
Assets—Deposits in banks and cash on hand,-$320,803; trade accounts
receivable, $l.,2u9,622; raw materials, finished goods, work in process,
&c., $1,924,208; prepaid expenses, $38,913; deferred charges, $141,264;
factory stores, repair parts and supplies, $80,511; blocks and moulds,
$186,318; land, buildings, machinery & equipment (after allowance for de¬
preciation, $1,598,029), $4,376,919; goodwill, patents, trade-marks, &c.,
$1; total, $8,278,563.
Liabilities—Notes payable,
April 30—•
1939
$30,863
65,283
$304,207
,143,675
$34,420
x$160,532
$64,743
$160,532
y$49,719
Loss
Profit
tax
y
15,024
$3,348
____
Indicates loss,
$12,394
77,137
.
37,768
'
Net loss
$1,119,633
1,132,027
Profit.—V. 148, p. 3388.
Company on June 2, filed with the Securities and Exchange Commission
registration statement (No. 2-4068, Form A-2) under the Securities Act of
1933 covering $50,000,000 of 25-year
3% debentures, due July 1, 1964.
According to the registration statement, the net proceeds from the sale
of the securities are to be used for the
redemption on July 21, 1939, at
1021^%f of $50,000,000 principal amount of the company's outstanding
15-year 3M% debentures due Oct. 15, 1950.
Accrued interest and any
balance of funds required to retire the debentures will be
provided from
the genera] funds of the
company, it is stated.
The
Selling
statement
indicates that
are
Salomon
Bros.
&
redeemable at the option
Hutzler of New York
of the
company after
1959,
102%; thereafter and including June 30,
1963,
101%; and'thereafter and including Dec. 31, 1963, 100H%. No premium
will be paid if the debentures are redeemed after that
date.
>
The price at which the debentures are to be offered the
public and the
.
underwriting discounts and
to the
commissions
are
to be furnished
registration statement.-—V. 148, p. 3243.
Solar
.k>
•
Loss from operations
Other income._,_ 1
i
Assets—Cash, $229,967; U. S. Treasury bills and notes, at cost, $120,038?
receivable (after res. for doubtful accts.), $348,646; inventories,
$608,878; unexpired insurance premiums, $7,922; small tools, supplies, &c.t.
$13,444; bonds & other investments, $9,094; property, plant & equipment
(after reserve for depreciation), $271,245; total, $1,609,233.
Liabilities—Accounts payable, $50,322; customers' credit balances and
deposits, $11,885; salaries, wages and commissions, $15,716; taxes, other
than Federal income taxes, $22,894; provision for Federal income
taxes,
$79,000; capital stock (outstanding 120,000shares $5 par value), $600,000;
earned surplus $829,416; total,
$1,609,233.—V..146, p.
Southern
Ry.—Earnings—
——Fourth Week of May—•—Jari.
1
1939
1938
1939
v
Gross earnings
—V. 148, p.
(est.)____ $3,367,68^
3389.
...
Period End. May 31—
—V.
148, P. 3389.
36,244
10.647
u_____
31,
1938
i
Manufacturing Co.—Earnings—
on June 7 declared a dividend of 30 cents per share on the com¬
stock, par $1, payable June 30 to holders of record June 20.
This
with 15 cents paid on March 31, last; 30 cents paid on Dec. 23,
last; 15 cents paid in each of the three preceding quarters; $1.05 paid on
Dec. 24, 1937; 35 cents paid on Sept. 30, and on, June 30, 1937, and a
dividend of 25 cents per share paid on March 31, 1937.—V. 181, p.
2759..
compares
(E. R.) Squibb & Sons—EarningsCalendar Years—:
per
1938
$1,552,424
share on common stock..--—$2.64
.
Consolidated Balance Sheet Dec. 31, 1938
$1,239,338
Div.
Customers' notes and accts.
a
4.596,726
_
rec'le
Other notes and accts.
Due
from
Balance Sheet
Assets—Cash
$69,362;
in
banks
and
as
on
at Dec.
hand,
$484,222
115,598
$368,624
3,628
$372,252
79,088
293,164
$0.29
Net incom e for year
Net earnings per share
due June 1.
receivable,
$13,146; total assets, $692,380
Liabilities—Accounts
payable
(trade),
$16,405;
accrued
liabilities,
$11,063; reserve for Federal taxes on 1938 income, $13,239; capital stock
($1 par), $195,000 paid-in surplus, $18,294; earned surplus, $438,379;
total liabilities and capital, $692,380.—V. 147, p. 3170
,,
Co.—Transfer Agent
Central Hanover Bank & Trust Co. has been appointed transfer
agent
for 691,971 shares common stock, $7:50 par value.—V. 148, p. 3243.
100,000
Provision for U. S. and foreign
income taxes.
Plan
accts. receivable sub¬
10-year sinking
120,7.02
Investments arid advances to
non-consolidated
subsids__
Other security investments.
J ,382,823
39,148
_
630.286
Prepaid exps. & def. charges.
3,415,645
1,195,721
1,800,000
336,080
Capital stock.-..-,,.
Capital surplus..
Earned
332,243
4fi%
fund
debentures, 1947.
Miscellaneous reserves,__
c
plant and equip¬
at cost
480,331
567,620
Accrued liabilities
38,848,307
370,950
surplus".
1,649,137
Unappropriated surplus
4,395,497
Cost of $6 1st pref. stk. red__/>rl,649,137
Cost of $6 1st pref. stock and
stock
purchased
Total
____.$18,063,695
Total
Dr 118,068
___$18 063,695
a After reserve for
doubtful accounts of $197,369.
b After reserve for
depreciation of $2,844,216.
c Restricted to extent of $118,068 on account
purchases of preferred and common shares held in treasury,
d Repre¬
sented by 56,059 shs. $6 cum. pref. stock and 468,483 shares common stock
—V. 148, P. 2134.
of
Standard Cap &
Seal Corp. (& Subs.)—Earnings—
Consolidated Profit and Loss Account Year Ended Dec. 31, 1938
operations—before provision for depreciation
and amortization and Federal income taxes
accounts
inventories, $131,947; machinery and equipment
for depreciation of $106,149), $153,161; deferred
charges, &c.,
Southern Natural Gas
'84,096
instal.
1939
1.126,698
loans to Squibb
Net profit from
merchandise
(after reserve
t$6
4,026,519
ject to currency restrictions
$1.50
31, 1938
$324,764;
$865,738
1939
1,
Due to the Squibb Plan Inc__
common
$69,681
13,239
56,441
_
Net profit before pro v. for Federal taxes.
Provision for Federal taxes
Feb.
first pref.'stock)
and held in treasury
$68,084
1,597
expenses
r-
.
payable.
deb. sink, fund
•273,139
16.899
subscribers
b Property,
pay.
cum.
non-consolidated
In ventorles
Cash
Accounts
1937
$163,284
95,200
Net operating profit.
Other income (net)
.
Liabilities—
AS8€tS~~~~
Cash In banks and on hand..
Goodwill, pats. & trade-marks
1938
Selling, general & administratiye
1937
$1,317,042
$2.00
.
Comparative Statement of Income
Gross profit on sales
$19,359,797 $17,676,823
,
Square D Co.— To Pay 30~Cent Dividend—
ment,
Years Ended—
1939—5 Mos:—1938
Directors
Collat.
Assets—Cash, $93,398; accounts & notes receivable, $156,020; merchan¬
inventories, $158,378; deposits, $2,445; loans receivable, $9,339;
fixed assets
(after prov. for depreciation), $115,624; deferred charges,
$540; licenses, processes and patents, $1; total assets, $535,745.
Liabilities:—Accounts payable, $35,054; accrued labor, expenses, com7
missions and royalties, $92,961; capital stock
(par value $1.00), $225,000;
paid in surplus, $192,566; operating deficit, $9,837; total liabilities and
capital, $535,745.—V. 147, p. 2404.
dise
*
'
^
■
...
subsidiaries
$29,014
31—
1938
mon
-
1,471,295
May
,
1939—Months-1938
$4,547,380
$4,501,566
Sales._'_
$1,467,878
$39,662
at Dec.
to
$2,765,873 $51,688,901 $46,205,522
Spiegel, Inc.—Sales—
Earnings
-Net loss for the year
Soss
$252,473
156,000
*
accts.
recei va bl e.
as
$319,653
67,180
Net after profit after all taxes.
i
Balance Sheet
17,697
Balance Sheet Dec. 31, 1938
Condensed Statement of Income for the Year Ended Dec. 31, 1938
Cost of sales, selling & general administrative
expenses
Provision for depreciation
$301,956
Dividend paid
•
Manufacturing Corp.—Earnings—r-
Net sales-
$667,812
230,393
135,463
«_
expense.
Net profit before provision for Federal income taxes.
Provision for; Federal income taxes.
by amendment
,•
$1,711,073
1,043,262
.
at
least 30 days' notice at the
following prices plus accrued interest:
If re¬
deemed on or before June 30, 1944,
105%; thereafter and including June 30.
1949, 104%; thereafter and including June 30, 1954, 103%; thereafter and
including June 30,
Works—Earnings—
Net profit from operations
Other income
City will be the principal underwriter.
debentures
913,339
General and administrative expense
a
The
467,049
.1._____________
2^69.
Socony-Vacuum Oil Co., Inc.—Registers with SEC—
.
Total
Statement of Profit and Loss for the Year Ended Dec. 31,1938
Net profit.
1937
$774,219
1,078,426
Other income (net)
x
1938
$1,040,371
1,071,234
Depreciation
$10,913,339
After provision for depreciation.—V. 148,
p. 3083.
Gross profit
(A. O.) Smith Corp. (& Subs.)—Earnings—
Federal & State income
__________
Gross sales, less discounts, returns and allowances
Cost of goods sold
crued expenses,
12 Months Ended
_____
South Bend Lathe
*
$749,698; accounts payable, $221,296; ac-„
$56,358; provision for sales allowances, and contingencies,
$246,912; class A, 6% pref. stock (par value $100 each, 24,208 shares),
$2,420,800; class B, 5% pref. stock (par value $100 each, issued 15,027
shares), $1,5)2,700; common stock (no par value, issued 75,633 shares),
$1,890,825; capital surplus less deficit, as annexed, $1,189,973; total.
$8,278,563.—V. 147, p. 1049.
3,917,052
Earned surplus from March 1,
'
Loss for year
2,441,250
Capital surplus
$184,969
21,108
3,909
$861,167
20,620
Other income
Total income
—
-
Interest and miscellaneous
922
Depreciation and amortization
Net
152,578
$728,287
profit before Federal income taxes
104,868
Provision for Federal income taxes
Net profit
I
:
Dividend paid on con v. pref. stock ($1.60 per share)
Dividend paid on common stock ($1.80 -per share)
$881,787
'____
;
$623,418
170,499
386,417
r
Chronicle
Financial
3544
Consolidated Balance Sheet Dec. 31, 1938
Previously, officers'and employees of the parent company were
subsidiary operating companies.
citizens.
the directors of the
Assets—Cash, $511,244; marketable securities, $62,250: accounts re¬
$308,940; inventories, $180,374; investments and other assets,
$494; capping machines (after reserve for retirement of $634,650), $401,377;
inventories of capping machine parts and materials, $250,596; property,
plant and equipment (after reserve for depreciation and valuation), $435,372; patents and patent applications, $94,022; prepaid expenses and de¬
ferred charges, $9,469; total, $2,254,138.
Liabilities—Accounts
payaole, $37,649; accrued taxes,
wages.
&c.,
$44,961; provision for Federal income taxes, $104,868; deferred income, $616;
reserve for officer and employee stock plans, $43,921; convertible preference
stock
(par value of $10)
(outstanding, 106,688.5 shares), $1,066,885;
common stock (par value of $1)
(outstanding, 214,876 shares), $214,876;
capital surplus,
$72,187; earned surplus, $668,1/3; total, $2,254,138.
—V. 147, p. 3775.
ceivable,
Standard Clay Products,
Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended June 3, 1939, totaled 107,-
031,731 kklowatt-hours, an increase of 17.8% compared with the
sponding week last year.—V. 148, p. 3390.
Standard Oil Co. of
June
2
announced hearings
the application of the New York Stock Exchange to strike from listing
and registration the $10 par value capital stock of the company.
The
application states, among other things, that a large percentage of the issued
by the company and its management, and that only a small
percentage purchased on the Exchange during 1938 and from the beginning
of 1939 to date was for the account of others.
A hearing on the applica¬
tion will be held on June 15.—V. 148, p. 2915.
,
shares are hedl
Ltd.—Earnings—
Income Account Year Ended Dec. 31, 1938
,*47,622
Standard Oil Co. of Kansas—Earnings—
1,56 J
Other income
Kansas—Delisting—
Securities and Exchange Commission
The
corre¬
on
'
Operating profit
June 10, 1939
(Including Coastal Plains Oil Corp.)
Total income
—...
.
$49,182
Reserve for deprec. of buildings and equipment and for depletion of quarrry and clay beds
;—
_—
Net profit
Shs. cap. stock (par $10)
Earnings per share
•
Provision for Dominion and Provincial income taxes
418
x
$616
...—
...
Balance Sheet
at Dec. 31,
as
1938
/
Tobacco
•
The company
.
Co.,- Inc.—Appeal
filed an appeal June 7 in the U. 8. Circuit Court of Appeals
from the May 9 order of Federal Judge Alfred C. Coxe confirming the sale
80,610 class
B shares of the Axton-Fisher Tobacco Co.,
stituted Standard's principal
Standard
Dredging Corp. (& Subs.)—*'
Operating expenses (exci. of deprec. and amort .)
$1,364,252
268,680
480,249
;
expense
Administrative & general expenses
...
—,
Profit from operations
An increase was reported in the company's foreign business over a year
ago.
"We are still subject, however, to all of the trials of exchange re¬
strictions," Mr. Farish commented.—V. 148, p. 3244.
—$5,586,057
4,221,805
i
Contract profit.
arbitration of the issues involved.
Account Year Ended Dec. 31,1938
Contract earnings.
Idle plant
which con¬
asset.—V. 148, p. 3244.
Consolidated Income nad Surplus
—'
Standard Tube
.
Co.—Earnings—
«
Income Account Year Ended Dec. 31, 1938
Net sales
—v
—
_
Cost of products sold
$615,323
18,179
*—
Other income...
;—u—...
Selling and administrative
expenses
...
Provision for doubtful accounts receivable
Total income
;
473,905
$130,024
—
'
•
.
.
$122,596
34,848
;
....
Net profit
Cash divs. on pref. stock—$1.60 per share
i
sale of equipment, int. &
on
187,096
miscell. income.,
Net loss.—
20,701
$150,725
2,746
-
——.$147,978
—
Balance Sheet Dec. 31,1938
$157,446
—
Assets—Cash, $53,833; trade acceptances and accounts receivable (after
of $6,000), $149,547; inventories, $78,575; other assets, $6,967;
and property improvements
(after depreciation), $252,082;
seamless tube mill (after depreciation), $281,146; installation costs and
improvements to leased property, $84,822; tools and dies, $66,725; prepaid
taxes and other expenses, $7,007; total, $980,706.
Liabilities—Notes payable, $150,403; accounts payable, $62,465; unpaid
balance of purchase price of seamless tube mill, $5,961; accrued taxes,
interest and insurance, $4,595; reserve for proposed additional Federal
taxes on income of prior years (being contested), $2,000; class A common
stock (9,980 shs. no par), $49,900; class B common stock ($1 par value),
$459,900; capital surplus, $470,139; earned deficit, Dr$174,755; total, $980,706.—V. 146, p. 3972.
reserve
Consolidated Balance Sheet Dec. 31, 1938
equipment
Assets—Cash, $303,332; accounts receivable, $633,139;contract work in
$366,606; inventories, $703,546; notes & accounts receivable,
assets (after reserve for depreciation of $2,510,296), $3,981,318; unexpired insurance & taxes, $29,053; total, $6,111,077.
Liabilities—Notes payable, $75,000; accounts payable, $903,664; accrued
accounts, $114,383; marine pref. mtge. 4% note, $850,000; reserves, $90,416;
capital stock (par $20)
$2,338,700; common (par value $1), $596,197;
capital surplus, $1,139,702; earned surplus. $3,015; total, $6,111,077.—V.
147, p. 1646; V. 145, p. 1568.
progress,
$94,082; fixed
f
Standard Fruit &
.....
Total loss-.
37,000
Profit
Net profit, before prior year's adjustments
"
$159,597
—
.
5,000
_—
Operating loss.
,
Other deductions
Net profit, before Federal inc. tax & prior year's adjustment—
Federal income tax (estimated)
.
.
$925,862
936,814
114,073
$633,502
...
Other deductions
Prior years'adjustments—net.
$0.32
After taxes, depreciation, depletion, amount of intangible development
and other deductions.—V. 148, p. 2915.
initial quarter of 1938,
Filed—
of
1936
$46,876
145,442
Earnings for the first three months of this year were below those of the
W. S. Farish, President, told stockholders of the
company at the annual meeting June 6 in Flemington, N. J., but he added
that "we are very gratified under conditions that exist in the oil industry
today that we are doing that well."
Earnings for the quarter were placed
in excess of $5,000,000 a month, compared with an average of $6,500,000
a month in the samq period last year.
Stockholders were told that a definite decision has not yet been reached
with respect to the expropriated properties in Mexico.
"At the present
time there is no movement one way or the other on the question, as the
Mexican authorities are considering the final suggestions and the companies
have still before them these suggestions, so that there is no definite issue at
the moment," Mr. Farish said.
The company's properties in Chile, where the Government has decided
to take over the marketing business, probably will be sold to a Chilean
organization which has the support of the Government, he stated.
So far
as the situation in Bolivia is concerned, Mr. Farish said, the
company had
exhausted all legal remedies as a result of the Government taking over the
Standard Oil properties, and an appeal had been made for international
bad debts, $28,379; inventories. $207,547; investments
at cost, $5,960; unexpired taxes and insurance, $3,969; real estate, buildings,
equipment, quarry and clay oeds, after providing for depreciation, $880,596;
goodwill, $50,000; total, $1,207,706.
Liabililes—Accounts payable, $7,151; provision for taxes, $4,613; bond
interest accrued, $2,290; 6% sinking fund gold bonds due Dec. 2, 1942,
$457,900; capital stock ($lb0each, issued and fully paid, 7,500
shares),
$750,000; deficit, $14,247; equity of shareholders, $735,753; total, $1,207,706.—V. 146. p. 122.
after providing for
_
1937
$113,489
134,841
$0.84
Standard Oil Co. (New Jersey)—Net Lower in Quarter—
Assets—Cash in hand and in bank. $31,255; accounts and oills receivable
Standardj^Commercial
1938
$168,908
109,900
$1.53
.
costs,
'
NCc profit
1939
$14,674
105,175
$0.14
x
•
Bond interest
3 Mas. End. Mar. 31—
20,674
27,474
—
Steamship Corp. (& Subs.)Earns.—
Starrett
Consolidated Income Account Year Ended Dec. 31, 1938
Gross profit
$2,272,364
General and administrative expenses
1,759,103
.
Corp.—Earnings—
(Including Wholly-Owned Domestic Subsidiaries)
...
Consolidated Income Account Year Ended Dec. 31, 1938
Operating profit
$513,261
107,171
'
Total income
...
—
Depreciation and amortization......
Interest paid.
;
_
Income—Building operations, $1,344,293; profit on construct'n
contracts completed and in progress, $214,940; interest, $2,931:
$620,432
Other income
miscellaneous, $972; total income
;
$1,563,136
Deductions from income—Oper., administrative & gen. exps.,
officers' salaries, $109,025; other salaries, wages & manage¬
1.247,563
.s
Accounts charged off—net
122,686
48,349
Exchange adjustments and other items
121,077
Loss before providing for property abandonments
Abandonments of cultivations and railroad properties
$919,243
r
244,578
Net loss-...:..—
.$1 J63.820
ment expenses, $294,529; taxes,
$332,796; repairs & tenant
-changes, $110,619,; bldg. maintenance (supplies & expenses),
$31,041; rent, light, heat, power & water, $146,840; insurance
(incl. prem. on life of officer, $11,084), $23,481; commissions
on leases, $11,839; legal and corporate expenses, $24,849; mis¬
cellaneous, $65,188; prov. .for deprec., $126,938; interest,
$367,627: amort, of bond & mtge. discount & expense, $48,775;
Inland Investmentments, Limited (taxes, &c.), $10,300
Consolidated Balance Sheet Dec. 31, 1938
Assets—
Cash
v
Liabilities—
.
„
$684,240
planters,
—
$795,280
Drafts pay able
907,343
reserve).
Inventories..
to
"
Accounts payable.*-
904,654
j;
Accts. recelv. (after
Advances
Net loss before deducting int. on 5%
Notes pay. & other obllg__._
Instalm'ts
con-
on
-
--
foreign corporations
Fruit &
of
purch.
Deferred charges
assets
392,651
(after
res.
deprec. of $4,191,495)
for
-
$460,713
on
of
purch.
see'd
serial
deb.
(matur. within
one
Gross deficit—
SS.
yr.)_
72,004
—
300,000
-
195,300
1,533,058
_
Surplus credits
•—
17,357,522
$431,776
*731,946
Deficit, Jan. 1, 1938
cum.
pref.
Deficit, Dec. 31, 1938.
11,165,160
shs. no par)..
stock
*
(11,860
__
1,186,000
Common stock (par $10)
Includes
*$1,163,722
deficit
connection with
of $89,450 acquired from predecessor companies in
reorganization as of Feb. 29, 1936.
2,681,840
Surplus
1,976,235
Consolidated Balance Sheet Dec. 31,1938
Assets—
$20,887,889
Total
$20,887,889
Liabilities—
Cash In banks <fc
Notes
-V. 147, p. 1049.
& accts.
hand
on
recelv.
$926,964
Standard Gas & Electric Co.—Service Unit
Approved—
Exchange Commission has approved the application
of the Public
Utility Engineering & Service Corp. to act as a service company
for the Standard Gas & Electric Co.
System.
Approval by the SEC was
subject to Standard Gas & Electric acquiring within 90 days the 100.OOO
shares of capital stock of the service
from subsidiary operating
share and thereafter writing the value of such stock down
company
The scope of the service company's
operations has been changed to free
it from all routine management functions of the subsidiaries and it will
hereafter act merely in an
advisory capacity to the parent company and
subsidiaries.
It will operate on a non-profit basis.
During recent months
many operations
formerly performed by the service company were decen¬
tralized
with many of its employees and
various operating units in the system.
All inter-locking directorates within the
experts
taking
positions
with
Standard Gas & Electric Co.
System have been eliminated, W. J. Hagenah, President of the service com¬
said.
Each operating company now has its own board of directors
composed of its officials, large investors in its securities, and prominent
pany,
a
534,174
Cash on deposit
Invests,
in
&
40 Wall St.
38,560
advs.
to
Corp. not
solidated
sub.
not consolidated
b
29,471
!
Land, bldgs. & equipment.
Notes
&
pense
accts.
rec.
in
a
For
i—
contract
...
38,560
Liability..
1 665,000
Accrued def. int. payable
1,008.000
6,400,000
98,752
3,197
483,985
Deferred credits
Reserves for accident claims.
Common stock (par $D
Capital surplus
96,830
Deferred & prepd. charges
Total
14,519,810
sus¬
(contra)
35,000
459,989
443,862
5% secured Income bonds, *50
100,000
-
Accrued interest, taxes, <fcc._
Real est. mtgs. payable
4,578.950
Invs. in & advs. to other subs.
Other Investments
payable.. $5,500,000
Accounts payable
c
con¬
____
Real estate mtges
Sundry instalments due In '39
(after
reserve)
companies at $4 a
to $2.50 a share.
' 328.936
r
Deficit for the year
$3 partlc. pref. stock (117,528
shs. no par)
The Securities and
$760,713
—————
—
notes
year)
Funded debt
$7
Total
real est. mtgs. of Inland
64,152
on
Eros (mat. within one
5%
380,786
$140,713
320,000
-
Net loss for the year
Surplus charge—add'l prov. for loss
Investments, Ltd
SS.
(maturing within one
Instalm'ts
40,766
Steamship
Corp. stock
Fixed
Erin
year)
180,537
U. S. Govt, securities
Standard
.39,390
Corp
^
5% inc. bonds of Starrett Corp
on
„
■
tractors, &c. (after reserve).
Stocks & bonds of domestic &
Int.
164,975
1,053,885
-
1,703,848
inc. bonds of Starrett
Earned deficit
6,499,775
1,163,722
647,641
.$21,472,399
performance
Total
guaranty-deposits
$21,472.399
& unclaimed matured
interest, b Property located at Wall and Hanover Sts. in the City of New
York at company's valuation, $11,016,679; other property at cost $4,496,-
700, $15,513,379; less reserves for depreciation of buildings and equipment.
$993,570.
c For contract performance guaranty deposits and unclaimed
matured bond interest (contras.—Y. 148, p. 1820.
Volume
Financial
148
Steel Products
Engineering Co.—Dividend—
Directors have declared
capital stock,
In
a
payable July
connection
with
the
dividend of 15 cents per share on the
$1 par
1939, to stockholders of record June 15.
of this dividend, the directors said:
1,
declaration
"It is the present intention of the
company to pay like dividends quarterly
throughout the remainder of the current year, and said declaration of a
dividend policy is not to be deemed to preclude the declaration of any extra
dividend or dividends that the board of directors may at any time
in the best interests of the
company and its shareholders to declare."
Directors appointed the Northern Trust Co. of Chicago as
agent.—V. 148, p. 2916.
find it
-
bonded indebtedness
.
Including discounts
-
in
banks
receivable
Unexpired
insur.
and
z
impts.
to
leased
Provision for claims and
incl.
insur.
cash
surrender
.
_
Capital surplus.
Earned surplus....
108,506
7,499,600
$14,415,846
_
and taxes,
$79,647; reserve for bridge painting, $6,930; funded debt, $2,240,000; preferred 5% cum. conv. stock (par $100), $950,000; class A partic.
outstanding 30,000 shares), $30,000; common stock (no par),
outstanding 24,000 shares), $24,000
earned suimlus, $280,548; capital
surplus, $623,600; reserve for contingencies, $61,769; location valuation, $1;
total, $4,310,239.—V. 148, p. 3084.
63,075
b Class A stock
Common stock (par $1)
cost,
value & insurance deposit.
Goodwill and trade-marks
Total...
103,790
20,500
2,789,117
3,476,500
Prov. for contingent liability
Motrgage on real estate.....
6% sinking fund bonds, 1947.
3,487,437
at
—,
con¬
tingencies
a
premises,
investm'ts,
$262,310; investments, U. S. Treasury bonds, $7,500;
receivable, $101; cash with sinking fund trustee, 4H% bonds,
$10,110; cost of bridge and approaches (after reserve for depreciation &
amortization $424,000), $3,698,400; other equipment
(net), $10,833; other
real estate, $5,643; deferred
charges, $315,341; location valuation, $1; total,
$4,310,239.
Liabilities—Dividends payable, Feb. 1, 1939, 5% cum. conv. pref. stock,
$11,875; prepaid commutation tickets, $1,870; accrued interest on bonds
19,089
50,596
....
.
Total
stock (no par,)
339,258
3,431,460
3,734,333
(James) Talcott, Inc.—New Official-
......$14,415,846
Peter H.
x After reserve of
$122,357.
y After reserve for depreciation of $990,405
After allowance for depreciation,
including a special reserve of $200,000
against improvements to leased premises, $746,452.
a For
such income taxes as may be payable when profits accrued on
B.
Cumming has been elected
Calendar Years—
loss y$139,044
4,598,617
Net profit for the year
$322,656
4,038
26,048
5,945
33,184
10,553
14,960
2,742
$189,268
z87,788
2,150
1,164
$111,888
100,761
4,274
2,578
35,347
Profit.
share
as
at Jan. 31,
Dividends paid.
_
on
$2,022,490
581,078
'' 469,125
xl85,Q00
544,407
432,683
taxes
(est.)
90,000
$367,972
99,700
177,063
dividends, prior preference stock
Includes $16,000 surtax
on
457,944
1939
Assets—
$
(net)..
3,966,785
Mrlse. inventories.
3,400.288
3,362,604
196,426
237,171
equipment
22,474,700 22,982,508
320.349
355,787
a
$3,747,365 $4,029,436
Total
931,528
806,^17
327,863
383,100
Selling, general and administrative expenses—
40,999
56,910
283,338
328,000
Mortgage payable.,
400,000
Funded debt.
8,950,000
356,842
297,000
400,000
9,305,000
Statement
137,791
:...
282.850
1,634,000
277,926
1,685,000
8,637,800
1.801,847
.
stock.
Total
1,932,408
3,824,718
31,624,895 32,157.869
148, p. 3245.
Sunray Oil Corp. (Del.) (& Subs.)—Earnings—
Consolidated Income Statement for the Year Ended Dec. 31, 1938
Selling, general and administrative expenses
Balance
$2,602,172
362,284
$2,239,888
43,371
Other income
Total income
Other deductions
Depreciation and depletion
income (est.)
$2,283,259
514,994
1,088,051
110,900
$2,970
23,715
......*.
'
9,030700
1,801,847
------
Net loss before depreciation
Depreciation
Net loss for year—
(
——
Balance Sheet Dec. 31, 4938
Earnings per share on common stock
$569,314
$0.23
Consolidated Balance Sheet Dec. 31, 1938
hand and demand deposits, $978,036; accounts and
(net), $518,718; inventories, $361,850; contractual accounts
receivable from others having joint interests in producing wells (collectible
from proceeds of production), $368,908; cash surrender value of insurance
on life of officer, $27,813; notes and accounts receivable, officers and em¬
ployees, $31,001; deferred charges, $121,688; property, plant and equip¬
ment (less reserve for depletion and depreciation of $7,764.059),
$5,756,374;
unoperated leases and non-producing royalties (at cost, including lease
rentals paid), $1,292,133; total, $9,456,521.
,
'
$26,685
*
Assets—Cash,
$7,612; accounts receivable (net), $40,226; marketable
$414; inventories, $178,793; transfers stamps, '$4; deposit on
insurance, $2,500; fixed assets, $405,475; trademark, $443,559; investment
securities,
(building
lot.^Chicopee Falls, Mass.),'$186; deferred assets, $47,312;
^Liabilities—Accounts
payable, $42,348; notes payable, $68,091; dividend
$268; accrued liabilities, $14,199; notes (equipment, plant
$9,513; long-term debt, $12,500; stock (class A, par $1),
$257,025; class B stock (par $1),
$120,000; paid-in surplus, $518,079;
capital surplus, $23,250; earned surplus, $60,756; total, $1,124,581.—V. 147.
unclaimed,
improvement),
2877.
p.
Technicolor, Inc.
(& Subs.)—Earnings—
Sate(SeSr
Cott
of
$4,M68992 JS.iliW
-
goods sold
2-82§-Ii?
oS'§iT
309,241
Operating profit before provision
ciation and amortization
for
$1 >696,782
Other deductions
-
Provision for depreciation of plant and equipment.
Amortiz. of research, developent & patent costs
Provision for Federal taxes on
Premiums on life insurance on
x
income (estd.)
president and general
43,379
164,205
154,954
258,072
<
$942,191
11,906
146,048
153,517
103,226
25,635
-
Dividends paid- ------------Shs. of cap. stock outstanding (no
Earns, per share
sS'S'li
—
-
par)......
59,323
SI .050,536
(net)
Net profit-
$791,371
150,820
depre-
Other income
manager
344,421
SI ,453,988
242,793
Selling and shipping
.Administrative and general
Gross income
income
$7,963
4,992
—
Other income-
Total operating income
$769,478
639,650
-
\ Operating loss..
Res, for Fed. State
and local taxes..
Sink, fund dep due
b Represented by^30,000 no par shares.—V.
on
,/
of Income Year Ended Dec. 31,1938
.W.—
sundry
After allowance of $474,844 in 1939 and $4,274,355 in 1938 for
depre-
notes receivable
1,023,870
$3,747,365 $4,029,436
"
Accrued accounts.
surplus.2,023,616
Capital & apprecia¬
tion surplus
3,983,004
^ Assets—Cash
43,766,,
2,125,050
1,348,950
Represented by 83,832 shares no par value.—V. 148, p. 1659.
Sales (net)
Cost of goods sold
on
26,097
2,125,050
1,348,950
1,204,773
.
Total...
$
'
b Common
Net
1,050
1,236,000
1,050
1,324,881
Capital stock
Tastyeast, Inc.—Earnings—
1938
Earned
Provision for Federal and State taxes
45,546
65,000
for
Capital surplus.
Operating deficit..
2,000,000
Total.........31.624,895 32,157,869»
int.
redemption
$723,972
102,921
421,423
.
6% prior pref. stk.
7% pref.stock...',
^
for
31,200
on bonds, &c
1,050
2,713,853 Sink, fund pay
20,163 Bonds called
8
Reserve....
ation.
Provision
by
2,000,000
deposits
dharges..
eral tax, &c:
Deferred credit'...
a
Liabilities—
Prop, fixtures &
63,470
Provision for Fed¬
Notes pay. to bks.
Accounts payable.
A
$93,274
54,164
mission, &c
Funded debt
•
Erapl's
$71,945
.
1937
.
1039
$
Other assets......
a
held
1938
4
1938
1,166.673
4,053,127
Deferred
112,125
1,145
2,613,680
Deferred charges..
13,627
undistributed profits.
1,266,346
Cash..
Nil
Acer d. wages, com¬
454,216
555,394
110,073
$1,942,953
596,782
462,199
160,000
$787,288
102,287
Balance Sheet Jan. 31
a
'«
Inventories.
Investments
1937
.
$1,151,273
83,832
0
Liabilities—
$174,686
$448,569
211,545
346,672
Capital assets
$1,435,062
........
Cash dividends, preferred stock
rec.
1937
trustees....—
Net profit
Aects.
83,832
$1.05
$1.86
Accounts payable
hand
Cash
Depreciation
Prov. for Fed. & State inc.
x
$1,112,905
83,832
Cash in banks and
Accts. & notes rec.
_
Cash
$1,023,870
83,832
Nil
,
Strawbridge & Clothier—EarningsInterest..
50,299'
V$1,204,772
1938
Assets—
2549.
1938
•
67,065
Consolidated Balance Sheet Dec. 31
$1,558,127), $752,423; goodwill, at nominal valuation, $1; other assets,
$222,339; total, $9,480,550.
Liabilities—Accounts payable, $489,328: accrued salaries and wages,
$55,835; provision for income and social security taxes, $80,648; sundry
liabilities and accrued expenses, $155,278; serial notes
payable to bank,
$525,000; 7% cumulative preferred stock (par $25), $1,870,025; common
stock ($10par), $2,877,350;surplus, $3,427,087; total, $9,480,549.—V. 146,
1939
loss$31,073
1,120,200
y After depreciation of plant and property in 1937, $147,356, in 1938,
$143,620.
z Bond
interest only,
a Includes
$3,5O0 based on taxable
net income, and $6,000 on surtax on undistributed profits,
b Includes
$6,500 surtax on undistributed profits.
•
of
Years Ended Jan. 31—
Profit
a9,500
$88,668
1,151,273
,
T
Shs. com.stk. (nopar)..
Earnings per share
1939
•
'
$156,100
1,112,905
.
Deficit at Dec. 31
Assets—Cash in bank and on hand, $932,612; municipal government
bonds, $79,010; customers' accounts receivable (less reserve of $20,000),
$1,930,360; inventory of merchandise, $1,925,277; leaseholds, land and
buildings (less amortization and depreciation), $3,608,527; store improve¬
ments, fixtures and equipment, stated at cost (less reserve for depreciation
p.
_1os8z$04,494
1,023,870
f [ Cr23,591
Previous deficit
Disct. on bonds red
$326,694
130,902
71,934
287,735
$0.66
-
$94,185
_._loss$U2,916
$280,732
Bond int. & discount
z86,245
z87,470
Other int. & disc't (net).';
3,004
5,423
Expenses of leased plant.
2,327
1,166
Other charges
Prov. for State inc. taxes
...2,663
Prov. for Federal taxes..
b27,909
$4,921,274
Proceeds of saie to employees of 1,595 shs. of common stock-.-.
1935
•
$145,531
Total
.
Consolidated Balance Sheet
1936
y$248,739
25,000
1,128
•
Miscellaneous income
Income Account Year Ended Jan. 31, 1939
per
1937' '
1938
Operating profit
ments
_
-
Inc. & profit from invest¬
Stix, Baer & Fuller Co. (& Subs.)—Earnings—
Gross profit on sales..
i_.
Admin., buying, selling, publicity and occupancy expenses, incl.
int. and depreciation charges, income & social security taxes.
*
■
Taylor-Wharton Iron & Steel Co. (& Subs.)— -Earnings
deferred payment accounts receivable outstanding are realized,
b Repre¬
sented by 12,615 no par shares at stated value of
$5 per share after deduct¬
ing 167,385 shares in treasury.—V. 146, p. 2871.
Net profit
Preferred dividends ($1.75 per share)
Common dividends (25c. per share)
Shares common stock outstanding (par $10)
Assistant Secretary of this
an
company.—Y. 148, p. 3084.
z
Earnings
47,500
60,000
48,000
accounts
40,000
215,188
atcost...
Miscell.
Mtge. instalment payable..
Prov. for Fed'l Income taxes.
other
47,500
75,000
60,000
Balance Sheet Dec. 31, 1938
1,151,753
prepaid expenses
60,296
$201,577
Assets—Cash,
$249,453
149,270
....
Accrued expenses
1,152,751
Store fixtures & equipment
land, bldg. & imptc., incl.
58,765
$207,933
Common stock dividends
Accounts payable
$750,013
1937
$608,946
46,582
72,000
64,899
33,520
107,278
22,793
con¬
i,
5 % cumulative convertible
preferred dividends
Class A stock dividends.
Liabilities—
deposits
Merchandise
y
;
Net profit
on
Assets—
.I.IIII.IIZ J
'"..I.I
costs.
tingencies
Consolidated Balance Sheet, Jan. 31, 1939
xAccts.
Taxes
Federal & other income tax
accrued, res. for
1938
$615,473
53,627
72,000
65,669
33,048
101,918
22,512
expenses
Interest
$53,601
and cash on hand
/
Administration and general expenses
Financing
purchases, net income from leased departments,
restaurants, storage and repair departments, and miscellaneous revenue.
Demand
Profit and Loss Account
Operating and maintenance
Depreciation
115,930
29,375
17,054
on
Net income for year...
x
Tacony-Palmyra Bridge Co.—Earnings—
209,255
-
mtge., including other interest of $380.80
Provision for claims and contingencies
Provision for Federal income taxes
taxes
Tolls.
$4,294,183
Operating expenses
:
3,693,616
Prov. fordeprec. ofbldg., impts. & store fixtures and
equipment
175,352
Int.
due after Dec. 31, 1939,
fund debenture shares,
(incl, provision for Federal
taxes on income derived from leases
granted by the State of Oklahoma),
$193,296; 5^% preferred stock (par $50), $1,960,000; commop stock
(par $1)
$2,007,076; capital surplus, $1,134,121; earned surplus since
Sept. 1, 1934, $1,318,974; total, $9,456,520.—V. 148,
p. 3084.
$140,225; provision for possible additional
Years Ended Dec. 31—
(& Subs.)—Earnings—
Gross merchandising profit
on
^ccrued liabilities, $165,508; notes payable, banks,
§;•.«
bRerest-bearing convertible sinking
distributing
Consolidated Income Account Year Ended Jan. 31, 1939
Interest
3545
Liabilities—Notes payable, banks (4% 1st mtge.), amount due within
one year
$685,714; accounts payable, $524,656; dividend payable, $26,950;
_
Stern Brothers
x
Chronicle
840,296
842,664
$468,169
599,047
803,081
$1.24
$U.o»
capitalizing patent costs of $33,841[ ($28,368 in 1937)
and research costs of $20,923.
x
Net profit after
Chronicle
Financial
3546
31, 1938
Consolidated Balance Sheet Dec.
surplus, $352,973; total, $7,967,266.—V.
Thompson Products,
Years Ended Dec. 31—
vertising and film rentals.
,
„.$23,594,089 $20,998,143
Production, distribution, selling & general exps... 22,425,827
20,865,583
Inc.—Stock Issue Planned—
Net profit
Dividends paid.
Earnings per share on common stock
-
—
Apr. 28 '39
$279,883
Apr. 28'38
Apr. 2$'37
$812,126
$1,070,310
210,624
x357,451
xl99,591
yl60,362
24,322
Condensed Consolidated Balance Sheet Dec. 31,1938
.190,243
$146,185
866,730
$197,089
634,330
Apr. 23 '36
$1,295,773
100.000
-
Cost
—
res.
Dec. 31, '38
$4,958,762.
-
-
Jan. 2. '37
$4,275,525
Jan. 4, '36
4,249,076
Dec. 31, '37
$4,965,793
4,250,008
$4,111,566
delivery
sales,
ministrative expenses.
4,833,799
Dr28,530
6,782
$866,730
loss., deficit— $1,016,731
013,803
025,809
.34,049
$634,330
Includes interest on loan and notes,
y Includes
received from Mason-Walsh-Atkinson-Kier Co
Other i ncome
$392,223
$103,467
15,031:
$37,360 loss$123,243
2,735
*
1,064
$88,436
799,621
$34,625 1os8$124,307
605,235
743,043
$930,873
43,443
11,598
$888;058
$875,832
86,886
$1.15
...
$26,449 loss 138,443
10,911
' 15,200
$100,067
830,805
_.
Total income—
$830,805
88,400
Prov. for Federal taxes
$150,000 dividend
x
—
.
_
$91,671
11,796
$134,526
Operating income.
4,874,121
$124,963
9,562
3,816
during 1938—
Adjustments (net)
Miscellaneous charges..
secur,
Profit &
of
selling, general and ad¬
for shrinkage
in value of marketable
Inc. in
Stores, Inc.—Earnings-
Years Ended—
Sales (net)...
19,359
&c_-r---
*
,
Trunz Pork
$275,269 prof$31,286
392,223
415,269
Restoration of excess re¬
serve,
$0.71
Assets—Cash, $3,014,704; deposit on Subscription to Federal National
Mortgage Association notes, $100,000; securities (at cost), $2,938,892;
notes and
accounts receivable (net), $1,396,726; rentals from motion
pictures released, $121,550; inventories, $684,827; investment, $120,348;
cash surrender value of life insurance, $119,011; employees' and sundry
notes, accounts* claims, &c., receivable (net), $20,740; office, mailing,
motion picture and oth*r equipment after reserve for depreciation of
$216,798,
$215,723; good will, $1; deferred charges, $453,215, total.
$9,185,736.
Liabilities—-Accounts payable, $1,008,050; accrued accounts (including
estimated income and other taxes), $397,283; deferred income, $4,915,604;
employees' stock purchase payments, $9,707; capital and surplus, capital,
$577,500; surplus, $2,277,591; $2,855,091 represented by 237,201 shares
common stock (no par)
total, $9,185,736.—V. 148, p. 1821.
158,957
64,43(>
River Aqueduct
168,430
1,426,046
Includes additional income taxes of $16,336 for prior years, and pro¬
a
Res. for loss on Colorado
Net loss for year
Previous earned deficit-
$1,129,422
948,942
$4.76
,
-
vision of $2,400 for surtax on undistributed profits.
Net loss from construc¬
from investments_
235,581
a67,151
Federal & British taxes on income—estimated
Consolidated Income Account (Incl. Sub. Cos.)
tion operations.
Miscell. inc., incl. income
1,334,893
205.471
Other deductions
Profit before taxes on income..
Thompson Starrett Co., \nc,—Earnings-
M—
190,897
323,458
87,877
—
Gross income
announced June 8 that the company's direc¬
July 7 a program for retirement of
bank loans of $ 1,650,000 and an increase of working capital.
The plan provides for issuance of 20,000 shares of $5 cumulative converti¬
ble prior preference stock In addition to 8,945 shares of such stock out¬
standing.
The price at which common stock is to be issued in conversion
of the prior preference stock now outstanding and to be sold would be re-1
duced from $35 to $30 a share.—V. 148, p. 2917.
Years Ended—
—
207,710
1,375,972
41,079
Other income
147, p. 3776.
132,561
1,168,262
Operating profit
would submit to stockholders on
Work executed
1937
1938
subscriptions, news agents' sales, ad¬
Income from
C. Crawford, President,
F
tors
1939
Time, Inc. (& Subs.)-1-*-Earnings—
Assets—Cash, $3,315,338; trad© accounts receivable, $380,642; inven¬
$174,315; capital stock of Technicolor, Ltd., Lcmdon, England,
$276,555; notes receivable (for customer contract deposits) and accrued
interest, $78,419; cash surrender value of insurance on life of offiasr, $28,910;
employee and sundry accounts receivable, $6,230; property, plant and equipment
(net). $1,535,410; research, development, patents and good-will,
$2,115,120; deferred charges, $56,327; total, $7,967,266.
Liabilities—Accounts payable, $248,287; property purchase obligation.
$21,000; due on contract for plant construction, $51,276; customers de¬
posits, $298,086; accrued Federal capital stock taxes, $23,945; provision
for Federal taxes on income, $258,072; customers/deposits (not current),
$475,000; deferred income, $23,760; capital stock (842,664 no par shares),
tories,
$6,214,8$7;
June 10,
Other deductions
-
21,345
13,112
—
„
Net profit
Consolidated Balance Sheet
Assets—
Liabilities—
Apr. 28 '39 Apr.28 '38
Cash
-
$178,572
$561,796
82,513
,
275,190
5,861
accrd. liabilities.
Contract work
-
16,310
1,713
191,413
1,550
billed.—
Securities
187,597
ette
92,000
1,397,725
d Common stock.-
'
793,820
1,016,731
—
95,174
1,397,725
684,945
584,945
In
Shares common stock.
Earnings
345,000
345,000
12,921
.
_
$1.00
—
__
$605,235
90,000
$799,621
90,000
$0.38
Nil
Balance Sheet Dec. 31, 1938
Assets—Cash, $191,914; accounts and notes receivable, $46,536; inven¬
$145,043; investments (U. S. Treasury bonds, at cost), $245,426;
tory.
4,432
216,228
7,573
accrued interest receivable, $1,421; tentative award due from the City of
New York, $54,000; deposits as security on leases, $2,013; mortgage re¬
267,577
267,577
ceivable, $2,500; sundry investments (at cost)* $40,100; prepaid expenses,
$11,805; fixed assets (after depreciation of $684,657), $788,298; good-will,
$1; total, $1,529,058.
.
Liabilities—Accounts payable, $123,382; accrued charges and,unemploy¬
ment taxes, $8,498; provision for Federal income taxes, $21,346; capital
stock (86,886 shs. no par)* $500,000; sqrplus, earned, $875,832; total,"
$1,529,058.—V. 147, P. 1570.
210,066
Prepaid expenses.
-
Land
of
value
110,891
special eq., Ac..
Buildings.
1
...
b Construe, equip,
72,209
and materials
Total
73,888
r....$1,940,827 $2,057,1301
Total--——*..$1,940,827 $2,057,130
a After
reserve
for depreciation of $90,205.
b After depreciation of
$303,926 in 1939 and $310,625 in 1938.
c Represented by 63,896 no par
shares,
d Represented by 584,945 no par shares.—V. 148, p. 1041.
•
Tilo
2,054",010
1936
$2,963,444
1,395,578
$2,210,234
1,071,010
$1,931,778
$1,567,867
$1,139,224
1937
$3,985,788-
—-------
.
$2,044,239
—
—
a
$619,059
54,043
$536,961
52,955
$358,776
35,370
$673,102
8,400
yl36,000
$589,916
xl23,700
$394,147
37,864
53,000
$543,693
$528,702
$423,784
_
.
zll7
49,010
154,753
279.768
$1.50
34,544
■
42,433/
—
------
Common dividends
stock (par $1)
com.
Earnings
per
share
362,605
290,084
$1.87
_
•
362,254
290,084
$1.82"
52,270
$5.43
Includes $36,700 for Federal surtax oh undistributed profits, including
subsidiary finance company,
y Includes $25,900 for Federal
surtax on undistributed
profits.,, including $100 on subsidiary finance
company,
z Dividends on series A, convertible $2 cumulative preferred
stock, to date of redemption,
a Including $6,250 for subsidiary finance
$4,800
on
company.
,
.
Note—Balance sheet for Dec, 31, 1938 appeared in the "Chronicle" of
May 20, page 3085.
Operations—
Consolidated sales of this company and its subsidiary finance
company
for the four weeks ended May 20,1939, amounted to
approximately $345,000
representing the largest sales for any four weeks in the company's history,
except the two four-week periods following the New England hurricane
last fall, which created an abnormal emergency dehdand for the company's
products, R. J. Tobin, President, stated on May 25.
For the period from Jan. 1 to May 20, 1939, consolidated net sales of
the company amounted to approximately $1,006,000, as compared with
$1,070,000 for the like period of 1938, according to Mr. Tobin, who asserted
that prolonged winter weather this year held back a considerable volume
of business, as indicated by the fact that unfilled orders as of
May 20,
1939 amounted to $280,828, as compared with $215,245 on May 21. 1938,
while total orders received during the four weeks ended May 20, 1939 were
$371,427 as against $311,351 for the same four weeks in 1938.
For the 16 weeks ended April 22, 1939, consolidated net loss of Tilo
Roofing Co. and subsidiaries amounted to $36,311, as compared with net
profit of $27,070 for the comparable 16 weeks in 1938.—V. 148, p. 3392.
■
Twin City Gas & Electric
Co.—Hearing Date Set—
'"The Federal Power Commission has fixed June 22 for a hearing on the
application of the company to sell certain of its electric facilities to the
New York Power & Light Corp.
The Twin City concern desires to sell for $86,000 all its electric facilities
$135,697
94,958
Depreciation
Loss on sale of Chicago
.
factory—
'Jan. 1,
85 to
Dec. 25, *35
$516,053
"
*
.
260,386
154,738
5,800
35,044
45,185
73,099
$25,694
144,502
$138,433
143,718
$180,648
122,683
$331,153
275,102
def$U8,808
d©f$5,284
$57,9,65
$56,051
Extraordinary and non¬
recurring expenses
Netincome—
Divs. on pref. stock.-—
Interest
$558,990
71,919
a5,392
------
Federal tax provisions—
Balance,
42,937
$608,732
$345,640
94,852
a9,246
,
Disct. allowed, int., &c_
a
Net profit..
Preferred dividends .....
——————
Dec. 25, *37 Dec. 25, '36
$130,783
$336,947
$556,087
4,914
8,693
52,645
Gross income
$303,283
$714,690
48,933
—
Total income
780,448
1,030.906.
$763,623
98,680
al21,250
i
Other income—
Years EndedDec. 25, '88
1935
1.312,719
1,329,549
.
