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JUN 13 1938
ADM.
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TWO
SECTIONS —SECTION
ONE
pv
Financial
1¥
ommcrrisl f
• CO.
COFYRIOHTEO IN 1938 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 146.
0opy"
U.
S.a^^FAT.
OFFICE
ENTERED AS SECOND-CtASS MATTER JUNE 23, 1879, AT THE POST OFFICE
NEW
YORK, JUNE 11, 1938
AT NEW YORK, NEW YORK. UNDER THE ACT OF
MARCH
William
cor.
Spruce St«
BROOKLYN TRUST
„
3, 1879.
NO. 3807.
N Y Citv
THE CHASE
COMPANY
NATIONAL BANK
Chartered 1866
OF
OF
THE
CITY
OF
NEW
YORK
George V McLaughlin
President
NEW YORK
N EI
BROOKLYN
The
For
YORK
6?TRUST COMPANY
tra-
ditionally a bankers' bank.
many
Member Federal Deposit Insurance
Corporation
chase is
served
a
it has
years
large number
of banks and bankers
as
New York
correspondent
and
depository.
reserve
White, Weld & Co.
Members New York Stock
New York
Member Federal
Deposit Insurance
Corporation
Exchange
Boston
United States
!)
London
Amsterdam
Government
Representatives' Offices
Paris
United States
Securities
Government
Buenos Aires
Securities
The
Hallgarten & Co.
Brown Harriman & Co.
FIRST BOSTON
Established 1850
CORPORATION
NEW YORK
NEW
BOSTON
YORK
PHILADELPHIA
SAN FRANCISCO
London
AND OTHER
BEAR, STEARNS
&
CO.
NEW YORK
Telephone: BOwling Green 9-5000
Boston
Chicago
Philadelphia
Washington
Representatives in other leading Cities
PRINCIPAL CITIES
The
ONE WALL STREET
Street, New York
San Francisco
CHICAGO
Chicago
Incorporated
63 Wall
State
NewYbrkTrust
and
Bonds
Municipal
Company
Mi
HOMER & CO., Inc.
Capital Funds
.
♦
$37,500,000
Barr Brothers & Co.
INC.
Chicago
New York
40
Exchange Place, New York
IOO
40TH
Wertheim & Co.
120
BROADWAY
ST. &
FIFTH
MADISON AVE.
AVE.
&
57TH
ST.
Service
Broadway
i
888
Amsterdam
European Representative's Office:
8
61
KING WILLIAM STREET
LONDON, E. C. 4
CarlM.Loeb,Rhoades&Co.
Paris
Amsterdam
Berlin
HORNBLOWER
&
WEEKS
Established 1888
40
*
BROADWAY
NEW YORK
London
Banks and
Dealers since
New York
London
to
NEW YORK
Member of the Federal Reserve System,
the New York Clearing House Association
and
of the Federal Deposit Insurance Corporation
Wall Street
NEW
YORK
Members New York,
Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stock Exchanges
from all present Federal Income
Interest exempt
Allegheny County has
upon
June 11, 1938
Chronicle
Financial
n
staled officially that it will pay or refund any tax
the debt secured thereby under any present or future
Taxation
which may be legally levied or assessed upon the
law of the Commonwealth of Pennsylvania
bonds or
$5,000,000
Allegheny County, Pennsylvania
2l/i% Bonds
Due
serially June 1, 1939 to
1968, inclusive
and Trust Funds
Legal Investment, in our opinion, for Savings Banks
in New York and Pennsylvania
:
t
■*'
to be issued for various purposes, in the opinion of counsel will
valid and binding general obligations of Allegheny County,
These Bonds,
constitute
payable
from
ad valorem taxes levied against
amount.
all the taxable property
therein without limitation as to rate or
Prices
to
' "
^
Yield 0.40% to 2.40%
by
offered when, as and if issued and received by us and Subject to approval of legality
Messrs. Burywin, Scully & Churchill, whose opinion will be furnished upon delivery.
These Bonds are
LADENBURG, THALMANN & CO.
BANCAMERICA-BLAIR
CORPORATION
HALSEY, STUART & CO. Inc.
GEO. B. GIBBONS &, CO.
DARBY & CO.
HALLGARTEN &, CO.
incorporated;
inc.
MANUFACTURERS AND TRADERS
STROUD & COMPANY
TRUST COMPANY
incorporated
BUFFALO
GLOVER & MacGREGOR, INC.
CLEVELAND
CLEVELAND
PITTSBURGH
FIRST OF MICHIGAN
McDONALD-COOLIDGE &. CO.
MITCHELL, HERRICK & CO.
CHANDLER & COMPANY
CORPORATION
S. K. CUNNINGHAM
incorporated
SCHLATER, NOYES & GARDNER
incorporated
WALTER STOKES &, CO.
BURR &, COMPANY, INC.
& CO., INC.
PHILADELPHIA
PITTSBURGH
Principal and semi-annual Interest,
Dated June 1,1938.
$1,000 denomination, reglsterable as to principal only.
The Information
considered reliable, and while not guaranteed as to completeness or
sources
June n,
Coupon bonds In
contained herein has been carefully compiled from
of this date.
June 1 and December 1, payable in
Pittsburgh, Pa.
accuracy, we believe It to be correct as
;•
1938.
Leading Out-of-Town
Investment Bankers & Brokers
A. Becker & Co.
G.
J. & W. Seligman
& Co.
ST
LOUIS
Incorporated
Established 1893
No. 64 Wall Street
Investment Securities
NEW
YORK
Commercial Paper
Srjjf & Co.
BA/NT LOU IB
Correspondents
London
9O9 0LWC st
Chicago
New York
SELIGMAN
And
Other
Cities
BROTHERS
Members St. Louis
Dividends
Leading Out-of-Town
Investment Bankers and Brokers
United Shoe Machinery Corporation
The
Directors
a
have de¬
The dividends on both Preferred
capita] stock.
stock are payable July 5, 1938, to
and Common
INVESTMENT HOLDINGS
stockholders
of record
at the close of business
June 14, 1938.
ANALYZED
BIRMINGHAM,
Corporation
a
Preferred capital
DETROIT
MARX & CO.
of this
dividend of 37^c. per share upon the
stock.
They have also declared
dividend of 62 Kc. per share upon the Common
clared
BIRMINGHAM
Stock Exchange
CHARLES G. BANCROFT, Treasurer.
ALABAMA
International Agricultural Corporation
Charles A. Parcells &
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
Co.
New York, May 24,
PENOBSCOT BUILDING, DETROIT, MICH.
MILWAUKEE
out of
earnings
HARTFORD
ROBERT P. RESOH, Treasurer.
IRVING
WISCONSIN
Securities
Teletype—Milwaukee 92
PUTNAM & CO.
EDGAR, RICKER &CO,
North Water Street
Milwaukee, Wia.
TRUST
The
Board of
Directors has this day declared
quarterly dividend of fifteen cents per share on
the capital stock of this Company, par $10.,
payable July 1, 1938, to stockholders of record
at the close of business June 14, 1938.
a
Members New York Stock Exchange
6
CENTRAL ROW
Tel. 5-0151. A. T.
F.
J.
GRIESMER
Assistant Secretary
HARTFORD
T. Teletype—Hartford 664
COMPANY
June 9, 1938
Specialists in Connecticut
CORPORATION SECURITIES
750
1938.
Directors has this day declared
a-dividend of two per cent. ($2.00
per share) on the Prior Preference Stock of the
Corporation, payable June 20, 1938, to stock¬
holders of record at close of business June 10,
1938.
Books will not close.
The Board of
Members of Detroit Stock Exchange
For other
dividends
see page v.
flmmercWf
Vol. 146
j
>
JUNE 11, 1938
No. 3807,
v
CONTENTS
Editorials
page
The Financial Situation—
3703
Mr. Roosevelt and the British Labor Act
Itching to Take
a
-.-.--.-.3715
Hand-.
3716
Comment and Review
Gross and Net
Earnings of United States Railroads for
the Month of April
New
3718
__I
Capital Issues in Great Britain
3721
The Business Man's Bookshelf
Week
on
the
__3722
European Stock Exchanges
3707
Foreign Political and Economic Situation
3708
Foreign Exchange Rates and Comment
3712 & 3753
Course of the Bond Market
Indications of Business
3721
Activity
-.3722
..
Week
on
the New York Stock Exchange
Week
on
the New York Curb Exchange
3706
-
3852
News
Revenue Act of 1938
Section Two
Current Events and Discussions
3734
Bank and Trust
3851
General
Company Items
Corporation and Investment News
Dry Goods Trade
State and
.3797
;
-
Municipal Department
-
3833
3834
Stocks and Bonds
Foreign Stock Exchange Quotations.
—.3755 & 3763
Bonds Called and Sinking Fund Notices...
,[ /
•
Dividends Declared
3755
Auction Sales
New York Stock
New York Stock
..3755
3755
Exchange—Stock Quotations.-
.3764
Exchange—Bond Quotations—3764 & 3774
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Other
Exchanges—Stock and Bond Quotations.
Canadian Markets—Stock and Bond Quotations..
3780
3784
.3786
3790
Over-the-Counter Securities—Stock & Bond Quotations.3793
Reports
Foreign Bank Statements.
Course of Bank Clearings
3711
....
3753
Federal Reserve Bank Statements..
3761
General
3797
Corporation and Investment News
Commodities
The Commercial Markets and the
Crops....
.3823
Cotton
3826
Breadstufff
3830
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street,
New York City
Herbert D. Selbert, Chairman of the Board and Editor; "William Dana Seibert, President and Treasurer; William D. Rlggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray- Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards Sc Smith, 1 Drapers' Gardens, London, E. C,
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the post office at New York, N. Y„ under the Act of March 3,1879.
Subscriptions
in United States and Possessions, $15.00 per year, $9.00 for 6 months; In Dominion of Canada, $16.50 per year, $9.75 for 6 months;
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain),Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate 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.
Financial
it
Thin it not
an
though registered, is not approved
which
Tone u, ms
The offer of these Debentures is made only by
Offaring Prospectus.
This issue,
Chronicle
does
not
pass
on
or
meant
of the Offering Prospectus•
disapproved by the Securities and Exchange Commission,
the merits of any registered securities.
$30,000,000
(of which $27,750,000
are
publicly offered)
The Mountain States Telephone and Telegraph Company
Thirty Year 3y4% Debentures
'
'
Dated June 1, 1938
„
Interest payable June 1 and December
Due June 1, 1968
,
1 in New York City
Registered Debentures in denominations of $1,000",
Coupon Debentures in denominations of $1,000 and $500, registerable as to principal.
$5,000, $10,000 and $100,000.
Coupon Debentures and registered Debentures, and the several denominations, interchangeable.
Redeemable, at the option of the Company, in whole or in part, upon at least 50 days' notice, on any interest payment date,
at the following prices with accrued interest: to and including June 1,1943,107%%; thereafter to and including June 1,1948,
105%; thereafter to and including June 1, 1953, 103%%; thereafter to and including June 1, 1958, 102%%; thereafter to
and including June 1, 1964, 101%%; and thereafter, 100%.
The following is merely a brief outline of certain information contained in the Offering Prospectus and is subject to the more detailed state¬
Offering Prospectus and the Registration Statement, which also include important information not outlined or indicated herein.
Offering Prospectus, which must be furnished to each purchaser, should be read prior to any purchase of these Debentures.
ments in the
The
The Mountain States Telephone and Telegraph Company, 73.23% of the stock of which is owned
COMPANY
THE
by American
Telephone and Telegraph Company,
was
incorporated in Colorado in 1911.
The
Company is engaged in the telephone business in Arizona, Colorado, Montana, New Mexico, Utah, Wyoming, in
Idaho south of the Salmon River, and in El Paso County, Texas.
The properties of the Company consist mainly of
telephone instruments and facilities for their interconnection, the latter consisting chiefly of central office switch¬
ing equipment and connecting lines.
in most cases
under constitutional
or
The Company's claims
statutory provisions,
are
as to its rights to occupy the streets and highways,
referred to in the Offering Prospectus.
The Company
regulation by the Federal Communications Commission and by state or local authorities in each of the
in which it operates, within their respective Jurisdictions.
The Federal Communications Commission has
is subject to
states
been engaged since 1935 in an investigation of
and
presently has before it for its consideration
American Telephone and Telegraph Company and its subsidiaries
a critical report, proposed by one of the Commissioners, more fully
-
referred to in the Offering Prospectus.
Outstanding
of
March 31.1938
CAPITALIZATION
Notes Sold to Trustee of Pension Fund (4% Demand Notes)
Advances from American Telephone and
Notes)
Telegraph Company,
;
-
parent
$4,001,553.26*
...
of the Company (5% Demand
20,950,000.00*
---
Capital Stock—par value $100
per
share
48,049,700.00
*At June 6, 1988 notes sold to Trustee of Pension Fund had been reduced to 88,988,712.64 and
advances had increased to 822,900,000.00.
The net proceeds, exclusive of accrued interest, from the sale of the $30,000,000 of Debentures, after
deducting the estimated expenses of the Company in connection with such sale, are expected to
PURPOSE
OF
as
ISSUE
approximate $29,891,000 of which $3,986,712.64 are to be applied to repay In full the notes held by the
Trustee of the Pension Fund and $22,900,000.00 to repay in full advances from American Telephone and Telegraph
Company, parent•
The remainder (approximately $3,004,000) has not been allocated to specific uses and will be added
initially to the Company's current cash and devoted from time to time as may be necessary to extensions, additions
and improvements to telephone plant and to other corporate purposes of the Company.
While all of the advances
presently outstanding from American Telephone and Telegraph Company, parent, will be repaid from the proceeds
of the sale of these Debentures, the Company expects to continue its established practice of borrowing from American
Telephone and Telegraph Company on demand notes from time to time as need therefor may arise.
EARNINGS
The following figures are taken from the Income Statements of the Company in the Offering Prospectus.
Years Ended
Operating
Total
Interest
Net
December 31
Revenues
Income
Deductions
Income
$20,356,679.11
$3,552,772.45
1935
$
944,634.73
$2,608,137.72
1936
22,191,272.42
4,108,370.20
1,004,540.09
3,103,830.11
1937
24,144,363.19
4,516,432.25
1,060,253.97
3,456,178.28
5,833,937.91
824,872.03
297,131.73
527,740.30
3 Mos.
Ended
Mar. 31, 1938
Due
taxes,
principally to
a
decrease in toll service
revenues, to an increase in wages
effective April 1,1937 and to increased
the Company's "Total Income" for the 3 months ended March 31, 1938
was
materially lower than for the
corresponding months in 1937.
DEBENTURES
The Thirty Year 3%% Debentures will be issued under
between the Company and
Trustee.
an
Indenture dated
as
of June I, 1938,
The Chase National Bank of the City of New York, New York, N. Y.,
This issue of Debentures is not secured.
It is limited
to
$30,000,000 but the Indenture does not restrict
the amount of other securities
or indebtedness, either secured or unsecured, which may be issued, incurred, assumed
guaranteed by the Company.
Reference is made to the Offering Prospectus for information as to certain cove¬
nants in the Indenture with respect to the creation of liens on, or sales of, property of the Company.
or
UNDERWRITING
Subject to certain terms and conditions, the Underwritere named in the Offering Prospectus
have severally agreed to purchase
Company at 100%,
at
102%,
or a
or a
The payment for and delivery of such Debentures
later than June 24, 1938.
on or
an
aggregate
total of $27,750,000, plus accrued interest.
total of $28,305,000, plus accrued interest.
are
of $27,750,000 of these Debentures from the
Such Debentures
are
to
be offered to the public
The underwriting discounts are 2%, or a total of $555,000.
to be made on June 14, 1938, but may be postponed to not
The Company has contracted
before July 1, 1938, to the Trustee
to sell privately the remaining $2,250,000 of Debentures
of the Pension Funds established by the Company and by certain affiliated
companies, without underwriting discounts
or
commissions, at 100%,
or a
total of $2,250,000, plus accrued interest.
Price 102% and Accrued Interest
The Underwriters,
including the undersigned and the others named in the Offering Prospectus, have agreed to purchase $27,750,000 of
conditions set forth in the Purchase Agreement, including the approval of Messrs. Davis Folic Wardwell
for the Underwriters.
Messrs. Smith, Brock, Akolt ana Campbell, counsel for the Company, will pass on certain
legal matters including the incorporation and the franchises of the Company.
It is expected that delivery of Debentures in temporary form will be
made at the office of J. P. Morgan & Co. on or about June
14,1938, against payment therefor in New York funds.
The Underwriters have authorized the purchase and sale, in the open market or
otherwise, of these Debentures for their several accounts,
either for long or short account, within the limits and
during the period set forth in certain agreements referred to in the Offering Prospectus.
these Debentures on the terms and
Gardiner & Reed, counsel
Further information, particularly financial statements, is contained in the
with
the
Registration Statement
Securities and Exchange Commission, and in the Offering Prospectus which must
furnished to each purchaser and is obtainable from the undersigned.
on
file
be
MORGAN STANLEY & CO.
.
Incorporated
.
KUHN, LOEB & CO.
LEE HIGGINSON CORPORATION
BROWN
HARRIMAN &
CO.
Incorporated
Dated June 9, 1938
KIDDER, PEABODY & CO.
THE FIRST BOSTON CORPORATION
SMITH, BARNEY & CO.
I
N A DEGREE not known in this country for many
he demands, the situation has become bad enough.'
When the billions of dollars that have been entrusted
generations, if indeed ever before in its history,
the attention of the business community
to the President in the
is focused
defiantly and
primary elections taking place from time to
time in the various States.
The results of the first of
upon
these contests
and in the
reflected in the halls of Congress
siveness of the President in
as
insisting
upon
There
were
a
to whom it seemed
that
was
in
many
strange
much significance
so
attached to the returns
Florida,
had been
alter
there
where
depression to
no
attitude
the
the
of
general public toward the
New Deal and its works.
At any rate,
the voters in
Pennsylvania spoke
on
17 and the verdict
May
of
was
wholly different
a
order.
week,
this
Again
in the
time
Iowa,
State
made in
effort
an
Washington to select
resentatives for the
failed
of
rep¬
people
Appar¬
miserably.
ently with perfect relia¬
bility, it is reported from
Washington that New Deal
managers
given
have by no
up
means
the struggle to
punish those who decline
take
to.
from
orders
the
abjectly
White
House.
Senator Tydings of Mary¬
land is said to be marked
for political slaughter,
it is
aggres-
questioned, the time has
are
being made in Kentucky to
ensure
the
Senator
Barkley,
re-election
one
of
of the
wheel horses of the Presi¬
dential chariot in Congress.
There
of
are,
course,
enough other instances of
like sort to
mer
save
months
the
from
sum¬
ennui,
politically speaking,
us
the
a
interest
of
who wish to
all
"Business
trade
no mere
dence.
There
situation, but
and
see
are
lars
are
presented.
of
competition
"They
are
can
so
this
it
the
people
is
time
which
inter-"
most
and
froxn^the indications
of
time
to
loss
and
his
New
Deal
that the business
of:
ideas
commu¬
nity draws its chief encouragement, in so far as it is
able
to
find
any.
It is
altogether natural and fit-\
ting that such should be-
likely
the
case.
Reason
asserts'
and experience has proved
that the chief
the
in the way
and business.
political struggle.
If that
were
half the general
governmental structure than is
When the Chief Executive launches
own
party in Con-
willing to do precisely what
impediments
of real recovery are those placed there
by the Administration now in power at Washing-
ton and in many of the State capitals.
Any de-
velopment which suggests that the political groups
dominated
which
are
purely
standing by the President
remedy them at the polls this year.
replace members of his
It is.
less
or
proposed in
troubled about
are they to
are
more
Penn-,
presenting themselves from
fundamentally encouraging picture.
more
more
wit¬
as
results in
ests the average person,
circum¬
evitably,^ lead to complete regimentation of
industry.
"They are at a loss to understand delay in
smending the National Labor Relations Act so
as
to
give both employer and employee a
square deal."
Here is a superficially disheartening but
these things now the
Party, but of
political aspect of the sit¬
that
of indictments of
hours by legislative fiat, as
the
uation
the
about
the
sylvania and Iowa.
the pending Labor Standards Bill, will have a
detrimental effect on recovery and may, in¬
The
hand-picked
within
publican primaries,
distinguished and
reputable
leaders
in
industry
on
vague
charges of anti-trust law violations.
"They are fearful that the fixing of wages
a
defeat for
ness
be assured.
wondering
becoming
heavy balloting in the Re¬
higher taxes on business, already carry¬
ing a staggering tax-load.
"They are wondering whether the proposed
investigation of the anti-trust laws will not
turn out to be another business-baiting
expe¬
dition, rather than develop into an earnest
and
are
Resentment is
Democratic
or appropriated by the pres¬
(nearly twice the estimated
the coming year) will eventually
effort to correct defects in these laws
con¬
taking the form not only
Congress
for
;
of the hazards thus
aware
mean
fair
fortunately
rank and file
mindful that the ten billion dol¬
the past four
There is
authorized
revenues
tyr¬
t
Awakening
an
candidates
"They
a
siderable evidence that the
gress.
these send their roots much deeper
with others who
Signs of
power
plants to compete with existing
private facilities.
"They are wondering if the practical and
psychological benefits of the new tax law will
not be lessened by official insistence on re¬
storing the punitive higher rates of the dis¬
credited surplus tax and a steeply-graduated
capital gains tax in the next session of Con¬
scandalous attack upon the courts, particularly the
gress
of
with
pregnant
and abuse.
anny
millions allotted to finance construction
Supreme Court, and, failing to reach his objective,
sets out to
billions
tics"
the purpose of reviving
industry and, at the same time,
naturally political elements in the
even
case.
additional
degree
a
conceived,
with
being exhibited in it would be in evi-
into the economic and
usually the
men
spent
an,
system of "practical poli¬
of
ent
before
never
policies and methods.
"They are wondering if Washington is so
intent on reshaping the traditional American
economic system that it may not be overlook¬
ing practical measures to promote recovery.
the be-all and the end-all of it, not
now
nationally, and in
in
dollars
have here
attempt to foist upon us
those
preserve
interest
the past, we
be contradictions and inconsistencies
to
have
may
occurred in local politics in
"Big and little business men together are
daily becoming more disturbed over trends in
Washington.
"They are puzzled about what appear to
them
American varia¬
European dictator¬
ship. Whatever
situation:
current
surrendering meek¬
an
tion of
Administration, the Chamber of Commerce of
the United States gives this account of the
American system of government
But this is
ly to
As if in explanation of the utter failure of
the most recent recovery program of the
and,
hope, to keep alive
for the American
come
people to act, and'act with dispatch and vigor.;
program
Now Is the Time to Resolve These Questions
while
efforts
aggres¬
Otherwise, they will in ef¬
stances
extraordinary
brazenly,
Legislative branch who
fect be
more
this
a
office members of the
permitte d.
good
are
cynically employed to keep in
nearly to the letter as
circumstances
let
his
of relief
name
sively support White House dictatorship whenever
weeks ago in Florida were at once
some
even
and
be
have
may
as
the
American scene
far
distant future
could hardly be other than encour*;
as
situation now
thus suggreat deal more than the.
and officials who profess
it goes.
Yet the
existing is much more complex than is
gested, and requires a
election
of
for
five years are losing their hold,;
at some time in the not too
replaced,
aging
or
legislators
Chronicle
Financial
3704
two more years
opposition to what has been taking place if abiding
results are to be obtained.
It is
probable that not a great
realize
fully how far
many
Already
in this country
of the
any
the
on
course
incredible
almost
squandering
of
of
taxpayers'
they suggest fits well into the general scheme
things at Washington, is quite in keeping with
the
President
speaking, Presidential supporters are returned en
boast of
can
a
full
of the
grasp
wholly
principles underlying them
off this
preceded the New Deal
ought to recognize by this time, only
a
of
inflation
the
of
Much
Recovery Act
encouraged
by
discredited
now
drunken
public
National
certain if
dent
policies.
out of
tions
despite their evident collision with the
anti¬
of
administratively-controlled tariff
an
of domestic business
dates
back
Finance
far
ting back to
as
beyond 1933.
even
Lest
kind
to
is
a
great gain.
the necessary
economic
if for
some
go
be
no
sanity and sincerity.
other
kind
farther.
of
assurance
Let
no
one
that
we
have
formulate and bring forward
economic ills
our
The
nary.
most
and
social
recent
Administration, by its
"taken
hold."
a cure
recovery
own
program
admission,
better, since it
was
of the
has
in
keep
a
were
claimed for it
This fact alone
serves
constantly in danger of new proposals
desperate effort to improve conditions before
to the polls.
Moreover, there
are
only
more
The blunders of
economic sys¬
the
order.
The
Reserve
Federal
system, for
example, outrageously abused long before the New
Deal
.
was
more
nomic
thought of, has now become nothing
less than
planners and
at
ury,
ever
nor
a
tool in the hands of the eco¬
managers,
Washington.
banking in this country is
writing
a new
including the Treas¬
restoration
The
no
the
us
and
statutes
dramatically brought to
of the other things that
the voters go
the
result of all that has taken
at the time it was launched.
to
in
of
day next autumn relieve unemployment, stimulate
anything in the nature of an evident recovery, or
much
three decades, including but not
not
it will before election
very
of public policies.
or
not
There is at this moment
sur¬
matter who the experimenters are.
worse,
convincing evidence that
do any
It would be difficult to
presents difficulties and requires skill of
usual
no
seen
for all
power,
New Deal for that of
They must somehow be eradicated, but their
removal
have
evils, real and imagi¬
Conditions have grown
front several weeks
ago.
no
as
no
past two
tem.
that the madness will not
suppose
own
suggest the problems that confront the coun¬
themselves
return
we may
slip-shod fashion.
they, if placed in
solely those of the New Deal, have deeply imbedded
It is essential,
in order that
reason,
a
all the nonsense that the President and his advisers
can
the
Indeed, opposition of this
starting point for
of managed
prolonged period of further "experi¬
try in respect
Congress openly
seriously opposed to the Rooseveltian policies
would
loose
a
this, however, does not do
than
misunderstanding arise let it be said without
a
or
Some Real Problems
All
equivocation that the election of
and
mentation,"
It Goes
as
another
sim¬
being "anti-New Dealish."
Heartening, As Far
general idea
is founded in
President Roosevelt.
vive
these few illustrations that get¬
so
the
inflation and all the rest upon which the
should substitute their
The Reconstruction
not
the
in
We should be careful lest
adjudged advisable
sound economic condition is
a
or
created,
deeply contaminated, but for all that are
believers
New Deal
Corporation is not of New Deal origin.
is evident from
ple
it
as
is
economy,
of
injecting government into the field of directing the
course
legislation that has been shown,
sympathy with the policies of this, that
ardent
The notion
as a means
fostered, disgusted with the lack of
in
"ordinary, putrid politics" with which the whole
mass
funds to rig the market for certain agricultural crops
the powerful agrarian lobby.
the Presi¬
repelled by what Howard Lee McBain termed the
President Hoover undertook with public
to appease
oppose
merely in conflict with the particular
other administrative board that has been
encouraged under previous Administra¬
trust laws.
not
are
off, however, it is necessary to make
possible that those who
technical skill
so-called trade practice agreements not only permitted
but actively
it
schemes he has
Industrial
borrowed, boots and baggage, from
was
con¬
The very
danger.
To head
was, as
made possible, if not induced, by the grossest
kind
shall be in
least that should be attended to at once is to head
points invoked by the New Deal.
The New Era that
we
of aggressive New Dealism the
of which no one can foretell.
sequences
not first
were
Congress next autumn,
for two years
or
new,
to
masse
We must not forget, however,
that not all of these programs are
orgy
aggressive attack in any political crisis. At any
rate, it may be taken for granted that if, generally
hazards it presents.
all
advisers, and conforms well to
of the present Administration is
although possibly few
at least the
of
his
and
always appeared to be the President's idea
widely recognized at the present time,
without doubt
at all
philosophy constantly given expression by the
what has
The obvious unsoundness of the banking
Just how
reports there is no
of knowing, but the fact remains that the pro¬
way
gram
phenomena of a like sort are unpleasant reminders of
themselves, and no one is likely to overlook their
and credit policies
abundant life.
much substance there is in such
funds, the National Labor Relations Act, and other
presence.
dramatic "drive" toward
and
new
a
and the more
recovery
Such monstrosi¬
again.
of
and front
contemplative
a
definite conception
the agrarian program of the past few years,
as
the
probably have
extending the general principle of
centrally managed economy'to constitute the head
magnitude and the difficulty of the task of
getting back
ties
Only those of
to speak.
so
habit of mind
shall be entering a Presi¬
we
flying thick and fast of grand¬
rumors are
iose scliemes for
public policies or for how long we have been "off the
road,"
before
dential election.
have deviated from sound
we
June 11, 1938
of
sound
a mere
longer
matter
law, if it ever was only that.
As
place the banking
a
sys¬
tem, including the Reserve banks themselves, has
become water-logged with
What other assets
of
a
are
government obligations.
found there
are
strictly non-banking character.
often likewise
Here is
tion which must be corrected at the earliest
a
situa¬
possible
moment, but with the best will in the world it cannot
be corrected
ent
as
ought
overnight,
or
by any such simple expedi¬
immediate repeal of
never to
provisions of law which
have been enacted.
The task of fram¬
ing both legislation and administrative policy suit-
Volume
Financial
146
able to effect the
ing the system is
ity and
one
that calls for the highest abil¬
intimate knowledge of sound banking
an
principles,
changes desired without destroy¬
well
as
as a
wealth of common sense and
Consider also the commitments of the Government
•
and its multitude of
while the so-called
Of course,
severe
possible from this mess.
But how?
injury to the whole business structure.
the
How
Treasury best relieve the banks of the oner¬
burden of
is
best
are
carrying its huge indebtedness?
difficult one,
a
the
There
of
the Government should extricate itself as
as
answer
and
proprietary interest of the Treas¬
It
obviously act with discretion if it is to avoid
must
ous
than $11,750,000,000,
more
in the whole is reported at above $4,000,000,000.
quickly
can
These agencies now
agencies.
report assets totaling
ury
These influences
demanding the best ability
judgment that
many
The
be commanded.
can
existing law with hardly more than minor adjust¬
out,
as
for example the
Labor Relations
Agt, but even here
vested interests that have been created are
to rise to
certain
plague the steps of those who undertake
Since the
of
in¬
of June 8 at $2,710,000,-
as
Treasury still has
more
than $1,000,-
more
than $100,000,000
gold acquisitions, it remains quite conceivable that
reserve's will mount before
excess
levels
recorded.
ever
long to the highest
The credit expansion is quite
ineffective, however, in producing the business im¬
provement that the Washington monetary manipu¬
lators
hoped would follow.
statement week
a
reflects little
dealer preparations for the
of
more
than
huge Treasury refunding
$1,214,000,000 notes maturing June 15 and Sept;
15, through
exchange for
an
V-"'
low levels.
2%% bonds
June 8
were
enormous sum
by the Treasury in the week to
In view of
already held in the general account
gold certificates
no
deposited for the
were
The condition statement of the
metal.
1]/%%
along at
$22,000,000, raising the monetary stocks
high record of $12,940,000,000.
a new
or
'•
•
Gold acquisitions
the
new
Commercial loans continue to scrape
notes.
to
bank
current
by New York City reporting
But the gain
•
In the
sharp increase of loans to brokers
and dealers is noted
institutions.
balance,
to clean house.
an
reserves over
legal requirements, the total of excess
being estimated
reimbursing itself lately for
Holding Company Act, the two securities acts, and
National
chiefly responsible for
000,000 in its general account, and has refrained from
-
the
were
$70,000,000 in member bank
and above the
reserves
other instances where simple repeal
ments offers the best way
of
crease
000.
judgment.
3705
Chronicle
12 Federal
Time for Action
Reserve Banks shows
Naturally decades will be required to undo the
that has
mischief
wrought, and it would be
been
folly to suppose that any full program designed to
accomplish that purpose could in the nature of the
case
be made
deciding issue at the elections this
The fact remains,
autumn.
make
a
start in this
a
direction
sider ourselves "on our
we
can
hardly
con¬
way" back to stability and
It seems to us that if the Republican
progress.
party
however, that until we
and that large element in the Democratic
party which is known to be wholly out
with the
of sympathy
underlying ideas of the New Deal were to
formulate, in general terms perhaps but forthrightly
of action designed to turn
and
vigorously,
the
ship of State back toward its course, and do
what is
a program
possible to persuade candidates for office to
support it, at least two important advantages would
First, such action would give a definite
accrue.
meaning to the election contests which they may
otherwise not have, and
election
and
to
make it possible after the
interpret the results with definiteness
certainty, and second, it would provide a rally¬
ing point for constructive endeavor
certificate
more
than offset this and total
regional banks moved
up
dropped $21,371,000 to $4,135,785,000.
Its absence
constitutes
one
so
far is conspicuous and
of the serious shortcomings of the
$20,657,000
to
variations
balances
of the
000 to
balances
Discounts
of the measures designed ostensibly to
combat the current depression.
In the week to
as
June 8,
Federal
Banks
Reserve
shows,
the
Treasury. in
Washington again relied heavily upon its
account balance,
into member
also
bank
reserves.
Currency in circulation
anticipated after the month-end,
fall in all forms of currency $32,000,000.
declined,
with the
general
and the funds sifted rapidly back
as
decline
increase of foreign bank
an
$267,141,000.
by $4,347,000 to
82.5% from 82.4%.
Industrial advances declined $86,000 to
$16,732,000, while commitments to make such
vances
increased
market
holdings of bankers bills
at
at
$233,000
$13,373,000.
to
were
ad¬
Open
$2,000 higher
$536,000, while holdings of United States Treasury
securities
were
quite unchanged in nature and total
$2,564,015,000.
Government
Crop Report
THE official crop report released yesterday after¬
confirmed private forecasters' predictions
noon
of
a
record production of wheat in
1938.
is
at
as
760,623,000 bushels and spring wheat at
spring wheat figure, total indicated production
1 033,123,000
greater
bushels
bushels
or
-25,000,000
bushels
than the record harvest of 1,008,637,000
produced in the war year 1915. The average
private forecast of the total crop,
a
the United States
Government figures based on
of June 1 place the output of winter
The
260,000,000 to 285,000,000. Striking an average
for the
one
the combined condition statement of the 12
a
by the regional banks were up $154,000 to
$8,568,000.
from
14,
$7,8*47,605,000;
ratio increased to
reserve
wheat
IDLE BANK reserves continue to mount under the.
credit policy announced in -Washington on April
account
by $1,789,000 to $131,989,000, and a gain
other
The
the
increase of member bank
an
by $102,656,000 to
$1,004,684,000;
balances
of
with
$9,251,419,000,
consisting of
Treasury general account balance by $88,135,-
conditions
Federal Reserve Bank Statement
Total de¬
the Federal Reserve Banks advanced
during
political-economic outlook.
of
posits with
is
undertaken.
reserves
$8,380,000 to $11,044,-
Federal Reserve notes in actual circulation
816,000.
Avhen Congress
again in session next year. There is, however, no
time to be lost if effective work of this sort is to be
drop of $1,500,000 in gold
holdings to $10,637,400,000, but the return
of till cash
the
a
week ago,
winter wheat
available more than
placed the output of both spring and
at an even higher figure, 1,077,000,000
bushels.
In
generally
possible excep-
addition, foreign crop prospects are
favorable, Italy being about the only
Financial
3706
tion and the Canadian crop
good. Stocks
outlook is exceptionally
good deal greater than
Chronicle
June 11, 1938
The hope prevails,
lash of Administration urging.
a year ago
and the obvious conclusion, based on all these factors,
measures
is that there is
few other
that
however,
New
obstructive
Deal
session.
a
much
going to be, after this year's harvest,
supply
greater
commodity than
of this
demand.
consumer
The
are a
June
1
and compares
wheat
winter
forecast
than the
of
one
ten years
1927-36. The largest winter
of
six
with 685,102,000 bushels harvested in
an
that
about
is
month earlier
a
1937 and
is
of 546,396,000 bushels for the
average
when
1931
record
crop on
817,962,000
bushels
were
The rye
forecast,
the crop now
as
of June 1,
likewise higher,
was
being placed at 55,138,000 bushels in
49,449,000 bushels
Speaking of
a
the best in nine years.
reported for
various
date average
conditions
were
The percentage of normal
all exceeded
crops
1 last
centages both for June
for the ten
the
per-
and the
year
same
Condition
1927-36.
years
figures for winter wheat and
not given but
rye are
spring wheat is reported at 87% of normal
pared with only 69%
a
year
and
ago
an
com-
average
77%.
chief characteristic
T,™ , . „ ,
,
i
■]
i
i.
i
.
•
if
,
and for the week
as a
xt,-
business,
moderately higher
,
m
.
whole
i
ii
nearly all
*
*1
of 1 to 3
i
gams
But these advances
are numerous.
o
were
ac-
transactions that averaged less than
500,000 shares in the full sessions,
Stock
~\t i xi
this
ru-
again
.
on
New York stock
-.Li!
was
Prices moved
complished
of the
, . ,.the rlack of
xi xr
,
market
points
Exchange.
The turnover
on
on
the New York
Wednesday
was
only 278,410 shares, which represented the smallest
volume, with only a single exception, since July 3,
1922.
main
Business prostration is, of course, one of the
reasons
time goes on
for the lack of interest in
on
their
one
as
other
The Administration
business, and especially the ceaseless at-
tempts to pillory large enterprises
and
stocks, but
it becomes clear that at least
important factor is operative.
attacks
managers
as
as
"feudatory"
"economic royalists," have
impaired general confidence to
an
extraordinary de-
Much of the economic paralysis clearly is due
gree.
to such
that
political methods, and it is hardly surprising v
investor
activity tends to
diminish
pending
It is
probably due to the impending close of the
Congressional session that a little timid buying of
occurred this
week.
Passage of the pumppriming bill aided the market last Saturday.
Dealings on Monday and Tuesday were quiet, with
changes small and of no moment. The price trend
improved Wednesday and Thursday, but gains again
were
modified in
a
small reaction
yesterday.
A few
specialties in the aircraft and manufacturing divisions
showed the largest
improved.
it
advances, but utility stocks also
Railroad issues
were dull
throughout, as
appeared that legislative aid for the hard-pressed
carriers will not be enacted at the session of
now
dragging to
a
close.
There is
apprehension regarding the
which
wages
Congress apparently will
new
securities.
Existing long term Treasury bonds held well, and best
rated corporate issues likewise
firm.
were
An excel-
Telephone & Telegraph Co. 334% bonds due in 30
priced at 102. Bonds of the more speculative
years,
pass
a
while cheaper carrier issues made
Agricultural commodities displayed
tractions
up,
progress.
Congress
good deal of
and hours
bill
under the whip-
no
a
better tone, after an uncertain start, and this tendency lightened to some degree the gloom occasioned
by declines of previous weeks. Base metals held to
previous levels.
In the foreign exchange markets
variations were exceedingly small, possibly because
the official controls were active. Gold continued to
move toward the United States, apparently on the
basis of our favorable merchandise balance in trade.
the
York
New
Stock
Exchange
18
stocks
touched new high levels for the year while 26 stocks
,
,
touched
A
.
new
low levels.
„
xr
^
.
,
On the New York Curb
ooxix
ij
*..1-,,
Exchange 32 stocks touched new high levels and
:3
%
47 stocks touched new low levels.
Call loans on
,
.
,
_
,
__
.
_
tke.Jew York Stock
a
'°'
_
_
xr
_
_
_
__
_
.
.
remained ^changed
^
,
°* ^ ^w. York Stock Exchange the sales at
^ halMa^ fssi0n on Satudray last were 306,930
smhare^ Ono^ay,they w«re 467,330 shares; on
Tuesday, 372,180 shares, on Wednesday, 278,410
s ai]fs' on Thursday, 591,226 shares, and on Friday,
406,370 shares. On the New York Curb Exchange
sa*es
Saturday were 83,660 shares; on Mon74,835 shares; on Tuesday, 72,650 shares; on
Wednesday, 68,080 shares; on Thursday, 96,185
shares, and on Friday, 91,665 shares,
Trading in the stock market this week failed to
reveal anything of a startling nature. Sales volume
on a lllimber of days proved rather scant, while
Price changes in the main were encouraging. On
Saturday of last week trading volume improved and
the market
clarification of the conflicts and confusions.
stocks
exchange basis for either 2%% bonds
in
On
The New York Stock Market
groups,
on an
25 years and callable in 20 years, or 1%%
notes due in five years. More than 97% of the matur-
due
types fluctuated idly in thin markets, with local
in general, the Crop Reporting
crops
Board said that the June 1 growing
i
ing June 15 and Sept. 15 will have the right to sub-
scribe
to a new flotation of $27,750,000 Mountain States
If realized,
1925, excepting only 1936.
week.
made by the Treasury, Monday,
harvested and in the
were
of the size forecast would be the largest since
HE
was
lent reception was accorded by institutional investors
ten-years 1927-36, 36,454,000 bushels.
of
Announcement
that holders of $1,214,000,000 Treasury notes matur-
Last
comparison with 51,755,000 bushels on May 1.
crop
was dull, with the trend
grade investment obligations firm throughout.
ing notes were turned in for the
produced.
year
The listed bond market
of high
million bushels larger
will be enacted in the closing days of the
as
a
whole manifested strength, with
better-known issues moving up from fractions to
more than two points. Prices opened fairly strong
on Monday and extended their gains up to the noon
hour> but from then on failed to maintain their
advantage and closed irregularly higher on the day.
-Grains among the more prominent issues were rather
limited. Lethargic movements characterized trading on Tuesday, and after early firmness equities,
confronted with little or no demand, turned irregular at the close. Sales volume on Wednesday was
on a greatly reduced scale for a full day, being the
smallest since Aug. 26, 1934. Corporate news contained nothing of good cheer, and the day's trading
ended with minor revisions in equity prices.
early afternoon of Thursday, after
cautious
trading,
prices moved
a
In the
morning of
briskly forward,
Volume
Financial
146
with industrial shares in the
vanced from
nounced
as
market.
after
failed
to
of last
The railroad shares
keep abreast of the general
the
market
yesterday
opening, and at the end of the day
price changes
trie closed
preceding week and 2,131,092,000 in the correspond-
overtook
Dulness
fair
a
hours against 1,973,278,000 kilowatt hours in the
vanguard.
few others.
among a
whole
a
Many ad-
points, with gains more pro-
to two
one
General Elec-
mostly irregular.
were
3707
Chronicle
yesterday at 34 against 32% on Friday
week; Consolidated Edison Co. of N. Y. at
24% against 23%; Columbia Gas & Elec. at 6%
against 5%; Public Service of N. J. at 27% against
ing week of last
The Memorial Day holiday
year.
May 30 naturally occasioned most of the drop
on
for the weekly period.
Car
loadings
of
revenue
freight for the week to June 4 totaled 502,624
cars,
according to the Association of American Railroads,
This
decrease of 59,437
was a
week, and of 186,363
cars
cars
from the previous
from the similar week
of 1937.
As indicating the
course
of the commodity
mar-
28; J. I. Case Threshing Machine at 77% against
kets, the July option for wheat in Chicago closed
73%; International Harvester at 53% against 50%;
yesterday at 7l%c,
Sears, Roebuck & Co. at 56% against 51%; Mont-
Friday of last week.
Ward & Co. at 31% against 29%; Wool-
gomery
worth
at
Tel. at
423/4 against 42%, and American Tel. &
132% against 128%.
Western Union closed
yesterday at 21% against 21 on Friday of last week;
Allied Chemical &
Dye at 149% against 143%; E. I.
du Pont de Nemours at
Cash
97% against 93%; National
Register at 16% against 16%; International
Nickel at
ucts at
4$% against 41%; National Dairy Prod-
13% against 13%; National Biscuit at 23
against 21%; Texas Gulf Sulphur at 31% against
29; Continental
Kodak at 153
corn
on
at Chicago closed
against 57%c. the close
as
Friday of last week.
on
July oats at Chicago closed
as
against 26%c. the close
on
Friday of last week.
The spot price for cotton here in New York closed
yesterday at 8.19c.
as
Friday of last week.
on
against 8.03c. the close
The spot price for
on
rubber
as
against 11.25c. the close
Friday of last week.
Domestic copper closed
yesterday
was
12.06c.
yesterday at 9c., the close on Friday of last week.
at 39 against 37; Eastman
Can
against 147%; Standard Brands at 7
July
yesterday at 57%c.
yesterday at 26%c.
against 70%c. the close
as
In London the price of bar silver yesterday was
19
pence
onuce
per
as
against 19 1/16 pence per
against 7%; Westinghouse Elec. & Mfg. at 75%
ounce
against 72%; Lorillard at 16 against 15%; Canada
New York closed yesterday at 42%c., the close on
Dry at 16% against 15%; Schenley Distillers at
Friday of last week.
14% against 14%, and National Distillers at 19%
against 18%.
;
closed mostly
The steel shares
United States
40%
on
higher this week,
Steel closed yesterday at
42 against
Friday of last week; Inland Steel at 58%
Youngstown Sheet & Tube at 28% against 26%.
In the Motor group,
at
2% against 2%
at
Motors
29%
Auburn Auto closed yesterday
Friday of last week; General
on
against
27%;
Chrysler at 41%
against 40%, and Hupp Motors at % against %.
In the rubber group,
Goodyear Tire & Rubber closed
yesterday at 17% against 17% on Friday of last
week; United States Rubber at 26% against 25%,
and
Goodrich at 12% against
B. F.
road shares also show
present week.
at 15
12.
The rail-
gains in most instances the
Pennsylvania RR. closed yesterday
against 14% on Friday of last week; Atchison
Topeka & Santa Fe at 26% against 26%; New York
11% against 11%; Union Pacific at 61
Central at
against 60% bid; Southern Pacific at 11 against
Southern Railway at 7% against 7%, and
10%;
Northern
Pacific
at
7% against 7%.
Among the
oil
stocks, Standard Oil of N. J. closed yesterday at
47
against 45% on Friday of last week; Shell Union
Oil at
at
12% against 11% bid, and Atlantic Refining
20% against 20%.
conda
In the copper group, Ana-
Copper closed yesterday at 24 against 22% on
Friday of last week; American Smelting & Refining
at
35% against 32%, and Phelps Dodge at 20%
against 19.
Trade
and
industrial reports offer little encour-
agement, and most observers now feel that the sumraer
will
bring little improvement.
tions for the week
Steel
opera-
ending today were estimated by
the American Iron and Steel
Institute at 26.2% of
capacity against 26.1% a week ago, 30.4% a month
ago,
and 76.2% a year ago.
Production of electric
for the week ended June 4 is reported by the
Edison Electric Institute at 1,878,851,000 kilowatt
power
Friday of last week, and spot silver in
the matter of the foreign
transfers
.
against 61; Bethlehem Steel at 44% against 42%,
and
In
on
on
exchanges, cable
London closed yesterday at |4.96% as
against $4.94 15/16 the close on Friday of last week,
and
cable transfers on Paris
2.78%c.
as
closed yesterday at
against 2.77%c. the close on Friday of
last week.
_
_
,
.,
.
European Stock Markets
TITTLE business was done this week on stock ex1 changes in the leading European financial
centers, and modest declines were the rule. The
markets at London, Paris and Berlin were closed
Monday, in observance of the customary Whitsuntide holiday. With the advance of warmer weather,
moreover, many brokers and traders are extending
their absences from the dull markets. Diplomatic
developments were of relatively little market importance this week, despite the airplane raids in and
near Spain, and the growing resentment over the
Japanese bombings of civilians in China. Central
Europe remained fairly calm and war fears diminished. More attention was paid the business trend,
and the European markets saw no particular reason
for encouragement in the current developments.
The depression that started in the United States
last autumn impinged more and more on Europe
and occasioned gloomy predictions as to the future,
Unsettlement in the world commodity price strueture likewise produced anxiety.
Official British
unemployment statistics indicate the prevailing
tendency, for on May 16 the roster of jobless numbered 1,778,805, or 382,000 more than at this time
last year. French industry is reported to be suffering from the spreading paralysis, and even in the
highly insulated German market a degree of nervousness prevails, owing mainly to the uncertainty of
commodity prices.
When trading was resumed on the London Stock
Exchange on Tuesday, after the long holiday suspension, gilt-edged securities reflected mild inquiry,
3708
while
Financial
international
American favorites
levels in New
issues
Anglo-
to conform with
York, but European securities receded
British industrial
sharply.
irregular.
were
marked up
were
stocks
dull
were
but
Chronicle
June ll, 1938
attitude in
defined
the
velt in
Chicago remains
does the lecture which
tried to read the
awkward incident, as
an
Hull
day again was inactive, with British funds and other
State,
gilt-edged issues firm.
Kellogg-Briand anti-war pact.
tions.
Industrial stocks
Commodity shares reflected mild liquidation,
while international securities of almost all
tions drifted downward.
accompanied by
tions.
the
idle
were
mostly fractional, in both direc¬
were
Trading
descrip¬
Thursday
on
was
general downward drift of quota¬
a
Gilt-edged issues lost their earlier gains of
week, and domestic industrials
Commodity shares
receded.
among the
good tone prevailed, mainly
of favorable overnight reports from New
because
York.
irregular, while
were
international issues
also
In
dull
a
trading yesterday, gilt-edged issues
steady, while small gains appeared in indus¬
were
trial stocks and international securiites.
The
long suspension
lowed
by
on
dictatorships
exercised
refrain
other nations.
have
isolationist
a
was
effect whatsoever is
any
their
bank, utility and industrial equities also receded,
showed
greater firm¬
owing to good week-end reports regarding the
trend at New York.
Wednesday,
marked
areas
The
and
equities
were
securities
movement.
Thursday
Only
on
a
little
likewise
slipped
sharply,
in French
nerv¬
lower.
firm, although other inter¬
joined the general
small
offerings
downward
were
reported
the French market, but they sufficed
to occasion fresh declines in the thin market.
fell
were
dipped by goodly fractions, while
other
mining shares
national
done
was
airplane bombings of French
Spanish border caused
Rentes
ousness.
bank
Gold
the
business
any
the Bourse, and prices again
on
lower.
near
Hardly
and large losses
Rentes
recorded
were
equities of almost all descriptions.
mining shares and
firm, in obvious reflection of
the currency.
also
Rentes
were
fears
renewed
in
easy
Modest
after the
ties
dealings
on
reported
were
Tuesday,
when
long holiday.
trading
was
ties
were
tain
on
popular favorites.
quiet and steady.
about
Wednesday, with losses in
setting the gains in others.
stocks showed best
weak.
There
was
Thursday, that
was
uncer¬
some groups
little business
so
many
issues
was
were
off¬
the
Secretary Hull delivered
"international
group.
recorded
Fixed-interest
a
dull
gram
fare.
a
"bitter illusion"
well.
as
After refer¬
prepared to
for humanizing the rules and practices of
While this
Secretary,
speech
was
being delivered by the
announcement
an
pro¬
war¬
was
made
in
Wash¬
ington by Under-Secretary of State Sumner Welles,
with
the
approval of President Roosevelt, protest¬
ing against the ruthless bombing of helpless civilians
in
China, and
localities
"contrary
manity."
Spain.
the
and
populations
to
The bombing of unfortified
resultant
described
were
There is
slaughter of civilian
reason
barbarous, and
as
principle
every
provoked by
was
of
a
vitation.
in which he
ness
an
of
as
hu¬
to believe this statement
London dispatches
Department declined the in¬
Secretary of State Francis B.
address in Washington, Monday,
inveighed against the "forces of lawless¬
abroad," and
peace cannot be
He
and
proposed investigation of airplane
Assistant
Sayre delivered
law
British invitation for American
a
indicate that the State
urged
stable
that
gained through
a
and
lasting
policy of isolation.
urged resolute preparations "to withstand the
aggressions of the lawless."
In Durham, N. C., Sec¬
retary of Commerce Daniel C. Roper suggested last
Saturday
world economic conference "in which
a
nations would cooperate
tion of the basic
raw
for the equitable distribu¬
materials of the world."
Intergovernmental Debts
PAYMENTS on intergovernmental debt account
United States
Wednesday
will be due the
from 13
next
foreign governments in the amount of $211,-
733,194 by
while
session
way
arrears
of ordinary annuities and interest,
of recent years
bring the total
payable to $1,891,661,670.
sum
It is already
due
appar¬
ent, however, that the actual sum likely to be re¬
yesterday.
ceived
American* Foreign
Policy
United States
been
late, and it is rather difficult
by the United States Treasury will approxi¬
mate
STATEMENTS regarding the foreign policy of the
have
exceedingly
of
dangerous,
Hull declared that the United States is
Small and unim¬
in
anarchy and savagery," and de¬
policy of isolation is
a
join with other nations in resuming The Hague
and
were
speech at Nashville,
a
quoted.
joined the general downward trend, the
contrasting with the quiet firmness that
changes
The
less than
no
ring to the brutalities of present-day warfare, Mr.
Boerse,
even
on
not
were
toward lower levels, with
usually prevails in that section.
portant
regis¬
were
results, while potash shares
trend, however,
securities
resumed
Chemical and electrical
lignite issues the only firm
movement
Berlin
Fixed-interest securi¬
The tone
a
made will have
than doubtful.
bombings in Spain and China.
A mild demand for securi¬
developed and gains to three points
tered in the
The
the
on
suggestion for
Tenn., late last week, in which he deplored the rise
cooperation in
yesterday, while other securities turned uncertain.
Boerse
of
pronounce¬
material distribu¬
now
more
were
quiet session
a
a
on raw
Gold
few international issues
a
to
affairs
confusing nature, tends to rob them all of
and harmful and
group
Americans
frequency of the pronouncements,
very
fol¬
little buy¬
fractionally, and most French
international
all
internal
days such
Whether the statements
tion.
Rentes
the
the
tendencies, to
of
but
Under-Secretary of
augmented by another series of
world economic conference
clared that
ness
of
of the
bombings of civilian populations, through jibes at
our
ing interest developed during the session, and clos¬
down
Cordell
declarations, ranging from protests against airplane
ing levels reflected only small losses for the day.
were
of
ago.
Secretary
as
observance
urge
In the last 10
been
month
counseled
criticism
from
ments
to
Welles
Sumner
a
prerogatives
recently,
more
State
his
weight.
the Paris Bourse
weak opening, Tuesday, but
a
The
Secretary of War Woodring
firm, while gold-mining issues and other commodity
stocks were well supported. The session on Wednes¬
and variations
declarations.
various
"quarantine" speech delivered by President Roose¬
numerous
to trace any
well-
$200,000.
upon
to continue her excellent record for meeting
this
financial
small
Finland doubtless
can
be depended
pledge, and the payment from that
country will supply the bulk of the sum to be
Volume
expected
Financial
146
by
the Treasury.
debt
readjustment which is
and
the
Hungary proposed
small
token
the
All
matter.
been in
payments
other
to
reason
no
preparations to
so-called
Estonia,
Latvia,
slavia.
their
are
have
number of years, and
they
making
are
The
Czechoslovakia,
Poland,
Bumania
and
Yugo¬
defaulting governments
owe
freely
international
obligation.
the
meet
made,
and
embodied
in
calling
while
agreements,
There is little evidence,
that the State
on
the other hand,
Department in Washington cares to
connection
exert itself in this
form-letter reminders
of
beyond sending the
payments about to
ALTHOUGH Austria
ternal
it appears
care
able to service her
was
governmental
loans in full,
save
for
that the
new
masters of the
area
do not
to continue the transfer of interest and amor¬
Several
payments.
Austrian
corporate
obligations previously had been permitted to go into
default,
so
tional
action.
The Bank for Interna¬
Settlements, as trustee for the Austrian Gov¬
ernment
on
that little real surprise is occasioned by
latest German
the
7% international loan of 1930, announced
Tuesday that a payment due June 1 had not been
and
received
that
emphatic protest had been
an
made to the German Government.
five of the
so
be
It appeared that
monthly payments had been transferred,
that five-sixths
available
Austrian
for
of the interest due July 1 will
distribution.
Several
additional
loans, of no direct interest to American
investors,- also
the service payments, and
lacked
British and French trustees
lodged protests.
In
an
attempt to arrive at some sensible adjustment of
<f
The Sudeten German mi-'
this matter
a
Wednesday,
British mission headed by Sir Fred¬
points made
Konrad
a
Henlein.
month ago by the Nazi
Last
Monday
vast
assemblage of Slovaks in Bratislava, the de¬
mand
The
here
also
being
for
substantial
on a new
covering minorities, and counseled patience
The German inte¬
gration of Austria with the Reich continued, but
presented
human
the
international political problem.
no
problem
The
emphasized, however, through
was
departure from Vienna of Dr. Sigmund Freud,
the father of
is far
more
psychoanalysis, whose Jewish ancestry
important to the Nazis than his brilliant
attainments.
German
The
denly was faced with
lem of its own,
Government itself
sud¬
awkward minorities prob¬
an
Tuesday, when the League of Poles
Germany protested against discrimination and ill
Spain's International War
MILITARY developmentsby indiscriminate over¬
in Spain were air¬
week
shadowed
prevailed that the
this
plane bombings of helpless civilians, of British and
other' neutral
vessels, and
even
of French territory.
Every aspect of these aircraft activities had its own
reactions.
The habit of
fied cities
and towns appears
dropping bombs
on
unforti¬
to be largely an in¬
surgent vice, but it is one of which the people in
territory
insurgent
ignorant.
carefully
kept
are
Foreign correspondents on the insurgent side inti¬
mated
plainly in recent weeks that the Franco lead¬
the
and
impression
Italian airmen
are
the practice,
pleased with
gained that German and
was
doing the bombing, regardless of
wishes expressed by General Francisco Franco.
any
In
well
too
none
are
ers
dispatch of last Sunday sent to the New York
a
"Times"
border, it
bombers
man
correspondent, from the French
by one
side of the
was
from
British
The
on
week, while Italian planes
bombs
dropped
Majorca
nations to
asserted flatly that Ger¬
dropped their lethal charges on Barce¬
lona and Granollers last
known
mission made little progress,
autonomy.
Prague authorities worked feverishly
Berlin, last week, but returned to London for new
impression
another
minorities problem was presented to the Czechs by a
Alicante.
The
on
memorandum requesting assurances
a
the various
on
leader,
erick Leith-Ross conferred with German leaders in
instructions.
for virtual
its demand
press
autonomy by presenting to Premier Milan Hodza,
ex-
discrepancies early in the last depression,
tization
nority continued to
treatment.
Austrian Loans
modest
regime have improved.
in
become due.
JTx
hardly be claimed, how¬
can
pending disclosure of the terms.
to have little bear¬
seems
loudly for the observance of international political
usual
It
War, but that
pledges
pledges.
being.
that the position and prospects of the Prague
ever,
statute
greatest of the defaulters calmly disregard
financial
formal
debtors
those of Great Britain,
their willingness to
Even the
country
for the time
existence to American participation in
very
on
war
that
Lithuania,
Some of these
the World
ing
that
payments at this time.
resume
Belgium,
Italy,
a
assume
defaulting governments
France,
by
pending disposition of
complete default for
there is
before Congress,
now
doubtless will be continued
a
3709
Chronicle
Monday, had invited
join in
a
Valencia
on
and
Government, it was made
a
number of other
protest against such murderous
but it is understood the
attacks
on
Meanwhile, it is
fairly well established that repatriation of external
obligations has been carried on by the Germans at
British
plea, the United States Government issued
negotiations will be continued.
default
a
possibility of the future, as to the remaining ex¬
ternal
late last week an
obligations of both Germany and Austria.
The
ron
INTERNATIONAL were not especiallythe Central
developments in perturbing
European
of
for
the
ments
were
lacking,
and the apprehensions of a
German Nazi invasion also
In contrast with
three weeks ago, troop move¬
appeared to be stilled,
terrain, convinced French authorities that
invasion
take.
the situation of two to
bombs
The need
climbing over the high Pyrenees, and the nature
of
country will be run off tomorrow.
French terri¬
railway leading to loyalist Spain.
the
the
elections in that small
problem of Spanish airplane bombings was
of nine airplanes appeared over
this
of the series of three local
emphatic general protest against
tory contiguous to the border and dropped
on
week, despite the imminence of another series
communal elections in Czechoslovakia.
The last
obvious reflection of the
complicated considerably on Sunday, when a squad¬
Central Europe
arena
In
activities of this nature.
price levels on a huge scale, and a better
practical solution than continued default is at least
civilians.
was
The raid
aircraft
guns
occasion and
intentional and not
was
repeated
chased
no
on
a
mere
mis¬
Monday, but anti¬
the airplanes back
damage was done.
on
that
Definite knowl¬
edge of the identity of the planes is lacking, but
rumors
of all sorts naturally
circulated.
Daladier visited the border area
Premier
early this week and
3710
Financial
ordered
heavy reinforcement of the French border
a
patrol, to prevent further incidents.
loyalist
ports
Gandia,
wrecked
was
multiplied
were
British-owned port
a
in
such
one
ships in loyalist ports
Thursday
on
fered
the British Government
ering
ish
exploit.
bombed
were
Feeling
thereafter,
a
Three
on
British
French ship suf-
said to be
French
was
any rea-
representations
no
far
so
have been made.
Fighting between the loyalists and insurgents
week, which
intensified.
Insurgent forces of General
remained
the
efforts
forge ahead in the
Teruel to the Mediterranean.
ported by the attackers,
small
when
Some
but they
with
compared
earlier months of the year,
of
activity
warfare,
other
and
difficulties
fighting
open
Moors
area
from
were re-
relatively
the large advance of
In the northern
There
were
this
rumors
insurgents and their
have
to
Seville.
in
reached
Fresh
the
The
stage of
contingents
arriving at Spanish ports
were
were
foreign aids and advisers..
said
are
Canton and in
over
about
hitting
raid alone 700 Chinese
one
were
The airplane bombings
continued day after day, despite protests by
were
ized mode of warfare.
Tuesday that they
on
Japanese spokesmen declared
entirely unmoved by the
were
representations, and intended to continue and
ment their campaign of air frightfulness.
of dead and injured at Canton alone
aug-
The toll
was
reported
near
of
Gibral-
tar, reports from that British fortress indicated.
Sino-Japanese War
to the number.
more
University
was
The Amer-
hit, and this
provoked stringent protestations from the United
States
Government, Thursday.
About the only
en-
couragement that could be gained from reports of
the Sino-Japanese war was in the indications
Chinese guerrilla activities
steadily, in the
that
being carried
were
on
nominally under the control
area
of the invaders.
which led to the insur-
week of dissension between the
Italian
concerned
killed and 1,300 wounded.
added thousands
the French border, little
near
reported.
was
Japanese
the
were
ican-endowed Lingnan
Franco
gains
were
gent boast that the war was over.
theater
Nor
was
offensive, however, and desperate
made to
were
en-
merely military objectives, for the bombs fell all
rea-
well be the
may
why insurgent airplane bombings hastily
on
were
by Thursday at 8,000, and the raids at Hankow
inconclusive this
son
to 50 airplanes
up
United States Government condemning this uncivil-
Brit-
on
Great Britain likewise
but
as
reported to be consid-
considering mediation in Spain, and the
endeavors,
ticularly frightful,
gaged in this particular brand of modern warfare,
the British Government and the statement by the
signified their readiness to support
sonable
June 11, 1938
high in England, and
ran
was
ships and property.
and
Tuesday, and
protest to Italy against the attacks
a
on
the Mediterranean,
on
British vessel and
a
similarly.
Air raids
Chronicle
Latin-American Peace
r^ALACE revolts and military uprisings
l
Latin America with
occur
perturbing frequency.
in
Of
jate? j10Wever, there have been indications that such
internal
peace
developments
not the only threats to
are
in the Americas,
as
between Bolivia and
far
g0
fjie
as
a
clouds loomed
war
severai international horizons.
on
The Cliaco conflict
Paraguay remains unresolved,
formal peace
treaty
Late in May
goes.
Governments of the United
States, Argentina,
Brazil, Chile, Peru and Uruguay joined in sending
CHINESE armies retreated steadily in central messages to the two countries urging a definitive
advancing Japanese detachments before the
settlement of the border dispute. Suitably amicable
China, this week, and the gloom occasioned by such
rejoinders
incidents
of Bolivia and Felix Paiva of Uruguay, late last
was
by
augmented
Japanese
airplane
were
made by Presidents German Busch
bombings of the densely populated centers of Canton
week, but there is still
and
that might easily bring the two nations to
Hankow.
military
clared
There
occurrences
which
war
China for almost
born defense of
are
cleanly
important
some
still undisclosed in the unde-
Japan has been waging against
a
After the long and stub-
year.
Suchow, and the victory at Taierhch-
wang, most observers expected the
another stand eastward of
Chinese to make
Chengchow,
so
that
com-
munications
between
kept
But the defenders actually appeared
open.
China
willing, this week, to give
and
up
Russia
might be
Chengchow without
a
struggle, despite the importance of that junction
point on the Lunghai and Peiping-Hankow railways,
It
admitted
was
in
Hankow, Thursday, that the
next stand of the defenders would be westward and
southward of
Chengchow, and the "scorched earth"
policy already
tion
city.
said to be devastating the junc-
was
This
means
abandonment of the natural
barrier of the Yellow River—an action that
more
explanation than
been
a
their
few hints
old
habit
which may
now
is at hand.
of Chinese
of
fleeing
are
the
battlefront,
morale of the
troops,
Shanghai reports that the
ing Chinese in that city
further resistance
There have
generals reverting to
from
have affected the
Also indicative
requires
are
lead-
beginning to feel that
against the Japanese is useless.
The indiscriminate
civilians
by
airplane bombings of helpless
Japanese craft shocked the entire
world in recent weeks.
Raids
on
Canton
were
par-
a
danger of border incidents
arms
A Buenos Aires dispatch of last- Saturday
again.
to the New York "Times" reflected the despair of
the international commission charged with media-
tion of the
Both countries
war.
are
said to be ready
to go to war again, rather than cede any part of
the dreary Chaco waste.
"The Paraguayans main-
tain that Bolivia started the Chaco
Paraguay
won
it,
and, therefore,
war
and that
that Paraguay
should not be forced to surrender any territory she
won
by force of arms," the report said.
livians maintain that Paraguay started the
won
had
armistice at
ment.
negotiated
Therefore,
an
and
a
critical
mo-
they refuse to recognize Para-
guay's occupation of the Chaco
tinuous efforts
war,
it if civilian politicians
that Bolivia would have
not
"The Bo-
as
definite."
by the six mediating neutrals
Conover
the last three years have not sufficed to break the
deadlock.
Over the last week-end the possibility loomed of
warfare
between
connection with
a
Peru
and
in the disputed jungle area
an
Ecuador, likewise in
border dispute.
A clash occurred
late last week in which
Ecuadorean soldier was killed, and the military
Cabinet
of
Ecuador
promptly
resigned
on
the
ground that the place of the Ministers was in the
army.
A vigorous protest was dispatched to Lima,
Each country claimed ownership this week of the
Volume
in which the clash
area
the other of
Although efforts
keep the populace calm, huge demon¬
strations
were
rapidly.
The
staged and the
tension
fever mounted
war
subsided this week,
slowly
however, and State Department officials in Wash¬
ington expressed the hope that
be found.
would
The border
and Ecuador has
Bank of England
occurred, and each accused
fomenting the strife.
made to
were
3711
Financial Chronicle
14fi
been in
amicable solution
an
dispute between Peru
for several cen¬
progress
Statement
THE Bank'sexpansion ofthe week endednote cir¬
return for £5,801,000 in June 8
shows
an
culation
bringing the total to £490,721,000 as com¬
pared with £476,541,474
month ago currency
a
Less than
ago.
year
outstanding
a
less than in the
was
corresponding period of 1937, after there had oc¬
curred two successive
weekly declines in the amount
circulating, attributable mainly to the French de-
turies, and currently is subject to mediation by an
hoarding movement then taking place.
Since then
international commission.
however
upward
Discount Rates of
compared with
Foreign Central Banks
the
rates of any
Present
rates
the
at
leading centers
shown in the table which follows:
Rate in
Effect
Date
Rate
Argentina..
Pre¬
Rate in
vious
Established
Effect
Date
vious
June 10
Country
Established
Rate.
3X
Mar.
1 1936
Hungary...
4
Aug. 281935
4X
Batavia
4
July
1 1935
I'x
India
3
Nov. 29 1935
3X
Belgium
3
May 30 1938
4
Ireland....
3
June 30 1932
Bulgaria
6
Aug. 15 1935
7
Italy
4X
May
18 1936
Canada
2X
Mar. 11 1935
Lm,
Japan
3.29
Apr.
6 1936
4
Jan.
24 1935
4X
Java...
3
4
July
18 1933
5
Jugoslavia
Chile
Colombia.
3
_
.
Jan.
2 1937
4
Danzig
Denmark
Jan.
4
vakia
Oct.
19 1936
1 1936
3x
Jan.
5
4
1 1935
July
6X
3X
3.65
14 1937
Feb.
5X
Morrocco.
Czechoslo¬
5
Lithuania..
.
1 1936
May 28 1935
.
.
slightly
decrease
6X
in
782,000.
other
/
Pre¬
June 10
Country
are
which
gold holdings
reserves
last week and
29.4%.
The latter
30.5% two weeks
other securities decreased
last
ago;
5 1938
5
discounts
£805,822; other securities
and
which
advances
off
fell
4
171937
of
consist
it was
year
£1,745,000 while
rose
6
4X
The
£37,474.
23% from 25.9%
dropped to
Government securities
con¬
£8,307,379 and
rose
decreased
which
proportion
£5,-
to
£13,135,000 and
Public deposits fell off
accounts
and the
amounted
therefore
deposits increased £8,269,905.
other
£18,704
rose
circulation rise
offset the
sists of bankers accounts which
reserve
as
net loss in the same period of 1937.
a
In the week ended June 8
THEREdiscount no changes during the week in
have been
of the foreign central
banks.
moved steadily
has
circulation
5
Norway
3X
Jan.
3X
Poland....
4X
Dec.
4
Aug. 111937
£996,651 and securities which increased
The
2
June 30 1932
2X
Portugal...
Estonia....
5
Sept. 25 1934
5X
Rumania
4X
Dec.
7 1934
6
Finland
4
Dec.
4 1934
4X
South Africa
3X
May
15 1933
2X
May 12 1938
3
Spain
5
July
10 1935
5X
show the
4
France
£190,829.
England
..
4X
Germany..
4
Sept. 30 1932
5
Sweden....
2X
Dec.
1 1933
3
Greece
6
Jan.
4 1937
7
Switzerland
IX
Nov. 25 1936
2
Holland
2
Dec.
2 1936
Bank rate
remains
2%.
Below
we
different items for several years:
2X
June
June 8,
June 13,
June 12,
1935
June 10,
9,
1936
1937
1938
Foreign Money Rates
COMPARATIVE STATEMENT
BANK OF ENGLAND'S
1934
490,721,000 476,541,474 433,003,579 398,762,000 378,572,009
7,788,000 21,019,123
Public deposits
10,687,162 14,480,741
11,732,000
Other deposits146,534,861 144,204,638 123,563,740 137,681,596 132,870,008
97,004,895
Bankers' accounts. 111,110,291 107,428,668 85,600,140 101,739,945
Other accounts...
35,424,570 36,775,970 37,063,600 35,941,661 35,865,113
Circulation
IN bills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
as
were
on
Friday of last week, and %% for three-months bills,
97,768,310 92,347,044 81,445,318
20,737,018 16,334,308 16,768,180
5,741,934
5,871,578
6,165,920
10,462,730 11,026,246
14,571,098
Securities
21,074,031
Reserve notes & coin
36,396,959 54,657,000 73,558,292
36,544,000 45,612,671
Coin and bullion
327,266.190 322,154,145 209,400,538 193,418,576 192,130,301
111,421,164 101,203,013
28,104,449 25,906,727
Govt, securities
Other securities
1
as
against %%
call at
open
7,937,500
20,166,949
on
on
London
Friday of last week.
Friday
H%-
was
Money
on
At Paris the
market rate remains at 23^% and in Switzer¬
4,832,696
23.0%
29.40%
26.50%
37.57%
47.79%
2%
Disct. & advances.
2%
2%
2%
2%
Proportion of reserve
to liabilities
Bank rate
land at
1%.
Bank of
Bank of France Statement
Germany Statement
statement for in week ended June 2 2,154,THE statement for the first quarter of June showed THElarge increase the note circulation of showed
of 123,000,000
a
a
contraction in note circulation
which
marks,
brought the total
Circulation
000,000 marks.
a
down to 6,145,-
year
stood at
ago
4,725,977,000 marks and the year before at 4,176,-
Reserves
marks.
467,000
in
foreign
currency,
investments, other assets and other daily maturing
obligations recorded increases, namely 179,000 marks,
marks,
106,000
68,852,000 marks and 89,594,000
marks
respectively.
showed
no
gold holdings
change, the total remaining at 70,773,000
The
Bank's
marks, compared with 68,777,000 marks last year
and 70,162,000
marks the previous
A decrease
year.
appeared in bills of exchange and checks of 73,125,000
marks, in silver and other coin of 19,229,000 marks,
in advances of
ties of
at
1.24%;
ago
2,491,000 marks and in other liabili¬
1,670,000 marks.
a year
ago
The
reserve
ratio stands
it was 1.57% and two years
A comparison of the different
it was 1.80%.
items for three years
REICHSBANK'S
is furnished below:
000,000 francs, which brought the total up to an
all-time
a
year
aggregated 86,976,119,130 francs and the
before
French
84,962,305,175 francs.
mercial bills discounted
registered
a
bills bought abroad of
000,000 francs,
The Bank's
com¬
loss of 1,915,-
francs and creditor current accounts of
francs.
Circulation
high of 101,077,380,330 francs.
year ago
14,000,000
3,427,000,000
gold holdings again showed a
slight increase, the total of which is now 55,807,924,902 francs, compared with 57,359,030,180 francs
last
year.
in
year
and
55,521,431,041
francs the previous
An increase of 104,000,000 francs was shown
advances
against securities,
while-the items of
advances to
credit balances abroad and temporary
State remained
to
unchanged.
The
reserve
47.13%, compared with 55.56%
59.68% two
years
ferent items with
BANK OF
ago.
Below
we
ratio rose
a year ago
and
furnish the dif¬
comparisons for previous years:
FRANCE'S COMPARATIVE
STATEMENT
COMPARATIVE STATEMENT
Changes
Changes
Reichsmarks
Assets—
Gold and bullion
Of which depos. abr'd
Silver and other coin
Advances
Investments
Other assets
Reichsmarks
June 7,1937
Reichsmarks
Juried, 1936
Reichsmarks
No change
70,773,000
68,777,000
70,162,000
Gold goldlngs
Credit bals. abroad,
No change
20,333,000
19,359,000
a
5,553,000
5,528,000
23,572,000
5,349,000
+ 179.000
Res've in for'n currency
Bills of exch. & checks.
June 7, 1938
—73,125,000 5,776,731,000 4,796,934,000 4,329,758,000
179,194,000
171,943,000
153,323,000
—19,229,000
40,695,000
44,457,000
54,299,000
—2,491,000
414,234,000
530,048,000
844,351,000
+ 106,000
736,977,000
526,402,000
+ 68,852,000 1,269,577,000
Liabilities—
Notes in circulation
Oth. daily matur. obllg.
Other liabilities
—123,000,000 6,145,000,000 4,725,977,000 4,176,407,000
678,222,000
693.154,000
+89,594,000 1,110,387,000
195,163,000
184,997,000
244,678.000
—1,670,000
Propor'n of gold & for'n
curr. to note
for Week
circul'n.
1.24%
1.57%
1-80%
June 3, 1937
Francs
1936
Francs
+ 109,310 55,807,924,902 57,359,030,180 55,521,431.041
No change
bills discounted., —1,915,000,000
b Bills bought abr'd
Adv. against secure.
Note circulation
20,476,035
Temp. advs. with¬
out int. to State..
Propor'n of gold on
hand to sight liab.
illblUUCD
Uliin
7,222,517.776
778,218,868
—14,000,000
3,558,002,407
+ 104,000,000
+2,154,000,000 101077380,330
Credit current accts. —3,427,000,000
c
June 5,
Francs
12,106,447
591,145,510
French commercial
»
0.03%
June 2, 1938
Francs
for Week
No change
+0.51%
gUi 1/llODCU JUL*
resenting drafts on Treasury on
17,346,586,399
7,492,783,348 19,535,466,769
1,041,134,830 1,283,958,674
3,989,893,816 3,527,094,492
86.971,119,130 84,962,305,175
16,266,698,287 8,065,017,686
40,133,974,773 19,979,738,771
47.13%
55.56%
X X
10-biliion franc credit opened at
Bank.
59.68%
3712
Financial
Chronicle
Since the statement of June 29, 1937, gold valuation has been at rate of 43 mg.
Jam tl, i
Course of Sterling
gold. 0.9 fine, per franc; previous to that time and subsequent to Sept. 26. 1936,
gold valuation was 49 mg. per franc, prior to Sept. 26, 1936. there were 65.6 mg.
Exchange
of gold to the franc.
New York Money
STERLING exchange presents no new features from
Quotations have been ruling
those of last week.
Market
close to the
A MODEST flash of activity
York money
market this week, as.loans to brok¬
expanded in connection
dealers
and
ers
occurred in the New
with the
United States Treasury,
exchange offering by the
applicable to* $1,214,000,000 notes due June 15 and
The expansion is sure to be temporary,
distribution by dealers of Treasury securities
Sept. 15.
since
taken in exchange for their note
holdings will be fol¬
drop in brokers loans.
lowed by a
All requirements
easily were met, without so much as a market quiver.
The reservoir of idle funds continued to fill ever
Apart from its exchange offering, the
Treasury sold last Monday $100,000,000 discount
bills due in 91 days, and awards were at 0.040%
higher.
computed
average,
on an
annual bank discount basis.
Bankers bill and commercial paper
dealings remained
dull, with rates unchanged.
York
Call loans on the New
Stock Exchange held to 1% for all transactions,
while
maturities
remained
loans
time
to
90
offer
on
at
1)4% for
days, and 1)4% for four to six
kept within
in most of the
for
$4.96 3-16
ruling quotation all through the week for both new
continues
quiet,
no
transactions having been reported
Rates continued nominal at
this week.
90
The market for time money
and renewals.
loans
1)4%
up
to
days and 1)4% for four to six months maturities.
The demand for
prime commercial paper has been
good throughout thejweek but transactions have been
light
high class
as
is still scarce.
paper
Rates
week.
The range for
between
an
week
sterling
as
on
commercial and
against the dollar,
parts of the world into London, exchange
operations have apparently been for the most part
directed toward preventing a higher dollar.
trade observers
the other side assert that
on
Foreign
European
capital is moving in the direction of New York.
seems
operations
to have
European countries
as
safety rather
derived
been
individual
as
shifting
are
as
as re¬
ported by the Federal Reserve Bank of New York
much of
than income.
This movement
was
intensified after the German invasion of Austria and
has been further stimulated
Czechoslovakia.
seems
in
While
by the threats against
the
for
time
there
being
to be less fear of immediate outbreak of war
Europe, private wealth seeks safety by the trans¬
fer of funds
here, despite the fact that there
indications of business improvement on
are no
this side.
Undoubtedly the British trade balance with respect
in
tourist
the United States
conclusion that
were
there
a
It is
a
fore¬
return of confidence
here, Continental European
capital which has started to
United States would
come
in
to the
move
increasing volume.
The flow of funds to this side in the past
for bills up to
funds to
outweighs all considerations which
might strengthen sterling at this time.
and British
The
sterling.
requirements partly offsets this
in the business situation
Dealers' rates
arbi¬
from
of capital in
owners
possible to the United States, seeking
the
There
A
great deal of the gold taken in London in the last
gone
Japanese activity there is little buying.
of be¬
a range
ago.
considerable movement of funds
a
high-class bills have been coming out and aside from
change in rates.
a
While all seasonal factors both
from all
a
last
cable transfers has been between
tourist account favor
and while there is
with
$4.95 5-16
adverse factor, but the transfer of private
THE market for prime bankers'low point. Few
acceptances has
continued
extremely
no
and
to the United States is unfavorable to
Bankers' Acceptances
for
range
compared
sight,
$4.94 1-16
$4.94)4 and $4.94)4
tween
increase
has been
The
$4.94)4 and $4.96)4, compared with
are
quoted at 24%@1% for all maturities.
at
bankers'
of
many
was
market in London
was no
European centers.
range
their funds
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
opera¬
On Mon¬
sterling this week has been between $4.94 7-16 and
trage
New York Money Rates
the whole have been
exchange equalization funds.
day, Whitmonday, there
or
on
limits, doubtless due to the
narrow
tions of the
few weeks
months dafcings.
levels and
same
few weeks
and including 90 days are 34% bid and
7-16% asked; for bills running for four months,
9-16% bid and 34% asked; for five and six months,
has been accentuated
%% bid and 9-16% asked.
Belgium, the political uncertainties in France, and
The bill-buying rate of
the New York Reserve Bank is
from
1
to
90
days.
34% for bills running
The Federal Reserve Bank's
holdings of acceptances increased from $534,000 to
$536,000.
continuing
the
'HERE have been
changes this week in the
no
rediscount rates of the Federal Reserve banks.
The
for
following is the schedule of
the
various
classes
of
rates
paper
at
now
in effect
the
different
Reserve banks:
unsatisfactory
show that it is
Economic
longer
no
on
June lo
Date
Established
Previous
Rase
Boston..
IX
Sept. .2, 1937
New York.
1
Aug. 27, 1937
ix
Philadelphia......
Cleveland.....
IX
IX
IX
IX
IX
IX
IX
IX
ix
IX
Sept. 4, 1937
May 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2,1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31,1937
Sept. 3, 1937
developments there
is in
an
actual depres¬
an
increase of 31,041
compared with April 14 and of 382,000 as compared
with
May 24, 1937.
Political
anxiety is the
dominating influence in
capital movements and is only partly reflected in the
upswing in gold
States.
Rate in
in
question of temporary
May 16 amounted to 1,778,805,
as
situation
Registered unemployment in Great Britain oil
recent
Effect
a
recession but that the country
Central banks
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Federal Reserve Rank
economic
mounting evidence of deepening business reces¬
sion in Great Britain.
sion. '•
Discount Rates of the Federal Reserve Banks
by special factors, such as the
shipments to the United
also shifting part of their
are
gold to this side,
as
transfers of British
gold to Canada, recent gold ship¬
is
seen
by the heavy secret
2
Richmond..............
Atlanta.........
Chicago
St. Louis.,
..........
;
Minneapolis..4.........
Kansas City
Dallas... .....4........
San Francisco
.......
2
2
2
2
ments from Sweden to New
week,
York, and also,
as
last
$571,000 of gold from
Holland, the first transfer of gold from The Nether¬
by
a
shipment of
2
2
lands since last
2
2
the
2
2
case
August.
The exchange position of
In the
guilder did not require gold transfers.
of the
gold shipped from Belgium, the unsatis-
Volume
Financial
146
factory position of belga exchange
This week 68
from
cases
Sweden, with
was
received of which
the third of
was
a
Sweden.
by the Bank of
series
It is
reserve
in the United States pre¬
paratory to an extension of the tripartite currency
Dr. L. J. A. Trip, President of the
pact to Sweden.
of
Bank
The
Netherlands,
annual report
his
in
He also
undermining private business.
as
ex¬
lack of confidence in the tripartite currency
agreement.
Although creating some currency sta¬
pressed
a
bility, he pointed out, the agreement is no guaranty
of lasting
Dr.
In support of this assertion,
stabilization.
Trip pointed to the recent franc developments.
reason he condemned the dual nature of the
the metal
$2,714,000
On Friday there
exports of the metal
for
the
which
acknowledgment of the large interest
an
signatory members have in permanent
stabilization, while
the other hand it insists on
on
freedom to sacrifice that
stability to domestic econo¬
foreign account.
$167,000 of gold
It
Canadian
Montreal funds
between
discount
1
a
of
The
rate
Paris, the
jointly
The British
showing the greatest apathy
The fact is symptomatic
stagnation will continue and that
public
are
Monday,
178.20
June 6
Tuesday, June 7
178.33
140s. 8d.
PRICE PAID
140s. 7d.
_______
FOR GOLD
BY THE
RESERVE
Monday,
$35.00
Referring to
fers
sight
8
$35.00
Thursday,
Friday,
9
35.00
steady
was
June
June 10..
On
and
most
of
In
New
York
Monday,
the
sterling
Bankers'
on
July 1, 1935 as 100, stood on June 2
earlier, with
89.9
the
on
May 2, with 114.6 a year ago, and 85.9 at
The high record
beginning of this year.
124.9
on
Nov. 18, 1936
and the low 79.4
on
was
March 16
last.
Credit continues abnormally easy in
Great Britain.
policy remains unchanged and
being constantly directed toward the maintenance
of
an
easy
and abundant flow of credit.
are
Call
money
Two-months bills
9-16%, while three-, four,- and six-months bills
%%. Gold on offer in the London market is as
against bills is unchanged at
are
%%.
usual taken for unknown destination, but it is known
that much of the metal was
there
was
available
£253,000.
on
arbitrage
ac¬
On Saturday last
sight
firmer
was
bankers'
The
and
sight
On
although
there
On Tuesday ster¬
$4.95 3-16@$4.95%
evidences
were
for
the week ended June 8, as
Reserve Bank of New
GOLD MOVEMENT AT NEW
reported by the Federal
York,
was as
follows:
YORK, JUNE 2-JUNE 8, INCLUSIVE
Exports
Import8
$8,639,000 from England
991,000 from India
None
Net Changs in
Gold Earmarked for Foreign Account
Decrease:
San
Francisco,
1111,000 from Australia.
$1,125,000
approximately $5,983,000 of gold was
of which $5,872,000 came from Japan and
Note—We have been notified that
at
cable
of
were
cable
movement
a
The
bankers'
although
The
transfers.
range
range
sight
and
On Friday
the
dollar
was
$4.95 7-16@
was
sight and $4.95%@$4.96%
Closing quotations
Friday
on
$4.96 1-16 for demand and $4.96% for cable
Commercial
transfers.
$4.96 1-16;
sight
bills
finished
.
at
60-day bills at $4.99%; 90-day bills at
$4.94%; documents for payment (60 days) at $4.95%;
and
seven-day grain bills at $4.95%.
Cotton and
grain for payment closed at $4.96 1-16.
Continental and Other Foreign
Exchange
FRENCH francs are ruling exceptionally steady
with respect to both sterling and the dollar.
On the whole the rate is favorable to
somewhat less
so
that last week.
Socialist Party congress
to
3,166 favored
the
Cabinet
overthrow
during the
$9,630,000 total
firmer
was
abroad.
$4.96 3-16 for bankers'
for
was no
Thursday £250,000, and on Friday £1,141,000.J
At the Port of New York the gold movement for
eceived
pound
favored
for
Thursday sterling continued steady
$4.94%@$4.95 3-16
the
was
$4.95 1-16@$4.95 11-16 for
foreign funds to the United States.
was
trading.
active
more
On Wednesday sterling
range was
transfers.
in
$4.94 9-16@$4.95; cable transfers
$4.94%@$4.95 1-16.
On Monday, Whit-
market. On Tuesday there
£515,000, on Wednesday £227,000, on
monday, there
available
taken
York.
count for transfer to New
was
slightly
$4.94 15-16@$4.95% for cable transfers.
The official monetary
is
was
steady.
of
at
7-16@$4.94% for bankers' sight and $4.94%
have
80.04, compared with 83.1 a week
were
quoted
was
@$4.94 13-16 for cable transfers.
at
Whitmonday,
European markets
ling
stocks, based
35.00
limited trading.
in
traffic, falling bank clearings,
positive indications is the declining trade volume.
industrial
(FEDERAL
Wednesday, June
equities to gilt edged securities.
The "London Financial News" index of 30
STATES
$4.94 11-16@$4.94%; cable trans¬
was
$4.94%@$4.95.
$4.94
UNITED
BANK)
day-to-day rates sterling exchange
Saturday last
on
closed.
the
178.29
Wednesday, June 8... 140s. 5Kd.
Thursday,
June 9... 140s. 6Md.
Friday,
June 10... 140s. 7d.
Holiday
Tuesday, June 7.
of the view that
Declining railway
and reduced exports
severely depressed commodity prices. Among
178.30
.178.40
LONDON OPEN MARKET GOLD PRICE
Saturday, June 4
Monday, June 6
London
steady drift of investment funds has set in from
London check
mean
Wednesday, June 8
Thursday,
June
9
Friday,
June 10
Holiday
toward the security market.
a
of
MEAN LONDON CHECK RATE ON PARIS
Bankers'
individually.
or
discount
a
market gold price, and the
open
35.00
either
and
following tables show the
on
35.00
freedom to alter these prices
easier
price paid for gold by the United States:
buying and selling price of gold by all leading coun¬
,
1%%
June 6
any
an
during the week ranged
3-32%.
Tuesday, June 7
without
Friday that
on
exchange has been displaying
undertone.
Saturday, June 4
tries,
imports or
no
Hong-Kong.
by the acceptance and maintenance of a fixed
look
were
reported
was
of improvement in the currency out¬
the necessity
exports of
no
received at San Francisco from
was
Dr. Trip urged
mic, financial, and social policies.
from England and
were
change in gold held earmarked
or
Saturday, June 4
stitutes
came
There
change in gold held earmarked for for¬
or
eign account.
For this
tripartite agreement, which on the one hand con¬
for the week ended on
are
On Thursday $3,279,000 of gold was
$565,000 from Holland.
sharply attacked the growing interference of govern¬
ment
figures
estimated value of approxi¬
This
gold
a
above
Wednesday.
believed that the Swedish monetary authorities are
accumulating
The
responsible.
gold bars reached New York
an
mately $3,800,000.
of, consignments
of
3713
Chronicle
ends within
the
now
of 4,872
government in France
Parliamentary session,
few weeks.
of the franc have been
has
a vote
practically all danger of the
Daladier
present
a
this week by
motion of continued support to
a
removes
of
Paris, though
The fact that the
,
which
Resources for the defense
reconstituted, the Treasury
ample working funds, and tax collections
beginning to flow in.
There
seems to
be
are
no
Financial
3714
probability of another financial crisis such as might
imperil the Government during the summer.
It is
believed that there will be no further need for appeals
the
to
capital market until September, when 15,-
000,000,000
francs
20,000,000,000
to
borrowed to finance armaments and cover
deficits.
gress
vote against the Government may
indicate that the
cause
the
railway
Socialist Party
The heavy minority
be
must
con-
be taken to
extreme left wing forces may
more
Daladier serious difficulty at the end of
M.
confidence in
Bourse circles in Paris show lack of
the outlook for financial rehabilitation.
heaviness
Day-to-day
the Bourse are marked by extreme
and there is no apparent enhancement of
on
confidence in the
considered
J^e u, ms
and Sweden have enjoyed a number of years of
prosperous business conditions.
Business in Denmark, although far from depressed, does not approach
flourishing position of the two neighboring
As noted above, the recent heavy shipments of gold from Sweden to New York are due to
Swedish plans for close cooperation with the tripthe
countries.
partite counties.
The Holand guilder is inclined to firmness and
advanced sharply in Wednesday's trading, when
Confidence in
guilder cable transfers went to 55.33.
summer.
operations
Chronicle
general business prospect.
by the public as well
It is
by financial
as
the
guilder is indicated by the fact that future
guilders
at
are
30-day guilders at 2
premium,
a
points and 90-day guilders at 5 points. Dr. L. J. A.
Trip, President of the Bank of The Netherlands, in
his recent annual report stated that he does not
pect
crisis, but rather
any
ex-
increase in demand for
an
experts that the decree laws thus far enacted by the
commodities and increasing capital investment for
Daladier Cabinet have not
the
brought about
radical
as
hoped for in the policies pursued by
previous cabinets.
French foreign trade continues
a
change
as was
the
For
unfavorable.
months
five
first
of
1938
imports amounted to 19,462,000,000 francs and
imports
Belgas have shown marked improvement in the
last
few
Belga
weeks, especially in the current market,
cable
this
ranged
transfer
week
ally in the United States.
Bankers' sight
Amsterdam finished
on
between
16.90%and 16.96%. Par of the belga is 16.95. Future
Swiss francs
closed at 22.85 for checks and at 22.85 for cable
sight bills at 55.30, against 55.17.
transfers, against 22.79 and 22.79. Copenhagen
checks finished at 22.15% and cable transfers at
belgas, while showing corresponding improvement,
22.15%, against 22.10 and 22.10.
indicate the existence of much doubt
closed
course
of the currency.
May 10,
were
May 10
on
were
at a discount of
points under the basic cable rate, are currently
34
at
on
discount of 10 points, while 90-
a
day belgas, which
120
Thirty-day belgas, which
at a discount of 100 points below spot,
currently at
are
to the future
as
points discount.
shown in the
Whatever improvement is
belga is due practically altogether to
heavy shipments of gold to both London and New
York in support
of the
currency.
The following table shows the
relation of the lead-
ing European currencies to the United States dollar:
New Dollar
Old Dollar
.
_
P<M?L
'
„
b c France (franc)....—3.92
Belgium (belga)..—
13.90
SwUzertadlrVanVjllV;::::;
Wee"
„
New York
against 25.52 and 25.52; while checks
Norway
on
finished at 24.94 and cable transfers at 24.94, against
24.87 and 24.87.
1
EXCHANGE on the South American countries
presents no new features. The exchange situa-
tion 9uite generally favors the South American units,
^ast week the Government of Brazil announced that
c°tton exports to Germany under the special
foreign exchange system would be suspended. The
suspension of the exports results from unsatisfactory
German-Brazilian trade
countries.
two
been
has
22.7?K to 22.85**
exports of Brazilian cotton to Germany were paid for
55.19
by importation of German goods through the medium
to 55.38
the European currencies
between Sept. 30 and Oct. 3,1936.
b Franc cut from gold and allowed to "float" on June 30, 1937.
cOn May 5, 1938, the franc was devalued on a de facto basis of 179
francs to the pound, or 2.79 cents a franc.
on
on
Sweden
3^7
19.30
178.40, against 178.28
on
2.77J3 to 2,78H
16.90^ to 16.96&
6.63
_
The London check rate
Checks
25.58% and cable transfers at 25.58%,
16.95
.
Holland (guilder).
40.20
68.06
a New dollar parity as before devaluation of
at
at
working of the trade clearing agreement between the
Range
a
Friday
on
at 55.33, against 55.20 on Friday of last week; cable
transfers at 55.38, against 55.22; and commercial
exports of 7,772,000,000 francs.
over
This view was not confined to domestic
affairs, but embraced conditions everywhere, especi-
ex-
ports to 11,690,000,000 francs, making an excess of
and improvement of production
maintenance
equipment.
Paris closed
on
Friday
Friday of last week.
In
.
,
.
i
carried out
:
n
.
.
.
.
V
,
,
somewhat
.
on
,
a
,
,
.
barter basis,
°
.
.
.
,
whereby
„
,
.
of the aski mark, which has been quoted freely m
p:n
this
Q
r|:cn™.ri+
r\f nU,f
Qfl07
'
TV»a
oimnnnomn
^
a discount Ol about oU /q.
Ins suspension 01
agreement will prove of value to American
exporters of goods to Brazil,
Argentine
paper pesos
closed
on
Friday at 33.07
the French center finished at
for bankers' sight bills, against 32.98 on Friday of
2.78against 2.77%; cable transfers at 2.78%,
last week; cable transfers at 33.07, against 32.98.
sight bills
against 2,77%.
for bankers'
on
Antwerp belgas closed at 16.96%
sight bills and at 16.96% for cable trans-
fers, against 16.96% and 16.96%.
for Berlin marks
were
Final quotations
40.22 for bankers'
sight bills
The unofficial
or
free market close rwas 25.95@26.10,
against 25.95@26.05.
Brazilian milreis
at 5.90 (official), against 5.90.
quoted
at
5.19
(official),
are
quoted
Chilean exchange is
against
5.19.
Peru is
and 40.23% for cable transfers, in comparison with
40.15 and 40.16.
Italian lire closed at 5.26% for
nominally quoted at 23.00 against 23.00.
bankers' sight bills and at 5.26% for cable transfers,
EXCHANGE on the Far Eastern countries shows
V 1111x6(1 trends> generally pointing to extreme
ease- Japanese yen are held steady by the Japanese
contro1 at the rate of Is. 2d. per yen. It is officially
asserted that this rate will be maintained, but there
seems to 1)6 a widespread belief in international bank-
against 5.26% and 5.26%.
Exchange
Slovakia closed at 3.47%, against
rest
at
0.74%, against 0.74;
against 18.87; and
on
on
on
3.47%;
on
CzechoBucha-
Poland at 18.87,
Finland at 2.19%, against 2.19.
Greek exchange closed at 0.91, against 0.90%.
;
c
XCHANGE
units
war
on
:
—#j
the countries neutral
shows mixed trends.
move
in close
The
during the
Scandinavian
sympathy with sterling.
Norway
—•—
ing circles that Japan will reduce this parity at
distant date.
a
not
*
Recently the Indian Government issued
munique to the effect that there would be
no
a
corn-
devalua-
Volume
Financial
146
tion of the Indian rupee.
the Indian
Meantime the'president'of
Congress has urged chambers of commerce
and business interests to cooperate in the
campaign to lower the
value of the
par
Is. 6d. in
legally established at
was
The devaluationists would
March, 1927.
lower this
now
a
The
exchange rate.
rupee
rupee
conduct of
parity to Is. 4d.,
a
reduction of about
11%.
A combination of developments has aided the
Indian
agitation for
rate at which
India
a
lower
One is the slower
rupee.
shipments of private gold hoards from
The others affect Indian
being made.
are now
that entertained such
bear
really wants
British
ing
terial
markets.
export
bring about
a
and sharp competition in Indian
war,
These factors
situation in which
during the past
the Indian export
from
771,300,000
A recent
of the
sharp rise in imports
has been accompanied by
year
decline in exports.
a
In the fiscal
balance fell to 157,500,000
rupees
a
ended in March
year
the previous
rupees
It is possible, on the other hand, that a
report is allowed to
of
Wagner Act
The
1927
Trades
Baldwin
of
result
anything
strike-
of
1926,
labor
general
general,
employers and the pub¬
put labor under legal obligations such as hitherto
cents,
a new
record low.
on
checks yesterday
yen
were
Friday of last week. Hongkong
calculated to
49.80;
Singapore
57.65,
at
57%
against
or
aim of
lockout becomes illegal
of
bullion
par
exchange) in the principal European banks
trade
a
Any person who declares, instigates,
engaged.
are
respective dates of most recent statements, reported
or
lockout is made
to
a
as
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
four years:
1938
1937
1936
1935
1934
£
£
£
£
£
293,725,922
Germany b.
Spain
Italy
2,522,000
c87,323,000
a25,232,000
Netherlands
123,398,000
Nat. Belg'm
322,154,145
347,630,457
2,470,900
Norway
89,105,000
42,575,000
90,781,000
56,984,000
102,772,000
51,771,000
97,933,000
49,103,000
6,554,000
6,602,000
29,082,000
6,540,000
7,442,000
193,418,576
505,801,461
3,055,550
6,549,000
74,332,000
Sweden
209,400,538
444,171,448
2,430,100
87,323,000
25,232,000
94,171,000
102,600,000
83,594,000
25,735,000
76,929,000
Switzerland
Denmark..
incites others to take
not
an
327,266,190
6,604,000
44,293,000
19,393,000
7,394,000
6,002,000
03,034,000
23,984,000
fine of not
more
61,210,000
15,127,000
7,397,000
1930, latest figures available,
Mr. Roosevelt and the British Labor Act
The announcement that Mr.
Roosevelt
was
commission to England this
study the workings of the British Labor Act
as
somewhat of
surprise to
plan¬
summer
to
came,
public which had sup¬
that the Administration's labor policy, as
a
represented by the Wagner Act,
One would
like, of
the Administration had
clarification of
abandon,
has done
or
was
undergone
mind, and
than any
to be regarded
course, to
a
believe that
change of heart
was
at least greatly modify,
more
a
preparing to
statute which
other piece of New Deal
legislation to foment industrial unrest, but
if convicted under
ceasing work
or
refusing to ac¬
cept employment.
prohibited
Having
and
a
faith
the general
penalized
strike and
lockout, the Act turns to the protection
of persons
who refuse to engage in the proceedings
declared illegal.
been
have
which
refuses to take
No
person
sion from any
or
to
who
part in an illegal strike or lockout
is, because of such refusal, to be subjected to
"expul¬
trade union or society, or to any fine
penalty, or to deprivation of any right or benefit
which he
or
his legal personal
would otherwise be
union
settled.
or,
entitled,"
or
representatives
placed at any dis¬
advantage in comparison with other
43 mgs., there are about 190 francs to £1.
a
months,
conviction,
imprisonment for
or
No person, however, incurs any liability
under the Act by
0,577,000
b Gold holdings of the
abroad, the amount of which Is now
reported at £1,016.660. c Amount held Aug. 1. 1930, the latest figure available.
The gold of the Bank of France was revalued on July 23. 1937, at 43
milligrams
of gold 0.9 fine, equal to one franc; this was the second change in the
gold's value
within less than a year, the previous revaluation took place on
Sept. 26, 1930.
when the gold was given a value of 49 milligrams to the franc as
compared with
66.6 mgs. previously. On the basis of 65.5 mgs., approximately 125 francs equaled
£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1
sterling, and at
a
than three
summary
on
than £10
more
indictment, to imprisonment for not more than
two years.
3,953,800
90,517,000
73,983,000
08,273,000
77,107,000
Bank of Germany are exclusive of gold held
ning to send
part in such an illegal strike
liable,
192,130,301
629,160,913
Total week. 1,053,792,112 1,104,061,502 1,033,683,086 1,143,476,587 1,225,442,014
Prev. week. 1,054.994.083 1,103,886,607 1,042,650,189 1,148,447,369 1,222,913,121
Amount held Dec. 31,
without the
dispute within the particular trade or in¬
or
France
or
dustry in which the strikers or locked out workers
of
England
if, with
coercing the Government or injuring the com¬
munity, it has any other object than the settlement
European Brinks
THE following table indicates the amounts of gold
(converted into pounds sterling at
Banks of—
An identical
comprehensive.
very
prohibition is also imposed upon lockouts. A strike
36.82, against 36.69.
shown for the
directly
provision, it will be noted, being one that
Bombay at 36.82, against 36.69; and Calcutta at
Gold Bullion in
the Government either
coerce
latter
against
begins by prohibiting
strike that is "designed or
by inflicting hardship upon the community," the
or
might be made
18.61@ 19.00, against 21%. Manila at 49.80,
The Act
or any
hai at
a
in
foreign banks had fixed the Shanghai rate for
closed at 30 15-16@30.96, against 30 15-16; Shang¬
and
had,
lic, but the Act of 1927 reversed that trend and
Closing quotations for
as
Acts
than
recurrence
so-called
the
Previous
more
the
prevent
resembling
the
one
28.92, against 28.84
posed
to
of
determination
the
of
Government
general strikes,
a
it prob¬
Disputes and Trade Unions Act of
the
was
had not been known.
are
sum
ably will cost.
at 19 13-16
to us
difficult to defend. If it does,
more
inquiry will be worth the trifling
sterling at 9^d. and the rate for American dollars
of
report and the
dealing with labor disputes, and thereby make
favored
year.
dispatch from Shanghai stated that
a
the light, may demonstrate
see
again the obvious superiority of the British method
combined to
have
is available in the Congressional
necessary
junketing commission, if it makes
the
sino-Japanese
Act, there is not the slightest need of send¬
Library.
serious curtailment of the Chinese market due to the
are
Moreover, if Mr. Roose¬
to date information about the
up
commission abroad to obtain it, for all the ma¬
a
the
These
expectation would have to
an
considerable strain.
a
velt
declining commodity prices,
foreign trade,
3715
Chronicle
may
members of
a
society. In the event of expulsion, the court
or
order reinstatement or, in its discretion, the
payment to the member, out of the funds of the
union
as
society, of such compensation or damages
or
the court sees fit.
prohibition of intimidation is particularly
The
far-reaching. The Act makes it unlawful for one or
more
persons,
behalf of
near
or
tion
or
or
or
carries
the purpose
work
whether acting for themselves or in
union
house
a
works
a
of
to
or
employer, "to attend at or
an
place where a person resides or
on
business
or
happens to be, for
of obtaining or communicating informa¬
persuading
abstain
or
inducing any person to
from working, if
tend in such numbers or
they so at¬
otherwise in such manner
3716
Financial
to be calculated to intimidate
any person
as
house
or
place,
or
A
in that
give labor
to obstruct the approach thereto
or
therefrom,
egress
peace."
Chronicle
to lead to
or
violation
of
this
a
breach of the
drastic
brings the offenders within the
sure
conviction,
mary
fine of not
a
of the
than £20
more
Finally, the Act forbids
member
form
to
which
the
has
Act
assets of
a
aside
a
as
a
Civil servants
are
orderly and peaceful
an
puts the public interest to the fore
strike intended to
sympathetic strikes,
or
the Government
coerce
or any
or
having
the effect of
bringing hardship upon the community,
by forbidding every kind of intimidation directed
against employers, non-strikers who wish to work,
the public, and by
penalizing any breach by labor
of the
or
be set
use
•of
may
political fund, "in furtherance
political object."
British statute
a
political fund
as
for holding labor to account. The
as a reason
by prohibiting general
prescribes, of his willingness
union, except such part
.
public in
society
im¬
given written notice, in
contribute, and further forbids the
the interest of the
'
union to require
any
member to contribute to the union's
unless the
or
than three months.
more
mass pres¬
employers by authorizing collective bar¬
grossly against the employer, leaves labor entirely
free of legal responsibility for its
acts, and ignores
Conspiracy and Protection of Property Act of 1875.
The penalty for "watching and
besetting" is, on sum¬
prisonment for not
legal opportunity to exercise
a
upon
gaining. In the pursuit of that end it discriminates
prohibition
operation
June 11, 1938
of any
debarred from
with
contract
a
such action
a
have been rampant
as
local
public authority if
or
endangers the community.
Such strikes
in this country under labor
membership in
leaders whose
delegates
supported, with the wholesale intimidation of
any union, or from serving as union
representatives, unless the union is com¬
or
posed exclusively of government employees. A union
of civil
cal
servants, moreover, may not have any politi¬
or be associated directly or * indirectly
object
with any
ship
political party
non-membership in
or
quired by
tion
of
local
any
which such
tract
or
an
able
doing, either alone
so
others, will be to
make,
or
local
other
or
contract of
having
or
serv¬
reason¬
probable consequence
in combination with
or
injury
cause
a
a
authority, knowing
to believe that the
cause
of his
as a condi¬
offer
may
employed by
public authority wilfully breaks
ice with that
re¬
condition of any con¬
as a
authority
while "if any person
Member¬
union may not be
a
public authority
or
employment,
organization.
or
danger
or
or
community," he is made liable,
conviction, to a fine not exceeding £10
summary
imprisonment for not
or
The distance
which
Unions Act and the
in
as
as
more
separates the British Trade
Wagner Act, in principle
application, is, figuratively speaking,
that between east and west.
the
right of
the
Wagner Act,
reason
or
extension
in it may
thetic
trade
a
none
strike to the particular
a
not
or
dispute arises.
a
a
union is
incorporated
viduals who take any part in
furthering the strike.
the
or
merely obeyed
leaders; the penalties of fine
imposed directly
are
If the
question is raised by the
no
whether rank and file members have
labor
or
the indi¬
upon
ordering, instigating
,
legally responsible for its acts, and enforces
dividual members.
Violations of the law
are
dealt
through the Attorney General's office and the
courts.
Other laws
ciliation in labor
trative
body,
provide for arbitration
disputes, but
like
the
National
exists in Great Britain
against employers
or
con¬
central adminis¬
no
Board, with large administrative
powers,
are
Labor
and
to
Relations
quasi-judicial
champion labor
possible
public employees to
organizations,
office-holders to act
for civil
or
for Gov¬
delegates
as
or
or repre¬
organizations,
or
for unions to
political contributions except from funds
cially set apart for that
munity
have
may
It is not
industry and the
possible to combine in
upon
com¬
peace.
one
principles and methods of two Acts,
based
spe¬
All these things
purpose.
forbidden to the end that
one
statute the
of which is
and undisguised favoritism for
open
a
class and the other upon
regard for the general wel¬
fare.
It is highly
improbable, moreover, that any
serious consideration will be
given to amending the
Wagner Act
so
as
make it
to
The British
It
was
Trade Unions Act
labor;
on
instrument
an
justice rather than of favoritism
and
not
was
the contrary, it
was
strike.
and
a
sought by
bitterly
enacted because the Government and
labor lawlessness that had
ized
of
oppression.
re¬
by both labor unions and their sympathizers.
opinion insisted that there should be
The
labor
Wagner Act
powerful
a
public
of the
no more
precipitated the general
was
passed to give organ¬
against employers,
thereby to magnify the importance of labor as
social and
weapon
political class.
The effect of the Act
has been to increase industrial
strife, multiply and
intensify acts of violence, and degrade organized
labor in public esteem. Mr. Roosevelt cannot be un¬
of the facts of the labor situation and the
aware
statute, in other words, makes union
responsibility by applying legal penalties to in¬
with
make
sented
industry in which
The British
ernment
be given
an
Nor would it be
join regular labor unions,
sentatives of labor
may
those who order
imprisonment
servants to
British
wide
only too familiar, would be impos¬
affiliate with other labor
be declared for any
as
are
in Great Britain for unions of
may
the orders of their
or
recognize
or incite it or take
part
choose, the British Act outlaws the sympa¬
as
communities
all, and
at
to whether
as
well
wide
non-
picketing, and the outrageous in¬
mass
sible under the British law.
strike
a
strike, and limits
or
Both Acts
as
as
worker to quit work, but while, under
prohibition is violated,
Act
than three months.
the Labor Relations Board has
terference with law and order with which American
grave
inconvenience to the
on
strikers, the
course
re¬
sponsibility for them that the Wagner Act, and his
own
attitude toward
advisers
desired
a
it, must bear.
labor
Had he
or
his
policy comparable in any
respect to that of Great Britain,
a
few minutes'
perusal of the Trade Unions Act of 1927 would have
been
enough to show how to
about it.
go
As the
matter
stands, the proposed commission inquiry in
England appears to be only a political smoke screen
behind
labor
which
some
situation is
further
manipulation
of
the
being prepared.
challenge the courts to inter-
or
♦
fere with its decisions.
The
tect
primary
labor
labor
purpose of the
against
practices"
on
a
Itching to Take
Wagner Act is to
pro¬
long list of so-called "unfair
the part of employers, and to
If any
a
Hand
doubt remained of the desire of the Ad¬
ministration to
and active part
see
the United States
playing
a
large
in international affairs, the speech
Volume 146
which
Financial Chronicle
Secretary Hull delivered at Nashville, Tenn.,
June 3 should have gone
on
form
a
♦
the
the
speech
fruitful
in fact
was
"not
as
a
of
source
national
was
the part of the nations
on
principles and rules of international law,
"isolation"
a
In
plea, addressed to the Tennessee Bar Associ-
ation, for greater fidelity
to
far to dissipate it.
repudiation of national
a
means
to
security but rather
insecurity," and
a
call for inter-
cooperation, in which the United States
as
it
3717
when it
was
On June 3,
was
signed, nearly ten
years ago.
few hours before Mr. Hull spoke at
a
Nashville, Sumner Welles, Under-Secretary of State,
read at a press conference a statement, approved by
President Roosevelt, declaring that American public
opinion regarded the "ruthless bombing of unfortified localities with the resultant slaughter of civilian populations, and in particular of women and
children,"
"barbarous,"
as
recalling
statements
throughout the world of "order under law." Accord-
made by Secretary Hull in September, 1937, and
March, 1938, "to the effect that any general bomb¬
ing to W. T. Stone, Washington representative of
ing of
the
large population engaged in peaceful pursuits is
represented as ready to join, for the restoration
Foreign Policy Association, Secretary Hull at-
tached
much
so
importance to the speech
hand to press
to
the full
as
not only
correspondents advance copies of
text, but also to furnish copies of significant
an
contrary to
extensive;
every
area
wherein there resided
a
principle of law and of humanity,"
and reiterating the Nation's "emphatic reprobation
of such methods and of such acts, which
in viola-
are
passages,
marked "as selected by Secretary Hull
tion of the most elementary principles of those
himself."
One of these passages,
standards of humane conduct which have been de-
added
is
distinction
of
desperate need in
a
country, of
which received the
underscoring, reads:
"There
country, and in every
our
strong and united public opinion in
a
support of a renewal and demonstration
law and
possibility of
international
a
world order based
on
cooperative effort."
of Secretary Hull's address.
the world still in the throes of
dislocation," he said, "we
are
"With
profound economic
a
essential part of modern civilization."
was to events in
Spain, although neither country
All this is
a
was
prepared to join with
Japan and
mentioned,
logical development of the policy first
clearly indicated in the speech at Chicago,
1937, in which Mr. Roosevelt called for
A few other extracts will suffice to show the character and scope
as an
The reference, of course,
of faith
in the
veloped
tine" of nations whose
a
on
Oct. 5,
"quaran-
dictatorships and disregard
of treaty obligations threatened the safety of democratic peoples.
was
The speech, it will be remembered,
timed to accord with
a
resolution of the League
other nations in
directing every effort toward the
Assembly setting forth the views of the League's
restoration
strengthening of sound and
Advisory Committee regarding events in China and
and
structive international economic
also
are
Hull
con-
relationships." We
prepared to join with other nations, Mr.
continued, "in moving resolutely toward bring-
ing about
effective agreement
an
on
limitation and
the treaty obligations of Japan.
Committee
bly
on
was
The report of the
adopted and approved by the Assem-
Oct. 6, and on the same day the Department
of State, in an official statement, summarized parts
progressive reduction of armaments,", "in resuming
of
and
American Government "has been forced to the con-
vigorously carrying forward the work,
so aus-
piciously begun at The Hague two generations
Mr. Roosevelt's speech, and declared that the
ago,
elusion that the action of Japan in China is incon-
agreement the rules and
sistent with the principles which should govern the
practices of warfare," and "in exploring all other
relationships between nations, and is contrary to
methods
the provisions of the Nine-Power Treaty of Feb. 6,
of
humanizing by
of
common
revitalizing the spirit of international
practicable
1922, regarding principles and policies to be fol-
giving it substance and reality through
lowed in matters concerning China, and to those of
cooperation and in making
means
of
use
of
the numberless forms of concrete
every
application of such
the Kellogg-Briand pact of August
relations"
cultural
dress.
as
those dwelt upon
pensable to
peace,
force in
use
of
pursuit of policy and from interference in
tiation and
tional
"indis-
practice and advocacy
abstention by the nations "from
the internal affairs of other
the
as
satisfactory international order" Mr.
a
Hull mentioned the constant
of
in his ad-
Among the principles he regarded
nations," peaceful
nego-
agreement in the adjustment of interna-
problems, maintenance of "the principle of
sanctity of treaties and of faithful observance of
international
obligations," modification
carried out in
a
between what President Roosevelt said last October and what Secretary Hull says now.
ling, and when Secretary Hull, in the statement
about the League action just referred to, summarized the doctrine of the Chicago speech he
the disturbing word.
He modified the demand a
Nashville. The
It calls now,
international cooperation in
demand itself, however, is unchanged.
as
it called before, for
limiting and reducing armaments,
to treaty
ac-
holding nations
obligations, and settling international con-
troversies,
no
matter what their nature, without
Since the nations whose conduct is
commodation," and, "apart from the question of al-
resort to force.
liances with
arraigned as lawless happen also to be
engage
others," readiness by each nation "to
in cooperative effort, by peaceful and
ticable means,
prac-
in support of these principles."
of two official declarations which
it.
On
May 28, in
the press
a
shortly preceded
statement which was given to
but not, it was reported, communicated to
foreign governments through regular
diplomatic
channels, Secretary Hull reminded the nations of
their
obligations under the Kellogg anti-war pact,
and warned them that the
pact was
as
binding
the
plea for united action
now
dictatorships,
to uphold democracy
disguised.
international cooperation can be carried on. One is through the ordinary processes of diplomacy. Secretary Hull speaks
well of diplomacy, and evidently expects that it will
continue to be useful. Diplomacy, however, is of
limited usefulness for the role which Secretary Hull
would have the United States play, first, because
it can be employed, as Great Britain is employing
against dictatorship is only thinly
Secretary Hull's speech should be read in the light
left out
little further when he phrased it at
processes
spirit of mutual helpfulness and
The sugges-
tion of a "quarantine" was unexpected and start-
of treaty
provisions, when necessary, "by orderly
27, 1928."
There is no. essential difference, except in form,
principles of international political, economic and
There are three ways in which
Financial
3718
it, to arrange working agreements with dictators,
and, second, because the United States has no im¬
portant concern with most European international
controversies, and its participation is distinctly not
wanted
the
on
high plane to which Secretary Hull
Another way
is that of the international confer¬
Neither the lesson of such conferences in gen¬
eral,
the experience of the United States in
nor
Peace Conference is a
for the
States holding the bag
debts. The World Economic and Finan¬
war
Conference
Roosevelt
nightmare, and the Lausanne
the United
Conference left
as
London
at
was
the first and
to
was
a
thinks,
as
apparently he
does, that a coneference on the world's ills might
be worth
now
large States in
while, he has the faith that can
move
body in which both
a
The large States will inevitably
represented.
cajoled, and rivalry and intrigue will attend the
or
No international
of every controversy.
settlement
third
The
is
of cooperation
way
through
the
enforce its
decisions, and the experience of the present League
shows that the
which
is
It
only decisions that can be enforced
great Powers approve or from
those which the
are
they see a chance to obtain some advantage.
of the nature of an international body that
it will interfere in the affairs of its
members, and
people that values its sovereignty or cherishes a
no
worthy national spirit will tolerate such interfer¬
if it
ence
can
prevent it.
The American
Senate and the American
people
clearly enough the difficulties and dangers of
saw
internationalism
Wilson
the
in
1919,
and
wisely
kept the United States out of the present League.
difficulties
are
increased,
The
for
have
no
less
now
democracies
against dictatorships.
mountains.
1938
dominate, the small States will be repressed, coerced
mockery from
put dictators in their place
If Mr. Hull
fiasco.
was
finally left to die, and the Brussels
was
Conference which
a
torpedoed by Mr.
preparation for debasing the dollar,
a
the Disarmament Conference
was
par¬
The memory of the Paris
ticular, is encouraging.
cial
of small and
are
body can command respect unless it can
points.
ence.
June 11,
Chronicle
and the
are
dangers
now
pitted
As long as intolerance and
recrimination occupy the large
place that they do at
close scrutiny of the Nashville
present in discussions of the democratic case, sug¬
speech is required to show the League idea lurking
gestions of "quarantine" or cooperation are likely
No
League.
in
very
of the
some
Mr. Hull shares the
has
nant
but
one
It is quite possible that
proposals.
opinion that the League Cove¬
proved defective and ought to be revised,
wonders if he thinks
League abolished,
any
that, were the present
other kind of international
interpreted
1919
League
history of the League of Nations has abun¬
Europe
or
he
that
of
like
the program
It is impossible to reconcile the interests
Financial statistics of railroad
operations again
reflected, in April returns, the devastation wrought
the leading carriers by the prevailing combi-
regulation.
were
April
supplies
a
of
enactment
various classes of
and net earnings of the
alarmingly small. The per-
most emphatic argument for
relief
railroad
legislation
in
It indicates likewise the need for a
Washington.
a
on
permitted by the Interstate Commerce
railroads for
sensible
more
transportation
other
industry,
of
scale
for
in the
wages
reduced
taxes
and
As matters stand, all sacrifices
adjustments.
,
,
are
being made by the
17
owners
of the railroads and
...
by those who loaned funds to the carriers in the
belief
that
business
the
fair
treatment
improves rapidly,
would
Unless
prevail.
or some
relief is granted
principal carriers of the Nation, it is now clear
that fresh defaults will
roads, while
to
even
endangered.
occur
on
debts of the rail-
the small returns
equity holders in
a
very
now
available
few instances will be
It should be recognized in Washing-
ton that the difficulties of the railroads contribute
greatly to the depression conditions
now
widespread
in the land.
clearest
possible indication
that
the
freight rate advances permitted by the
totally
wider
If
Secretary Hull at Nashville to bring
into the open.
problem is of equal significance, for the high wages
now
being paid are mainly responsible for a decline
in net earnings which is far more severe, actually
inadequate
and
at $267,741,177 against $350,792,144 in April of last
year, a
more
and
modest
ICC are
should be augmented by
sweeping
increases.
The
wage
drop of $83,050,967, or 23.67%.
Although
operating expenses were reduced somewhat by the
struggling managers of the railroads, wage rates in
excess even of the high levels of 1929 kept them disproportionately high.
Net earnings for April
amounted only to $48,713,813 against $89,532,796 in
that month of 1937, a drop of $40,818,983, or 45.59%.
We present the figures below in tabular form:
Month of aptu—
Mileage of 136 roads.—
1938
233,928
$207,741,177
Gross earnings
Operating expenses
—
Ratio of expenses to earnings.
Net earnings
219,027,364
(8i.so%)
$48,713,813
1937^ inc. t+) or Dec. <—)
—444
0.18%
234,372
$350,792,144 —$83,050,907 23.07%
261,259,348
—42,231,984
16.16%
(74.47%)
$89,532,790 — $4o.si8,983 45.59%
In considering these results it is well to note that
business paralysis naturally supplies the first reason for the poor showing.
Although strikes in great
industries were in progress during April of last
they held shipments down comparatively
little, as against the tremendous loss of traffic now
apparent in virtually all spheres of economic activyear,
ity.
gross
April operating statistics of the railroads furnish
the
There is too much reason for
Our compilation shows gross earnings for the month
gross
to
with the
and relatively, than the decline of gross earnings,
Commission, both
return
way
prostration, high costs and over-
apply the higher rates
commodities
early
any
Although the carriers started late in
nation of business
formance
in
point with the politics
Earnings of the United States Railroads for the Month of April
Gross and Net
March to
Asia.
up
any
does, it will need only another speech or two
such
among
provocative. No more now than
entangled at
or
dantly demonstrated the inherent weaknesses of any
body.
as
people of this country want to see
States mixed
United
the
of
do the
suspecting that Mr. Roosevelt wishes otherwise.
organization could usefully take its place.
The
to be
in
It is also interesting to note, however, that
returns reported by the railroads for April
remain at or above the low levels reported in the
worst depression years of 1932 to 1934, inclusive,
The net returns, on the other hand, are far under
even the diminutive figures reported for April in
those years of prostration. • In other words, higher
Volume
146
Financial
Chronicle
3719
operating costs, which the carriers cannot modify
ous
under
road—the Florida East Coast—is able to
present
and
wage
reducing the carriers to
than that
other
regulations,
plight that is
a
It is necessary,
1920, when the railroads
of 1919 and
find
a
parallel for the
And it is instructive to realize
present difficulties.
government trends and interferences now, as
then,
largely responsible for the situation.
are
In
order
indicate
to
of trade
measure
in
large amount.
But
seen
that the Union Pacific's
a
loss
of
more
gain in net
of
came
case
In the subjoined table
excess
the
we
under
review,
below the
during the month
have brought together in the table
we
figures indicative of activity in the more
important industries, together with those pertaining
to
grain, cotton and livestock receipts and revenue
freight
as
loadings for the month of April, 1938,
car
compared with the corresponding month in 1937,
On examination it will be
1936, 1932 and 1929.
that the output of all the industries
readily
seen
covered
was on
with
greatly reduced scale as compared
a
April last year, the falling off in the case of
steel
been particularly
having
production
severe,
reaching (according to the figures compiled by the
American
Intsitute)
no
less than
freight moved by the railroads was very
revenue
smaller than in
much
of
Steel
and
Iron
It follows, 'too, that the number of cars of
62%.
cotton
Southern
the
at
April
a year
Receipts
ago.
also fell far
outports
On the other hand, receipts
below those of last year.
show all
systems for
and
$100,000, whether increases or
OF
Florida East Coast
and net:
gross
APRIL,
of
flour
and
products—with the exception
rye-r-ran
very
much heavier than a
FIpptph
QP
Pennsylvania
$11,572,335
a7,729,277
Baltimore & Ohio..
5,031,149
Southern Pacific (2 rds).
2,995,315
Chesapeake & Ohio
2,720,717
Atch Topeka & Santa Fe
2,656,768
Norfolk & Western
2,635,034
Erie (2 roads).
2,245,056
Great Northern
2,100,630
Union Pacific
2,010,111
Reading
1,947,909
Dul Messabe & Ir Range
1,840,456
Lehigh Valley
1,798,697
Louisville & Nashville
1,707,251
Missouri Pacific
1,630,797
Southern
1,527,185
Dela Lack & Western
1,414,846
N Y New Haven & Hart1,362,908
Chicago North Western1,355,968
Chic Milw St Paul & Pac
1,321,654
Pere Marquette
1,061,176
Northern Pacific
1,050,105
Pittsburgh & Lake Erie.1,036,554
Elgin Joliet & Eastern
1.017,444
Illinois Central
1,009,874
Bessemer & Lake Erie
973,261
Grand Trunk Western..
966,597
Boston & Maine
957,791
Chicago Burl & Quincy..
946,385
Central of N.J
941,344
Wabash-887,801
Delaware & Hudson
864,803
N Y Chicago & St Louis.
864,697
Chic R I & Pac (2 roads)
803,529
St Louis-San Fran (2 rds)
690,349
Texas & Pacific
613,895
New York Central
1938
Decrease
$545,976
516,795
500,055
475,826
418,626
396,999
366,220
363,097
340,746
310,548
292,337
273,327
251,406
246,118
232,641
232,617
224,413
219,476
213,151
209,268
204,014
198,947
195,570
187,339
177,191
171,585
166,963
155,597
151,311
144,073
140,062
133,565
131,498
124,199
123,392
113,762
Wheeling & Lake Erie...
Louis Southwest
Min St P & SS Marie
Mo-Kansas-Texas
Den & Rio Grande WestWestern
Maryland
Yazoo & Miss. Valley
Central of Georgia
Cin N O & Texas Pac
Det Toledo & Ironton—
Long Island
Western
Pacific
Mobile & Ohio
_
Alton...
Atlantic Coast Line
Nash Chatt & St Louis..
Maine Central
Lake Super & Isphem —
N O Tex & Mex (3 roads)
Colo & Southern (2 rds)
New York Ont & West..
_
Chicago & East Illinois
Seaboard Air Line
Gulf Mobile & Northern-
Chicago St Paul M & O.¬
Chicago Great Western.
Lehigh & New England.
Spokane Portl & Seattle.
.
_
Int'l Great Northern
Central Vermont
Chic Ind. & Louisville-.
Det & Tol Shore Line
Clinchfield
Dul So Shore & Atlantic
.
Alabama Great Southern
Pittsburgh & West Va—
_
$81,438,378
Total (79 roads)
York Central and the
Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Includ¬
ing Pittsburgh & Lake Erie, the result is a decrease of $8,765,831.
These figures cover the operations of the New
leased lines—Cleveland Cincinnati Chicago & St. Louis, Micnigan
CHANGES
PRINCIPAL
due to the recent bountiful harvests.
year ago,
$290,153
St.
a
of the different farm
IN
NET
EARNINGS
OF APRIL,
FOR
THE
MONTH
1938
Decrease
Increase
Florida East Coast
1929
1932
1936
1937
1938
April
Union Pacific
$281,550
210,981
-
Automobiles (cars):
Total (2 roads)
Production (passenger
cars,
$492,531
jDecrease
a$3,929,189
New York Central
Building ($000);
$642,061
$121,705
$234,632
Coal (net tons):
22,195,000 26,041,000 30,452,000 20,300,000 44,057,000
3,108,000 6,854,000 4,773,000 5,629.000 6,205,000
Bituminous .c
Pa. anthracite-d
..
(cars)
_e z2,649,894
z3,712,906 z3,215,997 z2,774,134 z5,041,077
■
.
South¬
(bales).f
receipts,
188,273
116,138
230,269
348,872
131,503
.
St Louis Southwestern.
Chesapeake & Ohio
Southern Pacific (2 rds).
Erie (2 roads)
Dul Messabe & Ir Range
1,902,899
1,591,884 N O Tex & Mexico (3 rds)
1,574,609 Wheeling & Lake Erie—
1,544,372 Spokane Portl & Seattle.
1,331,206 Alton
1,261,735 Maine Central
1,078,040 Lake Superior & Isphem.
Reading
N Y New Haven & Hart.
6,613
7,134
11,282
17,546
3,190
2,236
4,785
7,673
Southern
1,787
3,603
7,719
Grand Trunk West
1,989
1,692
Omaha (cars)
Western
roads)
Pacific
Maryland
673,264
Gulf Mobile & Northern.
669,034
Atlantic Coast Line
..
Z12.930
z9,194
Z14.966
z20,027
Corn (000 bushels)...
z36,256
z9,239
z20,162
zll,348
Z18.168
Pere
Oats (000 bushels)...
z5,593
z5,523
z6,086
z6,223
zlO,787
Bessemer & Lake Erie...
Barley (000 bushels)..
z5,475
z4,714
z7.918
z2,699
z3,279
Central of N. J
z656
zl,443
zl,639
z479
zl.068
Northern
zl,915
Rye (000 bushels)
zlO.507
.
z2,153
zl,815
*1,793
z2,021
664,078
632,053
Lehigh & New England..
Virginian
624,272 Northwest Pacific
593,083 Illinois Central
576,301 Chicago & East Illinois..
555,035 Det & Toledo Shore Line
483,858 International Gt North.
Marquette
-
Pacific
New York Chic & St L__
Pig iron production.k_.
1,376,141
3,391,665
2,403.683
852,897
3,662,625
(2 roads)
Elgin Joliet & Eastern —
production.l.
1,925,166
5,070,867
3.932,605
1,259,629
4,938,025
Min St P & SS Marie...
Steel ingot
Colo & Southern (2
Seaboard Air Line
Western
701,290
Lehigh Valley
Atch Topeka & Santa Fe
Chic R I & Pac
(gross tons):
Iron & Steel
Mobile & Ohio
Boston & Maine
...
Wheat (000 bushels)
New York Ont & West..
Chicago & North West.-
Western flour and grain
receipts h:
Flour (000 barrels)
1,001,194
916,040
841,537
801,907
748,177
Louisville & Nashville—
Missouri Pacific.
6,316
(cars)
_
Central of Georgia
Yazoo & Miss Valley
...
Great Northern
2,420
Chicago (cars)
,
_
Det Toledo & Ironton—
1,944,311
1,931,552
Dela Lack & West
Livestock receipts g:
Kansas City
Pittsburgh & Lake Erie.
2,888,536
■
Car loadings, all
ports
(2 rds)
Pennsylvania
-
Freight Traffic:
ern
St Louis-San Fran
Cin N O & Texas Pac
Norfolk & Western
Baltimore & Ohio.
$269,534
$222,016
Constr. contr. awarded b
Cotton
Mo-Kansas-Texas
Texas & Pacific
Delaware & Hudson
Chic Milw St Paul & Pac
621,910
148,326
502.674
536,150
219,314
trucks, &c.)_a._
Total (68roads)
$39,357,957
and the
These figures cover the operations of the New York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
*903,281
*472,963 *1,635.789
Shipments, m
*725,559 *1.077,377
*933,685
*554,510 *1,686,481
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
Orders received.m
*670,001 xl,028,033
*889,485
*506,510 *1,653,561
ing Pittsburgh & Lake Erie,
x701,454 *1,023,561
Note—Figures in above table issued by:
a United States Bureau of the
Census,
States
east
of
Rocky
d United States Bureau
Mountains),
of Mines,
e
c
Dodge Corp. (figures for 37
Bituminous Coal Commission,
f Com¬
b F. W.
National
Association of American Railroads,
piled from private telegraphic reports.
g Reported by major stock yard companies
h New York Produce Exchange,
k "Iron Age."
I American Iron
Steel Institute,
m National Lumber Manufacturers Association (number of
in each city,
242,430
233,561
215,383
210,654
204,767
201,383
195,799
190,763
189,541
188,891
175,388
173,084
164,895
157.2 46
156,852
151,761
144,706
144,220
128,492
125,078
115,729
107,504
105,942
104,385
100.003
_
451,638
433,027
a
Production, m
$412,062
388,791
378,837
349,218
313,072
301,023
289,803
452,573
Wabash
Lumber (000 cubic feet):
after
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
activity in relation to its bearing
of the railroads
revenues
only
of the
Increase
on
an
It will be
$2,000,000 in the
changes for the separate roads
amounts in
show
earnings, and this
increases in the net.
than
earnings.
gross
solitary
one
other—the Union Pacific—are the
one
able to report
decreases, and in both
simplified form the
a
of
ones
just emerging from
were
government operation, to
road and
in fact, to go
back to the immediate post-war years
instances
increase above $100,000 in gross
worse even
experienced at the pit of the depression
that started in 1929.
that
are
When the roads
the result is
are
a
Central,
Includ¬
decrease of $4,218,992.
arranged in groups, or geo¬
graphical divisions, according to their location, it is
.found, as would be expected from the widespread
and
reporting mills varies in the different years),
In all the
foregoing
railroads of the
to the
we
x
Four weeks,
z
Five weeks.jg
have been dealing with the
country as a whole.
Turning
separate roads and systems, we find that the
exhibits
are
the roads
losses in
in
excess
68 in the
ern—as
net
the
of $100,000, in
the
both gross and net
former
latter), and embrace roads and sys¬
above, that all the three great
Eastern, the Southern and the West¬
as
all
the
various
regions grouped
districts, show losses in both gross and
alike, these decreases being particularly heavy in
case
of
the
net
earnings,
and extending,
as
already stated, to all the various regions and dis¬
tricts.
In the case of the Northwestern region, in
reaches no
the Great
region, in the Eastern District, 56.61%. Our
the Western
than
tems of all classes
and in every part of the country.
less
The decreases, too,
both gross and net, are in numer-
Lakes
well
under these
showing for
with
enumerated
districts—the
The lists of roads reporting
consonance
collectively.
earnings, are very long (totaling 79 in the
and
now
losses
District, the loss in. the net
68.89%, and in the case of
3720
Financial
by groups is as below.
summary
plained,
we group
As previously
Chronicle
1199338787
ex¬
ICC.
regions
The
boundaries
Flour
Wheat
Corn
Oats
Barley
Rye
April 30
(Barrels)
CBushels)
(Bushels)
(Bushels)
(Bushels)
(Bushels)
11993387
952,000
2,015,000
10,154,000
2,035,000
876,000
107,000
1,057,000
1,540,000
2,271,000
1,544,000
1,604,000
323,000
1938-
1,697,000
3,143,000
411,000
371,000
1,658,000
347,000
1,970,000
320,000
1,394,000
389,000
1,290,000
4,171,000
320,000
762,000
24,000
130,000
57,000
241,000
1938
of the
1937...—
Minneapolis—
indicated in the
are
Duluth—
19387
1938
SUMMARY BY
GROUPS
1938
1937
$
April—
t
Eastern District—
(A-)
or Dec.
(—)
%
11,960,539
49,085,750
52,405,483
14,918,130
—2,961,591
—19,823,374
—23,609.749
28.70
-113,447,772
159,842,480
—
Total (52 road?)
Southern District—
76,015,232
72,000
771,000
1,700,000
31,000
22,000
1,218,000
225,000
38,000
78,000
9,000
876,000
93,000
468,000
634,000
501,000
3,000
5,000
334,000
119,000
485,000
68,000
21,000
1,005,000
2,710,000
681,000
1,496,000
1,102,000
1,544,000
557,000
766,000
601,000
891,000
4,304,000
1,874,000
Toledo—
19.85
68,909,124
(10 roads)
Great Lakes region (24 roads)
31.05
Detroit—
—46.394,714
29.02
-
Indianapolis & Omaha—
*
38,995,030
..
(4 roads)
— ....
45.909.070
—6,914,040"
16.06
14,673,456
20,141,808
—5,46.8,352
27.14
66,050,878
Southern region (28 roads)
Pocahontas region
Inc.
1,652.000
Milwaukee—
-Gross Earnings-
District and Region
Central Eastern region (18 roads)
11, 1938
RECEIPTS
Chicago—
footnote to the table:
New England region
GRAIN
1937—
classification of the
different groups
Month of
FLOUR AND
5 Wks. End.
the roads to conform with the
are
June
WESTERN
—12,382.392
18.74
Total (32 roads)
17,000
89,000
St. Louis—
1937—
471,000
234,000
7,000
870,000
'
301,000
58,000
Peoria—
'
Western District—
1938
—.
—9,093,179
—10,090,573
22,163,528
—5,090,109
18.67
124,898,780
—24,273,801
19.43
350,792,144
-83,050,967
23.67
50,151,229
..
..
Total (52roads)...
16.75
150,000
2,755,000
508,000
228,000
83,000
100,000
1,732,000
288,000
320,000
223,000
50,000
3,879,000
719,000
116,000
62,000
2,549,000
925,000
247,000
140,000
259,000
125,000
68,000
99,000
51,000
696,000
8,000
2,000
6,000
Kansas City—
St. Joseph—
,
Total all districts (136 roads)—..
284,000
223,000
1938
T4.21
37,403,341
60,241,802
27.253,037
..
(16 roads)
Southwestern region (21 roads)...
Central Western region
1937-
1937
28,3.0,162
..100,624,919
Northwestern region (15 roads)
1938
Wichita—
-Net Earnings-
District and Region
Month of
1938
(+)
DecX—)
or
S
8,201,557
11,912,182
22,278,198
58,303
44,042,551 —21764,353
7,000
53,000
181,000
6,000
14,000
90,000
80,000
133,000
15,000
12,930,000
36,250,000
9,239,000
5,593,000
5,475,000
656,000
5,523,000
4,714,000
1,443,000
2,000
Sioux City—
42.24
49.41
51.92
610,000
1937
+
4,377,145 —2,272,686
19,040,720—10779.163
20,024,686 —8,712,504
2,104,459
0,982
26,520
24,801
58,035
Inc
$
%
„
Central Eastern reg'n 24,731
1937
1938
Mileage
1937
April—
Eastern District—
New England region.
0,961
Great Lakes region.. 26,343
\
66.61
1938--
—
1937
Total aU—
Total
1,915,000
2,021,000
1938
1937
10,507,000
Southern District—
38.680
0,039
Southern region
Pocahontas region..
9,177,439
4,456,977
38,374
6,046
-3,599,362
-4,069.991
12,776,801
8,526,968
WESTERN
28.17
47.73
Apr. 30
44.719
Total
13,034,416
44,420
21,303,769 —7,669,353
35.99
GRAIN RECEIPTS
FLOUR AND
Flour
Wheat
Corn
Oats
(Barrels)
(Bushels)
(Bushels)
(Bushels)
Barley
(Bushels)
Rye
(Bushels)
825,000
4 Mos. End.
Chicago—
'
1938
46,093
66,914
28,642
2,475,620
6,702,940
3,562,839
7,959,200 —5,483,640
9.718,697 —2,955,757
30.41
6,508,519 —2,945,880
45.26
131,174 131,649
12,801,199
24,180.476—11385.277
47.07
Total all districts.--233,928 234,372
48.713,813
89,532,796 -40818,983
45.59
45,880
Cent. Western region 56,758
Southwestern region. 28,630
68.89
3,311,000
4,196,000
32,650,000
5,520,000
3,743,000
1937
Western District—
Northwestern region.
3,867,000
2,941,000
11,119,000
3,578,000
3,709,000
815,000
7,256,000
9,037,000
1,963,000
9,936,000
1,387,000
1,251,000
Minneapolis—
1938
7,703,000
1,190,000
736,000
3,285,000
9,932,000
573,000
3,000
1,288,000
50,000
2,878,000
2,372,000
1937
535,000
624,000
336,000
282,000
5,008,000
•
Duluth—
Total
1938
....
1937
Milwaukee—
1938
NOTE—Our grouping of the roads
808,000
1,896,000
136,000
8,135,000
260,000
40,000
1,630,000
135,000
4,223,000
1,584,000
2,407,000
1,259.000
12,000
1,518,000
699,000
2,101,000
74,000
36,000
92,000
63.000
Toledo—
1938
and regions:
groups
287,000
1937
conforms to the classification of the Interstate
and the following indicates the confines of the different
Commerce Commission,
;
—
1937
EASTERN DISTRICT
-
Detroit—
1938—.—
New England
Great Lakes Region—Comprises the section on the Canadian
a
line from Chicago via Pittsburgh to
boundary between
New York.
to the southwestern
line thence
5,000
1937
-..
8,346,000
5,143,000
98,000
273,000
1938—
1,845,000
597,000
89,000
8,814,000
3,293,000
842,000
111,000
1938
841,000
483,000
1,067,000
337,000
776,000
436,000
8,718,000
5,287,000
1,363,000
1937
720,000
1,226,000
756,000
199,000
13,067,000
4,622,000
596,000
240,000
9,532,000
3,918,000
719,000
.658,000
1,163,000
629,000
786,000
Kansas City—
River to its mouth.
<
20,498,000
3,280,000
1937
of Maryland and by the Potomao
3,388,000
2,138,000
Peoria—
of the Ohio River to Parkersburg, W. Va.,
corner
1,916,000
1937
1938
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north
a
80,000
St. Louis—
,
"
and
54,000
4,287,000
2,498,000
1938
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from
"2*606
12,603,000
Indianapolis & Omaha—
Lake Michigan to Chicago, and north of
New England and the westerly shore of
67,000
3,593,000
i——r
1937-1—
Region—Comprises the New England States.
SOUTHERN DISTRICT
......
St. Joseph—
Southern Region—Comprises the section east of the Mississippi River and south
1938
'
a
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas
Virginia,
Region—Comprises the section north of the southern boundary
east of Kentucky and the
Ohio River north to Parkersburg,
of
W. Va.,
and south of a line from Parkersburg to the southwestern corner of Maryland
and
381,000
454,000
1938
of the Ohio River to
3,243,000
43,000
2,000
1937
2,200,000
41,000
26,000
138,000
1,232,000
76,000
108,000
54,000
309,000
597,000
377,000
41,000
13,000
41,699,000 104,801,000 18,964,000 26,481,000
33,283,000
42,100,000 17,718,000 15,738,000
3,735,000
4,280,000
1937
Wichita—
Sioux City—
1938
1937
-
,
thence by the Potomac River to its mouth.
WESTERN
Total all—
DISTRICT
1938.
Northwestern Region—Comprises the section adjoining Canada lying west of the
6,554,000
1937
7,281,000
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
As to the cotton traffic
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
we6t of
a
was
Southern roads,
over
this
much larger than in April last year—in
very
line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific.
fact, the largest April receipts in all recent years—
far
so
the overland
as
shipments of the staple are
Southwestern Region—Comprises the section lying between the Mississippi River
south of St. Louis and
a
line from St. Louis to Kansas City and thence to El Paso,
and by the Rio Grande to the Gulf of Mexico,
Western
the
roads, taking them collectively, had the
advantage of
a
greatly increased grain movement in
April the present year than in the month
ago,
With
the
receipts of which
year,
single exception
were very
and rye,
and
as
129,579
ended
April 30 aggregated
60,910,000
five weeks of 1937
(or almost double those of
year); 45,001,000 bushels in 1936 and 35,715,000
53,329,000 respectively
weeks of 1932 and 1929.
in
In the
the
corresponding
we
port
give the details of the Western grain movement in
usual form:
Gross
year
compared with 112,927
bales as
follows:
set out in the table which
RECEIPTS
APRIL
OF COTTON
AND
FROM
AT SOUTHERN
JAN.
1
PORTS FOR THE MONTH OF
TO APRIL 30,
Month of
1938, 1937 AND 1936
Since Jan. 1
April
Ports
1937
1938
1938
1936
Galveston
32,076
Houston, Ac
28,866
27,958
22,578
17,450
28,853
590
457
2,500
80*310
89*987
9,030
Corpus Chrlsti
Beaumont
...
New Orleans
33,747
10,754
271
5,686
10,305
6,044
*4*219
Savannah
*4*084
Brunswick
1936
1937
217,149
365,596
357,153
12.854
2,312
629.457
41,924
1,991
173,160
133,307
4,191
11,085
514,802
99,779
621
17,262
9,980
28.995
22,870
10*849
316,980
14,327
6,783
323.069
45,994
.......
3^138
20*309
18*879
86
112
33
686
778
428
4,639
17.366
2,285
1,056
Charleston
Wilmington.
Totals
47*504
2,040
Pensacola
Jacksonville.
.
469
Mobile
Norfolk
our
.
present
April, 1937; 64,143 bales in 1936;
Lake Charles
subjoined table
the
April
in
1932, and 47,514 bales in 1929.
oats, barley
against only 31,426,000 bushels in the
port movement of cotton.
overland
at the Western primary markets during the
weeks
bushels
same
the
the
27,869
Details of the
movement of cotton for the last three years are
corn
Altogether, the
corn,
reached
bales in
rye,
of
shipments
in
all the different cereals, in greater or less<
receipts of the five items, wheat
five
of
case
year
much smaller than last
degree, contributed to the increase.
last
a
due almost entirely to the recent bountiful
harvests.
concerned, but fell far below last year's receipts in
1,390
2,424
3,891
14,688
8,021
14,020
4,098
10.530
6
191
3
124
226
166,138
188,273
131,503 1,378,393 1,009.357
162
.
996,759
Volume
In
the
11199903624587
2
Financial
146
following
furnish
we
April comparisons of the
the railroads of the
and
The Course of the Bond Market
of the
summary
a
and net earnings of
gross
Bond prices have not
advances, have been fairly steady for more than a week,
1934
the Aaa, Aa and A rails
Mileage
Month
Inc.
Year
Given
(+) or
Dec. (—)
Year
Preceding
220,981,373
245,048,870
241,090.842
237,512,648
288,740,653
319,274,981
237,696,378
288,453,700
326,560,287
369,409,895
388,697,894
370,710,999
401,604,695
389,487,271
433,357.199
521,387,412
402,281,913
432,106,647
415,808,970
1924
474,094,758
522,336,874
1925
472,591,665
474,287,768
1926
498.448.309
472,629,820
1927
1928
497,212,491
473,428,231
498,677.065
497,865,380
1929
513,076,026
474,784,902
1930
450,547,217
515,733,181
369.106.310
267,473,938
227,300,543
224,565,926
1937
265,022,239
274,185,053
312,908,137
350,958,702
1938
267,741,177
1920
1922
416,240,237
1923
..
1932
1933
1935
1936
Preced'g
+ 2.10
+ 10.95
240,740
—3.48
243,513
—1.41
247,701
246,615
—3.32
+21,45
limits with
223.794
&
233,082
233,057
Western 4s, 1996, closed at
245,170
of speculative
245,773
248,120
231,755
232,708
233,251
221,725
220,918
219,743
declined % to 44%; New
234,338
235,839
235,665
1978,
—9.24
220,340
234.955
234,970
235,963
—0.36
236,664
236,045
+5.46
236,518
236,526
—0.29
237,187
—4.91
238,183
239,852
this group
Consumers Power 3%s, 1965,
this week; Consolidated Edison
238,904
240.956
242,181
450,567,319 —81,461,009
369,123,100 —101,649,162
267,480,682 —40,180,139
—18.08
242,632
242,574
—27.54
241,976
—15.02
241,680
241,992
242,160
+40,456,313
+ 18.02
239,109
241,113
+9,147,757
+3.45
237,995
239,129
+38,763,402
+38,136,014
—83,050,967
+ 14.14
237,028
238,208
+ 12.19
236,093
—23.67
233,928
236,389
234,372
Net Earnings
Increase
Per
(+) or
(—)
Given
Preceding
S62.380.527
66,725,896
64,768,090
1909
1910
1911
$50,787,440
62,409,630
+$11,593,087
+ 4,316,266
+ 6.92
66,709,729
—1,941,639
—5,527,619
+2,039,869
—2.91
Cent
Decrease
week.
+22.83
63,888,490
58,082,336
60,024,235
1915
59,266,322
+8,249,222
+ 13.92
1916
93,092,395
57,396,538
+25,695,857
+62.19
1+0.06
1913
—
1914
} +3.51
—1.04
-625,524
1917
93,318,041
93.257,886
+ 60,155
1918
89,982,415
1919
44.850,096
91,678,695
89,943,898
—45,093,802
—60.14
1920
def2,875,447
44,716,664
—47,592,111
—106.43
+2994.25
*
—1.85
—1,696,280
57,658,213
1,863,451
+55,795,762
1922
80,514,943
57,474,860
+ 23,040,083
+ 40.09
1923
118,627,158
80,386,815
1924
101,680,719
—17.32
1925
102,861,475
122,974,961
97,471,685
+38,240,343
—21,294,242
1926
114,685,151
102,920.855
1927
113,643,766
1928
1921.
■
1932
113,818,315
—2,910,862
—2.56
136,821,660
107,123,770
79,144,653
56,263.320
1930
+5.53
+ 11,764,296
—774,126
+ 11.43
114,417,892
110,907,453
1929
1931
+47,57
+5,389,790
110,884,575
141,939,648
+25,937,085
—34,815,878
+ 23.39
—24.53
103,030,623
79,185,676
—23,885,970
—23.18
—22,922,356
—28.95
52,585,047
+ 13,612,958
65,305,735
65,252,005
+ 53,730
78,326,373
65,214,202
+ 13,112,171
89,529,494
78,326,822
+ 11,202,672
+ 14.30
1938
48,713,813
89,532,796
—40,818,983
while the recently neglected Czech and
higher levels. Bettergrade Europeans have firmed up and among speculative
issues some German industrials have moved into higher
+ 20.11
1937
—45.59
MOODY'S BOND PRICES
(Based
*
on
(REVISED)
has appeared in most
Gains have been made by
list.
Panama issues have found support at
+0.08
1936
Republic Steel 4%s, 1961, have
Japanese bonds,
+ 26.36
1935
steel group,
other sections of the foreign
—6.54
65,253,473
56,261,840
51,640,515
—3,676,793
1934
a
stagnant, improvement in sentiment
'
—0.68
1933
In
2% to 83% while Wheeling Steel 4%s, 1966, have de¬
clined 2% to 87.
Oil bonds have been characterized by frac¬
tional gains while metal bonds have receded slightly.
The
rubber group has been featured by a fall of 2 points to 91 in
Goodrich 6s, 1945.
Meat packing bonds have been slightly
stronger, the Wilson 4s, 1955, rising 1 to 99.
Sugar bonds,
long in the doldrums, have acted better, Manati, 4s 1957,
rising 2 to 24. Among miscellaneous issues, Crown Cork &
Seal 4s, 1950, have receded % to 102%, while Remington
Rand 4%s, 1956, have declined 1 to 93%.
While South American issues have remained generally
risen
|—9.28
57,960,871
60,122,205
59,398,711
67,515,544
1912
been in good demand.
have advanced % to 108%
3%s, 1956, at 103% were up
%; Philadelphia Electric 3%s, 1967, gained % at 109%.
Lower-grade utilities and issues with speculative interest
have been erratic, establishing no definite trend.
New York
Traction issues, however, in one of their periodic spurts re¬
flected expectations of favorable developments in unification
proceedings.
Brooklyn-Manhattan Transit 4%s, 1966, at
57% were up 5% points; Interborough Rapid Transit 5s,
1966, closed at 54, up 3%.
The offering of $27,750,000
Mountain States Telephone & Telegraph 3%s, 1968, a highgrade issue, met with good response.
Industrial bond prices have presented a mixed trend this
240,816
242,375
Year
York, Chicago & St. Louis 4%s,
1 point to 30.
rose
High-grade utility bonds have
+8.07
Year
Of
April
Baltimore & Ohio
suffering only nominal losses.
5s, 1948, at 42'were off %; New York Central 4%s, 2013,
—12.64
312.822.778
350,792,144
Former wide losses
116, off %.
railroad issues have been absent, with most of
+3.11
+7.72
+38,291,124
—63,195,964
to recent highs.
City Terminal 4s, 1960, have lost % at 105%; Norfolk &
236,515
241,547
248.723
233,884
+25.39
up
Philadelphia Baltimore,
prices fractionally lower.
+4.85
—3.67
selling this week
some
Washington 4s, 1943, have advanced % to 107%; Kansas
+ 15.70
+ 13.10
+24,818,489
—1,464,574
—24,437,149
265,037,296
274,144,735
experienced
Governments have held
Highest-grade railroad bonds have moved within narrow
221,755
224,625
228,973
236,693
236.722
+ 14.63
and lost ground.
Year
Given
+ 12.52
+ 4,538,251
+24,188,770
—8,517,270
—3,394,464
+ 50,941,052
+37,819,634
+50,134,914
+ 17.986,895
+ 12,117,424
+31,075,286
—15,866,410
+ 105,578,442
—48,242,116
—1,696,103
216,140,214
236,531,600
Year
Per
Cent
$196,993,104 $175,071,604 +$21,92-,500
+28,831,397
225,856,174
197.024.777
—7,514,070
218,488,587 226,002,657
220,678,465
245,170,143
Friday slightly off from a week
While the Baa rails, most aotive in recent declines and
ago.
Gross Earnings
1909
proceeded far from last week's levels,
for the most part closing on
country for each year back to
including 1909:
of
April
3721
Chronicle
ground.
Moody's computed bond prices and bond
are given in the following tables:
MOODY'S BOND YIELD
t
(Based
Average Yields)
on
yield averages
AVERAGES (REVISED)
t
Individual Closing Prices)
'
U.
S.
1938
Govt.
DaUy
Bonds
All
120 Domestic Corporate 9
Corporate by Groups •
Domes-
1938
Daily
Aaa
A
Aa
Baa
RR.
120 Domestic Corporate
120
Averages
Corp.
6.92
6.64
3.89
3.54
4.69.
3.29
3.89
4.64
6.93
6.64
3.90
3.54
3.28
3.87
4.64
6.92
6.60
3.90
3.o3
3.27
3.88
4.62
6.89
6.57
3.91
3.53
3.27
3.88
4.61
6.89
6.58
3.91
3.52
6.55
—-
June 10—
89.40
63.28
65.84
101.94
108.46
June 10—
9—
112.05
88.95
113.48
101.94
89.69
163.20
T65.84
101.76
108.46
9..
8— 112.03
189.10
113.68
102.30
89.69
63.28
166.22
101.76
108.66
8—
111.97
f89.25
113.89
102.12
89.99'
63.55
j.66.51
101.58
108.66
7-
4.67
6—
112.14
89.40
113.89
102.12
90.14
63.55
66.41
101.58
4.66
4—
6-
A
Aa
Aaa
4.68
7—
89.40
113.68
102.48
90.14
63.55
66.70
101.76
108.85
4-.
4.66
3.28
3.86
4.61
189.25
102.48
89.99
63.37
f66.51
101.76
108.66
3-
T4.67
1,13.28
*3.86
4.62
6.91
113.68
112.17
113.68
102.66
89.99
63.46
166.60
101.58
108.66
4.62
2—
189.40
6.90
1
111.88
^89.40
113.68
102.84
90.14
63.37
166.80
101.41
108.66
May 27—
111.77
89.25
113.68
102.84
89.99
63.20
20—
111.94
91.05
114.30
103.93
91.97
65.66
13—
111.82
92.28
114.09
104.48
92.90
67.97
91.66
66.51
70.20
2-
$4.66
14.66
1-
Weekly—
f66.99
101.23
108.46
May 27—
'69.37
102.12
109.44
20-
J72.00
102.12
109.24
101.76
3.28
;3.85
"4.55
14.47
;,3.25
$3.26
14.54
3.29
;
6.91
4.62
6.93
3.78
4.49
3.84
—
—
—
3.90
6.57
3.90
3.53
...
3.91
3.53
...
6.54
*
3.52
3.92
3.53
—
3.93
3.54
►
r
4-3.28
6-
4.61
•3.84
,,
«
,*4.67
13—
108.85
«3.28
.
—-
6.56
6.89
112.09
3- 112.10
—
eigne
4.66
101.76
Weekly—
Indus.
RR.
3.90
113.48
~
P. U.
Baa
3.29
88.95
108.85
80
For-
4.69
112.05
/iJ
Corporate by Groups *
tic
Indus.
X
120 Domestic
*
by Ratings
Domes¬
P. V.
tie
Corp.*
Averages
AU
120 Domestic
by Ratings
120
6.52
6.66
6.28
3.88
3.49
3.75
4.43
6.42
6.03
3.88
3.50
7 3.79
3.831
4.51
6.57
6.20
3.90
3.52
14.591
'
6.851
6.40
3.98
3.55
4.65
6.88
6.46
4.03
3.66
»
.
—-
...
—
91.20
113.48
103.74
89.69
113.27
103.02
90.44
63.91
68.17
100.35
108.27
Apr. 29—
22— 111.48
89.10
113.07
102.12
89.55
63.64
67.58
99.48
108.08
22-
87.78
61.98
97.78
106.17
14—
4.80
3.38
3.97 j;
f 4.77
7.07
6.60
---
111.64
66.22
3.66
87.35
100.53
4.13
110.08
62.15
96.94
U)5.04
8—
3.37
3.991
14.76
7.05
6.48
••
87.93
4.79
•
111.84
67.38
3.72
87.49
100.18
4.18
8— 109.69
4.95
3.38
4.06
f 4.89
7.47
6.87
4.23
•
••
104.30
1—
3.76
63.73
96.11
3.80
4.65
7.13
6.46
4.09
3 63
4.05
3 57
6—
111.54
Apr. 29— 111.4%
14—
98.97
58.70
86.07
4.64
3.30]
4.68
3.31
3.88?
1— 109.58
85.24
Mar.25— 110.34
88.51
113.07
103.56
89 55
61.47
6..58
98 45
106 73
Mar. 25..
4.72
3.31
89.34
113.89
103.93
90.44
63.64
69.48
99.14
*07.88
18—
4 63
3.27
3.78
4.59
6.88
6.27
109.97
105.98
u5.56
72.98
99.48
11—
4 51
3.24
3.67
4.44
6.67
3.54
114.51
92.75
4.03
91.66
5.94
11— 110.57
4„ 110.70
69.58
77.60
100.00
108.46
4—
4 36
3.22
3.64
4.33
6.26
3.54
106 54
94.49
4.00
14.93
6.54
94.01
70.62
79.20
99.48
108.48
Feb. 25-
4.33
3.21
3.62
4.31
6.16
5.41
4.03
3.54
18
111.64
.
108.46
mmm
94.49
115.14
106.92
94.81
98.80
108.08
4.37
3.22
3.63
4.36
6.26
••
69.58
18—
•
94.01
78.20
3.56
107.73
4.07
93.85
114.93
5.49
18— 110.21
68.87
98.62
107.69
4.39
3.21
3.64
4.38
6.33
5.51
••
93.69
11—
•
115.14
77.96
3.58
93.53
106.54
4.08
11— 110.18
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
Feb.25-. 110.50
110.16
92.28
113.89
105.79
92.28
67.68
75.70
106.92
4—
105.04
92.59
66.41
73.99
98.62
107.69
Jan. 28..
4.50
3.263
3.72
4.45
6.58
4.08.
3.58
91.81
114.09
5.85
Jan. 28— 110.07
94.81
69.99
77.84
100.18
109.05
21—
4.34
3.20
3.63
4.31
3.51
106.73
3.99
115.35
5.52
94.33
6.22
21— 110.52
107.69
95.62
72.32
80.84
100.53
109.24
14-
£.25
5.28
3.50
116.00
4.26
3.97
95.78
3.58
6.00
14— 110.15
3.17
72.00
99.83
108.46
7-
4.26
3.18
3.57
4.27
5.24
mm*
95.46
81.35
3.54
115.78
107.88
4.02
95.62
6.03
109.97
95.95
102.30
109.64
High 1938
4.95
3.38
4.06
4.89
7.54
mmm
108.27
82.13
3.76
116.00
72.65
4.23
95.95
6.87
High 1938 112.17
86.07
58.15
96.11
104.30
Low 1938
4.24
3.17
3.55
4.24
5.97
5.18
mmm
111.64
63.73
3.48
85.24
98.97
3.87
Low 1938 109.58
3.89
3.26
3.44
3.96
4.89
4.24
3.94
3.49
--•»
3.93
3.24
3.51
4.09
4.89
4.35
3.91
3.53
4—
7
1
—
98.45
*
1
Yr. Ago
Junel0'37 108.56
101.94
114.09
110.43
100.70
95.95
101.06
109.44
94.17
86.07
101.58
108.66
junelO'36 110.03
*
level
101.23
These prices are
or
Junel0'37
2
2 Yrs.Ago
114.51
109.05
98.45
86.07
computed from average yields on the
the average movement of actual price
Yrs.Ago
Junel0'36
basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
quotations.
of the bond market,
yield averages, the latter being the truer picture
the Issue of April 23, 1938, page 2594.
Yr. Ago
x
Discontinued,
t The latest complete list of bonds used In computing these
on
Indexes was published
f
New
Capital Issues in Great Britain
zation of
reserve
funds and undivided
following statistics have been compiled by the
Midland Bank Limited. These compilations of issues of new
issued securities which add
capital, which are subject to revision, exclude all borrowings
by the British Government for purely financial purposes;
shares issued to vendors; allotments arising from the capitali-
for conversion
The
---
whose securities have been offered; issues
redemption of securities previously held
the United Kingdom; short-dated bills sold in anticipation
of the company
in
profits; sales of already
nothing to the capital resources
or
3722
Financial
of
long-term borrowings; and loans of municipal and county
are not
specifically limited. In all cases
the figures are based upon the prices of issue.
Chronicle
June
GEOGRAPHICAL
DISTRIBUTION
authorities which
UNITED
OF
NEW
KINGDOM
BY
CAPITAL
11, 1938
ISSUES
IN
THE
MONTHS
[Compiled by the Midland Bank Limited]
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
United
Month of
5 Months to
May
Year to
May 31
India and
Kingdom
£
1919
£17,541.000
£118,288,000
387,738,000
17,187,000
213,672,000
90,302,000
35,783,000
146,157,000
271.651.000
26,845,000
.....
£63,476,000
20,861,000
J....
88,762,000
178,273,000
1920
1921
1922
1923
1924
Brit.
Other
Foreign
Ceylon
Countries
Countries
£
£
£
Total
May 31
34,836,000
86,894,000
194,000
84,000
6.961.000
April
8,795.000
232,000
1.356"566
73,000
May
17,196,000
27,000
2,014,000
268,000
10,456,000
19,505,000
84,389.000
453,000
February
33,748,000
100,703,000
34,516,000
39.275,000
751,000
33,963,000
221 "666
964.000
19,687,000
221,607,000
1927
102,413,000
139,729,000
March.....
237,355.000
10,888,000
..
201,891,000
1925
£
33,019,000
18.502,000
6,877,000
1936—January...
260,840.000
1926
'
1928
1929
37,899,000
11,010,000
1931
336,229,000
July...
371,421,000
October
18,411.000
24,403.000
1,770,000
78,000
September..
165,608,000
90,573,000
128,000
August
212,238,000
645,000
2,939,000
3,537,000
4,346,000
8,018.000
...
128,635,000
21,131,000
1930
June
5.085.000
15,344,000
20,712,000
5 months
290,582,000
161,244,000
170,145,000
87,888,000
1933
November..
1934
22.441,000
107,521,000
138,055,000
December...
16,997,000
56,974,000
1935
19,728,000
19,505,000
65.435,000
158,650,000
90,573,000
207,962,000
11,411,000
72,901,000
199,550.000
1.528.000
22,730.000
18,271,000
14,614,000
58,083,000
57,304,000
51.787-,000
1932
12,296,000
1936
1937
27,398,000
NEW
CAPITAL ISSUES
IN
THE
65,542,000
UNITED
163,547,000
BY
February
MONTHS
1935
1936
£16.592,347
January
February
12.620,080
...
March
12,386,235
6.961,500
April
4.108.238
10,456,037
May
19,727,811
1938
£27,614,265
10,671,858
11.257.125
11.947.382
11.410,592
.
19,505,122
2.581.000
1,467,000
7,135,000
8,313,000
1,000,000
£65.434,711
20.610,166
53,909,166
6,682,428
7,719,440
4.706,804
12,543,554
11,217,941
June
July
August
September
October
November
December
...
Year
£90,572,928
18.410,698
24,402,925
6,194,413
£72,901,222
1,064,000 13,342,000
20,211,176
£217,221,225
141.000
4,481,000
32",000
680,000
"2",66c
1,015,000
13,000
4,885.000
6,503,000
1,867.000
586,000
96,000
Publication.
Price
The Directory of Directors
edition
of
this
useful
ally
in
11,372,000
10,667,000
2,273,000
138,768,000
1.634,000 23.304,000
6,520.000
945,000
13,847,000
6.305.000
3,000,000
87,000
4,728,000
16,591,000
47,990,000
December
1938—January
February
March
April
May.
and
..........
5 months
1,097 Pages.
7,200,000 170,906,000
7,465.000
2.402:666
19,248.000
6.392.000
10,213,000
594",000
27,398,000
14,556.000
2,996,000
65,542,000
311,000
5,039,000
mailing list, and in determining credit responsibility.
new edition, which marks the 29th
publication of the
directory, contains 1,097 pages of compact, legible data.
as
a
The
The book is divided into two sections.
approximately 30,000 directors with
$25
The first is
a
list of
their respective direc¬
torates, their business addresses and, wherever practicable,
Co.
recently issued the 1938
informative
book.
The
many
changes which have taken place in the business and finan¬
cial world during the
past year make the 1938 edition of
the
13.141.000
£170,906,191
9,546,101
29th
72,901,000
24,515,000
20,305,000
7,141,000
1,964,000
13,855,000
12,400,000
17,825,000
14,558.000
...
Year
7,141,184
1,963,697
13,855,183
12,400,174
17,824.624
New York 1938 Edition
Edition.
445,000
678,000
1,125,000
53,000
830,000
October........
24,514,648
Directory of Directors in the City of
1938
11,947,000
11,411,000
20,305,459
.
26,943,859
20,939,125
£182,824,210
20"000
396,000
September
£65,541,677
27.614,000
10,672,000
11,257,000
2,097,000
November
5 months.....
407,000
17,000
22,611,000
August..
6,194,000
9,546,000
26,944,000
20,939,000
20.211.000
3,060,000 217,221,000
4,792,000
58,050,000
July
27,397,880
1,487,000
31,000
June
6,391,772
5,038,715
568,000
1,572,000
34.000
.
5 months
£7,464,872
19,248,438
2,069,000
2,405,000
May.......
1937
£33,963.149
19,687,120
30,000
155,000
1,090,000 22,264,000
April
[Complied by the Midland Bank Llm'tedl
3,763,000
24,802,000
8,043,000
9,756.000
1937—January
March
KINGDOM
451.000
190,808,000
Year
153,000
"Directory of Directors in the City of New York" virtu¬
a new directory.
It is invaluable as a "Who's Who"
business and finance in New York
City, as
handbook,
a
their
residence addresses.
The
second
section
is
an
index
of
corporations, about 12,000 in number, which have an out¬
standing capital of $50,000 or over, and two or more of
whose directors
also includes
and
are
list
a
listed in the first section.
of
the outstanding
This section
non-corporate
firms
their members;
insurance and
banks, trust and securities companies,
guaranty companies.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, June 10, 1938.
Business activity showed a further contraction the
past
week, reflecting in a measure the curtailment of activity
during the Memorial Day holiday.
The figures showed a
drop of 7.3% for the week, according to the "Journal of
Commerce"
weekly business index, which declined to 64.0,
the lowest point since
early January, and compares with a
revised figure of 69.1 for the
previous week and 95.7 for
the
corresponding week of 1937.
There appears little in
the immediate
picture to warrant any optimism.
A de¬
cidedly bearish feeling prevails in the "Street."
According
to well-informed
vinced
that
quarters, the financial community is
business will
be
bad
until
late
in
the
con¬
third
quarter, and that nothing will be done in Washington that
be of any lasting benefit to
investors.
Consequently,
will
there is
far
as
no
as
desire to trade, and volume is at a
very low ebb,
securities market is concerned.
With steel
the
ingot production remaining at last week's rate of 25% of
capacity, "Iron Age" states that whatever
activity there
is in
the industry this summer
will
probably' emanate
largely from government spending and lending.
The auto¬
mobile industry is not
likely to make anv important pur¬
chases
before
August, when preparations for 1939 models
be^ fully under way, while prospects of railroad loan
legislation before adjournment of
Congress are dimmed by
to $47,437,000 compared with $45,250,000 for the
previous
four-day period and $42,883,000 in the same week of last
year.
Broken down into separate groups, the figures show
that contracts for private building decreased $838,000 under
the preceding week and were off about
44% from the 1937
week.
Production of automobiles and trucks fell off sharply
week under holiday influences and closing down of
last
virtually all of Ford's assembly plants.
Ward's estimated
output at 26,980 units compared with 54,120 the week
before and 104,136 in the same week of 1937.
This reduc¬
tion exceeded by far the usual seasonal
in a two-point break in the automobile
in May is estimated at 195,000 units
in April and 540,377 in
May,
six
scheduled
for
this week.
Tin
plate,
an
item
year,
is in
which is
a
contra-
the corresponding
Institute
further
period of last year, the Edison
disclosed.
I
show
net
railroads
March,
same
loss
of
compared
for
Electric
week
was
94,427,000 kilowatt hours below the total of 1,973,278,000
in the previous week and 252.241.000 under the aggregate
of 2,131,092,000 in the same
period of 1937.
Reports of 141
Class
Output
the
latest
Interstate
Commerce
$28,212,429 after
taxes and
to
the
with
month of last
net
income
of
Commission
charges for
$24,888,844 in the
March quarter net loss of these
year.
carriers
totaled $106,249,866 compared with net income of
$15,390",726 in the first three months of 1937.
One bright
spot in the week's developments wTas the announcement by
the
British
Air
mendation of
Ministry that it
had
accepted the
recom¬
dropped to a range of
Building construction awards
drop under the depressing influence
dip in private construction.
As compiled bv
meeting weather opposition on several previous attempts to
seasonal^ decline, operations having
says.
suffered the maximum
a
Production of electricity
special mission, which returned 10 days ago
from the United States, and will purchase 400 fighting
planes from two American builders.
Buying of summer
40% to 50%, "Iron Age"
of
1937.
by the electric light and power industry of the United
States for the week ended June 4 amounted to 1,878,851,000
kilowatt hours, a decrease of 11.8% when compared with
the
usually pointing up at this time of the
Production
compared with 238,133
will
opposition of railroad workers to wage
reductions, the
publication says.
The present rate is
really a reduction,
since some mills operated
only five day last week against
trend and resulted
index.
"Engineering News-Record," total building awards amounted
merchandise
launch
a
was
the season,
off
to
Dun
a
belated
start
this
week
after
& Bradstreet, Inc., reported today.
Volume
Gains
retail
over
Aveek
of
sales
the
Day
Memorial
abbreviated
by nearly all the leading centers of
distribution, the average ranging from 2% to 5%.
How¬
reported
were
drop from last year's level was lengthened, the
estimated retail volume, taking the country as a whole,
the
ever,
going 12% to 21% below that for the 1937 week, the Dun
In the wholesale field, the review reported a
the principal markets as dwindling
report said.
slow
orders by
in
rise
made
inventories
replacements
to meet the
While gains for the
necessary
broader call for summer merchandise.
rarely exceeded 10%, the loss in estimated wholesale
Aveek
volume from the 1937 comparative period was
to
cut from 8%
The Association of American Railroads r^orted
20%.
3723
Financial Chronicle
146
Ended June 4
Revenue Freight Car Loadings in^Week
Off 10.57%
Loadings of revenue freight for the week ended June 4,
1938, totaled 502,624 cars.
This is a decline of 59,437 cars,
or 10.57%, from the preceding week; a decrease of 186,363
cars, or 27.1%, from the total for the like week a year ago,
and a drop of 193,220 cars, or 27.8%, from the total loadings
for the
corresponding week two years ago.
For the week
ended May 28,1938, loadings were 28.9% below those for the
like week of 1937, and 13.1 % below those for the correspond¬
ing week of 1936. Loadings for the week ended May 21,1938,
showed a loss of 29.6% when compared Avith 1937 and a
drop of 20.2% when comparison is made with the same
today 502,624 cars of revenue freight were loaded during the
Aveek ending last Saturday.
This was a decrease of 59,437
week of 1936.
de¬
crease of 186,363, or 27% compared with a year ago, and a
decrease of 357,440, or 41.6% compared with 1930.
At
the beginning of the Aveek abnormally cool weather, hold¬
ing over from last week, prevailed over the Atlantic area,
June 4, 1938 loaded .a total of 226,886 cars of revenue freight
on their oAvn lines,
compared Avith 258,439 cars in the pre¬
cars,
or
10.6% compared with the preceding week;
a
The first 18 major
ceding
week
June 5, 1937.
railroads to report for the week ended
minimum temperatures
Considerable frost
occurred
the freezing point.
England southward
around
from
New
Thereafter,
there was a rapid warming up in Eastern States, and as
the week progressed higher temperatures prevailed quite
generally over the country, with unusual warmth in most
the middle
to
Western
Loaded
was
During the first half of the week pre¬
rather
frequent
from
Central
the
Valleys
eastward, but therefater fair weather was the general rule,
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
18,208
19,825
22,137
4,147
4,667
5,442
19,952
21,620
29,267
12,187
16,030
10,897
18,091
20,542
7,963
12,820
8,146
16,915
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac Ry.
Chicago & North Western Ry
12,265
5,662
14,500
17,331
17,924
5,928
12,826
13,335
7,619
credited
to
milling
sources
were
that
current
of the American bread wheat crop have
injured by three frost periods, and that the
hard winter belt has been especially ravaged.
In the New
York City area the weather was summer-like, with rather
high temperatures at times and one or two electric storms
35,000,000
acres
been seriously
12,634
7,841
9,471
1,383
1,358
2,078
2,650
1,928
1,122
2,011
1,597
2,106
3,626
4,483
2,343
Missouri Pacific RR
3,533
10,377
11,170
12,528
6,850
New York Central Lines
25,635
30,921
38,566
27,878
2,474
7,841
29,901
N. Y. Chicago & St. Louis Ry
Norfolk & Western Ry
3,565
4,128
4,855
6,865
14,878
19,744
3,662
7,582
3,630
8,992
14,072
Pennsylvania RR
41,577
48,608
62,917
31,407
33,677
45,806
3,766
4,350
5,909
3,586
3,159
22,755
3,244
6,589
3,164
3,702
4,032
25,659
26,901
6,723
6,882
3,967
4,647
4,268
6,641
6,817
in conjunction with mostly
adequate soil moisture, made a good growing week in much
the greater portion of the country.
In the wheat sections
of
the
country,
however,
reports
are
rather alarming.
high temperatures,
7,639
8,354
2,803
10,344
5,934
6,268
10,747
Gulf Coast Lines
Statements
Received from Connections
Weeks Ended—
Own Lines
June 4, Majj28, June 5, June 4, May 28, June 5,
1937
1938
1938
1937
1938
1938
although local areas had more or less rainfall.
While a
feAv areas remain unfavorably dry, moderate warmth to
abnormally
on
Weeks Ended—
Appalachian Mountain sections.
sections.
cipitation
FROM CONNECTIONS
(Number of Care)
especially in the Northeastern States, where some areas re¬
ported
ended
and 306,808 cars in the seven days
A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED
2,135
International Great Northern RR
M lssouri-Kansas-Texas RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
1,908
2,845
8,337
37,820
4,597
4,777
6,799
.
8,857
7,775
226,886 258,439 306,808 145,344 156,191 197.548
Total
TOTAL LOADINGS AND RECEIPTS FROM
CONNECTIONS
(Number of Cars)
in which two deaths occurred and a score of accidents were
Today it was cloudy and warm here, with tem¬
from 63 to 72 degrees.
The forecast
was
for intermittent showers beginning late tonight and
continuing Saturday.
Overnight at Boston it was 56 to 80
reported.
Weeks Ended—
ranging
peratures
degrees; Baltimore, 64 to 84; Pittsburgh, 60 to 78; Portland,
Me., 54 to 76; Chicago, 64 to 78; Cincinnati, 66 to 78;
Cleveland, 64 to 72; Detroit, 64 to 76; Charleston, 76 to 86;
Milwaukee, 56 to 72; Savannah, 74 to 90; Dallas, 76 to 84;
Kansas City, 70 to
76; Springfield, Mo., 66 to 78; Oklahoma
City, 64 to 86; Salt Lake City, 48 to 72; Seattle, 48 to 64;
Montreal, 52 to 66, and Winnipeg, 52 to 62.
June 4, 1938
May 28, 1938
June 5, 1937
Chic Rock Island & Pac.—
19,883
21,721
21,991
Illinois Central System
24,098
25,227
8t. Louis-San Francisco Ry
10,292
10,994
28,510
12,779
54,273
57,942
63,280
Total
The Association of American Railroads, in
week ended
Loading of
This
cars.
same
revenue
was
a
freight for the week ended May 28
decrease of 228,442
cars,
Moody's Commodity Index advanced from 131.2 a week
to 133.5 this Friday.
The principal factors were the
higher prices for Avheat, hogs and rubber.
Cocoa, cotton,
sugar and wool also advanced, while silk, hides, corn, steel
scrap and coffee declined.
There were no net changes for
silver, copper and lead.
The movement of the Index during the week was as follows:
•
131.2
3...
4
6
7
8
June 9
June 10
June
June
June
June
June
Two Weeks Ago,
May 27
131.8
136.4
-.199.5
228.1
Month Ago, May 10
*
131.2
131.8
131.8
133.0
133.5
totaled 562,061
28.9% below the corre¬
or
39.5% below the
week in 1930.
of May 28 was an increase of
16,253 cars, or 3.0% above the preceding week.