Tung-Sol Lamp Works, Inc.—Earnings
Net operating profit 1—
Other income—
Roofing Co., Inc.—Earnings—^
Years Ended Dec. 31—
1938
Sales.'.-.
,,$4,050,931
Cost of sales.
2,006,692
x
-
;
„
and sundry
Salvage
Shs.
-
share.
per
mtges.,
investments
a
11,,520
732
,
"
>
$618,736
13,500
45.000
45,000
prior years—
notes and accts.
rec.
—
Federal income taxes for
Balance
Walsh-AtkinsonPartic.
_
$857,543
.
866,730
.
Mason-
Kier Co. at cost-
Dividends,———
Treasury stock.
793,820
,
217,683
Tptal surplus
575,000
Bldg. Corp.
in
$52,196
'
Surplus paid in._Deficit
Inv. in The Lafay¬
Invest.
personal Injuries
Preferred stock.-
c
un¬
$89,067
Res. for claims for
_
Processing tax restored
to surplus—-
Accts. payable and'
Accts. receiv.. (cus¬
tomers)'(owners)
Accts. rec., miscel.
Previous surplus.
Apr. 28*39 Apr. 28*38
surplus
■
»•
-
122,513
—
only.
Consolidated Balance Sheet
at
Dec. 25,1933
Assets—Cash,
$260,481; marketable securities, $40,301; accounts and
(less reserves), $439,466; cash surrender value of life in¬
policies, $41,136; inventories, $960,593; other investments and
receivables, $258,642; plant and equipment (after reserve for depreciation
of $984,578),
$1,075,795; franchises, licenses, patent rights, &c., $1;
deferred charges and prepaid expenses, $50,333; total, $3,126,748.
Liabilities—Notes payable (bank loans), $200,000; accounts payable,
$83,448; accrued payrolls", State and local taxes, &c., $68,606; provision for
Federal taxes, $43,800; dividend notes payable (due Dec. 23, 1940), $108,052; deferred income, $43,538; miscellaneous reserves for contingencies,
$89,849; 80c. cumulative preference stock (outstanding 208,757 shs, no par) ,
$711,428; common stock ($1 par), $280,659; earned surplus, $1,130,153;
capital surplus, $367,217; total $3,126,748.—V. 147, p. 1051.
notes receivable
surance
United
Cigar-Whelan Stores Corp. (& Subs.)—Earns.
3 Months Ended March 31—
Net sales-Loss from oper. after int.,
—V.
148, P. 3393.
1939
1938
—$11,664,597 $11,708,912
deprec. and taxes
United Gas & Electric Corp.—Pays
292,990
193,679
Larger Com. Div.—
Company paid a dividend of 75 cents per share on its common stock on
June 7 to holders of record June 1.
This compares with 50 cents paid on
Dec. 7, 1938; 30 cents on Nov. 5, 1938, and 50 cents paid on Sept. 7 and
June
7,
1938—V. 148, p. 1341.
United Gas
Improvement Co.—Weekly Output—
Week Ended—
June 3, '39 May 27. *39
Electric output of system (kwh.)
88,436,286
93,434,391
June 4, '38
78,629,281
—V. 148, p. 3394.
United Railways of the Havana
Ltd.—To Purchase
& Regla Warehouses,
Defaulted Equipment Trust Ctfs.—
in the State of New York except
Company on June 9 announced an offer to purchase its $1,000 share
a 15-year 7H% equipment trust dated Feb. 15, 1921, at a
price of $147.50 for each share certificate, less 40 cents transfer tax. The
offer, which applies to $2,200,000 principal amount of share certificates
Petersburg.
outstanding,* is made through Guaranty Trust Co. of New York and will
remain open until July 8.
The equipment trust certificates were issued in 1921 and have been in
default as to sinking fund payments due February, 1931 and subsequently,
and as to interest payments due February, 1935 and subsequently.
certain transmission facilities which are to
be dismantled.
Thd facilities it proposes to sell include hydro-electric
generating facilities of 1,050 kilowatts capacity at Hoosick Falls, distribu¬
tion facilities in Hoosick, Hoosick
Falls, Walloonsac and North Hoosick,
and transmission facilities from Hoosick Falls to North Hoosick and North
certificates in
Volume
148
Financial
Chronicle
The company announced that the
purchase offer is made pursuant to a
settlement of
suit
a
attachment
upon
brought by The Pennsylvania Co.
as trustee, in Maine.
on the ground
the property attached was covered
by prior pledges and a floating
charge, and was dismissed for want of jurisdiction.
Under the settlement
for
Insurances
A
8
that
Lives
on
and
Granting Annuities,
was res^te<i by the defendant and English creditors
u
National.—Y. 142,
.
the trustee will discontinue the
suit and will undertake not to institute any
proceedings for the collection of the debt or the repossession of the property
under the equipment trust lease
unless
in
amount of the
indemnity.
Acceptance
by The Pennsylvania Co.—V. 148,
Bonds
Cold
Storage
Co.
p.
the
underwriting syndicate are Halsey, Stuart & Co., Inc.;
Glore, Forgan & Co.; A. G. Becker & Co.,
Inc.; Bonbright
& Co., Inc.; Harriman
Ripley & Co., Inc.; The First Boston
Corp.; Blyth & Co., Inc.; Central
Republic-Co.; Kidder,
Peabody & Co.; Lazard Freres & Co.; Lee, Higginson
Corp.;
F. S.
Moseley& Co., and E. H. Rollins & Sons, Inc.
1823.
City)-
(Kansas
Called—
A total of $49,500 series A first
mortgage 6% sinking fund gold bond
due Aug. 1, 1946 have been called for
redemption on Aug. 1, at 101 and
accrued interest.
Payment will be made at the First National Bank of
I
Chicago.—V. 147,
4070.
p.
•
United States Leather
1939
Federal income taxes.
Reserve for contingencies.•
Interest accrued (net)
company in
'
% Months Ended
April'AO—
..
1937
1938
$192,418 x$l,133,425
>180,463
138,702
$1,015,970
174,825
135,000
30,000
_
15,614
11,887
~3~647
$33,659
__
Coupon bonds in the denom. of
$1,000, registerable as to principal.
May .1 and Nov. 1, payable at office or
agency of the
Chicago or New York. Red. in whole or in part at
any time and
from time to time, on not less
than 30 days' published
notice, by payment
e PrmciPal
amount, accrued int. and, if red. on or before
April 30,
«Premium of 6% of the principal amount reduced successively by
M % effective on the first day of May in each of the
years 1940 to and incl.
the year 1963; and if red. on or
after May 1, 1963, without
premium.
Harris Trust &
Savings Bank, Chicago, and Harold Eckhart, trustees.
Smkmg fund sufficient to retire, through
purchase, payment or redemp¬
tion, during the calendar year 1948 and
during each calendar year there¬
after, so long as any bonds of series A shall be
outstanding, a principal
amount of bonds of series A
equal to 3^ % of the greatest principal amount of
bonds of series A
outstanding under the indenture at any time between
May 1, 1939, and the end of such calendar year.
Purpose—-Prior to or concurrently with the
delivery of the series A bonds,
the company will borrow
$4,000,000 against a like principal amount of its
3H% notes (hereinafter called the "3H% notes") under the bank
loan
agreement.
The sum so borrowed, and the net
proceeds from the sale of
$18,000,000 series A bonds will be applied, together with other funds
of the
company in the amount of $555,748 (estimated), to the
redemption, in
lawful money of the United States at
102% and accrued int. of $21,893,900
West Texas Utilities Co. first
mortgage 5% gold bonds, series A, due Oct. 1,
1957, requiririg, exclusive of interest, $22,441,247. Interest to the
date of
redemption on the bonds to be redeemed will be
provided out of other
Semi-annual int.
Co.—-Earnings—
Operating profit
Depreciation and depletion.
$1,284,014
y$702,498
_
4359.
Co.—Bonds Offered—An underwrit¬
ing syndicate headed by Harris, Hall &
Co., Inc., offered
June 6 $18,000,000 first
mortgage bonds, series A 3%%,
dated May 1, 1939 and due on
May 1, 1969.
The issue was
priced at 101% plus accrued interest.
Other members of
requested by the holders of a majority
outstanding share certificates upon tender of a satisfactory
States
p.
West Texas Utilities
.
of the offer has been recommended
by a committee for
certificate holders
consisting of Karl H. Behr, Chairman; E. Kirk Haskell
and Fred V.
Rummel, and
United
3547
thls stock would be fixed for the
first year at $25 a share, after
wbich
true and actual-" value will be
reported to the State Auditor.
ine change in internal
corporate structure does not affect commercial
relationship and activities between Weirton and
_
Net loss.'
x
Loss,
I
y
Profit.—V. 148,
United States
The commercial
p.
748.
Playing Card Co.—Registrar—
National
Bank
&
Trust
appointed the New York Registrar for the
Co.
of New
common
York
has
been
stock.—Y. 148, p. 3247.
United States Rubber Co.—Swedish Tire
Agreement—
Company has effected an agreement with a Swedish manufacturing group
under which trade-marked tires of this
company will be produced in Sweden
for that market, F. B. Davis
Jr., Chairman and President of U. S.
Rubber,
announced
on May 22.
The agreement followed a long period of negotia¬
tions between U. S. Rubber and Gummifabriks
A-B, owned by the Swedish
firm hooperative For bund
et,. largest producer of tires in Sweden, Albin
Johannson, President of Gummifabriks, represented the Swedish interest
'.
The agreement, Mr. Davis stated, involves an
exchange of engineers
funds of the company.
in the deal.
and other experts between
U.
Rubber and the Swedish company.
In
addition, a large part of the tire-building material to be used in fabrication
of the Swedish-produced lines will be
supplied from United States sources.
These materials will include
chemicals, cord arid crude rubber—the crude
to come from Far Eastern
plantations owned by U. S.
chemicals
from
the
American
company's
plants
at
Rubber; cord and
Naugatuck, Conn.
Hogansville, Ga.; Winnsboro, S. C., and Shelbyville, Tenn,—V. 148,
2919
•
'
,
'
'
,
•
.
A for
Funded Debt—
. .
Authorized,
Outstanding
City of Ballinger, Texas, electric light bonds, 6s,
due, 1939 to 1946
$20,000
1st mtge. bonds, series A, 3%%, due May 1,1969x
18,000,000
3H% notes, due 1939-1947$4,000,000
4,000,000
$6cum. pref. stock (nopar)^_
____170,153 shs.
72,671 shs.
Common stock (no par)._^
j
374,500 shs. 260,000 shs.
x Indenture
will provide that, subject to the restrictions
thereof, ad¬
ditional bonds may beissued thereunder from time to time in
any number of
—
stock, no par, have been removed
The new common stock was issued, share for share,
exchange for voting trust certificates representing old common stock.
—V. 148, p. 3395.
from unlisted trading.
in
;
—
""
'
Upressit Metal Cap Corp.—Accumulated Dividend—
The directors have declared a dividend of $2 per share on the
8% cumu¬
lative preferred stock, par $100, payable on account of accumulations, on
July 1 and Oct. 2 to holders of record June 15 and Sept. 15, respectively.
Dividends of $2 was paid on April 1, last; a dividend of
$3
1938.
was
paid
different series, as the board of directors of the company
may determine,
but the indenture will not fix the total amount of bonds that
may be issued
thereunder.
on
^
,
Statement of Earnings
last and dividends of $2 were paid on Oct. 1, July 1 and
April 1,
See also V. 147, p. 1210—V. 148, p. 1343.
Utilities
Years
&
Light Corp.,
Ltd.-— To Buy Parent
Company's-Bonds—
•
:
Operating revenuesOperation.
■
Maintenance
The Securities and Exchange Commission June 7 granted the
applica¬
of the corporatiori (a subsidiary of Utilities Power &
Light Corp.)
for permission to use $3,000,000 of its funds to
purchase its parent com¬
pany's debentures and claims at 70.
Atlas Corp. has agreed to tender such
debentures as it holds as may be necessary to exhaust the
$3,000,000, in
the event the other creditors fail to tender sufficient securities.
The company recently was granted permission to buy debentures and
Taxes, other than inc
Federal income taxes—
revenues.^..
Maintenance
Taxes
Net oper. revenues.
1939—Month—1938
1939—12 Mas.—1938
$1,487,574 $18,513,621 $17,947,859
582,855
568,136
7,135,417
6,962,087
112,111
105,839
1,499,391
1.445,692
217,618
'212,218
2,079,317
2,239,060
$664,771
Dr7,859
$601,380
$606,912
$392,983
143,262
146,645
$513,650
Appropriations for retirement reserve
$446,338
__
Non-oper. income (net).
Balance
Interest & amortiz
Balance.
Balance.
Dr8.397
common
$7,699,935
1,842,784-
$7,301,021
Drl79,397
•
$7,121,624
1,741,867
$5,379,756
-2,052,438
$3,327,318
1,171,432
$2,501,081
dividends & surplus.
$5,857,151
2,184,474
$ ,672,677
1,171,596
...
Preferred dividend requirements...
Bal. for
$7,799,496
Dr99,560
$2,155,886
-V. 148, p. 2920.
Walgreen Co.—-Sales-—
Period Ertd. May 31—
Sales......
—V. 148, p. 3087.
1939—Month—1938
1 939—8 Mos.—1938
$5,650,796
$5,253,553 $47,853,427 $45,940,349
Waukesha Motor Co.—Earnings—
Period End. Apr. 30—
Net profit after charges
?es
& Fed. income taxes..
Earns, persh. on 400,000
shs. cap. stk. (par $5).
147,
p.
1939—3 Mos.—1938
$46,837
$192,672
$312,701
$0.12
$0.48
$0.78
3779.
'
Weirton Steel Co.—New Charter—
85,805
$2,054,696
$2,034,985
$2,027,018
23,861
10,715
8,732
$1,078,557
$2,045',700
$2,035,750
History & Business—Company was incorp. Sept. 30, 1927 in Texas, and
of Oct. 1, 1927, purchased the properties of the following subsidiaries of
Texas Plains Public Service Co., San Angelo
Water, Light & Power Co., Aiblene Ice Co., Cisco Ice Co., West Texas Ice
Co., and Quanah Light & Ice Co. Texas Plains Public Service Co. (incorp.
Jan. 1, 1923, under the name of West Texas Utilities Co.) upon organization
acquired the properties of the following subsidiaries of American Public
Service Co.: Abilene,Gas & Electric Co., Abilene Water Co., Baird Light &
Ice Co., Cisco Gas & Electric Co., Hamlin Light, Power & Ice Co., Haskell
Light & Ice Co., and Stamford Gas & Electric Co.
Company is engaged principally in generating, transmitting, distributing
and selling electriq energy in central western Texas. It also sells water and
natural gas, manufactures and sells ice and, to a minor extent; conducts a
cold storage business.
The territory served is located in 49 counties and
comprises an area of about 45,000 square miles. In this area the company
provides direct electric service fpr an estimated population of 242,000.
For the calendar year 1938, the company derived approximately 88.8%
of its operating revenues from the sale of electricity, 5.1% from the sale of
water
0.4% from the sale of gas and 5.7% from the sale of ice and its cold
storage business. As a part of its load-building program, the company sells
applwnces.
1938, the company supplied electric service at retail to
50 889 customers in 166 cities, villages and unincorporated communities
and in adjacent rural areas.
At the same date the company supplied water
at retail to 8,471 customers in seven cities and communities, and natural
as
405 customers in one city.
It also sold ice at retail or \yholeslae in 24
cities and villages.
Underwriters—The names of the several underwriters and the principal
bonds agreed to be purchased by them, respectively,
amounts of series A
are as
follows:
JVAvzoiitit
(Inc.)
$1,500,000
Halsey, Stuart & Co., Inc--1,500,000
Glore, Forgan & Co
900,000
Harris, Hall & Co.
Name—
The
Amount
In¬
Ranson-Davidson
vestment Co
$350,000
Stern, Wampler & Co., Inc.-
350,000
A. G. Becker & Co., Inc
900,000
White, Weld & Co
350,000
Bonbright & Co., Inc
Harriman Ripley & Co., Inc-
900,000
750,000
750,000
500,000
500,000
500,000
600,000
500,000
500,000
500,000
500,000
500,000
The Wisconsin Co
350,000
The First Boston Corp
Blyth & Co., Inc
Central Republic
Co
Kidder, Peabody & Co
Lazard Freres & Co
—
Higginson Corp
Lehman Brothers—
Co
E. H. Rollins & Sons,
Inc
Stone & Webster and
jn£
.....
Anthony & Co
A. C. Allyn„& Co., Inc.
Hemphill, Noyes & Co
Paine, Webber & Co
Dean Witter <fc Co.
350,000
Bacon, Whipple & Co
William N. Edwards & Co—
250,000
250,000
250,000
250,000
250,000
250,000
Blair, Bonner & Co
H. M. Byllesby &Co., Inc—
The Illinois Co. of
Arthur Perry &
Chicago-Co., Inc
Rauscher, Pierce & Co., Inc.
250,000
Mahan, Dittmar & Co
200,000
A.S.Huyck&Co
150,000
100,000
Dewar, Robertson & Pancoast
100,000
R. K. Dunbar & Co
Blodget,
400,UUU
100,000
Moroney & Co
Pitman & Co
Tucke'r,
A West Virginia charter has been issued to this company a subsidiary
of the National Steel Corp.
The Weirton Co. will surrender its Delaware
charter and is authorized to issue 1,000 shares of no par stock.
For tax
875,000
408,757
83,720
American Public Service Co.:
Smith, Barney & Co
$0.21
875,000
406,263
$18,000,000 of series A bonds will
to $675,000.
The interest requirement for the first year on the
$4,000,000 of 3*i% notes will amount to $121,765.
Lee
1939—9 Mos.—1938
J
845,000
385,489
68,227
The annual interest requirement ori the
F. S. Moseley &
$84,083
12 Mos.End
1938.
Mar.31,'39
$5,541,870
$5,522,582
1,810,210
1,798,104
331,690
327,895
amount
gas to
Washington Water Power Co.—Registers with SEC—
Company filed June 8 with the Securities and Exchange Commission a
registration statement covering the issuance of $22,000,000 of 25-year
first mortgage bonds, 3lA% series due 1964.
According to the registration statement, the proceeds will be used as
follows: (1)
$4,413,000 for payment of the company's first refunding
mortgage bonds due July 1, 1939; (2) $16,156,665 to redeem all the com¬
pany's outstanding first & general mortgage gold bonds, 5% series due 1960;
(3) not to exceed $400,000 to reimburse the company in part for expendi¬
tures heretofore made for extensions and improvements of its
facilities;
(4) the balance for construction, completion, extension and improvement
of the company's facilities.
White, Weld & Co. will be among the principal underwriters.
The
names of any other principal underwriters, the underwriting discounts or
commissions, and the offering and redemption prices will be supplied by
amendment to the registration statement.—V. 148, p. 3248, 3397.
—
17,619
^
'",577,355
259,141
31
$1,895,339
Gross income
"
Period End. April 30—
$1,877,720
in acquiring
Virginia Electric & Power Co.—Earnings—
$5,368,239
1,755,633
374,319
Net operating income.
Total other income
The
$12,857,070 of debentures and
claims.
The SEC estimates that the additional $3,000,000 will
acquire
about $4,785,000 of indebtedness.—V. 147, p. 3778.
$8,999,949
-----
Prov. for retire, reserve-
Dec.
1937
$4,847,171
1,718,416
280,836
595,878
Prov. for depreciation.*!.
fclaims of the parent company at 70 in an amount up to
$9,000,000.
subsidiary spent
Operating
Opera tio
Ended
1936
Power
tion
—V.
>
Capitalization, Giving Effect to Present Financing
Trading—
The corporation's new common stock, par 50
cents, has been admitted to
unlisted trading on the New York Curb Exchange and the
voting trust
certificates representing the old common
Dec. 21
bonds, series
redemption.
p.
'
,
United Stores Corp.— Unlisted
-
Prior to or concurrently with the
delivery of the series A bonds, (a) there
will be deposited, in trust, funds sufficient
for, the redemption, as stated
above, of all outstanding first mortgage 5% gold bonds, series
A, of the
company; (b) the trust indenture securing the last mentioned bonds will
be
duly released, and (c) powers irrevocable by the company will be
delivered
to the corporate trustee under the trust indenture
securing said bonds to
take all steps necessary to call all said first
mortgage 5% gold
S.
^50,000
350,000
350,000
Russ, Roe & Co
,
,
R. A. Underwood & Co., Inc.
,
100,000
100,000
100,000
$18,000,000
Chronicle
Financial
3548
Comparative Balance Sheet
Tangible property37,319.599
Intangibles
1,901,110
Investments
964,450
37.391,737
1.900,911
Liabilities—
Com. stock
Cash
965.121
900.000
Special deposits—
Customers' accts.,
17,056
753,033
&c., receivableMerchandise
445,311
501,321
496,155
Mats. &
Res.
5,909
Deferred liabilities
7,777
11,355
306,624
Res. for deprec'n..
1,601,652
1,795,699
^2,768
losses
CY2.784
32,548
1.533,437
112,678
117,443
1,009,597
961,761
on
mdse.
Contrib, In
inventory
30,552
Prepayments
1,550,439
Deferred charges..
—V. 148,1>.
5,909
Earned surplus—
2920.
$402,084
earnings (est.)...
—V. 148, p. 3397.
,
.
Operating revenues....
Operation—...
$288,752
1
to
1938
$5,916,033
$5,409,569
84,072
13,957
15,596
1,027,342
133,050
191,932
1,064,276
147,109
$60,801
Dr6,247
$829,444
Dr73,010
$53,180
26,484
$,54,554
28,907
$756,834
346*431
$761,215
349,188
■
15,967
Taxes...—
Net oper. revenues...
Balance.
Balance._
,
$25,647
$26,696
$410,003
189,705
$179,898
Preferred dividend requirements..
119,453
$192,249
119,452
$60,445
$72,797
-*
*
7,525
35,939
$10,315
$131,946
6,458
„>— —
sh.
—V.
148,
p.
—...
$10,315
3398.
.
Co.—Earnings—
1,937
1938
1939
$71,421
;
,
Western Railway of Alabama—Earnings1936
1935
Railway oper. revenues. $1,630,122
Railway oper. expenses.
1,402,598
$1,682,448
1,506,702
$1,595,383
1.437-,682
$1,365,498
1,371,332
$227,524
$175,746
132,666
$157,701
128,038
def$5,834
96,187
r.
..
173,929
.
224
$96,284
"
Sewing Machine Corp.—Earnings—'
Period End. Mar. 31— 1939—3 Mos.—1938
deprec.,& Fed. taxes.
—Y. 148, p. 3398.
$113,017
1939—12 Mos.—1938
$41,964
$321,297
$263,193
,
(R. C.) Williams & Co., Inc.—Earnings*—
Years Ended April 30—
1939
Net profit after all oper. expenses and taxes
Shs. of cap. stk.
$28,858
1938
$68,746
outstanding (no par) excl. treasury
101,539
Earnings per share.
147, p. 909.
Wisconsin
1937
1938 '
1936
$97,430
stock....
Calendar Years—
$0.50
,
_
$0.28
—
—V.
'
$138,404
Net profit after interest,
-
Balance for common dividends and surplus....
-V. 148, P. 2921.
$220,807
52,922
$0.03
$0.13
-
^
White
25,446
"
300,000 shs. cap.
on
White Rock Mineral Springs
219,779
— m* m
BStldjHCC
47,159
$39,898
Quar. End. Mar. 31—
$412,027
230,105
Appropriations for retirement reserve.
19,347
$64,998
53,335
12,449
Net profit after charges
and taxes—$38,927
Dr58,434
—_i.—ii.
Interest and amortiz...
9,861
16,743
—_.
stock (par. $20)—
—V. 148, p. 3397.
$819,649
Non-oper. inc. (net)....
$59,223.
Dr6,044
82,938
Maintenance—....—
per
595,733
$39,898
■.
(& Subs.)—Earnings—
,1939—12 Mos.—1938
1939—Month—1938
$174,427 7$2,181,768
$2,220,739
$167,989
$195,361
$105,681
Netincome
Earns,
.
$45,651
Deduct interest, depreciation
Federal, State, and foreign taxes
May 31—
1939
'
Western Public Service Co.
Period End. April 30—
—Jan.
1938
1939
Gross
612,283
...
.1
—
Net profit from operations
Profit on foreign exchange
Maryland Ry.—Earnings—
„
$2,247,045
1,455,951
$88,938
Operating income
Gross income.
1939—Month—1938
1939——5 Mos.—1938
$3,778,000- $2,796,000 $14,689,000 $11,286,000
^
$1,999,121
1,298,355
655,117
$2,048,274
1,347,053
.
Selling, admin., developm't expenses44,920,171 45,147,923
Total...
—Week End. May 31—
v
•
Cost of sales.
Other income....
-
Western
3 Months Ended March 31—
Sales.—
Supply Co.—Sales—
Period End. May 31—
— —— -
(S. S.) White Dental Mfg. Co. (& Subs.)—Earnings—
1939*
1938
•
1937
.
of
3397.
Western Auto
Sales
—V. "148, P.
aid
construction
44,920,170 45,147,923
Total.
.
558,503
Other curr.liab.—
—
for
Accrued interest—
88,532
Cr76,097
304,372
supplies
$7,438,000 Refunding
Commerce Commission for
^
181,678
264,111
153,951
99,305
has applied to the Interstate
of new refunding serial bonds to redeem on
Sept. 1, 1939 a like amount of refunding bonds now outetanding.
The new bonds would be issued In two series, $2,188,000 of Series E
bonds bearing 2H% interest and $5,250,000 of series F bonds bearing
3Ye% interest.
The outstanding bonds, designated series D, bear 4%
interest and are to be called at 105.
■
•
'
The new bonds, according to the application, would be sold at par and
accrued interest and the proceeds used, together with treasury cash, to
redeem the outstanding securities.
The carrier estimated a net saving
from the refunding of $963,619.—V. 148, p. 3397.
v
52,813
Cr75,701
-
notes.-
The company
divs.
stock
payable
Customers' depos.
Accrued taxes
uncoil.
for
accts. &
218,013
261,702
216,522
293,947
Pref.
payroll-.
13.1939.—V. 148, p. 3398.
authority to Issue $7,438,000
119,033
Accrued
stock has been extended to
Wheeling & Lake Erie Ry.—Plans
129,676
59,530
Accounts payable-
&
notes...lies,
f
13,000,000 13,000,000
000 shs.)
381,742
accounts
%
(260,-
5,990,769
5,990,769
949,965 $6 pref. stock
1,392,117 Long-term debt— .22,012,400 21,934,900
U. S.Treas. bills--
Other
Sept.
.Dec,31/38 Afar .31,'39
DecM.'ZS Mar.31,'39
$
$
A$8et$
June 10> 1939
convertible prior preferred stock and common
103,257
$0.66
"»•
Public
Service
Corp .—Tenders—
The First Wisconsin Trust Co. will until 12 o'clock noon June 20 receive
bids for the sale to it of first mortgage 4% bonds series due 1961 at prices
not
exceeding 10214 and accrued interest.—V. 148,
p.
3249.
Wiser Oil Co.—Extra Dividend—
*
.Directors have declared an extra dividend of 15 cents per share in'ad¬
dition to the regular quarterly dividend of 25 cents per share on the common
stock, both payable July 1 to holders of record June 10.—V. 143. p. 2869.
>.
Railway oper. income
.
$43,080
83,764
$130,908
76,161
$126,844
75,692
$94,133
74,946
$205,363
282,665
$51,152
$19,189
def$77,302
$54,747'
—V. 148, P.
$29,663 def$102,245
64,470
307,608
$53,595
77,313
3397.
Wheeling Steel Corp.—Exchange Time Extended-*—
Corporation has notified the New York Stock Exchange that the time
within which 6%
preferred stock may be exchanged for $5 cumulative
Co\—Sales-
(F. W.) Woolworth
Period End. May 31-*Sales...
—V.
148,
p.
1939—Month—1938
1939—5 Mos.—1938
—$24,725,457 $22,713,939 $114087,336 $109906,463
3249.
Zenith Radio
Corp. (& Subs.)—Earnings—
Years Ended April 30—.
"
Net profit after all oper. exps. & taxes
1939 "
$1,075,254
Earnings per share on capital stock
The Commercial Markets and the
1938
"
$701,477.
$2.13
$1.40
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL-r-ETC.
early afternqon with September selling at 6 cents, off 6
points. The Brazilian "free market" exchange rate was 130
COMMERCIAL EPITOME
Friday Night, June 9, 1939
,
\
Coffee—On the 5th inst. futures closed unchanged to 4
points net lower for the Santos contract,; wRh transactions
totaling 52 lots.
The old Rio contract totaling four sales
was
off 3 to 4 points from the previous finals.
the Rio, however, all in July at 4.20, were 11
the
previous close*
The sales in
points under
Half the day's trading was in switches.
The dollar rate in Brazil, which on .Saturday while this
market was closed, had improved 50 reis, returned to 81.950
milreis or net unchanged from Friday.
Havre from Friday's
close was unchanged to 34d. lower. Brazilian clearances last
week were 413,000 bags, of which 223,000 were for the
United States, 159,000 for Europe and 31,000 for all other
areas.
It will be a holiday in Brazil on Thursday, a cable to
the exchange states.
On the 6th inst. futures closed net 2
points higher to 4 points lower for the Santos contracts, with
sales totaling 31 lots.
The old Rio contract was 1 to 4 points
net lower, with only 1 sale.
Activity in the Santos contract
was confined largely to the
July and May positions, and
most of this represented switches, which were done at 16 to
17 points.
Brazil's dollar rate while trading was in progress
here was 50 reis under the previous closing rate and after the
market closed here a further weakness of 30 reis developed,
the quotation standing at 19.080.
Havre was unchanged to
% franc higher, but spot prices in Brazil were unchanged,
as were shipment offerings from that source to the New York
market.
On the 7th inst. futures closed 1 to 4 points net
higher for the Santos contracts, with sales totaling 58 lots.
Further weakness in Brazilian exchange sent coffee futures
lower.
Santos contracts were 4 to 6 points lower during
reis weaker at 19.13 to the dollar with the
as "nominal."
quotation described
Liquidation of American credits
was believed
In Rio de Janiero spot No. 7s were up 100 reis.
Futures in Havre were % franc higher to % franc lower.
Mild coffees continued steady with Manizles at 12}£<$., while
Brazilian cost and freight offers were not reduced.
responsible.
On the 8th inst. futures closed unchanged to 3 points
lower for the Santos contract, with sales totaling 23 lots.
There
virtually
business transacted in the old Rio
a holiday in Brazil trading in coffee
futures was apathetic.
Santos contracts were unchanged
during early afternoon following sales of May contracts at
6.16c., off 6 points, earlier in the day. July Rio contracts
sold at 4.28c., up 10 points.
Futures at Havre were un¬
changed to % franc higher.
Today futures closed 4 to
8 points net
higher. In the Santos contract with sales total¬
ing 139 lots.
No sales in Rio contract registered.
The
coffee futures market came to life when the magic password
"frost" spread through the trade.
Although private cables
reported that no damage had been done by cold weather in
Brazil, Santos contracts stood 4 to 9 points higher during
early afternoon, with May at 6.26c., up 7 points, after having
touched 6.30c.
Rio No. 7s were 200 reis higher.
Milreis
were firmer at
19.1 to the dollar.
Actuals were steady,
while Manizales were held at 12 %<s.
was
contract.
As
a
no
result of
Rio coffee prices closed as follows:
July.———
September—.^——
Santos coffee
July
September
December
-
—4.30 [December
4.21
prices closed
[March—*
as
—.—4.25
4.25
——
follows;
—6.08 March
.6.10 May
6.17
——.
..6.21
.6.27
Volume
Financial
148
Chronicle
3549
points net
were
2.88c.
Transactions totaled 627 lots, or 8,402 tons.
The
market ruled heavy during most of the session, due to heavy
were
unsuccessfully solicited
Cocoa—On the 5th inst. futures closed 6 to 7
lower.
liquidation.
As a result prices fell to new low levels.
There
was no appreciable support in evidence, and prices yielded
readily to the pressure of offerings.
There was some manu¬
facturer buying, but on the scale down.
A large portion of
the day's business represented switching operations, from
July to forward months.
The feature of the switches came
near the close when 150 July lots were exchanged for May at
54 points.
Ten Julys were switched into December at 28
points.
The London Terminal Cocoa Market was steady.
Transactions there totaled 190 tons, with prices off lHd.
London actuals
were
off the
same
amount.
Local closing:
June, 4.15; July* 4.17; Sept., 4.30; Dec., 4.45; Jan.
(1940),
On the 6th inst. futures closed 2 to 3
Transactions totaled 190 lots or 2,546
tons.
There was considerable switching from July to later
deliveries, 19 contracts being exchanged for September,
December and March.
Another feature of the day's activity
was a sale of 22 September lots for the actual commodity.
Cocoa prices on the London, Terminal Market were un¬
changed to lHd. lower, with only 50 tons sold.
London
actuals were unchanged.
Local closing: June, 4.17; July,
4.19; Sept., 4.33; Dec., 4.48; March, 4.64; May, 4.74.
On
the 7th inst. futures closed 2 to 3 points net lower.
Trans¬
actions totaled 128 lots.
Cocoa futures were steady in
moderate trading, prices during early afternoon standing .1
point, lower to 1 point higher.
During later trading, how¬
ever, some considerable pressure developed and prices slid
off to, the lows of the day, at which levels they closed.
The
London market, was steady
July liquidation was reported
with manufacturers absorbing offerings.
Warehouse stocks
increased 1,800 bags.
They now total 1,405,828 bags,
against 672,751 bags a year ago at this time .
Local closing:
July, 4.17; Sept., 4.30; Dee., 4.46; March, 4.61.
On the 8th inst. futures closed unchanged to 1 point net
higher. In quiet trading cocoa futures held around recent
lows.
July equaled its seasonal low of 4.16 but stood at
4.17 unchanged during
early afternoon. It was the same
old story of trickling liquidation by commission houses with
4.51; March, 4.62.
points net higher.
market sugar afloat
The world sugar contract
closed 3 points up to unchanged.
Trading very quiet, with total sales only 27 lots. In London
futures market prices were Id. lower to Hd. higher.
De¬
pending
upon
position,
raws were
variously quoted there,
prompt shipments being held at 7s. 6d., June-July at 7s.,
which with freight at 17s. 6d., is equal to 1.27He. f.o.b.
Cuba.
On the 7th inst. futures closed 4 to 2 points net
lower for the domestic contract, with sales totaling 181 lots.
The world sugar contract closed 3 points to H point net
higher, with sales totaling 46 lots.
Cuban hedge selling is
believed to have been the principal reason for a fall of 2 to 4
points in the domestic sugar futures market. It is believed
the Cuban interests were hedging against actual sugar which
they were unable to sell. During early afternoon September
was
selling at 1.98c., off 2 points, while July was at 1.93c:,
off 4 points.
In the raw sugar niarket nearby Puerto Eicos
were
offered at yesterday's price of 2.87c. while Philippines
sugar
was
offered at 2.85c. without finding'
was
steady but quiet.
London futures were H to %&.
higher.
Raws there were held at 1.35c. f. o. b. Cuba.
Refiners
reported showing
were
a
better interest.
Today
futures closed unchanged to 1 point lower for the domestic
sugar contract, with sales totaling 527 lots. The world sugar
contract closed 2
points up to unchanged, with sales totaling
Although the spot sugar market was lower,
only 32 lots.
domestic
sugar futures
held unchanged this afternoon.
Trading continued heavy, with a substantial amount. cf
switching between July and Sept., at a spread of 5 points.
Transactions in the first three hours of trading amounted
to 12,500 tons.
In the raw market an operator bought 3,000
tons of Philippines, June and
June-July shipment for 2.85c.
a pound, while an American
paid that price for 25,000 bags
of June shipment Cubas.
It is believed that other sales
cleared the market of 2.85
sugars and that the lowest seller
held.for 2.87c.
In. the refined market Sucrest lowered its
price to 4.30c., with the result that offshore refined dropped"
to 4.27c.
However, the big refiners held their sugars at
4.50c., unchanged.
In the world sugar market contracts
stood unchanged to 1 point higher in early afternoon in dull
trading..
:
y......
Prices
were
July.
September—.
January.
„
j
as
j
_
.
follows:
_._:i.90 March
1.95 May
1.98
.2.00
Lard—On the 3d inst. futures closed 2
points lower to 2
Trading was very light, with price fluctua¬
tions narrow.
Today's shipments of lard from New York
totaled 81,375 pounds destined for Manchester.
Hog prices
at Chicago today held steady, with sales
ranging from $6.15
to $6.70.
Western hog receipts totaled 12,900 head, against
11,000 head for the same day last year.
On the 5th inst.
futures closed unchanged to 2 points lower.
The opening
levels were unchanged from previous finals.
Trading was
light and without noteworthy feature.
Clearances of
American lard over the week-end were very light and totaled
only 2,200 pounds, destined for Antwerp.
Liverpool lard
futures today were unchanged to 3d. lower.
Chicago hog
prices were steady at Friday's finals.
Sales ranged from $6
to $6.80.
Western hog marketings totaled 76,900 head,
against 57,300 head for the same day a year ago.
On the
6th inst. futures closed unchanged as compared with previous
closing quotations.
Trading was very light and devoid of
any noteworthy feature.
This was a reflection of the dulness
in the outside markets.
Lard exports from the Port of New
York today totaled 143,250 pounds, destined for Southamp¬
ton and Rotterdam.
Liverpool lard futures were also quiet,
with prices 6d. off for the spot position, while the balance of
the list was unchanged compared with previous finals.
Western hog receipts totaled 74,800 head, against 52,400
head for the same day last year.
Prices on hogs at Chicago
points higher.
'
Primary offerings are above parity with the result that con¬
are
unfavorable for selling hedges.
Warehouse
They now total 1,406,557 bags
compared with 666,066 bags a year ago.
Local closing:
July, 4.17; Sept., 4.31; Dec., 4.46; Mar., 4.61; May, 4.71,
buying featured the trading. Buying
Of July against selling of September was effected again at 3
points. There were 34 lots posted in the form of switches,
but the volume was believed to be much larger.
In the
market for raws National bought 4,200 tons of Puerto Ricos
clearing June 21 at 2.87c., establishing the spot basis as
quoted by the Exchange at 1 point over the previous price.
nearby lots.
some
Demand for refined continued slow, buying being
of the hand-to-mouth
variety.
The world sugar contract
stocks decreased 500 bags.
new
on
said that
buyers.
ditions
scattered
was
points net lower to un¬
changed for the domestic contracts, with sales totaling 663
lots.
The world sugar contracts closed 1
point up to H
point off, with sales totaling 127 lots.
Domestic sugar
futures were under pressure of
selling attributed to Cuban
interests, with the result that losses of 4 points were regis¬
tered by nearby positions.
Selling was believed to repre¬
sent hedges against actuals.
Prices touched the lowest levels
since last March.
Trading was rather heavy, volume ex¬
ceeding 25,000 tons up to early afternoon.
In the raw
,
some
It
believed to be nominal.
On the 8th inst. futures closed 3
tjie trade picking
and
reported, however, that bids of 2.85c.
was
from
Sugar—On the 5th inst. futures closed unchanged to 1
point net lower.
Transactions totaled 522 lots.
A large
portion of the business was in the form of switching between
July and September. - The price range was narrow.
The
opening was unchanged from previous finals. For a short
while prices showed a drop of 3 points for July and September,
due to selling by a Cuban operator, but subsequently these
losses were recovered.
Offerings were absorbed on the scale
down by trade interests and operators.
Later positions
ruled fairly steady.
No sales were reported in the raw
market today.
Sellers continue to ask 2.90c. and better,
with refiners indisposed to pay better than 2.85c.
The
world sugar contract closed unchanged to 2 points lower, with
sales totaling 38 lots. - London raws were nominally un¬
changed at 7s. 6d., and futures were J^d. to 3d. lower, the
spot position showing the maximum decline.
On the 6th
inst. futures closed unchanged to 2 points up,for the domestic
contract, with sales totaling 155 lpts.
Covering by refiners '
was
Cubas were
in port was being
nut in store and hedged on the futures market.
London
futures were unchanged to 1H
points higher.
Raws were
quoted at about 1.33c. a pound f.o.b. Cuba, but that price
offered at 2c.
.
up the contracts.
There was no pressure
producing countries but afloats have increased. They
now total 41,200 bags, of which 40,000 are en route from
Africa and the remainder from Brazil.
Warehouse stocks
were up 1,200 bags, the present total being 1,407,077 bags
or 736,781 more than they were on this date in 1938,
Local
closing: July, 4.17; Sept., 4.31; Dec., 4.46; Mar., 4,61; May,
4.71.
Today futures closed unchanged from previous finals.
Transactions totaled 418 lots.
The cocoa futures market
was firm, prices standing 1 to 2 points higher during early
afternoon with July at 4.18c.
Sales to that time totaled
110 lots.
Manufacturers were said to have been fair buyers.
It
h
new lows for the season and declined 5 to 15c.,
owing
the heavy receipts.
Sales ranged from $5.85 to $6.70.
On the 7th inst. futures closed 2 points net lower.
Trading
made
to
Very light, with the undertone decidedly heavy.
Prices
unchanged at the start, and showed little change from
levels as the session progressed.
Very heavy lard
exports were reported from the Port of New York today.
Clearances totaled 436,340 pounds/destined for Aberdeen,
was
were
these
Hull, London and Newcastle. Liverpool lard futures were
quiet and unchanged from the previous finals.
Hog
prices at Chicago declined to new lows for the season on
Tuesday and today prices there remained steady at Tues¬
day's finals.
Sales ranged from $5.85 to $6.70.
The top
price on hogs last week was $7.10 and for the same week
fast year the top price was $8.95.
Yesterday's and Tuesday's
top price of $6.70 was the lowest outside price on hogs at
Chicago since 1934.
Western hog marketings today totaled
55,500 head, against 55,491 head for the same week last
very
year.
On the 8th inst. futures closed 2
'
points net higher for the
active deliveries.
Trading was light and without feature.
A moderate export business in American lard was reported
to have been worked to England on Wednesday.
Lard
exports from New York today were heavy and totaled 484,740
pounds, destined for Antwerp, London, Liverpool and Man¬
chester.
Liverpool lard futures continue to follow the action
of the American markets and today again prices remained
unchanged from the previous close,
Chicago hpg prices
declined to a new low for the season and also a new low since
,
Financial
3550
The late top price on hogs at Chicago was $6.65.
ranged from $5.50 to $6.65. Western hog marketings
were quite heavy and totaled 53,200 head, against 46,7(X)
head for the same day a year ago.
Today futures closed 5
points net higher.
Trading was light, with short covering
apparently the principal support of the market.
1934.
Sales
DAILY CLOSING PRICES
OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
6.35
6.50
6.47
6.35
6.47
6.52
6.50
6.52
6.50
Wed.
Thurs.
6.32
Fri.
September
October
-
December
6.52
-
6.35
6.47
6.40
6.52
6.47
6.52
6.50
6.57
6.55
6.47
July
6.50
6.55
6.45
6.47
January
Pork—(Export), mess, $20.87% per barrel (per 200
pounds); family (40-50 pieces to barrel), $17.75 per barrel.
Beef: (export), steady.
Family (export, $22 per barrel (200
pounds), nominal.
Cut Meats: Steady.
Pickled Hams:
Picnic, loose, c.a.f.—4 to 6 lbs., 13%c.; 6 to 8 lbs., 12%c.;
8 to 10 lbs., 12c.
Skinned, loose, c.a.f.—14 to 16 lbs.,
18%c.; 18 to 20 lbs., 16%c.
Bellies: Clear, f.o.b. New York
—6 to 8 lbs., 14%c.;8to 10 lbs., 13%c.; 10 to 12 lbs., 12%c.
Bellies: Clear, dry salted, boxed, N. Y.—16 to 18 lbs., 9;
18 to 20 lbs., 9; 20 to 25 lbs., 8%; 25 to 30 lbs., 8%.
Butter:
Creamery, Firsts to Higher than Extra and Premium Marks:
22% to 24%.
Cheese: State, Held '38, 16% to 19.
Eggs:
Mixed Colors: Checks to Special Packs: 13% to 18%.
Oils—Linseed oil price schedules advanced
1 point to a
of 8.6c., high mark for the year.
The new price
represents a 4 point increase in the last 10 days.
Quota¬
tions: China Wood: not quoted.
Coconut:, Crude, tanks,
nearby—.03% bid; Pacific Coast, spot—.02% bid.
Corn:
Crude, West, tank, nearby—.05% bid.
Olive: Denatured
—Drums, carlots, shipments—79 to 81; spot, 82 to 83.
Soy
Bean: Crude, tanks, West—.04% bid; L.C.L., N. Y.—6.7
to
6.8.
Edible:
Coconut, 76 degrees-—9%
bid.
Lard:
Extra winter
prime—9 offer.
Cod: Crude, Norwegian,
light filtered—30 offer.
Turpentine: 30% to 32%.
Rosins:
basic price
$4.75 to $7.60.
.
Cottonseed Oil sales
contracts.
yesterday, including switches, 158
Prices closed, as follows:
Crude, S.. E. 5%c.
June.....
July
August..
September
*—
-
6.60®
n
October.
6.6*® 6.65 November..
6.64®
n
December
6.83®
January
_/ 8.87®
6.90®
6.96®
7.00®
,
n
....
Rubber—On the 5th inst. futures closed 1 to 4 points net
The market was a quiet affair, with transactions
..
lower.
totaling 490 tons, including 140 tons exchanged for physicals„ ■
There was nothing in the news or trading to excite any real
interest.
Spot standard No. 1 ribbed smoked sheets in the
trade remained unchanged at .16 9-16c.
Stocks in England
for the week ended June 3 were placed at 65,508 tons, an
increase of 59$ tons over the preceding week.
The Singa¬
pore market will be closed Thursday, June 8, in observance
of the King's birthday.
Local closing: June, 16.33;, July,
16.35; Sept., 16.39; Nov., 16.40; March, 16.45.
On the 6th
inst. futures closed unchanged to 4 points net lower.
Trans¬
actions totaled 560 tons, including 90 tons which were ex¬
changed for physicals.
There was little feature to the
trading.
Trade interests were reported on both sides of the
market in a moderate way.
The outside market was also
quiet.
Offerings from the Far East continue limited and
too high for the local trade.
Spot standard No. 1 ribbedsmoked sheets in the trade declined 1-16 to 16 %c.
Local
closing: June, 16.30; July, 16.32; Sept., 16.39; Dec., 16.39;
March (1940), 16.41.
On the 7th inst. futures closed 1 to
11 points net higher.
Transactions totaled 53 lots.
Prices
were firm on the rubber futures market, but volume of trad¬
ing continued limited.
Sales to early afternoon totaled
only 420 tons.
At that time prices were up 5 to 14 points,
with December at 16.53, showing the maximum rise.
Lon¬
don closed unchanged to l-16d. higher, but Singapore closed
unchanged on all deliveries, Local closing: (No. 1 Standard),
July, 16.35; Sept., 16.40; Dec., 16.47; March, 16.52.
On the 8th inst. futures closed 7 points to 1 point net
higher.
Transactions totaled 47 lots.
Scattered buying
attributed to factory interests held rubber futures steady
in quiet trading.
The market after opening 2 to 8 points
higher, was 1 net lower in early afternoon on a turnover of
only 410 tons, of which 370 represented exchanges for physi¬
cals.
At that time July stood at 16.34 and December at
16.46c., respectively.
Extimates of rubber consumption
during May are heard in trade circles.
They range from
44,000 to 48,000 tons.
The London market closed
easy, un¬
changed to l-16d. lower.
The Singapore market was not
open today.
Local closing: July, 16.40; Sept., 16.47; Dec.,
16.50; Mar., 16.53.
Today futures closed 5 to 9 points net
higher.
Transactions totaled 96 lots.
Prices were firm on
the
rubber futures
market in sympathy with firmness in
Singapore.
Offerings were moderate with the
result that small buying was sufficient to advance the market.
During early afternoon September stood at 16.56, up 9
points, and December at 16.60, up 10 points. Sales to that
time totaled 850 tons, of which 150 were exchanged for
physicals. London closed unchanged to l-16d. higher.
It
June
Chronicle
10, 1939
The market opened weak with prices unchanged
A heavy undertone prevailed with
price fluctuations holding within a narrow range.
There
were no important developments noted in the domestic spot
physicals.
to 11
points net lower.
hide market during the
day.
Local closing: New Contract:
March (1940), 11.83
closed unchanged to
extremely narrow and
June, 10.82; Sept., 11.20; Dec., 11.51;
June, 12.13.
On the 5th inst. futures
1 point up.
dull affair.
could
The market proved an
The
serve as an
lacked anything of real interest, that
incentive for operations either way.
The
news
opening was unchanged to 8 points lower in the new contract,
but the losses were gradually erased.
There was no trading
in
old
the
contract.
Transactions
in
the
new
contract
totaled 3,200,000 pounds.
The domestic spot hide market
also lacked any noteworthy feature.
Local closing: New
Contract:
June,
10.82;
Sept.,
Dec.,
11.21;
11.52; March
(1940), 11.84; June, 12.14.
On the 6th inst. futures closed
5 to 6 points, net higher.
The opening range for the new
contract was 2 to 11 points net lower.
There were no sales
recorded in the old contract.
The market ruled heavy
during the early trading, but towards the close a firmer tone
developed and values closed appreciably higher.
Transac¬
tions in the new contract totaled 6,360,000 pounds.The
spot market showed some activity, with 40,000
reported sold at unchanged prices.
In the Argentine
it was reported that 50,000 frigorifico hides were sold at from
10 3-16 to 10%c. for standard steers and 9%e. for rejects.
Certified stocks of hides in warehouses licensed by the ex¬
change increased by 1,428 hides to a total of 1,303,039 hides.
Local closing: New Contract: June, 10.87; Sept., 11.26;
Dec., 11.57.
On the 7th inst. futures closed 12 to 9 points
net higher for the new contracts, with sales totaling 228 lots.
There was only one sale in the old contract.
After early
irregularity hide futures rallied rather sharply in active
trading.
The strength of June contracts notwithstanding
that 48 notices, were issued, was the feature.
During early
afternoon June old stood at 10.22c., up 25 points.
Septem¬
ber new was up 12 points at 11.38c., while December new
stood at 11.73, up 16 points.
Sales to early afternoon totaled
6,600,000 pounds, of which 6,560,000 pounds were done in
the new contract.
A firm spot hide market was a support¬
ing influence.
Certificated stocks of hides in warehouses
licensed by. the Exchange increased 6,788 pieces over night.
They now total 1,309,827 hides.
Local closing: New Con¬
tract/June, 10.99; Sept., 11.35; Dec., 11.68; March, 12.00.
On the 8th futures closed 3 to 4 points net lower for the
new contract, with sales totaling 119 lots.
There was only
domestic
hides
one
sale in the old contract and that
in the June de¬
was
livery which closed 3 points off. Raw hide futures opened
at declines of as much as 20 points due to circulation of a few
notices, but rallied briskly on buying by ring traders with the
result that by early afternoon the market had recovered part
of its losses.
September new then sold at 11.29, off 6 points.
Sales to that time-totaled 2,760,000 pounds, with only 40,000
pounds done in the old contract. Sales of 21,500 hides were
reported in the domestic spot market yesterday at steady
prices. Local closing: New Contracts: Sept., 11.32; Dec.,
11.64; Mar., 11.97.
Old Contract: June, 10.06.
Today
futures closed 7 to 3 points net higher for the new contracts,
with Sales in the new contract totaling 156 lots,
There
were no
sales in the old contract recorded.
firm after
Raw hide futures
soft opening. There was
buying in sympathy
with the upturn in the stock market and also on news of
firm spot hide prices.
During early afternoon June new
stood at 11.07, up 11 points, while September at 11.38c.,
was ,6 points higher. ■ Sales to that time totaled 4,200,000
pounds, all on the new contract.
Exchanges for physicals
accounted for 280,000 pounds.
Local closing: New con¬
tract: June, 11.03; Sept., 11.35; Dec.., 11.70.
were
a
market for charters the past week
relatively quiet, with no developments.of particular
Ocean Freights—The
has been
interest.
Charters included: Grain: Mount steamer,
Plate
to United
Kingdom-Continent, June, 22s 6d. St. Lawrence
to United Kingdom-Continent, June 25-July 5, basis 2s 9d.
Two loads Albany to Antwerp, spot, 12s.
Scrap: Atlantic
range to United Kingdom, June, about 18s. ' Atlantic range
to United Kingdom, June, 18s, two ports loading, one port
discharge, 17s 6d if one port load. South Atlantic range to
United Kingdom, June, 18s.
Atlantic range to United
Kingdom, June, 18s. North Atlantic to United Kingdom,
June, 18s (reported but not confirmed).
Time: Three to
four months West Indies trade, early July, $1.70.
Five to
seven
weeks Canadian trade, June, $1.65.
Round trip
Canadian trade, delivery North of Hatteras, June, $1.15.
Round trip West Indies trade, delivery north of Hatteras,
June, $1.10.
One to two years, Australian charters, June.
.
London and
estimated that United
Kingdom rubber stocks this week
unchanged. Singapore was firm. Local closing:
July, 16.45; Sept., 16.54; Dec., 16.58; Mar., 16.62/ •
was
were
about
Hides-—On
lower for the
to
the
pounds,
new
of
the 3d inst. futures closed 5 to 6
new
contract.
contract.
which
Trading
was
Transactions
800,000
pounds
points net
confined entirely
totaled
were
2,160,000
exchanged for
Coal—It is pointed out
that reluctance of coal consumers
replenish depleted stocks since the termination of the
strike reflects a desire to get coal at pre-strike prices.
Quo¬
tations, in fact, have been sagging steadily, so that buyers
so far have been justified
in withholding orders, observers
state.
The promulgation of minimum prices under the
National Bituminous Coal Act within the next few weeks is
to
held virtually certain to start a rush
Since hearings will have to be held on
to buy coal, however.
the new prices, several
w^eeks will elapse before they will become effective. During
that period it is expected manybuyers will order several
months' coal supply for immediate delivery.
According to
figures,furnished by the Association of American Railroads,
Volume
Financial
148
of anthracite into eastern New York and
20 have amounted to
2,1H cars, as compared with 1,776 cars during the same
week in 1938, showing an increase of 355 cars or approxi¬
mately 16,750 tons.
the
shipments
New England for the week ended May
Wool—There
was
quite
a
slowing
up
clip has also slowed somewhat.
It is reported that
wool growers have been able to secure such satisfactory
prices for their product that they have found less reason for
placing their wools under the cover of Government loans.
The price difference between the primary market and the
Boston spot market leaves so small a margin for dealer opera¬
tions that a very general lull has occurred.
Meanwhile,
original bag class 3 wools are steady on the short and good
French combing types with the best Texas edging upward.
Short,French combing sells from 63 to 65c. and good French
combing at 65 to 68c., while the choice 12 months' Texas is
quoted 68 to 70c.
Graded fine territory at 70 to 72c. is up
lc. for the week.
Texas wools and the better types of me¬
new
indicating
higher selling level to. the mills when such wools are han¬
dled in Boston.
Consumption of apparel wool in April,
scoured basis, had a sharp decline from the March use. of
25.5% per day, or 25.8% on a weekly basis.
dium fleeces
are
bales, against 17,870 bales last week and 16,953 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,338,101 bales, against 6,997,288 bales for the same period
of
1937-38, showing
decrease since Aug. 1, 1938, of 3,-
a
659,187 bales.
of wool activity the
past week, and this is attributed to an undercurrent of re¬
sistance to further advances in raw material.
Demand for
the
3551
Chronicle
Receipts at—•
2,555
422
561
236
1,137
106
"529
311
99
2,227
164
195
35
Mobile.
buying
higher.
Trading was quiet active, with substantial
from Japanese and local trade sources.
The strong primary
markets were a contributing influence to the sharp upward
locally.
Transactions on the local exchange totaled
1,890 bales, including 1,880 bales in the No. 1 contract and
10 bales in the No. 2 contract.
Selling consisted largely of
trend
At the close prices were ruling at the high
levels of the day.
Cables from the primary markets were
badly mutilated. What could be deciphered showed Yoko¬
hama futures 32 to 42 yen higher compared with Thursday's
close.
Spot sales in Yokohama totaled 400 bales. The Kobe
futures market was 27 to 36 yen net higher.
Local closing:
Contract No. 1: June, 2.56H; July, 2.43H; Aug., 2.37;
Sept.,- 2.34; Oct., 2.98H; Nov., 2.28; Dec., 2.25. Contract
No. 2: July, 2.49H; Aug., 2.25; Sept., 2.25; Oct., 2.20. On
the 6th inst. futures closed lc. higher to 3c. lower for the
No. 1 contract and 6c. up to 4 He. off for the No. 2 contract.
Transactions totaled 990 bales, including 960 bales in the
No, 1 contract and 30 bales in the No. 2 contract^
The
feature of the trading was the strength displayed iri1 the
June deliveries.
Yokohama futures ruled unchanged to 6
profit taking.
lower to 8 yen higher . Grade
Yokohama and mounted to
1,225 yen at Kobe:
Spot sales at these Japanese markets
totaled 800 bales, while futures transactions totaled 9,300
bales.
Local closing: Contract No. 1: June, 2.58; July,
2.47 H~> Sept., 2.34; Oct., 2.28; Dec., 2.24.
On the 7th inst.
futures closed 3He. to lc. net lower for the No. 1 contracts,
with sales totaling,24 lots.. No. 2 contracts closed 4c. to
He. net lower, with sales totaling only 2 lots.
Trading in
raw silk futures was small but prices had a firm tone.
Light
demand from brokers with trade connections held the list
steady.
During early afternoon August No. 1 stood at
$2.37, up He., while September No. 1 was $2.34, up lc.
Sales to that time totaled 100 bales, all in the No. 1 com
tract.
The price of crack double extra silk in the uptown
spot market was unchanged at $2.62H & pound.
The
Yokohama Bourse closed 2 yen lower to 7 yen higher, with
Grade D silk advanced 5 yen to 1,235 yen a bale.
Local
closing:. No. 1 contracts: June, 2.54H; Aug., 2.33H; Sept.,
2.31H; Oct., 2.26H; Nov., 2.24; Dec., 2.23H; No. 2 con¬
yen up while Kobe ruled 1 yen
D moved up to 1,230 yen at
2.44HOn the 8th inst. futures closed 1 to 3He. net higher. The
market for futures ruled fairly steady.
The turnover up to
tracts:
June, 2.55; July,
.
early afternoon was small, as the trade apparently stood by
awaiting developments.
Sales to that time totaled only 160
bales, all in the No. 1 contract.
The price of Crack double
extra in the New York spot market was unchanged at $2.62H
for the second consecutive day.
Yokohama Bourse prices
higher to 8 yen lower. Grade D silk in the out¬
declined 10 yen to 1,225 yen a bale.
Local
closing: No. 1 contract: June,,2.56; Aug., 2.35H; Sept., 2.33;
Oct., 2.28H; Nov., 2.26; Dec., 2.25; Jan., 2.25.
Today
futures closed 2 to 7c. net lower.
Transactions totaled 130
lots.
Trading in silk futures was active at a lower level of
prices caused by liquidation of long lines in the No. 1 con¬
tract
Prices opened 2 to 4 He • lower. Sales to early afternoon
totaled 850 bales, all in the No. 1 contract.
In the uptown
market the price of crack double extra silk fell 2c. to $2.60H
a pound.
The Yokohama Bourse closed 13 to 27 yen lower,
while the price of grade D silk in the outside market dropped
5 yen to 1,220 yen a bale.
Local closing: No. 1 contract:
June, 2.54; July, 2.40H; Aug., 2.30; Sept., 2.27; Oct.,
2.22H; Nov., 2.21 H; Dec,, 2.19; Jan., 2.18.
closed 8 yen
side market
.
403
"290
"388
3,936
57
68
1
""76
"145
""33
31
""20
411
520
153
""48
Savannah
Wilmington
153
13
496
1
1
Norfolk
""97
46
2
227
"698
698
3,961
16,177
Baltimore
Totals this week.
2,001
1,334
4,068
3,493
1,320
following table shows the week's total receipts, the
since Aug. 1, 1938, and the stocks tonight, compared
The
total
with last year:
1937-38
1938-39
Stock
Receipts to
Since Aug
This
Since Aug
This
Week
1, 1938
Week
June 9
,
Galveston
Houston
3.847 1,019,631
227
;
_.
293,119
16,678
815,600
65,528
12,279
2,059
35,640
16,096
38,774
13,284
15,571
698
Corpus Christi
24,419
411
3",936
New Orleans--..
Mobile
520
;
Pensacola, &c__.
"153
Jacksonville
496
Savannah,.
Charleston
.
Lake Charles
2
Wilmington
Norfolk
New York
1939
1937
1.
683,382
715,444
43,975
16,761
706,802
49,012
8,499
2,523
142,729
39,329
14,337
24,011
28,768
100
100
1,268
1,200
3,741
1,050
.
Boston
Baltimore
Totals.
1938
476,453
559,702
44,873
31,778
416,179
43,661
3,477
1,352
144,833
30,828
5,413
11,063
27,471
6,079 1,889,563
4,788 1,800,962
304
399,419
11,847
"5",082 2,093,423
211,279
1,087
77,770
3,615
523
128,429
193,499
1,200
1
78,893
3
27,745
226
55,518
969,423
.5,887
Beaumont
12 He. net
5,887
3,847
100
Jacksonville
moving out of first hands at prices
5th inst. futures closed 7c. to
318
1,038
1,669
"214
_
New Orleans
Total
Fri.
1,160
151
_
Corpus Christi.
a
Silk—On the
Thurs.
Wed.
Tues.
Mon.
Sat.
381
Galveston.
Houston
776
20,069 6,997,288 1,799,651 2,480,463
16,1773,338,101
.
25,326
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
1933-34
1934-35
1935-36
1936-37
1937-38
1938-39
Receipts at—-
'
520
Houston
New
Orleans
.
_
Mobile.
Savannah
523
5,887
3,847
3,936
_•
■
-
2
527
30
798
226
__
Norfolk
835
65
1,304
256
3
227
Wilmington
N'port News.
L
—
1,262
Total this wk_
1,081
20,069
n,
-
-
—
-
-
-
900
104
518
~
-
—
—
—
..
22,325
1,846
508
2,190
32,597
2,236
16,177
All others
331
1,432
1,200
,
__
423
-U
—
_
7,376
7,535*
10,297
3,003
2,910
.3,310
2,026
6,906
302
1,655
9,128
5,185
2,453
Brunswick
Charleston.
7,237
3,511
16,033
1,464
438
6,079
4,788
5,082
1,087
496
Galveston
14,317
34,833
.
Since Aug. l._ 3,338,101 6,997,288 6,193,781 6,598,257 3,972,899 7,134,242
for the week ending this evening reach a total
which 3,562 were to Great Britain,, 105
958 to Italy, 2,695 to Japan,
and 5,713 to other destinations.
In the corresponding week
last year total exports were 34,284 bales.
For the season
to date aggregate exports have been 3,149,724 bales, against
5,374,057 bales in the same period of the previous season.
Below are the exports for the week.
The exports
of 16,488 bales, of
to-
France, 3,455 to Germany,
Exported to—
Week Ending
Ger¬
Great
Exports from—
Britain
France
»
-
-
••
2,594
New Orleans;
50
Savannah
Norfolk---,
-
171
-j
-
558
■
-
159
-*
-
-
400
827
---.
1,868
90
San Francisco...
1,097
4,478
372
42
____
-----
----
3,647
171
-
s
•
Los Angeles
---
3,609
1,916
1,884
-----
....
-
Total
Other
1,600
—
350
-
1
-
China
164
105
657
Mobile.
mmm
.
Japan
400
1,609
1,173
Galveston.Houston.
Italy
many
927
100
1,958
.
3,562
Total
Total 1938
Total 1937-----
105
3,455
958
2,695
5,713
16,488
9,572
16,646
619
8,617
2,674
11,044
4,005
4,248
10,731
1,798
26,604
34,284
72,882
350
10,298
Exported to-
From
Aug. 1,1938 to
9.
June
1939
Exports from—Galveston
Houston—
—
Corpus Christi
Brownsville.
-
Ger¬
Great
Britain'
68,020
121,168
27,971
2,412
France
99,092
84,638
63,411
28,425
many
China
22,429 211,058
52,549 191,410
900,167
889,426
58,833
8,791
258,674
53,474
1,309
529,482
205,279
24,351
'
120,338
83", 133
64",312
6,730
34,141
5,192
1,464
61,013
1,167
71,113
10,788
Mobile
11,017
1,066
2", 152
Orleans.
Jacksonville.
-
—
336
10,461
5,124
186
5,331
714
66
331
Baltimore
Philadelphia..
139
11,024
782
L390
7,288
1,511
10,276
4,235
155
"179
600
8,700
3,907
90
"29
•
513
"500
13
229
200
22", 182
Francisco
16,601
1,936
3,545
6,333
184,728
84,610
5,707
1,195
1,862
246,669
107,813
10
Los Angeles __
20,628
San
21.794
500
468
"33
—
Boston
57,509
1,302
11,338
885
"295
131
400
35,951
262
61
5,400
511
Gulf port
York
,
956
Norfolk
New
10,085
"360
8,590
Savannah
8,871 120,702
12,074
"728
6,941
297
944
Pensacola, &c.
Charleston
2,171
866
Lake Charles.
New
.
173
Beaumont
Total
Other
Japan
277,458
Ugly
87,510
123,660 110,722
57,561 24,376
1,240
12,606
134,600
10
5,155
Seattle
Total
439,274 290,705
851,081
611,282 89,841 985,804 5374,057
COTTON
Total
Friday Night, June 9, 1939
The
Movement of the
Crop, as indicated by our tele¬
from the South tqnight, is given below.
For the week
gnding this evening the total receipts have reached 16,177
grams
94,250 632,954 3149,724
450,487 390,973
1937-38 1577,293
743,796
857,042 508,999
Total
1936-37 1149,701
703,140
716,965 386,145 1545,884
In addition to
23,028 691,914 5216,777
above exports, our telegrams
give us the following amounts
cleared, at the ports named:
tonight also
of cotton on shipboard, not
3552
Financial
Chronicle
Shipboard Not Cleared for—
Britain
Galveston
700
400
Houston
662
884
New
Foreign
icise
1,000
1,800
1,285
678
Orleans..
Coast-
many
France
Other
2,800
2,024
3,322
6,900
5,527
5,285
157
Savannah
Charleston—.
~
~
Z7L
~~50
Mobile
50
Norfolk...
Total 1939..
2,040
3,784
4,310
Total 1938
Total 1937
Speculation in
1,284
1,966
2,434
cotton
past week was more
wards
the
4,085
4,508
4,202
week-end.
months
near
to
mill
on
buying
unfavorable
2,157
7,011
4,962
recently
highs
as
all
weather
The
^
dealers
sold
the
distant
hedge placements in the
belt temperatures were
contracts.
new
crop
There
months.
were
scattered
In the cotton
mostly seasonable, but rainfall was
unfavorably heavy in much of this area, according to the
weekly weather report from Washington.
positions.
were
scattered
Bombay brokers
hedge
active
were
the
on
that
news
i
,
.
futures
cotton
displayed
an
irregular
session in
tone
limited
a
A short time before the close of business*
the market
Futures
to 3
vanced 1
ignored
5 points lower to 2 points
Liverpool decline and ad¬
was
the
points under trade and foreign buying, with
Brokers with Bombay connections bought
offerings light.
March
and
May, while Liverpool dealers bought July and
sales of May/ Mill price-fixing continued
October against
lend
to
from
support
to the nearby positions.
Offerings came
spot houses and from New Orleans brokers.
Southern
General
liquidation
of futures* centering in the distant
Liverpool market 1 to 8 points lower.
The July position was steadied by the continued tight
spot
positions, left
the
situation.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 3 to June 9—
Sat.
Middling upland-
Mon.
Tues.
Wed.
9.92
9.82
9.91
9.78
Thurs.
Fri.
10.00
9.99
Futures—The highest, lowest and closing prices at New
York for the past week have been as follows:
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
June 3
June 5
June 6
June 7
June 8
June 9
June{1939)
Range..
Closing
July—
9.33 n
Closing
Aug.—
9.42a
9.05- 9.18
9.11- 9.18
9.03
.
9.47 a
8.97- 9.05
.
Range..
9.17-9.18
9.12
9.51a
9.60a
,9.15- 9.22
9.21
r
——
9.59a
9.22- 9.31
9.23- 9.31
9.30
9.29
„
Range..
Closing
Sept.—
8.30rt
.
8.38a
8.27a
8.40a
8.44a
8.50 a
Range..
Closing
8.35a
8.43a
8.32a
8.45a
8.49a
8.55a
Range..
8..18- 8.28
8.26- 8.34
8.21- 8.32
8.25- 8.37
8.35- 8.42
8.34- 8.45
Closing
session
preceding
Around midday prices were 6 to 8 points higher.
Ignoring the featureless cables from Liverpool, futures here
advanced 3 to 5 points in a
fairly brisk trade on the call.
Brokers with Bombay and
Liverpool affiliations sold July.
Liverpool dealers also sold October, while the Bombay
interests bought May.
There was some Liverpool buying
in the new crop positions.
Trade price fixing again sup¬
ported the nearby deliveries, with Wall Street and pro¬
fessional absorption lending further firmness.
New Orleans
aay.
for
higher.
8.25
8.33
8.22
8.35
8.39
8.45
.
r
4,
Oct.—
house
time before the close of business active months
registered
gains of 7 to 10 points from the closing levels of the
4
to
export subsidy plan before the international
an
Around midday
was
^
2
opened
active positions showed an advance of 2 points to a decline
of 2 points from the closing levels of the previous day.
will
volume was comparatively small.
buying was moderate.
The Egyptian
cotton, crop was officially estimated at the equivalent of
1,692,000 bales of 478 pounds by the Egyptian Government
in its final report.
This compares with a December estimate
of 1,492,000 bales and last year's crop of 2,241,000 bales.
Spot business in the South was moderately active, with, sales
totaling 5,014 bales.
Quotations 10 to 20 points higher,
with middling averaging 9.57c.
On the;6th inst. prices
closed 5 to 15 points net lower.
The opening range was 1
point up to 4 points off.
The market ruled heavy during
most of the trading.
Selling was more active in new crop.
deliveries with these months showing greater losses.
Offer¬
ings from abroad were large during the morning and liquida¬
tion through commission houses
developed ill the afternoon.
Lows for the day were made in the late
trading, with final
quotations at or within a point of the bottom.
Southern
selling was moreh pronounced than recently.
Activity was
stimulated by the wider discounts for the new
crop months
under July.
Trade shorts were transferring hedges into later
deliveries.
Considerable long cotton came out on the de¬
cline, according to market observers.
Little attention was
given to crop complaints.' Parts of the central belt reported
excessive rains and grassy fields with sunshine said to be
badly needed.
Southern spot markets were from 5 to as
much as 25 points lower, with
middling quotations ranging
from 9.16 to 9.97c.
On the 7th inst. prices closed 9 to 14
points net higher.
The jcotton market displayed a firmer
tone today in a moderate volume of transactions.
A short
contracts, and there
volume of sales.
foreign hedge selling was also noted in forward months.
Trading activity picked up during the last half hour, but
the
and
throughout the greater part of today's
Scattered foreign buying, partly from Bombay, was in evi¬
dence in the new crop deliveries.
On the other hand, some
in
points
Today prices closed 1 point down to 6 points net higher.
Southern spot markets
Commission
extent,
some
cotton conference meets.
expected to reduce surpluses
today were unchanged
to 10 points higher, with middling
quotations ranging from
9.13 to 9.88c.
On the 5th inst. prices closed 8 to 14
points
net higher.
The market's firmness today was based largely
on prospects of restricted
supplies of cotton for delivery on
the July and October contracts.
Bullish weather reports
and a higher Liverpool market also had their influence in
the local upward movement. * Initial prices were
steady at
levels which were unchanged to 4
points higher.
July'was
firm throughout the session, owing to continued trade de¬
mand, while offers were generally limited to a scale-up basis.
earlier
of
passage
as
abroad,
Liverpool to
at
bulk of the
Prices
American cotton
7
to
United States Secretary of Agriculture Wallace wanted the
against larger textile sales.
attracted to later deliveries owing
and renewed expectations for an
sources
unchanged
was
Exchange dropped a 10-point gain today
cottofi
spot houses covered
possibility that domestic trade
the list
period
despite the holiday in the Indian market and bought Octo¬
ber against sales of July.
July futures on the Liverpool
250,000 bales of loan cotton at full prices
before the end of the season, in addition to
foreign purchases
which may be forced because of the
scarcity of supplies of
somewhat.
trading
sales in the distant
Later in the session several thousand bales were absorbed at
9c. and the market thereafter rose further on a moderate
much
to
the
prices closed 6 to 10 points net higher.
A
feature of the trading was the advance in July cotton con¬
tracts above the 9c. level today to a new high for the move¬
ment of 9.05c.
Trade covering steadily absorbed
realizing
sales on a scale up and as the near month
firmed, other
months
developed
sympathetic
strength.
Price
fixing
against last week's heaviest business in cotton goods in
months accounted for the main support in
July.
Brokers
with spot house and trade connections were on the
buying
side.
For a time the market displayed resistance after the
near month opened at 8.99c;
Offerings a point or so below
the 9c. level held the market in check during the first hour.
as
net
accounts, spot houses and ring professionals.
Southern in¬
New Orleans connections supplied
On the 3d inst.
demand.
point
1
to
terests and brokers with
export subsidy.
absorb
points
points higher in moderately active trading.
Bombay houses
were buyers, with further support coming from Wall Street
calling
-was
9
yesterday's closing levels.
At noon the market was
9 points net higher.
Futures followed this morning's
advance
17,762 1,781,889
52,166 2,428,297
29,237 1,224,169
for
the
2
delivery during the
prices much firmer to¬
new
prices closed
above
469,553
554,175
410,894
144,833
30,828
43,611
future
with
Further
contracts were established
New outside
for
active,
8,196
34,897
13.329
a
of
27,471
100,524
Other ports...
•
In
Stock
Total
2,000
inst.
Cotton prices maintained their steady tone today
moderate volume of business.
Shortly before the end
higher.
Leaving
Ger¬
Great
8th
the
On
On
June 9 at—
June 10, 1939
Nov.—
.
—-
—
:
■
Range..
Closing
8.13a
8.23a
8.12a
8.24a
8.27a,
8.32a
7.94- 8.07
8.03- 8.13
8.01- 8.11
8.05- 8.17
8.14- 8.20
8.11- 8.20
8.02
.
8.13
8.02
8.14- 8.15
8.16
8.20
,
Dec.—.
Range..
.Closing
.
—
/art. (1940)
—
•——
0
Range..
7.88- 7.90
7.97- 8.07
7.97- 8.04
7.98- 8.09
8.08- 8.09
8.11- 8.12
Closing
7.95a
8.07
7.95a
8.07a
8.09a
8.12a
8.03a
8.06n,
8.08a
7.88- 8.00
7.99- 8.05
7.98-8.06
7.99
8.03
8.04
.
—
'Feb.—
Range..
Closipg
7.92a
8.03 a
7.90a
7.81- 7.89
7.89- 8.00
7.84-
7.89
8.00
7.85
.
Mar.—
Range.
Closing
_
.
—
—
7.99
—
—
April— *
Range._
Closing
May—
'
•7.87 a
7.84a
7.98a'
Range..
7.78- 7.90
7.87- 7.96
7.83- 7.96
7.86- 8.00
7.95- 8.01
7.94-
Closing.
.7.86
7.96a
7.83
7.97
8.00
8.00
_■
7.98a
,
"
•
•8.02a
8.0l,a
"
—
—
8.03
:
Nominal.
n
Premiums and Discounts for Grade and Staple—=The
table below gives the
premiums and discounts for grade and
staple in relation to the grade. Basis Middling %, established
for deliveries on contract on June 15, 1939.
Premiums and
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over
%-inch cotton at the 10 markets on June 8:
X
15-16
1 In. &
X
15-16
1 In. <k
Inch
Inch
Longer
Inch
Inch
Longer
White—
Mid.
Fair
Spotted—
Good Mid
.09 on
.25 on
.37
on
St. Good Mid..
.56 on
.73 on
.88 on
St.
.06 off
.10 on
.23
on
Good Mid
.50
on
.67 on
.82 on
Mid
.67 off
.53 off
.40 off
.33
on
St.
Mid
.62
on
.79
on
.94
on
Mid
.50 on
.65 on
•St. Low Mid..
1.39 off 1.34 off 1.29 off
Mid
Basis
.17 on
.31
•Low Mid
2.12 off 2.10 off 2.08 off
St. Low Mid
.57 off
.41 off
.29 off
on
Low Mid
1.31 off 1.26 off 1.20 off
•St. Good Ord. 2.04 off 1.99 off 1.98 off
•Good Ord
2.63 off 2.60 off 2.59 off
Extra While—
Good Mid
St.
Mid
Mid
Mid
Good Mid
St.
.50 on
.67
.33
.50 on
on
.57 off
on
17 on
.41 off
.82 on
.65 on
.31
on
.29 off
1.31 off 1.26 off 1.20 off
•St. Good Ord. 2.04 off 1.99 off 1.98 off
•Good Ord
2.63 off 2.60 off 2.59 off
.50 off
.40 off
.30 off
.73 off
.63 off
.54 off
1.48 off 1.43 off 1.39 off
•Low Mid
Not deliverable
on
**.
future contract.
2.82 off 2.81 off 2.81 Off
Yel. Stained—
Good Mid
•St.
Mid
♦Mid
1.12 off 1.05 off
.96 off
1.63 off 1.59 off 1.56 off
2.28 off 2.27 off 2.25 off
Gray—
Good Mid
St.
•
*
Mid
•Mid
•St. Low Mid.. 2.16 off 2.14 off 2.14 off
Even
Rt. Low Mid
Low
Tinged—
Mid
•Mid
.60 off
.49 off
.38 off
.81 off
.70 off
.61 off
1.36 off 1.30 off 1.26 off
Vz'.ume
Financial
14S
3553
Chronicle
ended
Range for future prices at New York for the week
and since trading began on each option:
Towns
Range Since Beginning of
Range for Week
Option for—
8.97
July 1939..
Aug. 1939.
June
June
9.23
3
8.20 Nov. 21
5 1938
7.60 Dec.
8
9.05 July
22
3
Apr.
11 1939
8.12
Oct.
7.30 Jan.
24 1939
8.32
May 26
7.46
_
Sept. 1939-Oct.
4 1938
8.11 Oct.
8.45 June
7.26
9
Jan.
10 1939
Feb.
23 1939
7.49
9
8.45 June
7.49
3
8.18 June
1939..
Nov. 1939-.
Feb. 23
Dec.
1939—
7.94
June
3
8.20 June
8
7.26
Jan.
26 1939
Jan.
1940-.
7.88 June
3
8.12 June
9
7.29 Jan.
27 1939
8.12 June
Feb.
8
9
8.20 June
1938
1938
1938
1939
1939
1939
1939
1939
1940.
_
Apr.
8.06 June
7.36 Apr. 20 1939
91939
8.06 June
7.58"
9
7.78 June
8.03"
3
June
9
8.03 June
May
91939
Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Open
June 5
June 3
June 2
Contracts
June 8
June 7
June 6
32,800
15,000
March
36,000
32,800
33,200
18,000
33,100
29,300
28,700
2,000
36,000
23,800
3.600
500
362,200
54,600
16,800
14,100
11,900
157,600
12,000
83,000
13,000
19,800
_.
3,700
1,600
.....
4,400
4,700
1,800
10,300
December
January (1940)
....
May
7,800
6,800
7,500
—
266,200
403,200
25,200
20,600
10,200
24,700
-
11,000
8,800
58,095
353
89,767
60,410
101,131
209
25,666
32,268
65,880
94
"212
72,886
12
13
131,907
496
156,776
66
171,14^
38,998
215
60,275
500
49,654
49,856
Forest
City
— —
Helena
—
-
1
""§6
104,810
Jonesboro__
""65
570
46,756
34,327
125,779
....
19,324
Rock
12,060
9,763
39,035
498
36,540
81
23,991
23,592
"l2
145,855
141
88,098
46,397
187,15<
3
20,365
281
64,662
1
40,198
427
38,961
69
373
136,698
1,974
109,721
58
....
48,611
26
40,602
62,120
92
13,150
17,554
"195
32
13,457
31,770
2,309
30,584
""26
45,391
435
28,659
1,871
122,556
3,907
81,763
403
231,032
4,402
167,173
Augusta
978
127,496
2,286
130,559
744
300
12,400
400
33,600
500
173,237
32,150
2,096
Columbus..
600
131,673
34,500
1
28,254
838
26,561
73
47,24!
1,543
30,492
Newport
Bluff■
Ga., Albany..
Atlanta
Macon
.
31,177
26,700
16,167
Rome.....
22
16,907
20
32,732
10
La., Shrevep't
13
86,548
501
76,565
■29
16,902
147,354
156
58,797
Miss., Clarksd
847
135,939
2,197
37,066
480
260,195
592
50,697
Columbus.:
188
28,359
588
34,516
45
40,585
87
29,316
Greenwood-
493
201,673
2,140
67,838
82
301,182
693
58,510
32,930
525
35,391
64
66,030
390
24,567
7,887
132
15,820
18,830
247
29,332
451
17,468
45,540
668
43,042
3,217
2,905
3,098
34
1,652
■
Natchez
82
Vlcksburg..
Yazoo City.
Mo., St. Louis
October
49,807
448
54,479
786
22,024
52,153
'
3,197
182,841
N.C., Gr'boro
5
5,800
10,551
13,149
.'
June 8
July (1939)
"236
"817
44,903
Jackson
New York
52,782
69,237
14,335
86,223
57
Athens
Exchange Administration of the United States
28,855
8,120
66,292
'
Ark., Blythev.
10
1,877
22
Pine
Delivery—The Commodity
42
27,222
Selma
...
June
Week
Season
Montgom'y
Eufaula
Stocks
ments
Week
1,868
Walnut Rge
Volume of Sales for Future
9
10, 1938
Ship¬
71,571
Little
22 1939
June
Week
Season
Receipts
50
_
May 1940.
Ala., Birm'am
Hope.
3
7.81 June
Week
-
Movement to June
Stocks
ments
1940
Mar. 1940—
Ship¬
Receipts
Option
•:
June 1939__
'
JMovement to June 9, 1939
June 9, 1939,
76.067
159
196,903
3,062
3,997
43
8,758
83
3,658
154
522,051
1,789
140,889
1,331
144,955
2,469
28,133
556,088
.
26,552
Oklahoma—
'
48
260,644
339,138
2,367
95,706
1,864
18,581 1987,057
2,726
61,118
29,767
620,133
14,630 2638,530
22,033
19
12,485
46,011
15 towns *.
S. C., Gr'vilie
Tenn., Mem's
Texas, Abilene
»
*.
-
«.
4,237
85,572
7,519
1,447
18,042
15,509
14,839
196
2,663
2
13,976
""16
2,263
Dallas
45
45,921
240
39,691
122
114,423
203
33,722
Paris
September (1939)
6
31
28
63,270
312
41,954
62
93,522
39
22,835
Austin
Inactive months—
2,800
—
100
November
Brenham
..
6,479
19
657
Marcos
43
13,349
163
2,050
Texarkana.
15
28,345
9
35,979
75
55,368
877
21,034
'
82,900 119,600 127,100 113,600 1,329,700
56.900
88,100
Total all futures..
Open
June 1
May 31
New Orleans
June 2
June 3
Contracts
June 6
June 5
.
Robstown..
San
Waco
:
55
15,661
07,639
a
624
19,090
a
a
118
42,030
16
90,990
1
12
22;568 6556.449
51,744
2138,40q
stocks
have
,
13,415
June 6 ■'«
Toit.,
7,200
2,350
7,600
1,200
6,150
December
5,600
2,850
July (1939).
March
2,450
1,100
1,150
1~550
"550
"900
250
3,700
1,000
—
May
Total
3,750
.
50
200
18,500
95,250
34,650
2,900
2,650
■
1,250
22,950
100
1,650
1,400
950
6,350
5,700
20,400
11.950
207.500
800
150
.......
....
14,900
17,200
all futures
totals
above
The
cable and
as
afloat
follows.
Foreign stocks as well
this week's returns, and consequently all foreign
telegraph, is
are
as
brought down to Thursday evening. To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States for Friday
only.
•
:
figures
are
Junes—
1939
»
1937
778,000
the
same
13.0Q0
1..
Stock at Havre.
i
•-
Stock at Rotterdam
53,000
22,000
15,000
11,000
7,000
.598,000
426,000
536,000
Stock at Barcelona
•
__j—
25,000
Stock at Genoa-
16,000
Stock at Venice and Mestre_-v-Stock at Trieste
Total Continental stocks
23",000
186,000
129,000
131,000
61,000
164,000
141,000
197,000
Egypt, Brazil,&c.,afl't for Europe
199,000
199,000
157,000
395,000
Stock in Alexandria, Egypt
320,000
860,000
Stock in Bombay, India.
1,142,000 1,262,000 1,034,000
Stock in U. S. ports
.1,799,651 2,480,463 1,253,406 1,535,175
Stock in U, S. interior towns..2,600,639 2,138,409 1,030,520 1,517,933
31,304
16,592
3,703
U. S. exports today
2,870
Total visible
Europe
7,306460 8 ,460,575 5,224,518 5,881,412
supply.n--_
Of the above, totals of American
and other descriptions
are as follows:
233,000
Liverpool stock
Manchester stock
Bremen stock
1
;—i
-
-
-
-
40,000
105,000
71,000
26,000
61,000
-
Havre stock
Other Continental stock
American afloat for Europe
stock
1,799,651
.
U. S. exports
today,
—j
65,000
131,000
2 ,480,463
259,000
318,000
48,000
61,000
129,000
143,000
113,000
165,000
24,000
107,000
129,000
186,000
1,253,406 1,535,175
1,030,520 1,517,933
16,592
31,304
Brazil, &c.—•
Liverpool stock.....
Manchester stock
451,000
356,000
54,000
41,000
26,000
40,000
94,000
44,000
52,000
28,000
35,000
86,000
1
Havre stock
Other Continental stock.
Indian afloat for Europe
—
460,000
40.00c.
32.75c.
1912
.11.65c,
1911
15.90c,
30.05c.
1910 —-15.40c,
.23.95c.
1918
1917
23.80c.
1909
11.30c.
28.85c.
1916
12.85c.
1908
11.40c-
11.79c.
1928
21.10c.
1920
11.95c.
1927 -^-.17.10c.
1926
18.80c.
1919
12.25c.
9.25c.
5.00c.
—
1933
1932
1925
1924
-
Market and Sales at New York
Stock in Bombay,
Market
Closed
Closed
Total East India, &c
44,000
33,000
31,000
128,000
.
Nominal
Total American.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine.Liv
9.09d.
4.39d.
5.47d.
8.44d.
3.68d.
5.49d.
11.89d.
6.06d.
8.51d.
4.48d.
3.75d.
5.96d.
Continental imports for past
Interior
199,000
860,000
7,306,160 8,460,575 5,224,518 5,881,412
5.77d.
4.43d.
7.06d.
6.82d.
9.99c.
8.19c.
12.61c.
11.80c.
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Towns
9.14d.
5.51d.
...
Nominal
Very steady
Barely steady.
Steady
Steady
Very steady
Nominal
Nominal
Nominal.Nominal
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
detail below:
.
t
1
•
1
1
1
t
I
t
1
1
I
t
....
_
Total week.
72",004
1
Since Aug.
1
1
I
I
II
1
f
1
1
119,300
19l",304
Overland Movement for the Week and Since Aug. 1—
give below a statement showing the overland
for the week and since Aug. 1, as made up from
movement
We
telegraphic
The results for the week and since
reports Friday night.
Aug. 1 in the last two years are as follows:
-1937-38-
1938-39
3,062
1,700
3,866
5,661
195,511
126,131
3,972
6,075
166,977
879,881
.,19,458 1,162,730
14,692
1,378,547
776
25,114
9,638
283,712
2,225
—
,,
— _
givoo
75
3,698
Virginia points,
10,243
Via other routes, &c—
j.Ova/i
v
,Deduct ShipmentsOverland to N. Y., Boston, &c-
698
5,375
6,250
428,278
*...13,208
734,452
177
..
..
Total to be deducted
.
Leaving total net overland
Including movement by rail to Canada.
—
5,595
318,464
9.097
.
1,060,083
„
1938—39
and Spinners'
Week
■
Aug. 1
16,177
13,208
110,000
3,338,101
734,452
5,363,000
139,385
*35,290
Total marketedInterior stocks in excess
over
209
4,610
-1937-38Since
Since
Takings
Excess
403
24,730
9,148
394,400
..
Bewteen interior, towns—
In Sight
9,435,553
647,746
of Southern mill takings
consumption to May 1.
Week
20,069
9,097
85,000
454,025
84,990
14,558",474
10,182",251
North, spinn's' takings to
June 9. 28,225
28,225
Aug. 1
6,997,288
1,060,083
4,660,000
114,166 12,717,371
1,387.078
*29,176
98,952
104,095
*
Aug. 1
200
183,20
174,821
3,399
8,821
167,890
624,599
3,217
Via Mounds, &c
Via Rock Island
Week
Aug. 1
Week
Via St. Louis....—
Via
Since
Since
June 9—
Shipped—
1,268,697
14,927
1.167.987
Decrease.
Movement into
sight in previous years:
Bales
Week—
week have been 83,000 bales.
the
Total
Steady
164,000
2,367,000 2,455,000 2,098,000 1,941,000
4,939,160 6,005,575 3,126,518 3,940,412
-
Contr'ct
Spot
y
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
61,000
64,000
37,000
72,000
125,000
199,000
197,000
141,000
320,000
395,000
157,000
....1,142,000 1,262,000 1,034,000
India
SALES
Futures
Spot Market
359,000
70,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt.....
the
13.65c,
1913 .....12.75c,
1934
1936
*
1.™
Bremen stock
At
9.65c,
1914
1921 .....12.70c.
.1935
A,939,160 6,005,575 3426,518 3,940,412
Total American....
East Indian,
653,000
116,000
178,000
240,000
2,600,639 2 ,138,409
3,703
2,870
U. S. interior stock
„
1915
18.95c.
Via Louisville
American—
U. S. port
1923 .....29.10c.
1922 .....22.55c.
1929
<
1,087,000 1,767,000 1,335,000 1,263,000
125,000
128,000
86,000
94,000
stocks
India cotton afloat for Europe.__
American cotton afloat for
Quotations for 32 Years
1931
8.25c.
1930 —15.30c.
1936
309,000
Stock at Bremen
9.99c.
1938-.... 8.11c.
1937 ..—12.59c.
1939
109,000
909,000
173,000
198,000
14,000
interior
the
week last year.
618,000
131,000
727,000
210,00 v
150,000
13,000
66,000
79,000
10,000
8,000
778,000 1,169,000
146,000
230,000
97,000
268,000
12,000
10,000
Total Great Britain
Total European
1938
684,000 1,009,000
94,000
160,000
6ales
Stock at Liverpool.
Stock at Manchester
that
show
during the week 35,290 bales and are tonight
462,230 bales more than at the same period last year. The
receipts of all the towns have been 6,750 bales more than
decreased
New York
Supply of Cotton tonight, as made up by
The Visible
64.608 2600,639
44,850
2,850
3,950
100
January (1940)
July
6,400
„
6,150
6,250
4,750
200
October
29,318 4633.561
56 towns
1937—June 11
1936—June 12
1935—June 14
-
Since Aug. 1—
136,899 1936
131,138 1935
94,869 1934
Bales
14,049,302
13,124,871
8,875,783
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
Below
of the week:
3554
Financial
Chronicle
Closing Quotations for Middling Cotton
Saturday
Galveston..
New
Monday
9.36
Orleans
Tuesday
9.50
Wed'day Thursday
9.40
9.49
9.40
9.40
9.40
9.50
9.50
9.42
9.51
9.60
9.49
9.82
9.91
9.90
9.79
Norfolk
HOL.
9.60
9.55
9.65
9.70
Montgomery
Augusta
Memphis
9.43
9.57
9.42
9.45
9.50
9.88
10.02
9.97
10.06
10.00
9.99
9.50
9.60
9.35
9.45
9.55
9.55
Houston
9.30
9.40
9.35
9.45
9.50
9.50
Little
Rock
'
1
New York office of Weil Brothers.
9.70
9.52
9.35
9.45
9.40
9.40
9.40
Dallas
9.13
9.27
9.16
9.21
9.30
9.13
.9.27
9.16
9.31
9.30
Of the 15 members of the Board of
Managers who were
newly elected member and 14 have served
during the past year.
The newly elected member is Mar¬
elected
9.29
Fort
9.25
9.40
shall
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Monday
Tuesday
Wednesday
Thursday
Friday
June 5
June 6
June 7
June 8
June 9
June (1939)
9.13
July
9.18
9.23
9.29.
9.33
-
9.325-9.33a
August
September
October
8.35
__
8.45
8.33
8.45
8.48
8.52- 8.53
8.25
8.26
8.30- 8.31
g j3
Jan.(1940) 8.045-8.06
February
8.125-8.13a
g 23
,
7.995-8.00 a 8.095-8.11a
7.97
7.955-7.97 a 8.065-8.07a
— .
July.,!...
96 a 8.065-8.08a 8.085-8.105 8.105-8.12a
£945-7,
_
Dull.
Dull.
Steady.
Steady.
Spot
Quiet.
•
Dull.
Dull.
Steady.
Steady.
Steady.
Presidency.
June 9, 1939
Feet
New Orleans..,
Memphis
Above zero of gaugeAbove zero of gauge.
11 members of the Board of Governors who
elected four are new members and seven have served
Nashville
Above
zero
of gauge.
-Above
Above
zero
zero
of
of
Shreveport
Vicksburg
—
New
Members
of
12.7
26.2
12.7
9.7
11.7
gauge.
5.4
gauge.
14.1
9.4
33.6
New
York
Coffee
&
Sugar
Exchange—Stanley Graham of New York City and A. B. C.
Dudok de Wit of Amsterdam
York
Coffee
Returns by Telegraph—Telegraphic advices to us this
evening denote that in the northwest portions of Texas
farmers have been waiting for rain so
they can plant their
cotton.
In other parts of Texas
progress has been mostly
good.
In the extreme south of Texas plants are blooming
generally.
Chopping is progressing in the northeast portion
elected members of the
were
&
Sugar Exchange, Inc., at a meeting
of the Board of Managers held June 7.
Mr. Graham will
act
.
as
floor broker for coffee
a
as
well
as sugar, to which
while with Hay den,
Stone & Co.
Mr. de Wit will extend the privileges of his
membership to -Handelsvereeniging van Dudok de Wit
& Co.
At the meeting corporation privileges were granted
to the Continental Coffee Co., Inc., of Chicago.
has
devoted
CCC
a
number
Announces
Continue
Their
of
Terms
years
Under
Investment
in
Which
Banks
Cotton
Commodity Credit Corporation announced
..
of the Atlantic States.
•
,.
on
May
Abilene.
loan
agencies.
The
the rate of 1%
their investment in
per
annum.
lending agencies which
$205,150,851
on
Bales—On June 2,
The
90
88
66
77
88
70
78
0.48
88
68
78
66
98,
78
"
60
79
0.12
90
62
76
1.06
,
5
94
68
81
0.91
88
66
77
4
1.30
88
68
78
0.18
92
64
78
0.06
-92
68
3
1.02
94'
2
68
90
0.76
-
■
60
92
1.18
64
94
dry
2
Louisiana—New Orleans.,
70
'
.
80
79
80
1.28
88
70
79
4
0.98
98
68
83
Mississippi—Meridian-—.-
4
2.80
90
68
Vicksburg
Alabama—Mobile
3
79
79
,
4
1.56
1.93
5
0.63
3
—
Birmingham
Montgomery.______
Florida—Jacksonville..-
transfer
0.24
92
0.16
92
0.04
86
70
70
72
86
.72
,
!
3
Miami
1
,
90
68
93
69
92
*
66
* '
80
79
,
81
81
79
'79
Pensacola
2
1.18
Tampa...-.
3
2.41
/Georgia—Savannah, J
3
O.07
96
70
83
0.16
94
66
80
96
68
82
94
66
80
82
Atlanta.
1
Augusta
South
Receipts
—
91
0.42
88
0.38
92
68
1.44
90'
80
70
2
"
72
'
60
80
80
from
the
1.07
91
-69
78
2
0.15
94
68
81
2
-
..
"
74
♦
2
__
Chattanooga
Nashville.
0.42
3
3*
Tennessee—Memphis.
Com¬
70
'1
Carolina—Charleston._
Charlotte
Wilmington..
modity
90
0.04
1
North Carolina—Asheville
„
-
"
dry
—,
Macon..
Credit Corporation announced that "Advices of
Cotton Loans" received by it through June 1, showed loans
disbursed by the Corporation and lending agencies of
$205,-
'
77
80
3
Shreveport
Through June 7 Aggregated
4,478,142
76
2
i_
Little Rock....
,
CCC
1
Taylor
banks by executing a form to be
by the Corporation and also to be made available through the
RFC loan agencies.
The Corporation also announced that it
contemplated purchasing in
July, all 1937-38 cotton loans carried by banks and other lending agencies
under the present
supplemental contract at 1%.
According to the
records of the Corporation, banks and other
lending agencies are carrying
approximately $180,000,000 in 1938'39 cotton loans, and approximately
$95*000,000 in 1937-38 cotton loans.
'
of
'
5
Oklahoma—Oklahoma City
such notes to other
Loans
;
dry
__
77
5.07
2.75
3
-
80
60
94
79
68
1.18
5
4
Arkansas—Fort Smith.
provided
Cotton
5
Corpus Christ!
74
56
San Antonio—4
The supplemental
so to
—-—Thermometer
High
Low
Mean
dry
—
Paris
Corporation's
desire to do
-
Luling
Nacogdoches
Palestine
notes, for face value plus interest, from the date thereof through
July 31,
1939, at the rate of 2y2 % per annum, plus interest from July 31, 1939 to
date of purchase at
—
ElPaso___
Kerrville
Under the terms of the supplemental agreement, which will be available
by July 1, Commodity Credit Corporation will pin-chase such producers'
the
96
92
3
Dallas
lending
announcement continued:
agreement will also permit
84
*
0.42
dry
-
Brenham
by executing and furnishing to each such loan agency of the
RFC, a supplemental agreement with CCC, which may be
such
1.90
Brownsville. 2.----.:
„
to continue their investment in such loans after July 31, 1939
from
Rainfall
Inches
2
Amarillo
agencies in connection with the 1938-39 cotton loan program
and which tender the notes evidencing such loans prior to
July 1, 1939 to a loan agency of the Reconstruction Finance
Corporation, designated to handle such notes, may arrange
obtained
Days
i
Austin
June 5 that
as
Rain
V
.
Texas—Galveston
Loans—The
banks and other financial institutions which acted
were
during
the past year.
The new members are: Bernard J. Conlin,
Marland C. Hobbs, Max W. Stoehr, and
Joseph R. Walker.
Those who served during the past
year are E. Malcolm
Deacon, Marshall Geer Jr., Lawrence P. Hills, Frank J.
Knell, Stanley H. Lawton, Ames Stevens and Arthur O.
Wellman.
D. Stanley Friedlander, James B. Irwin and
James C. Royce were elected as Inspectors of Election.
June 10,1938
Feet
6.2
•
Of the
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
he
Alliot,
Mr. Marriner succeeds Max W, Stoehr in the Second Vice-
"Dull.
Very stdy..
The
New
Eric
Top Exchange elected Robert J. Mur¬
President; Philip B. Weld, First Vice-President; KenVice-President, and Clayton C. Jones,
Treasurer.
Mr. Murray has been President, and Mr. Jones
has been Treasurer during the past
year.
Mr. Weld suc¬
ceeds Joseph R. Walker in the First Vice-Presidency and
8.025-8.04a 7.905-7.92a 8.025-8.04a 8.045-8.06a 8.055-8.07a
Options...
Two
are:
W. Marriner, Second
8.095-8.Ha 8.125-8.13a 8.145-8.16a
April
June..
Tone—
members
ray,
.
March
May—
re-elected
the New York Wool
8.155-8.17a 8.045-8.06a 8.165-8.18a 8.175-8.19a 8.225-8.24a
a
The
Jr.
Election of Officers of Wool Top Exchange—On June 5,
November
Decern ber_
Geer
a
Tinney C.
Figgatt, Richard T. Harris, Benjamin R. Hay ward, Wil¬
liam J. Jung, Jerome Lewine, Charles S. Montgomery,
Thomas F. Russell Jr., John H. Scatterty, Alvin L. Wachsman and Philip B. Weld.
Clayton E. Rich was elected as
Trustee of the Gratuity Fund for a period of three years.
Thomas F. Cahill was re-elected as Trustee of the Gratuity
Fund for a period of one year.
D. Stanley Friedlander,
James B. Irwin and James C. Royce were elected as In¬
spectors of Election.
New Orleans Contract Market—The
June 3
is
one
John C. Botts, James Coker, Bernard J. Conlin,
for
Saturday
member
a
Murray has been Vice-President of the Exchange during the past
year and a member of the Board of Managers for the last three years.