Miscellaneous freight loading totaled 218,422 cars, a decrease of 1,806
Loading of revenue freight for the week
ago
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
reviewing the
May 28, reported as follows:
sponding week in 1937 and a decrease of 367,545 cars or
Moody's Commodity Index Advances
,
Year Ago,
June 10
1937 High—April 5
Low—Nov. 24
-
.144.6
1938 High—Jan. 10
Low—June 1_„
152.9
130.1
No Index
cars
below the
107,656 cars below the
preceding week, and a decrease of
corresponding week in 1937.
less-than-carload-lot freight totaled 148,525
cars, a decrease of 242 cars below the preceding week, and a decrease of
22,786 cars below the corresponding week in 1937.
Coal loading amounted to 98,073 cars, an increase of 10,873 cars above
the preceding week, but a decrease of 24,951 cars below the corresponding
merchandise
of
Loading
week in 1937.
Grain
1,184
grain products loading totaled
and
cars
33,344 cars, an increase of
increase of 6,082 cars above
In the Western districts alone grain and
above the preceding week, and an
week in 1937.
the corresponding
grain products loading for the week of May 28 totaled 20,283 cars, an
above the preceding week, and an increase of 4,296 cars
increase of 631 cars
above the
Advance
of
0.7
Point
Noted
in
"Annalist"
Weekly
Index of Wholesale Commodity
Prices During Week
Ended June 8—Largest Gain Since Mid-September,
1937
to say;
of
a
loading amounted to
wheat and to a lesser extent cotton
The abrupt turnabout in the wheat market followed rumors
higher than expected loan value, in addition to lees favorable crop
reports from the Southwest.
Cotton moved forward on scattered trade
buying, based largely on the fact that the fiber is below the loan level.
preceding week, and a decrease of
(1926=100)
Forest
products
loading
above the preceding
Ore loading
week, but a decrease of
Wed.,
1938
June 1,
Trues.,
June 8,
preceding
77.8
1937
;
week,
but a
All districts reported
in 1937 and
Five
weeks in April.
Week of May
7
14..!..
81.0
Week of May 28
x56.6
89.6
100.7
xlOO.7
x66.1
71.0
2,256,423
2,155,451
2,222,864
2.649,894
536,140
541,813
763,495
769,560
545,808
562,061
775,074
790.503
928,759
929,606
15.275.610
18.621,529
3.347.717
3,506,236
3,529,907
4,504,284
942,674
932,346
108.7
66.1
1930
1937
2,714,449
2,763,457
2,986,166
3,712,906
81.2
x85.2
the corresponding weeks
11.470.454
Four weeks in January
70.8
71.8
85.3
decreases compared with
1938
Week of May 21
*56.5
cars
1930.
99.7
Textile products
the
below the corresponding
4,375 cars, an Increase of 263 cars above
decrease of 6,222
week in 1937.
76.5
Food products.^
of 6,328 cars above the
below the corresponding
but a decrease of 56,744 cars
week in 1937.
Week of May
Farm products
970 cars
15,637 cars below the corre¬
amounted to 20,431 cars, an increase
preceding week,
Four weeks in March
1938
851 cars below the corresponding
totaled 26,841 cars, an increase of
sponding week in 1937.
Four weeks in February
Wed.,
loading of livestock
of 1,301 cars below
An
WHOLESALE COMMODITY PRICES
June 8,
of 528 cars below the corre¬
week in 1937.
unexpected demand for livestock pushed prices up from the recent lows.
THE ANNALIST WEEKLY INDEX OF
12,050 cars, a decrease of 1,317 cars
preceding week, and a decrease
Coke loading amounted to
The upward movement was led by
and livestock.
the
sponding week in 1937.
In the Western districts alone,
for the week of May 28 totaled 8,906 cars, a decrease
the
In the week ended June 8 wholesale commodity prices
enjoyed their widest gain since the middle of last September.
On June 8 the "Annalist" Weekly Index of Wholesale Com¬
modity Prices stood at 80.5, as compared with 79.8 (the
low since 1936) in the previous week and 92.8 a year ago,
said an announcement by the "Annalist," which went on
corresponding week in 1937.
Livestock
below
Fuels
Metals.
Building materials
88.0
87.8
Chemicals
88.0
Miscellaneous-
69.5
69.2
79.7
80.5
X79.8
92.8
All commodities
*
Preliminary.
..
xRevised.
Total..
In
the
iollowing we undertake to snow aiso tne loaumgs
for separate roads and systems for the week ended
1938.
During this period only seven roads showed
when compared Avith the same week last year:
May 28,
increases
3724
Financial
FREIGHT LOADED AND RECEIVED
REVENUE
FROM
Total Revenue
from Connexions
June 11, 1938
(NUMBER OF CARS;—WEEK ENDED MAY 28
Total Loads Received
Freight Loaded
Railroads
Chronicle
CONNECTIONS
1938
1937
1936
1938
Total Loads Received
Total Revenue
1938
1937
Eastern District—
■from Connections
Freight Loaded
Railroads
1936
1937
1937
1938
Southern District—(Concl.)
566
515
389
865
1,439
7,013
1,399
1,951
9,059
1,559
1,902
7,061
1,389
241
334
8,727
1,470
11,086
2,389
17
33
17
61
96
2,345
7,731
Seaboard Air Line
5,776
1,636
6,282
Delaware Lackawanna A West
9,973
1,670
6,375
11,778
1,124
Delaware a Hudson
1,172
6,111
9,842
5,187
7,082
Tennessee Central..
452
463
336
113
158
1.204
2,929
2,294
897
1.510
1,505
9.122
4,776
14,898
Ann Arbor
Bangor & Aroostook
Boston A
Maine
Chicago Indianapolis a Loulsv
Central Indiana
Central Vermont
-—
Detroit a Mackinac
Detroit Toledo a Ironton
153
-
Maine Central
416
14,456
11,563
5,552
5,789
190
—
259
1,964
3,392
3,074
1,315
30,921
8.447
1,408
4,128
3,325
4,350
New York Central Lines.....
N. Y. N. H. a Hartford
New York Ontario a Western
N. Y. Chicago a St. Louis
Pittsburgh a Lake Erie
Pere Marquette
4,149
2,407
46,115
11,923
1,668
5,665
8,347
6,659
197
....
251
H
n
31
29,901
9,896
1,545
7,682
3,951
4.3,702
43,471
12,634
1,995
10,161
7,901
5,411
17
22
9,200
M42J
4,669 j
6,840 J
5,602
282
24
8,980
2,635
3,626
1,864
38,151
7,960
1,928
1,134
8,651
2,576
187
12,231
9,928
3,041
1,454
1,091
6,292
1,956
194
2,210
9,536
2,416
Lehigh a Hudson River
Lehigh a New England......
Lehigh Valley
Monongahela
Montour
422
11,287
3,308
Detroit a Toledo Shore LineErie
Grand Trunk Western—
1.423
185
MobUe a Ohio
Nashville Chattanooga a St. L_
Norfolk Southern
1,987
2,645
1,526
2,190
3,172
1,284
1,773
2,736
1,028
1,983
2,344
1,633
2,004
934
1,030
Piedmont Northern
340
409
437
706
875
Richmond Fred. a Potomac...
306
399
333
7,684
16,303
9,513
21,543
7,547
19,029
4,478
3,099
10,678
4,773
3,936
14,649
332
486
397
468
642
154
169
156
548
756
84,343
106,553
92,095
51,772
66,069
20,170
10.630
2,939
8,510
3,449
Southern System
Wins ton-Salem
...
Southbound—
Total
—
Northwestern District—
Chicago
Chicago
Chicago
Chlcago
a North Western
Great Western
MUw. St. P. a Paclflc.
St. P. Minn. a Omaha.
14,172
2,385
2,490
17,232
3,525
6,527
18,635
2,313
17,382
3,699
13,083
1,226
7,273
8,354
2,044
6,268
2,673
Duluth South Shore a Atlantic.
425
Elgin Jollet a Eastern
Ft. Dodge Des Moines a South.
4,143
20,493
3,884
24,871
1,601
9,624
423
441
413
178
184
11,601
23,753
15,542
2,501
3,412
529
641
529
469
631
624
3.327
105
1,800
6,654
10.313
1,873
1,819
5,482
7,827
53
1,756
1,413
1,882
2,748
1,835
2,539
3,921
Duluth
MlssabeJA I. R
Great Northern
-
Green Bay a Western
—
Lake Superior a Ishpemlng
Minneapolis a St. Louis
Minn, St. Paul a S. S. M
4,110
Pittsburgh a Sbawmut
Pittsburgh Shawmut a North.
Pittsburgh a West Virginia-
280
324
400
180
901
1,208
1,245
1,078
Rutland
526
616
566
818
4,647
2,612
5,332
4,870
5,039
4,011
6,817
2,100
2,075
1,031
8,912
3,796
124,577
172,076
144,641
|119,462
|172,254
594
572
548
795
21,620
2,114
35,361
7,933
27,035
5,407
12,820
1,148
18,414
2,862
Bingham a Garfield
ChlcagoIBurllngton a Quincy—
505
3,397
6,951
Central Western District—
389
217
174
332
...
Wabash....................
Wheeling a Lake Erie
...
Total.
190
<
Northern
7,801
Pacific
225
...
340
217
340
....
639
9
14
6,135
1,049
7,958
980
Central RR. of New Jersey...
7,014
9,637
12,000
Cornwall..
578
615
762
50
Cumberland a Pennsylvania..
Llgonler Valley
Long Island
34
95
83
14
41
566
670
747
2,703
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co................
Union (Pittsburgh)
824
48,608
13,365
4,785
1,240
74,218
15,597
17,630
2,944
1,472
49,018
18,632
7,983
.
,
129
West Virginia Northern......
138
7
5
222
46-
34
28
987
1,154
58,275
33,677
12,674
1,235
15,376
12,876
28
39
53
0
0
2,627
3,947
3,036
4,414
7,532
102,781
Western Maryland..
167,301
133,765
80,016
121,794
-——
Chicago]* Illinois Midland
ChicagolRock Island a Pacific.
Chicago]*: Eastern Illinois
Denver^*VRlo Grande Western
18,091
14,878
3,619
Virginian....
.......
23,576
22,922
22,991
4,384
19,378
8,146
3,630
3,668
773
10,581
4,893
1,004
36,588
Norfolk a Western.......
50,951
45,974
12,509
16,478
1,454
132,133
99,091
33,848
47,609
19,825
2,742
24,134
3,251
18,192
2,716
4,667
1,720
6,042
2,316
450
542
313
84
102
12,634
1,618
11,427
2,125
14,121
1,728
13,227
2.556
12,267
1,170
11,404
2,403
5,934
8,497
482
790
807
1,823
2,526
1,806
7,060
2,015
1,143
2,191
10.339
772
319
Fort Worth a Denver City
559
502
12
26
1,172
1,947
821
1,832
1,247
1,053
1,248
1,513
386
578
1,096
1,658
1~291
106
121
693
870
806
339
355
34
311
129
0
37
21,059
22,440
16,490
3,692
327
291
375
920
10,768
13,115
10,504
6,532
5,836
1,290
8,349
Missouri-Illinois
Nevada
Northern
......
North Western Pacific
Peoria* PeklnUnion..——..
Southern Pacific (Paclflo)
—
Toledo Peoria & Western
126
171
161
8
6
1,550
1,219
1,799
2,203
92,628
Total.
107,519
85,208
41,248
56,897
Southwestern District—
286
1,358
2,078
1,437
2.016
254
177
214
842
793
1,088
1,350
645
647
587
774
8,801
3,615
9,917
4,562
8,131
3,868
3,520
2,262
106
Litchfield A Madison
283
686
516
894
Midland
490
505
1,054
1,386
1,184
1,328
4,491
2,776
1,093
1,872
Louisiana Arkansas & Texas..
431
206
432
335
382
316
Missouri-Kansas-Texas Lines.
154
150
144
218
253
Missouri Pacific
449
Durham a Southern
Florida East Coast....
289
531
Charleston a Western Carolina
Cllnchfleld
Columbus a Greenville
498
Kansas Oklahoma * Gulf
171
157
155
755
915
1,877
1,450
Kansas City Southern
Louisiana & Arkansas.—
2,175
1,938
1,621
1,667
1,002
2,045
1,259
108
180
337
321
247
240
660
994
413
194
Valley
Missouri A Arkansas
1,580
237
125
126
320
4,587
14,064
4,015
11,872
2,474
7,841
2,890
9,757
727
Quanah Acme A Pacific
113
143
120
59
126
37
38
66
95
St. Louis-San Francisco
886
906
1,327
1,616
St. Louis Southwestern
6,344
2,270
8,624
2,347
7,048
1,916
3,268
2,271
5,199
3.017
6,400
4,316
7,823
5,420
5,388
2,400
3,033
3,964
261
3,399
2,479
3,523
214
70
68
29
38
42
27
33
44,100
53,970
45.241
30,497
38,225
757
484
240
359
434
1,984
20,426
23,910
1,796
18,532
20,089
8,622
4,211
711,945
5,303
85
197
150
474
170
160
268
309
Texas A New Orleans
481
122
Nashville
371
1,455
17,250
16,942
Macon Dublin a Savannah....
Mississippi Central
Note—Previous year's figures revised.
882
Balance Sliest Items of
Steam Railways fpr March
Statistics
460
P
1,006
Texas A Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W...
Total
* Previous figures.
Selectedj^Income and
of
the
Interstate
Class
1938
Commerce
These figures are
subject to revision and were compiled
136 reports
representing 141 steam railways.
The
present statement excludes returns for Class I
switching and
terminal companies. The
from
report in full is
TOTALS FOR THE UNITED STATES
For the Month
as
follows:
(ALL REGIONS)
of March
Balance at End of March
I
Commission has issued a statement
showing the aggregate
totals of selected income and balance sheet items
of Class I
steam
railways in the United States for the month of March.
For the Three Months
of
Selected
1938
1937
1938
Investments In stocks, bonds, Ac., other than those
of affiliated companies
$659,289,982
Demand loans and deposits
Time drafts and deposits
—
—
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors.
—
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable—
Rents receivable
—
Total fixed charges..
Income after fixed charges
$19,276,657 $147,514,806
34,010,157
33,753,375
$25,042,751 $80,623,039
Net Income,
Depreciation (way A structures
and equipment).......
Federal Income taxes
2,120,643
1,865,565
10,341,632
39,564,855
215,177
6,371,284
5,486,569
1,416.334
common
stock
On preferred stock
1,788,317
4,309,500
6,568,299
$1,063,020,241 $1,440,147,632
Selected
Liability Items—
Funded debt maturing within 6 months
$207,492,647
Interest matured unpaid
711.175,728
577,478,867
30,891,412
118,323,412
Dividends matured unpaid
Funded debt matured unpaid
12,924,530
483,474,463
233,340
656,070
13,853,470
513.974,836
839,031
92,492,860
100,169,445
29,548,409
30,102,437
26,680,971
37,269,127
119,578,154
692,167
—
Unmatured dividends declared
Unmatured interest accrued..
Unmatured rents accrued
$15,390,726
1,007,740
Total
current
839,205
50,335,253
3,357,307
1,818,834
$1,993,205,286 $1,914,595,142
liabilities.
Tax liability:
United States Government taxes
.
$62,042,345
145,648.692
Other than United States Government taxes
16,286,320
3,494,114
72,749,447
21,193,110
Other current liabilities
25,896,584 dl03,212,146
18,498,946
3,108,220
16,882,815
89,948,233
256,733,899
124,094,952
12,854,610
39,772,940
3,037,720
1,012,573
$211,168,510
$46,658,748 $176,038,394
$50,121,964 $52,860,890 $149,870,894 $157,539,448
d27,199,856
$198,287,565
$238,867,417
67,884,830
230,626,148
a
Loans and bills payable b
Traffic and car-service balances payable
Audited accounts and wages payable...
Miscellaneous accounts payable...
$120,176,653
132,224,828
48,594,047
8,296,393
Dividend appropriations:
On
24,777,263
56,000,182
145,845,250
361.273,715
$53,030,032 $181,524,963
d$28212429 $24,888,844 d$106249866
Contingent charges..
$561,350,601
8,651,743
42,940,265
205,596,677
11,861,653
73,493,667
1937
914,470,445 $69,881,245
10,572,306
10,741,794
Inc. avail, for fixed
charges.. $22,922,108 $78,757,474
Fixed charges:
Rent for leased roads
Interest deductions
Other deductions
$687,333,752
$310,483,107
7.903,202
27,403,272
73,442,175
6,713,968
52,915,940
39,070,629
136,020,693
380,380,897
22,960,524
Cash
Total current assets
Mis cell, deductions from Income
1937
Asset Items—
Other current assets
Total Income
204
98
3,626
11,195
31
Gulf Mobile a Northern
Illinois Central System..
Net railway
operating Income
Other income
2,106
873
Gainsvllle Midland*........
Georgia
Georgia a Florida
of
162
1,962
1,670
609
Atlantic Coast Line—
Central of Georgia
Bureau
341
297
77
3,341
1,991
218
A,Coast—
The
Fort Smith & Western.......
112
152
2,803
International-Great Northern.
Atl. a W. P.—W. RR. of AlaAtlanta Birmingham
a
170
135
102
Gulf,Coast Lines
Southern District—
Alabama Tennessee a Northern
Louisville
344
244
"
1,428
Utah
Burling ton-Rock Island*—.
Total.
2,891
1,688
2,904
1,478
1,675
Denver a Salt Lake
Illinois Terminal
Western Pacific
Pocahontas District—
Chesapeake a Ohio
327
1,190
Colorado a Southern
Union Pacific System
Total.
232
888
595
Total
Alton
Baltimore a Ohio
Bessemer a Lake Erie.......
Buffalo Creek a Gauley
Cambria a Indiana
267
1,810
77,044
Spokane^Portland a Seattle...
Atch. Top. a Santa Fe System.
Alleghany District—
Akron Canton a Youngstown.
261
1,566
International
Spokane
a
Includes payments which
will become due on account of principal of long-term
debt (other than funded debt matured unpaid)
842,500
2,876.075
17,116,088
464.325
22,994,429
744.237
3.733,201
4,009,648
within six months after close of
which mature not more than two years
month of report,
b Includes obligations
after date of Issue,
d Deficit or other reverse Items.
Volume
Financial
146
Wholesale
Commodity
June 4
Declined
Prices
Ended
Week
During
Current
the
Lowest Point in
to
Recession, According to National Fertilizer Asso¬
ciation
A continuation of the decline in cotton and
grain prices combined with
a
year ago
The livestock average
while the grain price index is 48% lower.
week, with higher prices for cattle,
remained unchanged last
offsetting
sheep
than
The cotton price index is currently 39% lower
the price average.
Declines
were also registered during the week by the indexes representing the prices
of building materials, fertilizer materials, and misceUaneous commodities.
with 11 price series in the group
declining and only one advancing.
Fractional increases occurred in the fuel and metal indexes.
'
15
advanced; in the preceding week there were 40 declines
advances; in the- second preceding week there
were
decline 0.8%
index to
group
prices advanced.
Yellow pine flooring and lath
.
and structural steel remained
Brick and tile, cement,
unchanged.
Continued weakness in wholesale prices of cotton goods including drillings,
print cloth, sheeting, ticking, tire fabric, toweling, and cotton yarns, to¬
gether with lower prices for rayon hosiery, raw silk, hosiery yarn, and raw
jute, caused the textile products group index to fall 0.5%
woolen and worsted goods prices were steady.
index
now
since
stands at
of the 1926 average, the lowest level reached
65.5%
mid-July, 1933.
.)'!
,
Average wholesale prices of cattle feed decreased 6.6%
week
of June.
Crude
Soap declined 0.6%
rubber,
the
on
hand,
other
week
and 11
A pronounced decline in
No
2.1%.
advanced
products
shoes,
group
Average wholesale prices
0.1%.
to decrease
Lower prices for fats and oils resulted in a decrease
cals and drugs group.
of 0.1% in the chemi¬
The drugs and pharmaceuticals, fertilizer materials,
and mixed fertilizers subgroups remained
Minor advances in prices for coal were
unchanged at last week's level.
offset by lower prices for petroleum
lighting materials group index remained unchanged at 76.5.
A
Month
Year
Week
Week
Ago
Ago
Bears to the
June 4,
May 7,
decrease
of 0.4%
95.7.
Quotations
in the non-ferrous metals subgroup did not affect
No changes
advanced.
1938
1938
1938
72.3
72.9
72.1
83.3
*57.2
58.3
59.9
78.7
28,
reported in prices for Agricultural
were
and plumbing and heating
vehicles, iron and steel,
A decline in prices of woolen blankets did not change the
1937
May
whole; it remained
pig lead, and lead pipe.
lower for antimony,
were
fixtures.
June 5,
Total Index
It remained at 88.6%
goods group index.
housefurnlshlng
Foods
Fats and oils
79.1
65.4
64.1
47.9
72.0
*57.6
60.2
63.9
72.1
68.0
82.3
79.4
*
79.2
79.2
85.1
*76.0
76.4
76.6
89.4
,
numbers for the main groups of com¬
June 5, 1937, June 6, 1936, June 8,
110.2
72,1
Grains
The following table shows index
86.5
45.5
75.5
75.0
Farm products
Cotton
*
modities for the past five weeks and for
94.1
64.7
*44.1
Cottonseed oll_.
23.0
Wholesale
of the 1926 average.
prices of furniture were steady.
25.3
Coke prices
firm.
were
Pig tin
Preced'g
Group
of leather,
steady.
were
implements, motor
Latest
Each Group
were
belting, gloves,
manufactures, such as luggage,
and other leather
and harness,
at
(1926-1928=100)
Compiled by the National Fertilizer Association.
changes
the hides and leather
prices of calf skins caused
the index for the metals and metal products group as a
COMMODITY PRICE INDEX
Per Cent
during the first
and paper and pulp dropped 0.1%.
reported in wholesale prices of automobile tires and tubes.
31 declines and 25
advances.
WEEKLY WHOLESALE
Clothing and
.
The textile products group
products, principally Pennsylvania fuel oil, with the result that the fuel and
Forty-three price series included in the index declined during the
and
Weakening prices for yellow pine timbers, Ponderosa pine and spruce
lower,
Textile prices were generally
decline in hogs.
a
lambs, and
down 14.7% from a year ago.
lumber, linseed oil, resin, turpentine, sand, and gravel caused the building
decline in
lower quotations for foodstuffs were mainly responsible for the
higher than
The current food index—72.3—Is 1.3%
oil, and cottonseed oil.
it was for the first week of May, but is
materials
Continuing the downward trend of the previous week,
the wholesale commodity price index of the National Fer¬
tilizer Association in the week ended June 4 dropped to the
lowest level in the current recession.
Last week the index
(based on the 1926-28 average of 100%) stood at 73.8%,
representing a decline of 17% from the 1937 high point.
In the preceding week it registered 74.2%, and a year ago
87.4%.
The highest point of this year to date was 78.5%
in the second week of January.
The Association's announce¬
ment, under date of June 6, further said:
3725
Chronicle
Livestock
1935, and June 9, 1934.
(1926=100)
'
June
June
May
June
June
7.1
59.3
96.1
*70.7
79.8
81.1
91.5
94.0
Building materials
1.3
94.0
94.9
*69.0
71.5
71.8
70.6
76.8
Fertilizer materials
.3
76.8
76.9
77.3
98.0
95.6
Fertilizers
.3
♦New
87.4
74.0
74.2
*73.8
All groups combined
1938 low.
98.1
98.1
Farm machinery
100.0
8,
1935
1934'
commodities
77.7
78.1
78.2
77.8
77.9
87.1
78.4
79.9
73.8
products
67.2
68.8
68.8
67.4
67.4
89.3
76.5
79.9
60.7
72.3
73.0
72.9
71.5
71.4
84.8
78.7
83.7
67.6
91.5
91.6
91.7
92.3
92.2
107.6
94.6
89.1
87.2
Textile products —
65.5
65.8
66.0
66.1
66.1
77.6
69.1
69.3
72.7
76.5
76.5
76.6
76.8
77.1
78.2
76.7
74.7
73.8'
95.7
95.7
96.3
96.3
96.3
95.1
85.7
85.6
87.8
90.2
90.9
90.4
90.9
90.9
97.0
85.7
85.1
87.8
75.9
76.0
76.4
76.7
77.0
83.3
77.3
80.7
75.4
Housefurn. goods.
88.6
88.6
88.6
88.6
88.6
91.0
82.9
81.8
83.4
72.5
72.7
73.1
73.1
73.0
80.0
69.0
68.9
70.0
Raw materials
70.2
71.2
71.2
70.4
70.3
86.5
76.3
X
articles.
73.0
73.3
74.6
74.8
74.9
86.9
74.0
x
82.3
82.5
82.5
82.2
82.4
87.8
80.4
X
X
80.0
80.2
80.4
80.2
80.2
86.6
78.8
79.9
76.6
81.4
81.5
81.7
81.9
82.0
86.2
78.7
77.8
78.9
93.7
Chemicals and drugs
.3
6,
1936
All
Farm
Foods
Hides
metal
&
products
Commodity
Prices
Labor Index of Wholesale
Decreased
0.5%
During
Week
Ended June 4
A
sharp
decline
commodities
a
All commods.other
agricultural
of
Department of Labor, Bureau of Labor Statistics' index of
wholesale commodity prices during the week
Commissioner Lubin announced on June 9.
ended June 4,
level reached since the last week of December, 1934.
commodity index is 0.3% below the corresponding week of
10.8% lower than it was a year ago. Seven
of the 10 major group classifications declined during the week
and three remained unchanged at last week's level."
The
Commissioner added:
Largely because of the pronounced decline in prices of farm products'
together with weakening prices for bananas, calf skins, raw silk, and jute,
below
a
year ago.
Semi-manufactured
commodities
lower than they were a month ago.
of
a year ago,
The
by 0.2%.
or
manufactured
Compared with the
groups,
The index is
declined
prices
0.4%
and
are
a
materials and semi-manufactured com¬
month ago and 6.3% lower than
Non-agricultural commodities prices,
are
Institute, in its current weekly re¬
production of electricity by the electric
light and power industry of the United States for the week
ended June 4, 1938, was 1,878,851,000 kwh.
This is a
decrease of 11.8% from the output for the corresponding
week of 1937, when production totaled 2,131,092,000 kwh.
The output for the week ended May 28, 1938, was estimated
to be 1,973,278,000 kwh., a decrease of 10.6% from the like
The
Edison Electric
week
a
year ago.
PERCENTAGE DECREASE FROM
PREVIOUS YEAR
a year ago.
measured by the index for "all
as
Week Ended
Week Ended
Week Ended
Week Ended
Regions
June 4, 1938
May 28, 1938
May 21, 1938
May 14, 1938
0.2% below the corresponding week of last month and 7.6% below
New England.
According to the index for "all commodities other than farm products and
foods," industrial commodities prices decreased 0.1% and are 0.7% below
11.4
12.7
11.6
11.2
,-
6.7
2.8
3.5
3.0
Central Industrial
17.8
17.4
17.1
16.6
West Central
10.1
6.2
3.4
Middle Atlantic
—
4.6
Southern States
10.1
9.7
9.4
10.4
Rocky Mountain
28.4
21.7
23.1
22 8
2.8
5.0
6.3
6.1
11.8
10.6
10.5
10.3
Pacific Coast
that of last year.
a
11.8%
port, estimated that
dropped fractionally
commodities other than farm products," decreased 0.2% during the week.
They
for Week Ended June 4, 1938,
Below a Year Ago
Electric Output
Major Geographic
commodities group
raw
Not computed.
Compared with the corresponding week
price fluctuations in this group have been relatively slight.
0.1% lower than
x
2.5%
they are down 16.0%.
finished
modity
1.4% to the lowest point reached since
The group index—70.2—is 0.1% below a month ago and 18 8%
July, 1934.
than farm prods.
and foods..
The all-
last month and
the raw materials group index fell
than farm prods.
"The decline
placed the combined index of over 800 price series at 77.7%
of the 1926 average," Mr. Lubin said, "and is at the lowest
-
X
X
J
All commods. other
0.5% decrease in the United States
in prices
largely accounted for
9,
leather
&
Metals
rRevised.
United States Department of
May
4,
105.1
Metals..
6.1
5,
1937
June
Commodity Groups
79.5
r94.0
7,
1938
Semlmfd.
57.6
94.1
14,
1938
Finished products.
*56.8
Textiles
May
1938
Miscellaneous
8.2
_
May
21,
Chemicals & drugs
Miscellaneous commodities.
28,
Bldg. materials
10.8
1938
products,...-
Fuels
1938
Fuel & ltg. mat'ls.
17.3
Total United States.
FOR
DATA
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
month ago and 5.6% below a year ago.
Commissioner
Lubin's
remarks
were
contained
in
Principally because of an 8.6%
the farm products group index
Aug. 4,
1934.
calves, heavy hogs, ewes, lambs, wethers, cotton, eggs,
2
1.978,753
1,807.093
1,480,208
1,679.589
1,990.447
2,146,959
2,176,368
—7.8
9
—8.5
J, 916,486
1,465,076
1,957,573
2,173,223
—9.9
1,933.610
1,480.738
1,469.810
2,188,124
-10.8
1,938,660
2,193.779
-11.6
1,454,505
1.939,100
2,176,363
-10.9
1,914,710
1.932.797
1,928,803
1,663,291
1,696,543
1,709,331
1.699,822
1,429,032
1.688,434
May. 14
1.967.613
2,194,620
-10.3
1.947,771
1,436,928
May 21
1,967,807
2,198.646
-10.5
1,435,731
1,698,492
1,704,426
2,206,718
-10.6
1,425,151
1,705,460
2,131,092
-11.8
1,961,694
1,954,830
1,922,108
1,945,018
1.989.798
The livestock
1,951,456
23
and wool.
advanced 0.6% because of higher prices for cows,
and live poultry
(Chicago).
Higher prices were also
24.7% below
Quotations were lower for butter, cheese (New York)*
oatmeal, flour, hominy grits, corn meal, canned apricots, bananas, citrus
for meats.
May 28.
1.'>73.278
June
1,878,851
4...
June
11
2,214,166
June
18
2,213.783
1,435.471
1,615,085
1,689,925
1,441,532
1,699,227
1,381,452
of 2.6% for dairy
products, 1.0% for fruits and vegetables, 0.5% for cereal products, and
pork,
7.,
a year ago.
Wholesale food prices fell 1.0% because of decreases
fruits, canned vegetables, cured
1929
16
Apr.
30
reported for peanuts, sweet potatoes, and wnite potatoes (Boston and
Portland, Ore.).
This week's farm products index—67.2—is 0.3% below
0.1%
1932
Apr.
May
the level of a month ago and
1936
Apr.
Apr.
light hogs,
1938
1937
Apr.
and poultry subgroup
1937
from
(New York), lemons, oranges, fresh milk (Chicago), flaxseed,
onions, white potatoes (Chicago and New York),
steers,
Change
1938
Week Ended
decline In wholesale prices of grains,
fell 2.3% to the lowest point reached since
Sharp decreases were reported in prices for barley, corn,
oats, rye, wheat,
fresh apples
Percent
an
issued
by the Department of Labor, from
which the following is also taken:
announcement
copra,
glucose, lard, pepper, coconut
Combined Domestic Commodity
The
Survey
Department of
Stocks Lower in April
of Current Business of
Commerce reports the
the United States
combined index of
Financial
3726
one-third
provide basis for comparison we are showing in the
indexes since January, 1937:
1923-25=100
\. i'.-.
•
,
0Quantity)
1938
duced
rl61.8
127
rl21.7
111
rl91.7
139
February
rl56.6
120
rl21.9
110
rl81.6
States
and
...
first four
the
1937
January
United
in March, and a decline was also shown
ground in relationship to the expected seasonal movement, and during
months of this year less than half as many cars were pro¬
lost
1937
1938
1937
1938
the
in
April than
Early last autumn automobile production dropped off much less sharply
than in the two preceding years, but since that time output has steadily
of
Raw Materials
Manufactured Goods
sales
store
lower in
usual.
as
Stocks
Stocks of
month
latter
seasonal factors,
in this district were
in
sales of grocery chains.
Mail order house sales and sales of chain stores
other
than
grocery,
however, were higher than in March, even after
adjustment for seasonal factors.
Railway loadings of merchandise and
miscellaneous freight during April were lower than in March, whereas an
advance is
customary.
Shipments of bulk commodities declined about
table below the monthly
Domestic Stocks,
Combined, Index
the
in
adjustment for the later date of Easter and other
After
department
somewhat
March figure of 121.5.
To
April,
to
1938
approximately
amounting to
of the record high figure of April, 1937.
March
from
commodity stocks in April lower than the preceding month,
stocks in April being at 147.3, as compared with 152.0 in
March.
Stocks of raw materials at 165.5 again showed a
sharp decline from the March figure of 174.1, while manu¬
factured goods at 122.2 showed slightly higher than the
June 11,
Chronicle
127
line
which
seasonally adjusted basis reached a record
a
on
In contrast to this movement, gaso¬
1937.
the same period of
in
as
consumption,
has been maintained with little change
high level in September last year,
March
rl52.0
111
H21.5
110
rl74.1
111
April
pl47.3
101
P122.2
107
pl65.5
98
since
93
evidence, business operations continued on a
generally restricted basis during May.
Weekly estimates of steel ingot pro¬
....
mmmm
■
107
111
'
August...
109
....
106
mmmm
July---.
99
mmmm
June
107
....
99
May
mm
91
mmmm
162.0
114.4
162.4
175.3
114.9
November
December
....
reflecting
196.8
coal
Preliminary.
p
r
Revised.
Activity
May
During
limited
usual gain in railway freight traffic .failed to appear.
sales appear to have declined further, on the basis of
the
store
Department
figures for the first three weeks of
monthly review of conditions in Canada, issued
June 9, A. E. Arscott, General Manager of the Canadian
Bank of Commerce, Toronto, said that "industrial activity
May.
his
Seasonal curtailment of industrial operations will
;
where
Apr.,
"
•
Feb.,
Mar.,
April,
1938
1938
1938
38
39
39
101
70
65
62p
95
46
42
104
.
Passenger
cars
38
108
72
55
48
77
64
64
66p
98
92
93
92 p
94
85
84p
82 p
Cotton consumption.
115
73
75
70
Wool consumption
132r
Shoes
trucks
Motor
Bituminous coal
Crude petroleum
Electric power
52
99
103p
82
84
79
Tobacco products
91
88
92
88
71
46
53
251
70
88
78
103
84
83
80 p
97
67
66
64 p
Residential building contracts
37
23
28
24
Non-residential building «fe engineering contracts.
quirements than a year ago, forward orders booked in the past few weeks
56
86
Cement
likely be earlier and more
124
Meat packing.
by no means strong.
widespread than usual, for there is much less support in autumn trade re¬
51
37
45
45.
91r
68
..
.
Machine tool orders*
47p
102p
These
being about 20% smaller than In the corresponding period of 1937.
Employment—
however, increase considerably if the present
trade requirements should,
:
■
Copper
While these markets have shown some degree
are
■
Steel
The recent upturn
is probably the last that will be seen until crop yields come into clear per¬
spective, about six weeks, hence and until the present unsettlement in the
they
:
and
industrial Production—
by those whose operations were on an increased scale.
from their recent weakness,
' "
trend,
long term
price changes)
1937
losing further ground, although the units in this class were outnumbered
of recovery
''
■'
The advance, however, was not general, a fairly large group of Industries
commodity markets is ended.
for
necessary
'''
estimated
for
seasonal variations,
(Adjusted for
increased slightly last month under influence of a moderate
seasonal stimulus, continued favorable crop prospects over
the greater part of the agricultural domain and a rising volume
.of new construction work."
Mr. Arscott continued:
and bituminous
below the April average during the first three weeks of
was
changed, and
Increased
Slightly, According to Canadian Bank of Commerce
In
month
Cotton textile mill operations continued restricted, in keeping with
volume of sales.
Production of electric power was little
May.
Industrial
capacity as the
low level of sales to consumers,
continued
a
mining
their
Canadian
of
progressed; in April the operating ratio averaged 33%% of capacity, and
in May of last year 89%.
Automobile assemblies tended to be curtailed,
196.4
mmmm
to 28%
31%
from
downward
moved
duction
146
mmmm
112.5
112
mmmm
110
149.0
time.
that
According to the preliminary
104
mm
mmmm
■mmmm
October
mm
mmmm
109
131
September.
mm
Employment, manufacturing. United States
good crop prospects are realized.
Employee-hours, manufacturing, United States.
Construction—
Federal
Various
Business Conditions in
Summary of
Reserve Districts
Surveys
Reserve
from the
of
business
of
districts
Federal
various
the
the
in
New
Boston,
Dallas and
St.
of
June
1,
states
that
90p
104
64
66
61p
80
83
79
Department store sales, United States
was
88
78
78
94
100
102
99 p
91
89
85
91p
110
87
90r
91
59 r
49p
47p
67
Mall order house sales
New
improvement
no
90
Department store sales, Second District-r
Chain grocery sales
Other chain stors sales
Boston, in its "Monthly Re¬
there
63
87
miscellaneous
merchandise and
loadings, other
Distribution to Consumer—
(Boston) District
The Federal Reserve Bank of
63
90
Imports
San Francisco:
First
73
64
85
Car
Philadelphia, Cleveland, Richmond,
Louis, Minneapolis, Kansas City,
York,
Chicago,
74
96
Exports
Car loadings,
following extracts
"Monthly Reviews" of the Federal Reserve banks
Atlanta,
view"
in
conditions
contained
are
Primary Distribution—
96
registrations
passenger car
77
*
between
March
and
in the level of general business
activity in New England,
for
customary
Money Payments—
after allowances had been made
April
Bank debits. New York
The
Bank
Freight
further
and
in
this
during the corresponding period last year.
New England in April exceeded April of last
in
Easter
fell the
The total
last of
number
March
of
in
wage
1937
in
March
weekly payrolls
and
aggregate
April.
Decreases
March
and
chusetts.
.
in
Labor
of
on
in
in
practically
all
of
lower,
These
decreases
decreases between
and
the
2.5% less than in
according to the
was
4.7%
March and
occurred
payrolls
industries
major
were
in
between
Massa¬
in
this
district is
estimated to
was
a
decreaseMn the amount of raw cotton consumed by mills
England from 67,586 bales in March to 50,258 bales in April.
Consumption in April last year was 99,447 bales.
In each of the first
New
months
in
42.9%
in
by mills in this district
April
a
was
concerns
31.0% larger than in March, bot
was
year
sales
The
April
to
of
the current year cotton
consumption was considerably less
the corresponding months last
year and the cumulative total was
lower. The amount of raw wool consumed
during April
ago.
volume
.
of
$18,617,801
in
April
6.6%, with
V
Preliminary,
a
.
establishments
compared
ago.
The
in
with
Massachusetts
in
$19,938,019
decrease in
nine of
the
reported
aggregate
11
changes,
data
for
York
during
by
these
sales amounted
in business
said the
is
mills
output
were
more
was
active,
and zinc, in
and
in
creased
little
Federal
changed,
but
by statistical
Reserve
Bank
of
New
there
lead
were
production
reductions
increased,
in
output
and
of
silk
copper
cotton and wool mill operations, in electric
power production,
tobacco manufacturing.
Furthermore, automobile assemblies in¬
less than in most other
years, and machine tool orders declined
154
152
152p
148
148
148P
111
110
o
110P
1919-1925 average=100%.
& 1913 aver-
1926 average=100%; not adjusted for trend.
e
Third
(Philadelphia) District
its
Review"
"Business
manufacturers
of
of June 1, stated:
mineral products, after
and
rising in
March,
third quarter of 1934.
The seasonally adjusted index of productive activity in April was 69%
of the 1923-25 average as compared with 72 in March and 69 in February.
A
year ago
this index was 101, or the highest in seven years.
The
average rate of industrial production in the first four months of this year
was
28% lower than in the same period last year.
Retail trade sales have continued substantially smaller this year than
dropped
last,
April
reflecting
April
in
lowest
the
to
retail
some
of
larger
the
stores
a
smallest
Despite
ago.
year
automobiles
passenger
for
that
in
Philadelphia.
The volume of
Inventories
below that of last year.
establishments
wholesale
and
the
income
in
wholesale trade sales also is running
at
since
level
slackened industrial conditions, with a conse¬
of industrial workers, and labor unsettlement
primarily
reduction
quent
in
in
declined
in April
and were smaller
marked increase during April, sales of new
first four months of this year were the
since 1934.
Freight car loadings have been
a
the
in
period
substantially below those of
a year ago.
Manufacturing
indicated
presenting in its "Monthly Review" of June 1 its
indexes of business activity.
The Bank, in part, adds:
Steel
40
major divisions.
in
April,"
38
Revised.
Second (New York) District
"Some contraction
36
Business activity in the Philadelphia Federal Reserve Dis¬
trict declined seasonally during April and May, according
to the Federal Reserve Bank of Philadelphia, which, in
than
retail
reported
year
about 56% less than
.
737
as
declines
was
r
•
Output
shoe production
There
four
,45
106
age=100; not adjusted for trend,
been 13,412,000 pairs, an amount
10.8% less than in March and
2.6% less than the total in April last year.
During the first four months
of the current year boot and shoe
production was about 18% less than in
the
corresponding period last year.
than
.a..
wages, c
•Not adjusted for price
by 3.3%, but
representative manufac¬
in
Industries.
employment
year
have
in
61
Department store
.
During April boot and
3 5p
62
151
Cost of living, b
Composite Index of
April 17 this year.
April
were
and
the average seasonal
both
April
.
Massachusetts
Department
moderately larger than
and
employed
earners
turing establishments
Massachusetts
35
62
162
Velocity of demand deposits. New York City
smaller
in
were
volume than
sales
59
31
General price level. 6
April
during
territory
56 p
57
36 T
69
City
Velocity of demand deposits, outside N. Y. City
the
stated:
loadings
car
changes,
a
Bank debits, outside New York City
trends in most
of the major industries continued sidewise or slightly lower.
seasonal
Demand
following
a
indicate
for
experienced
a
the
of
middle
finished
goods
ample to
of
raw
and
April. Current reports
durable and consumers' goods have
contraction in sales and a decline in unfilled orders 6inee
last month.
Despite a substantial reduction in stocks of
more
that
care
active market in March and early
industries
during
new
making
both
several months, supplies at present are
volume of new business. Inventories
continue smaller than a year ago
cases
are being
restricted to immediate
the past
for the unusually small
materials and
purchases
requirements.
in this district has decreased considerably,
factory products
semi-finished goods
in
meet
Volume
Financial
146
Fourth (Cleveland) District
'The
trend
of
Following
industry and trade in the Fourth District
continued downward in late
April and the first three weeks
May, with few exceptions," it was stated by the Cleveland
of
Federal
of
Reserve
May 31.
Bank
"While in
in
its
Business Review"
"Monthly
partly seasonal,"
some cases this was
the Bank noted, "in most instances it was greater than
be
for in this way,
accounted
downward
by
lines
such
retail
and
Ohio
of
year
earners
ment
2.7%
off
in
the
drop
in
employment
was
28%
in
April
from
1937,
were
38%
less
Employee hours
slight
worked
declines
Columbus
and
with
year,
last
parts,
automobile
April
in
Cincinnati,
21%.
In
and
payrolls
than
March
from
a
occurred,
In
areas
less.
or
ranging between 20% at Cincinnati to 41% at Toledo.
Ohio
cities
further
the
curtailment
auto
parts, tire, machine tool,
Department
12%
the
from
last
Wholesale
less
sharp contraction, retail trade hag held
sales
store
than
last
dropped
first
Inventories.
year.
April
on
30
In
the
9%
were
their
April and
from
to
demand
also
a
and
30%
ago, and
was
year
a
in
.
.
and
previous,
year
39%
Department store
apparent.
than
were
a
on
smaller than since December, 1936.
declines
quite general
were
.
.
Only
of
Those
siderably
ceding
entirely
them
Fifth
the
of
this
of
below
that
early May
far
Reserve
in its "Monthly
seasonal
was some
District
in
April,
due
less
seasonal
provided
for
especially
the
of
and
advance
mills
than
textile
and
which
was
to
level
a
volume
well
is
figures,
apparently
of
in
April
and
so
Coal production also
and
Construction
the district.
.
advanced for this
a
most
was
or
increased
the middle of
around
rains
both
below
much
the retail shoe trade gained
above
totaled
and
were
groups
year
a
con¬
In wholesale
ago.
other
declined, and with
lines
reporting
improvement in
phases recorded
the
inventory
the
of
work
financed with
materially
April,
in
Since
May 1 the
rate
grains
season,
May relieved
are
in good
probably above
are
year ago,
excessive
dryness
the
of
were
month
preceding
nothing like
was
tion
production
the
to
noted
third
the
in
relative
stability.
whereas
45%.
May,
in
approximately
Withal
area.
an
instance,
steel
production
the decline from October to
Similar flattening tendencies
the general run of building ma¬
cement and
lumber,
As
declined only about three points from mid-
area
week
was
in glass,
decline, how¬
during
The angle of
days.
60
in certain branches of industry and distribu¬
indicated
in this
1937,
December,
the
that which reflected conditions
acute as
as
commodities
or
and
in its May
general trends have been in effect and about the
the preceding
the final quarter of 1937, and
as
whole
a
so
far
this year is
earlier
a year
.
cities, the
volume of retail trade in April was 5.8% larger than in March and 4.2%
less than in April, 1937; for the first four months the cumulative total
was
4.9% smaller than that for the corresponding period a year ago.
Combined sales of all wholesaling and jobbing firms whose statistics are
available to this bank were 12.8% and 20.8% smaller, respectively, than
reflected
As
month and
a
of
sales
in
department
in
stores
the principal
earlier, and cumulative total for the year to May 1
year
14.9% under that of the like interval in 1937.
was
Ninth (Minneapolis) District
According
Federal
Minneapolis
the
to
Reserve
Bank,
"April business volume receded slightly from the level of
March." In noting this in its "Monthly Review" of May 28,
the Bank also had the following to say:
Department store sales in the district during April were well above the
month last year as a result of the April Easter this year.
When
sales for the two months March and April are combined in order to equalize
same
the
of
effect
were
almost
stores were
district
1938
Easter factor,
the
months
two
identical
the
in
smaller
much
.
.
Farmers'
.
sales
March-April
1937.
in
two
years
4% smaller than in 1937.
was
States.
developing early in the month.
that
same
during
as
same
.
of lines which
number
limited
very
under
was
smallest of the present depression." The Bank,
31 "Business Conditions," continued in part:
considerably
seasonally.
semi-public nature
or
regions
Agricultural work
March
a
last
corresponding period
back
temporarily.
more
condition, fruit prospects, while lower than
average,
the
dropped
not
over
public
a
in
retail
and
in
save
months
four
through permits issued and contracts awarded made
Unemployment
in
in
in the first
outstanding developments
number of
a
of
was
funds.
sales
trade
but probably
for in April
than
public
down
further,
provided
less than
One
but sales
sales,
further decline in operations in cotton textiles, going
a
shut
to
as
1937.
of
was
decreased
1.6%
Easter retail
after
but those
markedly below that of
in department store sales rose in April approxi¬
1937,
April,
were
year
and
year,
reflected
as
usual
expanded
furniture trade
retail
in
directly affected by seasonal influences," said the Bank, "the
a
trade
10% above
the
sold
Eighth (St. Louis) District
were
stated:
Retail
and
groups.
April
higher
at
chiefly to the occurrence of Easter in that month, but
industry in general declined further."
The Bank further
mately
in
.
posi¬
tion, declines in stocks from the 1937 level being substantial in the majority
ingot
domestic orders.
on
31, reported that "there
in
district
the other hand,
is
further
sales of groceries and electrical goods increased over the pre¬
month,
Both wholesale
and glass
operate
to
The Federal Reserve Bank of Richmond,
trade
than
more
.
some
contraction
a
exception of grocery sales volumes remained well below those of last year.
terials
in
On
.
showed
recorded
shown during April over March in department
was
the volumes
April.
trade groups,
export business
plants doing an
enabling
were
favorably with last
more
reported ahead of 1937,
Fifth (Richmond) District
rise
last
materials
of
that
where con¬
industry
building
volumes
payroll
for the period.
the Seventh
seasonally;
the
in
movement
and
small increase
a
sales of
than
those
.
Road-building and excavating
areas.
were
better.
orders
dependent
Review" of May
the
and
Employment
noted
An exception
in the comparison.
smaller
was
was
Output from furniture
March.
in
from the preceding month and
usually
April, according to the Federal Reserve Bank of St. Louis,
.
March
from
was
smaller
were
year,
was
foreign
those
trends
April, contrary to trend
less
sharply iower than a
was approaching
factories
stove
off
1938
off about 6%.
manufacturing plants compared
far this
than
mills
pulp
activity
the
in
April output from steel
the district was
activity at
slightly less than
more
downward
expansion.
ever,
that
levels than
seasonal
production
steel
April,
of
"Business in the Eighth District failed to improve during
down
were
16% smaller than
were
further
field
so
and
paper
store
end
production did not attain the expected seasonal peak
totaled
declined
struction
the
at
foundries of
and
Automobile
these
Reports received from smaller centers indicate that operations
general
reported
however,
April
in
than did those in large industrial
container
in
same
equipment sales,
casting
previous,
end.
factories
rise
again receded by the middle of May.
an
in April and
industrial
May.
early
In May
month
slight
a
had
malleable
moderately
up
months of
four
were
replenishment of depleted supplies
stocks
year
the
slightly
seasonally adjusted basis they
in
in
furniture store sales,
year;
trade
The drop at
Pennsylvania.
western
and
and 6teel industries.
period, while chain store sales
same
little
in
district
reported at several of the larger plants, chiefly in
was
In the face of this
we'll.
generally than
greater
Canton,
at
except
In contrast
showed declines in manufacturing employ¬
1%
ment
was
35%.
principal
down
were
ago.
year
where the gains were
industrial
Compared with a
Pennsylvania, employ¬
period.
same
off
was
cities,
tires,
The Bank further reported:
steel,
the
ago,
lows for the latest
new
1.9% less in April than in March, and payrolls
was
were
and
trade."
wholesale
employment
wage
iron
as
and
began last fall, were touched
which
movement,
could
3727
Chronicle
the
than
cash
2% smaller than in the
city department 6tores
but sales at rural department
were
sales
at
The March-April sales decline in this
10% decline in the entire United
grain and most livestock prices
income,
declined.
Sixth (Atlanta) District
Federal
Reserve Bank,
retail
trict
mill activity,
"in the Sixth Federal Reserve Dis¬
increased
trade
wholesale trade
less
than
declined, and there
seasonally in April,
decreases in cotton
were
and in output of pig iron in Alabama."
The
following is also from the "Review":
Notwithstanding
retail
in
April
the
Easter
Wholesale
April
Easter,
of
months of
wholesale
There
firms
in
the
by
figures
firms
combined,
and April
total
sales
Sixth
changes
District
in
in
Alabama,
to
in
reported
in
the
to
United
States
declined
this district,
and
Bureau
the
March
11.3%
payrolls
Labor
of
at
.
.
6,227
Statistics
were
Mississippi.
than sufficient to offset decreases in Florida and
ment and
payrolls continued less than a year ago.
mills
Cotton
in
Alabama,
Georgia and
.
Tennessee
.
Both employ¬
an
average
4,975
bales
of
for
cotton
each
Tenth (Kansas
serve
conditions
District,
it
of
was
Conditions Report" of
"In
in
in
most
reporting
the
Seventh
indicated
in
[Chicago]
be noted in
Federal Re¬
the May 25 "Business
the Federal Reserve Bank of Chicago.
industries,"
said
the
Bank,
"activity
April remained sharply under that of a year earlier, and
many groups it fell off from March, when some seasonal
Although reporting retail lines
and certain wholesale trade groups had an
increase in
business over March, sales volumes with few exceptions
expansion had been shown.
were
well
below
those
of
last
April;
however, has continued to improve"
and trucks in North
City) District
of Kansas City, in its "Month¬
prove.
a
year
wheat is 50 cents and corn
Cash
and
lambs average about
Meat
flour and
packing,
80 cents
a
bushel lower.
petroleum production, and ore shipments are
Construction is about 40% lower. Wheat
amount of other grains
large quantities, but the
livestock coming to market is less.
marketed
being
in
Wholesale and retail sales continue under a year ago
and
Cattle, hogs,
4 cents a pound under last year.
sharply from a year ago.
down
is
Subsoil moisture is being restored. While the outlook
production is better, farm prices are much below
ago." The Bank further reported:
farm
for
life
deposits are 3%,
by check 15%
ments
and sales of lumber
much lower.
insurance are
Demand
bank loans
4%, investments 12%, and pay¬
under last year. The number of business failures and
appreciable increase.
Eleventh (Dallas) District
indications of definite improvement can
business
lower in April than in
cars
ly Review" of May 30, reported that "another month of heavy
rainfall has caused the farm prospect to continue to im¬
Seventh (Chicago) District
Few
were
new
the amount of liabilities show an
than a year earlier.
substantially higher level
of
1937.
stantially below those of March,
and
.
consumed
business day in April, a decline of
13.3% from March and 44.6% less than in April last year.
Operations
at cotton seed oil mills declined about 30% in April, but continued at a
of
sales
groceries, hardware, drugs and sundries, electrical
goods and tobacco products, mortgages and warranty deeds recorded in
Hennepin and Ramsey Counties, linseed product shipments, lumber cut
and lumber shipments and life insurance sales.
The number of business
failures was larger than a year ago.
An increase over April, 1937, volume
was recorded
in flour shipments from Minneapolis and flour production in
the Ninth District.
Non-farm real estate foreclosures in March were sub¬
Small increases in number of workers
Tennessee
and
were
wholesales of
Dakota,
which
slightly more than
by decreases in Florida, Louisiana and Mississippi.
Increased pay¬
in
Alabama, Georgia, Louisiana and Tennessee were slightly more
Georgia
year
The Federal Reserve Bank
employment
reporting
volume that
business
of
last
month
same
4.6% less this
were
.
net
March, compared with February.
rolls
by 49 reporting
3.3% larger than
the
.
,
to
for
offset
sales
were
16.1% less than a year ago.
In the first four months
trade was 13.8% less than in that part of last year.
small
were
March
years,
123
according
Commerce
April
March and
over
period in both
trade,
and was
1938
of
1.3%
than in those months last year.
Department of
in
date
late
only
In the
last year.
included
year
the
increased
firms
indicators
Other
According to the May 31 "Monthly Review" of the Atlanta
inventory
position,
The report also said:
"Monthly Business Review," dated May 31, the Fed¬
Reserve Bank of Dallas indicated that "business at
In its
eral
wholesale and
retail in
seasonal
for
ance
lower than in the same
value
of
department
store
about the same as that in the
ever,
prior
District, after allow¬
declined in April and was
month of 1937."
In part, the "Re¬
added:
view"
The
the Eleventh
influences,
when
to
allowance is made
Easter,
the
sales
in this district during April was
1937, How¬
increase in consumer buying
preceding month and in April,
for the usual
volume of business was somewhat smaller than in
months.
Reflecting this decline, this Bank'r
either of the two comparative
adjusted index of department store
sales dropped to 99.0% of the 1923-25
Financial
3728
Chronicle
caused
by the higher retail price of bituminous coal.
St. Louis reported
largest decline (1.1%), due to a drop in prices for bituminous coaL
The cost of housefurnishing goods declined in each of the 32 cities.
which is the lowest figure recorded in nearly two years.
The
compares
with 113.8% in January this year, 104.3% in
March, and 106.0% in April last year.
Despite the recent decline in
business, sales during the first four months of the year were 1.9% larger
than those in the comparable period of 1937.
.
.
.
Following some improvement in March, the business of reporting wholesale trade firms in this district declined more than seasonally in April.
average,
April
the
figure
sales
in
as
the
but was nearly one-third greater than
volume,
a
The valuation of building permits issued at principal cities
larger than in either comparative month.
The output of petroleum
continued to increase in April and the first week in May, but declined in
Table 2
'*
was
of May 31, stated that there was
in the volume of industrial pro¬
Twelfth District during
April.
After allowance for seasonal changes, there have
been small declines in output and trade during the past sev¬
eral months, and activity as indicated by seasonally ad¬
justed data is slightly lower than it was at the beginning
of the year."
The Bank also had the following to say :
April than in March, owing mainly
Sales during March and April combined,
than in January and February, after
allowance for seasonal factors, and were 8% lower than in March and
April,
1937.
Preliminary data for May indicate a decrease in the
Seasonally adjusted index of department store sales for that month.
The
customary spring expansion in sales of new automobiles has not taken
place this year, and barely half as many new cars were sold in the first
four months of 1938 as in the corresponding 1937 period.
Factory employ¬
ment and payrolls decreased during April, continuing the steady recession
that started last August.
Cash income received by farmers has been
substantially lower in each of the first four months of this year than
last, with April showing a larger percentage decline than any of the
in value
larger
were
in
if not
entirely to Easter buying.
however, were somewhat lower
also
are
and for the cities com¬
100, for the 32 cities
on the 1913 base
compared with 147.3 on Dec. 15, 1937.
144.6
March
on
1913 taken
Table 2.
The
presented in
15, 1938;
as
as
index
1938, IN THE COST OF GOODS PURCHASED BY WAGE EARNERS,
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE
UNITED STATES, BY GROUPS OF ITEMS
House¬
AU,
Fuel
Cloth¬
Food
Item
CUv
furnish¬ Miscel¬
and
ing
Light
Area and
Goods
—0.1
+0.1
—2.8
—0.8
+ 0.4
+ 1.1
—1.7
—0.1
Rem
ing
laneous
New England:
building expanded further during April, although no change
March, and preliminary data for May point to substantial
increases in
home building during that month.
Department
sales
presents indexes based on average costs in the years 1923-25 as
AND
trade activity of the
—2.5
Boston
Portland, Me,
...
—6.0
—i.3
—1.6
—4.7
—0.7
•'
v
Middle Atlantic:
,
store
for 32 large cities of the United States, by groups
TABLE 1—PERCENTAGE CHANGES FROM DEC. 15, 1937 TO MAR. 15.
is customary from
additional
1
Group indexes with costs in
combined
"not much change evident
Residential
in Table
shown
bined.
The Federal Reserve Bank of San Francisco, in its "Busi¬
duction or in
which is made
100, by groups of items, for each of these cities
Twelfth (San Francisco) District
Conditions Report"
the miscellaneous group,
items.
of
January.
'
ness
in
the prices for
" ■'
21
are
ago.
to the lowest level since
included
items
.
laundry service and of bus fares.
Percentage changes in the cost of goods purchased by wage earners and
lower-salaried clerical workers from Dec. 15, 1937, to March 15, 1938,
was
the subsequent week
and sheets.
suites of furniture,
primarily of services, declined 0.1% on the average. Decreases occurred
cities, increases in 11.
The city reporting the largest decline was
Jacksonville, where a drop of 2.4% occurred due to the lowered cost of
in
1937, combined sales were 12% lower, which compares with
heavy March
General declines were noted in
cost.
up
decline of 9% for the first four months of the year.
.
.
.
The value of construction contracts awarded showed a moderate decrease
from
this group
1937,
The cost of
compared with the preceding month occurred in all
average
year
15,
rugs,
reporting lines except electrical goods, but the declines were most pro¬
in dry goods and in machinery and equipment.
As compared
an
cost of
the Dec.
nounced
with April,
the cities covered was 2.4%.
In Buffalo and Cleve¬
of items in March was more than 4% below
The average drop for
land the
.
Decreases
June 11, 1938
.
v.-'
Philadelphia
—4.6
—2.4
—0.1
d
—4.5
—7.1
—2.7
+0.2
—0.1
—2.9
—0.1
—0.9
—
—1.7
—2.3
Buffalo......
New York
—4.6
+ 1.8
+ 0.3
+ 1.6
—0.6
+ 0.0
+0.9-
—1.3
Pittsburgh...
Scranton
.....
—3.5
—0.8
+ 0.1
+0.3
—1.9
—2.0
—1.1
—0.5
d
—3.6
—0.1
—-0.3
East North Central:
Chicago
.........
Cincinnati..
+3.3
—2.5
—1.7
—4.7
—1.5
+0.2
+0.4
—1.0
Cleveland.
—1.2
—2.6
—1.4
—0.3
+0.5
—4.4
b
—1.6
—2.8
—1.5
—1.4
+ 1.1
—2.1
—1.2
—1.5
—4,1.
—1.7
—0.1
+2.4
—3.1
—0.1
—1.4
—4.1
—1.2
b
—0.4
0.9
+0.4
—1.3
—3.5
—1.0
+0.1
—0.3
—2.1
+0.1
—1.5
—3.2
—2.2
+0.1
—1.1
—2.2
—0.3
—,
Detroit
.....
Indianapolis
—5.1
—1.7
—2.0
+0.6
—0.1
in
leading cities
for
loans
Since
such
the
were
1937
of
industrial
and
credit
at
downward since January, and on
5% smaller than a year earlier.
tended
has
purposes
summer
commercial
for
Demand
the number
of workers
banks
May
18
Kansas City
Minneapolis.. 1_
St. Louis
.....
.
South Atlantic:
Atlanta
—2.2
—6.7
—1.6
+0.2
—0.2
—3.0
+0.8
Baltimore
—1.5
—3.7
—1.6
+0.1
+ 0.4
—1.0
—0.3
—2.4
—4.4
—2.3
+0.3
—0.1
—1.9
—2.4
—1.5
c
—4.6
—1.0
—0.2
—1.7
b
....
—1.7
^ 9
—0.8
+ 0.2
+0.6
—3.0
—0.1
........
—1.6
—4.0
—1.4
—0.1
—0.5
—3.5
—0.2
Norfolk
Richmond
employed at district
;
West North Central:
Jacksonville.
months.
earlier
,
c
—1.1
Savannah
—1.9
—4.8
—1.5
—0.1
+0.1
—1.8
-0.1
rapidly than the number of employees.
Average weekly earnings of those remaining on factory payrolls have been
Birmingham
—1.8
—6.1
—1.8
+0.5
+0.5
—1.8
+ 1.0
Memphis
—1.5
—4.6
—1.2
—0.1
+0.1
—2.6
c
curtailed to
Mobile
—0.8
—2.0
—0.3
+ 0.2
—0.2
—2.5
b
—1.5
—3.5
—1.5
+ 0.8
+ 1.3
—3.3
—0.6
—0.6
—2.1
—1.0
+0.4
+0.4
—1.7
+0.7
—1.6
—4.2
—1.0
—0.1
+ 1.7
—1.9
—0.3
—0.8
+0.7
—0.3
and
mills
factories
some
have been
there
has
employment
level,
and total
1936.
almost
continuously.
factories had receded to
were about the same
district
at
.
April,
the
factory payrolls
•:
'
■■
.
Total
more
extent, largely through shorter working periods, although
small reductions in wage rates since January.
By mid-
April
of
dropped sharply and
have declined somewhat
wages
in
as
1936,
the spring
Washington.
East South Central:
'
West South Central:
Houston
-
.....
New Orleans——
-
Mountain:
Denver
Pacific:
—
—1.4
—4.0
—0.2
—1.0
Portland, Ore
—0.9
—2.4
—1.5
b
c
—1.0
+0.2
San Francisco........
—1.6
1.7
—1.4
+0.3
d
—1.0
+0.5
Seattle..
—1.0
—2.9
—1.4
+0.2
+0.2
—1.7
b
—1.8
a—4.9
—1.4
+0.1
+0.7
—2.4
—0.1
Los Angeles
Living Costs Declined 1.8% from Dec. 15 to March 15,
According to Secretary of Labor Perkins
The cost of living for families of wage earners and lowersalaried workers in 32 large cities of the United States
declined
1.8%
during
the
three-month
period
ending
March
1938,
15,
Secretary of Labor Frances Perkins an¬
"Food prices were largely responsible
for this
decline, although the cost of housefurnishing
goods, clothing and miscellaneous items contributed to the
general decrease," Miss Perkins said.
"Rents and fuel and
light costs showed a slight increase over Dec. 15, 1937.
The Secretary added:
nounced
The
by
Bureau of Labor Statistics index of
wage
based
on
84.6 in
and
at
and
earners
costs
lower-salaried
1923-25
as
Costs
in
were
December.
100,
the
workers
low
all goods purchased
cost of
in
the
32
March
83.0 in
was
cities
as
They
combined,
compared with
0.9% lower than they were
16.7% lower than in December, 1929.
the
Average—32
year earlier
11.4% higher than
were
a
point in June, 1933.
cities
large
of the United States..
a
b Decrease of less than
Covers 51 cities,
decline
the 32
in
cities
living costs during the quarter
included
in
the
reported for each of
was
Bureau of Labor
Statistics survey.
In four
decreases were greater than 2%—New York, 2.8%; Boston,
Jacksonville, 2.4%, and Atlanta, 2.2%.
Food costs, the largest single item in the workingman's budget, were
4.9% lower in March than in December in the cities covered by the
cities,
the
2.5%;
Of
survey.
the 32
cities
from
which
data
living costs
on
are
received,
all reported
food costs at least 2% lower at the end than at the beginning
of the quarter.
In five cities, the level of food prices was more than 6%
lower
in
March
than
in
December—in
New
York,
7.1%; in Atlanta,
0.7%; in Birmingham, 6.1%; in Boston, 6.0%, and in Chicago, 6.1%.
Virtually all foods declined in cost.
The drop in meat prices, which began
In September, 1937, and continued through
February, 1938, contributed
most to the decline.
Despite the 2.5% advance between February and
March, meat costs in March were still more than 5% below the December*
1937, level.
Clothing costs in March were on the average 1.4% lower than in
December, reflecting declines in 31 of the 32 cities.
Five cities reported
of 2% of more—2.7% in New
York, 2.4% in Buffalo, 2.3% in
Jacksonville, 2.2% in St. Louis, and 2.0% in Chicago.
The increase
of 1.8% in Philadelphia was the result of the
imposition of a city sales
declines
tax,
which
Rents,
became
effective
March
1.
in
on
rental
costs
during the quarter,
in
Detroit, which began early in
when
a
decline
of
1.4%
19
cities and declines
change.
Fuel and
result
an
new
of
"rate
light
increase in
schedule.
The
costs
the
10
increased
cost
2.4%
in
of
cities.
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
OF THE UNITED STATES BY GROUPS OF ITEMS, MAR. 15, 1938
(Average 1923-25=100)
House¬
AU
Fuel
Cloth¬
Food
New England:
Boston.
Rent
ing
furnish¬ Miscel¬
and
ing
Light
Item
Area and CUv
Goods
laneous
82.4
74.0
87.4
75.7
85.2
84.0
98.7
85.0
Portland, Me
77.6
83.0
76.7
83.7
91.7
103.6
93.2
100.3
Middle Atlantic:
Buffalo
85.0
78.0
81.4
New York......
84.0
79.9
80.6
77.2
86.4
79.3
Philadelphia.
Pittsburgh—
82.4
80.0
80.2
68.9
82.3
85.5
96.3
82.4
78.2
81.5
69.2
101.4
85.0
96.4
Scranton.
82.0
75.5
83.5
72.6
76.8
90.3
97.2
East North Central:
73.7
98,1
99.1
•
—
79.4
79.9
75.6
58.4
76.5
100.6
Cincinnati...........
86.8
79.4
82.8
77.8
98.4
90.2
101.5
Cleveland
86.0
79.8
85.7
70.0
101.0
80.7
104.4
95.2
Chicago
...
.......
95.4
Detroit.....
81.9
80.2
84.0
69.5
80.1
85.1
Indianapolis
81.9
78.2
80.9
76.0
87.3
88.5
93.5
Kansas City.....
32.0
78.6
82.2
61.8
84.2
81.7
100.2
Minneapolis.
84.8
84.1
81.0
71.2
80.9
89.4
97.7
83.5
83.0
83.0
58.6
87.6
90.6
101.9
80.5
71.5
86.2
65.8
75.5
91.0
95.5
86.3
82.8
82.4
76.2
81.4
86.8
104.5
80.0
76.0
82.3
60.0
88.9
83.8
90.7
104.0
West North Central:
........
St. Louis.....
South Atlantic:
Atlanta.
...
Baltimore
.....
Jacksonville
Norfolk
76.1
89.7
64.6
81.7
88.0
Richmond......
84.0
72.2
91.4
73.0
82.6
93.6
Savannah
81.4
77.6
86.1
63.6
85.0
88.0
92.1
87.1
79.6
83.9
88.0
84.3
91.1
100.3
Birmingham
Memphis
77.6
68.4
88.6
60.1
83.5
81.8
93.1
81.7
74.9
88.7
63.2
88.5
94.3
95.0
Mobile
83.5
75.1
90.3
60.8
72.4
90.4
99.6
94.6
..........
Washington
.......
......
85.1
99.5
East South Central:
West South Central:
82.6
77.5
78.5
73.6
80.3
94.2
—
83.9
82.5
82.9
72.5
77.6
96.7
92.5
—
84.0
84.0
79.5
64.4
79.4
92.2
100.2
Houston...
New Orleans.
increase in
was
Denver.—
Pacific:
78.1
Los Angeles.....
Portland, Ore
.....
San Francisco
Seattle
...
...
71.5
86.9
55.3
82.0
83.1
93.9
84.3
80.3
82.3
62.4
86.9
86.0
102.0
87.8
81.1
93.6
73.3
80.2
91.0
104.7
87.6
79.1
90.5
71.3
98.3
92.9
101.1
83.0
a78.6
82.8
69.4
88.0
85.4
98.5
124.5
148.7
113.0
163.1
179.0
196.5
Average—32
was
Three cities
the result of
reported no
large cities
of the United States..
as
a
vAverage 1913=100)
Average—32 large cities
following the introduction of
a
of the United States..
3.3%
gas,
Detroit
1%.
light costs
in
1934, was broken
reported.
was
the only city in which rents dropped more than
The average increase of 0.7% in fuel and
increases
Increase of less than 0.05%,
Mountain:
the average, were 0.1% higher at the end of the
quarter than
at the beginning, reflecting increases in 20 cities
and decreases in 12.
In
no case was an
increase of as much as 1% reported.
The steady upward
trend
c
TABLE 2—INDEXES OF THE COST OF GOODS PURCHASED BY WAGE
........
A
0.05%.
d No change.
May 28.
on
—
fuel
in
Chicago,
costs
in
largely
Indianapolis was
a
Covers 51 cities.
*0
144.6
a
Volume
Weekly
Financial
146
Report
Ended
Week
Lumber Movement,
May 28, 1938
of
28, 1938,
of production and
of average 1929 shipments.
Production was about
53% of the corresponding week of 1929; shipments, about
55%
52%
of that
week's
All items as reported for
shipments.
during the
previous week or in any week of May, but they exceeded
slightly several of the April weekly records.
New business
was 4%
below output; shipments, 0.2% above.
All items
in the week ended May 28, 1938, were appreciably lower
than during the corresponding week of 1937.
National pro¬
duction reported for the 1938 week by 7% fewer mills was
5% below the output (revised figure) of the preceding
week; shipments were 11% below shipments, and new orders
were 7%
below orders of the previous week, according to
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of im¬
portant hardwood and softwood mills.
In the week ended
May 28, 1938, production, shipments and orders as reported
by 428 softwood mills were, respectively, 40%, 37% and
26% below similar items in corresponding week of 1937.
1938
1937
April
May
June
1937
1,248,800,302
1,266,953,395
1,253,926,346
1,212,121,145
1,172,679,716
1,120,226.047
July
1,027,526,044
1,019,141,962
967,096,723 1,056,017.095
932,526,760 1,106,521,475
1,164,568,870
1.217.156.358
1,064,815,488
February... 1,012,305,492
March
.
J
$
$
January
ORGANIZATIONS
BY 224 IDENTICAL
AS REPORTED
August
September..
October
November..
December.
.
ended May 28, 1938, were lower than
the week
Association
The
OF MONTH
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END
1938
The lumber industry during the week ended May
stood at 53% of the 1929 weekly average
3729
Chronicle
reported:
further
Motor Vehicle
Factory Shipments Decreased 11% in May
An
11% decrease in motor vehicle shipments was indi¬
cated for the month of May as compared with April in the
preliminary estimate of the industry's operations as shown
in the June issue of "Automobile Facts," a publication of the
Automobile Manufacturers Association.
The Association estimated the
industry's May volume at
On the basis of this estimate, the industry's
211,300 units.
operations in
May were
month of last year.
«' For the first five months
61%. under
shipments
the
were
corresponding
placed at 1,118,of 1937.
802 units—a decrease of 53 % under the same period
The Association's report is summarized below:
May, 1938
211,300
First 5 months, 1938
April, 1938
238,133
First 5 months, 1937
1,118,802
2,395,716
...540,377
May, 1937
'
During the week ended
hardwoods
of
feet
booked
orders
were:.
Mills,
orders,
feet;
All regions
of
and
May 28,
mills produced 177,701,000
shipped 178,038,000 feet;
Revised figures for the preceding week
1938, 519
171,057,000 feet.
186,111,000
560 ; production,
181,553,000 feet.
feet; shipments,
,
.
reported orders below
but West Coast and Southern Hardwood
1938.
the week ended May 28,
production below the 1937 week.
Lumber orders reported for the week ended May
mills.
same
totaled
" Shipments
as
soft¬
28, 1938, by 446
4% below the production
166,422,000 feet, or
mills
wood
of the
172,301,000
reported for the same week were
Production was 172,939,000 feet.
Reports from 92 hardwood mills give new business as 4,635,000 feet,
or 3% below production.
Shipments as reported for the same week were
5,737,000 feet, or 20% above production.
Production was 4,762,000 feet.
feet,
or
0.4% below production.
Mill
Identical
Last
feet, and a
Reports
mills was 170,425,000
year ago it was 283,624,000 feet; shipments were, respectively,
feet and 268,063,000 feet, and orders received, 163,692,000
of 428 identical softwood
week's" production
Brazilian
199,322,000
All but West Coast, Cali¬
fornia Redwood and Southern Hardwood reported shipments below output.
All- regions
reported orders, and all reported shipments below similar
items in the corresponding week of 1937.
All softwood regions reported
in
production
♦
combined;
softwoods
169,720,000
and 219,955,000 feet.
Coffee
"^Brazil, in the light of export figures now available, has
made genuine forward progress toward recovering her coffee
markets since November last year.
According to the New
Exchange which states that at that
reduced and exchange "confiscation"
ended, putting Brazilian coffee into a better competitive
position in world markets.
During the six month period
ending May 31, Brazil exported to world markets 8,824,000
bags of coffee which compares with 6,831,000 bags exported
during the comparable period of 1936-37, an increase of
1,993,000 bags or 29% says the Exchange on June 1,
ExYork Coffee and Sugar
time
1937, or an increase of 3,240,000 bags, or 59%, the Exchange
stated, adding:
During the 11 months of the coffee crop year,
The dollar volume of
for
retail financing for April, 1938,
decrease
organizations amounted to $93,820,897, a
March, 1938; a decrease
of 48.3% as compared with April 1937; and a decrease of
48.1% as compared with April, 1936. The volume of whole¬
sale financing for April, 1938 amounted to $95,868,959, an
increase of 5.1% when compared with March,
1938; a
decrease of 47.4% compared with April, 1937, and a decrease
of 50.7% as compared with April, 1936.
The volume of retail automobile receivables outstanding
at the end of April, 1938, as reported by the 224 organiza¬
tions, amounted to $932,526,760.
These 224 organizations
accounted for 94.4% of the total volume of retail financing
($93,820,897) reported for that month by the 456 organiza¬
tions.
...
Figures of automobile financing for the month of March
were published in the May 21,1938, issue of the "Chronicle,"
page 3258.
The following tabulations show the volume of financing
in March and April, and the first four months of 1938,
1937 and 1936, and the amount of automobile receivables
outstanding at the close of each month, January, 1937, to
April, 1938, inclusive.
These figures are as reported to
he Bureau of the Census of the Department of Commerce:
,
AUTOMOBILE
FINANCING
Summary for 456 Idential
Wholesale
Used and
New Cars
Total
ing
Unclassified Cars
Volume
and
Volume
Volume
Volume
in
Month
in
Number
in
Number
in
of
Thou¬
of
Thou¬
of
Thou¬
Cars
Thousand
sand
Cars
sand
Cars
sand
Number
Dollars
"Rayon Organon"—Japan
Again Leads All Coun¬
tries
The world's
1937
in
of 1,808,740,000
production of rayon yarn and staple fiber
again bj-okb all records with an output
pounds compared with a production of 1,319,075,000 pounds
in
1936, according to figures compiled by the "Rayon'
Organon," published by the Textile Economics Bureau, Inc.
The gain in production as compared with 1936 amounted to
37%.
As was the case in 1936, Japan again led the world
in total output in 1937.
Germany for the first time in the'
history of the industry moved up to second place from the
standpoint of output.
As a result of the sharp gains in
production reported by Japan and Germany last year, the
United States, which held, world leadership from 1919 to>
1935, fell back to third place among the leading producers
last year.
The world's
•
production of filament rayon yarn amounted
to 1,185,820,000 pounds in 1937, a new record, and a gain
of 16% compared with output of 1,021,015,000 pounds in
1936.
The increases in yarn production by countries was
fairly uniform, the greatest poundage increases being re¬
ported by Japan, United States, Germany and Italy, said
announcement, which
continued:
622,920,000j>ounds as compared with a 1936 total of 298,060,000 pounds.
In 1929 the.output of this product was only 8,000,000 pounds.
Germany's
output of this product last year amounted to 220,000,000 pounds, Japan's
174,755,000 and Italy's 156,350,000.
Production of rayon yarn and staple fiber by countries for 1937, 1936 and
1929 follows:
1937
91,231
256,579
96,381
75,712
April
95,869
b240,457
93,820
78,379
46,999
49,372
180,867
49,382
162,078
44,449
United States
Japan
Germany—
Total 4
mos.
ended Apr.
853,281
341,306
328,464
261,023 101,736
591,658 163,728
184,280 106,175
187,759 108,927
239,820
66,234
261,335
72,417
,
Italy
-
Great Britain
France..—.....................
Netherlands
1937—
March..
199,022
424,100
172.409
April
182,102
449,094
181,344
Belgium
Canada
Poland
Total
4
mos.
ended Apr.
667,449 1,402,652
565,354
579,920 330,380
822,732 228.975
Russia
All others
-
Total
1936—
March
158.556
378,230
150,820
April
194,323
446,956
180,926
97,778
172,388
209,307 119,894
205,842
237,649
53,042
61,033
The above figures
-
4
mos.
ended Apr.
a
593,208 1,299,736
nuroher
516,734
583,818 332,910
715,918 183,824
b Of this
organizations, 37 have discontinued automobile financing,
32.6% were new cars, 66.7% were used cars, and 0.7% unclassified.
Of these
289,925,000
320,845,000
77,700,000
23,920,000
17,200,000
10,500,000
15,990,000
15,425,000
40,245,000
193,580,000
190,100,000
142,970,000
65,900,000
22.050,000
14,200.000
13,625,000
12,490,000
13,000,000
34.390,000
1,808,740,000
1,319,075,000
show that Germany,
1929
121,900,000
27,000,000
60,785,000
73.000,000
55,300,000
41,800,000
17,600,000
13,400,000
3,085,000
6,850,000
600,000
21,415,000
442,395,000
Italy and Japan increased their
world's rayon production in both the staple fiber
and the filament yarn categories.
"Outstanding," states the "Organon,"
"is the great increase in their total share of staple fiber production, which
comprised 88% of the world total by 1937.
This increase becomes more
combined share of the
Total
1936
332,335,000
509,105,000
345,000,000
262,900,000
152,420,000
1938—
March
was the sub¬
output being
Dollars
Dollars
Dollars
Production in 1937 Establishes New
of
37% Above 1936 Reports
Ifc.The most significant feature of rayon's 1937 performance
stantial increase of 107% in staple fiber production, the 1937
Retail Financing
Financ¬
Rayon
-
Record—Increase
the Bureau's
Organizations (a)
will reach 17,648,000 bags as
17,152,000 bags in the 1930-31 year.
World's
At that rate exports during
against record exports of
months, 1,471,000 monthly.
the next crop year
April
2.7% when compared with
Year
July, 1937 thru May, 1938,
against 12,614,000 during the same period
Exports during May were 1,439,000 bags and the average
1936-37.
for the past six
Automobile Financing in
■
taxes
export
Eorts shipped the past sixpreceding compare with 5,584,000
during during the months six months, June-Nov.,
ags
of
the 456
During Six Months Ending
exports total 13,471,000 bags as
feet
of
Exports
May 31 Increased 29% Above Previous Period
3730
Financial
understandable
it
when
realized
is
that
each
foreign exchange difficulties and that each
supplies of cotton
wool.
and
Thus
of these
one
countries
has
Chronicle
lacks sufficient domestic
there is the intense
countries for economic self-sufficiency."
for
pared with an index of 445 in April.
months' supply,
3.8
to
previous
12
Producers' stocks
on
Poundagewise,
months.
the
yarn
stocks
in
over
producers'
hands were maintained essentially at the same level as the preceding two
months.
"
■
'
"'
The decline in rayon shipments in May, states the publication, reflected
the seasonal lull between the end of the spring season and the preparation
This seasonal influence may be expected to make
for the autumn season.
itself felt on into June when fabricators, whose yarn stocks are even now at
minimum, must
a
themselves of
assure
production.
■
an
adequate
yarn
supply for fall
v
.
Petroleum and Its Products—Crude Oil
Output Rises—
Demand, However
Drain Upon Inventories
Total Still Far Under Estimated
-—Crude
Gain
Stocks
Foreign Oil
Tax
Drop
as
Momentum—Mexican
on
Court
Rules
Companies—Canadian Oil
Against
Men
Seek
Prices of
the
daily
average
week of June showed
The
American
Bradford, Pa
average
for the country
127
Darst Creek
1.35
Central Field. Mich..
Western Kentucky
for the first
1.40
Sunburst, Mont
placed
as
production in recent weeks, have steadily slipped
lower
and the latest report placed the total at about
302,000,000
barrels in comparison to the
17-year low of around 285,000,000 established
a year
ago January.
Barring unexpected
changes in the general production picture, further drains
may be expected upon crude oil stocks.
The current
inventory position of the industry indicates
supplies for approximately 90 days' demand are on
hand, which is a fair working level. Since much of the
current supply is tied
up in "working stocks" such as in
pipe lines and at refineries, actually the current supply is
far less than the 90
days' total indicated by the storage
figures.
that
interesting question that
never before has arisen in
proration orders is reported in news dis¬
patches from Kansas.
The point involved is whether or not
the Kansas Coporation Commission should
attempt disciplin¬
ary action against three oil companies—Stanolind Crude Oil
with
Purchasing Co., the Sinclair Prairie Marketing Co. and the
Philips Petroleum Co.—for their failure to purchase allow¬
able production
by connections during May.
The point raised
by counsel for the Commission is whether
not the State
purchase right
up
to the allowable.
force companies to
It is indicated that the
counsel for the
companies involved feel that the allowable
permissive and acts to establish a maximum, rather than a
minimum.
The Commission,
however, feels that since pro¬
ration schedules are set on
indicated demand, it is unfair to
all concerned when the full
allowable is not taken up by
companies with connections.
is
Local oil
men were
bill authorizing and directing
embargo on the importation of
products when demand in
legal production of the oil-proStates by Representative Houston
(D., Ky.)
place
a
new
r?*'
Committee, also provides
for
British
and
Dutch
properties of
a
Some solace for the oil
companies
order to the National
Court's
was
SLUMP—NEW
SHOW
YEAR
YORK
SMALL
AGO—RE¬
CITY
PRICE
is still 10% above the corresponding period
year ago.
A drop of
1.2 points in refinery operations carried them
76.6% of capacity, with daily average runs of crude oil
dipping 45,000 barrels to 3,105,000 barrels. Daily
average
production of cracked gasoline was off 25,000
to stills
barrels to 725,000 barrels. /
;
Should the trend in refinery operations to lower levels con-,
tinue or even should the rates hold at fair
levels, it is likely,
that gasoline stocks will be reduced to
working stocks com¬
parable to the consensus in the industry by the end of the
current period of heavy consumption in
response to seasonal
gains in motorists demands.
A
gain of 317,000 barrels in stocks of gas and fuel oils lifted
134,632,000 barrels, a new high and approxi¬
mately 38,000,000 barrels above the total registered for the
comparable 1937 period.
The consistent rise in holdings of
gas and fuel oils to record highs, which already has brought
the total to
widespread price reductions, is due in part to the generally
mild winter and in part to the recession in industrial
activity.
In the New York City, an increase of
34 cent in bulk gaso¬
line prices by the Hartol Products
Co.,
an
contrasted with weakness in the retail market
continued to spread in some areas in the
as
independent,
price-cutting
metropolitan
Generally speaking, however, sentiment is
side of the market.
The Cities Service Co.
1 cent a gallon in tank
on
area.
the bullish
posted
a general advance of }/i to
barge and dealer gasoline prices
car,
in the metropolitan area on June
9, effective the following
day. v
-v
vo
Price changes follow:
June 7—Hartol Products lifted bulk gasoline
prices at Bayonne
a
% cent
gallon to 6%, tank
car, and 6% cents, barge.
June 9—Cities Service Co. posted an increase of
% to 1 cent in tank car*
barge and dealer gasoline prices in the New York
area.
U. S. Gasoline (Above 65
Octane, Tank Car Lots, F.O.B.
New York—
Stand. Oil N.
•
New York—
Texas
J__$.07%
So cony-Vacuum.
$.07%
;
Refinery
Other Cities—
Chicago
.08
Gulf.__.
.08%
New
.08%
Shell Eastern
.07%
Gulf
ports
Richfield Oil(Cal.)
Warner-Qulnlan.
.07%
$.05
Orleans.
Tide Water Oil Co
_
_
'
Tulsa
.04%-.04%
.07%
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
(Bayonne)
| North Texas
| Los Angeles..
$.05%
Fuel Oil, F.O.B.
N. Y. (Bayonne)—
Bunker C
.$1.05
Diesel
1.95
$.04
.03%-.05
Refinery
or
(Bayonne)—
27 plus
| New Orleans C
$1.00-1.25
I
.$.04%
I New Orleans.$.05%-.05%
| Tulsa
,03%-.04
Terminal
California 24 plus D
Gas Oil, F.O.B. Refinery or
N. Y.
-.05%
.06%-.07
.05%
I
1.05
Terminal
Chicago—'
28-30 D^.
$.90
Phila., Bunker C
I
$.053
Tulsa
$.02%-.03
I
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
$.19
$.165 I Buffalo...,.
| Newark
Boston
J
.19
—$.17
.1851
zNot Including 2% city sales tax.
contained in the
Economy Department re¬
quiring it to cease using the names of the oil
companies on
invoices, and also in its outlawing of
attempts of Mexican
officials to seize the files of the
companies hit by the ex¬
propriation order.
STOCKS
ABOVE
2.10
off to
American,
companies when Judge Bartlett ruled
against them in their appeal against the
expropriation.
The oil compames are
making preparations to carry the case
to the Supreme Court.
FUEL
10%
1.42
—-
CLOUDED
an
Labor Statistics.
The First District Court in
Mexico City delivered another
blow to the foreign oil
companies' chances at geetting back
the properties involved in the
recent $500,000,000
expropria¬
tion decree taking over Mexican
STILL
OPERATIONS
stitute's report,
has been referred
to the House Ways and
embargo on petroleum
imports when it is determined that the
price of petroleum
and its products has
dropped below its relationship with the
price of bituminous coal as determined
by the Bureau of
A/r
1.22
-
decline of at least 1,000,000 barrels.
The 87,767,000-barrel
total on June 4, shown by the American Petroleum In¬
an
crude petroleum and
petroleum
this country falls below the
Means
1.09
1.42
Despite the drain upon gasoline stocks over the Memorial
Day week-end holiday, inventories showed a disappointingly
small reduction during the week ended June 4, whiqh further'
beclouded the general supply-and-demand picture.
Stocks of finished and unfinished gasoline were off
only
197,000 barrels during this period, against an expected
interested in reports from Washington
of the introduction of
the President to
1.35
-
Kettleman Hills, 39 and over—
0.90
PRODUCTS—MOTOR
DECLINE—TOTAL
FINERY
PICTURE
gain for the week. Kansas was off 5,350 barrels to 138,200
dipped 2,100 barrels to 675,600 barrels.
An increase of .1,950 barrels in Texas lifted the total to
1,189,750 barrels while production in Oklahoma broadened
by 850 barrels daily to reach a total of 440,500 barrels.
Louisiana producers lifted their
output by 1,600 barrels to
climb to 257,700 barrels
daily.
Inventories of crude oil, reflecting the
sharp curtailment
can
SI.27
over
Huntington, Calif., 30 and over.— 1.22
REFINED
were
regulatory body
__
Petrolia, Canada
esti¬
while California
or
.
Smackover. Ark., 24 and over
daily
the only members of the
major
oil-producing States to show a reduction in output but gains
in other areas offset these reductions and established a net
An
Co.)
Mld-Cont't, Okla., 40 and above.- 1.30
Rodessa, Ark.. 40 and above
1.25
Institute report
the final period in May but approximately 210,000 barrels
connection
shown)
are not
1.25
Illinois
under the estimated daily market demand for June
mated by the United States Bureau of Mines.
of
Barrel at Wells
per
Eldorado, Ark., 40
Rusk, Texas, 40 and
Corning, Pa
output at 3,107,950 barrels, up 9,300 barrels from
Kansas and California
$2,05
Lima (Ohio Oil
nominal increase.
a
Petroleum
Typical Crudes
(All gravities where A. P. I. degrees
sharply lower in recent weeks, the trend of
crude oil production reversed itself in a corrective move¬
and
over a
the
to
Montana Crude
After moving
ment
operation
revert
com¬
May 31 amounted
based upon the average monthly shipments
June 9
on
10-year period, after which they would
Government, was rumored in local financial
circles.
It was reported without confirmation that Fran¬
cisco Castillo Najera, Mexican Ambassador to the United
States, has proposed the 10-year operation plan whereby the
American, British and the Dutch companies affected would
hand over 40% of their annual production for internal con¬
sumption. The remaining 60% would be sold for the com¬
panies' account abroad.
Leaders of the Canadian Parliament were asked by M. J.
Davies, Presdeint of Davies Petroleum, Ltd., to impose a
duty on imports of Montana crude into Canada.
Mr.
Davies, charging there was dumping of Montana crude into
the market served by the Turner Valley field, which is held
down to 11,000 barrels daily against its 40,000-barrel capac¬
ity, requested the National Government to impose a dump¬
ing tax upon the Montana oil moving across the border.
There were no crude oil price changes.
During May the daily rate of domestic rayon yarn deliveries by American
the
reported from Mexico City
that "Possible settlement of the oil controversy through the
return of the expropriated properties to their former owners
drive by these
producers, as measured by the "Organon's" index number, was 444
June 11, 1938
The United Press
its
Daily
Average
Crude
Oil
Production During Week
3,107,950 Barrels
Ended June 4, 1938, Placed at
The
daily
American
Petroleum
average gross
June 4, 1938, was
Institute
estimates
that
the
crude oil production for the week ended
3,107,950 barrels.
This was an increase
Volume
week, and
9,300 barrels from the output of the previous
below the 3,333,300 barrels
the current week's figure was
of the Interior
calculated by the United States Department
to be the total of the restrictions imposed by
the various oil-
Daily average production
4, 1938, is estimated at
3,186,150 barrels.
The daily average output for the week
ended June 5, 1937, totaled 3,538,150 barrels.
Further
details as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
producing States during June.
for
United
a
States
daily
ended
weeks
four
the
June
week ended June 4 totaled
ports for the
The United States Bureau of Mines in its weekly report
showed that the production of Pennsylvania anthracite for
the week ended May 28 is estimated at 1,288,000 tons, an
increase of more than 18% over the output in the week of
the second largest weekly record for 1938
comparison with the corresponding week of
1937, there was a gain of about 11%.
May 21, and
169,714 barrels for the week ended May 28
May 28 May 21 May 29
1938
Daily
compared with a daily average of 15.571
DAILY
a
1938
1937
1938
1937
1929
c
c
a—
5,500
average
7,576 127,893 189,282 213,289
5,127
917
Total, Including mine fuel..
150,000 barrels, a daily
daily during the week.
Year to Date
■
of
and 137,893 barrels daily for
barrels for the week ended May 28
and 15,929 barrels daily in the four weeks ended June 4.
Reports received from refining companies owning 89.0% of the 4,159,000barrei estimated daily potential .refining capacity of the United States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,105,000 barrels of crude oil daily during tne week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 87,767.000 barrels of finished and
unfinished gasoline and 134,632,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the potential
charging capacity of ad cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 725,000 barrels
OF COAL
Calendar
Week Ended
717,000 barrels,
and Gulf Coast ports for the week
average of 21,429 barrels,
STATES PRODUCTION
(In Thousands of Net Tons)
Bituminous Coal
Receipts of California oil at Atlantic
totaled
was
In
ESTIMATED UNITED
the four weeks ended June 4.
ended June 4
date.
to
barrels, compared with a daily average
of 102,429
average
3731>
Financial Chronicle
146
855
..
Includes for purposes of historical
1,023
1.263
1,513
1.706
comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Subject to revision,
c
Sum of 21 full weeks ending May 28,1938, and correspond¬
ing 21 weeks of 1937 and 1929.
ANTHRACITE
PENNSYLVANIA
OF
PRODUCTION
ESTIMATED
AND
COKE
BEEHIVE
(In Net Tons)
Calendar Year to Date
Week Ended
May 28,
May 21,
May 29,
1938
1938
1937
1938
1937c
1929c
Anthracite
Penn.
Total, incl. colliery
fuel,
PRODUCTION
AVERAGE CRUDE OIL
a
Daily average..
(Figures In Barrels)
Commercial
1,288,000 1,089,000 1,165,000 19,527,000 23,313,000 29,671,000
156,800
194,200
187,300
238,300
181,500
214,700
pro-
27,535,000'
production, b... 1,224,000 1,035,000 1,107,000 18,591,000 22,147,000
B. of
Beehive Coke—
Four
M.t
Devi, of
State
Week
Change
Weeks
Week
Interior
Allowable
Ended
from
Ended
June 1
June 4,
Previous
June 4,
Week
1938
1,800
June 5,
1938
Daily average..
1937
lations
a
o
June
68,700
448,000
1,529,600
11,450
12,500
2,083
10,800
Ended
Calcu^
United States total
3,528
12,044
2,655,600
20,910
coal, and coal shipped by truck from authorized
c Adjusted to make comparable the number
Includes washery and dredge
b Excludes colliery fuel,
erations.
of working days in the three years.
Oklahoma.
508,300
405,000
440,500
+ 850
459,050
172,300
160,000
138,200
—5,350
152,900
199,950
64,550
ESTIMATED WEEKLY PRODUCTION OF COAL, BY STATES
(In Thousands of Net Tons)
642,350
Kansas
85,200
Panhandle Texas
60,050
—5,000
North Texas
72,350
—1,850
73,150
73,150
[The current weekly estimates are based on railroad carloadlngs and river ship¬
revision on receipt of monthly tonnage reports from district
33,050
27,600
+ 100
27,600
178,850
+ 1,100
183,850
201,850
West Central Texas...
West Texas
ments and are subject to
and State sources or of final annual returns
95,250
+ 2,700
96,900
East Texas
363,250
+ 700
380,550
Southwest Texas
204,950
+ 1,050
211,550
223,700
+3,150
191,000
Week Ended—
126,050
463,250
207,300
East Central Texas...
187,450
Coastal Texas
+ 1,950 1,229,150 1,413,550
1,329,300 bl578726 1,189,750
Total Texas
North Louisiana
78,800
—2,150
76,300
181,400
250,475
250,000
Total Louisiana
+3,750
178,500
257,700
Coastal Louisiana
+ 1,600
257,300
79,000
167,600
43,300
+ 1,800
42,400
147,500
+ 7,900
142,600
28,100
120,050
Michigan..
54,000
54,750
+ 1,500
54,300
•44,400
Wyoming
49,700
51,400
—450
51,500
50,850
Montana
12,700
14,850
+ 1,550
13,700
15,200
Colorado
5,000
4,100
+ 150
3,800
3,550
90,300
—100
96,100
,
Eastern
New Mexico
....
91,000
108,300
...
650,000
c615,000
3,107.950
3,333.300
112,150
+ 9,300 3,186,150 3,538,150
include any estimate of any oil which
Note—The figures indicated above do not
might have been surreptitiously produced.
a
These are Bureau of Mines calculations
1938 p
of the demand for domestic crude oil
outlined In Its detailed forecast for the month of June.
either from stocks or from new production, contemplated
withdrawals from crude oil stocks must be deducted from the Bureau's estimate
of demand to determine the amount of new crude oil to be produced,
b Saturday and Sunday shut-downs continued through June,
c Recommendations of Central Committee of California Oil Producers.
based upon certain premises
As demand may be supplied
Alaska.
FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL WEEK ENDED JUNE 4, 1938
2
2
2
185
266
198
each)
Crude Runs
Capacity
to Stills
Stocks
of Finished and
Unfinished Gasoline
Finished
Poten¬
Rale
P.
C.
P.
Aver¬
Total
Unfin'd
in
Daily
Reporting
tial
Oper¬
At Re¬
age
ated
fineries
C.
i 7,490
Terms., Nap'tha
&c.
14,752
Distil.
1,243
!*! !§
12
15
49
82
64
109
1
1
1
1
580
502
558
612
813
1,292
175
208
237
228
299
394
50
48
24
44
56
64
60
73
93
90
131
482
503
801
687
834
679
92
97
102
93
193
183
19
17
19
26
42
47
5
4
1
3
14
12
35
37
33
34
47
42
17
20
29
22
46
57
Carolina
77.6
146
129
88.4
89
69.0
1,296
1,798
268
1,378
Ind.,Ill.,Ky.
529
489
92.4
384
78.5
9,320
3,974
802
8,249
452
383
84.7
282
73.6
4,423
2,778
355
201
56.6
125
62.2
2,181
139
236
1,662
9,640
340
1,861
10,229
.
669
669 100.0
Okla., Kan.,
Mo
..
Inland Texas
554
4,042
Texas Gulf..
833
797
95.7
764
95.9
Gulf
174
168
96.6
131
78.0
1,532
588
486
3,407
91
58
63.7
37
63.8
277
121
92
784
102
867
1,490
90.041
La.
No. La.,Ark.
Rocky Mtn.
89
62
69.7
44
71.0
2,097
California...
821
7i6
90.9
459
61.5
10,967
2*200
3,702
89.0
2,834
76.6
Reported
Est.
271
49,223
3,660
26,790
457
...
unrepd.
670
7,134 131,892
290
66
168
8
8
....
Iowa..
Kansas and Missouri
Kentucky—Eastern
Western
Maryland
Michigan....
89
—
Montana.....
16
North and South Dakota
10
14
15
814
sl2
265
Ohio
252
445
348
389
860
1,246
1,280
2,017
1,870
2,685
3,578
80
110
95
121
-
Pennsylvania bituminous
...
71
Tennessee.........
72
22
15
15
16
14
18
25
32
24
26
52
74
178
175
238
180
230
250
24
21
29
22
38
44
1,073
1,088
1,656
1,532
1,873
1,380
370
383
534
549
686
862
70
72
73
74
96
no
Texas..
Utah
Virginia
Washington
-
-
Virginia—Southern a
Northern b
Wyoming
1
1
5,127
5,170
7,397
Grand total
83
85
9,102
10,878
—
Total bituminous coal
Pennsylvania anthracite
♦
1
Other Western States c
6,819
1,089
820
1,068
989
1,389
1,932
6,216
5,990
8,465
7,808
10,491
12,810
d...—
-
y u^iuiaiif
«. v.,
|>UC
luClUUeS upuiaLiuiiD uu
iv. at,
jo*
.
oc vjr,
<fc O. in Kanawha, Mason, and Clay counties,
b Rest of State,
Panhandle district and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina,
and South Dakota included with '-Other western States."
* Less than 1,000 tons.
on
the B.
»
Preliminary Estimates of
of
11,233
519
Appalachian.
East Coast.
398
333
12
Including the
4
District
e
8
60
-
Illinois
and
Daily Refining
8
13
Colorado
a
Avge.
1923
58
Arkansas and Oklahoma
CRUDE RUNS TO STILLS AND STOCKS OF
(Figures in thousands of barrels of 42 gallons
1929
1936
r
181
"
Alabama
West
1937
1938 P
1
New Mexico..
2,432,350 + 11,400 2,502,350 2,876,750
661,400
683,800
675,600 —2,100
Total east of Calif.. 2,683,300
California
May 21 May 14 May 22 May 23 May 18
Indiana
48,300
145,400
Arkansas
May
State
Georgia and North
246,600
from the operators.)
2,740
xEst.tot.U.S
4 '38
4,159
4,159
3,105
52,883
27,460
4,159
4,159
3,150
53,302
27,156
May, 1938
According to preliminary estimates made by the United
States Bureau of Mines and the National Bituminous Coal
Commission, bituminous coal output during the month of
May,
1938, amounted to 21,995,000 net tons, compared
tons in the corresponding month last
with 30,077,000 net
and 22,380,000 tons in April, 1938. Anthracite
production during May, 1938, totaled 4,270,000 net tons,
as against 4,281,000 tons a year ago and 3,138,000 tons in
April, 1938.
The consolidated statement of the two afore¬
mentioned organizations follows:
year
7,424 134,632
May 21 *38
Production of Coal for Month
7,506 134,315
June
Total
Number
Average
Working
Calendar
Year to End
for
of
Month
(Net Tons)
Working
Days
21,995,000
25.3
869,000
4,270,000
25.0
170,800
56,400
26.0
2,169
22,380,000
25.2
888,000
3,138,000
74,700
25.0
125,500
26.0
2,873
30,077,000
25.3
1,189,000
4,281,000
25.0
171,200
191,141,000
23.523.000
324,800
26.0
12,492
1,550,100
U.S. B. of M.
x
47,752
z3,311
xMay 28 *37
Estimated Bureau of Mines'
basis,
z
24,037
7.412
98.179
June, 1937, daily average.
c
Anthracite
Weekly Coal Output
Commission in its weekly
coal report stated that the total production of soft coal in
the week ended May 28 is estimated at 5,500,000 net tons.
Compared with the output in the preceding week, this shows
increase of 373,000 tons, or 7.3%.
Production in the
corresponding week of 1937 amounted to 7,576,000 tons.
The total output of water power for the year 1938 to the
end of April shows a decrease of 1.8% as compared with the
year preceding.
In comparison with 1929, however, an
increase of 27.4% is indicated.
an
Day
(Net Tons)
May, 1938 (preliminary)—
Bituminous coal .a
The National Bituminous Coal
per
b_
Beehive coke
of May
(.Net Tons)
129,413,000
19,777,000
450,100
April, 1938 ^revised)—
Bituminous coal
Anthracite
b
Beehive coke
a_
_
--
May, 1937 (revised)—
Bituminous coal.a
Anthracite, b
Beehive coke.
-
-
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production. Including colliery fuel, washery and dredge coal, and coal
operations, c Preliminary.
adjusted to agree with the results of the
made at the end of the calendar years.
shipped by truck from authorized
Note—All current estimates
will later be
complete canvass of production
Zinc
American
Institute
June
on
released
6
the
SLAB
Tin
The decision of the International Tin Committee to
(ALL GRADE©—1929-1938
ZINC STATISTICS
During
Period
Period
Period
631.601
504.463
300,738
213,531
324.705
602,601
436,275
314,514
218,517
344,001
366,933
431,499
523,166
352,663
465,746
561,069
Retort*
Average
U)
Shipped Operating Retort*
End of
During
for
Period
Period
Export
Stock at
75,430
143,618
129,842
124,856
105,560
119,830
83,768
44,955
End
of
UnfOlea
Order$
End of
Period
early in the week and
taken early in
Year 1930...
Year 1931...
Year 1932...
Year 1933...
Year 1934...
Year 1935...
Year 1936...
6,352
57,999
196
31,240
41
19,875
21,023
170
239
68,491
47,769
23,099
18,660
27,190
32,944
38.329
42.965
148
59
0
18,585
26,651
18,273
8,478
15,978
23,653
28,887
32,341
37,915
shown little if any
61,227
46,953
40,285
42,786
43,635
43,660
33,775
59.635
40.047
18,183
13,963
24,616
.,. .
37.794
53,202
52,009
55,012
56,229
55,201
13,774
50,526
60,219
14,081
49,181
49,701
13,561
August
48,309
60,643
11,227
September
9M
50,027
47,737
13,517
October
52,645
40,345
25,817
.....
May..
June
November....
49.393
32,676
42,534
December....
51,474
28.675
65,333
81,448
43,429
*42,519
43.205
*42,186
,67.143
46,171
♦43,007
46,199
*45,175
50,163
*48,387
51,809
♦49,860
50,324
*47,552
49,511
♦46,311
48,812
*45,704
76.644
77,969
89,846
41,177
*43,270
44.186
July
40,613
39,948
82.596
59.209
*45,147
DAILY PRICES OF METALS
Electrolytic Copper
589,619
49.135
106187
51,715
*49,766
50,578
♦48,110
49,350
*46,158
92,319
49,300
48,339
61,151
8.775
8.125
8.775
8.200
38.750
4.00
3.85
4.00
June 4
8.775
8.200
38.500
4.00
3.85
4.00
June 6
8.775
8.350
38.625
4.00
3.85
4.00
June 7
8.775
8.400
38.750
4.00
3.85
4.00
June 8
8.775
8.275
38.600
4.00
3.85
4.00
8.775
8.258
38.600
4.00
3.85
4.00
Average
..
24,931
41,146
21,540
108,138
33,528
118,009
01
88,532
finery, 8.775c.; export copper, 8.100c.; Straits tin, 37.950c.; New York lead, 4.000c.;
St. Louis lead, 3.850c.; St. Louis zinc. 4.000c.; and silver, 42.750c.
The above
quotations are "M. A M. M.'s" appraisal of the major United States
to the basis of cash, New York or St.
Louis,
♦33,130
April-.-..;
20,806
38,035
01
135,238
34,691
*29,710
June
37,510
148,120
24,628
Equivalent retorts computed on 24-hour basis.
In total shipments.
31,525
*27,549
oj
a
45,400
35.321
*31,769
33,818
36,466
;
:
<
De¬
prices in New England average 0.225o. per pound above the refinery basis.
Export quotations lor copper are reduced to net at refineries on the Atlantic
On foreign business in copper sellers usually name a c.l.f. price—Ham¬
Havre, and Liverpool.
The c.l.f. basis commands a premium of 0.350c.
per pound above our f.o.b. refinery quotation.
27,069
burg,
Daily London Prices
29,023
Copper, Sid.
Sales
Metals—Lead
on
in
its
Volume—
issue
of
tBid)
Spot
33s u
34%
170%
35*i,
39
173
34nje
38%
171%
June
June 3...
June 6
tons
against 4,514 tons In the previous week.
new
Fabricators
are
4,524
booking
business, which accounts for the hand-to-mouth basis of buying.
instances
consumers
low level, it is said.
producers estimate,
are
permitting their stocks to reach a very
Actual domestic consumption of copper during May,
was
around 40,000 tons.
The quotation appeared to
steady at 9c., Valley.
Business abroad
The Orient
was
slightly higher for the
in the market and absorbed a
12%
13*x.
13%
12%
12*16
12*u
May Pig Iron Output Drops Almost 12%
Age" in its issue of June 9, reported that pro¬
pig iron in May totaled 1,255,024 gross tons,
compared with 1,376,141 tons in April.
The daily rate last
month dropped 11.7% from that in April, or from 45,871
tons to 40,485 tons.
The "Iron Age" further reported:
duction of coke
On June 1 there were 72 furnaces making iron,
good tonnage.
operating at the rate of
37,225 tons daily, compared with 79 furnaces In blast on May 1, producing
at the rate of
Nine furnaces
42,310 tons daily.
were
during the month and two were put in operation.
or
blown out
or banked
The Steel Corporation
Independent steel producers blew
banked five furnaces and merchant producers blew one in and blew
out or banked two furnaces.
Among the furnaces blown in were the Troy furnace of the Troy Furnace
Corp. and
a
Monongahela unit of the National Tube Co.
Furnaces blown out or banked included: One Swede, Alan Wood Steel
Co.;
one
Aliquippa and one Eliza, Jones & Laughlin Steel Corp.; one Hasel-
ton, and
one
Pioneer, Republic Steel Corp.; one Federal, Interlake Iron
Madeline, Inland Steel Co., and two Ensley furnaces of the
one
Tennessee Coal, Iron & Railroad Co.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES
BY
MONTHS SINCE JAN.
1.
1933—GROSS TONS
With the exception of building operations, the large outlets for copper
not
threat
expected to show any expansion in activity this summer.
of
even
lower prices, unless
bringing about
cerned.
of
127,6
The "Iron
Interest in copper centered chiefly in the restriction of domestic produc¬
is
13%
for the first session of the
London Metal Exchange; prices for copper and tin are the official closing buyers'
prices.
Ail are in pounds sterling per long ton (2.240 lb.).
Corp.:
in fair volume, with prices
was
13nlt
Y
173%
171%
Prices for lead and zinc are the official buyers' prices
out
the quiet side. Involving
little
12%
12*ii
12*16
139i#
HO LIDA
—
put one in blast and took two off blast.
Copper
on
3M
13Uxe
9
reported that, with production'of non-ferrous metals about
to be reduced sharply, which should bring about a better
balance between production and consumption, buyers showed
more interest in obtaining lead, zinc and tin.
Copper con¬
tinued (piiet last week, but prices steadied here and abroad
on confirmation of a deep cut in domestic production.
Lead
sales for the week were larger than in any week since the
middle of January.
Tin advanced on the downward re¬
vision in the rate of operations for the third quarter.
The
publication further reported:
Domestic sales for the week continued
Spot
13*i«
170%
34%
34*H
3M
13%
168%
34 %
37%
38%
167 %
34'jj
June 2
Cut in Production
Markets"
Mineral
and
Good
Zinc
Spot
3M
3M
23.444
*30,317
Export shipments are Included
in
Lead
Tin, Std.
Copper
Electro.
Spot
June 7
Copper Price Steadies
"Metal
are
reduced
domestic copper prices are quoted on a delivered basis; that Is,
consumers* plants.
As delivery charges vary with the destination,
38,891
>
Non-Ferrous
tion.
are
Copper, lead and zinc quotations are based on sales for both prompt and future
June 8
week.
They
All prices are in cents per
noted.
as
deliveries; tin quotations are for prompt delivery only.
livered
44,623
♦41,659
41,644
*38,150
38,923
*34,977
*34,583
be
4.00
3.85
seaboard.
201
43,399
some
4.00
38.375
In the trade,
45,383
47.437
March.......
In
St. Louis
St. Louis
the figures shown above are net prices at refineries on the Atlantic seaboard.
February
*
Zinc
Lead
New York
New York
pound.
*46,192
42,423
*38,030
01
39,267
.}
J." QUOTATIONS)
A M.
Tin
markets, based on sales reported by producers and agencies.
75,086
1938
January......
,
("E.
Straits
Average prices for calendar week ended June 4 are: Domestic copper f.o.b. re¬
48,520
*47,190
569,241
48,687
Monthly avge.
37.375c.; June 8,
June 3
June 2
delivered at
pr Total for yr.
follows: June 2, 37.000c.; June 3,
as
37.225c.
30,786
61,186
78,626
40,588
43,724
...
A pril.
around 45% of capacity.
tin, 99%, was nominally
Chinese
37.375c.; June 4, 37.125c.; June 6, 37.250c.; June 7,
1937
Marcb.......
Action to be
Consumption of tin in the United States has
improvement in recent weeks.
The tin-plate mills are
Dom.,Refy. Exp., Refy.
January
February
generally firmer market.
a
July will determine the quantity that is to be allocated toward
building up the Buffer Pool.
said to be operating at
Year 1929...
adjustments in ton¬
allotted to Malaya and the Netherlands East Indies, brought in some
nages
fair buying
Shipped
During
reduce the operating
third quarter to 45%, after making some
rate for the
(Tom of 2,000 Pounds)
Produced,
The price was steady
period.
same
4c., St. Louis.
at
following tabulation of slab zinc statistics:
•
24,989 tons for the
from 23,735 tons to
May Production and Shipments of Slab Zinc
The
June 11, 1938
Financial,
Chronicle
3732
some
quick action
so
far
as
production schedules
The shutdown at Kennecott's properties,
June, together with the
remove at
move
are con¬
beginning in the middle
by Anaconda to restrict operations, will
least 18,000 tons from mine output
of this country.
Produc¬
tion in other directions is expected to be curtailed, and trade authorities
believe that total mine output in this country will be reduced by at least
22,000 tons monthly for the
summer
Increased stability in other metals, together with a feeling that prevailing
can
be maintained unless consumption falls to a
level, caused buyers of lead to
during the last week.
well above
come
into the market for
a
much lower
good tonnage
Sales for the seven-day period totaled 8,367 tons, or
the average of recent weeks.
shipment lead.
Demand
was
sales for the first week in June
were
March
....
April
May
June
17,484
20,787
28,621
42,166
Lead
62,886
65,816
80,125
85,432
107,115
57,098
55.449
55,713
46,367
48.854
51,570
86,208
103,584
24,536
54.134
54,138
74,331
108,876
39,510
34,012
49,041
56.816
29,935
30,679
112,866
116,317
113,679
33,149
59,216
63,820
68,864
67,950
83,686
87,475
91,010
October
November
December
96,512
98,246
100,485
12 mos. average..
48,075
26,199
43.592
67,556
63,658
100,305
31,898
PRODUCTION OF COKE PIG IRON AND
93,311
66,891
OF FERROMANGANESE
Pig Don x
1938
1,429,085
1,298,268
1,452,487
1,376,141
1,255,024
January
February
March
Quotations on common lead continued at 4c., New York, the contract
settling basis of the American Smelting & Refining Co., and 3.85c., St.
April
May
Louis.
June
Zinc
Statistics for May were disappointing, but producers believe further
cur¬
tailment during the summer months will correct the
unwieldy statistical
Sales of the common grades for the week ended June 4 totaled
situation.
common
grades
were
period against 2,747 tons in the previous week.
•
Ferromanganese
y
3,006 tons in the
same
Unlflled orders increased
December—
Year
3,211,500
2,999,218
3,459.473
3.391,665
3,537,231
1938
1937
22,388
20,205
21,194
18,607
13,341
23,060
24,228
27,757
26,765
34,632
34.415
3,107,506
.
-
•
170,857
3,605,818
3,410.371
2,892,629
2,006,724
1,490,324
23,913
29,596
26.100
26,348
25,473
22,674
36,611,317
324,961
3,498.858
July
November
1937
19,706,593
Half year
Buying of zinc improved slightly during the last week.
Sales of Prime
Western up to June 8 were in fair volume, galvanizers
entering the market
for metal to cover for a modest improvement in demand for their
products.
45,871
40,485
to show another in¬
4c. market.
Shipments of the
111,596
113,055
114,104
fully 50% larger in volume than in the
tons under the April level.
Surplus stocks, however, are believed to be in
firm hands and producers are not greatly concerned about
accumulating
4,260 tons.
65,900
64,338
46,100
57,821
59,142
50,742
43,754
36,174
38.131
First six months.
July
August...
September.
probably several thousand
a
52,243
57,561
1938
103.597
.
The statistics for the month of May are
expected
crease in stocks, as shipments to consumers were
supplies in
45,131
1937
1936
65,351
47,656
57.448
chiefly for July-
Several round lots figured in the week's business.
first week of May.
18,348
19,798
January
February
1934
39,201
period.
Lead
quotations
1933
The
production comes down appreciably,
1935
Volume
Financial
146
United States Steel
awarded, four each to Federal Shipbuilding, Sua Shipbuilding and
Corp. Shipments Smaller
Shipments of finished steel products by subsidiary com-
Eanies 1938 were 465,081 tons. The May shipments com¬
lay, of the United States Steel Corp. for the month of
with 501,972 tons in the preceding month, a decrease of
36,891 tons and with 1,301,039 tons in May, 1937, a decrease
of 838,958 tons.
For the year 1938 to date, shipments were
2,532,297 tons compared with 6,345,724 tons in the com¬
parable period of 1937, a decrease of 3,813,427 tons or 60.1 %.
|^In the table below we list the figures by months since
January, 1934:
pare
TONNAGE
SHIPMENTS
OP
OP
STEEL
PRODUCTS
MONTHS FOR
BY
3733
Chronicle
YEARS INDICATED
Shipbuilding companies.
taken
the Shasta Dam in California, for which 70,000 to 75,000 tons
on
steel will be required, including relocation of railroad tracks.
subway project, requiring about 30,000 tons of steel, will
if Government funds are
likely to
provided.
Year 1935
Year 1937
Year 1936
Year 1938
probablylbe£built
Many other jobs of similar nature are
market during the summer months, though it is
doubtful whether much steel will be rolled before the fall
owing to the time
required for the taking of bids and other preliminaries.
Meanwhile, structural steel projects awarded within
the past week
jumped to nearly 19,000' tons compared with about 6,500 tons in the pre¬
vious week.
The largest letting was 8,800 tons for the Government Print¬
ing Office in Washington, other sizable projects being 2,425 tons for bridges
Pacific Railroad and 1,50Q tons for Tennessee
Valley Authority transmission towers in Alabama.
Work that
for bids totals nearly 17,000 tons, including: 6,000 tons for
331,777
385,500,
588,209
....
...
March
April.......
May
534,055
582,1371
668,056J
643,009
January
February.
591,7281
721,414
(1,149,918
676,315f
.1,133,724
783,552 .1,414,399
979,907. '1,343,6441
745,064i
598,915:
984,097$ h,304,039,
June
985,337
578,1081
886,065
July
August
369,938
547,794
624,497
614,9331
950,851
,
378,0231
370,3061
September...
343.9621
366,119
686,741}
November
December
418,630|
661,515
October
It Yearly adjustment. —(19,907)
681.820
923,703
961,803,
1,007.417,
882,643
1,067,365
-(23,750)
518,322
474,723
572,199
501,972
465,081
at
in
5,905,966
a
a transit shed at Bayonne, N. J„ and 1,000 tons
building for the Wickwire-Spencer Steel Co. at TonaAn office building for the Metropolitan Life Insurance Co.
wire mill
new
wanda, N. Y.
York, requiring 12,000 tons, is expected in the market shortly.
Whatever activity there is during the summer will
probably emanate
largely from Government spending and lending.
The automobile industry
is not likely to make any important purchases before
August, when prepara¬
tions for 1939 models will be fully under way,
though meanwhile the truck
branch of the industry is expecting a good demand from farm
12,825,467
large
areas resulting
Prospects of railroad loan legislation before
crop movements.
are
dimmed by the opposition of railroad workers
to wage reductions.
Steel ingot production in
an
Steel
out
Redding, Calif., for the Bureau of Reclamation; 2,480 tons for bridges
from
10,784,273
came
railroad bridge
in New
1,268,550
1,186.752
1,107,858
1,047,962
792,310
587,241
489.070
-(40,859)
7,347,549
a
Oklahoma; 1,100 tons for
for
adjournment of Congress
Total for year.....
of
The Chicago
come into the
in California for the Union
Yea? 1934
Month
Tampa
.
Public construction activities promise to take increasing amounts of steel
as Government-financed
projects come into the market.
Bidsjhave been
Output Down 6% in May
average operations of
more
Tonnage of open-hearth and Bessemer steel ingots pro¬
duced during May dropped 6% below April, the output in
May amounting to 1,806,805 gross tons, as against 1,925,166
gross tons in April, according to a report released June 7
by the American Iron and Steel Institute.
In May of last year 5,151,909 gross tons of ingots were
produced, indicating a decline of 65% in output over the
12-month period.
During May of this year the industry operated at an
average of 30.39% of capacity, which compares with 33.44%
steel in
this year
May, totaling 1,806,805
30.39%
gross tons
represented
In April, last year, the industry made
.
week than it made all last month.
a
is 9,180,867 tons, which points to
a
The five-months' total
half-year production of less
than 11,000,000 tons.
Canada presents a unique contrast to the situation in the United States.
Aided by British contracts for airplanes and ordinance, the Canadian steel
industry is operating at practically full capacity, while 65% of its pig iron
capacity is active.
New industrial plants are being built and demand for
machine tools, some of which has been directed to American manufacturers,
is
rapidly expanding.
American scrap exporters have booked orders from
Europe, mainly Italy
and Germany, totaling a few hundred thousand tons at low
and $10, f.a.s., for No.
No. 2 grade.
prices—$9.75
1 heavy melting steel and $8.25 and $8.50 for the
No. 1 steel
scrap has
declined 50c.
a
ton at Chicago, bringing
inJApril and with 88.79% in May, 1937.
JjgAn average of 407,857 gross tons of ingots were produced
weekly during May, as against average weekly production
of 448,757 gross tons in April and 1,162,959 gross tons in
the "Iron Age" scrap composite price down to $11, the lowest since July,
May, 1937.
One week ago
One month ago
MONTHLY
PRODUCTION
OF OPEN-HEARTH AND BESSEMER STEEL
INGOTS—JANUARY,
1937, TO MAY.
1938
(Calculations based on reports of companies which in 1936 made 98,26%
open-hearth and 100% of the Bessemer ingot production)
1935.
THE
"IRON
AGE"
Based
2.487c.
2.512c.
—2.512c.
One year ago
2.512c.
Number of
Tons
Per Cent
of Capacity
Production
Month
1,732,764
29.15
31.58
423,709
12.86
33.44
448,757
4 29
30.39
407,857
33.85
5,448,896
1,925,166
1,806,805
4.43
March
Apr. 18
Sept.
1.8770.
Jan.
12
Jan.
6
7
Jan.
4
81.32
1,065,110
4.43
84.27
1,103,675
4.00
One year ago......
89.94
1,177,952
1,115,977
12.86
—...
Philadelphia,
90.25
1,182,020
1,162,959
b975,460
88.79
74.48
84.88
1,111,672
25,87
4,556,304
78.48
4,877,826
4,289,507
83.83
1,030,838
1,101,089
4.43
76.30
1,002,221
4.28
13,723,637
79.58
1,045,212
13.13
42,482,597
Nine months.
83.09
1,089,297
39.00
3,392,924
T~
Fourth quarter......
765,897
4.43
502,183
333,263
4.29
25.37
7,020,310
—
—
38.23
1,473,021
...—
December
58.31
2,154,365
40.68
534,270
13.14
49.502.907
October...
November
72.38
949,423
52.14
4.42
-
Note—The percentages of capacity operated are calculated on weekly capacities
of 1,341,856 gross tons based on annual capacities as of Dec. 31, 1937, as follows:
Open-hearth and Bessemer ingots, 69,964,356 gross tons.
Steel Business Continues to Decline in Volume
The "Iron
business
Age" in its issue of June 9 reported that steel
continues' to decline in total volume, the first
week of this month
which, in turn,
having dropped below the May average,
lower than that of April.
The "Iron
was
Age" further reported:
because some mills operated only five days last week
against six days scheduled for this week.
Tin plate,
one
item thqt is
usually pointing upward at this time of year, is in a contraseaslonal decline,
operations having dropped to a range of 40 to 45% .
The only important steel tonnage In early prospect is from shipbuilders,
who have about 100,000 tons to place for contracts recently closed.
The
Maritime Commission last week awarded four cargo ships to the Newport
News Shipbuilding
senger
liner.
& Dry Dock Co., which also has a contract for a pas¬
Steel is also to be bought for 12 cargo ships previously
May
16.90
May 14
Jan. 27
Dec.
13.56
Jan.
Jan.
13.56
Dec.
6
Jan.
15.90
Deo.
16
Jan.
17.54
Nov.
1
3
Scrap
Based on No.
1
heavy melting steel
1938, $11.00 a Gross Ton
quotations at Pittsburgh, Philadelphia
One week ago
—-——$11.17
and Chicago.
One month ago..
11.75
17.42
One year ago
High
—$14.00 Jan.
Low
1936
7
1935
—
——
1934...—
-
—
—-
-
1933
1932...
12.92
Nov. 16
Deo. 21
12.67
June
Dec. 10
10 33
Apr. 23
13.00
-
-
$1100
Mar. 13
9.50
Sept. 25
12.25
1937..
Mar. 30
13.42
—
4
21.92
17.75
1938
Aug.
8
Jan. 12
6.75
Jan.
3
6.43
July
5
Feb. 18
Jan. 17
11 25
Dec.
9
13.08
Nov. 22
8.50
1930
15,00
1927
15.25
American
Iron
and
Steel Institute
on
June
June
6
9
an¬
nounced that telegraphic reports which it had received in¬
dicated that the operating rate of steel companies having
98% of the steel capacity of the industry will be 26.2% of
capacity for the week beginning June 6, compared with
26.1% one week ago, 30.4% one month ago, and 76.2%
one year
ago.
This represents an increase of 0.1 point
or 0.4% from the estimate for the week ended May 31,1938.
Weekly indicated rates of steel operations since May 24,
1937,
follows:
1937—
1937
May 24
May 31
Ingot production remains at last week's rate of 25% of capacity, which is
in reality a reduction
Aug. 11
7,
The
Total..
16
18.73
17.83
19.71
-
Steel
Third quarter
Feb.
$20.25
18.21
-
June
4.42
9
5
14.81
-
1927
28,758,960
Mar.
Nov.
16.90
1932—
First six months...-.
and
Low
Nov. 24
17.90
1933
4.29
13.01
Valley,
18.84
1934
4.43
1,107,417
Buffalo,
19.73
—
-
4.29
84.55
—,
1
Southern Iron at Cincinnati.
523.25
——
1936
14,407,499
September
9
Nov.
on average of baslo iron at Valley
furnace and foundry Irons at Chicago,
4.43
85.20
Second quarter
August.......—
Dec.
2.212c.
High
1930
July....
2.962c.
effective May 18,
necessitated a revision of the "Iron
Based
—23.25
23.25
23.25
One month ago...
5,070,867
5,151,909
4,184,723
May.
2
Pig Iron
June 7. 1938. 523.25 a Gross Ton
1935...
June^..
8
Age" finished steel composite price.
No. 24 hot rolled annealed sheets (black
sheets), which have been a component of the "Iron Age" Index since it was Inaugu¬
The new hot rolled sheet base price of 2.30c.,
Pittsburgh, has been substituted, resulting In a considerably lower average.
Com¬
parable revisions covering the period 1928 to date were published in last week's
"Chronicle," page 3587.
1937
April
2
method of quoting flat rolled steel products,
14,351,461
....
First quarter.
Jan,
1.811c.
2.192c.
-
new
4,718,436
4.414,699
5,218,326
— —
2.945c.
2.402c.
1930.
One week ago...
February
Apr. 24
3
Oct.
Mar
rated, no longer exist as a base grade.
1937—
January
Jan.
4.43
31.74
2,012,406
May.
4.43
4.00
1,703,726
March
First quarter
2.0o6c.
1938, created a fundamental change which
391,143
425,932
454,268
February
April.
1
1.915c.
Note—A
January
Mar. 10
Oct.
-2.953c.
—
1927—
1938—
2.249o.
2.016c.
2.118c.
1932
(.Gross Tons)
Low
9
-2.249c.
—
1933
Weeks in
Mar.
Dec. 28
2.062c.
-
1934...
Calculated
Weekly
Gross
,
High
1937
1935—
Period-
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
These products represent
85% of the United States output.
rolled strips.
of the
1936...—
Calculated Monthly
Production
COMPOSITE PRICES
Finished Steel
June 7,1938, 2.487c. a Lb.
1937—
.91.0% Sept. 7——71.6%
80.4%
77.4% Sept. 13
7
76.2% Sept. 20
76.1%
June 14
76.6% Sept. 27
June
June 21—75.9% Oct.
June 28
July
July
5
12
July 19
July 26.
Aug. 2
Aug.
9
Aug. 16
Aug. 23
Aug. 30
75.0%
67.3%
82.7%
82.5%
84.3%
85.5%
84.6%
83.2%
83.8%
84.1%
Oct.
Oct.
Oct.
Dec. 20
Dec. 27
1938—
28——35.7%
4..—.32.6%
11
18
25
29.8% May
2
32.7%
32.4%
32.0%
74.4%
Jan.
3
4..*—66.1%
Jan.
10
11—63.6%
Jan.
17
18—55.8%
52.1%
Jan.
Feb.
24
9—30.4%
32.7% May
30.7%
31——30.5% May 16
7
30.7% May 23
29.0%
14—31.0% May 31
26.1%
6
21
26.2%
30.4% June
28
29.3%
7
29.9%
14
32.1%
21—33.7%
25
Jan.
Nov.
1
.48.6%
Nov.
8
41.0%
Feb.
Nov. 15.—36.4%
Feb.
Nov. 22——31.0%
Feb.
Nov. 29
29.6%
-27.5%
Dec. 13—27.4%
Mar.
6
Mar.
Dec.
1938—
23.5% Mar.
19.2% Apr.
Apr.
25.6% Apr.
27.8% Apr.
Mar.
30.7%
markets,
Chronicle
Financial
3734
"Steel'
of Cleveland, in its summary
on
provide some business.
of the iron and steel
railway
ern
June 6 stated:
commission.
commerce
All indications in the steel industry point to continued dullness and no
factors have appeared to furnish a basis for expectation
Automobile assemblies last week declined 18,140 units
of Improvement.
week to
Consumers consistently refrain from making commitments beyond Im¬
mediate needs and light buying now being
broken
Practically
assortments.
railroad buying,
absence
automotive
these for outlet
with 7,000.
last week,
Automobile and railroad accessory manufacturers find little business
contracts
for
cargo
delays in government approval of
and railroad
ships
purchased under loans.
cars
Pig Iron production in May declined 12% in daily rate and 9.2%
A
and
stacks at the end of
in total
not to
1937,
was
3,545,180 tons.
The daily rate of production in May
Refusal of
Decision of the government
of emergency reserves at present is a dis¬
Belgian firm to meet the terms of the steel
one
completion of plans for its renewal.
Steel ingot production for the week ended June 6, is
at about 26% of capacity, according to the "Wall
placed
Street
Journal" of June 9.
This compares with 28%% in the
previous week and 30%% two weeks ago.
The "Journal"
year aggregates
6,870,351 tons, compared with 16,656,033 in the corresponding period of
1937.
further stated:
Operations last week declined 3 points to 25.5%, largely the result of
U. S. Steel is estimated at 26
Pittsburgh and Chicago mills making reductions of several points, while
other
showed
centers
little
Pittsburgh
change.
lost
4
points
to
18%
32%
,
and Cleveland 5 points to
St. Louis showed
31.
There
was no
a
,
M%
against 28 H% in the week before and
,
Leading independents
ago.
compared with 2SA%
Industry
Following general reaffirmation of prices for third quarter producers
U. S. Steel
1938
26
—2H
1937
75
—8
26 A
88
1936.
modity strip has been placed on a new base at $2 per ton lower than formerly,
69 H
+1
1935
40
with
1934
60
the first schedules.
a
new
sheets is
list
Bolt
of extras
and nut prices will remain
and
deductions.
expected to be made at
once,
unchanged Com¬
Announcement
with probability of
price but an adjustment in functional discount.
galvanized
on
Slight increase in activity by railroads is evident, freight
number
of inquiries and
orders for small lots of
+ 1H
Z7A
—2
40
71
96 J4
1928
1927
estimated to be
of
approximately $2,710,000,000,
$70,000,000 for the week.
were
increase
an
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
Increase
(+)
or
2
+
2
+
2
53
1A
—
100
76
—3A
79
—4A
73
74
—1 H
78
—214
71
H
+
94^
+
2
3
—
1932 not available.
June 1
Chicago
June 9
June 1
June 8
June 9
1938
1938
1937
1938
1938
1937
$
$
$
$
$
$
Assets—
U. S. Gov't obligations
3,041
2,926
3,062
872
870
643
612
441
118
118
916
Obligations fully guaranteed by
United States Government
Other securities
1,019
Reserve with Fed. Res. banks..
3,091
Cash in vault.
980
1,050
302
3,214
2,498
888
52
57
95
302
295
814
.
653
51
33
32
29
80
81
62
213
245
153
504
501
481
53
53
64
6,316
6,101
6,501
1,503
1,446
1,519
657
641
724
463
463
451
128
135
4
111
116
71
2,482
2,392
1,896
683
678
551
.....
Balances with domestic .banks..
Other assets—net
Liabilities—
Demand
Time
deposits—adjusted
deposits
United States Govt,
The statement in full for the week ended June 8 will be
found on pages 3762 and 3763.
1
—
67 A
New Y ork City
June 8
on
+
Z8A
+ 1A
June 8
reserves
+1
—2
75
2A
—14
70
46
The Week with the Federal Reserve Banks
Excess
42
1929
year.
During the week ended June 8 member bank reserve
balances increased $103,000,000.
Additions to member bank
reserves
arose from decreases of $32,000,000 in
money in
circulation
and
$88,000,000 in Treasury deposits with
Federal Reserve banks, and an increase of $22,000,000 in
gold stock, offset in part by a decrease of $11,000,000 in
Reserve bank credit and increases of $23,000,000 in
Treasury
cash and $7,000,000 in non-member
deposits and other
Federal Reserve accounts.
—1A
—
64
48
39
and locomotives
cars
H
73
1930
bought in
cars
May totaling 6,014 units, the largest month's business since April last
+
—1H
+1
37
—2
26
64 H
1931
Possible adjustments in
reinforcing bar prices may be made to meet special conditions in that product
A
Independents
—2
1933
change in
no
shade
a
are
various products not included
up
with
together with the
approximate changes, in points, from the week immediately preceding:
gain of 6 points to 39.3
change at Buffalo at 21%,
Birmingham at 69 and Detroit at 18.
making further announcements clearing
credited
are
in the two preceding weeks.
The following table gives a comparison of the
percentage of production
with the nearest corresponding week of previous years,
points to 38, New England 3 points to 27, Cincinnati 6 points to 22 and
Youngstown 6 points to 21.
weeks
two
under 26%
Chicago 6.5 to 22.5%, Eastern Pennsylvania 1 point to 26, Wheeling 3
in
loss of 58 cents
a
secondjquarter quotations
The finished steel composite is
interest blowing out four stacks.
one
entente has held up
Total production in May,
Five months' production this
$10.75,
caused the iron and steel
scrap
bases.
quarter
undertake accumulation
appointment.
Total production in May was 1,260,937 tons, compared with 1,338,-
127,071 tons.
third
on
in
the basis of
British pig iron producers are limiting production in the face of diminished
40,675 gross tons, compared with 46,267 tons in April, a loss of 5,592
008 tons in April, a difference of
$37.55
demand,
Active
May numbered 73, compared with 79 at the end of
April and with 170 for May, 1937.
was
tons.
to
on
steady at $61.70 for second quarter and $59.80 on the new bases.
These figures represent the smallest month In total output and
daily rate since December, 1934, and the smallest May since 1933.
Weakness
previous week.
composite to lose 6 cents, to $38.38
considerable tonnage of plates and other steel is thus held back from mills.
tonnage.
the
from
also suffering from
are
sharply
steelmaking grades at all important centers losing about 50 cents.
The composite price reflected this by dropping to
except for repairs and replacements.
Steelmakers
Independents made 3,855, against 5,060.
After apparently reaching a bottom in May scrap prices declined
also held
are
General
produced.
were
sharply to 2,000, compared with 12,760; Chrysler assembled 5,475 compared
not only removes large tonnage
demand but collateral Industries depending on
when 101,779 units
year
Motors made 15,650 last week, against 20,300 the week before; Ford dropped
and
usually important supports, accompanied by much less
than normal demand for structural steel,
back.
of
from the preceding
total of 26,980, slightly more than one-fourth the output in the
a
corresponding week last
done is patently for completing
complete
Steel has not been placed with mills for the South¬
due to delay in approval of the order by the interstate
cars,
deposits...
Inter-bank deposits:
Domestic
banks
Foreign banks
273
537
6
6
7
1
14
300
413
18
16
"20
1,487
1,489
1,477
246
246
238
Other liabilities
Capital
276
22
309
Borrowings
account-
Decrease (—)
Since
June 8. 1938
June 1, 1938
$
Bills
discounted
Bills bought
U.
advances
(not
2,564,000,000
currency
—11,000,000
—12,000,000
—11,000,000
+ 9.000,000
7,848,000,000
..
+1C3,000,000
—32,000,000
+919,000,000
+2,000,000
+23.000,000
+ 22,000,000
—88,000,000
+ 920,000,000
+7,000.000
660.000,000
+126.000.000
Banks
in
New
York
City
and
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York
City member
banks and also for the Chicago member banks for the cur¬
rent
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING
MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
taneously
1938
1937
Chicago
June 8
1938
June 1
1938
—
June 9
1937
7,947
7,482
8,474
1,843
1,827
Loans—total
3,244
2,964
3,921
551
537
Industrial
agricultural
1,958
652
and
loans:
On securities
233
229
227
20
20
33
1,278
1,298
1,456
330
336
395
Open market paper.
133
134
162
19
21
29
Loans to brokers and dealers.
Other loans for purchasing or
714
472
1,168
46
27
42
200
203
278
66
65
81
118
118
131
12
12
14
Otherwise secured & unsec'd
carrying securities
Real estate loans
Loans to banks
of
the
Federal
the
figures for
covering the
the
Reserve
banks
them¬
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
be
cannot
In the
same
compiled.
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
Reserve System for the week ended with the close
of business June 1 :
The
leading
June
condition
A
cultural
dealers
and
of
weekly
$39,000,000 in
increase
an
securities;
of
reporting
following principal
a
of
decrease
$25,000,000
of
member
changes
commercial,
in
$78,000,000
for
banks
loans
in
in
the week
industrial
to
holdings
brokers
of
101
ended
and
agri¬
and
United
States Government direct obligations, and an increase of
$26,000,000 in
holdings of obligations fully guaranteed by the United States Government;
decrease of $108,000,000 in demand
deposits-adjusted,^ and an increase
a
of
$136,000,000 in
New
deposits credited to domestic banks.
industrial
and agricultural loans declined $19,000,000 in
$6,000,000 in the Chicago district, and $39,000,000 at all
member banks.
Loans to
brokers and
dealers
in
securities
York City,
reporting
$25,000,000
in
New
York
City.'
"Other
loans"
increased
$8,000,000 in the Chicago district and at all reporting member banks.
Holdings of United
States
Government
direct
obligations declined
$46,000,000 in New York City, $36,000,000 in the St. Louis district,
and $78,000,000 at all
reporting member banks.
Holdings of obligations
fully guaranteed
York
ings of
"other
and
securities"
increased
$10,000,000 in
the
St.
Louis district
$2,000,000 at all reporting member banks.
Demand
139
85
81
1
224
248
21
21
22
delphia
Otherwise secured <fc unsec'd
206
201
170
36
35
33
deposits
3
by the United States Government increased $23,000,000
City and $26,000,000 at all reporting member banks.
Hold¬
in «New
223
....
the
decrease
loans,
in
statement
shows
cities
1:
On securities...:
Other loans:
Banks
Preceding Week
increased
$$$$$$
Loans and investments—total..
Commercial,
with
and
Commercial,
New York City
June 8
June 1
June 9
1938
Member
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
Chicago—Brokers' Loans
Assets—
of
Federal
♦
.
Member
+ 822,000,000
+156,000,000
Returns
Reserve System for the
—977,000,000
eral Reserve accounts
of
—5,000,000
—8,000,000
Money in circulation
6,437,000,000
Treasury cash
2,277,000,000
Treasury deposits with F. R. bank._ 1,005,000,000
Non-member deposits and other Fed¬
Returns
'..
....
Complete
selves
balances
reserve
+38,000,000
17,000.000
2,582,000,000
12,940,000,000
2,703,000,000
Total Reserve bank credit
Gold stock
Member bank
—-5,000,000
—5,000,000
Including
$13,000,000 commitm'ts—June 8)
Other Reserve bai^k credit
Treasury
+1,000,000
1,000,000
S. Government securities.
Industrial
June 9, 1937
$
$
9,000,000
declined
deposits-adjusted increased $39,000,000 in New York City and
$68,000,000 in the St. Louis district, $47,000,000 in the Phila¬
district
and
increased
$108,000,000
$4,000,000.
at
all
reporting
member
banks.
Time
Volume
Financial
146
Deposits credited to domestic banks increased $49,000,000 in New
City,
$24,000,000
district,
in
the
$15,000,000
Cleveland
district,
St.
Louis
the
in
district,
Philadelphia
$136,000,000
and
district,
all
at
$23,000,000
the
in
June
York
Chicago
in
$13,000,000
Alicante's dead included three British
All the members
Flames
in
A summary
of
killed aboard the 5,775-ton
seamen
family of seven
a
provisional capital, when
but
1.
3735
British freighter St. Winifred, which was struck and set afire by a bomb.
the
banks.
$1,000,000
reporting member
Borrowings of weekly reporting member banks amounted to
on
Chronicle
quickly
a
St.
the
killed at Valencia, former
were
waterfront
area.
Winifred after
brought under control early tonight.
were
a
bomb hit
a
enveloped
the
noon-day raid,
The ship
damaged
was
previous insurgent raid a fortnight ago.
of the principal assess and liabilities of the
reporting member banks, together with changes for the week
insurgents scored
and year ended June
and two stevedores.
1, 1938, follows:
.
Increase
,
June 1, 1938
Assets—
May 25, 1938
$
$
Loans and investments—total
Decrease
(—
June 2, 1937
$
—61,000,000 —1,622,000,000
—11,000,000 —1,237,000,000
20,536,000,000
Loans—total
or
Since
/:
,
.
(+)
8,334,000,000
Commercial, industrial and agri¬
Five
553,000,000
—5,000,000
Otherwise secured and unsec'd 3,439,000,000
365,000,000
—34,000,000
—2,000,000
—17,000,000
—261,000,000
—118,000,000
603,000,000
+ 25,000,000
Loans to brokers and dealers in
securities
for
loans
carrying
purchasing
by
—4,000,000
583,000,000
Real e3tate loans
1,156,000,000
Loans to banks,—
On
a
114,000,000
+1,000,000
698,000,000
823,000,000
+ 2,000,000
+ 6,000,000
7,844,000,000
—78,000,000
1,411,000,000
+ 26.000.000
+ 2,000.000
+ 22,000,000
—13,000,000
—137,000,000
—5,000,000
—9,000,000
planes
nine
were
Today's raids foUowed
which
more
than
400
was
participated
in
women, a
the
raid
child
here.
was
A
stunned
unconscious several horns after the attack.
week
a
persons
which the
on
bombardments
of
along
killed, resulting in
were
the
coast
in
further protests
The St. Winifred
insurgents in
Saturday,
the seventh
was
the last
10
days.
The intensive insurgent
to
give
that
the
oil tanker
bombardments have caused
are
far
are
foreign ship
some
trade.
government
at Alicante and Valencia
costly air attacks
sunk by the
or
Maryad, struck
for possible salvage of the hull.
the lucrative Spanish
up
daily arrivals both
foreign ship wrecked
The British
was a total loss except
However,
still reported, indicating
from accomplishing
their purpose of
stopping the flow of foreign supplies for the government.
'
securities
Otherwise secured and unsec'd
U. S. Govt
direct obligations
Obligations
fully
guaranteed
—7,000,000
+ 47,000,000
—443,000,000
by
United States Government
Other securities-
2,947,000,000
Reserve with Fed. Res. banks—..
6,252,000,000
Cash in vault
390,000.000
Balances with domestic banks
+ 45,000,000
2,373,000,000
+ 255,000,000
—197,000,000
+ 974,000,000
+ 61,000,000
+ 607,000,000
Another Associated Press advice of June 6, from Perpignan,
France, outlined French action after the raid by unidentified
planes, as follows:
Premier Edouard Daladier today toured the frontier in a personal effort
to put
French anti-aircraft defenses
aerial incursions from Spain
the portfolio of National
Liabilities—
Demand deposits—adjusted
Time deposits-
14,589,000,000
5,216,000,000
United States Government depos ts
Inter-bank deposits:
Domestic
raid shelter
Among the dead
Junker
bomb explosion and still
masters
or
securities
Other loans:
German-made
air
an
non-intervention committee observer abroad the St. Winifred
—730,000,000
securities
Open market paper
Other
direct hit.
a
in
were
from neutral nations.
cultural loans:
On
Most of the AUcante victims
banks
533,000,000
—108,000,000
+ 4,000,000
—5,000,000
—685,000,000
—15,000,000
+ 391,000,000
+136,000,000
+1,000,000
—2,000,000
+693,000,000
—245,000,000
—12,000,000
on
a
footing.
war
Aroused by three
within 12 days, the Premier, who also holds
Defense, flew to the south from Paris.
Arriving at Toulouse, he set out at
once on
automobile tour of the
an
mountainous borderland, four and a half hours after a squadron of planes
from
Spain had circled
France's Cerdagne valley in the central Pyrenees.
over
Warning shots from French anti-aircraft batteries caused the nine planes to
5,832,000,000
315,000,000
Foreign banks
Borrowings
1,000,000
wheel about after
As they crossed
at
+.
10 minutes of flying over French soil.
Puigcerda fired
the border, Spanish government anti-aircraft batteries
more
than
100 shots at them, without scoring
a
hit,
but indicating government troops believed the planes to be insurgent craft.
Spanish Insurgent Planes Resume Bombing of Loyalist
France's anti-aircraft
defenses already
have been tightened to prevent
Cities—Unidentified Planes Cross French Frontier
a
and Drop
nationality," which emptied their bomb racks
Bombs—British Consider Protest
Spanish insurgent leaders, with their troops this week at
least temporarily halted in their advance on Barcelona, re¬
newed their air offsensive on Loyalist Spanish cities, in¬
cluding Madrid, Valencia and Alicante.
Hundreds of
civilians
were
reported killed and additional hundreds
wounded in a succession of bombings by rebel planes.
Meanwhile, on June 6, nine unidentified airplanes are re¬
ported to have flown over the Franco-Spanish frontier and
dropped bombs on French soil, then wheeled, and returned
to Spain.
French authorities immediately began an in¬
vestigation of this attack.
A Spanish insurgent seaplane on June 8 is said to have
wrecked the British-operated port of Gandia, Spain, 36 miles
south of Valencia, while other raiders dropped bombs along
the Mediterranean coast of loyalist Spain.
As a result of
the bombing of Gandia, Great Britain late this week was
considering a protest to Italy against the attack, in which a
British dredger was destroyed.
Discussing the incident,
Associated Press London advices of June 8 added:
Three
British
In
ships were damaged yesterday.
fortnight of such
a
Insurgent attacks, by what many persons here believe are Italian or German
manned
planes,
12 foreign
British craft in
Some
Spain
British
were
have
been sunk
or
British
damaged.
Spanish Government ports.
newspapers
concluded that Italian and German fliers in
ignoring General Franco's orders in continuing to single out for
attack ships
It is
ships
Francisco Franco were followed by more raids
protests to Generalissimo
on
flying the Union Jack.
learned that
Britain is likely to take the
Great
problem up with
in
Spain was referred to in the "Chronicle"
of June 4, pages 3589-90.
It was reported in London on
June 3 that rumors that Great Britain was seeking an armis¬
war
tice in
to
In
Spain were based on a Government program calculated
allay attacks on Prime Minister Chamberlain's policies.
that connection, United Press London advices of June 3
The Sunday bombardment marked the deepest inroad by alien fighting
planes since the Spanish civil war started July 18, 1936.
casualties yesterday, and no
at
protested to
intervention
seriously
in
any
the Government said candidly that talk of British
Spain to end the hostilities should not be interpreted as
departure from British policy, and should not be taken too
or too
In fact, this authority said, the inspired reports
literally.
of British mediation were intended primarily
the British people.
to
mediate in
for home consumption
among
The Chamberlain government, it was said, was ready
Spain whenever prospects of success appeared, but beyond
this, little importance could be attached to what were regarded as propa¬
gandist
announcements
Even
among
Generalissimo
regarding
Conservatives,
Francisco
terminate the war.
sympathize with
insurgents, the continued bombing and
British
who
Franco's
are
plans
to
inclinded
to
sinking of British ships and the killing of British seamen have aroused anger
at the
"passive" policy of British diplomacy.
time has
Feeling is growing that the
passed for verbal protests and that the time is near for a demon¬
stration of British force against these
property.
The
repeated attacks on British lives and
.
Labor and Liberal elements,
patient to see the Spanish
war
convinced that Chamberlain is so im¬
end that he favors an early victory for
Franco, have been making political capital of the situation.
Spanish insurgent air raids
Associated
Press advices
were
described in the following
of June 6 from Alicante,
Spain:
of Spain to¬
bomb-pocked trail from
Insurgent air raiders swept along the Mediterranean coast
day, leaving at least 84 dead and 300 injured
in a
Castellon de la Plana to Alicante.
The
result
aerial attacks was: Alicante—30 dead,
of the swift
jured: Valencia—17 dead, many injured; Segorbe—12 dead,
Small coastal viUages—25 dead, approximately 100 injured.
the
eastern
118 in¬
30 injured;
stalemate
front while the Insurgent airmen sallied behind the
Insurgent and Spanish
along
town
Planes
Japanese
government armies were locked in a
government's sternly defended lines.
were
of Cerbere
were
There were no
dropped today.
the insurgent regime.
Cerbere and two Frenchmen
was
Three
bombed May 26, and
houses
were
destroyed
wounded.
Continue
Bombing
of
Canton—
United States
American
China
—
Urges Tokyo to Expedite Return of
Missionary and Business Property in
Protests
Bombing of Non-Combatant
Property
airplanes
Japanese
attacks
on
continued
their
series
of
bombing
the city of Canton this week and, as a result, it
wak reported that
a
break
was
threatened between the forces
of Southern China and the Nationalist Government of Gen¬
eralissimo
Chiang Kai-shek.
Within
a
period of 10 days,
Japanese raids on Canton were said to have accounted for
7,500 deaths, with at least that number of wounded.
Jap¬
anese
bombs destroy
some military objectives, but also
wiped out sections of the city occupied entirely by civilians.
United States Ambassador Grew at Tokyo asked the
Japanese Government on June 9 to take urgent measures to
the bombing of non-combatant property in China.
Meanwhile, press accounts from Shanghai said that Chinese
halt
the city of Chengchow, prepar¬
ing to abandon this important junction of the Lunghai
railway with the Peiping-Hankow line.
The most recent United States protest to Japan was re¬
ported in Associated Press Washington advices of June 9 as
follows:
The State Department said
Ambassador Grew was instructed to apprise
Japanese Foreign Office of an attack of Japanese planes upon
University campus
An authority close to
signifying
bombs
The Mediterranean border
Paris
the
said:
Ax-Les-Thermes in the
near
Ariege Department, 15 miles within the border.
troops had begun destroying
Mussolini in Rome.
The civil
repetition of the 50-mile incursion yesterday by nine planes of "unknown
Mr.
the Lingan
yesterday.
Grew, the announcement said, told the Japanese
that three bombs
dropped on the edge of the school's athletic field 200 yards from resi¬
the University.
There were 37 Americans at the
were
dences of Americans at
university at the time.
Mr.
Grew's instructions
and its campus were
Mr.
asked
Grew
.
were
to tell the Japanese that
the university
clearly removed from the scene of military operations.
reported back that he had made his representation and had
"urgent measures" against any recurrence of the attack.
reports from the Sino-Japanese conflict were given
3589.
Secretary of State Cor dell Hull made public a
note sent to the Japanese Foreign Office by Joseph C. Grew,
United States Ambassador at Tokyo, requesting Japan to
remove obstacles
continually interposed by Japanese au¬
thorities in China against permitting Americans to re-enter
Latest
in the "Chronicle" of June 4, page
On June 1
and re-possess their missionary and business
June 2 Japanese authorities returned the
properties.
On
property of the
American Southern Baptist Mission in Shanghai, but later
denied that this action had been in compliance with the
United States request.
Instead, they said, it was followed
in accordance with a plan determined before the receipt of
the American note.
The American protest was described in the
ington dispatch of June 1 to the New York
The note
pointed out that American rights in
immediate steps be taken to return
under
China were being infringed
of the Japanese Government and asked
missionary and other property
occupation of Japanese armed forces "to their rightful owners."
contrary to repeated assurances
that
following Wash¬
"Times":
Attention
long
called to the fact that
was
of June 6 to the
ago.
The
lower
the
in the Shanghai area and in
complained of exist
conditions
800 Japanese
of
the
Cordell Hull and J. Pierrepont Moffat, chief of the European Division of the State Department.
Afterward, it was indicated fhat Mr. Hull had decided that certain points
needed clarification, and that the British Government had been asked to
the
nationals, including women and
University Cited
Use of
made to the University of Shanghai, which is
jointly by the Northern and Southern Baptist Missionary So¬
and which is still being used by Japanese troops for military offices
Special reference
owned
cieties
and
was
This
Regulations Envisaged
Foreign Office.
Details
ment,
affected are not available at the Depart¬
other properties
to
as
to
first and the
of which had preceded
It was understood, however,
British proposal, intimations
the
made public.
suggest that the United States, with Sweden and Norway, which
invitations, join with Great Britain in appointing an
similar
Grew from the
been handled directly by Mr.
information is kept in the embassy in Tokyo.
of
statement, were not
Welles
the
eventually
designed to outlaw attacks on civilians
...
details
The
,
the situation has
as
the air.
frcm
been active in the matter.
Before Ambassador
he had held many informal conversations with the
had long
Grew delivered the note
believed to point toward an effort
was
regulations
international
draft
to
who were told that the
of Baptist missions,
partment by representatives
department
attention of the State De¬
recently called to the
was
proposal
British
The
situation
long discussion today by Secretary
a
further information.
give
air field.
an
"slaughter"
subject of
children.
the Administration's emphatic denunciation on Friday
of civilians in Spain and China as "barbarous," was
after
Lindsay
had been permitted
Nanking alone there were
British Ambassador Sir Ronald
suggestion, which was submitted by
The
The note stressed that Japanese merchants and
to return to these places and that in
Valley.
Yangtze
families
their
In discussing this proposal, a Washington dispatch
New York "Herald Tribune" said :
Spain.
hostilities in many areas had ceased
1938
11
June
Chronicle
Financial
3736
received
informal
to
visit places bombed by air forces in Spain
Whether they constituted legitimate military objectives.
of
committee
determine
to
experts
embassies in Tokyo and Peiping were
^Secretary Hull said today the
made by the Japanese in North China early
complete reports from the embassies had not yet been
studying the tariff reductions
this week and that
received.
Complete Nationalization of Bank of Canada Pro¬
posed—Government to Acquire Entire Ownership
Under Legislation to Be Introduced at Present
j--
United Press advices of June 7
from Shanghai discussed
Chinese factions as
reported dissension between different
Session
follows:
military leader of Canton,
split with Gen. Chiang, apparently because of the failure of the
Nationalists to send assistance to Canton and the withdrawal of Chiang's
that Gen. Li Tsung-jen,
The message said
was near
plete ownership of the Bank of Canada and
the 100,000 shares of its stock now in the
a
public
from the Lunghai line.
main troops
This will be the third time the
That
1.
generals had the following grievances.
best units from Suchow, leaving
Japanese drive.
given command of
was
fact that south China sent her planes to
informed
In
there
no
southern China, despite the
Hankow in the early days of the war.
Centers
with
popula¬
and
China
in
occasions expressed
The Government of the United States has on numerous
belief
that
might in
the
in
outbreak
the
Far East
and
serious
of
in the
anywhere
hostilities
world
affect the interests of this country.
Both
Europe there have been going on hostilities every
another
or
way
one
in
ruthless
of
bombing
unfortified
of
of
localities
in the United States regards such
the
bombings
civilian
This
have resulted
which
in
of many
death
the
-
while
government,
scrupulously
adhering
standards
those
essential
part
of
humane
which
conduct
of
non¬
of such methods
elementary principles
developed as an
and of such acts, which are in violation of the most
of
policy
the
to
reiterates this Nation's emphatic reprobation
intervention,
been
have
this statement a Washington dispatch
June 3 to the New York "Herald Tribune" said:
In
discussing
Welles
Mr.
of
aerial
6aid
bombers
that
in
against
speaking out against
civilian
populations
increasing
the
China
in
and
of
offensive
this
This government
government acted independently of other governments.
did not know, he said, at the time the State Department's statement was
drafted,
The
that
similar condemnation
was
to
by
be voiced
and
the British
Governments.
French
statement
Roosevelt.
diplomatically
was
issued after Mr.
Welles
Mr.
said
the
to the Spanish
Welles
statement
had
was
conferred
not
insurgent authorities
being
or
President
with
communicated
the Japanese Gov¬
ernment.
The
State
received
a
Department
British
other
States
formal
investigation
and
revealed
proposal
United
of
Commonwealth
for
calling
that
neutral
on
June
Great
countries
bombings of
6 that
Britain
it
had
and
the
sponsor
unfortified
an
cities
in¬
in-
Federation
were
prolonged debates in which
pressed.
J. S. Woodsworth,
leader, unsuccessfully proposed an
complete
a
resolution, preliminary to amendments to the
Canada Act
House
to nationalize the
of
Commons
on
May 28 reported the
following
From League of Nations
that she is withdraw-
ing from the League of Nations, it was stated
advices (June 2) from Geneva, Switzerland,
in United Press
which went on
to say:
The notice,
Agustin Edwards, Chile's Am¬
would be effective two years from
contained in a letter from
the withdrawal
May 14, when the last Council session was
Last month Senor Edwards informed the
adjourned.
Council that Chile would with¬
drastically reformed. He said the
League was not universal and therefore could not be coercive, meaning that
Article XVI, the sanctions article, must be dropped.
^
draw unless the League
Spain
and
sharp
complete public ownership
bassador at London, said
of modern civilization.
seven.
Chile announced officially on June 2
hundreds of
population.
made for the gradual revision of the
shareholders' directors expired until the
was
precipitated
Chile Withdraws
and in Spain
During the past few days there have taken place in China
reduced to
Canadian
contrary to every principle of law and of humanity.
aerial
the
of
correspondent, F. C. Mears, May 27:
Premier King stated today the price to be paid for the stock held by
private individuals would be an average of the price paid in recent weeks.
The price to be paid by the government is likely to be $57 or $58 a share,
as compared with
$50 the original price of the stock.
Today there was a
bid of 59, but no sales at that figure.
At 58 a share the total purchase
price would be $5,800,000 for the 100,000 shares, which were the original
issue to the public, a premium totaling $800,000.
with the resultant
and children,
methods as barbarous.
,
Several times during the past year, especially on Sept.
28, 1937, and
on
March 21, 1938, the Secretary of State has expressed the views of this
country to the effect that any general bombing of an extensive area
wherein there resided a large population engaged in peaceful pursuits is
form
provision
terms
The Montreal "Gazette" of
slaughter of civilian populations, and in particular of women
public opinion
vote each.
time
from its Ottawa
aspect of which the American people and this government have deplored.
When the methods used in the conduct of
these hostilities take the
•
one
bank was given in
June 9 by Charles
Dunning, Dominion Finance Minister, it was indicated in
Canadian Press advices from Ottawa on June 9, which
likewise said:
**
The government will redeem the 100,000 Class A $50-par shares held
by the public at $59.20 a share and accrued dividends.
It is intended also
to reduce the capital of the bank from $10,100,000 to $5,000,000.
the
is given below:
its
was
Notice of
Bank
Such
Spain.
The
McGeer, Vancouver Liberal,
G.
claimed
which deplored
the government.
government ownership and control, and
and J. J. Tucker, Saskatchewan Liberal,
the amendments fell short of Liberal campaign promises.
amendment
G.
bombing, the statement
said, violates elementary principles of humane conduct in
modern civilization.
A similar protest was made June 3 by
Great Britain, but Mr. Welles said that the United States
had acted entirely independently.
Mr. Welles's statement
tions
amended
for appointment of six directors by the govern¬
votes each to insure a majority over the seven shareholders'
as
for
Cooperative
with the express'
of civilian
election brought the Liberals into office,
general
a
by the directors,
parliamentary session the Bank of Canada Act was
amendments
The
of State, after confer¬
bombardment
indiscriminate aerial
the
two
same
directorate
demands
approval of President Itoosevelt a statement
Governor and Deputy Governor ap¬
also provided
directorate
Commission to Investi¬
Welles, Acting Secretary
1935
of
with
the
At
Incidents
Sumner
a
by the Minister of Finance on behalf of
held
amendments
Spain and China—Statement Issued by Sumner
Welles, with White House Approval—Great Britain
ring at the White House on June 3, issued
by
to be operated
give
shares
in
gate
These were offered to the public and
Dividends on the shares were limited to
value.
par
the government ownership of a majority of the shares and a
majority representation on the directorate.
This was done by the issue of new capital of $5,100,000 in 102,000
to
directors
Suggests Joint Unofficial
fall
the
In
ment
Civilian
of
Bombing
Protests
States
was
and at the first
split prior to the battle for Hankow.
+.
United
[Bank of Canada]
established in 1935 when the
a capital of $5,000,000
in
with
pointed by the government in the first instance but later
of whom there were 6even, elected by the shareholders.
believed that it was most likely that
but it was believed there
quarters here it was
open
It was
force,
and any excess profits were to become the property of the
year,
Bank
The
Gen. Chiang's
future south China support will then depend upon whether he uses his
own units to hold Hankow.
In the event he withdraws his crack troops,
it is believed likely that the Southerners will either refuse to fight outside
their own province or consider an armistice to avoid invasion.
be
in
government.
friction between Hankow and Canton,
was
would
a
their
at
up
4
provincial troops in the Yingchow
responsible for the loss of Suchow.
Hankow failed to send planes to
That
3.
taken
,
,
That Gen. Li
2.
sector after he was made to appear
was
100,000 shares valued at $50 each.
which to oppose the
provincial and "sacrifice" troops with
Government
Conservative
his
Chiang withdrew
Gen.
Gen. Li with only
the end of the present
National Central Bank
subject of legislation.
the
been
has
reported that the Kwangsi
was
also stated:
session.
from the Lunghai front.
It
May 27 by Prime Minister
on
Legislation to this end will be introduced before
central China fronts.
It was reported that Gen, Li and Gen. Pai Chung-hsi, also of Kwangsi,
conferred at Hankow with G§n. Chiang after the three generals returned
Kwangsi, to aid Chiang on the northern and
to take over
hands of the
King, according to Canadian Press accounts from
which
Ottawa,
from his own province,
hundreds of thousands of troops
He sent
known
made
was
Mackenzie
ablest strategists and fiercest war¬
Gen. Li is considered one of China's
riors.
Dominion of Canada to acquire com¬
Tlie intention of the
Covenant was
♦
32J^% of July 1 Interest to Be Paid on Kingdom
Bulgaria 7% Settlement Loan of 1926
of
Speyer & Co. and J. Henry Schroder Banking Corp., as
agents for the Kingdom of Bulgaria 7%
settlement loan, 1926, announce that July 1, 1938 coupons
off dollar bonds of this loan, presented with an appropriate
letter of transmittal, will be paid on or after that date at the
rate of $11.38 per $35 coupon and $5.69 per $17.50 coupon
in full settlement for and against surrender of coupons.
This
American fiscal
payment represents
32lA% °f
interest then due.
Volume
Financial
146
Bank for International Settlements Protest
Action Withholding
Government
June Instalments
on
on
German
Austrian
International Loan of 1930
June 8 received from the Bank for
copy
of their latest protest
(June 7) to the German Government against the action of
that Government in causing to be withheld the instalments
due June 1 upon the Austrian Government International
J. P. Morgan &
International
Loan of
Co.
on
Settlements
1930 in which
interested.
American investors are
Text of the Bank for International Settlements protest
is as
follows:
International
ment
Loan
1930
announces
service instalments due on June
1
nor
that
it
has not
peceived the
of which
the pledged revenues out
The
Bank for International Settlements has protested against these infractions
of the loan contract and has made emphatic representations to the author¬
ities of the Reich for an early payment of the overdue instalmnet.
Unless
this be forthcoming in due time the trustee will not be able to pay on July 1
more than 5-6ths of the coupon then due except as regards the Austrian and
Swedish tranches in respect of which the trustee holds unexpended sinking
required for
currencies
fund
by the Commission is in the series of
figures being published weekly in accordance with
Congress in June, 1936
of the Complete Segre¬
gation of the Functions of Broker and Dealer." The figures
for the week ended May 7 were given in these columns of
June 4, page 3592.
In making available the data for the
week ended May 14 the Commission stated:
The
data issued
current
its program embodied in its report to
on the
"Feasibility and Advisability
The figures given for total round-lot
York
volume in the table for the New
Exchange and the New York Curb Exchange represent the
of stock effected on those exchanges as dis¬
Stock
volume
of all round-lot sales
The total round-lot
tinguished from the volume reported by the ticker.
the Austrian Govern¬
The Bank for International Settlements trustee of
the
3737
Chronicle
instalment
that
were
to
be provided.
for the week
4,840,690 shares,
was
ended
8.2%
May
14
the New York Stock Exchange,
on
larger than the volume reported on the ticker.
On the New York Curb Exchange,
931,005 shares exceeded by 9.2%
total round-lot volume in the same week,
the ticker volume (exclusive of rights and
warrants).
The
.
data
published
Stock Exchange
members.
New York Curb Exchange by their respective
and the
These reports are classified as follows:
Stock
Number of reports received
Curb
Exchange
1,081
847
207
103
.
As specialists*
Payment of June 15 Coupons
Chinese Government 5% Hukuang
China Remits Funds for
Bonds
Railways
Ruling
of
Gold
Loan
Exchange
1911—Stock
of
specialists:
as
Initiated
floor
on
278
294
_
transactions
no
...
due June 15, 1938 (No. 54)
Imperial Chinese Govern¬
ment 5% Hukuang Railways sinking fund gold loan of 1911,
including those bonds which have been drawn for redemption
for the sinking fund, but have not been paid.
The announce¬
and after June 15, of the coupon
from bonds of all four series of the
Note—On the New York Curb Exchange the round-lot
transactions of specialists
Exchange odd-lot
Curb Exchange
perform the functions of the New York Stock
dealer, as well as those of the specialist.
The number of reports in
the
number
carry entries
NEW
of reports
the various classifications may total more than
received because,
at
times,
a
single report may
in more than one classification.
YORK
STOCK
STOCKS
ALL
IN
EXCHANGE—TRANSACTIONS
FOR ACCOUNT OF MEMBERS
(SHARES)
*
Week Ended May 14, 1938
Per
Total for
,
Cent a
Week
been made for the exchange of coupons now
No arrangements have yet
the scrip provided by the
for
notified when those
Bondholders should not detach from the
are
completed.
bonds at this time unpaid coupons
Total volume of round-lot sales effected on the Exchange.....
4,840,690
Government's offer, nor for the
deposit of bonds: but bondholders will be promptly
arrangements
591
stocks In which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
said:
arrears
....
52
121
489
;
Initiated off floor
Reports showing
*
funds have been received from China for the payment, on
in
Other than
"In
J. P. Morgan & Co. announced on June 7 that in accord¬
ance with the Chinese Government's offer of April 5, 1937,
ment
New York
New York
Reports showing transactions
on
the New York
based upon reports filed with
are
Exchange
sufficient to complete the coupon payment.
moneys
volume
transactions of
specialists and odd-lot dealers in stocks in which registered:
Initiated
1.
prior to No. 54.
The New York Stock Exchange
transactions
Round-lot
on
members
of
except
425,300
415,900
the floor—Bought
Sold
announced
on
June 8 the
adoption of the following rulings by its Committee on Floor
Procedure pertaining to the Imperial Chinese Government
8.68
841,200
Total
2.
193,855
189,075
Initiated off the floor—Bought
Sold
loan of 1911:
NEW YORK
Committee
Floor Procedure
on
June
Notice
having been
received that
Imperial Chinese Government 5%
transactions
Round-lot
the interest due June
8, 1938
15,
1938, on
specialists
of
in
in
stocks
whloh
496,700
492,250
registered—Bought
Sold
Hukuang Railways sinking fund loan
3.95
382,930
Total
STOCK EXCHANGE
-
10.20
988,950
Total
of 1911, will be paid on that date:
The Committee on Floor Procedure rules that the
interest
2M%
on
That the bonds
15,
bonds be quoted ex-
of odd-lot dealers
June 15, 1938;
shaif
continue to be dealt in "Flat," and beginning
June
due Dec.
Transactions for account of odd-lot dealers
due Dec.
15,
1.
Sold
1937, and June
1924, inclusive, and No. 39, due Dec.
15, 1920, to No. 26, due June 15,
2.
In odd-lots (Including
odd-lot transactions of specialists):
Bought
15, 1930, and subsequent coupons
attached, with the exception of the coupons due June 15,
......
708,521
— .......
.......
699,191.
Sold
1937, and June
15, 1938, (also of the German issue).
2.96
286,720
Total
15, 1938, (being a part of the German issue);
(3) with coupons No. 19, due Dec.
143,960
142,760
In round lots—Bought
1930, and subsequent coupons
attached, with the exception of the coupons due June 15,
in stocks in which
registered:
15, 1938, (being the British, French and American issues);
with coupon No. 39,
22.86
2,213,080
Total
15, 1930, and subsequent coupons
attached, with the exception of the coupons due June 15, 1937, and June
(2)
1,115,855
1,097,225
Sold
1938, shall be dealt in as follows:
(1) with coupon No. 39,
transactions
in stocks in which registered—Bought..
Total round-lot transactions of members, except
Total
1,407,712
-
ROBERT L. FISHER, Secretary.
YORK
NEW
CURB
8TOCKS
EXCHANGE—TRANSACTIONS IN ALL
* (SHARES)
ACCOUNT OF MEMBER8
FOR
Week Ended May 14, 1938
$661,000 of
Loan
Republic of Cuba 63^% 30-Year External
Drawn for Redemption July 15
Total for
Republic of Cuba, through Pablo Suarez, Consul
is advising holders of its external loan 30 year
sinking fund 5M>% bonds, issued under Loan Contract
dated Jan. 26, 1923, that $661,000 of the bonds have been
drawn by lot by J. P. Morgan & Co., fiscal agents, for
redemption at 100 on July 15 out of moneys in the sinking
fund. Payment will be made on and after July 15 at the
New York office of J. P. Morgan & Co,
ret
Cent a
Week
Bonds
Total volume of
931,005
round-lot sales effected on the Exchange
The
General,
Round-lot
transactions of
members, except transactions of
registered:
specialists in stocks in which
1.
Initiated on the
41,370
floor—Bought
Sold
Total
2.
37,140
floor—Bought
Initiated off the
38,060
Sold
Trading
Curb
While
on
Exchanges
the
New
York Stock and
New
York
in
stocks
which
in
...—..
the week ended May 14 by all
members, except odd-lot dealers, was lower than in the
preceding week, member trading on the New York Curb
Exchange was larger, it was announced by the Securities and
Exchange Commission yesterday (June 10). Member trading
on the Stock Exchange during the latest week amounted to
2,213,080 shares in 100 share transactions, the Commission
noted, or 22.86% of total transactions on the Exchange of
4,840,690 shares.
This compares with 1,849,185 shares
of stock bought and sold on the Exchange for the account of
members during the previous week ended May 7, which was
23.44% of total transactions that week of 3,943,980 shares.
On the New York Curb Exchange, members traded for
their own account during the week ended May 14, according
to the SEC, to the amount of 410,175 shares, against total
transactions of 931,005 shares, a percentage of 22.03%.
In the preceding week (ended May 7) member trading on the
Curb Exchange was 21.75% of total transactions of 707,875
shares, the member trading having been reported by the
Commission at 307,975 shares.
Total round-lot
252,205
1
Total...
percentage of trading in stocks on the New
Bought
192,500
217,675
-
-
410,175
Total
Odd-lot transactions of
59,826
Bought
43,378
-
103,204
1
Total
*
22.03
specialists in stocks in which registered:
8old
a
13.54
transactions for accounts of all members:
Sold
The term "members" includes all
ners.
113,990
138,215
Sold
During Week Ended May 14
York Stock Exchange during
transactions
4.04
75,200
-
of specialists
registered—Bought.......
Round-lot
4.45
82,770
-
Total
Member
41,400
-
their part¬
exchange members, their firms and
including special partners.
Percentage
of
members'. transactions
to
total
Exohange
transactions.
In
calculating these percentages the total of members' transactions is compared with
twice the total exchange volume for the reason that the total of members trans¬
actions Includes both
purchases and sales while the total
exchange volume includes
only sales.
,
Odd-Lot Trading on New York Stock Exchange
Week Ended May 28 and June 4
The
Securities
and
Exchange
Commission
on
During
June 3
public a summary for the week ended May 28, 1938,
of the daily corrected figures on odd-lot transactions^of
made
Financial
3738
odd-lot dealers and specialists in stocks, rights and warrants
on the .New York Stock Exchange, continuing a series of
figures being published weekly by the Commission.
figures for the week ended May 21 were given in the
"Chronicle" of May 28, page 3421. We also incorporate the
figures for the week ended June 4, which were released
current
The
June 9.
based upon reports filed daily
with the Commission by odd-lot dealers and specialists.
data
The
published
are
TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEKS ENDED MAY 28 AND JUNE 4,1938
Chronicle
security holders
for
portion to the length of time the offer is open, tending to
make corporate financing more expensive and difficult to
obtain."
The Committee believes that a 14-day period is
adequate and that this modification will make it easier for
corporations to obtain new financing through the
offering to their security holders of rights to subscribe.
listed
The text of the letter follows:
IN STOCKS,
majority of corporations having securities listed on the New York
The
of any of their listed securities any action taken with respect
Value
Shares
No. Ord.
No. Ord.
Shares
Value
securities
3,544
4,824
7,113
9,422
May 25
May 20
May 27 and 28
May 30
718,771 $21,430,512
1
2
June
70,103
89,946
122,856
107,024
185,861
22,453
3 and 4
—
2,821,659
3,332,638
2,189,237
2,923.632
4,080,606
5,257,878
5,499,193
635,790 $19,956,545
expiration date for the exercise of rights to subscribe.
To facilitate new financing by listed corporations through the medium
of issuing subscription
90,889
2,465,235
3,852,309
3,412
3,409
4,175
103,228
379,297 $12,471,841
14,829
_
rights to their security holders, the Committee
Stock List has determined to interpret the
above mentioned agreement
on
so
permit a 14rday period for the exercise of rights by security holders,
to
as
14,222
83,913
86,648
2,934.568
2,510,382
2,682,090
3,230,471
364,678 $11,357,511
of record to enable them to make arrangements for prompt
proposed date
receipt and consideration of the offer when made, and provided arrange¬
ments are made
by the corporation and its underwriters for the acceptance
subscriptions from distant holders.
of late
Total for week.
This agreement has been interpreted in the past by
rights.
Exchange to require a period of 20 days from the date of record to the
provided the action of the Board of Directors authorizing the offer is taken
and notice thereof is given to security holders sufficiently in advance of the
3,226
91,901
95,562
80,852
110,982
3,704
3,602
3,120
4,403
-
June
2,687
3,192
4,300
5,555
0,713
Exchange Closed
-
May 31
June
246,519
27,832
Total for week..
2,362,264
2,945,337
3,088,273
5,128,496
7,300,142
72,197
91,879
122,417
185,759
2,929
period within which to record their interests and to
proper
a
exercise their
the
May 23
May 24
of rights to subscribe and to afford the holders of listed
to the allotment
(Customers' Orders to Sell)
(Customers' Orders to Buy)
Trade Date
under agreement with the Exchange to publish promptly
Stock Exchange are
to the holders
PURCHASES
feasible period of time
the greatest
within which to exercise rights to subscribe, but the Com¬
mittee recognizes that underwriting risks increase in pro¬
ODD-LOT
SALES
June 11, 1938
The
Committee's
aim
is
to
for security holders the greatest feasible period of time within
preserve
which to exercise rights to subscribe, but the Committee recognizes that
underwriting risks increase in proportion to the length of time the offer is
Value
Market
Listed
Bonds
of
Exchange June
1
New
on
York
Stock
Below May 1
On June 7 the New York Stock Exchange issued the
following announcement showing the total market value of
listed bonds on the Exchange on June 1:
As of June 1,
1938, there were 1,371 bond issues aggregating $48,243,-
744,251 par value listed on the New York Stock Exchange', with
a
total
market value of $42,346,644,435.
June 1, 1938
Aver.
Market
Aver.
Value
Price
Value
Price
$
8
$
U. S. Govt. (incl. States, cities, &c.)_ 27,429,356,537 100,87
1,790.328,940
14,103,504
241,586,863
80,805,702
18,499,051
36,137,434
228,368,906
151,061.175
70,316,795
9,324,226
Forelgn government
accessories
Financial
Chemical
....
...
Electric equipment
Food....
manufacturing...
Rubber and tires..
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)...
Petroleum.....
Paper and publishing
Retail merchandising
Railway operating and holding com¬
panies and equip, manufacturers...
Steel, iron and coke
49,671,178
89.47
88,247,729
90.86
61.17
18,504,822
61.16
102.19
99.28
101.30
•80.04
45.96
88.25
11,042,774 45.17
10,734,300 40.74
4,457,516 105.77
43,048,402 124.97
100,421,853 52.86
1,008,432,486 04.59
35,303,125 100.87
existing improved methods of transportation
and communica¬
period within which security holders may exercise their rights when the
conditions referred to above are complied with, and trusts that this modifi¬
cation of the listing requirement will make it easier for listed corporations
obtain
to
financing through the offering to their security holders of
new
92.31
1,463,000
76.00
2,863,100,716 102.44
105,501,541 84.48
Communication (cable, tel. and radio)
Miscellaneous utilities........
Business and office equipment..
987,051,876
Leather and boots
;
(Incl. Cuba and Canada)
Miscellaneous businesses..
cos.