He
was for a year Chairman of the Warehouse and Delivery Committee, and
he has served as a member of other committees.
He is in charge of the
Mr.
9.50
9.47
9.87
He became
of the Exchange in 1924.
9.55
9.30
HOL.
Worth.
1939
lO,
member of the Board of Mana¬
member of other standing and special committees.
a
Friday
9.55
Savannah.
Mobile
a
gers for eight years and Secretary of the Exchange for four years.
He was
for several years Chairman of the Committee on Commissions and has been
on—
Week Ended
June 9
June
Vice-President he had been
to becoming
0.03
90
62
76
.
Plantations—The
>'•
'
following table
150,850.69 on 4,478,142 bales of cotton.
This includes
loans of $4,334,249.90 on 94,911 bales which have been re¬
paid and the cotton released.
The loans average 8.85 cents
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
pound.
Figures showing the number of bales on which loans have
been made by States in which the cotton is stored are
given
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
below:
Week
per
■
State—
Bales
Alabama
Receipts at Ports
Bales
New Mexico._-.__
Arizona
23,651
695,481
Oklahoma
1939
1938
39,152
North Carolina
Arkansas
California
Mississippi
760,695
Virginia.
10.
92,663
67,954
3051,323 2479,799 1744,860
3012.260 2460,874 1685,584
2986,570 2431,771 1622,611
Nil
71,853
54,793
61,190
NU
49,069
Nil
17,929
Nil
31.
19,979
44,695
59,427
2951,233 2397,991 1569.244
Nil
10,815
6,060
2907.928 2362,621 1503,310
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
7.
to
say
"
Knell has been President of the
Exchange for the past year, prior
which he was Vice-President for the greater
portion of a year.
Prior
11,788
51,480
50,142
14.
21,385
13,296
26,976
42,828
21.
30,687
40,673
28.
re-elected
regarding
2.043
Nil
Apr.
12,397
45,944
44,904
Nil
16,110
NU
Nil
3,173
14,040
13,710
NU
NU
NU
NU
NU
May
President, Robert J. Murray as ViceClayton B. Jones as Treasurer.
The Ex¬
officers:
1936
67,994
47,032
110,742
President, and
change's announcement had the following to
new
1938
27,264
32,436
21,973
as
Mr.
1939
17.
150
5,
the
Receipts from Plantations
24.
Election of Officers of New York Cotton
Exchange—
The New York Cotton Exchange on June
Knell
1937
1,228,270
Texas
J.
1938
52,992
Tennessee
Frank
1939
Mar.
184,531
South Carolina.
177,919
291,792
;
1937
320,901
194,400
Georgia
Louisiana
Missouri.
Stocks at Interior Towns
End.
State—
317,472
79,994
.
5.
24,610
40,825
10,724
16,918
31,296
19.
«
16,498
12.
15,932
17,042
28,231
26.
16,953
14,112
25,457
2757,237 2263,791 1255,379
2725,840 2237,238 1206,606
2692,155 2216,336 1162,626
2667,674 2194,843 1107,259
NU
Nil
Nil
2.
17,870
17,425
23,761
2635,929 2167,585 1064,946
Nil
Nil
NU
9.
16,177
20,059
23,325
2600.639 2138,409 1030,520
Nil
Nil
Nil
NU
NU
NU
Nil
Nil
Nil
Nil
Nil
NU
June
,
Volume
Financial
148
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,392,943 bales;
in 1937-38 were 8,410,924 bales, and in 1936-37 were 6,216,-
627 bales.
Chronicle
Shipping News—Shipments in detail:
To Oslo, June 3, Tatra, 28--_
To Gdynia, June 3, Tatra, 279
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
supply of cotton for the week and since Aug. 1
from all
seasons
sources
obtainable; also the takings
sight for the like period:
are
or
-
Gothenburg, June 3, Tatra, 362
~ ""
"
H_I
IIIIIZ
—
400
To
Cartagena, May 29, American Press, 393
III
Bremen, June 5, Aachen, l,606-__
To Hamburg, June 5, Aachen, 3——__________
HOUSTON—To Bremen, June 3, Aachen, 1,168To Hamburg, June 3, Aachen, 5
To Venice, June 2, Cranford, 61
To Genoa, June 2, Cranford, 433; JTeseo, 64
To Oporto, June 7,
Breedijk, 15
To Copenhagen, June 8, Uddeholm, 256
To Gdynia, June 8, Uddeholm,
1,531
^r™^9vGothenbur8« June 8, Uddeholm, 114—
NEW ORLEANS—To
Liverpool, June 1, Davision, 1,560
To Manchester, June 1, Da vision, 1,034To Rotterdam, June 1. Hybert, 650To Oslo, June 1, Uddeholm, 100
To Gdynia, June 1, Uddeholn, 150; June 2,
Delaware, 200
To Gothenburg, June 1. Uddeholm, 282-____.
To Malmo, June 1, Uddeholm, 377,
To Abo. June 1, Uddeholm, 85
June 1» Uddeholm, 40—_
NORFOLK—To Manchester, June 5, Artigas, 171
;
To Hamburg, June 5, Lehigh, 159------i-
Takings,
393
1,606
from which statistics
amounts gone out of
3
1,168
5
61
_______
—
497
15
256
1,531
114
,____
1,560
1,034
-----
—
Cotton
279
362
To Genoa, June 5, Tesseo, 400
_____
World's
the world's
To
-
To
decreased 35,290 bales during the week.
for the last two
Bales
538
28
GALVESTON—To Copenhagen, June 3, Tatra, 538
(2) That, although the receipts at the outports
the past week were 16,177 bales, the actual movement from
the plantations was nil bales, stock at interior towns having
3555
1937-38
.1938-39
—
—
_
_
_
_
650
100
_______
Week and Season
Week
Week
Season
Season
350
282
____
377
85
________
Visible supply June 2_„_____
7,455,942
8,490,400
Visible supply Aug. 1
sight to June 9—
Bombay receipts to June 8
Other India ship'ts to June 8_
Alexandria receipts to June 7_
Other supply to June 7 *b
44,000
4,000
12,000
10,000
Total
—
4,339",022
7,858", 941
10,182,251
2,198,000
726,000.
1,562, >00
449,000
104",095
American in
84", 990
14,558,474
2,327,000
567,000
2,023,200
463,000
21,000
2,000
18,000
8,000
7,630,037 22,976.992
8,624,390 24,277,696
7,306,160
supply
8,460,575
Deduct—
Visible supply June 9
Total takings to June 9 a__
Of which American
Of which other.
7,306,160
323,877 15,670,832
194,877 10,707,232
129,000 4,963,600
_
163,815 15,817,121
150,815 10,970,321
13,000
4,846,800
..Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces sihce
Aug. 1 the total estimated consumption by
Southern mills, 5,363,000 bales in 1938-39 and 4,660,000 bales in 1937-38
—takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 10,307,832 bales in 1938-39 and 11,157,121 bales in
1937-38 of which 15,344,232 bales and 6,310,321 bales American. 6 Es¬
•
*
India Cotton Movement from All Ports
To Sweden, (?), 42_____
MOBILE—To Liverpool, June 3, Yaka, 56
To Manchester, June 3, Yaka, 601
To Antwerp, June 2, Bienville, 71—
To Havre, June 2, Bienville, 105
To Rotterdam, June 2, Bienville, 100
1937-38
—
—
Since
,42
56
601
-
n
!____
To Hamburg, May 31, West Maclaket, 164.
_
Bombay
—_ —
_
,
SAVANNAH—To Liverpool, June 3, Saccarappa, 50To Bremen, June 3, Start Point, 350SAN FRANCISCO—To Great Britain, (?), 90To Japan, (?), 1,868
i —:
LOS ANGELES—To Japan, June 3, Asakasan Maru,. 200; President
Garfield. 027
_____
—
To
Total.
Week
Any. 1
—
_,
____________________________
Week
21,000 2,327,000
Aug. 1
42,000 2,943,000
Since August 1
Stand¬
Stand¬
High
ard
.60c
Trieste
Manchester
.45c
.60C
Fiume
__
Great
Conti¬
Jap'n &
Britain
nent
China
Great
Total
Conti¬
Piraeus
ard
85c
1.00c
.85c
1.00c
d.85o
1.00c
•60c
Salonica
*
Venice
*
.56c
Copenhagen
d.55c
Naples
d.45c
Antwerp
.46C
.6lC
Barcelona
*
.45C
,60c
Japan
*-
Rotterdam
.46o
■6lC
Shanghai
d.65c
.600
Bombay x
.75c
.90C
Leghorn
.56c
.71c
Bremen
,46c
•6lc
Gothenburg
.7601
Hamburg
.46c
.6lc
Janap &
Britain
nent
China
<•
*
1938-39-
2,000
23,000
25,000
10,000
39,000
89~666
98,000
82,000
10,000
9~O6O
71,000
No
Total
Bombay—
217,000 1087,000 1375,000
242,000 667,000 948,000
357,000 1401,000 1840,000
Oth. India—
.61c
quotation
x
*
Only small lots,
1938-39-
4,000
4,000
2,000
9
•
274,000
31,000
1,000
14,000
436,000
452,000
373,000
638,000
194,000
726,000
567,000
'
Forward
.
____.
Of which American
Total
__
1936-37-
26,000
14,000
23,000
29,000
345,000
'89^666
12,000
129,000
233,000
518,000
669,000 1087,000 2101,000
615,000 667,000 1515,000
995,000 1401,000 2914,000
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
23,000 bales.
Exports from all India ports record an increase
of 17,000 bales during the week, and since Aug. 1 show an
increase of 586,000 bales.
;
June 2
36,000
—
—
—
33,000
35,000
5,000
116,000
3,000
121,000
4,000
144,000
12,000
—
June 9
61,000
778,000
273,000
61,000
6,000
112,000
U,000
781,000
285,000
34,000
American—
15,000
13,000
Of which American^-,--------
6,000
11,000
.
.
.
May 26
50,000
786,000
295,000
May 19
57,000
800,000
311,000
imports
Of which
TotalaU—
i~66o
.60
.60o
.71c
.56c
'
•
J-
Amount afloat-.-.--
1937-38__
.71c
-
d.55c
Liverpool—By cable from Liverpool we have the following statement of the week's imports, stocks, &c., at that port?
1174,000
'
*
d Direct steamer
Total stocks
1938^39-
Stand¬
Density
.60c
d.45e
_
High
ard
Density
.45c
Stockholm
Exports
i~66o
16,488
________—________
Freights—Current rates for cotton from New
Yorky as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Oslo
17,000
827
100
______
Cotton
Density
Since
Aug. 1
For, the'Week
1937-38-
1,868
—
—
Japan, May31, Rosebank, 100-,----
Genoa
1936-37-
90
.....
—
-
1936-37
Since
44,000 },198,00C
1936-37-
71
105
100
164
50
350
.
Havre
Week
1937-38-
—
.
Receipts—
From—
40
171
159
_
.__
Liverpool
"
"
—
_
High
1938-39
JuneS
_
—
8,460,575
*
timated.
—
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:"
increase
'
Tuesday
Wednesday
Thursday
Quiet.
Quiet.
Quiet.
Moderate
Moderate
demand.
demand..*
12:15
,
P.M.
Alexandria Receipts
Alexandria, Egypt,
'
and Shipments
1938-39
.
1937-38
1936-37
Futures.
Market
HOLI¬
(
DAY.
j
Quiet, im- Steady, un¬
5 pts. changed to
changed
2 to 10 pts. 3
to
2
advance.
advance.
90,000
9,996,361
60,000
7,S3Q,635
Since Aug. 1_
7,000
8,810,723
Market,
'
Since
This
Since
This
Aug. 1
Week
Aug. 1
Week
Aug. 1
.___
1,000
To Manchester, &c
To Continent & India—_
16,6OO
160,918 4,000 170,486 4,000
169,184 6,000 .165,467 5,000
624,343 18,000 666,831 14,000
26,784
25,213
1,000
*
pts.
advance.
1
P. M.
advance.
.
Since
Week
8
decline.
5 to 13 pts. stdy.»
4
k
This
4 to
pts.
advance:
Firm,
Barely stdy Q't but st'y
Quiet but
5 to 3 to 8 pts. unchanged 2 to 8 pts.
to
4. pts.
adv.
advance.
6 pts. adv.
Steady,
-
|
'
5.77d.
to 3
pts.
decline.
Receipts (.eantars)—
This week
riday
Easy;
Steady,
Quiet,
1
opened
5.Old.
5.72d.
5.66d.
5.58 d.
Mid.Upl'ds
June 7
F
Monday
Saturday
Spot
Market,
Export (bales)—
Liverpool
To
'
To America
—
1,000
Prices of futures at Liverpool for each day are given below;
18,000
981,229 28,000 1027,997
24~000 1122,107
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June 7
60,000 eantars and the foreign shipments 18,000 bales.
1939
Middl'g
Twist
to Finest
Upl'ds
32s Cop
Twist
d.
d.
d.
s.
d.
9
s.
d.
Lbs. Shirt¬
ings, Common
to Finest
8.
d.
@
10—
8H@ 9H
8
17—
9
@10
8H® 9H
8%@ 9H
8 10H@
9
8
31..
9
5.40
9
@93
IH
IOK@'HK
10
s.
d.
d.
@10
3
5.27
10 H@11H 10
0
@10
3
5.10
5.16
10
@lltf 10
0
@10
3
4.97
9
9
@10
0
4.91
5.06
9
@
9
4.95
9K@11K
8
9
@
9
4.92
9K@11H
9
9
@10
4.79
8
7H@ 8 10M
4.93
9H@H,H
9
9
@10
4.89
8
9
4.94
8
79
Apr.
7—
14„
21—
28—
m®
8H®
9H
8H® 9H
8X® 9K
4.99
9^@llJ4
9
9
@10
10K
5.00
9H®10H
9
9
@10
1M
5.28
9
6
@
9
9
4.69
10)4 @ 9
1H
9
@93
5.33
9
6
@
9
9
4.77
9
4H@ 9
3
@ 9
7H
4 68
9
9
@
9
4.80
May
8 10
19—
9
5.54
9K@10K
9H© 10H
9M@10«
2?-
8H© 9H
9
@93
5.48
9«
8%® 9H
9
@9
3
5.49
9H@10 H
9
@93
5.77
8H® 9H
8H@ 9»A
5— 8H
12.
June
@ 9H
8%® W
.
@10
H@ 9
8
@10
,
6
4 46
@9
3
4.43
@
3
4.64
,
2„
9—
9
d.
5.02
5.02
5.10
5.20
5.10
5,05 .6.08
4.66
4.67
4.67
4.73
4.78
4.74
4.66
4.51
•
•
4.66
-
—
4.61
4.63
__
i—
4.69
4.56
Holi¬
4.50
4.51
4.54
4.56
4.64
4,60
4:64
4.63
4.53
4.56
4.52
4.52
4.66
4.58
4.66
4.61
4.66
4.66
4.64
4.57
4.53
4.54
4,57
4.59
4.57
4.63
4.66
4.66
4.65
4.58
July—
4.54
-
4.59
»
_
♦
-
4.63
-
—
—
4.58
4.66
—
October
-
_
w'w
4.56
4.51
--
December..
-
-
-
-
--
-
•
-
-
4.51
—
March
-
00
J
4.51
4.66
4.63 -—1
4.60
4.63
4.60
4.56
-
-
-
-
4.65
____
--
4.56
4.51
January (1941)
-
-
4.61
4.61
—
—
4.64
--
—
4.56
_«
__
4.56
4.*fi
4.64
—
Cotton
Middl'g
Upl'ds
Mar.
24—
d.
5.01
4.62
BREADSTUFFS
8 A
32s Cop
d.
d.
4.97
day.
—
March..
1938
Cotton
d.
4.95
—
January (1940)
May—
d.
d.
d.
d.
d.
d.
—-
May
8H Lbs. Shirt¬
ings, Common
;
4.60
July (1939)
December *_
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are operating freely.
We
give prices today below and leave those for previous weeks
@f this and last year for comparison:
Fri.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
October
were
Thurs,
to
June 9
New Contract
Total exports
Wed.
Tues.
Mon.
Sat.
June 3
187,308
200,085
692,480
42,234
9
Friday Night, June 9, 1939
Flour—The flour market ruled quiet during most
of the
week, largely in sympathy with the prevailing dulness in
most commodity markets.
Crop news generally has been
favorable,
and
consumers
further developments.
appear
inclined to
wait
for
Small jobbers and bakers have dis¬
played very little interest for new crop delivery so far,
evidently lacking confidence in current prices due to the
encouraging reports on the grain crops.
Wheat—On the 3d inst. prices closed
unchanged to Mc.
After fluctuating nervously through one of the dullest
sessions since the bull market based on crop scare began 6
off.
wheat prices today closed a ..shade below the
previous finals. Quotations dipped jHjc. at the opening to
around 77c. a bushel for summer delivery contracts, lowest
weeks ago,
in
more
than
a
week, but then developed recovery power
DAILY CLOSING
that
*
Sat.
spreading
both
and a
very
new
and old wheat larger.
with
Sat.
districts were the
Kansas reports said early threshing returns
the possibilities of a larger percentage of low
indicated
weather
experienced recently is helping to mature wheat in many
protein wheat than last year, but said that the hot
districts.
Out of six
cars
of new wheat received in
Kansas
mill.
Cool weather
City yesterday four were put into storage for a local
Today prices closed
over
the North
% to %c. net lower.
spring wheat belt and prospects
American
optimistic reports concerning
Canadian crop conditions, depressed wheat values at prin¬
cipal markets today.
Although traders acted cautiously
pending release later today of the official United States
crop report, prices sagged about lc. at times, and corre¬
sponding losses were recorded at Winnipeg and Liverpool.
Liverpool wheat weakened also by substantial Southern
Hemisphere shipments, lost more than lc. establishing new
of
showers,
together
lows for the season.
with
Reduced lake freight
rates also had a bearish effect.
on war
insurance
The Canadian Government
report indicated condition of wheat only slightly
below that
when a"350,000,000-bushel crop was harvested.,
induced some selling, and it was pointed out that conditions
have improved sipce the data for the report was compiled.
of
a
year ago,
Open interest in wheat totaled 73,405,000
bushels.
Dec.
June
5, 1938
23, 1938
9,1939
Tues.
Mon.
Thurs.
Wed.
64
.
62%
62%
62%
63%
64%
64%
63%
64%
64%
63 %
64%
64%
Fri.
61%
62
62%
63%
64
62%
64%
64%
closed M to Ad- net lower.
quotations closed at the day's lows, reflecting increased
marketings, with 197 cars received at Chicago today and
primary market arrivals for the week of five days totaling
5,765,000 bushels, almost 400,000 larger than for six days
last week and only 400,000 smaller than a year ago.
Freight
rates on corn to Chicago from Northeastern Illinois will be
reduced next week.
On the 5th inst. prices closed % to Kc.
net lower.
Corn prices rose as much as Ac. early in the
session, but then reacted as wheat became weak.
Industrial
Corn—On the 3d inst. prices
Corn
shipping demand was good, but receipts were fairly
Crop conditions were reported much better as a
result of recent rains.
On the 6th inst. prices closed un¬
changed to Mc- net lower.
Corn values rose Y&o. at times
after dipping below the previous close early.
Some buying
was credited to traders spreading
between corn and other
grains.. Receipts were smaller but bookings to arrive
totaled 63,000 bushels.
On the 7th inst. prices closed A to
Mc. net higher.
Corn advanced as much as a cent a bushel
but met increased selling on the upturn and the best prices
and
large.
not
were
maintained.
;
unchanged to %c. higher.
Corn ruled slightly higher, but reports of good rains in
important producing sections held buying in check.
The
official Argentine estimates indicated a crop of 202,680,000
bushels, 10,000,000 bushels less than the first estimate and
well below average.
Today prices closed % to Ac. net
lower.
Corn prices also eased with wheats Early declines
in
inst. prices closed
the 8th
On
corn
will
held to about %c., however.
were
bids
receive
over
the
week-end
on
The Government
300,000 barrels of
for relief distribution involving approxi¬
1,375,000 bushels.
Bidders who receive contracts
will buy com from Government loan stocks.
Open interest
in corn totaled 57,021,000 bushels.
•
products
com
mately
.
DAILY
CLOSING PRICES
OF CORN IN NEW YORK
Sat.
66%
No. 2 yellow
DAILY
PRICES
CLOSING
Tues.
Mon.
65%
Mon.
65%
Tues.
Thurs.
Wed.
66%
IN
FUTURES
CORN
OF
Sat.
66%
66
CHICAGO
Thurs.
Wed.
Fri.
Fri.
July
September
50%
52%
50%
51%
50%
52
50%
52%
51
52%
50%
52
December—....
•
52%
52
52 %
53%
53%
52%
Season's
High and
July.
55%
September
56%
December....
54
j
When Made
1
Season's Low and
Sept. 24, 1938|July
48%
Jan. ' 4, 19391 September
49%
June
8, 19391December..
52
Oats—On the 3d inst.
Trading
was
light and
When Made
Mar. 16, 1938
3,1939
Apr.
June
5, 1939
prices closed unchanged to Ac. off.
without any noteworthy feature.
Crop reports indicated recent, rains have improved oats.
On
the 5th inst.-prices closed M to Ac. net lower.
As a result
,
of sharply
lower wheat markets and bearish weather and crop
reports, oats ruled heavy during most
of the session.
On the
prices closed A to Mc. net higher.
The steadiness
of wheat and corn together with some bullish crop reports
on
oats, had firming effect on oat values during today's
session.
On the 7th inst. prices closed A to Mc. net higher.
The firmness of oats was influenced somewhat by the firm¬
ness of wheat and corn.
Short covering also played apart
6th inst.
in the
upward movement of oats.
•
closed % to %c. net higher. This
grain held up fairly well today, influenced somewhat by
bullish crop reports.
Oats were reported heading short or
being plowed up in some cases and replaced with soy beans.
The July contract gained as much as lc. at times on pur¬
chases credited to processors.
Today prices closed 34 c. up
to %c. net lower.
This market ruled heavy in sympathy
with the lowest tendency of wheat and bearish crop reports.
On the 8th inst. prices
Hedging and
marketings of
best in years.
Oct.
62%
67%
76%
65
66%
66%
October
IFrivate reports from South
Dakota indicated crop prospects in many
Fri.
74%
75%
75%
_
—
November
December
75%
75%
WHEAT FUTURES IN WINNIPEG
DAILY CLOSING PRICES OF
noticeable disposition to store
contracts,
July
weakened
80-
July.
pending release of the official crop report tomorrow.
There were reports from the Southwest of harvest of low
wheat
75%
75%
75%
Thurs.
Wed.
Tues.
Mon.
May 26, 1939 July
May 31, 1939 September
May 26, 1939 December,
79%
79 %
December
values
grain, possibly for negotiation of loans.
When Made
High and
Season's
September
July
different from ye&terday's final quotations.
The
unsettled
trade
reflected
trade
uncertainty
concerning
protein
Fri.
77%
75%
75%
78%
76%
76%
77
77
76%
I
Season's Low and When Made
December
any,
new
77%
July
September
levels very little,
full cent and rallied before the close to
if
Thurs.
95%
95%
95%
93% 95%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
obtained prior to the favorable change in crop
prospects. On the 5th inst. prices closed lMe. to lMc. net
lower.
Wheat prices tumbled 1Mb. to lMc. today to the
lowest level in almost 2 weeks.
It was the sharpest break
the market has had since the rise began a month and a half
ago as a result of bullish crop reports.
Harvesting reports
from Oklahoma/ Southern Kansas and elsewhere in the
winter wheat belt where threshing crews are at work, indicated that yields are good and in some instances better
than expected.
This had much to do with the increased
volume of liquidation in the wheat pit.
Prospects of showery
and cooler weather, with conditions very good for maturity
of winter wheat and growth of spring wheat, added to trade
bearishness and lower quotation at Liverpool also proved to be
a factor.
Liverpool closed Ad to Md down at new lows for the
season.
Lifting of hedges on sales of flour to the government
for relief distribution gave only temporary strength to wheat
prices. Reports from Kansas City said weather was perfect
for filling of wheat and Oklahoma fields were said to be
making 22 to 25 bushel an acre, with yields testing 62 to 63
pounds. On the 6th inst. prices closed unchanged to Mc.
net lower.
At one time during the session prices were as
much as %e. net higher.
The market was nervous and
erratic during most of the day. There was no great pressure
of offerings as in yesterday's session, but there was little or
no
real support given the market.
The result was that
scattered orders on both sides of the market caused frequent
small fluctuations.
Some buying was attributed to milling
interests although no material flour business was confirmed
aside from yesterday's sales estimated as high as 1,000,000
barrels to the Government and through regular commercial
channels.
However, shippers sold 37,000 bushels to mills
and M to lc. higher prices in the cash market stimulated
some purchasing of futures.
High temperatures in the spring
wheat belt attracted trade attention but good rains were
received in Canada and cooler weather and showers were
forecast for all of the Northwest.
On the 7th int. prices
closed M off to Mc. up.
Wheat prices advanced as much as
Mo. today in light trade, but best prices were not maintained
and late in the session quotations were fractions within
.yesterday's close. The July contract, after gaining Mo. at
76declined to 75%, downM from the previous.
Bulk
of demand appeared to center in the more deferred deliveries.
The price improvement reflected buying by locals believed
to be reinstating long lines of wheat.
Weather in the north¬
west spring wheat belt was reported cooler today, but hot
temperatures were forecast again for tomorrow.
Weather
southwest was generally cooler with some precipitation
recorded. More rain fell in the Canadian wheat belt. B. W.
Snow, crop expert, commenting on the world wheat situation,
said that "high tariffs, quota allotments and excessive milling
extraction requirements have so increased the price of bread
the world over that good bread is a luxury beyond the reach
of a large share of the world's population."
On the 8th inst. prices closed unchanged to %c. lower.
Wheat prices advanced about %c. early today, then dropped
a
YORK
Wed.
Tries.
Mon.
1939
97%
No. 2 red
reports were
'
PRICES OF WHEAT IN NEW
Sat.
much as Me. Weather con¬
tinued to dominate trade, with good rains improving recent
more favorable conditions for crop development,
but fair
and warmer weather was in prospect for much of the grain
belt. Selling was encouraged by weather and belief expressed
in some quarters that recent improved wheat conditions may
be reflected to a greater extent in the official government
crop report to be issued next Friday than in yesterday's
private estimates which suggested a probable United States
harvest of 700,000,000 bushels.
Much data for the private
rallied the market at times as
.
10,
June
Chronicle
Financial
3556
*
DAILY
CLOSING
PRICES
OF
33%
32
33%
December
Season's High
July
and
September...
34%
33%
December
34%
DAILY
CLOSING
FUTURES
OATS
Sat.
July
September
Mon.
Tues.
IN
Wed.
CHICAGO
Thurs.
Fri.
32%
31%
33%
31%
33%
32%
34%
32%
34%
32%
32%
32%
33%
33%
33%
Season's Low and When Made
When Made
Oct.
18, 1938
24%
May 25, 1939 July.
Apr.
5, 1939
26%
May 25, 1939 September
June
6,1939
32%
May 25, 1939 December
PRICES
OF
OATS
Sat.
FUTURES
Mon.
Tues.
IN
Wed.
WINNIPEG
Thurs.
Fri.
July
29%
29
29%
29%
30%
30%
October
29%
28%
28%
28%
28%
28%
29%
28%
29%
29%
29%'
December
Rye—On the 3d inst. prices closed M to %c. net
weather and crop reports influenced some
Bearish
29%
lower.
short
selling and liquidation of rye holdings, though this pressure
was not exceptionally heavy.
On the 5th inst. prices closed
1A to lMc. net lower.
Rye being closely related to wheat
as a bread
grain, naturally ruled lower in sympathy with
wheat and closed at the lows of the day.
The bearish
weather reports also prompted considerable liquidation.
On
6th inst. prices closed A to Mc. net higher.
With
the
most
rye
showing an upward tendency, and with
below normal, the market for rye futures
firm undertone during most of the session.
On the
of the grains
prospects
showed
a
Volume
148
Financial
7th inst. prices closed
was
He.
to
net lower.
Trading
fairly active in rye, with considerable pressure in evidence
up
against the December position, while the July position was
relatively firm.
On the 8th inst. prices closed
heaviness of wheat influenced
% to %c. net lower.
some
selling of
gish spot demand also had its influence on rye futures.
Today prices closed % to %c. net lower.
The lower tend¬
ency of the other grains and bearish weather and crop
reports contributed to
DAILY
CLOSING
PRICES
OP
RYE
Sat.
July.-..
September
December
*
Season's
High and
July—_
51%
September
56%
December—58
——_
Tues.
51 %
52%
51%
53%
51%
OF
•'
RYE
Sat.
FUTURES
Mon.
47 %
October
48
December
--1-—;
WINNIPEG
15%
—
47
15%
46%
46
""
46%
■
47
—
Week
Since
July 1 to—
Week
Since
June 3
July 1
1938
June 3
July 1
June 3
193 9
July 1
1939
1938
1939
1938
Barrels
Barrels
Bushels
Bushels
Bushels
Bushels
United
Kingdom.
"
30,610
3,333
2,137,045
717,579
3,026,000
1,199,000
72,757,000
54,682,000
14,500
19,250
Continent
655,250
12,000
489,000
72:660
1,377:666
1,349,500
Brit. No. Am. Col.
4,000
6,770
OF BARLEY FUTURES
Sat.
July....
38%
38%
39%
—
October..
i.
December
Mon:
—
Tues.
37%
37
.
37%
IN
37%
37%
37%
WINNIPEG
Fri.
Thurs.
Wed.
38%
38
38%
38% ' 39
37%
38%
38%
38%
.
follows:
as
...
Total 1939
Total
78,463
1938....... 107,265
rne
5,242,578
supply of grain, comprising the stocks in
principal points of accumulation at Lake and
seaboard ports
Saturday, June 3, were as follows:
'
at
grain stocks
Wheat
New York..
Corn
Oats
Rye
Bushels
United States—
Barley
Bushels
Bushels
Bushels
Bushels
;
25,000
15,000
Philadelphia
New Orleans
Hard winter clears
Barley goods—
Nom.
Coarse
—
.
No. 2 yellow, all rail
,
No. 2 white..
118
50-57
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:
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Minneapolis
370,000
42,000
2,000
44,000
112,000
10,000
159,000
1.260,000
9lY,66o
257,000
191.Q00
1,414,000
1,282,000
38,000
2,445,000
1,996,000
533,000
2,258,000
260,000
160,000
460,000
St. Louis
500,000
248,000
1,346,000
On Lakes
.•
10,385,000
12,511,000
155,000
Detroit
Duluth.—
Milwaukee
-
mm
Indianapolis
m
6,543,000
7,000,000
8,843,000
Peoria
■
Rye
,
'
ffote—Bonded grain not included above:
-
Omaha
Bushels
13,000
26,000
8,000
645,000
1,000
m
1937
....
Total
-
«r
*
M
mm
mm*.
5,705,000
6,569,000
3,144,000
2,465,000
7,114,000
3,013,000
4,000
m
-
-
mm
mmmmmm
m
1,000
63,000
1,785,000
1,009,000
903,000
353,000
135,000
189,000
•
1936
46,000
m
2,852,000
3, 1939... 108,673,000
Total June
7,619,000
1939....112,855,000
7,806,000
4, 1938..— 25,675,000
......
Summary—
58,142,000 33,738,000
..108,873,000
American
Canadian.....
mrnrnm*
Since Aug. 1
4
35,000
10,000
m
mm
520,000
305,000
-
Total June 3, 1939...167,015,000 33,738,000 14,162,000
Total May 27, 1939
172,181,000 33,174,000 14,806,000
Total June
4, 1938
53,594,000 23,990,000 12,804,000
Total June
87,000
854,000
26,000
391,000
400,000
1938
4,349,000
6,008,000
8,000
98,000
Same wk '37
6,804,000
2,351,000
Total May 27,
2,000
267,000
Same wk '38
6,543,000
7,619,000
1,000
62,000
6,000
Buffalo....
Tot. wk. *39
6,008,000
5,710,000
5,586,000
92,000
3,000
45,682,000
79,000
2,000
22,000
-
Bushels
2,351,000
2,309,000
1,118,000
45,000
2,000
34,000
—
Barley
3,961,000
74,000
46,000
'
163,000
m
Bushels
825,000
199,000
539,000
m
Rye
Bushels
1,351,000
792,000
5,476,000
1,346,000
574,000
rnmrnmmm
Canal, 375,000;
1,158,000
4,025,000
Other Can. & other elev.
249,000
m.
City.
4,641,000
3,964,000
957,000
574,000
427,000
4,349,000
48,000
270,000
61,000
on
Oats
Lake, bay, river & seab'd 22,865,000
329,000
32,000
Joseph.
Bushels
Barley
bush 56 lbs bush 48 lbs
352,000
519,000
225,000
23,000
275,000
Wichita
Sioux
Corn
146,000
32,000
-
29:606
6,804,000
6,686,000
1,734,000
Oats—On Lakes, 550,000 bushels; total,
Wheat
16,000
12,000
195,000
—
2,000
937,000
550,000 bushels, against 340,000 bushels in 1938.
Barley—Chicago, 81,000 bushels;
Duluth, 66,000; on Lakes, 302,000; total, 449,000 bushels, against 434,000 bushels
in 1938.
Wheat—New York, 96,000 bushels; New York afloat, 10,000;
Buffalo,
433,000
»17,000
•
Kansas City
St.
•» —
3,858,000
100,000
Total June 3, 1939...
Total May 27, 1939
2,784,000
mm"mm
101,000
Louis
St.
U
2,000
294,000
On Canal
2,000
87,000
—
3,062,000
Ft. William & Pt, Arthur 40,326,000
17,000
.
Toledo
386:000
1,699,000
3,747,000
58,142,000 33,738,000
59,326,000 33,174,000
4, 1938---- 27,919,000 23,990,000
3,770,000
16,000
j.
1,191,000
,
■
■
25:660
9,654,000,
5,000
1,186,000
204,000
104,000
afloat
Total June
6,000
255,000
......
4,330,000
471,000
178,000
995,000
afloat
"
586,000
2,415,000
"
'
5,000
68,000
'
183,000
224,000
...
130,000
127,000
79,000
103,000
175,000
Sioux City...
Canadian—
Chicago
465:600
1,626,000
430,000; Albany, 1,558,000; Erie, 408,000; on Lakes, 4,114,000;
total, 6,991,000 bushels, against 3,927,000 bushels in 1938.
Flour
'
4,000
14,776,000
Buffalo
57%
All the statements below
Receipts at—
23,000
2,000
5,406,000
733,000
781,000
Duluth
....
66
69,000
1,000
26,000
6,000
2,251,000
Minneapolis.
Rye, United States c.i.f...
Barley, New York—
40 lbs. feeding
Chicago, cash
1,000
29,000
2,000
97,000
447,000
City...........
Milwaukee.
Oats, New York—
Corn, New York—
16,000
19,000
25,000
2,257,000
Omaha
"
—4 50 @5.00
GRAIN
Wheat, New York—
No. 2 red, c.i.f., domestic.. 93%
Manitoba Nd. l.f.o.b.N.Y. 71%
69,000
10,000
11,000
103,000
10,000
775,000
2,219,000
926,000
Peoria................
Chicago,....
3 25
:
Fancy pearl (new) Nos.
1.2-0.3-0.2
87,000
107,000
Galveston
Fort Worth.
17,000
Indianapolis
80
1
4,000
108,000
91,000
Baltimore
Kansas
Corn flour
3:666
703,000
m
4,309,000 129,368,000
17,000 68,407,000
3,520,000 121,700,000 5,859,000 76,272,000
4,945,336
St. Joseph
Rye flour patents
4 05@4.25
Seminola, bbl., Nos. 1-3--5 75@5.90
Oats good2 65
r
"
mmmm-m
visible
granary
Hutchinson
FLOUR
Spring pat. high protein.-5.30@5.50
Spring patents
4.95@5.15
Clears, first spring—
4.50@4.80
Hard winter straights
4.90@5.10
Hard winter patents
4.75@4.95
63,000
317,204
Wichita
Closing quotations were
17,000 40,913,000
26,783,000
5,000
66,000
Other countries
afloat.
DAILY CLOSING PRICES
Corn
Since
Fri.
Thurs.
Wed.
46
Wheat
Week
Made
Mar. 16, 1939
Apr.
5,1939
June
8,1939
IN
Tues.
15%
46%
Flour
and Since
51
When
___
July
.50%
52%
52%
51%
54
51%
53%
55%
i
Exports for Week
West Indies
CHICAGO
Thurs. Fri.
IN
Wed.
51%
When Made
I
Season's Low and
June
8. 19391 July
11%
May 31, 19391 September
42%
May 31, 19391 December.
53%
DAILY CLOSING PRICES
-
FUTURES
Mon.
52%
54%
55%
-•
t
So. & Cent. Amer.
lower market in rye futures.
a
3557
The destination of these
exports for the week and since
11,1tt
I
1 noo
The
A slug¬
rye.
Chronicle
'
•
'
1,045,000
1,250,000
609,000
The world's
shipment of wheat and
9,155,000 10,357,000
8,995,000 10,351,000
2,550,000
furnished by
Broomhall to the New York Produce Exchange, for the week
ended June 2, and since July 1, 1938 and July 1, 1937, are
shown in the following:
corn, as
,
•.
19,639,000 305,692,000 242,027,000 95,187,000 24,002,000 89,446,000
16,804,000 268,552,000 276,281,000 102,477,000 24,873,000 91,501,000
17,900,000 196,882,000 142,860,000 73,374,000 16,908,000 78,222,000
"
"
Wheat
receipts of flour and grain at the seaboard ports for
Saturday, June 3, 1939, follow:
..
0
Corn
Since
Week
Exports
Since
Week
Since
Since
July 1,
July 1,
July 1,
June% 2,
July 1,
1939
1938
1937
1939
1938
1937
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
June 2,
the week ended
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
Rye
Barley
No. Amer.
Black Sea-
bush 56 lbs bush 48 lbs
Argentina.
'
New
York.
176,000
160,000
38~666
1,510,000
18,000
72~6OO
13,000
966,000
17,000
Galveston..
2~9~o66
._
Halifax....
Other
17,000
99,600
i66~,666
275,000
3,229,000
287,000
.144,000
19,000
291,000
6,513,000
34,057,000
10;i55,000
1,658,000
413,000
1,817,000
147,000
706,000
1,465,000
Since Jan. 1
218,000
2,851,000
6,281,000
6,029,000
38,974,000
37,845,000
Week 1938.
Since Jan. 1
1938
*
on
"
...
784,000
1,563,000
6,343,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
from the several seaboard ports for the week
ended Saturday, June 3, 1939, are shown in the annexed
statement:
which the
corn
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
New York
204,000
Philadelphia
308,000
Sorel
Houston
39,463
Colorado
.
47:606
4,000
474:660
Montreal
966,000
Victoria—
192,000
mmmrnmm.
lY.000
246:666
Same week 1938
4,309,000
17,000
3,520,000 5,859,000
172:666
-mmmmm
"6:666
i
Total week 1939..
66:666
"6:666
Halifax
Three Rivers
26:666
78,463
107,265
42,036,000
76,757,000
are
as
Bushels
47,862
59,517,780
follows:..
State—
Nebraska
232,423
Wisconsin
.
Kansas
.
Kentucky...
.
129,482.11
Report for the
Ohio
Bushels
$9,281,810.54
16,298,961
3,359,711.31
.10,676,424.85
834,744.85
2,452,216.80
5,899,279
18,829,755
1,464,988
4,374,379
60,618.48
107,575
Missouri
5,490,579
3,128,745.77
.63,221,778.38 110,925,107
4,400,869
2,493,596.69
Indiana
Amount
Minnesota
.
.
.
South Dakota.
Week Ended June 7
The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 7, follows:
whole the week was characterized by above-normal
and widespread, fairly well distributed rainfall from the
For the country as a
1,510,000
335,000
Galveston..
$24,653.97
Illinois—— .33,920,827.32
temperatures
80,000
New Orleans
is stored
Amount
Weather
Bushels
Baltimore
582,000
on Corn Aggregated $129,584,611 on 227,Bushels Through June 1—The Commodity
Credit Corporation announced on June 2 that,' through
June 1, loans made by the Corporation and lending agencies
under the 1938-39 corn loan program aggregate $129,584,611.07 on 227,589,557 bushels.' The loans by States in
Iowa
The exports
Exports from—
23,930,000
589,557
State—
1,805,000
33,160,000
13,869,000 546,752,000 465,251,000 .4,712,000 258,312,000 347,382,000
CCC Loans
"9", 000
192,000
...
—-
41,000
70,904,000 75,874,000
266,000 17,323,000
9,607,000
3,823,000 128,049,000 185,144,000
172:600
'
1939
.
.
countries
Total
240,000
Tot. wk.'39
Australia
India._r._
17J)66
4,000
Rlv'e
Victoria
6,000
22,000
6,000
Boston
2,000
5,892,000 228,478,000 173,211,000
832,000 87,095,000 77,596,000
93,875,000 61,731,000
2,677,000 96,800,000 114,919,000
7,344,000
13,864,000
3,684,000
14", 000
45,000
2,000
8,000
Sorel.
New Orl'ns*
Three
4.0Q0
1,000
81,000
2T666
Baltimore..
Montreal
147,000
26,000
.11,000
Philadelphia'
.
l'ob'.OOO
108,000
105,000
319,000
1,456,000
592:666
Rocky Mountains eastward.
The weekly mean temperatures were some¬
what below normal in the west Gulf area, a limited section of the far North¬
west
and locally in the extreme Northeast.
Throughout the interior of
the country temperatures averaged generally from 5 degrees to as many
as 10 degrees above normal, the relatively greatest plus departures being
from the western lower Lake region westward to the Rocky Mountains;
in parts of the far Northwest they were subnormal as much as 1 degrees
to 6"degrees.
Early in the week maximum temperatures were decidedly high in the
Great Plains, but otherwise they were not excessive.
East of the Rocky
Mountains the highest reported was 100 degrees at Moorhead, Mi,nn., on
May 31.
In much of the South the maxima generally were in the upper
poor elsewhere.
in north-central
considerable northwestern area they did not
the week.
over the eastern two-thirds of
the country
Except in the Northeast, the weekly totals were moderate to
fairly heavy
with heavy falls in much of the South.
In the Atlantic
area the amounts were generous as far north as Virginia, but from Mary¬
land northward they were decidedly light.
Rainfall was ample for current
needs in much of the northern Great Plains, many stations reporting
weekly totals in excess of 1 inch, but a large far southwestern section of
the country had a practically rainless week.
,
Following the helpful showers of last week over the droughty north¬
western area additional widespread rain in the northern and northwestern
Plains and northern Rocky Mountain districts has brought material further
improvement in the outlook in those areas.
Also, in the Ohio Valley
showers were timely and droughtiness has been relieved in most places,
while good rains in the Virginias were very helpful.
However, in the
Atlantic area north of Virginia droughty conditions in general were inten¬
sified and there is a rather urgent need for moisture nearly everywhere.
In the Northwest the States receiving most benefit were Montana, where
conditions are now generally satisfactory, Wyoming, The Dakotas, Ne¬
braska and Minnesota.
Except locally, principally in the Red river
of the North Valley, soil moisture Is now ample for present needs through¬
out this entire area.
In the southwestern Plains rainfall was mostly light
and the soil dried rapidly, with some sections again badly in need of mois80's or lower
90's, while in a
favorable in much
was
THE DRY GOODS TRADE
New York,
Favorable
of the Great Basin, especially
especially western New
additional moisture.
more rains needed;
damage was reported
Mexico
fr°In the* Southern
Grains—Winter-wheat harvest is getting well under way in the
has begun as far north as eastern and southern Kan¬
Small
Southwest; cutting
and will become general
Farther east some wheat is
sas
in the eastern half of
turning color as far
Kansas in a week or two.
north as extreme south-
WfTnethe 'eastern
Winter Wheat Belt showers were beneficial, especially
Ohio Valley; the crop continued to make fair to good progK6B8r2illy in th6 ccntrftl stud ©ststcrn portions of the belt*
Oklahoma, where harvest is progressing, wheat is fair in the northcentral
and some northwestern areas, but mostly poor elsewhere.
In Kansas
more or less deterioration is again reported in the southwestern and cen¬
tral portions, but in other parts of the State but little change is indicated.
In Nebraska showers of the week were helpful and heads are filling fairly
increase reached 8.9%.
in the upper
Trading in the wholesale dry goods markets
reas
increasing amount of reorders, notably on summer
chandise.
Best gains were made in domestics and
while in Montana a
middle and west
Gulf areas.
.
continued its
moderate improvement as retail merchants, encouraged by
the better flow of goods in distributive channels, placed an
generally satisfactory outlook is reported.
The outstanding feature of recent weather in relation to wheat is the
widespread, beneficial rain in the Spring Wheat States.
The crop is doing
well in Montana", while in the Dakotas there is now ample moisture, ex¬
cept locally, principally in extreme eastern North Dakota; in parts of
southeastern South Dakota, however, the crop was too far gone for material recovery
In Minnesota high temperatures in the dry northwestern
section were harmful early in the week, but later there were general rains
and cooler weather, bringing ample moisture nearly everywhere.
There is widespread complaint of oats having very short straw.
For
example, in Iowa some fields are heading out only 6 or 8 inches high and
considerable will be pastured or cut for hay.
Rice is doing well in the
well
the local area—
influence of buying by World's Fair visitors,
resulted in a marked improvement of retail business during
the past week.
Summer apparel lines including accessories,
and beach wear items, attracted chief attention, and the
total volume of sales exceeded that of last year by a con¬
siderable margin.
Department store sales, the country
over, for the week ended May 27, according to the Federal
Reserve Board, increased 8% over the corresponding week
of last year.
For New York and Brooklyn stores a gain
of 6.2% was registered, while in Newark establishments the
from the lower Mississippi Valley
hindered by frequent rains and wet
fields becoming grassy. Elsewhere farm
many complaints of
work made favorable progress.
Friday Night, June 9, 1939
weather conditions and—in
the growing
States, especially
of row crop was
eastward, cultivation
soil, with
condition mostly good
harvest will
Utah, but most of the far Southwest,
southern Arizona and southern Utah, needs
The Pacific Northwest had only light showers and
the week was mostly cool and more or less frost
northern
Progress of winter wheat good;
and some northwestern areas, but poor elsewhere; wheat
be general in week.
Condition and progress of corn generally
fair.
Harvesting oats; good in north, but poor elsewhere.
Condition
and progress of cotton good, but late in southeast; needs rain.
Gardens
mostly doing well.
Fruit satisfactory advance.
Livestock good.
Arkansas—Little Rock: Progress of cotton very good first of week due
dry weather; fairly good most portions last of week; chopping rapid ad¬
vance, except latter part when soil too wet; fields becoming grassy in central
and north and cultivation badly needed.
Progress of corn good to ex¬
cellent, but ground too wet to cultivate in central and north where fields
very foul.
Weather favored growth of minor crops, but not harvesting
wheat and oats, or curing hay and digging potatoes.
Tennessee—Nashville: Too much rain for cotton; planting and chopping
slow advance: condition fairly good.
Corn planting and cultivation back¬
ward on lowlands; plants small, but good stands.
Progress of winter
wheat fair; condition good; some nearly ripe.
Tobacco plants starting
well, except in east where some replanting necessary account dry week.
Hay and pastures good to excellent,
.
reach 80 decrees at any time during
Precipitation occurred rather generally
tUprecinitation
June 10, 1939
Chronicle
Financial
3558
mer¬
wash
goods, and substantial repeat orders on sheets and pillow
cases came into the market.
Fall blankets showed a firmer
•
price trend, and another moderate advance on denims was
announced.
With available stocks of merchandise in some
fields showng sharp reductions,
predictions of
an
impending
tightening in the delivery situation were heard in an in¬
creasing measure.
Business in silk goods expanded slightly,
and prices developed a steadier undertone.
Trading in
•
rayon
weather and widespread showers, especially over the
eastern belt, made a favorable week for corn.
East of the Mississippi
River progress of the crop is reported mostly good.
Also, in the Plains
Corn—Warm
yarns
continued
active.
While
the
finer
deniers
again attracted most attention, there was growing interest
in other counts reflecting in part, the better movement of
States advance was generally satisfactory.
However, in the heavy-profinished goods in retail channels.
May yarn statistics
ducing upper Mississippi Valley sections corn is very irregular in develop- >■
revealed the expected moderate decline in producers' stocks,
ment; in Iowa the best fields are a foot to knee high and mostly cultivated
a second time, while the latest has been planted only a few days; probably
resulting from a marked increase in shipments to domestic
half the acreage has been cultivated once.
In southern Minnesota, Wiscoasin and Uinois satisfactory progress is reported..
consumers, in the face of a general curtailment in operations.
Cotton—In the Cotton
Belt temperatures were
mostly seasonable, but
Domestic
unfavorably heavy in much of this area.
In general, the
unfavorable because.of cloudy, wet weather and lack of
cultivation over large areas.
r
'
,
.
.
..
In Texas progress of cotton was mostly good in the east and south,
but much is still unplanted in the northwest where farmers have been wait¬
rainfall
was
ing for rain; plants are
homa progress
was
blooming generally in the extreme
mostly good, but the crop
south
.
central portions of the
the
belt, including most parts
portion of the belt.
eastern
.
following resume of
Bulletin furnished the
conditions in different States:
The Weather
North
Carolina—Raleigh;
adequate; rain
north-central and Piedmont;
generally. Condition
Favorable warmth; sunshine
adequate mainly, but more needed locally in
too much locally on coast.
Soil moisture now ample
of corn very good; progress excellent.
Tobacco
Progress and condition , of cotton good;
gardens and pastures very good condition.
satisfactory progress.
chopping fair advance. Truck
Carolina—Columbia; Favorable warmth and mostly adequate
truck, tobacco and minor, crops generally good progress.
being laid by in south.
Oat and wheat harvests favored.
Cotton chopping near end in north; squaring freely in south, but too much
rain in some places and weather favorable for weevil activity; poisoning
active; crop generally well cultivated.
South
Corn,
rains.
Early
corn
Georgia—Atlanta: Favorable warmth; too much ram most places, ex¬
Cotton good growth, soil too wet for cultivation; very
weevil activity.
Favored growth of corn, peanuts, sweet
potatoes and minor crops.
Some rust in wheat and oats. - Tobacco much
improved.
•
.
,
,
■
.
A
Florida—Jacksonville: Favorable warmth; too much ram; ground too
wet to cultivate.
Progress of cotton good; condition fairly good; begin-
Woolen
cept southeast.
favorable for
,
ning to bloom.
Corn maturing;
and curing tobacco.