43.39
18,503,900
U. S. companies operating abroad...
99.63
210,012,248
Shipping services
Shipbuilding and operating
We shall be pleased to discuss the procedure for the allotment of
94.00
42,346,644,435
87.78 42,398,088,128
87.82
rights
to subscribe and the details in connection with timing the offer to
conform
with
of your
listing and registration requirements with
corporation at
any
representatives
time.
+
Board of Governors of New York Stock
Exchange Adopt
Study of Mem¬
bership Retirements with Related Matters
Resolution Urging Continuance of
Following
meeting of the Board of Governors of the New
a
York Stock
Exchange on June 8 a resolution was adopted
recommending to William McC. Martin Jr., President Pro
Tern
and.Chairman, that the study of membership retire¬
be continued, since other questions with which the
ments
Exchange is occupied have a bearing on the question of the
membership.
The report of the Special Commit¬
on Retirement of Membership was referred to in our issue
of April 23, page 2611.
The resolution adopted by the
size of the
tee
Board of Governors
June 8 follows:
on
On April 13, 1938, a special committee appointed to study the
feasibility
of the retirement of memberships over a period of time, submitted a report
containing certain definite proposals which merit the thoughtful attention
of the Board of Governors and of the members of the
The report
Exchange.
pointed out that "the supply of members of the Exchange at present exceeds
the demand for their services and that this situation is aggravated by adverse
35,005,000 100.01
51.72
508,302.355
Gas and electric (operating)
Gas and electric (holding).
All listed bonds
•
35.653.937 100.82
228,577,311 98.61
150,802,208 101.12
69,380,776 78.98
9,012,188 44.45
50,501,930 89.72
118,436,790 55.24
425,994,010 102.84
78,080,402 90.84
32,432,058 88.23
5,877,675.606 53.04
500,752,124 91.64
1,556,844 80.88
2,850,549,492 101.93
160,851,033 82.04
980,971,714 99.63
189,055,754 39.04
18,430,081 93.02
12.709.938 47.13
10,189,118 44.37
4,430,216 105.13
42,592,397 123.04
154,383,318 50.85
1,011,271,242 64.26
5,535,679,814
Textile
Foreign
27,358.098,747 106.59
1,816,688,935 57.74
74.86
14,208,346 73.64
100.06
241,583,450 100.66
57.17
121,178,532 55.91
420,050,798 103.21
77,502,429 90.47
32,636.393 89.15
....
Tobacco..
difficult
tions, the Committee on Stock List believes that 14 days afford an adequate
May 1, 1938
Market
Building
more expensive and
obtain.
Under
rights to subscribe.
On May 1, 1938, there were 1,373 bond issues aggregating
$48,279,224,071 par value listed on the Exchange with a
total market value of $42,398,688,128.
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
tending to make corporate financing
open,
to
circumstances peculiar to the securities business."
The questions involved
in the special committee's study, and the conclusions which it reached, are
of such vital importance to the Exchange that they require continuing study
looking to
a
practicable solution at the earliest possible time.
It is recog¬
nized, however, that many other questions with which the Exchange is
occupied
necessarily related to and have
are
direct bearing on our con¬
a
sideration of the size of the membership.
Therefore, Be It Resolved, that the Board of Governors recommend to the
President
Tern that the study of the practical membership require¬
Pro
ments of the
Exchange be continued in conjunction with studies of other
aspects of our business.
♦
National City Bank of New York Finds Little Stimulus
The following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
from
Government's
Except
"Lending-Spending" Program
Strengthening of Bond Market—
Change in Business Situation Expected
to
as
Not Much
Until Fall
Market
Value
Oct. 1
Nov. 1
Dee. 1
1.
Feb. 1
Mar, 1
Apr. 1
May 1
June 1
Average
Value
Price
$
41,618,750,056
41,085,172,818
42,235,760,550
43,305,464,747
43,179,898,504
43,779,040,206
94.24
94.78
95.39
95.79
1937—
July 1
Aug. 1
Sept. 1
Oct.
1
95.92
Nov. 1
97.01
Dec. 1
1937—
Jan.
Market
Price
With
Bank
1936—
July 1
Aug. 1.....
Sept.l
Average
$
44,001,162,031
44.296,135,580
43,808,755.638
43,270,678,790
42,591.139,774
42.109.154,661
97.35
Jan.
1
90.83
Feb.
1
89.48
96.64
Apr.
42,782,348.673
42,486,316,399
respect
of
93.89
business
92.98
at
93.93
92.70
91.51
90.11
89.26
1938—
45,053,593,776
45,113,047.758
45,007,329.915
44,115,628,047
43,920,989,575
44,170.837.675
$
The
chief
42,854,724,055
88.68
85.71
.
87.82
situation.
87.78
into
June 1
'
.
line
ahead
go
York Stock Exchange Reduces Time Limit for
Exercising Rights to 14 Days—Designed to Facili¬
tate New
Financing by Listed Corporations
In a move designed to facilitate new
financing by corpora¬
tions listed on the New York Stock
Exchange, the time re¬
quired for the exercise of rights to security holders has been
reduced from 20 to 14 days,
according to a letter sent to
the presidents of these corporations on June 3
by John
Haskell, Director of the Committee on Stock List. The
letter pointed out that "the Committee's aim is to
preserve
healthy
In
The
cause
Where
.
markets
show
City
that
expecting much change for the better,
influences again turn favorable,
seasonal
the
of
the
When
and
commodity weakness is plainly lack of demand.
improvement should begin
inventories
plans
will
and
resume,
cut
are
profits restored,
with
commodities
New
National
the
"the
that
ening of commodity prices" as "the most depressing influ¬
ence in the situation," and
says:
89.70
41,450,248,311
42,398,688,128
42,346,644,435
May 1-
until
conditions,
states
which will be in late August or September."
The bank, in
its June "Monthly Letter," points to "the continued weak¬
1
93.33
business
to
York
men are not
least
Mar, 1
93.88
New
incentive
to
up;
demand
for
in
normal and
more
pick
a
way.
Administration's
strengthened the high-grade
of
little
new
failure
the
this
to
forward
stimulants
except
market,
bond
.
time,
in
one
respect.
.
.
Administration's
activity
move
psychological
up
security offerings.
of
industrial
ready to
impression
in April,
It
and this, is leading to a
spending program, announced
monetary
made
and
will
part, the bank also says:
has
The
have
men
business
price recovery will begin
has
revival
is in the general economic
reduced, prices brought
costs
business
and
projects,
and
down,
announcement
to
stimulate
trade
and industry are not yet
account, and until they are ready
is evidence that trade
on
their
are
not
own
likely
repeated too often that the program is
to
only
be
effective.
It cannot be
of many factors in the
one
Financial
Volume 146
business
situation;
whether
private business is
Of
the
course
Congress,
into
is
actual
not
consumers'
Public
works
relief
also that there
under
yet
hands
disbursements
which
It
way.
until
naval
and
differences of opinion as to
likely to be encouraged
spending,
new
strong
are
the
will
money
expenditures
be
cannot
not
put
out,
goes
require
vastly
be passed
upon
by
purchasing power
new
and this
time
increased at
discouraged by it.
or
is still to
to
get
will be slow.
started, and
because
once
they are
Chronicle
held
as
3739
investments in trust funds and inlaccoun's of govern¬
mental agencies, of which
$4,016,484,000 were government
$268,983,000 government-guaranteed securities,
$45,030,000 other securities. The statement in full is
securities,
and
given below:
SECURITIES
HELD
ACCOUNTS
already huge.
AS
OF
INVESTMENTS
CERTAIN
AND
IN
TRUST
GOVERNMENTAL
AGENCIES ON
DATES
$354,671,000 was tendered to the offering of
$100,000,000, or thereabouts, of 91-day Treasury bills dated
June 8 and maturing Sept. 7, 1938, it was announced on
June 6 by Secretary of the Treasury Henry Morgenthau Jr.
Of this amount, Mr. Morgenthau said, $100,189,000 was
accepted.
The tenders to the offering of Treasury bills were received
at the Federal Reserve banks and the branches thereof up to
A total of
2 p. m.,
Eastern Standard Time, June 6. Reference to the
offering appeared in our issue of June 4, page >3595. The
following regarding the accepted bids to the offering is from
Secretary Morgenthau's announcement of June 6:
Total accepted, $100,189,000
Total applied for, $354,671,000
Range of accepted bids:
High
—99.998 equivalent rate approximately 0.008%
Low
—99.989 equivalent rate approximately 0.044%
Average price —99.990 equivalent rate approsimately 0.040%
Fund
or
Government
Agency
91-Day
$100,000,000,
Bills—To
Treasury
Be
$937,756,000 $166,834,000
349,094,000
.
42,471,000
Federal Savings & Loan Insurance Corp.
Civil Service Retirement and Disability
Fund
U.S. Government Life Insurance Fund
D. C. Teachers' Retirement Fund b
a
Alien Property Custodian Fund..
Panama Canal Zone Funds a
General Post Fund, Veterans' Adminis¬
tration
offering of $100,000,000, or there¬
abouts, of 91-day Treasury bills, dated June 15, 1938, and
maturing Sept. 14, 1938, was made on June 9 by Secretary of
the Treasury Henry Morgenthau Jr.
Tenders will be
received at the Federal Reserve banks, of the branches
thereof, up to 2 p. m., Eastern Standard Time, June 13,
but will not be received at the Treasury Department,
Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will, on their maturity date, be payable at
their face amount without interest.
There is a maturity of
a new
two series of
Treasury bills on June 15 in amounts of $50,010,000 and $50,208,000.
There is also maturing from
June 16 to June 18 five issues of Treasury bills amounting to
$250,306,000, which as noted elsewhere in our issue of
today will be paid from the Treasury's cash balance incident
to the Treasury Department's June 15 financing operation.
$50,042,000
$50,033,000
$50,025,000
$50,099,000
$50,107,000
are as
dated March 2,
dated March
9,
dated March 16,
dated March 23,
dated March 30,
follows:
386,095,000
736,842,000
5,105,000,000
30,560,000
1,850,000,000
In his announcement of June 9
denominations
of
$1,000,
$10,000,
bearing
said:
No tender
on
for
amount
an
less
$100,000,
than
on
'
1,000
1,000
437,000
10,000
11,000
Library of Congress Trust Fund b
D. C. Workmen's Compensation Fund a.
Longshoremen's
and
Workers
Harbor
Compensation Fund a
1
German Special Deposit Account
National Institute of Health Gift Fund..
101,000
3,957,000,000
83,000
10,000
43,000
$4,016,484,000 $268,983,000
$45,030,000
$6,000
$762,730,000
1,815,000
1,235,000
Library
201,000
12,000
Walter Reed
Fund,
the
new
and
$1,000,000
$1,000 will be considered.
Each
places, e.g., 99.125.
from incorporated banks
companies and from responsible and recognized dealers in invest¬
accompanied by
a
deposit of
accompanied by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour for receipt of tenders on June 13,
1938, all tenders received at the Federal Reserve banks or branches thereof
will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on the
The Secretary of the Treasury expressly reserves the
following morning.
right to reject any or all tenders or parts of tenders, and to allot less than
the amount
applied for, and his action in any such respect shall be final.
Those submitting
thereof.
tenders will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds
on
The
any
June 15, 1938.
Treasury bills will be exempt,
as
to
principal and interest, and
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and
inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed
as
a
deduction,
or
otherwise recognized, for the purposes
of any tax now or hereafter imposed
by the United States or any of its
Fund
and
Dis¬
3,262,000
Retirement
and
Disability
3,557.000
a
Adjusted Service Certificate Fund
Alaska
Railroad
Retirement
and
26,800,000
Dis¬
309,000
ability Fund..
Totals.
As of
April 30, 1938—
Federal Farm Mortgage Corporation..
$57,673,000
63,705,000
56,610,000
4,864,000
Federal Land banks
Federal Intermediate Credit banks
Banks for Cooperatives
Production Credit Corporations
1,637,000
Production Credit Associations
Joint Stock Land banks
1,638,000
24,955,000
1,100,000
48,020,000
4,437,000
9,325,000
....
Federal Home Loan banks
Home Owners' Loan Corporation.
Reconstruction Finance Corporation
Inland Waterways Corporation x
Panama Railroad Company x
10,000,000
29,096,000
11,3251666
13,863,000
25,973.000
11,095,000
75,227,000
7,351,000
242.000
12,508,000
1,741.000
125,000
U. S. Spruce Production Corporation
$274,089,000
Totals
Consist
$83,918,000 $879,053,000
principally
Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the
of Federal Farm Loan bonds and
x Latest figures available.
conditions of their
June
15
Federal Intermediate
Financing—Offering
of
20-*25
Bonds and Five-Year 13^% Notes in
Exchange for $618,056,800 of 2]/8% Notes Maturing
June 15, or $596,416,100 of 2^% Notes Maturing
Sept. 15—Closing of Books
In accordance with his announcement of June 2, Secretary
2%%
Henry Morgenthau Jr. announced on June 6
quarterly financing of the Treasury
—a combined offering of 20-25-year 2%% Treasury bonds of
1958-63 and of* five-year 1 y$% Treasury notes of series
A-1943, both in exchange for $618,056,800 of 2%% Treasury
notes, series B-1938, maturing June 15,1938, or $596,416,100
2]/2% Treasury notes of series D-1938, maturing Sept. 15,
1938.
A reference to the refunding plans appeared in our
June 4 issue, page 3595.
Exchanges will be made par for
par, and the offering of the new bonds and of the new notes
will be limited to the amount of maturing notes of either
series tendered and accepted in exchange therefor.
Cash
subscriptions will not be received.
•
Secretary of the Treasury Morgenthau announced June 6
that the subscription books for the 2%% Treasury bonds
and the ll/s% Treasury notes would close at the close of
business Wednesday, June 8.
Mr. Morgenthau's announce¬
of the Treasury
the details of the June 15
ment added:
This offering is open
Series
of Series D-1938,
only to the holders of Treasury Notes of
B-1938, maturing June 15, 1938, and of Treasury Notes
maturing Sept. 15, 1938.
Bank or
mall beforeJl2
midnight, Wednesday, June 8, will be considered as having been
Subscriptions for either Issue addressed to a Federal Reserve
branch, or to the Treasury Department, and placed in the
o'clock
possessions.
Treasury Department
Zone
...
Retirement
offering
10% of the face amount of Treasury bills applied for, unless the tenders are
to the closing hour
Canal
Year
$500,000,
Tenders will be accepted without cash deposit
up
Old-Age Reserve Account
*
The price offered must be expressed
Tenders from others must be
740,665,000
70,000,000
646,900,000
....
Railroad Retirement Account
Credit Bank debentures,
Fractions must not be used.
ment securities.
10.000
Unemployment Trust Fund
Treasury's
the basis of 100, with not more than three decim&i
and trust
2901666
securities, and certain funds may
a In Federal Farm Loan bonds; b No limitations.
(maturity value).
tender must be in multiples of $1,000.
2,161,000
slooo
government and government-guaranteed
also be Invested in additional securities as indicated:
They (the bills) will be issued in bearer form only, and in amounts or
-
42.067,000
95,000
"
Vote—All trust funds may be invested in
1938, due June 16, 1938.
1938, due June 16, 1938.
1938, due June 17, 1938.
1938 due June 17, 1938.
1938, due June 18, 1938.
of bills, Secretary Morgenthau
101,967", 000
$20,000
1,107,000,000
Foreign Service
ability Fund
The five issues of bills
721666
19,786,000
8,715.000
Mortgage Insurance Fund and
Housing Insurance Fund.
Retirement Fund
1938
Announcement of
Securities *
Mutual
Pershing Hall Memorial Fund
National Park Trust Fund b
Thereabouts, of
Dated June 15,
or
Other
Securities
As of April 27, 1938:
Postal Savings System.
Federal Deposit Iasurance Corporation.
Individual Indian Trust funds
General Hospital
of
Guaranteed
Securities
Ainsworth
Offering
IN
Comptroller of the Currency Employees
(83% of the amount bid for at the low price was accepted)
New
AND
Government-
Tenders of
$354,671,000 Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated June 8—
$100,189,000 Accepted at Average Rate of 0.040%
FUNDS
CORPORATIONS
INDICATED
entered before the close of the subscription books.
Announcement of the amount of subscriptions and
their division among
the several Federal Reserve districts will be made later.
issue.
♦
Treasury Department Statement Showing Amount of
Government
Securities
Held
as
Investment in
Trust Funds
Figures showing the amount of government securities held
in governmental trust accounts and by governmental agencies
and corporations as of April 27, 1938, were made available
on
May 31 by Secretary of the Treasury Morgenthau.
This is the third of a new series of monthly reports issued
by the Treasury Department. The previous statement was
given in our issue of May 21, page 3271. The latest statement
—as of April 27—shows a total of $4,330,497,000 of securities
Secretary Morgenthau announced on June 9 that more than
97% of the outstanding notes maturing on June 15 and
Sept. 15 had been exchanged for the new bonds and notes
offered on June 6 and that all offers for exchange had not
been received.
He described the refunding as "most
satisfactory."
Of the subscriptions received, Secretary
Morgenthau said, $912,000,000 of the maturing notes had
been exchanged for the new 2%%lbonds and $263,000,000
for the 13^% notes.
'
The 2%% Treasury bonds of 1958-63 will be dated and
bear interest from June 15, 1938, and will become due June
15, 1963.
They will however, be redeemable at the option
yet
Financial
3740
the United States at
of
and accrued interest
par
and
on
after June 15,1958.
The new 1 % % Treasury notes of series
A-1943 are also dated and will bear interest from June 15;
they will mature June 15, 1943, and will not be subject to
for redemption prior to maturity.
Interest on both
issues is payable semi-annually June 15 and Dec. 15 and
call
both types of
from taxation
securities
accorded the
are
exemptions
same
as are accorded other issues of Treasury bonds
respectively, now outstanding.
The Treasury
Department in making known the new offering stated that
"special Treasury bills aggregating $250,306,000, which
mature immediately after June 15, and about $190,000,000
interest on the public debt, which becomes due on June 15,
will be paid from the Treasury's cash balance."
Secretary Morgenthau, in making public on June 6 the
Treasury's June 15 financing program, had the following
and
notes,
to say:
Chronicle
tions.
June
interest
The
on
by the Second
authorized
of bonds
amount
an
1938
11
Liberty Bond Act, approved Sept. 24, 1917, as amended, the principal of
which does not exceed in the aggregate $5,000,
owned by any Indivudual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (6) above.
3. The bonds will be acceptable to secure deposits of public moneys, but
will not bear the circulation
privilege and will not be entitled to any privilege
of conversion.
Bearer bonds with interest coupons attached, and bonds registered as
4.
principal and interest, will be issued in denominations of $50, $100,
to
Provision will be made for
$500, $1,000, $5,000, $10,000 and $100,000.
the
interchange of bonds of different denominations
and of coupon and
registered bonds, and for the transfer of registered bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
The bonds will be subject to the general regulations of the Treasury
5.
Department, now or hereafter prescribed, governing United States bonds.
III.
1.
Subscriptions
the
Subscription and Allotment
be received at
will
Federal
the
Department,
Reserve
Washington.
banks
and
Banking in¬
branches
Secretary of the Treasury Morgenthau announced today the offering,
through the Federal Reserve banks, of 20-25-year 2H % Treasury bonds of
and
stitutions
generally may submit subscriptions for account of customers, but
at
Treasury
only the Federal Reserve banks and the Treasury Department are authorized
1958-63, and of five-year l%% Treasury notes of series A-1943, both in
to
exchange for 2%% Treasury notes of series B-1938, maturing June 15,
1938, or 2Vi% Treasury notes of series D-1938, maturing Sept. 15, 1938.
right to close the books as to any or all subscriptions or classes of sub¬
Exchanges will be made par for par, and the offering of the new bonds and
They whl mature June 15,
at the
registered
as
be redeemed
may
The bonds
June
15,
15 and Sept.
1938, will be dated
1938, and will bear interest from that date at the rate of l%%
will not be
upon,
reject/applications for larger
to
or
as
shall be deemed by him to be
public interest; and his action in any or all of these respects shall be
Subject to these reservations, all subscriptions will be allotted in
Allotment notices will be sent out
full.
IV.
$1,000, $5,000, $10,000
$100, $500,
Treasury notes of series A-1943, also now offered only in exchange
They will mature June 15, 1943, and
payable semi-annually.
per annum
allotments
reduced
allotment and classification of allotments
in the
final.
1.
promptly upon allotment.
subject to call for redemption beforfe that date.
The notes will
Payment
Payment at par for bonds allotted hereunder must be made or com¬
pleted
for Treasury notes maturing
June 15,
to reject any sub¬
amounts, or to adopt any or all of said methods or such other methods of
to both principal and interest; both forms wid be
$100,000.
The
th'e right
reserves
bearer bonds with interest coupons attached,
issued in the denominations of $50,
and
1963, but
option of the United States on and after June 15, 1958.
will be issued in two forms:
Treasury
The Secretary of the
make
to
and will bear interest from that date at the rate of 2% % per annum payable
and bonds
2.
for, to make allotments in full upon applications for smaller amounts and
bonds of 1958-63 now offered only in exchange for Treasury
semi-annually.
Secretary of the Treasury reserves the
scription, in whole or in part, to allot less than the amount of bonds applied
maturing June 15 and Sept. 15, 1938, will be dated June 15, 1938,
notes
The
Cash subscriptions will
accepted in exchange therefor.
not be received.
The Treasury
official agencies.
as
of maturing notes of either
of the new notes will be limited to the amount
series tendered and
act
scriptions at any time without notice.
on or
before June 15, 1938,
later allotment, and may be made
or on
only in Treasury notes of series B-1938,
maturing June 15,
Treasury notes of series D-1938, maturing Sept.
15,
In the
accepted at par, and should accompany the subscription.
Treasury
D-1938
of series
notes
tendered
in
1938, or in
1938, which will be
payment,
coupons
case
of
dated
Sept. 15,1938, must be attached to the notes when surrendered, and accrued
be issued only in bearer form with coupons attached, in the denominations
interest from March 15, 1938, to June 15, 1938 ($6.25 per $1,000), will
of
paid following acceptance of the notes.
$100, $500, $1,000, $5,000, $10,000 and $100,000.
The
Treasury bonds and the Treasury notes will be accorded the same
exemptions from taxation
and
now
Treasury Department, Washington, and should be accompanied
like face amount of either 2%%
Treasury notes of series B-1938,
maturing June 15, 1938, with final coupon due
June 15 detached, or
on
2M% Treasury notes of series D-1938, maturing Sept. 15, 1938, with final
coupon due
at par.
interest
on
are
of the
agents
United
the basis and up to the amounts
Federal
States,
banks are
Reserve
tendered for Treasury bonds, accrued
such notes from March 15 to June 15,1938, will be paid following
their acceptance; if such notes are tendered for Treasury notes interest on
the surrendered notes will be credited from March 15 to Sept. 15,1938,
indicated by the Secretary of the Treasury
to the Federal Reserve banks of the
respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds
on
full-paid subscriptions allotted, and they
issue interim receipts
may
pending delivery of the definitive bonds.
2.
The notes of both series will be accepted
Sept. 15 attached.
If notes of series D-1938
As fiscal
authorized and requested to receive subscriptions, to make allotments on
Subscriptions will be received at the Federal Reserve banks and branches,
a
1.
These provisions are
outstanding.
specifically set forth in the official circulars issued today.
by
General Provisions
accorded other issues of Treasury bonds
as are
Treasury notes, respectively,
and at the
V.
be
The Secretary of the Treasury may at any time, or
from time to time,
prescribe supplemental or amendatory rules and regulations
governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
;'
;
"•
'
■
■
'
HENRY MORGENTHAU, Jr., Secretary of
and
the Treasury.
interest will be charged on the new notes from June 15, to Sept. 15, 1938,
UNITED
and the difference, about $9.67 per $1,000 will be paid following acceptance
of the notes.
The
any
right is reserved to close the books
as
OF AMERICA
STATES
1%% Treasury Notes of Series A-1943
„
to any or all subscriptions at
Dated and bearing interest from June 15,1938
time without notice, and, subject to the reservations set forth in the
Due June 15,1943
Interest payable June 15 and Dec. 15
official circulars, all subscriptions will be allotted in full.
J.
Offering of Notes
The amount of Treasury notes of series B-1938 maturing on June 15,
1938, is $618,056,800, and of series D-1938 maturing on Sept. 15, 1938, is
$596,416,100.
Any of these notes may be exchanged for the Treasury
Second Liberty Bond
bonds
subscriptions, at par, from the people of the United States for 1
the
or
Treasury notes, and
any
this time will be paid in cash when
Special
Treasury
bills
maturing notes not so exchanged at
The
Secretary
of the
Treasury,
pursuant
the authority
to
Act,, approved Sept. 24, 1917,
as
of the United States, designated Treasury notesof series
they mature.
aggregating
1.
$250,306,000,
which
mature
im¬
of which only
of the
amended, invites
notes
A-1943, in payment
Treasury notes of sreies B-1938, maturing June 15, 1938, or
mediately after June 15, and about $190,000,000 interest on the public
debt, which becomes due on June 15, will be paid from the Treasury's
Treasury notes of series D-1938, maturing Sept. 15, 1938, may be tendered.
cash
of
balance.
The
following
new
bonds and notes:
the official Treasury Department cir¬
culars dated June 6, 1938, bearing on the exchange offering
of
The amount of the
offering under this circular will be limited to the amount
Treasury notes
of series
are
II.
1.
date at the rate of
STATES OF
AMERICA
amount
be
2^ % Treasury Bonds of 1958-63
Dated and
bearing interest from June 15,1938
on
and after June
D-1938
series
tendered
and
Description of Notes
W%%
on
from that
payable semi-annually on Dec. 15,
per annum,
June 15 and Dec. 15 in each year until the
becomes payable.
principal
They will mature June 15, 1943, and will not
The notes shall be exempt, both as to principal
and interest, from all
taxation (except estate or inheritance taxes, or gift taxes) now or
hereafter
imposed by the United States, any State, or any of the possessions of the
15, 1958
United States, or by any local taxing authority.
Interest payable June 15 and Dec. 15
I.
of
subject to call for redemption prior to maturity.
2.
Due June 15, 1963
Redeemable at the option of the United States at par and accrued interest
and
The notes will be dated June 15,1938, and will bear interest
1938, and thereafter
UNITED
B-1938
accepted,
3.
The notes will be accepted at par during such time
rules and
Offering of Bonds
regulations
as
and under such
shall be prescribed or approved by the Secretary
1. The Secretary of the Treasury,
pursuant to the authority of the
Second Liberty Bond Act,
approved Sept. 24, 1917, as amended, invites
subscriptions, at par, from the people of the United States for 2% % bonds
of the
of the United States,
designated Treasury bonds of 1958-63, in payment
which only Treasury notes of series
will not bear the circulation privilege.
of
4.
5.
B-1938, maturing June 15, 1938, or
Treasury notes of series D-1938, maturing Sept. 15, 1938, may be tendered.
The amount of the
offering under this circular will be limited to the amount
of Treasury notes of series B-1938 and of series
D-1938 tendered and
Treasury in payment of income and profits taxes payable at the
maturity of the notes.
The notes will be acceptable to secure deposits of public moneys,
Bearer notes with interest coupons attached will
tions of $100, $500, $1,000, $5,000, $10,000 and
not be issued in
III.
1.
Description of Bonds
1. The bonds will be dated June
15,1938, and will bear interest from that
date at the rate of 2 % % per
annum, payable semi-annually on
1938, and thereafter
amount becomes
on
June 15 and Dec. 15 in each year until the
payable.
on
of the Treasury shall prescribe.
only the Federal
thorized to act
and after June 15, 1958, in
to be redeemed will be
determined by such method
by the Secretary of the Treasury.
in any such notice, interest
on
as may
the bonds
be prescribed
From the date of redemption designated
the bonds called for redemption
2, The bonds shall be exempt, both
as to
shall cease.
principal and interest, from all
taxation now or hereafter imposed
by the United States, any State, or any
of the Possessions of the United
States, or by any local taxing authority,
except (a) estate or inheritance taxes, or gift taxes, and (b) graduated
additional income taxes, commonly known as
surtaxes, and excess-profits
and war-profits taxes, now or hereafter
imposed by the United States, upon
tne Income or
profits of individuals, partnerships, associations, of corpora¬
be
2.
at
the
Federal
Department,
Reserve banks
and
official agencies.
as
any
received
Reserve
banks
and
Banking in¬
submit subscriptions for account of customers, but
the right to close the books
scriptions at
The notes will
Subscription and Allotment
Treasury
stitutions generally may
on any
In case of partial redemption
the
at
Dec. 15,
interest day or days,
notice of redemption given in such manner as the Secretary
interest,
on four months'
and
principal
They will mature June 15, 1963, but may be
redeemed at the option of the United States
whole or in part, at par and accrued
Subscriptions will
branches
$100,000.
registered form,
accepted.
II.
but
be Issued in denomina¬
as
the
Washington.
Treasury Department are au¬
The Secretary of the Treasury reserve®
to any or
all subscriptions or classes of sub¬
time without notice.
The Secretary of the Treasury reserves the
right to reject any sub¬
scription, in whole
or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and
to
make reduced
allotments
upon,
or
to reject,
amounts, or to adopt any or all of said methods or
allotment and classification of allotments
as
be final.
all of these respects shall
Subject to these reservations, all subscriptions will be allotted
Allotment notices will be sent out promptly upon allotment.
IV.
1.
such other methods of
shall be deemed by him to
be in the public interest; and his action in any or
in full.
applications for larger
Payment
Payment at par for notes allotted hereunder must be made or com¬
pleted
on or before June
15, 1938, or on later allotment,
and may be made
Volume
Financial
146
3741
Chronicle
accounts from Washington he said that the investiga¬
no relation to the National Labor Relations
only in Treasury notes of series B-1938,
press
Treasury notes of series D-1938, maturing Sept.
tion would have
maturing June 15, 1938, or in
15, 1938, which will be
accepted at par, and should accompany the subscription.
In the case of
Treasury notes of series D-1938 tendered in payment, coupons dated Sept.
15, 1938, must be attached to the notes when surrendered.
Interest from
March 15, 1938, to Sept. 15, 1938, on the maturing notes will be credited
to subscribers, and interest from June 15, 1938, to Sept. 15. 1938, on the
new notes will be charged to subscribers. >The difference
($9.672131 per
$1,000) will be paid following acceptance of the notes.
V.
Act, and his is said to have added that he was having it made
for "the benefit of the misinformed American press."
He
said that there had been much misinformation about the
British law and how it operates.
comments, a Washington dispatch
New York "Herald Tribune" said in part:
related to
fiscal
As
agents
United States,
of the
notices, to receive payment for notes allotted, to
make delivery of notes on
interim receipts pending
full-paid subscriptions allotted, and they may issue
delivery of the definitive notes.
time, or from time to
time,
rules and regulations governing the
offering, which will be communicated promptly to the Federal Reserve
prescribe supplemental or amendatory
banks.
HENRY MORGENTHAU, Jr., Secretary
contemplated rewriting of the much-criticized
a
act prompted
zation, to
to serve on
the commission.
by
no
means
enamored of the Wagner Act as Mr.
as
of Labor, who is
that Jie had assented to
Lewis, declined to
It was reported, how¬
Roosevelt's proposal for a study.
comment on Mr.
the appointment of Richard Watt, American
representative in the international labor office at Geneva, to serve on
the
Roosevelt commission.
The British law deals vigorously
with illegal strikes or strikes designed
and imposes
committees and
In addition, it outlaws lockouts
to coerce the government.
of the Treasury.
.
...
William Green, President of the American Federation
ever
The Secretary of the Treasury may at any
2.
might be
labor relations
John L. Lewis, head of the Committee for Industrial Organi¬
withdraw from a tentative agreement to permit a representative
Nevertheless, the suggestion around the capital that the study
General Provisions
Federal Reserve banks are
authorized and requested to receive subscriptions, to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the*respective districts, to issue allotment
1.
In reporting Mr. Roose¬
of June 3 to the
velt's
heavy criminal liability on all union officials and strike
pickets who take part in an illegal walkout.
President Roosevelt Plans to
Country—To Make Only
Across
Trip
on
Address
Ohio
Marietta,
at
Formal
trip
across
yesterday (June 10) he stated that the only formal
conference
Marietta, Ohio, on
address he intends to make will be at
July 8 in celebration of the founding of the Northwest Terri¬
He indicated, however, that he will probably make
several informal talks.
United Press advices from Wash¬
tory.
ington, June 10, reported the President's
8 he will proceed to Covington, Ky.
From Kentucky he will
Tennessee, and move west either by way of St. Louis or Memphis
into
From Oklahoma he will go to
arriving there July 10.
to Oklahoma,
Fort
Elliott. After a short visit there the
special will head for Wichita Falls and Amarillo, Tex.
He then
Pueblo, Col., arranging his itinerary In order to see the Royal
Worth, Tex., the home of his son
Roosevelt
will visit
From Colorado he will travel
Gorge.
Before boarding a navy
cruiser for his ocean voyage,
the Yosemite National
our
Mr. Roosevelt will
Park, which he has never seen.
kouth American countries. He
of the Panama Canal, and
coast.
He will return home by
The President does not plan to visit any
will stop at
the
Cocos Island, 500 miles southwest
Islands, off the Ecuador
Gallapagos
way
of the Panama Canal to an
American
June 7 threatened to withdraw
licenses or
commissions
of American airplane pilots or
mechanics who enlist in revolts against established foreign
Roosevelt
President
on
Tinted States
fovernments. could do to prevent the practice from becoming
The President said this action is about all the
general, and he added that it would be resorted to
in the past.
more
if
enlistments became more active than
commenting on the President's statement, a Washing¬
dispatch of June 7 to the New York "Times" said:
In
ton
The President's warning at
his regular press conference is
understood to
departments
precipitated by apprehension in several Government
have been
contemplated enlistments of Americans in the dissident
Although the expected enlistments failed to materialize,
concerning reports of
forces in Mexico.
President Roosevelt apparently thought
it a good idea to warn against the
practice.
to
answer
questions the President made it
revocation of licenses did not
of
a war
President
war
include
The aim was not to compare the
explain it in two words.
the American
labor acts but solely to enable the
to make its own comparisons on the
press
Mr. Roosevelt was asked if he thought
American
basis of accurate information.
the study was his own idea.
Mr. Roosevelt emphasized that
.
.
.
the Wagner Act needed revision.
replied that all labor legislation was evolutionary and that the
was far behind Great Britain.
He thought much could be
States
from
a
commission is to
The
Associated
In
it
members.
advices
Press
from Washington,
June 3»
stated:
was
The British act was written in 1927, after
1926
United
learned
field of labor legislation.
represent labor, employers and the government
study of British experience in the
and it to have eight
England's labor upheavals
great general strike.
had resulted in a
o'
Labor Department experts
"sympathetic" strikes
and lockouts illegal, although it legalizes other strikes and lockouts; (2) to
restrict mass picketing; (3) to restrict the use of trade union treasuries for
political purposes and (4) to limit strictly the affiliation of civil servants
said that the law had four
with trade union
purposes:
(1) To make
organizations.
Railroad-Aid Legislation Before
Adjourns—Rail Labor Leaders to Ask
Administration Seeks
Congress
^
**
-
Let
Congress to
President Run Carriers if Pay
f Crisis Arises
President Roosevelt late this week was
from Washington to
reported in advices
be exerting last-minute pressure for pas¬
sage
of two railroad-aid bills before Congress adjourns.
Meanwhile, on June 7, the Railway Labor Executives As¬
sociation authorized the introduction of a joint resolution in
President to take over and operate
the railroads demand for a
15% wage reduction should cause a national emergency.
Describing plans for railroad legislation at this session,
United Press Washington advices of June 8 said:
Congress empowering the
the railroads if the dispute over
*
The White House program, it was
learned, calls for enactment
two railroad measures:
1.
,
A bill to permit the
to railroads without
of these
.
make loans
Commission certification that the
Reconstruction Finance Corporation to
Interstate Commerce
clear that the threatened
said
either side
It did apply, however, and
pilots and mechanics enlisting in the
RooseveL
was
Spanish Rebel forces.
could be no question that the Spanish
there
in fact a revolution.
bill permitting railroads to carry
directly to the Circuit Courts of Appeal.
2.
apply to American volunteers on
between two recognized governments.
with full force to
civil
British with
that
England to draft a report on the
roads are solvent.
Applies in Case of Spain
In
act that would
ES
Forces
tionary
the education
editorial writers.
misleading articles
about the British labor acts, he added,
he had decided to send the commission to
Atlantic seaport.
Revoke Licenses of
Aviators Who Enlist in Foreign Revolu¬
particularly of columnists and
press,
and editorials had been printed
Roosevelt Threatens to
President
essentially cockeyed.
So much information was floating about and so many
through Utah and Nevada to San
Francisco.
American
of the
He
On July
cross
Wagner Act.
relating the proposed study to revision of the
The story, as written, he said, was
plans for the trip
follows:
as
newspaper story
Primarily, he explained, the study was to be a venture In
plans to leave Washington on July 7
the country to San Francisco. At his press
President Roosevelt
on a
greatly perturbed by what he termed a premature
Mr. Roosevelt seemed
Leave Washington July 7
He said, his warning was intended to
participation in revolutionary forces whether of an active or passive
I„ was directed primarily at pilots, but included mechanics as
A bankruptcy
The program
is backed, according to reports
Jones, RFC Chairman
reorganization plans
in Congress, by Jesse
H.
and railroad management.
expressed by Chairman Jones on June 9 of the
of railroad legislation at this
in view of the approaching adjournment of Congress.
Doubt
was
likelihood of the enactment
session
character.
As for American
of an international war the
from that
While his warning did not apply to such Cases, he said,
pilots fighting on either side
President said that situation came
under discussion.
the operation
bearing on such instances.
Shipment to General Cedillo
Noted
concerned over
Cedillo, insurgent Mexican
been delivered by a well-known
American pilot.
No export licenses were obtained for the shipment of the
planes and the subject was recently discussed at the White House by the
It is well known that this
the shipment
Government has recently been
of several planes to Saturnino
general, one of which was said to have
President with an
interdepartmental committee of experts.
of American enlistments in foreign
indicated that no punitive action would
be taken by this Government against licensed pilots unless the practice
became more active than it had in the past.
Meanwhile, he asked the press
to cooperate with the Government and see to it that the warning received
Although frowning on the practice
revolutionary forces, the President
notice.
^
to Send
Commission to
Study British Labor Law—Denies
Inquiry Is Preliminary to Amendment of NLRA
President Roosevelt revealed at his press conference on
June 3 that he'plans to send a commission to Great Britain
to study the operation of the British Trade Disputes and
Trades Unions Act of 1937, but is reported as denying that
the expedition was in connection with plans to seek a re¬
vision of the National Labor Relations Act.
According to
President
Roosevelt
England
to
Into
in an entirely different category
of the Neutrality Act might have a
.
public
O'Mahoney Resolution for Investigation
Monopolies—Confers
on
President Wide
Powers which Senate Committee had Limited
Senate Passes
well, ne said.
Plans
The
Senate
on
June 9 passed the
resolution of Senator
calling for an inquiry into Monopolies,—the
investigation proposing to inquire into "the concentration of
economic power in and financial control over American in¬
dustry."
It was noted in advices June 9 from Washington to the
New York "Times" that as passed by the Senate, the reso¬
lution gives to the President virtually complete powers over
O'Mahoney
projected investigation, since by disposition of funds he
direct the study in any channel he sees fit, and in effect
select New Deal agencies to make any study.
As approved
on June 6 by the Senate Judiciary Committee it wTas proposed
that the inquiry be made by a committee composed of six
members of Congress and five representatives of Federal
agencies.
A fund of $500,000 would be authorized for costs.
As to the committee proposal, Associated Press accounts
from Washington on June 6 stated:
Senator Burke, Democrat, of Nebraska, a member of the Judiciary
Committee, said three members of both the House and Senate would serve
along with representatives of the Treasury, Commerce and Justice Depart¬
ments and the Federal Trade and Securities Commissions in making the
the
can
study.
Mr.
Burke
ground for
said the
intended to furnish a back¬
anti-trust laws, probably would
board investigation,
possible revision of present
3742
Financial
get under way shortly after Congress adjourns.
A report would
Chronicle
Mr.
bejmade
at the next session.
Pepper said that the Southerners agreed unanimously that fixing
minimum wage above 25 cents
any
The Nebraska Senator said $100,000 of the funds would be made available
June 11, 1938
would be unconstitutional.
hour, without providing exceptions,
an
He said that the Southerners would make this
to the joint committee with the remaining $400,000 to be allocated among
assertion in fighting the legislation if it is reported out to the Senate without
Federal agencies by the President "on recommendation of the committee."
some
Senator Burke said, would retain control of the committee
Congress,
(Government
by having six members to five from
The Senate on June 9 approved the resolution, after giving
$400,000 of the half million to the President to allocate at
his own discretion among government departments aiding in
the investigation.
It also raised to 12 the total membership
of a proposed joint investigating committee, giving to Ad¬
ministration members equal representation with Congressional
In reporting this from Washington June*9 the
appointees.
"Times" continued in part:
sort of differentials.
Senate and House conferees approached agreement on the
agencies.
wage-hour bill on June 7 when Senate conferees adopted
.
Representative Norton, Chairman of the House Labor Com¬
mittee, indicated that House conferees would agree to this
she
although
proposal,
said
that
she
personally
writing into the bill a time limit within which
On the only roll-call vote the Senate rejected, 40 to 28, a
Judiciary Com¬
mittee amendment which would have made Presidential allotments from the
$400,000 fund subject to approval by the committee.
would be
mum
cede
favored
40c. mini¬
a
effective, but she added that "we must
con¬
something somewhere."
by Senators
Action of the conferees was reported as follows in
Washington dispatch of June 7 to the Associated Press :
for the committee amendments.
Senator
The
fight
for maintenance of Presidential authority was led jointly
Barkley and Norris, against Senator O'Mahoney, who wrote
the resolution authorizing the investigation and who today stood
sponsor
The resolution
sent to the House, where quick passage in the form
was
The Senate group,
versal
wage
25c.
of
will consist of three Senators,
mum
advancing
wage,
within
feasible"
Senators
that
it
and La Follette,
voted
against
long debate during which
Commission.
Labor
and
included
were
only
after
a
advanced by Senators Barkley and Norris.
named
Departments of Justice, Treasury and Labor, but the committee had
A
finally
was
reached
The
sup¬
by
including
both,
after
Senator
Norris and others had argued that there was "practically no
danger of a
tie between the Departments and Congress."
TEe resolution
was introducecTin the Senate on
May 5 by
O'Mahoney in response to President Roosevelt's
message to Congress on April 29 (given in our issue of May 7,
page 2940) calling for a study of and report on business
monopoly.
Reference to the resolution appeared on page
2943 of May 7 issue.
•
Pay Differentials by Southern Senators
Compromise Agreement on Wage-Hour
on
Threatens
Bill—Southern
Opposed
Bloc
Intimates
Measure
Will
Be
Senate
refusal of a previously agreed-upon
compromise
Administration's wage-hour bill was threatened on
9, when Southern Senators said that they would
the
on
June
decline to accept the measure without the inclusion of
wage
differentials. Eighteen Southern Senators told the conferees
that
unless such differentials were
make
adopted,
the legislation.
active floor fight on
an
they
would
Propopsals of the Southern bloc, together with provisions
previously accepted by the conferees, were described in the
following Associated Press Washington advices of June 9 :
The Southerners
proposed
of 40 cents
end
on
of
seven
The
those
that
costs
and
South,
Mr.
Ellender
of
the
to
draft
Senate
said
declared
that
declined
further
mented
the
that
conference
language
"We're
which
to
twelve
would
the
of
excuse
the
only
period
seven-year
right
back
lower
living
Democrat,
engaged,
in
of
Utah,
with others,
would
this
in
Mr.
agree.
morning's
chairman
an
attempt
Thomas
but
conference,
started
we
Randolph,
when
Democrat,
the
of
conference
West
began,"
Virginia,
la¬
left
he
as
room.
Senator
"If
lot of
minimum
state
as
proposal
minimum
charged
said
with
25
soon
also
wage
as
he
would
there
iB
becomes
establish
paid
in
be
made
Southern
going to be
minimum
make
a
that
effective for all
boards
industry.
to
conferees
40
empowered
These
cents
an
boards
hour
be
no
Pepper
requirement,
same
hours
as
that
want
because
at
Borah
and
to have
Mr.
filibuster—delaying
a
Walsh*
adjournment
differentials.
pay
tomorrow
morning without formal
Senate compromise proposal.
the
it
would
for
in
be
Mr.
"see
not
impossible
Ramspeck's
chance
any
exemptions
they
rates
dis¬
for
the
com¬
conferees
opinion,
all"
at
telling
that
his
Congress
from
contend
the
living
40c.
granted
wage
conditions
in
their
to
region
discriminatory.
are
these exemptions were voiced yesterday at a caucus of
Senators, who approved the position taken by two of their
Reference to the
measure
appeared in our issue of a week
Tbe status of the bill early this week
the following
Washington dispatch of
3599-3600.
discussed
was
in
Once the committeemen,
hour
to be
hour
years
starter,
a
as
appears
an
is
one
be
to
can
flat minimum wage of 25c. an
a
on
one
major
over
period
a
point,
the
varying
end is to be left
upper
out
on
the
of
rest
job
It is whether the goal of a minimum of 40c.
approached
worked
agreed
now
decide
of detail.
whether the
or
differentials
by
three to
eight
for adjustment through
open
labor standards
a
from
board,
administrator,
an
or
industrial boards of the National
surmount
Recovery Administration type.
any one or more of the new proposals, all designed to
this difficulty, are scheduled for tomorrow.
The result also is
likely to
determine whether
Votes
all
on
or
Congress
take
can
the
sine
die adjournment
by June 11, at which the leadership is desperately driving.
Unless
compromise
a
is
reached
which
embodies
the
differentials
de¬
manded by a bloc of Southern Senators, a filibuster was
today by
the
Senator Allen J.
Senate
Senator
Claude
don't
like
and
the word
and full discussion
Thomas,
Democrat
will be had
of
a
similar
industrial
boards
third
to
appoint
industries
minimum
the
27%c.
plan which,
the
to
of
30c.
an
the goal
as
minimum
boards
with
was
representing
the
and
40c.
of the legislation.
Secretary of Labor
or
which,
Senator
industrial
boards
Senate
.
.
.
Conference
in the end, might amount to
code
authorities
25c.
an
reached
a
His
hour the first year,
an
hour the
the President would be
different
the
NRA.
of
and to 30c.
year
an
should
said
be
"I
classifications
adjustments
hour
which
between
Senator
of
the
Thomas
go
administrator created under the Act, who
an
Thomas
would
said:
Board recommendations would
would have final say as to the adjustments.
40c.,
the
of
recommend
to
power
hour
Committee,
the wage-hour bill, Senator
on
hour the second
an
When the 30c.
year.
authorized
regarded
to
Louieianian
Chairman
suggestion would provide a minimum wage of
to be increased
the
if the differentials are not included."
Utah,
Committee, suggested today
of
called by
group
Conference
think you had be6t say a protracted
breaking the deadlock
Democrat
the
the
on
Florida,
of
of
caucus
a
associate
filibuster, and I
method of
one
Elbert
After
his Southern
Pepper,
virtually threatened
Democrat of Louisiana, a member of
Ellender,
Conference Committee.
Ellender
When minimum
be
arrived
at
wages
in
seven
reached
years,
dissolved.
however,
as
to
to
when
the
pay a higher minimum
forty-cent
than
the
a
geographical wage differential, if the
same
manner,
Senator
general maximum, but at
giving industry boards power to increase this to 48 hours if
The boards would be directed to reduce the
maximum to 40
as
possible.
House
and
Senate
conferees this week
on
sought to find
the Administration's
spending-relief bill, which
was
adopted
new
a
lending-
by the Senate
on
June 3 by a vote of 60 to 10, with provisions for expenditure
of $3,723,000,000 as compared with $3,054,425,000 provided
in
a
similar
version
question would be approached in the
He suggested fixing 44 hours as a
time
Working Out Compromise on SpendingLending Recovery Bill Following Its Adoption by
a Week Ago—Measure Proposes
$212,000,000
for
Farm Parity
Payments—President Roosevelt
Approves Additional $175,000,000 for WPA
Senate
as
Mr. Pepper said.
quickly
Massachu¬
adjourn by Saturday night.
freight
Southern
ago, pages
be
60on
s
This, in effect, would provide for
the
Mr.
of
understood
were
number—Ellender and Pepper,'Democrats—in the conference committee.
fix
to
board found that living costs and other factors
made it impossible for one
an industry to attain the
same level of minimum
wages as another
portion of that industry.
necessary.
Demands
seven
a
section of
The hour
Wisconsin,
minority report.
until
compromise agreement
industry probably would be ordered
Pepper said.
"economically
as
Democrat
a
proposal, the industry boards would have
power to
differential in wages within an
industry. Larger units within the
smaller ones,
and
lower
are
inter¬
would
as
scale must be reached.
Under Mr.
Walsh,
compromise.
a
concurred
members
industries,
operative.
industry
each
the
feasible."
There would
the
Conferees
to
propose
hour
an
bill
the
this
plan,
our
guarantee that."
cents
would
to be
increasing
"economically
don't accept
I
that
scale of
wage
industry
His
the
Pepper
uni¬
a
to'30c.
said:
they (the conferees)
talking on the bill.
Senator
rapidly
as
wage-hour bill which omits
any
that he did
be able to
some
the
Ellender
of
hinted
believed
conference
would
to
legislation.
pay
Idaho;
revival
discriminatory against the
exemptions.
Southerners
made
as
The decision of the Southerners
carried a broad hint of a Senate filibuster
if the conferees declined to
revoke their action and lift the time limit from
the
effect
advancing
year,
hour
an
of
the
adjourned
Bankhead
Speaker
press
interstate
where
first
complete their work in time for Congress to adjourn this week.
As
factors
comment.
Representative
conference
been
of
such
Thomas,
was
the
with
which
end
were
granting
Senator
had
into
put
Representative Ramspeck, Democrat of Georgia, who supported the
unemployment.
that
they said
group,
which
progress
cause
in
agreed,
the
at
prove
however,
considered
had
compromise
a
would
insisted,
freight rates,
be
to
could
minimum
should
previously
concurring,
Southerners
40c.
by the House conferees of
Senator
which
40-cent
a
industry at the
which would permit differentials
exceptions
committee
conferees
industries
The
minimum wage
a
basis.
conference
fourteen
compromise, by which
new
but with
years,
sectional
a
a
hour would become effective for all interstate
an
modified proposal by
a
would
June 6 to the New York "Herald Tribune":
Floor
on
of
had
Senators
promise, said he
to
Senator
Insistence
the
Progressive
adoption
conferees
cussion
Senator O'Mahoney explained,
as
appropriate, and thus the membership could be held to 11.
more
compromise
Southern,
the
to
expected, would present
was
indefinitely—against
Senator O'Mahoney had
planted Labor with Commerce because,
it seemed
it
Senator LaFollette added arguments to those
In framing the original resolution
for
Republican
Borah,
setts,
Exchange
Trade
which
industry.
Commission and the Federal
Commerce
hour
an
three Representatives and one person each representing the Departments
of Justice, Treasury, Commerce and Labor, the Securities and
Representatives of
Utah,
of
A#er that advisory boards for each industry would determine the mini¬
stands, the Monopoly Investigating Committee,
now
clothed witlx the broad powers of subpoena,
voting four to three, approved
Democrat
a
year.
Make-Up of Committee
the resolution
As
Thomas,
second
approved by the Senate was anticipated.
a
compromise removing from the measure a requirement that
the 40c. per hour pay scale be applied to all interstate
industry at the end of five years.
This requirement had
been opposed by Southern Senators.
Shortly afterward,
would
measure
bring
passed
the present Administration
the
bill
by the
the total spent
by the Senate
House.
for such
The
Senate
by
purposes
to $18,573,905,000.
Adoption of
close to midnight on June 3.
came
The House passed the bill on May 12 by a vote of 329 to
its action having been reported in these columns May
page
70,
12,
3108.
Senate and House conferees opened their joint sessions on
June 9, after President Roosevelt on June 8 had written to
Speaker William B. Bankhead approving Senate action in
Volume
Financial
146
adding $175,000,000 to the $3,723,000,000 bill. In his letter
the (President told Congress that the "unemployment out¬
look has not
ommended
improved in the last five months" and he rec¬
that
the
$175,000,000 be appropriated
Works Progress Administration.
the
This action
following Washington dispatch
the
for
noted in
was
of June 8 to the New
York "Herald Tribune":
Chronicle
at
but
Senate
period
months'
version
Mr.
B.
stipulated,
instead
of
the
of
the
the
higher
should
money
months,
seven
spite
sum
made in
was
taken
discretion
for
desired.
than
more
direct
additional
he
As
did
not
specify
be
to
used
President's
statement
of
Bureau's
The
Daniel
approval
White
June
letter,
7,
C.
which
Bell,
the
of
the shorter
for
House
adopted
acting
proposed
Director
qf
by
the
appropriation
customary
the
follows:
a
the
was
After
been
had
of $40
wage
of
message
provided
for
April
the
14,
1938,
I recommended
for
$1,250,000,000
that
Administration
the
first
seven
months
of the fiscal year 1939.
The unemployment outlook has not im¬
proved since that time, and I feel impelled, in view of the present situation,
to recommend that there be
of
amount
ing
projects of the Works Progress Administration, includ¬
on
administrative
sufficient
to
for
expenses
meet
relief
our
the situation
resurvey
that
needs
for
This
agency.
until
the beginning
at
appropriation
necessary
provided in the pending relief bill, an additional
$175,000,000 to make the total appropriation $1,425,000,000 for
the expenditures
should
amount
prove
the opportunity to
has
Congress
the next session and make the
of
the fiscal year.
the balance of
be
tied
approval
bill.
the
This
is
by
it
on
With
F.
FRANKLIN
agreement in
the
Roosevelt's
favor of the larger amount, and
intervention
to be
apparently will
request
of
ironed out
President
the
Senator
conference
a
doubtless the shorter period,
time
of
the
and
be
also
called
would
of
relief
U6e
equal
in
money
in
amend¬
large sums early
nothing for later.
or
that
next
to
the
from
"anti-squander"
the
be squandered
not
South
of
Democrat
the
year
WPA
of $1,425,000,000
fund
contemplated,
as
with
since,
relief payrolls will be enormously increased.
to
been
had
increased
21.
...
.
will
$40
a
.
.
able to impose its
was
.
amendment
an
$965,000,000 PWA fund for the
to
earmarking
when
came
$325,000,000
aside
set
out
of flood control and rivers
purpose
harbors work.
journment,
of June 6
The
with
the
in
conferees
committee
Second
named
will
Named
bill,
ad¬
the floor tomorrow and Wednesday
on
thus making
by the Speaker
meeting before
a
of Virginia,
Woodrum
Tabor
York
New
of
Colo¬
of
and
Cannon
Snyder of Pennsyl¬
Boylan of New York, Ludlow of Indiana, and
and
Thursday
Representatives Taylor of
were
the full committee;
of
Bankhead to meet with
Speaker
by
today
be busy
Deficiency
Democrats,
chusetts,
of
Wigglesworth
Massa¬
Republicans.
Representative Woodrum,
which
congressional
postponed
"Times":
York
to the New
Chairman
vania,
conference
noted in the following Washington dispatch
as
House
the Senate
drafted
ticularly
the
who
the Senate changes,
par¬
payments
the Senate floor for the Rural Electrification
added
$41,000,000 added
Chairman of the House subcommittee
was
criticized several of
measure,
$212,000,000
the
and the
$3,722,000,000.
offered
Dissensions
emphasized the differences
the total
the Senate
should
it
amendment
possible exceptions, the Administration
Copeland
Misouri,
ROOSEVELT.
D.
result in
As passed by the House the bill carried
left
it
this
at
by the conferees.
$3,154,425,000, and when
saying
Byrnes,
Woodrum
Administration
doubtful
February
two
James
so-called
and leave little
highly
now
through
the
that it
so
year
minimum .pay,
the
amendment,
require
fiscal
Senator
strike
to
monthly portions
rado,
Mr.
month to work¬
a
purchasing power.
He added that official
regard to the fund.
The vote was 41 to 27
in
thereafter
moved
impossible.
'
Respectfully,
Although
was
with
wrangling back and forth Senator Barkley,
some
administration, lost by 51
Progress
Works
it
adopted,
offering of Senator Elmer Thomas, Demo¬
The first and most important trial of strength on
be
that in
Woodrum
bill,
on
the Senate.
The main earmarking effort, by Senator Royal S.
Copeland, Democrat of New York, lost by a vote of 43 to 29.
The Vanden¬
berg substitute title, which would return relief to the States and local
1938.
my
Senate
to increase
measure
would
ment,
Sir:
In
so-called
the
the
amendment
become
forces
for
in
will
House,
The Speaker of the House of
Representatives.
to
another
Administration
should not
pending
the
giving
Budget,
as
of
Immediately
last
accompanied
seal
Carolina,
It
not
was
included
for the amendment.
in
period.
be
House
support, to pay a minimum
the
of President
Administration
White
to
fit.
saw
WPA.
on
of Oklahoma.
the Senate amendment pro¬
did the
after
This latter amendment
the
what period he
over
tonight
put
$125,000,000 might be used at Administration
it was not made clear whether he wanted
relief,
amount
Letter
The
out
Administration
discretion from President Roosevelt
he
as
the
at
amendment
crat
Speaker William
take away
victory
agreement
"anti-squander"
designed apparently to apprise the House conferees that
was
viding that not
letter to
a
an
eight-
bill.
and
of
with
an
over
provided in
as
would have the augmented fund run, or mention
the
extend
flushed
hands
Roosevelt's recommendation
Bankhead
the
that
would
using "pump-priming" funds
So
...
the
earmarking which
in
ers
The amount corresponds to that added by the Senate to the President's
original budget recommendation of $1,250,000,000 for WPA on April 14,
3743
on
committee -for farm parity
in
Administration.
'
The Conference Committee
the
June
on
President's request, increased
$1,425,000,000.
to
An
item
appeared
bearing
on
Senate
the
the
on
3588 of
page
the WPA
Press
As to
week ago.
a
accounts
bill
the
on
Wash¬
from
ington, June 4, said:
The
Senate
Works
increased
$175,000,000
by
allotment
House
the
Progress Administration, but provided that the
until
agency
Other
March
next
to
work-relief
•
last
until
The
1.
Feb.
had
House
voted
for
the
run
should
sum
the
$1,250,000,000
for
$212,000,000 for farm benefit payments,
$300,000,000 for additional slum clearance loans and $1,000,000 for admin¬
of
costs
the
Rural
Electrification
The
10
of
voting
the bill
against
passage
on
Warren
Senators
were
R.
Vermont, Edward R. Burke of Nebraska, Harry F. Byrd of
Virginia, Royal S. Copeland of New York, Frederick Hale of Maine, Hiram
W.
Johnson
Jr.
of
of California,
Delaware,
White
Jr.
of
Copeland.
would
Maine.
All
have
Charles L. McNary of Oregon, John G. Townsend
Arthur
H.
All
had
voted
knocked
Vandenberg
out
of
yesterday
Michigan,
save
Republicans
are
Senator
Lodge
the
for
pump-priming
added
and
Wallace
and
H.
Burke and Senator
which
amendment,
$500,000,000
the
to
relief section of the bill.
Three
to
minutes
end
an
Tuesday
after
with
the
Barkley brought the. long siege
that
announcement
the
Senate
would
discrepancies
now
which
of
one
the
to
Conference
Senator
and
Warren
to
of
acts
the
Senate
before
voting
thereafter
Soon
Carl
of
of
the
A
Nebraska,
33
Austin
tense
moved
to 32,
it
criminal
a
purposes
or
to
for the amendment
reconsider
to
Davis,
but
amendment,
Senate
the
last
night
to reconsider
was
this
said
which
amendment
of
did
By
to much the
was
it
voted
vote.
not
after
down
the
have
four
Burke, Demo¬
the narrow margin
At the last moment Senator
lost.
Republican of Pennsylvania,
Burke
which
Tonight, Senator Edward R.
the motion
favoring vote because of
Senator
made
was
oratory by 39 to 37.
J.
James
effort
the
as
vote,
one
political
The vote was 33
Hatch, Democrat of New Mexico,
features.
criminal
hours
as
forced to withdraw
was
hie
pair.
a
that
the
impression
had
which
gone
out
to
the
unfortunate,
that
it
action on the Hatch amendment had been most
been
had
interpreted
as
"giving
a
green
light
to
in relief," and that it was inconceivable that the Senate should
record as not even rendering lip-service to the principle that politics
politics
go on
should
not
be played
with human misery.
"To
Senator
wished
he
that this
not
vote
Austin
"to
Protect
had prefaced
protect the
supervisor
or
on
relief worker, white or black, against the fear
that boss can stop the receipt of his bread if he does
'right.'"
my
own," but to
In
its
Senate
final
devoted
no
of
draft
bill
a
Attention
000,000
as
being "better than
third
of the Roosevelt spending-lending bill the
consecutive
night session
to beating off attempts
amendment is to be seriously con¬
increase
the
in
the REAt appropriation as
called
"in
more
in the Senate.
This was the case
another.
for
was
item
main
Woodrum
Mr.
by
to
wisdom and good judgment,"
its
fact that the Senate
appropriated only $60,by him in the House, but
the
for REA, the same amount proposed
there overridden.
of last week mention was made
item
our
had
a
letter
to whom it was addressed, in
Senator Adams of Colorado,
tion
of
Roosevelt read in the Senate on June 1 by
President
which the President admitted
grown
that the unemployment situa¬
during the past six weeks; we are
worse
giving this letter herewith:
Adams:
Senator
Dear
On
this morning (Tuesday) [May 31], I have held a con¬
of the Public Works Administration, the
return
my
with
ference
representatives
Administration and the Treasury.
my relief
message to the Congress,
Works Progress
sent
I
six
weeks ago, the
unemployment situation has grown worse, and therefore, if the government
undertakes to relieve unemployment by the measure now before Congress,
is an
the time element
It
it
more,
increase
hoped
is
and
needs
lessening
away
with
an
It is the gap
tions
instead
increase
existing
in
Emergency employment, therefore, should
deferred to a time when it may syn¬
now
private employment.
that
we
the
immediate starting
selection
of
those
of works projects, and that it
this
end,
projects
which
can
flexibility of actual administration
strongly point out that there is unanimous
branch of the government
have
unemployed
,
Therefore, I greatly hope
want to fill.
restric¬
will makfe
appropriation bill in its final form will put no
be
got
under way
speedily.
To
too
not
Further¬
autumn.
of being
the
on
or
that private industry and finance, because of deferred
inventories, will be in a position a little later on to
the emergency
that
winter or spring will
projects next
necessities of this summer
employment.
private
right
chronize
serious
the
to
essential to success.
that undertaking
obvious
is
contribute
avail.
drive for passage
its
amendment
in
here would not be a subject for
conference except for a recent ruling of Vice-President Garner.
Although
the two bills each appropriate $100,000,000 for this agency, in addition
to the
$40,000,000 carried in the regular appropriation, and make the
increase in the same language, the Vice-President held that such identical
provisions can be altered by the conferees when one house substitutes its
should
Senator Hatch recommended the Austin
to
the
although
unnecessary,
most
his amendment by saying that
Senate to provide
certainly we shall have to go into full
find out what it is all about.
This will
attacked
also
Woodrum
Mr.
possible
Worker"
Relief
the vote
of the
recently under consideration
then
subject
the
on
was
this
concerned, if
am
conferees,
the
them."
refusal
take time."
come
country from the Senate?s
I
as
the
tax bill
the
he continued.
by
meet
to
with
contrast
when
taxes
hearings
in
is
levied
be
must
taxes
far
Since
M.
purport
same
relief worker.
record
on
amendment by
an
Vermont, making
of
the appropriation for
of
part
go
against.
Senator
of
any
the spending-
on
It first voted down
Austin, Republican
the vote of any
35
crat
use
R.
"So
in
action
body,"
from
have crept into the bill.
final
that
In
Goes
being opposed to politics in relief.
coerce
until
to conference with the House to straighten out the
go
lending bill, it refused for the third time in two days to
offense
adjourn
noon.
bill will
As
Senator
vote,
Bill
The
"This
committee,
the
floor, is "far-reaching and fundamental," he said,
House
embodied
authorized
which Mr. Woodrum
payment proposal,
parity
the
sidered
Administration.
Describing Senate approval on June 3, a Washington dis¬
patch that date to the New York "Herald Tribune" said:
Austin
successfully opposed
"and was
any way in the President's request for legislation."
The
Senate wrote this
provision into the bill, his statement added,
"practically without any hearings on the subject, without any budget
estimate, and over the specific statement of the President when the agri¬
cultural bill
was
under consideration that if such payments were to be
The
not
processing
1.
Senate increases included
istrative
Fought Parity Payment Plan
on
issue of
our
appropriation
proceedings
Senate
Associated
action,
9, in accordance with
as
its
I cannot
agreement in the executive
flexible in administration,
the greatest number of
that the appropriation,
objective putting
principal
to work in the shortest
is essential.
time.
Sincerely yours,
FRANKLIN
DELANO
ROOSEVELT.
3744
Financial
Chronicle
June 11, 1938
'
An
Capital Gains
appropriation of $125,000,000 by the Senate for direct
reading of the letter, as was indicated
These
relief followed the
on
Individual
3598.
page
changes
in brief:
are,
income—no change
in
rates
except
coverage
or
capital
to
as
gains.
The
House Abandons Action
Slum
for
Action
on
in
in
by the House
amendment
an
providing
purposes.
In its advices from Washington, June 3, regard¬
ing the House action, the New York "Journal of Commerce"
•
said, in part:
On
of
motion
a
the
House
by T.
Alan
Banking
and
"unfinished
aside
as
Tex.)
and other
business."
leaders
of
(Dem.,
Goldsborough
Currency
Majority
*
the
Leader
had
House
the
Goldsborough make the motion for
Md.),
Committee,
been
Sam
Mr.
the
Senate.
Finally,
he
the
on
fighting
was
losing
of
this body
and
Senator Robert F.
separate title
a
the
Wagner
the
in
Y.)
injected the housing measure
under consideration on the floor
bill
recovery
.
bill
recovery
United
States
Annual
shelved
the
bill,
House
the title
$300,000,000
of
issuance
Housing Authority adding to the
$25,000
15%
7%
in
rate
18
from
in
to
24
these
on
permission
and
27%
to
credit
to
to
months with maximum
losses against other
excess
law provided normal tax
tax
profits of 8% to
law provides
on
New
profits.
undistributed
on
16%
profits of corporations earning less than
on
intermediate rates
year;
flat
the $25,000
close to
corporations
on
less credit of
2%% of amount of profits distributed to stockholders, thus making 16%%
minimum
of
tax
tax
on
19%
profits
on
corporation
of
corporations,
larger
distributing all profits.
Gift Tax Exemption
The
last
$4,000
in
provision
to
in
go
The following is from
allows
ceedings,
To
of
credit
move
three
of the two
law
revenue
to
the Washington "Post":
for any
years
instead
in
holding
personal
corporation
companies,
the
complete liquidation pro¬
to
provided
years
law.
in present
avoidance the bill tightens section 102
on tax
place the burden of proof
clear preponderance of the
a
from $5,000 to
reduction
a
beginning next year.
frozen
strengthen existing bans
the
"by
to
be
effect will
the gift tax exemption,
Primarily
evidence"
on
corporations to show
no
unreasonable
that
surplus
been accumulated.
has
in
injected
securities
by
already authorized
in
On
would
payments
under
low-rent
be
the
from
increase
$12,500,000
a
year
to
measure.
housing and slum-clearance projects, the Housing Authority
to make 100% loans contrasted with the original
permitted
Housing Authority law permitting only
Nathan
Straus,
authorities
Administrator
contended
that
this
90% loan
a
the
of
Authority,
barred
the municipality
been
has
loan
is not allowed
any projects.
on
and
various
practical
any
original Act because local interests could not
However,
Newly Enacted BilifAmendinglSecondlLiberty
Increasing from $25,000,000,000 to $30,000,000,000 Amount of Long Term [Bonds Which May
Be Outstanding at Any One Time
Bond Act
$500,-
100% Loans Outlined
would
Text of
the
by that agency.
subsidy
$40,000,000
with
calls for
000,000 received
the
taken
gains
Senate.
Practically identical
the
N.
(Dem.,
of
plus
line;
bill
the Banking and Currency Committee."
upon
tax
Corporation income—old
battle,
on
capital
of
to following year; includes
over
gains of 20% and permission
capital losses against other income; includes in ordinary
maximum
excess
rate
15%
inde¬
measure
a
two-thirds
single tax of 12%%
Mr.
placing the housing measure under the
bill, Representative Hamilton Fish (Rep., N. Y.) declared "the
the Senate will destroy representative government.
It reflects on
recovery
action
of
seeing
capital losses,
similar
income.
(Dem.,
have
to
Goldsborough agreed to make the motion.
Assailing the Senate's action
as
Rayburn
attempting
all of capital gains realized
and permits excess
ordinary income
gains to be carried
over
bill
the
put
time prior to his action,' but the
some
Maryland Congressman had pleaded for House action
pendent of
Acting Chairman
House
minus
with
credit
tax
3,
similar amount for housing
a
months,
income, half of capital gains realized in more than 24
the Administration's recovery bill by the Senate, on June
of
18
ordinary income
to
June 3 because of the inclusion in
on
in
than
months,
States Housing Act
of 1937 and proposing an additional appropriation of $300,000,000 for low-cost housing and slum-clearance was aban¬
doned
includes
of 18 month losses
Passed by Senate
as
bill to amend the United
a
Embodied
Clearance—Appropriation
RecoveryjjBill
less
in
Bill Providing $300,000,000
on
law
new
put
up
The text of the Act follows:
municipal
application
[H. R. 10525]
the
of
AN
ACT
the necessary
rent subsidy
any
Both
Passage by Congress of the bill amending the Second
Liberty Bond Act and its signing by President Roosevelt on
May 26, has already been noted in these columns, our last
reference having appeared on page 3601 in our issue of June 4.
until
10%.
10% of.
repaid.
To amend the Second Liberty Bond Act, as amended
Be it enacted by the Senate and House
of Representatives of the L nited States
of America in Congress assembled. That the first paragraph of section 1 of
The bill amending the Housing Act was introduced in the
House on April 2G, it was favorably reported by the House
amended by striking out the following:
Banking and
of Bonds issued under this section and section 22 of this Act shall not exceed
on
in the aggregate
on
Currency Committee on May 18, and debate
the $300,000,000 appropriation was begun in the House
the Second
Sec. 1.
June 2.
The
issue
text
of
the
Feb.
of
12,
Housing Act of
1937
given
was
in
our
976.
page
Liberty Bond Act,
as
amended
sec.
$25,000,000,000 outstanding at
"Sec. 21.
as
time".
any one
follows:
The face amount of bonds, certificates of indebtedness, Trea¬
bills, and notes issued under the authority of this Act, and certificates
of indebtedness issued under the authority of section 6 of the First
Text of New Revenue Act of 1938—Removes So-Called
"Nuisance Taxes" July 1—Changes in
Corporation
Capital Gains Tax
Income Taxation and
The full text of the
in
Section
Two
"Chronicle."
without
for
The bill became
the
sign
address
May
27,
May
28,
May
delivered
reference
law
a
11
issue
it
when
him
at
which
and
his
appeared
page
in
Va.,
these
3596.
columns
As
final congressional
on
the
bill
approval
on
House
bill
revenue
Under the
ance
is
new
taxes"
Tooth
Furs,
action
the
on
designed
law
the
will cease
paste, soaps and
bill
referred
was
raise
to
to,
the
$5,300,000,000 in
toilet articles,
taxes.
5%.
Chewing
..'
.
only
2%.
a
plain wooden and
on
new
excise
controversial
tax
will
per
gallon
sections
profits
tax
principle,
gains from assets held
gains
profits
%c.
a
thousand
be
an
on
on
paper
increase,
also
on
newly-manufactured
of
the
tributing
all
range
measure,
impose
a
flat
15%
runs
from
earnings to
tax
than two years, and a 20%
18 months and two years.
more
realized between
tax
19%
16^%
on
on
levy
May 28,
The
the
we
revised
a
rehearing and clarification
of the
case,
officials
of the
States, while insisting that they believe the salaries should be immune
from Federal taxation,
emphasized the question of retroactivity.
Attorneys General John J. Bennett, of New York, and David Wilentz.
of New
Jersey, told the court that few employees of the authority
ever
income tax returns because they believed their salariez
submit,"
The
corporations dis¬
companies retaining all
Associated
quote
laws,
the
Press
accounts
Washington,
following:
including provisions
upon
with
•
"that this court
never
intended
the
of other
State and municipal
employees whose liability will be de¬
Whatever assets they have
back taxes and to reduce these thousands of
employees to poverty."
Following the decision of the Supreme Court, on May 23,
upholding the power of the Federal Government to tax in¬
comes of
State-quasi corporations, it was reported on May 30
that Senator Theodore F. Green
(Dem., R. I.) would intro¬
duce a bill to
safeguard the incomes and liberty of thousands
of State employees
jeopardized by the ruling.
In United
Press advices from
Washington, May 30, it was stated:
Senator Green
said
in
a
sufficiently broad
to
State,
country
town
be
not
also
for
and
These
Ginee
that
filing
tonight that the court's decision was
hundreds
district,
he
of
thousands
including
added,
are
of
clerks,
wondering
by the government to pay
Federal
workers
in
every
stenographers
and
they
will
whether
taxes
for the
past,
1936.
event
they will not only have to
interest,- and in
not
statement
include
employees,
called upon
least
"In
undistributed
which returns must
petition,
could not but be wiped out if this court does not extend its
protecting hand
to stay the inexorable
duty of the Internal Revenue Bureau to collect these
at
dealing
profits and capital gains, apply to 1938 income,
be filed by March 15, 1939.
from
the
effect of the cumulative burden of 12 years .back taxes
1,500 employees of the Port Authority, literally, upon hundreds of thou¬
teachers.
tax
said
termined by the application of this doctrine.
on
profits.
From
Requesting
two
sands
thousand
finally ad¬
justed in conference, said the Washington "Post," comment¬
ing on the conferees' action, retain a vestige of the un¬
on
June 8, which said:
"We
liquor.
divided
A stay of the decision of the United States
Supreme Court
holding salaries of employees of the Port Authority of New
York subject to tax was signed on June 10 by Justice Roberts,
following the filing of a petition seeking a rehearing of the
ruling which was referred to in these columns May 28, page
3430.
The petition was filed by Attorney Generals of New
York according to Associated Press advices from Washington
on
July 1, from $2 to $2.25
Most
Authority of New York Granted Stay of Supreme
Ruling Holding Salaries of Employees Sub¬
ject to Tax —Bill to MakeTaxes Operative Only in
Future Proposed
cruel and ruinous
matches.
The
$30,000,000,000
Court
7
lenses, 10%.
gum,
Matches, 2c.
aggregate
exempt.
Phonograph records, 5%.
Sporting goods, 10%.
and
the
time."
Port
had filed Federal
3%.
Cameras
Act shall not exceed in
any one
Approved May 26, 1938.
new
following excise or so-called "nuis¬
beginning July 1:
other
outstanding at
a
in
adopted the conference report,
previously (May 9) adopted by the Senate.
As reported in
these columns May 14, page
3109, wherein conclusion of
congressional
authority of this
reasons
W.
Liberty
$45,000,000,000 outstanding
time: Provided, That the face amount of bonds issued under the
the
indicated
were
Arthurdale,
June 4,
received
the
of
law at midnight on May 27
a
signature to it
by
to
3427,
page
became
week's
veto it, but allowing it to become
or
law without affixing his
an
this
signature of President Roosevelt,
failing to
Bond Act, shall not exceed in the aggregate
at any one
Revenue Act of 1938 is contained
new
accompanying
752), is
Section 21 of the Second Liberty Bond Act, as amended (U.S.C.,
title 31, sec. 757b), is amended to read
sury
(U.S.C., title 31,
" Provided, That the face amount
a
many cases
correct
return,"
pay
those income taxes,
penalties, either for not filing
he said.
"This certainly
in
a
but
return or
many
eases
Volume
and
possibly
disaster to
Mr.
tive
in
result
others will
many
only
not
in
but in
injustice,
only in the
levies against State salaries
would make Federal
bill
opera¬
to
our
The bill is
Senator Lonergan.
men
Stock Exchange and Investing Interests—
Study of Bond Market Proposed In Round Table
a
introduced
Conferences
As the result of
a
discussion participated in by representa¬
tives of the Securities and Exchange
Hull Submits to Canada Draft
Development of Great-Lakes-St.
of State
Treaty for
Secretary
of
Lawrence River Waterway
of
draft
The
between the United States and
treaty
a
Canada for the development of the Great Lakes-St. Lawrence
River basin, was submitted to Canada on May 31 through
Canadian Minister Sir Herbert Marler by Secretary of
accompanying letter Secretary
if acceptable, will require ratifica¬
tion by the United States Senate and Canadian Parliament
and he urged the latter to take quick action.
Mr. Hull is
quoted as saying:
In
Cordell Hull.
State
an
Hull noted that the treaty,
As
basis for discussion, am transmitting to you
a
herewith an informal
proposed general treaty establishing what is, in
and tentative draft of a
utilization of the Great Lakesmaximum advantages to both peoples.
In
effect, a broad plan covering the future
Lawrence basin to assure
St.
this draft it has been our purpose to
embody terms assuring recognition of
special needs and problems of the areas intimately
concerned on both sides
of the boundary.
The United States Government
peoples would be served
believes that the best interests of both
by immediate consummation of an agreement
draft.
along general lines of this treaty
.
.
.
immediately with the in¬
in the proposed St. Lawrence deep water¬
development;
(B) Defer Canada's responsibility for completing its share of the water¬
way for a sufficient time to assure readiness of the Ontario power market
(to the sea) and incidental power
to absorb its share
two
geous use
governments in a
program to promote
and ad¬
the most advanta¬
of the entire Great Lakes-St. Lawrence resource;
of this commission
of proposed remedial works to preserve the scenic beauty of Niagara Falls;
(E) Permit the Province of Ontario to go forward with its plans for di¬
versions from the Albany River basin into the
Great Lakes and utilize such
available
considerable
Niagara
additional
power
to
each
immediately with prepa¬
efficient use of resources of Niagara
(G) Enable tne proposed commission to proceed
ration of
President
comprehensive plans for more
River.
Washington May 31
take the following:
The treaty
of both countries and also a huge hydroelectric
Previous estimates place
American share would be
the total cost at $543,429,000, of which the
$272,453,000 (about $225,000,000 of new money)
United States to proceed with the work at
until December 31, 1949,
The treaty would oblige the
but would let Canada postpone her work
when her power
United States agrees to build and pay for a hydroelectric
dam in the International Rapids
treaty would enable the
about 35 persons.
of cheap hydroelectric power which
than $8 a horsepower year.
suggested that the Commission, to be known as the
"shall serve
advisory body to both governments, so that
the entire Great Lakes-St. Lawrence Basin can be
as an
maximum
in the
use
the
use
of
developed
interests of the people of both
countries."
World Economic Conference Suggested by Secretary
of
Roper to Effect Cooperation in Equit¬
able Distribution of Basic Raw Materials
Commerce
A
world-wide conference "in which nations
basic
Com¬
merce
Roper in an address at a luncheon of trustees and
alumni of Duke University at Durham, N.C.
incident to
suggestion for
a
would eoopperate for the equitable distribution of the
raw materials of the world" was made by Secretary of
the commencement exercises.
In
Associated
Roper
was
Press
quoted
as
accounts
from
Durham,
Secretary
saying:
"Representative democracy can survive only through vigorous,
ment of change, and if we are to save our
defense of it, against enemies
affirma¬
Government everywhere is in a fer¬
tive assertion of the will to survive.
system, there must be positive
within and without, by those who believe in
May we not associate with these endeavors needed study
it.
of other
nations, their civilizations and objectives.
"Effective
to
this end
would be
which nations would cooperate
raw
materials of the world.
Investment
•
Chairman and President Pro Tern of the New York Stock
Martin, Jr.,
Exchange, addressed the meeting briefly, requesting the cooperation of the
in the proposed
group
round table discussions.
The committees which will carry on the
will be representative of all types
of all interests
represented is
to the investing
Such cooperation was
proposed round table conferences
of investing interests and of the various
a
The common objective
bond market that will be most serviceable
interests of the country.
Among those present at today's discussion, besides Mr. Douglas, Mr.
Hanes and Mr. Martin, were: Ganson Purcell, Director of the Trading and
Caffrey, New York Regional Administrator of the Securities and Exchange
Dowd, Assistant
J.
Regional Administrator of the
Securities and Exchange Commission; Winthrop W. Aldrich and H.
Donald
Campbell of the Chase National Bank; W. Palen Conway and Robert L.
Garner of the Guaranty Trust Company; J.
C. Traphagen of the Bank of
William S. Gray Jr., of the Central Hanover Bank & Trust
Company; A. S. Keller of the U. S. Trust Company, Lindsay Bradford of
City Bank Farmers Trust Co., J. W. Stedman of the Prudential In¬
of America,
Company
surance
Insurance Company;
Meyers
Alfred
New York
of the
Life
Dwight Beebe of the Mutual Life Insurance Company;
a
member bond firms,
Jacob O. Stone, Asiel & Co.; O. Tyler Wood, Gilbert Eliott
Howard B. Dean, Struthers & Dean; Reginald G. Coombe, Smith,
& Co.;
&
Barney
Co.; Abraham Eller,
Solomon Bros. & Hutzler; Rowland H.
Gilmartin Jr., Charles B. Quincey
Tate Smith, Special Assistant to the Chairman, New York
& Co.; and A.
Tuesday afternoon (June 7)
Late
the
Investment
Bankers
a
committee representing
Conference,
Inc.,
met
with the
The
conference, according to the SEC, was of a preliminary
nature and the discussions were limited to the broad general
subject of bond trading. The Investment Bankers Confer¬
Inc., was represented by the following: James H.
Coolidge, Cleveland, Ohio; William Fuller, Chicago, 111.;
Lee N. Limbert, New York, N. Y.; Henry Rosenfeld, New
York, N. Y.; Frank Weeden, San Francisco, Cal.; Wallace
H.
Fulton, Director, Washington, D.
C. and Murray
Hanson, of Counsel, Washington, D. C.
The first of a series of conferences, on June 3, between
ence,
William
Douglas,
O.
Chairman
This would serve to arrest the fear of economic
happiness for all."
Roper is also reported as stating that the United
of government, in its world relationship, is
expected to provide a guide to others in "demonstrating the
value of democracy as a form of government under which
people are most content," adding:
of
the
Securities and Ex¬
and representatives of the New York
Stock Exchange was noted in these columns a week ago,
change Commission
In the New York "World Telegram" of June 3
3594.
page
Douglas was quoted as follows: *
Mr.
Denying that the SEC was committed to the proposal of a central trust
institution
or
any
other reform recently urged,
Mr. Douglas said they had
and that any solutions, finally
arrived at will have the approval both of the SEC and the Exchange.
"The SEC does not have a corner on the solution of problems of regu¬
thrown
"been
simply
confronting the
lation
tions
we
into
the
hopper,"
Exchange,"
said Mr.
Douglas.
"Whether any solu¬
eventually arrived at will mean scrapping of any SEC
regulations
the abandonment by the Stock Exchange of any of
present methods of procedure, God only knows.
But the SEC is not
presently enforced
its
or
going to proceed independently in any of the matters now
world-wide economic conference in
form
C. Hagerty of the Metropolitan Life Insurance Company,
Ecker and H.
and, representing the New York Stock Exchange and
under discussion.
Philosophy of Eelp
"It
job,
and
Mr.
the
Chairman William O. Douglas of the Securities and
for the equitable distribution of the basic
insecurity and contribute the peace and
States
and
Commission to discuss the subject of bond trading.
Great Lakes-St. Lawrence Basin Commission,
to
Inc.,
Exchange Commission, Commissioner John W. Hanes and William McC.
State of New York to proceed immedi¬
Hull's note said, would cost less
It is
the New York Stock Exchange and
Conference,
Stock Exchange.
section of the St. Lawrence.
ately to develop 1,100,000 horsepower
Mr.
Bankers
The groups, separately and jointly, are to examine
George, Wood Struthers & Co.; M. A.
needs may be keener.
In effect, the
The
Insurance
problems related to the bond market and to give the Securities and
the following:
and the Canadian $270,976,000.
once
Life
Mutual
F. W. Walker of the Nortnwestern Mutual Life Insurance Company; F. W.
project.
power
Investment
the
Bankers Association.
the
contemplates a 27-foot channel through which ocean-going
vessels may reach the heart
Northwestern
the
Another committee will represent
another
New York,
From Associated Press advices from
we
of
Company, to name a committee which will act for institu¬
tional investing interests, in the round table conferences that
are contemplated.
This committee will be chosen presently,
said the announcement, which added:
Commission; Hector
will; and
country for development at
looking to the initiation of round table
conferences in which various aspects of the bond market will
be studied.
This was made known in an announcement by
the Stock Exchange, through its Public Relations Depart¬
ment, which stated that the insurance companies, banks and
trust
companies represented at discussion on that day
selected a nominating committee composed of W. Palen
Conway, President of the Guaranty Trust Company; S.
Sloan Colt, President of the Bankers Trust Company; F. W.
Ecker, Vice-President of the Metropolitan Life Insurance
Company; J. W. Stedman, Vice-President of the Prudential
Insurance Company of America, and F. W. Walker, Vice-
Exchange Division of the Securities and Exchange Commission; James J.
additional water for power at Niagara;
Make
steps were
9
elements that comprise the bond market machinery.
(D) Assure immediate undertaking under supervision
(F)
June
on
pledged.
of the power;
Provide for an international commission to develop plans
(C)
vise the
taken
Commission, the New
Exchange and investing interests,
Today's meeting, held at the Bankers Trust Company, was attended by
(A) Enable the United States to go forward
way
Stock
Exchange Commission the benefit of their views.
proposed treaty would:
ternational rapids section link
York
ail
Secretary Hull likewise said:
In brief the
institutions in
our
of character, vision and public
York
Port Authority case.
Court's recent decision in the
be influenced by
have guided the destinies of this institution."
as
result of the Supreme
780,000 State employees throughout the country, was
taxes on
in the Senate today by
stability will
people generally conscious of their responsibilities, as well as
our
Discussions Between Representatives of SEC, the New
of the Treasury and representatives of the
States to prevent retroactive Federal income
of 26
General
world
ability to produce large numbers of
bill, prepared by experts
Attorneys
future
the
New York "Times" said in part—
A
"The
spirit such
future.
date of June 2 advices from Washington
3745
Chronicle
keeping
of these employees."
most
Green's
Under
Financial
146
the
is
and
philosophy of
the SEC to help the
"The
information—and will be followed by weekly con¬
at least, here or in Washington.
sending to New York a group of its staff members who
experts provided by Mr. Martin.
They will present data
taking of inventory of
ferences
over
the next
"The
SEC
is
will
Stock Exchange do its
believe that we can prove that strong, prosperous business
in the public interest are wholly compatible."
conference today was in the nature of a preliminary survey—a
we
regulation
work
with
month
3746
Financial
jointly prepared
will
we
In
make
before
joint
our
addition
the
to
the
round-table
conferences,
and
these
upon
Chronicle
data
In its account from
decisions."
proposal
of
central
a
institution
trust
to
sections
trading and general supervision of Exchange activities.
the funds
made
was
of
William
O.
Act,
Douglas
of
In
another
Federal
made
the
heading before
Power
said, in part:
In
his
Mr.
before the committee, about two weeks
head stated that the money was
in
the Electric
needed
Bond & Share Co.
99%
corporations
largely
of
as
tates
to
extra
appropriation,
keep
SEC
three
four
or
and
the
appropriation
of
all
Commission,
Douglas, amount
Mr.
examining capital
the registration statements necessi¬
mission,
•
^
.
N,
is just
Mr.
the various
to
link
one
Replying
Y.),
to
in
attempts
question
a
Douglas said that
by
work
utility systems is stupendous,
prevent
SEC
from
becoming
appeared
in
his
During
of
the
private
stated
government
the
power
committee
Douglas
had
not
studied
would have
program
the
the
on
loans and
The
regular 1939 appropriation for SEC provides for $3,850,000 and the
additional $600,000 deficiency is broken down into $596,000 for adminis¬
trative work and $4,000 for additional printing expenses.
integration.
Explaining
work
the part
on
sion
fully
more
the
Need
for
need
of SEC, Mr.
of Speed
speedy,
/
^
the total
yet accurate and
efficient
Douglas discussed attempts of the Commis¬
to
shift
various
of
assets
holding
companies
so
to
as
integrate
"In
order
that,"
the
Chairman
testified,
securities, figuring out bases of valuation,
into the accounts.
"That
is
We have to go
job
a
of
the
first
"that
issuing
means
and what not.
We
rather
new
if
we
going
are
will
there
to
this
put
Chairman
day
from
Douglas
Washington
holders of
course
utility companies in voluntary
circumstances appeared to dictate
where
as
reorganizations
Recognition
effected "without check
were
by
restraint."
or
stockholders
common
some
of
this
basic
requirement is essential to the solution of difficulties
facing the industry, he said.
the following to say:
Mr.
Douglas
not
were
have to
panies
declared
put through
to
move
in
on
effect
accord
that
with
the
equity
redistribution of voting
Holding Company Act.
The
that
Chairman
at
least
said
the
this
balance
reorganizations,
of
voting
existed
for
each
class
redistribution
voting
in
instances
some
control
would
shift
of
preferred
Written for
the
for
"Wall
by Mr.
Street
the current
panies with
Journal,"
edition
preferred
of
is
today,
"that the
companies
and
"On
the
preferred
the
closely
Mr.
and
Douglas
working
there
is
Mr.
negative side," Mr.
It
out
difficulties, the primary
that
is
to
the
companies
interest
I
one
in
possible.
But
also
fairness.
want
selfish
"This
of
he added.
will
of
special utility edition of
article prepared by him
he urged utility
recapitalize in order to
and for
said
in
new
statement
of
plans
propose
such
open
financing.
the
stockholders
com¬
which
the
programs,
issued
public
utility
are
sound
Commission
they
"this
can
means
rest
benefit of the
should be less
than
being the attitude of
does
common
fairly
the
the
as
well
reorganization
is
safe
no
SEC
common
not
as
frank
some
deal
great
a
assured
common
of
if
that
stock.
I
to
their
With
minimized
common
common
accomplish
criterion.
allowed
fairness
stock, it would
that
the
rights
The Commission
has
the
to
mean
those
Mr.
predict
there
will
never
be
real
any
then
to
make
cause
But
some
in
position
a
of working out and
the
getting
capital markets, there is
right away, he said.
lot of work that
a
...
Future
for Industry
future."
a
He
that
indicated
an
increase
in
the
volume
of
on
was
The
in
his
to
as
the
effect
of
of operating companies
"stressed
office.
threatened
to attract
government
capital.
emphatically" to him in the last, two
Aside
the
from
Tennessee
Valley
three
or
Authority
and
Douglas said he bad not followed it.
Chairman
pointed out that the SEC has not had presented to it in
anything that involves any municipal company or any
applications
such
competing situation.
Congressman
it
questioned
the ability
difficulty in
called attention to Secretary of Interior Ickes's
contending that in the SEC general picture, when
remaking the utility map and transferring operating companies from
control to another, the questiori of government
competition "with a 45%
works
Bacon
program,
is
gift"
may
proposal
be
of
a
pertinent question.
the
PWA
in
He suggested that the SEC study the
connection
with
its
whole
problem
of
utility
administration.
Mr.
We
to
not
it
want
be
stock¬
as
stockholders
speedily
speed,
sacrificed
be
Douglas said in
"tlie
that
never
situation
looked
better."
York City that
constructive
done.
an
interview in New York
betwen
the
Mr.
"there
are
development,
utilities
Douglas told
and
on
the
June 3
SEC
reporters
in
has
New
signs that next month will
and
see
that
specific jobs will be
We have gotten out of the talk stage and are enter¬
ing the field of real action."
another
item
in
this issue
reference
is
made to
Mr.
Douglas's conferences with representatives of the New York
Stock
^Exchange.
Dr.
but
for
as
we
the
carrying out the
Virgil Jordan Urges Business to Map^Recovery
Program—Addresses Edison Electric Institute Con¬
vention—President
operation
of
C.
W. Kellogg, Hopeful of Co¬
and
Utilities—H.
A.
Government
Snow and D. M. DeBard
American business should
Among other Speakers
adopt
a
definite
program
for the
recovery of the economic system, Dr. Virgil Jordan, President
of the National Industrial Conference
Board, told the annual
convention
of the Edison Electric Institute on June 9.
Other speakers before the convention included C. W.
Kellogg,
President of the Institute; Davis M. DeBard, Vice President
of Stone & Webster Service Corp.;
Harry A. Snow,
Comptrol¬
ler of the Detroit Edison Co., and J. E.
Davidson, President
of the Nebraska Power Co.
"At this crucial moment,"
Dr. Jordan said, "American business should file its criticisms
complaints for future reference and turn to the active
He continued, in part:
task of reconstruction."
It should make
no
more
vague,
operation with government.
with
an
indefinite, and conditional offers of
It should
come
co¬
forward to the American people
unconditional pledge and a specific program to re-employ our labor
and to rehabilitate
our
industries, step by step during the next two years,
and it should then demand the aid of
government in certain specific ways
to that end.
It should mobilize itself and proceed to this definite task in the traditional
and sound American way,
by industrial and local organization along State
lines under the inspiration and
supervision
of a National Reconstruction
Council of business leaders in whose capacity management has confidence,
State the existing business and labor organizations and the State
in each
stockholders
protect
stockholders
of
preferred
of
alone
If
com¬
'-o
Bonneville, Mr.
and
that
Congress.
disregarded.
the
need
speed
interests
mandate
of
to
venture
revival
a
petition had been
of
holders.
"It
who
the companies into
put
is
Douglas
months
Reorganizations then
which
Douglas said,
means
affirmative results,
length of time necessary to
cleaning up all "odds-and-ends,"
He
answering such questions "because it is not down
alley," although he admitted that the grave importance of such com¬
my
mean
...
will not be sacrificed for the
to
to
common
recapitalization
the
cooperation.
a
the
in
of dividend payments
stockholders.
interests
respect
of
In
shares.
for
arrearages
management
in need
equitable.
promises its
written
Annalist,"
hope and belief,"
my
Chair¬
the
stock.
Special Edition
followed
"The
dividend
the way for resumption
"It
Douglas,
of
holders
effected under State laws by the preferred
stockholders,
statement
of
utility financing is expected.
At May 19, applications covering $82,388,007
utility securities were pending, he said.
might
might
from
could be
The
to
as
terms
Sees
,
(
holders
needed,
itself
stock
the
' V-""-
in utility com¬
power
could be effected under Section lib of
power
of
the Commission
the
which
where
common
to
Integration
by Congressman Bacon whether he thought there was a future for
the industry, Mr. Douglas said:
"I think there is no question but what
In
voluntary
equitable basis,
an
Such
the
if
now
The "Times" advices also had
redistribution
a
on
of
equitable, to content themselves with less
than they might have been able to obtain in the
days when
a
supplemental
a
Asked
one
June 7, according to advices that
to the New York "Times," urged
stock
common
reorganizations,
such
on
for
request
will be sufficient, although he said "I think
the hump before then."
There are some officials at
wait until
be done
public
private utility house in order."
SEC's
>
Secretary to the Com¬
money.
If
have to go
into the question of writeups.
magnitude
Brassor,
over
Com¬
•
including the small fry, and it is those that
headaches, will take a period of three or four years.
the
not
any
do
to
by Power
progress."
Meanwhile, during the job of integrating the systems, Chairman
Douglas
believes financing by operating companies can
go ahead.
In his opinion,
the job of integration will not tend to cut down the
capital markets, but
them
geographically.
$30,000,000
over-all-job,
of
need
most
professed
develop geographically integrated utility holding company systems.
He explained that under Section 11 of the bill the Commission is authorized
to
In
be away over
competition
Stresses
about
required
of
being
views expressed around the Commission,
some
"shake-up"
Mr. Douglas
but he did not believe that
situation,
Smith,
now
enlarge the public utility division.
optimistic
was
Commission
asked
was
them
are
W.
studies
integration under the Act except as may take place through a current
filing of applications to acquire or dispose of assets.
Chairman Douglas, however, told the subcommittee some
systems can be
integrated quickly.
"Some of these properties can be cut loose.
But
a
of the municipalities which had received Public Works Administration
grants had filed registration statements with the Commission.
any
comparison with
Houglas
will
we
can
Mr.
Charles
cost
Douglas believed five years
utility companies being undertaken by SEC.
he
that
before
testimony
the
effect
cost
by Chair¬
Appropriations
Utility Act of 1935.
the
of
support
to
original
Francis P.
with
Optimistic
In
bottleneck.
what
committee,
studies
cooperation
made
House
•
man
we
declared,
needed
is
assets
the
registrations,
new
in
(Rep.,
the
with
same
(4)
all
were
the
made public yesterday.
was
declared
Such
years.
together
appropriation in order
the
'
99% of
of
smooth-working.
properly reorganize
to
March.
According to
these
Douglas
and
Robert Bacon
last
registered
being sought.
Mr.
efficient
Representative
necessary
decision.
handling
other declarations
$600,000
total
a
have
country
of this
in
all
and
the
This
result
a
involved
work
structure,
the
in
decided
case
Utility holding companies having
such
result of the favorable decision
as a
Utilities Registered
of
the SEC
ago,
the
orders issued under the Public
Donglae,
plete
appearance
before
testimony
Commission,
the
Commission, and the item has been embodied in the
Second Deficiency Appropriation bill.
From its Washing¬
ton bureau, June 7, the New York "Journal of Commerce"
SEC,
by electric utility companies will
next
mission
June 7.
His
several
a
including integration; and
the
under
promising future for the utility
five years of all "odds-and-ends" in
within
up
the
(2)
the enforcement of the law
Subcommittee last month.
the
on
Utility Act;
cleaning
a
the industry in
Additional
favorably by the
Bequest for
by William O. Douglas, Chairman of
Appropriations Committee
(3)
administration
man
An appropriation for additional funds of
$596,000 for the
Securities and Exchange Commission, raising the Commis¬
sion's budget to $4,446,000, was reported
House
Public
from
Chairman Douglas of SEC Before House
Appropriations
Committee Presents Views on Utilities—Comments
Approves
the
of
industry;
the
on
Integration—Committee
Appropriation for SEC
Washington the "Wall Street Journal"
of June 8 had the following to say, in
part:
Forecasts of (1)
a
"great number" of contested cases
handle
Stock Exchange member clearing,
banking and custodial functions, other
subjects of discussion today were the bond business, floor trading
problems,
odd-lot
June 11, 1938
legal
that
it
rights,
owes
but
impair the rights of
of
common
stockholders may be
duty to protect the rights of
the preferred holders.
It must
same
to
it
cannot
the other."
permit
either
class
of
governments should create
assume
a
State
Re-employment Council which should
three specific responsibilities of action.
First, it should
secure
from
employment during the next
ployable persons.
all
two
employers
years,
in the
State pledges of
of a determined number of
re¬
em¬
Volume
Financial
146
Second, it should establish and operate adequate facilities for retraining
and rehabilitation
and
of workers not employable because of loss of skill
long unemployment,
in part private
using
resources
and in
part
to assist in the effective administration of
relief
within
the
State,
public funds for direct relief and
coordinated
with
subcommittees
each
in
of course toward
higher costs.
Lower costs may be attained through lower coal prices, now made difficult
prosperity in this country can be attained only
through the unqualified application of the enterprise principle
said Dr. Jordon who added, it admits of no compromise,
exception or special privilege.
"Everyone who claims its
benefits must accept its risks and responsibilities.
If we
demand for ourselves any exception to its rigorous principles
in order to diminish the risks or soften the impacts of the
True
competitive struggle,
we
similar claims of others.
More than that, because of the high responsibility
claims of the weaker groups of our people
by the Guffey-Vinson Coal Control Act.
Lower costs may be attained through lower interest rates.
and
Old
we note as
on
imposed
on
electricity, the Undistributed Profits Tax and
utilities the
a
higher In¬
Tax.
Administrations Spending Program Viewed as Tending
to Defer
Recovery—Comments by H. H. Heimann
Convention
at
of
National
Association
Credit
of
Men—Urges Balanced Budget in Offering 5-Point
tangible result to emerge from this
itself should
for our industry.
a
recent additions to the tax burden
of leadership which
cooperative effort, but conferences have begun and tbe gesture
words indicate
The Securities
has confidence in
prepared to consider the
for protection and security before
Despite past disagreements between the Federal Govern¬
utility industry, Mr. Kellogg said on
June 7 that there is a hopeful indication of a more cooperative
relationship in the study of the regulatory provisions of the
Holding Company Act now being made by the Securities and
Exchange Commission with the cooperation of representatives
of principal holding companies. He stated "that at the sug¬
gestion of Chairman Douglas of the Commission, a com¬
mittee, representing the principal holding companies, has
been set up to cooperate with the Commission in the study of
possible reintegration of the existing utility groups and of the
regulatory provisions of the Holding Company Act". Mr.
Kellogg went on to say:
'Chairman Douglas'
nor
Age Benefits Tax, the Unemployment Compensation Tax. the Federal
Excise Tax
Upturn Basis
The
ment and the electric
be of happy augury
refinance,
Lower costs may be attained through lower taxes, and with tnis fact in
mind
become universal and urgent.
too early yet for any
not made it easier to
continuing solvency of utility companies been increased by the Public
Utility Act of 1935.
result of the great upheaval and destruction of the war,
as a
the search for security has
course
Exchange Act has
the
come
This challenge has become inescapable in a
try to enforce our own.
period when,
consider the
must be prepared to
He continued:
American business management holds, we must be
It is of
for
However, the Wagner Labor Relations
costs.
Act, the Wages and Hours Bill, &c., and the continuing attitude of the
Administration all work toward higher wages and shorter hours, and hence
community.
we
Federal Govern¬
He said, in part:
the public utilities.
Lower unit costs for electric service may be attained in many ways,
example through lower labor
advisory and supervisory agency
Third, it should constitute itself an
work
burden of taxes and the high costs that the
ment has saddled upon
public
work relief funds for this purpose.
3747
Chronicle
clear desire to enable
spending-lending
but it
recovery
Executive
will not prevent
program
a
normal
defer and restrict it, Henry H. Heimann,
may
Manager of the National Association of Credit
Men, declared
June 6 in his keynote address
on
"Golden
Gates" before the 2,000 delegates attending the Association's
43rd Annual Credit Congress in the St. Francis Hotel, San
Francisco.
"Analyze
"inevitably
problem as you will," said Mr. Heimann,
reach the same answer: We will never get
under way on a sound recovery program until we live within
our income.
To many, balancing the budget is a platitude.
Those who continuously demand a balanced budget are con¬
sidered "old fogies," reactionaries or tories, yet common sense
suggests there is no sounder way of stimulating a sound re¬
covery."
In part he continued:
We
have
the utilities to perform efficiently their essential public service
role in the life of the people, he said, and he promised that the
programs.
utilities would meet this
our
you
already
18
expanded
billions
of dollars in spending-lending
ceed?
proffered cooperation in the same
spirit that prompted it.
Discussing the industry's growth since the genesis of the
Public Utility Act, which Mr. Kellogg placed in the Federal
Trade Commission investigation begun in 1927, he pointed
expenditure of $5,400,000,000 by the industry for con¬
struction of its properties in the 11 year period, and 6,870,000
new customers served during the same time; a reduction of the
average residential rate by 37%; and an increase in the aver¬
age annual domestic consumption of 85%.
In the same
period the number of electrified farms was increased by 302%,
he added.
In part he also said:
to
an
Govern¬
ment has been well-nigh continuous. At first it was confined largely to
publicity statements about the findings of the Federal Trade Commission,
but during recent years the publicity has been reinforced by huge cash sub¬
sidies from the Federal treasury, in the form of gifts of over SI50,000,000
Througnout tnis decade the attack on the electric industry by the
Actual seizure of
municipalities to compete with their local utilities.
to
private utility property by the Government, without just compensation,
would be instantly recognized by
the average citizen as contrary to con¬
actual
as
more
became general public opinion,
Until this realization
seizure.
the only defense
the companies had was to strive to do a continually better,
efficient and more economical job in service to the
What
we
effect
have accomplished, so
people.
far as figures can reveal it, I have just
performance is best evidenced by
You will recall in this connection that analysis of the 22,638,-
What the public thinks about our
stated.
their votes.
000 votes cast in 540 local ejections during the last
five years on the subject
ownership shows the per cent of votes favoring municipal owner¬
of municipal
Mr.
DeBeard, speaking
on
June 7, stressed the importance
field of residential sales
of the small-income customer in the
of
electricity.
.We quote in part from his address:
During three of the last four summers I have visited the principal countries
The thing that amazed me most in visiting the homes of the
of Europe.
countries, was to,find
getting and their belief that the
workers, especially in England and the Scandinavian
them
costs
so
appreciative of the service they are
are
reasonable
In fact, it is not uncommon to
have people say,
"Electricity is very cheap in my country but in the United States it is high,
1
am
told."
As
a
matter of fact,
you
know and I know, that on a com¬
parable basis, in terms of wages earned, electricity is cheaper in the United
States than in other countries of the world.
Yet, we have not been able to
make
our
Have
been too busy with our
of electricity and the great
we
too smug
to
answer
research and operating and financial
The promised land beyond the gates is
hopes.
Why did
the
Or, are
continued lowering of rates is the tfhole
in our belief that a
million dollar rate
of fact, the saving to the average residential
customer was seldom more than
remembered
even was a
our
rate
just a few cents per month ?
beneficence long after the customer has
reduction?
sell them appliances
forgotten there
We
And there is no re¬
month which they think is too high.
and bill them for kilowatt hours.
lation between the two.
Have we not
We have sold them gadgets by the million and
then all they get is a bill once a
Some
Have we perhaps not been too
ourselves on the back when we made a
reduction, when, as a matter
That is where the trouble lies.
fact that so long as we bill
If
residential sales right, there is where
ways."
day the industry must wake up to the
kilowatt hours, we must sell
ever
suc¬
denied those who wander
we
effort fail ?
have
Why do
we
today have almost as much
Why are our factories idle,
had?
ever
people in
sumer
men
The paradox of an impoverished
want?
durable goods industry co-existent in the past years with a
flourishing con¬
goods industry provides the answer.
Unbalanced
budgets,
bunkered the durable
causing
a
lack
of long-range
confidence,
have
goods industry in its effort to reach the recovery
If the durable goods industry were operating as it did in the 20's,
green.
millions of
our
unemployed would be at work.
Outlining steps he deemed essential to bring the country
back on the road to business recovery, Mr. Heimann de¬
clared that "no one can definitely answer the question:
How soon recovery ?
But we can look forward to a recovery
that is sound in character, one that will continue over the
Such a program
years, if we properly construct our program.
well take the following form:
1.
All groups should demand it by expressing a will¬
A balanced budget.
ingness to meet a tax bill that, plus economies, will insure a balanced budget.
Temporarily increased burdens of taxation should be accepted as a con¬
comitant of budget
to
make
Our tax laws should be broadened so as
balancing.
taxconscious, a result that
everyone
will eventuate in a wide¬
spread popular insistence that the budget be balanced.
2.
Business
must
admit past
errors
and pledge itself anew to correct
It must help educate our people to
these.
realize that sound business is
fundamental to national progress.
3.
Labor must be protected from irresponsible leadership.
look toward the objective
purchasing power to enable a
Sweat
to both
4.
Labor and
of an annual wage sufficient in
constantly increasing standard of living.
shops and child labor have no place in America.
conscious labor
One-sided, class-
legislation must be amended to insure equality of treatment
employer and employee.
The farmer must realize that, severe as his problems have been, our
urban citizenship
likewise has its burdens, that he cannot be continuously
Soil conservation and restora¬
subsidized at the expense of other groups.
tion, advancement of scientific farming, logical but unforced expansion of
farm
markets—all these must
be primary,
cooperative aims of both the
farmer and the government.
5.
must
equal
Government
must
be unprejudiced
in
dealing with
all groups.
It
recognize that prosperity can only move forward if all groups have
opportunities.
President Roosevelt
we are
going to have to mend our
Mr. Snow told the convention on
June 7 that lower prices
electricity can best be obtained through a
reduction in the
Signs Bill Providing for Additional
Judges of United States Courts
On May 31
President Roosevelt signed the bill, passed by
Congress, providing for additional judges for United States
courts.
The bill
was
passed by the Senate
on
March 30; the
House
adopted it in amended form May 3, while a con¬
ference report adjusting the differences between the two
measures was accepted by both the Senate and House on
May 17.
Reference to the bill as it passed the Senate on
March 30 appeared in these columns April 9, page 2296. The
text of the measure as finally enacted into law follows:
[S. 3691]
going to build for the future in
as
walking the streets,
the service these kilowatt hours represent.
we are
for
our recovery
unemployment
value they receive for their dollars?
satisfied customer relations?
prone to pat
billions
about in the wilderness of debt and taxation.
problems to devote sufficient time to the job of selling our customers
use
experience sound and lasting recovery ?
I wonder why?
prople believe that.
we
we
The golden gates of the spending-lending theorists are hinged on false
business must
ship to have dropped from 70.5% in 1933 to 11.5% in 1937.
Did
If 18 billions of dollars could not do the job, can another three
The public did not at first recognize that destructive
stitutional rights.
competition, through tax-supported subsidy, has exactly the same
To what avail ?
AN
To provide
ACT
for the appointment of additional judges for
States district courts, circuit courts
certain United
the
of appeals, and certain courts of
United States for the District of Columbia.
.
3748
Financial
Be it enacted by the Senate and House
of America
Congress assembled,
in
of Representatives of the United States
That the
President
is
authorized
to
appoint, by and with the advice and consent of the Senate, four additional
Chronicle
"World Order" Based
circuit judges, one for each of the following judicial circuits: Second,
fifth,
The President is authorized to appoint, by and with the advice
and consent of the Senate,
one
additional associate justice of the United
Section 2 of the Act entitled "An Act authorizing the appoint¬
ment of an additional circuit judge for the third circuit," approved June
Sec. 3.
24, 1936 (49 Stat. 1903), is hereby repealed.
The President is authorized to appoint, by and with the advice
and consent of the Senate, 12 additional district judges, as follows:
Sec. 4.
One district judge for each of the following districts: Western district
southern district of Texas, eastern district of Michigan,
(a)
of
Louisiana,
western district of
Washington, northern district of Illinois, western district
order based
on
law"
in
an
Hull,
One district judge for
official residence shall
the southern
district
of
California,
whose
district
of
California,
whose
sociation
at
for the northern
official residence shall be Sacramento;
One district judge for the southern district of New York: Provided,
first vacancy occurring in the office of district judge for the
(d)
That
the
southern district of New York
by the retirement, disqualification, resigna¬
tion, or death of judges in office on the date of enactment of this Act 6hall not
be filled;
Nashville,
the first
of Massachusetts by the retirement, disqualification, resignation, or death
of judges in
(f)
office on the date of enactment of this Act shall not be filled;
One district judge for each of the following combinations of districts:
Eastern and western districts of Arkansas, eastern and middle districts of
Tennessee: Provided, That
shall
no successor
be appointed to be judge for
the eastern and middle districts of Tennessee.
Sec. 5.
order
and
asj given
Mr.
Tenn.
by Secretary of
Tennessee
Hull
Bar
declared
As¬
that
law."
Other
from
extracts
his
address follow,
in Associated Press Nashville advices of June 3:
After rebuking isolationists,
whose "dream of safety
and security" he
called "a bitter illusion," he stated this
program:
1. "With the world still in the throes of a profound economic dislocation,
we are prepared to join with other nations in
directing every effort to¬
ward the restoration and
strengthening of sound and constructive in¬
ternational economic relationships.
2. "With the world groaning under the burden of
mounting armaments,
are prepared to join with other nations in
moving resolutely toward
bringing about an effective agreement on limitation and progressive re¬
we
3. "With the use of armed force
assuming the aspect of scarcely im¬
aginable brutality, we are prepared to join with other nations in resuming
and vigorously carrying forward the
work, so auspiciously begun at The
Hauge two generations ago, of humanizing by common agreement the rules
and practices of warfare.
4.
are
prepared to join with other nations in exploring all other
revitalizing the spirit of international cooperation and in making
practicable means of giving it substance and reality through the
numberless forms of concrete application of such
principles of international
use of every
political, economic and cultural relations
The President is authorized to appoint, by and with the advice
That any vacancy which may
"We
methods of
occur at any
time in the office of
United States district judge for the district of Montana created by the Act
14, 1922 (42 Stat. 837), is hereby authorized to be filled.
"I
convinced
am
of
the
falsity of the doctrine that armed conflict is
the natural and inevitable state of
"I, for
as
one, have an
man.
abiding faith that eventually resort to armed force
instrument of National
an
policy will become
to the conscience of mankind that
Approved, May 31, 1938.
those to which I have referred."
as
At another point Mr. Hull asserted:
Court of the United States for the District of Columbia.
of Sept.
the
important problem confronting the human reace is that of
establishing throughout the world "an unshakable regime of
and consent of the Senate, three additional associate justices of the District
Sec. 6.
June 3
on
before
duction of armaments.
One district judge for the district of Massachusetts: Provided, That
vacancy occurring in the office of district judge for the district
(e)
made
was
"there never was a time in our national history when the
influence of the United States in support of international
law was more urgently needed."
He added that the most
►
be Fresno;
district judge
One
(c)
As¬
Create
Law
on
address
of Virginia;
(b)
1938
Bar
appeal for a strong united public opinion to support a
program of United States cooperation toward
"a world
State
States Court of Appeals for the District of Columbia.
'
11,
An
sixth, and seventh.
Sec. 2.
June
Secretary Hull in Address Before Tennessee
sociation,
Says
We
Should
Seek
to
war
will
so
odious and revolting
be relegated to the limbo of
things forgotten.
"I
15-Week Fur Strike
Workers
of
Settlement
in
New York.
City Affecting 15,000
are
Ended with Three-Year Pact
the
workers in New York
15-week
City
was
strike
affecting
reached
on
Just
15,000
fur
Union, an affiliate of the Committee for Industrial Organiza¬
tion, and the Associated Fur Coat and Trimming Manu¬
facturers, Inc., of a three-year pact.
The agreement it is
stated
prior
to
United States
ment of
May 26 with the
ratification by members of the International Fur Workers
certain that
am
no
legitimate differences that
may
arise among nations
incapable of settlement by peaceful means."
stating his four-point
was
duty bound to
program.
Secretary Hull
exert moral force toward
said the
peaceful settle¬
disputes.
"Within the limitations of
alliances
or
involvements,
our
traditional policies, and without entangling
we should
co-operate, sincerely and resolutely,
with like-minded nations working toward the same
goal toward which we
ourselves
are
striving," he said.
For his program he painted
"Solemn
contractual
a
dark background of world conditions.
obligations," he said,
provides for equal division of work for an eight-month
period from May 1 to Jan. 1 in each of the three years,
light heart and
increases in the minimum wages to various crafts in the in¬
"are
brushed
aside
with
a
slogans of the glorification of
of the
a
contemptuous gesture.
pledged word have sunk
to an
of the globe.
increases for workers of from $2 to $6 a week
beginning July 1;
a 35-hour week remains in
effect; the original demand of the
aggression and aggrandizement.
union is said to have called for
a
Following Settlement of Labor
Differences
The
resumption of normal operations at the plants of
on May 31 was
announced, following the
ratification by the company's board of directors on
May 27
B. F. Goodrich Co.
of the agreement reached between the
management and the
Goodrich local union of the United Rubber Workers of
America—the ratification thus
removing, said the Akron
"Beacon Journal" of May 28 the last barrier to
resumption of
work after an 8-day "labor
The agreement to
holiday."
end the strike was referred to in our issue of
May 28, page
3436.
In the "Beacon Journal"
(May 28) it was stated:
L. L. Callahan,
maimer
in
which
Goodrich local President, commenting
on
the peaceful
the
negotiations were conducted, said it proved that,
despite differences in economics, labor and capital can solve their
problems
"without undue harsh feelings, loss of life or
destruction of property."
S. B. Robertson, company President, said:
"Under
the
terms
agreed
upon, employees of the Goodrich
Company
vacations with pay at one-half of the
1937 rate.
Seniority
rules are set forth.
Guarantees against work stoppages are
provided and
clearly defined formulas are found to govern procedures."
will receive
The
Akron
Chamber of Commerce
commenting on the
labor situation, as
"satisfactory settlement" of Goodrich
evidenced in the account in the
paper quoted above said:
Goodrich,
some months ago,
threatened to
remove
5,000 jobs from the
city of Akron unless the employees voluntarily
accepted an average wage
reduction of some 12%
It also asked elimination of the 6 hour
day and
the 30 hour week, and agreement
by labor union members to efficiently
employ new labor saving devices that might be
installed,,
The significant points on the Goodrich
settlement are acceptance
by the
union of 7 H hour day and a 38 hour week before
over time is
.
started, and
even
then the question of over time before
40 hours is subject to negotiation
between management and the union.
Further, the union has fully assured
the company that it recognizes that modern
machinery must be installed
and used efficiently.
The compromise on the vacation pay matter in
part
meets the company's demand for
wage readjustments.
Informed circles in Akron believe that the
major part of the difficulty
Goodrich has been corrected, and that the
remainder is susceptible to
correction before the company is
compelled to undertake any major de¬
centralization.
at
Incidentally, the most significant thing that has happened in Akron was
so called Goodyear riot of last week.
The day following the outbreak
more than 85% of Goodyear workers were on
the job.
the
after the union called off the strike.
We know that
we
Immediately there¬
of attaining national ends through
It is being employed with brutality and
that outrage and snock every numane instinct."
As elsewhere, over quite a period, many of these
decisions
Importance of National Thrift Urged at Convention
of American Institute of
Banking—Competition of
Government Agencies with Chartered Banking In¬
stitutions Deplored
,
An appreciation of the
principles of thrift is necessary for a
Nation to become great or to sustain its greatness for an
indefinite period of time, Herbert G. Hedin of the First
National Bank of Chicago said on June 9 in an address be¬
fore
the
annual
convention
of
the
American
were
by union dictums, but that phase is speedily passing in Akron.
unsurped
Institute
of
Banking at Louisville, Ky.
Mr. Hedin said that as soon as
the principles of thrift have been abandoned in favor of
uncontrolled spending, the disintegration of a Nation
begins.
Mr. Hedin deplored the
competition of Government
agencies with chartered banking institutions and pointed
specifically to the United States Postal Savings System,
United States Savings Bonds, and Federal
Savings and Loan
Associations.
At the June 7 session of the convention, Lewis F. Gordon,
Assistant Vice President of the -Citizens and Southern Na¬
tional Bank of Atlantia,
Ga., urged increased, bank ad¬
vertising.
Other speeches on June 7 were described in the
following synopsis issued on that date by the American
Bankers Association:
Discussing "What and How Should
Bullard,
Assistant
Treasurer,
Home
a
Bank Advertise Today," Parker O.
Savings
Bank,
forth four objectives of
good bank advertising today.
"to
Boston,
These
Mass., set
are, he
said,
increase business,
to register with the public the constructive part
banks play in the community's welfare, co create good will by offering the
kind of services the
community requires, and to make the
such character that the bank's customers and
superior
to
those
of
other
advertising of
employees will feel just a shade
banks."
"The traditional types of lending by American banks have been rapidly
declining," Mr. Judd stated.
"Many corporations, formerly borrowers,
have refinanced pubiicly and
more
privately," he said, "and thereby have become
independent of commercial bank credit.
called capital loans have taken the place of
amounts among tne assets
Investments and other
"The trend in the economic situation during the last
new
so-
commercial loans in increasing
of banks.
few years has created
problems for banking in which major adjustments have had to be made,"
he added.
"One of these adjustments has been the greater interest and
participation in installment credit."
Formation of an association of investment research men to deal with the
problems of bond investments by banks was urged by G. H.
Rigler, As¬
sistant Cashier of the Harris Trust & Savings Bank, Chicago, who pointed
to the
decline of commercial loan borrowings from banks during the past
several years and the consequent rise of the importance
making definite progress in Akron, in
restoring
responsibility for manufacturing operations to the hands of
management.
are
means
30-hour week.
Resumption of Operations at Plants of B. F. Goodrich
Co. at Akron Ohio
instrument of policy and a
savagery
The outworn
war are again resounding in
many portions
Armed force, naked and unashamed, is again being used as
dustry, which formerly ranged from $34 to $56 and under
the new pact will be from $36 to $60, additional individual
an
Respect for law and observance
inconceivably low level.
Mr. Rigler stressed "the need for great
the desirability of
of bond investments.
uniformity in investment analysis,
exchanging information and improving methods, and the
necessity of studying constantly the multitude of factors influencing in¬
vestments.
I
predict that
some
association
of investment research
men
Volume
will materialize
have
to
A
natural process of
a
as
that it would be
were
Financial
146
constructive step
a
evolution," he said, "and I think
if the American Institute of Banking
part in sponsoring the formation of such a group."
a
June 9
by the
"It is the duty, as I hope it is the pleasure of every bank
redeve the stringent situations
it
which beset
asserted by Russell E. Mooney,
was
of Commerce,
us to
and banker to
the extent of his ability,"
Vice-President of the National Bank
"We have had prosperous days in the
Memphis, Tenn.
past and will have them in the future, but in the interval we cannot
the unsettled conditions which surround us," Mr. Mooney
also
duty
our
San
Francisco,
banking organization was described by E. I. Vaughan,
Calif.,
and respond to the responsibilities of their position; profitably
managed and operated by
organized to
of
an
owned by stockholders
of "a bank
consisting
as
a
well trained, loyal and adequate personnel;
completely and unexceptionally all of the banking needs
serve
informed public."
of People in Initiative of Private Enterprise
Chiefly Responsible for United States Progress of
Savings
Last
Century,
Bankers
Progress
A.
P.
Benson
Washington
Tells
United
by the
during
States
the past
century was due principally to the employment of the savings
of the
people in the initiative of private enterprise, Philip A.
Benson, Vice President of the American Bankers Association,
said
June 9 in
on
address before the annual convention of
an
the
Washington Bankers Association at Seattle, Wash.
"Our entire program," he said, "springs from private initi¬
ative; from people taking their savings and investing them,
with their time and energies, in new enterprises.
Is it
possible that we wish to surrender this, to change what has
accomplished so much, and accept in its place a planned
economy."
Other extracts from Mr. Benson's address follow, according
to
a
summary
the
a
review of the pathway over which
traveled, will convince us," he continued, "that we have been on
have
right road; that our economic system has yielded more in human hap¬
piness
than
wealth is
other
any
system
conceived
yet
by
man.
We know
produced by labor, that the tools by which men work are
that
furnished
by savings; that enterprise, initiative and further savings are necessary
if
we
are
duction,
and marketing of goods for
distribution,
sumption
last
gainfully employed in this country are engaged in the pro¬
are
or
human
are
Savings produced in this way—
be produced in no other way—are of as much importance to
this country now as at any
Mr.
Benson suggested
time in our history.
"The present prices of high grade bonds make it extremely
savings funds in bonds
so as
10 years.
difficult to invest
to obtain a fair return without loss of principal,"
"Long term bonds at present prices will show a marked depre¬
he said.
ciation when interest rates
as
well
as
up," he added.
go
"This is true of corporate
governments and municipals."
therefore, that,
Tnese loans,
should be amortized through regular re¬
he said,
of
Governors
Out-of-Town
Represent
New
York
Board of Governors who
were
elcted
May 9 to represent out-of-town firms and to serve as a
point of contact between the Exchange and the general pub¬
lic.
This action was taken to give effect to a recommenda¬
tion of the Conway Committee, which revised the constitution
of the Exchange, which recognized that "the admission to
the Governing Board of substantially increased representa¬
tion from points outside of New York will be of distinct
advantage to the Exchange in endowing its policy with the
national viewpoint."
Paul H. Davis of Paul H. Davis & Co., Chicago, is Chair¬
man of the newly formed
Committee; Richard Pigeon, of
Estabrook & Co., Boston, is Vice-Chairman and Frank J.
Coyle Jr., Secretary.
will confer with your
should be
Stock
Institute
Exchange
Annual
Holds
the 17th annual commencement exercises of the Stock Ex¬
change Institute, presented certificates to 25 graduates who
have completed the full 4-yea*" course of study, and customers
man certificates to 51
employees; of member firms for the
completion of a special 2-year course.
The graduates of this
special course are eligible to become senior customers' men
without the usual examinations of the department of member
firms.
•
Rev.
.
Robert
I.
Gannon, S. J., President of Fordham
delivered the commencement address.
The
exercises were held in conjunction with a dinner, given by
the Exchange and the Association of Stock Exchange Firms,
in honor of the graduating class.
More than 500 governors
and members of the Exchange, Governors of the Association
of Stock Exchange Firms, and Institute students of the Ex¬
change and member firms were present.
Nathan Cohn, an
employee of Mabon & Co. in their statistical department,
who had the highest scholastic rating among member firm
members of the graduating class, and Charles J. Kerr, page
boy on the bond floor of the Exchange, who recently acted as
Youth's Day Chairman of the Board, spoke briefly.
Death
of
Railroad
Forest, Noted Lawyer,
and Philanthropist
Henry de
Executive
Henry Wheeler de Forest, lawyer, railroad executive and
philanthropist, died on May 28 at his estate in Cold Spring
Harbor, Long Island, N. Y., after a long illness.
He was
82 years old.
Born in New York City, Mr. de Forest was
graduated from Yale University in 1876 and from the
He began his law practice
City with the firm of de Forest & Weeks and
continued this association until 1893 when he joined with
his brother in founding the firm of de Forest Brothers.
In
recent years Mr. de Forest devoted most of his time to work
outside the legal profession, and was active in railroad, bank¬
ing and business affairs.
The following is from the New
York "Herald Tribune" of May 29.
in New York
Mr.
Forest
de
associated
became
with
the
Southern
Pacific
Co.
as
Director and member of the Executive Committee at the time the Union
Pacific Railroad Co. purchased an interest in it.
took entire charge of
Kruttschnitt
as
a
In 1925 he succeeded the late Julius
its fiscal affairs.
Chairman of the Executive Committee and executive head
as
1928, he resigned from this position to become
In December,
Chairman of the
continued
When the properties were
1913 he became Vice-President of the Southern Pacific and
separated in
In
Board.
1932 he relinquished the chairmanship but
director and member of the Executive Committee.
the time
The other members of the group are:
Cavalier
&
Co.,
San Francisco;
Ralph
S.
recapitalization of the company and continued
until its absorption by the railroad companies.
in close association with it
of the Harriman and Fish contest for the control of the
Illinois Central Railroad Co., Mr. de Forest was selected as a director
both parties
he
was
to determine the
with Elihu Root
well
as
the Metropolitan
Mr. de Forest
was
the negotiations
Life Insurance Co.
largely responsible for the organization of the Pacific
Oil Co., of which he had
in
Equit¬
the joint stock control by Harriman and
He also took a leading part in the mutualization of the Equitable,
Ryao.
as
He acted
trustee of the majority of the capital stock of the
as
able Life Assurance Society during
by
For many years
policies of the company.
of the executive committee of the railroad.
member
a
,
William
you
hope,
William McC. Martin Jr., Chairman of the Board of
Governors of the New York Stock Exchange on June 2 at
At
on
Cavalier,
We
viewpoints.
Commencement Exercises
Firms
York Stock Exchange announced on June 6
the formation of an out-of-town committee consisting of the
William
to
It
committees.
could have before us the
During the Harriman control of the Wells Fargo Express Co., Mr. de
Exchange Out-of-Town
The New
new
out-of-town
the receipt of this letter,
upon
Forest developed the plan for
six members of the
we
studied at the Exchange with a view to beneficial or remedial action.
—
Formation of New York Stock
to
approrpriate
local associates with
respect to those matters which you believe
payment in installments.
Committee
or
work if
our
representing
suggestions
of the line.
Mortgage loans Mr. Benson described "as undoubtedly our best earning
assets."
considered
that savings bankers confine the investment of
their funds in bonds to bonds witn maturities of not more than
bonds
and con¬
Salaries, wages and
Savings is a part that is
derived solely from these activities.
put aside to be used in further production.
and they can
use
Those who are so employed can, in the
in some useful service.
analysis, share only in what has been produced.
profits
Board
greatly facilitate
Columbia Law School in 1877.
continue to progress.
to
All who
the
course,
prepared by the American Bankers Association.
"Thoughtful consideration of the facts,
we
before
would, of
University,
Convention
made
From time to time, as we receive suggestions, we shall seek a consensus
place
experience of
Vice-President, Bank of American National Trust and Savings Association,
who recognize
effectively,
submit their views,
"It is
warned.
the past, avoid the dangers of the future."
A well balanced
be well informed and it is requested that firms
ignore
guardians in a large degree of the credit of the country to
as
observe carefully the signs of the times and, profiting by the
The out-of-town group, to respresent out-of-town firms most
must
suggestions, comments and criticism with utmost candor and freedom. ^
American Bankers Association on
summarized proceedings on that date as follows:
statement
3749
Chronicle
been Chairman of the Board.
In 1925 he helped
which resulted in the consolidation of the Pacific Oil
Co. and the Standard Oil Co. of California.
For many years Mr. de
Forest was a Director and member of the Execu¬
Commerce and acted as a committee of one
tive Committee of the Bank of
in the
Co.
negotiations which led to its consolidation with the Guaranty Trust
member of the Executive Committee
He continued as a Director and
of the consolidated company.
trustees of the Bank for
He
was
the senior member of the board of
Savings and for years was Chairman of its Executive
Committee.
Mr.
de Forest also served
as
a
director of
a
number of
companies.
Richards, Kay, Richards & Co., Pittsburgh; C. Newbold Taylor, W. H.
Newbold's Son & Co., Philadelphia, and William R.
Trigg, Davenport &
National Conference of Investors to Form State
in
Co., Richmond.
The
committee
on
a letter to out-of-town
announcing the formation of
6 sent
June
Due
to
Effort
the
to
acute
Remedy
Railroad
Units
Situation
railroad crisis existing in the United
this group
States, the National Conference of Investors is forming State
units.
In a statement issued by the Conference, June 4,
The
the problems facing the railroads, concerning rates of pay,
working conditions and other matters, were outlined.
Re¬
garding the formation of the new units, the statement said:
members and their associates
" for the purpose of keeping constantly before the
Exchange and the appropriate committees matters of special
interest as they impress out-of-town firms and offices."
letter
went
The Committee
out-of-town
group
on
as
on
to
say:
Public Relations has requested the cooperation of the
a
point of contact between the public and the Ex¬
change, especially in bringing to bear upon the
Exchange management the
point of view of the country at large.
The Committees on Admissions,
also indicated that they will call on
Arbitration and Member Firms have
the members of our group from
ance
time to time for information and for assist¬
in connection with out-of-town
with reference to the arbitration
to the
supervision of out-of-town
hearted
membership and partnership questions,
of out-of-town claims and with reference
offices.
We have pledged our
cooperation to all of the committees.
whole¬
The decision of Congressional leaders to bow to the mandate
labor and grant no legislative
prompted only by political considerations.
road labor is well organized,
ized.
their
The answer is simple.
Rail¬
but railroad security holders are poorly organ¬
If the organization of the
own
of railroad
relief in the face of these conditions can be
latter can be strengthened and if, through
organizations, security holders will assert themselves
and demand
be im¬
recognition from their Congressional delegations, the situation can
proved.
To that end,
units
State units of this Association are being
will fix their
own
formed.
policies and raise and expend their own
These
funds.
Financial
3750
Samuel O. Dunn, Publisher of "Railway Age", will head the Illinois unit,
States are in the process of organization.
Present members of
p*
and other
this Association will be
men
be members of the National As¬
Conference of Investors) whose functions in the future
to assisting in the formation
will be confined
clearing house of information for
of State units, acting as
a
them and representing them in Washington,
limited to appearing before
Such representation is by no means
D. C.
Matters connected with
Committees.
Congressional
regulation
wages,
matters of legislation.
and rates are as important as
B. Brossard
President Roosevelt Renames E.
Member
as
of United States Tariff Commission
Senate the nomi¬
B. Brossard, of Utah, to serve another term
member of the United States Tariff Commission.
Wentworth P. Mackenzie, partner of Shearson,
Burdick Jr., floor broker;
Smith, partner of E. A. Pierce & Co.; and
Hammill & Co.; Winthrop H.
At the first
Thorson & Stewart.
meeting of the
Board of Governors of the
new
Chicago Stock Exchange on June 7, John J. Bryant Jr.,
Michael J. O'Brien, Paul B. Skinner and Wallace C. Winter
were named as a committee
to consider applicants for the
paid presidency of the Exchange and to report their findings
Other committees named
Board of Governors.
to the
President Roosevelt on June 9 sent to the
as a
follows:
Winthrop, Mitchell & Co., Chairman; John R.
John C. Stewart, partner of
as
nation of Edgar
Ralph Chapman, partner of Farwell,
Members of the Nominating Committee to serve one year are as
Leeds Mitchell, partner of
opportunity of cooperating with them.
of State units likewise will
Members
the Board of Governors.
Chapman & Co., was elected to serve two years.
advised of the names of their respective 8tate Chair¬
and will be given an
sociation (National
three years on
Weil, partner of
Hugh H. Wilson, floor broker, were elected to serve
A. R. Frank & Co.; and
do so.
with the present emergency if they have the will to
Benson, retiring Chairman; Herbert M.
Thaddeus R.
representatives in Congress and can
They will be in close touch with their
cope
June 11, 1938
Chronicle
were
follows:
Executive—Morton
D.
Harry M. Payne; Charles
H.
Finance—Laurance
Robert J.
Cahn;
Fischer;
Warren
A.
Lamson;
B.
Skinner;
C. Renshaw.
M.
Armour;
Ralph
Cleary;
Paul
Virgil C. Webster; Wallace C. Winter.
Committee Named Under Dies
Un-American
of
Extent
Resolution to Investigate
Propaganda Activities in
United States
T.
Judiciary—William
Floor Procedure—M.
James
Bacon;
A.
Cathcart;
Alger
T.
Perrill;
Wood.
Clifford Rodman; R. A.
Ralph Cleary; Ralph W. Davis;
Sampson Rogers
Jr.; Alfred E. Turner; Virgil C. Webster; Herbert M. Weil; R. A. Wood.
Under the Dies resolution, which was
New Business and Public Relations—Thaddeus R.
passed by the House
May 26, and which authorized the Speaker of the House
to appoint a special committee of seven to investigate "the
extent, character and objects of un-American propaganda
activities in the United States," Speaker' Bankhead an¬
nounced on June 7 the personnel of the committee.
Those
named to the committee are Representative Martin Dies,
Texas, Chairman; Arthur D. Healey, Massachusetts; John
J. Dempsey, New Mexico, and Joe Starnes, Alabama,
Democrats; J. Parnell Thomas, New Jersey; Harold G.
Mosier, Ohio, and Noah M. Mason, Illinois, Republicans.
In a dispatch June 7 from Washington to the New York
"Herald Tribune" it was noted that coincident with the
man;
Benson; Ralph Chap¬
Frank McDonald; Richard W. Phillips; Hugh H, Wilson.
on
Committee
House
$25,000 to finance the
Accounts approved
on
the
committee
the investigating
of
appointment
investigation.
Biddle Appointed Counsel for Joint Congres¬
Committee Investigating Tennessee Valley
Francis
sional
Authority
Congressional Committee investigating the
Valley Authority on June 8 made known the ap¬
Joint
The
Tennessee
pointment of Francis Biddle as its counsel.
Mr. Biddle,
a Philadelphia attorney and was formerly Chairman of the
National Labor Relations Board.
He is expected to begin
his duties within a short time.
A previous reference to the
committee was made in our May 14 issue, page 3120.
New York Curb
sider
Exchange Appoints Committee to Con¬
Permitting Non-Member Brokers and Dealers
C.
Fred
membership on the Board
until the next regular election, to fill
the vacancy caused by the election of Arthur M. Betts to
the Chairmanship.
The Chairman of the Board, Arthur M.
Betts, was appointed President pro tem. All present officers
were reappointed
pending the selection of the President.
Scott, MacLeish & Falk were reappointed counsel for the
ensuing year.
At a meeting of the Executive Committee
President of the New York
Moffatt,
announced
Ex¬
Curb
June 7 the appointment of
on
the
on
dealers
and
a
field.
Exchange.
In
a
advisability of permitting non-member
participate in commission business
Mr. Moffatt explained that the study
the Associate Membership
suggestions
letter to members of the Exchange,
Monday, Tues¬
invited and meetings will be held each
were
day and Wednesday until further notice.
E. McGowan,
The following is the letter signed by Charles
First Assistant Secretary of the New
A
committee
Curb
has been
Exchange
special
York
member
to
and
brokers
Exchange;
such
study
a
to
advisability
the
of
commission
in
participate
include
may
by the President of the New
appointed
consider
dealers
York Curb Exchange:
of
broadening
the
permitting nonbusiness on the
Associate
the
Membership field.
The
consists
committee
Fred
of:
C.
Chairman,
Moffatt,
Moffatt
&
Spear; J. Chester Cuppia, Vice-Chairman, E. A. Pierce & Co.; Theo. V. D.
Cohen & Co.; Chas.
Berdell, of Berdell Bros.; Jacques S. Cohen, of Baar,
M.
Finn, of
Co.;
Edwin
Post & Flagg;
of
Posner,
Frederick W.
Andrews,
Ludwig,
Posner
Stevenson &
of Bacon,
Rothschild,
&
and
Arthur
N.
New York Stock
committee
wishes
fore, extends to members
it
to
either
by
learn the views
to
of
the membership and,
partners of members
or
personal
appearance
in
or
an
writing
there¬
invitation to present
their
views
sug¬
or
gestions.
Appointments
for
personal
appearances
before
the
committee may
arranged by communicating with the Secretary of the committee,
be
Frank J.
Cavanaugh, at 86 Trinity Place, New York.
Meetings
of
the
committee
Wednesday at 3 :15 o'clock
Coleman
At
M.
p.
Elected
Betts
Chicago
President
will
m.,
be
held
each
Monday,
Tuesday
and
until further notice.
ernors, was
M.
Chairman of
Board
of
Governors
Pro
Stock
Exchange—Also
Tem—Committee
Named
Appointed
to
Study
also elected
a
Betts, partner of Alfred
L.
Baker & Co.,
the Exchange as follows:
H.
President
Director.
New York State Chamber
of Commerce
The
Chamber of
Commerce
of
Armour,
President of American National Bank &
State
New York
of
meeting on .jure 2 elected 30 new
which included business executives
from Chicago, Washington, Atlanta ^Boston and Wilmington,
Del., was one of the most representative and widely diversi¬
fied taken into the Nation's oldest chamber in many years,
according to Charles T. Gwynne, Executive Vice-President.
Among the new members were officials of leading organiza¬
tions in the chemical, mining, construction, public utility,
engineering, transportation, petroleum, insurance, banking,
investment and manufacturing fields.
Those elected at the June 2 meeting, which was the last
regular monthly one until Oct. 6, were:
Charles F. £yer,
President, Magma Copper Co.
Thomas B. Davis, Chairman of Board, Island Creek Coal
Andrew J. Eken,
Robert
V.
National
Fleming,
Bank,
Co.
President, Starrett Bros. & Eken.
President
Washington,
D.
and
Chairman
of
Board,
F. F. Staniford, President, Mack
Calvin
Bullock,
Sound Co.
Chicago, 111.
International Motor Truck Corp.
President, Carriers & General Corp.
Arthur W. Butler, of Butler,
Edmund
Riggs
Light Corp.
Edward G. Seubert, President, Standard Oil Co. of Indiana,
James W.
The
C.
Evander B. Schley, Chairman of Board, Howe
Herrick & Marshall.
Carkner, President, Loft, Inc.
C.
Collins,
Secretary and
Treasurer, New York City Omni¬
bus Co.
Allan Dean Converse, of A.
C. Allyn & Co., Inc.
Fitzgerald, of Fitzgerald & Co.
Wallace Groves,
C.
Socony-Vacuum Oil Co.
Chairman of Board, Phoenix Securities
Corp.
Atlanta, Ga.
Hill, President, Retail Credit Co.,
William J. Hoe,
J. A. W. Iglehart, of W. E. Hutton
J.Wilbur Lewis, Vice-President
& Co.
Kaufmann Securities Corp.
and Treasurer,Union Dime
Savings Bank.
Co., Wilmington, Del.
Edmond E. Lincoln, Economist, DuPont
Morris Plan Industrial Bank.
Parsons, Klapp, Brinckerhoff &
Wallace D. McLean, Chairman of Board,
Eugene
L.
Macdonald,
Engineer,
Douglas.
M.
Trust
the
its regular monthly
members.
The group,
at
Henry Kaufmann, Vice-President,
Chicago, was elected Chairman of the Board of Governors of
The Chicago Stock Exchange at the Exchange's annual
election held on June 6.
Others elected were announced by
Laurance
as
30 Elected to Membership in
Vincent
Applicants for Paid President
Arthur
J.
meeting of the New York Stock Exchange Safe
Deposit Co., on June 9, John A. Coleman was elected Presi¬
dent; H. Allen Wardle, Vice-President; William K. Beckers,
Treasurer, and Winton G. Rossiter, Assistant Treasurer.
William McC. Martin Jr., Chairman of the Board of Gov¬
W.
of
Robert
a
Bethune M. Grant, Executive,
A.
Chairman and
Exchange Safe Deposit Co. Elects J. A.
Joe H. Gill, President, Electric Power &
Selby, of Sutro & Co.
The
chosen
the Board.
com¬
to
include the broadening of
may
was
Illinois; Sheldon Clark, Vice-President, Consolidated Gil
Corp.; Lawrence A. Downs, President, Illinois Central
System; and Robert C. Schaffner, Chairman of the Board of
A. G. Becker & Co., have accepted appointment as Advisors
to the Board of Governors of the Chicago Stock Exchange,
as provided for in the new Constitution of the Exchange, it
was announced on June 7 by Mr. Betts, new Chairman of
mittee to consider the
brokers
Lamson
A.
Warren
Fischer, Vice-Chairman.
Britton I. Budd, President, Public Service Co. of Northern
Commission Business
to Share in
change,
R. Arthur Wood was elected to
of Governors, to serve
Karagheusian, President, A. & M. Karagheusian.
Edward Allen Pierce, of E. A. Pierce &
Co.
Co.; WiUiam T. Bacon, partner of Bacon, Whipple & Co.;
John J.
Jr., partner of Jas. H. Oliphant &
Emory H. Westlake, Vice-President, Tennessee Corp.
John J. Bryant
Co.; Richard W. Phillips and Alfred E.
Turner, floor brokers, were reelected members of the Board of Governors
to serve three years.
Warren A. Lamson, partner of Lamson Bros. & Co..
was
reelected to serve one year.
Wade
Powers, Vice-President, Charles Pfizer &
Co.
Fetzer, President, W. A. Alexander & Co.
Charles E. Hodges, Jr., President,
Co., Boston, Mass.
American Mutual Liability Insurance
Volume
John
146
G.
Financial
Winant
Elected
Director
Labor Organization at
John G. Winant
Geneva, Switzerland
elected Director of the International
was
Labor Organization at
International
of
meeting of the Governing Body at
Geneva, Switzerland, on June 5.
Mr. Winant, who is a
former Governor of New Hampshire and former Chairman
of the Social Security Board, will succeed Harold B. Butler
of Great Britain.
From Geneva, United Ppess, advices of
June 5 the
a
following is taken:„
;;
Mr. Winant has been Assistant Director since the United States
the I. L. O. in
1934, although he
American Social
as
sition,
was
Security head.
absent part of the time while
a
country which is not
Winant expressed belief that the I.
tions of labor
for peace by
organization will be directed by a
member of the
a
L.
Mr.
O., which seeks to improve condi¬
by international agreement,
helping to
can
Richberg, former
Chief of the NRA, will discuss the
governmental cooperation
with business.
The
"Industrial Marketing Conference" is under the
sponsorship of the Detroit Chapter of the National
Industrial Advertisers Association in
conjunction with the
Advertising Federation of America, which will hold its an¬
direct
nual convention in Detroit the week of June
14.
ITEMS
League of Nations.
become
potent
a
3751
American Federation of Labor has been
appointed by Wil¬
liam Green, A. F. of L.
President, to present labor's view¬
point at the conference, while Donald
serving
His election, which was without oppo¬
means that for the first time the
citizen of
joined
Chronicle
influence
remove social unrest.
ABOUT
Arrangements
BANKS,
TRUST
COMPANIES,
&c.
Were made late June 3 for the transfer of
New York Stock
Exchange membership at $58,000.
previous transaction was at $61,000, on
May 3.
a
The
»
Thomas J. Watson Decorated by
Republic of Finland—
Made Grand Officer of Order of White Rose of
Finland
The Republic of Finland-on June 2 conferred upon Thomas
J. Watson, President of the International Chamber of Com¬
the decoration of Grand Officer of the Order of the
White Rose of Finland.
The decoration was conferred by
Foreign Minister Holsti in behalf of President Kyosti Kallio.
merce,
Mr. Watson is President of International Business Machines
Corp. and
a
Trustee of the Carnegie Endowment for Inter¬
national peace.
Arrangements were completed June 2 for the sale of a
membership in The Chicago Stock Exchange at $1,600,
down $200 from the last
previous sale.
Joseph A. Broderick, President of the East River Savings
Bank, New York, announces the election of F'rank A. Home
a
Vice-President.
The new Vice-President has been a
member of the Board of Trustees since 1917 and
succeeds
the late Frederick G. Fischer. Mr.
Home is President of the
as
Merchants Refrigerating Co. and
a
director of the Cruik-
shank Co. and the American Institute of
Refrigeration.
«
At
Mid-Continent
Trust
Held in
A
Mid-Continent
Conference
of
A.
B.
A.
to
Be
Chicago, Sept. 29-30
formerly
Trust
Conference, embracing 15 States
area, will be held in Chicago on Sept. 29 and 30
under the auspices of the Trust Division, American Bankers
Association, it Is announced by Robertson Griswold, Presi¬
in
a meeting of the Board of
Directors, held on June 7,
Pagnamenta was elected a Vice-President of Bankers
Trust Co. of New York.
He was
G.
dent of the Division.
Maryland Trust Co.,
Mr. Griswold is Vice-President of the
Baltimore, Md.
held in the Stevens Hotel.
of the A. B.
A.
Mid-Continent
be held in
to
meeting
The sessions will be
This is the first trust conference
this
held
was
area
since
1932, when
in Milwaukee,
a
President
Griswold stated.
The Corporate Fiduciaries Association of
Chicago
as
will
act
host
to
this
gathering of trust men.
Local plans are being perfected by a committee under the
chairmanship of R. M. Kimball, Secretary of the Continental
manager
of the
London office of the Bankers Trust Co.
that
4
At
a
meeting
of the
Board
of Trustees of the Franklin
June 6, James R. Trowbridge
tendered his resignation as President
because of his desire
to retire from active business life.
The resignation takes
Savings Bank, New York,
effect
with
of
as
the
Aug.
1.
Mr.
institution
Comptroller and
for
on
Trowbridge has been
20
Trustee
associated
assuming his duties as
June, 1918, becoming a Vice-
years,
in
President in 1922 and President in 1927.
During that time
Savings Bank has grown in size from deposits
$25,800,000 to $81,000,000 at the present time.
At the
same meeting
Henry J. Cochran was nominated as Presi¬
the Franklin
of
Illinois National Bank & Trust Co., who is President of the
dent of
Chicago group.
bridge, although under the by-laws the actual election will
not take place
until the next meeting of the Board of
New York State
League of Savings and Loan Associa¬
tions to Hold 51st Annual Convention
at
Saranac
on June 15, 16 and
Over 600 delegates from 216 mem¬
ber associations located in all parts of the State will be
present, it was announced on June 4 by Zebulon V. Woodard,
Inn, N. Y.
Executive Vice-President of the New York State League.
Speakers of prominence in the financial, real estate, mortgagelending, appraisal, and advertising fields- will address the
delegates. These include:
Morris S. Tremaine, Comptroller of the State of New York; William
R®
White, Superintendent of the Banking Department, State of New York;
Preston Delano of Washington, D. C., Governor, Federal Home Loan Bank
System;
Roy H. Bassett of Canton,
League and
a
N. Y., past President of the State
Director of the U. S. Building and Loan League, and L. W.
Horning, Regional Director, Association of American Railroads all of whom
will speak
Federal
Thursday morning, June 16; George L. Bliss, President of the
B. Alston, Director of the Durable Woods Institute, who will speak Thurs¬
day afternoon, June 16; E. R. Dunning, Vice-President of N. W. Ayer &
Inc.,
who speaks Friday morning, June 17,
on
"The Value of Ad¬
It is contemplated that he will
as
of
Aug. 1.
annual
banquet
be held Thursday evening
(June 16), at which the guest speaker will be Dr. James S.
Thomas, President of Thomas S. Clarkson Memorial Col¬
lege of Technology, Potsdam, and Director of the Chrysler
Institute of Detroit.
will
John M. Bush of
Poughkeepsie, Presi¬
dent, will preside at all sessions and will be the first speaker
on the convention program, June 15.
Zebulon V. Woodard,
Executive Vice-President, will follow with his report of the
League's activities and current savings and loan conditions
in the State.
John S. Fitzpatrick of Flushing is the VicePresident.
assume
Mr.
Trow¬
his duties
Mr. Cochran has been connected
Bankers Trust Co., New York, for over 20
years, and
years previously was a
Vice-President of Astor
five
Trust
Co., which was merged with Bankers Trust Co. in
1917, at which time he became Vice-President of the latter
institution.
ers
of
From 1929-31 he served
as
President of Bank¬
Trust
Co.; from 1931-37 as Vice-Chairman of the Board
Directors, and for the past year as Vice-Chairman of
its
Trust
Investment Committee.
Chairman of this committee
Directors
at
a
was
His resignation
as
Vice-
accepted by the Board of
meeting of the Board
held
on
June 7,
but
lie
will continue to serve on this committee as well
as on
the Board of Directors and Executive Committee of
Bankers
Trust Co.
The Franklin Savings Bank has been located
the
same corner at 42nd Street and
Eighth Avenue, NewCity, since it was opened oh Dec. 12, 1860, and now
has more than 85,000 depositors and total assets in excess
of $96,000,000.
on
York
4
The
Harlem
Savings
Bank, one of the largest mutual
institutions in New York City, celebrated its 75th anniver¬
sary on J une 8.
The charter authorizing the establishment
of
vertising."
The
Savings Bank to succeed
Home
Loan Bank of New York; Francis J. Ludeman, Deputy
Superintendent of the Banking Department, State of New York; and Hal
Son,
Franklin
President
for
League of Savings and Loan Associa¬
tions, will hold its 51st annual convention
17 at Saranac
Trustees.
as
with
Inn, N. Y., June 15-17
The New York State
the
the
savings bank
was
granted
by
special enactment of
State Legislature on April 17,
the
opened for business
between
which
125th
now
on
1863, and the new bank
June 8, 1863, at 1948 Third Avenue,
and
has
126th
over
$108,000,000 in
Streets.
Harlem
resources
Savings Bank,
and
more
than
100,000 depositors, moved its main office to its present loca¬
tion, in its own building at 125th Street and Lexington
Avenue, in 1908 and acquired two Washington Heights
branches in 1933.
and
has had
M.
The branches
are
located at 157th Street
Broadway, and 180th Street and Broadway.
seven
Presidents since its founding:
The bank
Colonel Jacob
Long from 1863 to 1864; Thomas B. Tappen, 1864-1890;
H. Colwell, 1890-1891;
Charles B. Tooker, 1891-
William
National
Industrial
Conference in
ordinate
Advertisers'
Detroit
on
Association
to
Hold
June 14 in Effort to Co¬
Viewpoints of Government, Business and
Labor
1904; Thomas Craw-ford, 1904-1907, and William E. Trotter,
1907-1930.
The present incumbent, Arthur B. Westervelt,
office on Jan. 13, 1930.
President Westervelt gave a
dinner on June 8 for the bank's trustees to celebrate the
took
75th
anniversary.
His
fellow
trustees
are:
YVarren
A.
effort to crystallize and coordinate the varying view¬
points of government, business and labor, a conference has
been arranged for Detroit, June 14 by the National Industrial
Connolly, Charles S. Fettretch, Robert
C. Hartj, George B. Somerville, Alfred M. Rogers, William
R. Hawkins, Glover Beardsley, George Crawford, Henry L.
Advertisers' Association, representing the country's
leading
manufacturers and the Associated Business Papers, com¬
Weimer
In
an
posed of the nation's major business periodicals. Under the
Chairmanship of J. H. Van Deventer, Editor of "Iron Age,"
the conference has invitqd leading exponents of Federal,
labor, and industrial viewpoints to address the gathering.
Louis G. Hines, National Director of Organization for the
Leonard, Ernest V.
and
Slaughter W.
Huff.
4
The 25th
anniversary of the Morris Plan in Philadelphia,
Pa., now conducted as the Morris Plan Bank in Philadelphia,
was celebrated on the night of June 9 with a banquet at the
Penn. A. C., it is learned from the Philadelphia "Inquirer"
of June 10, which in part said:
Financial
3752
ff Arthur J. Morris, national founder of Morris Plan^and head of Morris
Corp, of America, comprising 106 banks locally operated in various
Plan
cities,
was
Ealph W. Pitman is president of Morris
the principal speaker.
Plan Bank of Philadelphia.'
4
Howard Irish, President of the Commonwealth Trust Co.
of
Pittsburgh, Pa., died at his home in that city on June 5.
Irish, who was 66 years old, was born in Nebraska City,
Neb.
Following his graduation from Wooster College in
1889, he began his banking career as Assistant Treasurer and
a Director of the Traverse City State Bank, Traverse City,
Mich., but three years later (1902) became associated with
the late John W. Herron and A. J. Kelly Jr., in the Common¬
wealth Real Estate Co. of Pittsburgh, of which company
Mr.
President at the time of his death.
In 1927 he
Vice-President and a Director of the Common¬
wealth Trust Co. and in June, 1931, was named President.
he also
was
elected
was
Co.
officers
vanced
reelected
were
office
the
to
T.
T.
and
Wolfenden
Assistant
of
Jr.
ad¬
was
Officer.
Trust
Norris¬
advices, printed in "Money and Commerce" of June 4,
Norris
town
in
Pa., held recently, all the former
of Norristown,
noting this, named the chief officers as follows:
Wright, President; Henry I' Fox, Vice-President and
J. Frank Boyer, Vice-President ; G. Fred Berger,
D.
Solicitor ;
B.
Brunner,
Barrett,
Secretary;
Charles
H.
Raymond S. Kriebel,; Trhst
Brooke
Title
Officer,
Treasurer;
and
Officer.
the
of
Other officers named at the meeting
Rudolph, Roy G. Bostwick and William E.
Howard Jr., Vice-Presidents; John H. McLaughlin, Cashier,
and Charles W.
Spear, Assistant Cashier.
"Money and
Commerce" of June 4, authority for this, added, in part;
Mr.
S.
Marvel.
D.
Marshall,
resident of Wilkinsburg,
life-long
a
was
graduated
from
Jefferson College in 1911 and from the University of
Pittsburgh Law School in 1914.
In 1915 he joined the Philadelphia Co.
and in 1926 became its director of personnel.
Three years later, in 1929,
Washington
he
and
joined Westinghouse as Assistant to Vice-President in charge of indus¬
elected a Vice-President of the company in 1934.
trial relations, and the
At
a
meeting of the directors of the Farmers &
recent
Miners Trust Co. of Punxsutawney, Pa., Leon H. Hoffman,
Secretary and Treasurer of Hoffman Brothers Drilling Co.,
elected President of the institution to succeed the late
was
J. R. Davis,
it is learned from
a
dispatch from that place
Mr. Hoff¬
appearing in "Money and Commerce" of June 4.
has been a director of the bank and active in its man¬
man
agement for many years, the dispatch said.
.
June
—♦—
.
1 the
Spitzer-Rorick Trust & Savings Bank of
Toledo, Ohio, made available $600,000 as payment in full,
with interest
2%
at
to
date,
holders of certificates of
to
participation issued Nov. 1, 1933, when the bank resumed
operations after the banking holiday in March of that year.
We also quote, in part, from the Toledo "Blade" of June 1:
The
official
situation
a
5%
that
statement
restricted
basis until Nov.
and
tion
now
the
committee
reviews
The bank
basis.
1,
continued
to
the
was
history
of
the
forced to go upon
operate
on
a
restricted
1933, when it resumed normal operations under a plan
agreement with most of its largest depositors.
Under
were
were
of
began March 1, 1933, when the bank
this
plan
1,800
depositors
whose
accounts
were
$25
or
less
given the right to withdraw their deposits and remaining depositors
given the right to withdraw 52%% of their deposits, taking participa¬
certificates
are
the
for
47%%.
remaining
being paid with interest.
.
.
It is these certificates that
.
_«
.
The election of David L. Johnson, a member of
the law
Johnson, as a Director of the new
Union Bank of Commerce of Cleveland, Ohio, was announced
recently by Oscar L. Cox, President of the institution, it is
learned from Cleveland advices printed in "Money & Com¬
merce" of June 4, which added:
firm of M. B. and H. H.
He is
one
of the 80 Clevelanders
organization plan and is
Properties, Inc.
a
who sponsored the Union
Trust
re¬
member of the noteholders' committee of Union
Mr. Johnson is
a
director of several corporations, including
the White Motor Co.
Wm. H. Schroeder Jr., a Vice-President of the Citizens
National Trust & Savings Bank of Los Angeles, Calif., and
Manager of the foreign trade department of that institution,
was awarded a bronze
plaque by the Los Angeles Chamber
of Commerce at the conclusion of the recent Foreign Trade
Week observation, in recognition of "outstanding service to
the cause of foreign trade in Los Angeles area during the
year 1937."
THE
CURB EXCHANGE
Trading on the New York Curb Exchange has been ex¬
tremely quiet and price movements unsettled during most
of the present week.
There was some activity among the
public utilities and the mining and metal stocks, but the
gains were not maintained and some of the early advances
were canceled.
Oil shares have been fairly steady but there
was little movement either way.
The volume of transfers
had been at an extremely low point particularly on Wednes¬
day when the turnover was at its lowest level in more than
,
five years.
Curb market stocks
hour session
on
were generally higher during the twoSaturday, and while there was a substantial
recorded
were
Monday
on
upward climb and
a
the Curb
as
number of the
trading favorites among the industrials and public utilities
registered modest gains. Trading was light but the turnover
was somewhat higher than on Friday when the sales were
down to approximately 69,000 shares.
Fractional advances
were made
by the oil stocks and the sugar shares were
stronger. Among the issues closing on the side of the ad¬
vance were Mead Johnson,
5 points to 103; New Jersey
Zinc., 2 points to 50; Newmont Mining, 2 points to 51;
Todd Shipyards, 2 points to 55; Godchaux Sugar, 6 points
to 95; Pittsburgh Plate Glass, 1% points to 66, and Northern
Indiana Public Service, 6% pref., 3A points to 62%.
tion
on Tuesday, and while the gains were not especially
noteworthy, the advance was fairly well sustained. Some of
the oil stocks registered small advances and a few selected
shares among the public utilities were higher. In the final
hour the price movements were generally irregular though
the market, as a whole, closed on the upside. The volume of
trading dropped to 73,000 shares," against 75,000 on Monday.
The gains included among others Pepperell Manufacturing
Co., 1 point to 58; Aluminum Co. of America, 2 points to 75;
Humble Oil, 134 points to 60%; Montgomery Ward A, 2%
points to 141; Sherwin-Williams, 1 point to 80, and Ohio
Public Service pref. A, 2% points to 96.
Narrow changes and
irregular price fluctuations charac¬
terized the trading on the New York
Curb Exchange
on
Wednesday. Price movements were moderately strong during
the opening hour but interest fell off as the day advanced
and the volume of transfers dropped to 67,805 shares, the
lowest level in five years.
Industrial specialties attracted
some attention during the forenoon and there was a light
demand for oil stocks, but many of the market leaders were
the side of the decline
on
as
the session closed.
The losses
included among others Aluminum Co. of America, 3 points
to
'
On
1938
11
Industrial specialties attracted considerable buying atten¬
Wilkinsburg Bank, Wilkinsburg, Pa., to succeed the
E.
were:
Further advances
market continued its
V:>;
William G. Marshall, Vice-President of the Westinghouse
Electric & Manufacturing Co., has been elected President
late C.
June
demand for a wide range of shares, the public ntilityjand
mining and metal issues led the advance, as the volume of
transfers climbed to 84,000 shares, against 37,000 on the
preceding Saturday.
Industrial specialties also registered
modest gains but oil stocks were comparatively quiet.
Aluminum Co. of America moved ahead 2 points to 73 and
there were a number of fractional gains recorded among
other members of the group including Consolidated Copper,
Hollinger Gold Mining and Aluminium Ltd. Public utilities
were represented on the side of the advance by American
Gas & Electric, 1% points to 28; Northern Indiana Public
Service (7) pref. gained 1% points to 70; Pepperell Manu¬
facturing Co. improved 1 point to 56; Sherwin-Williams, 1%
points to 78%, and Pittsburgh Plate Glass 1% points to 64%.
a
At the annual election of officers of the Norristown-Penn
Trust
Chronicle
72; Pepperell Manufacturing Co., 1 % points to56%, and
Safety Car Heating & Lighting, 1 point to'69.
Renewed activity on the side of the advance was apparent
during the early trading on Thursday but the pace soon
slackened and except for a few selected issues most of the
active stocks showed little change.
Transfers were in larger
volume, the day's sales climbing to 96,205 shares against
67,805 during the preceding session.
Industrial specialties
and mining and metal stocks were moderately higher, but
the public utility issues and oil shares registered little net
change. Aluminum Co. of America advanced 3% points to
75%; Babcock & Wilcox 1% points to 20%; Montgomery
Ward A (7) 2% points to 143%; Newmont Mining 2 % points
to 53%; Pittsburgh Plate Glass 2% points to 69; Singer
Manufacturing Co. 3 points to 238 and Alabama Power $6
pref. (6) 3% points to 61%.
Prices
fairly firm during the early trading on Friday,
were occasional gains of 1 or 2 points among
the less active stocks, the market developed considerable
irregularity as the day advanced.
There was a moderate
upward tendency during most of the session, but the changes
at the close were largely in minor fractions.
The volume of
sales was slightly under Thursday's total. As compared with
Friday of last week, prices were moderately higher, Alum¬
inum Co. of America closing last night at 75 against 71 on
Friday a week ago; American Gas & Electric at 28 against
26%; Gulf Oil Corp. at 37% against 35%; Humble Oil (new)
at 60% against 58%; Sherwin Williams Co. at 78 against 77
and Standard Oil of Kentucky at 16% against 16%.
were
and while there
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
Bonds (Par Value)
Stocks
(Number
Foreign
Week Ended
June 10,1938
Shores)
Foreign
Government
Corporate
of
Saturday
Monday
Tuesday.
Wednesday
Thursday
...
Friday
Total..
...
Sales at
New
..
8571,000
$12,000
858,000
835,000
1,007,000
1,093,000
3,000
20,000
15,000
16,000
13,000
85,485,000
879,000
83.660
74,835
72,650
68,080
96,185
91,665
487,075
1,121,000
Week Ended June 10
Total
$11,000
15,000
20,000
26,000
8495,000
876,000
1,161,000
876,000
36,000
1,062,000
1,142,000
8147,000
85,711,000
39,000
Jan. 1 to
June. 10
York Curb
Exchange
Stocks—No. of shares.
1
Domestic
1938
1937
1938
1937
487,075
904,340
17,945,361
63,281,617
85,485,000
Bonds
Domestic
Foreign government
Foreign corporate.
Total
79,000
86.826,000
314,1)00
139,000
8142.954,000
3,239,000
2,922,000
1227,634,000
6,928,000
147,000
85,711,000
87,279,000
$149,116,000
$240,580,000
6,018,000
•
Volume
Financial
14§
Chronicle
3753
j-vuvuvoiau
**
ounces as
fine
practically all foreign
extend world¬
banking facilities to exporters and importers.
With
correspondents
countries,
wide
are
we
in
ITACHbU)
vOyiUi
VVuo
AuOOt
JlJUiy
compared with 64,145 fine ounces for February, 1938, and 68,569
for
ounces
March, 1937.
position to
in
Awl.
UUCJ/UI
5U1U.
SILVER
The market
has
maintained
steady tone, fluctuations in quotations
a
during the past week being confined to Kd.
DEPARTMENT
PRINCIPAL OFFICE AND FOREIGN
Member Federal Reserve
Member New York
Member Federal
Bazaars have bought and
trade demand,
there has been some American
while the firmness of the dollar also contributed to the
Prices
temporarily eased yesterday
by the Indian Bazaars and speculators; this followed
London, E.C.3
European Representative Office: 1, Cornhill,
Indian
steadiness of the market.
NEW YORK
BROAD STREET,
55
COMPANY
TRUST
MANUFACTURERS
The
that
a
to limit Government
Clearing House Association
news
Deposit Insurance Corporation
selling
on
report from America
private resolution had been introduced into the United States Senate
proposing to terminate
System
a
June 30 Treasury purchases of foreign silver and
on
buying to domestic newly-mined silver.
is to hand regarding the
No further
proposal, but that it will be favorably viewed
in official quarters is considered very unlikely.
FOREIGN
Pursuant to the
The following were the United Kingdom imports and exports of silver,
RATES
EXCHANGE
registered from midday on the 16th inst. to midday
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
Act of
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below
the 23d inst.:
Exports
Belgium
•
x£23,949
United States of America.
New Zealand
2,934
British
Ecuador
2)855
Iraq
yl,212
5,028
-
Other countries.
India
2,794
Denmark..
France
2,091
Anglo-Egyptian
Cyprus
Sudan.
Palestine
RATES
EXCHANGE
FOREIGN
JUNE 4,
1,680
y8,200
y8,612
y9,971
y 4,319
.
i
Aden and Dependencies..
Arabia-Muscat
1930
Other countries
INCLUSIVE
1938,
10.
RESERVE
FEDERAL
ACT OF
UNDER TARIFF
TO JUNE
1938,
BY
CERTIFIED
TO TREASURY
BANKS
£77,505
2,835
40,550
Belgium
record for the week just passed:
a
on
Imports
4,489
£35,978
x
Value
in
United
States
Including £6,666 in coin not of legal tender in the United Kingdom.
y
Rate for Cable Transfers in New York
Noon Buying
Country and Monetary
£163,046
Coin not of legal tender in the United Kingdom.
'
Money
Unit
June 4
I
June 8
June 7
June 6
June 9
i
June 10
$
Bulgaria, lev
CzechosloYlA, koruna
Denmark, krone
Engl'd, pound sterl'g
$
$
$
.169194
.169166
.169116
.169294
.012400*
.012375*
.012375*
.012375*
.012350*
.034739
.034730
.034735
.220868
.220805
.220893
.221115
.220978
.221221
L948680
4.953750
4.950069
4.956041
1.947430
4.945625
.034750
.034746
.034746
Finland, markka
France, franc
.021820
.021845
.021840
.021850
.021831
.027759
.027750
.027747
.027789
.027756
.027764
Germany, relchsmark
.401575
.401562
.401612
.401712
.401627
Greece, drachma..
.009053*
Hungary,
.021865
.009057*
.009053*
.009072*
.009062
.401950
.009076*
.197650*
.197550*
.197525*
.197625*
.197750*
.196875*
It#ly,' lira
.052607
.052603
.052607
.052607
.052600
.052603
Netherlands. guilder-
.552050
551966
.552188
.552855
.552383
.553027
Norway, krone
Poland, zloty..
Portugal, escudo
.248600
.248563
.248612
.248890
.248700
.188500
.188333
.188333
.188333
.188366
.044566
.044725
.044754
.044737
.007292*
.007296*
.007307*
.007307*
.007307*
.007307*
.058000*
.058000*
.057500*
.058000*
.255543
.228163
.023262*
May 19
May 20
May 21
May 23
May 24
May 25
Average
Spain, peseta
.057500*
Sweden, krona
.255052
.254986
.255106
.255387
.255193
Switzerland, franc
Yugoslavia, dinar.__
.227716
.227688
.227811
.227922
.227783
.023300*
.023250*
.023250*
.023237*
.023250*
18^d.
18^d.
18Hd.
18^d.
18Md."
.211666*
.211666*
.210000*
.209375*
.307975
.366739
.288083
.572500
Hongkong,
dollar.
British India, rupee..
Japan, yen
Straits Settlem'ts, dol
—
43
43
43
43
—43
43
cents
cents
cents
cents
cents
cents
York recorded during the period
$4.97, and the lowest $4.93%.
ENGLISH
The
FINANCIAL MARKET—PER CABLE
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Wed.,
Tues.,
Mon.,
Sat.,
June 7
June 6
Fri„
Thurs.,
June 8
June 9
Holiday
19d.
18 15-16d.
Gold,
Holiday
140s.7d.
140s.5^d. 140s.6Md. 140s.7d.
Holiday
£74 15-10
£74 15-16
.201416*
.199166*
.209791*
.202083*
.201416*
.199166
.208281*
.202187*
.201406*
.198437*
.183710*
Consols, 2^%.
.207343*
.200937*
.200437*
.197812*
.183085*
.308453
19d.
June 10
Silver, per oz.. 19 l-16d.
19d.
British 3^%
.209791*
.202083*
.183281*
.183281*
.308062
.307937
.308218
.308062
.366556
.366721
.367131
.366856
.367496
.288137
.288270
.288562
.288337
.288812
.572187
.572437
.572750
.572750
p.
fine
140s.8d.
oz.
Holiday
£74%
£74^
Holiday
Holiday
£102K
£102^
£102
£102
Holiday
Holiday
£113^
£11394
£11354
£11394
.573250
Australasia—
3.942500
3.973750
3.940312
.942812
3.946953
3.943750
3.948125
New Zealand, pound.
3.971875
.974375
3.977312
3.975078
3.978687
South Africa, pound.
4.896875
4.897658
4.899687
4.906750
4.902000
4.907500
Australia, pound
18—
19
20
21
23
24
18 .469d.
June 4
China—
Chefoo (yuan) dol'r
Hankow (yuan) dol
May
May
May
May
May
May
The highest rate of exchange on New
from May 19 to May 25, 1938, was
Asia—
W.L
British 4%
1960-90
The
States
Bar
(in cents) in the United
price of silver per ounce
on
the
same
days has been:
NY.(for'n) Closed
4254
4254
4254
4254
4254
64.64
64.64
64.04
64.64
64.64
U. S. Treasury
North America—
.988710
999333
.209900*
.329845*
058540*
.051680
.040000*
554800*
650976*
peso
Newfoundl'd, dollar.
.987109
.988378
.986171
Canada, dollar
Cuba, peso.....
Mexico,
18 7-16d.
18 ll-16d.
18%d.
l8Hd.
18%d.
18 ll-16d.
18 13-16d.
18.740d.
.249018
.057500*
Shanghai (yuan) dol
Tientsin (yuan) dol.
YORK
{Per Ounce .999 Fine)
2 Mos.
Cash
.044875
Rumania, leu
(Bar Silver per Ounce Standard)
.188333
.044900
pengo
IN NEW
IN LONDON
$
.169275
.012350*
.
$
.169037
Europe—
Belgium, belga
Quotations during the week:
.986953
.986992
.987500
.999333
.999333
.999333
.999333
.999333
.209375*
.210000*
.211000*
.211000*
.211500*
.985859
.984609
.984453
.984609
.985000
.329800*
.329900*
.330230
.330000
.330440*
.058540*
.058540*
.058450*
.058640
.058540*
.051680*
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.554600*
.556400*
.553300*
.552500*
.551000*
.650926*
.651027*
.651620*
.651258*
.652198*
(newly mined) 64.64
OF
COURSE
BANK CLEARINGS
South America—
Argentina,
peso
Brazil, mllrels
Chile, peso—official.
"
"
export.
Colombia, peso
Uruguay, peso
*
Nominal rate.
ENGLISH
THE
We
Samuel
AND
GOLD
SILVER
MARKETS
the weekly circular of
the following from
reprint
Montagu & Co. of London, written under date of
May 25, 1938:
GOLD
The Bank of England gold reserve against notes
on
May 18
amounted to £326,408,237
compared with £326,407,524 on the previous Wednesday.
as
Developments in the situation
in Central Europe made for increased
activity in the open market and about £3,600,000
was
in evidence and an advance in the
dollar in
terms of sterling.
140s. 13^d.
_140s. lKd.
May 20-
140s. l^d.
May 21
May 23The
_140s. 4>£d.
-140s. 7Kd.
May 25
__140s. 3.5d.
Average
were
registered from midday on the 16th inst. to
midday on the 23d inst.:
£1,910,406
22,521
8,500
46,071
British East Africa
British
India
Australia
28,660
171,500
New Zealand
Canada
8,925
Guiana
British
Brazil
Union of South Africa.
Netherlands
France
Switzerland
Finland
Sweden
Other countries-
£2.800
564,549
204,456
267,331
22,469
767,964
5,798
480,000
.......
656,820
Uruguay—
Soviet
1,134,534
Union
142,635
14,156
...
£1,835,367
£6,032,246
The SS. Mooltan, which sailed from
Bombay
on
May 21, carries gold to
the value of about £257,000.
The Transvaal gold output for
compared with
ounces
April, 1938, was 982,964 fine ounces as
1,012.516 fine ounces for March, 1938, and 981,565 fine
for April,
1937.
Clearings—Returns by Telegraph
Week Ending June 10
City..
$2,731 ,330,401
255,049.812
306,000,000
156,914,847
60,231,667
Chicago
Philadelphia..
1937
$3,531,384,317
New York
Kansas
Per
1938
250 423,335
Cent
+29.3
+ 1.8
293 000,000
+ 4.4
167 209,000
—6.2
77 410,939
—14.4
79 000,000
—19.7
63,400,000
95,888,000
75,363,440
Detroit
...
Eleven cities, five
days.
Other cities, five days
—29.7
76 855,253
—25.9
70 957,905
—10.4
50,975,284
Pittsburgh...
107 153,470
63,582,810
San Francisco.
107 542,000
56,941,794
St. Louis
50 570,857
—9.9
$4,721,731,971
$4,017,453,160
+ 17.5
Total all cities,
All cities, one
five days
day
Total all cities for
week
—10.8
709,964,447
787,104,685
—9.8
$£>,431,096,418
1,086,339,283
$4,804,557,845
1.118,212,371
+ 13.1
$6,518,035,701
$5,922,770,210
+ 10.1
—2.9
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
until
1,337,492
Switzerland
Other countries
comparative summary for the week follows:
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
70,026
Netherlands.
Belgium
corresponding week last year.
total stands at $6,518,035,701, against
$5,922,770,216 for the same week in 1937.
At this center
there is a gain for the week ended Friday of 29.3%.
Our
preliminary
Exports
Imports
British South Africa
10.1% above those for the
Our
Baltimore.
the United Kingdom imports and exports of gold,
Preliminary figures compiled by us,
telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
June 11) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
based upon
Cleveland
140s. 4^d.
-
following
Per Fine Oz.
Quotations—
May 24
week will again show an increase com¬
a year ago.
Boston
Per Fine Oz.
Quotations—
May 19-
pared with
of bar gold was sold at
A steady demand from the Continent
price reflected the firmness of the
the daily fixing during the week.
Bank clearings this
present further below, we are able to give final and complete
for the week previous—the week ended June 4.
For that week there was a decrease of 13.2%, the aggregate
results
of clearings for the whole country having amounted to
$4,908,639,037, against $5,657,307,544 in the same week n
Financial
3754
Outside of this city there was a
1937.
this center having recorded a loss of
15.2%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve D strict (including
this city) the totals show a decline of 15.3%, in the Boston
Reserve District of 12.8%, and in the Philadelphia Reserve
District of 1.9%.
The Cleveland Reserve District suffers
a loss of 14.9%, the Richmond Reserve District of 15.5%,
and the Atlanta Reserve District of 13.2%.
In the Chicago
Reserve District the totals are smaller by 8.5%, in the St.
Louis Reserve District by 10.5%, and in the Minneapolis
Reserve District by 13.9%.
In the Kansas City Reserve
District the totals register a decrease of 14.3%, in the
Dallas Reserve District of 4.9%, and in the San JBYancisco
Reserve District of 8.3%.
following
furnish a
we
June 11, 1938
decrease of 10.4%,
the bank clearings at
In the
Chronicle
by Federal Reserve
summary
districts:
Week Ended June A
Clearings atInc. or
1938
1937
1935
1936
Dec.
;/.:vv
%
$
Seventh Feder al Reserve D istrict—Chi cago
321,000
Detroit
—
Grand Rapids.
Lansing..
Ind.—Ft.
...
439,517
—27.0
503,806
536,600
78,613,610
2,095,102
1,493,798
Mich,-Ann Arbor
97,936,107
—19.7
107,141,573
2,931,047
—28.5
3,218,913
1,291,668
1,123,831
17,464,000
1,274,389
4,196,661
19,013,026
1,052,920
7,842,643
2,992,324
+ 15.6
1,422,168
81,925,218
2,109,074
1,251,187
—20.7
836,719
16,551,000
1,055,349
4,181,921
16,903,295
418,804
499,932
—16.2
271,002,384
283,840,917
951,451
3,959,203
—4.3
—17.1
1,794,356
1,273,939
2,154,909
—16.7
1,364,373
—6.6
1.315.830
18,019,000
1,938,995
4,924,053
22,687,924
1,242,134
9,647,099
3,850,234
668,184
343,018,791
1.080.831
5,844,892
1,311,622
1,650,009
412,064,664
450,929,578
-8.5
529,486,118
391,058,014
99,700,000
29,907,628
14,576,074
81,800,000
—13.2
890,785
Wayne
Indianapolis..
15,722,000
954,892
-
South Bend...
Terre Haute..-
3,494,841
Wis.—Mil waukee
17,605,439
1,098,727
7,950,298
3,146,421
la.—Ced. Rapids
Des Moines...
Sioux City...
111.—Blooming ton
Chicago—..
Decatur
906,391
3,281,877
...
Peoria
Rock ford..
Springfield
—10.0
—25.1
—16.7
—10.2
+4.3
+ 1.4
+5.1
—4.7
1,009,889
7,885,068
3,162,909
490,156
247,376,243
597,861
3,030,828
679,051
1,475,646
SUMMARY OF BANK CLEARINGS
Total (18 cities)
Inc. or
Week End. June 4, 1938
1938
1937
Dec.
1930
1935
$
$
%
s
$
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
—9.3
79,000,000
87,100,000
—13.6
23,591,015
27,315,623
Mo.—St. Louis
Federal
Reserve Dists.
it
York. 13
it
PhlladelphlalO
278,161,860
235,366,120
3,488,293,407
—15.3
5,169,152,728
3,548,418,536
111.—Jacksonville
341,147,190
—1.9
397,035,937
335,113,463
269,231,461
—14.9
301,819,414
126,992,090
—15.5
142,511,083
112,416,061
it
4th
Cleveland..
5
5th
Richmond
6
"
6th
.
Atlanta
12,190,279
14,037,772
x
12,013,154
x
...
776,000
668,000
+ 16.2
784,000
Total (4 cities).
115,557,294
129,121,395
-10.5
144,967,702
Quincy
114,514,514
131,961,233
—13.2
116,357,983
450,929,578
—8.5
529,486,118
129,121,395
—10.5
144,967,702
119,370,169
Ninth Federal
550,795
391,058,014
115,557,294
.
119,370,169
105,842,842
412,664,664
10
25,006,220
230,578,687
107,347,257
New
—12.8
229,217,308
2nd
3rd
_
226,483,340
334,623,983
Boston.... 12 cities
197,577,591
2,958,092,951
1st
Ky.—Louisville..
Tenn .—Memphis
a
7th
Chicago —.18
8th
St. Louis—.
it
9th
4
it
11th Dallas
96,635,884
-13.9
107,975,545
93,771,019
Minn.—Duluth..
3,853,287
.5,135,944
—25.0
4,887,754
3,953,288
123,161,702
—14.3
137,558,782
120,583,167
Minneapolis...
—17.6
—4.9
46,278,341
48,310,164
21,950,303
1,912,069
—1.6
71,004,086
25,851,273
59,410,491
49,876,612
52,235,023
21,595,285
1,853,287
648,850
63,358,828
47,448,038
—3.1
2,301,677
689,500
—5.9
702,999
628,079
—4.9
2,350,993
660,207
2,928,972
—19.7
648,624
2,579,132
24,406,739
2,170,732
661,301
594,813
2,573,655
83,164,804
96,035,884
—13.9
107,975,545
93,771,019
91,671
118,134
2,252,430
29,772,445
2,358,579
2,485,118
78,824,731
it
it
6
Fran.. 11
12th San
Reserve Dls trict—Minn eapolis
83,164,804
105,551,285
Minneapolis 7
10th Kansas City 10
204,879,348
223,473,652
—8.3
239,920,539
204,480,443
4,908,639,037
5,657,307,544
—13.2
7,611,226,032
5,545.308,685
2,054,497,426
2,291,936,551
—10.4
2,576,471,514
2,106,065,597
427,540,180
444,237,764
—3.8
430,062,732
511,853,533
St. Paul
N. D.—Fargo--S.D.—Aberdeen.
Total...
112 cities
Outside N. Y. City.
Canada
We
—
32 cities
now
add
our
Mont.—Billings
.
Helena
-
Total (7 cities).
detailed statement
showing last week's
figures for each city separately for the four years:
Tenth Federal
Reserve Dis trict—Kans
is
City
Neb.—FremontWeek Ended June 4
Inc.
1937
%
First Federal
540,342
Me.-—Bangor.
y Portland
1,772,457
Mass.—Boston..
166,503,464
Fall River
501,660
Lowell-.-
286,797
New Bedford..
747,867
2,721,661
1,620,345
10,518,677
3,960,452
7,930,400
461,463
Springfield
Worcester....
Conn.—Hartford
New Haven...
R.I.—Providence
N.H.—Manches'r
(Total 12 cities)
197,577,591
656,314
1,905,131
190,584,903
655,684
395,289
_%
—16.8
—7.0
—12.6
—23.5
—27.4
650,363
+ 15.0
3,176,461
—14.3
1,904,379
—14.6
10,984,959
4,920,616
—19.5
10,115,500
—21.6
533,741
—13.5
—12.8
Bingham ton.
1,059,405
24,900,000
..
...
Elmira
458,880
Jamestown
641,985
7,315,225
1,293,961
29,500,000
658,022
725,358
New York.... 2,854,141,011 3,365,370,993
Rochester
8,600,100
8,241,856
_
SyracuseWestchester Co
Conn.—Stamford
3,442,896
3,600,937
4,256,139
410,462
18,691,931
28.235,518
N. J.—Montclalr
Newark
Northern N. J_
Total 13
1936
1935
5,846,979
3,215,012
4,720,387
516,041
18,330,777
42,558,796
cities) 2,950,092,951 3,488,293,407
Third Federal
$
840,259
2,350,671
235,534,972
600,077
408,908
624,478
3,877,842
1,835,243
15,708,224
5,049,650
10,726,100
545,436
662,355
1,711,259
201,876,076
603,614
339,415
803,054
2,908,072
1.367,953
12,525,574
3,629,803
8,489,200
449,745
+3.0
—18.1
—15.6
—30.3
—11.5
278,161,860
235,366,120
14,336,573
1,375,270
33,800,000
842,880
—41.1
613,085
,034,754,518
9,301,310
6,302,169
+ 13.9
3,367,345
—9.8
4,490,900
*400,000
—15.2
+5.1
—20.5
24,167,202
35,400,876
7,739,581
4,153,791
2,809,953
3,716,171
561,837
17,099,557
37,961,662
5,169,152,728 3,548,418,536
rict—Phil ad
elphia
507,743
—15.2
681,521
489,030
346,921
426,044
1,291,689
+31.1
*470,000
+5.5
448,426
289,281
449,354
1,068,002
324,000,000
1,191,780
2,141,888
+3.4
934,518
—13.8
1,590,516
6,438,000
—16.6
N. J.—Trenton..
2,213,716
805,519
1,325,735
2,685,000
—58.3
370,077
1,404,022
380,000,000
1,220,724
2,540,351
1,401,413
1,805,129
1,135,500
Total (10 cities)
334,623,983
341,147,190
-1.9
397,035,937
...
Lancaster
PhiladelphiaReading
Wilkes-Barre..
York-.
—17.3
326,000,000
—0.6
1,470,871
—19.0
'
Scranton
25,438,092
—11.9
Kan.—Topeka...
Wichita
1,722,954
—3.6
86,679,262
—15.9
2,626,634
601,980
—20.2
2,842,126
3,530,588
585,164
—2.8
699,476
595,846
467,414
614,459
—23.9
795,444
553,625
105,551,285
123,161,702
—14.3
137,558,782
120,583,167
—5.1
2,074,312
—4.6
34,006,751
1,756,160
36,372,149
+ 5.0
4,800,527
2,304,000
6,830,460
1,398,000
—30.1
783,961
2,308,790
1,953,395
—4.9
46,278,341
48,310.164
2,097,131
Colo.—Col. Sprgs
Pueblo
Total (10 cities)
Eleventh Fede ral
Texas—Austin...
Dallas
Reserve
1,762,000
712,567
2,183,856
1,347,577
36,591,509
6,284,249
1,677,000
852,453
3,123,824
47,448,038
Ft. Worth
49,876,612
6,600,088
Galveston
Wichita Falls.
_
La.—Shre vepor t.
Twelfth Feder al Reserve D ostrict—San
Wash.—Seattle..
28,412,888
6,560,000
820,512
Spokane
Yakima
Ore.—Portland..
23,197,673
12,073,412
3,530,145
Utah—S. L. City
34,115,383
7,802,000
980,994
26,727,092
1,127,017
325,000,000
1,147,020
1,998,176
952,047
1,358,866
2,303,000
San Jose..
2,276,956
Santa Barbara.
1,230,110
Stockton......
1,811,387
14,175,266
3,969,381
3,358,939
126,271,000
2,679,366
1,275,355
2,118,876
204,879,348
223,473,652
Calif.—L'g Beach
Pasadena
3,310,265
San Francisco
Grand
Cleveland
Columbus
Mansfield
45,292,359
76,510,886
8.434,800
1,321,873
54,029,985
79,825,644
12,242,200
1,910,100
97,657,390
121,223,532
229,217,308
269,231,461
Youngs town..
Pa.—-Pittsburgh
x
.x
;
.....
4,908,639,037 5,657,307,544
Outside Ne w Y ork 2,054,497,426 2,291,936,551
$
$
Fifth Federal
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore
D.
-
C.—Wash'g'n
Reserve Dist rict
Sixth Federal
Tenn.—Knoxvllle
Nashville.
....
Ga.—Atlanta
Augusta
Macon
Fla.—Jack'nville.
Ala.—Btrm'ham.
Mobile
—19.4
147,726,908
106,084,674
-14.9
301,819,414
230,578,687
x
x
Quebec
-
Halifax
Hamilton
5,363,368
5,354,897
St. John
2,369,376
1,798,464
London——
3,264,930
4,096,474
4,320,348
359,741
443,128
1,176,717
514,267
924,843
Edmonton
334,478
126,451
2,031,000
Brandon
918,523
1,935,383
64,607,533
—52.5
28,209,586
1,105,264
—13.2
58,451,048
27,599,725
—21.7
28,088,330
21,892,712
Saskatoon
Moose Jaw
126,992,090
-15.5
142,511,083
112,416,061
Regina
Lethbridge..--
Reserve Dist rict—Atlant
Miss.—Jackson..
Vlcksburg
La.—New Orleans
Total (10 cities)
x
144,691
26,419,371
144,703
32,663,036
114,514,514
131,961,233
—29.8
x
—0.1
3,395,167
15,288,810
43,700,000
1,052,738
906,947
11,630,000
13,437,600
1,608,365
2,902,112
12,500,884
35,200,000
952,748
761,577
13,040,000
Fort William
750,548
New Westminster
Medicine Hat..
—33.8
701,510
Peterborough....
Sherbrooke
Kitchener..
Windsor
1,220,249
3,206,529
Prince Albert....
Moncton
12,210,561
Chatham
2,106,065,597
1935
1936
-19.1
115,112
26,929,605
-13.2
116,357,983
Sudbury
446,236
1,579,652
678,227
1,048,135
936,451
762,875
220,683
721,682
735,837
1,417,510
3,606,618
339,126
*
Estimated,
x
98,270,912
68,727,511
+2.8
3,598,404
—7.0
—25.5
4,414,335
4,145,251
417,105
521,108
1,637,464
—24.2
650,921
—11.8
1,014,955
1,133,121
714,455
1,076,100
—8.0
—16.7
281,511
—9.2
695,712
+ 19.5
649,193
1,249,913
263,956
655,364
663,523
1,156,872
2,528,327
382,744
—7.1
—12.1
+9.5
+4.7
—2.8
—0.7
—19.9
t—13.9
—11.1
4,882,614
3,356,429
4,504,457
5,665.585
1,742,052
1,808,650
4,437,037
4,580,211
3,158,820
312,739
454,702
1,687,449
596,167
624,922
545,692
—4.8
3,423,049
366,544
766,568
650,431
528,078
471,249
+5,7
1,074,824
433,894
547,971
700,377
—3.8
430,062,732
511,853,533
—19.7
427,540,180
444,237,764
No figures available.
174,383,683
119,950,138
68,368,385
16,961,270
84,068,305
157,254,499
—6.9
—0.3
—15.9
105,842,842
i
$
t
19,265,310
34,018,281
5,259,055
2,940,974
5,488,161
6,386,245
2,143,192
1,904,401
911,295
628,317
560,218
576,173
1,059,727
568,783
*525,000
Sarnla
x
152,742
25,179,614
272,236
766,263
2,164,328
1,931,260
3,177,144
4,406,059
4,128,273
369,992
—13.3
548,364
1,120,579
Kingston
1,230,243
183,815
655,167
879,118
Total (32 cities)
Dec.
—11.3
1,365,560
+0.8
—10.4 2,576,471,514
—12.4
1,157,874
—6!5
—13.2 7,611,226,032 5,545,308,685
6,352,686
3,154,364
5,775,788
6,089,844
—30.8
—38.2
204,480,443
—20.4
3,004,000
34,231,263
1,125,099
75,727,913
623,599
15,733,000
12,470,622
1,266,583
239,920,539
20,511,853
Ottawa
—39.4
41,500,000
928,420
1,478,585
—8.3
52,674,754
22,221,583
Vancouver
—10.5
1,930,644
1,147,718
1,861,777
+ 1.3
Winnipeg
—16.0
2,617,908
1,364,125
—14.5
127,554,281
65,533,216
9,838,900
-Richm ond-
3,632,396
13,853,847
43,400,000
993,413
1,009,716
15,610,000
18,850,434
1,803,088
—3.5
—11.1
167,496,793
—21.5
3,028,788
12,399,440
140,545,000
—15.0
—14.8
129,236,655
41,953,512
19,258,980
17,976,810
5,635,723
3,144,713
438,020
2,968,000
29,453,429
107,347,257
—3.7
7,841,000
649,870
23,148,289
11,944,045
3,636,770
2,730,401
121,517,494
168,949,073
Brantford
Total (6 cities).
—1.4
27,064,262
15,015,352
4,208,379
3,617,302
Montreal
343,926
1,794,000
26,569,060
56,105,836
21,615,906
—13.2
Toronto
x
47,156,337
—9.8
943,536
%
+ 0.9
Victoria
.
28,455,627
9,093,000
Inc. or
1937
Calgary
Total (5 cities)
_
33,589,898
—16.4
Week Ended June 2
57,124,813
84,180,519
11,629,300
—4.2
Franc isco—
—16.7
—15.9
Clearings at-
—31.1
—16.2
x
335,113,463
Feder al Reserve D Istrict—Clev elandx
+5.1
—16.4
(112
total
cities)
121,656,000
.
Canada—
Fourth
91,771,
District—Da lias—
1,278,218
34,911,309
...
1938
Ohio—Canton...
Cincinnati
+8.4
2,886,880
Total (11 cities)
+2.0
—33.7
—15.3
1,169,220
26,200,000
025,197
491,400
,439,243,088
453,004
Chester
22,419,745
1,868,374
2,782,253
72,883,409
134,935
3,131,586
32,705,334
2,052,450
Total (6 cities).
430,073
Bethlehem
—5.7
•
6,647,079
Reserve Dist
Pa.—-Altoona....
2,365,092
City.
St. Joseph....
York-
7,533,021
2,230,303
Mo.—Kan
Feder al Reserve D istrict—New
Second
136,009
+9.2
Omaha.
or
Dec.
220,483,340
N. Y.—Albany..
Buffalo.
%
Reserve Dist rict-—Boston
102,028
124,321
—19.9
135,741
Lincoln
Clearings at~
1938
81,751
Hastings......
—9.5
—6.3
738,651
616,387
1
Volume
Financial
146
THE
LONDON
DIVIDENDS
STOCK EXCHANGE
Quotations of representative stocks
each day of the past week:
as
received by cable
Mon.,
Tues.,
Wed.,
June 7
June 8
June 9
39/3
97/6
£48
4/£21K
71/1034
34/-
39/3
97/6
£47?i
4/£21 %
71/1034
34/-
£734
£794
British Amer Tobacco-
Cable & W ordinary—
t
Marconi
Centra! Mln & Invest.
•
Cons Goldfields of S A.
Courtaulds S & Co
De
'
Beers
Distillers
DAY
*
'
A
Co
Bay
Imp Tob of C B & I..
London Midland Ry..
Metal
£1634
70/-
HOLI-
Gaumont Pictures ord.
Hudsona
95/10/6
17/3
4/1/6
20/6
131/6
£1634
HOLIDAY
Ltd
Ford
70/-
Box
10/3
17/4/~
1/6
20/131/-
17/4/1/6
20/6
131/6
£1594
70/-
£1334
£9
£1334
£3494
15/92/3
£3594
14/9
91/10)4
£35>4
£4ij«
£4^8
£41n
Roan Antelope Cop M_
Rolls Royce
*
Royal Dutch Co
Shell Transport
Unilever Ltd
36/3
20/3
20/9
Molasses
Vickers
'
,
Areas
NATIONAL
£734
£794
£734
'
37/20/-
21/£7 34
BANKS
LIQUIDATION
Amount
New York,
$500,000
Effective at the close of business May 31,1938. Liquidating Com¬
mittee:
Charles C. Huitt, Charles O. Heydt and William R.
Conklin, care of the liquidating bank. No absorbing or suc¬
ceeding bank.
branch:
City
AUTHORIZED
Bank of Washington, Tacoma, Wash.
Location of
of Chehalis, Lewis County, Washington.
Certificate
AUCTION
were
SALES
sold at auction
on
Wednesday
of the current week:
$ per Share
15
Stocks
1 UtlcaKnlting Co., pref., par?100
Manufacturing Co., par $12.50.
5 American Manufacturing Co., pref., par $100.—.
1 United States Envelope Co., com., par $100
Western
Mass.
<
894
5234
__
37
$100: 75 Springfield
$100:20 Rhode Island Public Service, pref.,par $27.50 $641 lot
Bank & Trust Co.,
Mortgage Corp., par
.
Springfield,
par
25
4 Boston Investment Co., par $50
20
Bonds
Per Cent.
$9,000 New University Club of Boston Real Estate Trust 6s, April, 1946,
certificates deposit
4 )4 flat
117 Poors Publishing Co., pref., par $100
_____
_____
By Crockett & Co., Boston:
Shares
$ per Share
Stocks
99
29
10 Ludlow Manufacturing Assts
10 Sanford Mills.
70 Springfield Gas
$1M
25c
75c
1234c
$134
25c
$134
$134
50c
$134
(quar.)
10c
$134
American Capital Corp. $3 preferred
American Cast Iron Pipe 6% pref. (s.-a.)— —
American
25c
25c
25c
Crystal Sugar (no action)
(quar )
_______
9
1694
Light Co., par $25
28 Boston Woven Hose & Rubber Co., common
REDEMPTION
CALLS
;
AND
SINKING
FUND
NOTICES
Below will be found a list of
bonds, notes and preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
stocks of
Company and Issue—
'
Date
*
Advertising Publishing Co., Ltd., 1st mtge. 6s, 1944—July
1
Aluminum Ltd. 5% debenture bonds
July
1
Beauharnois Light, Heat & Power Co. 1st 534s, 1973
July
1
Boyd-Richardson Co. 8% preferred stock
June 15
Broadway & 38th Street Corp. 1st mtge. 7s
July
1
Buffalo Weaving & Belting Co. 1st 7s, 1939
July
1
California Packing Corp. 10-year 5% bonds.
__July
1
*
Chicago Daily News, Inc., 5% debentures, 1945
July
1
Cincinnati Newport & Covington Ry. 1st mtge. 6s, 1947--June
4
Clarke Ferry Bridge Co. 1st 6s, 1959
June 1
*
Commonwealth Edison Co., 1st mtge. 5s
July 18
Connecticut Railway & Lighting Co. 1st & ref. 4)4s
July
1
Consolidated Traction Co. 1st mtge. 5s, 1938
June 1
Container Corp. of America 1st mtge. 6s, 1946
June 15
Cumberland Valley Telep. Co. of Pa. 1st 5s, 1966
July
1
Dakota Power Co. 1st mtge. 6s, 1938
Sept. 1
Dallas Gas Co. 1st mtge. 6s, 1941
July
1
Denver Tramway Corp. 1st 6% notes, 1943-July
1
Fall River Electric Light Co. 1st mtge. 5s, 1945
July
1
*
Federal Mining & Smelting Co., 7% preferred stock--June 30
Framerican Indus. Develop. Corp. 20-yr. 7)4s, 1942
July
1
Houston Oil Co. of Texas 534s, 1940
Aug. 1
Kansas City Gas Co. 1st mtge. 5s, 1946
Aug. 1
Lawrence Gas & Elec. Co. 20-year 434s__
Aug. 1
Lehigh Coal & Nav. Co. consol. mtge. bonds
June 10
*
Massachusetts Utilities Associates, 5% debs., 1949
Aug. 9
Minnesota Valley Canning Co. 1st 6s, 1941
July
1
*
1400 Lake Shore Drive Corp., 1st mtge. 6s, 1943
__July
1
Paducah & Illinois RR. 1st mtge. 434s-__
-July
1
*
Parisian Laundry Co. of Toronto, Ltd., 1st M. 634s, '47_July
1
Pearl River Valley Lumber Co. ref. inc. bonds, 1945
Sept. 1
*
Pennsylvania RR. gen. mtge. 434s, 1984—
June 30
Peoples Natural Gas Co. 5% preferred stock—
--.July 1
*
Pittsburgh Steel Co. 20-year 6% bonds.
June 20
St. Joseph Ry., Light, Heat & Power Co. 1st 5s, 1946
July
1
*
St. Joseph Stock Yards Co., 1st mtge. 5s, 1940
Aug. 1
St. Louis Rocky Mountain & Pacific Co. 1st mtge. 5s
June 13
San Antonio Public Service Co.—
1st mtge. 5s
Aug. 1
1st mtge. 6s
-Jan. 1 '39
*
Sierra Pacific Power Co. 1st mtge. bonds, 1957
__June 23
(Robert) Simpson Co., Ltd., 1st mtge. 5s, 1952
July 1
*
Texas Terminal Ry. 1st mtge. 6s, 1941
July 26
United States Rubber Co. 1st mtge. 5s, 1947- —
--July
1
Virginia Coal & Iron Co. 5 % bonds of subsidiary
July 1
(Raphael) Weill & Co., 8% preferred stock.
Sept. 1
West Disinfectant Co. 1st mtge. bonds, 1940
-July
1
Wilson Line, Inc., 1st mtge. bonds, 1945
July
1
* Announcements this week.
July
July
July
July
July
June
18
June
18
June
18
June
4
June
June
18
July
July
July
June
18
Page
3796
3657
3329
3329
3662
3329
2842
3800
3492
3331
3800
3009
3490
3180
3332
3332
3666
3333
3668
3802
1875
3670
3670
3670
June 30
June
3670
3809
3343
3813
3675
3813
2383
3814
2865
3815
120
July
1 June 21
July
July
July
July
1
1
1
1
June
15
15
June
15
June
15
June 29 June
17
17*
1
1 June 15
1 June 20
June
July
July
July
1915
15
June 17.
June
8
8
15
June
June
June
18
18
$134
Aug.
July
Aug.
July
5
8
8734c
July
1 June 20
July
July
July
1 June
50c
50c
Refining Co
(no action)
American Thermos Bottle, 7% pref. (quar.)
American Water Works & Electric Co., Inc.—
Preferred (quar.)
--Anglo-Norwegian Holdings, Ltd., 7% prer
Appalachian Electric Power, $7 pref. (qu.)
Atlantic City Fire Insurance (quar.)
June
June
Bank of the Manhattan Co.
-
—---
-
- - - - -
-—y-.—
5% preferred (quar.) —
--—
Carolina Power & Light $7 preferred (quar.)___
preferred (quar.)
Carriers & General Corp___— —
Carter Wm. Co., 6% pref. (quar,)---- —
Celanese Corp. of Amer. 7% cu.. pref. (qu.)---7% cum. 1st pref. (no action)
Kw»* W*1
Central Aguirre Assoc. (quar.)___
Central Hanover Bank & Trust Co
Central Patricia Gold Mines, LtcL quar.)- _ — Central & South West Utilities 7% pr. pfd. (qu.)
6% prior preferred (quar.)__-—------—--Chicago Jet. Rys. & Union Stockyards (quar.)__
6% preferred (quar.)
Chicago Towel Co
$7 preferred quar.)
Churngold Corp
Cincinnati & Suburban Bell Ttlep. (quar.) —-Citizens Water (Washington, Pi.) 7% pf. (qu.)Cieveland Electric illuminating (quar.)
Preferred (quar.)
- - - -—
Clinton Water Works 7% preferred (quar.)
Coca-Cola Bottling (St. Louis) (quar.)
pref. (quar.) —
Commonwealth Edison Co. (quar.) — --— --Commonwealth Water & Light, $7 pref. (qu.)__
quar.)
—
Lile Insurance quar.)-___
Connecticut & Passumpsic RR. 6% pref. (s.-a.)Consolidated Aircraft preferred (quar.)_
Consolidated Bakeries of Canada, Ltd. (quar.)__
Consolidated Retail Stores, 8% pref. (quar.)
Consumers Gas of Toronto (quar.)_ ____ — --Continental Assurance Co. (Chic., HI.) (quar.)_Continental Baking Corp., pref.
quar.)
Continental Bank & Trust (quar.)
Continental Telep. 7% preferred (quar.)
634% preferred (quar.) —
—
Connecticut General
Coronet
Crandall-McKenzie & Henderson,
Crum & Forster (quar.)
Phosphate Co
Preferred (quar.)__
15
15 June 30
June 21
July
July
June 20
_
June 30 June
16*
June
June 16*
June
May 19
June 30
June 18
June 15
June 15
July
July
July
July
June 30 June
75c
17
15 June 25
July
July
July
25c
18
1 June 20
1 June
15c
June 27 June
15
July
1 June
$134
July
July
July
July
1 June
18
18
June
11
1 June
17
June
15 June
10
July
1 June
17
July
1 June
July
1 June
18
17
15
>c
$134
$134
3715
4c
$134
$134
$2)4
$134
$134
($134
20c
$1.12
$134
50c
$134
$134
25c
25c
-_
Commercial Alcohols Ltd., 8%
$6 preferred
16
2 June
July
July
50c
Carnation Co
___
15 June 30
11 July
1
June 30 June
„
Ltd., $3 pref. A--
18
15 June 30
July
July
July
Extra
Capital Administration Co.,
Capital City Products
4
1 June 22
1 June 14
June 30 June
(quar.)__
Bralorne Mines Ltd. (quar,)
Bridgeport Machine Co., pref. (quar.)_.
Briggs Mfg. Co.
British American Oil (quar.)_
British Columbia Power Corp. Ltd. cl. A (qu.)-Broad Street Investing Co., Inc. (quar.)-Brunswick-Balke-Collendar, pref. (quar.)
Budd Wheel Co., 1st pref. (quar.)
Participating dividend
Bulolo Gold Dredging, LtdBurdine's $2.80 pref. (quar.)--Burry Biscuit Corp.; 6% pref. (quar.)
Camden & Burlington Couriry RR. (s.-a.)
Canada Packers, Lt/d. (quar.)_--_-— -Canadian Celanese, Ltd. (actiondeferred)
7% preferred (quar.)
Canadian Light & Power (s.-a.)--.
——>
6
1 June
1 June 15*
1 June 22
1 June 22
June 28 June 18
June 28 June 15
(quar.)
Cannon M ills Co
6
14 June
July
July
July
July
July
July
(quar.)
Preferred (quar.)
1 June
July
June
- -
Bird Machine Co. (quar.).*
Bliss & Laughlin, Inc., 5% preferred
—
Inc
10c
3134c
$134
20c
$3
75c
3820
Cunningham Drug Stores, Inc. 6% pref A (s.-i.)
Davega Stores Corp. 5% cum. conv. pref. (qu.)
2385
Delaware RR. Co.
3822
2226
Delta Electric Co. (quar.)
Diesel-Wemmer-Gilbert Corp
3682
1898
7% preferred (s.-a.)
Detroit Hillsdale & South West RR. Co
Diamond T Motor Car (div. omitted)
Doernbecker Mfg. (Nevada) (quar.)
1 June
1
June 30 June
25c
$2
£$234
June 30 June
13
13
15
1 June
17
June 23 June
23 June
June
July
July
July
July
July
July
July
July
1 June 20
1 June
10
20 July
10
15 July-
1
9
1 July
1 June 20
Aug.
July
July
July
Aug.
1 June 20
1 June
1 July
1 June
18
15
15
July
July
2 June
July
July
July
July
311!
15c
20c
1
17
$2
20c
$2
$3
18
June 30 June
2 June
July
June 30 June
25c
10
1 June 20
1
15 July
20 July
50c
$134
$134
$134
11
July 20 June 30
July 20 June 30
1 July
1
July
1 June 15
July
'
50c
—
--—
(semi-annual)
*
1 June 20
June 30 June 28
Bickford'c, Inc. (quar.)
Bird & Son, Inc.
17
1 June 20
June 30 June 20
(quar.)
Bancohio Corp. (quar.)
Bankers Trust Co
3820
3532
2875
June
July
July
35c
$134
Preferred
American Smelting &
Preferred (quar.)
3202
3679
3679
20
June 20
June 30
June
Extra.
Extra
4
June
June
A & B (quar.)
5% cum conv. preferred (quar.)
American Express Co. (quar.)
American Gas & Electric Co. com. (quar.)
Preferred (quar.)
American Ship Building
..
_
Payable of Record
July
July
July
July
July
Aug.
Aug.
Preferred
American Cyanamid Co. com.
Automobile Insurance Co.
5 Dwlght
5
1234c
______
Holders
When
Per
Share
of Company
Atlas Press Co
By R. L. Day & Co., Boston:
Shares
The dividends announced this wreek are:
$6 1st preferred (quar.)
Anchor Hocking Glass
following securities
com¬
our
American Stove Co.
I No. 1409A.
The
given under the
"General Corporation and Investment
Department" in the week when declared.
in
name
Preferred
Dunbar National Bank of New York,
June 2—National
News
American Business Credit Corp., cl. A com
American Can Co., pref. (quar.)
following information regarding National banks is
Currency, Treasury
Department:
BRANCH
pany
second table in which
Class B
The
VOLUNTARY
have not yet been paid.
dividend payments in many cases are
Extra
from the office of the Comptroller of the
June 1—The
N. Y_
a
previously announced, but. which
Further details and record of past
___
Wltwatersrand
West
follow with
we
dividends
(quar.)
634% preferred (quar.)
(quar.)__
Aetna Life Insurance t,quar.)
Aetna Casualty & Surety (quar.)
Air Associates, Inc. (quar.)
$7 cum. preferred (quar.)
Air Reduction Co. (qua.)
Allegheny & Western Ry. Co
Allen-Wales Adding Machine Corp.—
6% preferred (quar.)
Aloe (A. S.) Co. 7% preferred (quar.)
Aluminum Industries, Inc. vno action)
American Bakeries Corp. class A (quar.)
£1314
14/6
92/6
£3594
£4 34
37/19/9
20/6
36/3
20/20/6
Then
the
Adams Oil & Gas
£9
£815ie
show
we
Acme Glove Works, Ltd.
70/-
14/9
92/9
.
we
Name
£16
£814
Rio Tlnto
grouped in two separate tables.
In the
bring together all the dividends announced the
are
current week.
June 10
39/9
96/£47
4 /—,
£2134
72/6
33/9
£734
94/3
39/3
97/6
£4734
4/£2134
72/6
33/6
£7%
94/10/3
,£1334
Rand Mines
Unlted
.
10/3
17/4/1/6
20/6
131/-
94/6
Co
Electric & Musical Ind.
Fri.,
Thurs.,
June 6
Boots Pure Drugs
Dividends
first
Sat.,
June 4
Canadian
3755
Chronicle
15
1 June 20*
1 June 17
1 June
15
1 June
15
June 30 June
1 June
July
17
15
5
July 15 July
Sept. 30 Sept. 20
July
June
July
1 June 20
25 June 18
1 June 15
June 20 June
June 25 June
$334
$2
June 25 June
15c
June 30 June
July
10
18
18
5 June 20
4
3756
Financial
Per
Name of
Share
Company
38c
Dominion Coal Co., Lt
6% pref. quar
Eagle Lock Co. (quar.)
Duplan Silk Corp.- (semi-ann.)
Preferred
quar.)
Eastern Steel products, Ltd., 7% pref. (quar.)-.
Ecuadorian Corp., Ltd.
7% preferred (s.-a.)
Electrical Products Consol. (Seattle, Wash.)—
$2
$1*4
5c
$3)4
25c
30c
*7 4c
z5c
16 2-3c
874c
374c
$34 partic. preferred (quar.)
Extra
1
$6
Filth Avenue Bank of N. Y. (quar.).:—
Finance Co. (Pa.) (quar.)
--First State Pawners Society (Chicago) (quar.)..
124c
Foresight Foundation, Inc., cl. A (s.-a.)
Foster & Kleiser class A 6% preferred (quar.)
Fox (Peter) Brewing (quar.)
8c
—
-
-
—
*
75c
-
7% preferred (quar.)
General Finance Corp. omitted).
General Paint Corp. (no action)
Preferred (quar.)
General Printing Ink-Preferred
quar.)
— --General Shoe Corp. cum. pref. (s.-a.)—
Common (quar.)
General Tire & Rubber, pref. quar.)
Gilmore Oil Co. (quar.)
374c
25c
Extra... v.
Fundamental Investors, Inc.
Foundation Co. of Canada, Ltd
Fuller (Geo. A.) 4% preferred (quar.)__
Galland Mercantile Laundry (quar)
General Discount Corp. (Atlanta, Ga.)
-
$24
$14
25c
Florsheim Shoe Co., class A
Class B
-—.—
Aug. 15 Aug.
$14
Extra
2 June 15
1 June 24
July
July
50c
(quar.).
Esquire-Coronet, Inc. (quar.)
Falconbridge Nickel Mines (quar.)
Family Loan Society, Inc. (quar.)
Holders
10c
+50c
$1
50c
25c
874c
5
1 June 20
1 June 15
1 June 10
July
July
July
July
July
July
July
1 June
10
1 June
2l
1 June 16
1 June 20
June 30 June 20
June 30 June 14
June 25 June 24
June 25 June 24
1 June 11
July
1 June
July
July
11
1 June 30
1 June 18
June 30 June 20
1 June 17
July
July
1 June 17
June 30 June 15
1 June 15
July
June 30 June 15
July
June 30 June
1 June
June 30 June
1 June
July
1 June
July
June 28 June
July
15
17
15
17
15
20
June 28 June 20
—■ -
66c
10c
$14
20c
—
20c
$14
July
July
July
July
July
1 June 18
1 June 20
1 June 20
1 June 30
15 June
15c
June 30 June
June 15 June
30c
June
30
20
7
7
1 June 30
15 June
$14
Goodyear Tire & Rubber (Can.) quar.)—-—t63c
Preferred quar.)
t624c
—
Grand Rapids Varnish (quar.)
124c
Green (D.) 6% preferred (quar.)
$14
Greenwich Gas Co., partic. pref. (quar.)
314c
Greenwich Water & Gas System 6% preferred._
$14
20c
Greyhound Corp. (quar.)
Preferred (quar.)
134c
Griigs, Cooper & Co. 7% preferred (quar.)
$14
July
July
July
July
1 June 20
1 June 21
50c
June
15 June 10
f50c
July
July
Growers Wine. Inc
Hamilton Cotton Co. $2 conv. preferred
Hanover Fire Insurance Co. (N. Y.) (quar.)_—
Heller (Water E.) & Co. vquar.)_
.
Preferred
(quar.)
40c
10c
434c
>-
25c
—
7% prior preferred (quar.)
5% preferred (quar.)
Holly Development Co. (quar.)
— --—
Holmes (D. H.) Co., Ltd. (quar.)
Home Gas & Elec. Co. 6% pref. (quar.)_.
Home Insurance Co. of Hawaii (quar.)
Homestake Mining Co. (monthly)
—
Hubbell (Harvey), Inc.
------— —
Hygrade Sylvania Corp. (no action).
Idaho Live Stock Lands, Inc.—
Liquidating dividend
Indiana General Service 6% preferred (quar.)_.
Indiana Michigan Electric 7% pref. (quar.)
6% preferred \quar.)
Indiana Steel I'roducts (no qaction)
International Button Hole Sewing Machine
International Nickel Co. of Canada, pref
International Products, 6% pref. (s.-a.)
International Utilities Corp. $7 prior pref. (qu.)_
$34 prior preferred (quar.)
—
International Power 7% preferred
...—
Inter-State Royalty Corp., Ltd., A (quar.)
Investors Royalty Co. (qua".)
Preferred (quar.)
Irving Trust Co. (quar.)
Jefferson Electric Co. (no action).
Joliet & Chicago RR. (quar.)
Joplin Water Works Co. 6% preferred (quar.)..
$14
314c
lc
__
_
1 June 21
1 July
1
1 June
17
June 30 June
20
20
June 30 June
June
15 June 10
10
15 June 30
1 June 18
1 June 20
15 June
10
June 25 June 20
June 30 June 18
7% cumul. preferred, (quar.)
6% cumul. jr. prexerred (quar.)
Keystone Custodian Fund K-2 (s.-a.)—...
Keystone Public Service -12.80preferred (quar.).
Keystone Steel & Wire Co
King-Seeley Corp. 54% conv. pref. (quar.)
Klein (D. Emil)
5% preferred (quar.)
Kleinert (I. B.) Rubber
—
Lambert Co
...
_
June 22 June
15
$14
July
1 June
6
$14
July
July
1 June
1 June
6
$14
30c
tsffi
28c
14C
50c
15c
$14
$14
July
1 June
Aug.
1 July
July 15 June
Aug.
1 July
Aug.
1 July
July
2 June
July
1 June
6
15
30
July
50c
50c
10c
Sept.30
June
18
June
15
July
July
July
July
June
$14
July
1
1
1
1
June
15
5July
1
June
15
June
17
15
18 June
1 June 20
July
July
June 20
June 20
July
June
20
5c
June
June
11
Midland Oil Corp. $2 preferred
25c
June
June
Minnesota Mining & Manufacturing
15
40c
June
July
July
July
1
June
8
July
June
8
June
May 15
June 13
81 Mc
20c
July
July
July
July
July
10c
June
40c
$14
National Standard Co
National Steel Car Corp__
124c
Navarro Oil Co. vquar.)__
;
Nehi Corp., 1st preferred (quar.)
New England Fire Insurance Co. (quar.)
New Hampshire Fire Insurance Co. (quar.)_____
'
6% conv- preferred (initial)
Newport Electric Corp. 6% pref. (quar.)
$1,314 July
13c
June
20
June
15
June
17*
June
18
June 15
June 30
June 20
June
15
40c
July
July
June 15
June 15
15c
...
New Jersey Water 7% preferred (quar.)
New Mexico Eastern Gas (initial)
10
15
50c
(quar.)
Grocers, Ltd., preferred
Inc
June
$14
pf. (qu.)
National Biscuit Co.
Idea,
June
July
July
July
40c
(quar.)
Nanaimo-Duncan Utilities, Ltd., 6)4%
NatomasCo. (quar.)
New
22
June
$14
$14
$14
$14
pref. (quar.)
Corp. (quar.)__
June
$1
Corp
Preferred A&B
National
.
—
June
June
July
June 20
5c
June
June
June
June
lO
lO
July
June
15
$14
4
June
4
5c
$24
$14
$14
50c
17
June 20
June 20
June 15
June
15
June
15
June
15
June
July
July
July
July
July
June 30
June
15
June 30
June
15
June
15
20c
June
June 20
June
June 20
July
June 23
June
June
15
Aug.
July
21
June 20
75c
July
July
July
July
July
July
July
July
Sept.
75c
Dec.
Nov. 30
15c
July
July
June
15
June
15
July
July
July
July
July
July
July
Aug.
July
July
Aug.
July
July
June 22
June
6
50c
-
—
$14
$14
$2
3c
lc
-■
-
Skelly Oil Co
6% preferred (quar.)
—
-----
Smith (L. C.) & Corona
Preferred (quar.)
Typewriters.
25c
___
$14
Solvay American Corp. 54% pref. (quar.)
South Pittsburgh Water Co., 7% pref. (quar.)__
6% preferred (quar.)
5% preferred (quar.)
South Porto Rico Sugar Co. (quar.)
Preferred (quar.)
Spartan Mills (semi-ann.)
Square D Co..
Stix-Baer & Fuller Co. 7% pref. (quar.)___
Sun Life Assurance (Canada) (quar.)
Sunshine Mining Co. (quar.)
Supersilk Hosiery Mills, Ltd., 5% pref. (s.-a.)__
Supertest Petroleum Corp., Ltd. (semi-ann.)
—
15
June 20
June
June
18
18
June
18
June
18
Sept.14
June
17
June 30
June 20
June 20
June 20
July
6
June
18
June
18
July 15
July
1
July
1
Aug. 10
2%
$4
Aug.
July
July
July
15c
June
June 20
434c
June
June
+$34
25c
June 10
June
10
June 27
15
15
June
15
$2 4
July
July
July
July
July
July
July
July
July
July
June
75c
June
.June
15
20c
-- __ — -
(semi-ann.)
--7-
July
July
June
17
17
50c
25c
50c
—
Extra
—
Ordinary bearer (semi-ann.)
Extra
June
June
50c
:
--------
_
July
60c
40c
Ordinary (semi-ann.)
25c
50c
—
-
_
$14 preferred B (semi-ann.)
Inc.,
$14
$14
$14
25c
-
Bearer
50c
$14
June
June 20
new
Tamblyn (G.), Ltd. (quar.)__
(quar.)
25c
624c
17
June 17
June
17
June
17
June
17
June
17
June
Taylor Milling Corp. (no action)
Edison Co.,
7%
pref. (monthly)
preferred (monthly)
preferred (monthly)
1
Toledo Light & Power Co. preferred (quar.)
Toronto Mortgage Co. (Ont.) (quar.).Torrington Co
Traders Finance Corp. 6% pref. A (quar.)
7% preferred B (quar.)
Tri-Continental Corp. $6 cum. pref. (quar.)
Trico Products Corp. (quar.)
United Corp. preferred (dividend omitted)
United Electric Co. (Mo.) 7% pref. (quar.).
-
Shares
8
Machinery (quar.)__
Preferred (quar.)
United States Gauge Co. (semi-ann.)
7% preferred (semi-ann.)
Universal-Cyclops Steel (action deferred)
Van de Kamps Holland Dutch Bakers (quar.)..
Fixed
________
—
-
-._
.
—
—.
———.
-
-.
Wagner Baking Corp., 7% pref. (quar.)—
2nd preferred (quar.)
Ward Baking Corp., 7% preferred
—
Warren Refining & Chemical Co
Wayne Pump Co. (quar.)___
West Cartridge Co. 6% pref. (quar.).
Western Grocers, Ltd. (quar.)
—
Preferred
(quar.)
June
May 15
5c
June
June
"SI
July
July
July
June
15
June
15
58 l-3c
6%
5%
Extra.
$14
——
Westmoreland Water Co., $6 pref. (quar.)
50c
41 2-3c
$14
$14
2oc
$14
$14
$14
624c
$14
July
16
1
July
June
15
July
June
15
July
June 15
June
June
July
July
June 15
15
June
1
17
June
July
July
July
15
June
14
Tune
15
.6354c
June 15 May 21
624c
37 4c
$2 4
July
July
July
July
$14
64c
64c
$14
75c
50c
5c
5
c
5 June 14
5 June 14
1 June 20
1 June 20
June
June
10
June
lune
10
June 20
July
July
July
June 20
June
June 20
June
18
July
June
18
12
June
June
»5c
July
June 20
$14
$14
July
July
Jtrne 20
$14
$14
Aug.
Aug.
$14
June 20
West Point Manufacturing (omitted)
West Penn Power
7% preferred (quar.)-..-.--6% preferred (quar.)
West Penn Electric class A (quar.).
Weston (Geo.) Ltd. (quar.)
West Texas Utilities $6 cum. pref. (quar.)__._._
$6 preferred
Wetherill Finance Co. (quar.)
2 DC
$14
to C
15c
15c
6% preferred (quar.)
White Rock Mineral Spring (action deferred)
1st preferred (quar.
2d preferred (quar.)
...
Wichita Union Stockyards
Wichita Water Co., 7% pref. (quar.)
Wiser Oil Co. (quar.)
Woodley Petroleum Co. (quar.).
; —
Yosemite Portland Cement, 4% pref. (quar.)__.
$14
*l 4
$14
$14
25c
1
c
10c
1 July
1 July
5
5
June 30 June 17
July
2 June 15
June
15
July
tuly
July
July
1
July
July
1
June 20
1
June 20
1 June 15
1 June 15
1 June 15
June 30 June 20
July
July
15 July
1
1 June 10
June 30 June
July
15
1 June 20
15
75c
$14
__
June
June
—
United Shoe
25c
75c
Missouri Edison Co., $7 cumul. pref. (quar.)___
Mitchel (J. S.) & Co., Ltd., 7% pref. tquar.)___
Mohowk Carpet Mills (omitted).
—
Quarterly
Sangamo Electric Co
Savannah Sugar Refining (quar.)...----Schenley Distillers Corp. (no action).
Preferred (quar.)
Scranton Electric $6 preferred (quar.)
Selected Industries $54 preferred (quar.)___—
Sheaffer (W. R.) Pen Co. 8% pref. (quar.)
Sheep Creek Gold Mines (quar.)
United
$14
Mississippi ^iver Power, 6% pref. (quar.)__--_
—
San Francisco Remedial Loan Assoc. (quar.)
.
-
_
—...
June 17
July
37 4 c
——
— _ -
30
June
June
25c
June
30
1
25c
$14
$14
July
July
Aug.
June
July
$14 June
$1,314 July
50c
July
$14
274c
June 30
17
June 20
June 18
$4
Toledo
15'
July
15
June
June 20
30c
(quar.)
Safeway Stores, Inc
5% preferred (quar.)
6% preferred (quar.)
7 % preferred (quar.)_
15
June
15
June
July
July
July
$14
Ross Gear & Tool
14
June 24
15
$0
June
June
June
June
Rensselaer & Saratoga RR. (s.-a.)
Richmond Water Works 6% pref. (quar.)
June
July
July
July
July
July
July
Sept.
June
10c
June
15
15
25c
June
17
15
June
June
$14
Talon,
15
June
June 20
374c
—
Extra
June 25
June
June
Reliance Manufacturing Co...
Preferred (quar.)
July
prior pref. & 6% pref.
Monongahela Valley Water 7%
Reliable Stores Corp. preferred (quar.)
Reliance Electric & Engineering Co
40c
50c
-
—
70c
20
15
10c
—
Tex-O-Kan Flour Mills Co., 7% pref. (quar.)._
Tintic Standard Mining Co. (irregular)
Tobacco & Allied Stocks.
June
June
June 25
June
20c
(quar.)--
Extra
4
40c
McKee (A. G.) class B (quar.)
Class B (extra)-.--.—
Memphis Natural Gas Co. $7 pref. (quar.)..
Moore
.
15
July
15
*10c
(quar.)
Reece Button Hole Machine.
Reed Roller Bit Co.
1 June 14
June
$1
25c
___
15
June
June
25c
15
37 4c
15
75c
$1
June
62 4C
10c
15
June
20c
Phillips Packing Co. preferred (quar.)..
Phoenix Insurance (Hartford) (quar.)
—
Pictorial Paper Package Corp
Pittsfieid & North Adams RR. (s.-a.)
Porto Rico Power Co., Ltd., 7% pref. (quar.)
Prudential Investors $6 preferred (quar.) ——Rayonier, Inc., $2 preferred
Extra.
June 20
75c
$14
June
25c
50c
—
Petroleum Exploration
Extra.
15
5 June 22
15 July
1
10
June
25c
Phila. Balto. & Washington (s.-a.)_,
15
July
+$14
.
Pet Milk Co. common
15
July
1
1
1
1
June
tii 4
Pennsylvania Exchange Bank (s.-a.)
Peoples Collateral Loan Corp. pref. (s.-a.)
preferred (quar.)
Extra
June 30 June
$1
|40c
— ----
Peoria Water 7%
Peter Paul Inc
20*
20*
June 30 June
June 27 June
July
July
July
July
'50c
m
Enterprises Consol., Inc
Penney (J. C.) Co. common.......
June
$34
t$i 4
Marine Midland Corp
Marine Midland Trust (quar.)
Marion Water 7% preferred (quar.)
Mission
Patino Mines &
—
2
Holders
Payable of Record
July
July
July
July
July
July
July
July
July
$14
—
June
$14
_
58 1-3 c
action)
Orange & Rockland Elec. Co. 6% pref. (quar.)-.
5% preferred (quar.)
Ottawa Car Manufacturing Co., Ltd
Ottawa Electric Ry. Co
--Ottawa Light, Heat & Power Co., Ltd. (quar.).-5% preferred (quar.)
Pacific Gas & Electric (quar.)
Pacific Southern Investors $3 pref. (quar.)--.—
Page-Hershey Tubes (quar.)
Paraffine Cos., Inc
4% conv. preferred (quar.)—
July
July
$1.05
Loew's
Micromatic Hone
6% preferred (monthly)
7% preferred (monthly)
4c
50c
6% preferred (quar.)
Little Schuylkill Nav., RR. & Coal Co
Lockhart Power Co. 7% pref.
(s.-a.)
Marshall Field & Co. 7%
No action
50c
$14
$14
13c
._
1
41 2-3<
1938
Ontario Manufacturing Co. (no
Preferred
20c
„
(M.) Theatres, Ltd., 7% preferred
Lykens Valley RR. & Coal Co. (s.-a.)
Mack Trucks, Inc. (dividend omitted).
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mapes Consol. Mfg. (quar.)
Northwestern Teleg. Co. (semi-ann.)
Ohio Public Service 5% preferred (monthly)
— -
$10
Kansas Electric Power Co.—
Lehman Corp
Life & Casualty Insurance of Tennessee
Lincoln Telep. & Teleg. A&B (quar.)
$2
$14
Noranda Mines, Ltd. (interim)
June 25 June 10
June 25 June
June
20c
15
15
15
40c
374c
2 June
1 June
15c
$14
2 June
June 30 June 20
1 June 15
July
1 June 20
July
July
July
July
_..
-
July
July
July
When
Per
Share
Name of Company
—
Extra
Gold & Stock Telegraph Co—
HickokOil Corp. class A&B
Payable in 5% preferred stock.
June 11,
|
Pat/able of Record
26c
50c
El Paso Natural Gas Co
Emerson Electric, 7% preferred
H'/ten
Chronicle
Following
we
give the dividends announced
weeks and not
yet
paid.
announced this week, these
in previous
The list does not include dividends
being given in the preceding table.
Volume
Financial
14&
When
Pet
Name
June
June 15
July
July
25c
June
May 26
35c
June
June
2
37Mc
July
June
17
July
July
June
15
6%
June
May 31
3%
June
*1 k
$1H
$1 2*
$42*
$22*
$12*
July
July
Aug.
July
May 31
June 15
Preferred
(quar.)
Acme Steel Co. (quar.) (reduced)
Addressograph Multigraph (quar.)
Aero Supply Mfg.. class A (quar.)
Agnew-Surpass Shoe Stores, preferred..
Agricultural Insurance (N. Y.) (quar.).
Alabama Great Southern RR. Co., ord_.
Preferred
Alabama Power Co., $7
pref. (quar.)...
$6 preferred (quar.).
$5 preferred (quar.).
Albany & Susquehanna RR. (sa.-.)
Alexander & Baldwin, Ltd. (quar.)
Allied Chemical & Dye Corp. (quar.)
Allied Laboratories, Inc. (quar.)
15
< -ambria
July
20
June
15
June
June
6
June
June
10
15
June 20 June
Oct.
-
June
June
June
July
June
13
July
June
21
June
June
13*
25c
June
June
June
15c
July
July
1
15
Canadian Cottons, Ltd. (quar.)
$12*
June
20
Canadian Foreign Investment Corp.
50c
June
June
15
50c
Sept.
50c
Dec.
Dec.
$12*
$15*
$15*
$1
June
June
Sept.
Sept.15
Dec.
Dec.
June
June
15
25c
June
June
1
•
American Automobile Insurance (St.
Louis)
(s.-a.)
Preferred
June
15
June
13
June
13
June
June
3
June
June
3
June
June
1
June
June
1
Centra 1 Vermont Public Service pref.
June
June
3
'
$22* class A__,_
$12*
3451c
Optional div. cash or l-32d sh. of cl. B stock.
American Dock Co. preferred (quar.)
American Envelope Co., 7% pref. A (qu.)
7 °7, preferred A ''quarterly)
,
—
$1 %
Juno
Aug. 25
Nov. 25
Dec.
15c
June
June
4
July
July
June
15
1 June
20c
American National Finance Corp.
50c
2%
70c
.
$1 cum. pref,
14*
June 25 June
6
1 June 25
July
June 15 June
1
July
July
July
July
June
40c
75c
$15*
t$12*
American Optical 7% pref. (quar.)
American Power & Light Co., $6 pref
18
10
June
9
25c
June
June
1
June
June
$15*
$25*
122*c
July
July
July
July
July
July
June
1
11*
June
15
$15*
.
Corp
Extra
Y
American Surety Co. of N
American Telep. & Teleg.
(quar.)
preferred (s.-a.)
American Tobacco Co., pref. (quar.)
Amoskeag Co., common (s.-a )
American Thread Co. $5
Preferred (semi-ann.)
$25*
.
(quar.)
Corp. Ltd. (quar.)
Art Metal Works
(quar.)
—
June
28 June
June 30 June 20
June 15 Juno 14
Columba Sugar Estates,
15
'June 30 June
15
June 30 June
15
'June 21 June
6
1 June
13
15
July
$15*
July
.
June
20 June
June
15 May 31
July
July
July
1 May 31
62c
$15*
(quar.) —
Bangor Hydro-Electric 7% preferred
6% preferred (quar.)
Bank of Nova Scotia (quar.)
Barber (W. H.) Co. (quar.)
Bastian-Blessing Co
Preferred (quar.)
Aug.
$15*
preferred (quar.)
Bangor & Aroostook RR. Co. (quar.)
5% conv. pref. (quar.)
Baldwin Co. 6%
June
$1
25c
Atlas Corp., common
Sept.
$15*
Dec.
6
1 May 31
June 10
Quarterly
Quarterly
July
July
July
July
July
July
July
.July
July
July
July
July
July
June
15
June
15
June
14
$1
25c
-
$1
Belding-Corticelli, Ltd. (quar.)
(quar.)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania pref.
Bellows & Co. class A (quar.)
Class A (quar.).
Preferred
- —
(quar.) —
-
*1$1
$15*
2oc
25c
June
10
June
10
June 15
June 15
15 June 23
15 June 20
June 17 June
1
Sept. 16 Sept.
1
Bank (quar.)__
Dec.
16 Dec.
30 June
15
July
30 July
15
Credit Acceptance
June
30 June 30
15 June
4
3
3
June
15 June
1
Crown Zellerbach Corp,
—
30 July
30 July
15
62 5* c
July
July
62 5* c
June 21 June 10
$25*
June 30 May 31
1 June 10
July
$i
(s.-a.)
Albany RR. Co
$15*
Ry. (quar.)
Boston Wharf Co. (s.-a.)
Boston Woven Hose & Rubber Co., pref
Boyuk Cigar, Inc
7% 1st preferred (quar.)__
Brach (E. J.) & Sons (quar.)
Brazilian Traction Light & Power Co., Ltd
Preferred (quar.)
Boston Elevated
15
$1
June
30 June
$3
185*c
June
1
15 June
15 May 31
15 June 30
$15*
30c
150c
$15*
June
July
July
July
July
1 June
1
15
5 May 31
1 June
15
16
50c
—
Co. (quar.)
Bristol Brass Corp
Co., Ltd., ord.(interim).
British Columbia Elec. Ry. 5% perp. pref
British Columbia Power, class A (quar.)
British Columbia Telep. 6% 2nd pref. (quar.)___
Buckeye Pipe Line Co
—
Bucyrus-Monighan, class A (quar.)
June 30 June
75c
(quar.)
June
25c
50c
July
July
25c
June
lOd.
June
15 May 31
4
30 June
July
15
.AJuly
25*%
50c
t$l 5*
50c
45c
15 June
3
1 June
15
1 June
15
3
July 15;June 30
1 July 16
Aug.
15 May 27
1 June 20
July
June
(quar.)
Crystal Tissue, 8% pref.
—
(s.-a.)
---
—
-
(quar.)
preferred
Dairy League Cooperative Corp. 5% pref.
Darby Petroleum Corp. (semi-annual)
David & Frere Ltd., class A
Davidson-Bontell 6% cum. pref. (quar.)
15
15 May
June 15 May
Aug.
July
17
17
15
July
July
July
July
June
10
,_,
Dayton & Michigan KR. Co. 8% pref. (quar.),,
Hook & Eye Co. (quar.)
—
Dentist's Supply Co. of N. Y. (quar.) —
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)—
Deposited Bank Shares, series B-l
Detroit Gray Iron Foundry (semi-annual)
Detroit Hilisdale & Southwestern (s.-a.)
Juno
10
June
10
June
15
6
July
July
1 June 15
9
1 June
25c
July
15 June 30
1
15 June
1
15 June
$13*
June
June
July
June
35c
June
75c
25c
June
56 3*c
June
12
July
$4
t$23*
$13*
15 May 31
15 Ma v 31
1 June
June 30 June
June 15 June
June 30 June
M
July
July
July
17
1
May 31
1 June 15
1
25c
$13*
13
June 30 June 20
1 June 20
July
July
July
July
$13*
10
11 May 31
June 24 June 14
1 June 10*
July
563*c
^
1 June 20
30 June
25c
(s.-a.)
De Long
15 July
1
15
15
5 June 15
1 June 20
1 June
Dec.
1
Aug. 22
Nov
19
July
1
July
Oct.
1
Oct.
1
Dec.
23
Dec
23
6c
July
1
2c
June 20 June
$2
$2
July
75c
75c
$13*
....
Semi-annually
Sept.
Jan
1
1
10
5 June 20
S Dec. 20
10c
---
---
63*% pref. (quar.)..
June
13 May 23
25c
(liquidating)
Diamond State Telephone
15
June
June
25c
Curtis Publishing Co.
Detroit Motorbus
Devonian Oil,.
June
July
10c
—
—
Cuban Tobacco, 5% pref
Cuneo Press, Inc., 62*% pref.
Aug.
July
50c
(quar.)
Corp. preferred (quar.)
pref.
13
June 30
$13*
(quar.)
----International Corp., cl. A (quar.)..
Seal Co. $2.25 preferred w. w
$2.25 preferred x w...
Crum & Forster
1
15 May
1 June 15
June 30 June
Crown Cork &
75*c
—-
. _
Crown Cork
1 June
1 June
25c
5% preferred (quar.)
25
June
$13*
$13*
$13*
$1,123*
Crowell Publishing Co.
June
July
July
Dec.
Dec. 31
$13*
Cream of Wheat
Creameries of America, Inc.
$15*
25
Sept.30 Sept. 25
June 30'June
June 23 June
15c
preferred (quar.)
5% cumul. conv. pref. (quar.)
25c
.
Berghoff Brewing
Bethlehem Steel, 7% pref. (quar.)
15
30c
Crane Co.
June
875*c
Preferred series A (quar.)
13
90c
Cooper-Bessemer Corp. prior pref,
Stock div. of l-20th of a sh. of com. for each
sh. of prior pref. held.
Cosmos Imperial Mills Ltd. 5% pref. (quar.) —
75c
Beneficial Industrial Loan Corp
20
$13*
$43* preferred (quar.)
Can $4.50 preferred (quar.)
Gas & Electric prior pref. (quar.),.
Oil Co
Steel Corp., pref. (quar.)
40c
1
June
July
$13*
Continental
Continental
Continental
Continental
25c
,
June 20
50c
Power (Bait.)
May 31
15
isi
(qu.)
June
June
t$r
New York, Inc.,,
5% preferred (quar.)
Consolidated Investment Trust (quar.)
Special
Consolidated Laundries, pref. (quar.),
Consumers Power Co., $5 pref. (quar.)
50c
11
10c
Consolidated Gas, El. Lt. &
ll'i
20
75c
10
14
6
June
1 Juno 15
June 30 June 10
$1
$1,063* June 30'June 10*
July
1,'June 10*
$1
1 June 10
$1,063* July
July
l'June 10
75c
June 15 June
4
25c
(quar.)
15
15
June
July
July
July
July
—
June
June
11
June
June 30 June
July
1 June
(quar.)
June
June
11
June
tsi
Connecticut Light & Power
Consolidated Biscuit Co—
Consolidated Edison Co. of
$5 pref.
June
July
July
Corp. (quar.)
Compo Shoe Machinery (quar.) —
Confederation Life Assoc. (Toronto)
15
30
July
(quar.)
July
July
Co. (quar.)
Briggs & Stratton Corp
5
Nov. 10
June 15 May 25
June 11
July
(quar.).
$4 2* conv. pref. (series of 1936) (quar.) —
Commonwealth & Southern preferred
25c
(quar.)
Beatty Bros. Ltd. 7% 2nd pref. (s.-a.),
Beech Creek RR. (quar,)..
Beech-Nut Packing Co. com. (quar.)
Bishop Oil Corp
Bon Ami Co. class A (quar.)
Class B (quar.)
Bondholders Management, Inc. A
1 July
A.ig, 10
Aug. 10
Nov. 10
June 25 June
July
1 June
---
25c
I deferred
1 June
15 May 20
25c
Preferred
Commercial investment Trust
15
15 May 31
June 20
Dec.
Commercial Credit Co. (quar.)
$25*
(quarterly) —
British-Amer. Tobacco
July
Sept.
(quar.)
preferred (quar.)
15
50c
Birmingham & Coast RR., pref
cumul. pref. (quar.),
Brillo Manufacturing
•Class A (quar.)
June
—
$15*
372*c
Atlanta Gas Light Co., 6%
Atlantic Refining Co
Bridgeport Gas Light
Jan.
B (quar.)
Mfg. Co. (quar.)
Breweries, Inc., pref. A
t$l 5*
(quar.)
5% cum. preferred (quar.)
Astor Finance Corp. preferred (s.-a.)
Bensonhurst National
1 Sept. 19
1 Dec. 19
June 30 June
(quar.)
June 30 June
1 June
July
120c
(quar.)
Preferred (quar.)
....
1 June 20
Oct
Cumulative preferred, series
Columbia
3
Uuly
Colgate-Palmoiive-Peet, 6% pref. (quar.) _ _ —
$7 cum. preferred
1 June 15
June 24 June
Colt's Patent Fire Arms
10c
18
1 June 20
16
14 May
July
Colonial Ice Co. common
50c
(quar.),,
Associates Investment Co.
Boston &
July
15 May 31
1 June 10
22 June 10
June 30 June 15
June 30 June 15
$15*
Assoc. Breweries of Canada,
Class A (quar
Special guaranteed (quarterly) —
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Clorox Chemical Co. (quar.),.
Cluett, Peabody & Co., Inc., pref
Coast Counties Gas & Electric 6% pref.
Coca-Cola Co
ClaSS A (S -ft,)
Coca-Cola International common
Clftss A (s —a )
<«•
June
50c
-
Extra,,
June 25
July
Pacific Ry.—
5% preferred (quar.).
\).
5% preferred (quar
City Ice & Fuel Co., common
Clark Equipment preferred (quar.),.
Clearfield & Mahoning ItR. (s.-a.)
Cleveland & Pittsb. RR. Co., reg. guar,
June
—
Extra
Beatrice Creamery
June 25
Juno
pref. (qu.)
Cincinnati Union Terminal 5%
$15*
$15*
122*c
Ashland Oil & Refining (quar.)
Preferred
May 31
June 10
15 May 28
15 May 25
15 May 23
—
20c
6% cum. preferred (semi-ann.)
Armour & Co. of Delaware preferred
Arnold Constable Corp
5% preferred
6
June
a.
Arkansas-Missouri Power Corp.
Asbestos
June
June
$13*
5% pref. (quar.)
Extra
June
50c
(quarterly)
June
6
July
10c
25c
Chrysler Corp
July
July
July
July
July
9
75c
(quar.)
1 June 14
1 June 14
July
$83*
$13*
June
15
3
623*c
Christiana Securities
Cincinnati New Orleans & Texas
June
3
27 June
June 30 June 20
—
Cincinnati Gas & Electric,
June
1 June 15
1 Juno 10
1 June 10
July
July
June
9
June
5
10
June 27 June
9
June
15 June
July
Extra.
15
30c
25c
Co. (Indianapolis)
American Sumatra Tobacco
Nov. 15 Nov.
June
*
Chicago Flexible Shaft (quar.)—
Chicago Pneumatic Tool prior pref.
$3 preferred (quar.)
Chicago Rivet & Machine
Chickasha Cotton Oil (special)
Preferred
6
Aug. 15 Aug.
June
$15*
(quar.)
American Sugar Refining
Preferred (quar.)
(quar.) —
-
90c
Preferred
American States Insurance
15 May 20
June 16 Apr. 30
(quar.)—__z_
Champion Paper & Fibre Co. 6% pref (quar.),.
Chesapeake & Ohio Ry. Co
June
t9k
$5 preferred
;
American Rolling Mill, oref. (quar.)
American Safety Razor (quar.)
American Snuff Co. (quar.)
June 15 May
Chesebrough Mfg. Co. (quar.)
1
Juno
1 June 20
20
July
June
Preferred (quar.)
25c
(quar.)
American Home Products—
American Ice Co. preferred (quar.)
American Motorists Insurance Co.
10
Sept.
$2
American Fork & Hoe Co
American-Hawaiian Steamship
15
10
June 21 May
Chamberlin Metal Weather Strip
June 30 June
July
1 June
15
15
24
17
17
15
15
15
20
4
1 June 11
23
July
$6 preferred
Quarterly,,
l-40th a
sh. Am. C. & C. held.
June
June
June
June
June
June
June
June
June
July
June 20 June
Centrifugal Pipe Corp. (quar.)
Cigar, stk. div_.
sh. of Amer. Tobacco com. B for each
(quar.)
July
Telegraph (quar.)
Carpenter Steel Co. common (final)
Case (J. I.) preferred (quar.),,
Catelli Food Products Ltd 5% pref. (s.-a.)
Central Illinois Light Co. 42*% pref. (quar.)
Central Dlinois Public Service 6% preferred
July
American Cigarette &
American Cities Power & Light
2 June
8
2 June
8
1 June 24
July
Carolina Telephone &
July
July
$1
50c
___________
...
30 June 20
--
Extra
15c
(quar.)
American Chicle (quar.)
June
July
July
July
July
July
July
Co. (quar.)
Cariboo Gold Quartz Mining
$13*
(quar.)
Preferred
July
2
2
11
2
2
1
1
1
2
11
(quar.)
10c
75c
American Chain & Cable
15 May 31
July
July
July
July
,
$3 2*
American Bakeries Corp, 7% preferred
American Bank Note
June
(quar.)
Canadian Oil, Ltd. 8% pref.(quar.)
Canadian Wallpaper Mfg., cl. A & B
Canfield Oil 7% preferred (quar.)...
15
15 May 31
July 25 June 30
July 15 June 30
Canadian General Electric Co., Ltd. (quar.)
15
15
2 June 16
July
June
8% preferred (quar.)
Sept. 15
10
Sept. 15
31
1
June 20 May
Ltd., clA
Malting, Ltd. (quar.)__.
—
Canada Northern Power Corp., Ltd. (quar.) —
7% cumul. preferred (quar.)
—
Canada Wire & Cable preferred (quar.)
Canadian Canners, 1st pref. (quar.)
2nd preferred (quar.)
Canadian Car & Foundry, pref ;
Preferred
1 Nov. 25
2 June 15
1 June l5
(semi-annual)
Canada
8
2 June 15
1 Aug. 26
July
July
Canada Cement Co. prefer:ed
Canada Foundries & Forgings
Iron Co.
16
30 June 16
1 July 15
1 June 15
Dec.
5% pref. (quar.)
Burlington Steel Ltd. (quar.)
Calamba Sugar Estates (quar.)
California Ink Co., Inc. (quar.)
$12*
372*c
Quarterly
Quarterly.
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
American Agricultural Chemical
Atlanta
June 20
July
Alpha Portland Cement Co
Aluminum Co. of America, 6% pref. (quar.)
Aluminum Goods Mfg
Aluminum Mfrs., Inc. (quar.)..
Aug.
July
July
Sept.
$1.60 preferred (quar.)
Building Products, class A & B (quar.)
Bunte Bros., 5% pref, (quar.)
15c
Allis Chalmers Mfg. Co
June
$5 pref. (qu.)_
50c
Allied Products Corp. class A (quar.)
Allied Stores Corp. 5% preferred (quar.).—
Preferred
Buffalo Niagara & Eastern Power
43 He
Allied Mills.
Extra.
1
June
June 30 June
Budd Wheel Co., 1st pref. (quar.),,,
1st preferred (partic div.)
40c
$12*
Abbott Laboratories (quar.)
PayabU oj Record
Share
Name of Company
Holders
When
Per
Holders
Payable of Record
Shate
of Company
3757
Chronicle
June
$13*
July
15 May 31
15 June 20
3758
Financial
Per
Name of Company
Share
Diamond Match Company (quar.)
25c
Quarterly
Sept.
Aug. 10
Dec.
Nov. 10
75c
75c
50c
25c
«...
Distillers Corporation-Seagrams-.
Dixie-Vortex Co
Class A
When
Holders
Payable of Record
25c
Par tic. preferred—
Partlc. preferred
Sept.
Aug. 10
3-1-39
2-10-39
15 June
6
June
25c
Dec.
Nov. 18
July
July
July
July
July
July
July
July
July
July
20 June 30
20 June 30
June 15
62 Ac
-
Quarterly
50c
ilff
tig
Preferred (quar.)
Draper Corp. (quar.)
Driver-Harris Co., preferred (quar.).
75c
Duke Power Co
Preferred (quar.)
du Pont de Nemours
Preferred (quar.)
July
July
Sept.
June
26c
(quar.)
Dr. Pepper Co. (quar.)
Dome Mines, Ltd., old stock
New stock
Dominion Glass Co. (quar.)
—
Preferred (quar.)
Dominion Textile, Ltd. (quar.)...
75c
$1%
(E. I.) & Co
50c
Debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (qu.)
Eagle Picher Lead pref. (quar.).
Eastern Gas & Fuel Assoc. 4% % pref. (quar.)
Eastman Kodak (quar.)
Preferred (quar.)
Edison Bros. Stores (quar.)
Preferred (quar.)
*—
Electric Controller & Manufacturing
Electric Storage Battery Co., common
—
_
Preferred
Electrolux Corp. (irregular)
Elgin National Watch Co
Elizabet h & Trenton RK. Co. (semi-ann.)
5% preferred (semi-ann.)
_
91%
91%
91%
SI H
$1%
SIM
SIM
25c
"US
50c
50c
40c
25c
SI
—
SIM
92%
SIM
*8
—
__
Fansteel
Metallurgical Corp., $5 pref. (quar.)—
Farmers & Traders Life Insurance
(Syracuse)
Quarterly..
Faultless Rubber
Aug. 18
June 15
June 15
15 June 30
May 28
June 20
June 15
15
June 14 May
July 25 July
July 25 July
July 15 June
June
July
June
July
June
July
June
July
June 25 May
June 15 May
July
1 June
23
8
8
15
15
15
5
5
31
31
20
June 30 June
June 30 June
June
15
June
9
9
15 June
SIM
S2M
S2M
Oct.
May 16
4
Quarterly
Federal Mining & Smelting, preferred
(quar.)
Feltman & Cur me Shoe Stores,
pref. (quar.)
Fernie Brewing Co., Ltd
Sept. 20
July 15 July
Aug.
1
Nov.
2
1
June
15 June
1
July
July
June
15
June
18
Oct.
Sept. 17
Jan.
Dec.
July
July
July
June
14
June
14
June
June
24
14
15 May 31
10
1 June
July
June 30
June 15 June
7
1 June
July
June 30 June
15
July
1 June
10
Oct.
1 Sept.10
1 June 15
July
15
June
75c
15 May 27
June 30 June 16
35c
July
35c
Oct.
1 June 20
1 Sept. 20
91%
June
87 Mc
—
July
July
July
July
60c
Extra
15c
Fidelity & Guaranty Fire Corp
50c
Fifth Ave. Coach Co
Finance Co. of Amer., class A & B
(quar.)
Preferred A (quar.)
First National Bank of
1
Oct.
1 Sept. 20
June 30 June 21
July 15 June 30
July 15 July
2
50c
—
Federal Insurance Co. (J. C., N. J.)
(quar.)
50c
15c
Jersey City (quar.)-First National Bank (Toms
River, N. J.) (qu.)
First National Stores
(quar.)
First Security Corp. of Ogden, cl. A & B
(s.-a.)_
Ford Motor of Canada,
5A% pref. (semi-ann.)
Class A & B (quar.)
Foreign Light & Power Co. 6% 1st pref. (qu.)__
Franklin Rayon Corp., $2
prior pref. (quar.)
92A prior preferred (quar.)
Fuller Brush 7% pref.
(quar.)
7% preferred (quar.)
—
—
Gamewell Co. $6 conv. pref.
(quar.)
Gannett Co., Inc., $6 conv. pref.
(quar.)
Gatineau Power Co.. pref. (quar.)
-
General Crude Oil Co.
(initial)
General Electric Co
General Gas & Electric
1
1 June
2 June
1
14
2 June
14
1 June 22
June 30 June 15
June 30 June 20
June 30 June 20
July
July
1 June
50c
June
15 June
June 30 June 23
1 June 22
S2M
t25c
June
SIM
62 Mc
62 Mc
SIM
SIM
SIM
18 May 28
1 June 20
July
Aug.
1 July
25
1 Oct.
Nov.
25
July
1 June 23
Oct
1
15c
11%
Sept. 22
June 15 June
4
1 June
15
1 June
1
July
July
June
68&
10
10
1 Aug. 20
Sept.
15
June 15
June 15
June 15
May 31
May 31
June
5
June
5
1 June 20
1 June 10
July
July
25c
June 20 June
50c
June 15 May 27
June 30 May 31
July 25 June 24
10c
20c
Corp. (Del.)—
$5 prior preferred (quar.)
General Investors Trust
(quar.)
General Mills, Inc., preferred
(quar.)
General Motors Corp
15 June
8Mc
1%
87 Mc
62Mc
SIM
Gaylord Container Corp. (quar.)
Preferred (quar.)General Acceptance Corp.
(quar.)
Class A (quar.)
General American Investors Co.,
Inc., pref. (qu.)
General American Transportation
Corp
General Candy Corp. class A
(quar.)
General Cigar Co., Inc
10
June 15 May 16
15 May 27
1 June 10*
June 13 May 12
June
SIM
25c
$5 preferred (quar.)
General Public Utilities, Inc., $5
pref. (quar.)
Railway Signal pref (quar.)
General Re-Insurance
Corp
SIM
SIM
SIM
General
July
Aug.
July
July
1 July 11
1 June 20
1 June 10
25c
(quar.)
6
10c
75c
SIM
SIM
Gibson Art Co. (quar.)
50c
56 Mc
15c
SIM
(quar.)
Globe-Wernicke 7% preferred
(quar.)
Godchaux Sugars, class A
Preferred (quar.)
Gold & Stock Telegraph Co.
(quar.)__
Grand Rapids & Indiana
Ry.
Grant (W. J.) Co.
6
15 June
SIM
GilddenCo., 4 A% conv. pref. (quar.)
Gillette Safety Razor
(quar.)
Preferred (quar.)
Glens Falls Insurance Co.
conv.
15 June
June
25c
75c
General Time Instruments pref.
(quar.)
General Water, Gas & Electric
Preferred (quar.)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Goldblatt Bros. pref. (quar.)'
Goodyear Tire & Rubber Co. $5
Gorham Mfg. Co., common
Gorton-Pew Fisheries
June
25c
Extra
40c
SIM
$1
pref. (qu.)
10
15
June
June
16
June
16
June
16
June
15
June
15
June 20
June
June 30 June
Aug.
July
July
July
July
July
July
16
6
July
1
15
June 20
June 18
June
June
_
18
June 30
June 10
June 15 May
June 15 June
75c
July
$2
(Dela.)
5% preferred (quar.)
SIM
SIM
62Mc
SIM
June 23 June
July
July
July
July
July
July
July
July
25c
(s.-a.)
35c
16
1
1 June 21
June 20 June 10
25c
-
Quarterly
Great Western Electro-Chemical
6% pref. (qli.)
(quar.)
Preferred (quar.)
Greene Cananea Copper Co.
(quar.)
Greene RR. Co. (s.-a.)
Greening (B.) Wire Co. Ltd. (quar.)
Cooperage Corp. class A.
Greif Bros.
Group No. 1 Oil Corp
Guarantee Co. of North Amer.
(Que.) (quar.)__
Extra
July
July
10c
z
Great American
Indemnity (N. Y.) (s.-a.)
Great Southern Life Insurance Co.
(quar.)
10
10
June
25c
Fear (Fred) & Co. (quar.)
Federal Bake Shops. Inc., 5% preferred
(s.-a.)
Great Western Sugar Co.
June
June 11, 1938
Per
Name of
June
1 June 14
1 June 14
15 June
6
35c
Juiy
11 July
35c
Oct.
10 Oct.
30c
July
July
July
60c
SIM
75c
$3
15c
1
2
2
June 13
June 20
1
1
June 20
June 15
June
15
June
6
June 10
2 June l5
1 June 15
June 30 June 10
40c
July
July
S100
SIM
S2M
July
July
15 June
30
15 June 30
When
Share
Company
Guaranty Trust Co. of N. Y. (quar.)
Gulf Oil Corp
Gulf Power Co., $6 preferred
(quar.)
Gulf States Utilities $5M preferred (quar.)
$6 preferred (quar.)
Hackensack Water Co. class A pref. (quar.)
Halifax Fire Insurance Co. (N. S.) (s.-a.)
Hamilton United Theatres 7% preferred--,
Hamilton Watch Co. (quar.)
Hammermill Paper Co., 6%
preferred (quar.)—
Hancock Oil of Calif., A & B (extra)
Hanes (P. H.) Knitting Co. 7% pref. (quar.)—
Harbison-Walker Refractories Co., pref. (quar.)
Harding Carpets Ltd
—
Harrisburg Gas Co. 7% pref. (guar.)
Harsh aw Chemical Co. 7% preferred (quar.)
Hartman Tobacco Co., pref. (quar.)
H^yes Steel Products, Ltd., 6% non-cum. pref—
Hazel-Atlas Glass Co. (quar.)
Hazeltine Corp. (quar.)
Hedley Mascot Gold Mines (quar.)
—
—
25c
8%
50c
91A
SI
60c
91%
75c
1 June
15
June 25 June
10
June 20
July
July
July
July
July
6
June
15
June 30
June 24
June
June
June
June
June 15
June 15*
7
June
June
1
July
July
3c
June
1
June
July
July
11
June 10
June 10
June 10
June
loc
June
June
SI%
91%
Hercules Powder Co. (quar.)
10
May 31
151 June
8
July
lc
Hein-Werner Motor Parts Corp. (quar.)
Helme (Geo. W.), common (quar.)
Preferred (quar.)
2'June
July
July
20c
10c
15 May 31
15 May 31
June
June 30 June 17
June
25c
91%
91%
3
15
1 June 20
June 30
f91A
91%
91A
1 June
1 June
July
July
July
June
91A
43%c
I Holders
Payable of Record
3%
Extra
25c
15c
June
June
50c
June
14
14
17
91%
July
July
June
17
5c
June
June
3
5c
June
June
3
Holly Oil Co
25c
June
June
Home Fire & Marine Insurance
(quar.)
Honolulu Oil Corp., Ltd. (quar.)
50c
June
June
6
25c
June
June
3
Hoskins Manufacturing
15c
June
.Tune
10
Hibbard, Spencer, Bartlett & Co. (monthly)
Holland Furnace
—
Preferred (quarterly)
Hollinger Consol. Gold Mines, Ltd. (mo.)
Extra
—
-
Elizabethtown Water Co. Consol (s.-a.)
El Paso Electric Co. (Texas) $6 pref.
(quar.)
Ely & Walker Dry Goods Co., 1st pref. (s.-a.)—
2d preferred (s.-a.)
Empire Casualty (Dallas) (quar.)
25c
Quarterly
25c
Empire Power Corp. $6 cum. pref. (quar;)
Emporium Capwell Corp.
25c
Emporium Capwell Co. 4\ [% pref. A (quar.).. 56%c
4A% preferred A (quar.
56 Mc
4A% preferred A (quar.)
56 Mc
Engineers Public Service $6 preferred (quar.)
SIM
$5A preferred (quar.)
SIM
$5 preferred (quar.)
SIM
English Electric Co. of Canada Ltd.
$3 non-cum. series A (quar.)
J62 Mc
Ex-Cell-0 Corp
10c
Excelsior Insurance Co. (Syracuse, N. Y.)
15c
Famous Players Canadian
30c
Fanny Farmer Candy Shops (quar.)
25c
General Telephone Corp.
Preferred (quar.)
Chronicle
Co
Houdaille-Hershey class A (quar.)
Hudson Bay Mining & Smelting, Ltd
Humble Oil & Refining (quar.)
Humphreys Mfg. Co. (resumed)
6% preferred (quar.)
Huron & ErieMtge. Corp. (Ont.)
(quar.)
Huston (Tom) Peanut 7% 1st prer.
(s.-a.)
Idaho
Maryland
Mines
62 %c
July
June 20
June
May 27
sim
July
June
1
June
June
15
91A
t$l
*$3 A
June
June
July
July
5c
June
June 20
June 10
92
92
June
June
18
July
July
June
11
June 30
Oct.
Sept. 30
t75c
(monthly)
Illinois Bell Telephone (quar.)
Illinois Central RR., leased lines
(s.-a.)
Imperial Life Assurance Co. (Canada) (quar.)
—
Quarterly
Quarterly
Imperial Tobacco Co. of Canada (interim)
Indiana Hydro-Electric Power Co.—
7% cumulative preferred (quar.)
Indianapolis Power & Light preferred (quar.)
Indianapolis Water Co.. 5% cumul. prer. A (qu.)
Ingersoll-Rand Co. preferred (semi-aim.)—
International Agricultural Corp., prior
pref
International Business Machines Corp. (quar )_
—
International Cellucotton Products Co.
(quar.).
International Educational Publishing Co.
93 A preferred
International Harvester
International Mining
International Nickel Co. of Canada, Ltd
International Ocean Telegraph Co.
(quar.)
International Salt Co. (quar.)
Jan.
.-91%
91%
91%
93
92
91A
37 Ac
Dec. 31
June
June
July
July
July
10
15 May 31
6
1 June
1 June 11*
1 June
June 20 June
6
10*
July
July
11 June 22
July
July
1 May 24
15 June 20
1 June 20
June 20 June
6
June 30 May 31
June 30
July
June 15*
July
June 15
July
June
1
June
June
15
15
June
Stock dividend
June
July
July
lime
15
June
Iron Fireman Mfg. vtc
conv.
(quar.)
1
June
15
July
June
Jamleson (C. E.) & Co
June
Jersey Central Power & Light 7% pref. (quar.)
6% preferred (quar.)
5A% preferred (quar.)
Jewel Tea Co., Inc., common
(quar.)
Johns-Manville Corp., 7% pref. (quar.)
Joslyn Mfg. & Supply Co. pref.
(quar.)
Kansas City Power &
Light, pref. B (quar.)
Kansas Gas & Electric
7% pref. (quar.)
$6 preferred (quar.)
Kansas Utilities Co.
7% preferred (quar.)
Katz Drug Co preferred
(quar.)
Kaufmann Dept. Stores, Inc.,
pref
Kearney (James R.) (reduced)
Keith-Albee-Orpheum 7 % conv. pref.
Kemper-Thomas. 7% special pref. (quar.)
7% special preferred (quar.)
Kennecott Copper Co
Kerlyn Oil Co., class A (quar.)
Kimberly-Clark Corp., common (quar.)
Preferred (quarterly)
Kings County Light, 7% pref. B (quar.)
6% preferred C (quarterly)
5% preferred D
(quarterly)
Koppers Co. preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
Kresge (S. S.) Co
Kroehler Mfg. Co. 6% class A
pref. (quar.)
July
July
July
—
June 20
Aug. 10
15 May 31
1
1 June 10
15 June
July
1 June
17
15 June
1 June
14
July
July
July
July
1
1 June 14
1 June 14
1 June 21
July
l'June 15
June 30 June 10
July 15 June 15
July
Sept.
1 June
15
1 Aug. 22
1 Nov. 21
June 30 June
3
Dec.
July
July
July
July
1 June 10
1 June 10
1 June 10
July
1 June 15
1 June 15
1 June
July
July
July
1 June
June
13 June
15
11
1 June 20
1
June 30
Sept. 30
Dec. 31
July
Aug.
1 June
17
1 July 20
June 15 June
6
1 June 10
July
June 15 June
(quar.)
Lockhart Power 7% pref.
(s.-a.)-
June 20
June
Aug. 15 Aug.
Nov. 15 Nov.
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Lang (John A.) & Sons, Ltd. (quar.).
Langendorf United Bakeries—
6% preferred (initial quar.).
Class A (quarterly)
Dlas
"
'
Lava Cap Gold
Mining
Leath & Co., preferred
(quar.).
Lehigh Portland Cement Co., 4% pref. (quar.)_
Lehn & Fink Products
Corp
Lexingtoi Utilities $6V$ preferred (quar.).
Libby, McNeill & Libby preferred (s.-a.)_.
Liggett & Myers Tobacco pref. (quar.)—.
Lily-Tulip Cup Corp
Lincoln National Life
Insurance (Ft. Wayne)
Quarterly
Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co., pref.
(quar.)
Little Miami RR.,
special guaranteed (quar.)—
Special quaranteed
(quarterly).
Original capital
Original capital
Liquid Carbonic Corp. (interim)..
Nov. 10
_
1 June 10
1 June 10
June 20 June
6
6% class A preferred
(quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quar.)
Kysor Heator Co. (quar.)-Lackawanna RR. Co. of N. J
Glass
15
June 20
June 20
Dec.
Irving Air Chute (quar.)
Irving (John) Shoe Corp. 6% pref. (quar.)
Lake Shore Mines, Ltd.
Landis Machine (quar.)
June
July
July
July
July
Sept.
quarterly
June
June
Investment Corp. of Philadelphia
Investors Corp. of R. I. $6 pref.
(quar.)
Iowa Public Service $7, 1st
pref. (quar.
96 A 1st preferred (quar.)
$6, 1st preferred (quar.)
Libbey-Owens-Ford
15
June 15
June
International Shoe Co—
International Power Secur., 6% preferred A
Intertype Corp., 1st pref. (quar.)
Second preferred (s.-a.)
Investment Co. of America
vtc com.
1
June
15 June
Sept. 15 Sept.
Dec.
July
15 Dec.
2 June
15
June
15 May 25
June 15 May 25
June 30 June 10
1 June 15
July
1 June 14
July
June 14 June
1
June 15 June
4
1 June 17
15 May 31
1 June 10
July
June lo June
1
July
25c
91%
37 Ac
June
30c
Aug.
1 July
26
30c
Nov.
1 Oct.
26
1%% June 20 June
4
91% .July
1 June 15
50c 'Sept. 10 Aug. 25
50c
$1.10
$1.10
20c
93 A
Dec. 10 Nov. 25
Sept. 10 Aug. 25
Dec. 10 Nov. 25
1 June 15
July
Sept. 30 Sept. 30
Volume
3
10
June
Sept. 21
Dec. 24
Niagara Share Corp. (Md.), class A pref
Niagara Wire Weaving Co., Ltd. (quar.)
June
June
July
June 17
June
June
Niles-Bement-Pond Co
June
June
4
June
Extra
New York &
Oct.
Jan.
(quar.)
Locke Steel Chain
June 21
June
July
pref. (quar.)
8% preferred (quarterly)
8% preferred (quarterly)—:
June
1900 Corp., Class A (quar.)
Class A (quar.)
Aug.
Aug.
1
June
Nov.
Nov.
1
June
June 20
June
May 31
July
July
July
July
July
July
June
15
June
15
June
15
16
June 10
June 15
July
June
Sept.
Sept.
Aug. 20
Long Island Lighting, 6% pref. A (quar.)
6% preferred B (quarterly)
Longhorn Portland Cement Co.—
5% refunding participating pref. (quar.)
Aug. 20
Nov. 21
Nov. 21
Northern Ontario Power Co. Ltd.
5% refunding participating
17
17
June 15
Northwestern Yeast
Dec.
pref. (quar.)
Dec.
-—-—-—
June
July
July
July
June 30
June
(quar.)
June
May 31
B (quar.)
Louisville Henderson & St. Louis RR
5% preferred (semi-ann.)
Lunkenheimer Co., 6K% preferred (quarterly).
6 X % preferred (quarterly)
Louisville Gas & Electric class A &
Oct.
McKesson & Bobbins. $3 pref.
Mabbett (G.) & Sons 7%
Ltd. (quar.)
(quar.)
Master Electric Co. common
Mathieson Alkali Works
(quar.)
Agricultural Co., Ltd
May Dept. Stores (quar.)
Mead Johnson & Co. (quar.)
Sept.
Preferred
Merchants Insurance Co.
pref. (s.-a.)
(Providence) (quar.)..
~
Minneapolis Gas Light Co., 5% partic. units._.
Mississippi Valley Public Service Co.—
6% preferred class B (quar.)
Mock, Judson, Voehringer Co. pref. (quar)
Monarch Mills (reduced) (s.-a.)
Monroe Chemical Co. $3.50 pref. (quar.)
Monroe Loan Society class A
Monsanto Chemical Co
$4X class A preferred (quar.)
Montgomery Ward & Co.
Class A (quar.).
Montreal ICottons, Ltd. (quar.).
Preferred (quarterly).
Moore (W. R.) Dry Goods (quar.).
Quarterly.
Quarterly
.—
—.
Morris & Essex RR. (s.-a.)._.—
—
Morris Finance Co., class A (quar.)
Class B (quarterly)
Preferred (quarterly)
Morris Plan Insurance Society (quar.)_
Quarterly
Morristown Securities Corp
Motor Finance Corp. $5 pref. (quar.)
Mountain Producers Corp. (s.-a.)
Muncie Water Works 8% preferred (quar.)
Muskogee Co., common
Mutual Chemical Co. of Amer. 6% pref. (qu.)-.
6% preferred (quar.).
6% preferred (quar.).
Mutual Telep. Co. (Hawaii) (quar.).
Myers (F. E.) & Bro
1 June 30
1 June 13
1 June 18
1 June
18
1 June 15
1 June 24
1 June 16
15
1
15 June
1 Nov. 10
15 June 10
15 May 31
15 May 31
Oct.
1 June
1 July
1 Oct.
17
Perfection Stove Co.
2
Jan.
2 Jan.
1 June
10
15
15
15
$5 cumulative preference (quar.)
Pickle Crow Gold Mines Ltd. (quar.)
June
June
Sept.
June
Aug. 27
Nov. 26
June 15
June 17
June
May 14*
June
June
Dec.
July
1
June
June
1
June
June
Sept.15
Dec.
15
June
6
June
15
June 20
June
July
July
May 26
May 26
June 17
June 17
June
June
10
June
June
July
July
July
July
July
July
June
10
15
June
15
June
13
37 He
June
May 31
+*i */.
July
July
July
July
May 31
May 31
June
June
May 27
July 22
June 20
June
(quar.)
Aug.
June
June 30
June
1
June
1
Co
6% preferred (s.-a.)
Pollock's, Inc., 6% preferred (quar.)__
Pollock Paper & Box Co. 7% preferred (quar.)..
7% preferred (quar.).
Pocahontas Fuel
7% preferred (quar.
Canada (interim).
1st preferred (quar.)
2d preferred (quar.)
Power Corp. of
Pratt &
Lambert
Premier Gold Mining Co. (quar.)..
Procter & Gamble 5% pref. (quar.)
Prosperity Co., Inc.,
17
Public Investing
June
June
30
7
June 30
17
June
17
June
17
June
June
May 31
May 31
16
July
June
June
May 28
June
June 10
July
July
July
July
June
July
July
(quarterly)
Plymouth Oil Co., com. (quar.)
16
June
(s.-a.)
•
Lackawanna & Western Ry. (quar.)_.
New York Mutual Telegraph (s.-a.)
New York Power & Light, 7% pref. (quar.)
$6 preferred (quarterly)
Ashtabula Ry.—
(quarterly)
16
July
15
June 15
June
10
June 30
June
15
June 15
—
7% preferred
June
June
Harlem RR. (s.-a.)
7% preferred
June
June
—
7% preferred (quar.)
Pittsburgh & Lake Erie
Pittsburgh Plate Glass
Pittsburgh Youngstown &
June
Aug.
July
July
nE
55c
55c
SIX
SIX
"Ji
pref. (quar.).
Co. (s. a.).
Public National Bank & Trust (quar.)
Public Service Electric & Gas Co., $5 preferred._
7% preferred (quar.)
Public Service Co. of N. H. $6 pref. (quar.)
$5 preferred (quar.)
Public Service Corp. of N. J. 8% pref. (quar.)..
7% preferred (quar.)_
$5 preferred (quar.)
6% preferred (monthly)
Public Service of New Jersey
6% preferred (monthly)
Public Service of Northern Illinois (quar.)
No par common (quar.).
Public Service Co. of Oklahoma—
7% prior lien stock (quar.).
6% prior lien stock (quar.).
Pullman, Inc
Pure Oil Co. 6% preferred (quar.).
5% preferred (quar.)
% preferred (quar.)
June 30 June
July
1 June
2
10
June
10
15
July
July
1
1
Sept.
1 Aug. 20
1 June 20
July
Aug.
Sept.
July
July
1
1
1
1
1
June
July 20
Aug. 20
June 15
June 15
June
15
June 15 May
July
1 June
31
July
41
July
June
July
July
July
15
1 June 15
8
1 June
15 June
1
1
June
June
$1 %.
50c
1
15
17
24
Oct.
1 Sept.
July
July
July
1 June 10
1
1 June
1
1 June
June 30 June
Manufacturing Co
Pioneer Gold Mines of B. O. (quar.)
Pittsburgh Bessemer <fc Lake Erie (s.-a.)....—
Pittsburgh Brewing Co. $3H preferred.
Pitts Ft. W. & Chicago Ry. 7% pref. (quar.)..
7% preferred (quar.
7% preferred (quar.
Piedmont
16
Sept.
70c
25 July
1
18
1
15
15
5
5
11
June 30 June 20
(quar.)
June 30 June
June
$1X
15 Nov.
July
preferred (quar.)..
Peterborough RR. Co. (s.-a.)
Philadelphia Electric Power preferred (quar.)._.
Philadelphia Co., $6 cum. preferred (quar.)
June
1 Sept.
Nov
SIX
(quar.)..
June
_
Oct.
Aug. 15 Aug.
25c
(quar.)
1
June
J—
Peoples Drug Stores
Preferred
Co., common (qu.)
(quar.)
July
Co
Steel Car Corp..
Supply Co. $2 preferred (quar.)
6% prior preferred (quar.)
5X% prior preferred (quar.)
National Transit Co
Neisner Bros., Inc.
Newberry (J. J.) Co., (reduced)
Newmont Mining Corp
New England Telephone & Telegraph Co
Preferred
15 June
July
_
Pennsylvania Water & Power
1 June 15
June 20 June
"
2
13
June 15
.
June 30 June
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Pennsylvania Glass Sand preferred (quar.)
Pennsylvania Power Co. $6 preferred (quar.)-.$6.60 preferred (monthly)
$6.60preferred (monthly).
$6.60 preferred (monthly)
Pennsylvania Pow. & Light, $7 pref. (quar.) —
$6 preferred (quar.
$5 preferred (quar.
"aft
Pennsylvania Saft Mfg
1
July
(semi-ann.)_.
July
July
(Quarterly)
7% A preferred.
7% Apreferred.
Penn Traffic Co. (semi-annual)
Penn Western Gas & Electric Co.
Partial liquidation div. consisting of:
One sh. of com. stk. of Amer. Rep. Corp.
1.7 shs. of com. stock of Iowa Pub. Serv. Co.
2.2 shs. of clB com. stk. of Pa. G. & El.Corp
All the above per sh. of Pa. West. G.& El.Co
•
20
15 June 30
June
Peoples Natural Gas Co. 5%
Perfect Circle Co. (quar.)
June
Preferred B
1
July
•
National Oil Products
Preferred
1 May
15 June
June
Co
New York
1 May
1 May
31
31
31
31
31
31
June
Preferred
New York &
16
1 May
1 May
Dec.
6% preferred (quar.).
National Battery, prere
tional
preferred (quar.)
Paper & Type, 5% pref.
Sugar Refining Co. of N.
1 June
June 15
_
15 June 30
June 24 June
Peninsular Telephone Co. common...
Dec.
(quar.)
National Candy Co. 1st & 2d pref. (quar.).
National Cash Register.
National Dairy Products (quar.)
Preferred A & B (quar.)
National Funding Corjp. 6% pf. A (quar.
National Grocers, Ltd., preferred
Preferred (quarterly).
National Gypsum Co. 1st pref. (quar.)
2nd preferred (quar.) _
National Lead Co
Preferred A (quar.)
July
(quar.)...
15
15
15
June 30 June
1st pref. (quar.).
2d preferred (quar.)
Park & Tilford, Inc. pref.
July
July
lyf/o
(s.-a.)
Co., com. (irregular)
5% preferred series A.
National Breweries, Ltd.
Paramount Pictures
15
June
_
National Bond & Investment
(quar.).
Pacific Lighting Corp., pref.
1 June
June 24 June
Nashville & Decatur RR.
National Biscuit
July
July
July
July
July
(s.-a.)
Penick & Ford, Ltd
July
July
July
July
"
June
1st preferred.
Co.
(Calif.)
Extra
8
June 15 May 14*
1 June 20
July
Midwest Oil Co. (s.-a.)
National Baking
conv.
Parke Davis & Co
July
July
July
Mid vale Co.__
.
May 27
May 27
June
1
June 15
June 15
June 15
15
June
15
June
Pacific Indemnity Co. (quar.)
6
8
8
30 June
1 June 20
1 Aug. 15
1 June 15
1 May
15
June
June
Pacific Finance Corp.
July
July
July
Metropolitan Edison $7 prior preferred (quar.)..
$6 prior preferred (quar.)
...
$5 prior preferred (quar.)
$7 cumul. preferred (quar.)
$6 cumul. preferred (quar.).
$5 cumul. preferred (quar.).
Michigan Cities NaturalGas (quar.)
Midland Grocery Co. 6% pf. (semi-aim.)
Midland Steel Products 1st pref. (quar.)
June
June
6% preferred (qu;
;uar.).
July
July
July
July
Mesta Machine Co., common
15
14
July
June 30 June
June 22 June
(s.-a.).
Melchers Distilleries Ltd., 6%
16
June
Otis Steel Co., $5M
1 June 30
1 June
10
June
June
Pacific Tin Corp
July
July
July
■——
15
10
June
July
(quar.)..
Pacific Telephone & Telegraph
Preferred (quar.)
July
June
June
May 31
May 31*
June
Preferred
May 31
May 31
15
June 15
June 15
June
June
Pacific & Atlantic Tel
June 21 June
Maui
June
June
June 30 June
(quar.)
June
June
7% participating preferred (quar.)
15
15 June
May 31
June
(quar.)
15
June
(annual)
June
June
Co.
4
July
July
July
July
July
July
July
July
Finance Co
June
Otis Elevator Co
15 May 31
June 15 May 31
July
12
4
June
June
Ontario Loan & Debenture (quar.)
5
June
June
June
June
Oneida Ltd. (quar.)
4
1
June 15 June
9 June 20
July
1 June
June
6% preferred (quar.)
15 June
July
18
May 31
Oklahoma Natural Gas, 6% prior pref.
Omnibus Corp., preferred (quar.)
28
June 15 May 31
5
Aug. 15 Aug.
—
5
June
July
Oilstocks Ltd. (s.-a.)
Oklahoma Gas & Electric 7% pref.
June 15 May
June
June
July
"
June 15 May 31
1 June 30
July
Nov. 15 Nov.
Dec.
June
Light & Power
N. Y., Pa., N. J. Utile. Co. $3 non-cum. pref
Oahu Railway & Land Co. (monthly)
Oahu Sugar Co., Ltd. (monthly)
Ohio Confection Co., class A (irregular)
Ohio Edison Co. $5 preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)___
$7.20 preferred (quar.)
6% preferred (quar.).
1
June 15 June
June 15
June
Sept.
3l€
Ohio & Mississippi Telegraph
Ohio Oil, preferred (quar.)
Ohio Water Service A
June 15 May 14
July 15 June 30
(quar.)
Extra
1 June 15
Nov. 30 Nov. 29
—
June 30
Nova Scotia
Ohio
Aug. 31 Aug. 30
1st & 2d pref. (quar.).
Magma Copper Co
Magnin (I.) & Co. (quar.)
.*
6% pref. (quar.)
Preferred (quarterly)
Mahon (R. C.) Co
Managed Estate, Inc__
Margay Oil Corp. (quar.)
Marion-Reserve Power preferred (quar.)
Maryland Fund, Inc
Extra (stock dividend).
Massachusetts Fire & Marine Insurance
Massachusetts Plate Glass, Inc. (s.-a.)
1 Sept. 21
1 Dec. 21
July
(quar.)
McKenzie Red Lake Gold Mines
1 June 21
Jan.
Lynchburg & Abingdon Telegraph Co. (s.-a.)_.
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
McColl-Frontenac Oil Co. (quar.)
Preferred
1
1
July
(quarterly)
6 X % preferred
1*
Aug.
Aug.
June 30
Norwich Pharmacal Co
15
June 30
Aug.
__
(liquidating)
Liquidating
Liquidating
June 30
Aug.
(quar.)
(quar.)
(quar.)
preferred (quar.)
Northwestern Telegraph Co. (s.-a.)
June
Exploration Co. (quar.)
Louisville Gas & Electric Co.,
7% cum. preferred (quar.)
6% cum. preferred (quar.)...
(quar.)—...
6%
June
June
Ry. common
North American Co.
15
July
July
July
Louisiana Land &
preferred
Norfolk & Western
July
(quar.)
Lorillard (P.) Co. (quar.)
Preferred (quar.).
cum.
Noblitt-Sparks Industries
Preferred
Extra
Extra
(quar.)
North Central Texas Oil (interim)
June
Lone Star Cement Corp
Loose Wiles Biscuit, pref.
Lord & Taylor (quar.)
13
13
Queens Elec. Light & Power
July
Loew's, Inc
National
National
National
National
Payable of Record
Share
Company
June
Lock-Joint Pipe Co. 8%
5%
Name of
Holders
When
Per
When
Holders
Payable of Record
Per
Share
Name of Company
3759
Chronicle
Financial
146
July
July
1
2
Oct.
1 Sept.
June 11 May
July
5 June
Oct.
Sept
1
15
27
10
10
12-10-38
3-10-39
4 Sept.
1-3-39
4-1-39
7-1-39
10-1-39
1-2-40
Tune 15
July
15
June
0-10-39
9-10-39
12-10-39
.
May 20
1 June 10
Aug. 20
Dec
Nov. 21
June
June
July
June
July
June 20
June
June
6
June
June
15
Sept.
Sept.15
10*
20
Dec.
Dec.
July
July
July
July
July
June
15
30
June
30
June
May 25
July
July
June 30
June
June
15
15
1
June
May 31
July
June 20
1
June
June
June
June
June
May 31
June
June
May
May
May
May
May
June
June
July
Aug.
Aug.
June
15
July
July
15
15
July
July
June 20
June
June
June
16
16
16
16
1
June 20
June 15 May
July
•July
July
1
31
27
1 June 10
1 June 10
1 June 10
Financial
3760
When
Per
Name of
Share
Company
Quaker Oats Co. (quar.).
Preferred
(quar.)
pref. (quar.)—
Ralston Steel Car Co. 5% preferred (quar.)
Rayonier, Inc., preferred (quar.)_.
RaybesLos-Manhattan, Inc.,-Reading Co., 2d preferred (quar.)
Reeves (Daniel), Inc. (quar.)
Optional payment one share of preferred for ea
Preferred (quarterly)
Reliance Insurance (Phila.) (s.-a.)
June 25 June
4
Aug. 31 Aug.
1
8
July
1 June
July
1 June 15
July
1 June 24
July
1 June 15
June 15 May 31
July 14 June 23
June 15 May 31
in
div.
June 15 May 31
June 15 May 27
June 15 June
6
July
1 June 10
Remington Arms Co., Inc., 6% pref. (s.-a.)
Remington Rand Co. (interim)—
Preferred
July
July
July
(quar.)
Reno Gold Mines, Ltd. (quar.)
Reynolds Metals Co., 4H % conv. preferred
Rheem Mfg. Co. (quar.)-
1
2
1
June 15
Rhode Island Insurance Co. (quar.).
Rice-Stix Dry Goods Co. 1st & 2nd pref. (qu.)-.
Rich's, Inc., 6H% preferred (quar.)
$
Rlsdon Mfg. Co. 7% preferred (quar.)
Riverside Silk Mills Co., class A (quar.)
Rochester Telep., preferred (quar.)
...
Roeser to Pendleton, Inc
Rolls-Royce Ltd., ord. reg. (final).
Amer. dep. rec. ord. reg. (final)-.
Russell Industries, Ltd—
7% preferred (quar.)
St. Croix Paper Co. 6% preferred (s.-a.) — ---St. Joseph Lead Co.
St. Louis Bridge Co. 1st pref. (s.-a.)
2d preferred (s.-a.)
St. Louis Rocky Mtn. & Pacific pref.(quar.)—
San Francisco Remedial Loan Assn. (quar.)
San Joaquin Light to Power Corp.—
7% pi efe. red A (quar.)
7% prior preferred B (quar.)
6% preferred B (quar.)
6% prior preferred A (quar.)
Savannah Electric & Power 8% debentures A_.
7H% debentures B (quar.)._
$1H
7% debentures C (quar.)
$1H
dte % debentures D (quar.)
tlK
Schiff Co., common.
25c
7% preferred (quar.).
SIH
5H% preferred (quar.).
sih
Scott Paper Co.. common (quar.).
40c
Scranton Lace Co., common
25c
7% preferred (quar.)
$1H
Seaboard Oil Co. (Del.) (quar.).
25c
Securities Acceptance Corp. of Omaha, (qu.)--25c
6% preferred (quar.)
Security Engineering Co., Inc..
7% preferred (quar.)
43 He
Seeman Bros., Inc. (quar.)
62Hc
Servel. Inc pref. (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Shattuck (Frank G.) quarterly)
Shell Union Oil Corp., 5H% cum. pref
Sherwin to Williams (Canada) preferred
—
,
37*5c
-
Sherwood Swan to Co.—
June 11, 1938
June 10
June 10
June 20
June
1
Name
Thompson Products, prer. (quar.)
Tide Water Assoc. Oil preferred (quar.).
Tilo Roofing Co. (quar.)
1 June 20
July
July
July
2
1
1
June 30
"
t/
50c
50c
Quarterly.
75c
50c
June
May 16
15
31
31
31
31
20
June
June
1
June
15
15
June 30 June
15 June
10
1 June
10
June
16
Oct.
Sept.15
Jan.
Dec.
17
June
June
1
June
10
June
15
75c
June
June
15 June
6
July
1
June
10
Oct.
1
Sept.
3
Dec.
—
—
—
-
Common
United
States Tobacco Co., common..
PFGf8IT6(l
—
«"
United States Trust Co. (quar.)
United Steel & Wire Co., Inc. (quar.)
—
June
June 21 June
Nov.
15c
Power Co., $6 pref. (quar.)
South Penn Oil Co. (quar.)
SIH
37He
12Hc
-
South Porto Rico
Sugar Co. (quar.)
Preferred (quar.)
South West Penna. Pipe Lines-.Southern California Edison Co., Ltd—
6% preferred, series B (quar.)
Original preferred (quar.)
5H% series C, preferred (quar.)
Southern Canada Power, prer. (quar.)-Southland Royalty
25c
2%
-
50c
15 June 30
1 June
3
1 June
10
1 June
15
15
June 30 June
15
1 June
10
1 June
10
1 June
15*
July
July
July
15 May 20
15 June 20
15 June 20
July
15 June 20
June
15 June
1 June
15
1 June
15
10
June
15 June
4
June
15 June
1
June 20 June
10
July
(quar.)
Standard Oil Co. (Calif.)
25c
10c
25c
25c
Extra
Standard Oil of Indiana (guar.)
Standard Oil of Kentucky (quar.)
Standard Oil Co. (N. J.), $25 par (s.-a.)
Extra
50c
50c
$100 par (s.-a.)
Extra
$2
$2
25c
Standard Oil of Ohio (quar.)
Preferred (quar.)
$1H
Starrett (L. S.) (quar.)
50c
(quar.)
m
1st preferred (quar.)
Strouss-Hirshberg Co. (reduced)
5c
Sullivan
) onsolidated Mines, Ltd
Sun Oil Co. (quar.)
2 He
25c
Sunray Oil Corp
68 He
-
Class B (quar.)
37!fc
(s.-a.)
1 June 20
15 June
1 June
July
Sept. 15 Sept.
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
June 15 May
July 15 June
1
6
1
16
16
16
31
16
16
16
16
31
30
June 25 June
June 25 June
15
1 June
15
July
15
June 30 June 20
June 15 June
4
June
June
June
(quar.)
Sunset-McKee Sales book Co. Ltd. A (quar.)
4
1 June 20
15 June
June
15 May 31
15 May 25
July
16 May
1 June
16
8
June
15 June
4
June 15 June
4
50c
Bearer shares
June
30c
Sylvanite Gold Mines, Ltd. (quar.)
July
40c
Sutherland Paper Co., common
Swift & Co. (quar.)
1 June
1
July
June 30 May 21
June 30
June 30 June 15
J5c
1
t5c
50c
Taconv-Palmyra Bridge class A (quar.)
(quar.)
SIH
1 June
10
15 June
4
1 June
68Hc
Aug.
July
July
1 June
15
50c
June
15 June
1
10c
July
2 June
10
28c
June
June
15 June
15 June
1
12c
Talcott (James), Inc
Preferred (quar.)
1 June
15
15c
-
Technicolor, Inc
Teck-Hughes Gold Mines (quar.)
Telephone Bond & Share Co., 7% 1st pref
1st $3 preferred
Tennessee Electric Power Co. 5% 1st pref.
(qu.)
6% 1st preferred (quar.).
7% 1st preferred (quar.,
7.2% 1st preferred (quar.).
6% 1st preferred (monthly)
7.2% 1st preferred (monthly).
Texas Corp. (quar.)
Texas Gulf Sulphur Co
_
$1H
$1H
SIH
$1.80
50c
17
1 June 15
....
----———
Prior preferred
(quar.)._
Ware River RR. guaranteed (s.-a.)
Washington Water Power, $6 pref. (quar.)
Waukesha Motor Co. (quar.)
Wayne Knitting Mills Co. 6% pref. (s.-a.)
Weiboldt Stores, Inc., preferred (quar.)
Prior preferred (quar.)
Weill (Raphael) to Co., 8% pref (s.-a.)
Welch Grape Juice (stock dividend)-!
Wellington Fund, Inc
Wesson Oil & Snowdrift Co., Inc
1 June
10
50c
June 15 June
1
1 June
15
15
1 June
15
1 June
15
1 June
15
July
10 June 20
June 29 June
24
July
1
June
15
July
July
1 June
15
June
15
1
June 20 May
Sept. 20 Aug
Dec.
31*
31*
20 Nov. 30*
1 June
15
June
15
1
15 June
1
I.¬
Juty
16
June
14 June
June
15 May 31
15 May 31
June
<uut-
3
1 June
June
15 June
10
June 27 May
June 30 June
10
15c
SIH
SIH
25c
25c
June 20 June
20
16
1
Dec.
10
Doc.
1
June
15 June
1
June
15 June
1
5 June 17
12Hc
July
$2
July
SIH
1 June 15
1 June 20
July
25c
June
15 June
60c
June
SIH
SIH
$2
SIH
SIH
SIH
t$l
*25c
10c
SIH
$1H
SIH
SIH
$3H
SIH
10
Sept. 10 Sept.
1
15 June
1
June 20 May
31
1 Juno
10
July
June 25
J.une 11
July
20 July
Oct.
20 Oct
June
15 May 25
4
15 June
June
June
July
July
Oct
July
Oct
July
June
SIH
July
July
July
July
$4
Sept
11
10
4
15 June
1 June 20
2 June 25
3 Sept. 24
2 June 25
3
Sept
24
6 June 30
15 May 25
1 June 15
1 June 14
1 June
24
1 June 24
1
5%
June 20
20c
June 30 June
15
12Hc
May 31
—
15
1 June
15
SIH
July
1
July
1 June 20
July
30 June 30
25c
Oct.
31
25c
SIH
July
July
July
July
July
July
SIH
SIH
July
Aug.
50c
Westinghouse Air Brake Co., quarterly
Quarterly
Westmoreland, Inc. (quar.)
Weston Electric Instrument class A (quar.)
Wheeling Steel Corp. $6 preferred (quar.)
$5 prior preferred (quar.)
Whitaker Paper Co. (reduced)
7% preferred (quar.)
Whitman (Wm.) & Co., Inc., 7% pref. (quar.)__
Winsted Hosier Co (quarterly)
July
July
1 June
50c
West Jersey to Seashore RR. (s.-a.)
Western Tablet & Stationery 5% pref. (quar.)..
Aug.
50c
SIH
—
Extra
Quarterly
$1H
Extra
50c
10c
Wisconsin Investment Co.
(interim)
Wisconsin Michigan Power 6% pref. (quar.)
Wisconsin Power & Light, 7% preferred
6% preferred (quar.)
Wisconsin Public Service 7%, pref. (quar.)
6H% preferred (quar.)
6% preferred (quar.)
Wool worth (F. W.) Co., Ltd.,—
Amer. dep. rec. ord. reg. (interim)
Less taxes and expenses of depository.
SIH
S1-31H
SIH
SIH
SIH
SIH
15%
Worcester Salt Co
50c
6% preferred (quar.)
Worthiugton Pump & Mach. prior pref. (quar.).
Conv. prior preferred (quar.)
Wright, Hargreaves Mines, Ltd. (quar.)
Extra
...
—
Wrigley (Wm.) Jr. Co. (monthly)
Monthly..---Monthly
Monthly
Yale & Towne Mfg Co
Yellow Truck & Coach Mfg., preferred
Youngstown Sheet to Tube .preferred (quar.)..,
*
15
July
25c
-----
—.—..
—
1 June
15
$15
SIH
Extra
-
50c
60c
Extra
Ventures, Ltd. (interim)
Vermont & Boston Telegraph Co
Victor-Monaghan Co 7% preferred (quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric & Power Co., $6 pref. (quar.)..
Virginia Public Service, 7% pref. (quar.)
Virginian Railway.Vulcan Detinning pref. (quar.)
Preferred (quarterly)
Walgreen Co., 4H% Pref. ww (quar.)..
Walker (H.)-Gooderham & Worts, Ltd
Cumulative redeemable preference (quar.)
Waldorf System, Inc
Waltham Watch Co., 6% pref. (quar.)
6% preferred (quarterly)
Prior preferred (quar.)
-
15
1 June
1 June
June 20 May 20
June
$1 H
10c
32c
43 He
31
31
1 June
July
July
July
July
July
40c
Vapor Car Heating Co., Inc.. 7% pref. (quar.).
7% preferred (quar.)
Veeder-Root, Inc. (quar.)
-
1
July
July
July
July
July
July
July
„
$6 preferred
-
June
(Quarterly)
1
July
July
July
Preferred
Preferred
1
June 30 June
July
Sparks Withington, preferred (quar.)
Spencer Trask Fund, Inc
Spiegel Inc. $4.50 conv. pref. (quar.)
Staley (A. E.) Mfg. Co. cum. pref. (quar.)
7% preferred (s.-a.)
Standard Brands, Inc., $4.50 pref. (quar.)
Sussex RR.
1 Aug.
Nov.
1
jJuly
-
Preferred
July
July
July
July
June
Southwest Natural Gas $6 preferred A
Southwestern Gas & Elec. Co., 7% pref. (quar.)
Southwestern Light & Power preferred
Bros.
10*
10*
Aug.
South Carolina
Sterchl
15 May 28
15 May 31
June 21 June
Sonotone Corp., pref. (quar.)
Preferred (quar.)
Stein (A.) & Co., preferred
Van Norman Machine Tool
14
15 June
SIH June 15 May 27
1 June 15
t$2 July
1
1 June
t$1.16*i July
1
1 June
t$l
July
1 June 10
$2H July
Valley RR. Co. of N. Y. (s.-a.)
5
June
Solar Aircraft Co
.
5
June 30 June
June 30 June
--
Extra
4
June
June 30 May
June 30 May
25c
5c
Universal Winding Co
Upressit Metal Cap Corp., 8% preferred
Utah Power & Light $7 preferred
15 June
15 June
10c
—
Universal Commodity Corp. (monthly)
Universal Products Co
15 June
15 June
Ian.
June 24 June
June
SIH
Extra
United States Potash 6% preferred (quar.).
United States Sugar Corp.. pref. (quar.)
June
14
1
15
July
Fastener Corp
10c
Dyewood Corp. pref. (quar )
$1H
Preferred (quarterly)
SIH
Preferred (quarterly)
$1 H
United Elastic Corp.
10c
United Gas & Electric Corp. pref. (quar.).
1H%
2 H%
5% preferred (s.-a.).
United Gas Improvement Co
25c
Preferred (quar.)
$1H
58 l-3c
United Light & Railways. 7% prior pref. (mo.)
53c
6.36% prior preferred (monthly)-50c
6% prior preferred (monthly)
United Molasses Co., Am. dep. rec. ord. reg..
7H%
Less tax and expenses of depository.
United New Jersey RR. & Canal (quar.)
S2H
United Pacific Insurance Co. (quar.)
SIH
United States Foil Co. pref. (quar.)
$1H
United States Gypsum, common (quar.)
50c
SIH
7% preferred (quar.).United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
50c
Common (quarterly)
50c
United States Playing Card (quar.)
25c
June
—
15
1 July
United
United Carbon Co
_
6% partic. pref. class A (quar.)
Signal Oil & Gas class A & B (quar.)
Signal Royalties Co. (Los Angeles) A (quar.)._
Simon (H.) to Sons, Ltd., common (Interim)
7% cumul. preferred (quar.)
Sixnonds Saw & Steel (irregular)
Siscoe Gold Mines. Ltd. (quar.)
Sloss-Sheffield Steel & Iron Co. (quar.);
$6 cum. preferred (quar.).
Smith (S. Morgan) Co. (quar.)
Quarterly
Smith (H.) Paper Mills, pref. (quar.)
1 June
15 June
United-Carr
June
15 May 31
.Tune 15 May 31
June 15 May 31
20c
Aug
July
15 May 20
3
1 June
15 June 30
1 June 15
1
1 June
July
July
3
$1H
June
June
July
11
1 June
July
50c
June
June
June 30 June
June
25c
May 31
May 31
May 31
July
July
17
t20c
—-
18
June 27 June
SIH
June
June
17
Sept.17
1
Oct.
Biscuit Co. of Amer. pref. (quar.)
United Bond to Share Ltd.. common
10
June 20
June
17
United
14
June 20
June 20
July
July
July
July
15
1
June 30 June
1 June
July
Union Premier Food Stores, Inc. (quar.)_.
United Aircraft Corp.
May
May
May
May
June
40c
30
.June
July
July
37Hc.
208 So. La Salle St. Corp. (quar.)__
15 June
June 30 June
June 20
1 June 15
June 30 June 15
June 30 June 14
June
15 June
15 Dec
15 June
June 15 June
June
June
June
1 June
June
15 June
July
July
July
9 May 19
June 30 June 15
June 30 June 15
July
1 June 24
June 20 June 10
July
July
15 May 25
Dec.
50c
July
15
10
July
SIH
$1H
Twentieth Century-Fox Film Corp
Preferred (quar.)
Union Gas of Canada (quar.)
Union Pacific RR
June 22 June
24
June
Tunnel RR. of St. Louis (s.-a.)
July
1
June
June
June
$1
.
15 June
July
July
$1H
SIH
—
15
June
25c
Todd Shipyards Corp
Troy & Greenbush RR. Assoc. (s.-a.)
Semi-annually.
Truax-Traer Coal 5H % Pref. (quar.).
6% preferred (quar
Tucket Tobacco Co. preferred (quar.)
10
June
1
July
25c
$1H
SIH
si h
pref. (quar.)
Twin Disc Clutch Co. (final)
Underwood Elliott Fisher Co. (quar.)
Union Carbide & Carbon Corp
1 June 15
June 30 June 15
June 30 June
15c
Texon Oil to Land Co. (quar.)
Thatcher Mfg Co
Thew Shovel Co..
Payable of Record
Share
of Company
Holders
When
Per
| Holders
Payable of Record
m
...
Radio Corp. of Amer., $3H 1st
13 preferred (quar.)
Chronicle
Nov.
I
une
Sf.pt
1 June
30
15
June 20
1 June 14
1
1
June
14
1
June
18
1
June
18
1 June
18
1
15
15
July
1 July
1
Oct.
Nov.
1
Oct
July
1 June
June
15
June
15
15
June
15
June 29
June 29
June 29
May
May
May
May
May
May
15
15
10
31
31
31
31
31
31
June 22
May 20
June
June 20
SIH
Aug.
Aug.
SIH
SIH
June
June
June
June
July
July
July
June 20
10c
5c
25c
25c
25c
25c
15c
SIH
SIH
Aug.
Sept.
Oct.
5
6
May 23
May 23
July
20
Aug. 20
Sept. 20
July
July
June
10
June
15
July
June
11
Transfer books not closed for this dividend,
t On
account
of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada,
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
Financial
146
issued by the
Clearing House is given in full below:
week
STATEMENT
statement
ASSOCIATION
FOR
•
*
Clearing Houie
Capital
following shows the condition of the Federal Reserve
June 8,
Bank of New York at the close of business
in
YORK
NEW
Net Demand
Deposits,
Average
Average
■
.
Profits
1938,
comparison with the previous week and the corresponding
date last year:
Time
Deposits,
Surplus and
Undivided
Membera
.
The
City
York
New
CLEARING HOUSE
THE WEEK ENDED SATURDAY, JUNE 4. 1938
OF THE
MEMBERS
OF
York
New
Clearing House
The
Bank of
of the Federal Reserve
Condition
York City
Weekly Return of the New
3761
Chronicle
"
.
■
June
'
.
June 1,
8, 1938
June 9, 1937
1938.
$
$
$
Assets—
9
9
Bank ol N Y A Trust Co
6.000,000
13,389, 000
150,067,000
Bank of Manhattan Co.
20.000,000
25,867, 200
363,581,000
11,563,000
39,183,000
National City Bank
Chem Bank A Trust Co.
77,500,000
58,493, 500 al,457,650,000
474,918,000
54,648, 700
175,535.000
8,636,000
181,840. 400 51,350,630.000
458,877,000
45,129, 400
54,904,000
91,559,000
<•727,958,000
55,180,000
243,068,000
513,872,000
Gold certificates on
25,427,000
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
42,381,000
Cent Hanover BkATr Co
21,000,000
70,902, 100
15,000,000
18,309. 200
First National Bank
10,000.000
Irving Trust Co
Continental Bk A Tr Co
50,000.000
109,384 ,500
61.612 ,100
4,000.000
4,198 ,800
Corn Excb Bank Tr Co.
Chase National Bank
Fifth Avenue Bank
500.000
Total
6790,832,000
10,000,000
1,129 .10(1
12,237,000
5,000,000
9,026 ,800
97,710,000
27.812 ,800
289,642,000
4,560,839,000 4,744,359,000 3,380,354,000
..
by
U.
S.
Govt,
obligations,
1,777,000
334,000
1,808,000
2,154,000
2,111,000
7,926,000
211,000
4,341,000
209,000
2,041,000
4,343,000
5,904,000
191,191,000
346,716,000
207,948,000
191,191,000
346,716,000
207,948,000
210,233,000
330,691,000
745,855,000
745.855,000
725,029,000
752,561,000
752,518,000
740,900,000
Total bills discounted
28,832,000
New York Trust Co..
77,113 .500
r
Comsi'l Nat Bk A Tr Co
7,000,000
8,247 ,400
76,465,000
7,000,000
8,932 ,000
79,911,000
United
2,641,000
Public Nat Bk A Tr Co.
Bills bought In open market
Industrial
50,489,000
advances
States
Government securities:
Bonds
Treasury notes
Treasury bills
Totals
*
As per official reports:
National, March 7, 1938; State, March 31,
companies, March 31. 1938.
Includes deposits in foreign branches:
d $117,083;
The
are
S272.122.000; b 587,268,000; * $6,120,000;
Total bills and securities
York "Times" published regularly each week
number of banks and trust companies which
New
of
returns
a
a
of the New York Clearing House.
the figures for the week ended June 3:
are
NOT
NATIONAL
CLEARING
IN
STATE
AND
HOUSE
BANKS—AVERAGE
3,747,000 ,
121,074,000
9,890,000 |
14,208,000
Uncollected items
Bank premises
3,448,000
4,708,000
147,144,000
141,355,000
9,890,000
10,055,000
13,977,000
13,849,000
5,462,388,000 5,671,407,000 4,291,306,000
Total assets
OF
THE
WITH
Federal Reserve notes of other banks...
85,000
71,000 '
69,000
All other assets
CL03ING
BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 3. 1938
INSTITUTIONS
Due from foreign banks
The
members
not
following
Total U -S. Government securities..
1938; trust
$32,690,000.
e
184,105,000
655,514,000
9,534,461.000
908,102.600
523,151.000
6,118,000
1,669.000
485,000
fully guaranteed
or
9,839.000
12,500,000
reserves
direct
2,341,000
Marine Midland Tr Co..
...
-
Other bills discounted
32,659,000
25,000,000
Title Guar A Trust Co..
t
Secured
54,058,000
2,170,000
Bankers Trust Co
cash
Bills discounted:
1,489,000
128,391 ,400 dl, 891,222,000
45,187,000
3.674 ,700
100,270,000
4,465,733,000 4,659,544,000 3,287,131,000
881,000
1,330,000
1,330,000
92,342,000
93,776,000
83,485,000
United States Treasury.*
Redemption fund—F. R. notes
Other
2,915,000
6,094,000
457,179,000
53,455,000
due from
hand and
FIGURES
Liabilities—
Other Cash,
Loans,
Disc, and
N.
Including
Investments
Dep.,
Bank Notes
Y. and
F. R. notes in actual circulation
Dep. Other
Banks and
Res.
Deposits
Trust Cos
Elsewhere
893,925,000
Foreign bank
V.
Manhattan—
Grace
National
!
$
%
2,852,700
28,158,800
20,290,000
559,000
Trade Bank of N. Y.
4,029,429
275,210
2,500,233
3,739,000
272,700
26,816.000
Brooklyn—
Lafayette National.'.
6,583,500
276,100
1,398,400
439,400
7,787,600
People's National
4,957,000
93,000
600.000
526,000
5,565,000
Sterling National
109,400
48,499,000
218,672,000
Other deposits
?
%
$
8,489,700
5,797,000
20,173,400
Total deposits.
5,927,690
Deferred availability items
Capital paid In
119,533,000
50,937,000
Surplus (Section 7)
51,943,000
.
Surplus (Section 13b)
Res. Dep.,
and
Y. and
Trust Cos.
Deposits
$
%
N.
Investments
3,329,000
Gross
$
Cash
Bank* and
7,744,000
8,210,000
Dep. Other
Elsewhere
Loans,
Disc
Reserve for contingencies
FIGURES
COMPANIES—AVERAGE
Total liabilities.
$
$
Ratio
of
total
Empire..
50,216,900
Federation
*5,660,900
10,196,800
3,640,500
2,201.804
144,884,000
50,961,000
51,943,000
7,744,000
8,210,000
3,129,000
136,306,000
51,257,000
51,474,000
7,744,000
9,091,000
1,958,000
reserve
deposit
to
and
liability
on
bills
87.4%
87.8%
83,8%
611,000
549,000
914,000
4,021,000
Contingent
60,421,500
67,711,000
5,462,388,000 5,671,407,000 4,291,306,000
F. R. note liabilities combined
Manhattan—
50,337,000
46,709,000
213,320,000
4,326,767,000 4,492,679,000 3,129,744,000
All other liabilities
TRUST
903,732,000
911,857,000
Deposits—Member bank reserve acc't-. 3,580,222,000 3,708,633,000 2,982,927,000
U. S. Treasurer—General account
28,769,000
479,374,000
524,017,000
Gross
4,028,000
6,038,000
purchased
for foreign correspondents
10,770,102
8,718,523
176,885
1,311,395
Fiduciary
12,848,892
*1,542,141
1,348,594
17,708
12,787,045
Fulton.
19,031,400
*4,870,000
364,000
295,000
20,050,000
Lawyers...
28,106.300
*9,734,000
622,200
36,194,600
United States
63,711,371
*43,625,847
78,006.781
Brooklyn—
Brooklyn
78,311,000
3,173,000
33,167,000
32,830.641
2,435,160
10.346,135
industrial
ad-
t "Other cash" does not Include Federal
40,072,363
Reserve notes or a bank's own Federal
Reserve bank notes.
♦Includes amount
ciary,
make
to
vancee
56,000 107,345,000
Kings^County
Commitments
$913,380;
Federal
with
Fulton,
Reserve as follows:
$9,113,600;
$4,573,000; Lawyers,
*
United
States,
These
over
Empire, $3,734,600: Fidu¬
100
$24,-
are
certificates given by
the United States Treasury for the gold
from the Reserve banks when the dollar was, on Jan. 31,
cents
to
59.06
cents,
these certificates
taken
1934. devalued from
being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
114,790.
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 principa
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week 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 figures 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 loan*
an announcement of the Federal Reserve Bank of New York of April 20, 1937, as follows;
reported In this statement, which were
at
described in
The changes in the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
■ecurities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
•utside New
cial paper
Subsequent to the above announcement It was made known that the new Items "commercial, industrial, and agricultural loans" and "other loans
be segregated as "on securities" and "otherwise secured and unsecured."
would each
A more detailed
ASSETS AND
explanation of the revisions was published in the May 29. 1937, issue of the "Chronicle." page 3590
LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
Federal Reserve Districts—
Total
Boston
ASSETS
$
New York
$
Phila
$
ON JUNE 1, 1938. (In Millions of Dollars)
Cleveland
Atlanta
Chicago
St. Louis
$
S
Richmond
S
$
$
$
Dallas
$
%
San Fran
$
Minneap. Kan. City
$
20,536
1,156
8,324
1,091
1,759
619
552
2,841
618
360
619
473
2,124
8,334
603
3,365
426
692
235
282
848
284
152
239
224
984
553
37
242
46
47
13
10
38
42
9
15
10
44
3,439
239
1,399
150
228
92
138
455
125
61
129
132
291
365
72
146
22
13
9
3
38
8
5
18
1
30
603
20
480
16
24
3
7
30
5
2
3
3
10
583
31
274
34
37
16
15
76
12
7
12
14
55
1,156
Loans and Investments—total
Loans—total
83
224
58
174
30
28
89
48
6
22
20
374
114
4
85
2
2
2
4
4
7
1
1
2
55
254
122
28
26
45
11
13
10
76
Commercial, Indus, and agricul. loans:
On securities.
Otherwise secured'and unsecured..
'
Open market paper
Loans to brokers and dealers In sees..
Other loans for purchasing or
carrying
securities...
Real estate loans
Loans to banks
-
Other loans:
698
On securities
47
11
823
62
51
45
42
51
73
26
51
26
33
102
United States Government obligations
7,844
396
3,165
309
733
201
153
1,365
174
153
223
169
713
Obligations fully guar, by U. S. Govt.
Other securities
1,411
27
655
93
85
32
40
194
58
16
40
30
141
2,947
130
1,139
263
249
61
77
434
102
39
117
50
286
Reserve with Federal Reserve Bank..
6,252
284
3,326
245
368
134
96
1,019
152
62
146
96
324
390
122
73
16
37
17
10
60
10
5
11
10
19
Balances with domestic banks
2,373
138
175
160
251
135
126
463
107
115
265
218
220
Other assets—net
1,323
75
605
82
103
33
38
87
23
17
22
26
212
Otherwise secured and unsecured..
Cash in vault
.
261
LIABILITIES
14,589
1,000
6,650
736
1,040
406
328
2,158
306
253
4d3
395
854
Time deposits
5,216
261
1,035
289
738
199
183
875
186
119
144
130
1,057
United States
533
12
143
20
18
13
23
144
23
2
18
25
92
5,832
230
2,466
303
343
206
191
894
299
122
341
186
251
Demand deposits—adjusted—
Government deposits..
,'
-
Inter-bank deposits:
Domestic banks
Foreign banks
Capital account
12
278
5
1
1
7
21
312
15
18
21
6
20
7
6
3
5
304
3,650
241
1,618
226
360
93
90
372
89
56
94
82
329
—
...
.
1
1
Other liabilities
1
10
738
315
Financial
3762
June 11, 1938
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve System
following was issued by the Board of Governors of the Federal
The
Reserve System on Thursday afternoon,
June 9
of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Fedora1
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
showing the condition
The comments of the Board of Governors of the Federal Reserve System upon tht
in our department of "Current Events and Discussions "
and the Federal Reserve banks.
Reserve Agents
for the latest week appear
returns
COMBINED RESOURCES
Three ciphert
AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 8, 1938
June
(000) omitted
June 1,
1938.
8,
1938.
$
AS8ETS
May
25.
1938.
S
June 9,
13,
May 11,
May 4,
April 27.
April 20,
1938.
1938.
1938.
1938.
1938.
1938.
3
%
$
$
S
$
%
April
May 18,
1937.
$
10,641,412
10,641,911
10.642,413
9.245,002
8,838,405
8.38C
434,87e
8,860
427,07C
9.36C
451,582
452,812
9.14C
452,036
305,738
11,063,108
11,076,868
11,084,674
11,102,853
11,104,085
9,706,178
9,154,114
5,661
3,007
4,932
2,903
5,321
2,844
5,379
2,813
5,592
2,879
6,472
3,068
9,730
3,194
11,006
3,289
8,414
8,668
7,835
8,165
8,192
8,471
9,540
12,924
14,295
534
534
534
550
550
550
550
550
5,818
16,732
16,818
16,771
16,899
16,421
16,798
16,973
17,056
16,887
22,196
657,253
1,191,905
714,857
657,253
1,191,905
714,857
657,253
657,253
1,191,905
657,253
1,191,905
657,253
1,191,905
714.867
714,857
677,831
1,179,171
707,013
785,588
1,160,691
617,736
1,152,213
714,857
1,191,905
714,857
657,253
1,191,905
714,857
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564.015
2,526,290
2,594,376
2,568,599
10,637,401
9,6111
397,79'
8.946
414,241
ll,036,43f
11,060,201
J,442
5,47S
2,935
8,566
53fi
-
-
10,639,91f
&,12€
Total reserves
10,639,41' T
8,88
411,901
11,044,81(
Other cash *
10,638,90()
8,18(
389,35(
10,640,915
8,881
9,971
Bills discounted:
Secured
by
Government obligations,
guaranteed
U. S.
direct or fully
*
Other bills discounted
Total bills discounted.
Bills bought In open
market.
Industrial advances
United States Government
securities—Bonds.
Treasury notes
Treasury bills
Total U. S. Government
securities
732,608
641,469
.
Other
securities
Foreign loans on gold.
Total bills and securities
2,589,851
-
2,589,781
2,589,988
2,589,283
2,589,151
2,589,555
2,590,009
2.591,161
Gold held abroad
""184
Due from foreign banks
Federal Reserve notes of other banks..
""170
""170
""l70
"'170
""170
""226
19,973
23,005
550,492
44,717
45,214
20,672
523,357
19,952
678,264
16,632
663,496
595,266
44,765
44,804
46,746
527,996
44,730
46,396
45,339
44,400
44,806
47,978
49,199
14,362,513
14,305.284
14,337,827
14,327,165
14,382,836
13,073,636
12,435,116
186
20,816
""186
186
20,427
527,851
44,695
47,547
21,109
597,351
14,290,895
22,025
All other assets
49,267
18,742
582,086
44,641
48,070
Total assets.
14,262,804
14,319,942
Federal Reserve notes in actual circulation...
4,135,785
4,157,156
4,116,875
4,123,513
4,132,337
4,147,997
4,120,373
4.120.798
4.136,806
4,200,965
Deposits—Member banks' reserve account...
United States Treasurer—General account.
7,847,605
1,004,684
131,989
267,141
7,744,949
1,092,819
130,200
262,794
7,716,352
7,622,253
1,283,396
7,560,482
7,503,630
1,428,693
7,547,076
1,427,718
135,486
213,212
7,472,143
6,928,977
140,874
118,010
139,671
227.746
7,661,269
1,321.319
131,802
211,655
198,604
139,470
Uncollected
Bank
513,229
44,641
Items
premises
44,730
45,687
LIABILITIES
Foreign banks
Other
deposits
1,182,761
133,118
253,844
137,609
245,233
1,361,133
133,908
236,245
125,674
84,642
9,251,419
9,230,762
9,286,075
9,288,491
9,291,768
9,285,743
9,326,045
9,323,492
7,929,631
7,292,760
Deferred availability 1 tenia.
521,177
534,887
551,583
133,482
10,800
11,386
10,685
27,683
32,915
11,819
133,489
147,739
27,683
32,915
10.364
655,841
133,495
147,739
27,683
32,950
9,491
591,267
133,523
147,739
27,683
32,915
527,113
133,478
147,739
586,356
133,558
147,739
27,683
32,880
12,563
597,742
133,575
147,739
27,683
32,880
527,933
Capital paid In
Surplus (Section 7)._
Surplus (Section 13-B)
578,995
133,582
147,739
27,683
32,880
11,145
14,262,804
14,319,942
14.290,895
14,362,513
14,305,284
14,337,827
14,327,165
14,382,836
13,073,636
12,435,116
82.5%
82.4%
82.5%
82.5%
82.5%
82.5%
82.6%
82.6%
80.4%
79.6%
1,703
1,530
1,460
1,357
1,357
1,357
1,103
1,103
523
2,532
13,373
13,140
13,260
13,144
12,700
12,678
12,735
12,825
>2,982
16,956
6,913
12,525
Total deposits.
Reserve for contingencies..
All
other
liabilities
Total liabilities
133,575
.*
147,739
27,683
32,880
11,181
147,739
27,683
32,915
132,196
145,854
27,490
35,940
8,644
'•
..
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
purchased
for
correspondents
"
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...
1-16 days bills bought In
16-30 days bills bought In
31-60 days bills bought in
61-90 days bills bought In
6,198
6,572
6,527
6,836
7,830
11,274
359
410
330
285
288
280
412
586
613
607
702
709
508
589
430
416
169
184
242
268
362
573
547
466
406
540
600
526
378
293
309
266
294
342
362
8,568
Total bills discounted.
6,986
599
369
235
61-90 days bills discounted
Over 90 days bills discounted
6,677
559
321
...
8,414
8,668
7,835
8,165
8,192
8,471
9,540
12,924
14,295
156
3,223
open
market
127
75
87
178
166
223
297
open
market
4
117
117
117
75
87
95
178
224
open
market
247
164
104
104
75
75
170
open
market
158
253
238
226
"""297
"""297
'
880
528
157
1,187
Over 90 days bills bought in open market
Total bills bought In open market.
536
Total Industrial
534
550
550
550
550
550
1,472
1,526
1,419
1,581
1,665
1,669
1,510
791
263
274
275
234
204
96
153
274
297
405
262
367
406
522
567
470
570
462
996
1,022
13,498
advances.
534
1,607
263
61-90 days Industrial advances
Over 90 days Industrial advanoes.
534
1,544
1-15 days industrial advanoee
16-30 days Industrial advances
31-60 days Industrial advances
79S
923
937
960
974
541
496
545
465
13,888
13,735
13,755
13,286
13,472
14,201
14,168
14,096
19,647
22,196
5,818
16,732
1-15 days U. 8. Government securities
16-30 days U. S. Government securities
81-60 days U.S. Government securities
61-90 days U. 8. Government securities
16,771
16,899
16,421
16,798
16,973
17,056
16,887
183,017
115,354
85,874
116,668
104,311
353,460
76,209
72,472
33,561
191,294
186,586
1,809,087
1,813,712
1,802,990
115,354
338,218
217,672
1,799,037
113,610
321,701
225,169
1,827,326
82,166
175,878
282,846
1,950,653
34,660
1,803,467
186,171
208,287
174,203
1,812,337
104,311
217,598
237,770
193,239
1,811,097
93,734
109,604
95,524
252,711
2,317,340
2,564,015
....
16,818
264,905
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2,564,015
2,564,015
2,526,290
4,517,118
204,754
181,285
Over 90 days U. 8. Government securities..
Total U.S. Government securities.
232,997
173,696
357,781
70,608
70,121
1-15 days other securities...
16-30 days other securities...
81-60 days other securities
61-90 days other securities...
Over 90 days other securities.
Total other securities
——
—
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
4,425,573
4,412,650
295,775
4,411,710
288,197
4,425,484
293,147
4,425,523
277,526
4,434,356
313,983
4,435,562
4,443,518
268,417
314,764
306,712
315,069
4,135,785
4,157,156
4,116,875
4,123,513
4,132.337
4,147,997
4,120.373
4,120,798
4,136,806
4,202,049
4,535,632
4,535,632
4,527,632
4,535,632
4,519,632
7,271
4,541,632
7,463
4,487,632
7,047
4,539,632
7,208
4,527,632
7,659
In actual circulation
4,434,946
299,161
8,472
11,780
16,324
.25,000
20,000
4,524.412
4,586,456
.
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
l
hand and due from U.S. Treas..
on
By eligible paper
United States Government securities
Total collateral
•
"Other
These
4,543,291
cash"
are
does
not
incluae
certificates given
cents on Jan. 31,
leaeral
Reserve
Reserve Act of 1934.
6,865
'
4.542.679
notes,
t
4,540,339
Revised
4,542,497
4,546,840
4.526.903
4.549.095
4.536,104
4,550,132
figure.
by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 69.06
1934, these certificates being worth less
provisions of the Gold
7,707
5.000
■
x
«
to
the extent of the difference, the difference
tself having
Deen
appropriated as profit by the Treasury under
Volume
Financial
146
Chronicle
3763
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 8, 1938
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Toted
ASSETS
Gold
certificates
hand
on
and
New Yorl
9
Redemption fund—Fed. Res.
Cleveland Richmond
Phila.
9
9
9
10,637,400
Chicago
St. Louis
9
I
$
Minneap. Kan. City
1
Dallas
I
San Fran
9
9
565,850
591,268 4,465,733
729,342
605
854
429
571
510
868
290
380
1,257
35,740
27,075
19,556
56,344
18,701
9,429
27,457
13,781
32,531
765,687
326,113
312,095
216,384
299,163
190,613
738,582
338
9,619
1,091
1,330
397,797
38,935
93,776
1,434
24,472
631,294 4,560,839
591,756
notes..
Other cash *
reserves
11,044,816
Bills discounted:
Atlanta
9
due
from United States Treasury
Total
Boston
9
298,184
232,281 2,103,109
292,884
252,266 2,160,024
271,416
206,087
176,452
704,794
■
•
«
:
4
■
Secured by U. 8. Govt, obligations,
5,442
Total bills discounted
1,669
771
378
310
322
190
70
120
414
207
208
485
547
184
276
614
10
10
62
222
266
242
1,318
562
586
936
200
80
182
636
473
580
861
8,568
Bills bought In open market
536
Industrial advances
U. S. Government securities—Bonds.
2,154
19
66
2
3
15
15
38
1,548
115
672
137
1,074
461
862
1,316
35,882
28,560
71,067
30,561
22,654
31,947
24,937
56,049
114,299
65,070
51,793
128,877
55,420
41,081
57,934
45,223
101,644
68,551
39,027
31,063
77,295
33,239
24,640
34,746
27,123
60,961
210,528
245,877
139,979
111,416
277,239
119,220
88,375
124,627
97,283
218,654
214,851
247,377
142,136
112,486
278,177
119,440
89,633
125,739
98,633
220,588
4,341
2,950
191,191
53,966
85,982
346,716
97,866
714,857
51,568
207,948
58,696
2,564,015
184,962
745,855
2,589,851
Total bills and securities
Due from foreign banks.
Fed. Ree. notes of other banks
23
889
63,027
2,367
47,412
1,191,905
Total U. S. Govt, securities
49
55
211
40
16,732
657,253
188,230
752,561
Treasury notes
Treasury bills
Uncollected
653
3,126
direct and (or) fully guaranteed..
Other bills discounted
>
184
Bank
premises
All other assets
69
19
17
8
7
23
2
2
5
5
440
3,747
1,067
1,342
1,440
2,254
3,238
1,948
1,810
1,068
597
1,865
513,229
Items
14
20,816
52,285
121,074
41,263
54,868
44,608
21,157
63,134
23,800
14,605
27,362
21,813
27,260
2,101
4,538
2,320
1,517
3,126
1,277
3,303
2,168
4,521
2,042
1,749
2,097
1,716
4,196
461,647
325.700
458,560
314,654
995,807
13
44,641
9,890
4,773
6,151
2,667
3,015
14,208
5,172
5,228
3,155
878,256 5,462,388
858,901 1,080,670
520,127
392,439 2.513,655
4,135,785
356,343
893,925
300,806
409,163
190,092
143,353
961,782
174,897
134,458
164,151
77,480
329,335
7,847,605
Total assets
2,978
49,267
399,512 3,580,222
424,690
503,431
218,592
161,699 1,299,759
212,830
113,190
222,657
551,202
48,143
29,700
159,821
36,512
2,996
3,777
3,777
9,248
2,500
183
1,954
12,427
14,262,804
•
LIABILITIES
F. R. notes In actual circulation
Deposits:
,
Member bank
reserve account
U. 8. Treasurer—General account.
Foreign
Other
1,004,684
131,989
30,808
479,374
44,246
59,111
42,918
46,806
121,021
27,095
9,378
48,498
12,765
11,983
5,601
4,559
15,500
3,907
267,141
bank
5,770
218,673
1,917
9,732
3,496
2,875
1,392
6,222
445,468 4,326,757
215,939 1,437,672
deposits
Total deposits
483,618
584,257
270,607
Deferred availability Items
521,177
51,981
119,533
40,734
54,281
44,217
20,046
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
133,558
9,405
50,937
12,260
13,375
4,949
147,739
27,683
9,900
51,943
13,466
14,323
4,964
2,*874
7,744
4,411
1,007
32,880
1,448
8,210
2,000
3,177
12,563
837
3,329
1,606
9,251,419
Reserve for contingencies
All other liabilities
Total liabilities
14,262,804
Contingent liability
on bills
38,950
166,829
256,317
202,064
611,827
25,935
14,385
27,765
4,447
13,147
3,904
2,903
4,147
23,854
3,934
29,701
10,150
5,626
22,387
4,667
3,153
3,613
3,892
9,805
3,409
730
1,429
545
1,001
1,142
1,270
2,121
1,401
1,603
7,201
1,215
934
1,776
2,000
1,087
488
695
1,292
430
1,915
1,056
491
384
868
858,901 1,080,670
878,256 5,462,388
250,054
68,745
520,127
392,439 2,513,655
461,647
325,700
458,560
314,654
995,807
purchased
for foreign correspondents
Commitments to make Indus, ad vs..
•
-
1,703
123
611
1,373
4,021
157
167
13,373
118
73
60
203
51
39
49
1,864
1,4881
176
24
570
276
366
•
49
121
92
3,005
"Other cash" does not Include Federal Reserve notes.
FEDERAL RESERVE
Three Ciphers (000) Omitted
Federal Reserve Bant of—
Tetal
Boston
New Yorl
I
S
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Atlanta
Chicago
St. Louis
Minncap
S
Cleveland Richmond
Phila.
$
Federal Reserve notes:
NOTE STATEMENT
S
i
9
9
$
Kan.
DaUas
dig
9
San Fran.
9
9
382,004
25,661
997,091
318,636
432,481
199,794
158,652
987,773
188,967
85,323
370,682
103,166
17,830
23,318
9,702
15,299
25,991
14,070
139,595
5,137
173,948
299,161
9,797
7,843
41,347
4,135,785
356,343
893,925
300,806
409,163
190,092
143,353
961,782
174,897
134,458
164,151
77,480
329,335
4,535,632
390,000 1,010,000
159,000 1,000,000
4,434,946
In actual circulation
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates
hand
on
from United States
Eligible
and
due
Treasury
paper
337,000
436,000
200,000
2,044
995
407
Total collateral
390,821 1,012,044
337,995
436,407
200,546
4,543,291
Bid
June 22 1938
July 0
July
1938
13 1938
201938
July
88,500
404,000
626
472
576
159,719 1,000,200
192,703
141,682
177,626
88,972
404,576
Bid
July
271938
Aug.
3 1938
1
1
1
1
1
171938..
.
241938
Aug. 31 1938
I I til
Stock and Bond
Stock
York
page
7 1938
Average#—See
June 10
PARIS
as received
32ds of
more
or
June 4
June 6
June 7
June 8
June 9
June 10
Francs
Francs
Francs
Francs
Francs
6,900
6,900
1,206
6,800
432
420
Banque de Paris et Des Pays Bas
Banque de l'Unlon Parisieime—
Int.
Asked
Maturity
Rate
Bid
Asked
1,227
440
Canadian
1
Dec.
Dec.
15 1941...
Ys%
101.19
101.21
fune
IH%
1H%
1H%
1M%
1H%
15 1938...
101.19
102.21
Dec.
102.16
102.18
by cable
day of the past week:
Francs
one
Int.
June 15 1943
3779.
BOURSE
Bank of France
Bid
Exchange,
3779.
page
Quotations of representative stocks
each
Figures after decimal point represent
pointl
Rate
New
0.08%
Sept.
THE
Maturity
the
on
page.
0.08%
0.08%
Quotations for United States Treasury Notes—Friday,
a
New
Daily, Weekly and Yearly—See
0.08%
0.08%
.
Aug,
•
1
the
at
Securities
following
0.08%
10 1938
Aug.
•
Transactions
Asked
0.08%
Aug.
1
Government
States
York Stock Exchange—See
Asted
0.05%
0.05%
0.08%
0.08%
0.08%
0 08%
0.08%
June 29 1938
177,000
182
United
Treasury Bills—Friday, June 10
Rates quoted are for discount at
purchase.
June 15 A 16 1938—
Jun <17 A 18 1938...
141,500
71
719
.
a
United States
192,632
200
546
821
7,659
U. S. Government Securities
16 1940.
Pacific--——
102.25
102.27
103.2
198
Cte Dlstr d'Electrlclte
-
,
192
195
197
23,500
23,300
22,900
22,700
640
Canal de Suez cap
103
1H%
1H%
16 1940.
6,700
1,177
626
619
..
June
15 1941
Mar. 16 1940.
IM%
102.25
102.27
1,300
102.8
Mar. 15 1942.
1 H%
103.27
103.29
Cle Generale Transatlantlque..
1,310
34
1,310
102.6
102.9
102.11
Dec.
104.13
104.15
Citroen B
502
"496
"490
102.20
101.22
Sept. 15 1942.
105.8
105.10
Comptolr Natlonale d'Escompte
Coty S A
770
190
ITS
756
June
1H%
2%
2H%
2H%
190
190
Courrlereb
227
224
220
Credit Commercial de France..
Sept. 15 1939.
151939...
Dec.
490
480
474
1,580
1,350
1,570
1,540
1,540
1,330
1,320
1,290
297
295
295
Mar. 16 1939—
1M%
101.26
102.28
Mar. 15 1941
1 H%
103
103.2
THE
15 1942
.
15 1939.
Sept. 15 1938.
102.24
100.18
102.26
'*»
■»
-
-
-
—
Credit
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each day of the past week:
June
4
Lyonnalse
Lyonnalse cap
Eaux dee
Energle Electrlque du Nord
as
received
by cable
Energle Electrlque du Littoral
L'Alr
June
6
7
June
June
9
8
June
10
Llcbt (8%)
Commerz-und Prlvat-Bank A. G. (5%)
Dessauer Gas (5%)
i
122
121
120
Pathe
125
125
125
125
162
162
Pechlney
Rentes. Perpetual 3%
Capital—
-
-
73.00
69.30
68.70
76.60
75.90
75.80
74.80
74.10
74.00
96.60
95.75
95.50
112
1920
Royal Dutch
6.220
6,370
6,320
162
161
Sa'nt Gobaln C A C
1,910
148
146
Schneider & Cle
1,045
65
1,897
1,039
1,872
1,030
120
120
Deutsche Erdoel (5%)
140
139
138
137
Rentes 4^%. 1932 B
Deutsche Relchsbahn (German Rys. pf. 7%)
Dresdner Bank (4%)
HOLIDAY
125
125
125
125
Rentes 5%,
112
112
112
Farbenlndustrie I. G
162
162
147
148
151
152
(4H%)
Nofdeutscher Lloyd
Relchsbank
Salzdetfurth
-
114
78
(8%)
Rhelnlsche Braunkohlen
Siemens A
120
120
SoclPte
152
Francalse
Ford
75
"76
115
114
Societe
Lyonnalse..
w
*
Soclete
78
(6%)
Halske (8%)
196
197
196
Tublze Artificial Silk preferred
228
227
227
227
Union d'Electrlclte
162
160
160
158
Wagon-Llts
207
207
205
204
x
Ex. Div.
63
88
87
1,332
1,312
567
Marseillaise
77
-
197
(8%)
65
90
1,355
Soclete Generale Fond ere
114
'
76
....
Roehren
359
20
1,674
73.00
Deutsche Bank (5%)
Mannesmann
356
20
69.00
Rentes 4%, 1918
Rentes 4H%. 1932, A
Hamburger Elektrizltaetswerke (8%)
357
1.707
1,180
69.75
Rentes 4%. 1917
119
Hapag
800
73.40
114
121
(6%)
783
813
70.40
114
121
Gesfuerel
632
1,190
795
69.70
114
(7%)..
640
1,210
70.30
76.90
75.10
97.00
6,290
162
114
....
190
531
785
818
360
21
1.716
73.70
70.80
Orleans Ry 6%
121
121
...
540
664
HOLIDAY
1,290
32
' 1,220
Llqulde
Lyon (P L M)
Nord Ry
162
—
543
—
Kuhlmann—
June
■Per Cent of Par——
Ailgemeine Elektrizltaets-Gesellschaft 4%
Berliner Handels-Gesellschaft
(6ij%)
Berliner Kraft u.
*
Cle Generale d Electrlcltel
567
569
120
,
/
117
115
421
415
407
87
—
85
84
62
June 11, 1938
3764
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales
disregarded
are
.
.
United States Government Securities
furnish
York Stock Exchange
the New
on
No
of the day.
they are the only transaction
in the day's range, unless
is taken of such sales in computing the range for the year.
account
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week!
Quotations after decimal point represent one or more 32ds of a point.
Below
we
a
June 6
June 7
June 8
June 9
June 10
Prices
Daily Record of XJ. S. Bond
118.27
Low.
118.26
118.27
118.26
Close
118.27
118.27
118.26
Total tain in 11,000 units...
5
1
Ireasury
1947-62
< *8,
109.29
High
110
118.27
110.2
Low.
_•
109.29
109.30
109.29
110
110.2
110.2
9
114.18
(High
110.3
Low.
104.19
104.16
104.16
104.20
2
1
50
(High
103.13
114.23
114.18
114.17
114.19
114.23
3
7
-
-
■
-
Low.
103.2
103.5
2Kb. 1956-59
103.5
101.30
Low.
101.28
101.30
113.10
51
High
Low.
102
105.21
105.21
2Kb, 1949-53
Low.
110.15
110.19
Close
110.15
110.19
1
12
106.18
106.10
106.14
106.13
106.14
....
2Hb, 1945
...
106.16
{Low.
(Close
106.16
106.16
106.10
106.12
106.13
106.14
106.16
106.18
106.10
106.14
106.13
106.14
Total sales in $1,000 units...
15
2
3
7
1
4
3s. 1961-56
(High
108
108.2
107.30
Low
108
108.2
107.30
108
108.2
107.30
108
■
Federal Farm
**
2
High
106.25
106.24
106.27
Low.
106.25
106.24
106.27
106.27
Close
Total sales in $1,000 units...
106.25
106.24
106.27
1
9
10
High
108
Low.
108
107.30
108
107.30
J
Total sales in $1,000 units
1
104.3
mm
mm
mm
106.30
107.1
107.6
107.1
107.6
107.1
107.6
3
2
1
High
106.11
106.13
Low.
106.11
106.11
106.9
106.11
106.11
106.9
1
13
Mortgage
(High
108.17
108.21
108.20
108.22
Close
3
3
Total sales in $1,000 units...
1
Low.
108.11
50
234s, 1942-47
106.9
Home Owners' Loan
—
'
106.8
m
^
m mm
106.15
■
m
m
m
106.14
mm
mm
mm mm
106.14
6
16
105.8
105.8
105.8
105.8
200
106.12
'
-
-
-
106.14
106.15
Low.
106.16
106.20
106.10
106.11
106.11
106.15
Close
3s, series A, 1944-52..
106.16
106.20
106.10
106.11
106.14
106.15
2
11
9
13
4
Total sales in $1.000 units..
Home Owners' Loan
3*8. 1941
{Low
(Close
108.8
108.9
(High
108.8
108.9
Total sales in $1,000 units...
106.13
*2
108.12
(High
109.28
110
{Low.
(Close
109.28
109.31
109.29
109.30
110.1
110
109.30
110.2
110.2
110.3
Total tales in $1,000 units...
2
110.1
11
5
23
(High
104.5
104.9
103.30
104
104
104
103.23
103.27
103.28
104.2
104.1
103.23
103.31
104
104.2
bonds.
Total sales in $1,000 units...
39
47
17
High
106.17
106.16
106.14
Low.
106.15
106.16
106.14
106.17
106.16
106.14
106.20
3
5
2
2
17
103.6
103.4
103.4
103.7
103.6
103.7
103.6
103.6
4
103.6
7
103.8
103.8
21
6
14
104.8
104.9
104.7
104.10
104.13
104.13
104.7
104.7
104.7
104.8
104.7
104.11
104.8
104.9
104.7
.J
14
8
104.10
32
includes
only
104.13
104.13
6
5
3
1
t Deferred delivery sale.
above
table
Transactions in registered bonds
sales
17
of
coupon
were:
1 Treas. 334s, 1943-45
2 Treas.
2J4s, 1955-60
106.20
Close
Total sales in $1,000 units...
234s, 1945-47.
Odd lot sales.
Note—The
104.2
104.5
104.5
103.8
103.5
Total sales in $1,000 unus
*
24
{Low.
(Close
2Kb, 1955-60.
103.8
Low.
110.3
110.2
110.2
103.6
Close
110.3
109.28
103.6
High
Home Owners" Loan
1
2348. 1942-44
334s, 1944-46
103.7
Close
Total sales in $1,000 units...
108.12
2
103.6
Low.
234s, series B. 1939-49
108.12
108.8
5
«.■'
33
High
108.10
mm
mm
106.8
„
106.20
106.16
m
mrnm'm.
5
106.8
_
J
Hlgn
■
106.11
105.8
105.8
mm-m'4mm.
106.11
3
105.8
105.8
,
106.11
106.9
2
105.8
High
2
106.9
1
106.11
Total sales in $1,000 units...
108.11
106.9
106.11
Federal Farm Mortgage
108.11
25
106.11
{Low.
(Close
3s, 1942-47
2
Total tales in $1,000 units...
....
2
106.30
108.17
108.16
104.5
15
106.30
108.17
108.16
104.5
104.3
105.29
4
108.16
25
104.5
104
'
106
106
mm mm
106.29
108.17
Close
5
106.29
Federal Farm
1
Low.
■
105.28
25
73
106
105.28
105.26
mm mm,
103.31
Total sales in $1,000 units
108.22
High
3HS. 1949-52.
105.26
'mm
20
108.17
.
105.28
106.26
3s. 1944-49^
107.31
108.20
108.17
101.29
47
106.26
107.31
108.17
101.28
101.30
3
106.26
Federal Farm Mortgage
107.31
Close
(High
{Low.
(Close
101.24
101.27
14
105.26
103.31
High
106.27
1
3 H8. 1946-49
101.27
101.23
.Close
106.27
Total sales in $1,000 units..
101.23
Total sales <» $1,000 units...
4
107.30
101.30
Low.
Mortgage
334s, 1944-64
8
SHs, 1941-43..
*2
101.29
101.27
Close
108.2
Total tales in $1,000 units...
3 Kb. 1940-43
102.27
102.27
33
101.29
103.31
Total sales in $1,000 units
108
(Close
3s. 1946-48
2Kb, 1948
102.27
102.25
8
(High
{Low.
•iClose
5
102.28
102.27
2
105.21
Total tales in $1,000 units
(High
103.12
1
102
3
113.6
(Close
Total tales in $1,000 units...
103.12
102.24
102
Close
Total sales in $1,000 units...
{Low.
Total sales in fl.000 units...
3 KB. 1943-47
_
102.24
1
High
110.19
103.13
103.13
«
„
102.24
103.5
8
Total tales in $1,000 units.
113.10
110.15
m
# m
*3
103.5
(High
(High
----
----
103.5
(Close
114.21
1
*4
103.13
5
(High
114.19
114.17
2
-
103.13
114.21
114.18
104.20
103.13
103.13
(Close
Total sales in $1,000 units...
1
104.20
104.20
....
'
...{Low
2Kb, 1951-54
110.3
5
Low.
SHB, 1946-50
June 10
104.20
104.19
Total salts in $1,000 units...
110.3
110.3
114.17
High
2Kb, 1948-61
Close
I
June 9
104.20
Treasury
Total sales in 11,000 units...
4s. 1944-64-
June 8
104.16
110.3
110.3
110.5
3
4
Total tales in 11,000 units.
June 7
June 6
104.19
.Close
118.26
110.5
110.1
Close
3 Kb, 1943-46
June 4
*
1
High
109.31 to 109.31
..103.24 to 103.25
106.20
United States
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
page.
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
June 4
Wednesday
June 6
June 7
June 8
June 9
June 10
S ver share
$ per share
S per share
$ per share
$ per share
YORK
Range Since Jan. 1
STOCK
Shares
On Basis of 100-Share
Week
S per share
*41
42
*28
32%
*27ig
42i2
32l2
*26
29
*27
29
7%
*15
*1834
*2i4
*41
42
42
28
*42
32%
*28
*28
28
734
734
8%
73.1
17%
igi8
2%
*1514
1834
17%
1834
*15%
18%
28%
*7%
*15%
*18%
8
17%
18%
214
2%
2%
44%
44%
4534
45%
2%
46%
*5g
84
*r,8
34
*%
78
103a
1034
44
1
Us
7%
7
*6%
7
*6
7
*9
10&8
1334
13
*29
10
1
7
10%
*5%
534
146
1
1%
714
*6%
*5i2
*8%
1334
*5%
10
.
10
1
1%
7
534
7
*5
10%
13%
9
*29
*5%
534
14634 147
148
*5%
*7%
778
*7%
1038
*934
978
10
57S
578
44
40%
12%
*134
*12%
58%
*51%
16%
53%
4178
534
*42%
4034
12l2
*12
12%
58i4
583s
52
52
10%
1578
*53%
*
54
59
55
*1%
*13%
58%
*5078
41%
19
2%
46%
*%
10%
*87%
1
5%
*42%
40%
*1134
5%
44
41%
1278
1%
*12%
1%
15
5 %
52
*57
581;
53%
54
52
1678
53%
Bid and asked prices:
8
10%
2
16
16%
*53
no sales on
29
29%
8
17%
19%
2%
47%
7g
10%
52
16%
55%
this day.
Lowest
Par
Abbott Laboratories
*5%
£150
7%
10
29%
Acm« Steel Co
8
8
*15%
*18%
*2%
17%
19
2%
47
2,000
*%
10%
1
1
1
7
6%
*5%
6%
7
11%
14
*6%
*8%
14%
7%
Corp
10
No par
No pa-
7%
10%
5%
"5% """166
149% 149%
*7%
*10
8
10%
44
41
42%
12%
1%
£41%
*11%
1%
42%
12%
1%
5%
5%
200
1,100
2,600
15
61%
53
53
800
£16%
17
6,000
£55%
55%
a Def
110
>
28
June
3
6% Mar 30
14% Mar 31
16% Mar 31
1% Jan
40
May
% Mar
834 Mar
95
Apr
% Mar
4
2
30
31
16
31
6% Apr 30
war. 100
$2.50 prior conv pref.No par
Steel Co
..No par
Mar 30
8
Alleghany A W. Ry 6% gtd 100
Allen
Industries Inc
1
Allied Chemical A Dyo.No par
Allied Kid Co
5
6%May 27
Mar 31
ll%Mar 31
28
May 11
4% Mar 30
124
Mar 31
7
Mar 31
Allied Mills Co Inc
No par
8% Mar 28
Allied Stores
No par
4% Mar 26
38
Mar 31
Corp
100
No par
No par
6% conv preferred
Amerada Corp
Am Agric Chem
n
New stock,
r
Cash
34% Mar 31
11% Apr 1
1% Mar 26
10
Mar 30
55
49
May 27
Mar 26
10
10
Mar 30
50
46% Apr 27
50
No par
(Del)..No
American Bank Note
6% preferred
delivery,
1
par
sale.
Lowest
Highest
$ per
share
36% Feb 4
30% Mar 23
5
Alegheny
100
2,000
per
100
war.
Amalgam Leather Cos Inc
61%
t In receivership
war.100
200
15
$
...No par
100
16,000
56
,
Corp
5% preferred
Allls-Chalmers Mfg
Alpha Portland Cem
500
59
16%
55%
15
2,500
100
5K% pi A with $30
5K% pf A with $40
5K% pf A without
100
*29
6
150%
Allegheny
3,600
2,200
*40
16%
55%
No par
Air Way Ei Appliance.-Ne
par
Alaska Joneaw Gold Min__.10
7
42%
58%
r4~306
14%
41%
*53
Express
Addresa-MutMgr
12~ 400
11%
5%
*14
Straus
Advance Rumely
Air Reduction Inc..
1,000
6%
5%
*11%
*1%
"""400
%
10%
No par
A
Adams-Minis.
4,600
48
No par
25
Adams
"""760
No par
Abraham
100
Albany A Susq RR
*29
6
150
15
16%
6
13%
534
*41%
2
1
9
10%
15
10,
13%
5%
45
15
*15%
6%
10%
*12%
17%
19%
2%
46%
7)
*5%
*5%
*8%
13%
534
1278
17g
7%
678
*9%
41%
778
6%
8
40
28%
Range for Previous
Year 1937
Lots
EXCHANGE
32%
6%
*738
*11%
*134
43
*28
*5%
7%
44
*42
32%
7
7%
*4H2
43
7
*29
148
*42
7
10%
1384
146
*%
the
Friday
*28
*5%
*5%
*8%
13%
7
*29
144
10
2%
46
42%
32%
28%
Thursday
45
share
Mar 11
36
Mar 11
62
Jan 14
10«s Jan 10
x20*4 Jan 20
23
Jan 24
2%May 9
68% Jan 10
1% Jan 7
13% Feb
2
95
Apr 16
1% Jan 7
17% Jan 12
17% Jan 12
17% Jan 12
17% Jan 12
21«4 Jan 17
28
May 11
9% Jan 17
176% Jan 10
9% Jan 10
14% Jan 19
9% Jan 12
8
17% May 18
9
5 534 June
Ex-rights
55
Mar
Nov
69
Mar
Dec
85
Aug
4384
7% Nov
17% Oet
16% Oct
1% Oct
44% Nov
22% Mar
28% Feb
36
4%
80%
Jan
Jan
Jan
Oct
5%
Jan
8
Oct
1534
Feb
146
Oct
%
166
Aug
1
Oct
11
Oct
59*4
Feb
11
Oct
59
Feb
10
Oct
10%
Oct
58%
52%
Feb
Feb
13
Oct
45% Mar
103
6%
145
7%
10
6%
5%
Feb
Apr
110
Oct
23% Apr
258% Mar
17% Aug
Nov
Dec
Oct
Oct
34
JaD 12
share
Nov
11
11
11
72% Feb 21
per
36
37
Dec
24
Highest
share $
49
Jan
Jan
Jan
Jan
Jan
per
11
53%
61*4
15%
3%
66
$
Jan
33% Jan
21% Mar
85
Mar
Oct
83%
8%
Oct
1%
Oct
39*4 Jan
8% Mar
19
Oct
51% Not
53% Oct
10
Oct
Jan
52% Mar
114% Mar
101%
Jan
41%
Jan
75%
Feb
$ Called for redemption.
Volume
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
CENT
NOT PER
NEW
for
On Basis of
STOCK
Tuesday
Wednesday
Thursday
Friday
the
June 6
June 7
June 8
June 9
June 10
Week
29
$ per share
29
12078 1207g
8514
*162
86
86
164
$ per share
*28iz 30
120% 121%
28*4
122
86
86%
16334 16334 *160
16
16
*16
16'4
*29
31
*28
32
86%
86%
164
90
*101
108
23
878
*16
18
17
17
17
17
31%
31
31
31
31
11%
11%
12%
11%
12
3,900
100
*101
105
*101
105
*101
106
23
61,
9%
*5%
*9%
10
9%
9%
*75%
76
3
3
*15
3%
23
*5%
6
*9%
6*4
10
8%
9
*75%
76
9%
*3
3%
*3
9
*3
7
*3
7
500
*170
500
*170
500
*170
3i4
3%
3%
3%
*17%
1734
*16%
17%
83s
8
8
8%
*14l4
14i2
14%
141,
*9
10i2
*9%
10i2
*234
27,
171,
27,
16U
27,
I6I4
*15
36
36
36
*36
184
171,
*U2
*5
234
1«4
1%
*16%
18
*16%
55,
*13%
*9%
534
8
8
15
46%
12%
45%
45%
13
*27g
3
3
3
3
*3
235,
235,
2314
28%
*99
23%
5i8
53,
5i4
33%
34%
29
33i2
291,
10
10l2
10%
23%
5%
33%
29%
10%
5%
33i2
*__.
29
151
145,
68%
681,
16i2
"14%
68
15%
18
-
-
-
67%
16
1534
9
9
25%
116
*52
53
*52
19
1834
*6i2
223, 223,
10314 10314
171,
171,
1285, 1293,
1834
7%
*67,
22
18
28%
29%
10%
10%
1034
10%
10
10%
15
*
151
"l"4%
67
67%
1534
16
54
a:52
zl39
18%
19%
7%
*6%
*217,
*16
105
105
*16
18
6534
6534
657,
68
68%
68
137% 137% *138
30i2
5
*25
*32
35
*13
15%
*2%
*20
*25
24%
23%
*2%
215,
*20%
93
*34%
*119
105
18
*16%
4%
35%
3534
*35
69
75
*50
*119
120
*91
93
4%
35
*119
*119% 120
*90
4%
4%
35
*34
*50
75
*50
28
28
*90%
93
*
7934
~*5%
2734
♦
60
$5 prior conv pref
300
400
«.
m -
-
-
*
100
92
4%
4%
2,200
35%
*3334
35%
400
75
*50
75
28
28
28
56
*
5%
84
*81
84
*81
84
*81
83%
*106
106%
*80
26%
*80
2634
26%
mm
mim
36
40%
41%
41%
40%
16%
16%
1634
17%
*1534
17
53,
A 5%
5%
106
8%
7%
20%
106
.106
6%
*4034
40
*36
40
*36
40
*363, 40
*112% 119
*112% 119
*112% 119
*112% 119
*4%
5%
4%
47,
*4%
5%
*4%
5%
3
3%
3%
3%
3%
*2%
2%
2%
2%
2%
*2%
2%
*2%
2%
*2%
*2%
17
17
*13
*13
14%
1434
*13%
1434
334
334
334
3%
3%
3%
3%
3%
*363,
6%
42
4134
6%
42
A
63,
114
*434
.
3
8%
21
106
63,
42
40
114
5%
3
2034
*106
9%
2034
4,200
3,100
Atlas
300
6%
40
*434
5%
3
234
*13%
334
1,200
3%
15
334
1
50
Corp
pre'erred
14
88s Jan 12
Jan 12
Mar 29
35 prior A
Dec
Jan 10
33
Dec
71«4
Dec
6
84
June
80
May 20
42
Jan 12
327, Nov
72
Jna14
661,
278, Jan 12
784 Jan 11
141, Jan 10
24
Mar
1
l07%May 20
97, Jan 10
43
Jan 11
5%
*6%
634
5%
6«4
31
*30
91
*89
14%
1434
*5%
6%
*24%
123s
25
1234
684
6%
5%
5%
*6%
6%
*30
31
*90
91
15
15
6%
6%
*2414
28
12%
13
634
5%
*6%
*30
*90
634
634
51,
6%
5%
634
31
*30
91
153,
15%
*6%
90
*15
6%
*24l4
12%
28
13
67,
*24%
1212
6%
634
7%
6%
7%
2
20i2 Jan 26
45, Jan 10
4214
*13
177g
1734
1778
3012
3012
44
453s
3112
437g
45i4
1334
30i2
1734
13
13l4
13
13
85
85
*17is
17l2
12
12
*11
1134
*85
1712
88
17i2
*85is
*17i8
5%
5%
5%
5%
2,900
6%
6%
6%
1,200
4% preferred
Bangor 4 Aroostook...
J 31
90
i 9i
91
I584
i
153,
6% A*6
25t2
12%
*24i4
12i2
16
7
28
13
1034
*30
*90
15%
33
94%
16
*6
*2414
13
7%
133s
III4
12
*12i8
125«
12
*11
117g
1612
*13%
45
*35i4
*1334
16i2
*13i2
16i2
45
*35
45
*35l4
19
*17
•
173g
13
12
*3512
2334
88
*17l8
*12i8
2312
17i2
243g
1712
23i8
*17
2334
19
Bid and asked prices; no sales on
11%,
23
*17
"5" 600
1,300
1,000
42,100
13
1,500
86
1312
1134
1134
16i2
45
233g
*1312
I6I2
45
247g
18
this day,
300
32
1H2
19
35
*35l4
2334
*1718
17ig
300
300
Blaw Knox Co
*3514
2312
45
245g
1734
J In receivership.
1734
a
Def
delivery,
n
New stock,
r
Deo
19
Feb 23
Mar 23
Mar 30
101) Jan 12
101,
7*4
Oct
Dec
Jan
20
Nov
42
Jan
168, Feb
128, Jan
10
Oct
3514
Oct
2014
Feb
Jan
Jan
108
17«4 Jan
961, Jan
30% Mar
92
80
115
914
1314
Oct
Oct
Nov
201,
Dec
1037, Feb
8% Jan
90 »4
7*,
Oct
Oct
Jan
82i,
Dec
85, Mar 29
15i4 Mar 31
267, Mar 31
3984May 27
147, Jan
Mar
15
Oct
4012 Feb
657, Jan
29
Deo
41
Oct
13
Mar 30
161, Jan
14
Oct
75
Mar 31
981, Jan
Apr
9
83
19
8V
Oct
115
Aug
28*4 Feb
105*4 Mar
43U Feb
114*4 July
16*4 Feb
881, July
30i, Feb
23*4 Jan
62*4 Jan
1051, Mar
20
Jan
1291,
69*4
Feb
38
Jan
9U Mar 30
177, Jan
851, Nov
221, Deo
1314 Nov
101, Mar 31
13% Apr 4
37 May 10
20i8May 27
151, Mar
178, Jan
Oct
297, Mar
15*, Dec
60
32i, Jan
941, Jau
4984 Mar
48i, Feb
17i8June
5
5
Cash sale,
89
9412 Apr 2
684 Mar 31
77«4 Mar 19
No par
Boeing Airplane Co
Oct
Mar 22
25
5%
Bobn Aluminum 4 Brass
Oct
95
901, Apr 29
Bioomlngdaie Brothers.No par
B'umenthal 4 Co pref——100
11,100
200
Oct
Jan 21
Apr 9
118, Mar 30
Belding-Hemlnway
No par
Belgian Nat Rys part pref—
Bendlx Aviation
6
Beneficial Indus Loan..No par
Best 4 Co
No par
Bethlehem Steel (Del) .No par
13
Oct
10
30
109
——60
20
1612
Sept
5
81,
1084 Feb 23
107, Jan 11
1384 Jan 11
Feb 23
9
No par
preferred w w
1134
400
Oct
31, Sept
34
6
25
Creamery
*13l2
300
18
Deo
2U
Mar 31
215g Mar 29
101, Mar 30
50
*12i4
1H2
86 !8
15
121, Mar 30
preferred
20
7% preferred
100
Blgelow 8ani Carp Ino. No par
Black 4 Decker Mtg Co No par
8618
1734
Oot
Dec
Sept
86
5
Beech-Nut Packing Co
46
17%
*12i4
.