Truck fair.
Cane and peanuts good.
'
Sweet potatoes good growth.
Gathering
New citrus fruit sizing; some late bloom.
.
,
>
„
Ground mostly too wet for cultivation from
but-improving. Cotton chopping and cultivation
poor to fair; condition fair in south, poor to fair
Alabama—Montgomery:
heavy rains through 3d,
slow advance; progress
in
north.
vation.
field crops grassy and need culti¬
and cut oats badly damaged.
Pastures and
Corn, vegetables and other
Oat harvest delayed
hay crops good. Cattle doing well.
Mississippi—Vicksburg: Generally unfavorable for farm work; deficient
sunshine; too much rain, locally flooding, with soil too wet to cultivate.
Cotton chopping at standstill or only slow advance; progress of culti¬
vation poor; fields grassy; sunshine needed.
Progress of corn mostly
poor; drying weather needed.
Oats, gardens and truck generally poor
progress.
Pastures excellent progress.
Louisiana—New Orleans: Favorable warmth, but too much rain most
sections.
Fields becoming grassy; growing crops badly need cultivation.
Chopping rapid advance in northwest, but mostly slow elsewhere.
Prog¬
ress of corn
generally good, except locally poor, especially late planted.
Cane, rice and truck doing well.
Sweet potato planting well advanced.
Texas—Houston: Mostly favorable warmth; too much rain locally in
east, but only adequate most areas; more needed in northwest and ex¬
treme west.
Progress of winter wheat generally good, except spotted in
extreme northwest; condition mostly poor in Abiline area, rather poor
to good in Panhandle, and mostly good elsewhere; harvest favorable prog¬
ress in north-central first part, but delayed by wet soil latter part.
Corn
improved generally; condition mostly good; early corn tasseling and silk¬
ing generally.
Progress and condition of oats mostly fair to good, ex¬
cept
generally poor in west-central.
Progress and condition of cotton
mostly good in east and south, though plants small locally; much yet to
plant in northwest where farmers have awaited rain; chopping good ad¬
vance early in week; bloom becoming general in extreme south.
Truck,
ranges and rice improved.
Cattle generally good.
Oklahoma—Oklahoma City: Mostly favorable warmth; soil moisture
ample in most of east; soil drying rapidly elsewhere, except locally; mois¬
ture
badly depleted in much of west.
Barley ripening fast; harvest¬
ing on north border; yields and quality fair to good in northwest, fair to
Goods—Trading in the
gray
cloths
quently, however, sales again broadened materially, and
prices showed appreciable gains.
While the further advance
in raw cotton values played its part in the recurrent activity
of the cloths market, the dominating factor was the unmis¬
takable determination of the vast majority of the mills to
arrange for a curtailment in production during the next three
months averaging 25%.
Another constructive influence
continued to be supplied by the distinct improvement in
the movement of finished goods in distributive channels,
and the
spreading realization that further considerable
covering purchases will be required to replenish depleted
supplies.
Business in fine goods also turned more active
as
buyers began to display growing interest in combed
lawns, and scattered moderate price advances were an¬
nounced by some producers.
Closing prices in print elbths
were
as
follows:
39-inch 80s, 5% to 6c.; 39-inch 72-76s,
5%e.; 39-inch 68-72s, 5c.; 383^-inch 64-60s, 4% to 4>£c.;
38^-inch 60-48s, 4c.
In Okla¬
is late in the Southeast.
of Arkansas,
Louisiana, Mississippi, Alabama, Tennessee and parts of Georgia,cotton
requires fair weather and sunshine for needed cultivation.
Many fields are
becoming grassy, and chopping made mostly poor progress.
In the At¬
lantic States conditions were more favorable, but there was complaint of
too much moisture in some places.
Chopping is progressing in the north¬
In
Cotton
markets, following the previous spurt in sales, slowed down
during the early part of the period under review.
Subse¬
week was rather
„
Goods-—Trading in men's
wear
fabrics remained
quiet, but prices held steady, reflecting the sound statistical
position of most mills, ^nd the continued belief that the
existing backlog of orders will make possible the maintenance
of the present operating ratio through most of the siimmer
months.
Clothing manufacturers, having covered the major
part of their fall requirements, assumed a waiting attitud
pending the formal introduction of the new lines of lights
weight summer materials scheduled to take place early in
July.
Reports from retail clothing centers made a gratifying
showing, with some stores reporting sales increases over last
year ranging up to 50%,
Business in women's wear mate¬
rials continued its recent improvement, with the increased
sampling of the new fall lines pointing to an active season.
Sports wear materials such as tweeds, moved in fair volume
reflecting the improved consumer demand for sports and
travel apparel of all kinds.
Foreign Dry Goods—Trading
in linens remained quiet,
although the outlook continued to be regarded with a certain
degree of confidence, in view of the predicted increased style
importance of linen materials during the coming season.
Reports from foreign primary centers were somewhat im¬
proved, reflecting the increasing influence of governmental
purchases.
Business in burlap continued inactive, and prices
suffered sharp losses, in sympathy with the decline in the
Calcutta market, where the moderate reduction in stocks
during May failed to exert any steadying influence.
Do¬
mestically lightweights were quoted at 4.05c.;' heavies
at
5.50c.
.
Volume
148
Financial
Chronicle
3559
2,500,000 Cleveland City School District, Ohio,
building bonds, due
semi-annually from 1943 to 1962 incl., purchased by an
account managed by Blyth &
Co., Inc., Chicago, as 2Hs at
101.81, a basis of about 2.34%.
Specialists in
2,300,000 Madison,
111., Kingshighway Bridge. 4% callable revenue
bonds, due June 1, 1964, offered by a
group composed of
Morris Mather & Co., Inc.; John Nuveen &
Co., Inc., both
of Chicago, and the Milwaukee
Co., Milwaukee.
They were
priced at 103 and accrued interest.
Illinois & Missouri Bonds
2,000,000 Louisiana
DIRECT
CHICAGO
WIRE
LOUIS
strikingly favorable conditions which prevailed for the
sale of tax-exempt
of
new
securities during May resulted in the sale
issues in the aggregate total amount
of $101,299,823.
The output included the disposal of 17 issues of
or
Similar
loan.
bulk of the other issues
maturity.of the
1,075,000 Yonkers, N. Y., various purposes bonds, due from 1940 to
1959 incl., sold to Halsey, Stuart & Co., Inc.; G. M.-P.
Murphy & Co., and Schlater, Noyes & Gardner, Inc., all of
New York, in joint account, as 2.80s at 100.16, a basis of
about 2.77%.
Reoffered to yield from 0.70% to 2.90%,
according to maturity.
In
brought out during the month.
view of the absence of any
other
average
results attended the sale of the
gratifying
material demand for credit from
particularly in the corporate field, and the
continued increase in the supply of investabie funds, munici¬
palities entering the market with new issues fully benefited
by this combination of favorable factors.
Still another cir¬
cumstance which tended to add to the demand for municipals
was the absence of any appreciable inventory of such stock
in the hands of investment dealers.
The April sales, for
example, only amounted to $75,027,037, of whioh $20,000,000
was accounted for
by the State of New York.
In connection
with financing in May, we wish to note that our com¬
pilations do not include the bonds proposed to be issued
by the Public Institutional Building Authority of Ohio in
connection with a $7,500,000 hospital construction program.
While a banking group headed by A. C. Allyn & Co., Inc.,
Chicago, is scheduled to underwrite the offering, the details
of the issue have not as yet been worked out.
Then, too,
actual issuance of the bonds will be delayed until the State
Supreme Court has ruled on the * constitutionality of the
sources,
'issue. '
disclosure that the
Federal Administration intends to seek the passage of a bill
by the Congress now in session designed to eliminate the
tax-exempt features on future issue of Treasury and State
and municipal bonds.
This was revealed by Henry Morgenthau Jr., Secretary of the Treasury, -during the course of a
statement submitted to the House Ways and Means Commit¬
tee setting forth the Administration's views with respect to
proposed revision of the Federal tax structure.
The Secre¬
tary stated that the Government would favor a downward
revision of the present surtax rates on high incomes pro¬
vided that steps are taken putting an end to the further
issuance of tax-exempt securities.
Stating that the two
matters should be considered together, the Secretary added
that "tax exemption of securities is highly inequitable and
tends to nullify our progressive surtax rates."
There are
indications, however, that the House Ways and Means Com¬
mittee will insist that the tax-exempt matter be considered
on its own merits, and not in connection with the tax revision
during the past month
1,045,000 Orange County Flood Control District, Calif., bonds,
maturing serially from 1940 to 1958 incl., were sold as 2s,
2Ks and 5s to an account headed by Phelps, Fenp & Co., Inc.,
New York, at par, a net interest cost of about
2.17%.
Re¬
offered to yield from 1.25% to 3.25%, according to coupon
rate and
maturity date.
1,000,000 West Virginia
(State of) road bonds, due from 1939 to
'1963 incl., awarded to a group composed of R. W. Pressprich
&
Co., New York; the Kanawha Valley Bank and Young,
Moore & Co., both of Charleston as l%s and 3^s at par, a
net interest cost of about
,
In
.
the
following
we
1.80%.
list the
issues
was
which,
for
various
failed of sale during May.,
Principal amount of
bonds involved is $1,841,050.
Page number of "Chronicle"
is given for reference purposes:
• ■
reasons,
.
Page
Name
3416
3271
Custer
Int Rale
Cortland, Ohio
2937
4^%
City, 8. Dak
aDelaware
(State of)
not exc. 5%-.
.....not
3417
Dupree School Dlstrclt, S. Dak
3265
Vermilion
Parish
(Gravity
not
4^% 1,250,000
exc.
5%
15,000
Report
No bids
Not sold
Sale postponed
No bids
Sub-
Drainage Dist. issue), La.*
not exc. 6%
Maple Heights City S. D., Ohio._
4%
;_not exc. 3%
3103
Tell City, Ind.
u-.not exc. 4%
3103 bVanderburgh County, Ind
npt exc. 3%%
3104
Amount
$100,000
7,000
exc.
3270
•
Of interest
yield from
1,100,000 Hartford, Conn., refunding bonds, due from 1940 to 1949
incl., awarded to J. P. Morgan & Co., New York, as Is at
100 01, a basis of about
0.999%.
There was no public
reoffering of bonds.
•
"
The city, incidentally, received a record high
price for its issue, considering the
from
1,602,540 Lockport, N. Y., various purposes bonds, due serially from
1940 to 1959 incl., purchased by Lazard Freres & Co., New
York, and associates, as 1.70s at 100.689, a basis of about
1.62%.
Reoffered on a yield basis of from 0.20% to 1.75%.
$1,000,000
the feature award being the New York City sale of
more,
$35,700,000.
serially
posed of the Bankers Trust Co., New York; First Boston
Corp., New York, and the Walker Bank & Trust Co., Salt
Lake City, at par, a net interest cost of about
1.47%.
Re¬
offered from 0.15% to
1.55%, according to interest rafc^ and
maturity.
.
The
due
1,945,000 Utah (State of) refunding bonds, due serially from 1940 to
1955 incl., were awarded as lj^s and
lj^s to a group com-
|.
MAY
IN
bonds,
2,000,000 New
.
MUNICIPAL BOND SALES
highway
1.65% to 3.20%, according to interest rate and maturity.
Hampshire (State of) 1%% highway bonds, due
annually from 1940 to 1949 incl., sold to the Second National
Bank of Boston at
100.947, a basis of about 0.95%.
No
reoffering was made.
314 N. Broadway
ST.
of)
a
•
Founded 1890
105 W. Adams St.
(State
1942 to 1961 incl., sold as
2%s, 3s and 3Ks to a syndicate
headed by Newman, Harris & Co. of New Orleans at
100.08,
net interest cost of about
3.09%.
Reoffered to
Stifel. Nicolaus & Cojtic.
Sturgis, Mich
22,000
Not sold
22,050
No bids
40,000
25,000
Sale postponed
Sale canceled <
360,000
Sale postponed
M
Due to conflict
between provisions of bond issue and statute authorizing thei
sale, the State was obliged to cancel original offering and issue new call for bids
a
to be opened on June 9.
b New offering date Is June 15.—V. 148, p. 3264.
The
depressing effect on money rates of the constantly
expanding volume of investabie funds was further illustrated
the past month when the State of New York was able to
borrow $75,000,000 on seven-months' notes at
an
interest
cost of
only 0.15%, a record low for financing of this char¬
acter.
This rate compared with the coupon of 0.20% which
the State was obliged to attach to the previous offering in
,
program.
The
•
•
issues
of
.
$1,000*000
or
more
■
February, when
loan of $100,000,000 was obtained for a
than five months.
Similar low cost feat¬
ured the temporary borrowings by other States and munici¬
palities in the recent month.
Grand total of financing of that
period of
nature
a
no more
amounted to $111,371,227, none Q.f which
counted for
by the City of New York.
was
'
ac¬
.
Canadian long-term financing in May was featured by the
on a cash and subscription basis of a total of $134,-
issuance
during May
were
as-
follows:
500,000 bonds by the Dominion Government.
In making
offering of 1J^% bonds, due May 15,, 1942, priced at
99.375, to yield about 1.72%, and 3% bonds, due June 1,
an
$35,700,000 New Yprk, N. Y., various
bonds, comprising $15,000,000 2Ks due from 1940 to 1979 incl., and $20,700,000 3s,
maturing from 1940 to 1969 incl., awarded to the National
City Bank of New York and associates at a price of 100.069,
or a record low interest cost of 2.713%."
Reoffered to yield
from 0.40 % to 3 %, acctding to interest rate and maturity.
purpose
,.
4,375,000 Erie County,
N. Y., various
purposes
bonds, due annually
from 1940 to 1949 incl., awarded to an account headed by the
Chase National Bank of New York as 1.70s at 100.098, a basis
of about
1.68%.
Reoffering scale from 0.30% to 1.90%.
3,715,000 Rochester, N. Y., various purposes bonds, due from 1940 to
1958 incl., taken by the Harris Trust & Savings Bank, Chicago,
and associates as 1.30s at 100.029, a basis of about 1.29%.
In the reoffering the bonds were scaled up to a 1.75% basis.
3,125,000 Kentucky
(State
of)
callable bridge revenue bonds, due
purchased by a syndicate managed
by Stranahan, Harris & Co., Inc., Toledo, as l^s at 100.349,
a basis of about 1.70%.
from
1940 to 1950 incl.,
2:880,000 Massachusetts
(State
of)
Metropolitan
Sewerage
bonds,
due serially from 1940 to 1959 incl., purchased by a group
headed by Harriman Ripley & Co., Inc., New York, as l^s
at
101.17,
of from
a 1.37% cost basis.
0.10% to 1.50%.
Reoffered
on
a
yield
basis
2,600,000 San Diego, Calif., San Dieguito water system acquisition
bonds, comprising $1,137,500 3s, due from 1940 to 1946 incl.,
and $1,462,500 2s, maturing from 1947 to 1955 incl., suc¬
cessfully bid for by Phelps, Fenn & Co., Inc., New York, and
associates at a price of 100.015, a net interest cost of about
2.20%.
Reoffered to yield from 0.30% to 2.50%, according
to interest rate and
maturity.
N. J., bonds of a varied nature as to purpose of
awarded to a syndicate managed by Blyth & Co.,
Inc., New York, as 33^s at 100.808, a basis of about 3.13%.
Reoffered from a yield of 0.75% to a price of 99, according to
maturity, the schedul
being from 1940 to 1966 incl.
2,585,000 Newark,
issue
were
,1958 and callable June 1, 1953, at a price of 98.50, to yield
about 3.10% to maturity, the Government accepted cash
subscriptions for a principal amount of $50,000,000 and
holders of $84,500,000 of the grand total of $115,202,500
bonds maturing in 1939 accepted the opportunity to obtain
new bonds on a conversion basis.
The operation resulted
in the issuance of $95,500,000 1K% bonds and $39,000,000
3s.
Proceeds of the $50,000,000 sold for cash will be used
for
general government purposes.
The Government's opera¬
brought the grand total of Canadian municipal financing
for the month to a figure of $147,062,036.
This includes
$1,250,000 Province of New Brunswick refunding bonds and
$4,000,000 Province of British Columbia bonds sold pri¬
vately in the United States.
Other Provinces which placed
bond issues during the month were Nova Scotia and Sas¬
tion
katchewan.
No
financing was done by any of the United States
during May, although an account headed by
A. C. Allyn & Co., Inc., Chicago, made public offering of
$290,000 City of Ponce, Puerto Rico, 4% improvement bonds
of 1938 which they purchased from the Banco Popular de
Puerto Rico, of,San Juan.
The bonds, dated July 1, 1938
and due from 1940 to 1969 incl., were priced to yield from
1.50% to 3.60%.
new
Possessions
3560
Financial
In1 the following table we furnish a comparison of all the
obligations put out in May for the last five
various forms of
years:
Chronicle
June 10,
of the 6-months figures, announced
in
February,
was
made
1939
necessary
by
the change in fiscal year ordered by the new city charter.
The fiscal year,
which begins on July 1 and runs to June 30, was formerly coincidental with
the calendar year.
Included in the final figures are special franchise valuations which are
by formula by the State Tax Department; assessed valuations on
ordinary real estate, and valuations on real estate of corporations which
comprises utility properties in the city.
The following table shows the
breakdown of the classifications, as compared with the most recent assess¬
ment period, the first six months of this year:
fixed
i
1939
1937
1936
$
1938
$
$
$
Perm, loans (U. S.)- 101,299.823
*
Temp, loans (U. 8.) 111.371,227
Can. loans (perm.)—
93,150,722
20,748,150
Placed In Canada- 141,812,036 141.614,969
None
Placed in U. 8-—
5,250,000
1935
$
51,219,386 105,152,749
97,045,066 15,417,157
116,022.673
21,071.500
78,274,868
30,830,000
65,616,182
None
None
None
Bonds of U.S. Poss'ns
None
None
None
None
None
Gen. fd. bds., N.Y.C.
None
None
None
None
None
Ut
Total.
359.733.086 255,513,841 264,287.125 141,641,406 174,721,050
Total
*
Including temporary securities issued in N. Y. City:
1939; ttone
in May, 1938; $21,000,000 in May, 1937' $5,000,000 in May, 1936, and $17,000,000
none in May,
The number of
municipalities emitting permanent bonds
made during May 1939,
This contrasts with 323
and 361 for April, 1939, and with 332 and 392 for May, 1938.
For comparative purposes we add the following table,
showing the aggregates of long-term domestic issues for
May and the five months for a series of years:
and the number of separate issues
were 322 and 426, respectively.
,
1
Month of
'
May
$101,299,823
1939-.
1938--
—
.,-
1937
—
—
1936
—
1935
93,150,722
51,219,386
105,152,749
78,274,868
For.the
Five Months
$453,234,587
Month of
Year—
May
1915
364,544,089
1914
444,755,296
505,848,680
1912
—
535,274,577
1911
—
98,852,064
—
79,788,577
404,443,913
196,803,386
195,791,550
143,476.335
123,025,591
1909
87,334,298
174,998,521
144,872,096
439,675,147
1908
730,576,915
613,897,001
1907
176,356,781
519,680,721
648,612,959
723,958,401
608,255,147
612,184,802
33,765,245
18,767,754
—
1910---
44,790,533
1932--.'
1931
1930.,.—
1929-1928
—
—
-
,—
154,707,953
1926...
216,463,588
137,480,159
1927----
—
1925
190,585,636
1924——
117,445,017
1923
95,088,046
106,878,872
—
—
1922--.
1921
63,442,294
—
1920—
1919
—
—
1918-
—
—
1917.—
1916
—
.—
37,280,635
46,319,625
33,814,730
23,743,493
29,006,488
—
27,597,869
25,280,431
15,722,336
14,895,937
.—
—
.—
1906
1905—
1904
—
16,569,066
55,110,016
14,846,227
—
—
1903.--.
1902------1901---
546,293,435
423,089,026
1900
536,116,865
356,003.428
1898
277,548„512
205,273,378
123,945,201
193.068,268
235.908,881
1896
'
—
—
1899
1897
—
—
.—
—
1895...
1894
—
—.
1893
for the
Five Months
$213,952,380
.—
1933
-
$42,691,129
34,133,814
83,234,579
1913
1934-..—
-
—„
Fiscal Yr, 193&-'40
$14,558,596,052
$16,640,632,939
—
1,415,576.350
666,460,537
The fiscal year 1939-'40 shows a decrease of $62,222,294 inordinary real
the first half of 1939.
For the same period a decrease of $27,-
estate over
758,525 is shown in real estate of corporations (utilities properties), and a
of $6,230,414 in special franchises, making a total decrease of
$96,211,233 for same period.
Mr. Miller pointed out that the valuation figures include assessed worth
on 3,010 new buildings, amounting to $27,301,705.
Queens had the largest
amount of new construction, with 2,176 new buildings; Brooklyn followed
with 549; the Brerix had 153, Bichmond had 103 and Manhattan had 29.
Alterations to existing buildings further increased the total valuations by
decrease
in May, 1935.
Year—
_
Half0/1939
—$14,620,818,346
(utilities
1,443,334,875
672,690,951
---.$16,736,844,172
Ordinary real estate
Beal
estate of corporations
properties)
—
Special franchises
,
20,956,404
14,562,340
9,623,264
7,897,642
7,036,926
8,258,927
10,712,538
11,587,766
14,349,410
4,093,969
303,153,440
179,403,040
145,000,867
137,476,615
93,957,403
80,651,623
92,706,300
113,443,246
62,649,815
59,211,223
47,754,962
58,273,539
33,906,634
34,373,622
56,890,312
30,384.656
41.084,172
50,067,615
30.774,180
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
News Items
Debt Study of Larger,Cities Compiled—Blyth & Co.,
Inc., a national investment organization, is currently pre-*
senting information (concerning 117 cities in the United
States of over 50,000 population arranged geographically
by States and according to size, in a booklet entitled "Debt
Comparison of 117 Cities over 50,000 Population."
,
$16,336,215.
,
The report pointed out that reductions in assessed valuations oh old
buildings, following complaints to the Board of Assessros and court orders
for review, amounted to $147,099,714.
Mr, Miller also called attention to repeated arguments of the depertament
to the State authorities who fix the special franchise valuations for higher
equalization rates.
These rates now are fixed at 92% for Manhattan;
91% for the Bronx; 92% for Brooklyn; 82% for Queens, and 84% for Bich¬
mond
'
.
On the basis of the figures submitted
by Mr. Miller, the tax rates for the
next fiscal year will be fixed by the Council on June 25.
It is expected that
the rate will be about the same as in 1938, when a basic rate of $2.80 for
each $100 of valuation was"charged.
New York, N. Y.—Emergency Relief Measures Again Proposed—The city's emergency relief tax program was intro¬
duced in the City Council on June 6 by Newbold Morris,
President, in accordance with a message received from Mayor
LaGuardia warning the Council that a new program must be
passed before the end of the month, to yield about $70,000,000 for all relief purposes for the fiscal year which begins
July 1.
V ;
;
\
:/■
,
The bills
are similar to those enacted last year, except for the substitution
"use" tax of 2% for the present 2% personal property tax.
A bill to
continue the 1-cent-a-pack tax on cigarettes also was introduced, but it
,pf
a
will not be necessary to
adopt this if the Council can find
a
suitable sub¬
stitute, or if the estimates of the tax yield from fiscal officers indicate that
the impost can be dispensed with." It4s known that the administration is
averse to continuing the cigarette tax, because the State government, to
plug a $25,000,000-hole in its budget, has imposed a 2-cent tax on each
package of cigarettes sold.
■
■
The personal property tax now in force is designed to close loopholes in
the sales-tax law, caused by purchases of expensive merchandise such as
machinery, jewels, furs and automobiles, outside of the city for use here.
The "use
tax, according to Mr. Morris, does not substantially differ from
the personal property tax, but as a matter of law it would apply to all
articles used in the city, no matter where they were purchased whereas in
certain cases the city has lost court fights to compel payment of the personal
property levy on some kinds of imported merchandise.
.
Council Receives
Mayor's Budget Vetoes—On the
same
date
the Council also received the Mayor's veto of all but $8,799
of the reductions, it made in the 1938-1940 budget and re¬
ferred it to the finance committee*
The Council scheduled a
assessed valuation,
special meeting to discuss the veto, at 1 p. m. on June 8,
was preceded by a committee hearing at 10 a. m.
It
generally conceded that the Democratic majority, working
in concert with the three Republican members, cannot
and tax
muster
The data in this
study are presented in the following order:
indebtedness, population, wealth indices
delinquencies.
Municipal Comparative Debt Statements Presented—
R. K. Webster & Co., Inc., 40 Wall Street, New York City,
has announced publication of the 12th edition of its State and
Municipal
ComparativeDebt
Statement, which includes
debt information on all cities of over 30,000 population,
certain smaller municipalities and leading counties through¬
out the country, the,
Philippine Islands, Hawaii% Puerto Rico
and all the States. With it is combined the firm's State and
Municipal Bond Ladder, a comparative study of the credit
position of States and Territories and cities of over 50,000
population.
Municipal
Finance
Officers
to
Meet—The
1939
Regional Conference of and for Municipal Finance Officers of
New England and Eastern States will be held June 16 and
17 at the Hotel Bond, Hartford, Conn.
which
is
This conference, sponsored by the Muncipal Finance Officers Association,
Municipalities Do to Offset Falling Bevenues and Increased Service De¬
mands," will be discussed, theprineipal speaker being Henry Long, Com¬
missioner of Corporations and Taxation, Commonwealth of Massachusetts.,
George H. Gabb, City Treasurer of Hartford, will preside.
The noon and
afternoon sessiins will include discussions presented by Boland B. Greeley,
planning technician, National Resources Committee, Boston, and Boger 8.
Baldwin, Town Board of Estimate and Taxation, Greenwich, Conn., and
others.
At the general session, June 17, Austin J. Tobin, of The Port of New York
Authority, is scheduled to speak on "Taxation of Salaries of Local Officials
and Taxation of Interest on Local Bonds."
Municipal Forum to Hold Luncheon Meeting—The
Municipal Forum of New York will hear a discussion on the
outlook for new financing at its next luncheon meeting to be
held at the Lawyers' Club on June 13.
Dr. Jules I. Bogen
editor of "The Journal of Commerce" and Professor at New
York University, will be the speaker.
New York, N. Y.—1939-'40 Realty Valuations Cut by
$9,664,855—The final assessed valuation of New York City
real estate for the fiscal year 1939-'40 is $16,640,632,939, a
decrease of $9,664,855 from the final figures for 1938, accord¬
ing to a statement made public on June 6 by the Tax Com¬
mission through William Stanley Miller, its President.
The final figures are $96,211,233 less than the final figure of $16,736,844,172 for the period covering the first six months of 1939.
The preparation
,
than 18 votes to override the veto.
Mayor.
.'•••-•«
New
York
State—Realty
A three-
needed to override the
'V /
Securities
Measures
Vetoed
Governor Lehman has vetoed two bills which would have
provided for dissemination of information about real estate
securities and required their listing on a securities exchange.
Tbe measures, sponsored by Senator Pliny Williamsop, Westchester
Bepublican, would have exempted Government securities, .issues of less
than $100,000 and real estate obligations issued by utility and railroadsOne measure would have prohibited sale of ^unlisted securities, while the
other would have required dealers to report sales within 48 hours.
Governor Lehman said the bills were not properly drawn.
"The purposes of these two bills are to provide for the dissemination of
information concerning transactions in so-called real estate securities and
also to provide for a listing on a securities exchange of such real estate
securities '' I30 smid
"These'bills
.
will include many suojects that will be of interest to municipal bond men.
At the opening session, June 16, such interesting subjects as "What Can
more
fourths vote, or 20 Councilmen, is
are
so
phrased
as
to give rise to innumerable serious
diffi¬
culties in their administration.
Some of the language, for instance, the
definition of real estate securities, would make the application of the bills
impracticable and uncertain in many instances.
A law regulating the sale
of real estate securities should be blear and definite and/moreover, adapt¬
able to simple administration *
"The bills are disapproved."
New York
City Emergency Tax Powers Reenacted—On June
Governor, without comment, signed the Coudert Bill,
continuing for another year, until July 1, 1940, the emer¬
gency powers granted to New York City to levy special
3 the
local taxes for
unemployment relief.
Sponsored in behalf
administration by Senator Frederic R.
Coudert Jr., Manhattan Republican, the bill, in accordance
with the provisions of the new constitution, specifies the type
of tax which the city may impose.
of
the
LaGuardia
These include "taxes
on the privilege of doing any business, engaging in
calling, occupation or profession; owning, holding or occupying
possessing or exercising any franchise or franchises, or on the
gross receipts from sales to persons within such city."
Also "taxes on sale or performance of services, including utility services
but excluding professional services."
The bill specifically provides that it shall "not authorize the imposition
of a tax on incomes or upon the transfers of estates of deceased persons,or
upon the gross income from the operation of hotels by persons in the business
or operating or leasing sleeping or parlor railroad cars or of operating rail«r
roads, other than street surface, rapid transit, subways and elevated rail¬
roads, or upon gross incomes or gross operating incomes already subject to
any trade,
any property;
The bill provides for a Court review of the
determination by any city tax for error, illegality or unconstitutionality.
taxation under State law."
Governor
Signs
Measure
Taxing
Federal
Employees—
Governor Lehman signed on June 2 a bill for the applica¬
tion of the State income tax to the incomes of, Federal„
officers and employees, though commenting that, in his
Volume
Chronicle
Financial
148
opinion, "it will not bring in additional
revenue any way near
the $1,500,000 which has been estimated."
The
bill,
which
was
introduced
by Assemblyman
Maurice Whitney,
that time.
In explaining the reasons for the proposed
formed part of the Republican fiscal program.
The State income tax will
be levied for the first time next April on Federal employees within the State,
In
a
Other
Signed—The Governor has also approved a
•series of public-finance bills, three of which were sponsored
by the Assembly Rules Committee, and limit to 4% the
interest rate on claims and judgments against the State and
municipalities. One of the bills make 4% a year the maxi¬
mum interest rate to be paid by municipal corporations upon
judgments or accrued claims.
A second bill makes 4% a year the maximum interest rate
to be paid by a public corporation upon any judgment or
accrued claim, and defines public corporations to include
those created for the construction of public improvements,
other than local political subdivisions, fire districts and town
improvement districts, having power to contract debts,
collect rentals and fees for services.
A third bill makes
4% a year the maximum interest rate
paid by the State upon any judgment or accrued claim.
Mortgage Commission Ended—The Governor signed with¬
out comment on June 6 the Steingut bill terminating the
State Mortgage Commission next Sept. 30 and transferring
the properties under its jurisdiction and funds on hand to the
State Insurance Superintendent.
to be
was
created in 1935
as an
emergency unit for the
relief
of distressed holders of mortgage participation
of the Commission Virtually completed, the
certificates. With the work
bill for its termination was
recommended by the Governor and sponsored in the Legislature by
Assemblyman Irwin Steingut, Democratic minority leader.
It carries an
appropriation of $75,000 for the additional work to be taken over by the
Insurance Department, and also an appropriation of $25,000 for the
Department of Audit and Control for incidental expenses.
United
States;—State
Health and Welfare Expenditures
spending the largest proportion of their
annual budgets on health and welfare, education, and physical
improvements, with health and welfare expenditures taking
the top share, an analysis by the Federation of Tax Adminis¬
Show Rise—States
trators indicated
are
on
say
heavy
court of the United States."
expenditures were to a great extent occasioned by the rapid growth of
population and by a faulty debt structure.
These two problems—each of
which accentuates the other—have grown so serious that the
city adminis¬
tration has concluded that s sound and lasting solution must be found at
once if Montgomery is to continue to
perform its municipal functions
efficiently and if the city's credit and creditors are to be protected."
Adding that only a combination of increased revenues and curtailed ex¬
penditures would cure the fiscal weakness, the plan contends that "it is not
possible to expand income and reduce disbursements to the point where the
two are in balance without revising the present debt structure."
Bills
The Commission
refunding, city officials
a
summary of the debt plan that the city "has been beset by two serious
problems for years—a restricted income and heavy expenditures.
The
restricted income was due in large part to constitutional tax
limitations,
the limit is fixed by the State constitution at 12
H mills while the
applying to the Federal Salaries they have received since Jan. 1, 1939.
The phrase "officer or employee" is defined as including "a person in
military or naval forces, a member of the legislative body and a judge or
officer of
3561
4H% refunding bonds, dated Jan. 1, 1939, and due Jan. 1, 1969, callable
on a sliding scale from 105 in 1944 to
par after 1964.
A substantial portion of the debt to be refunded under
the plan was
originally issued prior to 1900 and some of it has been refunded twice since
.
"As presently constituted, Montgomery's indebtedness is somewhat ex¬
cessive, the average interest rate is relatively high at 5.03% and the ma¬
turity schedule is very poorly arranged," the plan continues.
"While the
city has maintained a current position to date, it has been necessary for a
number of years to refund maturing principal at extremely
disadvantageous
rates.
Moreover, for a considerable period of time annual cm-rent income
has. not been sufficient to meet operating expenses plus interest charges.
Thus, the city found itself uhable to meet maturing principal (except by
refunding) largely because of high interest charges, and unable to reduce
interest charges because of its inability to reduce its large indebtedness."
The refunding will not be forced upon bondholders, but is offered in an
effort to establish the city's finances on a sounder basis,
according to city
officials.
Its execution necessitates the consent of the bondholders.
Copies of the prospectus were mailed on June 5 to all known holders of
Montgomery bonds. Dealers and other interested parties may obtain copies
by writing to the City of Montgomery, Ala., Debt*Conversion Plan, 404
Union Street, Nashville, Tenn.
PHENIX CITY, A1 a.—OFFERING DETAILS—In connection with the
offering scheduled for June 16, of the $307,250 water works refunding and
funding bonds, noted in our issue of June 3—V. 148, p. 3410—the follow¬
ing information is furnished by Asbby Floyd, President of the Board"of
Commissioners:
The bonds are to be general obligations of the city payable from ad
prescribed by law.
In addition there is
specifically pledged for the payment of the bonds, water revenues in the
sum of $19,680 annually (which is sufficient to pay principal and interest
as due), subject to expense
of operation and maintenance and a reserve
fund of $5,000 annually for replacements as described in the ordinance
authorizing the bonds.
Surplus water revenues above that figure are
pledged to pay certain other creditors of the city.
The bonds will be secured by a first mortgage on the water works subject
valorem taxes within the limits
to the order of the Federal Court of the Middle District of Alabama.
The
water works is now being operated by a receiver appointed by said court.
In the event of foreclosure of said mortgage, the surplus water revenues
above $19,680 annually and the expense of operation and maintenance and
the reserve fund, would be subject to the rights of the above mentioned
other creditors until they are paid," after which such surplus shall be avail¬
able to the purchaser.
June 8.
The analysis, of State costs for 1915-37, reflects
State finance during the last few years.
'Health
broad readjustments in
and welfare costs, for
example, rose from approximately 11% of the total in 1931 to 24.5% in
1937, the last year for which figures are available.
Although expenditures for physical improvements, including additions
to State
property, stpod Second high in 1937, the proportion of the year's
total spent far this purpose went below 30% for the first time" since 1925.
At 22.9%
the 1937 figure was close to the 1915 percentage of 19.3.
General government in 1937 cost the States 4.4% of the total.
This
was the lowest percentage spent
for this purpose during the entire 12year period, and was 4.7% lower than in 1915.,
Public safety cost 3.2%,
approximately the average of the past 12 years.
Three per cent was spent
for conservation, 4.1% for interest payments and 2.2% for miscellaneous
purposes.
These were likewise close to levels of the entire period.
ARIZONA BONDS
Markete in all Municipal Ieeuee
,
ELY, BECK & CO.
REFSNES,
PHOENIX, ARIZONA
Unicameral
Legislatures Proposed \n Seven States this Year—
States have been, slow to follow Nebraska in
adoption of one-house legislatures, nine bills proposing uni¬
cameral organization gained place on 1939 legislative calen¬
dars, it was reported to the Council of State Governments
ARIZONA"
Although
on
June 2.
The report, by Prof. Alvin W. Johnson, Pacific Union College, shows
that three of the nine proposals were introduced in the Washington Legis¬
lature, which adjourned without passing any of them.
Unicameral bills
were defeatedin the Legislatures of Maryland, Kansas and Michigan, which
also have
adjourned.
They are pending in Ohio, California and New Jersey.
The 1939 bills showed several definite trends, according to the report.
Most of them proposed higher pay for legislators "in order thht persons
might devote a reasonable amount of their time to law-making without
sacrifice."
One of Washington's measures, for example,
$400 a month plus expenses.
California's proposal provides a
salary of $2,500 a year.
Four of the measures proposed two-term term for legislators and four set
four-year terms.
Most S$ate legislative terms now are two years for repre¬
sentatives and four for senators.
The Ohio unicameral proposal provides
for two classifications.
One group, known as senators, would be elected
from congressional districts in the State and would serve four years.
The
other group, known as representatives, would be elected from the State's
80 assembly districts and hold office for two years.
Both groups would
meet as one body.
In size, some of the proposals followed the Nebraska law in specifying
a minimum and maximum number of members, leaving the exact number
to be determined by the Legislature.
The number in California, however,
is specified as 80 in the bill.
In New Jersey, it would be not more than 60.
Two of the bills proposed non-partisan legislatures.
Annual sessions were
proposed in Ohio and Washington.
The report noted that last year, when only.nine legislatures met in regular
session, four proposals for single-house bodies were introduced and two were
made to New York's constitutional convention.
From 1935 to 1937 over
half the States considered one or more measures designed to institute the
one-house system.
Unicameralism made its debut in 1912, when measures
were introduced in Ohio and Oregon propdsing a single legislative chamber.
Nebraska provided for its one-house legislature in 1934.
HICH SCHOOL DISTRICT NO. 1 (P. O.
Florence), Ariz.—BONDS SOLD—It is reported that the $15,000 con¬
struction Donds approved by the voters at an election held on April 15—
V. 148, p. 2777—were purchased recently by Dahlberg, Durand Ac Co. of
Tucson, as 3s, paying a premium of $66, equal to 100.44..
FLORENCE
UNION
GILA COUNTY SCHOOL DISTRICTS (P. O. Globe), Ariz.—BOND
REFUNDING—A recent newspaper report from Globe had tbe following
to say:
Board of Super¬
Refsnes, Ely, Beck & Co., Phoenix,
refunding $60,000 in school bonds.
"One issue for $10,000, dated Aug. 6, 1923, are on District No. 17.
Bearing 3H % interest, they will mature $5,000 June 15, 1940 and another
$5,000 June 15,1941.
"The other $50,000 was issued Aug. 13, 1923.
Bearing 4% Interest,
"In order to reduce carrying charges, the Gila County
visors completed a transaction with
for
too much financial
allowed
they will be paid off $10,000 yearly beginning June 15,1943.
"Both issues originally carried 6% interest."
"
,
.
'
'
PHOENIX, Ariz.—'BOND CALL—It is stated by Oliver H. Loch, City
Treasurer, that 4H% semi-ann. sewer bonds, numbered from 161 to 180,
aggregating $20,000, are called for payment on July 1, at the Irving Trust
Co., N. Y. City, successors to the American Exchange National Bank.
Dated July 1, 1910.
Due July 1, 1950, callable in 20 years.
Interest
ceases on date called.
1
ARKANSAS BONDS
Markets in all State, County & Town
Issues
SCHERCK, RICHTER COMPANY
,
LANDRETH BUILDING, ST. LOUIS, MO.
I
Bond
Proposals and Negotiations
ALABAMA
HUNTSVILLE, Ala.—BOND CALL—It is reported that N. M. Payne,
City Clerk-Treasurer, is calling for payment on July 15. at 101% of face
value and accrued interest, 5% series P-2 public improvement refunding
bonds numbered from 11 to 224, aggregating $214,000.
Dated July 15,
1936.
Denom. $1,000.
Due
as
follows: $4,000 in 1941 and 1942, $5,000
in 1943 to 1946, $6,000 in 1947 and
1948, $7,000 in 1949 to 1953, $9,000 in
1954 to 1957, $10,000 in 1958 and 1959, $11,000 in 1960, and $12,000 in
1961 to 1966.
Payable at the Chemical Bank & Trust Co., N. Y. City,
or at the First National Bank in Birmingham.
MONTGOMERY, Ala.—BONDHOLDERS RECEIVE DEBT REFUND¬
ING PLAN—The holders of bonds of the above city are being asked to
subscribe to a refinancing plan under which practically all of its debt would
be
refunded
at lower rates of interest.
Details of the proposed
refunding
comprehensive "debt conversion plan" which
bondholders.
The conversion plan would involve $10,427,000 of the city's $12,326,000
outstanding indebtedness, excluding only $1,899,000 which have the pledge,
of sufficient revenues to assure the payment of principal and interest at
maturity.
It is proposed that the $10,427,000, which now carry coupon
rates of 4H% to 6% be exchanged for $6,897,000 of 4% refunding bonds,
dated Jan. 1, 1939, and due serially Jan. 1, 1942-68, and for $3,530,000
program are contained in a
is being forwarded today to
ARKANSAS
ARKANSAS, State of—MAY TAX COLLECTIONS SHOW INCREASE
—Department of Revenue reports May collections at $1,912,040 compared
to $1,799,723 in April and $1,729,128 in May, 1938.
Increase over April
was $112,317 and over May, 1938, it was $182,911.
Revenue from gasoline tax and motor vehicle license for credit to the
highway fund increased $113,201 over May, 1938.
Gasoline tax at $805,969
compares with $733,931 In May, 1938, and motor vehicle license at $115,217
compares with $74,053.
In May, 1938 these levies produced $807,984
compared with $921,186 in the recent month.
Revenue from other levies includes sales tax at $465,756 compared to
$392,274, cigarette tax at $75,663 compared to $104,592, liquor tax at
$69,142 against $47,986, severance tax at $38,747 against $50,131, and
income tax at $266,731 compared to $278,577.
REDEMPTIONS OF HIGHWAY OBLIGATIONS—Factors which tend
the market for Arkansas bonds include redemption of $19,270,000
certificates In the 17 tenders since effective
date of Act 11 of 1934, and also in 1939 Act to authorize use of $4,000,000 of
non-invested treasury funds for bond purchases for sinking fund accounts.
Also aiding the situation is the attitude of the Arkansas Supreme Court in
uniformly sustaining Act 11 of 1934.
Little Rock dealers are reported to
believe that fear of withdrawal of tax exemption on future municipal issues
is a factor in price stabilization*
to stabilize
of highway bonds, notes and
SUPREME COURT RULES ON BOND PURCHASE PAYMENTS—It is
reported the Arkansas Supreme Court has held that State Highway Depart¬
ment. must r/intinue to Day gasoline tax of 6.5 cents on its purchases and that
'
3562
Financial
Chronicle
LEWISVILLE SCHOOL DISTRICT (P. O.
June
10,
1939
,
LA MESA, Ca.if.—BONDS VOTED—It is stated by the City Clerk thafc
at an election held on May 22 the voters approved the issuance of $35,000
in sewer line bonds.
grant of exemption would be violate of pledges contained in Act 11 of 1934,
the highway debt refunding act.
Gasoline tax payments by Highway
Department are estimated at $100,000 annually.
SAN BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
SCHOOL BONDS NOT SOLD—It is stated by the Clerk of the Board of
Supervisors that the $4,000 not to exceed 4lA% semi-ann. Morongo Ele¬
mentary School District bonds offered on June 5—V. 148, p. 3410—were
not sold as no bids were received.
Dated June 1, 1939.
Due $1,000 from
June 1, 1940 to 1943 incl.
Lewisville), Ark.—BOND
SALE DETAILS—It is
now reported by the District Secretary that the
$16,000 school bonds sold recently, as noted here—V. 148, p. 3410—were
purchased jointly by the two local banks as 4s at par, and mature on Nov. 1
as follows: $500 in 1941 to 1944 and $1,000 in 1945 to 1958.
MONTICELLO SCHOOL DISTRICT NO. 18 (P. O. Monticello),
Ark.—BONDS VOTED—It is stated by the Superintendent of Schools that
the voters have approved the issuance of $30,000 4% reconstruction and
enlargement bonds, but he says that the issuance of the bonds is contingent
upon approval of a Pablic Works Administration grant.
TULARE COUNTY (P. O. Visalia), Calif.—SCHOOL BOND SALE—
$34,000 issue of Woodville School District bonds offered for sale on
The
6—V. 148, p. 3263—was awarded to Dean Witter & Co. of San
Francisco, as 3Ks, paying a premium of $72, equal to 100.211, a basis of
3.22%.
Dated June 1, 1939.
Due $2,000 from June 1, 1940 to
1956, incl.
June
about
•
.
VENTURA COUNTY (P. O.
-
California
OFFERING—
receive
5% semi-annual
Water Works District No. 1 bonds. Dated July 1, 1939. Denom. $500.
Due July 1, as follows: $500 in 1940 and 1941, and $1,000 in 1942 to 1947.
Principal and interest payable in lawful money at the County Treasurer's
office.
The bonds will be sold for cash and at not less than par and accrued
interest, and are issued in accordance, with the provisions of the Statutes
of 1913, Chapter 370, as amended (Act 9123, Deerings General Laws, 1937),
the Political Code and the State Constitution.
A certified copy of the
abstract of the proceedings with reference to this issue will be furnished
free of any cost to the purchaser, but no legal opinion will be furnished.
Enclose a certified check for at least 2% of bid, payable to the County Clerk
Municipals
Bankamerica Company
485 California
Street, San Francisco
Bell System
OFFICES
IN
OTHER
Teletype SF 469
are
■
PRINCIPAL CALIFORNIA
CITIES
CALIFORNIA
COLORADO
CALIFORNIA TOLL BRIDGE AUTHORITY (P. O. San
Franciaco),
Calif.—BONDS PURCHASED FROM RFC—A comprehensive syndicate
PUEBLO, Colo.—INJUNCTION SLIT FILED—A taxpayer recently
brought suit against the city to determine the validity of an issue of re¬
headed by Dillon, Read & Co., Harriman Ripley & Co., Inc., and Blyth
& Co., Inc., all of New York, purchased from the Reconstruction Finance
funding improvement bonds amounting to approximately $879,000, and
dated Nov. 1, 1938.
It is contended by the plantiff that he owns property
in Mesa Improvement District No. 1 and he seeks to enjoin the city from
mingling the funds of that district with other districts, also from assessing
a mill levy to provide funds for the retirement of all these
refunding bonds.
Corporation on June 7 a total of $71,000,000 4% semi-annual San Fran¬
cisco-Oakland Bay toll bridge revenue bonds, paying a premium of $2,840,000, equal to 104.00, on the bonds as follows:
<
$39,300,000 sinking fund revenue bonds.
Due on Sept. 1, 1976.
31,700,000 serial revenue bonds.
Due March 1 as follows: $260,000 in
1940, $350,000 in 1941, $440,000 in 1942, $480,000 in 1943,
$570,000 in 1944, $660,000 in 1945, $755,000 in 1946, $845,000
in 1947, $915,000 in 1948, $990,000 in 1949, $1,065,000 in
1950, $1,145,000 in 1951, $1,175,000 in 1952, $1,265,000 in
1953, $1,355,000 in 1954, $1,450,000 in 1955, $1,550,000 in
1956, $1,655,000 in 1957, $1,760,000 in 1958, $1,870,000 in
1959, $1,985,000 in 1960, $2,105,000 in 1961, $2,225,000 in
1962, $2,350,000 in 1963 and $2,480,000 in 1964. Those associated with the above-named firms in the purchase were as
follows: The First Boston Corp.j Smith, Barney & Co., New York; Dean
Witter & Co., San Francisco; Lazard Freres & Co., Blair & Co., Inc.;
R. II. Moulton & Co., San Francisco; Ladenburg, Thalmann & Co., New
York; Stranahan, Harris & Co., Inc., Toledo; Kaiser & Co., Bankamerica
Co., both of San Francisco; Kidder, Peabody & Co., New York; Weeden
& Co., San Francisco; White, Weld A Co., Goldman, Sachs & Co., Graham,
Parsons & Co., all of New York; Harris, Hall & Co., Chicago; Hayden,
Stone & Co., Shields & Co., Union Securities Corp., all of New York;
A. C. Allyn & Co., Chicago; Estabrook & Co., Hallgarten & Co., F. S.
Moseley & Co., all of New York; Otis & Co., Cleveland; Phelps, Fenn &
Co., R. W. Pressprich & Co., both of New York; Schwabacher & Co., San
Francisco; William R. Staats Co., Los Angeles; Stifel, Nicolaus & Co.,
St. Louis; Stone & Webster and Blodget/Inc., B. J. Van Ingen & Co.,
both of New York; W. E. Hutton & Co., Cincinnati; Riter & Co., E. H.
Rollins & Sons, both of New York; Central Republic Co.; Chicago; Heller,
Bruce & Co:, San Francisco; Hemphill, Noyes & Co., New York.
Also: Kelley, Richardson & Co., Morris Mather & Co., both of
Chicago;
Whiting, Weeks & Stubbs, Boston; Bacon, Stevenson & Co., Darby & Co.,
Inc., both of New York; O'Melveny, Wagenseller & Durst, Los Angeles;
John Nuveen & Co., Stern, Wampler & Co., both of Chicago; Brush, Slocumb <& Co., San Francisco; Eastman, Dillon & Co., Geo. B. Gibbons &
Co., Inc., both of New York; Mitchum, Tully & Co., San Francisco;
G. M.-P. Murphy & Co., Spencer Trask & Co., both of New York; G. H.
Walker & Co., St. Louis; Hannahs, IJallin & Lee, New York; Hayden,
Miller & .Co., Cleveland; Jackley & Co., Des MPines; Newton, Abbe & Co.,
Boston; Reynolds & Co., New York; Wheelock &-Gummins, Des Moines;
William Cavalier "& Co., Donnellan & Co., both of San Francisco; Field,
Richards' & Shepard, Cincinnati; First of Michigan Corp., Bartlett, Knight
& Co., C. F. Childs & Co
all of Chicago; Eldredge & Co., New York;
Farwell, Chapman & Co., Chicago; Gibbons & Hess, San Francisco; Hawley,
Huller & Co., Cleveland; Illinois Co., Chicago; Lester & Co., Los
Angeles;
McDonald-Coolidge & Co., Merrill, Turben & Co., both of Cleveland;
Milwaukee Co,, Milwaukee; Minsch. Monell & Co., Hartley Rogers, Lyon
& Co., both of New York; Stern Bros. & Co.. Kansas City; Stone &
Youngberg, San Francisco; Washburn & Co., Boston; Wells-Dickey Co., Minne¬
apolis; Bosworth, Chanute, Loughridge & Co., Denver; James H. Causey
& Co., Inc., New York.
r
•
Also included in the syndicate were: Equitable Securities Corp., Ferris
& Hardgrove, of Seattle; Gregory & Son, J. N. Hynson & Co., both of New
York; W. H. Newbold's Son & Co., Philadelphia; Piper, Jaffray & Hopwood, St. Paul; Redfield & Co., Los Angeles; Wertheim & Co.. New York;
Bigelow, Webb & Co., Minneapolis; Brown, Schlessman, Oweri & Co.,
Denver: Eastland, Douglass & Co., Elworthy & Co., both of San Francisco;
Alfred O'Gara & Co., Chicago; Page, Hubbard & Asche, Los
Angeles, and
Sargent, Taylor & Co., San Francisco.