No par
100
Bayuk Cigars Inc
Beech Creek RR
13
86
preferred
Barnsdali Oil Co
Beatrice
2
29
—No par
Barker Brothers
1st preferred
32
13i4
*85lg
18
1778
500
"""166
61, Mar 29
100
60
6% preferred...—100
Asphalt Corp
10
5H%
15,500
4434
30i2
4434
Barber
28
13
32
437g
175s
100
13
32
*127g
Conv
40
2,100
4412
18
88
100
18
3012
4612
1778
*1778
*11
*13
2234
32
Mar 31
6%
11
11
*1034
10»4
107g
1034
1H4 1H4
*10%
*llli4 113
*llli4 113
*111% 113
*111% 113
*11H4 113
*111% 113
15
15
15
*1434
15l2
*1434
15
1518
153s *1434
*1434
*1434
97i4
*93
*93'4
*93
97i8
*93i4
97i4 *93U 9714
97i4
97i4 *93
*
♦
28
*2512
27% *2512 2712 *2512 2712
2712
*2512 28
*101" 103
*100U 102
*100% 103
♦ioo" 102 *100i8 103
*101% 103
*6
634
*534
634
6%
612
*6i2
6%
6'2
714
*638
*534
*73
78
78
*73l2
*73
*73i2
78
*73
77is
*73l4 77l2
77i8
1034
113g
1034
11%
10%
1034
1034
10%
10l4
1034
10i8
10%
1778
30i2
4438
Mar 30
53,
11
*1712
6
4
63,
31
41,
31,
3
13
Baltimore 4 Ohio——.100
31
101«, Sept
71, Deo
3914 Oct
Dec
Loco Works..No par
Voting trust ctfs
4,800
Oct
Nov
Mar
Assented
634
Oct
Oct
18
38
6i2 Jan 12
31, Jan 19
!
Oct
5
9
101
7*8 Jan 12
12t4 Mar 30
2i2 Mar 29
No par
(The)-.3
18
Dec
Dec
3
119
1
Mar 25
70
Jan 11
48
3
2i2June
Dec
Nov
Jan
2
Nov
83
Mar 29
—..No par
Aviation Corp of Del
35
6
Oct
Oct
Oct
5
68i4 Mar
412 Apr
36
Baldwin
47,
25,
Oct
Oct
58
60
Mar 31
1734 Mar 31
10178 Apr 12
534 Mar 30
3834 Mar 26
105
20
4,100
734May 12
5i8 Jan 13
4i4 Mar 25
6% Mar 26
No par
Powder
5% conv
Atlas Tack
Austin Nichols
2%
*2%
13%
Feb
30
preferred—-.-.100
Corp
No par
t Auburn Automobile. .No par
Atlas
40
100
25
Refining
4% conv pref series A.—100
400
6%
42%
*37
3%
96
Jan 12
39
22i4 Mar 31
40 May 27
—100
preferred
Atlantio
106%
*112% 115
13%
94i, Jan 31
Mar 19
4%
80
Atl G 4 W I 88 Lines-No par
200
6%
2%
Dec
May 12
68i4Mar 5
27
Mar 30
72
Mar 29
72
Jan 22
Atlantic Coast Line RR—100
400
*41
*2%
67
60
Assoc Investments Co..No par
1,700
118*4 May
93
4
5%
2
67, Jan 10
72
Jan 1?
x52
5%
5%
*8
12H2 Mar
Oct
Dee
10012 Jan 18
1
Dry Goods
1,300
40
21%
6
22
Oct
Dec
Mar 30
—100
Preferred
Associated
7,200
53,
*7%
pref
27
17%
21
conv
26%
41
*5
Apr
21,
378 Mar 26
28i4 Mar 28
82
1st. preferred—.....100
7% 2d preferred
-.100
*80
*5
415,
4134
-
17
6%
63,
43
~
2734
7
119
5
6%
100
Oct
Jan 11
7% preferred
100
ArmourACo(Del) pf 7% gtdlOO
mm,
1,000
Oct
10
96
20
Jan
Oct
241, Nov
30
Archer Daniels Mldl'd.No par
Armour 4 Co of Illinois
3U
Oct
3
3i8 Feb 24
30% Jan 13
5% pref with warrants..100
35 pref without warranto 100
Atch Topeka 4 Santa Fe—100
6% preferred...
100
41
41%
6%
*41%
*36%
Oct
Jan 15
Mar 31
60
*81
*7%
8%
213, 213,
106% 106%
8
82
18
107% Jan
2% Mar 30
84
834
*7%
213,
21%
106% 106%
6%
6%
128% May
4U Oct
Jan 11
2
.—.No par
1,400
30%
9
Oct
60
19
Artloom Corp
*40
27%
36»4 Jan 11
Mar 31
300
7934
"5%
40
10
3
*28%
21%
Dec
24U Mar 26
6i2 Mar 25
30%
*7%
58*4
Copper Mining
20
W Paper Co
No par
200
*40
21
Dec
6
No par
7% preferred
100
Armstrong Cork Co.—No par
Arnold Constable Corp
5
*52%
60
Apr
6%
6%
*234
53,
*52%
97
Andes
A P
4%
7934
"53,
534
*52%
120
*28%
*403,
57
104% 104% *103% 10534 *103% 10534
*8
13
*10%
11%
11%
11%
*2%
*2%
234
234
234
*2%
*22
22
22
25
21%
21%
30%
5%
Oct
72i8May 7
73i4May 7
140%May 21
778 Jan 21
lO'4Mar 31
*28%
17
Oct
140
14
36.50 conv preferred. No par
56
*5
1047,
Oct
Dec
AnchorHockGlass Corp No par
30%
16%
Dec
1171s Mar 14
1934May 24
14084 Jan 10
75,
20
*45
41
24
600
13%
*28%
5%
Jan 11
31
22i2
500
16
30%
16%
Oct
Nov
13%
*30
31
*45
40
46
125
Mar
33
31
*13%
*28%
*5
Dec
2
52
*271,
56
16
Oot
Dec
Nov
Jan 10
30%
40
122
Oct
Dec
Mar 29
60
83
41
Oct
Dec
Mar 26
*28%
26
71,
241,
Oct
May 26
25
*45
*79
1512
631,
15U
29
30
24
Preferred
55
«
Oot
140
21
5%
No par
American
1,000
56
~
Oot
914
25
3134
*45
-
Oct
26
25
400
56
27%
41%
1
Dec
3
31
Anaconda W 4 Cable.-No par
4%
*25
25
3
-
Apr
37g Mar 28
28
Anaconda Copper Mining—50
3134
7%
27
5834 Mar 31
68
preferred
1st preferred
Woolen
36
300
78
*4
29%
24
*234
*79
Mar 30
Nov
140%June 1
34»4 Jan 10
11»4 Jan 18
Mar 30
*25%
24
*634
27
68
6
297,
7%
26%
Mar 30
Jan 17
100
43", 960
23%
3%
*79
111
130
5
*25,
84
ISSg Mar 31
6i8 Mar 31
2112 Mar 30
1013s Mar 31
125g Mar 30
25
131
7
Jan 17
100
10
5%
*634
82
Mar 29
45*4 Apr
130
Am Type Founders Inc
5%
7%
82
103
Am Water Wks 4 Elec.No par
5%
2%
7934
5%
14% Jan 12
3512 Jan 11
66*4 Jan 12
400
31%
25,
*52%
7i8 Mar 26
22s4 Apr 1
28i8 Mar 31
6,600
6%
Jan 15
Oct
24»4 Nov
Oct
31
*6%
"*5~
78
3
438 Mar 30
30
634
*
Common class B
14U Feb 23
I65it Jan 12
22% Jan 15
207s Jan 12
2,400
*73
2%
7934
5%
2,600
Jan 12
1538 Mar 31
8%
4%
634
60
Amer Telep 4 Teieg Co...100
American Tobacco
25
Oct
5i4 Jan 12
3884 Jan 12
105i2Mar 24
29i2 Jan 18
7i8 Jan 12
40i2 Jan 12
Mar 29
5%
73
2%
5%
6,800
Oct
101,
Amer zinc Lead 4 Smelt....1
4%
3
"
100
Am Sumatra Tobacco..No par
No par
Stores
1
13i8 Mar 30
58
Oct
53
2,300
73
4%
*6%
*52%
800
American Sugar Refining..100
Preferred
100
June
141,
Dec
Oct
78
*2%
*
150
Oct
Dec
33
Mar 30
Oct
6»4
25U
28
60
9
14
2
Jan 11
23i2 Feb 25
74i2 Jan 17
14i2 Jan 10
16i8 Mar 31
8%
8%
28
79«4
5%
100
Mar 31
5%
5%
*50
5%
preferred
6%
Mar 29
3i4 Mar 29
19
*135% 139%
138
7
"
20
25
Amer Steel Foundries.-No par
Mar 30
Mar
Jan
Oct
Oct
3584 Feb 23
8% Jan 10
8%
75
*51
100
Snuff
American
69%
Oot
Oct
2358 Mar 31
8%
28
*
American
800
4,500
Dec
100
*25
75
*2734
Ship Building Co.No par
Smelting 4 Refg.No par
Preferred
300
18
Jan
14i4
31,
3634
28%
Amer
300
69%
27%
*50
Amer
132% 133
66%
6634
Jan
381,
658 Jan 12
43,
3534
1,540
..100
7
*1634
Dec
Oct
687,
5«4
Apr 16
92%
4%
18
13034 13234
6834
*434
22
41,
25
4H% conv pref.
14,000
104
13*4
3i4 Mar 31
24%
4%
Mill
22%
103
105
68%
30
30
120
American Rolling
180
6%
Mar
Oot
No par
31%
5%
92%
100
4,300
22%
67
*3%
11%
234
120
4%
105
13%
3
Preferred
19
6%
Jan
225
18
9912 Mar 30
Am Rad 4 Stand San'y.No par
139
21%
66
*73
104%
21%
..No per
18
*6%
3034
*90
preferred
139
2134
17
Oct
21,
1712
43s Jan 13
238Mar3l
American Seating Co..No par
13%
*119
35
800
30
93
3,900
*15%
15
120
29
1534
31
*90
No par
American Safety Razor..18.50
14
*119
preferred
800
*30
*2%
conv
16
67,
Oot
175
13i2 Jan 12
86
Jan 20
37,
*8
6%
16
16
11%
23
X16
66
8%
80
104% *103
Amer Metal Co Ltd
400
24
6
Jan 22
19»4 Feb 25
Jan 18
Mar 31
67%
19%
Oct
12
Mar 31
*66%
31
31
2%
21%
5%
30
*1434
104% *103
*9
11%
11%
*29
5%
23%
*103
37,
31
5%
*25
2334
*72
37,
3034
30
225,
8%
Mar 26
10
67%
139% 139% Z138
*5
*5
5%
5%
8%
74
37,
51,
5
87,
10
45
*67
18%
Nov
6i2 Jan 17
100
No par
Jan
2
177
Amer Mach 4 Fdy Co..No par
Amer Mach 4 Metais.-No par
Preferred.
Feb
80
778
67
*138%
33% Jan
99i4 Mar
131, Jan
Feb
Jan 12
4i8 Mar 30
1238 Mar 29
~4~500
18%
Oct
12i2
80*4
Jan 18
434
.100
15%
139
30% Mar
Internat Corp ...No par
American Locomotive..No par
6% noh-cum pref
Amer
56
300
235, Mar
Oct
83
May 27
2l2 Mar 25
Amer Power 4 Light—.No par
52%
Jan
Oct
li8
"15"
*51
Aug
29
Jan 14
151
51%
112
Dec
2ig Feb 26
15%
51%
Apr
Oct
201,
5i4
8i4
37»4
No par
"l5~
52
150
90
3054 Mar 26
li2 Mar 30
1334 Mar 28
Ice
2,700
11,600
1041, Feb
33>4 Aug
Oct
7»4
2i2
2012
32i4
33
10%
Oct
Jan 13
100
5%
8i4 Mar 30
75
Mar 29
5,100
23%
Mar 29
12
147,
68%
140%
5
74
*
151
66
68%
727,
35,
30i2
*
130% 130%
12934 130%
68
35,
33
4% Mar 29
__60
preferred
preferred
.100
American News Co new No par
300
119
5
33
*28%
6534
8%
23%
5%
33%
28
68
*47,
5%
x28
655,
85,
23
5%
30
66
8ig
727,
23
*99
33
22%
105
129% 130i4
*135l2 1375,
434
434
29%
29%
105
23
30*2
1,800
'
5
*67,
105
*16
29
105
z33
22%
22
105
2234
5%
139% 140
13934 140
-
187,
712
23%
28%
119
300
9%
*9%
9%
9%
9%
9%
9%
9%
31
30
30%
*25% 27%
3034
27%
2934
35
37
35%
35%
36%
34% 35%
35%
120
*118
120
*117
120
116% 116% *117
35%
116
52
*139l2
68
28%
*104
3%
*3
3%
34
151
"lis".
15%
25%
3334
*834
0i2
*2434 27
3234 337,
*1143, 116
52
*
151
"liij
*157,
30%
1034
28%
119
*3
3%
900
Oct
111,
86
Jan 15
26
6%
1,300
12%
36
Mar 29
American Hide 4 Leather
100
127,
*12%
Feb
May 26
American
45%
12%
71
7
818 Feb 21
1334 Jan 15
16«4 Jan 12
9
American Home Products... 1
13
46
12%
Oct
1912 Feb
2
600
45%
46
12%
88i2 Mar 31
19i2 Feb 7
1
400
45
46
28%
No par
Amer Hawaiian SS Co
10
1%
1,400
Jan
15i4
25U Feb 25
1D2 Jan 14
36%
5%
174
6i8 Mar 30
1%
15%
Oct
13i8 Mar 29
*36i.i
5%
1517,
No par
1%
5%
8
Feb
48s Jan 13
36%
15
5
121
100% Jan 24
110
May 16
Jan 22
300
19
Dec
Mar 29
17%
*18
69
175s Jan 17
4
preferred
share
160
2i4 Mar 30
17%
~3'400
15
12%
5%
56
per
Oct
Dec
...No par
preferred
share $
28
109
50
177
3
15
46
119
400
16
$7
Mar 31
100
57 2d preferred A
per
27% Jan 12
9*2 Mar 29
89% Feb 18
9
$
share
167
3
No par
European Sees
10%
19
27
per
42i2 Jan 3
12512 Feb 2
9li2 Feb 23
160% Mar 30
1258 Mar 30
10
__100
$
Apr 21
7034 Jan
Lowest
Highest
share
23% Mar 31
114
Tiling..1
3
3
5%
14%
13
*99
*18
Crystal Sugar
1st preferred
6%
*9%
1034
14%
49
275,
18
*13%
15
1,100
*5
*123g
119
8%
1%
234
American
600
36%
*9%
234
per
American Color type Co
10
Am Oomm'l Alcohol Corp__20
1,300
1%
*46
275,
17%
36%
*13%
10%
No par
J(AllegCo>25
Amer Express Co
17%
*8
100
Chide
Amer
17%
8%
100
preferred
3
Amer 4 For'n Power...No par
3%
*36
15
*99
8
8 -
5%
2,600
7
17
Preferred
Am Chain 4 Cable Inc.No par
American Encaustic
500
1634
No par
1,000
3%
36%
15
28
*4
*170
100
American Car 4 Fdy
80
3%
16
15%
3
7
500
3%
16
18
2,300
3
*4
16
18
9
75%
*170
3%
*15
1%
600
600
2%
3%
16
1%
6
10
9
75
15
27,
*5%
15l4
5%
3%
9
76
*13%
*9%
234
10%
147,
14l2
934
834
*75%
*934
25
Am Coal Co 01 N
23
6
6
10
6%
500
*3%
16%
*15
Can
American
*101% 1C6
23
*5%
3%
*4
*170
3i4
18*2
*15
100
Preferred
100
*85
conv pref
American
300
*11
108
75%
600
Brake Shoe A Fdy .No par
&X%
200
*30%
100
91,
9%
75%
3,000
87%
1134
*85
75i2
31,
Am
140
16
100
61,
500
31%
*85
*15
Shares
31
123
164% 164%
*164% 167
ICO
23
Lowest
Par
88%
88%
*85
6
*15i4
*34ig
*112
*16i2
87
*28%
*118
95
91,
9i4
3i8
*16i2
29%
*29%
11S4
lll4
*15
75%
3i8
S per share
share
*118
867,
*163% 167
per
29%
*101
90
6
$
30
123
1134
lll2
*9
*28
*118
*85
lll2
*15
16
$ per share
29
122
100-Share Lots
EXCHANGE
Monday
June 4
,
YORK
Range for Previous
Year 1937
Ranoe Since Jan. 1
STOCKS
Sales
Saturday
$ per share
3765
New York Stock Record—Continued—Page 2
146
3
158, Mar 31
x
Ex-div.
y
28
Jan
9
50
Dec
351, Jan
16
Oct
Jan
21
Oct
30
Feb
Ex-rights,
Feb
t Called for redemption.
New York Stock Record—Continued—Page 3
3766
AND
Tuesday
Monday
Wednesday
Thursday
EXCHANGE
Friday
June 4
June 0
June 7
June 8
June 9
June 10
$ per share
$ per share
$ per share
% per share
$ per share
90
*89
90
89%
89%
87%
87%
43*4
*42%
43%
43
43
43
43
4334
*9
9%
15%
18*4
*9
*9
10
*9
15%
19%
18%
15%
18%
15%
18%
9%
15%
19%
*9
15%
9%
1534
19
18*4
2%
2
*2
2%
16%
*2
4334
9%
15%
19%
2%
16%
15%
18*4
2%
*14
17
*24
27
*32
32%
1%
1%
*6
*24%
*32%
*1%
134
6%
9
*5%
8%
24*4
25
25%
13%
13%
*13
26%
13%
30
*27%
31
*23%
25%
13%
29%
*28%
6%
8%
*0%
9%
25%
*7%
7%
7%
7%
7%
*7%
*76%
7%
80
4
4
80
*70%
77
4
4
4
31%
*3%
31%
30%
30%
30%
30
19
3%
19%
3%
19-%
3%
19
30%
*3%
19%
*14%
*7%
15%
♦178
15%
734
*1434
15%
15%
*1%
*4%
*11%
7
14%
*7%
15
*1*4
*4%
3%
14%
8
15%
2%
7
*11%
5%
12
*17%
18
2%
*7%
;•
4%
*7%
2%
*4%
*11%
12
4
3
*19
20
19%
19%
-
15%
15%
19%
5,100
2%
200
1434
0%
18%
*24%
32%
1%
7%
28
33%
1434
300
100
9%
27%
1234
*27%
13%
30
7%
7%
28
7%
*76%
80
4
4
34%
20
20
20
7%
7%
2
7
1,100
Bui ova
Bullard
200
15%'
1,600
7
15%
*1*4
*5%
Burlington Mills Corp
1
Burroughs Add Mach_.No par
12
*11%
2
7
*1*4
*5%
12
*11%
234
6
2%
8%
*8
8%
6
*18
18%
*2%
234
8%
2%
m
»
m'
6
6
0
19%
*18%
19%
234
234
'
300
2-%
1,000
9
8%
1,900
8%
900
27
*27
28
*27
30
28
28
*29
31%
80
*15
15%
*15
15%
*15
16
*15
16
*15
16
19
18%
*46%
19
19
*18%
19
19
19
50%
50
1%
50%
1%
*45
1%
50%
1%
*46%
1%
5%
6%
9%
5%
6%
5%
9%
15%
9%
9%
16%
1534
*37%
9%
15*4
*37%
5h
*26
♦434
*3134
6
*9
9%
16
15*4
50
*37%
16%
50
5%
5%
26%
*12%
2%
*37%
534
2612
5%
26%
534
*434
40
*3134
*67
*12%
*2%
13
2%
*3134
■:
s
*12%
*2%
3
1%
50
5%
1%
6%
9%
15%
6%
9%
16
50
934
*37%
5%
*
70
13
5%
■
70
*12%
*2%
3
534
*5
40
*3134
K
3
234
75
76
76
76%
77%
78
*7534 79
99%
99%
9934 100%
99% 99'
£9834
41
40
39%
39%
40%
40%
40%
*103% 105% *103% 105
*10312 105
*103% 105
*103%
13
12
12i4
11%
12%
11%
11%
11%
11%
75
*98% 100
3712
*75
18%
*55
39
*75
85
*70
85
19
19
19
60
*56
60
*8
4%
*334
*90
*8
10
4%
*4%
*334
4%
104
*90
*20%
234
10
*8
104
*90
5%
534
584
21%
21%
*8%
29
2314
*75%
*l2
*1%
*12
234
*
8
29
23%
82 %
1
34
*%
*2%
*234
*—._
10%
"*934
%
%
1
1
1
*%
2%
10
10
*%
234
*1,
*%
*1%
*2434
26%
*3538
39
*2%
10%
*24'%
*35%
24
22
22
*21
24
*21
23
234
10
*8
*90
34
24
9434
9434
19%
*6%
*28%
23%
*78
80%
4%
*334
534
5%
24%
8
23
9434
20
8
*6%
*28
23%
*78
*10
10%
%
1
*%
*2%
10%
.
*24%
*36%
*io~
10%
*%
%
1
%
2%
*2%
1
1
2%
1034
10
26%
*24%
2534
*36
3934
10
*%
*%
3934
%
*H2
2
*1%
*1%
2%
*%
*1%
2%
*1%
1%
*1%
1%
*13g
1%
1%
1%
*8
9
*8
9
13%
*12%
4%
*28%
41%
13%
*12%
4%
30%
43%
*4
*11
11%
*60%
63%
*52
62
%
%
8I4
*8
8%
*12%
14%
*4
13%
*4
4%
29
*27
11%
*60%
42%
H%
63%
*11
*60%
30%
43%
11%
63%
*52
62
*52
62
*27
40%
234
4%
234
43%
11%
12
63%
64%
65%
65%
62
*62
13%
126
*58%
90
3938 40
*13%
13%
*112% 118
125
125%
*58%
*900
234
*13%
*62
234
*13%
90
*62
90
zl24% 127%
*900
*900
....
8
8
8%
80
8%
82
8%
80
80
80
*80%
17
17
*17
18
18
18
17%
86
18%
*8834
93%
*8834
93%
*8834
90
90
90
90
90
*11
22
*11
22
*11
22
*11
22
*11
22
11%
*10%
11%
*10
11%
*10
11%
4%
4
4%
*6%
734
11
8
80%
*4
5%
*4
434
*6
7%
*6
7%
*5
7
*5
8%
7
4%
*6%
•
*5
8%
8
7
*5
16
*153S
16
15%
15%
*15%
*15%
16
*15
16
15%
15%
15%
*67
69
70
72
*1134
12
32%
*31%
6%
6%
6
61%
*50%
30%
*91%
36%
*15%
*31%
6
*62%
64
*50%
58
2934 .30%
*92
35%
95
35%
*96% 101%
6%
6%
1%
38%
39
1%
25
25%
68%
12
*96
68%
12
32%
*11%
*31%
61%
*60
58
31%
*50%
31%
95
*91%
12
32%
6%
62%
58
31%
95
36%
36
37
101%
*97
101
70
7
15%
70
67
500
80
2%
"Tioo
4
734
*6%
4
340
7
*5
*15%
16
200
16
*15
16
200
3134
*31
31%
93%
37%
*90
95
;r36%
3634
*96% 101%
25%
24%
25%
24%
24%
7%
1%
%
ilOO
100
7%
1%
2:40%
25%
7
25%
%
70%
1,400
11%
400
33
100
6%
61%
60
*50
53
3134
31%
*90
2164
30
3,700
100
3,300
8
7%
1%
42%
25%
I In receivership,
500
37
*95% 100%
1%
10,700
95
36%
8%
42
Copper Co....
Chrysler Corp
City Ice A Fuel
Jan 10
Jan 11
Jan 10
1984 Feb 23
44
Jan 11
8% Jan 10
36
Jan 15
91
Oct
Dec
Oct
1
6%
Feb
4
Oct
20%
10
Dec
37%
Jan
Feb
9%
44
6%
28
Oct
38% Mar
Dec
61
Oct
17% Mar
61% Jan
Nov
4%
37%
Jan 17
90
Oct
18
Jan 11
13% Nov
2% Oct
7% Feb 25
Apr 18
4% Jan 12
97% Jan 20
80
Jan
18% Mar
Jan
Dec
86
40
Jan
34% Mar
48% Feb
•52% Sept
52%
Deo
102
Feb
35% June
9% Apr
191*4 Aug
12984 Jan
Nov
Dec
105% Aug
41% May
Jan 12
90
Dec
115
4
109% Mar
94
Climax
100
21,300
100
Oct
June
Feb
June
5% conv preferred
Colonial Beacon Oil
Colo Fuel A Iron
Colorado A Southern
Oct
Oct
82
Oct
Nov
90% Mar
Oct
68% Mar
89
Apr 26
% Mar 18
Mar 31
Mar 30
Mar 28
8
Mar 25
Mar 29
3% Mar 30
25
May 31
3538Mar31
2
Mar 24
Mar 30
Jan
5
15%
07%
32%
10%
par
111
Jan
5
Jan 13
Jan 10
Jan 10
2% Jan 22
14
1
Jan 11
Jan
5
1% Jan 10
184 Jan 10
4% Jan 12
12% Jan 15
32% Jan 17
Oct
1
4
Oct
Dec
18% Mar
12% May
Dec
32
10
%
1%
%
2%
Oct
Dec
Dec
19%
Oct
33
Feb
Dec
45
Aug
Dec
Oct
3% Mar
10% Feb
Oct
37
Feb 23
6%
3
Oct
Oct
80
Mar
Dec
Oct
135%
21%
Feb
11
57
Dec
92
Feb
58
Dec
74
July
2
Oct
36
40%
60
384 Jan
7
Jan
Jan
15% Mar
Oct
63% Jan 15
13% Jan 12
67% Feb 3
Feb 28
884 Mar
27%
22%
Oct
12
10% Mar
Dec
48
Aug
113
Jan
Oct
90
Jan
45%May 11
24% Nov
41
Deo
15% Feb 17
118 May 12
136 May
7
60 May 17
976 May
5
11% Jan 12
13% Dec
110% Deo
93*4 Oct
Jan 27
17%
82
66%
48% Aug
29% July
132% June
170%
59
Jan
Dec
18
Deo
25*4 Mar
104% Jan
82*4 Feb
Mar 31
96
Jan 22
98*4 Nov
112*4 Mar
29
Feb
20
Jan
45
Apr
20
Jan 15
11%
5%
Oct
Dec
51%
Feb
27% Mar
8
Dec
30
Jan 10
Jan 15
7% Dec
I684 Dec
29
Jan
32
Aug
Jan 11
16%
100
88
No par
par
100
3% Mar 31
4% Mar 29
100
13
No par
9
Mar 29
1
Mar 30
95% Jan
8
8»4 Jan 12
II84
9%
22%
21%
70
Jan 10
Jan 10
15% Jan 10
Mar
8%
Oct
05
Nov
10
Oct
23
Mar 30
3884 Jan 17
4 >4 % conv preferred
100
Comm'l Invest Trust.-N# par
14.25 oonv pf ser '35.No par
84
Mar 28
95%May 18
80
31% Mar 31
4484 Jan 17
34
Dec
100
9*
Solvents..No par
Jan 31
5% Mar 30
No par
No par
Jan 15
65
Jan 18
100
10
1
Mar 29
a
Mar 31
45
22% Mar 30
Rights
i»6«June
Cash sale,
79
25
Commonwealth Edison Co..25
r
9% Jan 13
t
Ex-div.
8
y
28
May 13
Jan 12
25*4 Dec
a:4%
5
Oct
Oot
Dec
Jan
108
Jan
101
Jan
69%
Dec
Oct
Jan
Jan
20%
Dec
86
39%
46%
Dec
100
4
114
80%
120
Jan
Jan
Jan
Jan
■
21%
3
1
Oct
4%
May 11
May 11
34
Oct
76%
Jan
Jan
31% Aug
125*4 Apr
Dec
10
New stock,
Apr
June
95
May II
13% Mar 31
z68%
641s
30%
n
Feb
10284 June
19% Dec
26% Jan 10
34
9,600
Feb
84
27fa Apr 1
5% Mar 30
#7 May
3
50 May 16
25%
Jan
3% Mar
7% Mar
038 Mar
Dec
4
27% Jan 12
78
par
5334 Apr
*6 preferred series
Mar
3
2%
20% Mar 24
9% Mar 30
par
100
v 10
No par
I2.75 conv preferred.No par
Columbia Gas A Elec—No par
Commonw'lth A Sou
Mar
484 Mar
13% Mar
1
78
May 5
7% Mar 30
100
Oct
Oct
1%
2% Jan 12
1284 Jan 12
1084 Feb 18
5% Jan 12
Apr 16
Mar 29
Mar 31
976
*4
2
2% Jan 11
Jan 12
3
Dec
89
Feb
40%May 13
1% Jan 20
Mar 12
Jan
48
684
28*4
24
Mar 28
63% June
25% Nov
Feb 23
112
105% Mar 30
58
1%
384
1%
58s
Apr 7
Mar 26
10% Mar 26
100
Columbia Plot
Commercial
Feb
5
Columbian Carbon
3,200
Feb
111
Deo
31
4
Apr 1
13% Mar 29
6% preferred series A
5% preferred
Commercial Credit
Jan
23% Feb
*40
100
Columbia Br'd Syslnc clA 2.60
Class B
—.2.50
v 10
4
3%
18%
103%
80% Mar
12% Jan 11
Mar 22
Corp.No
Mar
14% Mar
115
95
48% Mar 2
38% Jan 17
54
par
8% Jan 10
Oct
Sept
34% Dec
3%
30% Jan 12
59
Coca-Cola Inter. Corp..No
Colgate Palmoilve-Peet No
6% preferred
Collins A Alkman
No
Apr 2
46% Jan 11
32% Feb 23
1
10
Molybdenum..No
104
Jan
Jan
Jan
Jan
Jan
Jan
4
Mar 23
12
5
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)
No par
Class A
No par
11
106
May
1
No par
8,100
"a* 134,800
Oct
5% Jan 20
5
1-%
a Def. delivery,
June
8
4
100
42%
•»1
96
100
Equipment
Jan
7
Jan 10
37%June 9
% Mar 31
1% Mar 28
25
City Stores
25% Jan
8% Jan 10
No par
6H% preferred.
City Investing Co
1st preferred
4% 2d preferred..
15%
53
Feb 18
Oct
Oct
Dec
Mar 29
22
No pai
4%
15%
*15%
69%
52%
thta day
40
'""566
734
60%
m|
700
11%
58
1%
1,100
8834
6%
7
4,000
22
6%
60%
40%
do gales on
8834
6%
61 %
37
30
9
70%
11%
61%
*50%
31%
93%
500
19%
*11
6
Co..
Clark
85%
834
85%
19%
*31*2
6
Jan 11
12%
18%
49%
13
1% Mar 23
% Jan 26
2% Mar 26
134 Mar 28
8% Mar 31
% Mar 28
84 Mar 26
34 Mar 29
Clev El Ulum *4.50 pf.No par
Clev Graph Bronze Co (The) 1
Clev A Pitts RR Co 7% gtd_50
126% 127
11%
Jan 12
70
Pr pf ($2.50)cumdlv._No par
{Chic Rock Isl A Pacific—100
7% preferred
100
300
90
32%
30% Mar
9% Feb
33*4 Mar
18% Jan 12
Jan
7
No par
500
11%
3%
71
18% Mar
Oct
Oct
Mar 30
6% Mar 31
14
*62
11%
40
"♦ Bid and asked prices;
334
*6%
Oct
16%
2%
Dec
2
110%
17%
32%
41
1%
11%
13 conv preferred
Chile
~63~ 100
62
13%
12
40
11%
*1534
32%
7
7
11
5%
Feb 23
4% Jan 10
Dec
par
Chllds
30%
110
*31%
1%
40
1%
19
8% Feb 25
22
Nov
100
Chi-ago Pneumat Tool No
400
43
2%
*11%
1%
7
8%
84
19
Jan
27% Mar 30
23% Mar 26
{Chicago Great Western..100
4% preferred
.100
{Chic Ind A Loulsv 4% pf.100
Chicago Mall Order Co
6
{Chic Mil St P A Pac..No par
6% preferred
100
{Chicago A North West'n.100
4%
*5
16
6%
39%
25%
8%
84
Feb
97
18
Chickasha Cotton Oil......10
*905
*905
45%
4
17% Mar 31
100
100
*57%
*57%
Feb
Oct
10
Mar 20
100
preferred
100
1,300
125
*58%
6%
9
125
125
39
97
94
5
13%
100
7,800
125
35%
II84
Feb
Oct
Dec
40
4% Mar 30
6% preferred
...100
Chicago Yellow Cab...No par
1%
39%
3934
40
40
40%
39%
39% 3934
*13%
13%
13%
13%
13%
13%
*13%
13%
112% 112% *11234 118
*112% 118
*112% 118
*58%
*900
90
100
2
*52
*65
40%
*112% 118
*122
*28%
4134
Oct
IB4
3% Mar 31
91%May 27
26% Mar 29
.No par
..25
Preferred
100
*%
11
*52
300
"T,200
3934
34
90
14
110
3834
13%
2%
%
2%
10%
*1%
42%
62
1,000
*37%
11
65% Mar
45% Jan
18% July
6%
7
Preferred series A..——100
37%
1634
14
*62
234
Cab
{Chic A East III Ry Co
500
1
*1%
*8%
*12%
4%
*28%
41%
*11%
66%
*52
Checker
"300
41%
Feb
4
6% prior preferred..—..100
2%
134
11
%
*28%
Jan 12
Jan
13
3
55% Jan 10
106 May 11
12% Mar 26
Cham Pap A Fib Co 6% pf 100
Common
No par
100
234
2%
2%
14
14
14
110
110% *110% 111%
1734
1634 *1534
*15%
.
92
1
20
100
27
30%
9
100
120
79%
*%
2%
4
3
100% Jan
Century Ribbon Mills..No par
20
8
*
4
16
98
Oct
Dec
Oct
Dec
9934 Apr 11
200
4%
30%
Jan 17
684
14%
Oct
Central ni Lt 4«% pref-100
Central RR of New Jersey. 100
%
9
11
10%
15
Jan
Oct
Central Vloleta Sugar Co.—19
1%
84
14
Jan 11
9% Feb 26
20% Jan 10
3% Jan 15
2%
24%
Dec
12%
107%
4184
24*4
*%
*12%
20
4
2%
35
39%
*134
13%
32% Mar
70
Oct
*25
1%
8
Jan
25% Feb
117% Mar
Oct
Preferred
9434
*19%
*6%
*1%
*8%
984 Jan
81% Jan 27
24%
2
2534
84
Jan
Oct
24
Certain-Teed Products
10%
2
50
Oct
6%
3
2,300
7!
2%
Dec
0
4% Jan 12
105
Jan 25
6%
2534
*10%
*%
*%
%
*2%
234
14
14.
14%
Ill
111
*110
111%
*15%
1634
*15%
16%
110
*15%
4134
%
98% Jan
Cerro de Pasco Copper.No par
10%
34
Jan 10
28
3,900
*77
%
Jan 24
10
Mar 26
80
1
41
Jan
Mar 31
*77
10%
Dec
2
80
*10%
%
*%
%
*2%
10%
2534
37%
*%
*1%
15%
Jan
20
Chesapeake A Ohio Ry
1
Jan
21% Jan 11
102%
52*4
Central Agulrre Assoc..No par
Central Foundry Co
1
1,000
Chesapeake Corp
%
*%
*%
%
Dec
82%
9,200
34
3%
134
Jan
21
Jan 13
37
48% Mar
""400
*%
53
Oct
29
*3
Dec
Dec
2334
%
234
134
10%
7
19%
23%
*%
38%
52
3534
*22
%
2%
Dec
62% Feb 26
29
*%
*134
Jan
6%
Mar 28
104
*
8
Jan
8
46
6
24%
9434
1934
14
31
25
31
29% Mar 31
No par
preferred
23%
134
234
Co
2
63% Apr
12%May
2% Mar
62% Mar
100
29
1
t
Celotex
Mar 30
May
4% Mar 31
34% Mar 28
100
*28
134
2
Case (J I) Co
Preferred
z23%
*%
1
Caterpillar Tractor
No par
5% preferred
...100
Celanese Corp of Amer.No par
7% prior preferred
100
2334
1%
3%
*19%
*6%
5
21
Corp
29
1
*3
<
Mar 31
25
35%
6
*19%
24%
*90
36
*%
3%
104
47
Oct
—100
4%
1%
*%
2
41
*334
33%
it
29
2%
4%
33%
23
8
1034
26%
5
5%
534
'"506
9%
*4%
*90
..100
1
"4" 600
Dec
1
'""166
*8
434
104
Mar 31
1
6
'""165
2«4
*4%
10
45
1
No par
Canadian Pacific Ry
Cannon Mills
6%
5
33%
24
24%
82%
7)
2%
h
*8
15% Mar 30
No par
60
]
Carriers A General
290
28
40
234
2%
234
10234 10234 *10234
To"
*4%
*334
104
19%
2834
234
Packing
preferred
Carpenter Steel Co
1,600
Feb
Jan 20
284 Jan 13
9«4 Jan 13
138s Jan 13
34
6
100
4,000
Feb
Feb
24
500
61
*19%
95
2%
2
"*912
23
*6%
2834
23%
*75%
*52
4%
5%
23
61
*334
*5i2
"19%
*52
4%
33%
*
*18"
5
33%
19%
18%
61
*4%
33%
95
*18
*52
5
33%
*19"
58
13
*12%
234
234
81
77%
77%
99%
9934
9934
41%
40% 41%
105
*103*2 105
11%
1134
11%
*60
84%
84%
18
18
18%
234
18%
234
10234 10234 *10234
3212
*
*57%
K
13
59%
19*4
24%
49%
2%
10%
1534
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
70
23%
118s Jan 10
Capital Admin class A
5%
40
*3134
Oct
36*4 Jan 11
37% Apr 29
26%
*5
40
Dec
7
Mar 31
Canada Sou Ry Co
300
15%
15*4 Mar
34
Aug
Mar 31
8%May 27
12% Mar 30
9,700
50% Aug
Oct
Mar 30
Campbell W A C Fdy._No par
Canada Dry Ginger AJe
6
5%
28
Dec
6
5% Mar 30
50
61
18%
*.
24
23
*20%
*20%
2%
2%
234
2%
*10212 10234 *102% 10234
85
5%
26%
Dec
3
13
Calumet A Hecla Cons Cop..6
9,000
Jan
16
2284
20
4,700
1634
Aug
No par
5%
1,300
70
xll~
13
6%
6
Apr
25
Participating preferred..100
Byron Jackson Co
No par
Callahan Zinc-Lead
10
*37%
26%
534
16% Mar 30
23g Mar 30
"MOO
10%
534
*25%
5%May 31
30
"Teoo
18%
10
50
534
26%
10
5% conv preferred
Copper A Zinc
Byers Co (A M)
46%
Dec
53%
53s Jan 20
Butler Bros
Butte
California
50
1%
6%
16%
5%
40
18%
*47
1%
6%
*25%
*484
*3134
26
*4%
71
13
5%
26
40
71
*
*45
No par
Debentures
7
12
No par
JBuah Terminal—
200
2%
Co
93
Oct
11
70«4
Oct
Mar 26
034 Mar 30
400
734
Jan
Oct
39
Deo
54% Jan 11
{Bush Term Bldg gu pf ctfs 100
14%
share I per share
22
Mar 26
100
14%
per
18
68g Jan 12
15% Mar 26
13% Mar 31
684 Mar 29
14% Mar 31
1% Mar 28
4% Mar 26
*7%
15
92% Jan 12
45
May 31
13% Jan 13
19% Jan 12
28% Jan 10
484 Jan 10
22% Jan 13
10% Jan 11
26% Jan 20
30ia Jan 13
3
No par
734
*14%
16%
50%
1%
Watch
I
share
25
No par
Budd Wheel
per
3% Mar 31
No par
...100
15%
*5%
*11%
12
5% Mar 30
100
-
3
Feb
zl6'4Mar31
10% Mar 29
2734May 27
5% Mar 26
5% Mar 31
75
Apr 18
—.5
preferred—
1,000
27
1%
5%
1 referred
Mar 30
1% Mar 25
3% Mar 26
No par
Budd fE G) Mtar
60
*26
*46-%
28
18
6
*7
6
18%
Mar 29
5% Mar 31
1234 Mar 30
Bruns-Balke-CoIIender.No par
20
*14%
19
14
15
*18
27
Mar 23
Bucyrus-Erle Co—..
3,000
35
3%
2
Brown Shoe Co
7%
*30%
3%
3%
100
Brooklyn Union Gaa—No par
700
4%
15 May 31
16% Mar 31
16
6
Corp
$6 preferred series A .No par
"800
80
2
preferred
No par
Bklyn-Manh Transit-.No par
400
7%
*7
5
June
16
2,900
1,600
1234
6
Jan
9
Brooklyn A Queens TT.No par
29
934
Apr
40
Briatol-Myers Co
"TOO
1%
82
Bridgeport Brass Co
No par
Brlggs Manufacturing.JVo par
Brlggs A Stratton
No par
26
32%
I
Highest
Lowest
Highest
share
Roller Bearing Co__17
Bower
3,100
3,800
7
7
Borg-Warner
per
1
-
Boston & Maine RR
100
7h
18%
B
Bond Stores Inc
Borden Co (The)
3,800
19
*2
19
Class
:
734
6
8%
T
14
18
8
-
15%
6
-
m.
%
No par
No par
Bon Ami class A
90
110
mm.
14
18
2%
9%
Par
734
15%
1%
1534
734
15%
6
2%
V-'•:> 4
*3034
3%
18
8
8
80
30%
3%
6
2%
'
7%
7%
4
18
6
2%
13%
*27%
7%
7%
*70%
29
7%
77
27
14
7
7%
*7%
*70%
28
88%
4434
*9
7%
9%
27%
9
7%
88%
4384
1%
25%
*13%
*27%
33%
*1%
9
*1%
8*4
*32%
*6%
1%
*5%
28
1%
7%
33%
6%
18%
*25
*1%
*15%
6%
18%
*24%
*32%
6%
17%
32
32
7%
*14%
6%
17%
27
*24%
9
*28%
*7%
7%
15
6%
17%
17%
9
13%
2%
*14
15%
684
684
6%
16%
15
*2
2
*14%
15%
6%
16%
90
90
100-Share Lois
Lowest
Shares
*42%
V
On Basis of
Week
$ per share
*89
1938
11
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
.HIGH SALE PRICES—PER SHARE. NOT PER CENT
Sales
for
LOW
Saturday
June
Jan
Jan
Jan
"n June 10
Ex-rtghta.
1 Called for redemption.
/
New York Stock Record—Continued—Page 3
3766
AND
HIOH
SALE PRICES-PER
SHARE.
Sales
NEW YORK STOCK
the
CENT
NOT PER
STOCKS
for
LOW
Monday
Tuesday
Wednesday
Thursday
Friday
June 4
June 6
June 7
June 8
June 9
June 10
% per share
$ ;per share
$ per share
$ per share
% per share
$ per share
Shares
90
90
43^4
9%
90
*42%
*9
*89
15'2
15%
18%
187*
2%
1512
*14%
05s
10%
17
*14
6%
iei2
*24
3212
H2
7%
1%
: *0
9
7%
*9
19%
32
15
33%
*32%
*1%
7%
*5%
*2778
*76%
4
4
4
30%
30%
30%
*11%
5%
12
*17%
18
2%
2%
*7%
27
10%
19
19
*40%
1%
5%
9%
15%
*37%
50%
1%
*l2f2
2%
30
80
*7
7%
No par
27%May 27
41
Jan 24
34
Dec
Br uns-Bal k e-Collender. No par
5% Mar 26
10
Jan 10
0
Oct
Bucyrus-Erle Co
6
5% Mar 31
75
Apr 18
6%
Oct
80
♦76%
81% Jan27
3% Mar 31
6% Jan 12
4
30%
*30%
3%
3%
*19
19%
*30*4
3%
19%
*14%
34%
3%
25
Mar 26
3
Mar 26
647s Jan 11
5*8 Jan 20
3,000
4%
60
35
Bulova
Bullard
7*4
*7%
7*4
200
15%
15%'
1,600
200
2
12
2%
*5%
7
*5%
*11%
12
*11%
12
2%
0
2%
8%
*8
8%
6
0
6
6
*18%
19%
2*4
2*4
2*4
2*4
8%
9
1,900
300
1
1,000
8%
8%
19
50%
*40%
50%
*45
60
900
*45
1%
1%
1%
1%
578
6%
0%
9%
9%
15%
*37%
0%
9%
0%
9*4
15%
10%
50
*37%
5%
5%
*25%
5%
26
20
*4%
*31*4
40
5%
*
*8
4%
*4*4
■«U
•'
*
m »
«.'•
*5
5%
13
m
M
-
»
-
+
M
m* m m
13
-
100
234
*3*4
4%
104
*90
4%
*52
61
*52
61
*52
500
24
22
22
*21
24
*21
*90
33%
33%
33%
*5%
5%
21%
5%
5*4
95
*19"
23
*0%
8
4%
23%
23%
82%
*%
*1%
2%
104
*9%
*%
2%
~*9%
%
1
*%
3%
2
1
10
1
1
*%
2%
*24*4
26%
*2%
10%
*24%
*35%
39
*35%
%
%
*1%
*1%
8%
*1214
2%
10*4
20%
41
%
*%
*52
2*4
1
1*4
1*4
*3
*%
10%
*%
%
*%
1*4
*10"
10%
%
%
%
*%
*2%
2%
*2%
10%
10*4
26%
*24%
39*4
*36
1
%
1
1
*%
2%
10
10
25*4
39*4
*60%
*52
62
*11
63%
*60%
*52
62
234
110
110
4134
2*4
2%
14
14
111
111
13%
4%
*12%
4%
30%
41%
43%
*28%
41%
*11
234
*13%
13%
*4
4%
30%
42%
11
11
63%
64%
*52
234
62
14%
111%
*13%
*15%
16*4
*15%
16*4
*15%
16%
*15%
*02
90
*65
90
*62
90
*62
39%
*13%
3934
14
*110
40
39%
13%
*13%
13%
*112% 118
*112% 118
*122
126
125
125%
*58%
*58%
40%
-
.......
*900
-
«,
«
•
110
4
4
30%
4134
43%
•
.
-
-
11%
65%
12
*
•
*
—
90
90
90
90
22
*11
22
*11
22
*10
11%
*10
11%
4%
4
8
*6%
4%
734
*0%
7
*5
7
*5
*5
*15%
16
*15%
16
15%
15%
*15%
*15%
16
*15
16
15%
15%
15%
15%
*07
69
70
70
12
0
*50%
29*4
*92
35%
12
68%
12
32%
70
*11%
*31%
72
*50%
58
31%
31%
*91%
36%
95
31%
*91%
25%
1%
95
36%
36
37
101%
*97
101
7
7
6
61%
*50%
31%
93%
3134
93%
1%
39%
25%
40
40
41
40
25%
24%
25%
24%
1%
7
1%
1»«4
♦
58
70%
6%
60%
52%
60%
53
z31
31%
*90
95
6%
60
70%
1,400
11%
400
33
100
6%
10,700
61%
*50
500
53
31%
*90
36%
30
3134
3,700
95
100
37
3,300
*95% 100%
8
7%
7%
7%
8%
1%
1%
240%
25%
42
1%
42%
25%
25%
%
J%4
100
42%
25%
40%
24%
%
Bid and asked prices; no sales on thts day
6
37
37%
236% 3634
*96% 101% 2100
100
6%
1%
6%
61%
7
1*8
200
7
11%
58
39
200
16
*31'2
*50%
30%
1%
38%
16
*15
11%
58
25
*5
*15%
71
1%
f io reoclvershlp.
»I2
preferred
conv
21,300
138
8,100
3,200
•
9,600
uaa 134,800
a Pet,
Dec
115
19%
Dec
48% Mar
52
Oct
82%
39%
12%
delivery,
7
Mar 31
28
Mar 26
Jan
Nov
3
24
2
191*4 Aug
129*4 Jan
100
Oct
4% Jan 12
105
Jan 25
Oct
Co
Chrysler
May
4
Mar 23
31
28
26
29
67s Mar 31
22
Mar 31
Mar 30
37%June 9
% Mar 31
1% Mar 28
par
100
1
Mar 25
12
10
...No pat
Mar 28
8
Mar 29
3% Mar 30
May 31
35% Mar 31
104
8% Jan 10
32% Feb 23
4
48% Mar 2
38% Jan 17
89
Jan
2%
Jan 22
Jan 11
14
1
Oct
Oct
18% Mar
12% May
Dec
32
5
%
Dec
1%
Oct
h
2%
Deo
3% Mar
7% Mar
6% Mar
19% Feb
Jan
1% Jan 20
*4
Dec
Oct
Jan 12
Jan 12
1
Oct
8*4 Mar
6%
Oct
27% Jan
22% Jan
157g Mar
2%
12%
16%
57*
Feb 18
60
12
Jan 12
3
30
Feb 28
3% Jan
7
3% Mar
10%
Oct
Oct
Oct
80
40%
Dec
11
Oct
57
Dec
92
58
Dec
Oct
Mar
74
2
Feb
135%
21%
Feb
Feb
Feb
July
10% Mar
24
Jan 12
Mar 12
17% Dec
102% June
26% Jan 10
19% Dec
48% Aug
76
82
Oct
90
Jan
24% Nov
13% Dec
110% Dec
93% Oct
41
Dec
Jan
May
Jan 27
45%May 11
15% Feb 17
May 12
May
7
May 17
May
117b Jan 12
25*4 Mar
104% Jan
62*4 Feb
Jan 22
98*4 Nov
112*4 Mar
Feb
26
Jan
Jan
Jan
Jan
Jan
No par
No par
53% Apr
9
preferred.No par
1
Mar 30
27% Apr 1
5% Mar 30
57
May 3
50 May 10
Columbia Gas A Elec..No par
6% preferred series A... 100
5% preferred
100
Commercial Credit
10
95% Jan
70
Jan 17
44*4
100
10
1
Mar 29
50 preferred series...No par
25
25
Mar 31
45
22% Mar 30
i*6«June
8
28
Rights
*
Ex-<llv.
y
4
Jan 18
Commonw'lth A Sou ...No par
Commonwealth Edison Co
11
Jan 15
2
8%
Oct
Jan
45
8
Apr
517b
11% Oct
5% Dec
Feb
27% Mar
Dec
30
7% Dec
16*4 Dec
18% Dec
29
Jan
32
Aug
65
31% Aug
125*4 Apr
39% Jan
46% Jan
Nov
10
Jan
Oct
25*4 Dec
*4% Oct
*68% Oct
2078
Jan
108
Jan
64%
30%
Dec
Dec
101
Jan
18
80
Dec
114
Jan 17
34
Dec
May 13
Jan 12
86
Dec
95%May
578 Mar 30
15
65
Mar 28
Jan 31
10
79
38*4
95
iO
9% Jan 13
Mar 30
31% Mar 31
12
Jan 10
Mar
84
Comm'l Invest Trust._N» par
54.25 conv pf ser *35_No par
Commercial Solvents—No par
8
15% Jan 10
34
23
100
Apr
June
Deo
8*4
11%
9%
22%
21%
Mar 29
59
Dec
Jan 15
13
170%
Jan
18
29
100
29% July
13278 June
95
96
Columbia Br'd Syslnc clA 2.60
Class B
2.50
Jan
4
20
100
Aug
27*8 Jan 12
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
Mar 31
56%
48
113
5
20% Mar 24
88
100
Cash sale.
-
Feb 23
No par
r
Aug
1%
Colo Fuel & Iron Corp.No par
Colorado A Southern
100
New stock,
Feb
45
27S Jan 11
5% conv preferred
ColonUl Beacon Oil
n
33
Oct
28*4 Dec
6%
07% Apr 16
32% Mar 29
10% Mar 31
100
conv preferred
Dec
Jan
40%May 13
No par
4% %
10
1278 Jan 15
32% Jan 17
0% preferred
Collins A Alkman
v to
Mar
112
10% Mar 20
976
v t o
4
Apr
7
15% Mar 26
100
Coca-Cola Inter. Corp..No par
Colgate Palmollve-Peet No par
conv
*4
178 Jan 10
1*4 Jan 10
4% Jan 12
1
Mar 24
58
52.75
Mar
2% Dec
Mar 22
No par
Columbia PIct
687b Mar
100
3
2
Climax
Columbian Carbon
90% Mar
Oct
Dec
Jan 10
Jan 10
54
No par
A
Feb
Feb
4*4 Mar
5
Equipment
48
13% Mar
100
City Stores
Feb
63% June
Oct
59
5
Jan
Oct
100
Jan
Jan
Jan
2
10
QH% preferred
City Investing Co....
82
Nov
31
89
Jan
23% Feb
111
Oct
*40
Jan
Jan
Jan
86% Mar
25% Nov
5
June
Jan 13
No par
Mar 30
115
Oct
Oct
Dec
Feb 23
03% Jan 15
13% Jan 12
67% Feb 3
5
3%
18%
103%
Feb
14% Mar
Dec
5
1%
3*4
1%
5*8
107%
41*4
24*4
Oct
Sqpt
34%
30% Jan 12
12% Jan 11
37
Corp
City Ice A Fuel
Class
Mar
25
25
95
Apr 2
40% Jan 11
106
1
2
JChlc Rock Isl A Pacific...100
preferred....
11
June
par
No par
($2.50)cumdlv. .No
4% 1st preferred
4% 2d preferred
7
32%
6%
340
16
11%
62%
4
15%
32%
6
""506
7%
12
*60
*96
69%
*6%
32%
6%
35%
*15%
734
*31%
61%
*96% 101%
6%
6%
15%
11%
4
11%
3%
*11%
6%
95
334
40
22
*11
12
61%
30%
11%
32%
64
6%
*02%
68%
*31%
16
11
90
976
88*4
90
*11
Jan 12
25% Jan
5
7% Mar 30
78
May *1
13% Mar 31
mm'm'm
8834
*88*4
11%
105% Aug
41% May
60
700
22
Dec
136
1.100
8*4
Dec
13
118
4,006
8%
97
3
9
8%
Dec
94
4
100
Preferred
Chhago Pneumat Tool No
Apr
Nov
Mar 28
m
9%
40
02% Feb 26
8% Mar
% Mar
% Mar
a4 Mar
5% preferred
100
JChicago A North West'n.lOO
Feb
35% June
Oct
97
105% Mar 30
m
278
18% Mar
52% Jan
102
80
111
mm
19%
93%
7%
MM-
13% Nov
Coca-Cola Co (The)...No par
m
85%
*10%
7
•
Jan 11
30
m
19%
*11
*5
*905
Oct
1,300
mm
85%
*88*4
*6
«
Deo
Molybdenum..No par
Cluett Peabody A Co..No par
Preferred...
100
500
19
11%
7
100
Clark
~%800
Dec
90
Jan
May 11
1878 Jan 12
27% Mar 30
23% Mar 26
70
Apr 26
% Mar 18
1% Mar 23
% Jan 26
2% Mar 26
1% Mar 28
Clev El Ilium 54.60 pf.No par
Clev Graph Bronze Co (The) 1
Clev A Pitts RR Co 7% gtd_60
90
4%
37%
Jan 17
Mar 28
7
0% preferred...
100
t Chicago Great Western..100
4% preferred
100
JChlc Ind & Loulsv 4% pf.100
Chicago Mall Order Co
5
JChlc Mil St P A Pao..No par
300
......
84
8%
jChlc A East 111 Ry Co
500
17%
19
22
32%
14
110%
*1534
84
93%
*5
1,300
18%
*11
*31%
2%
17% Mar
61% Jan
100
18
100
Chile Copper Co
86
*88*4
8%
*80%
17%
Preferred series A
Chllds
80
61
Oct
Nov
97% Jan 20
94
Chesapeake Corp
No par
Chesapeake A Ohio Ry
—25
Chickasha Cotton OH
500
Oct
109% Mar 3
55% Jan 10
4% Mar 30
17% Mar 31
5
...
100
MM
*
Cab
400
*62
-
18
8*8
Checker
4%
2%
110
1
100
13%
11%
28
4% Jan 12
91%May 27
20% Mar 29
6% preferred
100
Chicago Yellow Cab ...No par
53", ioo
67b
Jan 15
20%
Dec
3ia
100
43
44
5% Jan 20
7%
30%
13%
90
*905
m
62
14
M
mm
9%
Jan 11
3% Mar 31
100
*52
80
*6
m
2,200
67
2%
*62
300
mm
19*4 Feb 23
Century Ribbon Mills..No par
1%
62
14
M
-
6% Feb
Jan
37% Feb
38% Mar
Oct
Dec
Oct
9
65%
18
4%
*6%
•
2
*11%
66%
2%
MM*
m*
~
500
39%
*900
~
1,000
%
41%
14
80
512
7%
m
%
*%
*28%
18
*11*4
m
mm
1
*1%
*8%
*12%
4%
*28%
82
4*4
*%
*1%
lh
*17
8%
m
13%
•
-
300
m
11
*10%
40
40
3934
40%
39%
13%
13%
13%
*13%
13%
13%
*112% 118
112% 112% *112*4 118
*112% 118
125
125
125
125
126% 127
*124% 127%
*58%
*58%
*57%
*57%
*900
mmm
1%
4
10
Oct
100
17
*4
h
*
m
rn
200
Jan 11
Jan 10
Jan
48% Feb
•52% Sept
Oct
1
Jan 10
91
34*8 Mar
June
34
80
*4
2%
rnm »
m
m
1%
*%
2%
mm
Feb 18
4
Pr pf
17
11
%
m
Oct
12% Oct
18% Dec
4978 Dec
8
53
80
8%
*%
*13,1
mm
Oct
24
Jan 12
Jan 11
90
100
8
80%
400
9,200,
79%
6
Jan 11
Jan 10
100
8
8
2334
18% Mar
36% Mar
9% Feb
33*4 Mar
8% Jan 10
0% prior preferred
Jan
Oct
Oct
Mar 29
Cham Pap A Fib Co 0% pf 100
Common
No par
Feb
Oct
18
99% Apr 11
100
Feb
45%
5%
Mar 28
Preferred
Feb
39
Oct
7
3934
110% *110% 111%
16*4
1734
*15*4
90
29
35%
11*4
Oct
4
27
*52
2*4
2*4
«•-~mm
18*8 July
Oct
Central Vloleta Sugar Co.-.19
*25
9
*28%
8
100
65% Mar
45% Jan
Dec
Jan 10
2
Central W Lt 4H% pref_.10O
Central RR of New Jersey. 100
Jan
16%
2%
Feb 23
20
—1
Feb
10
7% Feb 25
Apr 18
Mar 30
Jan
Jan
13
6% Dec
40
12% Mar 26
Central Agulrre Assoc..No par
preferred
Central Foundry Co
*3?%
34
92
100
No par
Co
40
37%
*1%
*81,4
*12%
11%
63%
42%
11%
13%
4%
30%
43%
11%
63%
♦4
mm*,''
9
14*8
1%
4*8 Jan 10
44
Jan
25% Feb
117% Mar
98
5%
Jan 12
11*8
36%
19*4
24%
49%
2%
10%
15%
Jan
24%
Oct
15
Jan 17
22
Jan
Jan
50
Dec
80
29% Mar 31
100% Jan 4
100
2534
1%
*12%
1312
*27
•
20
2%
2
9
M
120
10%
*%
1%
f
20
%
*2%
*1%
*8
7% prior preferred
Celotex
Certain-Teed Products
10%
%
1%
-M
100
2,300
*%
%
2%
9
-•
100
Preferred
Jan 11
16
Jan
Jan
Oct
35
4
11
102%
52*4
Jan
2% Oct
24% Dec
10% Oct
2%
8% Jan 10
14
31
25
31
98% Jan 3
Caterpillar Tractor
No par
5% preferred
...100
Celaneee Corp of Amer. No par
70
9% Feb 26
20% Jan 10
3% Jan 15
30
2
63% Apr
12%May
2% Mar
02% Mar
....6
1
0%
2534
9434
2%
*%
*8
Carpenter Steel Co
Carriers A General Corp
Case (J I) Co
Mar 30
May
4% Mar 31
34% Mar 28
Cerro de Pasco Copper.No par
10%
*1%
1
10
Carolina Clinch A Ohio Ry 100
37%
%
1
*4
21
Capital Admin class A
*10%
%
*%
%
*2%
10%
2534
2%
*1*8
-
»
mm*
29
34
3%
1%
10%
*3
*» «
100
23%
%
2%
*
No par
Cannon Mills...
3,900
*77
*%
2*4
*
2
29
*%
*134
*4
2*4
3%
1%
14
*900
80
*%
25
5
35*4
*19%
23%
*77
1
9
14
38*4
13%
£23%
1%
h
M
104
*6%
*28
1%
*%
*8
14%
«.
1,000
40
4%
*22
8
29
*%
*1%
2
-
-
.500
9%
♦
1934
23*4
23%
37% Apr 29
6
80
*28
1%
8%
4%
11%
*00%
*0%
*1%
29
40%
8
*78
80%
*2438
*36%
*%
*1%
-
Mar 31
5
35%
24%
9434
*1914
*6%
24*8
*16"
MM
5
*90
6
5%
24%
+
20
2
62
*4
*27
5*4
9434
*19%
29
*—•
10%
%
%
1
„
-mmrnrn
*334
36
33%
■
23
23
*
8
*78
%
*2*4
*
10%
*2%
,10
28*4
*%
234
*%
19%
24%
M
'160
*4%
434
4%
*334
104
*90
33%
5%
5*4
*19ll
*6%
*28%
23%
*%
2
33%
94*4
82%
%
to
Mar 31
1
5% Mar 30
..100
Canadian Pacific Ry
5%
*8
10
*4%
104
*90
34
24
*1%
*4
*%
2*4
*
4%
94*4
8
23%
*75%
1
*3*4
24
19%
*0%
28*4
29
29
*75%
5
95
"l9%
19%
*8
*4%
23
*
«.
4,000
2*4
2%
10234 10234 *10234
234
234
10
5
5*4
21%
*
2*4
*8
10
33%
••
23
*4%
*3*4
32%
290
61
2*4
234
234
102*4 10234 *102*4
*8
5
104
*90
61
*20%
15% Mar 30
8%May 27
12% Mar 30
53 preferred A
70
*12%
234
234
.»
40
*3134
Mar 31
Mar 30
45
8
8% Feb 25
Mar 31
13
1
Canada Sou Ry Co
300
*
6
20
60
Canada Dry Ginger Ale
9,700
2*4
preferred
5%
9,000
50
5%
zl3~
5%May 31
16% Mar 30
2% Mar 30
16*4
16%
20%
3
10
5% conv preferred
—30
Zinc
6
Byers Co (A M)
No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing
No par
Butte Copper A
1,300
5%
13
4% Mar 26
0% Mar 30
10
*37%
70
---100
Cop..6
Campbell W A C Fdy..No par
26%
*5
1% Mar 28
Calumet A Hecla Cong
5*4
*31*4
No par
Callahan Zinc-Lead
26%
534
40
*
J Bush Terminal
1,000
5%
70
14% Mar 31
4,700
*25%
40
*12%
*2%
3
*
10
*4%
*3*4
20
13% Mar 31
6% Mar 29
1*8
1,600
10
par
1
0%
10
16%
1,400
50
1%
6%
50
m
m
5*4
*31*4
13
15%
*37%
m
26%
5*4
*
70
*12%
*2%
16
50
18%
*47
1%
0%
9%
'
1%
578
18%
80
m
mm
4,000
4%
32% Mar
Burroughs Add Macb—No par
Butler Bros
9*4 Jan
15% Mar 26
IBush Term Bldg gu pf ctfs 100
19%
*18
18%
*2%
2%
Jan 13
par
Debentures
7
12
*5%
*11%
*1*4
15%
*1*4
7
178
7
14%
14%
15
76
79
76
81
78
76%
77%
*75*4
77%
77%
99% 99%
99*4 100%
99%
99% 99*4 X 98%
9934 99*4
41
40
39%
39%
40%
40%
40% 41%
40% 41%
*103% 105% ♦103% 105
*103% 105
*103% 105
*103% 105
*103'2 105
13
12
12%
12%
11%
11%
11*4
11%
11%
11%
11%
11%
♦
85
*75
85
*70
85
*75
*60
84%
*57% 58
84%
19
19
19
*18
18
*18"
18
18%
18%
18%
18%
18%
*8
par
Burlington Mills Corp
15
19
*102% 102*4 *102% 102*4
Co
400
*7
14
19
2%
Watch.
7%
1878
23
No
.....No
No
15%
2
14
*18%
*20%
2*4
7%
1,100
75
2%
No par
preferred......
100
Budd Wheel
20
19
24
—.100
1 r marred
7%
Budd (E G) Mr?
1,000
3%
20
20
20
80
*76%
4
$6 preferred
Brown Shoe Co
16
*20%
2%
Dee
700
31%
00
21
800
29
*27%
*15
*56
53
7%
*27%
*29
60
Dec
7%
29
16
*55
7
Dec
12*4
*98% 100
39
37%
75
38%
15%
12*4
28
3
Dec
21% Jan 11
13%
28
13
Jan
5%
par
13%
*15
*12%
*2%
Jan
3
10
734
5*4
2%
47
Oct
34
400
14
10
13
Dec
1
3
Feb
37
1,600
30
71
Feb
28
28
Oct
*16% Mar 31
10% Mar 29
2,900
28
*27
40
63%
Jan 20
2*4 Jan 13
9*4 Jan 13
13*s Jan 13
6
Bristol-Myers Co
Brooklyn A Queens Tr. No par
Mar 30
par
27%
*15
*07
Dec
18
7
series A. No
Brooklyn Union Gas... No
27%
15%
40
Oct
22
No par
15%
8%
26%
5*4
Dec
18
Mar 29
5% Mar 31
12*4 Mar 30
5% Mar 30
28
5%
157g
14
No par
Jan
Jan
107s Jan
20% Jan
30% Jan
par
*27
26%
*4*4
*31*4
5%
9*4
*15
5*8
13
11
20
13
15*4 Mar
34
Aug
23% Feb
597g Feb
Manufacturing
7%
8
71
*4*4
*31*4
*
9%
27
20%
5%
*20
Jan
50% Aug
Oct
Mar 23
par
15%
*37%
28
Dec
3
2
No
preferred
Bklyn-Manh Transit.. No
300
100
27
0
15*4
10
50
Deo
22*4
May 31
10% Mar 31
May
Jan
Jan
Jan
1% Mar 25
3% Mar 20
25%
*18
*9
200
32%
1%
9%
4
0
50%
1%
0%
9%
10%
50
10
10
10
Brlggs A Stratton
20
7
4
18
578
15
5
Brlggs
7
7%
0
*40%
1%
16
Roller Bearing Co..17
Bridgeport Brass Co.. .No par
3
15-%
2%
19
Aug
100
7%
7%
18
1878
Apr
25
100
15%
278
27
40%
Dec
3,800
1%
7%
0
*15
Oct
11
3,100
32%
7%
18
8
8
*20
*14%
39
13
12
7%
1%
7%
0
278
93
31
13%
19%
28%
4*4
22%
18%
33%
7%
18
6
Oet
45
2
RR—
15%
*17S
*4%
*11%
12
70*4
5
Corp...
Borg-Warner
*7%
*14%
7%
15%
2%
7
92% Jan 12
Jan
14*4
30
20
19%
*32%
*1%
*6%
9%
7
3%
19
3%
19%
15%
3%
19
*3%
19%
*14%
*7%
15%
*1%
28
7%
30%
3%
4%
*4%
*11%
28
33%
1%
6%
876
Highest
% per share $ per share
June
6%
7%
19
share
9
18%
*24',t
14*4
16%
*15%
078
18%
*24%
07g
18%
per
40
Bower
7%
7%
80
31%
7
Boston A Maine
31
7%
31%
*3%
*1%
*4%
200
*7%
*70%
4
14%
5,100
2%
*2778
4
8
15%
2%
3.800
19%
7%
7%
80
20%
77
*7%
15%
19
*2
30
25%
4
15
15%
2%
13%
25
24%
13%
*28%
*7%
*7%
*70%
77
14%
15%
19%
*2
5
1
Borden Co (The)
15%
•13
8%
5 per share
82
Apr 0
.No par
B
Class
Lowest
Highest
.No par
Bon Ami etnas A
Bond Stores Inc
18*4
13%
9
110
9%
15%
*32%
*1%
*5%
8%
25%
*13%
1%
0%
9
9
*9
19
2%
16%
*14%
078
17%
*24%
0%
28
1%
90
88%
44*4
88%
43*4
9%
15%
17%
*25
87%
43*4
Par
Year 1937
100-Share Lots
Lowest
18%
*2
2%
6%
17%
*0%
25%
13%
29%
7%
7%
*7%
10
*1%
9
*23%
13%
*28%
32
87%
43-%
*9
*14
17%
27
*24%
43
9%
15%
*2
15%
0%
0%
27
*32
2
2
89%
43
15
19%
2%
89%
43
*9
18%
15%
18*4
90
43
43%
9%
15%
*9
Range for Previous
Range Since Jan. 1
On Basis of
Week
*4212
1938
11,
EXCHANGE
Saturday
*89
June
5
Oct
3
1
Oct
May 11
May 11
34
Oct
Jan
69%
80%
120
Jan
Jan
Jan
Jan
*
21%
4%
75%
Jan
Jan
Jan
ii«June 10
Ex-rlghts.
1 Called for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
146
HIGH
SALE PRICES—PER
SHARE,
NOT PER
Sales
CENT
STOCKS
Range Since Jan. 1
NEW YORK STOCK
Tuesday
Monday
Saturday
Wednesday
the
Friday
Thursday
On Basis of
June 4
June 6
June 7
June 8
June 9
June 10
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
*5
6
*5%
6
*5%
6
18%
18%
18%
18%
18%
734
*7%
*9%
734
10
*7%
*9%
10
15
1534
15%
15%
*7%
*9%
15%
*6
10
15%
634
68
*73
80
*73
1%
6
734
15%
734
9%
9%
58
*56%
68
*73
80
73
73
*72
*1%
1%
*5%
6
*5'%
6
24
24
94%
94%
24%
94%
3%
3%
8%
3%
3%
94%
3%
8'%
8%
8%
103
*7%
10
*56%
1%
1%
6%
6%
24%
*100
18
58
634
103
*100
100
*1%
534
23%
9434
24%
9434
7
7
68
80
*56%
*72%
95
95
95
95%
*3%
8%
95%
3%
8%
8%
*99% 100
*99% 103
*3%
3%
*3%
3%
3%
3%
%
*2%
*8%
%
%
%
%
%
*86% 100%
3
12%
11
14%
134
1034
*10%
14
14%
134
14%
14%
134
*7934
134
*6
6%
1%
82
82
*7934
3734
38%
38% 3834
*10934 111
*109% 111
*6
6%
26%
2634
2634
%
%
*81
38%
25
*10%
27%
%
26
2534
12
*10%
13
44
44
63%
64%
43
43%
62%
6234
*163
26
26%
*163
3%
3
23%
23%
24
*10%
*4334
63%
24%
97%
97%
97%
97%
23%
23%
*2338
*3
3
*65
%
6%
6%
4
4
*
61
*12%
4%
13%
4%
36
36
14%
14
14%
134
14%
1434
*1%
1%
134
14%
1%
81
81
81%
81%
134
38-%
6%
27%
%
26%
13%
47
63%
-
3
2334
*93
-
-
3%
24%
96%
3
24%
*95
3
3%
2434
25
*95
96%
5
Preferred
"3%
900
25%
3,300
95
.100
Coty Inc
*%
6h
334
*30%
41
*30%
35
*29
30
*28
30
*28
9
9
x9
9
*65%
2334
67%
24%
*60
70
%
6%
*6%
*3%
*58%
334
60
*434
5
12%
36%
*12%
434
35%
%
8
4
59
13%
434
35%
*%
*6%
*3%
58%
*12%
*4%
35
23%
*65
%
334
*
61
35
*12%
434
13%
*35%
434
36%
4%
20%
4%
4%
4%
19%
19%
63
*56
63
*56
63
*23%
34
*23%
24
v*24%
17
17
17
*5
5%
15
14% *14
7%
*6%
6%
6%
*106
107% *106% 107%
16
16%
15%
15%
21%
21% *21
21%
*10
11%
10%
*10%
17
17%
*5
5%
*14%
*9
*6%
7%
106% 107%
15%
15%
21%
21%
11%
*11%
9%
9%
9%
9%
5
5%
1%
*1%
84
85
5
*2%
*3
27%
5
5
*13g
*80%
1%
8334
5
*2%
1%
83
2%
*1%
*1%
*4%
634
26
26
26
26
26
35%
5%
3534
3534
35%
35%
*25%
3534
*5%
5%
5%
5%
13%
13
35
*25
35%
5%
*5%
534
5%
13
13%
1334
13%
68
68
13%
*66%
69
*13%
14
*13%
14
*66%
*13%
*29
30
30
30
13
13
13%
13%
59%
45%
*9634 100
*98
*14
19
*14%
19
*29%
13%
58%
*4%
4334
98%
*14%
*7
9
*7%
9
13%
13%
13%
69
66%
66%
*65%
68
14
*13%
14
*13%
14
13%
30
*7%
5
100%
6%
13%
5834
5
45
*29%
*13%
58%
*4%
30
27
5%
*65-%
1334
5
1%
82%
2%
6%
2734
26%
3534
5%
13%
*29
30
137g
58%
59
60
*13-%
59%
*4%
44%
98%
19
*14
17%
8%
*7%
*4
101
*14%
*7%
6
47%
101
19%
8%
101
*14%
*7%
*8
2
2
*134
10%
10%
113
*100
93%
9612
*100
9612
113
116
116
116
116
4
148
149
15812 160
11%
IH4
2%
1434
1434
4
116
14938 153
15
15
116
116
*115
...
7%
10
4
10%
3678
37
38
33
34
34
25
*24%
2218
22U
39
105
512
534
116
"4"
156
15 h
15%
*2%
978
*36
113
*4
4%
154% 155
2
*134
10
5934
5%
46-%
101
fc20
"2,300
100
Packing
50
Co (The)..No pa;
No par
-.1
Curtlss-Wright
1
Class A
*100%
9734
13538
*11538
734
234
15%
15%
7%
734
7%
7%
2%
2%
*2'%
9%
934
10%
37%
33%
*36%
3434
3634
33%
2%
978
37%
*33
35
24~g
2478
25
*2434
2478
*34
1%
1
1
23
22%
1%
*34
*4
4%
23
23%
23
23%
*36%
38%
*3612 39
38% 38%
*103
105
*103
105
*102% 105
534
oh
5%
5%
5%
5%
15%
7%
238
9.%
35%
33%
*25
*34
23
*38
102%
5%
2
*8%
10%
108
*100% 108
99%
97%
9934
135% *135% 13534
116
11534 11534
116% 116%
15%
734
2%
10%
37
116% 116%
4%
4%
153
154
158% 160
Cushman's Sons 7%
$8 preferred
pref..100
200
100
Dayton Pow A Lt 4H % pf-100
12,900
1,200
100
1,400
—No par
20
Deere A Co new
Preferred
5% Mar 31
58%May 31
12
May 25
4% Mar 31
35
13% Mar 31
4% Mar 29
13% Mar 29
6%Juno 4
3
13%May 27
102% Jan
1934 Mar 29
7% Mar 29
Mar 31
1
Mar 26
Mar 31
Devoe A Raynolds
2%May 31
5% Mar 25
100
A.-No par
25
3
31% Jan
5
52
*51
54
*52
54
547#
*52%
56
57
*54
57
*54
57
*54
58
*54
*57
59
*57
59
*58
59
59
59
1%
1%
2%
3
2
2
2%
3%
334
334
2
*3%
*6%
1278
7
Match
1%
1%
*1%
Douglas Aircraft
Dow Chemical Co
300
300
2,300
100
Eastman Kodak
5,900
2
2
2
*2
2 34
400
334
334
*3%
7%
37«
600
6%
634
634
7%
500
12%
13%
12%
12%
zl3
13%
13
13%
8,000
1%
*1
1%
*1
1%
*4%
5%
5
5%
21%
25%
1,200
2,100
10%
100
70
2334
23%
23%
2334
24
24
*9
12
*9
12
*9
11
*9
11
*10%
10%.
*74
77
*74
76
*74
76
*74
76
*75
77
70
*60
70
*60
70
*60
*98
mmm —
*2%
2%
2%
21*
*1%
*15%
*
1%
16
*60
*95
2%
*2%
*60
70
-
-
-
21
-
2%
27g
1%
1%
*15%
17%
*97
*2%
*2%
*1%
*15%
70
•
-
-
*60
-
*97
234
*2%
2%
*2%
1%
17%
*1%
*14
•
-
234
2%
1%
17%
Bid and asked prices; no sales on this day,
21%
2234
25
25
*95
23
77
Electric
20
Jan
8% Mar
Oct
23% Mar
Dec
86
Jan
Nov
62
Feb
18% Nov
27
56
54%
23
24
Apr 27
May 31
24% Jan 10
Jan 10
7
15% Jan 8
9% Feb 17
107%June 7
25% Feb 25
25
Jan 20
15% Jan 11
17% Jan 12
8% Feb 25
2% Jan 10
Jan 12
108
-100
Co
Oct
18%
Jan
Oct
24
Feb
96%
Oct
109
Jan
19% Nov
27
Nov
20% Nov
31% Mar
Oct
29
13 |
Oct
58% Mar
5
Oot
1%
88%
Oct
Dec
24% Mar
10% Feb
146% Jan
8
-
5%
5
Oct
22
May
May 16
12%
30
May
29%
4%
6
Jan 24
6
4
9% Jan 12
18%
Oct
Dec
Oct
30
Oct
40%
Dec
23
Apr
Oct
29
Mar
28%May
36%May
584
$5 conv
Oct
96
Mar
Oct
25
Feb
2
Oct
41%
Jan
16%
Oct
46%
Feb
36
Oct
5
Dec
57% Dec
12% Mar
Mar 30
5
2
Mar 30
22% Jan 11
60% Feb
1
8% Jan 20
49%May 10
Mar
2
Jan 10
27«
*2%
2%
400
2%
2%
*1%
2%
200
*1434
17%
200
Dec
39%
%
Oct
Oct
Oct
1%
Jan
3%
Feb
8%
Jan
17%
134May
6
8% Mar 28
102
Apr 23
90% Mar 31
167
Jan
10% Mar 30
4
2
Mar 23
13% Mar 30
6
Mar 30
2%May 27
6% Mar 29
22% Mar 31
18
Mar 31
2134Mar 31
% Mar 26
17
Feb
3
33
38% Mar 31
Mar 29
1% Mar 29
2
234 Mar 30
5
5
3
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
% Feb 10
3% Mar 30
2
25
100
100
Co 100
100
Federal Motor Truck..No par
Federal Screw Works..No par
Federal Water Serv A..No par
Federated Dept Stores. No par
preferred
Cash sale,
June
4
19%May 27
22%May 31
67g Mar 30
67
Apr 11
52% Apr 5
Fajardo Sug Co of Pr Rico..20
Federal Light A Traction—15
r
Mar 26
100
100
Fairbanks Morse A Co .No par
New stock.
Jan
Jan
%
Mar 31
n
55
8%
46
Def. delivery,
77%
143% July
Dec
21
3
8
40
$6
Oct
79% Nov
% Jan
preferred.—No par
preferred
2612
12% Jan 17
% Jan 3
preferred
No par
Equitable Office Bldg-No par
Erie Railroad
—.100
8%
Feb
% Feb 28
$6
Ex Cell-O Corp
Feb
Feb
15
100
1
4% 1st preferred
4% 2d preferred
Eureka Vacuum Cleaner
Evans Products Co
36%
27
Apr 6
94% Apr 5
2% Mar 29
Service
76%
% Feb 11
No par
Auto-Lite (The)
5
Boat
3
preferred
Jan
60%
6% Mar 25
Schlld.
Engineers Public
Oct
6
12%
39% Feb 28
22
3% Jan
1%
10
Jan 28
10
Oct
115
Jan 27
106
Nov
122
123% Feb 23
98
Nov
180%
Marl6
Jan
Jan
Jan
Jan
Feb
130
Oct
135%
6
107%
Oct
112
116% Mar 1
7% Jan 12
109%
Oct
Oct
115%
Jan
137
116
June
Nov
17
Mar
6
144
Nov
198
Aug
Apr 20
21% Jan 15
4% Jan 12
21% Jan 12
10% Jan 17
150
Apr
164
Nov
Jan
4<q Jan 11
13% Jan 12
44%May 11
40%May 11
31% Mar 7
1% Apr 9
24%May 16
40% Jan 8
2%
Feb
15%
Dec
37%
284
Dec
16
14%
Dec
45%
Feb
384
Oct
16
Feb
3%
Oct
Oct
7%
Feb
26%
Oct
92%
Jan
Jan
Oct
87
Jan
22
Oct
44%
Jan
14%
Oct
29
Jan
Feb
6%
27
24
„
Mar
33
Nov
60
106% Jan 18
100
Nov
115%
Jan
6%May 11
3
Oct
17%
Jan
55%May 16
57
May 14
62% Jan 10
278 Jan 11
6% Jan 3
41
8% Jan
6
6% Jan 6
5% Jan 13
10% Jan 10
14% May 19
1% Jan 11
2
Jan 15
11% Jan 12
33% Jan 7
33% Feb 18
ll%May 17
77
May 11
78%
Jan
45
Nov
81
Feb
51
Nov
86%
Feb
Oct
984 Jan
23% Mar
1%
Dec
4%
Oct
8%
Oct
35% Mar
28% Mar
14% Jan
34% Mar
5
Oct
3
Oct
6%
Dec
1%
Oct
684
Jan
5%
Jan
1
Oct
7%
Oct
28
23%
Oct
71%
26
Oct
70
Jan
7%
Oct
29%
Jan
72«4
Dec
103
Jan
Jan
Jan
Mar 15
60
Nov
150
Mar
2
2% Mar 30
178Mar 30
1% Mar 31
99%May 17
4% Jan 12
4% Jan 12
90
Oct
129
Apr
2
Oct
2%
8
1%
Oct
Oct
12% Mar 30
Federal Min A Smelting
234
a
109%
Oct
8%
Mar 26
shares
Electric Power A Light. No par
$7 preferred
No par
$6 preferred
No par
Elec Storage Battery..No par
Elk Horn Coal Corp newNo par
El Paso Natural Gas
—.3
Endlcott-Johnson Corp....50
20
*2%
1%
*14%
t In receivership,
Dec
2
Jan 12
15
18% Jan 11
1484
Dec
96% Feb
Preferred
1%
39%
21%May 10
112
Exchange Buffet Corp .No par
*95
1%
17%
Feb
Jan 12
$5)4 preferred w w..No par
334
21
20%
17
4%June
Eleo A Mus Ind Am
100
""206
6%
2134
Oct
31
6% cum preferred
Eitlngon
20
*1%
23
21
4
171
*3%
21%
24%
21
Mar
8778 Jan 27
1
Fairbanks Co
21
43
5
3%
6
Deo
No par
Eastern Rolling Mills
100
2
*5%
*21%
25%
10%
7634
12
167
4,200
134
5%
Jan 6
Jan 12
Jan 18
Jan 10
3% Mar 31
121% Mar 31
600
240
' 500
200
*4%
Jan
18%
7%
60%
5%
6
(N J).No par
300
1,400
1,400
5%
127
13034 Mar 31
109% Apr 1
11134 Jan 3
19~400
1%
*4%
Dec
No par
100
Du P de Nemours(EI)A Co.20
6% non-voting deb
100
$4.50 pref
No par
Duquesne Light 5% 1st pf 100
2%
5%
70
100
3
*4%
3
No par
Duplan Silk
8% preferred
Jan
Jan
Dunhill International
*2
634
14%
87
100
*1%
634
Oct
34
2834June
Dres8er(SR)Mfg conv A No par
Class B
No par
1%
*1
Jan
2%
4634 Apr
2
1%
17%
No par
Dominion Stores Ltd—No par
3
*1
Jan
Oct
13%May 25
Dome Mines Ltd
3
1%
Mar
3
3
12
11,600
81% Mar
135
Dec
%
Doehler Die Casting Co No par
2
1334
108% Apr
20
2%
*1
Dec1
67%
400
3
13
47% Jan
25% Apr
4
3
1%
56%
Dec
Oct
Mar
2
13%
Dec
30%
8%
12% Jan 12
75
2
*1
Jan
34
4
33% Jan 12
Jan 26
3%
*
Jan
Feb
66
3%
3
100'g
Corp-Seagr's Ltd No par
2
*1%
Jan
28%
5% pref with warrants..100
Co.-----No par
Class A
No par
Dlxle-Vortex
29",700
Aug
115
37
10
1,400
Feb
71% Jan
171% Jan
10% Mar
56% Feb
28% Nov
397g Jan 17
Jan
77
Deo
Nov
6%
5
3
7
*6%
*1%
Oct
Jan
Distil
60
60
3
3
16
100
52
2
Apr
Mar 18
1,000
*57
1%
2%
49
35% Mar
153
10% Jan 11
37
Jan
Oct
46% Nov
60% Oct
65% Jan 17
166%May 3
4% Jan 12
25%
42%
378
Oct
9%
Jan 12
Mar 30
1
*54
334
Oct
24
16% Jan 10
66
5
3,200
57
*3%
7g
II
900
18,900
57
Mar 30
2034 Jan
l()
52
Mar 30
9
No par
36
57
Mar 31
18
6% participating pref
25
Diamond T Motor Car Co—2
934
*102% 105
5%
5%
8
4
200
39
June
3% Mar 30
12% Mar 30
48% Jan 11
76
1,400
4,900
2334
Mar 29
3
100
Detroit Edison
7%
15%
*53%
1%
*2%
Jan
Feb
July
23
Oct
Delaware Lack A Western..50
Electric
*50
*52
Oct
Jan 12
Nov
Diamond
33
25
5%
69% Jan
108% Deo
7
21
900
*3534
23%
*36%
Deo
Dec
Oct
June
958 Jan 17
80
200
*78
39
37%
10678
6%
111
94% Jan 17
1% Jan 7
13% Feb 7
6% Jan 10
100
Delaware A Hudson
5% preferred
*32%
*2478
2334
Jan
Feb
44% Jan 11
Det A Mackinac Ry Co.—100
""426
1%
103
5%
109%
72% Jan 12
{Denv A R G West 6% pf.100
900
""400
33%
25%
•
Oct
Mar 29
70
Diesel-Wemmer-Gllbert..—10
Eaton Manufacturing
3
15%
7%
*2%
Jan
65
87%May 12
45% Jan 12
19% Mar 31
Apr 8
% Feb 14
58
5
1,800
1,200
1234
3
1
Apr 1
Apr 12
Apr
2% Mar 26
No par
2%
12%
5
Mar 26
162
Conv 5% pref
25
Davison Chemical Co (The).l
878
*134
37%
Oct
1% Jan 15
34% Jan 11
Cutler-Hammer Inc newNo par
Davega Stores Corp
""206
19%
10
153% 155
*158% 160
158i2 158% *158% 160
*158% 160
12
12
1134
11%
1134
1134
1178
1134
3
3
3
3
3
278
278
*27g
234
*103
10%
9534
9734
135% 135%
154
73g
1%
*8
*100
113
*11434
73s
*84
.10%
2%
983«
96%
135% 135%
"4%
*2i2
95s
3634
*24-%
*184
116
*114i2
4
*8
*100
98%
*134l4 13514 *134% 135%
*115
2
2
Oct
1
32
{Duluth S S A Atlantic
100
6% preferred
...100
*134
7%
78May 26
21% Mar 30
10
Sugar
Preferred
1,700
12,200
100
1334
No par
100
Curtis Pub
200
30
45%
500
1334
1334
5
100
(The)
Cudahy
68
1334
45%
44%
*99% 103
834
*29
7%
Co
200
578
14%
5
*1%
*80
27%
30
18
21%
11%
978
*4%
*4%
*28%
434
*21
2734
26
*4%
44%
5
*2%
5%
*1%
5
Preferred
20
20% *9,500
1634
634
35
5
5
*80
36
16
27%
*25
4434
4%
1%
83%
No par
$5 conv pref
No par
Crucible Steel of America..100
Cuban-American
13%
434
*6%
11%
9%
pref w w..No par
500
106% 106%
*3
35
59%
4%
*1%
14%
conv
ex-warrants
3%
*5
27
26
*4%
5%
$2.25
Crown Zellerbach Corp
Preferred
56
6%
7%
6%
*6%
106% 106% *106% 107%
16
15%
16%
15%
21
21
21%
21%
*11
*11
11%
11%
9
9%
9%
9%
83%
~3~806
34
16
37% Apr
16% Jan 15
2% Jan 13
21
Cuba RR 6% pref
56
Oct"
Jan 11
180
*24%
17%
17%
10%
26
Cuba
34
92% Aug
16% Jan 18
Oct
21% Apr 5
5% Mar 31
22% Mar 30
29
Apr IS
25% Apr 1
7% Mar 29
8
4%
19%
Deo
3
16
Jan 12
22% Nov
88% Dec
100
63
*5
*14
36
6%
35
43%
5%
16
*12%
434
79%
5% Jan 12
22
Jan 14
Pref
61
27%
*25
58-%
*5
*14
15
14%
*56
434
*
Oct
Jan
Jan
1% Feb
13% Apr
52% Apr
Apr 16
200
%
3%
10%
Oct
98
70
*6
10578
Oct
30
6,100
67%
24%
*%
%
*3%
19%
17%
70
7.
4%
17%
*65
*6
3%
58%
13%
24
24%
*%
7
*65
75
Dec
%
6%May 27
21% Mar 30
x53
Jan
86% Jan 21
27
26
29
31
30
Jan
108
2%
100
101% Feb 21
7% Jan 7
% Jan 4
Jan 31
30
9
71
%
*58%
12%
*35%
41
30
*66
Apr
Mar 31
31
24
Feb
1778
19
30
75
13%
Oct
85
32%
23%
Oct
7
25
*28%
*68
3%
100
*30%
32%
107
No par
Co
No par
*64
5% Jan 15
10% Jan 10
Nov
5% conv preferred
Crane
Crown Cork A Seal
71
Jan
Jan
92
400
1,800
75
Dec
934May
8% Mar
1% Mar
65% Mar
36% Mar
10
26%
24%
21%
2% Mar 19
40
26
34
58%
Continental Oil of Del
25
24
2678May 11
98% May 13
18%
4978
2% Mar 31
Corn Exch Bank Trust Co..20
Corn Products Refining
25
100
*3
24%
*30%
*56
5%
3,400
25
9%
Oct
Mar 30
Continental Steel Corp .No par
150
2434
19%
5
9,100
24%
4%
634
Continental Insurance_..$2.50
Continental Motors
1
24%
19%
27%
2,100
1,100
24
*20
*2%
..20
$4.50 pref
No par
Continental Diamond Fibre..5
No par
18%
*3
Continental Can Ino
100
100
No par
63
27%
100
Crosley Radio Corp
4%
1%
4,300
preferred
Cream of Wheat ctfs
19%
5
8%
400
82
No par
500
4%
85%
Class B
300
24
5
1,200
95
9%
4%
Apr 18
7%
8%
Jan
67S Jan 12
Mai 31
23%
*28
Mar
5%
Mar 31
7
*678
834
Mar
95
Oct
10
97
26
87
Oct
1
887S Apr 16
27S Mar 30
23%
24%
Oct
63
78
4,900
July
Jan
65
Consumers P Co$4.50pfJVo par
1%
1878
Jan 15
12
11%
1434
Jan
26
Oct
Mar 19
par
Container Corp of Amerlca.20
Continental Bak class A No par
22
Oct
1% Jan 11
88%
1,600
Dec
4%
80
% Mar 21
3
Deo
68
17
5
7%
8
1
par
No par
share
Feb
5
Mar 26
4% Mar 26
7
*17%
*1%
I
23%
*23
*84
Oil.Corp
71
1
7
19%
9%
Consol Laundries Corp
Consol
19%
Apr
65
100
par
per
45% Mar
19% Jan
578
5
Jaa 17
8
Oct
Dec
Jan
100
6H% prior pref w w
Consol Film Industries
$2 par tic pref
No
Consol Edison of N Y__No
$5 preferred
No
Jan
Highest
I
4%
20
10% Feb 23
19% Jan 17
Mar 29
4% Mar 29
23%
4%
5%
No par
7
*56
*5
Consolidated Cigar
7% preferred
8
434 Mar 30
9834 Mar 24
100
100
25
"3%
Mar 29
378 Apr
{Consolidated Textile.-No par
Consol Coal Co (Del) v 10..25
5% preferred vto.
100
40
39
39%
38% 3834
38%
*109% 111
*110% 112
*109% 111
*6
*6
6%
6%
6%
6%
27%
27%
27%
27%
27%
27%
1
1
%
*%
%
%
27
28
28%
27%
26% 26%
14
13
*10%
*1034
*10%
12%
44
43
43
*43%
*43% 47
64
63
64
64%
63%
63%
*164
164
164
*163%
19%
4%
19
82
6
11
23%
*65
*%
11%
No par
Conn Ry <fc Ltg 4H% pref.100
Consol Aircraft Corp
1
*634
*65%
71
11%
24% Jan22
233g
8%
75
11
7% Jan 14
Mar 29
7
8%
23%
11
1
15
23%
2434
32%
29%
22%
11
No -par
No par
*6%
24
*64%
*9
*85
Conde Nsst Pub Ino
23%
7
8%
12
88
$ per share
$5 preferred
No par
Consol RR of Cuba 6% pf.100
*2%
*9
Lowest
$ per share
Congoleum-Nalrn Ino
Congress Cigar
7
634
*27
3
*2%
*85
11%
Highest
$ per share
Par
24
*6
*30%
2,000
*84%
*163
-
*101% 103
334
*3%
%
%
89
111
*6
1
*9
82
111
27
7«
„
3
*2%
200
7,200
11%
11
1034
3
12%
92
*87
3%
8%
%
19,100
1,900
8%
3%
*3%
8%
3%
*2%
200
2478
%
*83g
6
24%
*3%
*85% 100%
800
2434
%
3
1%
5%
23%
*3%
300
10
80
534
24%
3%
5,100
68
5%
334
12%
6%
1%
*5%
%
*838
16%
1%
*3%
*214
20
9
9
16%
1,100
734
*7%
15%
6%
Lowest
100
6
18%
*1%
1%
8%
100
*4%
18%
6
*4%
18
15%
*6%
*56%
2384
943g
8%
5%
18%
734
80
*56%
*6%
*56%
*1%
*5%
5%
18%
*7%
*9%
15%
*6%
Range for Previous
Year 1937
100-Share Lou
EXCHANGE
$ per share
18
3767
x
Ex-dlv.
y
75
2
Jan
Ei-rlghta.
11%
11%
Feb
6
Jan
Feb
43% Mar
1 Called for redemption.
Sk
1
New York Stock Record—Continued—Page 5
3768
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Thursday
On Basis of 100-Share Lots
STOCK
YORK
NEW
for
the
Friday
Range Since Jan. 1
STOCKS
Sales
CENT
■frif
Wednesday
Tuesday
Monday
Saturday
Lowest
June 4
June 0
June 7
June 8
June 9
June 10
Week
? per share
$ per share
$ per share
$ per share
$ per share
Shares
72%
27%
2712
16
•137*
*137g
10%
10*
iei2
♦80
*81
83
*08%
72%
*68%
28%
28%
1634
28%
*137«
10%
83
*68i2
*81
72%
28%
16
10
*13%
1678
16%
83
*81
26%
14%
27
2034
27%
2734
14%
14%
14-%
14
72tj
283?
*68%
72%
28%
28%
*1378
16
103?
823i
81
2734
14%
♦19i2
20
20
20
*19
20
*19%
20
♦15
20
*15
20
*15
20
*15%
20
*1%
2
*1%
27
13%
14%
178
♦1%
♦23
*23
90
25
*89
24«4
90
1%
*1%
134
*23%
91
89%
14%
'
1478
14*4
59
*....
"♦2*4
314
1478
*
59
~*2%
♦28
35
*28
25
25
25
1%
1%
3
15
3%
35
*.___
178
24
*23%
*90%
*14%
89%
1434
59
"*2%
*
15
*50
59
3%
25
25
25
25
2%
1%
*1%
*10%
12
*10%
12
*10%
11
11
11%
*10%
11%
*J0%
9212
93
93
*93
93%
*93
1134
11%
11%
11
11%
93%
4%
534
160
93%
*93
434
434
*4%
434
4%
4%
*4%
*5%
578
512
5%
*5%
534
5%
5%
534
30
77*
♦123
90
36*4
77«
125
*80
36*2
778
*123
3i2
83s
*3%
♦14*8
10i2
15%
*40
50
♦314
♦8
22%
221?
8
90
37%
8
7%
*123
130
287«
1
*'8
3%
8%
15%
734
8
8
8
8%
15%
15%
15%
*40
50
*22
28%
*78
50%
*56
57
*56
1®8
*85l2
1*4
95
U4
18
18
*19
19'2
78
28
*23%
28
5
*4%
5
7
7
*6%
10334
*1%
1%
15
*14%
*85% 95
1%
1%
3 7*2
*10%
15i2
*13
52
1%
*14%
*85%
1%
1%
95
*85%
$18%
18%
*17
18%
♦1734
18%
11%
15%
*10%
♦I234
11%
15%
11%
*12%
11% § 11%
15% 1*12%
*9%
7
034
100
100
*.
*52%
6%
10%
7
55%
*52%
0%
6%
17
*40%
16%
42
*16%
*38
40%
*38
40%
41
034
41
*134
2
1%
2%
*62%
12%
12i2
12%
13%
36
30
1778
76i2
*3%
*56
37S
58
78
*3*8
*1%
*9l2
*1078
3*4
2%
70
*62%
36
*35%
18
18%
7434
*70
3%
*3
78
*3%
1%
9%
12
*11%
24
2218
10*8
15*4
2578
22%
10%
78
7S
4
1%
10%
12
10««
*35
50
15U
♦30
1514
42
8*8
*8
838
8*4
78
*13
78
141*
3
3
*10l2
25i2
*34
*13
15%
8%
*8
♦7S
*13
14
*234
*1034
25l2
*25
35
6%
*35
*30
638
15
3434
*6
*13
24%
22%
%
*3%
4
*1%
*9%
*11%
24%
22%
1734
*56
60
12
138
10%
24%
22%
11
*10%
15
1478
15%
15%
1434
257S
26% *25%
26%
*25%
*12518 126i2 *125% 126% *125% 126%
*22
12
36
*56
10%
%
3%
55
«%
*1%
70
65
.*02%
12%
37
123g
17%
*3
3%
60
*56
78
60
*34
r%
3%
1%
10%
*3%l
3%
1%
10%
1*1%
12
i 12
*9%
24%
*22%
24%
*10%
11
1434
*25%
15
22%
>*93j(
12
24
24%
*22%
16%
*
15%
*15%
1534
42
*30
42
*30
8%
8%
1
14%
*35
8%
*8
*78
*13
14
*2%
*10%
27
*25
35
*34
4%
6%
*6
50
834
8%
8%
8%
1
*7S
14%
42
i*30 4. 42
834
8% A 8?8
8%
8% i8%
1
J *% 11
14%
14
*13%
*2%
*10%
14
1*11
27
*25
27
4*25%
27
35
*34
35
34 4
*34
4%
6%
*6%
15
*13
15
*13
90i2
*88%
90%
*88%
90%
*88%
*85
88
*85
88
*85
88
*85
14%
14%
3%
6%
3%
\
14
«*6%
?
6%
13% i*13 i ♦14
90% **88%] 90%
88
*85 1J ,'88
*76
1*2
80
6'8
6i4
*85i2 105
*140
*55
1%
*79%
6%
43I4
*127
1%
80
6%
*857g 105
14934 *140
*10l2
75
1%
79
6%
*80
14934 *140
11
10%
10%
44
44
45
128% *127
*55
128%
♦49
51
*49
51
*87
91*2
*87
90%
♦15%
18
*15%
16
25
26
26
26
*102
105
75
1%
79%
6%
105
*55
*1%
*78
6%
*86
75
.*55
1%
81
6%
105
£75
4
*1% r 1%
79% 179%
*
6%
678
'*8434»105
Mar 29
No par
5
No par
40
500
400
6,000
""loo
10
1,100
300
100
m
m.
-
m
"BOO
9%
8%
11,400
300
1
400
17%
3%
12%
100
27
*34
10
35
_
""166
90
100
63g
14
*88%
90%
*85
......
88
*75
1%
-
-
-
300
*15%
*15%
27%
25
*15%
27%
25
2778
5%
5
*14
*28
30
*28
30
5
5
5
*Bid and asked prices; no sales on this day,
Gotham Silk Hose
434
j In reoelvershlp.
478
a
657*
117
May
3814 Jan 15
97* Jan 11
100
285,
111
701*
Feb
Feb
Jan
Oct
1225a
211*
Oct
601*
31*
81*
Oct
19
110
Dec
5*8
Jan
17
Oct
65i8
Feb
90
Jan 18
85
Nov
Jan
2
Jan 10
11*
1
Oct
4
14
Oct
487g
Jan
Jan 10
18
Oct
70U
Feb
Oct
Oct
88
Jan
33*4
437g
Feb
preferred
100
912
8
95
Nov
95
Nov
8
Oct
24
Aug
8
Oct
2078
Feb
50
Oct
Dec
88iS Feb
29*8 Mar
49i2
Oct
90% Mar
191*
Dec
5U*
43
Oct
61
Feb 26
9** Jan 10
58
Jan 13
2714 Jan 11
611* Jan 19
6I4
Jan
Us
Oct
07*
Feb
37* Jan 11
2
Oct
8U
Feb
Jan 17
x83%
Dec
12*4
Dec
80
46
Dec
Oct
47* Jan 11
3U
Dec
58
5
Jan
6
65
Oct
3
Jan 12
1*8
Oct
01*
17*
13**
I8I4
*27*8
Mar 31
Apr
June
2
Mar 30
19
Jan 12
3
Oct
Jan 11
li8
558
27*4
48ig
Jan 10
22
Dec
475s
19*4
Dec
22ig Deo
281* Mar
Jan 14
1271* Jan
6
Oct
129
Dec
100
1
133s Mar 30
21*8 Jan 12
501* Sept
151* Oct
100
34U Mar 29
45
60
8%
6%
300
1,200
110
1,500
50
28
Jan 12
Mar 25
6
Feb 16
100
8
Mar 29
19
Jan 12
25
24
25
30
Apr 28
Apr
1
35
June
6
10
5
Mar 25
7
Jan
7
No par
Hamilton Watch Co
12
Mar 31
2H4 Jan 15
100
300
2,700
1,900
200
100
6,100
1,600
4,400
2,500
170
Def. delivery,
7g
Oct
Oct
69
3U
Oct
171* Mar
Oct
59*2 Mar
12
12
167*
4*4
34*4
36
Jan
Oct
20*8
Feb
17*4
Dec
31
Feb
Feb
May
2
100
Jan 18
95
Nov
108
May 19
90
Jan
6
92
Oct
105
Mar 29
25
Jan 16
18
Oct
120i2 Feb 28
*7*4 Jan 19
121
Dec
4igJune 3
60U Mar 31
1% Mar 30
100
w w
2
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.Wo par
7634June
81
(GW)
Hercules
1
5i2 Mar 25
25
100
140
No par
Motors
10
6% cum preferred
Chocolate
94
conv
100
conv
Homestake
6%
Hudson A Manhattan
5%
11% June
preferred
par
6
MarlO
Dec
1171* Aug
1578 Jan
Dec
•
126
Nov
166
2
83
64
Deo
May
1351*
Feb
67*4
Jan
Dec
Nov
111
Jan
1618 Dec
37
June
15i2
93
Oct
Nov
7*4
Dec
15i2
Oct
108
May 27
65*8 Jan 20
25
Jan 12
1
l7g Jan 12
May 23
June
6
87g Jan 11
51*8 Jan 13
Mar 29
7i2 Jan 13
27*8 Apr 18
2*8 Jan 13
Jan 13
Jan
Feb
Nov
Jan 12
11
96
3
39U
Feb
39*8
2514 Jan 12
4
205s Mar 30
109
Oct
52*4 Feb
1201* Jan
30*4 Mar
4312 Jan
114*4 Mar
63*4 Deo
z39*4
Oct
21
Dec
41
Jan
6
Oct
2778
Feb
44
Oct
73
Jan
Dec
94
Mar
78%
434
37
Oct
1712
Oct
9012 Mar
1Oct
312
Oct
57*
157*
4
Oct
2314
Jan
Jan
Feb
Jan
Mar 30
10
%May 20
0i8 Mar 30
Apr 6
Us
Dec
8
Oct
38
20
Jan 10
16
Oct
671* Mar
Mar 30
38
Jan
4
34
Dec
72
7*4 Feb 25
5
Dec
25i2 Mar
6
1
100
23
Cash sale,
Mar
291* Apr 22
102
May 3
23i2 Mar 30
1
May 7
5
100
100
r
20
Mar 31
5
Leased lines 4%
100
RR Sec ctfs series A... 1000
New stock,
1521* Feb 17
129
83i2 Jan 26
12
n
Nov
5*8
80
57
46i2 Jan
C..25
Hudson Bay Min A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
Illinois Central
1
Mar 16
4818 Apr 1
17i2 Mar 31
100
v t
Jan 10
102
stk.No par
preferred
Jan 31
584 Mar 26
12.50
Houston Oil of Texas
Howe Sound Co
81
Feb 25
125
98
Wo par
com
Feb 24
77* Jan 17
1311* Apr 18
51
May 20
95 May 20
17
5
No par
B
95
94
50
10i2Mar 25
preferred...Wo par
Household Fin
Jan
Jan 11
Mar 28
Mining
Jan
Feb
8
58
Mar 19
100
17*4
106i2
Oct
Oct
40
(A)
Oct
Dec
li2
11
80
Feb
5
Jan 11
12034 Jan 19
140
5514
17
No par
Houdallle-Hershey cl A.No
Class
8
Jan
581* Mar
8
Feb
Mar 26
pref erred ...Wo par
Hinde A Dauche Paper Co. 10
Holland Furnace
No par
5%
Jan
5
Feb
2*4 Jan 11
07
4234 Mar 31
Hercules Powder new ..No par
Hershey
May
Jan
434
15
QH% preferred
Hayes Body Corp
Jan
2318 Dec
26i2 Apr
90
7
Feb
111* Mat
85
Apr
Mar
Oct
Dec
par
A) Co 95 pf.Wo
0% preferred series A...100
""250
98
712
100
preferred
Holly Sugar Corp
7% preferred
1,100
Mar 11
56*4 May
42U Jan
145i2 Mar
64U Mar
39i* Mar
Harbison-Walk Refrac.Wo par
Hollander A Sons
400
28
Nov
Jan
Feb
Feb
Jan
7*8
Jan 10
Mar 28
Water
300
14,800
1*4
3
Printing
1,900
10
llU Mar 15
8*4 Apr 11
12
preferred class A
7%
Hall
Feb 16
100
preferred.
Hackensack
Jan 22
40
100
preferred
Jan
Jan
Oct
Green Bay & West RR
Green (H L) Co Inc..
Gulf Mobile A Northern
15
Jan
Feb
Oct
201* Dec
231* Oct
32
78Mar31
4*4
Mar
Dec
20i4 Jan 12
4
13i2
96
10
123g Mar 31
23l2 Apr 8
122
Apr 12
734 Mar 31
47*8 Mar
13
10
71* Feb
87*4 Mar
141
Jan 10
151* Jan 12
Greyhound Corp (The)-Wo par
5H% preferred
10
Guantanamo Sugar
No par
Feb
601* Mar
Jan 24
23
Jan 22
115
Jan 11
9% Mar 30
40
Jan
681*
3U Jan 10
Dec
20
Jan
llig Feb 20
16%
1
Jan
141* Jan 15
72i2
10%May 26
20
Preferred...
13i2
Feb 28
8
Jan
11712
5*4
Feb 23
2l2Mar31
1
Feb
Mar
21* Jan 8
201* Jan 16
24
..5
Co
15l4
Oct
Dec
*99
Feb
89
May 27
1
Motors
Jan
Dec
71
5214 Mar 30
34 Mar 29
Granby Consol M S & P
5%
Mar 31
100
Graham-Paige
Jan
Feb
3
2% Mar 30
Preferred
124
1914 Jao 15
671* Jan 15
Apr
No par
Preferred
"
16
30
9
Mar 30
Helme
2,600
25
*434
Oct
347gMay 26
15i8 Mar 31
preferred ...Wo par
"loo
_
'""266
100
2934
preferred
Goodyear Tire & Rubb.No par
120
400
30
5%
No par
No par
6% preferred
100
Hat Corp of Amer class A..1
658
16
June
10
Hanna (M
83
*14
7
Goodrich Co (B F)
6%
-
105
16
Mar 29
2i2May 27
60i2 Apr 20
T.466
50
30
Nov
48
May 24
May 18
Apr 30
Greene Cananea Copper
m.
90
30
1
Grand Union (The)
90
30
Gobel (Adolf)
Goebel Brewing Co
June
1
1®4 Mar 26
93 conv pref series ...Wo par
Granite City Steel.....Wo par
Grant (W T)
10
50
30
37
100
50
30
13
50
1
200
91
*13
No par
4Vx% conv preferred
300
*90
16
preferred
Glidden Co (The)
100
*49
*13
90
Brothers..
4,300
91
16
Gimbel
95 conv
.
50
*13
5%
300
90
16
*4%
900
200
preferred
Gold 4 Stock Telegraph Co 100
102
*102
105
*103
*102% 105
105
*103
105
8
*7%
8%
*7%
8
9
*7%
*8%
8%
8%
13
13
1234
13%
1278
13
13
1278
*1278
13%
108
108
*105
110
*104% 110
*105
110
*105
110
*105
110
62l2
61%
62% 6234
61%
62%
61%
6178
62%
63%
62%
63%
*18
1834
*18
18%
18%
183s
18%
1834 «;18%
18%
18%
18%
7
7
7
7
7*4
7%
7
-8 7%
7
7%
7%
7%
*52
5634
5634
5634 *52
56%
*5478
*54
56%
*5478
56%
56%
96
96
96
96
*9334 96
*95
97
96
96
97
*93%
6
6%
6%
6%
6%
6%
*6%
6%
6%
6%
6%
6%
29
30
31
2934
30
31%
32
31% 31%
32
32
32
2
178
*1%
*1%
1%
*138
*1%
1«4
1%
1%
*1%
1%
*4
*4
*4
6I4
*4
4
5%
5%
4
5
5%
*3%
2334 2414
24% 24%
24% 24%
24%
26
2434
2434
26%
26%
5%
5I4
5%
534
534
534
5%
5%
5%
534
578
578
58
58
%
%
%
34
*%
34
%
34
%
%
8
8
8
8
*7%
7%
7%
8
7%
734
8%
778
6
300
4,000
1234
*45g
3,500
*49
*13
33
3*4
64i2
Jan
35
Mar 29
8
12%
Feb
June
90
102
*7U
Jan
44U
100
61
15%
*79
647g
1
6 %
Jan
Oct
281* Nov
*4 Oct
Dec
95 conv preferred ....Wo par
*11%
*25%
*87
152
34
335* Jan 17
1*8 Jan 11
16
42
^ 6%
120*8 Mar
5214 Jan
Dec
6
80
*1%,
Dec
Jan
600
*55
Oct
22
Jan 10
127
*13
60
z99
14
127
*6%
,ian24
20
Mar 31
Feb
Mar
Feb 23
28*4 Jan 10
preferred
Great Western Sugar..No par
*3
65
8i2 Mar 23
96
9,500
*13%
Oct
28
Mar 25
1
321* Mar
13
51
28
100
1
Feb
14
Oct
72
67* Feb 24
29
9
21
30
19
153
Oct
6U
1414
1201* Feb 11
451* Jan 10
123
400
15%
1
257* Jan 12
60
634June
50
Jan 10
14%May 23
90
27%
No par
Signal...No par
27
»
13
2i2
Gen Theatre Eq Corp ..No par
11
8%
*8%
117
Gen Steel Cast $6 pref.Wo par
22%
15%
Mar 11
117i2May 17
33
May 12
034 Mar
IOH4 Apr
l%May
1234Mar
85i2Mar
Oct
Nov
5
61* Jan 12
Jan
15i* Mar
105U Jan
80i* Feb
1912 Jan
3H* Nov
123
33
Oct
91
Jan 15
4
JaD
Feb 11
9
3
9
24
*35
Oct
Mar 31
4
No par
12%
*30
51*
201* Mar
*49
2678
No par
*27
a
Feb
25l2 Mar 31
11178 Apr 25
21% Mar 30
No par
1
1%
10%
*22%
*10%
15%
Jan
19i2
28
IO84
1034
44%
44%
128% 128%
27%
10
Gt Nor Iron Ore Prop .No par
Great Northern pref
100
.
118
100
6% preferred
Gen Realty & Utilities
Mar 25
S0'4 Jan
98
14934 *140
25
No par
Printing Ink
Mar 30
25
A.No par
preferred
1O0U
Oct
13% Mar 29
14934 *138% 14934 *138% 149%
11
11
*10%
10%
*10%
10%
44
43
43
45
43% F 43%
131
128% 128%
128% 128% *128
*15%
26%
No par
Gen Outdoor Adv A—No par
90
Mar 30
2078 Mar 31
108% Apr 1
2714 Mar 31
2278 Mar 30
5g Mar 30
No par
No par
General Motors Corp
General
Nov
4
451* Jan 10
35
100
'.J\
88
June
97
11
No par
preferred
6
71* Jan 12
7i* Jan 10
Mar 29
534 Mar 31
preferred
95
93
2i2Mar 31
100
Common
Oct
Mar 29
6% Mar 31
115
Apr 12
No par
No par
Mills
Dec
10i8
82
5
Foods
1U2
Jan
29
No par
A
7
4ii Mar 31
6
96 conv pref series
6%
MarlO
10
10*4 Jan 20
4% Mar 29
No par
5
Baking
preferred.
General
85
100
20
75
*1*8
preferred
Mar 30
9% Mar 29
Gillette Safety Razor..Wo par
19%
1978
197g
19%
19%
1978
19% 119%
1934f 19%
*120l2 132
*120% 132
*120% 132
*120% 132
*120%:i32
*120%jl32
*4%
43(j
*4%
4%
4%
4%
434 £*4% St 434
*4%
*4% jf, 4%
*55
z39% June
10
10
preferred
3%
12%
*24
11
15*8 July
78
34
*3%
*1%
Jan
71* Mar
Dec
15ia Mar 31
60
*9%
22%
«
i*10%
*15%
26%
2634
2634
126% 126% *126% 133
*35
50
4*35 | 50
15%
15% >1534 i 1534
50
♦
32U
Oct
3
Jan 21
JaD 17
No par
"30
18%
,*56
Oct
lis
6
Gen Time Instru Corp.Wo par
74%
3%
*3%
Jan
900
37
17%
Jan
21* Jan 12
General Tire & Rubber Co..5
37
Jan
18*8
83
290
13
*71
Oct
135
Dec
General Refractories—No par
65
18%
74%
3%
*70
18
2*4
28
700
12%
37
*36%
18%
75
40
2% Mar 31
8,600
**62%
127S
06
500
17%
38%
1%
2%
1%
*2%
Jan 18
5% Jan 12
40i* Jan 13
197«Mar 30
1U Mar 29
Gen Railway
600
6%
40%
38%
Feb 26
1
10
Sulphur Co
Free port
Gen Publlo Service
1,500
57
17
2%
Apr 13
678
*40
17%
40%
1%
Dec
2i2Mar31
10%
6%
40
16%
*
65
500
105
*56%
6%
4,40
1634
40%
*11%
*88i2
1914
42
M
*100
Mar 29
200
15%
10%
678 ^ 6%
*2%
70
*3%
'
~
20
1%
18%
19%
187g
11%
10
2%
*2%
*67
3%
53%
6%
105
10
7) 6%
* 5334
134
3
1234
1034
67fj
134
*2%
12
*100
100
Sept
Feb
Gen Gas A Elec A
200
366
95
*17%
19%
641*
General
3,000
15%
18%
18%
*
11%
11%
15% 1*12%
40%
A*l34
18%
58
24
24
134
1634
*38
7434
18%
*71
58
7s
37S
1*4
978
*40
16%
*62%
*62l2
2l2
70
36
*934
634
17
17l2
1%
1834
2034
1834
Oct
General Electric
50,300
200
*M%
.20%
4012
*70
1%
1834
20%
4012
*34
1%
111*
7%
190
7
*85%
1%
201* Jan 12
7% cum preferred
7
95
Mar 31
General Cigar Inc
103% 103%
1%
*1%
*85%
95
11
Class
600
15
98
10
Foster-Wheeler
1,800
4%
15
Apr
Oct
Cable
4%
15
14%
*19
10
6%
5
*4%
7%
*638
7%
10334 *103
1033,4
*1%
1%
*1%
1%
14%
*38
21*
4%
*17%
100
2
4%
*0%
58
80
General
<«•«,'
Oct
Oct
90
Bronze
56
112
Mar 25
98 1st preferred
*
-
.
15
1%
-
50
78
50%
Dec
5
85
3,000
1,800
35%
2978
*%
Dec
15
3
100
4M% eonv pref
General
2278
56
22
21
27
300
112
*32
1
33>a Jan 10
Gen Am Transportation
70
*119% 122
29
30
28'%
29%
29%
30% j.50,100
116% 110% *116% 11078
300
116% 11678
24
26
20
28
24%
500
*24%
1934
55%
M.
1071* Feb
6214 Mar
4014 Feb
581* Feb
39i2 Mar
97S Feb
Mar 29
General
*119% 123
18
"16"
*52
4
34
*102
6%
40>2
*10%
*1*4
121
1934
*....
0'2
121
18
10
52
7%
102
102
100
678
4M-m
3%
83«
16%
29%
57
18
18*4
7>4
*56
20%
18
*19
10*4
7%
57
130
Nov
90
201* Deo
111* Oct
7
Jan 10
Jan
Feb
41*8 Mar
18*4 Feb 10
29% Jan 12
Jan
45%
39*4
Oct
18
$6
1,200
112
Apr
Jan 11
161*
l%Mar 20
Gen Amer Investors.-.Wo par
"2,666
*22%
June
15
700
778
*40
112
20
$3
30
~
*4%
18
16"
78
120% 121
29%
29%
28%
116%
11078 *116
10%
♦12l2
*
28%
121
*23
50
*30
28%
1
50%
57%
*40
*22% 23%
112% *108% 113
33% 34
3378
35%
28%
28%
2834
29%
1
1
*34
*34
*30
*32
50%
50%
28%
10334 *102
1478
17
23%
29
29's
♦115*4 1 IfJTs *116
♦U4
ri6%
No par
92
1087s Mar
t Follansbee Brothers..No par
Food Machinery Corp
100
Gamewell Co (The)
90
*3%
8%
16%
Florence Stove Co
300
37%
*123
70
Apr 14
24% Mar 30
1078 Mar 20
No par
Gannet Co conv >6 pf__W0 par
Gar Wood Industries Inc—3
*7%
8%
15%
2,900
36%
3%
23
27%
*14
130
3%
50
121
7
*123
3%
23
*56
♦102
*80
7%
3%
*40
*30
412
130
778
3%
23
571?
26
*5%
37
50
5012
4l2
*6*4
*4%
90
z37
23
*56
26
*80
37%
778
*40
*30
*12012 121
*123
90
3%
11312 1J3I2 *112% 113% *112% 113%
34%
33%
33% 34%
32% 3418
28r>s
*80
37
8
3634
778
130
90
*80
30%
*93
No par
0% preferred series A...100
Stores—No par
First National
Galr Co Inc (Robert)
100
11%
93%
434
534
434
347« Feb 11
Fllntkote Co (The)
Oct
Dec
Gabriel Co (The) ci A ..No par
100
10%
'
♦79
1%
1
25i8 Jan 16
25
3",400
25%
June
10% Mar 31
50
3
♦4i4
20
No par
No par
3
Oct
221*
Francisco Sugar Co
-
z65
15
June
Highest
share $ per share
$ per
3312 Feb 23
F'k'n Slmon&CoInc 7% pf 100
«
3
11%
92l2
-
*79
share
Jan 18
15
$7 conv preferred
-
*11%
12
♦10*4
4
per
221* Mar 30
4.
3%
*1%
%
Co .No par
Firestone Tire & Rubber...10
200
59.
25
1%
13,00
35
*28
25%
3
3
3
210
*234
35
*1%
1%
*1%
3
300
1478
*50
2%
400
24%
1434
59
2%
400
"
1%
91
1434
25
1%
3%
20
14\
*28
25%
20
*1578
91
35
3
20
20
91
3%
11
*10%
20
91
*28
*1%
3,200
91
0778 Jan
4H% P*« 100
Lowest
Highest
share
Florgbelm Shoe class A.No par
1,700
14%
24
Per
Fidel Phen Fire Ins N Y--2.60
200
27%
24
35
2,800
27%
14%
1%
9
Fliene's (Wm) Sons
-
84
*80
24%
~*2%
3
16%
1/960
10
1%
24%
*28
Fed Dept Stores
28%
1638
Par
72%
28%
*137„
1034
81%
27%
1434
10%
*26%
14%
*19%
*1578
20i2
*68%
16
Range for Previous
Year 1937
EXCHANGE
I per share
*68%
27%
June 11, 1938
35s Apr
x
Ex-dlv.
2
y
178 Jan 10
12U Feb 25
Ex-rights.
414 Aug
Mar
Jan
5 Called for redemption.
Volume
LOW
AND
New York Stock
146
HIGH
SALE PRICES—PER
Record—Continued—Page
3769
6
Monday
Tuesday
SHARE,
Wednesday
Sales
Friday
Range Since Jan. 1
NEW YORK STOCK
On Basis of 100-Share Lots
the
CENT
NOT• PER
Thursday
STOCKS
for
Saturday
EXCHANGE
June 4
June 6
June 7
June 8
June 9
June 10
Week
$ per share
S per share
$ per share
$ per share
$ per share
S per share.
Shares
*4%
6%
16
*15%
70
*434
*15
70
*
6
*5
16 *
70%
138
138
63
61
62
*60%
8%
9%
*3%
*4%
4
4
61
9%
3%
15
138
60
934
60
9%
4
3%
4%
17
*17
18%
*17
18
*17
5%
18
17%
*80
83
*80
82
*80
85
*80
85
5
*2%
234
8%
8%
2%
2%
21
21
*143
145
50
5
*4%
*2%
8%
2%
52%
*149
5
5*4
3%
3%
8%
*2%
3%
8%
8%
2%
2%
22%
144% 145
*18%
5334
~
-
5%
3%
8%
*2%
2%
22
*20
—
52
53%
*150
'
*21
'
^
5134
*151
53
155
15
Dec
Jan 14
72
Nov
6% preferred
Inland Steel
100
135
8
138
No par
138
<
10
58%
3,700
978
4%
5%
7,000
*3%
5
1,400
30
278
278
300
8%
4,200
*18%
8%
2%
20%
2%
148% 148%
53
54%
1,200
148
147
5234
54%
155%
*151
*2%
Feb
0
15
Mar 30
26
100
80
June 10
98
2
Mar 29
No par
No par
Iron
0% Mar 30
Internat Agricultural..Wo par
2
Mar 26
Prior preferred
100
15
Int Business Machines.Wo par xl30
Internat Harvester:.
No par
48
Mar 31
Preferred
100
Jan
No par
900
14,200
8% Jan 10
78% Jan 12
15% Jan 11
400
152
152
Interlake
Mar 29
57% Mar 31
7% Mar 30
3% Apr 1
2% Mar 26
t Interboro Rap Transit...100
Intercbemlcal Corp
6% preferred
Intercont'l Rubber
400
80
80
4
Inspiration Cons Copper.__20
Insuranshares Ctfs Inc.—__1
2,100
17
8%
8%
144% 144%
Jan 18
86
3
*2%
8%
2%
22
Mar 25
2%
20%
2%
22
14% Mar 31
60
a 16%
85
*80
2%
8%
145
No par
No par
10
100
Int Hydro-Eleo Sys cl A
141
Mar 26
May 27
Mar
9
5%
132
1%
92
Dec
29
Jan 17
15434 Jan 21
70
152
Jan 11
Mar
3
25
3% Mar 31
Mar 25
117t Jan 21
41% 42%
42% 43%
43%
43%
42%
44%
43%
42% 44%
43%
*132% 135
*132% 135
*132% 135
*132% 135
*132% 135
*132% 135
0%
6%
6%
6%
6%
6%
6%
6%
7%
6%
678
7%
38,500
Int Nickel of Canada..No par
2%
Oec
0
Oct
2
Oct
2634
*3%
27%
27%
5%
5%
3%
*234
8%
8%
8%
28%
27%
*278
*8%
900
-
-
-
27%
28%
28
29%
28
287S
3%
3%
3%
*3
3%
3
3%
32
32i2
24%
18% Mar 31
39% Jan U
Internat Rys of Cent Am.. 100
290
31%
*31
32
29
24%
22
*21%
22
29
29
31
31
31
32
*21%
22
22
22
29
29
*28%
2% Mar 30
29
*20%
*28%
29
15%
*14
15
14
14
*1334
14%
14%
14%
*14
*55
57
*53
60
*53
60
*55
57
57
57
8%
8%
8%
8%
*7
7'%
70
70
10
17%
17%
*116
10
122
*50%
64%
8%
8%
*7%
*66
*9
*17
*116
52%
523.1
6534
66%
*125% 129% *126
52
52
*13%
15
*119%
7%
29%
8%
Jan
Jan
3
4
500
70
*66
70
69%
66
66
10%
17%
*66
10%
10%
17
17
*116
122
10%
*9%
17
17
16
*116
122
*116
122
*116
122
53
*52
53
53
53
*5134
10%
16%
10%
16
52
*52
*13%
15
*14
*119%
*7%
7%
52%
15
—
-
-
*7%
52
53
53
15
*13%
119% 119% *119%
8
*7%
7%
-
_»
15
Inter type
»
$6
w
53%
53%
14%
*7%
7%
15%
15%
400
18%
13%
10%
*15%
13%
18%
13%
*15%
16%
16
16
15%
15%
*12%
14
*12%
14
100
Kaufmann Dept Stores.J12.50
*10%
11%
11%
*12%
*10%
14
10%
*12%
*10%
14
10%
11%
*10%
11%
200
Kayser (J) & Co
95
*65%
95
*66
95
*67
95
*67
95
7
*65%
*5%
*3%
*85%
28%
7%
95
*5%
7
*6
7
*6
*3%
a85%
27%
*7%
*20%
*134
*15%
4
85%
2878
8
22
20%
2%
34
7
4
88%
29%
778
20%
6
*20%
*12%
12%
16
4%
16
*105%
*3%
m
m
-
«.
12-%
16%
*105%
*11
12
*11%
12
12
12
*11%
13
17%
*17%
17%
17%
17%
*4%
5%
25
17%
5%
25
17%
*4%
*24
1378
11
4%
12%
10%
*37g
5%
25
13%
11%
2278
*23%
13%
*11%
12%
*11%
12%
11
4%
12%
*37g
4%
4%
10%
4%
3%
*3%
*%
%
*%
*2%
23%
2%
*2%
23%
24%
2%
24%
2%
2478
3%
%
*8
2%
24%
8%
22%
2578
22%
23
23
22%
26
26%
26
22%
26%
♦21%
26
26%
26%
*6
6%
28%
91%
93%
6%
*6
6%
6%
6%
28%
*28
28%
91%
28%
95
95
*90
93%
167
*15
16
23
23
*90%
*93
*160
*15%
*22%
91%
*8
91%
95
94%
165% *160
16
*15%
23
23%
35
34
34
*337g
15%
15%
15%
41
41%
15%
41%
*3378
105% 105% *105
1%
39%
*2%
*15
1%
39%
3
16
*94
96
15%
*120
16
137
1%
40%
*2%
15%
95
15%
42%
106% *105
1%
41%
3%
16
16
34
*31%
34
14
14
*14
*25
28
14%
28
*118
91
165% *164
16
23%
35
15%
*15
8%
*25
18%
28%
28
18%
100
1,300
16%
104% 104%
600
16
22
1%
*4%
*11
6%
*9%
*1%
5%
3
16
%
200
2,500
8%
*8%
*22
27%
6%
*15
1,100
5
100
41%
41%
'105% 106%
3,600
1% * 1%
40%
41%
3,200
3,500
1578
32%
32
14
*23%
*119%
26%
*23%
18
18%
*119%
18%
14%
26%
15%
3%
mm
19
1,000
94%
1578
16
15%
*32
33
14%
14%
26%
26%
*119%
700
700
18%
"3,206
*9%
14%
15%
6%
*11
6
15%
*10
14%
6
6
10%
*9%
10%
*9%
10%
*9%
1%
1%
1%
*1%
1%
*1%
1%
5%
5%
5%
5%
5%
5%
5%
1%
*%
6%
1%
8
10
10
2
*1
2
*20%
7%
22%
*2%
*%
1%
5%
*%
5%
11
1%
*10
6
1%
5%
*%
23%
*4
*9%
*1
8
10
2
*5
97g
*1
7
6%
11
*9%
1
6%
1378
14%
"220
6%
*9%
7%
3,300
11%
1%
.
1%
5%
5%
1%
1%
5%
*%
*4
5
11
340
2
*1
1%
21%
*1%
1%
*20
*20% 23%
21%
21%
23%
21%
*20
23%
7%
7%
7%
7%
7%
7%
7%
7%
7%
6%
7%
23
22
24
22% 23
22%
21% 22%
22%
23%
23%
2%
*2i4
*2%
2%
2%
*2%
2%
2%
2%
*2%
2%
*27
28
28
28
29
27%
*27% 29
27%
30%
30%
30%
22
22
23
22
22
22% 22% z22%
22%
22%
*22%
22%
*141% 163
*141% 163
*141% 162
*141% 162
*141% 162
*141% 162
35
35%
*35%
37%
37%
36% 36%
*35%
37%
*36%
37
*36%
4%
*4%
4%
4%
16%
4%
4%
4%
*4%
16%
81
*16%
17%
*16%
17%
*76%
81
*•77
81
*16%
17
16%
*76%
81
*76%
81
*76%
10
10
9%
10
*97g
10%
*97g
10%
8
7%
57g
678
*77g
8%
80
*68
16%
7%
80
*68
80
*73
80
Bid and asked prices; no sales on this day.
10
*77g
*70
4%
10%
8%
80
2,000
*70
42% Mar
5
Jan 12
33
134 Apr 25
Mar 31
43%May 10
4% Feb 23
32
93%May 26
13% Mar 31
Apr
1
12% Mar 31
125
2978 Apr 20
12%May 27
22
21
Jan 12
106
Jan 18
18
Jan 14
140% Mar 11
1734 May 10
56% Jan 10
21% Jan 12
Mar 29
31
116% Mar 30
120
10
Jan
7
Jan 21
114
Jan
175
Jan
Oct
Oct
Nov
1
2% Mar 28
Oct
14
Oct
43%
Dec
99«4 Nov
June
Oct
2%
17%
101
Oct
Dec
Oct
23% May
83% Feb
63
Aug
20% July
87% Aug
110
3%
75% Mar
IO84 Jan
43% Jan
110
14%
Dec
28%
Oct
15%
125
Jan
Feb
14734
Oct
2834
May
Feb
Jan
Jan
48% Nov
99
13%
4184 Mar
Oct
2634 Oct
123% Nov
30
Mar
Feb
132% Feb
02% Mar
58% Mar
15% Jan
63
16
10
No par
2
Jan 10
Mar
MarlS
9
6"
10
Dec
Oct
16%'Jan
20% Jan 13
Jan 13
4%
Oct
16%
29%
Jan
1% Mar 31
9%
1%
Oct
Exploratlon..l
12% Jan 13
2% Jan 11
Oct
634
Mar 31
7% Jan 11
5%
Oct
14%
Feb
Feb
2
Jan 28
l%May 12
734May 11
14% May 11
78 Mar 30
2%May 11
Midland
Corp
9
5
5
100
%May
3% Feb
—100
preferred
1,100
""506
7
500
600
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
(Glenn L.)
Co.
Martin-Parry Corp
800
7%
100
preferred
"906
McCall
Def. delivery,
Stores
Corp
0% conv preferre
n
New stock,
r
25
157
Jan 26
28% Mar 31
3% Mar 26
9
29
Jan 14
9% Jan 12
2434May 10
4% Jan 24
37% Jan 15
27% Mar 10
105
Feb 23
42% Jan 15
6% Jan 12
1
25
Mar 29
21
39
Jan
Jan
3% Mar
34
Dec
3
Oct
20
Jan
684
Dec
39
Jan
1%
Oct
0% Mar
5184 Mar
24
7%
Dec
Dec
10
Oct
1'4
20
Oct
Oct
22
Dec
142
30% Mar
29% Apr
13%
Jan
74
Feb
41%
Jan
May
165
Jan
3334
Dec
66
Mar
4%
Oct
15%
Jan
Jan 10
20%
44
Jan
Apr 22
35
June
45
Jan
91% Feb 10
93
Nov
111
834 Mar 31
10
Jan 18
11%
Jan
Mar 23
10
Jan 11
784
Dec
Oct
36
6
24ig
Feb
61
Mar 31
79
Jan 18
16% June
20
75
1
Cash sale,
Mar 29
1934 Mar 31
100
Corp
McCrory
2%May 24
No par
No par
$0 1st cum. pref
7
18% Mar 30
5% Mar 30
14% Mar 30
May Department Stores... 10
Martin
100
80
a
3434 Jan 12
% Mar 26
6% prior preferred
100
6% 2d preferred
100
Marlln-Rockwell Corp
1
Marshall Field A Co—.No par
29,300
300
Mar 25
15%
18%
108% Jan 14
1
No par
Masonite Corp
No par
Mathleson Alkali Wka.No par
10%
8%
8
Feb 28
Dec
May
83%
Mar 30
6%
81
10%
zl8
82
151
Apr 18
16%
16%
*76%
5
Jan
102
4%
4%
J In receivership,
""206
Feb
Jan 10
102% Jan 11
167
5% Mar 20
2% Mar 20
Marine
50
11
113%
100
9
Apr
Oct
Market Street Ry
5
11
Mar 30
Jan
Oct
Bros
Maracalbo Oil
1%
4
11
Aug
* Manhattan Ry 7% guar. 100
Modified 5% guar
100
25
"""300
11%
29
627S Jan 12
Manhattan Shirt....
3,000
Oct
Dec
Magma Copper
Manatl Sugar Co
Mandel
*4%
23
8%
300
1%
6%
1378
May 14
18%
1
1%
*4%
29
25
300
1%
Mar 30
13% Feb 10
30% Jan 11
24
0%
15% Mar
32% Feb 28
Madison Square
*23
*4%
Jan
79
Oct
Mar 26
4,000
23
*1
58%
5
20
Macy (R H) Co Inc
11
23
1%
Oct
Jan 10
18% Mar 31
% Mar 29
4% Mar 30
1,900
11
29%
*10%
29%
*10%
6%
Oct
24?8 Mar 30
29
11
*1
Jan
18% Jan
43%June
21% Feb
Dec
10
1
29
23%
*4%
8
23
334
No par
Gard.-No par
287s
*23
1%
Dec
Feb
24% Mar
Dec
*10%
6%
2%
22%
203
173g
11
*4%
Dec
24«4 Jan 12
29
*1%
Oct
%
Mar 29
24
1%
4%
9
29
No par
Mack Trucks Inc
*10%
6%
Dec
97
Mar 31
...No par
preferred
6%
27% Mar
51% Feb
Oct
Mar 29
14% Mar 31
20% Mar 26
1
MacAndrews A Forbes.
100
17«4 Mar
Oct
33
Steel
Ludlum
2
Deo
14
81
Louisville A Nashville.---.100
300
1,000
Jan 14
Dec
5
9«4
Dec
81% Mar 31
Louisville Gas A El A..No par
400
11
27% Mar
10%
12% Mar 31
100
10
100
preferred
(P) Co
preferred
Lorlllard
7%
8
33%
14^4 Mar 31
5%
Jan
Jan
Jan
Mar
Jan 11
No par
lnc
*23
29%
Mar 29
Mar 30
0
No par
10%
29%
Mar 30
26
•
250
....
18%
Mar 29
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
180
15%
4
Mar 29
Lone Star Cement Corp No par
3,900
*137% 139
30
I27g Jan 10
15% Jan 12
19% Jan 12
105%May 31
0% Feb 25
1% Jan 12
5% Jan 13
28% Jan 12
No par
Inc...
$6.50 preferred
Loft
Jan
31
13
31
24
42
157
No par
Belt Co
Loew's
100
3%
16%
94%
*15%
'
<mm
Dec
25
Lima Locomotive Wka.No par
Link
157g
Oct
Dec
Feb
6
Liquid Carbonic Corp..No par
16
Dec
23% Mar 31
Lily Tulip Cup Corp...No par
.500
95
15%
35% July
29% Jan
15% Jan
4
1%
19%
6%
19%
No par
Preferred
23
*4
*
Prod Corp
10%
8
*68
Fink
500
139
93s Mar
71
Dec
14
% Mar 20
50
1
(The)
15%
16
Oct
Dec
11
22
3
35
139
Dec
I84
20
Jan 12
95
23%
*94%
1784
20% Mar
46% Apr
Jan 12
50
Liggett A Myers Tobacco. .25
Series B
25
1,000
15%
3%
16%
Oot
6
No par
6% conv preferred
Lehman Corp
23
10
*7%
Lehigh Valley Coal
80
*33
3
22% Mar 4
2% Jan 10
16 May
5
10% Jan 12
Jan
5%
17% Jan 17
100
4% conv preferred
Lehigh Valley RR
300
*22%
16%
Jan
693s Mar
28
Mar 26
8% Mar
3%May
10% Mar
13% Mar
5
Lehigh Portland Cement—25
10%
29%
*1
*4%
Lee Rubber A Tire
500
4
%
16
*41%
smm-m
1,300
4%
12%
No par
No par
15%
41%
16
11%
Lambert Co (The)
Lane Bryant
23%
*278
19%
109%
Jan
34%
41%
Oct
Dec
28% Nov
41%
33
3
4
80
Jan
Jan
Oct
*15
41%
Feb
Jan 12
3
1%
41%
23%
110
30
100
200
1%
Oct
Mar 26
preferred..
29
*28
29
28% *28
92
91% *91% 92%
92%
95
95
95%
95%
95%
165% *164
167% '163% 167%
1%
Nov
7
18%May 12
12% Mar 31
Llbby McNeill A Llbby No par
Life Savers Corp
5
1%
80
May 27
9% Jan 10
Jan
Mar
15
5%
500
1%
85
27%
60
24
41%
41%
41%
42%
106% *105% 106% *105% 106%
35
15% Mar 31
2% Mar 26
Llbbey Owens Ford Gl.No par
15%
44%
Oct
Nov
Jan
Lerner Stores Corp
23
Oct
13
47%
Lehn A
35
Mar 30
Mar
24%
27%
*2%
42%
16
9
Jan
Mar
29
15
97g Jan 12
3
40
121
14%
6% Jan 10
Feb
Oct
14% Jan 12
87%May 20
43% Jan 10
1% Mar 29
12% Jan 7
5
9% Feb 25
21
May
9
18% Jan 12
6
Jan
Jan
6484 Nov
15% Dec
115% Apr
Feb
Oct
100
337g
8
Jan
130
Jan 12
400
*15%
23%
19% Jan 10
119%June
155
126
18
3,100
16
Jan 10
Mar
Mar 29
23%
7
78
Dec
6518 Nov
120
8
12%
*3%
8%
22%
27%
Jan 10
Laclede Gas Lt Co St Louis 100
27%
6%
95
90
*92%
16
157g
15%
15%
138% 138% *137% 139
*157g
16%
*157g
16%
34
32%
32%
*31%
14%
*14%
14%
14%
*118
18%
8%
86
20
3
22%
26%
*6%
49
22
25
*2%
25
xll6
126%May 17
Feb
8% Nov
36% Jan
107% Apr
26% Jan
30
Apr
127
Aug
87% Jan
8
Jan
15%
Oct
Dec
A Co
No par
Kroger Grocery A Bak.No par
*3%
%
Oct
0%
8%
53% Mar 11
Mar 26
19
Kress (S H)
22%
22
23
*15
%
Jan 11
6% Mar 31
1
22
*29%
*10%
*%
*4%
*9%
18%
29%
*8
*92%
16
137
*25
*2%
95
137
*31
18%
41
*15
17%
18
1%
1578
*16
*118
15%
41%
8%
2%
25
4
3%
76
4
Jan
1,500
14
21
10%
1,700
Feb
49%
12%
*11%
10%
20
Mar
110
26%May 27
preferred
No par
$5 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores
No par
5%
13%
10%
3
80
Kinney (G R) Co
52
Oct
22%
13%
1078
100
25
13%
12%
12%
12%
12%
16%
*16%
16%
16%
16%
16%
16%
m'mm'm al04
105
*103
105
*102% 105
12%
*4%
B
$8
17%
*24
13%
22
3%
*164
5%
25
cl A_1
Keystone Steel & W Co No par
Kimberly-Clark
No par
2%
17%
22
%
*27%
*4%
*24
*1%
22
3%
*28
*20%
2%
22
%
6%
2,900
12
2%
2
6
63
Apr 5
4% Mar 29
1
100
34
*3%
8%
8%
22
*16
%
*8
8%
34
*1%
3%
24
8%
Class
conv
Mar 29
12% Apr
lO%May
5
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
32,100
8%
12
100
Kelsey Hayes Wh'l
50
30%
*16
2%
*%
2%
88%
29%
*20%
*1%
*20%
10%
*37g
3%
*85%
30%
34
22%
10%
3%
88%
28%
*16
*20%
10%
*378
8%
22
4
*3%
preferred
Kelth-AIbee-Orpheum pf-.100
""200
*85%
34
23
*21
8%
22
*1%
12%
5%
25
29
*16
2%
*11
*4%
*23%
1378
*10%
4
88%
28%
8%
*20%
34
*1%
12%
17%
*3%
*85%
29%
7%
22
13%
11%
17
*5%
88%
8
1378
10
4
*3%
*85%
28%
*15%
*10%
17%
*4%
*23%
137g
10
6
4%
8
Jan
Jan
Oot
Oct
Sept
Mar
Feb
Oct
117
5% Mar 29
Feb
16
Dec
118
100
10
884
57%
28%
65
Nov
49% Apr 1
12% Mar 25
9% Apr
68% Sept
30
9
Jan 24
73% Mar
13584 Jan
19% Sept
18
Apr
Jan 17
20%
Mar 29
Jan
68% Jan 25
9%May 18
9% May 12
13% Jan 12
3534 Jan 24
70
68
Southern
Oct
Jan 16
122
Kansas City
Deo
Jan 18
100
10%
*65%
*13
Feb 10
Mar 31
June
No par
Jones & Laugblln St'l pref. 100
Kalamazoo Stove & Furn.._10
Kan City P A L pf ser B No par
200
Deo
Oot
4% Sept
113% Apr 30
44% Mar 30
1
Preferred
10
*11912
29%
2%
12
16
preferred
Deo
24
8
1
Johns-Manvllle
270
Nov
0%
8
No par
No par
10
68
63
Feb
Jewel Tea Inc
3,600
126% 126%
Corp
Island Creek Coal
300
*13%
53%
*13%
-
7%
-
53%
68%
53%
68
68
67
68%
67%
67% 69%
129% *126% 129% *126% 129% *126% 129%
52
60
300
1,100
37
127% May
20
4
83S
15% Apr
1834 Jan
12
0
9%
8%
Oct
4012 Mar 30
6% Mar 30
878
8%
8
10%
Oot
100
5% Feb
8%
9%
8
Oct.
1%
6
19%
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
8%
9
111% July
11% Mar
28% Mar
9% Apr
63% Apr
Aug
24
Mar 28
Jan
162
100
preferred
6
1384 Jan
64% Apr
120
34
Apr 16
July
189
48% Jan 21
1,800
8%
7%
Jan 21
143
131% Mar
33% Feb
Nov
28% Mar 26
19% Mar 31
28% Mar 31
20,700
8%
8%
7%
7%
♦15%
7%
100
Inter Telep & Teleg... .No par
8%
*66
-
No par
*8%
8
*9%
*119%
Shoe
International Silver
8%
10
5234
International
20
834
17%
122
400
400
59
59
8%
*734
70
No par
8%
8%
8
100
preferred
International Salt
15%
*283s
*13%
*22
6
Jan
Feb
138
884 Sept
4% Sept
No par
5%
29
31%
52% Feb 23
100
conv pref
Voting trust ctfs
*31%
*20%
Jan 19
135% Mar
1
97S Jan 12
5%
160
3%
36% Mar 31
132
7% Jan 12
4% Mar 29
17,400
3
2
Preferred
100
Inter Paper & Power Co
15
Class B
*
No par
Class C
No par
-
14,300
28%
*3
31
3%
5%
5%
3%
9
22%
47% Apr
144
18% Oct
127% Nov
63% Nov
47S Jan 11
0% Mar 31
5%
3%
8%
Oct
Apr 25
434 Jan 12
13% Jan 12
3% Jan 17
Int Mercantile Marlne.No par
Internat Mining Corp
1
5%
3%
8%
Oct
Oct
1,800
5%
3%
8%
Oct
20
4,400
5%
3%
Oct
6%
3%
Jan 12
5%
33S
8%
7%
Oct
5834 Nov
4% Jan 19
6% Jan 13
Highest
share B per share
per
Ingeraoll Rand
5%
17%
$
900
9%
4%
5
8%
5134
*148
*4%
234
21%
*143
5
*4%
share
500
97«
4%
17
per
161
mmmm~m
58%
59
9%
$
76
♦
138
58%
9%
Lowest
Highest
share
*15%
15%
71%
♦
per
Indian Refining
Industrial Rayon
6
*4%
15%
70%
70%
$
*71%
6
*434
15
*70
*
138
60%
934
9%
4%
15%
7034
*
6
*4%
15
7084
70%
138
0
Lowest
Par
Range for Previous
Year 1937
x
Apr
Ex-dlv
5
y
Ex-rights,
X06
Dec
Oct
Jan
106% Mar
T Called for redemption.
New York Stock Record—Continued—Page 7
3770
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT PER CENT
NEW
for
June 6
June 8
June 9
June 10
Week
% per share
$ per sTiare
$ per share
$ per share
$ per share
13
13
Shares
13U
42%
*13%
13
13
7
42*4
13*4
*7
♦12%
m 7
*5%
5%
42lg
I37g
5%
42%
14i4
57g
29
*28'g
*5%
29
0
29
*70
82
*70
912
*1234
0
7i2
*7
13
712
42i4
42%
42
42 ig
0
29
6*8
*70
97g
0l2
82
McGraw Elec Co new
1
10
Jan 31
300
McGraw-Hill Pub Co ..No par
7
Mar 20
42
5,000
Mclntyre Porcupine Mines. .6
35% Mar 25
147S
534
1434
534
28i2
43ig
147g
534
2,000
1,500
1,100
MoKeesport Tin Plate
McKesson A Robbing
45% Feb 1
26% Jan 12
8% Jan 10
'35*8 Feb 23
87g Jan 15
29
012
*75
912
*75
934
00
*50
00
*50
00
*56
*50
55
*50
57ig
*50
00
*50
57ig
*50
40
*39
41
*39*2
*414
40
♦39l2
40
40
*14
1434
*14
4%
14*8
1.4lg
12
*11
*3%
4%
15
15
*11
29
0%
14*4
4U
147g
*11
12
*28%
4I4
147g
7*8
*11
12
28l2
7%
15U
15'4
2812
287g
7%
4i2
7i2
15l2
1512
4%
29
15
12
*7i2
15%
15'g
1512
16
16
15i2
89
89
*87
90
*87ig
90
90
*88
93
*88
93
*88
93
60
60
*60
62
*60
*107
110
*107
110
15l2
*107
4%
*4%
*37
4434
*%
4%
434
*37
44*2
1434
4%
*37
42
42
*36
*2
*%
%
*3g
84
*%
84
**2
%
84
*%
*%
*%
84
1%
*%
*%
*13%
*1%
1%
%
14%
13%
%
14%
2
*1%
6%
6%
%
%
13
13*4
1%
14%
2
*1%
2
*1%
6%
6%
6%
6*4
6*2
6%
1%
1%
1
1
*%
1
*1
*1%
*12
1234
72*4
71%
*112
—
29%
«
-
«
31%
24%
I84
1%
*12
1234
73%
71%
*112
31
■
m
m
mm
1%
*1*2
75
7334
*112
■
V-
-
1%
12
75
76%
*112
-
-
8%
*12%
*29%
31
30
24%
30%
12%
8%
12%
12%
12%
29%
12%
8%
8%
8%
8%
13
*12%
*22
13%
8%
30
1234
1234
13%
4*4
*1234
*4%
4%
28*2
28%
12
*9%
28%
1134
*22
13
4%
4'%
4%
4%
4*4
27%
*8%
2734
2734
28*4
11
11
11
28%
*9%
*37%
40
40
*37%
*99
100
4%
*99*4 100
4%
*37
89%
5
7%
11%
7
7%
*8
10%
7
7*2
2134
7*2
8*2
*7*4
8%
8
22%
2234
*152
150%
*1134
1234
30
29
12%
8%
13%
1234
*8%
13*2
4%
7%
2,200
-
1,100
300
4,300
m.
m
m-jm mm
*38
152
152
*11%
43
43
*37*2
3934
*37*2
10%
16%
13%
10%
3934
16%
13%
13%
13%
*37*2
10*2
13%
200
3934
17
13%
*108%
*4%
*334
19
5*2
♦4%
5
434
484
*4%
4
4
4
*384
4
15
19
*1234
5*2
5%
19%
15
534
19
*1234
5%
19*2
18
19
150
*154
150
*154
129
*129
133
*129
49%
*110
5
*334
129
6%
111%
4
*154
*13%
111% *110
5
19%
*12%
111% *110
*111
19
15
6%
50
*13*2
0%
50*4
19%
15
6*2
*13%
0%
19
19%
15
*12%
534
534
20%
19%
*4%
334
19%
19%
15
*12%
534
1934
5%
19%
5
"
300
3%
19%
6%
2034
19%
50
*2%
10%
10%
18*4
64*2
2%
10%
*14%
10%
*14%
10%
18%
18%
17
*15
17
15
"loo
65
*63
05
*63
65
*63
65
*63
65
36
*30%
36
*30%
36
*30%
36
*30%
36
*30%
mm
15
*63
36
105
*4
105
7*2
11*2
*21
1134
27g
*10
*17%
1734
*16
20%
27g
27g
*734
*100
*4
7*2
11%
23
11%
*10
26
2%
105
*4
10%
*21
11%
19*g
26
12%
12%
*21%
11%
11
*17
*100
7%
11%
26
23
1134
*10
105
*4
12%
12%
23
*21
105
*1
12%
12%
*20%
11%
22
11%
11%
11%
10
10
1634
*2%
*734
*100
7*2
10%
26%
10%
*16%
2034
2734
234
10%
*3
112% *110
112% *110
123
123
132
*14
♦_
%
57
.
"*I%
*3
*34
6%
*43
%
*47
1%
3%
%
6*2
533g
1%
*3%
%
*6%
♦44
*108
%
57
3%
*108
%
%
*47
1%
*8
8%
*%
57
*47
%
*47
1%
1%
1%
*3%
3*4
*3%
3%
h
34
*34
634
6*2
*44
*45
53%
8%
1%
3*4
%
*%
38
__
"
1%
1%
1%
3%
3*8
*34
3*8
7
7
2,100
*47
49
10
%
7%
47
MOO
57
47
1,700
300
200
%
%
*%
%
%
*%
135
*136
138
135% 135i4 *135
140
101
101
%
%
%
**2
140
13534 13534 *136
700
135
*100
101
100
101
101
310
18%
53*4
834
18%
19%
18%
19%
5334
18%
19%
53%
54
54
54
54
54
54
54*8
9
9
9
87g
9%
*90
94
*92
*77%
734
79
*77%
734
79
*76
*26
28
28
28
8*4
1%
19
9*g
.
21
21%
10%
*94
99
43g
4%
*18%
18%
*128
"7%
50
13%
*38
13%
46
*115
49"
*634
734
334
4
*14%
15
♦
178
19
*92
99
1834
128
734
36
*13
1334
*36
46
4%
10%
*634
50%
7%
4
4
14%
*5
*90
*4%
18%
9
93*2
6
10*2
93
*
79
29
29
1%
*1%
19
*16
9%
21%
11%
9*4
1834
7
*3*2
*5
*9%
30*2
134
*16
11
99
*92
128
*7%
39
*33
4%
18
128
8
38
*13%
13%
*38
46
*115
50*2
7
48*2
*634
49
67g
4
*3%
4
14%
14*2
4%
*9%
434
10%
6
10%
on
*434
18
this day,
134
18%
9%
22
11*8
99
5
18%
127*2 127%
734
734
39
*34*4
13*2
13%
*38
*115
1434
Bid and asked prices; no sales
*29
9%
2034
17%
1334
*14
1%
19
11
4%
46
50%
29
78%
8%
49
*634
*3%
*14
*434
10
46
...
4934
7
4
15
5%
10
19%
18,700
54%
*54
700
10
9%
94
35,100
200
92*2
92*2
*
78%
"7%
"
8
*29
MOO
Co
6,500
4,200
11
5,800
"
_
434
800
1834
3,200
127
7%
160
7%
*36
1,000
39
100
13%
13*4
*38
600
"
7
*634
*3%
5,900
100
4
40
14%
14
40
*434
5%
60
*9%
10%
200
j in receivership,
a
Mar
784 Feb
29»4 Jan
9
4%
5% pref Berles A
f New Orl Tex A Mex
Newport
Oct
18% Apr
5%
Def. delivery,
84 Jan
Jan
4
1
Feb
20*4
63%
Dec
30
Dec
80%
Feb 23
75
Dec
75
Dec
4% Jan 14
10%June 1
23% Jan 7
3
Dec
12%
Jan
6%
Oct
22%
Dec
13%
57%
70
62
Dec
87
Feb
Feb
Sept
75
Feb 11
40
Jan 14
32
Jan 18
99*2 Nov
12
Jan 10
19% Jan 15
10%
39
29
Mar 29
1978 Jan 12
Mar 25
22% Jan 10
38% Jan 12
2734June 7
484 Jan 11
1184 Mar 1
7
18
Mar 30
2
Mar 25
6*4 Mar 26
Mar 30
120
Apr 28
111
*4 Mar 26
par
54
June
1
Jan 10
Apr 25
Apr 28
% Jan 10
01
Jan 18
284 Jan 10
100
l%June 10
2% Mar 30
X N Y Ontario A Western..100
N Y Shlpbldg Corp part stk..l
% Jan 5
484 Mar 29
1% Jan 15
10% Jan 2 4
38
100
No par
Mar 31
85% Feb 26
No par
100
100
4
Jan
% Mar 18
100
133
pref
100
American Co...No par
100
Adjust 4%
June
3
Mar 29
6% Jan 10
02
Jan 10
88% Jan
100
Jan
64% Jan 13
10*2 Jan 10
6%
preferred...
Steel..
$5.50
22
Jan
14% Jan
32% Feb
83% Apr
96
1334 Mar 25
122
..100
No par
Jan 14
6% Mar 31
30*4 Apr 1
1st pref..No par
Outboard Marine A Mtg
5
conv
Co
13% Jan
9
May 26
19% May 31
7*2 Mar 30
No par
12% Jan
Mar
7«4 Jan
24% Jan
128% Mar
12
Jan
56
Jan
Mar
Oct
2
Jan
54*4
Dec
97
Feb
2
Oct
4%
984 Mar
Oct
26*2
Feb
1
Oct
Oct
6%
15%
Feb
3
30
Oct
63*2 June
73
June
i2
Oct
Jan
76% Jan
10284 May
112*4 May
484 Mar
Oct
48% June
14%
Jan
Jan
34%
Jan
57%
Feb
Jan
3
Oct
17%
93
Oct
104%
Jan
Oct
105
Jan
9%
30
Oct
Dec
36% Mar
Oct
53*2 Jan
6% Mar
Oct
40
9
Oct
24
Nov
22% Apr
73
Apr
26% Feb
1%
15
6%
90
5*2
20%
125
6%
48
Oct
Nov
Oct
Oct
Nov
Oct
Dec
114
Jan
Feb
19% Mar
45% Jan
140
Feb
24% Mar
97
28
Mar
44
Dec
75
Jan
114
May
115
June
Jan
6
Mar 30
11% Jan
5
10
2% Mar 26
No par
10*2 Mar 25
No par
3«4 Mar 29
9*4 Mar 26
Pacific Finance Corp (Cal).lO
Cash sale.
Jan
137
8g
Jan
66*2 Jan
r
135
Nov
Apr
Mar 30
New Btock.
Oct
113
10
40
n
Oct
110
50
Owens-Illlnols Glass Co..12.50
...
5
Oct
115
115
1st preferred
2d preferred
Jan
284
Mar 30
10
100
Pacific Amer Fisheries Ino
Coast
Mar
31% Mar
12% Jan
25% Jan
39*4 Apr 28
Apr 19
No par
Pacific
72
100
Oct
91
Jan 13
1234 Mar 30
1
Oct
15
114
Jan
Mar 28
14
30*4 Nov
Apr
3
4
Feb
55*4 Mar
102
31% Jan
par
98*2
Oct
Jan 17
25
Oil Co
;
No par
Oliver Farm Equip
No par
Omnibus Corp(The)vtc No par
8% preferred A
100
Nov
1O0»4
93>4 Jan
Ohio
Jan
272
76
May 12
1% Mar 30
Mar
4I84
Oct
Northern Central Ry Co...501
Northern Pacific
100
60
Jan
37
Oct
180
99
Apr 18
6% Mar 31
6484 Mar
Jan 13
22%May 11
3
Oct
15%
1% Jan 11
87*4 May
North Amer Aviation
1
No Amer Edison $0 pf. No par
Otis
4
Oct
109
198
1334 Mar 31
4534 Apr 1
5% Mar 30
50
Otis Elevator
5
Dec
Nov
10
N Y Lack A West Ry Co.. 100
t N Y N H A Hartford
100
Oppenhelm Coll A Co. .No
9
9% Mar 31
20
Mar 20
111
Telegraph
Dec
106
12% Mar 31
Jan
99% Aug
20% Nov
Mar 31
101
preferred
Jan
Oct
Mar 24
50
0%
1
*2 Sept
% Sept
1
60
North
Jan
2
6
No par
J Norfolk Southern
Norfolk A Western..
1434
2%
99% Apr 26
No par
preferred
Oct
79% Mar
10% pref
X N Y Investors Inc...No
7%
6
29% Mar
28
100
Conv preferred
Jan
17%
Mar 31
Jan
61%
7
Feb 25
Jan
Dec
23
2%May 24
7% Mar 31
15
May 31
58
Apr 5
...No par
preferred...
8% Jan 12
Mar
10*2
55
70
1
New York Central
Jan 11
% Jan 12
6284 Jan 12
63
100
Industries
Mar 29
4
21
..1
Preferred
61
Mar
83
14% Mar 31
iX % conv serial pref...100
Newberry Co (J J)
No par
Outlet
46
*115
50
35
% Feb 11
...No par
Nelsner Bros Inc
Northwestern
99
Oct
Dec
% Feb 10
4484 Mar 31
Norwalk Tire A Rubber No par
Preferred
50
9%
434
18%
5
5H%
130
22i8
10%
17
1784
Feb 25
24
300
18%
*92
23% Feb 17
20
13% Mar 29
1%
9%
21%
24% Mar
10% Jan
150
30%
1%
*16
127
500
101%
19%
934
"7%
9%
20%
*90
5
*13
734
*
10%
99
*38
9%
*92%
20
*127*2 128
7%
7%
*33
9*8
93
79
"7%
7%
*115
14%
*934
o?'8
10*2
18%
49
*1%
*16
21
4%
o7'2
*28
10%
4%
a36
7%
22%
*115
48
478
21%
10*4
128
7*4
10*4
*1%
*16
8%
9*4
*10
*30
101
101
19%
94
*112
100
19
*90
*16
100
19%
Oct
July
N Y Steam $6 pref
$7 pref series A
*%
Oct
4
1
127
N Y A Harlem
"
38
*47
57
*34
53%
$0
115
123
7%
7
9
8%
*110
6%
5% Feb
Jan
0% preferred series A...100
NYC Omnibus Corp..No par
New York Dock
No par
*108
May
7*4 Jan 11
136
N Y Chic A 8t Louis Co...100
90
Jan
26% Feb
112% Mar
112
1
200
115
Oct
Dec
Oct
June
400
123
*%
57
1%
*6*2
53%
*108
Oct
106*2
104*2
127
3,800
4
Mar 30
112% Mar 2
11178May 27
12
100
N Y Air Brake
18/100
10
Oct
13
preferred B
17*2
27*2
39
Jan
3384
0%
27%
*16
3*2
"9",900
12
10
17%
27*2
30
22*2
11%
17
123
8%
12%
10*4
112*2 *110
*108
*21
23
^
6
12%
Jan 11
18%May 9
1534 Jan 12
107
103*2 Feb
57% Aug
38% Feb
44
Natomas
100
^
105
May
Mar
171
2,900
^
145
Oct
■
—
5
Oct
1,400
10%
Feb
18
prior pref erred... 100
0% prior preferred
100
National Tea Co
No par
2%
*1%
12*4
12%
200
72
105
7*2
26%
*108
8
105
17
*110
8
10*2
27
*3
234
8
8%
112*2 *110
234
234
157
Dec
153
75
*70%
*234
X 10*4
18% Jan
33% Mar
17
7
2534
72
24
Oct
0%
9
Jan 20
*70
71
24% Jan
47*2 Mar
Oct
159
25*2
71
*70*4
234
Oct
8
43
17% Mar 29
National Supply (The) Pa.. 10
$2 preferred
40
75
2334June
Oct
Jan
Feb
Mar
10
13% Jan 11
10'4 Jan 6
3
4,000
1,200
71
6
Mar
71
Feb
16
*70%
2%
10*4
*14%
Oct
Dec
150
16
*70
3
44
Dec
5
1
10
*25
75
7% Jan 17
47% Feb 24
12% Jan 10
15% Feb 18
100
16%
72
108*2
2084
Aug
30
Feb
90
Apr
preferred A
Nat Rys of Mex 1st 4% pf.10
5% 2d preferred
....100
National Steel Corp
25
*70%
2%
Nov
102
7%
_
3,800
*70
60
Jan 12
13
3% Mar 30
17*4 Mar 31
11*2 Apr 1
No par
50%
75
Jan 12
90
31
15% Aug
99% Mar
57
Jan 31
12
31
Jan
36*2
104
17% Jan 10
105% Mar 30
3*2 Mar 29
10
50%
72
Oct
Dec
9% Dec
80
Mar 31
37*2 Apr
12% Mar
11% Mar
106*2 Mar
No par
preferred
50%
*70%
*100
0%
Jan 17
4%
60
l0*4May 27
100
100
"S",000
*68*4
*30%
7% pref class A
7% pref class B
Nat Dept Stores.
Mar 25
Oct
65
Nat Bond A Share Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
034
3
10%
150
100
15%
25%
2%
10%
6
.100
6%
75
*62
pref
6%
72
*15
cum
5% pref series A w w
Mar 29
15% Mar 31
Nat Mall A St'l Cast Co No par
National Power A Light No par
*68%
2%
7%
4
Nat Bond A Invest Co.No par
14%
15
*70*4
2%
6
Apr
37% Mar 29
5
50
25
95
...10
*13%
0%
1534
25%
Nat Aviation Corp..
Biscuit
5,000
129
4934
7
3484 Mar 26
1
Acme
Nat Distillers Prod
*115
6%
9% Apr
Nov
105
7»4 Jan 15
Nat Enam A Stamping.No par
10,300
Jan 10
64% Jan 13
14*2 Feb 23
Nat Gypsum Co
National Lead
*
21%
Mar 25
1,800
129
6%
Mar
Jan 10
Mar 30
6*2
2034
6
129
*14%
51
11% Mar 29
conv
15
*13
129
15
Feb
14
4
300
19%
19%
15
5
*334
334
129
15%
24%
111%
133
25
15%
25
5
20
-
150
15%
15%
25
111% *110
-
•
*154
15%
15%
-
156
50
25
*111
-
*154
50
15
~
-
4,400
150
50*2
25
-
900
1334
*154
*13%
*6%
20
Mar 31
26
200
10*2
156
15
Jan
Oct
Dec
8
1
200
1234
*37*2
*111
38*2
National
17
111
Oct
3,300
21,500
40
111
12*2
8*4
15%
8%
23%
16%
13%
■rn.mm.rn
Feb
21% Jan 10
634 Mar 30
7*2 Mar 22
*37*2
111% *109
Mar
66*2
8% Mar 30
80
-
69
40
Nash-Kelvlnator Corp
5
Nashv Chatt A St Louis..100
*76
«
Oct
Dec
pref erred... No par
Munslngwear Inc— ..No par
$7
6% Mar
12% Mar
40% Jan
107% Aug
109
Sept
36%
National
77
984 Mar
34% Mar
Mar 31
5
600
xll
-
Mulllns Mfg Co class B
Oct
5% Oct
1% Dec
1% Oct
12% Dec
10% Mar 31
1
Co
2
Dec
2
Jan
Mar 31
7,400
79
-
Brass
Dec
21
May
7*4
*77
*11034
Mueller
Dec
Oct
16
Jan 17
39% Jan 13
.....5
Wheel....-
Dec
30
25
Motor
34
*71
22%May 27
Myers (F A E) Bros ...No par
70
Dec
Feb 25
Apr 22
Feb 23
25
8*2
8%
23
Mar
60
16% Mar
108
Aug
2% Jan
5% Mar
6% Jan
34
Apr
91%
114%
37%
30%
67
111
7
8
Mar
124
Jan 12
10
preferred
100
70
120
Oct
Oct
17
No par
$4.50
2,800
70
13%
Mar 30
Montg Ward A Co Ino No par
Morrell (J) A Co
No par
5%
80
*37*2
*10%
Monsanto Chemical Co
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America...10
*75
10%
2% Jan 8
3% Jan 11
40
80
13%
11% Jan 10
34 Mar 30
1% Mar 25
8%
8%
8%
9
23%
2334
152
152
*151% 160
*1.51% 100
1234
*1134
12%
12%
*11%
12%
10%
434 Mar 29
5%
*38*2
23%
13%
*11034
1% Mar 20
100
100
*75
13%
No par
11%
*9
Jan 12
t Missouri Pacific
100
6% conv preferred
100
Mohawk Carpet Mills..,..20
5%
39%
7%
*8%
7%
00
Nov
98%
4%
105gMay 27
3934
40
2
..No par
9934
9934
Mar
May 27
784 Jan 12
%
Corp. .No par
800
63
67
110
%
Motor Products
11
Jan
>4 Jan 10
700
*9%
106
1*4 Jan 11
1% Jan 12
13
1,200
Jan
Oct
Oct
Oct/
2
50
700
122
94% Jan 26
91
3
10
Jan
72% Mar
20*4 Feb
35% Mar
48** Mar
Nov
15
*g Feb
Preferred series A
Oct
87
4%
14
% Jan
Morris A Essex
13%
4%
41
Dec
11
11
12
12
Jan
Jan
Jan
Jan
% Mar 28
130
1,200
14
3384 Nov
117S
22%
27%
101%
100
29
8%
16% Jan 13
43% Jan 17
100
Mo-Kan-Texas RR
Feb
4784 Mar
17*4 Jan 13
38s Jan 12
100
25,100
100
Jan
108s
10*2 Dec
Mar
preferred
Mission Corp
1,300
200
Mar 31
Oct
Feb
93% Aug
86
1
Mar 20
35
3
578 Jan 11
23
4% leased line ctfs
7%
8%
13%
4%
38
Minn St Paul ASS M
50
1134
7%
2284
mm.-mm mm
4
No par
$0.50 preferred
400
420
7
7%
Minn-Honeywell Regu.No par
44%
Apr
Apr 25
49% Jan 28
100
Apr 1
4% conv pref series B—100
Minn Mollne Pow Impl
1
28%
5
23%
1,100
1,400
1234
4%
39%
7%
22I2
pf..l00
89
*10
11%
8%
7%
8%
1
28
5
7
*8
4
76
8%
13%
38
8%
15*4June
100
1234
*99% 100
8%
No par
29
39%
4%
*38%
Petroleum.-lO
*28%
40
39%
*9*4
*22
*26
231%
100
5
7
24%
*38
*38%
1%
1134
78%
12
May 31
May 2
8% cum 1st pref
*26
1
32%
24%
100
5
834
22%
♦152
156%
12%
12%
*20
31%
40
39%
4%
10%
0%
30%
*99*4 100
*37
*8%
*9
*38
31%
2
6%
Dec
37*2 Dec
Mld-Contlnent
*%
%
34
**2
1
*%
12%
12%
2
*1%
6%
6%
1
*%
1%
1%
*1134
12*2
77
7034
112% 112*2
32%
31%
*22%
24%
13*2
70%
m'm
-
30*4
*22
30%
%
%
*110
'
32%
24%
43
1
Dec
60
Jan 13
Midland Steel Prod
~
101
66*2
Jan 19
30
5
112% Jan
3484 Apr
Jan 25
1,200
6234
Dec
72
584 Mar 31
12*4 Mar 30
110
Dec
10
61
14
Jan
78*2
Jan 12
*48
20% Mar 30
4%
42
*%
*%
*%
*12%
*1%
6%
*%
1*2
1134
2
1*2
*1134
12
12
*2
"62*
*105
»
19
Mar 26
15
5
5
Mllw El Ry A Lt 0%
Oct
6
Sept
84
4
5
93
4%
42
*%
12%
*
30% Oct
18% Dec
\*
6% Oct
28% Dec
Jan
Copper
.
28% Jan
42% Jan
42i2 Mar
16*4 Mar
47% Jan
Apr
Miami
15%
16*2
21
Dec
55
Mesta Machine Co
90
784
50
1
50
6% conv 1st pref
share
per
Dec
11
32*2 Apr 1
3% Mar 30
UOO
*157g
110
Apr 12
6% Mar 20
No par
(The)
Co
Mengel
1
Apr
Mar 26
1,700
3,400
*87
4%
70
Merch A Mln Trans Co. No par
~
16
61
*105
4%
100
7%
90
93
5
preferred
Melville Shoe
250
12
15
1514
600
1
29l2
29l2
77g
77g
"ef
61%
110
*105
4%
*11
29
*
93
14i2
5% Mar 29
28
No par
$0 pref series A
No par
15,50 pref ser B w w.No par
10
"360
39*2
41g
145g
conv
13%May 27
5
Mead Corp
60
39*2
418
12
28%
7*4
1434
10
ISSg,
1 *88%
*61%
02%
*11
"i",o66
60
*50
41g
14*4
90
*
110
4%
4
287g
7%
15
287g
'7*4
57
0%
9i2
*
40
57
700
10
No par
13 conv preferred
McLellan Stores..
82
9%
60
40
*50
60
6*8
82
*9l2
28%
0ig
Highest
share $
$ per
10% Jan 12
*6
912
934
9i2
$ per share
15
Mar 15
200
534
82
*75
Lowest
Highest
share
per
7%
14
6'g
$
4314
42
29
0ig
Lowest
Par
*7
13
7
14
*534
*29
the
7
*12i2
57g
29*4
/
14
6
29
82
*12i2
15
*14
03g
9*.
9%
1314
*7
7%
Friday
Thursday
Range for Previous
Year 1937
On Basis of 10(hShare Lots
STOCK
YORK
EXCHANGE
Wednesday
June 4
»$ per share
Range Since Jan. 1
STOCKS
Sales
Tuesday
June 7
Monday
Saturday
June 11, 1938
*
Ex-dlv.
v
5%
Jan
17% Feb
8*2 Jan
14% Jan
Ex-rlghts.
1284
Dec
61% Nov
*9*2 Dec
2*2 Oct
7*2 Oct
4
Oct
10*2
Dec
Jan
10384 Aug
23
15%
40
27*4
3234
Jan
Feb
Mar
Feb
Jan
5 Called for redemption
Volume
SALE PRICES—PER
HIGH
AND
Tuesday
Monday
1
NOT PER
SHARE.
Wednesday
Thursday
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
LOW
Saturday
EXCHANGE
Friday
'
June 6
June 7
June 8
June 9
June 10
Week
$ per share
S per share
$ per share
$ per share
$ per share
Shares
12
*98
*138
*36
98
140
37%
1278
98%
98
26%
26
37%
26%
26~g
26%
*35%
*117g
26%
367g
12%
98%
*35%
12%
1134
98
99%
138
138%
*21
24
*21
24
10l2
10*8
10%
10%
*10%
1034
10%
1034
312
3%
9»g
3%
3%
3%
3%
3%
3%
*21
*21
24
*6
*%
*6
1
1
1
32i2
7312
734
7g
1
1%
1%
1%
1%
34
38
*30%
33
*85
38
7%
7
7%
*69
74%
*69
74%
49
50
*32
*84
*69
74%
*73
8
8%
*8
17%
178
*16
17%
*16
2
2
2
2
37
*36
37
*36
37
*14
1478
*14%
14%
*14%
1%
*1%
1%
4%
9%
*1%
8%
17%
8%
8%
14%
14%
*1378
1478
*1%
1%
*1%
1%
4U
4%
4%
4%
4%
4%
*4%
4%
*4%
9%
9%
*9%
9%
*9%
5%
9%
5%
9%
*15%
178
*36
9%
5%
*5%
5-%
49
61
*1%
.
1%
3
3
15
*15
17
*11%
14%
12
*11%
147g
*24%
27
14%
*237g
12
15
27
*111
60%
1%
1%
3%
17
12
14%
27
59
3%
3%
*16%
*11%
14%
*23%
*16
1%
2,000
4%
1,700
600
5%
"3", 700
8,800
700
*7%
19%
*18%
20
100
17%
18%
17%
*17
19
150
14
*12%
14
9
9%
9%
7
7
7
7
19%
20%
*6%
19%
35%
*33 %
7
7
7
20
20%
20%
*3378
*35
36
19%
35
70
14
7%
21%
35%
19%
a35%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*3
CO
*3
334
*3
3%
*3
3%
*3%
.
*633g
91
1%«
91%
1%«
1%6
3g
9034
1%
3g
♦%
*%
90%
*62%
70
92
1%
*4
5
*4
6
*4
*38
50
*38
50
*38
30
31%
*2
234
39
*32%
*2
17 X 6
*32%
*5%
39
50
6
39
6
*5%
22
22
600
*45
50
20
2234
22%
*4%
22%
5
5
5
*4%
*3%
5
*4%
5%
23
*21
*21%
23
22%
5
*4%
5
51
*45
49
*45
152
*145
149
5%
8%
8%
500
27%
27%
240
*23
8
8%
*8%
25
15%-
25
2534
8%
27
14%
15%
16
*15
15%
*15
16
28
2434
2434
*2434
28
*2434
28
%
*%
*4%
7
14%
15%
*23
26
*%
h
7
*4%
*49%
*%
17%
*6%
6%
*1%
*8
%
10
*2%
534
*5%
9278
*10
5%
*15%
8%
*16%
13%
22
*334
5
100
pref.-.100
Mills
25
Flour
Pillsbury
Pirelli Co of Italy "Am shares"
100
100
6% preferred
Pitts Coke & Iron Corp No par
2
Mar 31
30% Jan 18
Mar 29
4
7% pref class B......—100
-.100
1st scr conv prior
pref 100
5%
Nov
50
Jan
Jan
87%
July
64
42% Jan 10
30%
Oct
2% Mar 18
1%
Dec
9%
Jan
Apr
Apr 13
27
Oct
8% Jan 10
4
Oct
74%
20*4
38
Jan
24% Jan 12
20%
Oct
3338
Jan
52
36
Dec
56
Feb
Oct
18%
76%
Jan
Jan
Jan 17
25
Oct
4
Dec
Mar
1
48%
Dec
Mar 14
97%
8% Jan 10
4%
Apr
Oct
61
174
20
Mar
8
Oct
43
Mar
7
Jan 10
32
Dec
122
Mar
8
26% Jan 10
23
Dec
30
Deo
Dec
16% Jan 12
9
May 28
48
Jan
45
12
3
57
May
Mar 29
6
Dec
45
% Nov
4
8
Dec
28
Jau
*97%
Apr
141
July
30
Jan 13
1
%June
6
14% Aug
100% Aug
141
July
46
May 21
23
4%
7% Feb 26
35
3
20% Apr
11% Apr
Pitts United con pf unstmp 100
May 10
7% Jan 17
Mar 30
June
4%May 26
7% Mar 29
100
preferred
9
8
1
Term Coal Corp
20
9
6% Feb 18
3
3% Mar 31
20 May
5
3% Mar 30
41
No par
Oct
Jan
Feb
3%
Jan
40
146
Pittsburgh Steel Co
95% Aug
%
65
20% Jan
—No par
Plttsb Screw & Bolt..-No par
Oct
7
Jan
8
May 10
16% Jan 10
8%
Oct
Jan
47% Mar
Oct
3
Jau
Oct
29%
Apr
Dec
22% Aug
5% Mar 29
12
Jan 15
7
Oct
33%
11%
800
%
*%
34
*%
34
34
2%
*2%
2%
*2%
2%
*2%
23g
2%
2%
200
6%
6
6%
6%
2,800
6
*6
6%
19
6%
6%
*16%
47
473g
6%
*91
20
47
47
*92
93
105
105
92%
104% 1047g
1173g 117% *117% 120%
*115
9%
9%
*10
9%
9%
*10
49%
49
2
9%
*8%
19%
*4
4%
99
*75
49
*75
49%
2
2%
*12%
13
400
4% 2d
9%
11%
9%
*8%
9%
*9
11%
•
10%
*35%
49%
*35%
1
%
10
46
*50%
53%
45
*39
51
4034
41%
4034
10
10%
24
*17%
10
*65
78
*65
78
*
10
78
*
59
"u
11
"ir
87
86
86
6
3634
38
37%
3734
37
44
10%
10%
24
*20
*19
*65
78
*65
*
.
59
*
10%
*634
7%
*85
8?
*85
87
37%
54
*53
5%
9%
16%
5%
*7%
*14%
*17%
2%
*1%
29%
%
1%
30%
5%
9%
14%
14%
16%
*1%
5%
5%
*7%
9%
*14
15%
*14%
15
*77g
14%
14%
*14%
15
*17
18%
17
17
*16%
16%
17
17
2%
*1%
2%
28%
27%
*4
34
34
34
34
34
h
27%
34
1%
1%
1%
1%
*1%
134
*1%
1%
5%
*7%
5
*7%
"5%
9%
*53
*5%
5%
5%
36%
634
*6
9%
5%
*734
2834
54
*53
6%
7%
*1%
28
37
6%
7%
*6%
2%
3634
534
£28
%
1%
1,300
200
534
37
500
5,300
Republic Steel
6%
5%
100
3,800
9%
14%
300
18
800
Reynolds Metals
pref
5
-10
3,400
*%
34
800
1%
1%
800
100
-—1
class B.10
10
Westphalia Elec & Pow.
Richfield Oil Corp
No par
Rltter Dental Mfg
No par
Rhine
Copper Mines
No par
pref
100
St. Joseph Lead—
---10
{St Louis-San Francisco—100
6% preferred
100
Roan Antelope
Ruberold Co (The)
Jan 12
115% June
21%May 27
8%May 26
6
36% Jan
13% Jan
98% Jan
10%May
16% Jan
81
7
Apr 19
Mar 29
24
31
31
31
17g.June 2
10%May
4% Mar
60% Jan
37% Mar
30%
Oct
6234
Jan
91
Oct
112%
Feb
Oct
128%
Jan
Jan
6
17
11
18
10
14
7% Jan 11
77%May
4
103%
25%
8%
85
Oct
Oct
Oct
107
Feb
5%
Oct
23»4
13%
Dec
18%
4%
Oct
1234 Mar
96% Dec
115
Feb
Jan
Nov
Dec
80
Jan
5% Jan 11
2%
Apr
19%
Oct
Dec
10%
23% Jan 15
24% Jan 11
29% Jan 18
37% Aug
20
Dec
26
26
Dec
29%
Dec
12%June
22
Jan 13
18%
Dec
47
Mar
18
30%
Jan 15
30
Dec
49
Jan
27% Jan 25
4% Jan 10
23
Dec
43%
Jan
Oct
133s
Jan
Jan 21
39
Dec
83
Jan
3
1
Sept
15
June
3
8%May 26
14%June
100
A. 100
143
112
50
--5
100
8
Mar 29
18
100
---100
Co—No par
Reynolds Spring
Reynolds (R J) Tob
Apr
Jan
132
25
50
60
Corp..-No par
Rutland RR 7%
2%
30%
35% Jan 13
98% Jan 12
Feb
6% conv preferred
6% conv prior pref ser
Revere Copper & Brass
Common.
54
Jan
25
Feb
Sar RR Co... 100
Motor Car
5
conv
Jan
6
Mar 25
116%June
Oct
72%
Rensselaer <fc
5
Feb
65%
20
43% Oct
114% Mar
243g
preferred
5preferred.
87
3634
1,300
86
118%
31% Jan 17
50% Jan 11
122%May 18
Jan
Corp—No par
Reliance Mfg Co
10
Remington-Rand —
— 1
Preferred with warrants..25
Reo
Feb
Jan
No par
—100
preferred
7%
*85
5%
-
78
10%
5%
«
59
"16%
6
-
31
113%
Reliable Stores
Class A
10%
*5%
«,
24
"l6%
534
M
300
10%
54
*53
55
28
44
*10%
37%
534
*534
*1%
44
1,300
12,500
«.
85
85
6
*53
59
1%
45
11
*5%
*
70
30
13
*41
10
934
*65
12%
45
*41%
24
*
59
11
*85
934
13
12%
200
46
*41
44
*18
1%
134
*1%
1%
12%
45
*41%
24
*65
24
12%
*41
41%
*18
10%
10
*18%
1%
1%
1234
200
*52
54
*38%
45
53%
53
*50
51
1%
12%
2,300
45
53
*39
*41
9
11%
45
53
43
11%
Oct
June
—
(Robt) & Co
1st
.......
9
£53
53
7%
5%
Jan
110
Hosiery
Preferred
11%
10
£11
*38%
1%
7%
11
*49
700
%
*434
*634
Feb
140%
preferred...,
Rels
49%
3178
162%
4% 1st preferred
300
Real Silk
Oct
Oct
-1
16
100
Jan
5%
Sept
preferred
21
4
15%
132
Rayonier Inc
*19%
4
Oct
117
Reading
*13
4%
2%
3%
Jan 14
-—No par
(The)
No par
preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
35 preferred B
No par
33.50 conv 1st pref.-No par
{Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
16
*4
Oct
Oct
123% Jan 13
6%
29
1,000
a4
112
Pullman Inc
32
1%
1% Jan 22
4% Jan 17
10% Jan 10
10% Jan lfi
108
Pure Oil
20
9%
1234
900
Jan
3% Jan 13
%June 6
1% Mar 30
4% Mar 25
4% Mar 25
13% Mar 30
39% Mar 31
101% Apr 23
8% preferred
Pub Ser El & Gas pf 35.No par
*13
7%
48
600
18%
1534
7%
1%
2,200
934
34
*34
11%
18,300
11,200
*17%
*634
*9%
11
1,500
50%
9%
9%
*18
4%
*35%
1
9%
1534
934
*434
*%
300
2%
2
15%
7%
1
49%
3,300
11,600
Feb
1% Mar 26
..100
100
100
7% preferred
9%
83
19%
15%
7%
*35%
50
300
23%
%
86% Mar 31
6% preferred..
100
% Jan 19
% Mar 31
No par
35 preferred
300
20
5%
5% pf (ser of Feb 1 *29). 100
N J.-No par
Pub Serv Corp of
200
99
50%
5
50
No par
15
14%
*15%
80
2,200
10%
5%
5%
Ino._l
1st pref
20
20
*20
20
*9%
*10
conv
Procter & Gamble
12%
20
22
9%
*81%
5%
7% pf-100
Car Co
Steel
12%
22
14
10%
5%
9%
23%
9%
9%
13
*13%
84
*10
19%
12%
13%
9%
9%
16%
*18
9%
*1734
24
23%
*81
{Postal Tel & Cable
Pressed
5% conv 2d pref...
136
136
136% 136%
*115% 116
*115% 116
2
*15%
*8%
16%
200
2,700
.
49%
1%
19%
*4
20
47% 48
117% 117% *11634 11734
28
28
2734
27%
92%
92%
*9134
92%
106
*102% 10634 106
*117
120%
120% *117
5%
99
*75
99
4%
7
*17
9%
11%
5%
5%
/48%
*15%
84
*82
*75
178
*6
1934
47%
9%
49%
2
6%
*17%
47%
23%
9
11%
5%
5%
23
9%
83
83
82%
116
23%
23
93g
6%
6%
*17
20
47%
6%
6%
6%
*116% 11734 *116% 11734
28
28%
27% 27%
16
12%
34
*%
99
*41%
200
400
%
*9
•
No par
Phillips Petroleum
14
9
*6%
2734
1'ieJune
50% Mar
Oct
Oct
5
*434
27
1
38
2%
Jan
7%
2%
100
Mar
4% Mar 30
May
4
27% Mar 31
l'ltJune
Rights
I
Feb
11
7%
*1%
95% Feb 23
Jan
7%
Mar 28
*634
55
75% Mar 29
Phlla & Read C & I
50
-.50
100%
Dec
8
*434
*53
No par
Philip Morris & Co Ltd—10
{Phlla Rapid Trans Co
7% preferred
Jan
54%
Dec
i%
62
10
7
59
2% Feb 19
4% Jan 12
*8
*8
7%
♦
May 21
66
59% Mar
10
11%
*34
44
Apr 12
60
18% Nov
34% Nov
1
10
*634
*39%
Mar 28
*8
9%
*35%
1%
No par
17% Mar 31
30
Feb
10
24%
*334
12%
13%
*8
*15
47
Oct
13
*434
*1%
3
2
6%
11%
7% Mar 3
31% Jan 10
37% Jan 12
4% Jan
Mar
7%
*41
3
No par
20
*20
11%
21% Mar
Mar 31
*6%
11%
Oct
6
136% *136% 136% *136% 1367g
13%
1
9%
15
*434
*»4
13% Jan 11
Plymouth Oil Co
—6
Pond Creek Pocahon..No par
Poor & Co class B
No par
Porto Rlc-Am Tob cl A .No par
Class B
No par
*8%
50
Jan
7% Mar 30
Pittsburgh & West Va
100
Pitts ton Co (The)
No par
49%
34
*35%
25
90
117
16
4%
Jan
Oct
6
2,600
*1734
18
Jan
91
11
Jan
8%
%
93
1%
22
*16
87
Dec
18%
7
49%
14
Dec
Jan 12
5
30
2
*75
9
Oct
30
30%
15
*%
8%
2
5%
19%
9
37% Jan 11
38% Jan 15
Mar 23
18%
7
*10
16
48% Mar
Feb
Mar
%
9%
7
82%
2
17
18%
2
8%
4834
Oct
*%
*8%
7
*9
2
3
£18%
9%
*1%
24
47%
Jan
65%
%
115% 115% *114% 116
100
*75
Mar
Oct
1834
*8
2
117
5%
63
116%
22
34% Jan 12
4% Jan 12
*%
*91
11%
Dec
110% Sept
1% Arp 25
2% Mar 26
% Mar 26
Pitts
Oct
27
9
12% Feb
76% Feb
2934 Feb
50% Mar
18%
92%
9
20
4
22% Mar 26
1% Mar 26
5% Mar 26
17% Mar 26
Oct
%
9%
7
136% *136
9
15
13% Dec
Jan
64
10384 Mar
6-% Jan
18%
*104% 106% *104% 105%
*80
2%
Feb
31
Oot
Oct
*%
116% 117
28
28
8%
82%
Jan 11
112% Feb
Mar 29
15
1%
15
Phelps-Dodge Corp...
25
Philadelphia Co 6% pref—50
6%
54
*1%
24
Brewing Co
1,000
*49%
14% Mar 31
19% Mar 28
Oot
Nov
57% Nov
24% Jan 10
15% Jan 11
24% Jan 15
Mar 30
110
2%
37
75g Jan
10% Jan
23% Mar
7% Feb
8% Mar 29
Petroleum Corp of Am
Pfelffer
5
2% Mar 30
10% Mar 30
10
Oct
Oct
No par
%
*6%
23
100
100
100
5% prior preferred
5% preferred
7
134
116
100
5
7%
*113
50
6% cum pref
100
People's GL&C (Chic).. 100
50
134
46%
*116% 120%
Pennsylvania RR...
24»4
*6%
*136
8%
52
52
54
pref ser A—No par
Corp v t c No par
%
*4%
7
*4%
conv
2434
%
%
$7
1% Mar 24
Oct
8
18%
*8
%
29
*28
Mar 31
5% pref class A
7
*534
*17%
19
Mar 26
Mar 30
55
Penn G1 Sand
50
2
534
473g
117%
4
41
1%
4
10
%
*2%
534
6%
3
No par
Peerlees Corp
16
*15
7
234
*116
34
*50
54
27
27
*134
h
.
*50%
9%
*8
6%
2
84
*47
7
Oct
Jan 20
3% Jan 10
109% Mar
18
*%
18
17%
*16
54
*52
9%
*8%
*5
7
*5
53%
3g
34
*%
12
2% Jan 10
6»4 Jan 12
12% Jan 8
6%May 14
5134May 21
73% Feb 25
2% Jan 10
$5 conv pref
8%
27
5%
27
20% Feb 23
Pitts Ft W & Chi 7% gtd pf 100
152
2,100
5%
25
200
4%
48%
*45
*
5%
5%
8%
500
"5%
5%
*8
■
5%
5%
*8%
5%
5%
24
4%
49
*146
*45
Mar 31
1% Mar 29
3% Mar 30
8% Mar 31
2.50
No par
Pittsburgh Coal of Pa
22%
*145% 152
51
149
13
Rust Proof Co
Pierce Oil 8% conv
6
22
46
9
5%
*8%
*5%
22
46
2234
Oct
Preferred
22
23
*4%
*32%
50
*3%
28
Phoenix Hosiery
22
5
*45
3
39
*32%
11,300
33%
*2%
*46
*3%
*145
32%
234
*2
50
5
.
33%
32%
6
*5%
3
7% preferred
22
*3%
4%
39
37% Mar
Phillips Jones Corp....No par
6
50
*32%
5
47
68,800
1»16
*4
*38
22
2234
152
1%«
6
*46
*22
*46
4%
1»16
600
5,600
92
50
234
50
*45
91%
20
%
*%
%
*4
32%
2234
*145
3%
*38
*2
*5%
2%
3%
6
32
Jan
8% Feb
4434 Feb
29% Aug
31% Mar 31
|6 preferred
*1%
92
1716
100
70
50
234
6
13,400
21
35%
*4
32%
*32%
1,700
*38
5%
50
*2
39
20%
*35%
7%
334
*%
1%
1%
7%
""800
2%
91%
32
*46
*20
90
3234
*22
*3%
%
91%
%
%
91%
234
31%
6
*5%
*62%
70
34%
Oct
No par
Pet Milk
9%
*9
*62%
70
*62%
*1%
70
*633g
Oct
1
Pere Marquette
10%
10%
17%
*12%
36
18%
Sept
1% Mar 30
Peoria & Eastern
19%
67g
Jan
24
65
32% Nov
*95
1
Peoples Drug Stores...No par
*8%
19%
*327g
Jan
Jan
26%
Penn-Dlxie Cement...No par
19
9r
Mar
200%
200
10%
*12%
90
Oct
500
18
14
9%
Jan
May
Oct
12
*18%
*9
121
8
*11%
*17
*12%
Oct
80%
11%
19
9%
29
97% Jan 10
12% Jan 10
11%
20
14
4%
Mar 26
10
700
*18%
9%
Oct
28%
1,900
*17
*12%
1
Oct
1%
19%
9%
Jan
7
Jan 15
Jan
8%
3%
10%
14
Feb
17%
Jan 21
16%
19
*12%
12%
Oct
Feb 11
3%
*7
18%
Oct
7
12% Jan 10
*15%
61
18
*7
Apr
4
11% Dec
1
Penlck & Ford
49
*1%
% Mar 25
29%
Jan 12
Feb 25
94
3%
1%
3% Mar 30
7
Mar 29
5% Mar 31
16%
3%
10
Apr 23
15% Jan 10
42
Penney (J. CI
No par
Penn Coal & Coke Corp
10
*1%
28
May 26
Mar 18
Mar 31
15
1%
24
90% Mar 11
Patlno Mines & EnterprNo par
10%
10%
Jan
100
Pathe Film Corp
18
*7%
149
6% Mar 31
16
Mar 29
Parker
18
*7
Apr
Parmelee Transporta'n. No par
15
15%
14%
15%
14%
27
27
*23%
*23%
*23%
116% *111% 116% *111% 116% *111% 116% *111% 116%
29
28
28
*27%
27% 27%
28% 28% *27% 28%
*2
4%
*2
*2
*2
*2
4%
4%
4%
4%
28
*2
133
29
100
116% *111
27
Jan
Jan 28
Park Utah CM
""566
Jan
140
1
6% 2d preferred.....
2
9%
60%
Jan
152
Apr
100
Parke Davis & Co
434
5%
61
Jan
53%
44%
Nov
No par
preferred
300
36%
14%
9%
*48
49
38
Park & Tllford Inc
434
5%
5%
Oct
Oct
Oct
110
87
27% Mar 26
conv
22
*34%
10%
6
Jan 14
16% Jan 11
Jan 31
No par
6% 1st preferred
300
"3" 100
36%
60
3%
15%
12
14%
27
*11%
74%
8%
40
100 *132% Mar 30
Paramount Pictures Inc
17%
*16
36
*47
3%
"9^600
2
1%
59%
15%
17%
36
49
*46
59%
134
3
15
*1%
5%
49
*46
61%
61
178
*5%
534
49
*46
61%
8%
8%
8
1%
*46
74%
74%
28%May
6%
9%
1%
55%
4%
7%
7
7%
6%
*22% Mar 30
32% Mar 31
9% Mar 30
Highest
$ per share $ per share
share
per
Parafflne Co Inc
1,150
Lowest
Highest
$
share
{Panhandle Prod A Ref No par
8% conv preferred
100
""966
88%
7
678
ver
116
Pan-Amer Petrol & Transp.-S
35
88%
3
Lots
1
100
Packard Motor Car
6,800
100
36%
*84
No par
..No par
PacificTln Corp. (sp.stk) No par
Pac Western Oil Corp
10
"'bob
4834
*31%
*1%
8%
45%
53
33
88%
33
*84
Corp
Ltg
6% preferred
330
1%
88%
25
Pacific Telep & Teleg
9%
*13%
1%
*36
200
100
13934
139% 139% *139
2334
*21
23% *21
11
11
10%
11%
3%
3%
3%
3%
81«
20
1?8
37%
I4I4
*15i2
12%
12%
*6%
7
73i2
Pacific
Pacific Mills
9%
34%
34
7
300
700
*6%
*3334
*2934
33
*84
37%
9%
%
Pacific Gas <fc Electric
26%
100
100
2,300
26%
12%
12%
*99
Par
*36%
*6
*84
33
*29i2
2334
26%
37%
9%
*6
9%
26%
37%
1134
98
*11%
*138% 139%
138% 139
26
37%
Range for Previous
Year 1937
Range Since Jan. 1
On Basis of 100-<S/»are
Lowest
June 4
$ per share
26%
36%
3771
Record—Continued—Page 8
New YorkSStOCk
146
Mar 30
8
Mar 22
8
234 Mar 25
34% Mar 29
% Mar 29
5
Apr
1
63
41
Feb 25
1% Jan
44
3%
Dec
4% Mar
Jan 10
7%
Dec
30
9% Jan 10
11% Jan 12
7%
Dec
22%
June 10
9%
Oct
35% Mar
9% Mar 30
15% Feb 25
8%
Oct
29% Mar
5% Mar 30
9
2
67% Feb 24
61% Nov
Apr 28
66% Jan 22
69
49%May
40
l%Mar 30
ll%May 31
39t2 Mar 29
38
May 26
7% Mar 30
17% Mar 30
Apr 27
62% Feb 24
10%June 9
84% Apr 25
4% Mar 30
3334 Mar 30
51% Jan 31
6% Feb 3
65
5
Mar 25
7% April
14% Mar 30
13
II
Mar 31
1% Mar 31
25%May 27
% Mar 23
1% Mar25l
Dec
94%
110
Mar
Feb
Jan
Feb
9% Feb
47% Mar
20% Jan 16
75% Jan 15
12%
Oct
Oct
65
Dec
124
Jan 13
60
Dec
110% Mar
3
73
Jan 10
1%
49%
17% Jan
8
9
Oct
37
Jan
8
26
Dec
98
85
Jan 21
76'4
Dec
139
64% Jan 21
17% Jan 7
60
87% Jan 21
10% Jan 11
80
46% Jan 8
58% Jan 11
8% Jan 7
7% Jan 10
40%
12%
5%
Jan 10
34%
58
Jan
Jan
Jan
Jan
Jan
Jan
14
Feb
17%
Oct
Dec
Dec
Oct
1
Oct
4%
8%
1% Jan 12
30%
10% Nov
18%
8
Dec
Dec
95%
112
67
11% Jan 10
2% Jan 10
Oct
Nov
Apr
Apr
Apr
Oct
65
20% Jan 19
23% Jan 11
40% Jan 12
Nov
Apr
26% Nov
1
Oct
1%
Oct
6%
Oct
31%
Feb
Dec
19%
38
984
65
June
Feb
Mar
4*4 Mar
11%
Feb
New York Stock Record—Continued—Page 9
3772
LOW
HIGH
AND
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
Monday
Tuesday
Wednesday
Thursday
Friday
the
June 4
June 6
June 7
June 8
June 9
June 10
Week
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
Range Since Jan. 1
Shares
*2
*2
3%
*2
3%
*2
3%
♦2
3%
3%
*1%
*4%
14%
Lowest
$ per share
Par
14%
*68
70
70
70
*68
70
*69
70
70
70
70
70
200
*81
85
*81
85
*81
85
*81%
83%
83%
83%
83%
84
150
90
90
*90
93
90
91
91
91
91
93
93
93
*9
10
*9%
10
*9%
10
*9%
10
15%
15%
15%
15%
15%
15%
9%
15%
10
15%
9%
15%
*9%
15%
14%
14%
67
66%
66%
66
66
67
65
65
63
63
%
%
8%
40%
*%
*5%
40%
%
%
%
1,300
8%
40%
5%
40%
5%
40%
100
40
580
Soott Paper Co
%
1%
18%
19
3%
57%
*3%
.56%
13%
*63
%
*4%
*13%
%
7
*5%
40
40
40
14%
*65
%
%
*5%
8%
40%
40%
14
%
8%
40%
%
*1%
2
*%
*1%
18%
18%
*17%
*3%
%
*14
14%
%
%
%
*1%
18%
*3%
18%
55%
54%
55%
11%
11%
11%
*1%
18%
*3%
55%
11%
12
2
%
2
53
53%
3%
55%
*3%
54%
11%
11%
11%
11%
12
*11
12
57%
*47%
57%
*11
*48%
*10%
*47%
12
51
3%
*3%
39
39
*7%
7%
26
*23%
12%
*11%
12
11%
*11%
57%
*47%
*3%
*37%
39
15%
5%
15%
*2%
*15%
2%
16%
5%
26
2%
92%
*88
76
75%
*95%
99
♦96
14%
*13
14%
75%
26
3%
3%
39
7%
26
5^4
16%
*2%
I6I4
2%
15%
22%
92%
*14%
22%
*88
92%
*88
$ per share
2
75%
*74
77
98
*96
100
14%
*13
*13%
11%
2,200
135
20%
20%
10%
11%
7%
11%
7%
10%
*17%
25
3
*2%
*30
37
2%
2%
6%
*5%
*48%
*19%
20
75
22
20%
9
*8%
34
34
7
*132
50
17%
17%
7%
7
*99% 100%
1%
18
21%
11%
11%
7%
11%
10%
11%
7».i
11
'7%
11%
7%
11%
*20%
*2%
*32%
2%
5%
*48%
*19%
20%
*8%
34
25
2%
5%
22
4#
300
28%
*30
*19%
20%
9%
8%
34
*33
34%
*33
34%
7%
7
51%
50%
51%
*51
52
18
18
18
*18
18%
7
*100
7%
too
1%
3%
18%
*%
21
18
18
60
60
60%
6%
5%
7%
5i2
7%
3%
*48%
*123%
10%
18%
2%
3%
40%
10
1078
18%
2%
10
22%
*6%
16%
*24%
5%
*4%
*5
22%
8
28%
36
*3%
29
*6%
5%
4%
5
5%.
37%
3%
8%
8%
5%
4%
*5
*36%
*4%
*5%
37%
3%
29%
1%
4%
*10%
*1%
11%
*9
2
10
*3%
*5
7
20
20i.i
*29
29%
*3%
27
*6%
*1%
*45%
*8%
62%
*18%
3%
27%
7
1%
47%
9
64%
18%
62
62
70
70
20%
25%
20%
♦
26%
*
-
-
18%
18%
%
100
27%
26%
27%
29%
%
26%
29%
12,200
7.400
*6%
16
*24%
6%
5%
*4%
4%
*5%
*36%
*4%
5%
38%
*5%
38%
3%
3%
29%
29%
42
29%
*30
42
*30
46%
46
47
47
*18%
20%
20%
61%
20%
61%
6%
6%
*5%
5%
60%
61%
6%
6%
5%
*5%
6%
5%
7%
7%
7%
4
4
*48%
4
*48%
11%
19%
..
47%
14,700
23
4%
49
200
11%
11%
*19%
11,000
2%
2
2%
2
19%
2%
*10
10%
10%
10%
10%
25
*24
24%
24%
24%
24%
*6%
24%
1,000
8
7
16%
16%
25
*24%
6
5%
4%
*4%
6
*5%
44
*39
7
*6%
8
16%
16%
25
100
16%
25
25
6
6
6%
6%
4%
4%
4%
4%
*5%
51o
5%
44
5%
37%
*39
51.1
8%
8
16%
5%
8%
700
25
5
8%
11,800
16%
*4%
3%
30%
8%
400
2%
10%
25
5
39%
3%
301.1
20%
2
4%
5%
*37%
38%
3%
30%
3
*5%
43
*39
4%
5%
38%
*5%
38
2,200
500
5%
5%
.
300
24.000
3%
2,300
19%
*54
57
*27
*6%
*1%
45%
8%
63%
18%
*62%
70
*20%
25%
*3%
45
*2%
*11%
*1%
*3%
11
11
1%
1%
10
*3%
45
3
1%
4%
11%
1%
12%
80%
12%
80%
8%
8%
35%
35%
9%
5%
5%
3%
81%
9%
5%
5%
3%
"4"
8
*2%
*11%
*1%
*3%
*10%
1%
30
11
12%
29
4
45
*9
80%
20%
*9
12%
81%
*519
3%
3
*3%
27
*5%
21
*28%
3%
28
*6%
7
♦1%
1%
46%
*45%
48
8%
8%
64%
18%
62i,i
*69%
65%
18%
62%
70
21%
26%
6%
8%
♦1%
*45%
*8%
64%
*18%
*60
72
69%
21
21
*20%
25%
26%
Bid and asked prices: no sales
3%
*27
1%
64
Standard Brands
28
Jan 10
140% Mar 26
24% Jan 10
Oct
1%
Oct
20%
Oct
130
Oct
17%
{Stand Gas A El Co. .-No
Feb
Jan
155
Jan
Oct
32%
Jan
65%
43%
60%
65%
11%
77%
9%
Mar
Mar
22% Jan 12
13% Jan 12
17
Oct
9
Oct
21% Jan 10
15
Oct
27
Dec
Mar
32
46
Jan 21
35%
2
Mar 25
4
Jan 12
4
Mar 26
9
Jan 12
1% Oct
5% Dec
73% Sept
19% Dec
36
10
Oct
23%
10
Dec
35
Aug
39
Dec
50
Jan
Dec
Mar
Mar
Jan
19% Mar 26
15% Mar 30
7% Mar 31
Mar 30
Jan 14
3% Jan 10
24
Mar 14
22%May 19
15% Jan 10
z39
Mar 18
l%June
1%
Oct
Oct
2
par
Mar 31
4% Mar 30
10% Mar 30
13
Mar 29
5
8%
Mar
Jan
31
Feb
94
Feb
Jan
Jan
5
Oct
Jan 14
10
Oct
65
Jan 12
14
Oct
72%
% Dec
27% Dec
26% Oct
30% May
43
Deo
42
76
Mar
Mar
9% Jan 10
5
7%
Oct
101
3% Jan 10
6%
11%
22%
26%
Jan
Mar
28%
95%
48%
16%
107%
12%
14%
32%
107% Feb
4
No par
No par
Jan
61
6% Mar 31
94
No par
$7 cum
June
6%
42%
Mar 30
$4 preferred
prior pref
prior pref
23% Aug
115
19% Apr 13
2% Mar 29
$6
cum
54% Jan
40% Feb
29% Feb
29
No par
$4.50 preferred
No par
{Stand Comm Tobacco
1
2%
*11%
on
26
Stand Investing Corp. .No par
Standard Oil of Calif. .No par
Standard Oil of Indiana
25
Oct
2%
2%
Jan 12
Jan 12
31
31
31%
2,600
9
878
9%
9%
9
9%
5,200
8,000
4
19
4
*3%
50
*41
50
6% preferred..
Sunshine Mining Co
100
Oct,
Oct
«•*
»
90
Feb
Apr
Mar
Jan
Deo
Jan
Jan
5
34
11
*8%
12%
13
*78%
12%
81
8%
35%
9%
5%
5%
5%
3%
81%
5%
3%
*
8%
9%
5%
29%
3%
6%
1%
47%
9
65%
18%
61
69%
20%
26%
this day.
*3%
28
3%
28
18
60%
Oct
44
Oct
16%
15%
13
Mar 31
Mar 30
No par
15
No par
The Fair
No par
53%May 4
2% Apr 13
35
Apr 12
2% Mar 31
29%
700
100
210
7
300
1%
100
47
*45%
300
87g
1,100
67%
65
67%
18%
61%
18%
61
18%
61%
17,400
3,300
8%
1,100
70
*67
70
400
20%
20%
*20%
21
26%
27
1,200
15,200
26
26%
a
Def. delivery
24%
24%
68%
4%
56
Jan
Mar
Thompson (J R)
Thompson Prods Ino_.No
48
Feb
Oct
64
Jan
13% Mar
93% Jan
13% Feb
Jan
4% Jan
3%
8%
1%
5%
Mar 30
5% Jan
15% Jan
Mar 28
Mar 28
Tlmken Detroit Axle
3% Jan
Mar 30
13% Jan
15% Jan
85
Jan
3
3%
65
2
2%
36
1%
Nov
Oct
40
Sept
Jan
Mar
Dec
8%
15%
28%
10%
40%
21%
98%
Sept
Oct
4
Dec
10
Oct
1%
6%
13%
Oct
72
Oct
Oct
Aug
13% Jan
Oct
28%
48% Jan
36
Oct
79
Feb
8
Mar 30
Oct
17
Aug
Mar 30
12% Jan
7% Jan
9% Jan
4% Jan
10
4
..No par
No par
4
Oct
22%
27%
83
82
80
Feb
1
8
3% Mar 28
10
5% Mar 31
16% Mar 29
25% Mar 25
Jan
6% Jan
10% Jan
24
Jan
31% Feb
8%
5% Oct
3% Dec
4%
Dec
Oet
7
Dec
18%
Oct
25
Nov
Feb
Jan
Jan
11% Mar
109% Jan
12
Mar
26% Mar
40% Mar
50
Mar
6
Jan
16
Mar 30
44
Jan
39
Dec
94
Jan
1
Twin Coach Co
Ulen <fc Co
2% Mar 29
100
Preferred
6
Mar 25
7
Oct
25
Mar
1% Mar 26
10% Jan
2% Jan
Mar 31
59% Feb
No par
2%
Oct
Under Elliott Fisher Co No par
Union Bag <fe Pap new.No par
Union Carbide <fc Carb.No par
41
Union Oil California.......25
17% Mar 31
55% Mar 31
59% Apr 20
21% Feb
1% Oct
46% Nov
8% Dec
61% Nov
17% Oct
88% Jan
80
Jan
78
Oct
20
23% Jan
28% May
99
Nov
Union Pacific
7% Mar 30
57
100
4% preferred
Union Tank Car
100
No par
United Aircraft Corp
New stock,
Jan
Jan
Feb
Mar 31
8
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rap Trans..No par
n
Feb
31% Mar 30
10
Tlmken Roller Bearing. No par
$6 preferred
Truax Traer Coal
Truscon Steel..
Mar
10% Mar 29
77% Apr 29
Tide Water Assoc Oil..
10
$4.50 conv pref
No par
Jan
Jan
54% Mar
Oct
2% Jan
par
Mar
55
Jan
Mar 31
Thorn pson-Starrett Co .No par
$3.50 cum pref
No par
Oct
Feb
Mar 24
25
Oct
Feb
1
15
6% Dec
15% Nov
18% Dec
15
4% Apr
2,800
Jan
4% Jan
10
2% Mar 30
200
8
44% Jan
100
Tlr-Contlnental Corp..No par
3%
t In receivership,
23%
5%
6%
Transue A Williams St'I No par
8
7
*67
Oct
300
21%
*1%
9
Oct
2
4,500
27%
1%
5%
34%
15% Jan
67% Feb
8% Jan
15% Mar
65% Apr
9% Mar
2,400
*3%
27%
6%
Oct
6
*29
1%
*45%
8%
65%
Dec
4
10% Feb
11% Feb
1
Jan
41
6% Mar 31
100
Jan
Jan
Transamerlca Corp
2
Transcont A West'n Air Inc.5
4
17%
Jan
1,800
81%
Oct
Jan
Mar
5% Feb
1,600
3%
4%
Jan
Mar
7
2,600
6
Oct
8% Jan
Jan
Mar
47
9%
♦
6%
47
900
10% Jan
27
17% Dec
Feb
Mar
4
Apr
8%
*5%
21%
21%
29
6,100
Oct
Oct
Oct
Oct
Jan
July
Mar 31
35%
"*3%
21
29
28
12%
81
3%
8
21
600
11
*5
5%
31,1
600
2
8%
35%
9%
5%
35%
4
*5%
11%
*9%
12%
80%
12%
81%
4
8
2
Oct
Oct
1%
8
Jan
125
7%
June
8% Feb
18% Jan
34
5
25
77%
15%
22%
4%
25
Mar 30
200
11
Mar 30
3% Jan
Mar 30
3%
2
18
17% Jan
7
3%
11%
*1%
1%
29% Jan
Mar 31
Mar 30
Apr 13
26
4%
11
Mar 31
Mar 26
par
*3%
10%
Feb
Oct
Dec
20%
61%
7%
47%
39%
20%
28%
33%
23%
Texas Pacific Coal A Oil...10
Texas Pacific Land Trust.-.1
Texas & Pacific Ry Co
100
4%
Jan
20
3
44%
Oct
3%May 27
6
Thermold Co
Jan
Aug
9
$3 div conv pref
Third Avenue Ry
17%
33%
9
par
100
Dec
Oct
14% Mar
50
r
Jan
Feb
6%
6%
7% Jan
4% Mar 31
3% Mar 30
32% Mar 30
2% Mar 29
Preferred
75
Mar 31
22% Mar 30
4% Mar 30
1
....
48
21
118
8
Feb
Oct
Jan
Feb
50
Dec
11% Jan
125
Jan
Feb
19% Dec
Jan
67% Jan
4
60
63%
5%
7
Symington-Gould Corp ww__l
300
30
11
Nov
15
....25
Swift International Ltd
1%
2%
Mar 29
119%
9%
17%
1%
8%
17%
Sutherland Paper Co
10
Sweets Co of Amer (The).-.50
*1%
2%
*11%
45
Superheater Co (The)-.No par
Superior Oil...
1
Superior Steel
.....100
1%
2%
11% Jan
Thatcher Mfg
$3.60 conv pref
•
Jan
62%May
5%June 6
5% Mar 29
3% Mar 30
10
(James)
26
Mar 29
1
Telautograph Corp..
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g Co No
Texas Gulf Sulphur
No
Feb
Feb
May 28
1
Without warrants...
Jan
Jan
6
..100
Swift A Co
Jan
49
No par
*1%
30
24% Mar 30
32% Apr 8
39% Mar 31
17% Mar 29
No par
Sun Oil
1
337g
35%
35%
64%
i2May 24
25% Mar 31
Standard Oil of Kansas
10
Standard Oil of New Jersey.25
1%
9%
~*3%
7
3
30
8%
35%
*5
8
*41
81
*
29
*3%
45
9%
5%
21
8%
4
*8%
*34%
4
30%
8%
8%
8%
*80
8%
351,1
9%
5%
5%
3%
20%
*28%
29
65%
18%
Dec
9%
Nov
5M% preferred
100
5
19%
20%
28%
*3%
10
Nov
Talcott Inc
39
*3%
3%
500
43
*4%
»
1,500
6%
47«
57
4
Mar
16
Studebaker Corp (The).
10%
*54
8%
8%
4
*3%
*5%
Mar
120
Oct
49
Stone <fe Webster
100
Yl78
19%
3%
197
June
13
Feb 26
3,800
60
57
5%
*5%
Nov
96
11% Jan 10
4,000
*124
*55
*9
Mar3l7
Apr
67
21% Jan 11
Stokely Bros <fc Co Inc.
57
1%
9%
5% Mar 30
8% Mar 30
Apr
Jan 13
6% Mar 31
1
800
*54
11
19% Mar 31
Mar
4%
20% Jan 10
48i2May 26
12% Mar 31
par
900
55%
30
45
4%
82% Jan 12
68
Oct
Conv $4.50 preferred-No
Square D Co class B
1,500
*16
*3%
4
Feb
Feb
17% Mar
Feb
29
67S
5%
7%
4%
50%
*16
1%
Jan
34%
105%
Nov
preferred A..No par
Spiegel Inc
2
conv
61%
19
2%
$3
6%
5%
7%
4%
*48%
*17
30
Spalding (A G) A Bros .No par
1st preferred
100
Sparks Wlthlngton
No par
Spear A Co
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
Starrett Co (The) L S..No par
Sterling Products Ino
10
Stewart-Warner
5
*15
2%
*11%
*1%
Mobile A Ohio Stk tr ctfs 100
Apr 14
128
..100
60%
124
124% *124
11%
11%
11%
*18%
19%
19%
42
*19
7%
7%
4
50
27
19
*3%
88
100
l6%May 24
No par
5% preferred
1,800
%
25
2
8
1% Mar 29
100
Southern Railway
-
19%
*15
8%
34%
9%
3%
81%
4%
1,400
100
Southern Pacific Co
2,600
m
*%
*16
8%
5%
300
700
18%
19
34
3%
470
#
18
8%
33%
9i.i
50
16
*15
12%
80%
5%
6,200
*16
12%
79%
9
300
2,900
7,700
18
*15
12%
79%
5%
*5%
9,800
.
18%
7%
17%
45
3
21%
17%
*54%
30
200
21%
8%
8%
3%
48%
1%
*3%
"l,200
75
29%
8%
19%
55%
*2%
*11%
24
8
5
"_300
2%
6%
No par
Southern Calif Edison
...
7%
51%
*14
So Porto Rico Sugar
8% preferred
2,900
3,300
111
South Am Gold <fc Platinum.1
«.«,
3%
8%
19
*3%
24
44
600
34
45%
49
5%
7%
45
$6 preferred
Feb
60%
102%
Oct
3",200
*98% 100%
*1%
1%
3%
3%
7%
7%
17%
1
Feb
Feb
44
26
Mar
20
8%
*15
*45
*48%
16%
*16
*54
4
8
25
7%
93
Apr
1
Mar 28
Jan 13
110
■
7
34% Jan 10
17% Oct
2% Nov
15% Dec
26% Dec
22
Jan
17%
Oct
113% Feb 28
3% Jan 13
%
28%
20%
49
16%
52
18%
18%
7%
7%
*100% 100%
1%
*1%
3%
3%
Sloss Sheff Steel & Iron...100
Solvay Am Corp 5H% pref 100
7%
51%
18%
7%
z84
Nov
5%
13
34
34%
100
91
16% Jan 10
18%
*30
47
61
123% 123% *124
10%
11%
11%
19
18%
*18%
2%
2%
2%
10
10%
10%
23
9
7%
*15
17
21%
25
Feb
13% Jan 16
18%
27
42
60%
6%
5i,t
7%
3%
24%
29%
8%
*7%
*18
6%
16%
43
*4%
5%
46%
6%
25
6%
*35
3%
49
3%
22
27% Jan 27
18% Jan 11
101% Jan 27
9% Jan 11
24% Jan 11
3% Jan 17
14
65
6% Oct
24% Dec
14% Nov
15% Jan 15
37
2%
*5%
*48%
*19%
20%
8%
6%
Mar 30
44
Oct
Dec
3%
Jan 14
9% Feb 17
Mar
Mar 31
*%
27%
28%
*30
61
6l2
6i2
7%
1%
3%
7%
*7
*14%
'8
27%
46%
*18
3%
7%
16%
18%
1%
2%
75
5% Jan 10
48
Feb
42% Mar
120
n
'
28%
42
46%
100%
7
*14%
271.)
46%
7%
100
3%
7%
17
1
7%
100%
1%
*33
*50
7
*1%
18%
*6%
20%
*8%
7%
*%
26%
28%
8%
7%
7%
*30
20%
7%
18%
42
45%
22
20%
*8%
h
27
'28%
22
*2%
*5%
*48%
*19%
Mar 20
11% Mar
98% Aug
34
Oct
Dec
8% Mar 29
37
6%
10
15
Jan 14
10% Mar 31
*17%
2%
10
93
preferred—100
3% Oct
49% Nov
12% Dec
60
Mar 30
1
Oct
Oct
66
3
6% Mar 12
3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
54% Apr
Oct
20% Jan 11
37%Juno
20% Apr
%
1%
16
10
25
75
Mar 26
3
•
Jan 14
Feb 25
16% Jan 12
Mar 30
10
3
Jan 13
Feb 25
Socony Vacuum Oil Co Ino. 15
*20%
*2%
2%
47
2%
27%
6%
85%
300
"I60
10,900
*5%
conv
% Jan
1% Mar 29
15% Mar 29
3% Mar 29
Oct
Apr
11%
7%
11%
*48%
6
Jan 24
May
11
20%
3%
*15
2%
6%
% Jan
42
13
11%
75
34% Mar 28
Dec
%
3% Oct
34% Nov
15,300
150
*32
71
4
Jan
7% Jan 11
91
11%
7%
11%
2%
Feb 23
1
Mar 30
No par
11
37
85
June 10
% Feb 10
3
Smith (A O) Corp
10
Smith A Cor Typewr__.No par
Snider Packing Corp...No par
11
2%
63
51% Mar
98% Mar
4% Mar 31
12% Mar 30
120
10%
*32
27% Mar
Dec
45% Mar 31
6% preferred
7%
10%
2%
Feb
Oct
22
Sliver King Coalition Mines.5
Simmons Co
No par
~
'
2,000
9%
1%
7%
2%
113
11
6
18% Mar 31
22%
20
Dec
4
Skelly Oil Co
15
7%
11%
*17%
*2%
x98
Dec
Jan
1,200
22
7%
Feb 11
19
18
37% Mar
27% Jan
2% Apr 5
14% Mar 30
22
11%
105
Slmonds Saw A Steel--No par
21%
7%
Mar 26
8% Mar 29
Slmms Petroleum
*13
*132
Jan
23%
91%
75%
23%
150
Mar
113
200
21%
20%
7
100
37
2%
*5%
*48%
*19%
75
21%
*132
150
103
Dec
200
*32
25
*30
3
7
51%
17%
*201.1
2%
37
18%
*%
26%
*133
20%
3%
16
150
20%
1%
*3%
*7%
*15
*132
20%
7%
50
150
Dec
86
15%
*15
12
12
*11
12
12
*10%
*11%
*11%
12
11%
*11%
9
*8%
9%
*8%
*8%
9%
8%
*9
8%
8%
8%
9%
12%
12%
12%
12%
12%
12%
13
12%
13
12%
12%
13%
*111% 113
*111% 113
*111% 113
*111% 113
*111% 113
*111% 113
2
2
2
2
1%
2%
2
2%
1%
1%
1%
1%
18
18
17%
*17%
18% *17%
17%
17%
zl7%
17%
*17%
17%
*132
5)4%
70
Jan 18
No par
..No par
pref
conv
"1,500
700
Jan
Jan 20
93
20% Mar
14%June 10
Sheaffer (W A) Pen Co .No par
Shell Union Oil
No par
700
46
81
Mar 24
79
Sharpe A Dohme
No par
$3.50 conv pref ser A.No par
Shattuck (Frank G.)..No par
200
Mar 30
Mar 29
Oct
Nov
10
6
9% Mar 30
400
800
*95% 100
14%
$5
share
per
6% Jan 26
May 28
23% Jan 12
1
Sharon Steel Corp
3%
i2
Seagrave Corp
No par
Sears, Roebuck A Co..No par
Servel Inc
......
*3% IS 3%
*38i4 39
7%
7%
*23% 26
12%
12%
101% 101%
*5%
5%
16%
16%
2%
2%
73
75%
*95% 100
14-%
500
57%
*88
91%
2,500
Highest
$ per share $
68
Seaboard Oil Co of Del .No par
14,700
May 28
Lowest
68
{Seaboard Air Line—No par
4-2% preferred
100
1*100
Mar 26
6
No par
3,900
"
57
*47%
*74%
75%
97%
♦13
%
1%
19%
3%
11%
12%
12%
*101% 106
5%
5%
16
16%
16%
2%
*2%
2%
*15
15%
15%
23
24
22%
5%
5%
%
*1%
12
7%
*23%
2,600
400
11%
57%
*38
7%
270
200
12
11%
11%
105
99% *101
*88
98
*13
"
39
""760
14%
11%
12
16%
*2%
15%
22%
16%
21%
92%
76%
3%
*7%
3%
37
12
*47%
3io
*23%
*5%
2%
*15%
21%
*88
26
3%
*38
99%
534
16%
15%
3%
38%
7%
*23%
11%
12%
5%
21
20%
3%
38%
7%
7%
100
100
*99% 100
3%
7%
*23%
*11%
14
19%
3%
51%
3%
37
*4%
%
2
%
37
*4%
*5%
19
%
*1%
18%
*3%
37
Year 1937
Highest
{St Louis South western... 100
5% preferred
100
Safeway Stores
No par
5% preferred
100
6% preferred..........100
7% preferred—
100
Savage Arms Corp
No par
Schenley Distillers Corp.__.-5
5^i% preferred
100
{Schulte Retail Stores
1
8% preferred
100
37
*4%
1938
EXCHANGE
*4%
*13%
37
*4%
13%
11,
Range for Previous
On basis of 100-Share Lots
STOCK
YORK
NEW
JUT
Saturday
June
r
Cash sale,
5
Mar 31
Mar 30
19% Mar 30
r
Ex-dlv.
y
12% Jan
80
81
Mar
Ex-rlghta.
10%
Nov
Oct
17%
6%
Jan
Jan
100% Jan
18% Sept
111
Feb
28% Feb
148% Mar
99% Jan
31% Feb
35% Mar
t Called for redemption.
Volume
New York Stock Record—Concluded—Page 10
146
SALE PRICES—PER
HIGH
June 4
June 6
June 7
June 8
June 9
$ per share
$ per share
$ per share
$ per share
$ per share
S per share
7%
7%
*8
15
*110% 116
9%
15
*111
15
15
112%
45%
*44
13%
13%
13
2%
2%
29%
2%
2484
28%
478
4'8
4%
*44
29
4%
*5%
45%
-13
2%
*5%
6%
73
73
6%
*68
4%
4%
*26%
*57
*68
73
4
5%
6
*65%
67
*%
65%
*6
26
26
*25%
58%
59
59
58%
9%
1
*%
6
7
*67%
6.
*4%
70
*%
*6%
67%
*4%
*6%
7
4%
s *%
6%
169% *167
169% *167
5
5
5
*434
169% *167
15%
4%
15%
*16
16%
16%
16%
4%
*4
4%
*4
4%
*3%
*7%
7%
*7%
7%
*7
8
*7
7%
7%
66%
32%
*58
*58
66%
32%
4%
58%
32%
438
2678
64%
2678
64%
53
*58
32
32
66%
33%
4%
4%
4%
4%
32%
4%
25%
60%
26%
26%
63
27%
64%
26%
62%
27%
63
49%
49%
49%
50
51
51
31%
*61
*61
64
42%
42
9334
94
94
32
32
44%
44%
*32%
*44%
*4
4%
*1%
1%
43%
94%
32%
•
*4
4%
_!%
1%
1%
*28
35
%
%
%
*%
14
19
19
*31%
32
*18%
*31%
*14
15%
*14
3%
*3
20%
*19%
109
109
*2
2%
7%
7%
*101
113
32
'
-r
1%
40
15%
3%
19%
*2
8%
*7
112%
*105
67%
10,200
65
*51
62%
62
4178
43%
96
97
32%
*4
1%
*38%
*%
%
1
'
""400
55
58
300
*1
*6%
6%
75
55s
14
*1334
14
14
14
75
*13%
*74
80
*74
80
*74
80
*74
82
6
6
6
6
3634
*18%
3634
6
6%
534
3634
*18%
*10%
214
37
37
1834
11
*3638
18*2
18*2
*103g
1U2
2i2
2i4
*28
32%
43g
43g
*29l8
278
30
3
1134
1134
21
21
1234
1234
18%
11
33
30
30
3
3
3%
412
30
278
3%
4%
30
30
"m
.»
.
«
•
10
21%
21%
1%
*1%
*1%
30%
1%
3034
20
*30
75%
*1%
*1%
755g
*77
83
*78
79
79
*86
87
86
87
*86
84
*79
121
121
11534
115% 11534
121
13%
3%
13%
*27g
8
*4%
8
79
*120
20
l:
1%
31
75%
3%
24
13%
1334
75%
%
3034
*74
13%
1,800
*74
122
121
120
121
11534 11534
79%
121
120
II534 116%
1334
13%
13%
1378
3
3
*3
7%
*4%
3%
3%
7%
*4%
*%
1
*%
1
1
1%
134
134
1%
1,100
76%
74
76
74%
7534
75%
78
75%
*31%
33
*31%
33
*31%
1134
247s
24%
*11%
*2334
1134
*24i8
*11%
24%
25
*30
75
*30
75
*30
63
16%
*75
*41%
*1278
7
714
7%
*7%
7~h
H2
7%
*1%
*11
1134
*11%
*2
2%
*ll4
*112
3%
3%
1%
3%
3%
*2
1%
378
3%
*31%
33
1134
*12%
13
*121i
12 84
*23%
25
*23%
25
24%
24%
*30
70
*30
75
*30
17
*16%
17
82%
*75
82%
82%
*75
82%
48
*42
48
*42%
48
*42
48
*12%
14%
*12%
14%
*12%
14%
*12%
14%
7%
7%
7%
7%
7%
7%
7%
7%
7%
7%
2,000
*7%
734
7%
7%
7
7%
6%
6%
900
1%
*1%
*11%
*2
1%
12
*1%
*11%
2%
*2
*1%
334
3%
1%
1%
3%
3%
3%
3%
1%
12
2%
1%
334
3%
1%
*11%
2
*1%
1%
1%
334
700
3%
3%
1,800
37
*11%
42%
4234
427S
43%
42%
43%
14%
14%
15%
15%
15
15
12%
43%
15%
*45%
50
49
49
*2634
32
*26%
32
*28
32
*31
37
*34
37
*33
36
*32
37
36
*78
86
*77
81
80
80
*78
82
82
80
*74
1078
27%
*65
2.534
1078
*76
107g
28%
75%
9%
*31"
•
*6734
70
26
*25
26
11
80
11%
11%
27%
29
*65
14
75%
14
10%
*74
69%
*25
11
80
11%
14
73
9%
9%
9%
9%
334
*3%
3%
31"
12
43%
43%
9,100
15%
1,300
4334
42%
15%
15%
49%
50%
*30
*68
x25%
1034
31%
*29
32
100
36
*33
37
100
87
83
88
160
2534
11%
80
12
12
12%
28
28%
*68
25%
11%
*75
6934
25%
1134
140
300
400
17,600
80
12%
13
""800
28%
29%
28%
73
*63%
72%
*63%
28%
72%
9,600
*65%
14
14
*14
1434
14%
14%
""960
11
11%
1134
3,100
3'%
200
31
934
*3%
9
3%
this day,
10%
*3%
3%
3%
{ In receivership,
a
Mar
Jan
135
Mar
Jan 10
50
Deo
98
Mar
117%
Feb
2
Oct
2%
2%
Oct
100
9
2% Mar 29
15% Mar 30
105
100
Mar 29
37
Mar 31
57
118% Mar 21
Mar 21
l%Mar 23
258 Jan 11
4% Jan 11
1% Apr 22
3% Feb
1284 Apr
74% Apr
Oct
2%
18%
117% Jan 11
1
100
100
100
5% preferred A
5% preferred B
No par
No par
Walgreen Co
4f$% pref with warrants 100
Walk(H)Good A W Ltd No par
No par
Preferred
Mar 25
74
4% Mar 30
30
4
8% Jan 17
20% Jan 10
684 Mar 31
1384June 10
No par
Walworth Co
Mar 31
1784May 18
81
Jan 24
8% Feb 23
447* Jan 15
19% Feb 18
A..No par
8
Mar 26
No par
2
Mar 26
16% Jan 16
3% Jan 13
.....100
Ward Baking class
23
Mar 31
48
Class B
Preferred.——
$3.85 conv pref
No par
No par
{Warren Bros
Pipe...-No par
Mar 26
5
Mar 31
16% Mar 31
5
Wayne Pump Co
11
Mar 30
1
Waukesha Motor Co
17
40
Jan 13
4% Jan 13
13% Jan 13
24% Jan 14
17% Jan 17
29% Jan 17
1% Mar 31
pref--No par
$3 convertible
Warren Fdy &
20
Jan 18
784 Jan 10
3% Mar 26
6
Warner Bros Pictures
7%
6%
Mar 30
—100
100
preferred
preferred
West Penn Power 7% pref.100
6%
100
preferred
Western Auto Supply
Western Maryland
6%
Co.—10
100
3
Jan 12
Telegraph.100
Westlngh'se Air Brake. No par
Westing house El
A Mfg
50
102% Jan
102% Jan
74
Mar 29
9784 Jan
3
3
3
116
Mar 31
Feb
1
Apr
70
Apr
111% Jan
121
116% Mar 24
6
19
12%May 31
Mar 25
3
% Mar 23
18
1% Mar
16% Mar
15% Mar
6184Mar
31
31
31
Jan 15
Jan 16
140
Jan 27
Mar 31
30
20
Mar 31
x27
60
Mar 19
60
5% conv preferred.
Co..—100
Corp...No par
Preferred
100
S5 conv prior pref...No par
White Dent'l Mfg (The S 8).20
White Motor Co
1
White Rock Mln Spr ctf No par
White Sewing Mach—.No par
$4 conv
Oct
115
12%
preferred
n
New stock
r
Oct
Oct
Oct
2
Oct
10%
26%
4%
Dec
99% Mar
Oct
18
Jan
33
Dec
69%
Oot
12%
35%
Jan
Jan
Jan
2%
9
Nov
Feb
16
Oct
46
11%
Oct
38%
20
Oct
60*4 Aug
9% Feb
2%
1
Oct
July
23% Oct
73% Nov
2%
66
84%
Nov
Feb
Jan
Mar
Feb
Aug
84
Oct
108
88
Oct
109
Feb
76
Oct
103
Aug
117% Oct
110% Apr
14% Dec
2% Oct
5%
Oct
1
Oct
1%
22%
Dec
17%
Oct
Oct
87% Nov
113
10%
Oct
Oct
31% Nov
10% Oct
21%
Dec
Mar 19
70
Dec
19
Oct
9
Feb
778
27% Jan 12
Mar
49
92% Aug
18% Mar
6158 July
1978 Jan
50% Feb
123% Mar
Jan
29% July
11% Mar
23% Mar
484 Mar
11% Mar
83% Jan
57% Mar
167% Jan
115%
170
30%
39
27%
3478
115
65
Jan
Jan
May
Feb
Jan
Apr
Mar
75
Nov
126% Aug
42
May 27
59
Jan 14
55
Dec
90*4 Aug
12
Mar 26
15
Jan 13
14%
Oct
6
Oct
8%
Oct
23% May
33% Feb
1878 Jan
6% Mar 31
6% June 10
1% Mar 31
8% Mar 31
1% Mar 30
l%June 7
3%June 10
3
Mar 24
Mar 30
Casb sale,
17
Mar
19% Feb
4
32
10
—10
WorthlngtonPAM(Del) No par
Preferred A 7% ——--—100
Prior pref 414% series... 10
Prior pf 414 % conv series. 10
Wright Aeronautical—.No par
Wrlgley (Wen) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire—No par
Youngstown 8 A T
No par
514% preferred
100
Youngst'wn Steel Door.No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
32
16
Jan
100
preferred
Oct
122% Jan
10% Mar
18% Mar
95
1
10
Woodward Iron Co
Wool worth (F W) Co
18
71*4 Dec
3% Oct
Jan
Mar 29
No par
Wilson A Co Inc
17% Jan 15
3234 Jan 5
15% Jan 18
Oct
6% Dec
Feb
75
5
Willys-Overland Motors
Def. delivery.
14% Mar 26
preferred—No par
Wilcox Oil A Gas
6% conv
9% Mar 30
31% Mar 28
Jan 10
1% Jan 11
Jan 11
Jan 10
3%
28%
27%
109%
10
Wheeling Steel
Mar 31
9
preferred
50
Instrum't. No par
Class A
No par
Westvaco Chlor Prod.-No par
1st
Feb 23
4% Jan 10
2% Mar 31
103
Weston Elec
Jan 24
82%May 28
100
100
1% Jan 28
8
1
.-100
preferred
Western Union
$6
400
*50%
70
May
80
Sept
Deo
36%
60
12
Bid and asked prices, no sales on
12
*75
28%
*65%
10%
*36
12
80
11%
2734
10%
70
26
37
12
15%
47
66
8
113
800
*36
*74
14%
9%
14
14
10%
70
100
3%
*36
30%
2%
1%
12
49%
30%
300
3%
37
49%
*2
June
Oct
1207, Feb 26
100
3%
12
43
2
1%
12
334
*36
*14%
*4734
*1%
12
*334
11%
*48
1%
12
40
8
Oct
35»4 Nov
Jan 22
37
-—100
pref...No par
Wheeling ALE Ry
*41%
»
42
Oct
9%
14%
Oct
200
""600
*75
37 '
25%
10%
""166
14%
1178
*25
33
48
11%
*67%
100
200
75
17
1634
37
70
13%
33
1134
*11%
*67%
122
13%
*31%
*36
*35
122
82%
11%
2%
1%
3%
334
1634
13
13
'
*16%
*75
16%
.
1634
122% 122%
16
Jan 17
8
800
3,600
31,200
1134
14%
1
18%
7734
1434
25
20% Jan 12
*23% Feb 15
11% Mar 31
14% Mar 31
30% Mar 30
Oct
15% Jan 11
preferred
No par
4% 2d preferred
Western Pacific..—
7%
I84
21%
33
82%
200
18%
*11
48
3%
21%
*3H4
*1278
80
21%
1834
124
16
4% Jan
258 Jan
68% Jan
39% Mar
4458 Jan
1% Apr 13
40
18%
*11%
Jan
3
Mar 26
% Jan
Oct
%
%
75
21%
*122
Jan
1% Jan 7
1% Jan 10
35% Feb 24
18%
1434
Jan
108
71
18%
122
86
164
Oct
25% Mar 31
1834
*11%
Nov
Nov
29
1
1834
122
47
135
54
$4 conv preferred...No par
West Penn El class A..No par
21%
1834
122
4
Jan 12
Mar
60
Wells Fargo & Co
1,600
May
5% Mar 26
20
*%
1%
21
Dec
5% preferred
100
Virginia Ry Co 6% pref—100
Vulcan Detlnnlng
100
70
121
Feb
Jan
8%
84%
147% Mar 11
""126
84
*4%
Oct
May 11
27% Mar 30
Wesson Oil A Snowdrift No par
13%
*3
"9% "Feb
Oct
9%
13% Jan 14
600
11534 116%
13%
Feb 25
300
75%
21
1434
*40i2
*120
1
46
2% Jan 10
1% Mar 26
1% Jan 3
21
*11%
*75
*79
"27," "Oct
Feb 24
6
No par
21
1434
16*4
%
31%
Jan
150
—
Webster Elsenlohr
21
*11%
16
%
31%
80
1
*120
100
87%
8
1221
3,800
1%
79
*%
74
2234
*1%
8534
1%
74%
22%
78
*4l4
71l2
300
86
1
18
14
Jan
126% Mar
1
June
42
3
Oct
76%
Virginia Iron Coal A Coke. 100
500
23%
78
79%
48% Nov
100%
6
45
Deo
Dec
50
7,600
23%
2
21%
8,000
3
86
84
Feb
3484 Mar
Oct
68
70% Mar 5
62% Jan 25
114% Jan 10
91%May 31
29% Mar 30
40
Apr 26
3% Mar 30
1% Mar 26
37
8
June
100
4%
*12%
*7g
18%
2%
33
79
*79
Mar 31
45% Jan
3
100
*1134
2
2H2
100
86
79
21
105
600
1334
22%
134
%
30s4
1
1%
400
12
234
2
*7,
*134
21%
700
Mar
4% Jan 20
Chem
Waldorf System..
18%
85%
112
72% Mar
19% Jan
723* Mar
Mar 30
100
78
Oct
Feb
15% Mar
22% Mar
•
3,700
79
43%
15%May 12
5% Jan 21
32% Jan 21
110% Mar 19
Preferred
638
87%
11534 116%
13%
13%
3%
*74
*1134
24
3%
Feb
Mar
70
Oct
Oct
Oct
6%
Feb
23% Mar
5% Dec
6% Jan 10
Apr
{Wabash Railway
75%
*1234
20%
*1%
Oct
June
1,100
33
*30
Deo
24
14
'6%
13%
24%
*12
13
13%
438
65
40
Va El & Pow 96
170
3%
3
12%
23%
24
*2%
*30%
No par
100
Corp of Am.No par
Va-Carollna
37%
18%
Feb 18
34%May 19
'
82
*10%
66
Mar 29
21% Mar 30
2% Mar 31
Victor Chem. Works-—---.-5
13%
6%
*37
30
4%
13
*74
*4i4
30
1334
*74
50
Vlcksburg Shrer&PacRy Co 100
6%
18%
12
2%
*2%
30
12
1%
31
13%
4%
18%
23%
19*2
H2
13%
*278
2%
31
3634
*10%
13
*74
121
*29%
3%
12
12%
*1%
*30%
*115
*2%
*29%
438
36%
18%
*6%
6%
3634
22
19%
1%
80
4%
36%
*18%
*10%
6%
22
1%
*79
2%
5%
*6%
*12%
*1158
30i2
Us
11
*2%
*29%
4.%
33
4%
*74
*30
18%
30
*214
*28
191.4
134
*H2
6%
16%
384
53
% Mar 30
10
*6%
*1334
Jan 16
Jan 13
Jan 13
1
40
6l2
14
13% Mar 31
3% Mar 30
5% Mar 26
Mar 31
6
*6%
*1334
172
29% Deo
48
Vlck Chemical Co
6%
14
*6%
154% Nov
134
200
300
Jan
Jan
3478
Jan 12
Mar 22
100
32
*3%
3%
3%
3%
3%
20%
20%
*19%
20%
20% 20%
109
109%
109% 109% *109
109%
V; *2
*2
*2
2%
2%
2%
2%
8%
87S
878
*6%
8%
*6%
*6*4
112%
112% *105
112% *105
112% *105
Oct
35%
23*4
6%
10%
25
No par
*2978
3%
19%
5%
169% Feb 9
87„ Jan 11
162% Mar 28
4% Mar 29
May 27
31%
109
Feb 15
May 10
137
Mar 31
8
31%
48
48
48
*42%
*42% 48
*42%
*42% 48
*42%
*116% 125
*116% 125
*116% 125
*116% 125
*116% 125
l»s
1%
1%
1%
*1%
1%
*1%
*1% "... 1%
*1%
*1%
2
2
*2
*2
2
2
2
2
2%
2%
2%
*1
*1
*1
*1
*1
2%
2%
2%
2%
2%
2%
*1%
25
l
5
*42% 48
*116% 125
*2
No par
new—
Preferred
400
10
78
Nov
55
Mar 31
Van Raalte Co Inc
14%
3%
Jan
20%
38
600
*13%
3%
Oct
Feb
21
*
Oct
Mar
*19
15%
Feb
%
48*
106
19%
40
100%
1% Jan 18
7% Jan 12
3% Mar 26
684 Mar 30
118
14%
*14~
Nov
70
74% Feb 21
Mar 31
20%
*
1
6
%May 16
*56
*18%
14%
838 Jan 17
4% Apr
62 May
Jan
113% Jan
16% Feb
2484 Mar
50
...100
Sales
Vanadium
3% Oct
5% Dec
Deo
*13%
1,600
Oct
9
5% Jan 12
62% Nov
*16
%
101
June
107
Mar
20
preferred..
Vadsco
17
43%
14%
*%
*16
'
Oct
Mar 21
J Utilities Pow & Light A
1,000
9
Mar
Universal Pictures 1st pref. 100
%
%
8684 Mar
No par
...
Universal LeafTob
8%
63
Oct
71
Universal-Cyclops Steel Corp 1
10
34
*28
Oct
62
35% Feb 25
14%
%
14
19%
31%
40
;
—
24
81
h
%
20%
%
20%
40
8
*7%
55
—
9% Mar
Jan 12
3
United Stockyards Corp
United Stores class A..No par
$6 conv pref A
No par
1,400
—
135% 135%
34
*28
13%
*18%
*14
8
58
7% pref.
2684 Apr
106% Feb
Oct
*44% Mar 31
10
Corp
Oct
Dec
2%
50
100
U 8 Tobacco new
1,300
1%
20
No par
Preferred
400
4%
1%
*7%
U 8 Steel
210
4%
100
Pipe A Foundry...
8% 1st preferred
3,000
*43%
5
50
class A .No par
U 8 Smelting Ref A MIn
Preferred
59,100
32%
*31%
100
pref
U 8 Rubber
200
97
100
U 8 Realty A Imp
1,000
43%
*55
*16
54
62
*135% 138
31%
32
*14
109
8
35
%
%
20%
14%
19%
28
1,900
35,500
8% Mar 30
No par
Prior preferred
U 8
6,100
4%
28
*1%
55
*28
*37
-
15%
3%
*6%
*7%
%
14%
18%
*31%
33%
43s
26%
*38%
54
%
3238
4%
Mar 31
50
6%
Jan
Jan
Mar
65% Feb 25
1138 Jan 5
35
21% Mar 31
Mar 26
No par
20
conv
3
Mar 14
preferred
Partlc A
100
33%
4
4%
*135% 138
35
*16
20
-
8
*%
*19%
19%
109% 109%
*2
2%
*105
44
4% •f: *4
1%
112
*57
58%
100
1,200
1
2
3
U 8 Industrial AlcohoLNo par
U 8 Leather
No par
1,100
83s
66%
Corp
conv
12% Apr
110
Mar 29
114
4
100
preferred
5H%
■*
4%
32%
*43%
32%
44
56
*30
20%
14%
-
*3
*7%
%
*16
14%
94%
32%
44%
95%
8
4178
95%
95
32%
17
*4%
8
*62
62%
42%
*38
56
%
■
*%
20%
14%
*16
41%
*135% 138
35
*%
*61
*38
8
8
*7%
*7%
*52
56
*5134 56%
*135% 138
*135% 138
*28
62
43
*4
*38
*38
*50
41%
94%
*32%
44%
m-imim'm
63
65%
62
63
40%
32%
*4%
26%
4%
7%
ft*
Jan
10
U 8 Hoffman Mach Corp
400
5
25
17%
4%
*4
74
6% Jan 11
39
No par
U 8 Gypsum
1,900
169%
17
25
17
9% Jan 10
80% Jan 10
Mar 26
10
No par
U S Freight
200
7
6978
5
5
*23
16%
4%
16
U S & Foreign Secur...No par
$5 first preferred
100
Conv
*6%
53
66%
16%
25
*23
Oct
U 8 Dlstrlb
6
69%
67%
53
*58
25
Oct
6
100
300
1
*23
5
*23
25%
7% Jan 12
200
6%
66%.
*5%
66%
169% *167
5
25
32%May 11
434June 10
4% Mar 29
60
Apr 1
United Paperboard
70
5
22% Mar 31
5
5
200
*4%
*23
5%
Mar
8%
467*
No par
600
*%
25
*484
*23
35
Oct
United Eng & Fdy
United Fruit
*106% 109
4%
* 4%
6%
6%
69
Dec
2
5
United Gas Improvt
$5 preferred...
6
*4%
Feb
17%
100
6,000
1
Jan
Feb
Mar 26
Preferred
978
66.
Jan
Feb
No par
1,000
6%
*5%
66
1
69
68
69
107
*3%
248g
31%
91
No par
58%
978
9%
107
Oct
Oct
United Electric Coal Cos
500
28
Oct
Dec
Corp
$3 preferred
9,800
5%
26%
4%
Oct
36%
100
No par
United Drug Ino
United Dyewood.Corp
10
73
5
478
25%
.
United
100
6
6
*66%
71
*56%
478
58%
%
169% *166
*166
1,400
59
*434
*6%
7
*6%
65-%
18,900
478
26%
%
6
26%
478
6%
478
9%
9%
9%
97g
9%
*106
107
*105% 107
*105% 107
*3%
3%
3%
4%
4%
4%
6
6
*5%
6%
6%
*5%
67
67
67
*65%
*65%
*65%
106
25%
4%
26
2478
10
4
18,800
.
58*
7
15
9% May 10
10% Feb 26
19% Jan 11
6*4 Mar 31
14% Mar 31
110% Jan 20
Highest
$ per share $ per share
49% Feb 23
19% Jan 10
884 Jan 8
Preferred
300
2%
58%
*58%
106
14%
238
Lowest
Highest
$ per share
$ per share
6
Mar 30
30%
117%
United Carr Fast Corp. TV0 par
4578
*13%
258
58%
27%
57%
*5
478
No par
United Carbon
14%
45%
5
No par
20
2%
46
Transport
United Amer Bosch
United Biscuit.
300
4578
*13%
73
*68
5
Un Air Lines
1,900
116
112% 112% *112
100-Share Lots
Lowest
Par
100
16%
16
On Basis of
Week
7,000
Range for Previous
Year 1937
Range Since Jan. 1
Shares
9%
*8
16
EXCHANGE
8%
8%
8%
8%
27%
5%
27%
9%
73
8%
8%
*15%
4%
26%
484
10
Thursday
8
8%
8%
8%
9
*7
9%
*8%
15%
15%
15%
15%
112%
112% 112% *111
45%
*43%
45% *44
14
14
*13%
14%
2%
2%
2%
2%
24%
25%
24% 25%
478
4%
478
4%
*5%
*5%
6%
6%
8%
7%
*8
9%
Wednesday
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Friday
June 10
Tuesday
Monday
STOCKS
fOT
AND
Sales
J\Jl
LOW
Saturday
3773
10% Mar 29
36
Jan
3
13% Jan 12
11
Jan 21
3
Jan 22
21% Jan 24
2% Feb 25
3
Jan
7
6% Jan 10
1%
11
Oct
46%
6%
1%
Oct
2
Dec
4%
Dec
4%
Oct
12%
49%
Dec
91% Mar
10%
Dec
44%May 16
34
Dec
13%
65%
Deo
Jan
47
Jan
20
Feb 25
12
Mar 29
66
Jan 25
64%
Oct
27
Mar 28
35% Feb 24
34
Dec
Jan 10
39%
Jan 10
3
Mar 30
8% Jan
71
9% Mar 31
24
Mar 30
62% Mar 31
11% Mar 29
9
Mar 31
2% Jan
x
3
Ex-dlv.
y
Feb
6
684 Jan
11% Mar 29
61% Mar 31
20% Jan 31
Jan
Jan
5% Sept
12
Sept
60% Jan 21
19% Jan 17
42
28% Mar 30
55% Mar 30
6% Mar
Oct
Oct
112% Mar
40*4 Deo
Dec
64
Nov
38
Oct
128
Mar
8
58%
Oct
76
29% Apr 18
21%
Dec
62%
Jan
15% Jan 21
7%
Oct
37%
Feb
43
94
70
93
June
Jan 11
18% Jan 10
68
Dec
12%
Dec
43%
Jan 12
34% Nov
75
Jan 26
70
Oct
142
46%
Jan
Jan
Feb
1017* Mar
115
Jan
22% Jan 10
17% Jan 12
584 Mar
Ex-rlghts.
7
11%
Dec
2%
Oct
43% Aug
9% Jan
1 Called for redemption.
3774
June
NEW- YORK
1938
11
STOCK
Record,Bond
Friday, Weekly and Yearly
NOTICE—Prices
are
"and
interest"—except for income and defaulted bonds
Cash and deferred delivery Bales
unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in
occur.
No account is taken of such sales in computing the range for the year.
West's
Friday
BONDS
N
STOCK
Y
Range or
Range
Sale
Friday's
Since
Week Ended June 10
*£
No.
118.27
11
116 4
118.27
J
110.5
27
107 2
1105
114.23
13
111 22114.23
1
Price
118.26
113.6
113.10
51
110 .8
110.19
13
107 .18 110.19
106.18
16 1940-1943 J
F
M
107.30
3 08
106 29108.2
F
3
M N
D
108.17
108.22
12
105 27 108.22
F
A
D
108.11
108.16
51
105 19108.18
J
J
J
D
F
A
108.12 108.8
O 110.3
108.12
8
109.28
110.3
66
103.22
104.2
16 1945-1947 M S 106.20 106.14
104.9
140
8
106.20
107 4
108.15
107
110.3
101 24104.15
12
104.20 3 04.16
104.20
57
103.13
13
100, 26103.18
S
102.27 102.24
103.5
45
100 14 103.10
D
101.29 101.23
102
142
D
106
105.21
106
63
102 14 106
103.31
104.5
37
101
H 107.6
16 1942-1947 J
J
1 1942-1947 M
1 1939-1949 F
A
1942-1944 J
99 18102.2
6
50
104
1
56
105
J
1045*
104
104?*
F
A
1015*
1005*
101?*
A
Apr 15
O
"l Off. 14
J
105.8
105.8
234
83
91
55
1
55
67
3
55
mua
luuu
A
O
*555*
64
S
*54
70
v/]D«
A
O
551*
A
O
*555*
♦Dresden (City) external 7a...1946 M N
41
103.9
103.8
103.8
66
101.9
103.13
104.13
55
101.5
104.13
103.4
104.13 104.7
74*
744
744
744
744
744
16 5*
175*
7 44
23 5*
23tf
85*
8H
m
f 7s series B
1945
f 7s series C
1946
♦External
s
f 7s series D
1945
744
744
♦External
s
f 7* 1st series
1957
4 J*
75*
sec s
644
*644
654
♦External
7
5
75*
f 7b 2d series. 1957
f 7s 3d series. 1957
*644
1958
92
Argentine (National Government)—
J
EstODla (Republic of) 7s
A
1972 A
89 %
644
55*
9
9244
92
89
J
1957 M
1054?
1957 J
J
62
138
785*
80
42
785*
19
75*
1005*
99
104
104 44
10544
10554
21
10144
10044
10144
27
3044
3044
3044
S
1956 M N
9054
8044
7944
8044
8944
7944
.
O
..1965 J
2044
965*
885*
885*
1065*
985* 1085*
965* 102
28
10244
'10044
15
A
A
D
102
♦Stabilisation loar 744s
Canada (Dom of) 30-yr 4a
to-
1055*
10-year 2448
F
1961
♦7s part paid
1961 J
1981
A
Oct 1961 A
For footnotes
Irish Free State extl
12
125*
23
13
83
13
49
105*
105*
195*
19J*
13
11
105*
195*
a
25?*
12
245*
275*
1
245*
295*
29
32 5*
1
265*
1
225*
305*
29
195*
27
70
86
*26
5444
55 44
A
O
•
-
A
O
19?*
20
4
19
J
175*
104?*
1
165*
m
mm
m
mm
J
M N
M N
171*
104?*
1
125*
9
*11
J
18
14
125*
F
A
A
*38
76
785*
m m-
m
mm
5
79
615*
34
711*
765*
595*
62?*
411*
-
-
-
62
755*
965* 102
1015*
♦Jugoslavia (State Mtge Bk) 7s 1957
A
O
102 5*
♦Leipzig (Germany) s f 7s
1947
Lower Austria (Province)
75*8.1950
F
A
22
J
D
*20
1954 J
D
605*
mm
mm
*37
mm
"55"
31
51
785*
795*
705*
5654
14
5254
705*
53
56 44
58
4
-
28
172
212
-
-
m
-
5
22
19
545*
705*
725*
5
365*
53
3344
3344
3344
315*
345*
♦Assenting 4s of 1904..
1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 Bmall
325*
355*
10944
11244
10944
110
51
112
11254
24
102
10144
10244
16
98
10244
10144
10244
10244
37
101
101 44
6
9844
215
985* 1025*
975* 1015*
925*
985*
*3344
3844
3344
A
9844
*2144
*33
1055* 110
1095* 1135*
102«*
20
30
35
85*
'
85*
2?*
*15*
*15*
*15*
4
4
8 5*
♦1 5*
♦ITreas 6s
1954 J
of '13
J
assent(large) '33 J
D
5
mm'mm
mm
m
m
m
mm
m
15*
*15*
15*
D
A
J
J
625*
1959 M
25*
"615*
625*
8
95*
*8
*37
60
1959 M N
♦6s series A
*34
50
102 5*
5
9
105?*
4
106
1061*
15
28
32
20-year external 6s
1944 F
145*
145*
195*
External sink fund 45*8
External 8 f 45*8
1956 M
8
195*
1965 A
O
103 J*
57
15
195*
48
1963 F
A
1035*
32
15
Municipal Bank extl
D
O
O
17
f ext loan
A
10
15
3
15
195*
extl 6s
Oriental Devel guar 6b
Extl deb 55*8
1952 F
1953 M
145*
13
125*
82
80 5*
56
655*
685*
81
495*
35
64 5*
455*
205*
225*
6
15*
154
15*
15*
95*
254
4
454
3
1953 J
D
s
f 5s... 1970 J
♦Nuremburg (City)
55*a
D
A
8
1958 M N
1654
11
17
1654
17
25
13
175*
1544
2444
1544
1544
7
115*
2444
1
245*
30
♦Pernambuco (State of) 7b
195k
215*
♦Peru (Rep of) external 7s
1959 M 5
♦Nat Loan extl • f 6s 1st ser.. 1980 J
D
♦Nat Loan extl s f 6s 2d ser.. 1961 A O
65*
7
35*
3
67
105*
11
385*
61
37
575*
97 5* 104 5*
9854 10354
1035* 107
104
10754
995* 1065*
«
•
«
«
*
105
1031*
1025*
104
18
995* 104 54
103?*
102?*
50
985* 103 5*
1025* 1035*
20
215*
*102?*
205*
*
53
485*
4
205*
555*
33
51
49
53
248
101?*
3
22
47
30
965* 103 5*
20
8b
104 5*
40
465*
27
32
45
102?*
86
90
625*
575*
16
2444
*2054
102
57
105
O
125*
125*
Oslo (City) s f 45*s
Panama (Rep) extl
1955 A
6
175*
175*
1444
2144
10
175*
145*
1454
10
17H
1946 M N
22
22
16 5*
235*
235*
*22
24
17
235*
A
s
1943 F
extl 6s
195*
195*
195*
22
J
m
1015*. 1025*
13
17
mm
1055a
mm**
21
1644
1644
1654
m
1025*
135
D
m
10552
1065*
3044
1944
1944
19
mm
A
A
1844
1854
1854
1944
8
mmmm
m
O
1944
1944
1944
1944
19
95*
Norway 20-year
3044
1944
1854
34
New 80 Wales
(8tate) extl 6s.. 1957 F
External s f 5s
Apr 1958 A
32
1944
72
705*
25*
,
95*
S
D
1952 J
38
1344
1354
3779.
1958 M
♦Montevideo (City) 7s
29
1854
375*
1
15*
*15*
~~62~~
35
22
1947 F
♦Sec extl sf 65*8
♦Sec extl s f 65*s
O
10
"1944
13
5^5*
15*
Milan (City, Italy) extl
65*8...1052 A
Minas Geraes (State)—
3044
S
N
is
115*
37
35*
25*
30
1944
1954
1944
19
185*
13
15*
♦4s of 1904
3044
1844
115*
115*
245*
♦Assenting 5s small
60
J
175*
23
5944
3744
'
N
2254
1055*
112?* 1175*
781*
*75
615*
104
275*
325*
m
I
.
J
95
m
491*
/
8
mm
.
51
f 5s.....I960 M N
D
mm
125*
*36
1951 J
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s... 1952 J
16
125*
*125*
O
♦Medellln (Colombia) 65*8
54 ?*
"305* "345*
275*
98
64
m
255*
4
12
245*
m
255*
"5
1254
215*
m
23
Japanese Govt 30-yr s f
65*8—1954 F A
Extl sinking fund 5
5*8
1965 M N
9944
9954
102
Extended at 45*8 to
m
J
Italy (Kingdom of) extl 7s
O
Jan 1961 J
see page
24
1025*
28 5*
6
22
235*
185*
100
1005*
245*
31?*
♦Mexican Irrig assenting 4
5*8.1943 M N
♦Mexico (US) extl 5s of 1899 £.1945 Q J
♦Assenting 5s of 1899
1945 Q
J
♦Assenting 5s large
1962 M N
♦Colombia Mtge Bank'6 44s... 1947 A
♦Sinking fund 7a of 1926
♦Sinking fund 7a Of 1927
195*
1
995*
45
24?*
2
85
♦Chilean Cons Munlc 7s
I960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 5448.1960 M 8
Colombia (Republic of)—
gold
4
101
1045* 109
25
...1979 F
4
22
1085*
735*
1946 J
g
f g
108 H
935*
73
A
1005*
99
O
785*
Oct 15 1960 A
f 7s
1942 A
♦Ry ref extl 1f6s
Jan 1961 F
♦Extl sinking fund
6a..Sept 1961 J
♦External sinking fund 6s... 1962 M
♦External sinking fund 6s...1963 M
♦Chile Mtge Bank 644s
..1957 J
a f
s
3
97
195*
24
665*
♦External sinking fund 6s... 1960 M N
♦Extl sinking fund 6s...Feb 1961 A O
♦6s extl
100
1075*
1075* 1155*
♦7s secured
20
1035*
95
104 5*
25?*
1945 J
♦Hungarian Land M Inst 75*8.1961
♦Sinking fund 75*8 ser B
1961
♦Hungary (Kingdom of) 75*8.. 1944
-
235*
68
1967 J
♦6a of 1928
23
108
s f
«
31
235*
1952 A
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 75*8 '50
Helslngfors (City) ext 65*8
1960
Hungarian Cons Municipal Loan—
m
255*
A
106
J
♦Sink fund 6448 of 1926
♦Guar sink fund 6s
♦Guar sink fund 8s
195*
100
aer A
-
31
1968
Haiti (Republic) s f 6s
3
21 5*
28
1968 F
♦6s part paid
1
951*
105!*
28
*60
♦Carlsbad (City) af 8a
...1954 J
♦Cent Agrio Bank (Ger) 7s
1950 M
♦Farm-Loan s f 6s..July 15 1960 J
s
30
215*
..1964
*62
1944 J
♦Farm Loan «f 6a
♦Chile (Rep)—Extl
215*
MSmall
Aug 15 1946
80-year 3s
6
22
♦7s unstamped
1949
German Prov <k Communal Bks
♦(Cons Ague Loan) 6 5*s
1958 J D
♦Greek Government s 1 ser 78..1964 M N
*65
1952 M N
25-year 3448
7-year 244s
22
2
245*
O
8
O
62
22
*215*
8
1968 M N
1960 A
51
19
*995*
A
J
62
7
*1105*
----
2044
1244
Bulgaria (Kingdom of)-—
..1967 J
m
mmirn,
64
555*
21
97
♦55*8 unstamped
1965
♦55*8 stamp(Canad'n Holder) *65
♦German Rep extl 7s stamped. 1949 A
20 K
15
102
D
S
70
955*
1051*
*205*
1035*
D
10044
1244
1244
*9944
9944
B
1958 F
...1950 J
t 7s
11
1444
1244
13
13
a
J
S
D
2044
s f 644s of
1927... 1957 A
(Central Ry)
1952 J
Brisbane (City) s f 6s
1957 M
♦Secured
J
..1949 J
2044
♦7s
444-444s
1977 M
Refunding a f 45*s-4 5*s
1976 F
External re-adj 4448-4448—1976 A
External a f 45*»-4?*s
1975 M
3% external s f $ bonds
1984 J
11244
10044
O
J
f
34
111
J
♦External
a
3
2054
10444
10454
104
104
D
S
1
555*
22
J
7s unstamped
.1949
German Govt International—
♦55*8 of 1930 stamped
1965 J
♦75*s secured
♦Bavaria (Free State)
644s
1945 F A
Belgium 25-yr extl 644s.......1949 M S
External sf6s
J
...1955 J
82
64
21
....1941
♦8ink fund secured 6s
M N
1972 F
-
57
65
-
-
106.23
a
External
*89
55
102.13 105.8
106.20
s
F
104
55
103.22 106.15
♦External
M
98
945* 102
55
24
♦External
1961 M
1015* 1065*
18
S
106.15
106.15 106.10
♦Antloqula (Dept) coll 7s A...1945
1961
38
97
96
955*
O
3 06.8
106.14
96
.....
7854
M
Customs Admins 65*« 2d Ber.1961 M
*95
♦6s stamped
96
|»8tamped extd to Sept 1 1935.. M S
**u
Ankershus (King of Norway) 4s 1968
♦6 44s stamped
625*
leutsche Bk Am part ctf 6s...
External 7s stamped
I
102
106
70?*
103.4
23
♦Budapest (City of) 6a._
1962
♦Buenos Aires (Prov) extl
6s...1961
1105*
96 5*
75
103.28 107.6
23
Sinking fund gold 5s
20-year a f 6b..
103
100
75
33
♦22
A
139
1
74
23
♦22
f 5s.. 1960 M
11
69
106.13
1948
(Germany) s f 644s
1950
♦External sinking fund 6s...1968
♦Brazil (U 8 of) external 8s
1941
♦External s f 644s of 1926...1957
985*
100!*
97
1005*
16 5*
24
1015* 104
75
107.6
1947
♦Berlin
2
74
106.26
Agricultural Mtge Bank (Colombia)
1955 J
90
75
J
External gold 55*8
External g4 5*s
75*s unstamped
f 7s
4
80
62 5*
O
104.5
Govt. & Municipal*—
External g 444* of 1928
Austrian (Govt's) a f 7s
97
♦Frankfort (City of) s f 65*s...l953 M.N
French Republic 75*s stamped. 1941 J D
1971
2
104
80
43
805*
1
525*
O
M
444s
18?*
101?*
925* 101 5*
925* 100 5*
A
106.9
8
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 M N
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
85
-
-
-
A
S
Mar.
s
1
High
1951 A
Czechoslovak (Rep of) 8s
Sinking fund 8aserB
101 27104.21
103.12 103.12
Jan.
IfBergeD (Norway) extl
low
103 25 106.20
S
I)
3s
external 6s
33
94
183*
1015*
A
16 1944-1946 A
♦Gtd sink fund 6a
♦Gtd sink fund 6s
35
97
94
*925*
525*
*805*
8
8
2448
s
Jan.
103 26106.18
105 2 108.2
105 21 106.27
16 1944-1949 M N
External 30-year
No.
104
32
15
21
15 1955-1960 M
Apr
Australia 30-year 6s...
External 5s of 1927
High
93
J
108.2
May
8 f external
Since
*•3
a; co
96
94
A
J
♦7s stamped
Cordoba (Prov) Argentina 7a..
965*
A
106.27
16 1941-1943 M
Aug. 16 1941
113.10
D
F
106.24
1948 M
Federal Farm Mortgage Corp—
3448
Mar. 15 1944-1964 M
sec s
Range
SL1
A si
&
Low
D
Treasury 25*8
♦External
Bid
High
110.15
16 1948-1951 M
Treasury 2448.—June 15 1951-1954 J
Treasury 2448—-Sept. 15 1956-1959 M
Treasury 2 5*s...Dec. 16 1949-1953 J
Treasury 2 5*s
—Dec. 16 1946 J
Antwerp (City)
Friday's
M N
114.17
Low
Week Ended June 10
Foreign Govt. & Mun. (C01U.)
Treasury 3 5*s... June 16 1946-1949 J
Treasury 85*s_._Dec. 15 1949-1952 J
Foreign
Range or
Sale
fe
High
Jan.
15 1951-1955 M S 106.14 106-10
15 1946-1948 J D
107.30
244s series B..Aug.
244s series G—
Week's
Las{
5
c
109.29
Price
Treasury 45*s.__Oct. 16 1947-1952 A O
Treasury 35*s._-Oct. 15 1943-1845 A O 110.3
Treasury 4s
Dec. 15 1944-1954 J
D 114.21
Treasury 3?*s..-Mar. 15 1946-1950 M 8
Treasury 3 5*8... June 15 1943-1947 J D
3s
Friday
*•
EXCHANGE
§1
ftSci
&
low
Treasury 35*s
Treasury 3 5*8..-Apr.
Treasury 2J*s__.Mar.
Treasury 2?*8-.-8ept.
Treasury 2448—Sept.
STOCK
Asked
But
U. S. Government
Treasury 3s
Sept.
Treasury 3s
June
Treasury 3?*8—June
Treasury 35*8...Mar.
BONDS
Y.
N.
which they
in
'
•J
£11 last
if 1
EXCHANGE
disregarded in the week's range,
are
a footnote in the week
14
165*
165*
♦Extl
s
f 6s ser A
1963 M N
♦Poland (Rep of) gold 6s
♦Stabilization loan
*45
1963 M N
♦Stamped
s f
1947 M
445*
8
1940 A
O
7b....1947 A
J
*
-
-
45
6?*
6?*
3
55*
95*
9
95*
85*
14
75*
34
75*
75*
1154
115*
115*
85*
85*
75*
85*
39
485*
455*
48?*
595*
455*
O
♦External link fund g 8a....1950 J
421*
75*
595*
45
435*
11
445*
18
595*
825*
23
42
62
675*
Volume
New York Bond Record—Continued—Page 2
146
3775
Week's
Last
EXCHANGE
STOCK
Y.
Week Ended June 10
Range or
Sale
BONDS
N.
Bid
1961
7X
8X
7
*73
♦Rbine-Maln-Danube 7s A
1946
A
F
A
1946 A
O
D
-
Belvidere Delaware
10X
98 X
22X
19
23
I
25
;
17
5X
7X
J
♦6s extl s f g
1968
7
6
6
♦7s extl loan of 1926
7X
7X
2
5X
8X
7X
8X
9
7
_
_
3Xb
1st M 5s series II
1st g 4Xb series JJ
6X
23
24 X
59
20 X
38
J
J
♦8s extl secured s f
1952
M N
*7X
8X
♦6 Xb extl secured s f
1957
IVI N
7 X
7X
-
Bklyn Qu Co A Sub
25
*21X
5X
3
13X
17
*14X
|*8s extl loan of 1921
1936
♦8s external
1950 J
♦7s extl Water loan
1956 M S
♦6s extl Dollar loan
1968 J
Secured
1940
30
30 X
1946
1946
Slovenes (Kingdom
*25
25 X
9
J
7 X
26
23 X
45X
24 X
25
23 X
45
21
41
gtd 58.1941 M N
J
1941 J
*39X
105X
105X
5X
105X
35
105
52
25
58
20
57 X
25
2
70
"is
106
14
-
1
95 X
5
62
80 X
80 X
47X
1962 IVI N
301.
30 X
32
21
20 X
D
44 X
13
41X
J
♦Slleslan Landowners Assn 68—1947 F
Sydney (City) a f 5Xs
1965 F
A
44 X
43
A
*28 X
ioix
»
-
24
49 X
47
49 X
J
1952 M S
1961 A O "52 X
♦Uruguay (Republic) extl 8a—.1946 F A
1971 J
45
*42 X
110
25 X
26
{(♦Burl C R A Nor 1st A coll 6s 1934 A O
1960
45X
Calif-Oregon Power 4s
1966
89X
HCal Pack
1940
1960 M N
40 X
2
40 X
♦External
1964 M N
*39 X
43 X
-
-
38 X
54
40X
63 X
«.
_
40
38 X
40
71
37X
41X
42 X
16
38
.
38
67X
2
18
Coll trust 4Xa
100 '
1946
40 X
38
55X
62
58 equip trust ctfs
63 X
50
54X
Canadian Northern deb 6 Xs
1946
Canadian Pac Ry 4% deb stk perpet
42 X
67 X
18X
*42
54"
38 X
70
18
18X
7 X
45
75
86
35
3
46
11
65
Coll trust gold 5s
Collateral trust 4Xa
{♦Car Cent 1st
INDUSTRIAL
guar
1944
Dec 1 1954
1960
..1949
4s
Carriers A Gen Corp deb 5s w w 1950
D
43X
44 X
3
37X
62X
P
87 X
87 X
11
87X
95
Cart A Adlr 1st gu gold 4s___.1981
Celotex Corp deb 4Xs w w
1947
1
87 X
94 X
♦Cent Branch U P 1st g 4s
*86
..—1947
Adriatic Elec Co extl 7s
1952
*67 X
Ala Gt Sou 1st cons A 6s
1943
*102X
1943
97 X
1948
35
♦Consol gold 6s
105
♦Ref A gen 5Xs
96
4
35
54
I
35
67
1
1945
series B._...1959
♦Ref A gen 6s series C
1959
♦ChattDlv pur money g 48..1951
103X
•
♦Mac A Nor Div 1st g 6s
1946
6S.1947
1946
1941
.1941
90
♦Mid Ga A At Dlv pur m
60 X
39
45
78
♦Mobile Dlv 1st g 5s
50
51
90
60
3X8
1946
Alleghany Corp coll trust 5s...1944
Coll A conv 5s
———1949
51
14
44
25
67X
41X
Central Foundry mtge 6s
Gen mortgage 6s
16X
38
Cent Hud G A E 1st A ref 3X8-1965
74
*22
1950
19
—.——1950
Allegb A West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942
Allied Stores Corp deb 4X8
1950
♦6s stamped
4 Xs debentures
Allls-Chalmers Mfg conv 4a
78
100
35
36
1948
{♦Central of Ga 1st g 6s__Nov 1946
101X
67
1
97 X
35
*
Alb A Suaq 1st guar
♦Coll A conv 5a
94
80 X
*»««<<•.«
*35
1948
2
98
96
98
1946
89
W
~
~
26
Cent 111 Elec A Gas let 5s
17
103X
81
81
81
101
3
79
6
79
104
81X
105X
104X
105X
~
60
103
1951
1952
~
19 X
18X
*
96
109
1961
Cent Illinois Light 3Xa
1966
1961
1987
92 X
{♦Cent New Eng lstgu4s
87
Central of N J gen g 5s
106X
General 4s.
.......—.1987
Central N Y Power 3Xs—.1962
M
Alplne-Montan Steel 7s
deb 5s
1955
2030
American Ices f deb 5s
1953 J
Amer I G Chem conv 5Xs
1949 IVI N
Am Internat Corp conv
5Xs...1949
M
J
S
"Six
D
J
27
50
52
94
99
99
2
27
S
Am A Foreign Pow
19
27
38X
95
"ioi x
104 X
105X
49
99 X
92 X
92 X
93 X
13
80
3X8 debentures
1961 A O
3X8 debentures
.1966 J D
J
♦Am Type Founders conv deb. 1950 J
Amer Wat Wks A Elec 6s ser A. 1975 M N
A O
Anaconda Cop Mln s t
deb 4 Xb 1950
68
113
113X
102 X
103
107
102
113X
102X
102X
102X
262
68 X
105X
98 X
"94 X
10
94 X
94
112X 113X
99 X 103
112
105
104X
103X
29X
29X
29X
23
24
2
98
mmmm
99 X
102 X
97 X
99
*96X
107
84
97
102X 105 X
♦Anglo-Chilean Nitrate—
1967
8 f Income deb
Jan
1995 Q
{Ann Arbor 1st g 4s
Ark A Mem Bridge A Term 6s. 1964 wi
J
Armour A Co (Del) 4s series B.1955 F
A
1967
1st M s f 4s ser C (Del)
*
O
31
23
41
98
100
93 X
"~94X
J
A
25X
94 X
84
88
96
93 X
s
1
15
94 X
22
86 X
94 X
216
98 X
110X
Atchison Top A Santa Fe—
General
...1995
4s
1995
♦
Stamped 4s
Conv gold 4s of 1909
Conv 4s of 1905
J
...
81
80
98 X
*101
*
93
98 X
2
104
1958
J
Cal-Arl« 1st A ref 4 X8 A
1962
9
Atl Knox A Nor 1st g 6s
1946
D
*105
114
Atl A Charl A L 1st 4 Xa A
1944
J
*55
75
J
*57
72
1944
J
Atl Coast Line 1st cons 4s July 1952 M
1964 J
General unified 4Xa A
May 1 1945
10-year coll tr 5s
LAN coll gold 4s
Atl A Dan 1st g 4s
Second mortgage 4s
-
-
-
m
'm
«
-
----
53 X
*66
13
3
86 X
87 X
17
80
104 X
109
114X
20
111
115X
116X
116X
119X
13
114 X
16
117
121
116
120 X
114X
H8X
119X
H9X
"4
30
112X 116X
45
111
17
79X
78
50
120 X 125X
73
89
12
96
112
111X
11
98 X
92
11
92 X
96 X
17
40
'ioox
94 X
73
97
104X
14X
31X
8
14
60 X
60
15
30
♦Gen 4s series A
81X
85
♦Gen g 3 X«
.......
77
{Chic Milwaukee A
♦Gen
Baldwin Loco Works 5s stmpd.1940 IVI N
38 X
40 X
61
38X
78X
18X
18X
19
45
15X
39 X
42
42
43X
72
40
82 X
19
21
88
17
46
29
28
70
51
24
59 X
Refund A gen 5s series A
D
1st gold 6s
A
O
J
D
19
g
July 1948
4s
1995
July 1948
1995
Ref A gen 6s aeries C
P L E A W Va Sys ref 4s
1941 M N
J
Southwest Dlv lgt 3X8-58—1950 J
Tol A Cln Dlv 1st ref 4s A
Ref A gen 5s aeries D
2000
I960
1996
28
24 X
Conv
4 X®
F
Bangor A Aroostook 1st 5s
Con ret 4s
...
4s stamped
Battle Creek A Stur 1st gu
Beech Creek ext lstg3X»
Bell Telep of Pa 5s series B
1st A ref 5s series C
1943
28
*21
"l7X
26 X
-
-
24
—
8
J
18X
20
14X
IW
14
15X
147
17X
17X
18X
48
J
17 X
*106
100 x
..1961
1951
3s.. 1989
1951
1948
1960
31
24
28X
1959
Rei A gen M 6« series
100
97 X
99X
39 X
O
Ohio 1st
9
99 X
A
J
Bait A
101
*37
*
102
46
6
101 x
60
94 X
7
-
mm
-
♦Gen
56
35
50
8X
12X
4
7
3X
7X
6
6X
*6X
10
"97" 112"
*95
*54
57
70
108 X
95
109X
107
109X
96 X
89
100X
108X
108X
105X
29X
27 X
46
23
20
34 X
*23
23
22 X
18
'inn
105X
69X
18X
106X
75X
64
65
40
41X
18
108X
29
101
97
5
10
106X
65
97 X
64
65
39X
74X
54X
"64"
•****■■ "*
*53 "
"59"
115X
""io
58
58 X
9
49
96 X
96 X
3
95X
106
103 X
112
103X
25
103 X
108
113 X
29
91 X
93 X
30
110X 121
85 X
97
91 X
93 X
37
115X
112 X
85 X
106
106
106
106
10
118X
67
97
106
Ioix 115"
106
11
15
26 X
85
107 X
J
M
90 X
111X
133
83 X
F
F
28
71X
105
49
75
109X
90
90 X
A
"ii
8 X
9
M
7 X
109
17 X
16X
56 X
"24
2
1
108
16 X
22
9X
10
9
X
15
13
{♦Chic A No West gen g
♦General 4s
14X
♦Gen
♦4Xs stamped
95
108
(♦Secured 6 Xs—
♦1st A
99
108
♦1st A
40
48
♦Conv
117X
30
99 X 100
115X 119X
128X
128X
128X
12
125X 128X
8
20
7H
7 X
86 X
112
35 X
J
1
20 X
30
J
7
20 X
38
J
5
21
35 X
5
19X
34 X
78
7 X
13 X
109
2 X
4
13 X
4X
18
3X8—1987
J
A
8X
A
O
3
M
N
1987
7
M N
1987
M N
1987
1936
May 1 2037
ref 4Xs stpd.May 1 2037
ref 4Xs ser C.May 1 2037
4Xs series A—
1949
•1st ref g 5s
112
1989
1989
1989
1989
stpd Fed Inc tax—1987
6s stpd Fed Inc tax
1987
39
60
J
♦Stpd 4s non-p Fed Inc tax
34
3X
1
1
1
1
♦Gen 4Xb
38 X
3
May 11989
{♦Chic MUw St P A Pac 5s A—1975
♦Conv adj 5s.-------Jan 1 2000
15
117X
mm
♦Gen
16
117X
mm
89
76 X
26
67
St Paul—
series B..May
4X8 series C
May
4 Xs series E—May
4X8 series F._.May
11X
105X 112X
IOOX
47 X
31
6
18
55 X
99
108
20
gold 6s
1982
{♦Chicago Great West 1st 4s...1959
{♦Chic Ind A Loulsv ref 6s
1947
♦Refunding g 5s series B—.1947
♦Refunding 4s series C
1947
♦
1st A een 5s series A
1966
♦
1st A gen 6s series B—May 1966
Chic Ind A Sou 50-yr 4s
1956
Cblc L 8 A East 1st 4 Xa
1969
76 X
10
*
*4X
108
104
59
Chicago A Erie 1st
45
24 X
{♦Auburn Auto conv deb 4X8.1939
Austin A N W 1st gu g 5s
1941
112X
99X 112
{(♦Chicago A East 111 1st 6s...1934
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit
103 X
35 X
A
88
23 X
17X
103 X
86 X
35
100 X
J
77 X
24 X
17 X
87X 106 X
92
77
Chic A Alton RR ref g
94
2
55
101
00
116X
111X 114X
80 X
h1
F
J
J
F
IV
A
A
J
J
J
J
N
Tv
M
F
A
J
J
J
A
Cblc Burl A Q—III
3s
1949
Div 3X8—1949
Illinois Division 4s
1949
General 4s
1958
1st A ref 4X8 series B
1977
1st A ref 5s series A
..1971
H7X
124X
114X
124X
F
A
Guaranteed g 5s
1960 F
(♦Cent RR A Bkg of Ga coll 58 1937 M
5s extended to May 1 1942
M
Central Steel 1st g s f 8s
1941 M
Certaln-teed Prod 6Xs A
1948 M
Champion Pap A Fibre deb 4X8 '50 M
Ches A Ohio 1st con g 6s
1939 M
General gold 4 Xs
1992 M
Ref A Imp mtge 3Xa ser D..1996 M
Ref Almpt M 3Xs eer E....1996 F
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4s—1946 J
RAA Div 1st con g 4s
1989 J
2d consol gold 4s
1989 J
Warm Spring V 1st g 5s
1941 M
70 X
53 X
*15X
104 X
107
93 X
115X
114X
115X
Through Short L 1st gu 4s—1954
53
53 X
17X
102
84
89
95 X
79
101X
117X
J
F
M
J
J
M
J
J
J
J
Cent Pacific 1st ref gu gold 4a..1949
63
1
70
*53 X
55
1969
-
72
53 X
53 X
103 X
100
33
100X
70 X
S
D
IVI N
..Oct 1962 MN
J
1948 J
1948
Atl Gulf A W I S8 co'l tr 5s
100
100X
....
95 X
94
94
J
75 X
90
1
84
Trans-Con Short L 1st 4s
1st 30-year 6a series B
46
89
D
D
75X 103
85 X
84
D
1960
1948
1965
Rocky Mtn Dlv 1st 4s
"si""
101
D
1955
Conv gold 4s of 1910
Conv deb 4X8-.-
M N
J 955
..
103
*76 X
Nov
1995
♦Adjustment gold 4s
101
101X
61
6
100
100
Amer Telep A Teleg—
20-year Blnklng fund 5X8—.1943 M N
9
89 X
COMPANIES
IVI
35X
10
85 X
42
H4X
Caro Clinch A Ohio 1st 6s ser A1952 J
J
26 X
44
101X
1970 F
Guar gold 4Xs
June 15 1955
Guaranteed gold 4Xs
1956
Guaranteed gold 4Xs—Sept 1951
50
*68
8X
89X
101X
~86X
1962
1957 J
July 1969 J
Oct 1969 A
Guaranteed gold 5s
Guaranteed gold 6s
Guaranteed gold 5s
63
42 X
*
gu 5s A
Canadian Nat gold 4Xa
50
2
43 X
cons
7X
16 X
60
60X
64 X
43
deb 5s
107
9
32 X
1955
conv
111X
106
13
96 X
110
110X
23
*62
73
107X
22
*
108 X
106 X
78 X
*8
1952
{Bush Term Bldgs 6s gu
100
105X
*108
22
deposit...
Consol 6s
60X
29
47 X
41
69
of
{Bush Terminal 1st 4s
35
34X
40
54 X
♦External a f 6s
1979 M N
1978 F A
1984 J J
Venetian Prov Mtge Bank 7a. .1952 A O
Vienna (City of) 6s
1952 M N
♦Warsaw (City) external 7s
1958 F A
Yokohama (City) extl 6s.
1961 J D
46 X
«.
-
-
52 X
104X
Buffalo Gen Elec 4 Xs ser B
1981 F A
Buff Nlag Elec 3Xs series C..1967 J D
Buff Roch A Pitts consol 4X8—1957 M N
99 X 104 X
7
106
*107
Canada Sou
Tokyo City 5s loan of 1912
External s! 5X8 guar
3X-4-4X% extl read)
4-4 X -4 X % extl read)
3Xs extl readjustment
25
-
-
102 X
101 x
69
A
♦Certificates
♦7s series B
Albany Perfor Wrap Pap 6a
6s with warr assented
30
"59"" ~78*X
17
24
20 X
1st cons 4s series B
20
*26
99
23
-
1
10
10-year deb 4Xs stamped
63 X
64 X
24 X
-
32 X
Coll trust 4s of 1907
35 X
63X
9
-
25X
31
{(♦Abitlbl Pow A Paper 1st 5S.1953
1948
105 X
99
11X
31
Adams Express coll tr g is
45 X
101
1950 J D
1957 M N
1950 F
12
30
44
1947 M N
6X
1962 M N
AND
104X 107X
25
Debenture gold 5s
1st lien A ref 6s series B
Brown Shoe s f deb 3Xs
14
♦8s secured extl
RAILROAD
92 X
Bklyn Union El 1st g 5s...—. 1950 F A
Bklyn Un Gas 1st cons g 5s
1945 M N
13 X
13
_
7X
25X
6 Xs
t 6s
82
11X
10X
7X
7X
4
9X
11
*8
♦Saxon State Mtge Inst 7s
s
98 X
266
91
99X 104X
1st lien A ref 6s series A
7X
San Paulo (State of)—
Taiwan Elec Pow a f 5 Xb
con
1st 6s stamped
Brazil)—
1958
92 X
10X
A
♦Silesia (Prov of) extl 7a
29
153
J
Brooklyn City RR 1st 5s
1941 J
Bklyn Edison cons mtge 3X8--1966 M N
Bklyn Manhat Transit 4X8—.1966 M N
F
extl
1961
29X
28X
"85
24 X
Big Sandy 1st 4s
73
sec
1944 J D
1967 M S
1955 M N
29X
20X
21
22 X
33
10
60
J
High
97 X
92
debs
26 X
104X
*6
39
Serbs Croats A
Low
96 X
A
67X
g
1952
conv
Since
Jan. 1
103 X
X
{♦Boston A N Y Air Line 1st 4s 1955 F
*7 X
f 7s
97
10 X
63
s
28
23
O
♦Sinking fund
3
28X
21
A
Sao Paulo (City of,
29X
O
1967
1952
1959
1953
♦Roumanla (Kingdom of) 7a
♦Saarbruecken (City) 6s
8
A
D
♦78 municipal loan
No.
29 X
*27 X
1966
Boston A Maine 1st 5s A C
J
Rome (City) extl 6Xs
"l04"
Cons mtge 3X8 series E
13
10X
8X
6X
1966 M N
High
28
28X
f
si
29X
1956
b
.4 stea
29 X
♦Berlin Elec El A Undergr 6 Xb 1956
Beth Steel cons M 4Xs ser D..1960
10X
4
dr
12
*7X
6X
Friday's
Bid
3X8—1943
cons
♦Debenture 6s
31
6X
Range
Range or
Sale
Price
♦Berlin City Elec Co deb 6 Xs—1951
♦Deb sinking fund 6Xs
1959
102X 108X
103 X 109 X
-
2
IS
Low
11X
19
17
-
K
Nft.
High
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
Last
EXCHANGE
7X
2
29
29
STOCK
Week Ended June 10
5X
-
107
O
1963
-
1
106
106X
1950 M S
♦Rio de Janeiro (City ol) 8s
-
20 X
20
*105X
107
-
20 X
20 X
O
Queensland (State) extl a f 78—1941 A O
25-year external 6s
1947 F A
♦Extl sec 6Xs
Low
78
1952 A
♦External s f 6a
No.
7
1966
Prague (Greater City) 7Xs
1962 M N
♦Prussia (Free State) extl 6X8-1951 M S
♦Ext! loan 7Xa
Y.
62
J
J
♦Porto Alegre (City oI)8s
N.
Since
Jan. 1
oq&a
High
Low
Foreign Govt. &Munlc. (Concl.)
SLI
Ask
<&
BONDS
Range
Friday's
Price
Week's
Friday
M N
18
M N
N
J
D
8X
D
8X
.
18X
18X
17 X
22
15X
16 X
M N
M
18X
8X
18X
15
22 X
12X
11X
8X
D
8X
M N
4X
J
13X
13X
14X
....
14X
6X
3 X
11X
7X
New York Bond Record—Continued—Page 3
3776
June 11, 1938
West's
Friday
BONDS
N.
STOCK
Y.
{♦Den & R G West gen 6s. Aug 1955 F A
♦Assented (subj
to plan).
♦Ref & lmpt 5s ser B_._Apr 1978 A O
J
{♦Des M & Ft Dodge 4s ctfs...1935 J
{♦Des Plaios Val 1st gu 4Kb—-1947 IVI s
Detroit Edison Co 4Kb ser D..1961 F A
V
Chicago, III.
One Wall Street
'Private Wire
135 So. La Salle St.
Connections
T^andolph 7711
Tl. T. 1-761 -«• Hell System Teletype •>- Cgo. 543
1951 J
BONDS
N.
Y.
STOCK
Last
EXCHANGE
East Ry Minn Nor Dlv 1st
A
0*1
Bid
&
East T Va & Ga Div 1st 5s
Asked
Low
F
26% part paid
{♦Chic R I & P Ry gen 4s
♦Certificates of deposit
{♦Refunding gold 4s
♦Certificates
A
No.
High
47
47
16K
17K
16
16
J
1988
deposit
{♦Secured 4Kb series A
O
Low
High
J
June 15 1951 J
D
1951 J
m
D
D
1951
4s.
1967 J
4s.
Series A 4Ks guar
Series C 3Ks guar
1942 J
-
102 K
105 K
106
19K
108K
14
23
109 K
106
110
4s..1948
*101
1956 M N
105
*65
♦101K
J
1952 F
A
*131M
101K
Electric Auto Lite conv 4s
Elgin Joliet & East 1st g 5s
1941 IVI N
D
El Paso Nat Gas 4Kb ser A...1951
1965
El Paso & 8 W 1st 5s—
103
O
1965
J
4s prior..1996
lien g 4s
1996
J
5s stamped...
{♦Erie RIi 1st
—
106
109K
102K 104K
103K
101
102 K
104
40
40
103
100 K 103
43
K
33 K
70 K
J
21K
22
43
16
—1953
o
15 H
16
8
13
51
o
14K
16K
6
12K
36 K
1953
♦Series B
conv
102 K
131K 132K
94 K 104
—1953
♦1st consol gen
♦Conv 4s series A
♦Gen
*45
40 K
90 K
101K 103 K
79 K
95 H
102K
*101K
J
cons g
K
*45
O
Erie <fe Pitta g gu 3Ks ser II—1940
Series C 3Ks
1940
70
102 K
106
106
106
101K 108
72
J
o
15
15
15
15
21K
12K
69
12K
95
4s series D
15
♦Ref & Jmpt 5s of 1927
1967 IVI N
♦Ref & impt 5s of 1930——1975 A O
♦Erie & Jersey 1st s f 6s
J
1955 J
♦Geuessee River 1st
f 6s__1957
s
11K
UK
12K
12
39 K
40 K
39K
J
1938 IVI
{♦3d mtge 4Ks
9K
9K
*60
"
43
42
38
36
K
105
5
K
40 K
85
75
s
53
3
39
101K
"87"
1954 F
A
Fairbanks Morse deb 4s
1956 J
D
Federal Light & Traction 1st 5s 1942 IVI
5s International series
_
__
..
104K
.
.
....
95 K
.
.
108K
*
-
-
J
1943
J
38
38
38
{♦Florida East Coast 1st 4 Kb.. 1959 J D
♦
1st & ref 58 series A...,
1974 IVI S
50
50
97
53
;
65
90 K
92 K
73K
102K
57
99
78 K
99
96
51
i06K
2
107K H2K
105K 106K
100
108
106K 108
106H
101 K
"92K
32
78 H
79 K
104
74
74 %
100
1
95 K
44
97 K
44 K
9
40
65
36 K
36 K
2
30
47 K
87
-
-
-
—
87
A
O
104 K
87K
104K
F
A
107K
*106 K
107 K
99 K
99 K
M N
O
D
102
I01K
104 K
J
J
D
O
J
8
-
-
-
-
42
62
K
102
68
104K
36
107 K
107 K
-
-
-
—
-
104 K
105K
71 K 102 K
65 K
92 K
77
101K
88
99
104 K 112K
106K 109K
105
99 K
100
102K
104K
110 "32
11
111K
25
111K
34
108 K
87
105
106 K
20
107 K
10
104
58
100
103K
103K
24
102
102
102K
179
-
3
107K
22 K
.
22 K
2
100 K
159
IOOK
100
-
*10K
16
*10K
*10K
11K
*10K
"13"
-
-
-
-
42 K
N
105 K
97K 103 K
99 K
102K
N
1966 M N
-
^
-
A
J
1969 J
J
1936 J
J
105 K
56
62
-----
103 K
103 K
257
104 K
104K
2
-----
37
*47K
1940 J
J
105K
100K 105 K
98 K 102K
98 K 105 K
92
104
102 K 106K
102K 105
99 K
28
108 K
64 K
106 K 108K
103
104
~65~~ "77"
1977
77
1
75
99 H
70 K
70
71
3
70
90 K
70
1
69K
89 K
81K
85
276
60 K
62
1946
87 K
13
82
J
75
75
77
42
J
63 K
63 K
64 K
22
Feb
Stamped
1952 J
71K
96 K
84
111K
*8
"65"
*64
^
85
.
1
85
O
104
103 K
104 H
20
103 K
103K
103 K
9
......
*109 K
J
1999 J
J
110
1944 A O
Hoe (It) & Co 1st mtge
*52
{{♦Housatonic Ry cons g 5s.-.1937 M N
Houston Oil sink gund 5Kb A. 1940 IVI N
Hudson Coal 1st s f 5s ser A...1962 J D
10
81
31K
30
102 K
82
90 K
"85"
*
O
J
60
55
73
------
O
.1952 J
82
7
_
1966 A
4Kb
95
63
55
8K
*60
1949 J
cons g
79K 103 K
74
54
60
1946 A
Hackensack Water 1st 4s
104
------
J
1961 A
Gulf States Steel s f
4Kb
Gulf States Utll 4s series G
*45
Feb
102
91
91K
92
76
88
99 H 105
100 K 103 K
108
-----
108K
31K
8
27
31K
110K
6
108
119K
52
64K
61
....
1
30
30
38 K
18
99 K 102 K
53
13
H
21K
*120 H
102K
22 K
48 K
48K
48 K
13
40
66
15K
16K
31
llK
23 K
108K
*83 K
109K
37
106 K
110K
J
J
*74
Extended 1st gold 3 Kb
1951 A O
1st gold 3s sterling...
1951 IVI s
Collateral trust gold 4s.—1952 A O
*74
Hudson Co Gas 1st g 5s
Hudson & Manhat 1st 5s
1949 M N
ser
A.1957 F
A
♦Adjustment Income 5b.Feb. 1957 A O
Illinois Bell Telep 3Ks ser B—1970 A
Illinois Central 1st gold 4s
1951 J
1st gold 3Ks
1951 J
4Kb
O
1955 M N
Aug 1
.1952 J
1953 M
109 K
*
-•
1966 F
A
85
'
93
41K
...
98
88
93 K
77 K
91
-----
77 K
.
"37K "54""
43 K
*
30 K
118K 120K
121K
40 K
...
J
N
23
*38 H
10
34 K
49 H
45
15
"31
45
3
39
45K
55 K
31
67
23
38H
78
84
35K
35 K
35 K
45
30
29
1955 M N
Cairo Bridge gold 4s
1950 J
Litchfield Dlv 1st gold 3s... 1951 J
Louisv Div <& Term g 3KS..1953 J
D
*65
J
*63
73
J
47
47
Omaha Div
A
*
J
*
33
16
46
J
10K
15
102 K
1946
9K
108
K
84
J
Springfield Div 1st
10
77
70 K
62
J
107 K 108 K
4
99
J
1
11
99 K
84
J
108K
11
"69"
J
—1976
108 K
8K
106 K
72 K
A
J
.....
106
84
99 K
101K 106K
83 K
74 K
104
108 K
-
-
5
~72K
1st gold 3s
1951 F
St Louis Dlv & Term g 3s...1951 J
Gold 3K8-.
1951 J
-
23
85
106K 108 K
-
163
85
98
104
7
--
106 K
25
34
78K
104
108K
-
38
*25
108 K
—
81
gu 4s
1940 M N
Gulf Mob & Nor 1st
5Ks B—.1950 A O
1st mtge 5b series C
1950 A O
Gulf & 8 I 1st ref & ter 5s Feb 1952 J
J
40 year
105 K
105K
s
K
94 K
1967
52
*103 H
*107 K
IVI
13
25K
19
35
93
93 M
105K
93K
IVI N
104
J
Gen mtge 3Ks series 1
41
9
21
91
1973
35
3
14K
89
D
Purchased lines 3Ks
Collateral trust gold 4s
Refunding 5s
75
98 K
57 K
1
101
D
Refunding 4s
33
37K
*29 K
1952
54 K
58 K
108
4
44
155
J
General 4Ks series D
General 4Ks series E
General mtge 4s series G
Gen mtge 4s series H
43
108K
98 K
39 K
15 K
59
5b...1947 J
General 5Ks series B
General 5s series C
31K
31
104
98 K
*16
Great Northern 4Kb series A..1961
31
108
103K
38K
15K
Gt Cons El Pow (Japan) 7s... 1944 F
1st & gen s f 6Ks—
1950 J
27
2
48 K
48 K
39
101K 104K
48 K
104K
98 K
1956
gu
99 K
48 K
40
104 K
{{♦Ga Caro & Nor 1st ext 68—1934
♦Good Hope Steel & Ir sec 7s. .1945
Goodrich (B F) conv deb 6s.-.1945
1st mtge 4Kb
Goodyear Tire &
85
39
104 H
104
A
15-year 3Kb deb
1951
Gen Pub Serv deb 6Ka
1939
Gen Steel Cast 5Ks with warr.1949
{♦Ga & Ala Ry 1st cons 5s Oct 1 '45
11
"
102 K
1948 IVI N
Gen Motors Accept Corp deb 3s.'46 F
38
50
102 K
"47 K
34
42 K
100
47 K
32 K
108K
31K
-----
104 K 109
83
49 K
97 K
D
♦Sinking fund deb 6 Kb
♦20-year s f deb 6s
35 K
49
*36
J
1936 J
105
104K
f 5s...1951 IVI N
1951 IVI N
102 K
14
J
1969 J
101K 106K
102K
D
1943 IVI N
6
12
102 K
O
1971 J
54
19
102 K
D
Dayton Pow & Lt 1st & ref 3Ks i960 A
15K
40
105K
5
35
60
97 K
Hocking Val 1st
105K
90
35K
97 K
102K
♦Harpen Mining 6b
108 K
17
1951 F
J
24 K
17K
16K
UK
15K
11K
11K
35
97 K
92K 101K
105 K
91
Crane Co
Cuba RR 1st 5s g
1952 J
7K8 series A extended to 1946... J
6s series B extended to 1946
J
-
9
102 K
90
J
-
103
103
D
D
-
44
102K
D
1943 J
1942 J
-
-
101 K
1946 J
1951 J
-
105K
102 K
Container Corp 1st 6s
15-year deb 5s
1950 MN
20 K
108 K
104 K
N
N
-
2
104K
103 K 103 K
103
105>*n
*47 K
10
-
2
K
2
100
*118K
102K
10-year deb 4Kb
7s... 1956 J
2H
IK
J
Greenbrier Ry 1st
103 K
103 K
-
-
2K
IK
J
102K 107 K
107 K
—
104
-
2K
97 K
A
♦Green Bay & West deb ctfs A
♦Debentures ctfs B
108 K
107K 108 %
107K 108 K
104K 108
*
6K
♦Gen Elec (Germany) 7s Jan 15 1945 J
100K 101
107K
100
*108K
107 K
3K
108
95K 100K
110K 113H
110K 113
109K 112
109K 112H
*60
fc
1943 A
5
7K
5
4K
104K
104K
D
Grays Point Term 1st
111 K
—
J
J
6Ks A
98
99
58
3K
1947 J
s f
96 K
108
49
36
2
O
86
109 K
1
5
*85
J
A
85
1
40
50
IK
1956 M N
{{♦Galv Hous & Ilend 1st 5 Kb A'38
Gas & El of Berg Co cons g 5a.. 1949
4
110 "32
-
Francisco Sugar coll trust 6s
44
110K
HOK
111K
111K
110K
Fort St U D Co 1st g 4Kb
1941 J
f Framericanlnd Dev 20-yr 7 Kb 1942 J
89
104K
38
2K
cons 2-4s
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit—
88
114
2
(Amended) 1st
Rub 1st 5s_. 1957
Gotham Silk Hosiery deb 5s w w '46
Gouv <fc Oswegatchie 1st 5s
1942
Grand R&Iext 1st gu g 4Kb—1941
88 K
10
96K
97K
103 K 106
....
—
89K 100
4K
4K
4K
Fonda Johns & Giov 4Ks
1952
{{♦Proof of claim filed by owner. M N
Gen Amer Investors deb 5s A.. 1952 F
6
97 K
.
97
1946
{♦Fla Cent & Penin 5s
106 K
*..___
85
93 K
Flat deb sf 7s
88 K
-
75
*75 %
96 K
89K
-
-
97 K
90
D
"87"
*
92 K
1954
*103 K
*102
*
92 K
89 K
30-year deb 6s series B
107 K 109K
102
108K
97
92
94 K
102K 106K
106 K 109K
101K 102
102K
89 K
94 K
94 K
S
f 5s stamped
70
59
97
91K
s
8
Gen Cable 1st
87 K
conv deb 3Ks
1951 J
{♦Consol Ry non-conv deb 4s.. 1954 J
♦Debenture 4s
..1955 J
♦Debenture 4s
1955 A
♦Debenture 4s
1956 J
♦Consolidation Coal s f 5s
1960 J
70
101
K
91K
1942 IVI
*105K
J
Consol Oil
70
100
100 K
s
1942 IVI
1942 IVI
74
1954 J
Ernesto Breda 7s
1st lien
59
106
106K
♦Consolidated Hydro-Elec Works
33
109
1st lien 6a stamped
43 K
....
.
108
108 K
A
s f 3K8 A
.1961 F
Consol Edison (N Y) deb 3KS.1946 A
3Ks debentures
1956 A
3 K s debentures
..1958 J
/
37
20
94
14K
10
85
_
J
1953 J
3779
105 K
♦14
109 H
37
95K
92 K
68K
78 H
Consumers Power 3Ks.May 1 1965 IVI
1st mtge 3Ks
May 1 1965 M
1st mtge 3Ks
1967 M
1st mtge 3Ks
1970 M
45
37
~94K
14
92 K
ioo"
1951 J
page
71
13
66 K
97K
-
Conn Rlv Pow
sep
12
57
♦
-
1951 J
For footnotes
106
80
*
-
-
106
1965 A
as to Penna tax
16
75
A
Conn Ry & L 1st & ref 4 K8
Crown Willamette Paper 6s
Cuba Nor Ry 1st 5 Kb
-
—
47
........
-
1981 M
f deb 3Ks
Crown Cork & Seal s f 4s
-
4
109K
*60
-
1st mtge 3Kb series H
Conn <fc Passum Rlv 1st 4s
*
*
94 K
48K
23
-----
1957 J
s
-
*50""'
O
1956 A
1st mtge 3Ks
6
109
-----
2Kb debentures
1942 J
Commercial Invest Tr deb 3Ks 1951 J
4Ks
109 K
97 K 105K
71
100
O
Columbia G&E deb 5s... May 1952 IVI N
Debenture 5s
Apr 15 1952 A O
1st mtge g 4Kb series C
1st mtge g 4 Ks series D
1st mtge g 4s series F
100
18
106K
♦
-
A
108
110.
2
------
1977
Commonwealth Edison Co—
Hist mtge g 5s series A
i 1st mtge 5s series B
103
12
64 K
Coal River Ry 1st gu 4b
.1945
Colo Fuel & Iron Co gen s f 6s.. .1943
♦5s income mtge...
.1970
Colo & South 4Kb series A
.1980 M N
g 4s... 1948
Columbus & Tol 1st ext 4s
1955
Columbus Ry Pow & Lt 4s
1965
Commercial Credit deb 3Kb...1951
102K 107H
36
17
"46 K
.1973
Columbia & H V 1st ext
111
103 K
♦N Y & Erie RR ext 1st 4s. .1947 IVI N
"29
83 K
59
*
1972
Jan 15 1961 J
107
108
107
♦Certificates of deposit
Gen & ref mtge 4 Kb series B. 1981
Cleve Short Line 1st gu 4Kb... .1961
4Kb series C
67
54 K
85 K
105K
1977
Cleve Union Term gu 5Ks
1st s f 5s series B guar
78K
49
*100
1950 F
8K
5K
37
100K
*30
,1948 M N
Series D 3Ks guar..
Gen 4Kb series A
10
6
105K
104K
-----
Cleve & Pgh gen gu 4Kb ser B. 1942 A
Series B 3Ks guar
1942 A
78K
19K
18K
9K
8K
3
104
*101 K
108 K
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cllffs Iron 1st mtge 4Kb. 1950 M N
Cieve Elec Ilium 1st M 3Kb... 1965 J
J
Stamped
59
46 K
38
109
J
{{♦Den ARG 1st cons g 4s
{♦Consol gold 4Kb—
86
58
------
D
1977
s
86
-
J
1993
1st mortgage 4 Ks
-
65
106 K
D
Ilef & lmpt 4Kb series E
Den Gas & El 1st & ref
70
*10
D
General 6s series B
Del & Hudson 1st & ref 4s
Del Power & Light 1st
4Kb
1st & ref 4Ks
55
83
106K
Cairo Div 1st gold 4s.
J
1939
Cln Wabash & M Dlv 1st 4s. 1991 J
i
St L Div 1st coll tr g 4s
1990 M N
Spr & Col Div 1st g 48.—.. 1940 M S
Upper Wuertemberg
1
60
83K
------
Clearfield <fc Mah 1st gu 6s... .1943 J
of
3
100
.1942 M N
Cleve Cin Chic & St L gen 4s... 1993
109 K
110K
107K
108
'
Cln Un Term 1st gu 5s ser C._ -1957 N N
lst mtge guar 3 Ks series D. -1971 M N
guar
5K
9
104
-
1943 A O
{♦Choc Okla & Gulf cons 5s.. .1952 M N
Cincinnati Gas & Elec 3K8-1966 F A
Stamped
5
103K
83 H
4s.. .1952 J
con
5s.
6K
3H
*105
103 K
Chllds Co deb 6s
Debenture
5K
37
"io4K
1st & ret M 4Kb series D... -1962 M
s f
7
46
1st mtge 4s series D
1963 J
1st mtge 3Kb series E..... .1963 J
3 Kb guaranteed
.1951 M
1st
6K
6K
6
*35"
37
1944 A
Guaranteed 4s
con gu
5K
3
*
Chicago Union Station-
lst mtge 3 Kb
Cln Leb & Nor 1st
33
60
Chic T H & So'eastera 1st 5s..1960 J
D
Inc gu 5s
..Dec 1 1960 M S
Chic & West Indiana
4
6K
6K
1960 M N
g
61
14K
14K
6K
6K
♦Certificates of deposit
♦Conv g 4 Ks
Gold 3Ks
20
42
3K
6K
1952 M S
Cb St L & New Orleans 5s
Memphis Dlv 1st
5
6
1934 A
of
107
110
108
4s. —1939 J
Ed EI 111 (N Y) 1st cons g 53.-1995 J
Ed El 111 Bklyn 1st cons
Jan. 1
{{♦Chicago Railways 1st 6s stpd
Feb 1 1938
4
42
111K 113K
110K
O
Since
>3
Friday's
Price
3
80
112K
108 H
1
Range or
Sale
Week Ended June 10
7K
10 K
42
4K
*3K
J
Range
Week's
5K
*18K
J
Duquesne Light 1st M 3KS--.1965
4
7K
8
4K
4K
112K
112K
D
J
deb 3s
High
4K
7
D
{{♦Dul Sou Shore & Atl g 5s..1937 J
Low
Hioh
4K
♦Second gold 4s
1995 J D
Detroit Term <fc Tunnel 4Kb.-1961 IVI N
Dow Chemical
Ast
dc
4 K
Gen & ret 6s ser E—
1952 A O
Gen & ref M 4s ser F_—..1965 A O
Gen & ref mtge 3 Ks ser G_..1966 M S
♦Detroit & Mac 1st lien g 4s—1995 J
Tllgby 4-5200
Friday
Bid
Price
Low
%AlLROAD 'BONDS
Tork, CA^. T.
Friday's
Sale
Week Ended June 10
Bennett 'Bros. & Johnson
Range or
Last
8*
EXCHANGE
g 3 Kb. —1951
Western Lines 1st g 4s..
J
1951 F
J
J
A
84
5
"47" "72"
59 K
75 K
*45
72 H
♦
*
60
____
80
------
50 K
75
Volume
New York Bond Record—Continued—Page 4
146
Friday
Last
Range or
Sale
Friday's
J) T3
BONDS
EXCHANGE
STOCK
Y.
N.
Week Ended June 10
Price
Did
Asked
&
8
28
42
106 H
17
106H
Q
106H
O
*
J
*
75
96
*68
75
68
70
{♦ManGB AN W 1st 3Ha..-1941 J
Marion Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A.._April 1940 Q
*13H
33
*70
85
80
80
98 X
Mead Corp
J
O
J
Ml N
Ml S
99H
O
A
101H
42 H
60
42 H
57
♦Mex Internat 1st 4s asstd
18
20 H
10
24
49
52
40
58 H
♦4s (Sept 1914 coupon)
♦Miag Mill Mach 1st s f 7s
49 H
48
50
40
57H
18
100H
50
101H 107H
107
106 H
Ml N
H
series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
♦1st g 5s
Internat Paper 5s ser
s
65
101
15H
13
15
O
J
*13
13H
12
A
F
101H
5X
101H
J
*13
40
12
19
o
69 H
1941
o
40
J
1956 J
D
26 X
1951 M S
1952 Ml N
1979 J
J
*60
Ref A lmpt 4Hs series C
{♦Mid of N J 1st ext 5s
1961 J
1st mtge 5s
72 H
51
41
35 H
80 H
81H
54
94 H
83 H
1971 J
*80 H
85
77
82
A
*77 H
83
75
94
{♦Minn A St Louis 5s ctfs
79 H
J
65 H
63 H
66 H
223
39 H
67 H
93
92
94
365
74
94
68 H
66 H
69 H
198
42 H
S
2H
2H
2H
11
1H
3
J
D
{♦Iowa Central Ry 1st A ref 4s. 1951
James Frankl & Clear
Jones A Laughlin
Ml
48-1936
92 X
o
92
O
"21H
13
20H
29H
19H
1
16H
27 H
63
61
71H
55 H
19H
62 H
54 H
J
105M
105H
106
D
*100
J
J
♦
J
J
J
J
RR 4s A—1965
4s——1945
ref s f 5a. 1944
1954
1964
1974
extend to.—--1943
Harbor Term gu 5s
1954
Sec 6% notes
101
27
87
108 H
90 H
*50
"
{♦M St P A SS M
95
95
150" 155"
78 H
J
71
90
J
91H 100H
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N
103
98
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D
99 H
95
103H
98H
100
33
100
81H
98
103H
•
103 H
103
19H
102 H
t
98H 102X
97
102H
102 H
95
77
77
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52
51
52
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60
60
14
15
13H
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50
14
20
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5H
25
I
60 H
69 H
Ml
J
67
M N
K
J
14H
6H
96
18 H
34H
D
52
52
53 H
48
67
1962
J
37
36H
37H
28 H
——1962
Prior lien 4 Ha series D—
1978
♦Cum adjust 5s ser A
Jan 1967
J
33
33
34 H
36
28
48 H
42 H
25
45
14H
14H
10
23 H
1959
1990
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
40-year 4s series B
*20H
J
*29
A
O
{♦Mo Pac 1st A ref 5s ser A—1965 F
A
deposit--.
1975
♦1st A ref 5s series F
1977
♦Certificates
♦General
14H
52
17
16 H
25 H
15H
5H
15H
15H
23
17H
16 H
17 H
18
16H
25 H
15
23
17H
16H
25 X
17
15
23
15H
mi's
Ml
17
5H
of
4s
S
deposit—.
of
*15H
1978
♦1st A ref 5s series G
M N
17
*15H
1949
1980
♦Conv gold 5Hs
♦1st A ref g 5s series H
Ml N
MN
{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dtv 1st g 58—1947
♦Ref A impt 4Ha
*977
M S
4%
24
80
90 H
21
48
61H
Mohawk A Malone 1st gu g
14
47
60
45
48
41H
53H
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
48
44
47 H
♦Secured 5% notes
87
89
95 H
95 H
86
85
23
16 H
17
25 X
23
15
"85"
50
50
50
70
13H
13H
13H
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A
U X
8H
21H
14H
13 H
M
*10H
51H
M
4s. 1991
6H
25H
23
17H
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15
9
12H
50 H
51H
58
100 H
99
107H
---I960
A
O
106
105H
106
99
106
debentures...—....—1965
A
O
92
91H
92
85
95
J
D
92 %
91H
92 H
84
94 H
J
98 H
98 H
-
90 H
90
F
*60
M
1938
1st mtge 4 Ha
6s
*65
16H
July 1938
Mo Pac 3d 7b ext at
16H
3
4H
*15H
♦Certificates of deposit—
53 X
*50
16 H
1981 FA
♦1st A ref 58 series I
52 H
J
O
A
8
4
6
*15H
84 H
J
4
♦Certificates of deposit—
51H
D
85 H
102
24 H
50
29 H
50
48
71
48 H
50
48
65
89
85
95
29H
J
"so"
I
32 H
"36""
30
30
30
*77
80
66
99 H
F
28H
28H
22 H
F
"22"
F
28 H
26 H
45
22 H
18H
39 H
12
23 H
22
3HS-1966
Montreal Tram 1st A ref 6s
1941
Gen A ref s f 6s series A
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4 Ha series C—1955
Gen A ref s f 5s series D
1955
Morris A Essex 1st gu 3 Ha
2000
Constr M 68 series A
1955
Constr M 4 Hs series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5% -1941
Montana Power 1st A rei
"36"
F
85
Nash Chatt A St L 4s ser A
62
Nassau Elec gu g
*40
A
47
52
♦4Hs July
♦4Ha July
123 H
124
106 H
106H
F
"99 H*
100
J
*55
63 H
55 X
*20
65
75
63 H
90
85
87
128H 131
13
121H 126
99
107H
I
86
18
H
"94H
lOOH
"76H
Ml
77
75
88 H
*75
76 H
Ml
86 X
76
A
128H
128H
128 H
126
1951
A—1969
3 Ha
1966
Louis & Jeff Bdge Co gu 4s
1945
Louisville A Nashville RR—
F
119H
119H
70 H
119H
115H 122 H
105 H
106
70 H
106
Ml
71M
60H
100 H
85
100 H
1940
2003
2003
2003
1st A ref 3Ha series E——-2003
Paducah A Mem DIv 4s.---1946
St Louis Div 2d gold 3s
1980
Mob A Montg 1st g 4Ha
1945
South Ry Joint Monon 4s. —1952
Atl Knox A Cln Div 4s
1955
Lower Austria Hydro EI6H8--1944
J
1st A ref 5s series B
A
85 H
series C
1st A ref 4s series D
A
76
McCrory Stores Corp 8 f deb
58.1951
5H8.1950
Maine Central RR 4s ser A—1945
Gen mtge 4Hs ser A__
1960
Manati Sugar 4s s f-._-.Feb 11957
{♦Manhat Ry (N Y) cons 4s—1990
Ml
N
McKesson A Robblns deb
Ml
N
t
F
83H 102
75
100
Ml N
109H
loin
101H
82
78
111
75 H
74H
101H
107 H
82
112
80
101H 111H
98
98 H
32
F
90
65
100
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t
93 H
74
10
70
*89 H
M
J
99 H 105
87
all"
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70
100H
96
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A
79H
78 H
75
I
A
129H
101H 106
104
107H
103H
Unified gold 4s
99H
■
J
4
100 H
79
50
M N
O
28
D
16
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55
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10
20
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28H
85
17H
32 H
26H
14
16
•
-
3
38
.
35
112
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F
71 X
62
38
40 H
35
39H
55 H
113H
112
112
99 H
J
1946
16H
10
31H
19
*50
D
23
23
50
105
68
18
62
24
100H
101
28
96 H
135
19
98
92H 101X
106
100
J
♦4s April 1914 coupon
on--—1977
off
1977
J
J
No 4 on '57
♦4s April
A
J
1914 coupon
1H
A
A
1H
1H
2H
2H
2H
H
2H
1H
1H
"o
3 HI
O
17
No 5 on '77
lien 4Hs—
A rets No 4 onl926
Nat RR of Mex prior
{♦Assent warr
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off---1951 A
♦Assent warr A rets
J
*1H
1H
1H
D
1954
Ml N
Newark Consol Gas cons
5s—1948
{♦New England RR guar
5a—-1945
106H
J
4s
1945
New England Tel A Tel 6s A—1952
1st g 4Hs series B—-——1961
N J Junction RR guar 1st 4s.-1986
N J Pow A Light 1st 4 Ha
I960
New Orl Great Nor 5s A
1983
NOANE 1st ref A imp 4 Ha A 1952
New Orl Pub Serv 1st 5s ser A—1952
1st A ref 5s series B—
1956
New Orleans Term
118H
30 H
J
D
26
103
108H
I16H
14
120
32H
65
24 H
30 H
28
24 H
122H 125
121H
120H 122H
107H
94
45
104H 108
38
40
64 H
34
45
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45
60
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95 H
41
86 H
95H
94 H
95 H
25
84 H
53 H
53 H
47-
25H
26 X
24 H
24
24
32
35X
33 H
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26 X
24
deposit
24
F
A
*26H
27 H
—---1956
1954
F
25H
25 X
D
♦1st 5 Hs series A
23
O
A
4 Hs 1945
1998
10-year 3Ha sec s f
-.1946
Ref A lmpt 4 Ha series A
2013
Ref A impt 5s series C——2013
Conv secured 3Ha
-.1952
Newport A C Bdge gen gu
N Y Cent RR 4s series A
27
*25
♦Certificates of deposit
28H
26
37
22
28
111
98 H
76
36
22
A
98 H
•
31
22
1956
♦1st 5s series C
31
123
107""
O
1954
♦Certificates of
106H
118H
122H
A
68—1935
♦1st 5s series B
IX
121H
123
Ml N
1st gu 4s.-.1953
{{♦N O Tex A Mex n-c inc
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D
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1965
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1H
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4s
91H
23H
24 H
16
93H 101
39
39 H
22 H
♦Certificates of deposit
97 H 103H
5
"39"
J
40
M N
74
50
52 H
69
74
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*50
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J
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♦1st 4Ha series
103 H
103
"166"
D
88 H
1944
M
O
on——1957
1914 coup on
1957
1914 coup off
1967
Nat Steel 1st coll s f
J
A
J
74 H
72H
69
Mexlco-
♦Assent warr A rets
104
A
72H
104H
108H 118
130
123 H
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79
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109
(
*
O
105
National Rys of
40
F
M N
O
A
Ml N
Nat Distillers Prod deb
32
17
129 H
J
A
4Hs—1945
30H
13
A
-----
73
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45
109
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A
84
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10
19
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#
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extended to
50 H
29
16H
20
17
96H 101
O
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49
17 H
17H
98H
A
1978
1951
4s stpd
34
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J
40
30
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77
J
24 %
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69
53
F
J
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81H
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2013
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M
A
11H
14
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3
81 H
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1st A ref 4 Ha
8H
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J
3H
7H
5H
7H
12H
9H
4
31H
MI N
5s
11H
4
25 H
A
Louisville Gas & Elec
11H
3
3H
1949
1978
1941
5Ha
♦1st ref 5 Ha series B
{1st Chicago Term s f 4s
{♦Mo-Ill RR 1st 5s series A
25H
29%
Louisiana & Ark 1st 5s ser
1H
2
S
.♦25-year
25H
J
J
1H
4
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95 % 100H
85 H
94H
O
1H
J
94 H
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex & East 1st 50-yr 5s gu—1965
Liggett & Myers Tobacco 7s—1944
5s
------1951
Liquid Carbonic 4s conv debs—1947
Little Miami gen 4s series A—1962
Loews Inc s f deb 3 Ha
1946
Lombard Elec 7s ser A
—1952
♦Long Dock Co 3Ha ext to—1950
Long Island Unified 4s
1949
Guar ref gold 4s
1949
4s stamped
1949
89 H
14H
J
94 H
2003
For footnotes see page
61
1946
99H
4s
♦Second 4s
103"
87"
17H
int——1938
J
J
deb 7s
4s Int gu '38 J
A
1940
Lorlllard (P) Co
102
♦Certificates of deposit—
93 H
156
4 Ha
-
101
64
*1H
1938 J
Nat Acme 4 H«
Lehigh Val (Pa) cons g
General cons 4 Ha
con g
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♦1st A ref 68 series A
♦Certificates
98
89 H
*50
*150
Lehigh C & Nav 8
J
Cons sink fund 4 Ha ser C—-1954
Leh Val N Y 1st gu g
26 H
94
25
80
85 H
104
•
J
20 H
27
85
J
-—1975
f 4H8 A
1954
1st & ref s f 5s
14H
23 X
*25
S
J
♦1st mtge income reg
1st & ref. a f 5s
20
*23
Ml
1961 J
Kings County El L & P 69
1997
Kings County Elev 1st g 4s—-1949
Kings Co Lighting 1st 5s—
1954 J
1st & ref 6 Ha
1954 J
Kinney (G R) 5 Ha ext to
1941
Koppers Co 4s ser A
1951 M
J
Kresge Foundation coll tr 4s.-1945
F
3Hs collateral trust notes- —1947
{♦Kreuger & Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref & ext 58-1939
Coll A ref 5Hs series C
1953
Coll & ref 5Ha series D
I960
Coll tr 6s Berles A
-1942
Coll tr 6s series B
1942
Lake Erie & Western RR—
J
5s 1937 extended at 3% to—1947
2d gold
1941 J
J
Lake Sh & Mich So g 3 Ha
1997
Lautaro Nitrate Co Ltd—
1st & ref s f 5s
44H
64H
103 H 108 H
103 H 106 H
41
40
"45"
*17
4Hs unguaranteed
Lehigh Val Coal 1st &
15
56
*103 H
M N
Lehigh & N Y 1st gu g
19
55 H
*37
$925)—1943
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4 Ha—1961
Stamped
1961
1961
90
20 H
M N
Lehigh & New Eng
90
21
(Rudolph) 1st 6a—.1943
w stmp (par $645)--lW3
Plain
78 H
98 H
J
Ref & lmpt
♦Ctfs w w stmp (par
90
41H
43
94
H
*67 H
O
A
1st gold 3s
1950
5s
Apr 1950 J
Kansas City Term 1st 4s
1960 J
Kansas Gas & Electric 4 Ha—1980
City Sou
53
*42
S
4S--1990
{{♦K C Ft S & M Ry ref g
♦Certificates of deposit
24
101H
101H
101H
S
J
1949 Ml
1962 Q
♦1st cons 5s
1st 4s —1959
Steel 4Ha A--1961
Kanawha & Mich 1st gu g
1
70
Ml
"
*15H
S
F
♦Ref A ext 60-yr 6« ser A
A
6H
88 H
*5H
♦1st A ref gold 4s
J
1955
103H
5H
89 H
H
..1934 M N
.1939
99 H
—
94 H
89
{{♦Mil A No 1st ext 4HS(1880) 1934 D J
1st ext 4Hs
1939 J D
Con ext 4 Ha
1939
IYI N
79H
-
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O
D
J
1940 A
.1947
Debenture 5s
100
7
26H
*70
1st 5s B_.. 1972
Conv deb 4 Ha
Leh Val
48 H
69H
38 H
J
{♦Mil Spar A N W 1st gu 4s—1947 Ml
{♦Mllw A State Line 1st 3Ha--1941 J
deb g 4Hs.. 1952
Int Telep A Teleg
♦Ctfs w
5«
89
s
97
91
103H 109
2
6
5H
.
1940 J
MIlw El Ry A Lt 1st 5s B
19
2H
3H
3H
1944
1st lien & ref 6 Ha
♦Karstadt
19H
1952
1955 rvi
77
108H
22
Jack Lans A Sag 3Ha
1st gold 3 Ha
81
100
"liH
A & B__. 1947
f 6s series A
Int Rys Cent Amer
Kan
75 H
100 H
1956
A.-July
♦1st 5s series B
Ref
75H
100H
75 H
1956
♦Adjustment 6s ser
2
29
Michigan Central Detroit A Bay
96
City Air Line 4s.
J
"65" "96"
~
1977 M S
52
O
-
99 H
1977 M S
20 H
1947
«
107 X
50
o
1942
stamped
{♦Int-Grt Nor 1st 6s ser A--. 1952
High
85
54
1932
notes.-1932
Int Agric Corp 5s
Low
70
49
12H
98
54
Interlake Iron conv de'u 4s
No.
Jan. 1
*96
,
M S
<§1
*81
1st 6s with warr—1945
Metrop Ed 1st 4Hs ser D
1968
Metrop Wat Sew A D 5 Ha
1950
{{♦Met West Side El (Chic) 4s. 1938
23
S
♦Certificates of deposit
Since
Asked
High
&
Low
90"
87
•e
Friday's
Bid
S
106H 107H
90
J
Range
Range or
Sale
Price
Nfi,
Manila RR (South Lines) 4s.—1939 Ml N
1st ext 4s
1959 Ml N
100
107
7%
33 H
32 H
D
J
conv
46 H
36
Last
fc-8
EXCHANGE
High
Low
29
34 H
A
{♦10-year
STOCK
Week Ended June 10
24
34 H
33
{lnterboro Rap Tran 1st 5s—1966
♦Certificates of deposit——
6s
Y.
1
Manila Elec RR A Lt s f 5s—1953 Ml
D
A.——1963
1st & ref 4 Ha series C
1963
Illinois Steel deb 4Hs
1940
Ind. Bloom & West 1st ext 4s—1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville lstgu 4s
1956
Ind Union Ry 3Hs series B—1986
Inland Steel 3Hs series D
1961
Joint 1st ref 5s series
*♦ 10-year
N.
Since
Jan.
ATO.
High
Low
BONDS
Range
fs
St L & N O—
III Cent and Chic
3777
Week's
Friday
Week's
H
35 X
110H 111M
5iH
82
F
A
*110H
54 H
54 H
A
O
65 H
66
17
A
O
44 X
46
67
39
91 H
65 H
A
O
49H
50H
52
44
73
Ml N
56 Vt
57 H
22
53
84
J
56 H
31
62 H
New York Bond Record—Continued—Page 5
3778
Last
BONDS
10
Week Ended June
Rid
Price
Friday's
A
Asked
IjOW
J
J
.1942 J
J
.2018 A
O
Hud Elver 3%b... .1997
N Y Cent A
Debenture 4a
76
High
75
Range
BONDS
SJnce
N. Y. STOCK EXCHANGE
Sale
Jan. 1
Week Ended June 10
Price
Is
No
Low
30
70
94*4
Lake Shore coll
F
A
55
55*4
24
55
Mich Cent coll
F
A
98*4
65)4
82*4
64*4
64*4
55
64*4
84
34
35*4
59
33
74
4Josser A
gold 3)48--. 1998
gold 3)48-.-. .1998
N Y Chic & St Louis—
Kef A lropt
Kef 5%b
Kef 4
series A---—
series C
-
let mtge
1974
- - - - -
—Oct 1
3-year 6s
4s collateral trust
"44 *4"
"44*4
34*4
1978
30
31
42*4
43
27
*59 *4
61
1947
29
67*4
3%b extended to.—
1963
4 )4s A
67*4
101*4
55
deposit—
1965
D.
1966
3*isserE
Erie—See Erie RIt
♦N Y A
C
Gen mtge 3*is series
11
55*4
99
96)4
100)4
68)4
----1973
♦N Y L E & W Coal & RR 6*481942
♦N Y LE & W Dock & Impt 6s 1943
N Y & Long Branch gen 4s
1941
*98*4
64*4
J
O
-----1957 IVI
~~
of 1927---1967 J
80
05 CO
1st
1
•
t
1
1943
♦Terminal
1st
12
6
12
19
10
12
21
{♦Phlla A Reading C & 1 ref 5s. 1973
J
■—1949
1937
J
"iT"
14
43
1
13*4
19%
13
1
11*4
12
13
2
19)4
7
14%
54
19)4
17*4
12
m «.
19%
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14
20)4
18)4
23)4
35
6
12
43
13
{{♦Norfolk & South 1st g 6s—1941
Norf A W Ry 1st cons g
3
54
79
4
8
"56"
~50"
108
99
97
IVI N
*78*4
IVI N
♦Conv deb 6s
—
{{♦Philippine Ry 1st s f 4s
Pitts C C C & St L 4 )4S A
50
50
106
99
109
92
79*4
99*4
94*4
70
106*4
Series J cons guar 4)4s
103
Gen mtge 5s series A
106*4
103
106*4
106*4
8*4
7
10*4
10
6*4
*40
105*4
107*4
105*4
106*4
*56
3*4
108*4
107*4
84*4
97*4
108*4
"84*4
97*4
6*4
104 *4
64*4
62
61
70
3)4
16
108
6*4
104*4
108*4
107)4 108)4
82
11
95)4
86)4
99
10
8*4
*9*4
10
9
1
16*4
15)4
51
48
A
116
116
116
111
119)4
A
104*4
104
104*4
97
105)4
104
99*4 104
*103
S
A
103*4
101*4
101*4
'
8
S
1935 A sub coupons. 1946
♦Oct 1938 and sub coupons—1945
103*4
102
101
15
105
96)4 103)4
lis"
116*4
Ref A Impt 6s series
A
C
Ref & Impt 5s series D
TNor Ry of Calif guar g 5s
2047
2047
2047
2047
*28*4
75
75
4 6*4
46
J
J
*45
"57"
56*4
J
J
J
1938
52
"49*4
49*4
*
O
Northwestern Teleg 4*4s ext—1944
J
{♦Og A L Cham 1st
gu g
4s.
.1948 J
♦Stamped
J
*6*4
1st mtge 4s
1st mtge 3*4s
5
1967 M S
D
100*4
100)4
U3*4
113*4
1946
48 debentures
Oregon RR A Nav con g 4s
Ore Short Line 1st cons g 6s
J
103*4
D
106*4
1946
J
*113)4
113*4
113*4
4
4
11
98
104)4
100*4
113)4
63
8
18
27
4
4
"l6
98
7
1946
D
1964
D
110*4
1st A ret mtge 3*6s ser H_
1st A ret mtge 3%b ser 1
Pac RR of Mo let ext g 4s
1961
D
107*4
1966
D
103
1938
A
1938
J
47
105*4
105*4
98)4
98)4 104)4
90)4 101)4
111)4 113*4
113
"35
103
110
110)4
110*4 118)4
92)4 106*4
59
74)4
2
16
107*4
54
103
90*4
72
1968 IVI
8
90*4
37
8
8
85
45
52
106*4 110*4
102*4 107*4
98)4 103
6%
108
31
109)6
100
80
104%
""6
"77% "87X
108
101)6 108)6
107%
108*6
103
110)6
*106%
105
109
•103
103% 104*6
105% 105%
105%
*102
103"" 109"
*96
*95
107%
*110%
100
100
100
*
110
95% 112*6
97
91
112*6
90
100
"96"
"96'
10
117"
107
*110%
104*6
106
*105
*
"41%
108
40
55%
*38
40*6
32
55%
*100
107 %
107
110%
109
109*6
115%
110
1974 J
D
1977 J
1960 M
Port Gen Elec lst4)4s
1st 58 1935 extended to 1950.
*98
59
%
"57"
J
59%
117
~40%
{ {♦ Postal Teleg & Cable coll 5s. 1953
10%
3%b. 1966
106*6
1951
106
*78
40%
11
106*6
82*6
43
101
102%
Porto Rican Am Tob conv 6s.. 1942 J
Potomac Elec Povy 1st M
Pressed Steel Car deb 5s
110
D
{♦Providence Sec guar deb 4s—1957 M N
{♦Providence Term 1st 4s.
1956 M S
Purity Bakeries s f deb 5s
1948 J
J
"3
40
59
104*6
55
54
9%
18
16
103%
108
74%
82
{♦ Radlo-Kel t h-Orph pt pd ctfs
for deb 6s A com stk (65% pd).__ J
D
8
40
82%
91
*91"
D
1941 J
90%
4%
7
*3%
*32
6s
Reading Co Jersey Cent coll 4s. 1951 A
Gen A ref 4 %b series A
1997 J
1997 J
66%
66%
52%
66%
79%
O
50
50
52%
50
75
J
59
58
65%
58
93%
90
69*6
93
J
*57
Gen mtge 4%b series B
♦Rheinelbe UDlon
F
1961
—1956
Revere Cop A Br 1st mtge 4 %B. 1956
A
83%
105%
83%
94%
84
98
100
38
108
118
71)6
83*6
87*6
85%
97%
94% 108%
72
88%
93*6 101
83%
105*6
35*6
34%
28%
22
22
20
24
M N
*30
31
27
31%
IVI N
30
30
27
32
30%
30%
30%
20
32
30%
20)6
32)6
94
95*6
89%
1952
*104
105%
♦Rhine-Ruhr Water Service 6s. 1953 J
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
82%
105
J
-.1946 J
s f 7s
93%
*104%
34%
IVI N
J
93%
—-1952
1953
1955
22
F
A
A
O
1952 IVI
S
30%
Richfield Oil Corp—
4s
s
f conv debentures
95%
Rlchm Term Ry 1st gen 5s
♦Rima Steel 1st s f 7s
■'
104
97%
105%
1956
*14
30
34
50
♦Rio Grande June 1st gu 5s—1939
*35
68%
41
41
{♦Rio Grande West 1st gold 4s-1939
*33
34
28%
44%
♦1st con A coll trust 4s A
1949
15
1977
Roch G & E 4)6s series D
Gen mtge 5s series E.
*121
1962
108*6
*7*6
{{♦R I Ark A Louis 1st 4)$s—1934
♦Ruhr Chemical
{♦Rut-Canadian
s
f 6s
♦Stamped
Safeway Stores
1948
4s stmp..
con
—
*5
4)68—1941
6%
f deb 4s
1947
*6*6
6%
20*6
121
11*H
107% 110
7%
9%
20%
*22*6
-1949
-
s
13%
15
122
109
"e%
5*6
12%
14
0
6%
11
23
10)6
15
12H
103%
103%
103
102*6
103
100)6 104
99% 103
107*6
Saguenay Pow Ltd 1st M 4)6 a. 1966
103
103
1947
1996
94
1966
90
105*4
31
102)4 105*4
66
102*4 105*4
109
St Louis Iron Mtn A Southern—
59
60)4
81
72
67
90)4
37)4
118*4
103
98
103
01*4
97 %
74)4
78)4
92)4
45
31)4
118)4 120
00
99
97)4 103*4
70
102)4 103)4
D
*91
1952 IVI N
92
92)4
88)4 104
1963
20
91
83
95
1933 M N
♦Certificates of deposit
60
*99)4
—
♦{Riv A G Dlv 1st g 4s
101 *4
28-year 4s
91
20
3
11
5
St Jos <fe Grand Island 1st 4s
90*4
99
27
95%
109%
10%
40
1962 F
B
C
1st gen 5s series
1st 4)4s series D
St Lawr <fe Adlr 1st g 6s
2d gold 6s
58*4
90*4
71)4
D
78%
145
70
105*4
37
115
109 %
105
3%
17%
82
101*4
89*4
15
108%
71)4
Guar 4a ser E trust ctfs
For footnotes see page 3779.
45
11
66)4
105
118*4
*27*4
A
A
89
109%
72
103
A
O
47
110*4
161)4
J
Penn Co gu 3%b coll tr ser B—1941
Guar 3*48 trust ctfs C
1942
Guar 3*4s trust ctfs D
1944
104*4
J
S
1942 IVI
99
70
8
1944
110*4
107*4
102*4
*50
1947 IVI
1st gen 5s series
{♦Rutland RR 1st
Pacific Coast Co 1st g 5s
Pacific Gas & El 4s series G
5s.-.1949 IVI
2
110
103
91)4
109
115*4
114
13
12
4*4
108*4 108)4
98
104*4
110
107
71
cons
79
80
8)4
5
96
Pat A Passaic G A E
102%
91%
77%
1948 J
Pitts Y A Ash 1st 4s ser A
♦Rhlne-Westphalla El Pr 7s—1950
69
♦Paullsta Ry 1st ref Bt 7b
50
49*4
100)4 102
94
Paris-Orleans RR ext 5%b
Parmelee Trans deb 6s
97% 110*6
38
Purch money 1st M conv 5%b '54 M N
66
conv debentures
104
42
Gen mtge 4%b series C—-
94)4
1st M s ! g 3s loan ctfs
1956
Paramount Pictures deb 6s.—1955
106
*37"
70
66*4
Paducah A 111 1st s f g 4%b
1955
Panhandle Eastern Pipe L 4s__ 1962 IVI
Paramount Broadway Corp—
1
5
3%
D
88 H
J
D
70
99% 108
O
62*4
J
1966
75 %
60
O
45
1961
1966 A O
71
A
46
1962
Pacific Tel A Tel 3 *4 a ser B
Ref mtge 3 *4 s ser C
4)4s series B
1st mtge.4)4s series C.
60
Otis Steel 1st mtge A 4%b
2d ext gold 5s
51%
2
55%
A
1959
1960
1st mtge
50
Guar stpd cons 5s.—
Ore-Wash RR A Nav 4s
J
A—-1958 J
Pitts & WVa 1st 4)4s ser
"78
*110
1946
1946
SOX
9
14%
108%
Republic Steel Corp 4%b ser A. 1950 M S
53
101)4
Ontario Power N F 1st g 5s
A
1943
Ontario Transmission 1st 6s—1945 IVI N
D
J
Remington Rand deb 4%b w w.1956 M S
Rensselaer & Saratoga 6s gu. —1941 M N
50
102"
97)4
1972 J
1966
56%
107%
107%
3%
O
93*4
51
101*4
"97*4
Oklahoma Gas A Elec 3J6s
47*4
61
101*4
101*4
A
J
28
*102
1965 M N
B
Gen 4)4s series C
D
75
99
100
1943 M S
Gen mtge 5s series
J
1970
1975
—1977
28
79*4
100*4
J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
8)6
107
70
*35
F
104%
59%
49%
60
4
100
105
16 %
108 y
o
—
Gen A ref 4 %b series B
stamped
Ref A impt 4*4b series
Ref A Impt 6s series B
4%
106
10
10H
Pitts Va A Char 1st 4s guar. —1943 M N
{♦Debenture gold
113
*35
J
;
».
112)6
40
46%
53
115
:
♦Apr 1
Apr '33 to Oct '34 coups—.1945
North Pacific prior lien 4s
1997
Gen lien ry & Id g 3s Jan.—2047
107
89
108
62
60
3*4
86*4
98*4
11)4
6)4
8)4
52
40)4
105)4 107
51 *4
105*4
107*4
108*4
16
10
A
IVI
Series I cons 4)4s
105
IVI N
F
gold
Series G 4s guar
104
61
IVI
Series F 4s guar
Series H cons guar 4s
106*4
F
Aug 15 1963
gold
106*4
7*4
S
o
1942
1942 M N
1946 M N
A
-1949
D
1953
M N
— 1957
-1960 F A
1963 F A
1964 IVI N
Series I) 4s guar
106*4
*4
D
1940
Series C 4)4s guar
105
106*4
A
A
Nov 16 1969 MN
7
65)6
108%
D
o
Plllsbury Flour Mills 20-yr 6s._1943
Pirelli Co (Italy) codv 7b..
1952 IVI N
Pitts Coke & Iron conv 4)4s A -1952 IVI s
Series E 3)4s guar
O
6s
—1974
Gen A ref 4*4s series A
.1974
♦{Northern Ohio Ry 1st guar 6a—
3*4s
10)4
1996
North Cent gen A ref
♦Ctfs of dep
6
*5
5*4
107*4
No Am Edison deb 6s ser A.-.1957 IVI
Deb 6*4a series B
Deb 5b series C
8
7*4
1961
4s
North Arner Co deb 5b
108
85*6 101*6
23
55
14*4
50
{{♦Norfolk South 1st A ref 6s.l901 F
♦Certificates of deposit
113)6 117
84*6 101%
18
107%
107%
103%
102%
89%
s
General g 4)4s
12
108
J
J
M S
A ()
IVI N
A O
5
"55%
J
12%
12*6
12*6
O
M N
J
J
J
D
48
115%
91
66
104%
A
*12
gold 5S------1943 IVI N
& gen s f 4 *4s—-1939
Ret mtge 3)48 ser B
1967
N Y Trap Rock 1st Cs
1946
6s stamped
1946
{{♦N Y Westch A Boat lst4*4s 1946
Niagara Falls Power 3*4s—-.1966
Nlag Lock & O Pow 1st 6s A.. 1955
Niagara Share (Mo) deb 5*48.1950
Nord Ry ext sink fund 6*48—1960
N Y Telep 1st
r
105%
M N
4s
12
12
M N
J j
N
N
67
58%
J
D
General 5s series B——.—1974
Phlla Bait A Wash 1st g
A O
IVI
M
J
F
F
99% 111*6
41
*101
S
IVI
12
D
A
90% 100
45
77%
87%
87%
71%
93*6
1
"85" "96)6
14
M S
J
"4%
J
1st ser A 5s—1956
4s series B——
--1956
Series B 4)4s guar
4s...-1992
♦General 4s
---1956
{♦N Y Providence A Boston 4s. 1942
N Y & Putnam 1st con gu 4s.-1993
N Y Queens El Lt & Pow 3*48-1966
IN Y ltys prior lien 6s stamp—1958
NY4 Rlehm Gas 1st 6s A
1961
N Y Steam 6b series A-1947
1st mtge 5a
--—1961
1st mtge
1956
{♦{N Y Susq A West 1st ref 6B-1937
{♦2d gold 4*48
1937
♦General gold 6s
1910
108
A
series C
1977
General 4)4s series D——-—1981
Phlla Co sec 5s series A
1967
Pblia Electric 1st & ref 3)4s_ —1967
N
Y Ont & West ref g
Apr
4s
1st g 4)48 series C——
1980
Phelps Dodge conv 3)4s deb—1952
75
95
D
M
103
75
95
N
1st 481954
50
100 %
50
_
♦let A rel 4*4s ser
95
60
♦Income
Pere Marquette
22
64 *4
""
*
J
M S
{♦N YiNE (Boat Term) 4s..l939 A O
{♦N Y N H & H n-c deb 4s
1947
♦Non-conv debenture 3*48.-1947
♦Non-coDV debenture 3*4s—1964
♦Non-conv debenture 4s--—1966
♦Non-conv debenture 4e
1956 IVI N
♦Conv debenture 3*4s
1956 J
♦Conv debenture 6b—
1948 J
♦Collateral trust 6s
---1940 A O
♦Debenture 4s—
10
100
103)6 111)6
77*6
95%
109% 120%
106
80
IVI N
IVI N
65
107%
*40%
4%
70 %
S
30
114%
85■%
M
2
83
92% 101
103% 109)6
103% 114
75%
84%
85%
70%
85 %
J
A
194
"'~4
109%
91
O
Peoria & Eastern 1st cons
High
85
77
113
100
75 %
4s.-.1940
April 1990
Peoria A Pekln Un 1st 5)4s. —1974
121*6 124*6
112*6 114*6
gojd 3%b..
2000 IVI N
4s ser A—-1973 IVI N
91
100 %
O
------
98%
109%
80
112%
O
121*4
20
109 %
80
D
A
Conv deb 3 )4 8—
Low
100% 104*6
90
104%
107
109%
109%
112%
O
A
Peop Gas LAC 1st cons
*16
97
*106
D
-—1952
40
101
101% 105*6
N Y Lack & West
4*4s series B
A
6s—-.1943
1947
105*4
105*4
Refunding gold 5s
1949
O
C'onsol sinking fund
108
44
"53)4
A
4)4s
1960
General 4)4s series A
1965
General 5s series B———-1968
Debenture g 4)4s
1970
General 4)4s series D.——-1881
Gen mtge 4)4s series E——1984
67)4
No
"90
90
97 X
IVI N
-1970
77
90
103)4 109)4
39)4
55)4
High
82%
O
IVI N
Since
Jan. 1
*103%
O
IVI N
Pennsylvania RR cons g 4s
1943
Consolld gold 4s
1948
4s sterl stpd dollar May 1 1948
62
Range
§1
Asked
J
105*4
105)4
AC)
Pow g 6s- 1948
{♦ Harlem R A Pt Ches
4)4s A. 1977
121*4
*114*4
O
A
Greenwood Lake 68—1946 IVI N
N Y & Harlem
Pa Ohio A Det 1st A ref
A
4)4s series B
1981
A
Pennsylvania P & L 1st 4)4s—1981
53*4
105*4
♦Certificates of
1st lleu&ref
gold 4s
70*4
*100*4
N Y Edison 3%h ser
Purchase money
4
1938
N Y Gas El Lt H &
27*4
A
Lore
D
1st M 4)48—1960 J
Penn Glass Sand
30
48
1951
|♦Serial 5% notes
N Y &
103
106
Range or
Friday's
Bid
Penn-PIxie Cement 1st 6s A—1941 M
51)4
106
1953
series B
N Y Dock 1st gold 4s
38*4
68
1938
1946
N Y Connect 1st gu
1st guar 6s
""69
46
Last
High
75
69)4
77*4
*
Week's
Friday
Ramie or
Sale
EXCHANGE
N. V. STOCK
June 11, 1938
Week's
Friday
103*4
100*4
{♦S L Peor & N W 1st gu 5s—1948
J
St L Rocky Mt A P 5s stpd.-.1955
J
{♦St L-San Fran
J
pr Hen 4s A
1950
♦Certificates of deposit
♦Prior Hen 5s series B
♦Certificates of deposit
♦Con M 4%b series A
*13
60
9%
8
56
9%
8
46*6
42*6
04
59%
45%
46
02
12
17%
60
3
10
35
18*6
56
69
8)6
15
1978
"i
7%
13)6
16)6
M~S
♦Ctfs of deposit stamped.
7%
8%
16
10%
10%
2
8)6
8%
1950 j
8%
8%
1
7
13%
25
7%
14
7%
46
0)6
11*6
8%
6%
38
07 %
27%
25
34%
{♦1st terminal A unifying 58.1952 J
J
14%
15%
13X
24%
♦Gen A ref g 5s series A..
J
11%
11%
{♦St L SW 1st 4s bond ctfs
1989 M N
♦2d g 4s lnc bond ctfs. _-Nov 1989
J
1990
44
*25
45
6
9
17
Volume
New York Bond Record—Concluded—Page 6
146
Friday
BONDS
Last
Range or
Sale
Friday's
Bid
A
Asked
fcs
C b
N. Y. STOCK EXCHANGE
Week Ended June 10
Price
a.
"n
D
{♦St Paul E Gr Trk 1st 4Hs--.1947
J
{♦St Paul & K C Sh L gu 4 Hs-1941
St Paul Minn A Man—
A
1940
1972
{Pacific ext gu 4s (large)
St Paul Un Dep 5s guar
J
J
J
"nix
*15H
O
23
30
24
25
12
24
24
31
M N
112M
A
O
*11H
1950
Oct 1949
1959
A
O
F
A
A
O
1989
{♦Gold 4s stamped
♦Adjustment 5s
{♦Refunding 4s
——
cons
1945
6s series A
♦Series B
11
M
17H
2X
4H
4%
4
4
8
F
A
A
~2%
9X
5h
514
1951
1952
Shell Union OH deb 3 Ha
Shlnyetsu El Pow 1st 6 Ha
{♦Siemens & Halske
♦Debenture
s
s
-.1935
1951
f 7s
f 6H8
♦Silesia Elec Corp 6 Ha
S
2X
5H
3H
2X
J
M
S
F
A
Skelly Oil deb 4s
South A North Ala RR gu 5a
South Bell Tel A Tel 3H»
Southern Calif Gas 4 Ha
1st mtge A ref 4s.
54
70 X
80H
*75H
*61
24
6
1951
1950
1963
1962
1961
...1965
70 H
86
64
77 H
10
70
85
79 h
100 H
107 %
101H
107 H
28
"i03%
Ml
110
"26
103H
104 %
107
107
1947 j
108
16
1946
J
94 H
D
Natural Gas—
1st mtge pipe line 4 Ha
1951 A
So Pac coll 4s (Cent Pac coll)-.1949 J
86 H
95 H
87 H
35
O
D
91
99 H
36 H
5
97
97
1941 IVI
8
71
69
82
63 X
43 X
29
79%
43 h
104
108H
45
*25
91
104H
105H
A
*107H
109H
107 h
110
J
*104H
104H
103 %
106h
D
121H
10LH
121H
121X
123
Westchester Ltg 5s stpd gtd_..1950
Gen mtge 3 Ha
1967
1st mtge 4s ser H
D
102H
I09H
8
109 h 111
100 % 109 %
104H
11
101h 104h
78 %
43
81%
109
109H
104
1952
120 h
116
*111H
1966
Western
98% 102h
102H
118H
8
1961
1st mtge 3Ha series I...
West Va Pulp A Paper 4 Ha
85
A
F
1939
1952
Maryland 1st 4s
{♦Western Pac 1st 5s
ser
O
76H
81X
98h
17
97 h
108H
17 H
O
IVI
8
18
8
"l"7H
1946 IVI
A
10
;
g4Hs
21
S
17H
17H
18%
12
15h
20
IVI N
55 H
55 H
55%
6
51h
08H
D
1951 J
1960 IVI S
♦5s assented
58 H
58 X
38
72 X
24
1950
58
56
58
31
48 h
47 h
J
J
23 X
23H
23H
5
20 h
West Shore 1st 4s guar
J
J
52 H
52 H
52 H
17
49
2361 J
J
50
50
5
50
25-year gold 5s
30-year 5s
69 H
2361
Registered
40
39 H
41H
44 H
44 H
47 X
34
42
76
IVI
S
37 X
37
39
31
31H
63 H
IVI N
38 H
37 H
39
73
30
63 H
Wheeling Steel 4 Ha series A
M N
37
37
39
141
30 X
63
White Sew Mach deb 6a
47
50
119
44
83 H
{{♦Wtikes-Barre AEast gu 5s..1942 J
48
O
77
83 H
*81
H
104H
.1949 M
lat consol 4s
4s
61H
66
61H
94
60 H
93
42
48 X
J
{♦Wis Cent 50-yr 1st
"51H
51 H
54
O
29 X
29 H
30 X
106
o
38
37 H
38H
24
gen
4s
23 H
47 H
26
63
1938 M S
Wisconsin Publ'o Servloe 4s
1961
{♦Wor A Conn East 1st 4 Ha
Youngstown Sheet A Tube—
1943
j
60
97 H
75
97 h
1961
7h
71
87
107 h
*106
"Id"
109 h
8
15h
14h
*5H
6
6H
5h
8
6 h
105H
106
14
104
0%
100 X
5
5%
100
53
96
100h
*9H
IVI N
5814
99
90 h 101 X
17
N
64 H
68
87
93
4
*5H
ivi
{♦Sup A Dul dlv A term 1st 4s *36
♦Certificates of deposit...
28
65
67
99%
85X
14
*8
1st mtge s f 4s ser C
79 h
91 h
"n
5
9814
99
....
78
11
100%
19
J
*65
M S
110h
4H
J
J
1949
35
25
105 h
♦Certificates of deposit
45
41
''
I
J
15
87
y"i>
40
41
J
106 %
4H
J
*ib'x
o
105 h
O
1960 J
Winston-Salem 8 B 1st 4s
100
*98 %
D
A
63
19
A
..1940 M N
1947
75h
102H
106H
S
Wilson A Co 1st M 4s series A-.1955 J
83
*52
4s stamped
F
1966
70
102H
1966 M S
Wheeling A L E Ry 4s ser D
RR
93
73 h
102
81H
A
1943
1946
68 X
26
101X
J
1977 J
West N Y A Pa gen gold 4s
Western Union
A
8
1950 A
Mobile & Ohio coll tr 4s
56
F
1945
1945
f 5s
s
M
1955
1955
Southern Ry 1st cons g 5s
1994
Devel & gen 4s series A
1956
Devel A gen 6s........
.1956
Devel & gen 6 Ha
1956
Mem Dlv 1st g 5s
1996
St Louis Dlv 1st g 4s.——.1951
East Tenn reorg lien g 6s
1938
1st
57
72
38 H
A
1st 40-year guar 4s
105
71
42 X
3Ha...2000,F
30
J
10
6h
69
56 X
"69H
Conv deb 3Ha
So Pac RR 1st ref guar
100
56 X
O
S
Wash Term 1st gu 3 Ha
94 h
86
Southern
San Fran Term 1st 4s
104H
X,
*66
O
1955 A
{♦Warren Bros Co deb 6s
87 H 100
8
86
J
Southern Kraft Corp 4Ha
A—1977
1968
Gold 4 Ha
1969
Gold 4Ha...
1981
10-year secured 3H8——-.1946
104
D
J
♦Westphalia Un El Power 6s.-.1953
Southern Colo Power 6s A
1st 4Ha (Oregon Lines)
Gold 4 Ha
13
"6h "l3"
*4
1st A ref 5Ha series A...
120H
101 % 105
105 h 108 X
106 H 108 H
1
108
S
A
7
8
"Tm
7X
7H
1955 A
Warren RR lat ref gu g
104% 108
*110
F
11H
92 X
90 X 101H
73
107 H
101H
11h
13h
10
8H
*4
1980 AO
1939 M
78 h
3
01%
20h
23
9
6h
7H
7H
14h
6h
7X
10
7H
a"6
1978
West Penn Power 1st 5s ser E..1963 IVI
23
1952
Socony-Vacuum Oil 3Ha
94
*98 H
1946
1941
Sile8lan-Am Corp coll tr 7s
Simmons Co deb 4s
96 H 103 X
70
D
~"7H
7H
A
*4
68 debentures
414
102 H
102 X
102 H
J
J
30
*4
Walworth Co 1st M 4s
Wash Water Power
M
45
20
45H
—
Washington Cent 1st gold 4s...1948 Q IVI
22
13
3
2X
*2X
S
1976 F
Warner Bros Plct deb 6s
10 H
514
6H
18
*13
40
91 X
deposit
Walker(Hlram)GAW deb 4H8.1945
8H
5
5H
S
1935 F
certificates
9
2%
6
6H
5%
{♦Seaboard All Fla 6s A ctfs
12
2H
m's
1933
1935
35
75
*
8
♦Certificates of deposit...
4H
♦Certificates of deposit
{♦Alt A Birm 1st gu 4s
67 h
16H
20
19
10
*111
5 Ha A. 1975 IVI
gen
of
♦Ref A gen 5s series D
♦Certificates of deposit
109 h 116
112H
*4
♦Certificates of deposit
♦1st &
"lOH
♦Certificates
♦Ref A gen 4 Ha series C
18 H
38
45
♦Certificates of deposit
25
99h 105x
17
*40"
1941 IVI
♦Ref A gen 5s series B
20
24
J {♦Seaboard Air Line 1st g 4s.. 1950
Scioto V & N E 1st gu 4s
15
18H
{♦Wabash Ry ref A
112H
84
25
1941
110H
104
24
O
A
♦Stamped
*15H
J
J
♦Stamped....
s f 6Hs series B___—.1946 A
♦Guar
108
1
110
*106
J
J
81H
109h 113>,,
32
109H
109H
45
5
High
38 H
20
1939
♦OmahaDlv lstg3Hs
♦Toledo A Chic Dlv g 4s
Low
103H
38
*17H
♦
1941
♦Des Moines Dlv 1st g 4s
109 H 118H
22
No
1
Jan.
EQ&3
High
102H
A
1954
♦Det A Chic Ext 1st 5s
103X
IVI N
1939 F
♦2d gold 5s
102 H
8
1966 IVI
{{♦Wabash RR 1st gold 5s....1939
♦1st Hen g term 4s
98
Asked
A
Low
9X
6H
113
11223,,
9H
Since
Friday's
Rid
Price
VirglnlaD Ry 3 H s series A
98
Ranae
Range or
Sale
Week Ended June 10
High
Low
7H
50
49
ii2"i«
Last
Y. STOCK EXCHANGE
1
93
114H
114
J
J
1946
No.
98 H
IjSau Antonio Pub Serv 1st 6s.. 1952
San Diego Consol G A E 4s
1965 M N
Santa Fe Pres & Pben 1st 5s... 1942 M S
{♦Schulco Co guar 6 Ha
fiQ«2
8
7H
J
.1943
SA&Ar Pass lstgu g 4s
7X
N.