CONNECTICUT
BRIDGEPORT,
Conn.—NOTE
OFFERING—Perry
W.
Rodman,
City Comptroller, will receive sealed bids until noon (DST) on June 14 for
the purchase of $1,050,000 notes, divided as follows:
$750,000 not to exceed 0.50% short-term notes. Denoms. to suit purchaser.
Due June 15, 1940. Bidder to name one rate of interest. Certified
check for 2% of notes bid for, payable to order of City Treasurer,
is required.
300,000 not to exceed 2% interest Harrison St. extension notes. Denom.
$1,000. Due $30,000 on June 15 from 1940 to 1945) incl. Bidder to
name one rate of interest.
Notes are issued pursuant to special
Act of the State Legislature, approved June 17,1935, and amended
by special Act approved March 12, 1937. Certified check for 2%
of notes bid for, payable to order of City Treasurer, is required.
All of the notes will be dated June 15, 1939.
Principal and interest payable
Preparation of notes will be supervised by
Bridgeport, which will certify as to
genuineness of signatures of city officials and seal impressed on notes.
Legal opinion of Ropes, Gray, Boyden & Perkins of Boston will be furnished
at the
The bonds are described as follows: Dated March 1, 1938.
All of the
bonds, or all of the 4% sinking fund bonds, are redeemable as a whole by
the Authority on any date on or after March 1, 1945; the serial bonds are
redeemable in part by the Authority on or after March 1, 1945, in inverse
order of maturities, but only after or simultaneously with the retirement of
all of the sinking fund bonds, and the 4% series sinking fund bonds are
redeemable in part by the Authority on or after March 1, 1941, in each
case by lot, on any interest payment date but
only out of funds available;
in the case of the serial bonds or the 4% series sinking fund bonds, at the
following prices plus accrued interest: Prior to March 1, 1945 (only as to
4% series sinking fund bonds in part), 106%; on or after that date and
prior to March 1, 1949, 105%; on or after that date and prior to March 1,
1953, 104%; on or after that date and prior to March 1, 1958, 103%;
on or after that date and prior to March
1, 1963, 102%; on or after that
date and prior to March 1, 1968, 101 %; and on or after that
date, 100%.Principal and interest are payable at Bank of America National Trust
& Savings Association, the paying agent, in San Francisco, and are col¬
lectible at the Chase National Bank of the City of New York, the collec¬
tion agent, in N. Y. City.
The San Francisco Bank, San Francisco, is the
fiscal agent.
The validity of the bonds has been approved by Thomson,
Wood & Hoffman of New York, bond counsel to the
Authority, and, to¬
gether with certain other legal matters, by Orrick, Dahlquist, Neff &
Herrington of San Francisco, and O'Melveny, Tuller & Myers of Los
Angeles, counsel to the underwriters.
Certain legal matters in connection
with the authorization and issuance of the bonds have been approved by
Keyes & Erskine and Edward P. Murphy of San Francisco, counsel to the
Authority.
BONDS REOFFERED
FOR
INVESTMENT—'The above purchasers
reoffered the above bonds for public subscription, of which the
$39,300,000
4% series sinking fund revenue bonds dated March 1,1938 and due Sept. 1,
1976, are being offered at a price of 106% plus accrued interest from
March 1, 1939, and of $31,700,000 of 4% serial revenue bonds dated March
1, 1938, and maturing March 1, 1940 to 1964, inclusive, are being offered
at prices (plus accrued interest from March 1, 1939) to yield from
0.50%
to 3.60%, according to maturity.
(The official advertisement of this public offering appears on page v
of this issue.)
Angeles), Calif .—REPORT ON
CITY
TAX COLLECTIONS—The following comparative record of tax
collections of the six cities of the above county which collect their own taxes
was furnished to us by the Gatzert Co., Los Angeles investment house:
Percent Delinquent
1936-1937
Arcadia
1937-1938
7.98
7.48
Azusa.
12.00
El Monte-.
35.14
5.60
15.10
Pasadena.
7.94
Whittier
4.73
7.37
3.20
1938-1939
4.30
•
Long Beach
'
•
13.00
4.94
11.50
12.88
1
4.36
7.67
2.73
City Treasurer's office.
the First National Bank & Trust Co.,
the successful bidder.
mmi
HARTFORD, Conn.—LIST OF BIDS—Following is
a
*»EjRJ5Lj2Li>
complete'list of
unsuccessful bids for the $1,100,000 refunding bonds sold May 26 to J. P.
Morgan & Co., New York,
V. 148, p. 3264:
as
Is, at 100.011,
a
basis of about 0.999%—
Bidder—
Int. Rate
R. W. Pressprich & Co.; First National Bank; Salomon Bros. & Hutzler; The Northern Trust
Co.,and
Premium
"
*
.
Darby & Co
1.10%
Lehman Brothers; Eastman, Dillon & Co.; Eldredge
& Co.; The Bridgeport City Co., and Coburn &
Middlbrook
Co.;
$3,850.00
__
First Boston Corp., and Cooley & Co.
Harriman
Ripley & Co., Inc.; Kidder,
Hemphill,
Noyes
&
Co.;
and
1.10%
1.10%
3,839.99
2,851.09
Peabody &
Charles W.
/
Scranton & Co
1.10%
___1.10%
Halsey, Stuart & Co., Inc.; Bacon, Stevenson & Co.;
George B. Gibbons & Co., Inc.; G. M.-P. Murphy
& Co.; First of Michigan Corp.,. and The R. F.
'
GriggsCo----------.1.10%
Blyth & Co., and Paine, Webber & Co
1.10%
Bankers Trust Co.; Smith, Barney & Co., and Stone
& Webster and Blodget
;
„__1.10%
Lazard Freres & Co.; Harris Trust & Savings Bank;
;
Goldman, Sachs & Co.; Blair & Co., Inc,; Boat¬
men's National Bank, and Washburn & Co., Inc__1.10%.
R. L. Day & Co.; F. S. Moseley & Co.; Kean,
Taylor & Co., and E. M. Bradley & Co., Inc
1.20%
Shields & Co.; C. F. Childs & Co.. Inc.; Sherwood &
Reichard, Inc.; Otis & Co.,-Inc., and Perrin,
«
West & Winslow, Inc.
______-1.20%
Chemical Bank & Trust Co.; Roosevelt & Weigold;
W. E. Hutton & Co.; Campbell, Phelps & Co.,
Inc.; Wilmerding& Co., Inc., and Aldrich & Co
1.20%
Lincoln R. Young & Co
1.20%
1,978.90
1,492.70
Estabrook & Co., and Putnam & Co
,
LOS ANGELES COUNTY (P. O. Los
Ventura), Calif.—BOND
informed by L. E. Hallowell, County Clerk, that he will
sealed bids until 10 a. m. June 13 for purchase of $7,000
We
_
1,452.00
1,100.00
539.00
.
.
,
473.00
.4,838.90
3,410.00
2,618.00
2,200.00
STONINGTON
.
(P. O. Stonington),
Conn .—BOND SALE— The
$100,000 coupon refunding bonds offered June 5 were awarded to Halsey,.
Stuart & Co., Inc., New York, as \%s, at a price of 100.789, a basis of
about 1.67%.
Dated June 15, 1939.
Denom. $1,000Due $5,000 on
June 15 from 1940 to 1959, incl.
Principal and interest payable at the
-Hartford-Connecticut
Trust
Co.,
Hartford.
Legal opinion by Day,
Berry & Howard of Hartford.
Other bids:
Bidder—
"
,
Putnam & Co
Int. Rate
2%
2%
Kendedy, Spence & Co
Rate Bid
101.065
100.959
WALLINGFORD, Conn .—BOND OFFERING—The Board of Select"
will receive sealed bids until 7 p. m. (EST) on June 15, for the pur
men
chase of
$90,000 coupon bonds, divided as follows:
$45,000 refunding bonds.
Due $3,000 on July 1 from'1940 to 1954 incl.
45,000 bridge bonds.
Due $3,000 on July 1 from 1940 to 1954 incl.
All of the bonds will be dated July 1, 1939.
Denom. $1,000.
Bidder
to name rates of interest in multiples of A of 1%.
Prin. and int. (J-J)
payable at the First National Bank of Boston, which will supervise the
engraving of the bonds and certify as to their genuineness.
Legal opinion
of Ropes, Gray, Boyden & Perkins of Boston will be furnished the suc¬
cessful
bidder.
WINDHAM,
Conn.—BOND
SALE
DETAILS—The
$70,000
bridge
bonds sold to Kennedy, Spence & Co. of Boston as 2Ks, at a price of 100.799
—V. 148, p. 3264—are dated June 1, 1939, and mature $5,000 each June 1
from 1940 to 1953, incl.
Denom. $1,000.
Interest J-D.
DELAWARE
DELAWARE
(State of)—BOND SALE—The $1,250,000 coupon high¬
way bonds offered June 9—V. 148, p. 2937—were awarded to a group
composed of E. H. Rollins & Sons, Inc., B. J. Van Ingen & Co., Inc., both
of New York; Schmidt, Poole & Co. and Barclay, Moore & Co., both of
Philadelphia, as liHjs, at 101.385.
Dated Jan. 1, 1939 and due as follows:
$31,000 from 1940 to 1969 incl. and $32,000 from 1970 to 1979 incl.
On
and after Jan. 1, 1940, any of the bonds outstanding may be redeemed at
105% on any interest date upon 30 days' notice properly advertised.
FLORIDA
BAKER COUNTY
(P. O. Macclenny), Fla.—BOND OFFERING—It
is stated by C. M. Barber, Chairman of the Board of County Commis¬
sioners, that he will receive sealed bids until 11 a. m. (EST) on July 10
for the purchase of a $50,000 issue of 4% courthouse bonds.
Interest is
payable A-O.
Dated Oct. 1, 1938.
Due Oct. 1 as follows:
$2,000 in
1939 to 1943, $2,500 in 1944 to 1953, and $3,000 in 1954 to 1958.
Prin.
<
Volume
Financial
148
FLORIDA
BONDS
nv™AFtI(^ C9UNTY (P. O. Indianapolis), Ind.—WARRANT OFFER¬
Barnett National Bank Building
JACKSONVILLE
-
-
-
Branch Office:
First
National
Bank
Building
T.
ING—Fabian
FLORIDA
-
-
interest
Pierce, Resident
W. Biemer, County Auditor, will receive sealed bids until
(CST) on June 19 for the purchase of $400,000 not to exceed 5%
anticipation warrants payable out of taxes heretofore levied
10 a. m.
TAMPA
S.
3563
Pm'chase of $6,000 not to exceed 4 K % interest sewer bonds.
Dated July 1,
1939.
Denom. $250.
Due as follows: $250, July 1, 1941; $250. Jan. 1
and July 1 from 1942 to 1952, incl., and $250, Jan. 1, 1953.
Bidder to
name one rate of interest, expressed in a multiple of
^ of 1 % and payable
J-J•
Bonds are unlimited tax obligations of the town and the approving
legal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
furnished the successful bidder.
A certified check for $300, payable to order
of the town, must
accompany each proposal.
Clyde C. Pierce Corporation
,
Chronicle
Manager
v*e
tax
County General Fund and
now
in course of collection.
Warrants
will be dated June 30, 1939, in $5,000 denoms. and payable Dec. 15, 1939,
with interest, at the County Treasurer's office.
Each proposal must be
FLORIDA
and int. payable at the Florida National Bank, Jacksonville.
The bonds
were issued pursuant to Section 2309 of the 1927 Compiled General Laws
of the State, and Acts or laws supplementary or amendatory thereto, for
the purpose of erecting and equipping a county court house.
These bonds
were validated by a decree of the Circuit Court of the Eighth Judicial
Circuit of the State March
18, 1939, an approving opinion as to the
legality of said bonds will be furnished by Giles J. Patterson of Jack¬
A certified check for SI ,000 must accompany the bid.
(These are the bonds originally scheduled for sale on June 21—V. 148,
p. 3102.)
'
sonville.
,
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 14 (P.
O.
accompanied by a certified check for 3% of warrants bid for, drawn against
moneys in some bank in Marion County, and payable to order of the Board
of Commissioners.
Legal opinion to be furnished by the successful bidder.
SCHOOL CITY, Ind.—BOND SALE DETAILS—The $50,000
,
1 % %
funding bonds sold to the Merchants National Bank of Muncie at a
100.11—V. 148, p. 3412—are dated May 15, 1939 and mature
$25,000 on July 1 in 1947 and 1948.
Interest J-J.
of
price
ORLEANS, Ind.—BOND SALE DETAILS—The $30,000 water plant
purchase bonds purchased by H. B. LaRocca & Co. of Chicago bear interest
at 4%, not 414%, as reported in V. 148, p. 2153, were sold at
par and
mature $1,000 annually form 1942 to 1971 incl.
FOSEY TOWNSHIP (P. O. Fredericksburg), Ind.—BONDS NOT
^
OFFERING DETAILS—In connection with the
offering scheduled for June 28, of the $125,000 4 % semi-ann. site and build¬
ing bonds, noted here on June 3—V. 148, p. 3411—it is now stated by James
T. Wilson, Secretary of the Board of Public Instruction, that the bonds
mature on Sept, 1 as follows: $23,000 in 1959 to 1963, and .$10,000 in 1964.
SOLD—The $22,000 not to exceed 4 \i°7o interest school addition bonds
offered on April 29—V. 148, p. 2153—were not sold, as the bids were re¬
turned unopened.
'
FLORIDA, State of—HOLSE KILLS SALES TAX BILL—A United
Press disptach from Tallahassee to the "Wall Street Journal" of June 2
reported as follows: A 2% sales tax bill, designed to meet a threatened
State treasury deficit, was killed by the Florida House of Representatives
National Bank of
Miami),
Fla.—BOND
Thursday,
It
50
to
offered June 5—V. 148, p. 3412—were awarded to the Citizens
Tell City as 1 Sis, at a price of 100.18, a basis of about
1.44%.
Dated June 1, 1939 and due as follows: $1,500 Jan. 1 and $1,000
July 1 from 1941 to 1943 incl. and $1,500 Jan. 1, 1944.
Second high bid
of 100.34 for 1
was made by Raffensperger, Hughes & Co. of Indianapolis.
41.
the third defeat suffered in the House by
was
TELL CITY, Ind.—BOND SALE—The $9,000 flood wall right-of-way
bonds
sales tax advocates during
IOWA
this legislative session.
JACKSONVILLE,
City
Fla.—BONDS APPROVED—The
reported to have approved recently the issuance of .$95,000 in
bonds.
■
•
.
Council is
refunding
'
GEORGIA
(P. O. Savannah), Ga.—BONDS
5 the voters ap¬
proved the constitutional amendment permitting the issuance of $4,590,000
in highway bonds by a substantial margin.
COASTAL HIGHWAY DISTRICT
VOTED—It is reported that at the election held on June
BONDURANT CONSOLIDATED SCHOOL DISTRICT (P. O. Bondurant), Iowa—BONDS SOLD-lt is stated by the Secretary of the Board
of School Directors that $50,000 refunding bonds were purchased recently
by the White-Phillips Corp. of Davenport, as 3s, payable M-N.
Due
$5,000 payable annually.
CEDAR RAPIDS, Iowa—PRICE PAID—It is now reported by the City
Clerk that the $30,000 exhibition hall bonds sold to the Merchants National
Bank of Cedar Rapids, as noted here on June 3—V. 148, p. 3412—were
as 1 %s, for a premium of $251. equal to 100.836, a basis of about
Due $3,000 from Nov. 1, 1941 to 1950 incl.
purchased
1.62%-.
-
CLARKE COUNTY (P.
IDAHO
BELLEVUE, Idaho—BOND SALE— The $26,800 issue of 4% semi-ann.
water system bonds offered for sale on May 29—V. 148, p. 3102—was pur¬
chased by the Fred R. Fenton Bond Co., of Boise, according to the City
Clerk.
Due in ,from 2 to 20 years after date.
Dated July 1, 1939.
ILLINOIS
ALEXIS,
111.—BONDS
SOLD—'The
cipation certificates.
FORT
.
'
.'
Iowa—BONDS REFUNDED—It is stated by J. R.
Sitley, City Clerk, that $50,000 refunding bonds have been exchanged
through the White-Phillips Corp. of Davenport.
DODGE,
LAKE PARK, Iowa—BONDS OFFERED—It is reported that bids were
until 1 p. m. on June 9, by the Town Clerk, for the purchase of
$12,697.66 street improvement bonds.
"
received
White-Phillips Corp. of Daven¬
and disposal plant bonds
port has purchased $22,000 water and sewer system
and $12,000 sewer system bonds.
BECKMEYER SCHOOL
O. Osceola), \ov,&—CERTIFICATE OFFER¬
ING—It is reported that bids will be received until 1:30 p. m. on June 12,
by the County Treasurer, for the purchase of $22,000 secondary road anti¬
INDEPENDENT
LAMONI
SCHOOL
DISTRICT
(P.
O.
Lamoni)
Iowa—BOND OFFERING— It is stated byH.H. Gold, District Secretary,
DISTRICT, III.—BONDS SOLD—An issue of
$15,000 4% gymnasium bonds Was sold in March to the First
Bank of Carlyle at par plus $650 premium, equal to 104.33. Dated
1940.
Due $1,000 annually.
•
National
March 1,
June 19, for the purchase of $3,000
Due $1,000 in 1943 to 1945 incl.
that he will receive bids until 8 p. m. on
refunding bonds.
Iowa—BONDS SOLD— It is stated that $4,500 special
protection bonds were sold on June 2 to the Carleton D.
as 5s, at par.
Dated Dec. 14, 1938.
Due $500
from May 1, 1940 to 1948 incl.
Prin. and int. (M-N) payable at the Town
McGREGOR,
assessment flood
CENTRALIA, 111.—BONDS SOLD—City purchased for its sinking funds
an issue of $40,000 community center bonds which was authorized by the
voters on March 28.
"
'
*
; •
Beh Co.
of Des Moines
Treasurer's
office.
„
III.-—BONDS DEFEATED—On
June 5 the voters refused to authorize the issuance of $2,400,000 Oak
Forest Infirmary bonds and $1,800,000 hospital addition bonds.
COUNTY
COOK
(P, O.
Chicago),
DANVERS, 111.—BOND SALE—The $13,000 4% bonds offered June 5
148, p. 2937—were awarded to the Mississippi Valley Trust Co.,
$99.87, a basis of about 4.02%.
Sale consisted of:
—V.
St. Louis, at a price of
incl. and $500 in 1950.
1 as follows: $500 in
Second high bid of 98.307
& Co. of Bloomington.
All of the bbnds will be dated May 1, 1939.
DES PLAINES, 111.—BOND
funding bonds
was
SALE—Anissue of $56,000 4% water re¬
sold at par to C. W. McNear & Co. of Chicago.
named
a
PARK
price of 100.51.
(P.
Milford),
O.
Speer & Sons Co. of Chicago purchased $17,000 relief claims
and $9,000 highway right-of-way bonds subject to voters' approval
an
election
on
VOTED—
in gymnasium
(P. O. Sloan), Io-w a—BONDS
reported that the voters approved the issuance of $35,000
election held on May 29.
^SPIRIT
for the
LAKE, Iowa—BOND OFFERING—Both sealed and open bids
12, at 8 p. m., by Fred Dowden; Town Clerk,
purchase of a $32,730 issue of judgment bonds.
Dated June 1, 1939.
WASHTA CONSOLIDATED
Iowa—BOND OFFERING—It is
bonds
of the
June 10.
SCHOOL DISTRICT (P. O. Washta),
reported that bids will be received until
Secretary for the purchase of a
June 12 by the District
$38,000 issue of refunding bonds.
8:30
m..
p.
on
KANSAS
III.—BOND SALE—The
H. C.
loans at
SLOAN SCHOOL DISTRICT
It is
and auditorium bonds at an
<
,
TOWNSHIP
MILFORD
MONTICELLO, Iowa-BONDS SOLD—It is stated by the City Clerk
city hall bonds approved by the voters last September, have
D. Beh Co. of Des Moines.
been sold to the Carleton
will be received until June
DISTRICT, 111.—BOND SALE—The $41,000 2% im¬
provement bonds offered June 3—V. 148, p. 3411—were awarded to the
First National Bank & Trust Co. of Galesburg at a price of 101.148, a basis
of about 1.89%.
Dated May 1, 1939, and due Dec. 1 as follows: $1,000,
1940 to 1942, incl.; $2,000, 1943 to 1955, incl.: $3,000 in 1956 and 1957 and
$6,000 in 1958.
First National Bank of Chicago, second high bidder,
DIXON
bonds
awarded to the Carleton D. Beh Co.
that $27,500
3,500 general obligation water bonds.
Due Jan.
1950 and $1,000 from 1951 to 1953 incl.
made by C. E. Bolander
CITY,
improvement
Due Jan. 1 as follows: $1,000 from 1942 to 1949
$8,500 st. impt. bonds.
was
Iowa—BOND SALE—The $30,000 issue of street
offered for sale on June 5—V. 148, p. 3412—-was
of Des Moines, according to the City
Clerk. Due from May 1, 1940 to 1948; optional at any time.
It is also stated by the said Clerk that the $9,000 improvement bonds
offered for sale at the same time—V. 148, p. 34l2—were awarded to the
First National Bank of Mason City. Due from Dec. 1, 1940 to 1944 incl.
MASON
LEAVENWORTH, Kan.—BONDS DEFEATED—Itis reported that the
voters recently turned down a proposal to issue $68,500 in city auditorium
bonds.
"
III.—BOND SALE—The
Municipal Bond Corp. of Chicago purchased on June 1 an issue of $30,000
4:14% gymnasium bonds at par plus a premium of $350,.equal to 101.16.
Due in 20 years!
Denom. $1,000.
Interest J-J.
MOUNDS
SCHOOL
DISTRICT
NO.
34,
OSWEGO, III.—BONDS SOLD—An issue of $10,000
sewage dis¬
posal plant bonds was sold to Lewis, Williams & Co. of Chicago, at a price
of 100.25, a basis of about 3.71%..
Dated July 1, 1938.
Denom. $1,000,
Due $1,000 on July 1 from 1940 to 1949, incl.
.
PITTSFIELD COMMUNITY HIGH SCHOOL DISTRICT NQ. 168,
111.-—BOND SALE DETAILS—The $23,000 2%% school bonds purchased
by Uhl, Matheny & Co., Inc. of Springfield—V. 148, p. 2153:—were sold at
par, are in $1,000 denoms. and mature as follows: $2,000 from 1940 to 1949
incl. and $3,000 in 1950.
TISKILWA
SCHOOL DISTRICT NO.
169, 111.—BOND SALE DE¬
purchased by the H. CSpeer & Sons Co. of Chicago—V. 148, p. 1358—were sold at a price of
100.714, are dated July 15, 1938, in $1,000 denoms. and mature Dec. 15
as follows: $1,000 from 1940 to 1947, incl., and $2,000 from 1948 to 1957,
TAILS—The $28,000 school construction bonds
SALINA, Kan.—BOND SALE—The following issues of 1H % semi-ann.
improvement bonds aggregating $45,717.04, offered for sale on
5—Y. 148, p. 3412—were awarded jointly to Estes, Snyder & Co.,
and the Rhodes-Seltsam Co., both of Topeka, paying a premium of $163.67,
equal to 100.358, a basis of about 1.43 %. The issues are as follows:
$14 628 85 series P-121 bonds.
Denom. $500, one for $128.85.
Due on
series^ ^
follows; $1 fl28.85 in 1940 and $1.500 in 1941 to 1949.
3 015 44 series S-122 bonds.
Denom. $400, one for $315.44.
Due on
«j,yio.44
x ^ folIoW8. $315.44 in 1940 and $400 in 1941 to 1949.
27 172 75
Denom. $1,000, one for $172.75. Due on
ZDUZ.iO series S-123 bonds.
^ follows: $2,172.75 in 1940; $2,000. 1941 and 1942,
internal
June
-
TOPEKA, Kan.—BONDS SOLD—'The following issues of public and
bonds aggregating $56,000, were offered for sale on June 6 and
awarded to Estes, Snyder & Co. of Topeka, paying a premium of
$817.06, equal to 101.45, a basis of about 1.05%:
$21 000 1%
series 193&—482 semi-an. bonds.
Dated Sept. 15, 1938.
Due Sept. 15, as follows:
$11,000 in 1942, and $10,000 in 1943,
civil works
were
8,000 \\i%
inclusive.
SALE—C. W. McNear & Co. of Chicago
purchased an issue of $540,000 2 M % and 3 M % judgment funding bonds.
WAUKEGAN,
WOODSTOCK
111.—BOND
COMMUNITY
HIGH
162, 111.—BOND SALE DETAILS—The
SCHOOL
DISTRICT
27 000
INDIANA
ELWOOD, Ind.—BOND SALE DETAILS—The $20,000 2M% bonds
purchased earlier in the year by McNurlen & Huncilman of Indianapolis—
V. 148, p. 1055—were sold at a price of 100.605 and mature $1,000 on Jan. 1
and July 1 from 1942 to 1951, incl.
OFFERING—Mark Heisler, Town Clerkwill receive sealed bids until 7:30 p. m. (CST) on June 20 for the
bonds.
Dated April 1, 1939.
semi-annual bonds. Dated June 1,1939. Due
$11,000 in 1942, $9,000 in 1943 and $7,000 m
1944.
$90,000 building bonds purchased
KENTUCKY
COUNTY (P. O. Winchester), Ky.—BONDS SOLD—It is
reDorted that $80,000 2H% semi-annual court house bonds ha,ve been
CLARK
composed of the Bankers Bond Co., Almstedt Bros.,
aid the Security & Bond Co. of Lexington.
WALTON. Ky.—BOND OFFERING—It is reported that bids will b®
received until June 15. by D. H. Vest, Clerk of the Board of Trustees for the
niltvhase of a $30 500 issue of 5% semi-ann. water works revenue refunding
purchase or a
e
£
in mQ ^ lg44; $1 000i 1945 to
Durchased by a group
boS
Treasurer,
series 1939—482 semi-ann.
P% Venes*1939—-484
June 1, as follows:
NO.
by Ballman & Main of Chicago—V. 148, p. 1055—were sold on the basis
of $18,000 as 2Mb, and $72,000 2^s, due serially on Jan. 1 up to 1959.
Dated Jan. 1, 1939.
Denom. $1,000.
Principal and interest (J-J) payable
at
the First National Bank of Chicago.
Payable from unlimited ad
valorem taxes and approved as to legality by Chapman & Cutler of Chicago.
ETNA GREEN, Ind.—BOND
in 1943 to 1949.
1939.
and $3,000
Dated March 1,
of
195?$1
Louisville
500
1955 to 1958, and
BOND CALL—'The
$2,000 in 1959 to 1964.
above-named clerk is calling for payment on July 1
revenue bonds, dated Jan. 1, 1935, at
equivalent amount of water works
the Dixie State Bank in Walton.
an
I
3564
Financial
Chronicle
June 10, 1939
LOUISIANA
MASSACHUSETTS
La.—BOND OFFERING— Sealed bids will be
received until 8 p. m. on June 12, by J. O. Bouchereau, City Secretary, for
the purchase of a $19,000 issue of paving certificates.
Interest rate is not
to exceed 6%,
payable J-D.
Dated June 1, 1939, Denom. $500. Due
BEVERLY, Mass.—BOND OFFERING—John C. Lovett, City Treasureo
will receive sealed bids until 11 a. m. (DST) on June 14, for the purchase of
$120,000 coupon municipal relief bonds.
Dated June 1, 1939.
Denom.
$1,000.
Due $12,000 on June 1 from 1940 to 1949, incl.
Bidder to name
one rate of interest in a multiple of M of 1%.
Principal and interest (J-D)
payable at the First National Bank of Boston, which will supervise the
engraving of the bonds and certify as to their genuineness.
Legal opinion
of Ropes, Gray, Boyden & Perkins of Boston will be furnished the successful
DONALDSONVILLE,
June 1, 1940 to 1949.
The certificates will not be sold for less than par.
These certificates are payable from funds derived from the levy and collec
of the local and
tion
special assessments
real property abutting the
on
streets paved.
The properties so affected are about four of the principal
streets in the city and consist almost entirely of residences.
In the opinion
of the Commission Council, these certificates are thoroughly reliable and
amply secured by the assessments levied.
The approving opinion of
Charles & Trauernicht, of St. Louis, will be furnished.
Enclose a certified
check for $500, payable to the Commissioner of Finance.
are
FRANKLIN, La.—INTEREST RATES—In connection with the sale of
the $35,000 public improvement bonds to Scharff & Jones, Inc. of New
Orleans, noted here on June 3—V. 148, p. 3412—it is stated by the Town
Secretary that the bonds were sold as follows: $15,500 as 3 Ms, and $19,500
as 3s.
Due from Aug. 1,1943 to 1958.
The bonds are more fully described as follows: $15,500 maturing Aug. 1,
$1,500 in 1943 to 1945, $2,000 in 1946 and 1947, $2,500 in 1948 and 1949,
$2,000 in 1950, as 3Ms, and $19,500 maturing Aug. 1, $2,000 in 1951,
$2,500 in 1952 and 1953, $2,000 in 1954 and 1955, $2,500 in 1956, and $3,000
in 1957 and 1958, as 3s.
May 30
the voters are said to have rejected the proposal calling for the issuance of
$200,000 in harbor and terminal district bonds.
u
on
JEFFERSON PARISH (P. O. Gretna), La.—BOND SALE DETAILS
refunding bonds, noted here
—In connection with the sale of the $150,000
of
May 13—V. 148, p. 2937—it is now reported that the bonds were sold
Jones, Inc. of New Orleans, as 5s.
Dated Oct. 26, 1938.
Denom. $1,000.
Due April 1, as follows: $3,000 in 1940 to 1942., $4,000 in
1943 to 1947. $5,000 in 1948 to 1951, $6,00(Tin 1952 to 1954, $7,000 In 1955
to 1957, $8,000 in 1958 to 1960. $9,000 in 1961 and 1962, and
$10,000 in
1963 and 1964.
Principal and interest payable at the National Bank of
Commerce, New Orleans, or at the Chase National Bank, New York.
These bonds were issued to refund and extend a like amount of
higher
interest rate bonds issued for public improvement purposes.
In the opinion
of counsel, they are secured by and payable from unlimited ad valorem
taxes upon all of the taxable property in the parish.
Legality approved by
Chapman & Cutler of Chicago.
■
0.10%..
/
Scharff &
ST. MARTIN PARISH SCHOOL DISTRICT (P. O. St.
Martinville),
La.—BOND OFFERING—It is reported by L. J. Montegut, Secretary of the
Parish School Board, that he will receive sealed bids until 1:30
p. m. on
July 6, for the purchase of an $180,000 issue of school bonds. Interest rate
is not to exceed 5%, payable A-O.
^
BONDS VOTED—It is stated by the above Superintendent of the ParisL
School Board that at the election held on May 23 the voters
approved the
issuance of the said $180,000 in site purchase, building erection and addition
bonds.
Due April 1, 1940 to 1954.
A certified transcript and the ap¬
proving opinion of Chapman & Cutler of Chicago will be furnished.
En¬
close a certified check for $1,000, payable to the President of the School
Board.
ST. TAMMANY PARISH SCHOOL DISTRICT NO. 8 (P. O.
Coving¬
ton), La.—BOND OFFERING—Sealed bids will be received until 11 a.m.
on July 7, by
William Pitcher, Secretary of the Parish School Board, for
the purchase of a $60,000 issue Of semi-annual
coupon school bonds. Denom
J1,000.Due June June 1, 1939. $1,000 in rate not 1943, $5,000 in payable
Dated 1,
Interest 1940 to to exceed 5%, 1944 to
-D.
follows:
as
1953, and $6,000 in 1954.
Prin. and int. payable at the Chase National
Bank, New York.
No bids will be considered that are based upon the
rights of the bidder to name a bank or banks."
P SHONGALOO SCHOOL DISTRICT NO. 9 (P. O.
Minden), La.—
BOND SALE—The $25,000 issue of school bonds offered for sale on June 6—•
BROOKLINE,
Mass .—NOTE
SACO, Me.—BOND SALE—Robert
A.
Alexander, City Clerk, reports
that
an issue of $94,000
refunding bonds was sold on May 18 to the York
National Bank of Saco, as 2Ms, at par.
Dated April 1, 1939.
Denom.
$1,000.
Due from 1943 to 1952, tod. Interest A-O.
for
as
follows:
•
MARYLAND
Co.
is
York, paying agent for street improvement bonds of
1939, due June 1,1959, and water improvement bonds of 1939, due June 1,
"
3
1
■
MONTGOMERY COUNTY (P. O. Rockville), Md.—BOND OFFER¬
ING—Richard H. Lansdale, Clerk of Board of County Commissioners, will
receive sealed bids until
coupon
bonds, divided
noon
as
(EST)
June 27 for the purchase of $377,500
„•
'
on
follows:
$216,500 not to exceed 4% int. series A refunding bonds of 1939. Denom.
$500 or any multiple thereof at the election of the purchaser. Due
July 1, as follows:
$10,000 in 1944 to 1951, $20,000 in 1952 to
1957, and $16,500 in 1958.
The bonds may be registerable as to
principal or as to principal and interest, and may be sold at not
less than par and accrued interest; Principal and interest
payable
from an ad valorem tax on all taxable
property in the county.
The bonds are authorized by Chapter 158, Laws of 1939.
150,000 not to exceed 5% int. George Washington Memorial Park bonds.
Denom. $100 or any multiple thereof at the election of the
pur¬
chaser.
Due $3,000 July 1, 1940 to 1989.
The bonds are to be
used for the acquisition of the
George Washington Memorial
Parkway in the valley of the Potomac River, a recreational park,
in character, which
permanent
.
is
area
a
of the
section
Gedrge
Washington Memorial Parkway extending from Mount Vernon,
past the City of Washington, to the Great Falls of the Potomac,
and which park will be improved and maintained
by the Federal
Government; and for general park purposes in the MarylandWashington Metropolitan District in the county, as authorized
by Chapter 136, Laws of 1939.
No bid at less than par and
accrued interest will be acceptable. Principal and interest payable
.
as
maturing from a tax upon the assessable property in that portion
of the Maryland-Washington Metropolitan District in the
County
or upon all assessable
property in the county if the above tax
11,000 not
insufficient.
to
exceed
4%
interest
Gaithersburg
Fire
District
bonds.
Denom. $500. Due $1,000 July 1, 1940 to 1950. The bonds are to
be used for the maintenance, operation,
upkeep, and debts of the
Gaithersburg-Washington Grove Fire Department;
as
authorized
by Chapter 493, Laws of 1939.
A bid of less than par and accrued
interest will not be acceptable.
Principal and interest payable as
maturing from the tax on the real and personal property in the
Ninth Electrion District of the county, levied under
Chapter 55
of the Laws of Maryland 1933,
Special Session.
Dated July 1, 1939. Bidders are invited to name the rate of interest the
bonds are to bear.
Different rates may be bid for each issue of the three
issues, but all bonds of the same issue shall bear the same interest rate.
The interest in each case must be a multiple of l-10th or
M of 1%.
Bids
will be received for all of each or
any issue, but for no part of any issue. The
Commissioners reserve the right to reject any 'all or none" bid in favor of
Individual bids on each issue. Principal and interest
payable at the Mont¬
gomery County National Bank, Rockville, unless another place of payment,
which must be a bank acceptable to the
County Commissioners, is desig¬
nated by the purchaser in his proposal.
The bonds will be valid and legally
binding obligations of the county issued upon the faith and credit of the
entire county.
Legal opinion will be furnished by the Gounty Attorney, or
by any attorney specified by the bidder, provided legal expenses are borne
by the bidder.
The bonds will be delivered on July 1, 1939, or as soon
thereafter as delivery may be effected, at-the office of the
County Commis¬
sioners, or at any Incorporated bank or trust company specified by the pur¬
chaser, provided the purchaser agrees to pay cost of said delivery. Enclose
a
certified check for
an amount
equal to 2 % of the issue
proposal is made, payable to the County Treasurer.
or
issues
'
/
' ■
..
'
■
'
-
^
—
Burr & Co_
0.75%
0.75%
—
.
100.26
100.149
100.142
100.13
100.10
100.092
100.06.
100.04
Home & Co
'
——r—.—0.75%
0.75%
..0.75%
1%
—
F. W
0.75%
-_0.75%
0.75%
Chace, Whiteside & Symonds
Graham, Parsons & Co
i
Arthur Perry & Co
National Shawmut Bank of Boston
Merchants National Bank of Boston.
Smith, Barney & Co_
Whiting, Weeks & Stubbs
It. L. Day & Co
Newton, Abbe & Co..
-
100.942
100.794
"
.
1%
1%
———T-l%
1%
100.68
100.649
.
100.394
.
100.294
Mass .—NOTE SALE— The $450,000 revenue anticipa¬
tion notes offered June 6—V. 148, p. 3413—were awarded to the National
Shawmut Bank of Boston at 0.18% discount.
Dated June 6, 1939 and
due Dec. 20, 1939.
The Merchants National Bank of Boston, second
high bidder, named a rate of 0.19%.
•
"
•
HOLYOKE,
LAWRENCE, Mass.—BOND SALE—The $150,000 coupon municipal
relief bonds offered June 9 were awarded to Tyler & Co. of Boston as lMs,
at par.
Dated June 1,
from 1940 to 1949 incl.
Denom. $1,000.
1939.
Due $15,000 on June 1
Prin. and int. (J-D) payable at the Second Na¬
tional Bank of Boston or, at holder's option, at the
ity Treasurer's office.
Bonds may be registered upon presentation at the City Treasurer's office for
cancellation
of coupons and for
MALDEN,
Legal opinion
appropriate endorsement.
of Ropes, Gray, Boyden & Perkins of Boston.
Other
Sachs & Co., 101.189, 1Mb; Shields & Co., 101.069, lj^s;
& Co., 100.929 for lj^s.
Mass.—NOTE OFFERING—Walter
E.
bids: Goldman,
Harriman Ripley
Milliken,
,
City
Treasurer, will receive bids until 7:30 p. m. (DST) on June 13, for the
purchase at discount of $500,000 revenue anticipation notes of 1939.
Dated June 14, 1939 and payable $250,000 May 26 and like amount on
June 12, 1940, at the National Shawmut Bank of Boston.
Denoms. to
suit purchaser.
Notes will be authenticated as to genuineness and validity
by the aforementioned bank, under advice of Ropes, Gray, Boyden &
Perkins of Boston.
'
(State
of)—NOTE OFFERING— State
Treasurer
the purchase of $4,000,000 notes dated June 23, 1939, due June 19, 1940,
issued under the provisions of Chapter 49 of the Acts of 1933 as amended,
an Emergency Finance Board, and
amount of notas due June 23, 1939.
Award
being in renewal of a similar
of this loan is subject to the
are direct obliga¬
tions of the Commonwealth and interest will be payable at maturity.
The Commonwealth figures the interest on exact number of days on a 360
day year basis.
Boston delivery.
Principal and interest payable in Boston
or New York at option of purchaser.
creating
approval of the Governor and Council.
.
•
'
'
on
which
The above notes
NEW BEDFORD, Mass.—NOTE SALE—The $400,000 revenue anticipa¬
tion notes of 1939 offered June 9 were awarded to the National Shawmut
Bank of Bostori at 0.61 % discount.
Dated June 12, 1939 and due $200,000
each on May 10 and June 10, 1940.
Legal opinion of Storey, Thorndike,
Palmer &
Dodge of Boston.
WALPOLE, Mass.—NOTE SALE—An issue of $100,000 notes, due in
0.089%.
6 1-5 months, was sold to the Secor d National Bank of Boston at
WINCHENDON, Mass.—NOTE SALE— The issue of $75,000 revenue
notes offered June 3—V. 148, p. 3413—was awarded to the Second National
Bank of Boston at 0.237% discount.
Due April 15, 1940.
First National
Bank of Boston, next best bidder, named a rate of 0.29%..
MICHIGAN
BATTLE
CREEK
TOWNSHIP,
LAKEVIEW
CONSOLIDATED
SCHOOL DISTRICT (P. O. Battle Creek), Mich.—BOND SALE—The
issue of $280,000 refunding bonds offered June 5—V. 148, p. 3413—was
awarded to a group Composed of John Nuveen & Co., Chicago, Crouse &
Co. and H. V. Sattley & Co., both of Detroit, at a price of 100.008, at
various interest rates, or a net cost of about 3%.
Bonds dated July 1,
1939, due March 1, 1964, and callable on or after March 1,4941, on any
interest date on 30 days' published notice.
The bonds were awarded, based
upon an assumed redemption of $11,000 on March 1 in each year from 1941
to 1948 incl., and $42,000 on March 1 from 1949 to 1964 incl., to bear
interest as follows: $11,000 3s, due March 1, 1941; $33,000 2Mb, due
$11,000 on March 1 from 1942 to 1944 incl.; $56,000 2%s, due March 1:
$11,000 from 1945 to 1948 incl. and $12,000 in 1949; $60,000 3Ms, due
$12,000 on March 1 from 1950 to 1954 incl.; $60,000 3^s, due $12,000 on
March 1 from 1955 to 1959 incl. and $60,000 3Ms, due $12,000 on March 1
from 1960 to 1964 incl.
shall
prove
Town
Rate Bid
Int. Rate
—
Lyons & Co
New
1959.
'
■
.
Bidder—
Southgate & Co_
First National Bank of Boston
FROSTBURG, Md.—PAYING AGENT FOR BONDS—Manufacturers
Trust
Briggs,
P.
FRAMINGHAM, Mass .—OTHER BIDS—The $100,000 3-year average
municipal relief bonds awarded to the Second National Bank of Boston as
Ms, at 100.261, a basis of about 0.66%—V. 148, p. 3265—were also bid
MASSACHUSETTS
_
OFFERING—Albert
discount of $500,000 notes, dated June 12, 1939 and due Dec. 13, 1939.
William E. Hurley will receive sealed bids until noon (DST) on June 12 for
MAINE
•
:
Mass .—NOTE SALE—The issue of $300,000 revenue
anticipation notes offered June 8 was awarded to the Home National Bank
of Brockton at 0.197% discount.
Dated June 9,1939 and payable $200,000
Feb. 8 and $100,000 March 8,.1940.
The First National Bank of Boston,
second high bidder, named a rate of 0.24%.
BROCKTON,
on
to
*
'
Treasurer, will receive sealed bids until noon on June 12 for the purchase at
HOUMA, La.—BONDS DEFEATED—At the election held
f
bidder.
BRISTOL COUNTY (P. O. Taunton), Mass.—NOTE SALE—The
$240,000 tax anticipation notes offered June 6—V. 148, p. 3413—were
awarded to the Bristol County Trust Co., Taunton, at 0.083% discount.
Dated June 7,1939 and due Nov. 15,1939.
Other bids: National Shawmut
Bank of Boston and First National Bank of Attleboro each named a rate
BENTON
HARBOR,
•
Mich.—BOND SALE DETAILS—The $20,000
general obligation emergency relief bonds awarded to John Nuveen & Co.
of Chicago, as 1Mb—V. 148, p. 3413—were sold at a price of 100.069, a
basis of about 1.225%.
Dated May 1, 1939 and due May 1 as follows:
$5,000 in 1940 and 1941 and $10,000 in 1942.
Crouse & Co. of Detroit,
bidder, offered to pay 100.19 for l^s.
second high
BIRMINGHAM,
Mich.—BOND
OFFERING—Irene E.
Hanley,
City
Clerk, will receive sealed bids until 2 p. m. (EST) on June 23 for the pur¬
chase of $217,340 series B-l refunding bonds.
Dated July 1, 1939.
Due
Oct. 1
as follows:
$4,340, 1940; $5,000, 1941 to 1943 incl.; $6,000, 1944 to
1946 incl.; $7,000 ,1947 to 1949 incl.; $8,000, 1950 to 1952 incl.: $9,000,
1953 and 1954; $10,000, 1955 and 1956: $11,000, 1957 and 1958; $12,000.
1959 to 1961 incl. and $13,000 from 1962 to 1964 incl. Bidder to name rate
of interest of not more than 2H% to Oct. 1, 1939, 3H% to Oct. 1, 1945,
and 4% thereafter.
City has requested the State Public Debt Commission
to approve the issue,
proceeds of which will be used in the redemption of a
similar amount of 1935 refunding callable series B and BB bonds. Legality
of the
issue
will
be
approved by Miller, Canfield, Paddock &
Stone of
Detroit.
DETROIT, M ch.—BOND OFFERING—John N. Daley. City Controller,
will receive sealed bids until 9.30 a. m. (EST) on June 13 for the purchase
of $6,922,000 not to exceed
4%_interest non-callable series F refunding
bonds.
Dated July 15, 1939.
Denom. $1,000.
Due July 15 as follows:
$164,000, 1940; $165,000, 1941 to 1946 incl.; $288,000, 1947 to 1950 incl.;
$289,000, 1951 to 1954 incl.; $432,000, 1955 to 1958 incl., and $433,000
from 1959 to 1962 inch
of
M of 1 %.
Rate or rates of interest to be expressed in multiples
Principal and interest (J-J) payable at the current official
bank of the City in New York City or at the City Treasurer's office.
Pro¬
posals are to be for the purchase of bonds on an all or none basis at the
Volume
148
Financial
Chronicle
Rate of interest to be desig¬
nated by the purchaser.
Prin. and int. (J-D) payable at any suitable
bank or trust
company designated by the purchaser.
The county will
furnish the executed bonds and the
approving legal opinion of Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis.
Enclose a certified
check for $4,500, payable to the county.
successful bidder.
(Previous mention of this offering was made in Y. 148, p. 3265, 3266.)
&
of
Stone
Detroit.
Successful
bidder
to
furnish
bonds
m
and
SPICER, Minn.—BONDS SOLD—A $15,000 issue of water system bonds
approved by the voters last August have been sold to the State, according
to the
11 (P. O. Grand
SALE DETAILS—The $20,000 3% refunding
bonds awarded to Ryan, Sutherland & Co. of Toledo—V. 148, p. 2155—
were sold at a price of 101.12, a basis of about 2.84%.
WARREN TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O. Van
Dyk«), Mich.—TENDERS WANTED—William G. Miller, District Secre¬
of 1937,
dated Oct. 1, 1937, and series C of 1938, dated Jan. 3, 1938, until 8 p. m.
on June 21.
Separate tenders of each series is required and of the total of
$5,000 presently available for purchases of bonds, $3,000 is for the 1937
$1,000.
Dated Aug. 1, 1939.
Due Aug. 1, as follows:
1942, $35,000 in 1943 to 1945, $40,000 in 1946 to 1948,
1951, $50,000 in 1952 to 1954, $55,000 in 1955 to 1957,
1962, and $65,000 in 1963 and 1964.
Bonds maturing
$30,000 in 1940 to
$45,000 in 1949 to
$60,000 in 1958 to
in or prior to 1949
shall be without option of prior payment.
All bonds maturing in 1950 and
thereafter shall be subject to redemption on any interest payment date
commencing Aug. 1, 1944, as follows: If redemption is made prior to Aug. 1,
1949, on payment of 2%; if redeemed Aug. 1, 1949, or thereafter prior to
Aug. 1, 1954, on payment of a premium of 1%; if redeemed Aug. 1,1954, or
thereafter prior to Aug. 1, 1959, on payment of a premium of H of 1%; if
redeemed Aug. 1, 1959, or thereafter, at par.
Prin. and int. payable at the
First National Bank, St. Paul.
The county will furnish the executed
bonds and approving legal opinion of Fletcher, Dosey, Barker, Colman &
Barber, of M inneapolis, or other opinion satisfactory to purchaser.
Enclose
a certified check for
$10,000, payable to the county.
bonds and $2,000 for those of 1938.
J.
LaCourse,
City Clerk, will receive sealed bids until 4 p. m. (EST) on June 20 for the
purchase of $38,000 not to exceed 3% interest special assessment bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as follows: $7,000 from
1940 to 1943 incl. and $10,000 in 1944.
Prin. and int. (J-J) payable at
the
Wyandotte
Bank.
Legality approved by Miller, Canfielri,
City has asked the State Public Debt Com¬
*
Savings
Paddock & Stone of Detroit.
mission to approve
the issue.
YPSILANTI, Mich.'—BOND SALE—The $24,000
bonds offered June 5—V.
ment sewer
coupon
special
Village Clerk.
SWIFT COUNTY (P. O. Benson), Minn.—BOND OFFERING—Sealed
and oral bids will be received by Leo E.
Engleson, County Auditor, until
June 12, at 2 p. m., for the purchase of an issue of
$1,195,000 refunding
bonds.
Interest rate is not to exceed 33^%,
payable F-A.
Denom.
tary, will receive sealed tenders of series A and B refunding bonds
OFFERING—Lawrence
POPE COUNTY SCHOOL DISTRICT NO. 63 (P. O. Westport).
Minn.—BONDS SOLD—An issue of $12,000 construction bonds authorized
at an election last October will be sold to the
State, according to the Dis¬
trict Clerk.
Mich.—BOND
Mich.—BOND
Due from July 1, 1944 to 1958.
par.
WALKER TOWNSHIP SCHOOL DISTRICT NO.
WYANDOTTE,
assess¬
MISSISSIPPI
148, p. 3413—were awarded to the
National
Bank of Ypsilanti, as 2Ms, at par.
Dated June,16, 1939 and
due June 16 as follows: $4,000, 1940 and 1941: $5,000 in 1942 and 1943 and
$6,000 in 1944.
for 3s.
SCHOOL DISTRICT (P. O. Brook-"
haven). Miss.—BONDS VOTED—It is stated by S. A. Walker, Secretary
BROOKHAVEN
The Ypsilanti Savings Bank, second high bidder, offered
par
SEPARATE
of the Board of Education, that the $65,000 grammar school construction
bonds were approved by the voters at the election held on May 30.
,
MINNESOTA
MADISON COUNTY (P. O. Canton) Miss.—MA TLRITY-—It is now
reported by the Clerk of the Chancery Court that the $75,000 refunding
bonds purchased jointly by M. A. Saunders & Co. of Memphis, and the
Deposit Guaranty Bank & Trust Co. of Jackson, as 3s, at a price of 101.006,
as noted here—V.