Since
Jan.
23
*6%
BONDS
Range
to
ll
93
*80
J
F
■*=>
High
Loir
St Paul A Duluth 1st con g 4s_.1968 J
3779
Week's
Friday
Week's
106
*3H
j
99m
99H
8H
80
D
109H
109
109 H
106 H 110
So'western Gas A Elec 4s ser D.1960 M N
104 H
104 H
104H
101
So'western Bell Tel 3 Ha serB..
1964
J
105h
Cash sales transacted during the
e
1955
1946
9
14
Staley (A E) Mfg 1st M 4s
A
104
104
101
105
Standard Oil N J deb 3s.
1961 J
D
103
103H
100
103 H
♦{Spokane Internat lstg 5s
J
J
F
9H
103
9H
I)
J
J
"~56H
Swift A Co 1st M
M N
107H
107
107 X
105H 108
J
120H
120H
120%
100
100
119H 125
100
95
1943
deb 6s. 1945
3HS---~—1950
Tenn Coal Iron A RR gen 5a._.1951
TenD Cop & Chem deb 6s B...1944
Tennessee Corp deb 6s ser C
1944
*101H
M
8
IVI
54 H
102H
46H
56 X
1947
D
O
104
104
..1944
Gen refund s f g 4s---_——-1953
Texarkana & Ft S gu 5 Ha A
1950
Texas Corp deb 3 Ha
1951
TexA N O con gold 5s
1943
Texas A Pac 1st gold 5s
2000
A
*i09
36
1st
cons
gold 5s..
"loiH
J
A
Third Ave Ry 1st ref
A...1964
1960
4s
Jan 1960
♦AdJ Income 5s
1937
1952
{♦Third Ave RR 1st g 5s
Tide Water Asso Oil 3 Ha
2
101X
101
*7lH
99
Ex-Interest.
dollar quotation
the
IlOH
110H
81
U2
103h 106h
"6
107" lien
73
74
8
70
88 h
73 H
73 H
74
6
70h
73
73
74 X
72
Deferred delivery sales
19
J
31H
O
7%
J
J
30 H
31X
24 x
7
47
34
86 H
89 X
24
71
Transactions
8h
89h
8
3%
J
103 H
103 X
103X
72
98
54 X
53 H
54 X
79
49h
A
*85
86
85
102
O
*51
62
50
80
M S
J
*99H
D
S
J
103
8
1962
J
J
24
24
97
25
26
96
70
70
70 H
108H
6
67
Railroad <fc
Stale,
United
Total
Number of
15
105
109
108H
107
119"
118
119
.1952
J
107H
107
107H
25
4s—1947
June 2008
June 2008
J
110H
110
110H
24
S
101
100H
101
112
112H
*7X
M
S
34-year 3 Ha deb
35-year 3 Ha debenture
1970
1971
A
O
United Biscuit of Am deb 5s
1950
A
O
1952
United Drug Co (Del) 5s
1953
U N J RR & Canal gen 4s
1944
{{♦United Rys St L 1st g 4s...1934
U 8 Pipe A Fdy codv deb 3 Ha. 1946
f U 8 Rubber 1st A ref 5s ser A.1947
A
O
IVI
8
IVI
S
J
19H
8h
8H
"27
109
2
*108H
J
United Cigar-Whelan Sts 6s
♦Un Steel Works Corp 6 Ha A.
C.
♦Sink fund deb 6H8 ser A
Utah Lt & Trac 1st A ref 5s
Utah Power A Light 1st 6s
{♦Util Pow A Light 5 Ha
{♦Debenture 5s
M N
Miscell.
Municipal &
Stales
Bond
Shares
Bonds
For'n Bonds
Bonds
■
106H
"67"
J
103
107 h
26
12
60
"7
1053ie
107
16
105'i«
105X
85
35
35
.1951
1
"34"
34
1947
1944
1944
77 h
60
"3
36
27 %
38
73
89 h
83 X
2
83 H
85 H
46
78 h
92
48 %
5
45
50 h
48 H
O
$17,770,000
$3,600,000
$1,314,000
$22,684,000
Week Ended June
Sales at
Cons s f 4s series B
1955
1957
{♦Vera Cruz & P 1st gu 4 Ha.—1934
{♦July coupon off
Virginia El A Pow 4s ser A
1955
Va Iron Coal A Coke 1st g 5s...1949
Va A Southwest 1st gu 5s
2003
48 H
12
45
1st cons 58
1958
J
J
86
85 H
77
2,422,440
3,438,621
$1,314,000
3,600,000
17,770,000
$2,061,000
$70,742,000
$257,653,000
5,960,000
32,688,000
111,072,000
578,628,000
1,163,011,000
$22,684,000
$40,709,000
$760,442,000
$1,597,959,000
Bonds
Government
State and foreign..—
Railroad and
Industrial
Total
86
Stock and Bond Averages
are
as
compiled by Dow, Jones & Co.:
Bond*
Stock*
10
104
104
19
1
2H
20
20
Toia 1
10
First
Second
10
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
ties
Slocks
trials
Rails
Rails
ties
Bonds
Dale
{
109H
10
30
Indus¬
1
1
1
109H
H
10914
"45
42 H
1
8
42
J
J
*45
O
*40
4614
trials
106h 109 X
35
45
roads
104.27
Total
"43"" "ei""
85.57
114.47
20.53
19.13
37.32
105.84
87.95
44.20
June 10.
90
A
IVI
177,295,000
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
88
J
M N
1937
218,471,695
96,517,473
50 H
M N
J
4,193,000
1938
A
Vandalla cons g 4s series A
209,000
253,000
Jan. 1 to June 10
10
1937
1938
Stocks—No. of shares.
103 h 106 m
36 H
27 X
48 H
F
3,904,000
2,422,440
366,000
'
27
48 H
83 X
Vanadium Corp of Am conv 5s. 1941 A
183,000
•
895,000
605,000
602,000
114
107
83 H
1947
1959
3,262,000
4,772,000
4,216,000
731,000
81H
109 h
19h
27 H
*33 X
..1951
69h
107
69 H
"19X
107
IVI N
J
95 H
67
—
Total..------
96
73
—
107h 114h
97
107 x
109 h 116
84
70 %
.
Exchange
84
205,000
406,370
Wednesday
Thursday
278,410
591,220
—
New York Slock
89
106 H
$98,000
$466,000
301,000
467,330
372,180
Monday.
9h
89
Sales
$2,337,000
$1,773,000
2,756,000
3,511,000
3,402,000
3,338,000
2,990,000
306.930
Tuesday..
104h 109 h
87 H
106H
1938
Saturday
116H 119
88 H
'".88H
Ended
Week
June 10
80
A
♦Sec s f 6 H8 series
New York Stock Exchange,
Daily, Weekly and Yearly
Friday
O
M
108 m
24
A
IVI
103
100H
*22
IVI N
F
103h
117h 119
103 H
*119
J
"95""
121
*94
IVI
A—1942
debentures
63h
D
{{♦Union Elev Ry (Chic) 5s...1945
1st lien A ref 5s
the
at
104x
7X
D
1945
UJlgawa Elec Power s f 7s
Union Electric (Mo) 3Ha
1st Hen & ref 4s
Included
4 at 46H.
Oriental Dev. 6s 1953, June
Stocks,
1953
Tol & Ohio Cent ref & Imp 3Ha I960
To! St Louis A West 1st 4s
1950
Tol W V & Ohio 4s ser C
1942
Toronto Ham & Buff 1st g 4s.. 1946
Trenton G a El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A..1953
♦Tyrol Hydro-Elec Pow 7H8..1955
Guar sec s f 7s
..1952
Union Pac RR 1st & Id gr
transacted during the current week and not
the yearly range:
98 h 104
97
A
1st 6a dollar series
3 Ha
week.
Bonds selling flat.
t
in
under
85 h
S
J
J
receivership, or reorganized
securities assumed by such companies.
No sales transacted during current
Friday's bid and asked price.
♦
88 h
D
nearlng maturity.
belrig In bankruptcy,
{ Companies reported as
•
O
O
M
7 Bonds called for redemption or
Section 77 of the Bankruptcy Act, or
Tokyo Elec Light Co Ltd—
Union Oil of Calif 6s series
Accrued interest payable at
200-pound unit of bonds.
per
exchange rate of $4.8484.
108h
70
106H
81 H
ilOH
D
"26
73
105H
J
1980 J
GeD A ref 5s series D
Tex Pac Mo Pac Ter 5Ha
93 X
106"
D
1977
1979
Gen A ref 5s series C
91X
93%
-
Gen A ref 5s series B
during current week,
a Deferred delivery sale; only
current week,
n Odd lot sale, not included in year's range,
{Negotiability Unpaired by maturity.
{The price represented Is
during
transaction
x
70 x
94
103h 106h
109h 114
111
Term Assn of St L 1st g
•
S
4H8---1939
TenD Elec Pow 1st 6a ser A
:; '■
Cash sale; only transaction
r
72 x
'V'.;-
'
No sales.
102
95
J
♦Studebaker Corp conv
Staten Island Ry 1st 4 Ha
Included in the yearly
current week and not
range.
20.81
19.25
37.73
105.85
44.30
104.18
85.59
115.74
88.01
9.
20.48
18.82
37.07
105.90
88.77
44.49
104.22
85.85
89.08
44.90
104.31
86.08
'■
June
June
8.
113.75
June
7.
113.12
20.55
18.88
36.96
106.01
20.58
18.98
37.00
89.09
44.79
104.30
86.05
6.
113.19
106.00
June
111.82
20.57
18.77
36.64
88.90
44.80
104.02
85.93
4.
105.98
June
1
New York Curb
3780
Exchange—Weekly and Yearly Record
June 11, 1938
NOTICE—Cash and deferred delivery sales are disregarded In the week's
range unless they are the only transactions of the week, and when
selling outside
of the regular weekly range are shown in a footnote in the week in which
they occur.
No account Is taken of such sales in computing the range for the year.
In the following extensive list we furnish a complete record of the transactions on the
New York Curb Exchange for the
week beginning on Saturday last (June 4, 1938) and
ending the present Friday (June 10, 1938).
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:
Friday
Sales
Last
Par
Week's Range
of Prices
Loto
High
Friday
for
Sale
STOCKS
Week
Price
Range Since Jan. 1, 1938
Shares
Low
Acme wire v t o com-.--20
19%
14%
Supply Mfg class A.*
Class B
*
Aero
3%
3%
Agfa Ansco Corp com
1
Alnsworth Mfg common..o
8.50
«
500
8
8
8%
300
X
1%
X
IX
X
300
IX
100
H
X
500
~06 % ~67%
"26
1
Ala Power 17
pref
x59
$6 preferred
Alles & Fisher Inc com...*
56
„
Alliance
Invest
1
100
61X
44%
2
May
Feb
Mar
72
96
95%
May
Mar
1,200
58
Mar
600
93
Apr
Apr
100
3
83
34
81
85
07
Mar
.-100
94%
American Airlines Inc—10
12X
American Beverage com.-l
American Book Co
100
49
13*4
X
49%
7%
X
Amer Box Board Co com
6%
8
2,300
Mar
%
100
44
100
300
Feb
2
Mar
23%
z59%
Feb
3%
Mar
150
23
500
16%
IX
2
700
1%
27%
Mar
15%
Mar
%
Mar
8%
19%
Mar
1
B
10
"i'x
"17%
*10% "l7%
8%
*
Preferred
28
10914
American General Corp 10c
2734
8%
28%
108% 10934
34
3%
4~500
100
4,400
525
16
25
12%
16
100
1234
12%
300
X
H
X
21
21
40
200
Republics
10
Amer Seal-Kap com
2
Am Superpower Corp com *
0%
6%
Angostura Wupperman-.l
Apex Elec Mfg Co com.—*
Appalachian El Pow pref.*
fArcturus Radio Tube.—1
Arkansas Nat Gas com...*
Common class A
18%
14%
24%
Jar
Cable Elec Prods
Jan
Mar
Mar
98%
"2%
2%
Preferred
---10
Arkansas P & L $7 pref...*
Art Metal Works com
5
72%
1
Jan
Capital City Products
Carlb Syndicate
Carman & Co class A
3%
200
Feb
100
3%
1%
4
1%
Mar
2%
Jan
3%
June
Mar
100
7%
90
2,100
600
10
600
5
3%
•11
Mar
%
400
%
Apr
80
3%
17%
30
3%
200
17%
10
X
%
Jan
Cent States Elec
Mar
Mar
70
Mar
Mar
80
June
2%
16
Mar
4%
Jan
Mar
%
0%
30
Jan
Mar
1%
15%
Jan
%
%
Mar
%
300
Mar
2%
Jan
300
0%
Mar
8%
Mar
4
Mar
8%
Jan
Apr
21
Jan
Mar
13
Mar
23
19
20%
2%
130
1,700
2%
200
5%
600
1%
1%
Mar
Jan
Jan
May
2%
Jan
Mar
2%
Jan
1%
7%
5%
15,700
13%
19
2%
11%
4%
Mar
June
Mar
Apr
Mar
24
25%
4%
17
May
May
Jan
Feb
1
1 %
1
7%
534
4%
7%
Mar
9%
1%
Jan
1
Mar
2%
Jan
Jan
50
7%
Mar
3,400
4%
May
8%
JaD
51
Mar
63%
Mar
3
May
6%
Jan
2%
Jan
134
1%
1%
300
13%
14%
3%
1,200
3%
3%
162
162
400
%
%
X
1%
8%
2%
warr
3m
Cherry-Burrell com
Chesebrough Mfg
see page
5
Chicago Flexible Shaft Co 5
Chic Rivet & Mach
4
Chief Consol
Mining
1
Chllds Co preferred
100
Cities Service new com..10
26%
Jan
Mar
Mar
Mar
10
Jan
16
Jan
4%
Jan
Jan
8
Apr
22
1% May
40
May
2%
Apr
Apr
22%
Apr
100%
Mar
2
"500
2
100
Mar
Jan
Jan
Jan
3%
Jan
3%
% June
Apr
Mar
5
18
Apr
22
Jan
19
Mar
27
May
2
100
»n
300
7%
7%
1
1
20
100
Jan
Jan
Jan
Ap
%
Jan
Feb
10
2%
17%
Apr
Apr
May
%
72"
Jan
1%
10%
1%
1,000
Jan
3%
Mar
Apr
7
15
20
4%
Mar
"i«
150
Jan
Mar
2%
3
3%
Jan
21%
1%
Mar
Jan
"72"
"16
24%
3,300
17%
4%
4%
100
4%
May
6%
Jan
9
9
100
6%
Mar
15%
Jan
Apr
25
Jan
23
.....
"2%
"2% ~~2%
50
«
05%
Mar
85
Jan
60
23
Mar
80
Jan
Apr
32
17
1
Ol Oi
60
175
1%
50
3
55
50
3%
Apr
June
82
Mar
14
55
Mar
55
June
Jan
Jan
Jan
4%
Feb
23%
Feb
69
Jan
13
14 *
300
10% Mar
68% May
84
86
200
5
700
75%
4%
June
8%
64
Mar
77%
Jan
1
Mar
2%
%
Jan
7%
May
4%
%
1%
%
5%
1%
200
»is
1,000
%
Apr
Apr
14
May
84
Feb
90
Jan
Jan
Jan
6
375
11
11
550
3
Mar
6
Mar
15
Jan
8
6
Apr
10
Apr
3
3%
200
3%
Mar
3%
13%
5%
13%
100
"55%
6
8%
8%
38
Jan
Jan
50
13%
June
21
Jan
50
97
Mar
110
Mar
350
40
Jan
60
Feb
55%
300
Mar
June
Mar
39
7%
May
21%
100
3%
Jan
.11
800
39
Mar
%
20%
1,500
8%
5%
100
400
%
27
Mar
"52"
"""50
"400
2
Mar
20
""52"
4
8%
7%
100
6%
26
Feb
5%
%
27
5
7%
13%
100
55%
Mar
June
5
1%
Mar
29
9%
»u
Jan
Jan
Feb
May
47% May
5
May
40
May
900
1%
34
35
"366
4
35
72
Feb
Feb
67
Feb
Mar
0
Mar
May
1
Jan
4
100
Mar
30%
3%
Jan
*4%
20
2%
4
May
Jan
Jan
Mar
"366
1%
35%
Mar
6%
Feb
Apr
3%
1
Mar
1%
7
1%
Feb
Mar
2
Club Alum Utensil Co..
Cockshutt Plow Co com.
Cohn <fc Rosenberger Inc
Mar
5%
Colon Development ord
£1
.....
warr.
1%
Jan
%
Jan
Conv 5% preferred.. 100
Columbia Oil & Gas
1
10%
30%
Jan
Commonwealth
1%
2%
4
4
4
2%
May
pref..
Feb
4
2%
Cleveland Elec Ilium
Cleveland Tractor com...
Cllnchfield Coal Corp.. 100
%
Mar
18
Jan
2%
Colt's Patent Fire Arms.25
Columbia Gas <fc Elec—
Mar
Jan
Apr
14
Apr
Mar
Feb
39
4%
1
Mar
•u May
Feb
9
Apr
2%
1%
4%
May
*i«
Clark Controller Co
Claude Neon Lights Inc..
Clayton & Lambert Mfg..
Colorado Fuel <fe Iron
800
May
10
"2% "2%
Jan
40
26
Jan
Mar
Jan
3%
88
'""4% "4%
Feb
6%
Mar
6
400
$6 preferred
City Auto Stamping
City & Suburban Homes.
119%
20
Jan
450
3%
165
Mar
Jan
31
22
Preferred B...
conv
33
Mar
98
Preferred BB
Cities Serv P & L $7 pref.
6%
Jan
15%
97
39
Apr
30
3785
May
22
25
Apr
9%
»
Apr
97%
Centrifugal Pipe
*
Chamberlln Metal Weather
Strip Co
5
Charis Corp
...10
4
3%
51
100
500
51%
49
51
2,700
'
49
2%
3%
May
1%
3%
3%
June
200
45
125
48
3,200
10
Jan
Jan
Jan
0%
3%
4%
Jan
Mar
Mar
7%
Jan
Mar
01
Mar
60
Jan
Jan
Feb
Jan
2%
Mar
4%
Jan
%
%
Jan
Feb
%
%
Jan
May
A Southern
Warrants
Commonw Distrlbut
For footnotes
100
147
700
*1R
27%
6
7% preferred..
100
Conv preferred
100
Conv pref opt ser '29.100
5%
14%
•
Jan
Mar
32%
18%
1
com
114%
30
*
pref
Jan
1,000
22%
Purchase warrants
conv
May
>u
6ia
1,000
20%
100
..*
Jan
1%
7%
4%
1%
21
Apr
Y660
..*
Mar
Feb
Apr
33%
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow & Lt 7% preflOO
Cent & South West Util 50c
Bi«
1934
Berkey & Gay Furniture. 1
$2.60
$7 div preferred
Jan
1%
1%
Jan
8%
22%
common. 15
Jan
500
23
100
Bell Tel of Pa 6%% Pf-100
Benson & Hedges com
*
Blckfords Inc common
Celluloid Corp
Preferred
Bell Tel of Canada
Conv pref
1
1
07
13
1%
100
1
1%
9%
5,000
100
May
100
1%
10
Celanese Corp of America
7% 1st partlc pref... 100
Jan
30
""3%
Cent Hud G & E com
*
Cent Maine Pw 7% pref 100
%
7
5%
*3"
*
Castle (A M) com
Catalln Corp of Amer
Jan
7%
14%
1
11%
15
com.
com
Jan
%
Tobacco—
Bellanca Alroraft
4
Mar
4%
1
Corp com__.l
Jan
Mar
7
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Bell Aircraft
7
8%
25
Beaunlt Mills Inc com..10
Beech Aircraft Corp
1
May
May
3%
Warrants
Corp___l
Baumann (L) & Co com..*
7% 1st pref
100
Jan
75
400
25
Bath Iron Works
Mar
common. 1
Jan
Mar
33%
21%
*
....
6% pref without
1%
734
Barium Stainless Steel...1
Barlow & Seellg Mfg A...5
Mar
70
5
Purch warrants for
Jan
Mar
59
%
Automatic Products
.5
Automatic Voting Mach..*
*
Feb
4%
4%
7%
800
"~X
10
»>.
Mar
8%
""h\
common
Mar
*ti
*
Babcock & Wilcox Co
Baldwin Locomotive—
Jan
3%
1
Axton-Flsher
103%
4
80
100
*
*
Carter (J W)Co
Casco Products
Mar
72%
Apr
Jan
Mar
%
14
*
Carrier Corp
4
10%
10%
88
Mar
1
Jan
300
80
20
*
Feb
Apr
3%
%
15
400
*
Class B
Carnation Co common
Carnegie Metals com
1st preferred
Corp
Aviation & Trans Corp
Jan
Carolina P & L $7 pref
$6 preferred
8%
Austin Silver Mines
w
1%
Jan
Apr
%
2%
2%
4%
'"560
0%
6
Jan
1%
25c
6
Jan
4%
27%
5%
*
Jan
3
2%
Apr
33
1
9%
Jan
2%
Mar
2
50
25
20
*
.....
7%
Jan
72%
B non-voting
Canadian Marconi
Mar
Assoc Laundries of Amer.*
Atlan Brlmlngham & Coast
RR Co pref
100
w
Jan
May
Mar
Option warrants
Avery (B F)
0% preferred
0% pref xw
42
5
,.*
Atlas Corp warrants
Jan
20%
18
1
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..50
1
Apr
Jan
30
3
""06
%
100
100
Calamba Sugar Estate..20
100
3%
June
Canadian Car & Fdy pfd 25
Canadian Indus Alcohol A*
76
6
3%
1
preferred
Jan
Feb
Mar
6
6
Elec Industries
Amer deposit rets
£1
Assoc Gas & Elec—
—
23
1,000
"98%
%
*
03%
8%
"2% "2%
t c
Apr
200
"98"
May
May
Amer dep rets pref shs.£I
Apr
Mar
Associated
Class A
May
v
May
5%
70
Cables & Wireless Ltd—
10
1%
3%
*
Ashland Oil & Ref Co
$5 1st preferred
*
Bunker Hill & Sullivan 2.60
Mar
14%
27%
Apr
Jan
Jan
June
25%
25
Burry Biscuit Corp.. 12%c
3,500
*
7
18
Burma Corp Am dep rets..
Apr
6
7%
Mar
19%
3%
Buckeye Pipe Line
50
Buff Nlag & East Pr pref25
Jan l
12%
I'xs
Mar
Feb
6%
28%
Brown Rubber Co com_._l
Bruce (E L) Co com.
5
Jan
11%
3%
"x
1%
2%
20%
1%
13
*
*
12%
Feb
Feb
100
%
1%
2%
20%
.*
27%
6%
3%
%
3%
Mar
3
Jan
10
100
5%
78
% *
1
com.
Class A pref
Jan
Jan
Jan
*
Mar
100
40
American
'"%
Brown Forman Distillery-1
$6 preferred
*
Mar
1%
16%
Mar
2%
£1
Mar
1,300
--*
Amer Potash & Chemical.*
Anchor Post Fence
6
5%
78
.100
Brown Fence & Wire
Jan
26
5%
Jan
Mar
4%
4
400
5,300
Tobacco—
iBrown Co 6% pref
Jan
3%
Jan
27%
Feb
20%
Jan
1%
Feb
12%
31% May
Feb
111%
Apr
54
1
1st preferred
20%
7
Am dep rets ord reg-.lOe
British Col Power class A. *
Jan
Mar
22%
11%
100
Preferred...
American Thread pref
Mar
28
4%
6
*
8
preferred
25
Amer Mfg Co common 100
Preferred
Jan
Apr
2%
23
0%
Amer Maracalbo Co
Amer Meter Co
Apr
Apr
4%
.*
25
.20
Mach
104
500
$2 preferred
1
$2.60 preferred
--1
Amer Hard Rubber CO--60
Amer Lt & Trac com
10
'
Amer Foreign Pow warr.
Amer Fork & Hoe com—*
Amer Gas <fc Eleo com
May
Jan
11
Apr
25
Class B
Amer Cyanamld class A. 10
n-v
Apr
1%
4%
100
Amer dep rets reg
British Celanese Ltd—
Mar
Mar
%
Am dep rets ord bearer£l
Apr
Jan
Jan
2%
*
Amer
Jan
9%
1%
7%
*
Registered
39%
Mar
Mar
10%
British Amer Oil coupon..*
Feb
%
23
600
IX
3
Mar
22%
Atlas Plywood
7% preferred
Jan
2%
16%
"~70
*
Brlllo Mfg Co common
Class A
Jan
1%
7
*
Corp class B__
Jan
Jan
June
4%
"200
Class A............
Jan
22%
Class A
1%
"l4%
...100
Brill
Feb
22H
60
Class A with warrants.25
Common.......
Feb
10%
25
Class A
$5
6%
Feb
21%
10
"li"
"14%
-
Preferred
Mar
9%
1
""3% "3%
Bright Star Elec cl B
9
11
Mar
Apr
34
200
June
Mar
%
100
6%
High
Mar
6%
4%
YM
37
6%
25
Bridgeport Gas Light Co
Bridgeport Machine
95% Mar
103% May
13% June
52
1%
6%
100
com.
..
Jan
Mar
Mar
1X
Amer Laundry
Bowman-Blltmore
Feb
16%
Mar
%
10%
preferred
Class
90
Mar
15.60 prior pref
Amer Centrifugal Corp-.l
Am Cities Power & IA—
Class B
Jan
Feb
7% 1st preferred
Borne Scrymser Co
Bourjols Inc
British
Common class B
100
37
*
Bohack (H C) Co com...*
Jan
Mar
0%
10c
10c
common
800
"~X "1%
Breeze Corp.
.1
Brewster Aeronautical... 1
100%
Capital—
Class A
6%
5%
7% 1st preferred
100
2d preferred
.....100
Brazilian Tr Lt & Pow—*
June
200
75*4
96%
3
Aluminium Ltd common.*
6% preferred
_
1
15
Apr
6%
11
10 %
0
Mar
Low
10
$3 opt. conv pref
Blumenthal (S) & Co
Jan
Shares
High
5%
1
com
new
Apr
%
Jan
49%
Jan
68% May
03
May
2%
Jan
1%
Feb
%
Feb
Apr
15
75
100
2
6%
Range Since Jam 1, 1938
for
Week
com
(E W)
Blue Ridge Corp com
Jan
15%
Mar
12%
common..*
preference
1%
Low
Bliss & Laughlln com...
Jan
May
9
Mar
H
6
com..—26
Aluminum Industries com *
S3
Blauner's
Bliss
8%
Aluminum Goods Mfg---*
American
Jan
Jan
Mar
X
10
Allied Products com
6%
4%
32%
8%
Mar
.
Aluminum Co
Apr
Mar
Mar
„
Class A conv
Jan
Mar
*
com
pref
conv
17
%
33%
50%
Allied Internat Invest com*
S3
Feb
Sales
Week's Range
of Prices
Price
Birdsboro Steel Foundry <fc
Machine Co com—..
Jan
5%
7%
%
Gt Southern--60
Alabama
Feb
11%
Warrants
Sale
Par
34
23
Couv preferred
Last
High
Apr
2%
2,700
30
5%
Investors common—*
Air
3%
27 %
Air Associates Inc com—1
Air Devices Corp com
1
STOCKS
(Continued)
1
%
%
1
700
200
Volume
New York Curb
146
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Exchange—Continued—Page
Sales
Week's Range
of Prices
Low
Community P & L $6 pref *
20
20
Community Pub Service 25
22
21
Jan
28
25k May
2234
600
18%
Mar
k
100
%
Apr
1
12%
12%
100
Mar
15
Jan
Compo Shoe Mach—
V t c ext to
1946—-—
1
Consol Biscuit Co
Consol Copper Mines
5
3k
3%
Consol GELP Bait com *
67
115
115
4%
5,600
67%
66
100
5% pre! class A
800
Consol Min <fc Smelt Ltd.5
8% preferred
100
Consol Royalty Oil
10
Consol Stee Corp com—*
Apr
1%
May
Apr
64%
Jan
Common
Conv
Jan
preferred
Fruehauf Trailer Co
June
3 H
81%
1%
Jan
Jan
5%
Jan
1%
3%
72%
Mar
300
1%
2%
100
67%
4%
3%
May
Mar
1,300
100
~~4% ~~4%
'166
Mar
Jan
80
%
I*
Jan
Jan
Feb
9%
Jan
54%
Mar
Mar
9%
Jan
39%
41%
250
900
16%
16%
4%
16%
16%
800
10%
500
53
conv
preferred
Feb
Jan
Jan
1%
Mar
3%
Jan
86
600
May
Tooo
%
June
5%
Mar
"8k "m
"500
8%
June
lk
"l9% ~2lk"
5%
5%
-25
Gen
Jan
General Telephone com_20
83 conv preferred
General Tire & Rubber—
Mar
27%
8%
Jan
600
3%
Mar
•i«
Mar
Jan
3%
1%
13%
12
Jan
Jan
2%
1H
1,566
3
10%
1%
15%
Jan
72
May
1,200
20%
Crown Cork Internat A..*
Mar
10%
100
8%
Mar
1%
500
1
Mar
"l% "l%
16%
5*
5
Jan
Jan
10%
10%
%
Jan
Jan
10H
Feb
Ik
Jan
*
preferred
85
preferred
Preferred........
Jan
1H
Feb
Glen Alden
Jan
10 k
Jan
4%
Godchaux Sugars class A.*
Class B.
*
7
18
Feb
Coal
Mar
9%
Feb
10
Feb
5%
Mar
Jan
May
8%
13%
Mar
Apr
10%
Jan
Apr
22
Feb
11%
Grand Rapids
3%
100
100
2%
10
5%
35
17
Delay Stores
3%
pref-100
Derby Oil & Ref Corp com*
Dennison Mfg 7%
25
2
2,500
37%
25
37%
20
10%
10%
100
10H
Detroit Gray Iron Fdy—1
Det Mich Stove Co com_.l
1%
1%
1%
700
1%
100
1%
1%
37%
1
18%
300
June
May
1%
18%
Mar
Mar
6
18%
Mar
Mar
2
2%
37%
73
14
Mar
Mar
May
May
....
87
Mar
21k
Mar
34
May
May
Jan
87
7k
Gorham Inc class A
40
3%
Jan
14
Feb
60
66
U%
"366
9
k
Non-vot
com
*
stock
2
Jan
3%
Jan
Jan
Grumman Aircraft Engr—1
Feb
Guardian Investors
May
16
Jan
Mar
9
Jan
86 preferred
*
Gypsum Lime & Alabast.*
Hall Lamp
Jan
Haloid Co
Jan
Mar
15k
Jan
"15%
67
100
Jan
47
14
Mar
Ilk
Mar
108
Mar
100
1
Mar
2
125
54
Mar
65
100
Dubiller Condenser Corp. 1
1%
100
59
lH
59
Durham Hosiery cl B com
Duro-Test Corp com
4%
37
10
5
400
30
4%
50
Duval Texas Sulphur
6%
6%
8
8
8%
1,300
7
1%
2
1,500
lk
225
6%
"160
300
Mar
73
June
88
Jan
6
June
Apr
May
4k
Mar
35
May
Apr
4k
May
31k
76 k
May
May
6k
41
16k
95
%
%
Jan
6k
Jan
Mar
35
1,200
10
Mar
17k
89
Apr
00
lie May
2
Feb
Jan
Feb
6k
20
13k
June
59
26
Jan
Feb
June
95
•u
Jan
2k
Apr
Apr
19k
Jan
13 k
Mar
20 k
Jan
Jan
Jan
Jan
%
6%
ht
500
k
Mar
lk
6%
6%
100
5k
Mar
9 k
3k
Mar
6k
Mar
49 k
Jan
Apr
Apr
124k
Feb
4
S00
40
44
375
120
120
100
3%
44
Hat
Hazeltine
Jan
Hearn Dept Store
5k
"5% "1%
"266
Jan
preferred
Jan
%
Mar
C/1&88 A
3k
6
Apr
6 k
Jan
Heller Co
May
9k
Feb
Mar
13k
Jan
June
3k
Jan
East Gas & Fuel Assoc—
■»
Feb
k
Mar
8k
May
10k
*ii
Feb
•n
Jan
33
Mar
42k
Feb
72
37 k
Feb
80
Jan
35k
38*
"5" 900
Jan
3
June
90
5
90
10
81
Jan
90
June
5
5
100
5
June
5
June
2
2
200
10
10
100
Jan
"16
100
lk
3k
1,000
Mar
Mar
Apr
68 k
1
1
lk
9
50
"l#
Apr
Apr
lk
Jan
lk
lk
Jan
»ii
k
Mar
3k
Jan
12
Mar
Jan
100
2k
June
100
13 k
Mar
4k
400
4k
"Tk "7%
T,300
6k
200
2k
5k
Mar
Apr
7k
Jan
6
3k
4k
Mar
6k
Feb
Mar
20 k
Feb
3k
4k
16
3%
3k
3k
■.»••■«••••••«
-2
Preferred w w
25
Hewitt Rubber common. .5
k
18
100
Jan
6
16k
May
6
May
9
Jan
Apr
20
"7"
common
Chemical
10
Co cl A—*
Hoe (R) & Co class A...10
Hollinger Consol G M—5
Holophane Co common. _*
Holt (Henry) & Co cl A..*
Hormel (Geo A) & Co com*
Horn (A C) Co common.. 1
Horn & Hardart
*
7k
100
3,800
2
Helena Rubenstein
0%
Mar
lk
10k
16
Hecla Mining Co
4k
Jan
33
8k
10
com...5
50
25c
Feb
117k
lk
"16"
Corp
Mar
30
25 k
*
1
Corp of Am cl B com. 1
k
"~4~% "4%
Jan
44
Apr
Light.---25
Hartford Rayon vtc
1
Jan
63
20 k
110
Jan
14
Mar
Mar
5
Co
Jan
07
lk
Mar
4k
95
Harvard Brewing Co
14
8k
26k
100
30
Hartman Tobacco Co—
100
10
Jan
Jan
May
10
Hartford Elec
13
Domln Tar & Chem com.*
...
70
47
1
25
Feb
Mar
9%
Dominion Textile com—*
Jan
Feb
100
5k
37
7% 1st preferred
3k
Mar
Mar
Jan
Mar
!»i
Mar
100
31k
Gt Northern Paper
24 k
22%
2%
9%
1
Dominion Steel & Coal B 25
50
65
Vtc agreement extend.*
100
25
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Jan
3
£1
Apr
k
Great Atl <fc Pac Tea—
11
Dobeckmun Co com
Apr
6
31k
Gulf States Util 85.50 pref *
Divco-Twln Truck com_.l
Jan
Mar
500
16
Jan
Mar
June
2k
...*
14
9%
June
83 k
19 k
preferred
Gorham Mfg Co—
Jan
Feb
58
Jan
Ilk
Apr
Mar
83
Varnish...*
Gray Telep Pay Station. 10
Jan
Mar
58
--*
preferred
Gulf Oil Corp
Diamond Shoe Corp com.*
Distilled Liquors Corp—5
30
Jan
10 k
7
Jan
May
Mar
Jan
Jan
8
Heyden
*
Common
4k % prior preferrd.100
6% preferred
100
Eastern Malleable Iron.25
Eastern States Corp
38
35
46
14
13%
15%
*
1
1
*
*
7%
%
6%
1
63
June
4k
Jan
Jan
14
Jan
Apr
14
Feb
June
May
14k
Feb
Jan
Humble Oil & Ref.
Jan
14k
8,300
Ilk
36
Mar
10 k
54 k
2,200
42
Mar
59
May
May
Mar
4
Jan
2
Mar
4
Jan
Mar
35
Jan
2k
Mar
5k
Jan
Apr
2 k
Jan
75 k
Jan
400
4
63
63
12
50
Apr
3
May
0
100
10
Mar
13
300
1
Jan
17
Apr
24
Jan
81k
11
60
Jan
55
May
Jan
..*
5k
99
10
Mar
0
May
Apr
20
21k
99
7% pref unstamped..100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Illinois Iowa Power Co...*
5%
Jan
98 k
8
Jan
50%
225
51
49
51
200
50
50
51%
150
4,600
1,000
Jan
28
»16
9%
28
28
32
Jan
Mar
11
Jan
56
Mar
70
Feb
22 k
May
55 k
May
Jan
7
56
57 k
58
May
May
Mar
ht
2k
5k
5k
50
4k
May
Jan
7k
Jan
7 k
Mar
6k
Feb
Jan
Jan
lk
Jan
June
2k
17
June
33 k
Jan
2
Mar
15k
4k
500
12
Mar
4k
17k
Jan
Mar
7k
8k
200
15
200
15k
16k
1,900
16
16k
300
13 k
Jan
49 k
6
Jan
Feb
Feb
8k
Jan
Mar
16
19 k
Mar
19
Mar
7
7
100
12
30
Ilk
Ilk
10
13
Jan
31
Jan
Ilk
15 k
Apr
13 k
12
100
Mar
Mar
14 k
Feb
32
10
preferred—
Mar
5k
7k
16 k
Indiana Service 6% pf.100
Line
Jan
3k
48 k
Registered..
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain <fc Ireland
£1
Mar
Jan
Mar
Jan
37 k
8k
10
Feb
16
Mar
10
May
Apr
19k
May
88 k
Jan
Jan
6k
82
Indpls P & L 6k% Pf-100
Indian Ter Ilium Oil—
Class
k
Mar
150
Indiana Pipe
Jan
Jan
1,200
Feb
k
6k
Mar
3k
3k
Feb
Mar
Mar
May
17k
17
3k
15k
Imperial Chem Indus—
Am dep rets ord reg..£l
7%
Feb
24 k
102k
I*
10k
Jan
Apr
Apr
Mar
*
Zinc
*
*
B
lk
Mar
lk
lk
Mar
lk
Feb
1
Non-voting class A
200
300
22
Mar
May
Mar
3k
Illuminating Shares cl A..*
Feb
17k
6k
k
(MOO
3k
Div arrear ctfs...
Illinois
Feb
Imperial Oil (Can) coup..*
49
"58k ~60%
•
4
4k
-50
preferred
Jan
lk
60%
100
7% pref stamped
Jan
18 k
3k
{Huylers of Del Inc—
Common.
......-1
300
18
3%
8%
18%
k
Mar
%
Mar
10k
June
May
2
Mar
4
May
200
6k
Mar
10
Apr
200
10 k
Mar
20k
Jan
100
10k
10k
10k
275
4
3%
8%
600
Mar
6k
Jan
Insurance Co of No Am. 10
59 k
58k
59k
400
48 k
Mar
62
100
3%
Fansteel Metallurgical...*
Fedders Mfg Co
5
4k
Mar
8 k
Jan
International Cigar Mach
18k
19k
500
16 k
Mar
22
13 k
13 k
400
8k
Apr
lk
24
2k
25
1,500
2,600
24k
24k
100
24 k
Apr
3k
3k
100
2k
Mar
4k
Feb
7k
8k
700
6
Mar
8k
Jan
Jan
k
Feb
Federal Compress &
Warehouse Co com...25
Industrial Finance—Vtc common.,
7%
preferred
Internat
32
15
1
15
5%
100
5
32
Jan
15
Mar
23
200
Ilk
Mar
k
39 k
Jan
14 k
fu
Mar
400
Jan
Internat Paper & Pow warr
Jan
International Petroleum-
Mar
60 k
7k
Mar
63 k
50
5%
20
1,600
4k
48 k
Apr
Jan
Mar
A stock
Feb
k
Feb
lk
Mar
purch warrants.
Internat Metal Indus cl A
0
*
Registered
International Products—*
Internat Radio Corp
1
Internat Safety Razor
For footnotes see page 3785.
50
200
Jan
7
Jan
Hydro-Elec—
Pref 83.50 series
ht
%
48
Jan
13%
13
14k
9
Hummel-Ross Fibre Corp 5
50%
%
14%
preferred
lk
47
8%
5k
100
Hubbell (Harvey) Inc.—5
5%
Mar
49
1
Mar
12k
14k
Mar
12
Fanny Farmer Candy coml
Fldelio Brewery
1
Fire Association (Phila).lO
Flsk Rubber Corp
1
Jan
lk
1
Ferro Enamel Corp
Flat Amer dep rights
Jan
Jan
24
15 k
6% preferred
Falstaff Brewing.
lk
26
Mar
Mar
4k
15
Fair child Aviation
Mar
Mar
Apr
10k
k
Empire Dist El 6% pf-100
Empire Gas & Fuel Co—
100
6k % preferred
100
7% preferred
..100
8% preferred
100
Empire Power part stock.*
Emsco Derrick & Equip..5
Equity Corp com__l
10c
Esquire-Coronet
1
Eureka Pipe Line com—50
European Electric Corp—
Option warrants
k
13
Feb
42 k
300
"2% "2% ""266
1
—
Jan
2
50
3%
(6 conv pref ww
*
Elec Shovel Coal $4 pref..*
Electro graphic Corp
1
Jan
11
37 k
Mar
14,800
1
—
31
Apr
Mar
40
%
*
Option warrants...
Electric Shareholding—
Common
June
27
Hires (Chaa E)
7%
45
1
Elec P & L 2d pref A
13 k
2k
Elec Power Assoc com_._l
Class A
May
13
2
$5 preferred.....;
$6 preferred-
52
14
"25
Easy Washing Mach B—*
Economy Grocery Stores.*
Elsler Electric Corp
1
Elec Bond & Share com. .5
June
500
"l5% "l5%
16 preferred series B—*
Edison Bros Stores
35
6k
1,100
$7 preferred series A—*
J6 preferred
June
73
6
31%
Goldfleid Consol Mines—1
Jan
7%
10
10
Elgin Nat Watch Co
10k
40
Ilk
{Grand Natlon'l Films Inc 1
Jan
3%
Darby Petroleum com...5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com."
Electrol Inc vtc
Jan
Mar
Jan
1
4%
May
Apr
Eagle Picher Lead
16 k
11
5
June
33
*
1
*
10
Jan
Mar
Mar
Gilchrist Co
15%
106
Duke Power Co
14 k
Jan
30
.*
Jan
7% preferred
8k
57
May
Driver Harris Co
Mar
Apr
June
lk
5k
25
Draper Corp
10 k
5
16 k
—
102
5k % preferred
2k
Jan
Apr
1,100
65%
Gilbert (A C) common..
'
Distillers Co Ltd
Mar
7%
2k
200
Georgia Power 86 pref---*
*
Preferred
Jan
Jan
May
Mar
x»* May
100
6% preferred A
83
6k % preferred..—100
Curtis Mfg Co (Mo)
5
De Vilbiss Co com
18 k
18 k
41
Gen Water G & E com__.l
Cuneo Press Inc
Detroit Paper Prod
1
Detroit Steel Products—*
Mar
"166
*
Cuban Tobacco com vtc
6% pref ww
200
Rayon Co A stock—*
%
50
16
*
10
Detroit Gasket & Mfg
Ilk
16%
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 86 pref
*
Feb
%
17%
Crown Cent Petrol (Md).5
*
150
*
preferred
14k
15
75
General Investment com.l
Mar
5k
80
11
Gen Electric Co Ltd—
7%
22%
May
28
14%
100
17%
Jan
3k
6k
18
4% conv preferred...100
Gamewell Co 86 conv pf..*
Gatineau Power Co com..*
*
41k
5k
14%
*
5% preferred
General Alloys Co
High
Mar
6k
1
Mar
53%
5%
Preferred
25
Low
26
lk
15
May
2%
1
Crowley, Milner & Co—*
Class A
Range Since Jan. 1, 1938
for
Shares
1
4%
19
"I"
Croft Brewing Co.
1
High
Warrants
2
50
Co com..25c
Low
WeeI
10%
16%
16%
Amer dep rets ord reg.£l
Gen Flreproofing com
*
4%
14
~4%
£1
5
Apr
Arp
51
5%
5%
Range
of Prices
Fuller (Geo A) Co com... 1
Mar
Sales
Week's
4
(Peter) Brew Co
5
Franklin Rayon Corp
1
Froedtert Grain & Malt—
Mar
Cramp (Wa) & Sons com.l
Crocker Wheeler Elec...
6%
*ii
6%
Creole Petroleum
May
May
5%
41%
Fox
Jan
"260
1%
3%
72%
$6 preferred A
*
Cosden Petroleum com—1
Crystal Oil Ref com
6% preferred
Jan
115
Mar
5%
48%
75
lk
Corroon & Reynolds—
Common
.....—1
Preferred
Jan
70
Apr
Jan
300
Cook Paint & Varnish..
Crown Drug
55
113 %
Price
Ford Motor of France—
Amer dep rets.—100 frcs
Mar
3%
3%
50
{Continental Secur com..5
5% conv preferred
Am dep rets ord reg__£l
Ford Motor of Can cl A..*
Class B
*
2%
49%
Cont Roll & Steel Fdy—*
Courtaulds Ltd
*
100
"49 k
Cont G & E 7% prior pf 100
Continental Oil of Mex—1
$4 preferred
*
Cooper Bessemer com—_*
S3 prior preference
*
Copper Range Co
*
Copperweld Steel com.. 10
leu
Florida P & L 87 pref
Ford Motor Co Ltd—
20
1
Consol Retail Stores
11
Sale
115
1
Consol Gas Utilities
Last
Par
Mar
10
k
Community Water Serv._l
STOCKS
(Continued)
High
Low
Shares
450
22
3781
Friday
Range Since Jan. 1, 1938
for
Week
High
2
B_.*
2k
24
8k
Apr
23
Mar
k
17k
k
7
May
May
Mar
3k
31k
31
Jan
Mar
Mar
Last
Week's Range
Sale
Par
Price
of Prices
High
Low
for
Week
Mar
9
%
Mar
1
7%
May
Apr
Feb
2%
Mar
0
100
%
7%
500
200
24%
Vitamin.
m
3
3%
2%
2%
3
4
Interstate Home Equip—
414
700
Royalty
6
sl«
3
1.600
Interstate Hosiery Mills—
Interstate Power $7 pref—
"~30
25%
2%
12n
m
Price
of Prices
High
Low
9%
Jan
Mar
%
Jan
4
4%
Feb
28
Jan
5
Ken-Rad Tube & Lamp A *
Kingsbury Breweries
1
Kings Co Ltg 7% pf B 100
5% preferred D
100
Kingston Products
1
Klrby Petroleum.
1
Mar
2
Jan
Feb
3*4
Feb
May
9*4
Jan
5*4
May
4*4
300
„
Jan
%
7%
Jan
Jan
3*4
Jan
7%
Mar
Mar
2
May
1% June
$3 conv pref
50
National Container (Del).l
*
70
72
20
61
Apr
73
Jan
Nat Mfg & Stores copx
National Oil Products—
70%
20
68
Apr
86
Jan
National P & L $6 pref.—*
24%
79%
26
400
21
Mar
Jan
106
May
43*4
108*4
4%
4%
200
60
Jan
21%
Mar
Jan
21*4
Jan
Mar
7%
Mar
5%
Apr
11H
Jan
H
Feb
28%
22
Inc
4
100
1
Jan
Mar
42
Mar
Mar
30
Jan
1H
1%
1%
400
1%
June
3
3
3%
600
3
June
'Nat Service
National Sugar Refining-*!
National Tea 6*4 % pref. 10
Nat Tunnel & Mines
♦
Jan
Feb
100
6
June
Jan
Navarro Oil Co
*
15*4
Jan
Nebel (Oscar) Co com
Apr
Mar
Mar
7
Mar
1
Jan
May
7
May
"166
"800
7
25*4
5*4
13 %
13
25*4
6
13*4
50
200
1,300
Kobacker Stores common
10%
Jan
12*4
Mar
102*4
12*4
Jan
25
5*4
12*4
Jan
55%
55*4
400
57
Lake Shores Mines Ltd-
.50%
6*4 May
Feb
Mar
Nebraska Pow 7% pref-100
9
Jan
Nehl Corp common..
Feb
Nelson
11
0%
6%
100
5%
50%
51%
7,900
45%
Mar
68*4
Feb
1%
200
1%
Mar
3*4
Jan
Mar
85*4
Jan
38
1
—
11%
Lakey Foundry & Mach.
Lane Bryant 7% pref-.100
1%
46
May
65
Feb
Langendorf United Bak-
Class
14
A
Class
B—~—
Lefcourt
Preferred
5*4
May
Jan
1*4
Feb
12 %
------
Oil
May
Apr
%
*
Develop.—25
Lehigh Coal & Nav
Leonard
14
May
3
Feb
14
June
2% May
5
Feb
Realty common. 1
2%
3%
7
U
2,500
6,100
13
Le Tourneau (R G) Inc—1
*
Line Material Co
%
Mar
»!•
19-
Mar
Jan
May
16%
Lion Oil Refining
20
1,300
19%
10%
Llpton (Thos J) class A...1
20
10%
100
Apr
20*4
Jan
15%
10*4
19%
Mar
25*4
Jan
"II"
"12"
""7*4 "7*4
\yt
1%
Jan
Mar
63
Jan
ht
Mai-
900
1*4
Mar
2
1*4
11666
Jan
14
Feb
Apr
25
41*4
18*4
Jan
5*4
9*4
Jan
4*4
7*4
200
Mar
22*4
May
Lockheed Aircraft
—.1
12%
Lone Star Gas Corp...
7%
*
Mar
Mar
9*4
Jan
Mar
300
27
27
1%
32%
27
100
25%
100
1%
3,200
100
7% preferred
.100
6% pref class B
100
Packing...*
Louisiana Land & Explor.l
Lucky Tiger Comb G M.10
Lynch Corp common
5
Majestic Radio & Tel
1
Stores
1
1%
32%
Loudon
$5
5%
6%
500
June
1%
"7%
0%
1%
7%
20
1
1%
1%
200
1*4
Apr
200
16
16
Communlca'ns ord reg £1
*
6%
Mar
9*4
Jan
%
Mar
%
Jan
Class A opt warr
Class B opt warr
%
Mar
1*4
Apr
3*4
May
45
15
May
19*4
17
300
3 H
1 %
Jan
Jan
Feb
1
0%
"200
12%
300
4%
11%
Mar
May Hosiery Mills Inc—
$4 preferred w w
*
47
McCord Rad & Mfg B—*
McWllllams Dredging.—*
Mead Johnson & Co.
2
13%
*
2
12%
100
14%
2,200
103
103
Memphis Nat Gas com...5
3%
Mar
25
4
300
Mar
Jan
7*4,
Mar
Feb
16*4
53
Feb
1%
Jan
Mar
7*4
2*4
Mar
Jan
Jan
May
3%
Jan
Mar
14*4
May
Mar
7%
90
3*4
107*4
4*4
Mar
Mar
Participating preferred.
Merrltt Chapman & Scott
23
23
2%
Mar
7*4
%
Mar
Apr
•5*4
Apr
48
Jan
25
23%
3
1%
84
84
1*4
49
Mar
72
19*4
Michigan Bumper Corp—1
Michigan Gas & Oil
1
Michigan Steel Tube..2.50
Michigan Sugar Co
..*
Preferred....
.10
*4
%
2%
2%
6*4
Apr
Apr
101
90
130
91*4
81
7*4
100
7%
%
7% preferred
100
6*4
7*4
3,200
77*4
79*4
400
%
*S
Jan
*
%
Ohio P S 7% 1st pref—100
»19
5%
Middle West Corp com.-.5
2%
®18
300
5%
Warrants
200
'
6
%
%
Apr
Mar
600
2%.
1*4
%
5%
Apr
%
May
3%
2%
Feb
6% 1st preferred
Ollstocks Ltd com
May
Oklahoma Nat Gas
Apr
100
Midland Oil Corp—
$2 conv pref
Feb
Midland Steel Products*
8
9%
400
8
June
59 %
Mid-West Abrasive.-—50c
Midwest Oil Co
10
Midwest Piping & Sup.—*
80*4
1*4
Jan
Mar
1
Jan
8*4 May
*11 >4
2%
Feb
1%
107% 107%
4%
4%
10
Feb
30
Apr
75
Miss River1 Power pref-100
Missouri Pub Serv com.—*
Mar
Mar
24 H
Mining Corp of Canada.
Minnesota Mining & Mfg.*
Minnesota? A L 7% pf 100
Feb
76
Mar
103
May
Feb
4%
1%
1%
*
Montreal Lt Ht A Pow..*
141
Moody Investors pref.—*
Moore Corp Ltd com
*
21
Montgomery Ward A
1%
143%
Mar
13
Mar
1%
Mar
Feb
2%
Mai
Jan
3,400
6H
3%
Monarch Machine Tool..*
Monegram Pictures com. 1
Monroe Loan Soo A
.1
Montana Dakota Util
10
Mar
Mar
*8*4
6*4
1%
4%
4%
June
June
12*4
-.1
107*4
4*4
100
Mock, Jud, Voehrlnger—
Common
$2,50
900
30
122
28
21
"75
20 H
Apr
Mar
3785.
Feb
Jan
4%
100
3*4
89*4
Mar
"400
24*4
300
7*4
1*4
Apr
Mar
Mar
0*4
89*4
38*4
9*4
2*4
Jan
Jan
"28*4 ~29~"
5*4% 1st preferred...25
Pacific Ltg $6 pref
*
Pacific P A L 7% pref.100
Pacific Public Service
$1.30 1st preferred
Feb
33*4
145
Feb
Jan
Mar
4*4
Jan
Mar
2*4
May
31
Mar
37*4
Jan
Mar
24
Jan
Mar
23*4
Feb
Apr
100
*4
3%
300
3%
Mar
43
Jan
1*4
Jan
Mar
lu June
4
Jan
're
Jan
lit
%
400
63%
20
47
Apr
06
Jan
72
30
50
Apr
77
Jan
4
Mar
6
Feb
"16% "ll% """700
200
6*4
8*4
18
Mar
125
20*4
June
87
May
12
12
100
20
21
20%
20*4
90
90
50
111*4 112
"""80
98
90
100
98
96
9*4
29*4
600
"l% ""1*4
"266
8*4
29
200
Mar
Mar
14*4
13*4
24*4
34*4
94*4
Jan
Jan
Jan
Jan
Feb
109*4
Apr
June
10954
112*4
101*4
Mar
93*4
Apr
91*4
Jan
85
May
Jan
Mar
8*4
6*4
Mar
9*4
Mat
10*4
Jan
21 *4
89
Jan
31
Feb
Jan
May
93*4
1*4
Mar
5*4
Mar
2*4
5*4
May
Jan
Mar
2*4
June
3*4
0*4
Jan
Feb
4*4
400
Mar
Mar
Mar
106
June
Apr
61
June
50
27*<
25*4
106
106
50
98*4
58
61
30
40
29*4
y28*4
30
1/28*4 1/28*4
5
"13"
4*4
5
100
4*4
13%
""760
4*4
11,100
3*4
15*4
12*4
3*4
3*4
14
Apr
Mar
Apr
May
May
May
30*4
2754
Jan
Jan
5*4 May
17*4
Jan
19*4
Jan
7*4
Feb
4*4
Pender (D) Grocery A...*
Class B
*
3
Peninsular Telph com....*
Preferred
100
23*4
13
3
23*4
300
Jan
100
100
Feb
15
June
19
Jan
May
23
Jan
18
13
12*4
13
Parkersburg Rig A Reel—1
Patchogue-PiymouthMills*
' Mar
2*4
21
107*4
24*4
Jan
Jan
Mar
4
Jan
Jan
26
Jan
Apr
110
Feb
Mar
26
Apr
Penn Edison Co—
$2.80 preferred
Penn Gas A Elec cl A
Penn Mex Fuel Co
....
Penn Traffic Co
$6 preferred.
Penn Salt Mfg Co
Pa Water A Power Co
Pepperell Mfg Co
Perfect Circle Co..
24
*
2*4
2*4
*
1
2.50
Pa Pr A Lt $7 pref
Mar
Feb
68%
*
Jan
31
Jan
Feb
%
%
*
Pan-Amer Airways
*
Pantepec OH of Venez
l
Paramount Motors Corp.l
Parker Pen Co
10
Jan
27
Jan
1,500
*
2*4
Apr
3
Jan
62%
1
2
5*4 May
143*4 June
Jan
Feb
100
Pennroad Corp vtc
1
Penn Cent Airlines com.. 1
May
28% May
146
100
lor footnotes see page
0%
8*4
Mar
May
% June
500
*14*4
Jan
June
72
29*4
Overseas Securities
May
8%
79*4
60
53*4
Pacific Can Co com.....*
Pacific G A E 6% 1st pf.25
*4
10
Mar
3%
50
$3 preferred
Jan
May
Jan
Jan
*i«
OUver United FUtera cl B.*
6*4
Mar
May
%
9*4
6% conv pref
Oldetyme DistiUers
Jan
Jan
1*4
5
Jan
Apr
5*4
70
42
15
Jan
%
9*4
4*4
19
Feb
100
com.
Feb
4
Jan
11*4
Ohio OH 6% pref—100
Ohio Power 6% pref...100
5
Mar
Mar
12*4
Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*
Jan
Mar
Jan
Jan
Apr
36
*
Feb
•il
Jan
94*4
*4
4%
28%
12
*4
1*4
29*4
200
Jan
100
1*4
10
60
Jan
30
%
cl A.. 100
com
Engineering.
Novadel-Agene Corp
Jan
3% May
t c
$2 non-cum dlv shs
Mid vale Co
Nor European Oil com__.l
Nor Ind Pub Ser0% pf.100
Mar
%
5%
8*4
*4
Apr
60
78
5
Mar
Middle States Petrol—
t c.
Nor Central Texas Oil
%
Mar
5
4
10*4
6% prior preferred
50
No Am Utility Securities.*
100
Apr
May
Jan
10
50
Mar
Mar
11*4 June
100
20
Jan
Jan
2
200
250
Jan
%
Mar
2*4
6*4
99
37*4
*4
5
5*4
12*4 May
Jan
72*4
27
7*4
$6 preferred.
-*
North Amer Rayon cl A..*
Class B com
*
Apr
2
Mar
Mar
200
Jan
1,200
2,400
Mar
6%
98*4
1,100
l J4
4*4
Jan
Mar
May
11*4
4
Mar
»*!•
Jan
Mar
1*4
2
Mar
10
42
4
200
%
Jan
700
1
Mar
Oil
Apr
900
1
Common
23*4
85
15
102
1
53*4
Noma Electric
Mm*
Apr
Jan
Apr
Mar
Nor Amer Lt A Pow—
21
May
May
4*4
1?4
75
74%
Mar
10*4
45*4
1*4
1*4
Northern Pipe Line
67
Jan
50
200
6
Northwest
25
$0 pref
Jan
62
"l-Ioo
Nineteen Hundred Corp B1
30%
1%
Apr
Mar
"51*4
100
200
1
May
30
27
93 *4
6
Nor Sts Pow
19
Arp
5*4
"48"
1*4
—*
Jan
Newpartic preferred.-16
Metropolitan Ddison
Class A 7% pref
Feb
6
...
common
Jan
0*4% A preferred...100
Molybdenum Corp
Class B
Jan
55
Mar
%
Metal Textile Corp new 25c
v
47
June
100
Class A pref
Nlles-Bement Pond
4*4
Mar
13%
------
v
Jan
Mar
3*4
Niagara Share-
Mar
45
.
Merchants & Mfg cl A...
Class B
-.100
3
Memphis P & L $7 pref.—*
Mercantile Stores com.—*
Mesabl Iron Co
7*4
24
Mar
6
3%
1
t c
Master Electric Co
Jan
May
4%
12
4%
Massey Harris common..*
Class A
10
5% 1st pref
7%
*
Marlon Steam Shovel
Mexico-Ohio
111
29*4
100
Niplsslng Mines
Margay OH Corp..
Warrants
May
400
3*4
1*4
1
5% 2d preferred
Marconi Intl Marine
v
40
40
5
Common
Jan
1%
Mar
Niagara Hudson Power-
Jan
Jan
Jan
Feb
I
Founders shares
Jan
38
%
18
1 y
$0 preferred
34*4
2*4
Mar
Jan
*4
106
5
10
New York Transit Co
Jan
15
N Y ShipbuUdlng Corp—
42
30
preferred
—*
Mapes Consol Mfg Co...*
Jan
105
15
10*4
7% pref. .100
Apr
Mar
""700
1
1
30
24
....
conv
Mass Utli Assoc
Feb
N Y Water Serv 0% pf.100
Ix>ng Island Lighting—
Common
Mangel
40,700
June
3
Mar
May
88
19
1154
13*4
1*4
%
12*4
Feb
85
N Y A Honduras Rosarlo 10
Loblaw Groceterias cl A-.*
Mar
48
N Y City Omnibus—
Warrants
N Y Merchandise
7%
Jan
900
2Q0
.*
com
N Y Pr A Lt
1,300
Jan
June
%
12
.
Feb
Mar
5*4
47*4
53%
Jan
11%
13%
7%
39*4
3*4
Newmont Mining Corp. 10
New Process Co com
*
Jan
10%
9%
160"
Jan
Feb
4*4
*4
106
51 y
2*4
-.5
13
Jan
10*4 May
""200
com
Mar
Locke Steel Chain
Mar
10
.
Jan
3
May
ri«
*
.
Jan
14*4
,
New Jersey Zinc
—2o
New Mex & Ariz Land
1
1
.25
preferred
Feb
13*4
%
13*$
New England Tel A Tel 100
New Haven Clock Co
Lit Brothers common.-..*
6%
Jan
9
Apr
38*4
32
n
-.100
*
N Y Auction Co
37
June
20*4
2*4
1*4
1*4
7% preferred...---—100
New Idea Inc
Jan
4*4
5*4
»»•
New Engl Pow Assoc
$2 pref—
11*4
100
\%
(Herman) Corp.-6
6% preferred
Apr
Mar
3
Nevada Calif Elec com .100
100
Jan
Mar
Nestle Le Mur Co cl A...*
25
12
Jan
2
Neptune Meter class A—
Feb
95
101
12
7
Apr
6*4
*
KJeinert (I B) Rubber ColO
Knott Corp common
1
13% May
5% Mar
*5*4 Mar
101
Mar
3*4
4
Nat Union Radio Corp...]
1*4
101
Jan
6
"4% "1%
12.50
3*4
Koppers Co 6% pref—100
Kress (S H) & Co
10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
12*4
8*4
6
1
common
5
Klein (D Emll) Co com.
Jan
Jan
15
Mar
»i«
Klrkl'd Lake G M Co Ltd 1
Jan
10
Mar
*
Conv part preferred
*
National Steel Car Ltd—.*
National Transit
*4
121
6
National Refining Co ...26
Nat Rubber Mach
*
Apr
Jan
100
"»f«
National Fuel Gas
Mar
Mar
7*4
National Candy Co com..
National City Lines com.l
800
*
7*4
Nat Bellas Hess com.—..
52%
72
5
%
3%
3%
8
15%
12*4
1. 1938
High
1
L800
National Baking Co com.l
Jersey Central Pow <fc Lt—
5*4% preferred..--.100
6% preferred
100
7% preferred
100
Jones & Laughlln Steel-100
Kansas G & E 7% pref-100
Keith(G E)7% 1st pref-100
Low
100
1
com
Jan
\o%
100
Range Since Jan
Machman-Spring filled
Nat Auto Fibre
May
Mar
7,700
Jan
4%
Murray Ohio Mfg Co
Muskegon Piston Ring-2%
%
11%
i%
Jan
"3% "4%
§ Mountain States Power.
Mountain Sts Tel <fc Tel 100
6*4
100
i%
Jan
4%
for
Week
Shares
700
V*
Mtge Bk of Col Am shs.
Mountain City Cop com 5c
Mountain Producers
10
Mar
12%
"2%" 3%
Jeannette Glass Co
Jan
*i« May
200
Italian Superpower A
Jacobs (F L) Co_.
Jan
.
28*4
May
%
c—10
Irving Aur Chute
Kennedy's
I Week's Range
Sale
Par
High
>1.
m
oh
%
7%
$1.75 preferred
$3.50 prior pref
Warrants series of 1940-
Iron Fireman Mfg v t
Last
(Continued)
Low
Moore (Tom) Distillery—1
A-
Class B
Investors
STOCKS
Range Since Jan. 1, 1938
Shares
International Utility—
Internatlonal
Sales
Friday!
Sales
Friday
STOCKS
(Continued)
Class
June 11, 1938
New York Curb Exchange—Continued—Page 3
3782
1*4
1*4
1*4
1,800
5
100
90
575
82*4
—*
5
88
*
83*4
30
*
100
*
2*4
1*4
Mar
4*4 May
79*4
74
121*4
50
65*4
"65*4 "67"
56
58
"266
225
Apr
Apr
Mar
59
54*4
24
Mar
Mar
May
Mar
Apr
Mar
8*4
Feb
2*4
2*4
2*4
Mar
5
Apr
Jan
May
90*4
83*4
June
149*4
72*4
Jan
Jan
77
24*4
JaQ
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 4
146
Range Since Jan. 1,
Last
Week's Range
for
Sale
of Prices
Low
High
Price
3%
Apr
Philadelphia Co com
*
Phila Elec Co $5 pref
*
Phila Elec Pow 8% pref 25
5%
112%
Mar
Feb
May
Sioux
May
Mar
100
2%
2%
Mar
115%
31%
2%
Mar
4
Feb
Jan
Phoenix Securities—
3%
i
m
«•»
38%
17%
Jan
Jan
1%
Mar
3%
Jan
Jan
Mar
7%
Jan
55
Mar
Jan
So
Apr
1%
Jan
6%
Mar
Feb
8%
3%
Mar
Mar
1%
Jan
Mar
4%
Jan
June
14%
Feb
Feb
95
Feb
17
June
21%
Jan
Mar
2%
Feb
'"500
17
100
2
2
600
33
33
13%
13%
•l«
2%
1%
June
Mar
Jan
Mar
37
9%
18
1n
25
100
Apr
33
Jan
$3 conv
preferred-——*
50c
*
—*
Reeves (Daniel) common.*
Reiter-Foster Oil new..50c
Reliance Elec & Eng'g.—5
3%
90
22
Jan
18
80
11%
Jan
June
98
Jan
Mar
Mar
95
Mar
50
Jan
87
Apr
May
%
99%
Feb
106
Mar
30%
100
23%
13
14
225
10%
Mar
4%
May
May
Feb
%
Apr
35%
17%
May
7%
Jan
7%
May
13%
14%
250
~25~~
"2% "2%
5%
25
3%
"266
1,400
6%
200
25
200
3%
%
Jan
3%
Jan
9%
Tit
Mar
3%
Jan
19
Mar
2% May
2%
May
May
8
May
Jan
28%
4
Feb
%
Mar
•it
Jan
8%
May
Mar
11%
2%
Jan
2%
%
400
""%""%
2,300
"ik "ill
""800
Mar
Mar
1%
Jan
4
y*
Mar
5%
Jan
1
Mar
2%
Jan
%
%
92
50
92
22%
300
22%
4%
4%
400
Mar
300
1%
4%
1%
3%
Mar
•it
%
1 %
i
Jan
""300
»i«
%
1,800
Tonopah Belmont
2%
2%
600
2%
2%
%
*69*
Ltd—*
$2 conv pref A
50
St Regis Paper com
5
*"'6% "~6%
"766
"~25
~G9
48
Mar
Mar
—1
10
Common—
Transwestern Oil Co
Jan
Trl-Continental warrants.
Jan
1%
2,000
2%
Mar
June
90
"i«
Inc.--*
Tublze Chatillon Corp—1
Class A
1
25
51
51
Apr
13
Mar
4%
63%
Jan
Jan
Ulen & Co ser A pref
Mar
3%
Jan
May
2%
Jan
Jan
42
Mar
1%
5
1%
8
*
15%
15%
900
17%
Mar
15% June
15
•
29%
Jan
111%
Scranton Lace
Apr
113
Jan
20
pref
*
common..*
Scranton Spring Brook
Water Service pref
*
Scullin Steel Co com
*
Scranton Elec $6
Apr
25
Feb
Jan
21
June
21
21
25
16%
5
5
100
3%
Mar
7%
Jan
%
Mar
1%
Jan
1%
May
-
1
general—*
Seem an Bros Inc...
-*
Segal Lock & Hardware.-1
Selberling Rubber com—*
Securities Corp
Mar
30%
2%
11
35
Mar
Series B
*
10
Union Gas of Canada
*
Union Investment com..*
Union Premier Foods Sts.l
Union Traction Co (Pa)—
$17.50 paid-in
-50
United Aircraft Transport
Warrants—
—
Corp
Jan
United
2%
4%
Jan
12%
100
11
June
Mar
Mar
•i<
Mar
9%
Jan
Apr
3%
Apr
$5.50 prior stock
25
Allotment certificates—
53%
4%
30
rl®
53%
4%
30
7I«
Mar
Mar
60%
Mar
61%
Mar
May
•ie May
1%
Feb
$3
Jan
United
Jan
Jan
Mar
1%
£1
200
1
common.—*
22%
4%
"70%
67%
92%
4%
"9%
9%
9%
2%
2%
4",000
5%
5%
5%
200
1%
5%
18%
Shawlnigan Wat & Pow__*
10%
Jan
Jan
United Shipyards cl
1,600
66
Apr
109% 109%
60
107
Jan
%
Jan
Mar
Apr
Apr
»i« May
Jan
6%
16%
600
95
111%
10
May
Simmons-Broadman Pub—
—*
Simmons H'ware & Paint.*
1%
Simplicity Pattern com—1
Singer Mfg Co
.—.100
Singer Mfg Co Ltd—
Amer dep rets ord reg. £1
2%
241
235
1%
2%
241
300
100
30
16%
Mar
1%
Mar
2%
Jan
2%
Mar
5%
Jan
212
4%
Mar
Mar
243
5%
Mar
29
Jan
Mar
7
Mar
Jan
Jan
Jan
25c
A—-1
Class B_——
-1
United Shoe Macb com.25
Preferred.
25
United Specialties com—1
U S Foil Co class B
1
U 8 and Int'l Securities—*
1st pref with warr
1*
U S Lines pref
*
U 8 Playing Card....—10
U 8 Radiator com
1
U 8 Rubber Reclaiming—*
Jan
Jan
Jan
150
5%
Mar
100
1%
7%
Jan
I*
Feb
Jan
Jan
200
2",600
Mar
12
Jan
7
Jan
10
Mar
Mar
13%
F'eb
2%
Mar
Apr
3%
36%
Feb
Apr
11
Jan
May
7
Jan
Feb
Jan
100
2%
Mar
200
26%
Feb
6%
31%
100
%
Mar
%
Jan
May
May
Jan
%
400
%
14%
Mar
8,000
Mar
1%
24%
x4 %
70%
92%
4%
10
9%
1,600
4%
May
6%
Jan
70%
June
150
44
Mar
30
92%
June
Mar
102
Jan
Jan
300
3%
200
6%
Mar
12%
Apr
300
7%
Mar
10%
Mar
4%
3
Apr
5
Feb
Mar
55
Apr
2%
Mar
3%
15%
Feb
16%
Jan
F'eb
Mar
1%
56
Mar
85%
Apr
95%
Jan
98%
Mar
1%
52%
700
55
44
103
Feb
Jan
Jan
'i®
1,400
2
Jan
lu
Jan
%
500
Mar
1%
Jan
Mar
3%
Jan
2
4%
4%
1,100
4%
June
7%
%
%
300
%
June
%
Jan
7%
4%
Mar
7%
Mar
6%
5%
Mar
11%
Jan
6%
6%
200
35
Jan
Jan
100
18
June
2
Mar
3%
Jan
1%
Apr
Mar
7%
2%
Jan
Feb
2
.2%
2%
800
4%
18
18
Mar
"2 % "2%
100
1%
1%
900
%
Mar
12%
12%
300
11%
Mar
3%
Mar
6%
Jan
14%
Jan
2%
Mar
2%
Mar
4%
Mar
12%
Jan
2
Mar
4
Jan
30
"2%
12%
"n%
Mar
34
Feb
11%
"12%
9%
500
2,600
3%
82%
82%
10
2
Mar
1%
Mar
15
Jan
Jan
%
71®
7,500
%
June
'•1.
Jan
300
%
Mar
Jan
3%
82%
3,600
2%
Mar
%
5%
%
%
%
400
69
Mar
•i«
2,900
62
Mar
Apr
"2% "2%
"2",700
2%
22%
400
1%
1%
2,100
13%
100
1%
77
Jan
Jan
Jan
2%
Jan
21
3%
Jan
Apr
4%
Jan
Mar
26%
Jan
17%
2%
Mar
Jan
20%
65
"2%
Apr
70
May
United Profit Shar new
20
"78" "77% ~8o"
4%
3%
United NJRR&Canal 100
Apr
Apr
reg...
Feb
Apr
Mar
Apr
June
12%
Molasses Co—
dep rets ord
5%
3%
com..25
9%
Am
5%
62
Apr
7%
4%
*
preferred
Jan
5% cum pref ser AAA 100
Shreveport El Dorado Pipe
Line stamped
25
Silex Co common
*
9%
•u
Jan
June
50
$6 1st preferred..
*
Milk Products...*
Mar
4
'
2%
2%
62
Apr
United
Selfrldge Prov Stores—
Jan
23%
%
22
%
100
United Lt & Pow com A.*
Common class B__
*
49%
53
'2% "2%
United G & E 7% pref.
48 %
5
53
7%
71®
1
$7 pref non-voting.*
1%
8%
Mar
May
5%
Option warrants.---
%
Jan
3%
8
United Gas Corp com
1
5
Jan
May
29%
2%
warrants
1%
Mar
100
1%
8
7%
——
May
1st
1%
18%
8%
Mar
5%
1%
5%
1%
com—.*
$3 cum & part pref
*
Un Cigar-Whelan Sts..l0c
2
Jan
May
June
Mar
United Chemicals
GOO
17
Jan
2
pref..———*
900
%
99%
3%
600
"166
4%
Unexcelled Mfg Co
%
*i®
*
Mar
Jan
3%
4%
*2% "2%
Tung-Sol Lamp Works.—1
80c div. preferred
*
1
Jan
22
May
%
7
.
2%
Apr
Jan
7%
24%
Trunz Pork Stores
Jan
-
1,700
100
62
Devel.l
FeL
92
4%
3%
Tobacco Prod
12%
2%
preferred..——.100
16%
Tonopah Mining of Nev.l
Trans Lux Pict Screen-
St Lawrence Corp
rua0<«
Mar
200
*
Jan
4
saa
18
preferred
Jan
38
c*s»
Mar
1st preferred
Feb
Mar
tru-\T rtnt
Jan
15
2%
Exports...*
Tobacco Securities Trust—
Am dep rets ord reg—-£1
Am dep rets def reg—£1
Todd Shipyards Corp.---*
Toledo Erlison 6% pref. 100
7% preferred A
-100
Mar
or
%
62
— —
35
l»
Jan
600
*
Mar
Feb
1%
Feb
Feb
14%
preferred--—.100
Sterchl Bros Stores
1%
16
34
2%
12
10%
7%
Feb
29
"2 %
$2.50 conv pref.-
Conv preferred
"3%
.*
Jan
10%
Rustless
Sherwin-Williams
—
Mar
Jan
Jan
Mar
Apr
Stein (A) & Co common..
June
%
Jan
22%
com...20
1
%
Jan
Wholesale Phosp
4
%
Jan
Jan
Jan
Severeky Aircraft Corp—1
Shattuck Denn Mining..5
Apr
18
Mar
2
22%
%
%
Feb
%
Jan
Jan
1
June
Mar
100
Jan
10
Jan
•n
22%
Feb
Feb
%
0%
"6%
Tobacco Allied Stocks
Mar
•u
4%
1%
%
Mar
5
Jan
7%
Jan
Jan
Jan
Jan
18
Jan
Mar
%
100
Mar
15%
13%
%
125
Feb
Jan
Standard Steel Spring
2d
22%
5
250
90
%
Feb
Feb
9%
Seton Leather
"Is"
'is'
%
Tu
140
Mar
Sentry Safety Control
1
13%
100%
Jan
5
Amer dep rets reg
16%
16%
90
90
96%
Jan
Jan
stock
100
Apr
7
6
Convertible
"is"
Apr
Mar
May
Feb
Apr
Mar
39
Mar
3
6%
Steel Co of Can Ltd..
Apr
Common
16%
June
Mar
Selby Shoe Co
Selected Industries Inc—
May
2
92
4%
-
Apr
11
Starrett (The) Corp vtc.l
30%
Warrants—-—-----
28%
100
7
7
Mar
90
2%
Iron & Steel.—-1
Mfg.—ii-—---25
300
18
11%
Mar
136
Royal Typewriter
Scovill
7%
12%
May
Russeks Fifth Ave
Savoy Oil Co
Schiff Co common
3
%
90
7
14%
Jan
5%
Mar
1%
50
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
-1
Sterling Inc
1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
Stroock (S) Co.—--——-*
Sullivan Machinery
*
Sunray Drug Co———*
Sunray Oil
1
5%% conv pref
—50
Superior Ptld Cement B._*
$3.30 class A partlcipat.*
Swan Finch Oil Corp
15
Taggart Corp com..
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co
1
Technicolor Inc common.*
Teck-Hughes Mines
1
Tenn El Pow 7% 1st pf.100
Texas P & L 7% pref—100
Texon Oil & Land Co
2
Thew Shovel Co com..-.5
Tilo Roofing Inc.--1
Tlshman Realty & Constr*
4%
8%
Feb
Mar
%
80
May
29%
8%
Feb
140%
Mar
%
*
Preferred--..-..—-—*
Standard Products Co
1
Standard Silver Lead
1
6%%
15
May
2
100
Common class B
& Acid Works
15
27%
25%
5%
19
25
25
(Neb)
preferred
Standard
75%
92
May
100
Standard Tube cl B
103%
49
7%
5%
Oil
Standard Pow & Lt
35%
22%
6%
35
6%
34%
preferred-.20
pref*
(Ky)
10
Standard Oil (Ohio) com
100
Inc..*
Samson United Corp com
conv
Jan
31%
92
Jan
39
100
2
2
Standard Invest $5%
6%
16
Am dep rets ord
-*
Ryan Consol Petrol
*
Ryerson & Haynes com—1
Safety Car Heat & Lt
*
$1.60
Jan
•i»
Rolls-Royce Ltd—
ref— £1
Rome Cable Corp com.-.5
Roosevelt Field Inc
5
Root Petroleum Co..
1
$1.20 conv pref
20
Rossia International
*
May
10
Standard Dredging Corp—
Common—...—.
i.l
Mar
29%
G&E6%pfD 100
Roeser & Pendleton
Feb
45
preferred
Standard
1
Voting trust ctfs
Conv
Jan
18
Reybarn Co Inc
1
Reynolds Investing
1
Rice Stix Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoRochester
2
*
Stalii-Meyer Inc com
*
Standard Brewing Co
*
Standard Cap & Seal com. 1
Jan
Raymond Concrete Pile—
Raytheon Mfg com
Red Bank Oil Co
Reed Roller Bit Co
Mar
reg—£1
7%
300
*
Common...—-——*
Mar
dep rets ord bearer £1
6%
Prod*
B
Am
Mar
4%
89
Quaker Oats common
*
6% preferred..
100
Quebec Power Co
*
Ry & Light Secur com...*
Railway & Util Invest A..1
Class
Am dep rets ord
Mar
4%
88%
30
A
Mar
23%
Spencer Shoe Corp
6%
*
Puget Sound Pulp & Tim.*
Pyle-Natlonal Co com—5
Pyrene Manufacturing-.10
Class
25%
West Pa Pipe Line..50
3%
Common.....-.--—60
Okla—
6% prior lien pref.—100
7% prior lien pref--.100
5Pub Util Secur $7 pt pf-*
Puget Sound I & L—
Rainbow Luminous
700
200
3%
*
Standard Oil
31%
preferredpreferred
Apr
Spanish & Gen Corp—
90
Public Service of
$5
34%
Feb
Mar
6% 1st preferred----100
7% 1st pref erred..-.100
Pub Serv of Nor 111 com..*
$6
40
140
Southland Royalty Co.-.5
South Penn Oil
25
Colorado-
Public Service of
Mar
South New Engl Tel—100
Southern Pipe Line
10
Southern Union Gas
Indiana
*
Jan
2%
June
Jan
17
preferred
Jan
0%
3%
3%
100
35
Jan
Mar
95
33
1 %
Mar
1%
200
100
preferred
62%
39
10
preferred-..—--—-*
preferred
5%% pref series C—25
Mar
200
1
Prentice-Hall Inc—---—*
Pressed Metals of Amer—*
Producers Corp
1
Prosperity Co class B
*
Providence Gas—
*
Prudential Investors
*
Mar
1,900
Southern Colo Pow cl A.25
Mar
L900
5
Mar
37%
27%
25
37%
26%
24%
Mar
6%
%
Premier Gold Mining
Public Service of
5% original preferred.25
6% preferred B
25
4%
4%
"ioo
"~k ""%
Mar
3%
2%
2%
1
34%
4%
6%
6%
13
Mar
1%
1
7%
2%
Corp of Canada— *
6% 1st preferred
100
Pratt & Lambert Co
*
$7 prior
Mar
2%
Jan
Mar
1 %
4%
1
South Coast Corp com
Southern Calif Edison—
240
40
Power
$6
Jan
88
13
100
Jan
2%
1%
2%
Sonotone Corp
Boss Mfg com
6%
169*
64*
6%
common—5
Powdrell & Alexander
21
High
88
37%
200
25c
Polaris Mining Co
Potrero Sugar
40
*
—
Jan
Liw
Shares
City G & E 7% pf 100
Jan
"
Forgings
Inc
Plough
3,500
6%
6%
*• *■m
«*
3%
Week
Price
"200
^
50
1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
'»
3
Pitts B688 & L E RR
Pittsburgh
3%
Mar
1
Ltd-.l
Pitney-Bowes Postage
Pioneer Gold Mines
JVX ctcr
400
2%
Mar
*10%
2H
1%
10%
1
Conv pref series A
10
Pierce Governor common. *
Pines Winterfront
-1
Common..:
for
of Prices
Low
High
Smith (H) Paper Mills...*
Solar Mfg. Co
1
29%
*
Packing Co
Phillips
5%
7%
Week's1 Range
Sale
Par
High
Low
Shares
Range Since Jan. 1, Iu38
Last
(Continued)
1
Pharis Tire & Rubber
$6
STOCKS
1938
Week
Par
Sales
Friday
Sales
Friday
STOCKS
(Continued)
3783
6%
Apr
May
Jan
Jan
215%
May
230
100
%
Feb
1
3,300
2%
Jan
9%
2,500
%
May
68%
475
50%
Mar
"2% "2%
""166
3%
3%
2,100
%
%
46%
600
350
42
Mar
1%
1,200
1
Mar
24
250
22
Feb
3
600
2
Mar
4%
Jan
2
100
1%
Mar
3%
Jan
%
8%
8%
»i®
%
68
68
%
9
»i«
"46 "
1%
24
46
1%
24
3
2
'
Jan
Feb
Jan
Jan
77%
42%
May
2%
Mar
6%
Jan
3%
June
6%
%
Mar
1%
39
3%
3
May
57
1%
24
Jan
Jan
Feb
Jan
Apr
New York Curb Exchange—Continued—Page 5
3784
Sales
Friday
stocks
Last
Week's Range
Sale
of Prices
Week
Par
Price
Low
High
Shares
Low
3*
United Verde Exten__.50c
10
1
%
24
124
124
500
1,200
"m
"3% "*3%
"sod
Jan
8
Mar
34
IK
1624
Feb
124
Jan
Com'wealtb Subsld 524s *48
Jan
Mar
Apr
Jan
Community Pr & Lt 5s '57
Community P S 5s.—I960
Conn Lt A Pr 7s A...1951
Jan
Apr
June
24
Mar
224
Jan
<u
Jan
Feb
300
24
224
Mar
Mar
100
Mar
124
44
2
1724
Mar
2%
Jan
23
Apr
Mar
20
June
Apr
77 24
Jan
z7K
Feb
324
Jan
Cudahy Packing 3 24s. 1955
Delaware El Pow 5248.1959
Denver Gas A Elec 5s. 1949
1124
Jan
Det City Gas 6s ser
83
*
6
Jan
124
83
Mar
Mar
6
Apr
24
Apr
Jan
Jan
May
Mar
724
Apr
June
624
624
224
4 24
10024
1624 May
9
2224
Mar
924
Mar
Feb
67 24
Mar
*
IK
IK
200
24
5%
5%
50
424
May
224
Jan
Mar
1
73
Apr
Apr
Apr
Apr
*
424
224
108%
Feb
124
1950
Aug 1 1952
♦Deb 7s
6024
62%
23,000
73,000
'¥,000
104 24
*324
1
♦Certificates of deposit
1
Empire Dist El 5s
1952
Empire OH A Ref 5 24s.1942
Ercole Marelli Eleo Mfg
6 24s series A
1953
Erie Lighting 5s
1967
Federal Wat Serv 524b 1954
Jan
May
90%
Mar
96%
10,000
97%
Mar
103%
10,000
108%
341666
3,000
93
9,000
91
2,000
4
""2I660
92 24
%
136I666
28,000
66%
1st & ref 4%s
1907
8624
824
224
Jan
103 24
89
Jan
101
78
Apr
80 %
Apr
Apr
Aluminium Ltd debt 5sl948
106
80
8124
10524 106
22,000
10524
Amer G & El debt 5s..2028
108
108
21,000
100
Am Pow & Lt deb 6s..2016
79
31,000
4,000
58 24
Mar
10424
Mar
100%
Arkansas Pr & Lt 5s_.1956
Associated Elec 4%s—1953
Associated Gas & El Co—
Conv deb 5%s
1938
79
"38 k"
90
10724
J83
Appalac Power Deb 6s 2024
Ark-Louisiana Gas 4s. 1951
7524
107
Amer Radiator 4%s-1947
Amer Seating 0s stp—1946
31,000
8424
65
"8424
87
5b ex-warr
stamped.1944
8724
103%
8624 89
10324 10324
Deb gold 6s. June 15 1941
Deb 6s series B
1941
10124
10124
101
Jan
1940
Feb
Jan
Feb
Gen Wat Wks A El 5s. 1943
"80%
91%
52 24
May
Grocery Store Prod 6s. 1945
May
May
Apr
Guantanamo A West 6s '58
Hall Print 6s stpd
1947
May
♦Hamburg Elec 7s,
113
May
Apr
102
Feb
Houston Gulf Gas 0s.. 1943
Jan
98
May
624s ex-warrants...1943
3924
27,000
30
Mar
Jan
89
90
13,000
62
2724
2624
2624
21
26 24
4
26
36
3724
4,000
12,000
5,000
31,000
28
74 24
7524
98
98
9924 10024
Jan
261666
20 24
16,000
15,000
2124
Mar
Mar
Jan
4124
92 24 Mar
2854 May
*78
5s without warrantsl947
92 24
6534
Bell Telep of Canada—
1st M 5s series A...1955
66
1st M 5s series B...1957
112 %
121
11124 11234
121
12124
122 K
122
122
Bethlehem Steel 0s....1998
132
132
132
Birmingham Elec 4%sl988
Birmingham Gas 5s.—1959
"64""
i960
Broad River Pow 5s..1954
Canada Northern Pr 5s '63
Mar
27 24
Mar
1st A ref 5s ser C
Canadian Pac Ry 6s.. 1942
Carolina Pr & Lt 5s—.1956
Cedar Rapids M A P 5s '53
103 K
23
Apr
3724
June
Sf deb 5 24s—May 1957
62
Apr
92 24
Feb
9624
Apr
114""
94
100%
Ry 4Mb A
1950
Chic Jet Ry A Union Stock
Yards 6s
...1940
1927
May
Apr
90%
May
Apr
104%
101%
101%
Feb
Jan
Jan
78
102
9,000
"68"
62
Mar
77
Jan
77
Apr
84%
May
Apr
June
94
May
3o~66O
Feb
95
Mar
211660
3,000
1,000
7,000
57
Mar
79
Feb
31K
49
10624
14,000
1955
Jan
Apr
11724
Apr
Jan
114%
122%
122%
Mar
1st lien A ref 5s
1963
♦Indianapolis Gas 5s A 1952
Ind'polls P L 5s ser A.1957
140
Mar
107
65
Jan
Apr
59
Feb
29
Mar
37%
Jan
107%
Jan
Mar
34%
May
21%
8324
97%
Feb
25%
May
Feb
89
June
Apr
104
Feb
15,000
96
Apr
102
June
10,000
103
Apr
107%
May
3,000
6.000
/
107% 107%
77 24
80
85
87 *
91
91
77%
78 24
109*
Jan
85% May
624s series C
07
Feb
7s series E_._
1957
71%
Mar
87
Jan
7s series F
"11666
27,000
23,000
37,000
20,000
12%
May
13
43
Mar
63
Mar
02%
10724
85%
Jan
110
Apr
100
Mar
104%
Mar
International Salt 5s. .1951
100%
Mar
108%
Jan
Interstate Power 5s—_ 1957
56%
7124
106
105
73
113%
Mar
Mar
98
115%
Jan
May
10,000
18,000
30,000
93
6,000
9524
2,000
77 24
9224
1,000
35,000
32
20,000
32
78,000
49
16,000
16,000
10624
10724
9124
105
10524
21,000
48
4924
10,000
Mar
102%
May
Apr
95%
May
92
Apr
101%
June
85
Mar
93%
May
94%
8524
Apr
97
66%
Jan
81
May
79%
23%
Mar
94%
May
Mar
41
24
Mar
88
32%
105%
105%
84
101%
42
Mar
Jan
Apr
Apr
May
94%
Jan
Jan
68
Mar
91%
85%
2,000
79
Mar
91
May
1,000
84
Apr
93
May
17,000
1,000
64
Apr
82%
May
Jan
10924
Mar
108%
75
19,000
7,000
48
6.000
56%
60
60
3,000
51%
108
108
95
Jan
Jan
52%
FJan
FJan
87
fJan
80
75
*77
82
79
Apr
69%
68
69%
95
95%
3,000
47
01%
Feb
5s series B__
—1947
424s series C
1961
Kansas Elec Pow 3 24s. 1966
Kansas Gas A Elec 6S.2022
Kansas Power 5s
10624
102%
1955
1969
May
72% May
10624
Jan
Apr
58%
65%
Mar
June
Apr
Mar
60
Mar
107
Jan
109
35
Mar
Apr
June
18%
Mar
4924
29%
64
Mar
80
May
57%
Mar
73
May
90
Mar
9824
Apr
96%
Jan
106%
103%
Feb
June
106% 106%
102
102%
161666
105%
Mar
8,000
98%
Jan
Jan
May
Jan
64
52%
Apr
83
*63
78
78
Jan
85
Feb
39
Jan
47
June
May
47
41%
47 r
46,000
39%
39%
K
40"*
10,000
32
Feb
42
16,000
76,000
100
Apr
106
Apr
105%
11,000
97
Mar
112
Mar
10424
104% 104%
104
103
104
99% 100 f
*115
117
100%
100
m
"21000
98%
95%
Jan
Jan
100
June
115
Mar
Apr
101%
Mar
Mar
82%
May
I*
8024
"84"
80
84
7,000
65
94
1,000
84%
84
80
5,000
7,000
78
Mar
90
65
Mar
81%
81
79
94
6 24s series D....... 1948
524s series F
62
Mar
*60
1947
Kentucky Utilities Co—
1st mtge 5s ser H—. 1961
May
92
95
*93
1961
5s stamped..
1942
Jersey Central Pow A Lt—
63%
m
Jacksonville Gas—
106%
*75
1958
48%
Iowa-Neb LAP 5s... 1957
Jan
May
Apr
Apr
May
424s series F
30,000
26,000
May
Jan
Jan
Mar
Jan
55
76
49
Jan
Apr
Apr
6524
73%
41
107%
107%
81
Jan
107%
111%
100%
65%
27
Jan
43
Mar
49%
68,000
75
Isarco Hydro Elec 7s. 1952
Isotta Frascbini 7s... 1942
Italian Superpower 0S.1963
Jan
Apr
28
Iowa Pow A Lt 4248..1958
Iowa Pub Serv 5s
1957
Jan
Mar
52
"65%
Interstate Publi c8ervlce—
5s series B
Jan
Feb
76
1956
1952
May
79
'
1,000
49% 125,000
22,000
29%
Debenture 6s
Jan
Mar
May
tn
1952
101%
54
*63
1955
Jan
55
"I65"
93
43
I "5,000
57 ~
International Power Sec—
Feb
Jan
Apr
52
13,000
120%
Jan
Mar
50%
56*
5s series I
For footnotes see page 3785.
93%
107%
109%
45%
110%
63
Jan
1,000
6,000
5,000
*87
48
Apr
June
Apr
9,000
*106
105>4
83%
104%
Apr
31
Jan
"1I666
55%
47
71%
Feb
82%
$80
10624 106 24
11024 11024
70
106
Jan
Feb
62
76%
40
*24%
28
8824
89
102% 103%
101242102
5324
Jan
105%
3,000
16,000
91
80
1950
Jan
33%
3124
106%
8624
—1957
87%
68
109
5s
73
33%
107
"2I000
Mar
Indiana Gen Serv 5s. .1948
130
9224
31K
78
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s '55
90
15,000
4,000
83
83
1,000
10424 10424
11,000
104,000
10124 102
28,000
8924 90
11324 114
8,000
10124 10224
94
9324
9924 101
65%
Apr
Apr
49% June
Apr
30%
53
8324
87%
7824
Mar
29,000
2,000
52 24
90
Mar
100
80.000
53
8824
*32
99%
20,000
"17*666
97
9024
88
.1953
1951
5,000
22,000
75
52
96%
Electric Corp—
1947
624s series B
64
9534
7724
9134
3124
Cincinnati St Ry 5%s A '52
107%
6s series A..
June
8324
93
Cent Power 6s ser D..1957
5%s ex-warrants—.1954
1956
64
93
Cent Ohio Lt & Pr 5s..1950
Cent States P & L 5%s '53
Chic Dlst Elec Gen 4%s'70
6s series B
1961
Cbioago A Illinois Midland
88
5s series D
101K
5s series E
Cent Pow & Lt 1st Ss.1956
Cent States Elec 5s.—1948
Indiana
May
Central HI Public Service—
1950
1st & ret 4%s ser F.1967
5s series G
1968
4%s series H
1981
Mar
58
8324
107
1st A ref 524s ser B.1954
83
83
74
75%
15
Indiana Service 5s
5s series C_.
46,000
63
54
Mar
Works—
1950
102%
102
111 Pr A Lt 1st 6s ser A.1953
88
May
24
54
5s series C
*91 24
87
5224
84
*14
Jan
Jan
Apr
91%
*50
34 24
33
99
24
*3024
6724
—1949
6s series B_.
HI Northern Utll 5s—1957
8024
Jan
76
78
♦Hungarian Ital Bk 724a'63
Hygrade Food 6s A...1949
Jan
10024
52
3124
..
29
Jan
*74
80%
8924
106
91
Houston Lt A Pr 3 24s. 1966
90
Jan
20,dod
79
7324
53
52
1935
May
Feb
Mar
May
95
66
72
*54
Guardian Investors 5s. 1948
86
2024
Apr
74%
Mar
*107% 112
Hackensack Water 6s. 1977
9624
27%
Avery & Sons (B F)—
5s with warrants—.1947
'83%
Gobel (Adolf) 424s—1941
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd._1950
10724
Conv deb 5s.......1950
Atlantic City Elec 4%s '84
"67%
12"666
26 24
29
37 K
83
Glen Alden Coal 4s...1965
May
10724
10824 May
10724
1953
May
101
*76
73
♦General Rayon 6s A. 1948
6s
101%
10124
*64
General Pub Serv 5S..1953
28,000
"26H
Conv deb 5%s
1977
Assoc TAT deb 5 %s_A'55
Atlanta Gas Lt 4%s-1955
8924
8324
8524
8424
8724
Jan
46,000
28
Feb
10524
Apr
Gary Electric A Gas—
95
Jan
56
Feb
92
Gatlneau Power 1st 5s. 1956
9324
3724
1224 11224
10024 10024
%2624
2524
1068
96 24
94
84
8,000
Jan
♦Hamburg El Underground
A St Ry 524s—
1938
Heller (W E) 4s w w
1940
79
Conv deb 4%s C—.1948
Conv deb 424s
1949
Registered
Jan
June
Apr
Apr
58
Jan
Jan
24
43
102%
May
May
June
80
Jan
76
91%
*45
Feb
7024
95%
Apr
First Bohemian Glass 7s '57
924
31666
Mar
71%
Jan
Apr
8624
83%
24
Alabama Power Co—
*89
103
Feb
♦Gesfurel
1956
78
104%
105
Gen Pub Utll 624s A. 1956
1968
Apr
Mar
105%
BONDS
1st <fe ref 5s
Mar
105%
Georgia Power ref 5s..l967
Georgia Pow A Lt 5s—1978
1st & ref 5s..
1,000
17,000
14,000
97%
98
Apr
May
13,000
4,000
72
53%
Mar
General Bronze 6s
9224
9124
71
2,000
May
1624
9724
39,000
101%
Mar
9224
70
Apr
May
May
May
Jan
102%
102%
14 24
9624
10924
3,000
May
96 K
Apr
15,000
Mar
1951
June
100
Feb
Feb
May
104
324
524
1946
Jen
66%
124
124
81%
102% 102%
Wolverine Tube com
1st & ref 5s-
68
5
101% 102%
6624
324
724
624
1st & ref 5s
Feb
104
Florida Power A Lt 58.1954
102
Feb
5%
104
Jan
$6,000
Feb
1
1%
75%
108% 109%
5124
5124
104% 105%
71
June
103
Mar
10224 10324
103
3%
Banks 6s- fisstpd... 1961
6
1942
Mar
Jan
May
Jan
Firestone Tire A Rub 5s '42
10
Mar
110
105%
Firestone Cot Mills 58.1948
June
124
Apr
Mar
Jan
Jan
Florida Power 4s ser C 1966
900
Jan
60
Feb
Jan
Jan
Mar
May
724
1
624
Jan
8224
Finland Residential Mtge
Apr
25,900
6824
1950
Paso Elec 5s A
24
624
Woodley
65%
103
100
3%
324
1
*1
"69%
109
200
2
Apr
Mar
61
95%
10024 10024
10824 10924
324
Edison EI 111 (Bost) 324s 65
Elec Power A Light 5s.2030
'u
5824
54
63% Mar
100% May
87%
Apr
47
95
10024 10124
Eastern Gas A Fuel 4s. 1956
200
300
Jan
May
524
2
6s series B
Apr
424
Wolverine Portl Cement.lO
{♦Chic Rys 5s ctfB
104%
120%
Jan
Wisconsin P & L 7% pf 100
♦Convertible 6s
4,000
2,000
75
Wilson Products Inc...
Locom
May
Mar
-.*
J tine
May
1,000
102% 102%
92
10,000
92%
8424
9124 219,000
3024
99
107%
104 24 104%
Mar
Jan
May
Jan
128
Ei
IK
June
74%
Jan
Elmlra Wat Lt A RR 5s '56
IK
Mar
70
Apr
Jan
7%
1%
Mar
40
103%
Jan
7K
40
125%
8
7K
Feb
18,000
Jan
Williams Oll-O-Mat Ht
Baldwin
94%
May
Westmoreland Coal Co.
Debenture 5s
10,000
124
Western Tab & Stat—
Abott's Dairy 6s
104
2
100
Petroleum
1
Wool worth (F W) LtdAmer dep rets
...5c
0% preferred
£1
Wright Hargreaves Ltd..*
Yukon-Pacific Mining Co.5
100
May
102%
Feb
61% May
61% May
10024
700
6K
Mar
Jan
8
..*
Apr
91%
Apr
400
"in
Mar
80%
Mar
2K
{WU-low Cafeterias Inc..1
Conv preferred
*
43
60% May
64% May
63% May
52
2K
100
Western Maryland Ry—
Weyenberg Shoe Mfg
Williams (R C) & Co
Mar
100
3K
2K
20
West Texas Utll $0 pref
West Va Coal & Coke
Mar
4224
33,000
2K
224
Western Air Express..
Western Grocery Co
69
3,000
57,000
66,000
1,000
22,000
7924
80%
*101% 103
104
Aug 1 1952
♦Certificates of deposit
Jan
324
105
95
♦024s—
Jan
124
4 24
Wayne Knitting Mills...5
Welsbaum Bros-Brower..1
1
1.25
High
Mar
Detroit Intemat Bridge—
Jan
June
300
107%
*57
94%
A. 1947
5s 1st series B.
Jan
124
7
Apr
24
Class B
Wilson-Jones Co
Cuban Telephone 724b 1941
Cuban Tobacco 5s
1944
Feb
*
Vot tr ctfs com
79%
324
124
*
7% preferred
100
Wabl (The) Co common.*
7% 1st preferred
61%
1940
Mar
Vogt Manufacturing..
106
stamped...1943
0s ser A
Crucible Steel 6s
Mar
59
99
122% 122%
24
14,
10024 10024
103
10324
70%
7224
9824
99
*128
132
105
224
20
72
1954
100
Jan
10324
Cont'l Gas A El 5s—1958
Jan
May
11
Wagner Baking vtc
.1
57
1939
200
65'
54%
Gen mtge 4Kb
424 June
124 Mar
524 Mar
65
pref-100
57
101% 102
55
57%
5s
i
%
Low
47%
43%
Consol Gas Utll Co—
2%
224
Venezuelan Petroleum.
1,000
6324
60% 305,000
32,000
5924
59
8,000
9924 43,000
Consol Gas (Bait City)
Jan
21
2",600
20
16
101%
5624
(B-tlt) 324» ser N...1971
124
400
IK
IK
18%
Range Since Jan. 1, 1938
Consol Gas EI Lt A Power
Jan
4324
124
""166
$4 conv pref
Wellington Oil Co—
Wentworth Mfg
1949
524s
Mar
7
100
1
Walker Mining Co
Cities Serv P & L 5 248.1952
Mar
24
IK
69
9924
♦Commerz & Prlvat 524s'37
May
...
Waltt <fe Bond class A
1943
Line 6s-_._
1
»
7
fUtll Pow & Lt common. .1
5824
5824
for
Week
Shares
Pipe
31
IK
K
Waco Aircraft Co
59 24
Gas
Service
"900
3624
24
124
Priority stock
Va Pub 8erv 7%
1969
Debenture 5s
Cities Service Gas 524s '42
Jan
""400
IK
Utility Equities Corp.
5
Tool.6
Venezuela Mex Oil Co..10
58 K
Cities
Jan
8
60
1958
25
"\K
34
Utility & Ind Corp com..5
Van Norman Mach
324
Mar
Utah Radio Products—new
7% preferred...
Valspar Corp com
Jan
1950
1
"T
5
Conv preferred
Conv deb 5s..
Feb
Mar
May
9
Utah Pow & Lt $7 pre!—"
Class B
124
224
11
High
6324
Debenture 5s
Jan
7
Universal Pictures com...
Universal Products Co—
Utah-Idaho Sugar..
Jan
..I960
Cities Service 5s
Mar
3
8
Insurance
»u
Mar
Jan
Jan
5
Feb
124
1*200
24
Feb
7
...
Universal Corp v t C-.
Universal
1%
1%
iy»
United Wall Paper
Universal Consol Oil
100
Low
Price
High
Jan
Week's Range
of Prices
Sale
(Continued!)
$7 conv 1st pref
*!«
Last
bonds
Range Since Jan. 1,1938
I
U 8 Stores Corp com.
United Stores v t c—
Sales
Friday
1
for
(Conclude4)
June 11, 1938
.
79%
Apr
97
Jan
Jan
May
Volume
New York Curb Exchange—Concluded—Page 6
146
Week's Range
Last
BONDS
i
Sale
Continued)
*25%
90%
*99%
2*2*666
99
May
84
Apr
103
Jan
27
May
*3*000
84
Apr
97%
Jan
103% 103%
*87%
90
"l"63%
25
Mar
29,000
101
Apr
104%
76
Apr
100
103% 104%
"45,660
100
Mar
104%
1,000
65
Apr
97
Jan
2,000
65
24%
3.000
28%
28%
100% 100%
55
Apr
28%
101%
83
June
May
Jan
Memphis Comml Appeal-
*90
89%
104
89
Feb
67%
92%
93
Apr
May
Jan
7,000
106% 106%
70
June
9,000
105
106%
"1*666
72
104%
Apr
87
92%
89%
70
71
100
Apr
106%
Mar
106%
Jan
95
Apr
63
Feb
Jan
98
June
94
94
94%
14,000
83
Apr
94%
June
100
99
14,000
87%
Apr
100
81
May
89
May
Stlnnes
*11*6%
75%
2,000
61%
84
85
5,000
70
Mar
22,000
109
Jan
12,000
54
Apr
110% 110%
63
65
65%
110%
70%
Apr
May
Montana Dakota Power-
93%
93%
*1%
2%
mm mm-mm.
1%
May
*83%
84%
im'mmmmm
81%
May
62%
58%
Mar
IS
5%s
2,000
"*80%
82
82
11,000
75%
Nat Pow & Lt 6s A—.
74
75
47,000
Deb 5s series B
{♦Nat Pub Serv 5s ctfs
Nebraska Power 4%s_1981
44%
44%
44%
*108% 109%
9,000
m
Jim
m
*
-
120
1,000
92
92
4,000
77
26,000
75%
76
117
Apr
44
Jan
108
Mar
111
Apr
Apr
'
120
Nevada-Calif Elec 5s.
Apr
86
80%
97
5%
95
87%
80%
Feb
Jan
May
May
Jan
44%
110%
120
June
93%
83
Jan
118
Jan
May
Jan
117
1,000
52
50%
52
21,000
40
50%
50%
51%
12,000
40
50
51%
20,000
103% 104%
80
82%
24,000
102
Feb
10,000
70
Mar
85
Jan
26,000
74
Mar
87
5s.
50%
Conv deb 5s.
New Eng Power 3%s.l961
104%
82%
82%
84%
84%
115%
Mar
Apr
Mar
39%
57%
57%
58%
105
Feb
Feb
Feb
May
89%
74
*95%
89%
75%
4,000
64
93
91%
80%
Mar
-
62%
-
107%
"l"04%
t>ebenture 5s
May
105
Apr
108%
Texas Elec Service 5s_l960
Texas Power A Lt 5S..1956
6s
Apr
97%
Jan
103%
Jan
105%
55
112%
55
Jan
113%
Mar
53%
Jan
62%
Mar
3,000
77
81
51,000
42
81
44
13,000
107% 107%
2,000
99%
99% 100
99%
98%
6,000
United El Serv 7s
-
♦1st
s
f 6s
6%s.
5%s
85
Feb
97
May
98%
*72
99
6,000
93
Apr
100
May
Mar
Jan
Mar
81%
May
93
Mar
105%
Jan
40
Mar
55
Jan
50%
17,000
38
Mar
55
Jan
*50%
48%
49%
51%
39
Mar
55
Jan
50%
48%
76
Jan
50
14,000
39%
Mar
55
51
36,000
14,000
37%
Mar
56
Jan
51%
30%
Mar
56
Jan
60%
63
12,000
64
Apr
72%
Jan
47%
49%
50,000
36
Mar
54%
Jan
27%
—
—
-
28
18%
Mar
31%
May
51%
51%
51%
May
48
48%
2,000
39
Jan
48%
June
105% 106
105% 106
88
89%
22,000
104
Apr
106%
11,000
103%
Apr
100%
Feb
35,000
Feb
91%
May
96
May
9,000
102%
—
79
107
54%
36
Apr
82
May
May
108%
Mar
♦5s Income deb
1954
Wash Gas A Light 5s. 1958
Wash Ry A Elec 4s...1951
Mar
100%
Jan
69,000
94
Mar
104%
May
90%
Mar
99%
Jan
75%
Apr
86%
Jan
102
103%
*95
97
76
79
27,000
52,000
106
Feb
108%
Jan
44
Mar
63%
Jan
6,000
30
Mar
47
36
1,000
60
27%
72%
11,000
29%
_
25,000
72%
75
4,000
Apr
Mar
52
24
Jan
114%
62
Jan
Apr
June
Feb
27%
Jan
28
56
Mar
75
May
Mar
57%
Apr
76%
May
7,000
94%
Feb
102%
May
77%
21,000
64%
Feb
82%
May
105% 105%
14,000
96
Feb
107%
May
102
75%
75%
*80%
84%
12,000
85
81
1*7*666
87%
82%
*76
77%
7,000
Jan
74
May
64
Feb
80%
May
Feb
86
May
75
Apr
75
Apr
85
Jan
65
71
74
53%
75
2,000
71
*84%
112%
23
5,000
27%
72
101
"74%
Feb
61
27,000
106% 107%
55%
54%
36
Feb
Apr
84%
Feb
90%
Jan
Waldorf-Astoria Hotel—
44%
Apr
Apr
82%
71
1946
Mar
48%
32,000
*26%
1944
70
12,000
91
59
—1973
Va Pub Serv 5%s A.. 1946
1st ref 5s series B
1950
53,000
59%
114% 114%
105%
4%s
94
65%
57%
'
77%
6s series A
Jan
93
(Del) 5%s '52
Utah Pow A Lt 6s A..2022
Jan
43
90
91
«.
5,000
55%
93
!58
United Lt A Rys (Me)—
6s series A
1952
93
Feb
101
93%
Apr
100%
May
May
106%
86%
Apr
95%
May
97%
Jan
102%
June
West Texas Utll 5s A 1957
04% 104%
87
87%
2,000
May
Feb
West Newspaper Un 6s '44
West United G A E 5%s'55
May
Wheeling Elec Co 5s. .1941
9,000
80%
Apr
11,000
103%
Jan
105%
91
D.1956
1951
105%
104%
105% 106%
105
105%
100%
100
1946
92%
91
93
Okla Power & Water 5s '48
mmmmmm
80%
81%
4,000
69
Apr
Apr
101% 101%
1,000
100
Mar
103%
Feb
Mar
102%
"38%
12%
103%
106%
99%
Mar
Apr
Jan
Apr
21
May
106%
June
107%
Mar
Jan
106
Jan
102
Feb
16,000
96
Mar
30,000
102% 102%
87
89%
97
74%
Mar
32%
Apr
39%
105%
103%
93
Jan
May
Jan
39
43,000
105
105
7,000
103
Apr
106
105
35
106
5,000
106
June
108
May
Mar
Jan
Jan
114
Mar
1,000
10,000
11,000
100% 101
30,000
Feb
20.000
104% 105
45,000
102
21,000
18%
17%
105% 106%
107% 107%
Wash Water Power 5s 1960
94%
104
22,000
55%
1959
Un Lt A Rys
102%
104 %
95
63
1974
92
J
56%
8,000
1945
102
-
Apr
3,000
♦United Industrial 6%s '41
94%
26,000
35%
51
1956
102%
41^s series E
North'n States Pow 3 %s'67
99%
39
51 %
Conv 6s 4th stamp. 1950
United Elec N J 4s...1949
West Penn Elec 5s.__2030
West Penn Traction 5s '60
D
106%
50%
'52
30
105%
Indiana P S—
5s series
1962
6s—
43
Apr
99%
«.
2022
Twin City Rap Tr 5%s
Ulen Co—
No Amer Lt & Power-
Northern
series A
Toledo Edison 5s
Apr
—
...
June
103%
48%
Tide Water Power 5s..1979
TIetz (L) see Leonard
Jan
88
11,000
92
104% 104%
*113%
Nippon El Pow 6Ms..
Feb
45
43,000
31,000
64
107% 107%
91
84
7,000
June
110%
10,000
17,000
(Hugo) Corp—
Tenn Public Service 5s 1970
Ternl Hydro-El 6 %s_. 1953
May
100%
New York Penn <fc Ohio—
108%
Apr
50
«.
Apr
Feb
80%
99%
Feb
June
2,000
Apr
106%
99
United Lt A Pow 6s.-.1975
New Orleans Pub Serv—
102%
18,000
50%
-
Jan
117
) 5,000
94%
2d stamped 4s
1940
2d stamped 4s
1946
Super Power of IU 4%s '68 tl05%
lst4%s
1970
Tennessee Elec Pow 5s 1956
89%
May
Apr
69
May
f55,000
99
Standard Investg 5%s 1939
{Standard Pow A Lt 6sl957
♦Starrett Corp Inc 5s. 1950
Apr
Jan
107% 108%
mmmrnmm
Bo'west Pub Serv 6s..1945
{♦Stand Gas A Elec 6s 1935
88%
75%
108%
95%
107% 108%
95
50
Miss Power & Lt 5s._.
Apr
May
June
S'western Assoc Tel 5s 1961
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s..2022
75%
Jan
107
38
4,000
Mar
Apr
38%
4,000
100
71%
101%
102%
91%
104%
55%
_
21,000
89%
May
fed
104
98
■
81
Mar
104%
55
_
Mar
Tl05% 106% r16,000
91%
70
18,000
14,000
110%
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
Debenture 6s
1951
Debenture 6s. Deo 1 1966
Jan
63%
110
98
82%
80%
May
110
98
*76
i 78%
High
Low
Shares
54
1st A ref mtge 4s...1960
Sou Counties Gas 4%s 1968
Sou Indiana Ry 4s
1951
May
101%
59%
1945
Ref M 3%S-May 1 1960
{108
Ref M 3%s B.July 1 *60
Jan
30,000
4 57
Debenture 3%s
Feb
Range Since Jan. 1, 1938
for
Week
High
80%
Carolina Pow 5s. 1957
Southeast PAL 6s.-.2025
Sou Calif Edison Ltd—
Mar
Mansfield Mln & Smelt—
"*89%
Sou
Range
of Prices
Low
59%
Sheridan Wyo Coal 6s 1947
Mar
*
Week's
Sale
Price
Jan
93
90%
Last
(Concluded)
High
Low
Shares
97%
99%
29
*96
97%
BONDS
Range Since Jan. I, 1938
for
Week
of Prices
High
Low
Price
3785
Sales
Friday
Sales
Friday
May
Ogden Gas 5s
1945
Ohio Power 1st 5s B..1952
1st & ref 4 %s ser
Okla Nat Gas 414s
5s
conv
debs
Pacific Coast Power 5s '40
105%
Jan
Wlsc-Mlnn Lt A Pow 5s '44
104%
Mar
103%
Feb
106%
Jan
1966
96%
16,000
96
Jan
100%
June
Yadkin River Power 5s '41
101%
14,000
83
Mar
♦York Rys Co 5s
107
95
82
Wise Pow A Lt 4s
96
101% 101%
25,000
14,000
96%
86 %
Jan
Apr
96
Feb
105%
Apr
105%
1937
78%
78%
3,000
58%
1947
Stamped 5s
May
15,000
106% 106%
10,000
20,000
100%
107
77
77
1,000
72
96%
June
Feb
85
May
80%
June
Jan
May
Pacific Gas & Elec Co—
1st 6s series B
1941
116
Pacific Invest 5s ser A. 1948
Pacific Ltg & Pow 5s..1942
Pacific Pow & Ltg 5s..1955
Park Lexington
-
-
114%
82
Penn Electric 4s F
17,000
79
Apr
116%
88%
114%
1,000
113
Apr
115
114%
-
-
87
1971
71
22,000
30
82%
30,000
86
88%
86
-V*«
1979
43,000
70
70
3s.._.1964
Penn Cent L & P 414s.1977
1st 5s
115% 116%
83%
85
86%
*29
80%
*92%
1950
6s series A
B..1959
DCb 514s series
5s series
4 J4s series B
107%
23%
Apr
24
20
Jan
23%
Apr
120%
22
20%
May
21%
Feb
167
75
68
May
76
Feb
167
75
65
May
89%
7,000
78
Mar
93
May
May
♦Baden 7s._
6,000
76
May
Buenos Aires
94%
Apr
Apr
82
28,000
75
8,000
99
101
2,000
107
107%
9,000
Jan
'
Mar
Mar
98%
May
94
May
Feb
Mar
106%
Mar
108%
Apr
1981
78%
1961
4s series D
Mar
91
Jan
82%
93
6%
Mar
Coal
21,000
9244
9144
.844
9244
14,000
844
5,000
11144 11144
9,000
111
Jan
"5744
65
May
79
Feb
55
57
13,000
53
Apr
61
Feb
4,000
104%
June
108
18,000
8944
Apr
100
Jan
♦Maranhao
19
Jan
22
Apr
57
58
16,000
Jan
58%
Feb
♦Mendoza 4s
Apr
107%
Jan
2,000
48
10544
Feb
Apr
'2544
2,000
20%
Jan
25%
June
11,000
Jan
137%
Mar
stamped...-—-.1931
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s..-1958
♦Rio de Janeiro 6%s.l959
♦Russian Govt 6 %8—1919
♦6%s certificates—.1919
♦5%s
1921
♦5%s certificates—1921
♦Santa Fe 7s stamped.1945
♦Santiago 7s
1949
2244
105
10544
6,000
1978
J104
10444
...1980
104
10444
444sseries D^
444s series E
1st & ref 444s ser F.1981
104 %
May
65
Jan
Jan
103
444s series I.
105
105
130
Apr
113
Feb
103%
Apr
107
Mar
Apr
*4^666
101%
Apr
104%
105%
May
9,000
101%
Mar
104%
May
1,000
105
110
102%
10444 104%
1960
4s series A
10244 103%
104
Apr
106%
Jan
Feb
1st & ref 444s ser D.1950
6544
12,000
98%
75
31,000
60%
Mar
Mar
103%
73
75
Feb
98
May
100%
Jan
44
Apr
59%
22%
Mar
Mar
20%
19%
Jan
20%
7,000
19%
Jan
22
2,000
20
Jan
23
Mar
19
Jan
22%
Mar
.
1,000
21
"10*666
Mar
23
9%
Apr
13%
16%
Jan
18%
Jan
Feb
7%
9%
71
6,000
59
Apr
6544
6644
37,000
53
Jan
72%
6644
3,000
Apr
93%
Jan
Feb
29%
May
10%
Jan
9%
May
78
80
64
Feb
80
21
14,000
25
Feb
23%
16%
Jan
23
Jan
12%
Apr
16
May
May
Mar
"99"
122
22%
22%
1,000
16%
5,000
113
98%
99
8,000
96
Apr
102%
12%
7
Mar
'3*660
6
Apr
10%
10%
Jan
Jan
%
Mar
%
Mar
18
7
6%
%
1%
%
%
%
%
1,000
%
56
56
14%
1,000
8,000
14%
14%
14%
2,000
3,000
Jan
Jan
%
5~6oo
%
1961
%
%
%
'
Jan
45
11%
11%
Jan
Mar
Jan
Jan
1
Feb
Mar
%
Feb
05
Jan
15%
Apr
15
May
May
76 44
14
May
70
7344
1950
Mar
HO
6s
♦7s
1966
1st A ref 5s ser C
Jan
28
101%
16%
*22%
♦Issue of Oct 1927
Pub Serv of Oklahoma—
Puget Sound P & L 544s '49
79
stamped.1951
♦Mtge Bk of Chile 6S.1931
Apr
Apr
35
1966
5s series C
2,000
18%
♦Issue of May 1927
100%
10,000
11144
98%
18
1958
7s
1,000
108
107
111 44
1956
27
Jan
Apr
Mtge Bk of Bogota 7s_1947
2,000
111
1st & ref 5s
Apr
98%
20
120%
9%
♦Medellin 7s series E.1951
105
Publle Service of N J—
6% perpetual certificates
Pub Serv of Nor Illinois
1,000
Jan
May
25
98%
42
22
1939
♦Hanover (Prov) 6 %s. 1949
♦Lima (City) Peru 6%s *58
134 44 1 35 44
2244
20%
(City) 7s
110744 10944
127
35
10044 10044
'59
10
20%
.1947
♦Secured 6s
98%
137
♦German Con Munlc 7s '47
♦Hanover
92
2044
9044
10744 10744
444s series F
1961
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4%sB
Jan
Mar
3,000
98%
1952
2044
Potomac Edison 5s E.1956
♦Prussian Electric 6S..1954
1953
External 6%s
May
68
104 44
9044
♦Pomeranian Elec 6s ..1953
Portland Gas & Coke 5s '40
10%
113%
67
6s..1949
Pittsburgh Bteel 6s...1948
.—.--.1955
5s
90 44
57
80%
Apr
Danzig Port A Waterways
Mar
8944
{♦Peoples Lt & Pr 5s—1979
Pittsburgh
27
Danish 5%s
Apr
6%
22 %
27
125%
98%
♦6s series A...
May
Jan
90
Phlla Elec Pow 514s..1972
Phila Rapid Transit 6s 1962
Pledm't Hydro El 644s '60
125%
1952
5,000
9
♦Prov Banks 6s B._ 1951
Jan
8%
109
Peoples Gas L & Coke—
4s series B
17%
Cent Bk of German State A
88%
107%
103%
93
♦20-year 7s
(Province)
♦7s stamped....-—1952
♦7%s stamped
1947
♦Cauca Valley 7s
1948
106%
*107% 107%
1968
23
122
75%
34%
Mar
101
1954
D
Penn Water & Pow 5s. 1940
122
1947
1951
Mar
Mar
74%
92
89%
Agricultural Mtge Bk (Col)
♦20-year 7s.
1946
55
102% 104
92
GOVERNMENT
MUNICIPALITIES
28
Penn Ohio Edison—
Penn Pub Serv 6s C..1947
FOREIGN
AND
June
May
Queens Boro Gas & Elec—
5 44s series A
1952
75
♦Ruhr Gas Corp 6 44s. 1953
Safe Harbor Water 444s '79
107
10517M
San Joaquin LAP 6s B '52
Sauda
Falls 5s
107
13%
{♦St L Gas A Coke 6s.1947
•ISan Antonio P S 5s B 1958
75
42844
12244
♦Ruhr Housing 644s.. 1958
105l7u
1130 44
25
♦Schulte Real Est 6s..1951
125%
Scripp (E W) Co 544s.1943
100
Scullln Steel 3s
Servel Inc 5s
25%
2644
21
Mar
107
June
...1951
43
—..1948
25
10844
13%
17,000
1,000
9%
Apr
23,000
102%
Jan
Feb
130%
109%
June
112
Feb
Jan
28
26
100
6,000
43%
103 44 104%
Mar
{ Reported
Apr
21%
Jan
27
96%
38%
106%
Apr
Apr
102
6,000
Apr
107%
105%
Mar
101%
Mar
1968
104% 104%
1,000
102
Mer
105%
1970
10444 10444
4,000
102
Mar
105
Jan
Jan
Jan
Apr
No sales were transacted during current week.
e
In receivership.
Cash sales transacted during the current
week and not Included in weekly or
yearly range:
No sales.
May
10*060
50
Deferred delivery sales not Included In year's range,
n Under
In year's range,
r Cash sales not Included in year's
Ex-dlvldend.
♦
May
3*666
"
x
a
not included
rule sales
♦ Friday's bid and asked price.
Bonds being traded flat.-
May
2544
25
15
1st 4 44s series B
No par value,
range,
Mar
24~66O
110%
1st 444sseries D
10344
♦
the
105% May
128%
—-
1107,
Shawlnigan W A P 444s '67
Apr
105^4
10944 HI
...1955
♦Saxon Pub Wks 6s... 1937
73
3044
V
Under-the-rule sales transacted during the current
weekly or yearly range:
Pacific G. A E. 5%6 pref., June 10 at
z
In
Deferred
28%.
week and not Included in
,
delivery sales transacted during the current
week and not Included
weekly or yearly range:
Houston Gulf Gas 6%s 1943, June 9 at 103.
Abbreviations
Used
consolidated;
convertible: "M," mortgage; "n-v," non-voting stock:
1," when issued; "w w." with warranto- "x-w •
Above—"cod," certificates of deposit; "cons,"
•cum," cumulative; "conv,"
"v t
c," voting trust certificates; "w
wlthnut, warranto
3786
Financial
Chronicle
June 11, 1938
Other Stock Exchanges
New York
Real
Estate Securities
Exchange
Closing bid and asked quotations, Friday, June 10
Unlisted Bonds
38th
B'way
St
Bid
Ask
Unlisted Bonds
Bldg—
7s
Internat Commerce
1945
75
Bryant Park Bldg 6%sl945
24
11 West 42d St 6%s..l945
29
CHICAGO
Bid
Bldg—
6%s
Dodge Corp—
Income bonds
...
Paul H.Davis & @<x
5
Park Place
v t c
6
10 East 40th 6t Bldg 5sl953
250 W 39th St BIdgs 6s *37
SECURITIES
Listed and Unlisted
Ask
Members
I1t
77
New York Stock
1 I II I
t
10
Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
t
10 So. La Salle
Baltimore Stock
June 4 to June 10, both
Exchange
Last
Week's Range
Arundel
Par
Corp
*
Bait Transit Co
of Prices
Price
t c.*
1%
com v
6% preferred
115
Eastern Sugar Assoc com.l
%
1%
6
for
868
%
98
1%
67%
423
62
114% 115
6
14
Low
Mar
12%
%
%
65%
112%
4%
10
...»
1
13%
1st preferred
Mar Tex Oil
25
,
1
1
Common class A
2%
Apr
70
Jan
Apr
115
Merch & Miners Trans p..*
MonWPenn P 87% pref .25
6
310
Mar
8%
11
Mar
15
75%
27%
23%
11%
%
6%
1%
1%
Mar
18%
104%
com 100
National Marine Bank..30
"l%
Casualty 5
120
%
2
2%
2%
3,505
7
215
1,520
June
35%
June
17%
Jan
Apr
7
Jan
Mar
3
Jan
May
2%
Jan
Mar
16%
Jan
27
10
21
1%
15
1%
Apr
44
5
42%
Apr
9
351
7%
Mar
8%
1%
77%
77
963
20
67
"ll%
67%
70
70
11%
11%
175
Apr
1
25%
Jan
3
1%
Jan
Apr
94%
Jan
*18
Mar
800
Jan
%
Apr
8%
75
7%
1938
High
50
3
72
Jan
16%
Jan
3
1%
Jan
Mar
36%
4%
2%
10%
50
Jan
Jan
13
Jan
6%
2% May
1%
50
1%
8%
100
7%
9%
600
8
6%
10%
200
6% June
300
8%
Mar
300
5%
Mar
4
Mar
Apr
Mar
Berghoff Brewing Co...
7%
7%
11%
7%
Blnkes Mfg Co cap
Bliss & Laughlln Inc com
4%
13%
4%
14%
300
12%
19%
18%
19%
1,300
5%
5%
5%
200
6%
Jan
7%
Apr
1%
11%
Jan
Jan
Mar
27
8%
9%
"~7%
11%
56
Apr
Mar
5%
%
100
ZIZIZZ
Mar
3%
100
%
28%
June
13
Jan
Jan
Jan
14%
8%
May
Mar
6%
Jan
Mar
22%
Jan
16%
Mar
28%
Jan
50
Jan
Borg Warner Corp—
(New)
common
Jan
Brown Fence & Wire—
Common..
1,600
5%
5%
17%
18
250
17%
11
11
10
52
....
53%
6
5%
310
8
Mar
41%
Mar
8%
Jan
Mar
21%
Mar
Mar
9
14
Jan
Mar
53%
June
Central 111 Bee—
Common
50
%
Mar
%
Jan
4
300
3%
Mjiv
6%
Jan
1%
800
%
...
%
3%
Jan
Apr
Mar
66
950
7%
Jan
June
4%
%
28%
Assoc Investment com...
44% May
11%
Jan
72%
59%
30
Jan
%
May
174
300
67
Phillips Packing pref...100
U 8 Fidelity & Guar
2
8
45
Jan
23%
Mar
12
1
"77%
Northern Central Ry...50
Owlngs Mills Distillery
1
Penna Water & Pow com.*
50
250
4%
Jan
June
25%
.1
com
62
100
25%
1%
**9"
North Amer Oil
28 %
23%
14%
44
Mt V-Woodb Mills
7
53
Jan
11
New Amsterdam
7
50
Jan
55
2
12
7
4%
Feb
12
2%
Low
53
Jan
2%
Apr
Mar
Mar
98
27%
23%
13%
%
6%
1%
23%
Houston Oil pref
100
Mfrs Finance com vt...
Range Since Jan. 1
Week
)
Jan
17%
12
20
Glenn L Martin Co
Shares
Price
r
Par
High
98
Preferred
Fidelity & Deposit
Fidelity & Guar Fire
Stocks (Continued)
Range Since Jan. 1, 1938
Shares
16%
67
100
for
of Prices
Low
High
Week
High
16
%
1st pref v t c._
*
Consol Gas E L <fc Pow_._*
Week's Rangt
Sale
*
Low
16%
Sales
Last
Sales
Sale
Stocks—
Friday
inclusive, compiled from official sales lists
Friday
St., CHICAGO
Central 8 W—
Common
1%
1%
1
Mar
2%
Jan
91%
92
40
90
Apr
27
91%
28
70
26
Mar
33%
Mar
Apr
5%
15%
Jan
97
Jan
■
Bonds—
City 4s
Preferred
sewerage
lmpt.1961
126% 126%
Bait Transit 4s flat... 1975
17
$2,000
A
5s flat
1975
13%
17%
13%
B
5s flat
1975
81
81
500
1942
99
99
2,000
1947
94%
95
2,000
Finance Co of Am 4 %
4%..
—
.
18%
37,500
2,250
118
Jan
15
Mar
15%
Mar
78
Mar
96 %
92
3%
126% June
23%,
Jan
27
Feb
Feb
99%
Apr
95
10
12
13%
1%
1%
13%
1%
1,650
27
27%
55
Chicago Corp
12
"13%
Jan
85
3%
56
common..
27%
Mar
June
%
150
50
2%
12
Mar
Mar
21%
600
25%
Mar
34
Feb
500
%
13% June
1% Mar
38%
Jan
59%
Feb
%
Mar
50
Jan
2%
1%
Jan
Jan
Chicago Towel Co—
Boston Stock
June 4 to June 10, both
Common capital
Convertible pref
Exchange
inclusive, compiled from official sales list8
Sales
Last
Sale
Stocks—
Par
Price
Amer Tel <fe Tel
100
Blgelow-Sanford Carp com*
100
132%
100
115%
52%
Boston & Albany
Boston Edison Co
Boston Elevated
69~"
!..100
128% 132%
15
14%
1%
Class B 1st pref
100
Boston Personal Prop Tr. *
Calumet & Hecla
25
Copper Range
48%
150
13%
Mar
10
1% May
6
14
5%
1%
20
1%
Mar
1%
10
1%
June
15
8%
Apr
Mar
10%
Jan
4%
4%
234
4%
May
7%
Jan
1%
42
3
Jan
May
Jan
1% May
June
52
%
2%
155
%
Jan
100
372
2%
15%
Apr
20
5
23%
Apr
30
20
1%
Feb
Apr
1%
Feb
3 %
Jan
18
19
26%
1%
26%
1%
6%
7%
311
6%
3
3
15
1%
Feb
3%
May
990
%
June
1%
Jan
1
%
10
"4%
4%
1%
10
30
5
45
1%
1%
257
92
4%
90%
1%
4%
760
43c
92%
1%
13
40c
43c
475
54
352
55
June
10
Mar
Jan
1%
Feb
11
Feb
June
18
Feb
June
4%
9
Jan
1%
Mar
2%
Jan
3%
Jan
5%
Feb
81
1%
Mar
May
37o
30
54
50
Mar
June
102
Jan
Jan
2%
Jan
79c
55
June
2%
2
Apr
1%
1%
1%
10
1
May
3%
Jan
55c
55c
30
30c
Jan
60c
May
14%
1%
.*
8
7%
"63%
25
40%
Vermont & Mass Ry Co 100
"~2%
*
7%
19%
67%
40%
56%
2%
23
5
Jan
284
13%
May
24%
1%
100
1%
June
4%
Jan
8%
1,005
10%
Mar
15%
8
467
21
212
69%
581
8
May
5%
Mar
17
Apr
50
Mar
Jan
11%
Jan
27
Jan
Jan
77%
41
80
38%
Jan
43
May
60
132
56%
June
103
Jan
1%
Mar
3%
830
23
20
Bonds—
20
Jan
4%
Jan
25%
Feb
64
$7,000
49
Mar
65
May
70
70
600
55
Apr
75
May
June 4 to June 10, both
Sales
Last
Adams Oil & Gas
com
Week's Range
for
Sale
Par
of Prices
Price
42%
*
Low
42
5%
High
Shares
110
60
100
8%
8
250
1%
1%
57% May
Apr
96%
300
14
15
24%
25%
7%
1%
40
14
4,000
22
Mar
May
70
100
June
Jan
12%
Jan
10%
May
Jan
1%
Jan
June
30
Jan
25
25%
28c
Consolidated Biscuit com.l
5
Cudahy Packing Co pref 100
Cunningham Dr Stores 2%
""13""
Deep Rock Oil conv pref..*
Dexter Co com.........5
......
com
*
Elec Household Utll cap.5
Elgin Nat Watch
15
Fox
250
5
Mar
28
May
100
12%
13
200
13
13
20
4
80
3
16%
*
5%
10%
11
1
8%
3%
16%
5%
5%
11%
1%
2%
1%
2%
5%
(Peter) Brewing com.5
1%
1
20c June
450
50
8%
"3
Four-Wheei Drive Auto. 10
Fuder Mfg Co com
Gen Finance Corp com
33c 217,800
13
3%
Dodge Mfg Corp
FitzSlmms&ConD&Dcom
20c
12%
4%
50
............
50
500
350
12
May
3%
48
5%
Mar
May
11%
13
46e June
25
Apr
June
70
Jan
May
Feb
15%
Jan
20
Feb
3%
June
6%
Jan
7%
Mar
14%
Jan
2%
Mar
15
4%
Jan
Mar
50
4%
24
Jan
Apr
Mar
7
Jan
50
5
850
8
Mar
150
1%
Mar
200
2%
June
6%
11%
June
2%
4%
Jan
Mar
Common
1
Jan
%
1
900
%
Goldblatt Bros Inc com..*
14
14
200
14
Great Lakes D & D com..*
Hall Printing Co com
10
14%
14%
450
12%
6
...»
com
Hormel & Co (Geo) com A *
Houdallle-Hershey cl B..*
Hubbell Harvey Inc com.5
111 North Utll pref
100
com
.
cum
pf 50
6% pref
rn
' «»
—
»
3%
105
57
3%
%
Jan
120
100
108
29
17
150
15%
75
75
20
65
Feb
23%
40
20
Mar
28%
57
10
53
Apr
60%
%
3%
450
6%
100
3%
%
400
1%
100
Jan
18%
Jan
Mar
23%
Jan
3
Mar
5%
Jan
5%
Mar
3% June
100
%
Feb
1% May
7%
80
Jan
May
Jan
Jan
5
Mar
1%
Mar
3%
Feb
29
60
16
Mar
30
Jan
16
10
15%
Mar
22%
Jan
6%
3
3
1%
%
7
...*
7
26
"
6%
200
6
Mar
3
%
*
Jan
Mar
"~1%
com
Jan
11
14% Mar
10% June
*
com
11%
Mar
50
1%
*
Mer & Mfrs Sec cl A com.l
Jan
Mar
8%
400
Manhatt-Dearborn com..*
McQuay-Norris Mfg
16%
5%
21
100
17
3%
Jan
150
11
24%
19%
Marshall Field
Jan
Jan
Apr
16
*
com
14
17
24%
Lion Oil Ref Co
7%
7%
May
29
*
Loudon Packing com
Jan
Feb
57
~
Law beck 6% cum pref. 100
Leath & Co cum pref
*
Lib McNeill & Llbby com. *
com
100
Mar
5%
Jan
16
23
"75 "
La Salle Ext Univ com...5
Printing
7%
7%
8%
8%
103% 105
5
11
Jan
2%
23%
16%
3%
6%
100
$3% pref
18
50
Mar
10%
.....
Kerlyn Oil Co com A
5
Kingsbury Brewing cap._l
Lincoln
11
17%
•
*
..100
Kentucky Utll Jr
50
200
11
Indep Pneu Tool s t c
*
Jarvis (W B) Co cap
1
Jefferson Electric com.... *
Katz Drug Co com
1
Kellogg Switchboard
6%
6%
6%
Heileman Brew Co G cap.l
Borders Inc
May
June
50
25
40
24%
19%
150
1%
%
7%
400
850
26
1,400
50
2
'9
Jan
Apr
4
Jan
Mar
30
Jan
16%
Mar
25
1%
%
5%
Mar
24
Apr
Mar
Apr
Jan
2%
1%
9%
31
Jan
Jan
Jan
Jan
4%
3%
4%
1,200
2%
Mar
4%
Jan
2%
5%
%
2%
2%
1,200
1%
Mar
3
Jan
5%
6
4,100
4%
Mar
7
Jan
%
%
500
%
Mar
2
Jan
*
%
1,200
3%
%
3%
%
*
3%
250
Mickelberry's Food Prod—
Common
1
Corp cap
5
purchase warrants
Midland United CoCommon
6% prior lien..
Modine Mfg com
100
A *
1%
*
18%
140
1%
10
%
3
Jan
Feb
1
Feb
50
18
Apr
270
18%
140
126
Apr
%
Jan
5
Jan
2
May
27%
140
Jan
Jan
Natl Rep Inv Trust—
Week
For footnotes see page 3786.
New capital....
Rights w I
Montgomery Ward&Co
inclusive, compiled from official sales lists
Friday
8%
8%
1%
Compressed Ind Gases cap*
Conv preferred A
Midland Utll—
Chicago Stock Exchange
Stocks-
(New) com
10
Club Aluminum Uten Co.*
Coleman L-P Stove com..*
Stock
62
1948
Abbott Laboratories—
Common (new)
..*
8%
Middle West
Eastern Mass St Ry—.
Series A 4%s...
1948
99% 100
Chic Yellow Cab Co Inc
Cities Service Co—
Preferred
"2%
2%
100
70
Gen Household Utll—
30%
25
Series D 6s
Apr
June
50
_*
1 %
14
25
Preferred
Feb
5%
%
2.50
Warren Brothers.
Warren (S D) Co....
Jan
4
4%
Jan
1% May
12%
Jan
35
N Y N H & Hartf
RR..100
.*
Torrlngton Co (The)
*
United Shoe Mach Corp.25
Jan
12
182
1
Shawmut Assn T C
Stone & Webster
2%
400
2%
New England Tel & Tel 100
Pennsylvania RR
Qulncy Mining Co
Jan
304
1%
Narragansett Racing Ass'n
Old Dominion Co
May
20%
105
t c.l
Northern RR (N H)__.100
Old Colony RR
100
Ctfs of dep
58%
15%
18
100
North Butte
ADr
46
cl A._*
Inc
Mar
125
14
*
Isle Royal Copper Co...l5
Loews Theatres (Boston)25
v
219
Apr
Jan
35
*
Main Central com
Mass Utilities Assoc
108
Jan
14
Georgian Ind cl A pref..20
Gillette Safety Razor
*
Hathaway Bakeries
350
108%
37
*
General Capital Cbrp
Mar
Feb
9
..100
com
60
Jan
21
1%
4%
4%% prior preferred 100
6% preferred
100
East Mass St Ry—
Common..
298
149%
6
East Gas & Fuel Assn—
Common
___.._*
Employers Group..
Mar
June
67
Commonwealth Edison-
1%
8%
5%
...25
Eastern 88 Lines
110%
High
17
1%
1%
Low
93
15%
6
-.100
1,785
70
1%
Class A 1st pref (stpd)100
Class B 1st pref (stpd)100
Range Since Jan. 1, 1938
Shares
17%
115% 117%
52%
54%
(dtpd).... 100
Prior pref..
High
63
for
Week
of Prices
17
Boston Herald Traveler..*
Boston & Maine—
Preferred
Week's Range
Low
69
Range Since Jan. 1, 1938
Cum
conv
pref stpd
*
Noblltt-Sparks Ind com-.5
Low
High
42%
400
36%
Apr
6%
800
4%
Mar
46
7%
Mar
Northwest Bancorp com..*
Northw Utll pr lien pref 100
7% pref
...100
Penn Elec Switch conv A 10
Jan
Penn Gas & Elec A com..*
%
150
7%
1,350
%
14
6%
15
700
% June
12
Mar
5
Mar
22
3%
10
9
10
30
18%
8%
12
10
22
12
50
11
3%
3%
100
3%
Apr
Mar
%
23%
8%
32
June
Jan
Jan
Jan
19% May
Apr
14%
Mar
Apr
9%
Jan
Volume
Sales
Friday
Week's
Last
Low
Price
Par
Stocks (Concluded.)
4H
Jan
X
Mar
IX
Jan
X
May
Jan
New York Stock
Jan
Detroit Stock
Mar
IX
81X
100X
Mar
145
250
X
X
200
X
X
200
75 X
50
74
Apr
94 X
95
180
85
145
60
129
— —
95
Quaker Oats Co common.*
Preferred
100
141
A J*-v
IX
IX
ux
X
Jan
9X
30
Mar
IX
300
7X
X
100
15%
Mar
9X
+ 'mr*
-
200
1
1
17
17
Sale
0%
May
300
47 X
Mar
22
90
June
28 X
Jan
17X
Jan
"v
10 X
14 X
150
98
74
98
m.
-
74
8%
13X
100
14
'•V
J*.*,
20
98
10 X
Common...—. ——*
Southwestern Lt & Pow pf *
Last
250
20
22
Sou Bend Lathe Wks cap. 5
Friday
Feb
7
57
7
«•
Southw Gas & El 7% pf 100
Jan
Jan
52 X
'■
SJgnode Steel Strap pref .20
Jan
27
13 X
63 X
cap.-l
Rears Roebuck <fc Co com.*
Mar
17
90
Apr
100
Jan
10
72
Jan
74
May
20
m'
'
Storkline Furniture com. 10
ux
4X
11
—
4
4X
300
7X
Mar
200
4
Mar
Low
Price
25
24 54
25 X
600
Burry Biscuit
16X
16X
700
Jan
13
6X
Jan
3X
Consum Stl
com .10
Zenith Radio Corp com..*
11X
Feb
1H
1X
Apr
.10
IX
82%
~"i%
1%
1%
5
Feb
16%
Mar
IX
18
Jan
Det Paper Prod com... ..1
Jan
Ex-Cell-O Aircraft
Gar Wood Ind com.... ..3
"~4%
-.1
2%
29%
15
100
14 X
14
1.000
13X
June
20 X
Jan
50
IX
May
2X
May
17 X
Mar
Jan
9X
1
Det-Mich Stove com
com.
General Finance
com
General Motors
com
.
.
_
com.
_.
2%
85c
W. D. GRADISON &CO.
III
._1
100
Jan
70c
Feb
220
2
Mar
3%
Jan
7%
220
6
Mar
11%
Jan
37c
Apr
X
Jan
Jan
Jan
37c
39c
IX
1X
630
1%
Mar
40c
41c
400
40c
Mar
3%
%
17X
17%
295
14X
Mar
18%,
80c
80c
83c
480
8C0 June
1%
Jan
28c
28c
30c
1,550
Mar
55 c
Apr
51c
51c
160
40c
Mar
2X
2%
308
2%
June
5
Feb
87c
87c
225
87c
June
2
Jan
5
5X
570
4%
Mar
7%
3%
3%
680
3%
5%
Jan
416
31X
Mar
Mar
37 X
Feb
550
IX
May
3%
Jan
1,330
4%
""ix
—1
_
*
110
Mich Sugar pref.
.1%.
com..
_
......
50c
'm
m
A
'
—
.10
Corp com.
Packard Motor Car com -_*
June 4 to June
Exchange
sales
Friuay
Week's
Last
Sale
Stocks—
Par
Rangt
Low
Price
Range Since Jan. 1, 1938
for
5
3%
Reo Motor com.......
W) com
Burger Brewing
*
Champion Paper & Fibre.*
20
Churngold... _..*
9
IX
Cin Gas & Elec pref.... 100
Cincinnati Street Ry...50
20
1%
I eb
1 ivoli Brewing com
Jan
Feb
Un ited Shirt Dist com
100X
Jan
Universal Cooler B
Walker & Co B
84
90
Apr
3X
328
3
May
5
Jan
80 X
1
75
Jan
81
Mar
3%
80%
3
22
May
5X
Jan
Wayne Screw Prod
Kroger
14
13%
14
452
12%
Mar
Jan
Wolverine Tube com
47%
40%
48
307
39■%
Mar
17%
50%
IX
IX
100
1%
May
23%
23 X
10
21X
Jan
3%
24%
Mar
2%
Jan
Mar
4
Jan
100
2
Mar
4
3/s
Jan
200
2X
24
1%
2%
22
Jan
27
Apr
Mar
4
4%
Mar
2^8
1,025
1%
3BS
3
80c
2,041
1,966
2%
1%
Feb
Jan
1%
70c June
Jan
Apr
5
Jan
IX
Mar
3%
Jan
2%
200
1%
425
65c
Apr
Mar
2%
75c
1%
Jan
1%
1%
850
IX
June
3 X
Jan
4
______
2%
100
4
100
3%
May
6%
Jan
200
v
:
Jan
Jan
10 ISA-A
100
675
70c
......
80%
Jan
2X
*
Cincinnati Telephone—.50
Dow Drug...
Mar
2%
1%
*
Hi
Warner Aircraft com.
Jan
A-, 7%
2%
—...
I.
Jan
Mar
70c
""70c
Jan
1% May
900
3
.
.
X
2
-.1
9X
31
96 X
95
2%
2X
Tom Moore Dist com.. _.1
Feb
6%
3%
24
'
Standard Tube B corn.. ..1
63
9
3X
Jan
v
IX
1%
1%
I10
18X
1X
130
9
19%
com....
1%
3
*
Feb
18% May
£0
IX
—
Mar
15
10
16
7%
"~i%
—2
-
_
River Raisin Paper com
High
Low
Shares
High
16
1%
7
"~7%
Scotten-Di.lori
Amer Laundry Mach...20
IX
i.:.
Prudential Investing com.l
Pfeiffer Brewing com
Kicke, (H
Week
of Prices
36
36
com
Penin Metal Prod com. —1
official sales lists
10, both inclusive, compiled from
X
10
Mid-West Abras
Cincinnati Stock
Jan
51c
2X
......
McClanaban Oil com.
Parke Davis
Jan
Jan
..1
com
Mich Sugar com
M urray
Mar
300
Masco Screw Prod com -.1
Telephone: Main 4884
Jan
3%
1%
7
""7%
Kresgs (SS) com......
CINCINNATI, O.
BUILDING
X
Jan
4%
38
51c
..
Kinsel Drug com
New York Stock Exchange
Cincinnati Stock Exchange
Mar
May
2
Members
DIXIE TERMINAL
7%
Mar
25%
2X
500
Kingston Prod
Jan
3%
14% May
June
2
500
75c
Hurd Lock & Mfg corn-
Jan
Mar
4%
435
2X
_
Hoskins Mfg com...
Jan
3%
9
1
—
Jan
2
726
875
_
108
Mar
300
3,229
Jan
Mar
1% May
1% June
4%
2
Mar
1%
2,515
2X
29%
4%
29
Grand Valley Brew com -.1
Hall Lamp com
.*
Cincinnati Listed and Unlisted Securities
1%
2X
13X
IX
77
100
—1
Goebel Brewing com
Graham-Paige
100
1%
12%
.10
100
85
2
—3
250
IX
82%
—
500
80c
IX
100
com
Mar
3X
1,550
15%
com
Gray Iron
X
11X
May
70c May
Det
14X
9X
13
Det & Cleve Nav com.
300
■: i
100
"Detroit Edison
1,350
IX
Jan
13
Jan
1
IX
May
62 %
Jan
16
M
1%
Mar
5X
13 X
13 X
«,
Jan
May
18%
15
Viking Pump com
*
Walgreen Co common.
*
Yate«-Amer Mach cap...5
3X
1
36
27
X
1
June
100
1,821
1%
75c
15X
Utah Radio Products com *
3X
1 %
IX
43%
13
—5
Jan
Feb
3X
1938
High
Loio
Shares
IX
1%
IX
mm.*
Mar
15
500
Range Since Jan. 1,
for
Week
42%
12 M
com
Brown McLaren
Mar
22 X
16%
Thompson (J R) com...25
Trane Co 'The) common.2
High
Mar
15
25
International
Swift & Co
Par
(Concluded)
Chrysler Corp com
Consolidated Paper
Standard Dredge—
Convertible pref
Stocks
Sales
Week's Range
of Prices
Feb
Mar
10
■
DETROIT
Telephone: Randolph 6530
Jan
IX
Mar
Chicago Stock Exchange
Exchange
Feb
300
1
New York Curb Associate
Exchange
Buhl Building
May
2X
Sanearno Electric com_... *
June
3X
1
6% pref v t c
£
Reliance Mfg Co com...10
Members
Jan
Mar
2X
2X
Raytheon Mfg Co com.50c
Watling, Lerchen fit Hayes
Mar
3
3X
75 X
1
Pub Serv of Nor 111 com..*
Potter Co com
Schwitzer cummins
High
Low
Shares
High
:
Pines Winterfront com...
Rollins Hos Mills com
Range Since
for
Week
3X
com.5
1
Pictorial Paper Pkge
Range
of Prices
Sale
Swift
3787
Financial Chronicle
146
May
_
.
3
.
Procter & Gamble.
*
Randall "B"
*
U S Playing Card
3
com —4
—2
..
As*
Jan
Ohio Listed and Unlisted Securities
MEMBERS
Members Cleveland Stock Exchange
Lot Angelet
Los Angeles
523 W. 6th St.
Los
Union Commerce Building, Cleveland
r
June 4 to June
A. T. & T. CLEV. 565 & 566
San Francitco Stock Exchange
Stock Exchange
GILL1 St°"jWOQDcitt
Telephone•■■CHerry 5050
Chicago Board of Trade
Yeio York Stock Exchange
Angeles Stock Exchange
10, both inclusive,
compiled from official sales lists
Sales
Friday
Week's Range
Last
Cleveland Stock
1.,;
.
Exchange
10, both inclusive, compiled from
June 4 to June
Week's
Last
Sale
Range
of Prices
High
official sales lists
Far
Mocks-
Bandini Petroleum
Range Since Jan. 1, 1938
for
Week
Broadway Dept Store—.—
High
11
Mar
50
109
Jan
115
Mar
1
com..*
Central Invest Corp.. -100
Claude Neon Elec Prods.. *
Consolidated Steel Corp..*
Consolidated Steel pref—*
Douglas Aircraft Co. ... *
Exeter Oil Co A com.
1
General Motors com....10
Giadding-McBean <fc Co—*
Hancock Oil Co A com...*
60
Jan
70
Mar
Intercoast
Low
Shares
*
Body_5
City Ice & Fuel—.—. *
Cleve Cliffs Iron pref..... *
Cleve Elec 111 $4.50 pref..*
Cleveland Ry—A
100
Cleve & Buffalo Transit..*
Cliffs Corp v t c
*
American Coach &
Dow Chemical pref
133
10
Mar
125
41%
June
42
107 %
Jan
1U%
10
11
42
-A
110
20
21
248
13
114
100
13
•
43 J
X
114%
62
Jan
Mar
Jan
Jan
Jan
May
19
120
X
X
■■■■:
Mar
UX
15
9
110
—
Mar
8
42 X
5%
9
42
5%
6%
ux
12%
64%
5%
A A'^
32
Jan
Feb
1
Mar
%
Jan
18%
.
62
5
5
10
5
Jan
6%
Jan
Kirmer Airpl & Motor
Tr.... *
i -A- . *
Lima Cord Sole & Heel.
1
McKay Machine
.*
McKee (A G) B
*
Metropolitan Pavg Brick.*
j.
~
13
13
91
13
June
18%
Jan
Lincoln
10
10
20
8
Jan
iox
2
2
100
2
Apr
Monarch Machine Tool..*
uiU
Harbauer Co
*
.
........ .
.
Kelley Isld Lime &
Leland Electric
.
.
.
—
-
.
—
m
.'-.
WW-
16
2%
~
-
_
Reliance Electric & Eng..5
Richman Bros
—..
25
j
J »'
■«.
"31
*
8% cum pref..
SMACorp
—
Union. Metal Mfg
Upson-Walton..
—
A
-
^
.——1
•„
L
-
UX
.1
*
Van Dorn Iron Works.....
West Res Inv
-
—
8X
w.L
,
*
-
-
14
11
Mar
95
:v '
5
-
1%
:
'
50
Apr
6X
Jan
Jan
3%
Jan
Jan
32%
Jan
4
4
10
4
June
7
Feb
2
70
IX
June
3%
60
Apr
Jan
Exchange
Sales
Auto City
82c
—
Brew com
.
.
35c
...1
Baldwin Rubber com. ...1
Bower Roller—
Briggs Mfg com
Burroughs A dd M ach.
Range Since Jan. 1, 1938
Week
-
5%
132
1,152
213
17%
*
15X
15%
3786.
15%
800
29 X
29 X
29 X
200
8
Apr
10
Jan
Apr
47
May
95c
37 %
9
7
200
7
Jan
28
27
28
800
25
May
30X
Mar
36c June
57 %c
Apr
Apr
36c
45c
10,300
2c May
12c
Apr
18c
5X
Mar
1
-1
*
Pacific Distillers Inc
1
Pacific Finance Corp comlO
Pacific G & E com
25
6% 1st pref
25
Pacific Indemnity Co—10
Reoublic Petroleum com.l
5X% Pref ——
50
Richfield Oil Corp com...*
—
1
Public Markets..2
Co—1
pref..10
Co A .... *
Sontag Chain Stores Co..*
So Calif Edison Co Ltd. .25
6% pref B
25
5% % Pref C_ —
25
Corp 6%
Signal Oil & Gas
—100
Calif—*
Jan
Jan
Transamerica Corp
12?4 Mar
1314 Mar
1514 June
21X
Jan
Union Oil of Calif
Jan
Sunray Oil Corp—....
9,200
10 X
Jan
2X
2X
400
2
Jan
3X
3%
3
3X
100
3X June
4%
Mar
Feb
Mar
2%
June
1%
10
24,700
85c
80c
6c May
15c
Jan
Jan
7%
Mar
30c
Mar
49c
Jan
9%
9%
9X
400
9%
Jan
26 X
26X
100
23X
Mar
Mar
14X
26 X
27 X
29 X
29X
29 X
100
28
Mar
29%
May
May
21X
21X
21X
800
18X
4%
4X
4%
500
5%
26
Jan
Universal Consol Oil
20X
Jan
Yosemite
IX
5
Ptld Cement pf 10
23
Jan
Jan
44
30
Mar
800
5
Mar
7X
1.35
1.35
300
1.10
Mar
300
2X
2,600
1.05
1.30
4X
35
3
IX
5
20
200
100
2X
18
Feb
5X
5%
20
20
Mar
Mar
5X
3
3
3
37 X
34 X
35
Jan
2H
Jan
Apr
3X
Jan
Mar
1%
Jan
Mar
4X
27X
May
May
.
Apr
Jan
7X
200
21X
21
21X
200
19^
Mar
8%
24 X
26 X
26X
26 X
400
25^
Apr
27X
Feb
25
24%
25
300
23 X
Apr
Mar
Mar
June
25 X
Feb
21X
Jan
7X
7X
7X
Jan
11^
11
11^
600
9X
26 X
26^
27 X
500
25X
2X
2X
700
2X
2
—
2
25
10
Jan
13 X
2X
12X
1.35
Wfiprfinti!
Jan
7
10c
Co
Jan
Feb
7
800
Menasco Mfg
Jan
June
Jan
43
52 J4c May
25X Mar
8,053
X
1X
35c June
4%
100
60c
4c
9X
Jan
46H
57Xc
12c
Mar
iaie
46 X
60c
3c
1
Superior Oil Co (The).—25
500
500
*
15%
100
200
46 X
11c
Southern Pacific Co.
High
35c
15%
18%
5
For footnotes see page
-
-
35c
5
82c
4X
3c
Standard Oil Co of
Allen Electric com
9%
Mar
12c
Samson
Low
Mar
2X
600
May
Shares
6X
100
30c
11
of Prices
High
400
30c
12
Low
Price
Par
Stocks—
9X
30c
Mar
for
18
3X
5
June
Week's Range
Apr
300
both inclusive, compiled from official sales lists
Sale
Jan
20%
Apr
1
Petroleum
Ryan Aeronautical
Last
5c
Mar
13 X
8X
8
8
May
16,400
9%
Friday
3X
13M
8%
3X
2c
18H
10
Co. 10c
Lockheed Aircraft Corp.. 1
Los Ang Industries Inc. - .2
Los Ang Investment Co. 10
Roberts
June 4 to June 10,
9%
Mar
Apr
29
14c
8%
Detroit Stock
13 X
100
5X
11%
«v
2,000
19
19
7c
36%
M
2c
2c
2c
5X
25
45
6%
8
14c
525
8.5
2%
June
5X
8X
45
Mar
6X
Pacific Clay Products
11^
1X
IX
100
Nordon Corp Ltd..
A pr
Apr
800
ex
May
Mar
12
Jan
4
May
700
2X
6X
May
June
8%
30
'
2X
2 %
2
19
1938
High
Low
Jan
3.60
15
8%
45
6% nref. .100
31
Mar
4
276
■IX
12%
2.30
50
31
1%
Apr
22%
Apr
9
9
18
Mar
12
5%
■
*
100
Seiberling Rubber. ....
June
16
Jan
100
13
13
30%
205
1,300
2%
2%
5%
Peerless Corp........... 3
85
16
25
25
Jan
4
Range Since Jan. 1,
for
Week
Shares
2%
45c
Petroleum.._
--
*
Elect Controlled & Mfg— *
of Prices
High
Low
2
Buckeye Union Oil com..
Calif Packing Corp
Akron Brass Mfg.
Price
Co.—1
Bolsa-Chica Oil A com--10
2
Low
Price
Par
Stocks—
Sale
sales
Friaay
,
Teletype L.A. 290
X
29
9X
18X
10X
3
29
9
18X
10 X
3
Jan
33 X
Jan
Feb
Jan
9X
900
8 X
Mar
3X
36X
12X
18X
900
17 X
Mar
21 %
Feb
100
6 X
Jan
11X
Apr
100
2 X
May
3X
Jan
29
10X
3
100
26
Mar
Jan
3788
"
Financial
Last
Week's Range
for
Sale
Par
June 11, 1938
Sales
Friday
Stocks (Concluded)
Chronicle
of Prices
Low *
High
Week
Price
Range Since Jan. 1, 1938
Shares
Low
st. louis markets
High
Mining—
Cardinal Gold..——1
10c
10c
10c
5.700
10c
Mar
22c
Co 25c
l%c
l%c
l%c
Mar
20c
20c
20c
9,000
1.000
lc
1
20c
Mar
.,..--1
4c
4c
4c
4,000
3c
Mar
Copper......50
24 %
24%
24%
100
21%
May
(The) (Del) 3
3%
500
3
e%
100
4%
3%
0%
4%
3%
*
.1
6% June
3% Mar
I. M. SIMON &CO.
3c
Apr
25c May
Develop
Imperial
_
Tom Reed Gold..
Zenda Gold...
Jan
9c
Business Established 1874
Jan
Enquiries Invited
all
on
Mid-Western and Southern Securities
Unlisted—
Anaconda
Aviation Corp
Columbia Gas <fc Elec
North American Aviation. 1
9%
North American Co.-----*
18%
18%
6%
4%
10%
18%
Packard Motor Car Co—.*
3%
3%
3%
Curtiss-Wright Corp
Radlo-Kelth-Orpheum
*
Standard Brands Inc
United Corp (The)
3,700
15
7
1
% June
Mar
300
7
May
2%
200
2%
June
4%
2%
4%
300
3%
New York Stock
Jan
Mar
Exchange
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
St. Louis Stock Exchange
May
5%
Jan
10% June
21%
Jan
5%
Jan
5%
Jan
9%
Jan
Mar
3%
Jan
7
Mar
100
200
2%
4%
(Del).*
36%
4%
Mar
6
100
2
*
...
9
200
MEMBERS
315 North Fourth
St., St. Louis, Mo.
Telephone Central 3350
3
Jan
Friday
7%
Jan
Last
Week's Range
for
Sale
5
Warner Bros Pictures
of Prices
Low
High
Shares
Stocks
Established
DeHaven
1874
Dr
32
3%
*
Eiy&Waiker D G 1st pf 100
Pepper
8%
Griesedieck-West Br com.*
Uamilton-Br Shoe
NEW
107
107%
1
Fa.staffBrew com
New York Stock Exchange
Philadelphia Stock Exchange
8%
45
44
1.25
*
Last
Week's Range
American Stores..
-*
Amer Tel & Tel
..100
Bell Tel Co. of Pa pref.-100
Budd Wheel Co
\
7
132%
116%
*
Chrysler Corp....———5
Curtis Pub Co
*
com..
4%
Electric Storage Battery 100
General Motors..—
—
10
of Prices
High
Low
29%
6%
Natl Power & Light
3
*
Pennroad Corp vtc.
1%
15%
Penna Salt Mfg
.50
Phila Elec of Pa $5 pref—*
Phila Elec Pow pref
25
30%
Corp
Mar
785
Mar
2%
36
4%
Mar
368
21%
25%
Mar
1,057
Mar
250
3
May
100
3
Mar
6%
123
4%
Mar
1%
15%
1,226
2,770
1%
14%
Mar
125
116
116%
Mar
10
123
Apr
219
112
Feb
Jan
Jan
Jan
5%
63%
Mar
23
Jan
11%.
149%
119%
7%
31% May
Feb
41%
Feb
4%
Feb
6%
Jan
8%
Jan
2%
Jan
30%
144% Mar
116% June
1,196
3%
3%
6%
225
2
315
4%
Apr
2,025
10%
Jan
129
35%
Mar
45%
32
19
39%
23%
40%
32
32
29%
Apr
32%
Feb
Mar
4%
7%
Jan
Jan
27% May
Jan
50
26%
Mar
*u
*u
300
hi
Jan
%
%
100
%
1
1%
147
%
2%
2%
3%
551
1%
Jan
2%
28%
9%
10%
106
107%
1,350
1%
22%
Mar
Mar
32% May
8%
Mar
11%
99%
Mar
1
Transit Invest Corp pref—
Union Traction.. ......50
United Corp com
.*
Preferred
.—_——*
25%
United Gas Improve com.*
9%
—
.*
24%
1,466
2,685
64
6%
Mar
27%
Jan
96
830,000
Jan
10
Apr
46% June
1
Apr
11
June
50
27
Jan
42
June
28%
28%
29%
28% May
6% May
36
Jan
11
Jan
14
14%
190
14
June
18
Mar
26
26
27
120
25
Apr
32
Jan
9
_.*
com
7
20
com
Natl Bearings Metals pf
June
%
May
Apr
Feb
1%
3%
5
Feb
Jan
9
9
13
Jan
100
100
100
10
90
Apr
102
7
125
5
Mar
8
May
May
June
103
Natl Candy com
*
1st pref
.-—----100
6%
95
Rice-Stix Dry Goods com.*
St Louis B B1 Equip com.*
St Louis Pub Serv com...*
50
97
9 c,". June
15
4%
2
95
125
4
Apr
5
4%
2
June
2
Feb
Mar
5%
3
Jan
12c
Scruggs-V-B Inc 1st preflOO
100
12c
50
12c June
12c June
80c
*
80c
27
80c June
90C
55
Southwes Bell Tel pref.
116%
Sterling Alum com
1
Wagner Electric com ...15
55
10
116% 116%
4%
4%
2,225
June
62
Jan
100
116% May
4% May
16% June
27
Jan
20
28
Jan
17
18
532
20
17%
55
Mar
20
$6,000
123%
Mar
7%
Jan
Bonds—
tUnited Railways 4s. .1934
Dean Witter
June
Co.
8c
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
Members: NewYork Stock
NewYork Curb Exchange
Son Francisco
Oakland
Exchange, San Francisco Stock Exchange, Chicago Board ofTrads
(AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Tacoma
Seattlo
Sacramento
Portland
Fresno
NewYork
Beverly Hills
Honolulu
Los Angelas
Ppsadeno
Long Beoch
Mar
Jan
Stockton
Mar
3%
7
2
14%
Jan
2%
355
Jan
San
Francisco Stock
June 4 to June 10, both
107% June
Exchange
inclusive, compiled from official sales lists
Friday
Sales
5% 4 Apr
Jan
Stocks—
Par
Alaska-Juneau Gold
10
Week's Range
for
Sale
7
118
45
Last
6%
June
20
Bonds—
El & Peoples tr ctfs 4s 1945
107
1.25
Jan
Jan
5%
_
....
Mar
114%
25
31%
Tacony-Palmyra Bridge. *
Tonopah-Belmont Devel-1
Preferred
111%
123
30%
19%
40%
—-*
Tonopah Mining
546
135
170
11
Preferred A...
3%
—1
Scott Paper.
Mar
5%
Phila Ra Tran 7% pref—50
Philadelphia Traction
.50
Salt Dome Oil
High
6%
3%
125
116
Low
3
3%
6%
1%
14%
6%
1
50
Range Since Jan. 1, 1938
322
128% 132%
116% 117%
3%
3%
41%
43%
4%
4%
24%
25%
27%
30%
Lehigh Coal & Navigation *
Lehigh Valley..
-.50
Pennsylvania RR
7
for
107%
8%
46%
33% May
Mo Port Cement com..-25
Week
Shares
Jan
McQuay-Norris com——*
Sales
Sale
June
23%
42
International Shoe
both inclusive, compiled from official sales lists
Price
May
3%
11
Laclede Steel
Par
32%
Jan
170
31
1.25
June
Jan
2%
42
com...
com
Laclede-Christy C Pr com *
Stocks—
26
—10
Hyde Park Brew
30 Broad Street
Friday
High
7
Apr
Hussmann-Ligonier com..*
YORK
Philadelphia Stock Exchange
June 4 to June 10,
20
3%
220
3%
30%
com
Low
100
32
3%
Range Since Jan. 1, 1938
Week
7
6%
5
Columbia Brew com
Members
1013 Walnut Street
Price
Par
Chic & Sou Air L pref... 10
Cocoa-Cola Bottling com.l
& Townsend
PHILADELPHIA
(Concluded)
Sales
of Prices
Week
Price
Low
10%
10%
High
Range Since Jan. 1, 1938
Shares
10%
239
Low
High
9
Mar
13%
Feb
Anglo-American Mining.. 1
H. S. EDWARDS & CO.
UNION
BANK BLDG.,
120
28c
28c
190
23c
May
45c
Jan
3%
7%
3%
3%
105
2%
Jan
4%
Apr
7%
7%
115
4%
Jan
loc
1,900
Atlas Imp Diesel Engine. .5
Calif-Engels Mining.
1
Calif Packing Corp com..*
PITTSBURGH, PA.
Tel. Court-6800
28c
Assoc Insur Fund Inc—10
Preferred..
A. T. & T. Tel. Pitb-391
50
Carson Hill Gold.
1
30c
Caterpillar Tractor preflOO
BROADWAY, NEW YORK
103%
Central Eureka Mining
Preferred...
1
Chrysler Corp
5
42
ClaudeNeaiLE P (Del).-*
Consol Chein Ind A
*
Specialists in Pittsburgh Securities
23
to
June 10,
Sale
Stocks—
Par
Price
for
of Prices
Week
Low
High
Range Since Jan. 1,1938
Shares
Low
High
Blaw-Knox Co
*
11%
11%
140
Carnegie Metals Co
1
60c
50c
60c
527
Clark (D L) Candy Co.
*
Columbia Gas & Electric.*
50c May
4%
4%
4%
250
3%
6
6%
199
5
2
2
110
1
—
Consolidated Ice pref
Duquesne Brewing Co
10
5
Electric Products
Fort Pitt Brewing
10%
*
Brewing Co.
Oil & Gas
—
95c
5%
5
Victor Brewing Co.
—
1
Westinghouse Air Brake..*
Westinghouse El & Mfg.50
to
June
96
Jan
Apr
105
Jan
Mar
Apr
6%
9
Jan
2
Mar
1%
Jan
56
Apr
Jan
3
Jan
Jan
1%
90%
Jan
4%
May
9
Jan
15%
Mar
20
Mar
Apr
4
Jan
1 %
22
Mar
34%
Jan
*
Burkart Mfg com
1
Low
20
10%
For footnotes see page 3786.
Jan
3
Mar
4%
5%
Jan
Jan
23
180
18%
Mar
28
10%
10%
580
9%
Mar
14%
Jan
Preferred (w w)
.50
Fireman's Fund Ins Co..25
32
32
32
120
26%
Mar
34%
Jan
77%
77
79
230
62
Mar
79
24
24
24
100
18
Mar
33
29%
28%
29%
649
25%
Mar
38
Jan
General Paint Corn com...*
7
7%
1,325
6%
Mar
9
Jan
6%
June
9
Apr
Giaddlng-McBean & Co.*
Holly Development
6%
7
6%
3%
72c
June
Jan
Jan
30
Feb
29%
Jan
73c
1,300
17
17
17%
510
13%
Mar
1.00
1.00
1.00
500
88c
Apr
10
2.25
2.20
2.25
320
2.00
Mar
2.63 May
Hutchinson Sugar Plant. 15
Langend-fUtdBakA unstpd
8%
8%
8%
60
Apr
17
Corp
cap
Hunt Bros com
Preferred
B
*
13%
5%
36%
17%
9%
LeTourneau (R G) Inc...1
18
Lockheed Aircraft Corp.. 1
12%
*
com
13%
6%
38%
L'dorf Utd Bk pref
(I) Magnin Co
67c
4%
Jan
10
Honolulu Oil
Market St Ry prior preflOO
Meier & Frank Co Inc.. .10
Menasco Mfg Co com
1
National Auto Fibres com 1
50c
Mar
65
Feb
Natoinas Co
15%
Mar
27%
Jan
62%
Mar
107%
Jan
North Amer Invest co. .100
No American Oil Cons..10
*
7%
10
66c June
8
75c May
19
1.50
13%
130
6%
1,271
3%
Apr
6
150
35%
May
39
39
18
1,115
13%
17,304
7
7%
220
10
10%
12
13
Apr
14%
Jan
Jan
Jan
May
May
May
Mar
18%
Mar
5%
Mar
11%
June
7
June
13
Mar
97
9%
Feb
14%
8%
2.00
8%
8%
303
7%
Mar
15%
Jan
75c
2.20
13,612
80c
Mar
2.20
June
4%
4%
4%
100
3%
Mar
7%
Jan
10%
10%
10%
4
11%
4
Mar
3,120
7%
Mar
10%
June
■4
130
3%
Mar
5%
Jan
Mar
13%
Feb
11%
600
1
20c
20c
20c
500
20c
Mar
30c
Jan
Oliver Utd Filters A
90
1%
Jan
Mar
*
5
5
5%
465
3%
May
6%
Jan
Pacific Can Co
*
5
5
5
220
4%
Mar
7
Jan
Petroleum
com
Pacific Coast Aggregates 10
Pacific Gas & Elec com..25
Exchange
6% 1st pref
Range Since Jan. 1, 1938
25
5%% 1st pref
25
Pacific Lighting Corn com *
Pacific Light CorpS6 div *
Pac Pub Ser non-v com..*
1st preferred
High
20%
Jan
73
22
Low
High
225
20
June
23
Mar
170
10% June
21
Jan
Paraffine Co's
11%
9%
1.50
1.50
1.55
Jan
2.05
Jan
26%
26%
26%
1,380
23
Mar
28%
Jan
29%
29%
29%
1,566
27
Mar
30%
Jan
27%
37
105
5
250
1.40
27%
27%
541
25%
37
37%
325
32%
Mar
104% 105%
105
99
Mar
105%
3%
Mar
6
5
5%
481
Mar
28
40
Jan
Jan
June
Jan
—*
com
Pu<rpt Round b & t
16%
16%
137
13%
Mar
17%
100%
97% 100%
90
87%
Apr
119%
Jan
137%
137% 137%
10
131%
Apr
137%
June
*
com..
100
100
Pacific Tel & Tel
Preferred
20%
ip%
12
Mar
10%
225
of Prices
Par
Mar
22
1,000
Week's Range
Stocks—
Mar
7%
*
14
10, both inclusive, compiled from official sales lists
AmericanInvcom
265
Jan
Emporium Capwell Corp. *
Occidental
St. Louis Stock
June 4
4%
Jan
9% June
33
3%
56
June
Jan
1%
200
20%
Feb
1%
2,240
1,001
5c
246
195
9%
66%
21%
1%
6%
77%
Mar
May
20%
Unlisted—-
Pennroad Corp vtc... ..1
6%
22%
21%
Apr
50c
4
781
223
*
May
19
9%
23
Hawaiian Pine Co Ltd
2c
18%
72%
Jan
62%
Apr
90c
50c
18%
77%
Jan
2.35
Mar
Mar
4%
10
2.35
Mar
37%
2%
220
223
Jan
1.65
440
25%
225
476
4
1.65
1,200
140
1,500
2%
8%
Jan
Jan
May
2,650
200
3c
18%
4
*66
Jan
Jan
1.90
2,808
95c
26%
9%
£23
30c
105
May
1.95
42
7
4%
18%
2%
25%
Shamrock Oil & Gas... —1
United Engine & Fdry
5
1.85
4
95c
188
1.85
28
Jan
5%
Mar
28
Mar
30
Apr
99%
4
80c
187
15c
10
28
9%
1%
1,558
*
Feb
67%
30c
Golden State Co Ltd
Apr
1%
63%
5%
50
Hancock Oil Co of Cal A.. *
Apr
100
24
Apr
Jan
70c
2
4%
Mar
45%
Jan
6%
100
100
15%
10
Apr
8
2
6
Di Giorgio Fruit com...10
1,197
1103% 103%
42
38c
19
9%
3c
Plate Glass..25
Plymouth Oil Co....
5%
50
483
9%
66%
30c
15c June
10
48
2%
Jan
600
7%
4
5
48
Apr
370
102
9%
15c
'18%
Mar
%
4%
*
Screw & Bolt..*
Jan
70c
7%
Mountain Fuel Supply..10
Phoenix Oil com
25c
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Mar
1%
10%
6%
100
*
McKlnney Mfg Co
14
70c
70c
Koppers Gas & Coke pf 100
Dine Star Gas Co..
Mar
6%
*
1
10%
1.85
r
Food Machine Corp com 10
General Motors com....10
Sales
Week's Range
1
1.90
*
Preferred
Preferred
Friday
Last
v t c.
Crown Zellerbach com
both inclusive, compiled from official sales lists
1
com
Creameries of Amer
Pittsburgh Stock Exchange
June 4
15C
19
48
*
31%
4%
31%
286
29%
Mar
42
4%
100
Anr
7
com._*1
16%
30%
4%
4
Jan
Jan
Feb
Volume
Financial
146
Sales
Friday
Last
(Concluded)
Week's Range
Sale
Stocks
of Prices
5
*
com
25
Republic Petroleum com.l
Rayonler Incorp pref
Rheem Manufacturing
9%
18%
4%
10%
4%
Richfield OH Corp com
4%
10%
5%
Jan
6%
Feb
June
56%
Feb
8
May
25
1,302
1,174
June
29%
Mar
Jan
125
2%
Mar
5%
435
9%
Mar
14%
Jan
5%
1.45
17%
Jan
4%
556
1.45
5%
1.45
Warrants
—C. C. Fields & Co., Toronto and New York, have
5
50
8%
17%
10%
High
~
40
40
40
1
*
Low
300
5
9%
18%
1
—
5
•
124
1.25
Jan
7%
Mar
Mar
Mar
1%
Mar
90
Roos Bros pref ser A... 100
87
87
87
10
88
June
Schleslnger (B F) 7% pf.25
4
4
4
120
3
Apr
Signal Oil & Gas Co A
*
19
19
19
18
May
26
Soundvlew Pulp com
Preferred
5
13%
13%
13%
11%
Mar
23
Jan
100
77
77
77
10
60
Mar
83
Feb
So Cal Gas pref ser A...25
Southern Pacific Co...100
29%
29%
90
28
Jan
30%
Jan
11%
20%
10%
11%
Standard Oil Co of Calif..*
26%
26%
27%
1,537
2,653
Super Mold Corp cap... 10
Thomas Allec Corp A....*
Tide Water Ass'd Oil pref. *
Transamerica Corp
2
21%
20
21%
867
70c
12%
18%
18%
8%
11%
2.75
2.75
6%
—1
5
Agricultural Co 20
22%
Mar
33%
Jan
Mar
21%
6%
6%
Victor Equip Co pref
1.50
Jan
84
Jan
Mar
12%
Jan
17%
Mar
21%
Feb
5%
Mar
9%
May
2,350
6%
Jan
11%
Mar
175
2%
Mar
4%
6
May
10%
Jan
8
Feb
27
130
May
41%
Western Pipe & Steel Co. 10
18%
18%
18%
210
14%
Mar
22%
Jan
1... 50
23%
23%
23%
100
22
May
32
Jan
Yel Checker Cab
ser
27
26
25
been elected members
Curb Market, in addition
holding memberships on the Toronto and Vancouver Stock
—Julius
Exchange.
Rippel, whose retirement as Vice-President of the firm
A.
of
announced, is making plans for the formation
business in Newark during the summer.
J. S. Rippel & Co. has been
of his
investment
own
—Bond
&
Incorporated,
Goodwin,
Milton C. Kemp, James
announce
that William P. Green,
A. McCabe and Frank Mosser are now associated
sales department.
with them in their New York retail
—Harold I. Baker. Andrew J. Hughes
formation of Baker, Hughes
City," to transact
—"Arbitrage
a
and Amos S. Treat announce the
& Treat, with offices at 40 Wall St., New
York
general securities business.
United States Government Bonds" is the title of a
prepared by Farrell, Brown & Co., 115
in
for financial institutions
booklet
Broadway, New York City.
Inc. announce that
Goodwin,
&
—Bond
partner in Del Re & Co.,
Sales
York
135 Broadway, New York City,
Co.,
municipal bonds, have issued a
5.40 to 3%
from
Nicholas Del Re, formerly a
has become associated with them in
their New
Department.