148, p. 3414—are due on May 1 as follows:
$3,000 in
1941 to 1945; $4,000, 1946 to 1950; $5,000,1951 to 1955; $8,000 in 1956, and
$7,000 in 1957, giving a basis of about 2.89%.
,
,
,
ADA INDEPENDENT SCHOOL DISTRICT NO. S (P. O. Ada),
Minn.—BOND OFFERING—It is reported that sealed bids will be received
until 6 p. m. on June 13, by Miles Roesch, District Clerk, for the purchase
of a $42,000 issue of refunding bonds.'
ALBERT LEA, Minn.—BOND OFFERING—Sealed and oral bids
will be
received until June 12, at 7:30 p. m., by R. L. Van Nocker, City Manager,
for the purchase of a $22,500 issue of general obligation coupon park and
armory bonds.
Dated June 15, 1939.
Denom. $1,000 one for
$500.
DueJulyl, as follows: $5,000 in 1942, $7,500 in 1943, and $5,000 in 1944 and
1945. 'Rate of interest to be specified by the purchaser.
Prin. and int.
payable at any suitable bank or trust company in the State designated by
the purchaser.
The approving opinions of William P. Sturtz, City Attorney
and of Fletcher, Dorsey, Barker, Colman & Barber, of Minneapolis, will be
furnished.
Enclose a certfied check for $450, payable to the city.
MISSOURI
DEVAULT
NO.
63
(P.
O.
INDEPENDENT
SCHOOL
DISTRICT
Blooming Prairie), Minn.—BONDS OFFERED—Sealed
Mo.—MATURITY—It is now reported by the City
sewer bonds sold to the Commerce Trust Co. of
noted here on May 13, are due
1950; $1,500. 1951 and 1952;
$2,000, 1953 and 1954; $2,500, 1955 and 1956, and $3,000 in 1957 to 1959,
giving a basis of about 3.94%.
Clerk that
the $30,000
Kansas City, as 4s, at a price of 100.57, as
on Feb.
1 as follows:
$1,000 in 1942 to
were received until June 9. at 7:30 p. m., by B. D. Betlach,
District Clerk, for the purchase of $40,000 not to exceed 3% semi-ann.
refunding bonds.
Dated July 1, 1939.
Due from July 1, 1940 to 1954;
redeemable on 30 days'prior notice. t
Minn.—BONDS SOLD-"-It
is
reported
by
the
COUNTY
(P.
O. Marshfield),
Mo.—BOND SALE— The
$30,000 issue of court house construction bonds offered for sale on June 5
2941—was awarded to the Baum, Beriiheimer Co. of Kansas
City, paying a premium of $3,512.40, equal to 111.708, according to the
County Clerk.
Delivery of the bonds will be delayed until a specified
time, or until a Public Works Administration allotment is receiyed. Denom.
$1,000.
Dated Feb. 1, 1939.
Due on Feb. 1 as follows: $2,000, 1941 to
1943; $3,000, 1944 to 1947; and $4,000 in 1948 to 1950.
The bonds will
be registered.
Interest payable'F-A.
—V. 148, p.
and oral bids
BRICELYN,
(P. O. Montgomery City), Mo.—
bonds were purchased re¬
MARSHFIELD,
'
WEBSTER
PRAIRIE
DISTRICT
cently by the First National Bank of Montgomery City.
1959 incl.
BLOOMING
SCHOOL
BONDS SOLD—It is stated that $3,000 school
AUSTIN, Minn.—BOND SALE—The $75,000 issue of sewage disposal
plant bonds offered for sale on June 2—Y. 148, p. 3266—was awarded to the
First National Bank of St. Paul, as 2s, paying a premium of $751, equal to
101.00, a basis of about 1.89%.
Dated June 1, 1939.
Due from June 1,
1940 to
payable.
an
coupons.
Rapids),
are
—BONDS SOLD—It is reported by the Village Clerk that
$5,000 3% semi-annual community hall bonds approved by the voters at
election on Jan. 3 have been sold to the State Board of Investment at
MUSKEGON, Mich.—BOND OFFERING—R. F. Cooper, City Clerk
(EST) on June 13, for the purchase of
$100,000 not to exceed 4% interest coupon registerable as to principal only,
sewage system junior revenue bonds.
Dated June 15, 1939.
Denom.
$1,000. Due June 15 as follows: $10,000 in 1941 and $5,000 from 1942 to
1959, incl. Principal and interest (J-D 15) payable at the City Treasurer's
office.
A certified check for $5,000 must accompany each bid.
Proposals
will be conditioned only on the approval as to validity by Miller, Canfield,
will receive sealed bids until 2p.m.
Paddock
3565
to the bank at which the bonds
Bonds will be issued in coupon or registered
form, and in the case of the former will be exchanged for bonds in regis¬
tered form at any time upon application of the owner.
A certified check
for 2% of the bonds, payable to order of the city, is required.
Legal opinion
of Thomson, Wood & Hoffman of New York City will be furnished the
greatest premium above par.
Village
,
Recorder that the $10,000 3% semi-annual sewage disposal bonds approved
by the voters on May 31, have been purchased by the State.
MONTANA
BUHL, Minn.—BONDS SOLD—It is stated by the Village Recorder
CHESTER. Mont—BOND SALE—The $11,000 issue of funding
offered for sale on June 6—V. 148, p. 3266—was purchased by the
Board of Lands and Investments, according to ToWn Clerk.
that the following 3 y2 % bonds, aggregating $30,000, approved by the voters
at an election last September, have been sold to the State Investment Board:
$18,000 street paving; $10,000 heating plant, and $2,000 water line bonds.
CHOUTEAU COUNTY (P. O. Fort Benton)
DETROIT LAKES, Minn.—BOND SALE—The $7,500 issue of storm
bonds offered for sale on June 5—V. 148, p. 3104—was purchased
by thq Detroit State Bank of Detroit Lakes, as 3s, according to the City
Clerk. Dated March 1, 1939j Due $750 from Jan. 1, 1941 to 1950 incl.
$10,000 issue of fire house and village hall
May 19.,
bonds, approved by the voters
on
Mont.—BOND SALE—
issue of refunding bonds offered for sale on June 7—V. 148,
3266—was awarded to a syndicate composed of Kalman & Cd., the WellsDickey Co., both of Minneapolis, Peters, Writer & Christensen of Denver,
the Baum, Bernheimer Co. of Kansas City, and Ferris & Hardgrove of
Spokane, as 2Mb, paying a premium of $275, equal to 100.38, according
to the County Clerk.
p.
.
FOREST LAKE, Minn.—BOND OFFERING—It iS reported that bids
16, by the Village Clerk, for the purchase of a
State
The $72,000
sewer
will be received until June
bonds
DAWSON COUNTY (P. O. Glendive),
Mont.—BOND OFFERING—
until 10 a. m. on July 1, by L. T. Elliott,
for the purchase of $70,Interest rate is not to exceed 5%, payable (J-J.
Sealed bids will be received
MINNEAPOLIS, Minn.—BOND OFFERING—We are now informed by
George M. Link, Secretary of the Board of Estimate and Taxation, that
he will receive sealed and open bids until June 15, at 10:30 a. m., for the
purchase of the following coupon bonds, aggregating $1,535,000:
$1,000,000 public relief bonds.
inclusive.
V
Due $100,000 from July 1, 1940 to 1949,
•
535,000 work relief bonds.
Due on July 1 as follows:
1944, and $54,000 in 1945 to 1949.
$53,000, 1940 to
Interest rate is not to exceed 6%, payable J- J.
Denom. $1,000.
Dated
July 1, 1939.
In addition to the purchase price, purchasers of the bonds will
be required to pay the Board of Estimate and Taxation $1 per bond to
apply on the expense of the board in issuing and transporting the bonds to
place of delivery.
Delivery will be made in Minneapolis, Chicago or New
York City, at a national bank acceptable to the purchaser, any charge
made by such bank for delivery service to be paid by the purchaser.
The
bonds may be registered as to both principal and interest on application
to the City Comptroller.
Rate of interest to be in a multiple of }4 or
1-10 or 1%, avnd must be the same for all of the bonds.
Bids offering an
amount less than par cannot be accepted.
The bonds will be accompanied
by the opinion of Thomson, Wood & Hoffman of New York, that the bonds
are valid and binding obligations of the city.
Further information and forms
on which to submit bids will be furnished on request to the above Secretary.'
Each proposal is to be accompanied by a certified Check, payable to the
City Treasurer, for 2% of the amount of the ooligations bid for.
informed by Charles
M. Swanson, City Clerk, that he will receive sealed and auction bids until
June 15, at 9:30 a. m., for the purchase of an issue of $1,700,000 coupon
ADDITIONAL
BOND
OFFERING—We
are
also
refunding bonds.
Interest rate is not to exceed 5%, payable J-J.
Dated
July 1, 1939.
Due $170,000 from July 1, 1940 to 1949, incl.
Rate of
interest to be in a multiple of M or one-tenth of 1%, and must be the same
for all of the bonds.
The bonds may be registered as to both principal and
on application to the City Comptroller.
Delivery will be made in
Minneapolis, Chicago or New York City at a national bank acceptable to
interest
the
purchaser, any charge made by such
bank for delivery service
to be paid
by the purchaser.
Bids offering an amount of less than par cannot be
accepted.
The bonds will be accompanied by the opinion of Thomson,
Wood & Hoffman of New York, that the bonds are valid and binding
Further information and forms on which to submit
the City Clerk.
Each proposal is to
payable to the City Treasurer for 2 %
for.
It is stated that O.J. Turner, City Comptroller, will also receive bids on
the same day at 9 a. m., for local street improvement bonds to the amount
obligations of the city.
bids will be furnished on request to
be accompanied by a certified check
of the amount of the obligations bid
Clerk of the
Board of County Commissioners,
747.45 refunding bonds.
Amortization bonds will be the first choice and
Board.
If amortization bonds
may be put into one single bond or
divided into several bonds, as the Board may determine upon at the time
of sale, both prin. and int. to be payable in semi-ann. installments during
a period of 10 years from the date of issqe.
If serial bonds are issued and
sold they will be in the amount of $7,000 each, except the last bond which
will be in the amount of $7,747.45; the sum of $7,000 of the serial bonds
will become payable on July 1, 1940 and a like amount on the same day
each year thereafter untill all such bonds are paid (except that the last In¬
stallment will be in the amount of 7,747.45).
The bonds, whether amorti¬
zation or serial bonds, will be redeemable in full 5 years from the date or
issue and on any payment due date thereafter.
The bonds will be sold
for not less than par value with accrued interest to date of delivery , and
all bidders must state the lowest rate of interest at which they will pur¬
chase the bonds at par.
The bonds are issued for the purpose of obtaining
funds to pay, redeem and retire valid and subsisting warrants outstanding
and unpaid op Feb. 28, 1939, and debts and liabilities, vplid and subsisting
as of that date for which warrants have not been issued.
Enclose a certi¬
fied check for $3,500, payable to the above Clerk.
Dated
July 1.
1939.
serial bonds will be the second choice of the
are
sold and
issued, the entire issue
COUNTY (P. O. Baker), Mont.—BOND SALE—The two
bonds, aggregating $38,746.16, offered for sale on June 6—
3266—were awarded to the Department of State Lands and
Investments, as 3^s, according to the County Clerk.
The issues are as
follows:
$11,430.01 funding, and $27,316.15 funding bonds.
FALLON
Issues of funding
V.
148,
p.
GALLATIN COUNTY SCHOOL DISTRICT NO. 16 (P. O. Bozeman).
Mont.—BOND OFFERING—Both sealed and open bids will be received
until July 1, at 2 p. m., by Viola Heily, District Clerk, for the purchase of a
$16,000 issue of not to exceed 4% semi-ann. refunding bonds.
The bonds
will not be sold for less than par.
Dated June 20, 1939.
A certified check
for $1,000,
payable to the District Clerk, must accompany
the bid.
SCHOOL DISTRICT NO. 1 (P. O.
Helena) Mont.—BOND SALE—The $281,250 issue of refunding bonds
offered for sale on June 5—V. 148, p. 2941—was awarded to a syndicate
composed of Shields & Co. of New York, Stern Bros. & Co. of Kansas
City, and Peters, Writer & Christensen of Denver, as 2s, at par, according
to the District Clerk.
Due on July 1 as follows:
$21,250 in 1940, and
LEWIS AND CLARK COUNTY
^It^^tated* that°Ferris
& Hardgrove of Spokane,
Minneapolis, Boettcher & Co. of
E. J. Prescott & Co. of
Denver, and the Polk-Peterson
associated with the above named
Corp. of
firms in the purchase.
of $188,804.27.
Des Moines, were
COUNTY (P.
O.
Ada), Minn.—BOND OFFERING—
Sealed bids only will be received by A. Elleraas, County Auditor, until
1.30 p. m. on June 19, for the purchase of an issue of $157,000 funding
bonds.
Dated June 1, 1939.
Denom. $1,000.
Due June 1 as follows:
$7,000 in 1941; $10,000 in 1942 to 1946: $15,000 in 1947 to 19.50. and
$20,000 in 1951 and 1952.
All bonds maturing June 1, 1951 and there¬
after to be subject to prior payment, at par and accrued interest, on any
interest payment date on and after June 1, 1944, on 30 days' written notice
MONTANA, State oi—PRICE PAID— It is now reported by the State
Treasurer that the $95,000 3^% semi-annual State College students-union
construction bonds, and the $140,000 4% semi-annual State College student*
union construction bonds, both of which were purchased by Ferris &
Hardgrove of Spokane, as noted here—V. 148, p. 3266—were sold at par.
NORMAN
PONDERA COUNTY SCHOOL DISTRICT NO. 10 (P,. O. Conrad),
Mont.—BOND OFFERING—It is stated by Doris Newman. District Clerk,
3566
Financial
that she will receive sealed bids until July 8, for the purchase of
issue of refunding bonds, maturing in 10 years.
a
Chronicle
100.202, a
as
2Ms, at a price o
as
$18,000 assessment bonds of 1939. Due annually from 1940 to 1949 incl.
9,750 series A assessment bonds of 1939.
Due annually from 1940 to
SULPHUR SPRINGS, Mont.—BONDS SOLD—The $10,000
Issue of refunding bonds offered for sale on June 5—Y. 148, p. 3414—was
WHITE
sold
June 10, 1939
B. Boland & Co. of New York City
basis of about 2.21%. Sale consisted of:
awarded to H.
$54,500
1949 incl.
3^8, according to the Town Clerk.
All of the bonds are dated June 1,
follows:
NEBRASKA
BELGRADE, Neb.—BONDS SOLD—It is stated by E. E. Nickerson,
Village Treasurer, that $4,000 village hall and jail bonds have been sold
through the Wachob-Bender Corp. of Omaha.
1939 and mature yearly on June 1 as
$3,000 from 1940 to 1947 incl.; $2,000 in 1948 and $1,750 in 1949.
NEW
DOUGLAS COUNTY (P. O. Omaha), Neb.—BONDS TO BE RE¬
FUNDED FOR CASH BA SIS POLICY—It is reported that the above county
proposed issuance of $1,450,000 in bonds for institutional construction.
will go on an immediate cash basis for the first time in eight years by re¬
funding its $525,000 debt at 3% interest, one-half the present rate.
Under the plan, Douglas County will be debt-free in 1944.
The bank
farm building and
loan will be
3414—were sold as
BOND SALE DETAILS—We
interest payments, according to
$1,000.
Due serially.
GORDON, Neb.—BONDS SOLD—The following bonds, aggregating
$60,000, have been purchased by the Wachob-Bender Corp. of Omaha:
$30,000 3 A % intersection, and $30,000 3 M% district paving bonds.
NEBRASKA
(State
of)—PLAN
REVIVED
TO
CREATE
PUBLIC POWER DISTRICT—We quote in part as follows from
of Nebraska's $60,000,000
Representatives
Interest payable J-D.
New York State
STATE
a
;
Municipals
Lincoln
Journal" of June 6:
report to the "Wall Street
tion financed power
are now informed that the $100,000 prison
improvement bonds sold by the Penitentiary Board of
State Treasurer, as noted here—V. 148, p.
4s at par.
Coupon bonds, dated June 1, 1939.
Denom.
Commissioners to Rex French,
payable then and the county expects to pay off large portions of
the loan each year, thereby cutting down
Finance Chairman Leonard Bergman.
MEXICO
NEW MEXICO, State of—BOND ELECTION—It is reported that an
election will be held on Sept. 17 in order to have the voters pass on the
Public
Works
Administra¬
Tilney & Company
and irrigations districts have revived plans to create
the first State-wide public power system in the Nation.'
A fight in the Nebraska legislature between public districts and private
76
companies has just ended in a compromise.
The battle was over
proposed laws which district representatives claimed would prevent their
plans to buy all private company properties in the 8tate for an estimated
power
$80,000,000.
BEAVER STREET
NEW
YORK, N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
•
Head of the Loup
River public power district, C. B. Fricke, said laws
compromise may prove disastrous to the plan, but said that
attempts will be made to resume negotiations where they left off about
adopted
as a
four,months ago.
<
NEW
■'
NEW
$839,000 debt equalization bonds, 1939 series.
Due Jtme 1 as follows:
$1,000, 1945; $43,000, 1946; $100,000, 1947, and $115,000 from
1948 to 1953, incl.
560,000 public works bonds.
Due June 1 as follows: $115,000 in 1940
and 1941 and $110,000 from 1942 to 1944, incl.
300,000 water bonds.
Due June 1 as follows: $10,000 from 1940 to 1959,
incl., and $5,000 from 1960 to 1979, incl.
242,000 series A welfare (home relief) bonds, " Due June 1 as follows:
$22,000, 1940; $20,000 from 1941 to 1944, incl.; $30,000 from
1945 to 1947, incl.; $25,000 in 1948 and 1949.
71,000 series B welfare (home relief) bonds.
Due June 1 as follows:
$11,000, 1940; $10,000 from 1941 to 1943, incl,, and $5,000 from1944?to 1949, incl.
100,000 municipal equipment bonds.
Due $20,000 on June 1 from 1940
to 1944, incl.
»
99,000 sewer bonds.
Due June 1 as follows: $4,000 in 1940 and $5,000
from 1941 to 1959, incl.
40,000 local improvement bonds.
Due June 1 as follows: $10,000 from
1940 to 1942, incl., and $5,000 in 1943 and 1944.
.
HAMPSHIRE
BERLIN, N.
H.—NOTE SALE— The First National Bank of Boston
June 5 an issue of $100,000 revenue notes at 0.62% dis¬
count.
Due Dec. 15, 1939.
The National Shawmut Bank of Boston,
second high bidder, named a rate of 0.74%.
awarded
was
■
on
MANCHESTER,
N. H.—NOTE SALE—The $500,000 tax anticipation
148, p. 3414—were awarded to Jackson & Curtis
notes offered June 7—V.
of Boston at
0.28% discount, plus $10 premium.
Dated June 8, 1939 and
due Dec. 13, 1939.
The Chase National Bank of New York, second high
bidder, named a rate of 0.28%.
NEW HAMPSHIRE
An
Associated
Press dispatch from Concord, dated June 7,: reported as
Styling the measure as "the most constructive piece of work done
Republican party since I've taken office," Governor Francis P.
Murphy signed a bill today imposing a 15% tax on tobacco products.
"This is one of the happiest occasions of my two terms as governor," he
said, as he affixed his signature to the measure, which becomes effective
July 1.
The measure was sponsored by the Governor and won legislative
approval in the face of strong opposition.
It is designed to raise $1,000,000
annually for the specific purpose of abolishing the direct State tax of $1,200,000 a year; for a first time in history, and automatically reduces the
tax upon real estate in cities and towns by about $2 per $1,000 of assessed
valuation.
Governor Murphy pledged himself in his last campaign to cut
the tax burden on real estate.
For this reason, he said, he found a great
deal of personal pleasure and satisfaction in signing the measure.
by the
All of the bonds will be dated June 1,1939, and bear interest at the same
rate, expressed in a multiple of l-10th of 1%.
Denom. $1,000.
Principal
(J-D) payable at the State Bank of Albany.
A certified check
payable,to order of the city, must accompany each proposal.
The bonds are unlimited tax obligations of the city and the approving
legaj
opinion of Sullivan, Donovan & Keenehan of New York City will be
and interest
for $44,920,
furnished the successful bidder.
BALDWINSVILLE,
N. Y.—BOND SALE— The $25,000 coupon or
bonds offered June 6—V. 148, p. 3267—were
Co., Inc., New York, as 1.60s, at a price of 100.27, a
basis of about 1.56%.
Dated June 1, 1939, and due June 1 as follows:
$2,000 from 1940 to 1947, incl., and $3,000 from 1948 to 1950, incl.
Other
registered
series
B
bids:
,•
BERLIN
TOWNSHIP
(P.
O.
Union Securities
JERSEY
Berlin),
N.
J.—BONDS
SOLD—Ah
issue of $44,000 4M%-refunding bonds was sold during May at par to the
State.
Due Jan. 1 as follows:
$2,000 from 1939 to 1941 incl.; $3,000 from
1942 to 1953 incl. and $2,000 in 1954.
CAMDEN
Edward J.
(DST)
on
coupon or
COJJNTY (P. O. Camden). N. J .—BOND OFFERING—
Kelleher, County Treasurer, will receive sealed bids until noon
June 16 for the purchase of $314,000 not to exceed 6% interest
registered bonds, divided as follows:
$275,000 county park bonds of 1939.
Due annually from 1940 to 1964, incl.
39,000 improvement bonds.
Due annually from 1940 to 1947, incl. *
All of the bonds will be dated June 1,1939.
Denom. $1,000.
The entire
$314,000 bonds will mature on June 1 as follows: $15,000 from 1940 to
1947, incl.; $10,000, 1948 to 1959, incl.; $15,000 from 1960 to 1963, incl.,
and $14,000 in 1964.
Bidder to name a single rate of interest, expressed in
a multiple of M of 1 %.
Principal and interest (J-D) payable at the County
Treasurer's office or at the Chemical Bank & Trust Co., New York City.
The sum required to be obtained at sale of the bonds is $314,000.
The
bonds are unlimited tax obligations of the county and the approving legal
opinion of Hawkins, Delafield & Longfellow of New York City will be
furnished the successful bidder.
A certified check for 2% of bonds offered,
payable to order of the county, is required.
FORT LEE, N. 3.—DEBT REFUNDING PLAN FOR BOROUGH AND
SCHOOL DISTRICT UNDER CONSIDERATION— It is
reported that the
borough and school district has accepted and the State Municipal Finance
Commission has approved a plan of debt settlement that was filed
recently
with the Federal District Court in bankruptcy , as amended bv the
proposals
of the two organized bondholders' committees.
Federal District Judge Guy
•L. Fake on June 7 appointed William J. Morrison of Hackensack a
Special
Master to consider the terms of the plan and report to the Court on June 16.
It is understood that the particular proposal which has been under
lengthy
consideration was that
requiring the levy of a special tax and segregation
of the funds derived therefrom in order to assure the
payment of principal
and interest of the new refunding bonds which it is
proposed to issue in,
exchange for the outstanding indebtedness of the'borough and school
district.
KEARNY, N. J .—BOND OFFERING—William B. Ross, Town Clerk,
will receive sealed bids until 8p.m.
(DST) on June 14 for the purchase of
$50,000 not to exceed 6% interest coupon or registered water bonds. Dated
June 1, 1939.
Denom. $1,000.
Due $5,000 on June 1 from 1940 to 1949,
incl.
Bidder to
name
one
rate of
interest, expressed in a multiple of M
or
1-10th of 1%.
Principal and interest (J-D) payable at the Kearny
National Bank, Kearny.
The sum required to be obtained at sale of the
bonds is $50,000.
A certified check for 2% of the bonds offered, payable
to order of the town, is required.
Legal opinion of Hawkins, Delafield &
Longfellow of New York City will be furnished the successful bidder.
NEW
JERSEY
(State of)—PENSION AND ANNUITY FUNDS
ASKS BIDS ON $1,217,000 BONDS—John A. Wood
3rd, Secretary of
State Treachers' Pension and Annuity Fund, will receive sealed bids until
2 p. m. (DST) on June 9, for the purchase of a considerable number
of
fully registered short-term bonds of New Jersey taxing units amounting in
the grand aggregate to $1,217,000.
OCEAN TOWNSHIP, N. J —BOND SALE DETAILS— The
$72,000
4% refunding bonds sold to Julius A. Rippel, Inc., Newark—V.
148, p
3414—bear date of May 1, 1939 and mature May 1 as follows:
$7,000 from
1940 to 1947 incl. and $8,000 in 1948 and 1949.
Principal and interest
(M-N) payable at the Long Branch Banking Co., Long Branch. Legality
approved by Hawkins, Delafield & Longfellow of New York City.
SAYREVILLE, N. J.—BOND SALE—The $40,000 coupon or registered
bonds offered June 9--V. 148, p. 3414—were awarded to H. B.
Boland & Co., New York, as 2.90s, at 100.143, a basis of about
2.88%.
Dated June 15, 1939 and due $2,000 on June 15 from
1940 to 1959 incl.
sewer
TEANECK TOWNSHIP (P. O.
Teaneck), N. J.—BOND SALE—The
or registered bonds offered June 6—V. 148, p. 3106—Were
$27,750 coupon
sewer
awarded to Blair &
Bidder—
NEW
.
,
(State of)—Governor Signs 15% Tobacco Tax Bill—
follows:
YORK
ALBANY, N. Y.—BOND OFFERING—Lawrence J. Ehrhardt, City
Comptroller, will offer for sale at public auction at his office in Albany at
1 p. m. (EST) on June 20 a total of $2,246,000 not to exceed 5% interest
coupon or registered bonds, made up of the following issues:
Guy Myers' attorneys are reported studying the new laws to determihe
whether tne new legislation will affect the bond issue.
Myers, New York
financier, starter two years ago to negotiate for the purchase of the private
companies.
It was reported here that his contract to handle the project
expired May 11, 1939.
Harold Kramer, Loup District Manager, said: "We are going ahead
with our plan.
It is the only logical one in which we can both save the
public and private power holdings, and benefit the consumer."
'
*
■
.
Corp
Int. Rate
...
George B. Gibbons & Co., Inc.
Sherwood & Reichard, Inc_
Roosevelt & Weigold, Inc
^
;
R. D. White & Co_
______
Bernhard, Bennett & Co_
Rate Bid
1.70% "
1.80%
1.80%
1.90%
1.90%
2%
v
.
100.10
100.159
100.073
100.28
'100.17
100.459
BUFFALO, N. Y —CERTIFICATE SALE—The $3,600,000 tax an¬
ticipation certificates of indebtedness offered June 8—V. 148, p. 3414—were
awarded to a group composed of Chase National Bank, Chemical Bank &
Trust Co., both of New York, and the Marine Trust Co., Buffalo, at 0.32%
interest, plus $25 pfemium.
Dated June 15, 1939 and due Dec. 15, 1939.
Other bids:
K
Bidder—
'
Int. Rate
Premium
,
Halsey, Stuart & Co:, Inc., Blair & Co.,
Ladenburg, Thalmann & Co
Inc. and
0.45%
..
National City Bank of New York and Manufacturers
& Traders Trust Co. of Buffalo
$55
0.47%
47
CENTERPORT FIRE DISTRICT (P.
O. Centerport), Town of
Huntington, N. Y.—BOND OFFERING—Howard L- Wright, Secretary
of Board of Fire Commissioners, will receive sealed bids until 2 p. m. (DST)
on June 14 for the purchase of $45,000 not to exceed
6% interest coupon or
registered fire house construction and equipment bonds.
Dated June 1,
1939.
Denom. $1,000.
Due $3,000 on June 1 from 1940 to 1954 incl.
Bidder to name one rate of interest, expressed in a multiple of *4 or l-10th
of 1%.
Principal add interest (J-D) payable at the First National Bank &
Trust Co., Northport.
The bonds are general obligations of the district,
payable from unlimited taxes. A certified check for $900, payable to order
of the district, is required.
Legal opniion of Dillon, Vandewater & Moore
of New York City will be furnished the successful bidder.
Further infor¬
mation
may
concerring the offering and the financial standing of the district
be obtained from Francis J. Carlucci, Esq/, 12 East 41st St., New
York City.
CROTON-ON-HUDSON, N. Y.—BOND SALE—The $17,000 coupon or
registered fire department equipment bonds offered June 5—V. 148, p. 3414
—were awarded to the Manufacturers & Traders Trust Co.', Buffalo, as
1.10s, at 100.03, a basis of about 1*.08%.
Dated June 1, 1939 and due
Dec. 1 as follows: $4,000, 1939: $5,000 in 1940 and 1941 and $3,000 in 1942.
Other
bids:
Bidder—
Int. Rate
Marine Trust Co., Buffalo.
Bernhard, Bennett & Co_
C. F. Herb & Co
R. D. White & Col......
1.20%
1 H%
„
Sherwood & Reichard, Inc.
George B. Gibbons & Co
_
1.25%
1.4u%
1.40%
1.50%
Rate Bid
100.039
100.05
100.049
100.085
100.08
100.07
DUNKIRK, N. Y.—BOND OFFERING—Frank J. Janice, City Treas¬
will receive sealed bids until 3:30 p. m. (EST) on June 15 for the
purchase of $85,000 not to exceed 6% interest coupon or registered bonds,
divided as follows:
urer,
$50,000 home relief bonds of 1939.
Due $5,000 on June 1 from 1940 to
1949, incl.
35,000 public works project bonds of 1939,
Due June 1 as follows;
$3,000 in 1940 and $4,000 from 1941 to 1948, incl.
All of the bonds will be dated June 1,1939.
Denom. $1,000.
Bidder to
name one rate of interest, expressed in a multiple of A or 1-10th of 1%.
Prin. and int. (J-D), payable at the City Treasurer's office with New York
exchange.
The bonds are unlimited tax obligations of the city and the
approving legal opinion of Dillon, Vandewater & Moore of N. Y. City will
be furnished the successful bidder.
A certified check for $4,250, payable
to order of the City Treasurer, is required.
FULTON, N. Y.—CORRECT SALE PRICE—In reporting—in V. 148,
3415—the award of $162,000 bonds as 1.30s to Sherwood & Reichard,
Inc., New York, the price paid Was incorrectly given as 100.209. « The
correct figure is 100.11, making a net interest cost of about 1.28%.
P.
GERMAN
FLATTS (P. O. Mohawk), N. Y.—BOND SALE— The
$50,000 bridge and highway bonds offered June 9—V. 148, p. 3267—were
,
Volume
awarded to
of about
Financial
148
Sage,
1.10s, at 100.085, a
Rutty & Co. of Rochester as
Dated Feb. 1, 1939 and due 15,000 on
1.08%.
furnished the successful bidder.
of the
(P.
O.
Tarrytown),
N.
Y —BOND OFFERING—
sealed bids until 11 a. m.
1.08%—V. 148, p. 3415—were reoffered by the bankers to
yield from 0.15% to 1.25%, according to maturity.
Second high bidder was
an account composed o f the National City Bank of New York and Bankers
Trust Co., New York, which offered a price of 100.06 for 1.10s.
Other bids
Bidder—
For 1.20% Bonds
Rate Bid
basis of about
William E. Duell, Town Supervisor, will receive
June 21, for the purchase of $885,000 not to exceed 5% interest
coupon or registered tax lien bonds.
Dated June 1, 1939. Denom. $1,000.
Due June 1 as follows:
$195,000 in 1940; $200,000, 1941; $210,000, 1942;
on
$190,000 in 1943 and $90,000 in 1944. Bidder to name one rate of interest,
expressed in a multiple of A of l-10th of 1%.
Principal and interest
(J-D) payable at the Washington Irving Trust Co., Tarrytown, with New
York exchange, or at the Guaranty Trust Co., New York City.
The bonds
are general obligations of the town, payable from unlimited taxes.
The
Act under which said bonds are authorized to be issued required that
collections of town owned transfers of tax liens shall be used to pay bonds or
certificates issued thereunder.
The bonds are issued for the purpose of
Phelps, Fenn & Co., Inc., and Northern Trust
Lincoln National Bank & Trust Co., Syracuse
FREE
UNION
SCHOOL DISTRICT
COMMON
Inc., jointly
„
Halsey, Stuart & Co.; Otis & Co., and First
jointly.
For 1A% Bonds
Sachs
Goldman,
&
Boatmen's
Co.;
100.11
c
of Michigan Corp.,
100.031
*
National Bank, St. Louis;
Minsch, Monell & Co., and J. N. Hynson & Co., jointly
100.17
Kean, Taylor & Co.; Campbell, Phelps & Co., and Mackey, Dunn
& Co., jointly
100.079
Barr Bros. & Co.; Marine Trust Co., Buffalo, and R. D. White &
Co., jointly
..... 100.058v
Smith, Barney & Co.; Blyth & Co.; Estabrook & Co., and F. Si
Moseley & Co., jointly
___*
100.0209
Chase National Bank, New York, and Harris Trust & Savings Bank,
NO. 28 (P. O.
DISTRICT NO. 3 (P.
SCHOOL
100.18
*,
>
Long Beach), N. Y.—BOND SALE—The $485,000 coupon or registered
building bonds offered June 6—V. 148, p. 3267-—were awarded to the
South Shore Trust Co. of Rockville Centre, as 3.9C.S, at par.
Dated May 1,
1939 and due May 1 as follows: $16,000, 1940 to 1946 incl.: $20,000, 1947 to
1954 incl.; $21,000 in 1955 and $24,000 from 1956 to 1963 incl.
NIAGARA
100.33
Co., Chicago
Hemphill, Notes & Co.; Jackson & Curtis, and Schlater, Noyes &
Gardner, Inc., jointly
L
100.177
Geo. B. Gibbons & Co., Inc.; Stone & Webster and Blodget, Inc.,
and Roosevelt & Weigold, jointly.
u-.lOO. 134
E. H. Rollins & Sons; A. C. Allyn & Co., and Sherwood & Reichard,
funding certificates and for money borrowed for town purposes on account
of tax liens purchased on behalf of said town, pursuant to Section 32 of
Chapter 105 of the Laws of 1916, the General Municipal Law, and acts
amendatory thereof.
The approving opinion of Dillon, Vandewater &
Moore, Esqs,, of New York, will be furnished.
Enclose a certified check for
$17,700, payable to the town.
HEMPSTEAD
village, is required.
SYRACUSE, N. Y.—BONDS PUBLICLY OFFERED—OTHER BIDS—
The $600,000 Federal aid project bonds awarded to a group composed of
Lehman Bros., Ladenburg, Thalmann & Co., both of New York, and the
Manufacturers & Traders Trust Co. of Buffalo, as 1.10s, at 100 149, a
system.
GREENBURGH
the approv¬
ing legal opinion of Thomson, Wood & Hoffman of New York City will be
A certified check for 2%, payable to order
(P. O. 2505 Ridge Road West, Rochester), N. Y.—BOND
OFFERING—Sealed bids will be received until June 22, for the purchase of
SI,000,000 sewer district bonds, proceeds of which will be used to take up
certificates of indebtedness issued during the course of construction of the
GREECE
(DST)
(J-D) payable
Co., Scars-
a multiple of A or l-10th of 1 %.
Principal and interest
in New York exchange at the Scarsdale National Bank & Trust
dale.
The bonds are unlimited tax obligations of the village and
in
basis
Feb. 1 from 1940
1949 incl.
to
3567
Chronicle
_
O. R. F. D-
_
.
Chicago, jointly
of
—100.007
_.
1, Niagara Falls), N. Y.—BOND SALE POSTPONED— The sale
$45,000 not to exceed 6% interest school bonds, originally scheduled for
June 8—V. 148, p. 3415—was postponed.
WAYLAND, N. Y.—BONDS DEFEATED—L. Burr
Clerk, reports that an issue of $13,000 street improvement
feated by the voters on May 22.
OFFERING—
Frank C. Ferguson, Chairman, will receive sealed bids Until 10:30 a. m. on
June 1.3, for the purchase of $17,500,000 3% general and refunding, fourth
series, bonds, dated Dec. 15, 1936 and due Dec. 15, 1976.
Purpose of
offering is to provide for redemption of $16,500,000 general and refunding
3Ms, second series, due Dec. 1. 1965, and for incidental expenses.
Bids
must be accompanied by a certified check in amount of $350,000.
These
are the bonds which were originally offered April 11, the sale of which was
postponed due to generally unfavorable conditions in securities markets
O. Carthage), N. Y.—BOND OFFERING—Emmett A.
Martin, Town Clerk, will receive sealed bids until 1 p. m. (EST) on June 14
for the purchase of $62,000 not to exceed 5% interest coupon or registered
home relief bonds.
Dated June 1, 1939.
Denom. $1,000.
Due Feb. 1
as follows:
$5,000 from 1940 to 1943 incl. and $7,000 from 1944 to 1949 incl.
Prin. and int. (F-A), payable at the Carthage National Bank, Carthage,
with New York exchange.
Bidder to name one rate of interest, expressed
in a multiple of A or 1-10th of 1 %.
The bonds are unlimited tax obliga¬
tions of the town and the approving legal opinion of Dillon, Vandewater &
Moore of N. Y. City will be furnished the succassful bidder.
A certified
check for $1,240, payable to order of the town, is required.
NO.
OF NEW
PORT
YORK AUTHORITY,
occasioned by the war scares
N. Y.—BOND
in Europe.—V. 148, p. 2309.
WILNA
-
' *
'
ORANGETOWN (P. O. Nyack), N. Y.—OTHER BIDS—'The $233/750
River Sewer District Bonds awarded to the Union Securities Corp.
Scott, Village
bonds was de
.
(P.
Pearl
Co., both of New York, jointly, as l%s, at a price of
basis of about 1.71%—V. 148, p. 3415—were also bid for as
and Estabrook &
100.36,
a
follows:
Rate Bid
Bidder—
For 1
-
%% Bonds—
Manufacturers & Traders Trust Co., Buffalo, and
& Co.,
For
'
\
•
Adams, McEntee
100.?65
jointly
1.90% Bonds—
Geo. B. Gibbons & Co., Inc.;
& Reichard, Inc.,
For
2%
Roosevelt & Weigold, and Sherwood
100.40
jointly
Bonds—
.
.
•
100.539
Bernhard, Bennett & Co
a
- - -'
Burr & Co. and Ira Haupt & Co., jointly
Marine Trust Co., Buffalo, and R. D. White & Co.,
100.533
100.287
jointly.,
Kidder, Peabody & Co., and Bacon, StevensonCo., jointly.
A..C. Allyn & Co., and E. H. Rollins & Sons, jointly
100.189
100.133
For
2.20% Bonds—
Campbell, Phelps & Co.
'
100.589
l
OWASCO (P. O. R. D. Auburn), N. Y—SEWEIl DISTRICT BONDS
$90,000 coupon or registered Owasco Sewer District No. 1
148, p. 3415—were awarded to Roosevelt & .Wei~
SOLD—The
bonds offered June 6—V.
fold, Inc., New1939 and due $3,000 on June 100.72, 1940 to 1969 incl.2.15%.
)ated June 1,
York, as 2.20s. at a price of 1 from a basis of about Other
bids:
;
11
Bidder—
Sherwood &
Rale Bid
Int. Rale
100.57
100.27
100.22
100.59
Bernhard, Bennett & Co..
2.20%
2.20%'
2.20%
2M%
Ira Haupt & Co
Blair & Co., Inc.
2.30%
2.30%
100.29
100.20
2.40%
100.68
100.31
Marine Trust Co.. Buffalo, and R. D.
White & Co
Union Securities Corp
E.
H.
Rollins &
.
Sons, Inc. and A. C. Allyn & Co.,
Inc.^_.__^
...
Manufacturers & Traders Trust Co. of
2.40%
Buffalo
(P. O. Peru), N. Y.—SEWER DISTRICT BOND OFFERING—
George Elmore, Town Clerk, will receive sealed bids until 11 a. m. (DST)
on June 12 foi^ the purchase of $46,750 not to exceed 6% interest coupon or
registered Peru Sewer District bonds.
Dated April 1, 1939.
One bond for
$250, others $500 each.
Due April 1 as follows: $1,500, 1940 to 1962, incl.
$2,000 froni 1963 to 1967, incl., and $2,250 in 1968.
Bidder to name one
rate of interest, expressed in a multiple of A or l-10th of 1%.
Principal
and interest (A-O) payable at the Merchants National Bank, Plattsburg.
The bonds are payable in the first instance from a levy upon the property
in the sewer district, but if not paid from that source then all of the town's
taxable property is subject to levy of unlimited ad valorem taxes to provide
for payment of principal land interest charges.
A certified check for $935,
payable to order of the town, is required.
Legal opinion Of Reed, Hoyt,
Washburn & Clay of New York City will be furnished the successful bidder
PERU
L. Telesca,
12, for the
follows: •
■
,
.
issued in anticipation of tax collections in fiscal year begin¬
PORT CHESTER, N. Y.—NOTE OFFERING—Thomas
Village Clerk, will receive sealed bids until 8 p. m. on June
purchase of $300,000 notes, divided,as
$135,000 notes
ning April 1, 1939.
.
165,000 notes issued in anticipation of tax
previous fiscal years.
collections for April 1,193$ and
1939 and mature Dec. 15,1939. Bidder
Legal opinion 6f Reed, Hoyt, Washburn &
City will be furnished the successful bidder.
The notes will be dated June 15,
RYE UNION
FREE SCHOOL DISTRICT
APPEALS AFFIRMS
NO. 3, N. Y.—COURT OF
RULING IN TAX CASE— The Court of Appeals
affirmed the ruling of the Appellate
Division, Supreme Court, in which the Lower Court upheld the district in a
suit brought by the Town of Rye concerning its liability for payment of
school district taxes, particularly the delinquent portion. The situation was
discussed at length in V. 148, p. 1844.
in
a
unanimous decision on June 2
SMITHTOWN
(P.
O. Smithtown Branch),
N. Y.—BOND SALE—
p. 3415—
The $52,000 public improvement bonds offered June 7—V. 148,
were awarded to Salomon Bros. & Hutzler of New York as 0.80s,
of 100.02,
as
a
follows:
basis of about 0.79%.
$11,000 in 1940 and
Re-offered to yield from
at a price
Dated March 1, 1939 and due March 1
1941 and $15,000 in 1942 and 1943.
0.20% to 0.80%.
Bidder—
Manufacturers &
Sherwood &
Other bids:
Int. Rale
0.90%
1%
Traders Trust Co., Buffalo
Reichard, Inc
1%
Rate Bid
100.047
100.11
100.088
Halsey, Stuart & Co., Inc
Roosevelt & Weigold, Inc
1%
100.08
Tilney & Co
1%
100.06
D. White & Co.
George B. Gibbons & Co., Inc.
National Bank of Kings Park, and Bank
town,
Smithtown Branch
SCARSDALE,
Dated
$4,000,
public
improvement bonds, registerable as to principal only.
Prin. and int.
(J-D) payable in New York City or in Fayetteville, at the option of the
holders.
All other conditions of sale are as given under the "Asheboro"
offering, noted above.
The approving opinion of Masslich & Mitchell of
New York City, will be furnished the purchaser. * A certified check for $720,
payable to the State Treasurer, must accompany the bid.
(This offering notice supplements tne report given in our issue of June 3
—V. 148, p.
3416.) 4
HENDERSON, N. C.—BOND OFFERING—Sealed Dids will be received
until 11 a. m. (EST), on June 13, by W. E. Easterling, Secretary of the
Local Government
ofa
as
Commission, at his office
in Raleigh, for the purchase
$16,000 issue of refunding bonds.
Dated June 1,1939.
$5,000 in 1947, $5,000 in 1948 and $6,000 in 1949,
follows:
DueonJunel
without option
bonds,
payment. There will be no auction. Denom. $1,000; coupon
registerable as to principal alone; principal and interest (J-D 1), payable
in legal tender in New York City or Raleigh, at the option of the
general obligations; unlimited tax; delivery on or about June
place of purchaser's choice.
Bidders are requested to name the
rate or rates, not exceeding 6% per annum, in multiples of }i of 1%.
Bids are required on forms to be furnished with additional information
and each bid must be accompanied by a certified check upon an incoporated
of prior
holder;
28, 1939, at
interest
bank
or
trust company,
payable unconditionally to the order
$320.
The approving opinion
will be furnished the purchaser.
Treasurer for
York City,
of the State
of Masslich & Mitchell, New
•
State of—BOND SALE—The $2,2.50,000 issue
registered permanent improvement and school book bonds
offered for sale on June 7—V. 148, p. 3416—was awarded to Kirchofer &
Arnold, Inc. of Raleigh, paying par, giving a net interest cost of 1.2667%,
on the bonds divided as follows:
$300,000 as llAs, due on July 1, $200,000
in 1942 and $100,000 in 1943; the remaining $1,9.50,000 as lAs, due on
July 1: $300,000 in 1943; $400,000, 1944; $300,000,1945; $200,000, 1946,
and $7.50,000 in 1949.
BONDS OFFERED FOR INVESTMENT—The purchaser reoffered these
bonds at prices to yield 0.-50% to 0.75% for the $300,000 of 1 An maturing
1942-43, and 0.75% to 1.40% for the $1,950,000 of 1 %s maturing 1943-49,
of coupon
legal investment for savings banks and
and other States and for trust
York, Massachusetts
trust
funds
according to Kirchofer & Arnold, Inc., who reported
on Wednesday that advance orders from North Carolina banks had absorbed
practically the entire issue.
This is the second major financing conducted by
the State of North Carolina within the last year and in both instances the
bonds have been absorbed entirely within the State.
Lewis & Hall of Greensboro, N. C., offered the second highest bid, which
was for $1,035,000 as Is and $1,215,000 as l^s, a net interest cost basis of
1
^ W
A syndicate headed by Chemical
combination of $600,000 as 2s and the
1.3605%, and a syndicate headed by
for the bonds on a net interest cost of 1.366%.
headed by Lehman Bros, bid on the basis of a net interest cost of
The rest of
the bids were
Bank & Trust
rest as 1
100.02
100.169
Halsey
1
1.20%
100.12
Trust
N.* Y.—BOND OFFERING—Anson McLoud, Village
bids until 11 a. m. (DST) on June 12, for the
The bonds are
funds in New
in North Carolina,
100.14
of Smith-
or
inclusive.
1%
1.10%
A group
fairly close.
Co. offered 100 for a
As, a net interest
Stuart & Co. bid
cost basis of
38*7
National Bank, Bankers
Wachovia Bank &
1.391%.
RALEIGH, N. C.—NOTES SOLD—The $60,000 tax anticipation notes
sold on June 6 to the Interstate Securities Corp. of Charolotte, at
50%, plus a premium of $3.33, according to report.
Due on Oct. 10,
of New York
A group
Co.,
Trust Co.
Treasurer, will receive sealed
purchase of $15,000 not to exceed 5% interest series of 1939 coupon or
registered highway bonds.
Dated June 1, 1939.
Denom. $1,000.
Due
$3,000 on June 1 from 1940 to 1944. incl.
Rate of interest to be expressed
OFFERING—Sealed bids will be re¬
Commission,
1.20%
Gordon Graves & Co
Marine Trust Co., Buffalo, and R.
FAYETTEVILLE, N. C.—BOND
ceived by W. E. Easterling, Secretary of Local Government
at his office in Raleigh
until 11 a. m. (EST), on June 13, for the purchase
of a $36,000 issue of water line revenue bonds.
Denom. $1,000.
June 1, 1939.
Due on June I as follows: $2,000, 1942 to 1945, and
1946 to 1952, all incl.; without option of prior payment.
Coupon
NORTH CAROLINA,
to name one rate of interest.
Clay of New York
CAROLINA
ASHEBORO, N. C —BOND OFFERING—We are informed by W. E.
Easterling. Secretary of the Local Government Commission, that he will
receive sealed bids until 11a. m. (EST), on June 13, at his office in Raleigh,
for the purchase of an $18,000 issue of refunding bonds.
Dated June 15,
1939.
Due $2,000 from June 15, 1947 to 1955, incl., without option of
prior payment.
There will be no auction.
Denom: $1,000; prin. and int.
(J-D 15) payable in lawful money in New York City; coupon bonds registerable as to both principal and interest; general obligations; unlimited tax;
delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of A of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase 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 amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids must be accompanied by a certified check upon an incorporated bank
or trust company, payable unconditionally to the order of the State Treas¬
urer for $360.
The right to reject all Dids is reserved.
The approving
ooinioh of Reed, Hoyt, Washburn & Clay, New York City, will be furnished,
the purchaser.
'
"
Reichard, Inc. and George B. Gibbons
Co.../....^.......
&
NORTH
,
banks, consisting of First
National City Bank, Chase National and
bonds on an interest cost basis of
bid for the
were
0
1939.
.
3568
Financial
SAMPSON
COUNTY
(P.
O.
Clinton)
N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. (EST) on June 13,
by W. E,
Easterling, Secretary of the Local Government Commission, at his office
in Raleigh, for the purchase of an $80,000 issue of road
improvement
refunding bonds.
Dated June 1, 1939.
Due on June 1:
$4,000, 1940;
$2,000, 1941 to 1952, inch; $3,000, 1953 to 1955, inch; $4,000, 1956 and
1957; $5,000, 1958, and $6,000, 1959 to 1963, incl., without option of prior
payment.
There will be no auction.
Denom. $1,000; prin. and int.
(J-D)
payable in lawful money in New York City; coupon bonds registerable as to
principal only; general obligations; unlimited tax; delivery at place of
purchaser's choice. Bidders are requested to name the interest rate or rates,
not exceeding 6% per annum in multiples of M of 1
%.
Bids must be accompanied by a certified check upon an
incorportaed
Dank or trust company, payable unconditionally to the order of the State
Treasurer for $1,600. The right to reject all bids is reserved. The
approving
opinion of Reed, Hoyt, Washburn & Clay, New York City, will be furnished
the purchaser.
Chronicle
June 10, 1939
Due July 1, 1940.
Callable on any interest payment date.
Bids may be
made for interest payable at maturity or
semi-annually.
Payable in New
Philadelphia or at such other place mutually agreed upon by the district
and successful bidder.
The notes are issued in accordance with the pro¬
visions of Sections 6828-47 of the General Code of Ohio.
Inasmuch as the
United States in
Congress of the
1938 authorized
$4,500,000 payment
a
to the district to relieve local costs and as the Appropriation Bill
just
passed by tne House and Senate of the present Congress includes an item
of $1,500,000 to apply against the $4,500,000
authorization, the Board ©f
Directors has determined to issue these notes in lieu of long-term bonds.
The proceeds thereof will be used to pay at maturity a like amount of
1M %
bond anticipation notes due July 1, 1939.
The notes are being offered
subject to the approving opinion of Squire, Sanders & Dempsey, of Cleve¬
land.
MUNSON TOWNSHIP (P. O. Chardon), Ohio—BOND OFFERING—
T. Hobart, Township Clerk, will receive sealed bids until 8 p. m.
on June 19 for the purchase of $4,460 3% improvement special
assessment bonds.
Dated day of sale.
One bond for $410, others $450
each.
Due Sept. 1 as follows:
$410 in 1940 and $450 from 1941 to 1949
incl.
Bidder may name a different rate of interest expressed in multiples
of )4 of 1%.
Interest M-S.
A certified check for 5%, payable to order
of the Township Treasurer, is required.
M.
(EST)
OHIO
MUNICIPALS
OBERLIN, Ohio—BONDS TO BE SOLD—An issue of $4,641.67 4%
special assessment storm
MITCHELL, HERRICK & CO.
sewer construction bonds will be sold to the Bond
Dated June 1, 1939 and due Dec. 1 as follows: $456.67
Prin. and int. (J-D), payable at
Retirement Fund.
in 1940 and $465 from 1941 to 1949 incl.
700 CUYAHOGA
CANTON
AKRON
BUILDING, CLEVELAND
CINCINNATI
COLUMBUS
the Oberlin
Savings Bank..
STEUBENVILLE, Ohio—BOND SALE—The $22,000 Murphy Field
purchase bonds offered June 6—V. 148, p. 3270—were awarded to Paine,
SPRINGFIELD
Uam
Webber &
Co., Cleveland, as lMs, at a price of 100.04, a basis of about
1.49%.
Dated May 15, 1939 and due Oct. 1 as follows: $2,000 from 1940
1947, incl. and $3,000 in 1948 and 1949.
Johnson, Kase & Co. of Cleve¬
land, second high bidder, offered a price of 100.79 for lMs.
OHIO
to
BEREA,
Ohio—BOND SALE—The $12,000 coupon fire department
148, p. 3108—were awarded to Paine, Webber
Co., Cleveland, as 2s, at par plus $21 premium, equal to 100.17. Dated
June 1,1939.
Other bids:
bonds offered June 3—V.
WAUSEON,
&
Bidder—
Int. Rate
BancOhio Securities Co
Saunders, Stiver & Co_._
Johnson, Kase & Co__
Ryan, Sutherland & Co
Seasongood & Mayer
impt.
48.00
51.00
53.00
24.85
13.20
;
bids will
CITY
an
SCHOOL
■
»
Oklahoma
AT&T Ok Cy 19
DISTRICT, Ohio—NEW OFFERING
Ohio—BOND CALL—Jesse B. Brown, Secretary of
of City Sinking Fund, announces that
$750,000 4%
Cincinnati Southern Railway refunding bonds, dated
July 15, 1909, $1,000
of Trustees
denoms., Nos. 1 to 750 incl., have been called for redemption on
July 15,
1939.
The bonds, due 1959, optional
July 15, 1939, should be presented
for payment at the Irving Trust
Co., New York, or at the Provident Savings
Bank & Trust Co., Cincinnati.
CLEVELAND CITY SCHOOL DISTRICT, Ohio—NOTE
OFFERING
K. Morris, Clerk of Board of Education, will receive
sealed bids
until noon on June 28, for the
purchase of $543,741.83 not to exceed 4%
interest refunding notes.
Dated June 30, 1939.
Denom. to suit purchaser.
Due June 30, 1940.
Callable after Nov. 30, 1939.
Issued pursuant to
provisions of H. B. 282, enacted by the 93rd General Assembly, effective
Feb. 23, 1939, and under and in accoradnce with
Resolution No. 22712,
—Karl
entitled "Resolution to Refund School Foundation
Note," adopted by the
Board of Education at a regular meeting on
April 24, 1939, and are of such
amount to satisfy the unpaid principal of notes issued
pursuant to a certifi¬
cation of the Director of Education of
Ohio, dated
Sept. 2, 1938.
Bidder
must offer to pay for the notes on or before noon on June
30," 1939.
Payable
at the State Treasurer's bffice.
Enclose a certified check for $5,500.
CLYDE PUBLIC SCHOOL DISTRICT, Ohio—NOTE
OFFERING—
B. H. Davis, Clerk of Board of Education, will
receive sealed bids until
7:30 p. m. on June 27 for the purchase of $9,874.59
4% refunding notes.
Dated July 1, 1939.
Denom. $1,000, one for $874.59.
Due July I. 1941.
Callable after Nov. 30 of each year. Bidders
may bid for a different
rate of
interest in multiples of )4 of 1 %.
Issued for the purpose of refunding under
the State school foundation program and under
authority of the laws of
Ohio and particularly the
provisions of House Bill No. 282, enacted by the
93rd General Assembly of Ohio, effective
Feb.,23, 1939, and under and in
accordance with a certain resolution of the Board of Education of
the
school district, passed on May 2, 1939.
Bidders may bid for all or any part
of the notes. Enclose a certified check for
1%.
COLUMBUS, Ohio—NOTE SALE—The $35,600
148,
p.
poor
relief notes offered
3416—were, awarded
cinnati,
as Is, at 100.10, a basis of about
due March 1, 1943.
Other bids;
to Seasongood & Mayer, of Cin¬
0.97%.
Dated June 15, 1939 and
»
Int. Rate
Rate Bid
..;.ij^%
100.29
1)4%
-1H%
____.3%
Paine, Webber & Co
Huntington National Bank of Columbus
'
100.23
100.05
100.42
CUYAHOGA COUNTY
(P. O. Cleveland), Ohio—OPTIONAL BID
FOR NOTE ISSUE—T. J.
Husak, Bond Clerk, reports that no firm offer
was made for the
$848,000 not to exceed 4% interest tax delinquent an¬
ticipation notes offered June 6-^V. 148, p. 3416. A group headed
by Fox,
Einhorn & Co., Inc., Cincinnati, made an
optional offer for the issue,
naming a premium of $850 for 3Ms. Dated June 1, 1939 and due as follows:
$84,000 April 1, and $85,000 Oct. 1 in 1940 and
1941, and. $85,000 on
April 1 and Oct. ] from 1942 to 1944 incl.
The Board of Commissioners granted
Fox, Einhorn & Co., Inc., a 10-day
option to purchase the issue as 3 Ms.
.
LAKEWOOD, Ohio—BOND OFFERING—Henry A. Rees. Director
OKLAHOMA
noon on June 26 for the
purchase of
Dated Aug. 1, 1939.
One bond for
$500. others $1,000 each. Due Oct. 1 as follows: $3,000, 1940 to
1957 incl.;
$4,000 from 1958 to 1963 incl. and $4,500 in 1964.
Bidder
different rate of interest, expressed in
may name a
multiple of M of 1% and not ex¬
ceeding 6%.
Callable prior to maturity at par pursuant to provisions of
Sections 2293-6 of General Code of Ohio.
Principal and interest (A-O)
payable at office of the Director of Finance.
A certified check for 5% of
bonds bid for is required. Purchaser to
pay for bonds within 30 days after
a
the award
LAKEWOOD,
Ohio—BOND SALE—The $38,500 coupon
bonds offered June 3—V. 148, p. 3108—were awarded
§ood & Mayer of Cincinnati
2Ms, at
municipal
to
Season-
price of 100.17,
a
a basis of about
.74%.
Dated July 1, 1939 as
and due Oct. 1 as follows:
$1,000 from 1940
to 1950, incl.; $1,500 in 1951 and
$2,000 from 1952 to 1964, incl.
Callable
prior to maturity at not more than par in accordance with
provisions of
Section 2293-6 of General Code of Ohio.
Bidder—
Other bids:
int. Rate
Securities
Co__
Johnson, Kase & Co
Stranahan, Harris & Co., Inc
Ryan, Sutherland & Co
Rate Bid
234%
3%
3%
3%
100.116
100.532
100.14
100.05
LOCKLAND, Ohio—BONDS SOLD—An issue of $4,000 3% street
widening bonds was sold to the City Sinking Fund.
Dated Sept. 1, 1939.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1940 to 1943, incl.
Principal
and Interest (M-S) payable at the First National Bank of
Lockland.
MUSKINGUM WATERSHED CONSERVANCY DISTRICT
(P. O.
New
Philadelphia), Ohio—NOTE OFFERING—Bryce C. Browning,
Secretary-Treasurer of Board of Directors, will receive sealed bids until
noon on June 14 for the
purchase of $764,993.70 bond anticipation notes.
Dated July 1, 1939.
Denoms. agreed upon by purchaser and district.
ERICK SCHOOL DISTRICT (P. O. Erick),
Okla.—BOND OFFERING
—It is reported that sealed bids will be received until
by
Bidders
bonds.
to
Brock,
Guy
District
are
to
10:30 a. m. on June 12
of a $15,000 issue of
Due $2,000 from 1942
A certified check for 2% of the bid is required.
Clerk,
name
1948, and $1,000 in 1949.
for
the
purchase
the rate of interest.
OKLAHOMA,
State of—BONDS OFFERED FOR INVESTMENT—
Ripley & Co., Inc.; Mercantile-Commerce Bank & Trust Co.
Harriman
St. Louis, R. J. Edwards, Inc., of Oklahoma City, and Francis, Bro. & Co.,
of St. Louis, are offering at prices to yield 1.75% to 2.00%, according to
maturity, $961,000 State of Oklahoma 2% funding bonds of 1939 series A,
due June. 30, 1949-1954 inclusive.
OKLAHOMA COUNTY SCHOOL DISTRICT NO, 35 (P. O. Choctaw,
No. 1), Okla.—BOND SALE—The $5,900 coupon school bonds
sale on June 5—V.* 148, p. 3417—were awarded to the First
National Bank & Trust Co. of Oklahoma City, as 2.40s, at par, according
to the District Clerk.
Due from 1942 to 1953, inclusive.
Route
offered for
WAURIKA, Okla.—BOND OFFERING—It is stated by Ehnis Tyson,
City Clerk, that he will receive bids until 8 p. m. on June 13, for the pur¬
following bonds aggregating $25,000:
$13,000 water works bonds.
Due $1,000 from 1942 to 1954 incl.,
12,00 sewer bonds.
Due $1,000 from 1942 to 1953 incl.
The bonds shall be sold to the bidder bidding the lowest rate of interest
the bonds shall bear and agreeing to pay par and accrued interest for the
bonds.
These bonds were authorized at the election held on May 24 and
are issued in accordance with Sections 5929 and 5930, Oklahoma Statutes,
1931.
Enclose a certified check for 2% of the amount of bid.
chase of the
OREGON
CROOK COUNTY SCHOOL DISTRICT (P. O. Prineville), Ore.—
BOND SALE—The $16,000 issue of school bonds offered for sale on June 5
—V. 147, p. 3417—was awarded to the Baker, Fordyce, Tucker Co. of
Portland, as 2Ms, paying a price of 100.17, a basis of about 2.22%.
Dated July 1, 1939.
Due from July 1; 1943 to 1947, inclusive.
Ore.—BOND OFFERING—Sealed bids will be received
on June 12, by J. D. Whitman, City Recorder, for the
$69,000 issue of refunding water bonds.
Interest rate is not
to exceed 6%, payable J-J.
Dated July 1, 1939.
Due July 1, as follows;
$5,000 in 1940 to 1952, and $4,000 in 1953.
All bo,nds, which mature
after July 1, 1944 shall be subject to call and redemption on that date, and
on any interest paying date thereafter.
Prin. and int. payable at the City
Treasurer's office.
The approving opinion of Teal, Winfree, McCulloch,
Shuler & Kelley, of Portland, will be furnished.
Enclose a certified echck
for $1,000.
until 7:30
p.
purchase of
POLK
m.
a
COUNTY
SCHOOL
DISTRICT
NO.
21
(P.
O.
Perrydale),
Ore.—BONDS OFFERED—Sealed bids were received until 9 p. m. on
June 10, by Rawson H. Chapin, District Clerk, for the purchase of $6,500
school bonds.
Bidders were to name the interest rate.
Dated June 10,
1939.
Due from June 10, 1940 to 1945, incl.
of
Finance, will receive sealed bids until
$82,500 2% sewage treatment bonds.
BancOhio
Long Distance 787
MILTON,
Bidder—
Stranahan, Harris & Co., Inc
Ohio National Bank of Columbus..
garage
•
.
City, Oklahoma
issue of $24,000 not to exceed
CINCINNATI,
June 2—V.
3M% special asst.
3416—were purchased by
Municipal Bonds Since 1892
5% interest refunding
bonds, originally scheduled for June 5—V. 148, p. 3269—was
postponed
to June 30, according to Pete Keish, Clerk of Board of
Education.
Board
p.
R. J. EDWARDS, Inc.
be received
by the Village Clerk until noon on June 15 for the purchase of $1,200
5%
fire apparatus bonds.
Dated Oct. 1, 1939.
Denom. $120.
Due $120 on
March 1 from 1940 to 1949 incl.
Bidder amy name a different rate of
interest expressed in multiples of )4 of
1%.
Interest M-S.
A certified
check for $500, payable to order of the
Village Treasurer, is required.
CAMPBELL
$18,300
148,
at par.
$75.00
-
2)4%
2)4
Bliss Bowman & Co
DATE—Sale of
Ohio—PURCHASER—The
bonds reported sold in V.
Siler, Carpenter & Roose of Toledo,
Premium
2)4%
2)4%
BUCKLAND, Ohio—BOND OFFERING—Sealed
street
,
>
..
PENNSYLVANIA
EAST
and
McKEESPORT, Pa.—BOND SALE— The $23,000 funding, street
bonds offered June 1—V. 148, p. 3109—were
awarded to Hemp¬
hill, Noyes & Co., New York, and Phillips, Schmertz & Co., Pittsburgh,
joijntly, as 3MsJ at 100.64.
Other bids:
sewer
Int. Rate
Rate Bid
Burr & Co., Inc
Bidder—
3M%
3M%
Singer, Deane & Scribner
334%
101 542
100.609
101.67
Glover & MacGregor, Inc
ELLWOOD CITY SCHOOL DISTRICT, Pa.—BOND SALE—The
issue of $40,000 coupon or registered refunding bonds offered June 3—V.
148, p. 3417—was awarded to Moore, Leonard & Lynch of Pittsburgh, as
2s, at a price of 101.03, a basis of about 1.83%. Dated July 1, 1939 and due
$5,000 on July 1 from 1942 to 1949 incl.
Second high bid of 100.94 for 2s
made by a combination of Hemphill, Noyes & Co. and Phillips, Schmertz
was
& Co.
,
FRACKVILLE,
Pa— BOND OFFERING—E. L. Fennelly, Borough
Secretary, will receive sealed bids until 7 p. m. (EST) on June 22 for the
purchase of $120,000 not to exceed 4M % coupon, registerable as to principal
only, refunding and sewer bonds.
Dated June 1, 1939. Denom. $1,000,
except that the $45,000 bonds maturing $15,000 on Dec. 1 from 1951 to
1953 incl., are to be in units of $1,000 or $100, at option of the bidder.
The bonds will mature Dec. 1 as follows: $5,000 from 1940 to 1948 incl. and
$15,000 from 1949 to 1953 incl.
Callable in whole or in part, in inverse
numerical order, on Dec. 1, 1944 or on any subsequent interest date on at
least 30 days' advance published notice at a price of 105. Bidder to name a
single rate of interest, payable J-D. Bonds will be issued subject to approval
of proceedings by Pennsylvania Department of Internal AJfairs. A certified
check for 2% of bonds bid for, payable to order of the Borough Treasurer, is
required. Legal opinion of Saul, Ewing, Remick & Saul of Pittsburgh will be
furnished the successful bidder.
Volume
3569
Chronicle
Financial
148
Electric Power Co. for the purchase of which the bonds are being authorized,
delivery to be made in New York City on the day fixed for the closing of such
HASTINGS, Pa.—BONDS SOLD—The First National Bank of Hastings
purchased $13,000 filtration plant bonds at par. Due $4,000 in 1943 and
$9,000 in 1944.
The bonds were sold as 3 Hs and are in denoms. of $1,000.
transaction.
The
approving opinion of Chapman & Cutler, of Chicago,
will be ac¬
any or all bids and to sell all or
No bid for less than par and accrued interest
will be furnished.
cepted and the right is reserved to reject
Pa.—BOND OFFERING—Harry B. Johnson, Borough Secre¬
until 7 p. m. (EST) on June 15, for the pur¬
IK, IK, 1X, 2, 2K, 2k, 23A or 3% coupon, registeronly, sewage disposal plant improvement bonds. Dated
July 1, 1939.
Denom. $1,000.
Due $5,000 on July 1 from 1942 to 1945,
incl.
Bidder to name a single rate of interest, payable J-J.A certified
MEDIA,
tary, will receive sealed bids
Sart of payable to the City Treasurer. check for 3% of the amount of the
onds, said bonds. Enclose a certified
chase of $20,000 1,
able as to principal
been postponed.
SALE POSTPONED—It
PITTSBURGH, Pa .—PLANS LARGE BOND SALE—It is
considering an early offering of $5,150,000 funding
pay off a like amount of notes issued during 1938.
that
series shall
Bonds numbered 113 to 150, inclusive, of said
be callable for redemption at the option of the town on any
maturity, and bonds numbered 1 to
112,
inclusive, shall be callable for redemption on any interest payment
date
interest payment date prior to
R. D. 2), Pa.—BOND OFFER¬
Supervisors, will receive sealed
bids until 7 p. m. (EST) on June 15 for the purchase of $15,000 3K%
coupon road improvement and funding bonds. Dated July 1,1939. Denom.
$1,000. Due $1,000 on July 1 from 1941 to 1955 incl. Callable Jan. 1, 1942
and on any subsequent interest date.
Interest J-J. Bonds will be sold sub¬
ject to approval of proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $500, payable to order of the township, is
after five years from the date of said bonds. The bonds shall be
in inverse numerical order at par plus accrued interest to the date
called
of re¬
demption plus a premium of 5% if redeemed on or before June 1, 1942 (as to
bonds so redeemable), 4% if redeemed thereafter and on or before June 1,
1945, 3% if redeemed thereafter and on or before June 1, 1948, 2% if
redeemed thereafter and on or before June 1, 1951, 1% if redeemed there¬
after and on or before June 1,1955, and K % if redeemed thereafter prior to
on or
required.
maturity
Said
•
bonds are issued
the acquisition of an electric
extending and improving such sys¬
for the purpose of
system for said town and for repairing,
and are payable solely from the revenues to be derived from the
operation of said system after the prior payment from such revenues of
the reasonably necessary cost of operating, maintaining and repairing the
system. Bidders are requested to name a rate or rates of interest in multiples
tem,
!
.
.
of K of 1%, not exceeding 4% per annum. Not more than two rates shall be
specified and there shall be no more than one rate for any one maturity.
The bonds will be awarded to the responsible bidder whose bid results in the
lowest interest cost to the town. Premiums will be taken into consideration
.
in
Other bids were as follows:
Oil
r
-
Hanover
Bank &
C.—EXCHANGE
S.
101.15
100.865
CAROLINA
SOUTH
COLUMBIA,
:
_
AGENT
APPOINTED—Central
Trust Co. of New York has been
appointed exchange
transaction.
principal
agents for the city under a plan for the refunding of $850,000
amount of the city's 5% bonds scheduled to mature on March 1, 1941.
(P. O. Laurens).
LAURENS COUNTY
S. C.—BONDS SOLD—It is
•
CAROLINA, State of—CERTIFICATE OFFERING—11 is
reported by E. P. Miller, State Treasurer, that the State Finance Com¬
mittee will receive sealed bids until noon (EST), on June 27, for the purchase
of an issue of $110,000 State certificates of indebtedness. Interest rate is not
to exceed 4%, payable J-J.
Dated July 1, 1939.
Denom. $1,000. Due
$11,000 July 1, 1940 to 1949. The certificates will be issued subject to call
on any interest paying date, not less than five years after the date of the
certificates, at par and accrued interest.
The certificates will be issued in
coupon form, with the privilege of registration as to principal only or as to
both principal and interest.
Prin. and int. payable at the State Treasury,
or at the agencies of the State in the cities of Charleston and New York.
Bidders are invited to name the rate of interest which the certificates are to
bear. The rate must be a multiple of K of 1 % and must be the same for all of
the certificates bid for.
The certificates will be awarded to the bidder
offering to take them at the lowest rate of interest, at a price not less than
par and accrued interest to the date of delivery of the certificates.
There is
specifically appropriated and irrevocably pledged for the payment of
these certificates, so much of the revtenue derived from the income tax im¬
posed, levied, collected and paid pursuant to the provisions of Sections 2435
to 2470, inclusive, Volume 11, Code of Laws of South Carolina of 1932, as
amended, not heretofore pledged, as may be necessary to pay the principal
and interest of the certificates as they respectively become due.
The full
faith, credit and taxing power of the State are also pledged for the payment
of principal and interest of the certificates.
Purchasers will be furnished
with the opinion of the Attorney-General without cost, or with the opinion
of Reed, Hoyt, Washburn & Clay, of New York, that the certificates are
valid obligataions of the State, the latter opinion to be paid for by the pur¬
chaser. The certificates will be delivered in Columbia or New York at the
option of the purchaser. Enclose a certified check for 1 % of the amount of
bonds bid for, payable to the State Treasurer.
.
SOUTH
redeemed on or before June
8ar plus accrued interest to the1, 1942 (as to bondsplusredeemable),of 5%.
date of redemption so a premium 4% If
'
redeemed thereafter and on or
SOUTH
on
r,
1,
TENNESSEE, State of—INTEREST RATE REDUCED ON COUNTY
REIMBURSEMENT BONDS—A special dispatch from Nashville to the
VWall Stret Journal" of May 29 reported as follows:
"Board of Claims reports interest rate on $23,700,000 of county reim¬
bursement bonds has been reduced from 5% to 4^% and a further reduc¬
tion to 3K% "will be made on the corresponding 1940 date. • Rate of 3K %
DAKOTA
will be effective nine years
a
SCHOOL DISTRICT (P. O. Redf eld),
Board of Claims is cooperating
ELECTION—It is stated by the City Auditor
with
at lower interest
quote in part as follows from
Cook, Assistant Attorney General;
with the report given above, we
letter sent to us on
June 5 by Wm. C.
"Chapter 165 of the Public Acts of 1937
of the Public Acts of 1939 by striking out all
was
amended by Chapter 188
of Section 6 of Chapter 165
and
interest rate for the year 1939
In accordance with the pro¬
visions of this amendatory statute the Board of Claims has adopted a
declaration of policy in the form of a resolution which will probably give the
inserting therein a new section which fixed the
at 4.75 and for the remaining years at 3.50.
TENNESSEE
information you
COUNTY (P. O. Newport). Tenn.—BOND CALL—It is
reported that Robert A'. Parrot, Clerk of the County Court, is calling for
payment at par and accrued interest on July 15, all outstanding 4M%
highway bonds of an issue of $800,000.
Dated July 15, 1927.
Due
July 15, 1947.
These bonds with July 15, 1939 and subsequent coupons
attached should be presented to the American National Bank, Nashville,
on date called.
Interest ceases on date called.
'
want."
i
Tenn.—BOND OFFERING— Sealed bids will be re¬
June 20 by J. W. Taylor, Qity.Recorder, for the
purchase of an issue of $165,000 electric system revenue, series A bonds.
Interest rate is not to exceed 4%, payable J-D.
Denom. SI ,000. Dated
June 1, 1939.
Due on June 1 as follows: $7,000 in 1942 to 1945, S8,000 in
1946 to 1943, $9,000 in 1949 to 1952, $10,000 in 1953 and 1954, $11,000 in
1955 to 1957, and $12,000 in 1958 and 1599.
Bonds numbered 125 to 165
inclusive of said series shall be callable for redemption at the option of the
city on any interest payment date prior to maturity, and bonds numbered
1 to 124 inclusive shall be called for redemption on any interest payment
date on or after 5 years from the date of the bonds.
The bonds shall be
called in inverse numerical order at par plus accrued interest to the date or
redemption plus a premium of 5% if redeemed on or before June 1, 1942
COCKE
WINCHESTER,
ceived until 2 p. m. on
COLUMBIA, Tenn.—BOND OFFERING—Sealed bids will be received
a. m. on June 12, by J. C. Lowman, City Recorder, for the purchase
of electric system revenue, series A bonds.
Interest
rate is not to exceed 4%, payable J-D.
Denom. $1,000. Dated June 1,
1939. Due on June 1 as follows: $34,000 in 1942, $35,000 in 1943, $36,000
in 1944, $37,000 in 1945, $38,000 in 1946, $40,000 in 1947, $41,000 in 1948,
$42,000 in 1949, $43,000 in 1950, $45,000 in 1951, $46,000 in 1952, $47,000
in 1953, $49,000 in 1954, $50,000 in 1955, $52,000 in 1956, $53,000 in 1957,
$55,000 in 1958, and $57,000 in 1959. Bonds numbered 601 to 800 inclusive
shall be callable for redemption on any interest payment date prior to
maturity, and bonds numbered 1 to 600 inclusive shall be callable for re¬
demption on any interest payment date on or after five years from the date
of the bonds.
The bonds shall be called in inverse numerical order at par
until 10
of an $800,000 issue
(as to bonds so redeemable), 4% if redeemed
1, 1945, 3% if redeemed thereafter and
June
thereafter and on or before
on or before June 1, 1948,
redeemed thereafter and on or before June 1, 1951, 1 % if redeemed
thereafter and on or before June 1, 1955, and K of 1% if redeemed there¬
after prior to maturity.
Rate or rates of interest to be in multiples of M or
1 %.
Not more than two rates shall be specified and there shall be no more
than one rate for any one maturity.
The bonds will be awarded to the
responsible bidder whose bid results in the lowest interest cost to
Premiums will be taken into consideration in computing interest cost only
2% if
the city.
the date of redemption plus a premium of 5% if
redeemed on or before June 1, 1942 (as to bonds so redeemable), 4% if
redeemed theraefter and on or before June 1, 1945, 3% if redeemed there¬
after and on or before June 1, 1948, 2% if redeemed thereafter and on or
before June 1, 1951, 1% if redeemed thereafter and on or before June 1,
results in the lowest
interest cost.
and accrued interest.
(It was intended originally to offer these bonds for sale at 2 p. m. on
June 14, but the sale was later deferred, as noted.)
determine which of two identical bids
No bid will be accepted for less than par
if necessary to
of interest to be in
thereafter.
in efforts to refinance highway bonds
guaranteed by State or Tennessee.
Such issues are
In connection
a
1955, and K of 1% if redeemed thereafter prior to maturity. Rate or rates
multiples of
of 1 %. Not more than two rates shall be
specified and there shall be no more than one rate for any one maturity.
The bonds will be awarded to the responsible bidder whose bid results in
the lowest interest cost to the city. Premium will be taken into consideration
in computing interest cost only if necessary to determine which if two
identical bids results in the lowest interest cost.
The bonds are issued
for the purpose of the acquisition of an electric system for the city and for
repairing, extending and improving such system, and are payable solely
from the revenues to be derived from the operation of the system after
the prior payment from such revenues of the reasonably necessary cost of
operating, maintaining and repairing the system.
The purchase price of
the bonds is to be paid simultaneously with the transfer of the Tennessee
number of counties
rates.
will be held
semi-annual
held on June 27 to have the voters pass on the
of $40,000 in light plant revenue bonds.
'
plus accrued interest to
or
thereafter prior to maturity. Bidders are requested
to name the rate or rates of interest in multiples of K of 1%.
Not more
than two rates shall be specified and there shall be no more than one rate
for any one maturity.
No bid will be accepted for less than par and
accrued interest.
The bonds are issued for the purpose of the acqusition
of an electric system for the city and for repairing, extending and improv¬
ing su'ch system, and are payable solely from the revenues to be derived
from the operation of the system after prior payment from such revenues
of the reasonably necessary cost of operating, maintaining and repairing
the system.
The city will supply the approving opinion of Chapman &
Cutler of Chicago.
The right is reserved to sell all or part of the bonds.
The purchase price of the, bonds is to be payable simultaneously with the
transfer of the properties of the Tennessee Electric Power Co. for the pur¬
chase of which the bonds are being authorized, delivery to be made in New
York City on the day fixed for the closing of such transaction.
Enclose
a certified check for 3%, payable to the City Treasurer.
1
1955, K % if redeemed
that an election will be
issuance
redeemed there¬
before June 1,
funding bonds.
VOLGA, S. Dak.—BOND
before June 1, 1945, 3% if
June 1, 1948, 2% if redeemed thereafter and on
1951, 1% if redeemed theerafter and on or before June
after and on or before
,
Dak.—BOND ELECTION—It is reported that an election
June 20 to vote on the issuance of $45,000 not to exceed 4%
.
In
ST. PHILIP'S AND ST. MICHAEL'S PUBLIC SERVICE DISTRICT
(P. O. Charleston), S. C.—BOND ELEGTION-r-lt is reported that an
12 in order to vote on the issuance of $175,000
election will be held on June
REDFIELD INDEPENDENT
1
„
COUNTY
SHELBYVILLE, Tenn.—BOND OFFERING—Sealed bids will be
received until 2 p. m. on June 2 ), by G. T. Carter, City Secretary, for the
purchase of a $350,000 issue of electric system revenue, series A bonds.
Interest rate is not to exceed 4%, payable J-D.
Denom. $1,000.. Dated
June 1, 1939.
Due June 1, as follows:
$14,000 in 1942, $15,000
1943
and 1944, $16,000 in 1945 and 1946, $17,000 in 1947, $18,000 in 1948 and
1949, $19,000 in 1950 and 1951, $20,0t)0 in 1952. $21,000 in 1953, $22,000
1954 and 1955, $23,000 in 1956, $24,000 in 1957, $25,000 in 1958, and
$26,000 in 1959.
Bonds numbered 263 to 350, inclusive shall be callable
for redemption at the option of the city on any interest payment date prior
to maturity, and bonds numbered 1 to 262 inclusive, shall be callable for
redemption on any interest payment date on or after five years from the
date of the bonds.
The bonds shall be called in inverse numerical order at
1939.
S.
„
(P. O. Cookeville), Tenn.—BONDS VOTED—
voters gave their approval to the issuance of $117,500
4% semi-annual bonds at an election held on May 29.
The bonds are to
be used to take over bonds issued by serveal communities.
PUTNAM
It is reported that the
reported that $250,000 road bonds have been purchased by McAlister,
Smith & Pate of Greenville, divided as follows: $220,000 as 3s, due $10,000
from June 1, 1942 to 1951, and $15,000 in 1952 to 1959; the remaining
$30,000 as 2Hs, due $15,000 on June 1 in 1960 and 1961.
Dated Jund 1,
in sewer bonds.
determine which of two
The town will supply the
cost.
approving opinion of Chapman & Cutler of Chicago, and all bids must be so
conditioned.
The right is reserved to reject any and all bids and to sell all
or part of said bonds.
No bid will be accepted for less than par and accrued
interest. A good faith deposit in the amount of 3% of the amount of the
bonds shall be made by each bidder in the form of a certified check, payable
to the order of the Town Treasurer. The purchase price of the bonds is to be
paid simultaneously with the transfer of the properties of the Tennessee
Electric Power Co. for the purchase of which said bonds are being authorized,
delivery to be made in New York City on the day fixed for the closing of such
101.80
101.509
City National Bank_
computing interest cost only if necessary to
identical bids results in the lowest interest
Rate Bid
Singer, Deane & Scribner,
Hemphill, Noyes & Co,.
had
$11,000 in 1958 and 1959
PORTAGE TOWNSHIP (P. O. Portage
Burr & Co., Inc
offering
„Pl^o0n, June 1 as f°llows: $6,000 in 1942 and 1943; $7,000, 1944 to
1?48; $8,000. 1949 to 1951; $9,000.1952 to 1954; $10,000, 1955 to 1957, and
reported
ING—Terry Sharpe, Secretary of Board of
Bidder—
the above
LEXINGTON, Tenn.—BOND OFFERING— Sealed bids will be received
the purchase
A. Interest
to exceed 4%, payable J-D.
Denom. $1,000. Dated June 1,
bonds to
ROUSEVILLE, Pa.—BOND SALE— The $20,000 3% coupon water
plant bonds offered June 5—V. 148, p. 3109—were awarded to the First
National Bank of Oil City at a price of 110.004, a basis of about 2.23%.
Dated June 1, 1939 and due Dec. 1 as follows:
$500, 1941 to 1946, incl.;
$1,000, 1947; $500, 1948 and 1949; $1,000, 1950; $500, 1951; $1,000, 1952;
$500, 1953; $1,000, 1954; $500, 1955; $1,000, 1956 to 1959, incl.; $500,
1960; $1,000, 1961; $1,500, 1962; $1,000 from 1963 to 1965 incl. and $500
in 1966.
Interest J-D.
*
Singer, Deane & Scribner of Pittsburgh, second high bidder, offered a
price of 102.305.
'
later
stated
until 4 p. m. on June 22, by W. L. Brown, Town Recorder, for
of an issue of $150,000 electric system revenue bonds, series
2% of the bonds bid for, payable to order of the Borough Treas¬
urer, is required.
Bonds will be issued subject to favorable legal opinion
of Townsend, Elliott & Munson of Philadelphia.
check for
that the city is
was
TEXAS
COUNTY (P. P. Odessa), Texas—BONDS VOTED—At an
election held on May 27 the voters are said to have approved the issuance of
$75,000 in city-county park bonds by a wide margin.
ECTOR
GRAPEVINE
,
INDEPENDENT SCHOOL DISTRICT (P.
O. Grape¬
Texas—BOND OFFERING—It is stated by C. J. Wall, President of
Board, that sealed bids will be received until June 19, for the
purchase of the following bonds aggregating $33,000:
$25,000 school
house, and $8,000 refunding bonds.
Due serially in 30 years.
vine),
the School
3570
Financial
DALLAS, Texas—LIST OF BIDS—The following is
an
official tabulation
of the bids received for the $300,000 coupon
May 31,
as
described in detail in
our
bonds that were awarded
issue of June 3—V. 148, p. 3417:
on
Coupon Amount for Amount for
Bidder—
110 Bonds
Rate
190 Bonds
/1.65 $109,280.60 $188,757.40
♦City Nat. Bk & Tr. Co., Kan. City, et al
U.70
109,800.90
110,295.90
110,210.10
108,999.00
108,796.60
1.75
Phelps, Fenn & Co., New York, et al
Goldman, Sachs & Co., New York, etal..
1.75
1.75
1.75
Lazard Freres & Co., Chicago, et al
Republic National Bank, DallasShields & Co., New York, et al
Lazard Freres & Co., Chicago, et al
Donald O'Neil & Co., Dallas, et al
1%
1J4
1%
f 1.80
11.85
—
Goldman, Sachs & Co., New York, etal—
—.
1.90
1.90
—
1.90
J 1.90
Donald O'Neil & Co., Dallas, et al...
Mahan-Dittmar & Co., Dallas, et al—r,
Pressprich & Co., New York
.
12.00
Mahan-Dittmar & Co., Dallas, etal
Merchants Commercial Bank & Trust Co.,
St. Louis, et al—
2.00
2.00
Ft. Worth National Bank, Ft. Worth, etal
2.00
Blyth & Co., Chicago, et al
2.00
R.J. Edwards, Inc., Oklahoma City—2.00
First Boston Corp., Chicago, etal
110,721.60
110,646.80
110,579.70
110,220.00
—
—
♦
110,110.12
110,079.20
110,069.30
109,198.10
109,707.40
110,275.00
110,213.40
109,956.00
109,868.00
110,770.00
110,768.90
189,656.10
190,511.10
190,362.90
188,271.00
187,921.40
190,190.20
190,136.80
190,119.70
188,614.90
189,494.60
190,475.00
190.368.60
189,924.00
189,772.00
191,330.00
191,328.10
191.246.40
191,117.20
191,001.30
190,380.00
.10
|1.90 110,719.40 191,242.60
108.682.20 187,723.80
Successful bid.
GUADALUPE
COUNTY
(P.
O.
Sequin),
Texas—BOND
SALE
DETAILS—It is stated by the County Judge that the $30,000 road and
bridge refunding bonds purchased by Mahan, Dittmar & Co. of San
Antonio, as 3s at par, as noted here—V. 148, p. 3418—are dated Dec. 1,
1938, and mature $3,000 from Dec. 1, 1939 to 1948, inclusive.
Chronicle
June 10, 1939
plus accrued interest to date of delivery.
The bonds together with the
approving opinion of Chapman & Cutler of Chicago, will be furnished.
Enclose a certified check for $250, payable to the town.
MILWAUKEE, Wis.—INTEREST SAVING SHOWN ON WATER
BOND RETIREMENT—-A saving of nearly $1,000,000 in interest on bonds
issued to help build the new water filtration plant was reported on June 6
by the Municipal Finance Officers' Association.
The bonds were issued
a callable feature, which gives the
city the right to liquidate them,
notice, before the maturity date.
Milwaukee issued $3,675,000 in 4% mortgage bonds in 1933 to finance
its portion of the filtration plant, and to secure a Works Progress Adminis¬
tration grant of $1,385,000.
Instead of selling the bonds to WPA, the city
sold them through reguiar investment channels.
They were subject to
call after three y3ars.
About $600,000 of the bonds were liquidated with funds obtained by
setting aside 16% of the water department revenues for this purpose. The
city now is calling in the remaining $3,086,000 in bonds of the original
4% issue and, at the same time, liquidating another $320,000 in bonds with
water department earnings.
The refunding is being financed by an issue of
$2,280,000 in bonds paying 2 M% and maturing at the rate of $200,000 a
year from July 1, 1940 to 1955 inclusive.
with
upon
Interest
the
on
new
issue will total
$446,250, compared with $1,053,920
which would have been paid in interest had the original
4% issue remained
outstanding until the maturity date. The city previously had saved $370,000
in interest by issuing bonds during construction as the
money was needed,,
instead of selling all the bonds at one time.
'
The call feature in the original bond issue
provided that the city pay a
premium at the time of the call equal to M of 1 % of the principal amount of
each bond for each year from the date the bonds were called to the date of
maturity. The premiums are payments to the bondholders as compensation
for surrendering their bonds before
maturity.
Thus, the holder of a bond
maturing July 1, 1940, will receive a premium payment of $2.50, while the
holder of a bond maturing in 1955 will receive a premium
payment of $40.
At this rate, total premium payments for the
privilege of call on the original
bond issue
amount to $65,870.
$1,000,000 saving resulted from the combination of callable bonds,
a lower interest
rate, plus the shorter maturity date of the
new bonds, and the savings on interest
during construction by issuing bonds
as money was needed, the Association
reported.
The
MIDLAND, Texas—BONDS VOTED—At
the voters
are
election held on May 23
reported to have approved the issuance of $125,000 in airport
bonds.
;
an
"
reissued later at
TEXAS, State of—PURCHASER—In connection with the report given
in
TWO
issue of
May 27 to the effect that $2,2.30,838.50 1JA % treasury cer¬
being offered by Donald O'Neil & Co. of Dallas, for general
investment—V. 148, p. 3271—it is now reported by the State Treasurer
that the original purchaser of these obligations was the Republic National
Bang of Dallas.
Due from Oct. 10,1939 to Sept, 10, 1940.
our
tificates
were
RIVERS, Wig.—BONDS SOLD—Two
une
were
paying
premium of $7,886, equal to 106.85.
The issues are divided as
$94,000 sewage disposal plant and $21,000 water works storage
a
follows:
tank bonds.
'
•
VERNON
COUNTY
,$100,000 issue of 2%
$22,000
issues of coupon semi-ann.
feneraland
obligation bonds to:Heronymus, Ballschmider & Co. of for sale on
aggregating $115,000 were offered Sheboygan,
8
awarded
O.
(P.
Viroqua),
Wis.—BOND SALE—The
coupon semi-annual
bonds offered for sale
June 5—V.
on
highway improvement, series M
148, p. 3110—was awarded to the
Harris Trust &
Savings Bank of Chicago, and the State Bank of La Crosse,
jointly, paying a price of 103.805, a basis of about 1.70%.
Dated May 1,
1939.
Due on May 1, 1942.
RICHMOND, Va. Various 4%«
.
Due 1956-65 at
2.16-2.20% basis
at
NOTE SALE—The $150,000 issue of 2% corporate notes offered for sale
auction immediately after the above award—V.
148, p. 3110—was
awarded
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone 3-9137
plus
a
1939.
to the Marine National
Exchange Bank of Milwaukee, at par,
premium of $1,800, according to the County Clerk.
Dated June 1;,
Due on Aug. 1, 1940; callable on April 1, 1940, at the option of the
county.
■
*
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..
WAUKESHA, Wig.—BOND SALE—The $200,000 issue of coupon
building bpnds offered for sale on June 6—V. 143, P. 3110—was
A. T. T. Tel. Rich. Va. 83
memorial
awarded to
VIRGINIA
CHARLOTTESVILLE, Va.-—BOND SALE—The $150,000 issue of
general improvement series of 19.39 coupon bonds offered for sale on June 5
148, p. 3110—was awarded to Smith, Barney & Co. of New York as
l%s, paying a premium of $1,259.85, equal to 100.839, a basis of about
1.66%.
Dated July 1, 1939.
Due from July 1, 1941 to 1957, inclusive.
a syndicate composed of
Harley, Haydon & Co. of Madison,
Mullaney, Ross & Co. of Chicago, and Heronymus, Ballschmider & Co. of
Sheboygan, as l%s, paying a price.of 100.4025, a basis of about 1.71%:.
Dated April 1, 1939.
Due $10,000 from April 1, 1940 to 1959 incl.
—V.
,
PULASKI. Va.—BOND SALE—The $40,000 issue of water works re¬
funding bonds offered for sale on June 2—V. 148, p. 2786-^—Was sold to
Granberry & Co. of Cincinnati as 234s, paying a premium of $306.40,
equal to 100.766. a basis of about 2.42%.
Dated July 1, 1939.
Due
$2,000 from July 1, 1940 to 1959, inclusive.
CANADA
ALBERTA
(Province of)—DEFAULT REPORT—The province' is
reported to have defaulted payment of $750,000 bonds which matured
June 1, .thereby increasing to $12,000,000 the amount of unpaid principal
indebtedness.
VERMONT
•
middletown
springs,
Vt .—BOND
OFFERING—Frank
F.
Rogers, Chairman of Board of Selectmen, will receive sealed bids until
8 p. m. (DST) on June 16 for the purchase of $30,000 coupon refunding
bonds.
Dated June 1, 1939.
Denom. $1,000.
Due $2,000 on June 1
from 1940 to 1954 incl.
Bidder to
of interest, expressed in
name one rate
'
'
„,
BRITISH
COLUMBIA
(Province
of)—BONDS SOLD IN UNITED.
week that the province had placed
privately with the Bank of Montreal in New York City on May 31 an issue
of $4,000,000 3M% refunding bonds, due Dec.
15, 1944, at a new low
interest cost.
Announcement of the loan, the second obtained by the
province in this market during the current year, was made by Saunders,
Ashplant & Co., New York, and Mills, Spence & Co. of Toronto.
The
province reported that it is now able to take care of all its maturities up to
1942 without further borrowing.
'
STATES—It
was
announced the past
multiple of M of 1 %.
Prin. and int. (J-D) payable at the First National
Bank of Boston, which will supervise the engraving of the bonds and
certify
as to their genuineness.
Legal opinion of Storey, Thorndike, Palmer &
PAL UNITS—The June 3 issue of the "Financial Post" of Toronto includes
a section devoted exclusively to
pertinent comment and informative reports
Dodge of Boston.
on
a
'
.
mount
'
holly, Vt .—BOND SALE—The $35,000
coupon
CANADA
Dated June 1, 1939 and due June 1 as follows: $3,000 from 1940 to
1944,
incl., and $2,000 from 1945 to 1954, incl.
The National Life Insurance Co.
of Montpelier bid par for 3s.
WASHINGTON
bremerton, Wash.—BONDS AWARDED—It is now stated by E.
McCall, City Clerk, that the $64,000 semi-ann. wafer department refunding
bonds that were scheduled for saie on May 17, the award of which was
deferred for consideration—V. 148, p. 3110—-have been sold to Grande &
Co. of Seattle, as 1 Ms, at a price of 100.13, a basis of about
1.46%. Dated
July 1,1939. Due from July 1,1940 to Jan. 1,1948; optional after five years.
Kittitas county school district no. 200 (p. o. eiien.l
burg), Wash.—BOND OFFERING—Sealed bids will be received until
2 P. m. on June 14 by James N. Snowden, County
Treasurer, for the pur¬
chase of a $45,000 issue of school bonds.
Interest rate is not to exceed
6%, payable semi-annually.
Dated June 14, 1939.
Denom. to be some
multiple of $100 but not less than $100 nor more than $1,000.
Due serially
in their numerical order, beginning' the second
year after the date of issu¬
ance, and in such amounts as nearly as practicable as will, together with
interest on outstanding bonds, be met by equal annual tax levies for the
payment of the bonds and interest.
The bonds shall run for a period of
22 years.
Bidders may bid on all or any portion of the bonds, but sihall
specify the certain bonds upon which they bid.
Bidders shall submit a
bid specifying (a) the lowest rate of interest and
premium, if any, above par,
at which such bidder will purchase the
bonds, or (b) the lowest rate of inter¬
est at which the bidder will purchase the bonds
at par.
Principal and
interest payable at the County Treasurer's office or at
any fiscal agency
of the State in New York City, or at the State Treasurer's
office, Olympia,
a certified check for
5% of the amount bid.
(This notice supplements the offering report given here on June 3—
V. 148, P. 3418.)
Enclose
the financial
NEW
refunding
bonds offered June 2—V. 148, p. 3110—were awarded to the First National
Bank of Boston as 2Ms, at a price of 100.204, a basis of about
2.215%.
(Dominion of)—DATA ON PROVINCES AND MUNICI¬
standing of the Provinces and local subdivisions in Canada.
BRUNSWICK
(Province
of)—BONDS
SOLD
IN
UNITED
STATES—An issue of $1,250,000 refunding bonds was'placed privately in
the Uhited States during the month of May.
The financing is reported to have involved 5-year 3% bonds, the under¬
writers
being Bell, Gouinlock & Co. and Mills, Spence & Co., Toronto.
ONTARIO (Province of)-—BOND SALE—Premier Mitchell F. Hepburn
announced last week the sale of $16,000,000 bonds, comprising $6,000,000
IMawue $1,300,000 each June 1 fMm 11)40 to 1944 incl., and $10,000,000
3s, due June 1, 1954, callable in 1952.
arid takes
care
of all
Financing was for refunding purposes
Treasury bills and maturing obligations until end of
calendar year, with exception of serial maturities which will be paid out of
consolidated revenue.
'
,
$10,000,000 BONDS PUBLICLY OFFERED—A syndicate headed by
-Wood, Gundy & Co. of Toronto made public offering in Canada on June
5, of the $10,000,000 3% bonds of 1954 at a price of 99.75^ yielding 3.02%.
Denom. $1,000.
Dated June 1, 1939,
and due Jurie 1, 1954.
in whole but not in part at par and accrued interest on 30
Redeemable
days' notice on
interest date on or after June 1, 1952.
Principal and interest (J-D)
payable in lawful money of Canada in Toronto or Montreal, at holder's
option, except that any debenture not presented for payment within one
year from its maturity, or if redeemed, from the date fixed for its redemption,
any
will
be payable only at the office of the Provincial Treasurer, Toronto.
as to principal.
Legal opinion by Long & Daly of Toronto.
Other members of the underwriting group are as follows:
Registerable
McLeod, Young, Weir & Co.;A. E. Ames & Co.;Bell, Gouinlock & Co.;
Dominion Securities Corp.- Mills, Spence & Co.; Royal Securities
Corp.; McTaggart, Hannaford; Hanson Bros.;Birks & Gordon; Midland
Securities Corp.; Cochran, Murray & Co.; Harrison & Co.; Fry <& Co.;
Burns Bros. & Denton; R. A. Daly Co.; Gairdner & Co.; Bartlett, Cayley
& Co.; Harris, Ramsay & Co.; Brawley, Cathers & Co.; Dyment, Anderson
& Co.; J. L. Graham & Co.; Griffis, Norsworthy; C. H.
Burgess & Co ;
The
W. H. Watson & Co.
WOODSTOCK, Ont.—BOND SALE—The Royal Securities Corp. of
Toronto recently was awarded an issue of $229,800 3M % high school bonds
a price of 104.752, a basis of about 2.99%.
Due serially in 20 years.
Other bids:
at
WISCONSIN
dunn
county
(P.
o.
Menomonie),
Wis.—BOND OFFERING—
m. (CST), on June
12, by Leonard
Kingsley, County Clerk, for the purchase of a $50,000 issue of 3% semi¬
annual non-taxable highway
improvement, series C bonds.
Dated April 1,
1939.
Denom. $1,000.
Due April 1, 1943.
The bonds will be sold to the
highest responsible bidder at not less than par and accrued interest to date of
delivery. Principal and int. payable at the County Treasurer's office. The
Sealed bids will be received until 10
bonds
are
trunk
a.
being issued to provide funds to improve portions of the State
highway system, and are to be issued subject to the favorable opinion
Chapman & Cutler of Chicago.
Enclose a ceritifed check for not less
than 2% of the par value of the bonds,
payable to the County Treasurer.
of
KILDARE
(P. O.Lyndon Station), Wi s.—BOND OFFERING—It is
reported by Thomas Tracy, Town Clerk, that he will receive sealed and
oral bids at the Lyndon State Bank, until June
16, at 2 p. m., for the purchase of $17,000 3% semi-ann. road bonds.
Dated June 1, 1939.
Denom.
$1,000.
Due June 1
as
follows: $1,000 in 1940 to 1952, and $2,000 in 1953
and 1954. Prin. and int. payable at the
Bids will be received for not less than
Lyndon State Bank, Lyndon Station.
95% of the par value of the bonds.
Bidder—
Rate Bid
Dominion Securities Corp. and Dominion Bank
104.31
Bartlett, Cayley & Co
104.14
104.117
Mathews & Co
Burns Bros, and Denton, Ltd
104.11
:
Harris, Ramsay A Co. and W. C. Pitfield & Co
104.075
J. L. Graham & Co
—
Fairclough & Co. and Cochran, Murray & Co
J
104.025
103.81 i
Mills, Spence & Co_
103.69 1
Harrison & Co
Hanson Bros. & Co
103.636
103.575
McLeod, Young, Weir & Co
;
Harris, Mackeen, Goss & Co__
Bell, Gouinlock & Co
Wood. Gundy & Co
103.30
103.29
Dyment, Anderson & Co. and Midland Securities Corp
R, A. Daly & Co. and Fry & Co
——.
Izzard, Robertson & Co
Gairdner & Co
1
A. E. Ames & Co
103-44
103.338
_
1
i.
f,
—
103.28
103.07
102.50
102.27
102.10
@FedFRASER