—Lebenthal &
lot
specialists in odd
list of municipal obligations yielding
.
—Parker, McElroy &
Co. announce that John E. McElroy, a
Stock Exchange, has
New York
of the
member
been admitted to membership in
the firm.
Unlisted—
American Tel & Tel Co. 100
132
24%
24%
11%
Apr
42c
284
21
185
12
149%
June
2,400
24%
11%
50
*
Copper
47c
42c
111%
90
129% 132
42c
Amer Toll Bridge (Del)-.l
Anaconda
to
Jan
240
76%
Jan
Waialua
of the Montreal Stock Exchange and Montreal
June
231
2.75
1
Victor Equip Co com..
Mar
75c May
630
8%
10%
Jan
9%
5,451
9
Apr
13
330
9%
8%
10%
5
Universal Consol Oil
70c
12%
Jan
4%
25%
300
70c
Union Oil Co of Calif.._25
United Air Lines Corp
100
1,045
12%
9%
18%
NOTICES
CURRENT
Range Since Jan. 1, 1938
for
Week
Shares
High
40
100
Preferred
Rayonier Inc
Low
Price
Par
RE&RCo Ltd com
3789
Chronicle
70c
Jan
Jan
May
36
Jan
11
Apr
17
Jan
Argonaut Mining Co.....5
3
3
3
150
2
Mar
4.25
Jan
Bancamerica-Blair Corp.
3%
3%
3%
616
3
Mar
5%
Jan
Anglo Nat Corp A com
1
10
2.00
2.00
2.00
200
1.85
Mar
Bunker Hill & Sullivan 2.50
11%
11%
11%
210
10%
Calwa Co common..... 10
1.10
1.10
1.10
100
Bolsa-Chica Oil A.
.
2.40
17%
Jan
2%
Jan
Claude Neon Lights com.l
1%
1%
1%
200
*
35c
35c
35c
300
28c
Jan
50c
Jan
Cons Edison Co of N Y.. *
24%
24%
24%
100
19%
Apr
24%
June
8%
Coen Co'8 Inc A
com
Consolidated Oil Corp.
*
8%
5
7
—
Electric Bond & Share
General Electric Co._..__*
34%
Gt West El Chem com...*
60
Hawaiian Sugar Co.....20
26%
8%
44%
50
7%
3,750
4.95
6
400
8%
8%
26%
44
100
44
44
5%
34
10
26%
6%
44
*
Intl Tel & Tel Co com.
455
60
26%
7%
Mines. .1
Idaho-Maryland
Internal Nick Co Canada.*
290
34%
60
7%
100
8%
7%
7
34
Mar
9%
Jan
Mar
9%
Jan
June
40%
Mar
May
Mar
60
May
35%
7%
larger quarters
of Condition of Canadian
Comparative Figures
Banks
the condition of the Canadian
banks for April 30, 1938, with the figures for March 31,
1938, and April 30, 1937:
following we compare
In the
June
44
June
Mar
June
Feb
Feb
OF THE BANKS OF THE
CONDITION
OF
STATEMENT
OF
31c
25c
35c
1,420
25c May
50c
Jan
2.00
1.75
2.05
2,650
1.50
Mar
3.20
28%
Apr. 30, 1938 Mar. 31,1938 Apr. 30, 1937
Jan
130
DOMINION
CANADA
9% May
1
.1
Italo Pet of Amer com
Preferred
Exchange Place, New
Jan
1%
the removal of their offices to
York City.
—Herzog & Co. announce
at 40
Jan
1.50
factor for Union Hosiery
distributors of hosiery.
has been appointed
Inc.,
Apr
Mar
1.10 May
Talcott,
—James
Corp., High Point, N. C.,
May
39%
Feb
Kleiber Motor Co......10
12c
12c
12c
270
12c May
17c
Feb
MJ4M&M Corns.....
16c
16c
17c
800
15c
Mar
38c
Assets
subsidiary coin-
Current gold and
In Canada
5,201,421
4,483,038
3,657,336
5,328,219
4,131,316
9,684,459
9,508,825
9,459,535
46,905,579
195,729,138
5,392,803
22,830,561
118,088,119
46,666,434
194,859,656
4,624,712
23,617,644
100.920,307
5,851,489
Jan
Kennecott Copper com
30
*
_
1
4
June
Feb
7%
May
730
31
June
34%
Jan
Dominion notes.
125
3%c May
9%c
Jan
Notes of Bank of
10%
1,263
6%
Mar
9%
Jan
100
4%
June
8
Jan
Deposits with Bank of Canada
Notes of other banks—-—
United States & other foreign currencies.
32%
Mountain
Copper.5c
4%c
North American Aviation. 1
10%
9%
City
Olaa Sugar Co
32%
31
6%
59
7
7
Montgomery Ward & Co.*
4
54
4
4
7
10
8% Pref
__20
4%
4%
4%
Packard Motor Co com..*
3%
3%
3%
190
3%
2
2
2
200
2
1
Park Utah Cons Mines
America..*
Radio Corp of
5%
*
25
22%
Radio-Keith-Orpheum
Standard Brands Inc
22%
500
25
25
310
24
26%
6% preferred_.—25
26%
26%
140
25%
7%
427
*
Sterling Oil & Develop
I
7
7%
34
7
25%
25%
25%
United Aircraft Corp cap.5
26
26
7%
Jan
June
3
Apr
Mar
24
May
Apr
25%
Feb
Mar
29%
Jan
June
8%
Jan
Jan
Mar
7%
June
7%
June
10
7%
Title Guaranty Co pref..*
Mar
30c
25%
June
Mar
Mar
36%
27%
50
7%
Jan
5%
2%
Mar
38%
75
7%
Mar
June
Feb
25c
100
*
June
June
25c
34%
25c
25c
34
Sup Port Cement pf A...*
26
Common B__
19%
21%
25
pref...25
So Cal Ed 5J4%
2
200
2
2
4%
275
5%
5%
2
..
.
So Cal Ed Ltd co
"■
34
Apr
346
19%
United Corp of Del
*
2%
2%
2%
235
2%
Apr
3%
Jan
U S Petroleum Co
1
90c
90c
90c
150
75c
Mar
1.55
Jan
May
60%
Jan
43
United States Steel com..*
*
a
40
269
43
42%
No par value.
2nd
& Ex-stock dividend,
x Ex-dlvldend.
Endorsed.
Pay
Div.
Llq
Elsewhere
4%c 4%c
4
Monolith Port Cern com..*
30
30
r
Cash sale—Not Included In r « age lor year.
x
Listed,
V
Ex-rlghts.
t In default.
Total.
—
— -
Canada
Cheques on other banks
Loans to other banks in Canada,
made
In Canada
and banking correspond¬
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
from other banks
Due from banks
United Kingdom
marketable
sufficient
a
value
to
Canada
current loans & dlscts. In Canada.
Other
Elsewhere
—Announcement is made of the formation
firm to be known as Pollard & Co.,
The
Pollard.
Arthur J.
new
of
a
New York Stock Exchange
composed of I. B. Pollard and his son,
firm will maintain offices at, and will clear
through, L. F. Rothschild & Co., 120 Broadway,
Pollard
has
associated for
been
40
years
with
Exchange firms, and for the past 20 years has
I. B.
Arthur J. Pollard was a member of the New York Curb Exchange
& Co.
from
New York City.
various New York Stock
been with L. F. Rothschild
1931,
1928 to
when
he became
a
member of the New York Stock
J. O. Stewart has been
appointed Sales Manager in the Chicago office in charge of retail sales.
Mr. Stewart is well known on La Salle Street, where he has been actively
engaged in the investment security business for many years.
Marsh has also become associated with the F. S.
Mr.
Stone
for
and
Blodget,
Inc.,
has
become associated with
John
State College in
1927 and became affiliated with Dillon, Read & Co., later going with
Chase
bank..
cost
not more than
(if any) written off
less amounts
under letters of
Seaverns & Co., and
firms, Abbott, Hoppin & Co., and Abbott, Proctor & Paine, for
years,
has joined the staff of Ernst & Co., New York Stock
Exchange firm at 231 South La Salle Street, Chicago, who are expanding
their activities in
with the Minister of Finance
of note circulation
of and loans to controlled cos
Deposit
for the security
Shares
Included under the fore¬
Other assets not
going heads. ————
Chicago.
4,144,438
22,573,134
89,378,871
83,502,416
94,842,685
63,870,416
50,088,047
769,729,815
160,361,070
62,915,430
50,676,788
752,456,794
169,311,477
15", 899", 42 8
18,715,590
16",155",787
120,474,561
98,812,293
108,408,025
10,041,038
8,426,704
4,448,280
10,181,925
8,377,841
4,458,494
12,200,212
8,638,592
4,214,990
73,326,856
73,340,745
74,813,583
56,927,610
58,851,874
73,628,246
5,997,938
11,357,022
5,996,081
11,157,722
7,056,828
11,297,847
2,114,026
2,003,398
1,981,517
Liabilities
100,363,220
Dominion Govt, after de¬
ducting adv. for credits, pay-lists. &c.
Advances under the Finance Act
Balance due to Provincial governmentsDeposits by the public, payable on de¬
100,254,248
110,953,496
44,395,235
20,220,448
22,333,856
5l",564",135
46,335] 066
45,057", 506
687,101,740
647,968,335
731,961,610
Balance due to
public, payable after
by the
notice or on a
fixed day in Canada
Deposits elsewhere
Loans
than In Canada
1,630,544,534 1,623,399,562 1,583,327,255
417,713,786
399,375,723
397,716,805
other banks in Canada,
Including bills redlscounted..
from
secured.
Deposits made by and balances
other banks In Canada
due
to
Co., Inc., announce that Carlyle L. Detjen, formerly head
of Detjen & Co.,
western
St. Louis, has been appointed their representative in mid-
territory and that L. H. Wright, with offices at 634 S. Spring St.,
Los Angeles, Calif., has become
their Pacific Coas| correspondent.
—Lancaster M. Greene of Lancaster and Norvin Greene, Inc. has been
vice-president and a member of the executive committee of the
elected
Robert
Schalkenbach
Foundation,
endowed for the publishing of Henry
George's works on economics and philosophy.
—The
Senior
Margin Clerks'
Section of the Association of Stock Ex¬
change Firm is distributing a booklet
Meyer
at its
14,819,269
12,270,310
11,127,977
11,853,117
41,899,014
285,049
44,810,279
576,234
36,918,922
780,805
-
58,851,874
3,828,484
2,357,649
133,750,000
145,500,000
4,021,786
1,221,853
133,750,000
145,500,000
73,628,246
3,053,773
2,544,914
133,750,000
145,500,000
and letters of credit out¬
under foregoing heads
and unpaid
fund
-
Liabilities not incl.
Dividends declared
Rest or reserve
Capital paid up.
3,326,789,575!3,252,212,710 3,335,437,202
Total liabilities
containing an address by Charles H.
annual meeting, supplemented by questions raised by the
section and answered by
Bills payable
Acceptances
standing
16,059,861
18,285,737
56,927,610
banks and banking correspond¬
ents In the United Kingdom
Elsewhere than In Canada and the
United Kingdom
-
Due to
—Harder &
121,368,028
72,185,455
710,442,224
167,953,505
3,337,320,115 3,266,309,878 3,347,141,588
Total assets.
Deposits
—William F. Walthouse, previously associated with
17
estate sold by
Mortgages on real
Bank premises at
mand In Canada
Harris, Forbes Corporation.
the past
than bank premises...
Notes In circulation
for the past five years with the Chicago office of
Mr. Anderson graduated from Michigan
& Co.
successor
estimated loss pro¬
loans,
vided for
other invest¬
banks and institutions.
Anderson,
Webster
&
Nuveen
Charles D.
Marsh, who also has had many years experience on La Salle
suitable
—Paul J.
Non-current
Real estate other
Yantis & Co. sales depart¬
Street, will continue to specialize in short term securities and
ment
-
Government of Canada—
Provincial governments
Loans to
cities, towns, municipalities
and school districts
—
Loans to
credit as per contra
—F. S. Yantis & Co. of Chicago announces that
ment.
Loans to the
Liabilities of customers
Exchange.
5,114,245
31,824,426
Government and Provincial
1,155,050,331 1,144,279,920 1,137,077,149
Government securities—
Canadian municipal securities and Brit¬
ish, foreign and colonial
public se¬
170,461,766
178,880,451
177,547,517
curities other than Canadian
123,672,452
123,723,979
123,337,745
Railway and other bonds, debs. A storks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
tures, bonds and other securities of
Elsewhere than in
NOTICES
4,213,621
36,098,443
Dominion
cover
CURRENT
18,817,123
122,329,879
secured,
redlscounted
—
with and balance due
including bills
Deposits
40,709,745
199,473,003
4,765,510
Mr. Meyer at the meeting.
Note—Owing to the omission of
the above do not
the cents In the official reports, the footings
exactly agree with the totals given
tn
3790
Financial
Chronicle
June 11, 1938
ill
Canadian Markets
LISTED AND
UNLISTED
Provincial and Municipal Issues
Montreal Stock
Closing bid and asked quotations, Friday, June 10
Bid
Province of Alberta—
Ask
Province of Ontario—
1 1948
f4 7%
49
5s
1 1956
/46
48
6s...
116k 117%
121M 123
99
100
Oct
Prov of British Columbia—
5s
4Mb
12 1949
July
Oct
1 1953
5s...
93 %
Stocks
4s
109 k
Noranda Mines
4Mb.
95
108%
115
116M
Auk
1 1941
93
95
58.-..-
June 15 1954
Dec
2 1959
89
90
90
92
16 1960
15 1961
Apr
Apr
2 1950
109k
110
Feb
1
108
109
104
111
Penmans
75
77
76
78
73
75
Power
5s...
Sept 16 1952
108
109
5Mb.
5s
Mar
115
116M
June 15 1943
4Ms.
Oct
1
1951
27 M
Bid
Bid
4s
perpetual debentures.
6s
Sept 15 1942
4Mb
15 1944
Dec
July
5s
Ask
1 1944
77%
78%
101% 102%
95 M
94%
111% 112
4Mb
Bid
4Mb
July
1 1957
5s
July
1 1969
5s
Oct
1 1969
5s
....Feb
1 1970
80
Feb
25
35
23
May
20
125
Jan
10%
15
98
98
98
10
95
3%
10M
100
*
.
preferred..---
50
3%
477
2%
Mar
10
10%
290
8%
Mar
17
Jan
Shawinigan W & Pow
19%
*
Ash
Bid
8Mb--
July
1 1946
Simpsons pref..'.
Ask
124%
H7M
115k 115M
114M 114M
Steel Co of Canada
Grand Trunk Pacific Ry4s
Jan
1 1962
116k 116k
119k U9M
119k 119k
3s
Jan
1 1962
*
Exchange
for
of Prices
Low
High
Price
8M
Low
4
8M
7M
164"'
7M
7%
9M
1.50
2
610
164
165
11
4
3
2M
2M
46 M
1.15
147
60
8%
127
100
Mar
2.25
Mar
166
240
38
Apr
7%
Mar
5
4
62%
12%
216
88
100
17M
Mar
19%
Jan
3%
208
2
Mar
3%
Jan
June
110
11%
12
533
7
Mar
12
35
5
30
Mar
11%
11
Ilk
2,430
Mar
27%
27
28
1,231
7%
18%
Mar
11
2,170
9
5
97
45
160
Jan
162k
160
Apr
178
204
204
46
197
Mar
208
Jan
295
295
1
296
May
305
Feb
172
172
86
170
Mar
191k
Jan
9%
9
99
*17"
99k
M
255 St. James
Jar
Jan
102
Jan
3
3
3
225
2M
Mar
*
3
3
3M
355
1.50
Mar
6
6
6
150
Crown Cork & Seal Co...*
Distill Corp Seagrams
*
5%
6%
35
Mar
5
1,692
8
50%
6
4%
4
Jan
Jan
Dominion Textile
~60"~
2
Brit Amer Oil Co Ltd
2k
'20%
162
63
605
2
2k
5%
20%
2k
3
100
Mar
5k
Jan
5
May
7k
Feb
Mar
21k
Jan
13
2,020
12
17k
17k
25
17 k
84k
10
85
Mar
Mar
Mar
Jan
17
84k
11
4k
23
British Columbia Packers *
16
Jan
Feb
1,365
1,087
Burt Co Ltd (F N)_ —__25
Calgary P Co 6% cumpflOO
Can & Dom Sugar Co
*
5
19
65 k
5k
Jan
25
10
Jan
June
Apr
14
Apr
May
13%
29
265
21
Mar
17%
15%
32%
Jan
Canada Malting Co Ltd. *
Can Nor P 7% cum pf_100
18%
18%
262
16
Mar
26
Jan
Can Breweries Ltd
98
5
98
Mar
108
Jan
10%
Ilk
9
Mar
16%
Jan
6%
4%
Mar
10
Jan
May
70
Jan
Cndn Marconi Co....;
1
95c
95c
100
95c
Mar
1.35
May
150
Feb
Cndn Pow <fc Paper Inv
*■
50c
50c
10
1.00
Jan
2.00
Jan
Can Vlckers Ltd
*
7%
8
Cndn Vlckers 7% cuinpflOO
Catelll Food Prods Ltd
*
3,721
.
95
60
236
58
10
144
5
5
25
4
13
13
85
11%
Mar
15
28
28
Mar
32
Jan
Jan
10
Jan
Jan
13
*
12
35
7
20
7
12
12
180
Mar
24
7
*
%
8%
Mar
8%
10%
10%
12M
3,720
Mar
15%
10%
85
85
86 %
434
75
Mar
85
395
5
Mar
5k
100
6
5%
7%
Mar
Mar
..100
14%
12
100
12
94
16
16
10%
14
13k
14
85
35
8k
15c
15c
355
15c
Mar
35c
Jan
1.25
1.25
135
90c
Mar
1.60
Feb
4k
200
4
Mar
4k
Jan
6k
14%
Jan
Fleet Aircraft Ltd
*
8
8
Jan
Jan
.—
Consolidated Paper Corp. *
David <fc Frere Ltee A
Feb
5
175
24
74
Apr
27
130
10M
31%
May
84
Feb
Jan
130
Jan
Mar
3"
16 J*
Mar
Jan
MacLaren Pow & Paper..*
Massey-Har 5% cum pf 100
Melchers Distilleries
*
18k
Mar
17k
Jan
37
5
37
Mar
39
Apr
3
100
Mar
12k
13
Mar
31
Jan
22 k
Mar
23
May
3
Preferred
5M
10M
June
105
May
9
June
13
Jan
Montreal Isld Power.,
Feb
Page-Hersey Tubes Ltd..*
Feb
Pow
6M
205
10%
525
10
June
97
30
95
Apr
4%
Mar
7%
14
98%
Mar
_*
15
145
1.50
3
5k
9
70c
.
6
243
Jan
1.00
Jan
...
35
98
3
92
Mar
44
100
44
June
44
Feb
106
Jan
May
15
Mar
31
Jap
Sou Can Pow 6% cm pf 100
105
105
20
28
May
12
35
89
Feb
United Securities Ltd..100
Walkerville Brew Ltd
*
12
Apr
1.35
1.35
10
Walker-Good & Worts(H) *
37k
37k
150
18k
18 k
25
40%
41
545
31
Mar
25
25
20
25
June
Apr
41
42
May
42%
May
31
%
Jan
Jan
SI
*
cum
pref
No par value.
95
90
Mar
Mar
78
90
'98
May
38
Jan
6k
15k
Jan
27
34%
Mar
Feb
Mar
83
95
5
Jan
Feb
2k
k
7k
28
937
50
1.00
25
42
17
Apr
2
36
39%
Mar
1.50 May
115
1,702
42
7
32 k
70c
85
39
Jan
10 k
28
28
2k
44
ofCan6%cmlst pf 100
2d preferred
8k
39k
1.50
__.*
...
100
30
10
8k
39k
Mitchell (Robt) Co Ltd..*
55
9
97
"il"
Mar
10
13k
37
13
Jan
Mar
,
10 %
39 M
Jan
14k
17
13
46
97
25
15
654
17
20
12
28 k
Jan
17
*
100
85
8k
22
127
28 M
Jan
16k
Voting trust ctfs
9
28 M
4k
22
23%
Jan
40
*
■
3
Fraser Companies Ltd—
100
"85"*
Apr
1,545
*
15
Montreal Loan & Mtge. .25
Montreal Tram ways... 100
Jan
Mar
7k
6k
Loblaw Groceterias A
32
Jan
6k
Apr
Jan
29%
52%
Apr
Mar
Feb
Apr
Jan
4
3k
Lake Sulphite
Lake St JohnP&P
Mar
6k
6k
3
Frelman (A J)6% cm pf 100
23
Apr
10
Feb
37
Mar
Feb
10
Feb
90
3
May
June
Mar
19H
14%
4,156
3k
,
3k
Jan
2,442
6%
1,866
Mar
73
6M
6M
Ford Motor Co of Can A_*
Feb
"5%
13k
25%
Montreal Cottons pref. 100
Mont L H & P Consol
*
15c
1,678
25%
11%
6
Apr
2,410
71
100
34
7
Mar
25%
24 M
127
Mar
3k May
210
98
24
"11%
18
1
8k
28%
44%
Jan
May
6k
Mar
24
73
55
10
8
Mar
42 %
"24 %
Alcohols
Preferred-.,
33
Mar
6k
*
33
90
24
Jan
*
Claude Neon Gen Adv
Commercial
33
15
5%
16
May
5
pref...
20 M
15
1,260
44
Intl Bronze Powder pref.25
Mar
cum
3
5
2,900
14k
130
FalrchUd Aircraft Ltd
14%
26 %
5%
7%
Jan
14M
12
May
53
June
24 M
Mar
160
4
33
94
"26 %
202
Mar
4k
10
Mar
19
Apr
155
4
8%
Ilk
10M
Apr
178
4k
Mar
Jan
Feb
May
3
EasternDairies7%cm pflOO
Mar
5
2k
70
Jan
4
10
Mar
30
161
10
1,175
1.10
17k
17k
161
193
5%
5%
33%
103
181k 182k
100
4k
Feb
7%
8%
5%
110
10
4k
Mar
56
Mar
33
*
Jan
22
4k
70
Mar
5
5
36
5
Mar
53
61
5%
pref
74
Apr
4k
45
25
6
cum
1.75
Apr
29 k
_*
25
52 M
6
*
Cndn Industries Ltd B__.*
7%
105
59 k
55
Donnacona Paper A
*
Donnacona Paper B.....*
60
52 M
6
1.75
175
4k
5k
60
50
105
*
Preferred
71
32k
Jan
May
8%
71
32 k
_
Mar
17k June
85
17
Jan
Jan
Mar
20 k
Jan
Jan
2k
Mar
2k
2k
8%
*
High
Mar
Mar
9k
47
11%
64%
Mar
146
*
15k
61k
Mar
47
60
*
63
Low
1.00
Mar
2,275
*
National Breweries
15
*
Beauharnois Pow Corp
*
Brewers & Distill of Van..5
695
Mar
146
National Steel Car Corp..*
Niagara Wire Weaving...*
.100
Asbestos Corp Ltd
Bathurst P & P Ltd B
1.50
10%
....100
_
6% cum pref._
1.40
6M
"Ilk
Preferred
Abitibl Pow & Paper Co.-*
Range Since Jan. 1, 1938
Shares
98
Dominion Glass
100
Dominion Steel & Coal B 25
Dom Tar & Chemical
*
Lang & Sons (John A)..._*
Massey-HarrLs
*
McColl-Frontenac OH..
Price
28 M
18k
*
Par
17
*
Internat Pet Co Ltd
Stocks-
Sales
13 %
25
Preferred
16%
Locomotive...*
8
both inclusive, compiled from official sales lists
20
Jan
5M
Montreal Curb Market
June 4 to June 10,
106
102
49 M
Industrial Bonds
Apr
10
8
Montreal
330 Bay St., Toronto
June
10
5%
St.,
56 Sparks St., Ottawa
for
10
50
Municipal
Apr
Cndn Fairbanks pref.-.100
Canadian Indus Alcohol..*
International Power pf.100
Jamaica P S Co Ltd pref 100
Lake of the Woods
_.._.*
Jan
Public Utility and
26
Jan
_
Feb
Week
Jan
Industrial Accept Corp..
204"
of Prices
TjOW
High
20
Int Nickel of Canada....*
Feb
54
3
20
Week's Range
108
.
60
232
Sale
Jan
of Can.5
June
58
163
Last
Mar
Imperial Tobacco
Jan
161
Friday
104
*
Jan
13 k
54
Feb
10
Preferred
2k
Mar
162
Apr
25
Hudson Bay Mining
Imperial Oil Ltd
Mar
7
161
12%
17
Howard Smith Paper...
58
40
104
5
1.25
120
Jan
104
Hollinger Gold Mines
Jan
Mar
100
Jan
100
Hamilton Bridge
Preferred...
3
1.25
Jan
Jan
18k
35
Gypsum Lime & Alabas..*
Jan
Jan
88
12
*
Jan
6
Jan
17
Preferred
63
INCORPORATED
Feb
3M
35
100
Goodyear T pref inc 1927
Gurd (Charles)
69
Mar
ESTABLISHED 1883
Jan
18M
3M
*
*
Mar
Mar
3
20
Apr
50
General Steel Wares
56
54%
Jan
100
——
Jan
88
*
*
Feb
HANSON BROS Canadian Government
Jan
Mar
2M
3
8M
..II00
185
8M
-.100
Apr
13%
10%
Apr
2%
3
46 M
Pref erred
Jan
86 k
13 k
Apr
Mar
7
226
*
*
10k
Mar
11%
265
1.50
50
Royal
High
Apr
Mar
11M
830
*
B
185
Mar
June
7%
71
Range Since Jan. 1, 1938
Shares
Building Products A
Foundation Co of Can
Gatlneau..
60
Mar
Week
Canada Cement
1
Feb
21k
120
Sales
Week's Iiange
Mar
Electrolux Corp....
English Electric A
307
4%
Jan
100
Nova Scotia
3%
Paper
Jan
-100
Montreal...
70
Dry den
63 M
60
4%
8M
Jan
*
Feb
5%
Banks—
Feb
Preferred..
Mar
17%
105
5
5
1.50
Canada
12%
Dominion Bridge
Dominion Coal pref
62
4M
§k"
33%
25
59
.
*
Preferred
9
ll'M
100
B.
98k
8
71
11M
60
60
*
*
108 M
2
8
11M
63 M
25
United Steel Corp
Winnipeg Electric A
Apr
new
802
108
71
—100
Preferred
124%
Mar
Con MIn & Smelt
19M
108
100
Simon (H) & Sons...—..*
Bonds
7M
27%
Canadian Pacific Ry_._.25
Cockshutt Plow
*
100
Sherwln Williams of Can
776
Class B
Feb
92
243
Canadian
3%
91
10%
Cndn Cottons pref.
Jan
12 %
1 1960
29%
*
Feb
10
July
10%
Rights...;
Feb
17%
100
95
Jan
28%
7%
Apr
May
13
95
48
10M
Preferied
99
9%
102%
Apr
29 M
*
May
24
Brazilian Tr Lt & Power.*
Celanese-
4
33
British Col Power Corp A. *
Canadian
4
Jan
34M
19%
1165*
(N) Grain..
Canadian Car & Foundry.*
Preferred
25
Feb
34
1.50
Canadian Bronze
18
St Lawrence Paper pref 100
25
(new). *
Mar
97%
83
Preferred
Jan
14
96 %
3
Can Northern Power
50
1 1954
14
Canada Steamship
Preferred
5
16k
Mar
Dec
3
sukMiiis:::::::::*
253
Jan
Mar
Mar
Feb
14
Bruck
15
15
9 %
8%
20
3
*
34
Mar
14
B
20
18
Aioeita Pacuic Grain A..*
100
205
Jan
4Mb
114% 114 %
*
Bell Telephone
195
11
38
Jan
Mar
33k
45
Associated Breweries.....*
Bawlf
10%
10%
86
125
18
Sale
Batburst Power & Paper A *
1
18
Last
Agnew-Surpass Shoe
81
Feb
St Lawrence Hour Mills.
Friday
Par
June
96 M
10, both inclusive, compiled from official sales lists
Stocks—
33
96
Montreal Stock
June
June
13
Commerce.-.---
to
31
"95"
-.100
Canadlenne
June 4
50
1 1946
Canadian Northern Ry—
June 15 1955
Feb
1 1956
4 Mb
Mar
33
5s
Canadian National Ry—
4Mb
150
5
Southern Canada Power._*
1 1951
31
Mar
-Sept
Dominion Government Guaranteed
Sept
Mar
150
125
—*
Preferred
4Mb--
23
10
125
15
May
210
38
*
63%
28
125*
100
St Lawrence Corp
A
High
Mar
31
Corp of Canada—*
*
5% preferred
Quebec Power
Regent Knitting-
Canadian Pacific Ry—
Low
48
150
81
100
Saguenay Power pref..
Ask
7,619
25
Preferred
Preferred
Railway Bonds
74 M
Range Since Jan. 1,1938
Shares
"33"
Rolland Paper v t..
Canadian Pacific Ry—
61M
150
Price Bros & Co Ltd
Prov of Saskatchewan—
4Mb
1 1960
64%
Ottawa Electric Ry
110
1958
107M
103
Price
Ottawa LH&Power—100
Mar
4s
4Ms106
Week
28
.100
4Mb.
Province of Nova Scotia—
for
of Prices
Low
High
100
Ottawa Car Mfg
Province of Quebec—
Prov of New Brunswick—
4Mb
-_-.*
Preferred..-..
4MB
4Mb
Par
Ogllvle Flour Mills
Province of Manitoba—
5s
(Concluded)
Week's Range
Sale
111M 112%
4
Sales
Last
Ask
5s...-.-.-Jan
Ms
Exchange
Friday
Bid
*
104 k
10
1.10
Apr
99 k
Feb
Mar
June
Apr
1.60
32k Mar
17 k May
44 k
Jan
19
Feb
Jan
3791
Chronicle
Financial
146
Volume
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Week's
Last
Sale
1,1938
Week
of Prices
High
Stocks (Continued)
High
Low
Shares
Low
Price
Par
Stocks (Concluded)
Par
Canada Packers
Mines—
lNc
1
Alton Mines..
Aldermac Copper
lc
lc
18Hc
20c
—.--1
Alexandria Gold-
20c
—-1
Beautor Gold—-
l%c June
15
25
15
June
22
Jan
Jan
Cana dlan B aker les pr ef. 100
Canadian Breweries
*
25
25
25
25
May
26
May
June
33c
57c
7c
May
13c
Feb
3c
June
10c
Feb
Buffalo-Canadian Gold—*
4%c
3,500
Bulolo Gold Dredging—5
27
27 H
1,195
95c
96c
5c
5c
4c May
50
Preferred
12
18
Canadian Cannerslst pf.20
2d preferred
*
Apr
2,000
77c
Mar
1.27
Feb
2,000
3Hc
Mar
9Hc
Jan
Feb
Can Car & Foundry.-..-*
Preferred
25
Apr
Canadian Ind Alcohol A..*
Mar
500
5c
Jan
37c
11,450
24c
Mar
75c
2.57
350
Mar
3.20
2.12
Canadian
94 He
21c
24c
Mar
41c
59%
59H
480
47 H
Mar
60
Feb
C P R
Duparquet Mining Co—1
East Malartic Mines
1
4c
3 HC
4c
2,500
3 He
May
Canadian Wineries
1.77
14,900
1.05
Jan
Apr
Caribou Gold
1
Eldorado Gold M Ltd—1
2.15
2.10
2.30
3,600
3.25
Mar
Falconbridge Nickel-..--*
Francoeur Gold M Ltd— *
5.55
5.55
5.55
200
30c
31c
2,000
Dome Mines Ltd
J-M Consol Gold(New)
» „
Gold
O'Brien
8c
1.12
May
99c
1,000
Chromium
370
18%
3
6%
6c June
Feb
Cons
14c
Jan
Consol
5.50
Jan
Cons
1.10
Apr
Consumers
Feb
5c
Chibougama.
182
100
Mar
1
lHc
lHc
3,000
lc
Mar
3c
Jan
Dark water..
.—i— * 1
1
10c
10c
100
8c
20c
Jan
Davies Petroleum
5.40
4.30
3.40
3.40
3.60
2,415
2.75
Apr
Mar
3.50
3.50
3.50
430
2.90
Mar
22c
22c
24c
900
-
-
Jan
Jan
Dominion Explorers..
Feb
Dominion Foundry
4.70
4.85
250
3.90
Mar
5.15
Jan
Dom Steel Coal B25
100
2.95
Feb
3.50
Apr
Dominion
Feb
Dorval Siscoe
5
13 H
Mar
17M
2,400
1.70
Mar
2.32 June
800
72c
Mar
1.33
43c
50c
Mar
Jan
2,700
2.60
Mar
4.50
Jan
2,800
3Hc
lHc
Apr
Mar
6Hc
Feb
Eldorado- -——v..i.
3c
Feb
100
1 He
1,000
9,400
9,250
12c 13 He
1.11
1.00
2.30
Sladen Mai
1.14
1.09
1.15
6,050
45C
40c
48c
2.01
*
88c
1.78
Jan
May
Jan
Mar
Federal-Kirkland
Mar
1.39
78c
Mar
May
95c
95c
2,700
Mar
1.23
Mar
3.30
875
2.70
Mar
3.60
Feb
Ford
4.85
4.85
100
4.40
Apr
5.60
Jan
1,000
Jan
Francoeur...
1
24c
22c
24c
5.00
5.00
24HC
24 He
25c
7,200
Wright Hargreaves
*
7.70
7.70
100
*
8c
19C
200
1
Mar
4.75
22c
6.55
Apr
38c
5.00
Mar
43c
Mar
8.10
Jan
-------
—*
..*
Gatineau Power...
Preferred-—— .—.100
38c
Brown Oil
2.20
*
38c 40 He
2.20
39c June
1.86
200
2.20
Mar
Mar
15c
Jan
58Ho Apr
3.10
70c
42c
900
40c
1.08
1.10
1,770
95c
18c
18c
18c
200
18c
Okalta Oils Ltd
1.10
1.12
1,500
1.08
Junel
2.20
Jan
Royal ite Oil Co
*
~38H
38H
38 H
190
33%
Marl
47 H
Feb
Toronto Stock
Mar
June
1.45
Apr
18c June
Exchange
Sales
Friday
Last
Week's Range
Sale
of Prices
High
Week
Low
Price
Low
Shares
High
Abitibi
1.50
15M
1
3M
Alberta Pacific Grain pf 100
2
♦
Copper
...
—
Cons
—
1
.1
.
.
.100
Bank of Toronto.
1.38
3.00
3.10
20c
—
Bloodgood Kirkland—
"231H
'"n
2H
34c
Hill
10H
20H
Burlington Steel
(FN)
Calgary & Edmonton.
Calmont Oils
Bread
Canada Cement
Preferred
-
-
27c
1.03
60c
Jan
1.05
9
1.15
2H
32 He
35c
10 H
10
-
30
30
37 He
65
60
16c
4c
llHc
10Hc
47
*
*
46 H
11H
«
*
-
—-
Malting
12c
Jan
7c
Mar
12c
Jan
3,614
1,417
8.00
Mar
9.15
Feb
Mar
13
Jan
57
1,838
5Hc 157,600
47
Jan
Jan
45
13,100
5
11H
17H
130
2.15
2.08
2.20
8,200
700
46
Mar
11c
Mar
2 He
Mar
37
9 He
9H
15
1.80
Apr
Mar
7H
Feb
21H
Jan
Gold
72
17Hc
Jan
Jan
52 H
Feb
22c
Jan
13
Jan
Feb
Mar
3.10
Jan
62c
27HC
Feb
Jan
39c
Apr
35c
1,500
23c
17,850
4HC
2,500
58
59
52 H
52 H
53 H
85
3HC
3Hc
1,000
6c
6c
4,500
16c
6c
170
30c
iec
May
3Hc May
40o
Feb
12o
Jan
52
72 %
Apr
51%
3Hc June
Jan
31c
3H
8H
25
3
Mar
9
149
7
Mar
13
89
89
5
89
Apr
108
•32
100
29
Apr
36
Jan
lie
Jan
4%
Mar
12
Jan
Mar
33
Jan
8H
112
18H
121
16
5
2
Jan
May
2H
3 He May
Mar
10c
Jan
1.09
Mar
Mar
8H
Jan
500
5H
4H
5%
2,477
2%
Apr
3H
Jan
2.12
2.10
2.27
35,075
1.10
Jan
2.54
Mar
9 He
9c
10c
13,600
9C
Mar
17c
Mar
1.00
2%
1,000
13,212
1.10
1,240
18c
19c
1,300
30c
II,395
1.09
26Hc
24 H
26 H
16H
13 %
14
5H
5H
'~44~"
-...
— .
Mines
Jellicoe
Kirkland Hudson---
—
Klrkland Lake
Gold
5H
100
44%
25%
- -—
Lake Shore
1.40
Mar
14H
Jan
Mar
1.47
Apr
1.00
15c
43c
57c
—
*
1
---1
-.1
37c
Oro—-—
25
57
Apr
67 %
190
Mar
6,812
15
Mar
19H
13H
Mar
14H
5
4H
Mar
9%
Jan
98%
Mar
102 H
Mar
37
Mar
52 %
Feb
23
Mar
31 H
Mar
5
May
14,377
6,173
Lee Gold
1
*
-*
-*
Little Long Lac
A—
Jan
Mar
37,600
37c May
11c June
82c
Mar
160
May
75
B.
(Marcus)....:—.100
---1
1
Red Lake———1
Mines
1
McDougall-Segur
Eastern....-*
Maple Leaf Gardens
Maple Leaf Milling—
pref 10
*
89c
2,300
6c
7,200
1 He
500
10
9
73c
75c
9,250
4,349
3.65
3.90
21 H
22
32c
1.25
60c
95c
3c
37HO
56
June
2.30
Mar
1.50
Mar
1.50
June
Mar
Mar
Jan
Mar
577
85c
60c
Mar
6,993
3.30
3.25
3.45
23,560
34Hc
33c
36c
8,100
14 He
15c
2,000
2c
8,500
6H
lHc
6H
2H
2%
6H
2%
5
1,025
3H
3H
106
10c
.5,650
1,305
Feb
June
4.65
6H
6.00
24
4.50
3.50
1.30
Mar
Jan
Jan
15
5.55
Jan
3.90
Mar
49c
14Hc June
27c
1 He
5
1H
4c
May
Apr
Mar
Jan
June
Mar
25c
Jan
Feb
21H
4.65
Jan
1.12
Mar
15
Feb
June
9
Mar
10
9c
1.13
May
65
10c
Feb
Apr
3.50
15
Jan
Feb
Mar
19H
20 H
-——.-*
Apr
Jan
Mar
5c
2Hc
8H May
Mar
74c
65
15c
15
"
58 %
1 He
20 H
"I He
59c
Apr
5Hc June
18
20 H
Jan
40c
2.500
3.65
Jan
13 He May
91,900
21%
8H
Mar
5,483
9
25
Legare Co Ltd
Leitch Gold
Jan
Jan
214
53 c
86c
lHc
Mar
Feb
5Hc
6c
Jan
28 H
%
-. -—- -
Lava Cap Gold
Jan
33c
Mar
3c
60
59
May
Mar
60c
3c
3c
Lamaque Contact..
Lapa Cadillac
Feb
May
11
91c
20
31,233
lie 12Hc
1.90 124,491
lie
Jan
22c
850
42%
24 H
24 H
International Pete
Jack Waite——
1.50
11
16H
14
1.00 June
23
201
200
"16%
4%
2,125
27
64 H
63
100
Intl Milling pref.------
International Nickel
1.10
14%
1.05
1.10
--..100
Imperial Bank
100
Imperial Oil
Imperial Tobacco
5
International Metals A..
10
70
3
14
"14%
1
Huron <fc Erie.
1.00
61c
7
2H
Feb
Jan
Jan
May
Jan
Apr
6
May
9c
Mar
19 He
Mar
4H
Mar
3
Jan
32
Feb
25,625
64 H
Preferred-.-.
9HC
Mar
8
27 He
Manitoba &
Jan
Jan
56
5c
17
Howey Gold-1
Hudson Bay Min & Sm..*
Madsen
Mar
88c
1
1
Macassa
23H
30c June
Mar
2H
4Hc
MacLeod Cockshutt
31c
8H
14c
3 He
1
Feb
May
Mar
Jan
29c III,688
59
—*
Carpets
Apr
6Hc May
Jan
68c
80c
Homestead Oil-
Loews
Apr
5c
Mar
2H
Harker
Loblaw
32o
Mar
4Hc
Hedley Mascot Gold.
1
Hollinger Consolidated.-.5
Home Oil Co
*
Level
Feb
May
8%
1
-1
Gypsum Lime & Alabas..*
Laura Secord
10H
86
June
2e
46
5
Jan
Apr
Feb
31c
4,952
34
22c
5,500
51%
Mar
18H
53c
28,750
50 H
June
Apr
*
Great West Saddlery
Laguna
Mar
25
49C
51H
Jan
6,850
17
*
"ioo
17c
8c
30c May
3Hc
27c
June
34
57,100
Jan
14c
43c
4,408
3H
68 He
16c 20Hc
Mar
30c
30c
Apr
Mar
5
27c
Jan
June
Feb
74H
39
30c
Jan
35c
6H
104
1.10
Jan
28
1,648
6
34,017
Feb
10
12H
86 H
6
1.13
50c
25,000
10H
84
1.04
15
Mar
11
17
Grull-Wihksne
Jacola
Mar
Mar
85 H
2,700
166 %
^ ^
"III
*
41c
13c
91c
1.45
7%
14%
27c
85c
1.00 May
4% June
16H Mar
5,500
1.58
Feb
80
2,200
31c
85c
Mar
2,011
1,194
18c
29c
1.75
20c
5H
16H
16c
30c
.1
Mar
146 H
20 H
20
16H
"16 H
Kerr Addison-...
10H
58c
Mar
Feb
Apr
29
13 %
Feb
Mar
5%
41
•
2,000
42c
Mar
179
3H
30 H
15c
39c
2
93
13Hc
39c
9
28,450
3,550
May
Cons
J M Consol (New stock) .1
228
2H
19c
20c
7
Apr
15,800
18c
40
29c
25 He
4c
'*
6,600
9
24c
19c
20c
45c
21c
105
249
340
3 He May
11,200
May
6,864
8,800
43c
227
34c
7%
6c
6 H
9
30c
Jan
4%c
34c
Feb
231H 231H
Jan
21%
20 He
Intl Utilities A-
Feb
6.95
Mar
5%
Feb
8
Mar
""40c
Feb
May
16Hc
*
-25
Jan
305
4H
38c
-.-1
_
Mar
54c June
Apr
10c
-
—
13c
62c
290
9.50
.100
Building Products
Feb
2
9.20
5
Buffalo-Canadian
11c
295
8Hc
*
—
Apr
1
203
9.45
#
—
Feb
210
9He
—;
—
Jan
44c
Mar
3H
.
Brown Oil
Jan
4Hc
Mar
195
30
"
*
Brit Col Power A.
10c
June
2
*
Traction.-
Canada
26c
*
Brewers & Distillers.
6Hc
Mar
Jan
Mar
167
1
.
Mines---.-.
2c
20c
4.15
33c
Jan
58
163H 164%
164
#
B A Oil
Canada
«
-
Boblo Mines
2,500
25c
101,300
1,000
13Hc 13Hc
15c
20c
8,100
72c
68c
10,999
28c
7%
»
„
1
preferred -50
5c
7,000
2 He
Feb
1.65
295
1
Blue Ribbon..
6c
6c
2 He
3.00 June
15c
Feb
203
..
I*
—
2,775
3,070
8,500
70c
28Hc May
54
58
1.15
Big Missouri-..
Burt
L'
"19 He
Bell Tel Co of Canada-100
Bunker
-
«
—I*
Beauharnois
May
Mar
27Hc
-----
—
25
95c
32c
Beatty Bros A
Jan
Mar
Jan
1.45
Base Metals Min
_#
May
40c
100
Bathurst Power A
10 %
3
16Hc
_^
100
.
Bank of Nova Scotia-
Apr
2
31
23
18c
.50
Bank of Montreal.
Preferred
25
33c 341,000
6c
Bank of Canada
Buffalo-Ankerite
Mar
57c 200,300
2 He
50c
Bagamac Mines
Brazil
Jan
4Hc
26c
.—I
Aztec Mining
Bralorne
19H
1.38
Augite-Porcupine Gold —1
Blue Ribbon
Mar
June
44c
—1
Astoria-Rouy n
Beattie Gold
8H
lHc
3H
3
21
i
Ashley Gold-.
Bankfield
112
2,000
3.00
Anglo-Huronian.
Arntfleld Gold
2%
Jan
2c
He
50c
*
Anglo-Can Hold Dev.
Mar
26c
IIIi
Amm Gold Mines
500
1.60
16
15
lHc
Alberta Pacific Grain
Aldermac
1.35
-100
---1
preferred
6%
Afton Mines Ltd
1.00
Mar
Mar
Goodfish Mining
Hard Rock
*
Mar
9
5H
1
—1
Goodyear Tire..
—*
Preferred
50
Graham-Bousquet—1
Grandora Mines—-—-*
Great Lakes Paper..
*
1
--------
Gold Eagle
Harding
Feb
5
3.25
2Hc
Hamilton Theatres
'
Par
Stocks—
115
June
4.70
35c
Gunnar
Range Since Jan. 1,1938
for
7
16
47c
Preferred
both inclusive, compiled from official sales lists
June 4 to June 10,
175
Apr
Feb
1,300
19Hc
Jan
40c
Tio
Nordon Corp
2% Mar
1.97 May
28,780
Jan
1.74
17
2,132
35c
—
5%
Mar
June
5.60
25Hc
.
200
3
15c
June
1.05
12
189*
50c
-
6Hc
Jan
Jan
Mar
26c
5.25
18Hc
Mines.
Gold Belt
llHc May
17,700
20
2.30
7
Mar
17H
...
God's Lake Mine
Goldale
1
*
*
Co..
Home Oil
Glenora—.
Jan
*
Dalhousie Oil Co Ltd
2,500
69,589
*
Gillies Lake Gold—.
8c June
2,500
2,300
8c
8H
18c
A-.—-
General Steel Wares
Oil-
Mar
22c
Apr
Jan
4%
5c
Foundation Petroleum..
Ltd..
115
1.79
5%
25c
3.15
Cad
11H
12
1
1
80c
Mar
34
5.50
Sylvanite Gold.1
1
7c
16H
Jan
18H
Feraland Gold-—.—--:
Firestone Pete.
Feb
Mar
7Hc
7
19H
9
6Mc
1.65
2.07
Apr
3He June
16c
2%
3.40
33c
16
25 H
12c
2.11
Feb
130
12
,1
—_*
25
Jan
60
697
~~14c
--
16
Apr
500
5
*
May
39c June
11,136
65c
Feb
Jan
Mar
11
4c
5
—.
English Electric B
Equitable Life.Falconbridge
Fanny Farmer
12c June
91 He
4,390
Calgary & Edmonton
10H
*
46c
34
4C
33 H
June
Feb
Mar
47 H
170
Easy Washing
4c
2.15
Anaconda Oil Co Ltd
18H
Feb
38
23 He
73
17c
5,415
18
May
June
31
270
60 H
4c
Eastern Steel
3.40
3Hc
1 He
2.15
Wood
13%
59%
"ilH
East Malartic..
Siscoe Gold Mines Ltd—
Venturas
13H
East Crest Oil—
77c
43c
Thompson
199 %
Apr
11 He
..
-
2.32
13c
Gold
Cad
Mar
29
"V.71
Stores
2.95
Teck-Hughes
178H
30
*
14
1.05
Sullivan Consolidated
138
Jan
Jan
18H
25
77c
1
(new)..
Feb
64H
60
1.77
2.25
1
-
42c
Mar
13H
14
Mining
—^.
Mar
46 H
Dome Mines
77c
Shawkey
Sherritt-Gordon........
20c
2,588
Distillers Seagrams
1%C
....
Read Authler Mine
13,400
Jan
2.65
Jan
24c
20c
Feb
2.70
Jan
16
21c
Apr
3.05
Mai
1<C
1.55
Jan
Jan
11H
17C
1.37 May
1.02
JaD
11H
166
Denlson Nickel Mines—-1
700
43c
Mar
1.84
Jan
360
Feb
72o
June
Mar
36c
5,400
Feb
Feb
60c June
1.10
31c
1.40
Jan
3.20
15o
900
31c
1.70
May
Jan
Mar
25c
*
2.00
75c
Mar
7
17
1.30
Feb
43c
40
3,100
7,500
4,700
2.00
Jan
Apr
2.25
25c May
14c
Dominion Coal pref.
8H
3H
Jan
2.10
31H
*
Feb
Mar
8 He
11 He
2.27
1
_
.
62c
Mar
1.28
Mar
54c
2,500
7,725
II,100
5,080
2,100
I,050
14c
31H
1.45
Placer Development..._.l
Powell-RouynGold-.- —.1
Preston-East Dome.
20c June
Jan
4H
10
5
1.65
100
,
Mar
Jan
49 %
51
182
184 H
22c
100
Mar
35H
3.05
13
Gas.
Mar
80c
110
Pioneer Gold of Brit Col_. 1
13
Crows Nest Coal
3.50
300
50c
26c
1.25
50
1,625
4.85
60c
8H
1.25
5
1.02
Pickle Crow Gd M Ltd.—1
13c
13
1
——
Smelters
4.65
2.00
74c
2.64
1.25
*
43 H
—
68c
2.49
10HC
June
Mar
9
2
25
3
2.20
44c
.__*
Bakeries
1.02
44
5H
5H
177
Mar
6
9,800
2,194
45c
Coniaurum Mines
2%
74c
71
98c
26c
Jan
440
2%
94 He
8
Feb
500
May
21%
Mining
1.50
2,000
Apr
26H
27 H
Commonwealth Petroleum*
58 H
6c
12 H
7%
Feb
Mar
3c
Mar
Mar
6%
192
Cockshutt Plow
46 % Mar
3c May
364
51
27c
4.50
T.40
Stadacona
15Hc May
24c
2,000
43 %
Pend Oreille M & Met—1
Ritchie Gold
Mar
12c May
3,000
12,214
17H
160
1
4.50
Perron Gold Mines Ltd—1
Reward
Chemical Research
28c June
"43 %
1
Pamour-Porcupine M-..-*
Pandora Cad—-.1
Pato Consol Gd Dredging 1
Quebec Gold.....
12 He
6c
5
Moffatt-Hall Mines
-
2.50
1
3c
1
Lake
M clntyre-Porcupine
Montague Gold
1
Central Porcupine
10c
51
1
Mines
Mackenzie-Red
Central Patricia
Feb
12c
Lamaque Contact Gold..*
Lebel-Oro Mines
...1
Macassa
Jan
55 He
28c
1.05
Lake Shore Mines
6.95
Mar
-
Apr
Apr
11H
74c
1
Mar
11c
Kirkland Lake Gold—
Castle-Trethewey
16
3
Mar
May
Jan
40
2.20
1.96
May
Mar
11
5%
4.90
10 c
lie
—
Klrkland Gd Rand Ltd—1
25
28c
25c
...l
Goldale Mines....
20c
3,300
Mar
157
17 H
7H
*
1.65
6Hc
1.73
Jan
1.75
Consol Chibougamau-.-.l
2.65
19H
Mar
34
6
Malartic
Feb
1.10
65
17H
7H
Canadian Locomotive. .100
6c
32c
7H
11H
27H
2%
Jan
163
162
17 H
24 H
12
18
17H
162
Apr
14 H
535
2.00
1.80
2.00
*
Jan
30
3H
3H
4Hc May
15c
6c
*
Cndn Bk of Commerce. 100
2.50
32c
Jan
12
15
1,200
1
Jan
6H
3H
11
5,100
Central Patricia Gold
Jan
150
Mar
*
8c
Central Cadillac G M Ltd 1
72
May
2
Canada Wire B
5%c
Car tier-Malar tic G M Ltd 1
Mar
128
155
Jan
8c
1
58
54
105
63
133
Feb
33c
Capitol-Rouyn Gold.
62
131
3Mc
3Hc
4Mc
95c
*
Canada Permanent-—100
High
Low
Shares
33c
Jan
Brownlee Mines (1936)---1
Cndn Malartic Gold-..--*
Price
Mar
17c
600
Week
345
67c
Big Missouri Mines
1
Bouscadiliac Gold Mines.l
33c
for
of Prices
Low
High
Mar
lc
1,000
3,000
lHc June
Week's Range
Canada Steamships
Preferred
Mar
42o
27,500
57c
44c
50c
Corp...*
500
lMc
1938
Range Since Jan. 1,
Last
Sale
Range Since Jan.
for
Range
Sales
Friday
Sales
Friday
3%
4H
Feb
Jan
Maralgo
Mines
Massey Harris—
Preferred
—
—1
*
6%
100
39%
6%
39
40
244
28
Mar
7%
50
Jan
Jan
No par value
Sbi'
Financial
3790
Chronicle
June 11, 1938
1W
Canadian Markets
LJSTED AND UNLISTED
Provincial and Municipal
Montreal Stock Exchange
Issues
Closing bid and asked quotations, Friday, June 10
provi&ot oi Alberta-—
,
I 1948
Oct
11956
Prov of Brittab Columbia—
5s....••••July 121949
4 4t*
4 4s
11963
Oct
BUI
Ask
f47 4
/40
1 1942
Oct
5s
48
6s.
100
934
95
Sept
May
1 1959
48
June
11962
44s
Jan
1214 123
1084 1094
115
1164
15 1965
1 1941
15 1954
89
90
44s
Mar
2 1950
1094
110
6s........Dee
2 1959
I*r«»v of New Brumrwick-
90
92
4s
Feb
1 1958
108
109
4Hs.... ..Apr
16 1960
Apr
15 1961
ItovfiMW at Nova Bcotia—
106
1074
103
104
16 1952
108
4Hs.«
4
.Hept
Hs
u
11960
....Mar
Province of Quebec—
4 4s
1 1961
May
110
111
Prov of Saskatchewan—
......100
115
,
1164
75
77
5% preferred
76
78
Quebec Power
75
Regent Knitting
;
Rolland Paper vt...
1 1951
73
perpetual debentures.
15 1942
Hi
Dee 15 1944
As— ———Sept
♦
M
1 1944
July
Bid
Ask
Canadian Pacific Ry
4»
774
784
I0J 4 1024
94 4
954
31
Mar
150
Mar
50
31
June
33
June
.
125
l
81
80
35
23
May
20
125
Jan
------
15
Ask
Jan
Mar
18
Feb
4
4
May
99
253
5
5
100
10
98
98
98
10
95
34
1 1946
44s--.--.Sept
96
964
Dec
1 1954
964
974
St Lawrence Paper pref 100
44s
July
1 1960
91
92
Shawlnlgan W & Pow
*
Sherwin Williams of Can—
Preferred....
100
1U4 112
-
-
*
-
-
—
-
-
194
-
-
-
-
Bid
Ask
National Ry-~
rnm mi
4
Sept
4M*.»*»*F«b
I 1956
4
l 1957
1 1969
M...... July
July
6s........ Oct
1 1969
5s
1 1970
...Feb
Bid
Ask
1144 1144
1184 1174
1154 1154
1144
1144
1164
1194
1194
1164
1194
1194
64s
1 1946
.July
24
Mar
290
84
Mar
17
Jan
18
45
18
Mar
20
Feb
34
344
33
24
Apr
48
Jan
194
802
194
108
2
108
8
8
71
71
114
114
59
307
—--
Simpsons pref......... 100
—
Grand Trunk Pacific Ry4s
....Jan
11962
1 1962
Jan
3s
63 4
62
60
60
44
*
------
100
Preferred....
I
of Prices
Low
High
84
3
3
14
Telephone........100
84
3
A*»rtat«rl Breweries.....
BeU
Week's Range
Sale
Bat buret Power 4 Paper A t
Hawif (N> drain........*
14
14
74
4
25
83
74
74
830
1.50
610
164
165
226
Hraxliian Tr Lt A Power.*
104
104
104
776
Itriusii Col Power Corp A. *
294
284
294
243
3
B.
Brwk Silk Mills....
*
3
24
3
70
240
24
24
Building Products A..—.*
464
464
60
Canada Cement....—.—*
84
84
127
Preferred.—,...
...
.100
Can Northern Power—..*
Canada Steamship (new).*
Preferredu
50
88
Jan
Feb
134
Jan
56
Mar
69
544
Mar
63
Jan
Mar
6
Jan
3
Jan
3
1.25
Mar
1.25
1 50
120
84
45
Jan
Mar
24
Jan
7
Mar
134
Jan
204
•
-
-
—
-
—100
Royal
Feb
58
232
54
June
161
3
160
Jan
1624
162
163
20
160
Apr
178
204
46
197
Mar
208
Jan
295
295
1
296
May
305
Feb
172
------
161
204
------
100
100
Nova Scotia
172
86
170
Mar
1914
Jan
60
Feb
Jan
Range Since Jan. 1,1938
Low
94
2
114
7
1.15
147
74
274
34
24
38
74
High
Apr
11
Jan
Mar
4
HANSON BROS Canadian Government
Apr
Apr
134
104
Mar
2.25
(
INCORPORATED
Municipal
Apr
Mar
Apr
Mar
166
ESTABLISHED 1S8S
Jan
Jan
Mar
124
334
255 St. James St.,
Jan
Apr
Feb
Mar
Mar
Apr
Mar
88
88
216
88
June
184
•
"34
104
864
Mar
74
Sales
for
Week
Shares
1.50
164"
Mar
June
114
54
58
50
100
100
Montreal
Exchange
Last
A knew-$ur pass Shoe....
A«mt* i'jM-iiic Oram A.
Mar
Banks—
Friday
Price
Feb
214
120
Jan
20
185
84
....—
Mar
174
105
984
June 10, both inclusive, compiled from official sales lists
Par
185
60
265
44
1 50
*
B
1084
984
44
54
71
5
.
634
60
Commerce
Stocks—
-
*
Canada.......
Montreal Stock
to
-
*
25
Canadlenne
«iun« 4
—
United Steel Corp
Steel Co of Canada
Preferred
1244 1244
Jan
477
Winnipeg Electric A
Canadian Northern Ry—
1 1951
.Jiifie 15 1955
-4
Feb
100
Feb
34
104
34
114
Simon (H) & Sous
Bonds
Feb
10
Southern Canada Power.. *
Dominion Government Guaranteed
Feb
174
18
St Lawrence Flour Mills.. *
6s
Jan
94
1024
May
124
104
Jan
Apr
13
*
Jan
14
15
95
50
15
164
50
34
13
preferred..—
Jan
Mar
20
95
St Lawrence Corp—
Jan
Mar
334
Mar
205
95
A
—
86
125
Mar
195
11
-
Feb
84
104
38
15
------
-
May
94
104
104
38
------
634
Feb
25
125
Saguenay Power pref.—100
Railway Bonds
Bid
Mar
150
100
Preferred....
Canadian Pacific Ry—
23
10
vCV
25
------
.100
*
*
Mar
210
33
81
High
48
7,619
125
.
Ottawa Electric Ry.
June 15 1943
31
Low
Shares
28
150
Range Since Jan. 1, 1938
for
Week
744
150
--
33
100
_.___*
Preferred
100
Power Corp of Canada...*
Price Bros & Co Ltd
*
Ottawa L H & Power..
274
-
-
-
Penmans
Nov
44s — —-Oct
-
High
614
28
Ogllvie Flour Mills.——*
64s
15 1946
Low
644
Noranda Mines.
5s_.
109
Price
Par
Ottawa Car Mfg...—100
93
AUS
Stocks (Concluded)
Sales
Week's Range
of Prices
Sale
Preferred
Province of M soltoba—
95
Last
Ask
1114 1124
1164 1174
15 1943
5s
99
Friday
Bid
Province of Ontario—
49
184
100
174
Mar
34
34
208
2
Mar
5
4
624
124
110
56
Feb
Public Utility and
Montreal
Industrial Bonds
330 Bay St., Toronto
Sparks St., Ottawa
Jan
Jan
Jan
Montreal Curb Market
Jan
Jan
194
34
Jan
June 4 to June 10,
both inclusive, compiled from official sales lists
12
114
12
533
7
Mar
12
Jan
Friday
Canadian Bronte.—.—..*
35
35
35
5
30
Mar
40
Feb
Last
Week's Range
for
Canadian Car 4k Foundry. *
Preferred
.——25
114
11
114
2,430
Mar
124
Apr
Sale
of Prices
Week
274
27
28
1,231
74
184
Mar
26
Apr
Canadian Celaneee...—.*
94
11
2,170
9
June
20
Jap
5
97
Apr
106
Jan
...........
Preferred 7%
Right*.
-100
9
994
"17"
994
Stocks—
Par
17
17
25
Mar
20
Jan
104
104
10
104
Jan
108
Jan
Asbestos Corp Ltd
Codtt Fairbanks prof.. .100
Canadian Indus Alcohol
*
10
10
10
102
Jan
102
Jan
Bathurst P & P Ltd B
.a—.-.*
164
Locomotive
Canadian Pacific Ry
-
*
*
2
25
Coc**hutt Plow.........*
Con Mih 4 Smelt new...25
3
3
225
24
Mar
44
Jan
34
355
1.50
Mar
4
Jab
Brewers & Distill of Van..5
6
6
150
6
Mar
Mar
54
54
1,692
5
Mar
Jan
8
8
64
Mar
Jan
Burt Co Ltd (F N).....25
Calgary P Co 6% cumpflOO
Can & Dom Sugar Co
*
50
17
134
134
284
29
Dominion Class
184
100
98
Dominion Steel 4 Coal B 25
Dora Tar 4 Chemical....*
"H4
Dominion Textile.......*
*60"
Preferwl.......... .100
Iwydeo Paper....
.*
Fleet rolux Corp......... 1
Lngiteh IJectrlc A..
B.....
*
,
...... .
Catineau
.»
Preferred........... 100
*
..........
Mar
154
Jan
265
21
Mar
324
Jan
16
Mar
26
Jan
Can Breweries Ltd
98
Mar
108
9
Mar
164
Jan
Cndn Industries Ltd B
44
Mar
10
Jan
May
70
Jan
7 % cum pref
Cndn Marconi Co...
150
Feb
Cndn Pow & Paper Inv
*
Jan
Can Vlckers Ltd
114
3,721
64
95
10
1444
May
5
25
4
Mar
13
13
85
114
Mar
15
28
Mar
32
Jan
10
Jan
Catelli Food Prods Ltd
Jan
Mar
Claude Neon Gen Adv__
May
Commercial
84
35
24
7
84
Mar
104
104
124
3,720
74
Mar
154
104
85
85
864
85
Montreal Tramways—.100
National Breweries..
*
Niagara Wire Weaving...
75
Mar
395
5
Mar
60
25
45
Mar
70
Mar
524
25
53
Mar
56
Feb
61
5
Mar
5
54
33
144
12
144
12
6
cum
pref—.
.15
_
84
Mar
Alcohols....*
Preferred.
*
*
74
84
Jan
Donnacona Paper A
Jan
84
5
Mar
Jan
Donnacona Paper B
*
EasternDairies7%cm pflOO
10
33
June
53
Jan
Fairchlld Aircraft Ltd
114
104
Mar
144
Jan
Fleet Aircraft Ltd
Feb
Ford Motor Co of Can A.*
Feb
16
164
134
14
24
24
24
254
244
254
254
2,900
85
35
4
Mar
Mar
16
...
May
204
1,365
17
Mar
13
2,020
10
174
174
844
844
71
71
324
324
—
— —
mm
mm
mmmm
m
m
mm
mmmmmm
rn'mm-m
mm
mmm
mm
— —
mmm
—
------
74
1.75
1.75
25
174
Mar
14
Jan
174
June
Jan
Jan
Mar
June
85
Apr
85
Apr
175
594
Apr
74
May
55
294
Apr
36
10
22
10
103
1.10
,
24
Jan
Feb
May
174
70
Apr
19
1814 1824
30
178
Apr
202
Mar
3
155
Mar
160
May
174
161
161
14 4
110
Jan
Mar
95c
95c
100
95c
Mar
1,35
50c
50c
10
1.00
Jan
2.00
74
8
May
Jan
130
3
Mar
10
Jan
55
18
May
-
—
Mar
34
64
64
1
34 May
6
8
84
210
7
Apr
84
15c
15c
355
15c
Mar
35c
Jan
1.25
1.25
135
90c
Mar
1.60
Feb
44
33
-
200
4
Mar
44
34
Mar
33
33
-
—
—
-
-
-
15C
mmmmmm
-
44
-
44
44
54
44
44
44
44
4
4
54
64
8
8
17
17
13
134
37
"
54
-
-
-
— -
'mmmm
-
-
m
m
------
64
*
90
Mar
98
Mar
Mar
1,678
15
Mar
284
194
Feb
Freiman (A J) 6% cm pf 100
2,410
134
Jan
144
Feb
May
Feb
June
Voting trust ctfs
90
23
Apr
294
Jan
Lake St John P&P
37
Mar
524
Feb
Loblaw Groceterias A
15
24
Apr
27
......
*
.*
234
Mar
Mar
MacLaren Pow & Paper..*
73
32
74
May
84
Feb
Massey-Har 5% cum pf 100
5
130
Jan
130
Jan
Melchers Distilleries.
*
-----
Jan
Preferred.
—__._*
Mitchell (Robt) Co Ltd—*
Montreal Isld Power.
*
104
2,442
314
12
175
100
55
100
June
105
May
9
9
30
9
June
13
Jan
64
97
10
193
3
34
Jan
64
Jan
4
Apr
Mar
64
Jan
Apr
64
206
104
525
97
284
284
28
28
10
3
10
34
1,545
3
40
44
15
Mar
64
Jan
Apr
Mao-
74
64
Apr
Jan
84
Jan
Jan
Jan
144
Mar
184
654
10
Mar
174
Jan
37
5
37
Mar
39
Apr
3
100
Mar
124
Jan
17
46
13
Mar
31
Jan
22
20
224
Mar
23
May
24
Jan
127
10
1,866
164
13
*
71
114
5
22
------
Lake Sulphite..;
100
30
104
44
10
95
Mar
Mar
June
Apr
164
74
14
984
545
20
Jan
Jan
44
Feb
106
Jan
15
Mar
Mar
42
May
31
Mar
424
May
25
June
31
1.00
May
Walker-Good & Worts(H)*
25
64
154
Jan
June
Jan
41
Mar
1.00
44
Mar
Walkervllle Brew Ltd
25
74
2
Apr
Feb
404
115
70c
Mar
89
414
70c
92
Apr
Apr
Jan
104
9
78
83
38
Feb
3
25
344
Feb
24
35
Jan
95
Jan
50
98
May
937
243
17
Apr
90
28
42
6
Mar
1.50 May
54 Mar
90
31
394
54
7
324
'98
Mar
42
3
Page-Hersey Tubes Ltd..*
May
39
145
1.50
Pow ofCan6%cml8t pf 100
2d preferred
27
394
15
394
1.50
Feb
28
85
54
84
394
Feb
36
85
84
------
—
1,702
"85"
"4l"
105
105
mmmm
127
284
Feb
5
204
.5
204
1,260
4,156
44
97
74
214
24
24
23
Fraser Companies Ltd—
12
14
64
Jan
54
3
David & Frere Ltee A
10
16
104
44
54
3
Consolidated Paper Corp. *
1,175
94
'1I4
Jau
Feb
24
—
mm
5
54
264
73
1,087
100
19
654
54
*
54
244
"244
5%
*
334
144
94
*264
-
Jan
Mar
Mar
'
54
6
25
National Steel Car Corp.. *
434
6
60
54
24
94
47
24
Jan
524
54
1
162
605
High
Mar
12
—
Cndn Vickers 7% cumpflOO
Jan
58
20
I .an* 4 Sons
Montreal Cottons pref.100
Moat L H 4 P Conaol
*
Montreal Loan 4 Mtge..25
*
146
236
180
1 nil Bronre Powder pref.25
Preferred...........TOO
(JohnA)—*
Massey-Harris
*
McCoU-Frontenac Oil
*
*
100
—...
60
7
100
Internal Pet Co Ltd
*
International Power pf. 100
Jamaica P S Co Ltd prof 100
Lake of the Woods
*
Preferred
60
12
*
Industrial Accept Corp...*
Jnt Nickel of Canada.._.*
Jrd
154
63
Low
1.00
—
24
_
*
15
2
—
*
104
12
...100
Hudson Bay Mining
*
Imperial Oil Ltd
...»
Imperial Tobacco of Can.5
-
Canada Malting Co Ltd. *
Can Nor P 7% cum pf.100
12
...»
Boiiinget Gold Mines.—.5
Howard Smith Paper....*
Preferred
Mar
11
28
"l3"
100
Gypsum Lime 4 Alabas..*
Preferred
Jan
174
25
5
Goodyear T proline 1927 50
..
114
644
Mar
7
General Steel Wares.
Preferred
liamiitor Bridge
Preferred
Mar
16
146
.
—
<oirtl it'liarles)
47
5
64
*
F'oitMlatiouCoof Can
184
2,275
5
504
17
Distill Corp Seagrams.
*
Dominion Bridge........*
Dominion Coal pre!
25
-.
35
262
494
Crown Cork 4 Seal Co...*
„
-
British Columbia Packers *
8
695
204
Brit Amer Oil Co Ltd——*
54
104
84
1.50
Mar
Beaunarnols Pow Corp...*
3
6
-
Range Since Jan. 1. 1938
Shares
614
63
3
High
1.40
100
*
6% cum pref
3
-
ClAHS
Canadian
TjOW
Price
Abitlbl Pow & Paper Co—*
pre!..... 100
■
f'ndrt t
Sales
Jan
Sou Can Pow 6% cm pf 100
United Securities Ltd..100
SI
*
cum
pref..
No par value.
—
—
—
—
—
105
12
,
100
20
12
35
1.35
_*
*
44
105
44
------
—
------
1.35
10
374
374
150
184
184
25
1044
10
1.10
95
994
Feb
Mar
June
Apr
1.60
324 Mar
174 May
444
Jan
19
Feb
Jan
Volume
3791
Chronicle
Financial
146
Canadian Markets—Listed and Unlisted
Toronto Stock Exchange
Montreal Curb Market
Week's Range
Last
Sale
Stocks (Concluded)
1,1938
Stocks
High
Low
Shares
20c
57c
lc
l#c June
*
62
100
131
1,000
18#c
20c
33c
Mar
3#c
Jan
Mar
33 c
Feb
Canada Wire B
Jan
Canadian B akerles pref.100
Canadian Breweries
*
lc
17c
3,000
June
33c
600
57c
Big Missouri Mines
1
Bouscadillac Gold Mines.1
33 c
8c
8c
1,200
7c
May
13c
Feb
Brownlee Mines (1936) ...1
3#c
5,100
3c
June
10c
Feb
Buffalo-Canadian Gold.
4#c
5#c
4#c
3,500
4c May
.
Apr
25
15
June
22
Jan
25
25
25
May
26
May
Cndn Bk of Commerce. 100
162
Jan
Canadian Cannerslst pf.20
1.10
65
18
157
Mar
17 H
17X
40
16
6#
Apr
192
7#
18#
Mar
Mar
96c
2,000
77c
Mar
1.27
*
5c
2,000
3#c
Mar
9HC
Jan
Can Car & Foundry.
Preferred
11
7H
11#
Feb
25
27 H
27H
27X
370
1
Apr
Canadian Ind Alcohol A..*
2#
2X
Canadian Locomotive.. 100
3
OX
440
Mar
6c
500
5c
Jan
15c
37c
11,450
24c
Mar
75c
2.57
350
Consol
1
21c
4c
1
24c
59 %
*
59 #
Mar
20c
3,300
47# Mar
3 He May
480
4c
3#c
Mar
2.12
2,500
3.20
Feb
2d
preferred
41c
Feb
Canadian
60
Feb
C P R
6HC
Jan
Canadian Wineries
6
*
94 He
25
5#
Malartic
7H
94He
5H
*
June
Mar
8#
Jan
Apr
Feb
75c
May
1.65
1.75
1.77
14,900
1.05
Jan
1.73
Apr
Caribou Gold....
1
2.20
100
1.65
2.10
2.30
3,600
1.96
Mar.
3.25
Mar
Castle-Trethewey
1
74c
68c
74c
2,500
5.55
200
Mar
6.95
Jan
Central Patricia
1
2.50
2.49
2.64
7,725
Jan
5.55
4.90
2.10
5.55
28c
Mar
55 #c
Feb
Central Porcupine..
1
l2Hc
10#C
13c
II,100
8#c
Mar
44c
60c
5,080
28c
3,000
Mar
28c June
11c
12c
12,214
12c May
15Hc May
Kirkland Gd Rand Ltd—1
10c
10c
2,000
8c May
11
1.05
51
1.12
1,000
Goldale Mines.
25c
.1
—
11c
J-M Consol Gold(New)
Kirkland Lake Gold
Mines.
Macassa
Mackenzie-Red
M clnty re-Porcupine
"43 k"
May
6c June
3.50
43 #
43 X
i#c
Mar
35#
110
Mar
80c
300
i#c
6
Mar
3,000
Jan
Consol
Jan
Cons
1.10
Apr
Consumers
Feb
Crows Nest Coal
Gas
Jan
10c
100
8c
Apr
20c
Jan
Davies
3.60
2,415
2.75
Mar
5.40
Jan
*
3.50
3.50
3.50
430
2.90
Mar
1
22c
22c
24c
2.00
2.00
2.00
Parnour-Porcupine M
Cad
900
20c
Mar
June
4.30
62c
Petroleum
Feb
Dome Mines..
360
1.55
Apr
2.70
Jan
Dominion Coal pref
1.45
1.70
700
Jan
1.30
1.40
5,400
1.77
Feb
Dominion Foundry
Pickle Crow Gd M Ltd—1
4.85
4.70
4.85
250
Mar
5.15
Feb
3.50
Pend Oreille M & Met—_1
3.05
Pioneer Gold of Brit Col.. 1
3.05
3.90
100
2.95
Jan
Apr
Dominion
Dorval Siscoe
13#
Mar
17#
Feb
2,400
1.70
Mar
2.32
June
77c
800
72c
Mar
1.33
Feb
East Malartic-
43c
43c
50c
Mar
Jan
Eastern Steel
1
2.95
3.40
2,700
2.60
Mar
4.50
Jan
Easy Washing
4c
2,800
3He
Apr
6Hc
Feb
Eldorado.
l.#c
3#c
l#c
Mar
3c
Feb
13#
13#
59#
60#
18#
l#c
100
l#c
1,000
12c June
65c
33c
Mar
1
13c
12c 13 #c
9,400
1
1.05
1.00
1.11
9,250
91 #c
May
1.78
Siscoe Gold Mines Ltd—1
2.15
2.15
2.30
4,390
2.01
May
3.40
Jan
Sladen Mai.............1
1.14
1.09
1.15
6,050
Mar
1.39
Mar
(new)..——*
45c
.....
Sherritt-Gordon
48c
95c
95c
2,700
3.15
3.30
875
1
4.85
390 June
11,136
1
Sylvanite Gold.......... 1
88c
Stadacona
Sullivan Consolidated
Teck-Huglies
Gold...
10#
Tiji
2.70
100
1,000
4.40
19C
5.60
1,300
4.70
Mar
Mar
6.95
18#
2,132
16
Mar
21#
Jan
Federal-Kirkiand
1
5c
4#C
6c
8,800
3#c May
14c
Jan
Fernland Gold
1
22c
21c
24c
15,800
19c May
Firestone Pete
13 #c
40c
42c
900
40c
j"io
1.08
1.10
1.770
95c
1
18c
18c
18c
200
Okalta Oils Ltd...
*
1.10
1.12
1,500
18c
Jan
Francoeur..
...*
29o
31c
5,500
Mar
Apr
Mar
Mar
5.60
38c
5.00
A...
Apr
43C
Jan
8.10
Gatineau Power..
Jan
*
100
...
Preferred
*
1
15c
Jan
Glenora. I
58 #o Apr
Mar
3.10
Mar
70c
•High
1.50
100
15#
l#c
—*
3#
3
-
preferred
Afton Mines Ltd
Alberta Pacific Grain
8
17
High
..
Astoria-Rouyn.—...
-
Augite-Porcupine Gold
40c
33c 341,000
16#e
3
May
Jan
25
May
Mar
Jan
1.38
..*
1.38
1.45
2,775
95c
Mar
3.00
3.10
3,070
8,500
3.00
June
15c
..1
6c
60
6c
2#c
2#c
—
—
27 #c
1
25c
13 #c
15c
19#c
68c
.1
—50
"58"
.
Grull-W ihksne
.100
.._*
32c
Bathurst Power A
Ill*
Jellicoe
9
227
May
249
Feb
J
34c
6,864
Feb
Kerr Addison..
7#
340
9
2#
35c
179
30#
9.45
9.20
9.50
Preferred-...
*
...
Buffalo-Ankerite......
30
__
38c
.100
~
1
2,011
30
4#
37#C
65
60
~
16c
16#c
41c
17c
25,000
57
1,838
Jan
50c
Feb
5#
Jan
Buffalo-Canadian
4C
10 #c
47
*
Hill-.
..25
(F N)
*
Calgary <£ Edmonton.
*"l
Calmont Oils
Burt
*
-
Preferred
5#c 157,600
47
12c
45
13,100
100
Malting.....
Kirkland Hudson
Kirkland Lake
46
Mar
11c
Mar
34
72
17#c
Jan
Jan
Apr
Feb
2#c
37
Mar
Apr
9#c Mar
9#
6#c May
52#
Feb
22c
Jan
13
Jan
May
23#
Feb
Mar
3.10
Jan
Mar
11#
5
17#
130
2.15
2.08
2.20
8,200
31c
31c
700
3#
3#
25
3
Mar
8#
8#
9
149
7
Mar
13
Jan
89
5
89
Apr
108
Gold..
Laguna
Lake Shore
Lamaque Contact
Apr
36
Jan
Level
Gold—
Oro
Lee Gold
Legare Co
32
32
100
1.80
1.00 June
1.50
Leitch
Gold
Little Long Lac
Loblaw
A
B
2#
Apr
3#
Jan
1.10
Jan
2.54
Mar
9c
10c
13,600
9c
Mar
17c
Mar
1.10
1,000
14#
13,212
1.05
1.10
1,240
18c
19c
1,300
II,395
1.09
14
200
;
16#
13#
14
2,125
5#
201
16#
29
62c
4#
Jan
Feb
*
No par
value
Jan
1.47
Apr
May
37c
22c
Mar
33c
20#
Mar
28#
15c
5#
44#
57
Apr
190
Mar
15
Mar
19#
14#
24 H
24#
25#
Mar
9#
Jan
Mar
102#
Mar
14,377
37
Mar
52#
Feb
6,173
23
Mar
31#
Mar
5
May
105
43c
19c
18c
20c
11,200
5,483
39c
39c
42c
37,600
11c 12#c
31,233
1.90 124,491
91c
2,700
1
51 H
50#
51#
3c
3c
3c
2,500
57c
43c
60c
91,900
4,952
75
60
Jan
13#o May
40c
Mar
37c May
11c June
82c
Mar
16C
May
1.25
60c
95C
27c
46
3c
37 #c
56
June
2.30
Mar
1.50
Mar
1.50
June
Mar
Feb
Mar
Mar
85c
2,300
6c
7,200
l#c
500
Apr
5#c June
l#c Apr
10
8# May
60c
Mar
2#c
6.00
Feb
9,250
4,349
3.50
May
577
19#
Mar
24
21#
20#
65
18
15
10
15
June
4.65
6,993
3.25
3.45
23,560
34 He
33c
36c
8,100
14 #c
15c
2,000
1#C
2c
8,500
6#
2#
6#
5
2#
1,025
3#
3#
106
1.30
Mar
Jan
9c
6#
39
10c
5,650
6#
1,305
40
244
Jan
5.55
Jan
3.90
Mar
49c
14#c June
1#C May
27c
4c
5
Apr
7
1#
Mar
2#
'
10c
Jan
June
15
Mar
25c
Jan
Feb
75c
20#
Jan
1.12
3.90
Mar
Feb
June
9
22
4.50
6#
Apr
1.13
15c
3.65
4~65
39#
65
21#
3.50
Feb
5c
74c
15
OH
2X
58#
Jan
Jan
Mar
Jan
l#c
"ike
59c
Mar
Mar
89c
3.30
Jan
53 c
86c
9
8#
Feb
32c
5#c
~
Jan
4#
98#
6#
73c
Mar
13#
34c
1
* '"3.05
21X
*
20%
-*
Jan
Jan
214
5
5#
9
Jan
Jan
Mar
Mar
"40c
9
67#
25
—
30c June
14#
Mar
11
14
100
59
1.40
Mar
6,812
850
42#
6c
Feb
1.00 May
11
91o
23
64#
63
64 H
"ion
30c
27
....1
*
Cockshutt.....1
Madsen Red Lake.
.1
McDougall-Segur ...
1
Manitoba & Eastern
*
Maple Leaf Gardens pref 10
Maple Leaf Milling
--*
Preferred.
*
Maralgo Mines
1
Massey Harris
*
Preferred
100
Jan
70
3
4,408
Loews (Marcus) — .—100
Macassa Mines....
-1
MacLeod
10
4#
Jan
9 He
Ltd——-.—-25
Jan
89
15
1.00
34,017
Feb
68 #c
Jan
30c
9.15
Apr
8#
1.13
Mar
June
Mar
27c
Jan
35c
2,477
1.04
12c
28
5#
30c
Mar
Jan
Mar
35,075
"ii%
—1
Jan
1.09
61c
2.27
——*
1
—1
1
Feb
Mar
1.10
Lava Cap
7#
25,625
85c
Lapa Cadillac
13
Jan
88c
1.58
Laura Secord.
21#
10c
11c
Jan
Mar
3#c May
85c
Jan
7#
500
1.75
Jan
4# June
16# Mar
4#c
1
....1
1
8.00
.
Jan
2#
Consol (New stock). 1
M
5
58c
17
_
*
Bread
46#
—
34
Mar
11#
*
Burlington Steel
Canada Cement
4c
ll#c
*
Building Products
Cons—
June
'
*
Mines
Jacola
—
*
*
—1
1
1
7c
80
10
166#
Feb
30c
1,417
5#
20#
10
5
*
10#
20
10#
Jan
Mar
3# June
6,850
3,614
20#
Jan
Apr
Mar
29
41
10c
1.45
15
Mar
2
3,550
3#
10#
20c
93
32 #C
45c
146#
228
8#e
*
Brown Oil
9
28,450
30
*
_
Apr
1.00 May
40
29c
Mar
7
6,600
""9#c
5
_
1.15
3#
*
Brit Col Power A
Jack Waite———
Feb
163# 164#
1150
Traction
International Pete
May
20c
Jan
33
"44"
Intl Utilities A
210
2o#c
B A Oil
Jan
Feb
F'eb
12
Mar
100
International Nickel
305
34c
Brewers & Distillers..
1.03
60c
Mar
May
4%
2.10
5x
Intl Milling pref
Apr
2#
2#
164
*
Mines
27c
Feb
Mar
1
1
Jan
Feb
195
Bloodgood Kirkland.. ...1
....
Mar
June
11c
Jan
2
2#
International Metals A.
290
26c
Blue Ribbon preferred
54c
Jan
Jan
11c
2.12
Huron & Erie..—.....100
2
9
mmm*
Bo bio Mines.
62c
167
Jan
4#c
Mar
Jan
Feb
16
24#
2
1.05
1.15
lioo
Blue Ribbon
13c
10,999
10c
44 c
5c
9#C
5
26 #c
Imperial Oil
Imperial Tobacco
3#c June
56
121
20 H
.100
*
-.5
Mar
112
27 #c
Imperial Bank—
Jan
51#
8#
Howey Gold— — . .. . - -1
Hudson Bay MId & Sm._*
Homestead Oil
Feb
12c
72#
Apr
2#
1.10
295
30c
*
Big Missouri—
8,100
72c
Apr
Jan
Mar
1
1
40o
iec
18#
*
—1
Home Oil Co
203
7#
*
——
20c
Mar
4.15
33c
.———...
231# 231#
231#
Base Metals Min
Bell Tel Co of Canada
20c
6#c
1,000
Mar
2c June
Feb
....
295
.
..
Bank of Toronto
Beatty Bros A
13#c
Feb
70c
28 #c May
Jan
1.65
Harker
Hollinger Consolidated.—5
May
3#c May
52
1.00
1
*
1
Hedley Mascot Gold
170
80c
5X
Gypsum Lime & Alabas..*
—
2,500
4#
1
Gold
17,850
30c
4#c
*
1
Great West Saddlery
23c
4#c
2c
2#
17
203
.100
Beattie Gold
7,000
2,500 v
28c 101,300 t::
58
54
Bank of Montreal.... .100
Bank of Nova Scotia.
5c
2#C
1
Co as
20c
...1
Mines
Bank of Canada
Braiorne
Apr
57c 200,300
-50e
Aztec Mining
Beaubarnols
25
26c
18c
Ashley Gold
Bank field
Jan
Mar
44c
Arntfield Gold
Bagamac
2#
19#
4#c
3.00
Anglo-Can Hold Dev.
Anglo-Huronian
Jan
Mar
June
16c
*
Harding Carpets
8#
26c
Apr
1,500
6C
*
Mines
Preferred
l#c
50c
*
Copper
Amm Gold Mines..-. IIIi
39c
4,500
112
10#
Jan
35c
3#c
1
Hamilton Theatres..
31
Feb
6c
2,000
23
27#C
6c
Gunnar
2
Mar
1,000
Great Lakes Paper
Mar
Jan
29c III,688
14c
3#c
official sales lists
1.00
68c
3#C
50
Preferred
Feb
Range Since Jan. 1. 1938
500
5c
Mar
85
Goodyear Tire
Jan
June
31c
53#
Jan
Apr
5,500
52#
2.20
Goodfish MiDlng
32c
Mar
28,750
52 H
Gold Eagle
June
Mar
Feb
May
8#
49c
59
Apr
18c
8c
10#
86
3#c
58
Gold Belt............50c
1.45
Low
57,100
Jan
Apr
Feb
53c
43c
1 20Hc
1
....* "59
Jan
Mar
47 H
16c 20 #c
Mar
5
Apr
2#c
35c
2c
1.60
16
21
2
Alberta Pacific Grain pf 100
Aldermac
1.35
l#c
"l8Hc
19#c
3#
15
...1
Abitibi
Mar
35c
Hard Rock
*
Feb
74#
39
25 Xc
Graham-Bousquet—
.
6#
104
47c
June
June!
33# Marl
Shares
1,648
6
.——1
Week
of Prices
Low
Price
12#
86#
6
Goldale Mines
Sales
Sale
Par
10#
84
Jan
Grandora
Stocks—
11
*
God's Lake Mine
Mar
85 H
1
.....
27c
Jan
30c May
30c
1.08
for
5#
Jan
Apr
Exchange
Range
115
22c
200
Week's
5#
18#
2.20
Last
5#
25
39c June
Friday
Feb
5.25
17#
Mar
2,300
both inclusive, compiled from
8
5.50
Mar
38c 40 He
*
June 4 to June 10,
Mar
18 X
General Steel Wares
1.86
Mar
9
Mar
8c June
Toronto Stock
Feb
5
3.25
13c
2,500
6.55
190
Mar
June
14#
8c
38#
7
Feb
13#
8c
38#
2#
1.97 May
Jan
Apr
1.74
17
1,194
*
38#
Mar
June
2,200
100
..
200
28,780
175
7
15c
1.05
12
2,000
7.70
Co
Royallte Oil Co
3
2.30
June
6#c
20
18c
7.70
4.75
22c
Nordon Corp
Home Oil
69,589
15c
16#
*
Dalhousie Oil Co Ltd
2,500
1.79
Jan
Jan
Mar
26c
16c
200
2.20
11 #0 May
17,700
12
Mar
16#
7,200
2.20
8#
18c
25c
*
Mar
"ie#
24c
Calgary & Edmonton
4#
34
25c
—*
*
5.00
38c
115
Mar
16#
Jan
Foundation Petroleum
22c
._
Mar
Ford
5.00
—..1
11#
9
*
Equitable Life.........25
Falconbridge
*
Fanny Farmer..
1
Gillies Lake Gold
Brown Oil
7c
3#c June
25#
Feb
24 He
.—-
Feb
Mar
OilAnaconda Oil Co Ltd
19#
1.23
24c
Wright Hargreaves—
Apr
3.60
_24#c
Cad
May
Feb
16
7#c
7
60
130
16c
2#
Jan
Apr
697
5
2.07
Jan
16
500
;
2.11
Mar
73
46c
Mar
47#
1.65
*
Jan
Feb
23 #C
Mar
*
1
Ltd
Ventures
4.85
78c
*
...1
June
17c June
11
12
East Crest Oil—
May
Jan
Feb
38
4c
12c
"~"l4c
Feb
199#
34
4c
"lik
Jan
16
Mar
80c
..1
Cad
Thompson
40c
Jan
31
170
33#
Apr
11 #c
5,415
18
29
270
English Electric B__
1
......
Shawkey
Canada
4,700
6#c
5
2.32
77c
Ritchie Gold————. .1
Canada
21c
1
14
2.25
Mining.—..i—l
Bunker
36c
1/C
.1
14
77c
—
Read Authier Mine
Brazil
31c
3,100
7,500
5
2.27
Quebec Gold.__
6%
14c
Stores
1
Powell-Rouyn Gold..
Wood
11 #c
18 X
4c
25
Dom Steel Coal B
1
1
Placer Development
Preston-East Dome.._
Reward
17
*
Mai
178#
138
13#
25
11#
42c
60
Dominion Explorers
'l~40
1.37 May
1.02
Jan
2.65
Perron Gold Mines Ltd—.1
Pato Consol Gd Dredging 1
Jan
64#
17c
..*
1.84
Mar
31c
Distillers Seagrams—...
Jan
Mar
Mar
Mar
31#
1
Denison Nickel Mines
lc
Jan
Jan
1.10
20c
184#
..*
3c
10c
3.40
43c
11#
46#
30
14c
Feb
72o
13,400
182
31H
1
3.40
1
O'Brien Gold
182
100
Feb
Feb
60c June
Mar
25c June
7
166
51
49#
3.20
15c
2,588
24c
20c
22c
-.1
I
Montague Gold
50
Chibougama
Smelters..
13
13
13
5
100
Feb
1.25
1.25
_*
Bakeries
5c
14c
5.50
44
8
*
..*
Dark water.
Moffatt-Hall Mines
Pandora
Mar
3c
1,625
900
Cons
46X
500
1.02
8H
40
1.25
25c May
43c
Jan
2,100
I,050
Coniaurum Mines
364
4.65
50c
26c
Cockshutt Plow.
2,000
1.02
45c
26c
Jan
6c
4.50
4.50
1
Lake
Mining......*
Feb
Mar
54c
Commonwealth Petroleum*
Chromium
1.50
3c
51
Feb
58 X
6c
1
—..1
27c
Mar
99c
3c
—1
Lake Shore Mines
Lamaqye Contact Gold.
Lebel-Oro Mines
24c
Feb
3#
2.15
.1
Mar
1.28
2.25
1
Chemical Research
Jan
4#
10
Jan
1
2,000
Apr
May
Mar
Falconbridge Nickel.— ..*
Francoeur Gold M Ltd—. *
31c
Jan
12#
26#
Mar
Eldorado Gold M Ltd
30c
Jan
Mar
9
2
East Malartic Mines
2.20
May
17#
5
25
3
Mar
6
9,800
2,194
5%
3
2#
74c
71
98c
May
177
Apr
,
160
Apr
2.65
Mar
34
;
163
162
Jan
19#
Mar
14#
535
2.00
1.80
17#
6#
1,195
24#
Jan
345
15
27 #
6c
Central Patricia Gold
-
4#c May
30
Jan
■
3#
12
25
2.00
18
32c
"32c
Central Cadillac G M Ltd 1
ChJbougamau
12
*
*
2.50
Cartier-Malartic G M Ltd 1
Duparquet Mining Co
150
Mar
5c
_
Dome Mines Ltd
72
May
2
95c
95c
._*
Gold.—i 1
Capitol-Rouyn
Mar
128
12
3%
17#
7H
11H
27
Gold Dredging.-.6
Cndn Malartic Gold
58
54
105
3 H
11
15
>...50
Preferred
Jan
155
133
*
High
Low
Shares
63
Canada Permanent
Jan
67c
1. 1938
Week
Price
Par
Canada Steamships
Preferred
Mar
42c
27.500
lc
1
Beaufor Gold
500
l#c
44c
50c
Copper Corp—*
Alexandria Gold
1
Aldermac
Bulolo
(Continued)
Canada Packers
l#c
for
of Prices
Low
High
l#c June
Mines—
Afton Mines—'ii'—_I
Week's Range
Week
of Prices
High
Range Since Jan.
Last
Sale
Range Since Jan.
for
Low
Price
Par
Sales
Friday
Sales
Friday
Feb
Jan
Jan
May
Jan
Apr
6
May
9c
Mar
19 #c
Mar
4#
Mar
3
28
Mar
7#
50
Jan
Jan
Chronicle
Financial
3792
June 11,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Sales
Last
(Concluded)
Par
McCoIl Frontenac
Week's Range
of Prices
Low
High
10H
10H
Low
240
10
Stocks
High
J urn
14
(Concluded)
Humbers tone..
Feb
Kirkland
Townsite
100
95
95
97
192
86 %
Jar
99
May
43
42 H
43 H
2,026
35 H
Mai
45
Jan
Malrobic........
7,250
69c
Mai
Jan
Mandy
McKenzie Red Lake
19c
18Hc
19c
3,300
10c
Mai
24c
Mar
Montreal LH&P.
55c
48c 60Hc
34,200
1,550
32c
Jan
80c
Mar
National Steel Car..
*
1.45
Mai
2.49
Jan
Oslsko Lake Mines
2Hc
Mar
4Hc
Jan
Pend Oreille
1
1.60
Mar
2.56
Mar
35H
150M
Jan
Feb
17c
Jan
*
Robt Simpson pref
100
Standard Paving pref..100
3Hc
Jan
upertest
1.80
1.75
1.85
4c
4c
4Hc
1.90
1.90
2.07
100
28
146
146
105
25
Apr
146
27%
*
5
143
Apr
6c
6 He
1%
3,000
5c
6,600
1H
Kirkland
6Hc
Murphy Gold.
May
1 He June
.
.
.
-—*
39
National Groceries
New Golden Rose
.
5
Nor and a Mines
12
10
35
267.050
2,500
2c
4%c
Jan
20c
4,700
12c
May
38c
1.68
_
9,180
12c
3c
60c
60c
1,000
1.15
50
3.40
3.60
1.07
1.19
2c
2Hc
39Hc 47Hc
40,076
60c
3c
*
_...
1
Okalta Oils
3.45
•
1.15
...........*
Omega Gold
1
Ontario Loan
46 He
.50
1.50
Oils
..*
*
90
*
3.45
Porcupine
Pandora-Cadillac
1
Paymaster Cons
Payore Gold
Corp
5.45
Jan
1.07
June
2.30
Jan
2c
June
5%c
Jan
Mar
48c
Apr
8,200
2
6
3.40
3.50
22c
5
31c
103 %
June
1.00
Mar
46c
5,200
55
5,350
5
Jan
Prairie Royalties
June
6c
78
Apr
Mar
2.90
17c
4.30
63c
100
4
May
5c
6Hc
5,000
5c
June
22c
45c
41o
26,874
38c
Mar
69c
21,150
12 He
Jan
23c
Mar
8,725
1.02
Jan
17H
17H
15
16
Mai
4.65
4.90
7,836
3,072
3.80
Mar
5.10
Jan
3.10
2.80
Mar
3.30
1.98
2.31 126,450
1.37
Mar
2.41
15
52c
Royallte Oil
9H
Apr
38c
5,300
30c
Mar
2.06
5,770
1.81
Mar
13 %
15
10
Mar
19
"75c
125
72c
78c
28.400
60c
600
46c
46c
500
41c
Mar
12c
2,000
5Hc
Mar
3.00
3.45
4,730
15c
17c
25c
1,000
2%
2%
20
53c
57c
10,600
1
Russell Motors pref...-100
St Anthony
1
San Antonio
1
Shawkey Gold...
1
Sheep Creek
.....50c
Sherrltt Gordon
Simpsons
pref
Siscoe Gold
1
11c
171
38 %
10Hc 12HC
170
39
103
57
103
595
5
13c
12c
14c
9,200
1.31
1.23
1.32
12Hc
12c
13c
6,300
34,975
99c
97c
99c
2,700
1.12
34,935
95c
70
Jan
12c June
Mar
June
2
39Hc
May
Jan
9o
June
34 %
Mar
170
Feb
101
May
10c
Mar
1.11
Mar
12c June
91c May
91c May
55c
2H
64c
Jan
Jan
48 %
110
May
Mar
20c
Jan
1.55
34c
Mar
1.21
Feb
Jan
1.80
1
1.13
1.08
1.19
14,200
86c
Mar
1
10c
9c
12c
39,500
7c
Apr
24c
Jan
Stadacona
*
46c
40c 47 He
15,227
39Hc May
77c
May
16
63 %
59
60
*
~9Ho
8Hc
Sudbury Basin
Sudbury Contact
*
2.30
2.25
1
13c
Sullivan Cons
1
Toronto Elevators
May
1.38
Mar
16
June
17%
Apr
Mar
69 H
Jan
75
54
13c 144,750
2.50
1,790
98 H
104
104H
Minn & Ont Paper 6s. 1945
/2 8%
Montreal Island Pr 5Hs '57
103
104 %
87H
88%
99 H 101
95
Montreal L H & P (S50
1939
49H
50
3Hs
1956
9m
101
3Hs
1973
93 H
Montreal Tramway 5s 1941
Ottawa Valley Pow 5Hs '70
104H
Power Corp. of Can 4Hs'59
101
par
__
113H 114H
39
1961
39%
44
80
29%
si""
value) 3s
5s
Dec
1957
1
97 H
94H
99
-
103
•
1956
65
66
95
97
48
50
Provincial Pap Ltd 5Hs '47
94
95 H
Saguenay Power 4Hs A '66
~
100
Eraser Co 6s
---
103
103
Jan 11950
Gatineau Power 5s
1956
Price Brothers 1st 5s_.1957
2nd
103 % 104
83 H
85 H
Gt Lakes Pap Co 1st 5s '55
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
100
conv
deb
1957
4s
4%a series B
1966
Shawlnigan W & P 4 Hs '67
Smith H Pa Mills 4Hs '51
103
93
89
79
■
-
-
-
103 H
103 H 104H
101H 103
lie
13c
6,900
96c
2,650
United Grain Grow 5S.1948
5Hs
.1961
85
1951
46
48
*
No par value.
/Flat price,
n
87 H
89
United Securs Ltd 5Hs '52
Winnipeg Elec 6s Oct 2 '54
87
6s..
68 H
69 H
72 H
Nominal.
CURRENT
NOTICES
—Frank A. Arnold has been elected Vice President of Edwin Bird Wilson,
Incorporated, 120 Wall Street, Ne>v York, in charge of its radio department.
among banks, trust
general
companies and other financial services,
as
well
as
in the
field of public relations.
Mr. Arnold
for
was
six
Director of Commercial Development of
years
the National
Broadcasting Co., following his resignation as Secretary and
Director of the Frank Seaman Advertising Agency.
For several years he
was
national chairman of the export committee of the American
Associa¬
tion of Advertising Agencies and a trade adviser of the National
Trade Council.
His field activities in trade investigation and radio
ment
him
have
led
visit
to
Foreign
develop¬
the
important centers in England, France,
Belgium, Holland, Cuba, Porto Rico and Mexico and 300 towns and cities
of the United States.
consisted
of
advertising
His inside work with the National Broadcasting Co.
developing
the
commercial
fitting
programs,
them
of
side
the
to
broadcasting,
product
and
technique to the potential audience of the advertiser.
acted
has
as
radio consultant
a
written
and
for
including
adapting
Recently
their
he has
advertising agencies and their clients and
63 H
Jan
Apr
15%c
Jan
3.80
Jan
10c
Mar
19c
85c
Mar
1.23
Mar
television edition of which has recently been published.
Mr. Arnold has also had extensive experience in the publication business,
having been for ten
Mar
75
Mar
79%
Mar
3.30
11,075
2.60
Mar
3.60
Feb
4.80
4.75
4.90
2,775
4.40
Mar
5.70
1.16
1,150
1.05
June
1.57
author
Jan
of the
spoken extensively
book,
advertising subjects.
on
"Broadcast Advertising,
the Fourth
He is the
Dimension,"
a
Jan
1.05
101
~2"i6
14
2.09
/
5
101
7
2.10
855
73
101
Apr
1.78
Mar
108
Jan
2.90
14
15
45
12
Mar
40
40
40
June
48
Feb
75
75
4
73
Mar
85
Mar
Mar
66C
38c
49c
9,300
33c
1.55
1.72
15,500
90c
12K
12H
1,027
Jan
Jan
3
1.90
Mar
Mar
11
15%
Mar
Jan
4H
4%
745
*
5.20
5.20
5.50
1,437
4.00
Mar
7.40
3.20
4.85 366,039
1.02
Mar
4.85
6
June
---*
37%
36H
38
580
30H
Mar
44%
Harry J. Wilson has been elected
He is
now
of the La Salle Street Cashiers.
cial
to the office of
a
Secretary and Treasurer.
member of the Executive Committee
In addition to being in charge of the
Finan¬
Department of the Company, Mr. Wilson has charge of the direction
of the buyers.
Jan
17
announce the
officers.
Mr. Wilson has been actively identified with the activities of La Sane Street
Jan
4.40
new
for the past ten years.
Jan
...*
Manager of The Suburban
—Lewis, Pickett & Co., Municipal Bond Dealers, Chicago,
election of
Jan
17
years President and General
Press.
Jan
40
1.65
Preferred..
97
McColl Frontenac Oil 6s '49
Apr
12H
4%
Amulet
Walkers
Massey-Harrls Co 5s.. 1947
97
Mar
*
Walte
53
95 H
6c
1
Ventures
55
2%s to '38-5HS to '49...
112H
51
103 %
4s
98H
Maple Leaf Milling—
2.00
3.15
Exploration..1
*
Jan
56
Uchi Gold
United Steel-
Jan
3.40
25
Union
Gas
95
75
Preferred—
50
Toronto General Trusts 100
Tawagmac
Apr
2.00
3.15
1.10
..*
71
265
95c
Tip Top Tailors pref... 100
.—1
106
14,561
16
62H
Straw Lake Beach.
To burn
112
1958
*
106
Mar
24c
190
Slave Lake
—*
88
Feb
Sladen Malartic
Teck Hughes
Texas Canadian
Ask
Bid
82M
-
»
field, announced that it recognizes by this step the rising interest in radio
Jan
Feb
2.29
Supersilk pref.
...100
Sylvanite Gold...—..—1
Ask
Jan
36Hc
73
...25
Utility Bonds
Jan
4.55
14c
25c June
2.17
Preferred
Jan
The advertising agency, which has specialized for 22
years in the financial
71
"63""
Mar
25c
97H
Jan
2.17
*
j an
30
May
Mar
73
Stedman Bros Ltd
Steel of Canada
23
Mar
9Hc
Feb
98c
1
100
Mar
30
81.450
Feb
1.34
2.60
14,400
172 H
38
1.02
67c May
50c June
23,450
25c
—1
-*
Feb
2.42
---*
100
12
5
35
10c 18Hc
Apr
10H
38c
2.00
Reinhardt Brew
Roche Long Lac
Royal Bank
50
14%
35
71
Jan
19
31
16c
Gold...—
Apr
MacLaren-Que Pr 5Hs '61
Feb
10H
3.25
115
June
Manitoba Power 5H8.1951
Mar
1
1
Feb
1.76
3.00
8c
—
Feb
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Feb
15c
Red Lake Gold
Jan
2%
J
Doin Gas & Elec 6 Hs. 1945
Donnacona Paper Co—
Mar
Quemont Mines
Read Autbier
3c
43%
5Hs ex-stock
Feb
6 He
60c
......
107 H
Jan
2.62
82
Consol Pap Corp 5Hs 1961
Jan
*
11
14%
Canadian Vickers Co 6s '47
Feb
7H
22c June
1,300
45c
1
1H May
17c
Cedar Rapids M & P 5s '53
Feb
1.40
Preston E Dome
2,000
Canadian Inter Pap 6s 1949
Canadian Lt & Pow 5s 1949
Feb
20c
25c
Prospectors Airways
Quebec M inlng
1 He
Canada North Pow 5s. 1953
Feb
96
14c
Pressed Metals
Mar
lHc June
Canada Bread 6s.-...1941
Mar
1.45
Jan
2.03
16c June
Mar
2,500
107H 107H
Calgary Power Co 5S..1960
1.50 June
1.30
1
5c
1.30
6,000
11,635
143
Burns & Co 5s
Feb
107
7Hc
*
Premier
Reno
5,240
5,150
9,600
2~27
16c
1.70
l%c
Beauharnois Pr Corp 5s '73
Bell Tel Co of Can 5S.1955
Jan
14c
._]
% May
Abltlbi P & Pap ctfs 5s 1953
5He May
11c
4.80
Mar
42
Alberta Pac Grain 6s..1946
Feb
7,700
22c
*
Rouyn
Reeves-M acdonald
2c
50c
10Hc
1
31
1 He
Bid
Jan
1.40
1
Gold
Mar
Mar
1.45
35
Jan
27
32
Closing bid and asked quotations, Friday, June 10
Feb
*
Crow
24c
56
Industrial and Public
May
14c
1
.1
Photo Engravers
Power
2.15
63H
Apr
Mar
7c
11c
Pend-Orielle Mines
Powell
Mar
Mar
48
1.50
90
"5
Gold
Feb
255
28 H
41
1 He
1
Jan
lHc
10c June
10c
Mar
1.14
1.50
89 H
J
Pantepec Oil
Partanen-Malartlc.
Pioneer
7c
Jan
Mar
88c 92Hc
6c
7c
*
Page-Hersey
1.65
19
1.00 May
2.75 Mar
103M 103 H
Orange Crush
Plata
13 He
7,660
4,000
3c
*
North Star Oil....
O'Brien Gold
150
64 H
8c
1.15
1
Norgold Mines...
Normetal
1.68
61 %
12c
...1
2,500
1 He
*
com.......
Feb
2%C
Apr
May
35Hc
2Hc
"l'.6H
64
Nordon Oil....
Pickle
June
12c
40
"~L.55
Robb-Montbray
23c
Apr
He June
Feb
12
1,000
Jan
7H
1
Nlplsslng
Paulore
41H
May
15c
2%c
Pamour
May
5
12
33
Newbec Mines
Pacalta
38
180
27
Naybob Gold
Oro
10
5
*
National Sewerplpe..-..
Olga Gas..
39
5
8,600
lc
Feb
20H
14c
14c
28 %
41
Ritchie Gold....1
Temiskaming Mines
National Brew
High
Mar
12
14c
1
8,000
24,130
*
1
Corp
1.10
Low
75
16
12c
1.03
Gold
Morris
16
Range Since Jan. 1, 1938
Shares
lc
*
A
16
14c
1.00
McWalters Gold..
Mlnto
Price
1
1.03
M c Vlttle-Graham
Mining
Week
.1
-;
.
1
Moneta Porcupine
Moore Corp
for
of Prices
Low
High
...»
Mclntyre Mines........5
Preferred...
Par
Week's Rangei
Sale
Range Since Jan. 1,1938
Shares
10H
Sales
Last
Week
Price
Exchange—Curb Section
Friday
for
Sale
Stock*
Toronto Stock
Exchange
Friday
Norman S. Wilson has been appointed Cashier to fill the vacancy left by
H.J. Wilson's election.
Richard
Bryan has been elected to the office of Vice President of the
....*
18H
18H
18%
290
Mar
19%
Feb
1
16Hc
8Hc
20c
55,153
8c
Mar
18c
Jan
Company in charge of sales.
Westflank Oil.
*
West Turner Petroleum 50c
Westons
*
11c
11c
11c
1,000
9Hc
Mar
34c
Jan
LaSalle Street since 1923.
10Hc 10Hc
2,700
8c
Mar
14HC
Apr
180
9
Mar
14
Feb
Lewis, Pickett & Co.
70
74
Apr
84
Feb
Wendlgo Gold
Preferred
White Eagle
10Hc
10%
lHc
Whitewater
10H
78
100
80
lHc
lHc
26,499
lHc
Mar
3Hc
Mar
4Hc
1
5c
4c
May
8c
3c
Feb
Mar
Wiltsey-Coghlan
1
"6He
4Mc
6Hc
Wright Hargreaves
5,500
28,000
*
7.80
7.60
7.85
Ymlr Yankee Girl
York Knitting
15,078
*
14c
14c
15c
4
4
*
5,500
100
14c
May
4
May
6Hc June
4H
Estep and Clifford A. Gueutal
will be held
according to
Mar
June 4
to
will
June 10, both inclusive,
compiled from official sales lists
Friday
Sales
Last
Par
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Brett Trethewey
1
2Hc
Canada Bud
*
6H
Canada Vinegars
Canadian Marconi
*
Coast Copper
6H
High
3Hc
7
16
300
15
1.00
2.50
250
%c
5%
2,500
%c
5H
5
68
68
DeHavllland
*
10
11
Dominion Bridge
*
28
29 H
32
34 H
31,200
2.25
5
Hamilton Bridge pref. .100
Shares
1.00
1
Consolidated Paper
*
Corrugated Box pref... 100
2Hc
16
.1
Cobalt Contact
Low
Range Since Jan. 1, 1938
200
878
5
30
205
40
Low
June
6H
May
15
95c
2.00
12c
an announcement
9
Jan
Apr
17 H
Feb
1.40
Jan
Mar
%c June
3H Mar
4.00
Jan
l%o Mar
7
Jan
68
June
82
Jan
5
Mar
12
May
Mar
32
Jan
21%
32
June
50%
Feb
be available
for
tennis,
buying staff in the States of
made by John J. O'Kane, Jr., chairman of
a
a
handicap golf tounrament, while facilities
swimming
Traders of New York will play
a team
and
other sports.
The
Security
representing the New York Security
soft ball game which will start at 6 p. m.
Other members of the outing committee are James Currie, Jr., Harry J.
Hardy, Herbert M. May, Henry D. Shuldiner, Wm. A. Titus. Jr. and
E. Walker.
—George F. Ryan, formerly Vice President and Wholesale Manager of
Jan
Mar
their
Friday, June 24, at the Westchester Country Club, Rye, N. Y.,
Dealers Association in
L.
High
2 He
the addition of Allan Blair, Thomas
the outing committee.
The outing will be featured by
Toronto Stock Exchange—Curb Section
to
—The fifth annual outing of the New York Security Dealers Association
Feb
Feb
8.20
30c
He has been associated with Mr. Pickett on
announce
Illinois and Indiana.
Jan
6.50
B.
also
Tussig Day & Co.
as
in St. Louis, has become associated with Banning & Co.
Vice President and Chairman of the board according to an announcement
made by John D.
Banning, President.
Mr. Ryan will be in charge of the
St. Louis division of
Banning & Co. and will make his headquarters in the
Boatmen's Bank Building.
a
long period of
years and
investment securities.
Mr. Ryan has been in the investment business
has specialized particularly in the wholesaling of
Banning &
Co.
maintain
Louis, Rockford, Peoria and Champaign.
offices in
Chicago,
St.
Financial
146
Volume
1199775568
Quotations
a3s
197
New York
a3Ms July 1
a3Ms May 1
a3Ms Nov 1
a3Ms Mar 1
a3MsJan 15
a3Ms July 1
98 M
New York Bank Stocks
City Bonds
99M
Bank of Manhattan Co. 10
16M
17M
Merchants Bank
100
99
Bank of Yorktown..66 2-3
40
48
National Bronx Bank...50
35
40
21M
23
101M
a4Ms Apr 15 1972.
1-17M 119
105
a4MsJune 1 1974.
118
Bensonhurst National...50
75
98
National City
Chase
26M
28
National Safety Bank_12M
120M
119M 120 M
120
120%
117%
116
Commercial National..100
114
120
Penn
10
9
11
Fifth
100
725
775
43
48
First National of N Y..100
1480
1526
Peoples National
50
Public National........25
23
24 M
44
Sterling Nat Bank & Tr 25
20
22
12 M
16
19
119M
1954
103 M
105
a4Ms Feb 15 1976.
1960
103 M
104 %
105M
1 1977.
15 '78.
a4Ms Mar 1 1981.
fl4Ms May 1 1957.
a4MsNov 1 1957.
a4MsMar 1 1963.
a4Ms June 1 1965.
a4 Ms July
1 1967.
a4Ms Dec 15 1971.
a4Ms Dec 1 1979.
118 M
104
a4MsJan
a4Ms Nov
107 M
1975
109
108 %
1
May
1 1959.
110M
109 M
-
110M
109
Nov
110M
a4Ms Sept
1
a4MsMar
1 1962
113M H4M
114M 115M
113M 115
114
115M
a4MsMar
1 1964
-
1 1980
1960
—
.13.55
Avenue
Flatbush National
100
34
National... 100
Kingsboro
117%
118M 120
116
65
12M
Exchange
Trade
Bank
14
12
119M 121
U4M 116M
May 1
Oct
105
115M 117
118M 120
May 1
a4s
Ask
Bid
Par
Ask
1 1966.
a4MsApr
103 %
-
cr4s
a4s
Bid
Par
Ask
Bid
100
1954
a4s
a4s
Over-the-Counter Securities—Friday June 10
Ask
Bid
1 1977
Jan
on
3793
Chronicle
120M 122
Chicago & San Francisco Banks
122M 123M
124M 126
Par
Bid
& Trust..
Ask
Bid
Par
Ask
Harris Trust & Savings. 100
286
480
510
180
160
....100
260
Northern Trust Co
American National Bank
100
Continental Illinois Natl
Bank & Trust... .33 1-3
New York State Bonds
Bid
62.30 less
1
3s 1981
62.40 less
1
5s Jan & Mar 1964 to
62.55
*71
137
Can & High Imp 4Ms
Improvement—
Par
4s Mar & Sept 1958 to
134
—
...
—
137
129
Canal Imp 4s J&J '60 to
129
'67
'67
Barge C T 4s Jan '42 & '46.
Barge C T 4Ms Jan 1 1945.
FRANCISCO—
Companies
Aetna Cas & Surety....10
82
86
Home Fire
.10
43
45
Homestead Fire
23 M
24 %
7M
8M
58 M
59 M
7M
8M
Aetna
112M
....
Security—10
115M
66
69
10
18M
20
Knickerbocker..
Equitable
5
18 M
20
Lincoln Fire
5
10
Maryland Casualty.
1
.25
Agricultural
American
Bid
106 M
105
Gen & ref 2d ser 3 Ms '65
104M 105M
Gen & ref 3d ser 3 Ms '76
100M 101M
97
98 M
Gen & ref 4th ser 3s 1976
1977
George Washington Bridge
4Ms ser B 1940-53.M&N
Gen & ref 3 Ms
98 M
1942-1960
12M
29
31
Merch Fire Assur
10
22
23 M
42 M
Merchants
27
28M
National Casualty
M&S 60.75 to 1.50%
107M 109M
M&S
25
...100
1942-1960
Boston
535
544
Camden
5
Fire——
10
20
New Amsterdam Cas....2
New Brunswick
41
43
36M
40
MM
13M
77
80
24 M
25 H
10
15
16M
26M
New York Fire
Continental Casualty
United States Insular Bonds
26 M
28 M
Northern
2M
3M
Bid
Philippine Government—
100
4s 1946
5s
Apr
5s
Feb
106
1941
4 Ms
July
108
109
1952
5 Ms Aug
103M 104 M
103M 104M
1959
1952
1955
4 Ms Oct
-
110
5s.
Honolulu
U S Panama 3s June 11961
63.50
3.00
119
HOM H2M
109
110M
5M
6M
36 H
38M
95
Excess
& Dep of Md—20
Fire Assn of Phtia
109
111
Firemen's of Newark....5
8
9M
111
Franklin Fire
5
22
23 M
Federal Land Bank Bonds
3s 1956 opt 1946
99 M
10
71
5
14
16M
28M
30 %
Providence-Washington .10
Reinsurance Corp
Republic (Texas)
Ask
3 Ms 1955 opt
1945...M&N
1944
J&J
104'«i6 105M
4s 1946 opt
111»16 111M
4Ms 1958opt 1938..-M&N
1017i6 101M
Atlantic
47
California 5s
100
102
Central Illinois 5s..——
/28
31
-
86
Lincoln 4 Ms
87
Rhode Island
20 M
Rossla...
5
4
5
17M
St Paul Fire & Marine...25
184
189
7
.5
39M
Globe & Republic
__5
9
10
Seaboard
Globe & Rutgers Fire...15
19
22
Security New Haven
37M
North Carolina 5s
Ohio-Pennsylvania 5s
100 M
60
63
Springfield Fire & Mar..25
23 M
Stuyvesant
5
3M
8
100M
Oregon-Washington 5s__._
/32
100 z427
477
100
420
430
21M
23
Travelers
10
28
10
101M
Pacific Coast of Portland 5s
100
100
Westchester
Bid
Nat Union Mtge
101
105
107
Cont'l Inv Bd Corp 2-52
106M
108
Cont'l Inv DebCorp3-6s
Fletcher 3Ms._
—
101
75
Fremont 4Ms
102M
3s.
—..
100
64
5s
Southern Minnesota 5s
79
102
99 M
/28
San Antonio 3s
Southwest
78
76
Greensboro
99 M
St Louis 5s
100
5s
Greenbrier 5s
5s...
Potomac 3s
/15
-
30
100 M
68
16M
Illinois Midwest 5s
88
91
Virginian
Iowa of Sioux City 4 Ms—
93
96
5s
100
99 M
5s...
—
Debenture
77
42
40
'53
'53
48
•
....
.
.
.
.
2-3s
Mortgage Bond Co
49
1945
2-5s'55
...
.
44
42
44
42
1953
3-6s
....
Potomac Maryland Deben¬
ture
85
1953
72
1953
Corp 3-6s
Potomac Realty Atlantic
Nat Bondholders part
1953
42
Realty Bond & Mortgage
deb 3-6s
1953
44
Unified Deben Corp 5s 1955
30
32
Bid
As A:
Deb Corp 3-6s
ctfs
(Central Fund'g series)..
/20
Nat Cons Bd Corp 2-5s
'53
Deben Corp 3-6s.1953
74
Nat
99 M 101
....
42
3-6s
34
of Md
Inc 2-5s
74
1953
...
Potomac Franklin Deb Co
Empire Properties Corp—
Interstate Deb Corp
74
Potomac Bond
1953
3-6s
.1954
Corp (all
issues) 2-5s
1953
Potomac Cons Deb Corp—
Series B 2-5s
76
55
Associated Mtge Cos Inc—
100 M
99 M 100 M
Virginia-Carolina 3s
52 M
1954
'
100 M
99
Union of Detroit 4Mb
100 M
.
Corp—
Series A 3-6s
84
Potomac Deb Corp 3-6s '53
100
Phoenix
-
Ask
Bid
Ask
Allied Mtge Cos Inc—
Pennsylvania 5s..—
101
Fire
Surety Guaranteed Mortgage Bonds and Debentures
102
100 M
28M
24 M
100
99 M
26 %
23
2-5s——1953
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
101
Pac Coast of Salt Lake 5s.
100
2.50
—.5
First Carolinas 5s_...
First Trust of Chicago 4 Ms
49M
46M
U S Guarantee
100
First Texas of Houston 5s.
44 M
U S Fire..
51
Pac Coast of San Fran 5s—
First of New Orleans 5s...
12
47M
U 8 Fidelity & Guar Co__2
70 M
49
100
4Mb
10 H
4
10
29 M
68 M
.....
4M
Sun Life Assurance
9
10
All series
35
99M 100 M
99 M 100 M
109 M
106 M
22
99
5s—
30
1
preferred
99M 100M
First of Montgomery
20M
28 M
15
2d
Denver 5s—————.
First of Fort Wayne 4 Ms..
18M
10
Great American———5
100 M
6M
_
9
...10
Surety
89
90
99 M
99 M
...
100M
Dallas 3s
—....
Seaboard Fire & Marine..5
Home...
Ask
/5M
Chicago 4Mb and 5s
7
5
5
34
101
99M
New York 5s.
19M
16M
Hartford Steamboller.__10
100
Lafayette 5s
5s
54
/47
/42
4Mb...
23 M
18M
18M
Hartford Fire
Bid
Ask
99M 100 M
3s
Burlington 5s—
7
21 %
32
Hanover
99M 100 M
73
10
Great Amer Indemnity
Joint Stock Land Bank Bonds
Bid
104
6
(N Y)_2
.10
10
(Paul) Fire
Halifax
Atlanta 3s..
Accident
Glens Falls Fire..
Bid
Ask
J&J 103 >il8 103 y%
—..J&J 103llie 103 M
M&N 103»»m 103 H
117M
25
Phoenix
Gibraltar Fire & Marine. 10
Georgia Home
3s 1956 opt 1946.
113
Natlonal.25
Pacific Fire
Revere
Bid
2.50
80
109
Conversion 3s 1947
General Reinsurance Corp 5
3s 1955 opt 1945
50 M
77
Fireman's Fd of San Fr.25
12.50
River
Preferred
100
48 M
10
North
5
Northwestern
43
41
5
Federal................10
121
Govt ol Puerto Rico—
5s
115M 117M
Ask
Fidelity1
.....
4Ms July 1952
July 1948 opt 1243.
U S conversion 3s 1946—
100M 102
Hawaii 4 Ms Oct 1956
Bid
Ask
101 M
5
2M
Employers Re-Insurance 10
Eagle Fire
9M
25M
24 M
19M
25 M
10
7M
108
8M
New Hampshire Fire...10
New Jersey...20
City of New York..
57
6M
103
21
17M
19M
.....10
Carolina
IBM
55
2
Connecticut Gen Life... 10
109M 110
7
6
4
16M
10
National Liberty
National Union Fire
6
77
Bankers & Shippers
41
6
(Providence)..5
National Fire.....
5
74
Baltimore American.._2M
3M
44 M
38
Merch & Mfrs Fire New'k 5
40M
10
2H
3
5
com
Automobile
American Reserve
Inland Terminal 4Ms ser D
2
41M
Mass Bonding & Ins..12 M
American Surety...—..25
-M&S 60.50 to 1.25%
111
112M
....M&S
1939-1941
1939-1941
100
Ask
E
Holland Tunnel 4Ms ser
Gen & ref 4s Mar 1 1975.
10M
American Re-Insurance. 10
Bid
Ask
Port of New York—
7 M
6
American of Newark...2 M
Authority Bonds
13 M
12
5
10
2%
1M
10
Importers & Exporters.-.5
Ins Co of North Amer... 10
Life
Aetna
American Alliance
Port of New York
Ask
Bid
Par
Ask
Bid
American Home....
1965
.
44M
42 M
Bk of Amer NT &S A 12M
168
Insurance
61.70
4Ms April 1940 to 1949..
163
SAN
57 M
55M
100
World War Bonus—
Highway
Canal & Highway—
National
Ask
Bid
Ask
3s 1974
Highway Imp 4 Ms Sept '63
Canal Imp 4 Ms Jan 1964..
First
42
24
...
-
44
....
Joint Stock Land Bank Stocks
Par
Ask
Par
Bid
Atlanta
100
30
Atlantic
100
45
50~*
North
100
80
85
Pennsylvania
Dallas
...
Denver.
100
__
20
New York
12
59
63
45
100
4
Fremont
100
1
2M
Lincoln
100
5
100
20
25
100
San Antonio
100
First Carolinas
Telephone and Telegraph Stocks
Ask
10
100
Potomac
25
Bid
......100
Carolina
77
85
100
50
55
Par
Bid
Ask
(N J)
Preferred
com
—
_
*
100
87
92
Moines
55
7
5
Virginia
Virginia-Carolina
100
1M
70
iy»
80
Bid
Bid
FIC lMs—Sept
FIC 1Mb—Oct
15 1938
15 1938
6 .30%
F'IC,lMs—Feb
6 .30%
FIC 1Mb—Apr
3W
New York Trust
Par
Itallana.,100
Bk of New York & Tr.,100
Bankers
10
Bid
7
100
—20
Chemical Bank & Trust. 10
Clinton Trust
50
Colonial Trust
25
Continental Bank & Tr.10
Corn Exch Bk & Tr
20
Bronx
Ask
102
Fulton
100
185
200
331
339
Guaranty
100
208
213
42
44
4
County...
73
—
5M
78
79 M
37M
10
Irving
10 M
11M
100
1570
Lawyers
25
28
32
Manufacturers
20
34
36
Kings
County
10
Preferred
60
11
14
New York
20
48 M
50 M
25
78
81
11M
12M
Title Guarantee & Tr. -.20
42 M
43 M
Under writers
100
19M
20 M
United States
100 1515
5M
75
Rochester
16
Telephone—
50
58
25
30
*
89
92
134
137
58
63
S'western Bell Tel pref. 100
116M
117M
108
Wisconsin Telep 7% pf.100
116M 117M
Allied Corp—
$6 preferred
3s. 1946
Bear-Mountain-Hudson
River Bridge 7s...1953
Commodity Credit Corp
104
96 M
$6.50 1st pref
So & Atl Telegraph
——
97
....
Sept 1 1939
101.17 101.19
Banks
July 1938
..Dec 1940
..Apr
1 1943
6M
2s
Federal
2s May
16 1943.opt'39
101.11
104M
Authority 3 Ms '68
101.13
105M
6
2.50
less
1
3 Ms revenue
b
3.00
less
1
1944
1949
Reynolds Invest'g 5s 1948
Trlborough
100.1
100.4
4s
s
44
M
46M
Bridge—
f revenue '77 A&O
108 M
110
4s serial re venue.. 1942 b
2.10
less
1
101.14
4s serial revenue..1968 b
3.50
less
1
101.11
United Stats Steel Corp—
Natl. Mtge Assn
For footnotes see page
way
102.18 102.21
101.4
85
1565
15 1938
June 1 1939
3 Ms revenue
Fed'l Home Loan
2s.
Aug
1 Mb
100.10 100.13
New York City Park¬
100.18 100.20
lMs
Home Owners' L'n Corp
2s
101
Ask
Bid
Ask
% % notes Nov 2 1939.
Federal Farm Mtge Corp
1Mb
54
16
Preferred A
Gen Telep
1610
82 M
39 M
Central Hanover
Empire
Bid
90
Banca Comm
Brooklyn
Par
12
Telegraph
Miscellaneous Bonds
Companies
Ask
110
25
Peninsular Telep com
40
Bid
m
100
118
30
Associates Invest
IIMM
115
115
Canada... 100
Pa pref... 100
Cuban Telep 7% pref.. 100
15 1939 6 .45%
Ms—Nov
FIC 1MB—Dec
FIC 1Mb—Jan
25
110
Bell Telep of
Ask
15 1938 b .35%
15 1938 6 .35%
16 1939 6 .40%
15 1939 6 .40%
F I C I
June 15 1938 6 .20%
FIC lMs—July 15 1938 6 .25%
FIC1MS—_ Aug 15 1938 6 .25%
22
100
Bell Telepof
Pac & Atl
Int Ocean
FI C 1 Ms
13
165
Telegraph... 100
Mtn States Tel & Tel..100
Bank Debentures
Ask
25
*
161
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Federal Intermediate Credit
19
17
114M 117
7
Des
par
New York Mutual Tel. 100
Sou New Eng Telep...100
Am DIst Teleg
3795.
101.6
Debentures
3 Ms—1948
102
102M
3794
Financial
Chronicle
■
Quotations
June 11, 1938
'■
J'
•
•
■
V
«
.
'
Over-the-Counter Securities—Friday June 10—Continued
on
Railroad Bonds
Bid
Guaranteed Railroad Stocks
Atlantic Coast Line 4s.
.....
92 %
1939
28
29
1943
65
71
1940
Boston <fe Albany 4%s
3o$epb CUalkcr $ Sons
Members T^rw York Slock
91
I.
Baltimore & Ohio 4%s
25
Boston & Maine 5s
Cambria & Clearfield 4s
Exchange
120 Broadway
..........
.iv..
.
^
....
Chicago Indiana & Southern 4s
Chicago St. Louis & New Orleans 5s
Tel. REctor
NEW YORK
2-6600
Asked
.1939
.....
1955
...i....
93%
.....1956
97%
60
...1951
55
_
Chicago Stock Yards 5s
1961
60~"
92
95
.......1995
30
35
1951
Cleveland Terminal & Valley 4s
Connecting Railway of Philadelphia 4s..
Duluth Missabe & Iron Range 1st 3%s
106
.......1962
Florida Southern 4s..
160 %
9 9%
1945
60
..1953
45
______...............1950
63
..1978
82
1959
109
08
Illinois Central—
Louisville Dlv. & Terminal
Guaranteed Railroad Stocks
Indiana Illinois <fe Iowa 4s.
(Guarantor in Parentheses)
Kansas Oklahoma & Gulf 5s
Memphis Union Station 5s_
New London Northern 4s.
Dividend
New York & Harlem
Par in Dollars
Alabama & Vlcksburg
(Illinois Central)
Asked
6.00
49
55
10.50
86
91
6.00
31
35
—50
2.00
25
28
_
Boston & Albany (New York Central)
100
100
_—
...
—.
8.75
68
72
8.50
30
40
100
...
Boston & Providence (New Haven)
2.85
40
44
66
70
'
Carolina CUnchfield & Ohio common 5% stamped-.100
5.00
Cleve Clnn Chicago & St Louis pref (N Y Central)..100
Betterment
(Pennsylvania)
stock
5.00
55
50
3.50
66
70
50
Cleveland & Pittsburgh
.....i.....
.
...
2.00
40
44
65
....
.....
25
2.00
35
39
(N Y Central)........100
Fort Wayne & Jackson pref
5.50
43
48
Georgia RR & Banking (L & N-A C L)
9.00
....100
97
99
98
100
....1948
New York Philadelphia & Norfolk 4s.......
85
87
.1947
......
80
4.00
1939
1941
103%
Pittsburgh Bessemer & Lake Erie 5s
1947
114
50.00
54
50
Portland Terminal 4s
1961
Providence & Worcester 4s
1947
1942
100
Toledo Peoria & Western 4s
1967
104%
60
Terre Haute & Pecoria 5s
80
Toledo Terminal 4%s
85
....1957
West Virginia & Pittsburgh 4s..
85
106 %
95
99
103%
80~"
70
1990
38
As*
43
: !
Utility Stocks
Par
70
101%
105
Toronto Hamilton & Buffalo 4s
..1946
United New Jersey Railroad & Canal 3%s
1951
Vermont Valley 4 % S—_____
_^i____.l940
Public
*36
Michigan Central (New York Central)............100
Morris & Essex (Del Lack & Western)..
..50
90
Pennsylvania & New York Canal 5s
Philadelphia & Reading Terminal 5s
135
Lackawanna RR of N J (Del Lack & Western).....100
111
1940
_
Delaware (Pennsylvania)
50
85" "
,
2000
...
3%s
Norwich & Worcester 4%s
100
Allegheny & Western (Bull Roch & Pitts)
Beech Creek (New York Central)
Canada Southern (New York Central)
Bid
100
100
Albany & Susquehanna (Delaware <fc Hudson)
3%8-._.__
500
New York Lackawanna & Western
Northern Central
40
*26
29
100
5.00
*52
4.00
76
79
Alabama Power $7 pref..*
68%
70
72
74
4.50
30
35
Arkansas Pr & Lt 7 %
50
1.50
37
39
Associated
..50
3.00
75
Pittsburgh Fort Wayne & Chicago (Pennsylvania)..100
7.00
130
140
Oswego & Syracuse (Del Lack & Western)
Pittsburgh Bessemer & Lake Erie (U S Steel).
60
—
;
......
Preferred
pref *
Electric
Gas &
Mississippi Power $6 pref *
$7 preferred.
*
2
3%
Mississippi P & L $6 pref. *
Miss Riv Pow 6% pref. 100
§6.50 preferred
*
*
4%
4%
Missouri Kan Pipe Line..5
6
Monongahela
87 preferred.
4%
100
7.00
X145
150
6.82
45
50
Atlantic City El 6% pref. *
106
6.00
120
125
Bangor Hydro-E17% pf. 100
—100
3.00
60
65
118% 121%
62
64%
.100
6.00
120
125
100
10.00
215
220
100
—
preferred
6.00
40
45
.100
5.00
50
5.00:
35
40
Birmingham Elec $7 pref.*
*
-
Buffalo Niagara & Electern
Tunnel RR.St Louis (Terminal RR)
United New Jersey RR & Canal
(Pennsylvania)
Utlca Chenango <fe Susquehanna (D L & W)
(Delaware Lackawanna & Western)
Vlcksburg Shreveport & Pacific (Illinois Central)
Valley
100
25
21%
Carolina Pr & Lt $7 pref..*
81.60
preferred
22%
z69%
71%
_*
z64
66
7% preferred.... —100
73
75%
6% preferred
45
50
$6 preferred100
62
64%
3.50
19
24
Cent Pr & Lt 7% pref.. 100
72
74%
3.00
48
52
Consol Elec & Gas $6 pref1,1
Consol Traction (N J).100
6%
36%
40%
Consumers Power $5
94%
96%
5.00
pref*
8
100
7% preferred.
Equipment Bonds
Dallas Pr & Lt 7% pref. 100
Derby Gas & El $7 pref..*
Bid
Ask
Bid
Ask
Essex Hudson Gas
100
Federal Water Serv
Atlantic Coast Line 4%s..
Baltimore & Ohio 4%s
62.60
2.00
New Orl Tex & Mex 4%s.
55.50
5.00
New York Central
53.75
2.75
53.00
2.00
Boston
55.75
5.00
5s
6.50
6.50
65.00
& Maine 4%s
67.50
67.50
5s
4.00
65.00
65.00
4.00
63.25
2.75
5s
63.25
2.75
63.10
N Y Chic & St L 4^8
5.00
4%s
62.75
2.00
5s
61.75
1.00
67.00
6.00
67.00
67.00
6.00
55.75
5.00
YNH&Hartf4%s.—
56.00
5.00
56.00
5.00
52.25
1.50
—
6.00
67.00
58
5s
N
2.50
65.75
4%s._
58
4.00
3%S Dec 1 1936-1944...
Canadian National 4%s..
6.00
Canadian Pacific 4%s
Cent RR New Jersey 4%s.
Chesapeake & Ohio—
Northern Pacific 4%s
Pennsylvania RR 4%s
52.25
1.50
51.75
1.10
1937-49
2%s series G non-call
Chic Milw & St Paul 4%s.
5s
Chicago R I & Pacific—
Trustees' ctfs 3%s
83
85
53.00
2.25
52.85
2.25
Pere Marquette 4%s
53.50
2.75
Reading Co 4%s.
5s
53.25
2.50
52.50
2.00
& July
Dec 1
preferred
cum
*
*
87 cum preferred
1937-50
73%
Interstate Power 87 pref.*
-
89%
20%
108% 110%
21%
23
4
40
5%
41
6% pref series B
3.00
Amer
54.75
4.00
Amer Wat Wk & El 5s *75
88
92
Great Northern 4%s.__.
62.25
5s
5s
.
South Jersey Gas & El. 100
186
80%
Tenn Elec Pow
6% pf.100
264%
99%
106
108
1.25
1.00
100
33
115
4.75
Public
Bid
Utility Serv 6s. 1964
Utility Bonds
Ask
Bid
65
Cumberl'd Co P&L 3%s'66
101
86
89
Dallas Pow & Lt 3%s. 1967
Federated Util 5%s...l957
107% 108%
62
60%
64.75
5s
4.00
102
103%
104% 105%
64.75
4.00
ilia.
65.75
64.25
3.25
64.25
3.25
61.75
1.10
61.75
1.10
Maine Central 5s.
64.50
3.75
2.75
105% 105%
Green Mountain Pr 5s. 1948
53.25
2.75
f debenture 4%s..1948
100%
100%
Idaho Power 3%s
1967
52.25
1.50
Associated Electric 5s. 1961
44%
45%
Iowa Sou Util 5%8
1950
51.50
1.00
51.50
1.00
Assoc Gas & Elec Corp—
Income deb 3%s
1978
24%
25%
Union Pacific 4%s.
5s
5.00
Louisv & Nash 4%s.-._.
5S-
53.25
Internat Great Nor
Long Island 4%s
5s..
...
1st mtge 4s..
s
1963
Income deb 3%s
1978
Kan
25
City Pub Serv 4s, 1957
4%s '65
Kan Pow & Lt 1st
5s
25%
Keystone Telep 5%s._1955
51.70
1.00
Income deb 4s
..1978
26%
27%
Missouri Pr & Lt 3.%s.l966
51.70
Virginia Ry 4%s
1.00
1978
30%
31%
Mtn States Pow 1st 6s. 1938
1973
49%
1973
50
1973
53%
75
85
Income deb 4%s
Conv deb 4s
5s
75
85
Conv
5%s_.i
75
85
Conv deb 5s
75
85
Wabash Ry 4%s
deb
4%s
_
64.50
3.75
64.25
3.50
Missouri Pacific 4%s
5s
65.50
4.75
65.50
4.75
65.50
55
Debenture-S
3%s
1968
63
Narragansett Elec 3%s '66
Newport N & Ham 5s. 1944
2.50
Conv deb 5%3
1973
8-year 8s with warr.1940
GO
53.50
86
87%
N Y State Elec & Gas
56.00
5.00
8s without warrants. 1940
86%
88
56.00
5.00
Cons ref deb 4%s__1958
Sink fund inc 4s
1983
24%
26
22
4.75
....
5%b
6s
Western Maryland 4%s.
Western Pacific 5s
5%s
Chain Store Stocks
Par
Berland Shoe Stores
7%
B
Ask
*
3
6
100
preferred
/G Foods Inc
Bid
70
80
*
1
*
9%
common
Bickfords Inc
$2.50 conv pref
*
Bohack (H C) common...*
7% preferred
.100
Diamond Shoe pref
100
Flshman (M H) Co Inc..*
30
1
10%
1%
11
35
1%
12
95
6%
8*"
Par
Kobacker Stores
7% preferred
Bid
Cuban Atlantic Sugar... 10
Eastern Sugar Assoc
Preferred
5%
7%
1
5%
Pennsylvania Elec 5s. 1962
Ask
21
Penn Telep
11%
12%
_
_
_
Parr Shoals Power 5s. .1952
Corp 1st 4s '65
10
15
S f inc 4%s-5%s
1986
Sink fund inc 5-6s._1986
23
*
65
75
S fine 5%s-6%s
1986
27
11%
12
Bellows Falls Hy El 5s 1958
Blackstone V G & E 4s 1965
Cent Ark Pub Serv 5s .1948
101
S3
85
Central G & E 5%s...l946
1st lien coll trust 6s. 1946
67
69
86
88
102%
102%
105% 105%
100%
102%
89%
90%
73
Cent Maine Pr 4s ser G '60
Central Public Utility—
104
1st mtge 4s
1963
Sioux City G & E 4s__1966
Sou Cities Util 5s A..1958
105% 106%
101% 102
52%
50%
86
96
-
-
-
98
106% 107
San Antonio Pub Serv—
70
3
6
17
22
101
Reeves (Daniel) pref
98
100
United Cigar-Whelan Stores
*
23
25
Commonwealth Edison—
3%s series I
1968
Consol E & G 6s A
Par
Bid
As*
1
26%
28%
Debenture 3%s
West Indies Sugar Corp._l
2%
2%
For footnotes
6s series B.j
1962
1962
25
Peoples Light & Power
•
-
—
109
/1%
105%
1948
see page
1st
lien
3-6s
1961
61%
63%
1961
105%
Pub Util Cons 5%s...l948
65%
106%
67%
Public Serv of Colo 6s
102%
St Joseph Ry Lt Heat & Pow
104%
2%
...
4%s
1947
103
104%
104%
44%
45%
44
103%
99% 100
98%
97%
40
41%
Tel Bond & Share 5s.. 1958
60%
62
Texas Public Serv 5s. .1961
78%
86
Utica Gas & El Co 53.1957
122
Western Mass Co 3
105
%s 1946
Western Pub Serv 5%s '60
78
—
*
-»
81
104
3795.
104%i
Wiscoasin G & E 3 %s. 1966
104%
105
Wis Mich Pow 3%s._1961
45%
Consolidated Edison Co—
6%
..1
Old Dominion par 5s_.1951
26
99
Savannah Sug Ref com
20
Sink fund inc 5%s.. 1983
Sink fund inc 4-5s._1986
6%% preferred
100
Murphy (G C) $5 pref. 100
Ask
Secured notes 3%s..l947
Ohio Pub Service 4s. .1962
24
Sugar Stocks
Bid
98
29
North Boston Ltg Prop's
1983
Income 5%s with stk '52
Colorado Power 5s
1953
Par
1965
100
Kress (S H) 6% pref
Miller (I) Sons common..*
So preferred
4%s..l983
96%
27%
109% 110
88
92%
100% 101%
Corp
4s
Assoc Gas & Elec Co—
Sink fund inc 5s
101%
Mountain States Tel & Tel
_
51%
Sink fund inc
5%S
Minn St P & S S M 4s...
As*
63%
5s._
Illinois Central 4%s-.-_.
62
*
100
4%S
..
92%
(Conn)—
7 % preferred
Appalachian Elec Power—
Texas Pacific 4s
70
4.75
1.75
61.80
61.75
Hocking Valley 5s
26%
55%
Virginian Ry
4.00
55.50
55.50
81
52%
Utah Pow & Lt $7 pref
54.75
95
3%
92
78%
71
Southern Ry 4%s
5s
25
30
2.50
94
92
96%
58%
Southern Calif Edison—
26
53.00
90
,.
5%s
92
6% preferred G
.100
Sioux City G & E 57 pf.100
69
5% conv partic pref..50
Memphis Pr Ac Lt 87 pref. *
53.75
4%S
99
87
Rochester Gas & Elec—
United Gas & El
Southern Pacifiv 4%s
5s
St Louis-San Fran 4s
64%
93%
*
-
33%
.100
98 %
Penn Pow & Lt $7 pref
-
-
101%
31%
7% preferred
90
Queens Borough G & E—
6% preferred
100
Republic Natural Gas
1
24
7% preferred
100
Texas Pow & Lt 7% pf. 100
Toledo Edison 7% pJ A. 100
St Louis Southwestern 5s.
88
.*
28
5.00
4%s...
100
37
66.00
92
(Del) 7% pref
(Minn) 5% pref
34%
5.00
92
100
Power—
26%
5.00
88
States
Long Island Ltg 6% pr.100
66.00
88
cum preferred
Northern
67%
98
22
22%
Jamaica Water
7% pref. 100
*
7% preferred
100
Okla G & E 7% pref..100
Pacific Pr & Lt 7% pf..l00
20%
Iowa Southern Utilities—
.....100
Supply—
7%% preferred
50
Jer Cent P & L 7% pf.,100
7%
preferred
21%
99
Gas..*
cum
Kings Co Ltg 7% pref. 100
5s
15
26
89
186
.—100
S7 prior lien pref
_*
New Orl Pub Serv $7 pf..*
New York Power & Light—
111
100
66.00
Erie RR 5%s
% pf- *
19%
12%
105 %
125
*
Mass Utilities Aasociates—
Denver & R G West 4%s..
100
__
Ohio Edison $6 pref
._...._*
Kan Gas & El
__
§7 preferred
____*
Ohio Power 6% pref
100
Ohio Pub Serv 0% pf__100
Hudson County Gas
.
_
%
31
Idaho Power—
Natural
_
4
24%
27
186
125
7% preferred-.
_
56
116
Gas & Elec of Bergen.. 100
$6 preferred
7% preferred
65%
106
114
20
7% preferred
4s series E due
Jan
86.50
*71%
Corp—
86 cum preferred
Interstate
5s
Chicago & Nor West 4%s.
Ask
56%
Penn
Nassau & Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
Newark Consol Gas. ...100
$6
Continental Gas & El—
Railroad
Bid
New Eng Pub Serv Co—
50
100
West
Pub Serv 7% pref..i.25
Mountain States Power—.
New Eng G & E 5%
Central Maine Power—
.50
Pre'erred
Warren RR of N .) (Del Lack & Western)
West Jersey & Seashore (Pennsylvania)
.-._*
Original preferred
100
..100
—
Rensselaer & Saratoga (Delaware & Hudson)..
St Louis Bridge 1st pref (Terminal RR)
Second
Par
56
--.--..50
(D L & W)
(Pennsylvania)
Preferred
Bid
3.875
104%
104^
Volume
Financial
146
Industrial Stocks and Bonds
Water Bonds
Alabama Wat Serv 5s. 1957
Par
Alabama Mills Inc
*
5s 1950
10036
American Arch
*
23
27
10
11
1136
Pilgrim
100
8836
Pure Oil 5% conv pref
25
203*
*
23*
33*
Scovlll Manufacturing..25
1536
1736
101
New Jersey Water
Wat 5s *58
101
New Rochelle Water—
1951
80
'51
88
90
Newport Water Co 5s 1953
Ohio Cities Water 536s '53
10036
104
536s series A—.1954
98
102
75
80
5s .1954
Ohio Water Service 5s. 1958
Ore Wash Wat Serv 5s 1957
105
536s
-
New York Wat Serv 5s
10536
10436
Butler Water Co 5s. ..1957
Ohio Valley Water
Calif Water Service 4s 1961
10236 104
Chester Wat Serv 436s '58
10436
10636
10136
1951
536s series A......1951
City of New Castle Water
5s...
...
103
1941
5s
101
(Chattanooga)
101
---
105
1957
1st 5s series C
59
64
~
70
65
...194
6s series A_.
9936
Conncllsville Water 5s 193
Coasol Water of Utlca—
9136
195
436s
85
95
97 36
8%
34
Columbia Baking com
107
109
98
101
$1
Indianapolis Water—
1st mtge 3 36s
10436 10636
87
5s.
92
136
Dentist's Supply com...10
Devoe & Raynolds B com *
5436
5736
30
Union
3236
10136
78
9736
104
105
101
101
Douglas (W L) Shoe—
Conv prior pref
Draper Corp
*
Bake Shops
*
18
20
...
10436
105"
Foods $4.50 pf..*
Good Humor Corp
105"
1
101
93
96
10136
99
12
233*
WJR The Goodwill Sta...5
19
21
273*
Worcester Salt
100
40
536
636
36
436
56
536
1436
5
1
Kildun Mining
Corp
1st 6% preferred
2d 8% preferred
100
104 36
100
100
100
Macfadden Pub common. *
-*
...
100
Par
Bid
2.56
2.91
8.98
Affiliated Fund Inc...13*
3.47
3.82
Investors Fund C-———1
Amerex Holding Corp...*
1636
1836
Keystone Custodian Funds
Series B-l..... .—.-...
2.82
3.11
Amer & Continental
24.33
26.50
..... .——
19.54
21.37
Series B-3..._........
12.82
14.02
12.32
14.43
_
New common
Corp
6
7
Series B-2
.
_
.
Equities Inc 25c
53c
59c
Series K-l
Am Insurance Stock Corp*
33*
4
Series K-2
Shares..2
Bankers Nat Invest Corp *
5
53*
Series £W2-__.
Amer Gen
Assoc. Stand Oil
Shares..10
Basic Industry
1.48
1.98
2.73
13.05
13.96
1
22c
37c
Broad St Invest Co Inc..5
Boston
Fund
Inc
A
British Type Invest
—
Ask
Investors Fund of Am Inc.
8.40
Amer Business Shares—
8.37
12.35
3.73
Series S-4_.......
9.17
11.25
4.14
2
Major Shares Corp
*
Maryland Fund Inc. —10c
Mass Investors Trust
1
4.65
5~.09
17.72
21.03
22.49
10
9.27
10.13
1
113*
123*
Nation Wide Securities 25c
2.60
2.70
3.40
3.75
1.09
20.11
21.62
4.47
4.76
2.75
2.94
1
10.42
11.20
6.54
7.03
5
Mutual Invest Fund
New England Fund
N Y Stocks Inc—
6
Corporate Trust Shares..1
1.96
Agriculture..
Series AA..... ...1
Accumulative series...1
1.93
Aviation.
7.25
7.85
1.93
Bank stock.
6.63
7.18
1
2.27
Building supplies
6.04
6.55
2.27
Electrical equipment—
6.09
6.60
Insurance stock
7.84
8.48
Machinery
6.12
6.63
,
Series A A mod
..1
10
Crum & Forster com
8% preferred".
20
100
Series ACC mod
115
23
10
7% preferred
3.93
4?63
6.83
7.40
7.77
8.41
Railroad equipment
110
Cumulative Trust Shares. *
......
Oils
29
26
100
Common B share
—
Metals
Crum & Forster insurance
5.20
5.65
Steel
5.89
6.39
No Amer Bond Trust ctfs.
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B1
2.28
Series 1956
1
Series 1958—
2.44
1
Pacific Southern Inv pref. *
1
1
Plymouth Fund Inc... 10c
36
32c
3.10
1
4.60
5.20
Class A.
1.04
1.13
Class B
Eaton & Howard Manage¬
:.——_*
—
ment Fund series A-l...
15.42
16.56
Quarterly Inc Shares.-10c
8.32
Equit Inv Corp (Mass)..5
25.00
26.60
98
Equity Corp S3 conv pref 1
193*
223*
*
16.05
17.28
10c
2.18
2.41
5% deb series A
Representative TrustShslO
Republic Invest Fund.25c
Royalties Management.
Selected Amer Shares..236
series .10c
2.97
3.30
Selected Income Shares—
Fixed Trust Shares A... 10
7.57
Fidelity Fund Inc
Fiscal Fund Inc—
series
Bank stock
Insurance stk
6.51
Fundamental Invest Inc.2
Fundamental Tr Shares A 2
4.16
4.75
8.41
21c
23c
40c
60c
8.26
9.0Q
3.55
59c
"65c
13.50
1.70
2.10
Standard Am Trust Shares
3.45
3.70
Standard Utilities Inc.50c
13.92
15.04
State Street Invest
Corp
43c
6736
Super Corp of Am Tr ShsA
*
26.60
28.60
3.99
4.34
Agricultural shares
92c
1.01
Automobile shares
63c
70c
1,08
1.18
Aviation shares
.....
Building shares
1.04
1.14
Chemical shares
1.02
1.12
Food shares
74c
82c
Investing shares
58c
BB
90
6
76
1940
lst conv s f 6s
/703*
/636
Deep Rock Oil 7s
.1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
73*
1948
Conv. deb 6s
3
100
18
21
Nat
Radiator
*
14
1536
N Y
----
Shipbuilding 5S..1946
1945
*5%
preferred.-
5s.....1946
100
55
---
79
723*
8
75
38
42
Witherbee Sherman 6s 1963
3236
35
8
10836
Woodward Iron—
*
1636
86
107
60
Yeast—100
—5
Preferred 636%
Northwestern
/1336
Scovlll Mfg 536s
New Haven Clock—
Norwich
98"
436
Pharmacal
Ohio Leather common
1st 5s
10
...—*
Ohio Match Co
Supervised Shares
37
1962
income 5s..1962
8.18
1
8.89
.1
2.04
Series D
Trustee Stand Oil Shs A.l
100
3936
102
Trusteed Amer Bank Shs B
53c
88c
Trusteed Industry Shares.
1.16
U S EI Lt & Pr Shares A..
1.05
RR equipment
76c
12
1.48
B
1957
1st 3s
B'way Barclay 1st 2S..1956
1944
1st 3s.
Bid
1948
4-6s
4s...1945
Chesebrough Bldg 1st 6s '48
Colonade Constr'n 4s. 1948
Court & Remsen St Off Bid
87
91
32
3336
Metropol Playhouses Inc—
S f deb 5s
1945
593*
6136
6136
6336
.1946
2036
2236
50
53
44
40
4s with stock stmp. .1956
/436
536
32
34
/4636
/30
4836
/493*
/3736
503*
/2036
N Y Athletic Club—
2736
30
2436
2036
43*
1st 3s inc '46
636s. 1949
53*
47
45
2836
28
30"
-
--
—
-
3736
40 Wall St Corp 6s
'43
1958
42 Bway 1st 6s...
1939
-
4036
38
74
-
.
«
3s.......—1957
6s
1944
1st 236-4s (w-s)
1949
Graybar Bldg 5s
.1946
Income
Harriman Bldg 1st 6s.
1951
'42
Hearst Brisbane Prop 6s
35
4s—1950
Bldg
4-5s extended to 1948
Hotel St George
53*
/4
3036
33
85c
1236
1.58
56c
62c
81c
89c
Steel shares
88c
97c
Un N Y Bank Trust C-3-*
2
2H
Tobacco shares
90c
99c
UnNYTr Shs ser F
1
1st
Mad
13
Bldg 1st 536s '51
43
55
57
36
income—.—...1943
/413*
443*
Roxy Theatre—
39
Corp—
3s with stock......1956
Sherneth Corp—
2s with stock
1956
60 Park Place (Newark)
46
48
2436
2636
/183*
193*
Savoy Plaza
61
31
1957
'
36
42
3336
39
...
44
1st fee &
54
*»
-
leasehold
1947
336s...
40
01 Broadway Bldg—
3236
3436
.1955
63
65
(w-s)..—.-.-1958
36
38
336s with stock
1950
Syracuse Hotel (Syracuse)
34
6136
1947
893*
91
Textile Bldg—
38
40
Trinity Bldgs Corp—
1st 6s
■
59c
165 Bway
43
/41
w'-s—1963
Theatre Rlty Corp
Loew's
/6
6s...1941
1st 4s.
Lefcourt Manhattan
——1950
1951
mtge 6s
Prudence Co—
5s
43
Lexington units
Nov 15 1939
1st 6s.
2d
536s stamped. — -.1961
Realty Assoc Sec Corp—
Bldg—
Fuller Bldg deb
...
Oliver Cromwell (The)—
103 E 57th 8t 1st
1400 Broadway Bldg—
stamped-.1948
3936
1 Park Avenue—
34
Film Center Bldg 1st 4s
/19
AO
1'52
1st leasehold 3s. Jan
(Phila)
July 7 1939
313*
19th & Walnut Sts
1st 6s.
52d & Madison Off Bldg—
Hotel
5363 series C-2
536s series F-l —
536 s series Q
Hotel units
636s
Co—
536s series BK...
...1950
1st
-
Majestic Corp—
N Y Title & Mtge
Eastern Ambassador
Fox Theatre & Off
2s..
N Y
Dorset 1st & fixed 2s._1957
1st 33*8
Ask
Metropolitan Corp (Can)—
0s
1947
Broadway Motors Bldg—
Chanin Bldg inc
7836
2236
30
B'way & 41st Street—
1952
...
1947
5s (L I)
1951
(The) Ave Apt Hotel
.
1st 3s.
1st 4s
1st 536s
Ludwig Baumann—
1st 5s (Bklyn)
5.18
65c
Alden
76
Certificates
Ask
Bid
1st & gen 3s w-s
5.77
..1
Series B
2d conv
London Terrace Apts—
2.09
Series C
9
Real Estate Bonds and Title Co. Mortgage
Income 536s
4.91
3
736
Lincoln Building—
Trustee Stand Invest Shs—
96c
80c
__
9236
114
Nat Paper & Type com—*
lst4s.
4.91
1.06
Mining shares
Chicago Stock Yds 5S..1961
Cont'l Roll & Steel Fdy-
Lewis Morris Apt Bldg—
1.83
C
Petroleum shares
Merchandise shares
95
2036
111
New Britain Machine
...
107
Am Wire Fabrics 7S..1942
107
1st
1.83
2.84
D
Group Securities—
46c
71
2.72
AA
Investors Trust.*
General
102
7.91
B
General Capital Corp
9.12
13.11
7.07
3.76
B_.
37c
Investors
Sovereign
5.97
B
6
Spencer Trask Fund
10
-Foreign Bd Associates Inc.
Foundatiou Trust Shs A.l
American Tobacco 4s. 1951
4
*
500 Fifth Avenue
97
25
25c
D
123
preferred .—..-100
3736
42
50 Bway Bldg
2.24
2336
536
3.50
Dividend Shares
86
Bonds—
33*
3336
1836
39
Equit Off Bldg deb 5s. 1952
Deb 5s 1952 legended...
1.90
1955.-.-..—...1
Series
2.
Diversified Trustee Shares
C
4936
No Amer Tr Shares 1953.*
1.26
4636
76
7%
100
80
1.20
Century Shares Trust
*
Commonwealth Invest... 1
Voting shares
National Investors Corp.l
Continental Shares pf.100
44
preferred
7%
100
100
Preferred...---.
9
100
Young (J S) Co com... 100
200
150
Muskegon Piston Ring.236
National Casket-—---*
7% preferred...;
—
18,86
Canadian Inv Fund Ltd.-l
Bullock Fund Ltd
1236
836
*
York Ice Machinery
Mock Judson & Voehringer
Ask
10.49
536
9
213*
253*
Lord & Taylor com
Investing Companies
9.86
43*
50
Great Northern Paper..25
6% preferred
Bid
75
100
Wilcox & GIbbs com
Merck Co Inc common..1
Par
1st preferred
Wick wire Spencer Steel.
42
Harrisburg Steel Corp
Preferred.
Adminis'd Fund 2nd Inc.*
$7
636
53*
4
104
._
136
163*
39
101
A.
1436
97
92
953*
1
*
$3 cum preferred...
1236"
9134
100
*
Preferred
Great Lakes SS Co com..*
99
1036
White Rock Min Spring-
10636
636
17
Preferred
1236
113*
45
14
105
*
West Dairies Inc com v t c 1
323*
106
403*
100
Pulp & Pap com. *
preferred
preferred
100
Graton & Knight com
1013*
5*
(Northam)—
conv
West Va
3
23*
1956
1960
._—1949
6s series
3
7%
336
236
303*
King Seeley Corp com—1
Lawrence Portl Cement 100
5s series B
236
$3
1936
shares.--—*
General
102
100
13*
63*
Welch Grape Juice com..5
536
436
Garlock Packing com
*
Gen Fire Extinguisher...*
95
103 36
36
51
17
Foundation Co For shs.—*
91
936
1
53*
Preferred
336
236
483*
..*
Fohs Oil Co
American
836
pref
cum
United Merch & Mfg com *
36~~
30
Preferred
103 36
70
Stock Yards Corp—
70c
United Artists Theat com. *
31
10036
5s series C
536s.
303*
112
Federal
Wichita Water—
102
236
283*
Warren
76
1960
136
*
78
102
—1955
1960
*
Trico Products Corp
United Piece Dye Works. *
100
W'msport Water 5s.—1952
102
9336
*
Preferred
Co
—1951
1950
7
Tennessee Products
109
Dixon (Jos) Crucible...100
1949
1958
Union Water Serv 536s '51
W Va WTater Serv 4s-.1961
Western N Y Water Co—
5s series B_—
1950
6
Tublze Chatillon cum pf.10
26
2836
10636
1st mtge 536s
Westmoreland Water 5s '52
104
*
Steel common
36
99
1st mtge 5s
104
3136
Dennison Mfg class A_—10
101
53*
123*
Taylor Wharton Iron &
1636
2936
10436
Texarkana Wat 1st 5s.
43*
11
*
Sylvania Indus Corp
107
6s series A
104
243*
8
1436
*
136
336
213*
Crowell Publishing com..*
$7 preferred
100
Springf City Wat 4s A '56
Terre Haute Water 5s B '56
10136 103 36
preferred
cum
336
6
20
Strom berg-Carlson Tel Mfg
2
53*
4
5
Standard Screw
38
•;
36
23*
Preferred
53*
636
*
Corp..*
1013-6
72
5s series A
10336
54 36
533*
Chic Burl & Quincy—100
Chilton Co common
10
75
5s series B
5s.
Standard Coated Prod. 10c
106~"
75
110
6s.
4
*
Beneficial Indus Loan pf *
102
1961
1967
Water Service 5s.
1st mtge 5s
101
25*
Corp
99
Wat 5s '50
South Pittsburgh Water—
Huntington Water-
Belmont
Radio
248
239
43*
Skenandoa Rayon
103
99
106
536s series B
Singer Mfg Ltd
2
4
100
South Bay Cons
100
Singer Manufacturing.. 100
1736
com
136
Burdlnes Inc common....I
—
1st & ref 5s A
97
453*
16
103
SbenangoVal 4s ser B 1961
9836 101
433*
100
1958
Scranton-Spr'ng Brook
Greenwich Water & Gas-
60
.
A..'66
St Joseph Wat 4s ser
106"
H36
52
Products...*
Maize
836
75
74
American Mfg. 5% pref 100
Andian National Corp
*
Remington Arms
43*
14
73*
*
9436
2136
1336
pref
Hardware
36
336
13
1
Exploration
Pollack Manufacturing
Dictaphone Corp
436s
rf-
36
Art Metal Construction. 10
9536
97
*
1
Petroleum Heat & Power. *
pref
cum
Amer
85
9436
1st coll trust
Scranton Gas & Water
►—» o o —
7% pref
Conversion
Petroleum
Bankers Indus Service A.*
9536
E St L & Interurb Water-
conv
American
10036
80
43*8—1966
Peoria Water Works Co—
1st & ref 5s
1950
1st consol 4s
1948
1st consol 5s
1948
Prior lien 5s
1948
Phila Suburb Wat 4s.-1965
Pinellas Water Co 5 36s. *59
Pittsburgh Sub Wat 5s '58
Plainlield CJnion Wat 5s '61
Richmond WW Co 5S.1957
Roch & L Ont Wat 5s. 1938
100
Pa the Film
336
American Hard Rubber—
Penna State Water—
Citizens Wat Co (Wash)
City Water
5%
76
103 36
——1954
5s series B.
236
American Cynamid—
81
1951
5s series B
Birmingham Water Wks—
5s series C
1957
Ask
Bid
Par
Ask
10436
Ashtabula "Wat Wks 5s '58
Atlantic County
Bid
5s '65
Muncie Water Works
9836
9736
Ask
Bid
Ask
Bid
3795
Chronicle
—
55
—
2 Park Ave Bldg 1st
5336
...
...
ou
mum
Walbridge Bldg (Buffalo)—
3s with stock.
1950
Wall & Beaver St
Majestic Apt Inc—
4s w-s 1948 stamped
1939
4s 1946
/in
27
1st 3s 1957 w-e
...
44
43*
53*
1st 436 s
18
—
Corp—
1951
w-s
203*
2236
13*
13.05
shares—
3*
Guardian Inv Trust com.*
36
Corp
1
Investors..*
40c
80c
15.13
16.27
Huron Holding
Incorporated
Institutional Securities Ltd
Bank Group
shares
Insurance Group Shares.
93c
1.03
1.17
1.29
Invest Co. of Amer
com.10
36
3*
Insuranshares Corp (Del)l
26
29
Voting shares..
Wellington Fund
*
.1
11.83
Investm't Banking Corp
Corp.l
Central Nat Corp cl A...*
Class B
*
3J6
28
2
10
1536
Schoelkopf, Hutton &
Pomeroy Inc com...10c
13*
436
33
...1948
6s..
*
Bancamerlca-Blair
First Boston Corp
Metropolitan Chain Prop—
No
/Flat
value,
par
price,
dividend.
y
Interchangeable,
t Now listed
on
Westinghouse Bldg—
1st fee & leasehold 4s
b Basis price,
'48
6036
—
d Coupon, e Ex-interest.
w-s With stock, x Exz
Ex-stock dividend,
New York Stock Exchange.
X Quotations per 100 gold
236
87
n Nominal quotation.
wfWhen issued,
Now selling on New York Curb Exchange,
5
17
a
84
rouble bond, equivalent to 77.4234 grams
of pure gold.
Financial
3796
Quotations
Chronicle
Over-the-Counter Securities—Friday June 10—Concluded
on
Foreign Unlisted Dollar Bonds
Foreign Stocks* Bonds and Coupons
Bid
Bid
Ask
Inactive Exchanges
Oberpfals Elec 7s
July to Dec 1933
Jan to June 1934
—
July to Dec 1934.-.-—
& CO., INC.
BRAUNL
52 William
St., N. Y.
July to Dec 1935—.
-
Jan to June 1936——.
Tel. HAnover 2-5422
July to Dec 1936
.
-
Jan to June 1937
1
-
-
July to Dec 1937
Jan to June 1938
Foreign Unlisted Dollar Bonds
/36
SZb
szza
SZ2
S29A
S2bA
S2b
-
-
-
0
8
A 8k
Bid
Bid
Colombia 4s
A*l
Anhalt 7s to
1946
-.1946
f'20,A
/26
22H
AntloqulaSs
29
Cordoba 7s stamped..1937
f60
Bank of Colombia 7%. 1947
>22 M
24
Costa Rica funding 5s.
/22M
/17
24
20
Costa Rica Pac Ry 7 As '49
5s
1949
fl 7
S17A
si 7
>20M
22
Cundlnamarca 6 As. ..1959
S*A
7s..—-
1948
.s'35-40-46-48
BarranQUilla
Bavaria 6Ms to._
1945
Palatinite
Bavarian
Cons
1946
'51
Dortmund Mun Utll 6s '48
SZ4
112 A
/20
1
7
S90
/22
S11
2
1945
/16
19
Duesseldorf 7s to
1945
S22A
S20A
>12
13 M
Dulsburg 7% to
1945
S20A
21
flVA
12A
East Prussian Pow 6s. 1953
ZA
Electric Pr (Ger'y) 6 As '50
6 Ms...
1953
S21
S22A
S2 2 A
23
ZA
ZA
European Mortgage & In
Cities 7s to
1945
8s
Bolivia
(Republic) 8s. 1947
7s...
1958
Brazil funding 5s. .1931-51
/3M
/3 M
/5
/20M
/16
Brazil funding
/30
7s...-
1969
6s
1940
Brandenburg Elec 6s. .1953
Bremen
scrip
...
(Germany) 7s_ 1935
6s..
17
7M«
6Ms
1966
1967
7s income
1967
18'
Farmers Natl
19
Frankfurt 7s to
Mtge 7s. '63
1945
1953
95
3
/14
S28
6s
/22M
Illseder Steel 6s.
-
«
/22
Call
1 OA
S29A
Z0A
Ceara
(Brazil) 8s
1947
4
Central German Power
.1934
Chilean Nitrate 5s
1968
Graz (Austria) 8s
99
SSA
S10A
Dec 1 '35 stamped
Budapest 7s
-.1953
sim
June 1 '35 to June '38
City Savings Bank
S12A
General
8 A
16 A
July 1 at 102.
reasons
it is
are
x
near
as
called
x
Co.—Earnings—
1938—Month—1937
$480,000
$523,000
206,300
289,800
Profit.
1938—5 Mos.—1937
$2,093,000
$2,376,500
813,200
1,209,500
Includes other income and is after operating expenses and development
charges, but before depreciation, depletion and Federal taxes.—V. 146,
Alleghany Corp.—Injunction Upheld in Fight for C. & 0.
Court Refuses to Stop Guaranty
Trust's Voting
'Chesapeake Stock— >
—Circuit
The U.
S. Circuit Court of
Appeals on June 9 in a unanimous decision
petition of the corporation for an injunction to restrain the
Guaranty Trust Co. from voting impounded stock of the Chesapeake Corp.
The decision, handed down by Judges
Augustus N. Hand, who wrote
the
a? opinion; Learned
.1945
.1951
6Ms.
...
2d series 5s
SO A
S22A
S22A
/24
/415
Coupons—
1956
J5 8
/5 8
Oct 1932 to April 1935
22
22 A
>62
.—
—
.1956
Oct 1935 to April 1937
/47
£
S2VA
Certificates 4s—1936
—
f 70
/58
7s unstamped——1946
Certificates 4s —1946
SbZ
/33
Nat Bank Panama
(A & B) 6 Ms. 1946-1947
SO 6
mm —
(C & D) 6 Ms. 1948-1949
Nat Central Savings Bk of
soo
—
1962
S1Z
—
...
T
—
\
S05
I
Hungary 7Hs
1
64
1
SO A
North German Lloyd 6s '47
/II
/99
1947
61
..1948
Mtge 7s
4s
-
62 A
186.58 91.18
1943
7% gold ruble
National Hungarian & Ind
alphabetical position
23 A
23
S22A
/21
/20M
3
22
A
railway
outvoted
be
injunction,
now
in exact alphabetical order.
possible.
holding companies, Alleghany and Chesapeake Corp., can be
by the great body of C. & O. stockholders.
The Circuit Court
established for the future that the control of that railroad cannot
with
interfered with 1 by the trustees
stock is pledged.—V. 146, p. 3656.
arbitrarily
company
whom
the holding
Allegheny Ludlum Steel Corp .—New Company to Combine
Allegheny
Ludlum Steel
3327.
and
Allegheny
Companies—See
Steel Co.—V. 146, p.
Allegheny
Hand and Martin T. Manton, upholds the refusal
of Judge Alfred C. Coxe of the U. S. District Court to
grant an
but on dissimilar grounds.
,
as
in interfering with this directorate a year ago when control of that company
passed to Mr. Kirby and myself, at a time when Alleghany Corp. had the
unqualified right to elect an entirely new C. & O. board if it had seen fit.
Instead, Mr. Kirby and myself made no changes whatsoever in the board
of the C. & O. Ry.
Apparently the Guaranty Trust Co., as trustee, thinks that it is in the
interest of the C. & O. Ry. to have one board of directors of that company
selected by them when the market is down and another board of directors
of that company selected by Alleghany when the market is up.
This
kind of administration of C. & O. does not appeal to Mr. Kirby and myself.
Last month we established in Richmond that the stock held by the
has
denied
...
5s....
always possible to arrange companies
always
Payment will be made at the Bishop
Alaska Juneau Gold Mining
/8
fiiA
|
UTILITY*—INDUSTRIAL—MISCELLANEOUS
not
Trust Co., Ltd., Honolulu, Hawaii.
Period End. May 31—
Gross earnings..
/23
.1947
8%.
£
10 A
12 A
Advertiser Publishing Co., Ltd.—Bonds Called—
on
/5
/24
scrip...-...—
f Flat priee '
A total of $10,000 first mortgage 6% bonds, due 1944, have been
redemption
1948
8s ctfs of deposit-1948
Corporation and Investment News
However, they
or
7s ctfs of deposit-1957
8s
—
24
S22
f20
1954
RAILROAD—PUBLIC
NOTE—For mechanical
OA
SO A
Apr 15'35 to Apr 15'38.
German Young coupons:
/a
7s assented....
33 A
S9b
German Dawes coupons:
Dec 1934 stamped
/25
/16
/16
/65
Chile Govt 6s assented
}
SZ2A
1946
Int ctfs of dep July 1 '38
German scrip..
German Central Bk
Madgeburg 6s
Office
Funding 3s
Central Agrlc Bank
see
Conversion
...
68
S20A
S20A
German Central Bank
Agricultural 6s..... 1938
1933
...
2ZA
00 A
24
German
inelro 6%
21M
Luneberg Power Light &
„
10A
5A
1941
f21
S21A
S21A
/20
/70
/25
fOA
S21A
S21A
/21
/14
/12
57
49
U)A
1941
-
/22
_
/46
/15M
/5
/OA
J2
5s...
52
mm
German Building & Landbank OAs
1948
1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
113M
S21A
^
German Atl Cable 7s ..1945
(Colombia) 7s...1947
(Peru) 7 As
1944
many) 7s—.1946
m'm
SO A
(Ger
■
45
Callao
—
/35
—1936-1937
—1968
.
52
/54
/42
/22
/50
/24
/22
«
Buenos Aires scrip...—..
/40
Burmelster& Wain 6s. 1940 /117
Caldas (Colombia) 7 As '46
/9M
Cauca Valley 7 As
_
Porto Alegre 7s
Coupons-
■
1940 /] 00
,
———1956
Coupons.
-
1952
Protestant Church
48
---
22 A
Poland 3s
49
3
24 A
.
mm —
mm
mm —
4s
change Bank 7s...
24 A
98
Gelsenklrchen Mln 6s.1934 /100
6s.
1937 /100
/14
Corp—
-
SI 8
/II
sm
S11
/II
/20M
French Nat Mall SS 6s '52
1962
Ind
1966
7s
British Hungarian Bank
Brown Coal
7 Ms
7 As income.
21A
/16
/17M
1940
vestment
OA
A
21A
A
5% scrip..—-—
/II
3
OA
24
Bogota (Colombia) 6 Ms *47
City 6 Ms
70
')
18
f20A
J2Z
/25
/25
Panama
Panama
6s..
7
6s.
Hansa 88 6s
19
1945
7s to
m
/20
—
18
—
s
36
f21A
mm-
'm'mm
Jan to June 1935
1946
Oldenburg-Free State
/36
-
Ludlum Steel
Vote Aug.
Steel Co.—Stockholders to
Merger—
10 on
.
The Circuit Court
collateral
upon
held
held that the crucial date for
by the bank
March 2,
was
placing an evaluation
whereas the Guaranty
Trust Co. contended the right date was March 22.
The importance of the date as of which the
Guaranty appraised the col¬
lateral arose from the fact that, under the indentures of oonds issued by
the
Alleghany
depended
on
the
Corp.,
the Trust
stock market prices.
value
company's appraisal of the collateral
If, on a given date, the Trust company
of the collateral
behind Allegheny
Trust company
bonds was less than
could impound the
collateral and administer it in the same fashion as
might a receiver.
The collateral impounded includes stocks which
carry control of the
Ch^apeake & Ohio Ry. It is the contention of the Alleghany management
150%
that
of their face value,
the
the the
Trust
way as to
company estimated the
give it this control, whereas,
the securities
was
value
of
these
stocks
in
such
a
March 2, the market value of
sufficiently high as to leave control in the hands of the
on
Alleghany mangement.
The present decision leaves
*
open an opportunity for Alleghany to con¬
was sufficiently
railway.
tend
that,
high
as to give it control of the
on
the crucial date, the value of the collateral
Robert R.
Judge
supports
Young
on
June 9 issued the following statement:
Ha,nd's decision will
establishes
m
all
respects
Alleghany's
our
be very
helpful to Alleghany.
The opinion
interpretation of the indenture.
First, it
contention
that
the
crucial
date
for
valuing
the
collateral
cannot be arbitrarily selected
by the trustee.
It throws out
Guaranty s March 22 appraisal as having no legal justification.
Second, it confirms our contention that market values must be con¬
sidered, and denies Guaranty's contention that the trustee can take ap-
7Mues that are subject to its sole discretion, however arbitrary.
Third, the decision clearly indicates that Guaranty's arbitrary reduction
.in the value of the Terminal Shares notes
The denial of injunctive relief is
was
excessive.
only a skirmish in the campaign we
waging against Guaranty's attempt to seize control of the C. & O.
The way is now cleared for trial of the issue in the
Federal District Court.
are
jthese proceedings Alleghany will .all witnesses
and introduce other
injunction proceedings.
All
of the charges made by Allegahny Corp. stand and will be
fully prosecuted.
The opinion of the Circuit Court strengthens
Alleghany's hand in these
proceedings.
i
evidence
which
was
not
permissible
in
the
Guaranty. Trust Co., as trustee under the Alleghany indentures, was
unjustified m interfering with the outstandingly successful management of
C. & O. Ry.
Alleghany Corp. would have been equally unjustified
the
In letters to their shareholders mailed June
8, calling special meetings to
be held Aug. 10 for ratification of the plan of merger, the Allegheny and
Ludlum Steel companies reveal the proposed management and capital set-up
of the merged company to be known as Allegheny Ludlum Steel
W. F. Detwiler, President of Allegheny Steel Co., is slated
mand of the board of directors of the consolidated company,
G.
Batcheller,
Corp.
to be Chairand Hiland
President of Ludlum Steel Co., will be President.
The
H. G. Batcheller, James C. Brady. Arthur E. Bram,
19 directors will be:
.V. B. Browne, James O. Carr, E. B. Cleborne, W. F. Detwiler, A. F. Dohn,
W. A. Giveils, Lewis W. Hicks, William O. Kirkpatrick, Malcolm W.
Leech, Frank B. Lounsberry, Frederick McDonald, William M. McKelvy,
W. E. Ruder, F. H. Stephens, Neile F. Towner and S.
In addition to Mr. Detwiler as Chairman and Mr.
L. Whitestone..
Batcheller as Presi¬
dent, the officers wht be: Vice-Presidents, V. B. Browne James O. Carr,
E. B. Cleburne, A. F. Dohn, W. a. Givens, Lewis W. Hicks, Frank B.
Lounsberry and F. H. Stephens.
F. H. Stephens will be Treasurer and
A. W. Mace Assistant Treasurer.
E. J. Hanley will be Secretary and
A. W. Mace Assistant Secretary.
The authorized capital stock of Allegheny Ludlum Steel Corp. will be
„
the
same
as
the
present
(850,000 shares),
Steel Co. (500,000
„
,
^
authorized capital stock of Allegheny Steel Co.
the present outstanding capital stock of Ludlum
shares).
As of Aug. 10, 1938, the outstanding common
plus
capitalization of the merged company, excluding treasury shares,
will be 1,250,896 shares, representing the sum of 752,696 shares of Alle¬
gheny common now outstanding and 498,200 shares of Ludlum common
now outstanding.
The authorized common stock capitalization wiii be
1.350,000 shares, of which 5,789 shares will be reacquired treasury shares
and 93,315 authorized and unissued shares for the account of the merged
company.
The 33,426 issued shares of $100 par value preferred stock of
Allegheny Steel Co. continue as a part of the total capitalization of the
Allegheny Ludlum Steel Corp.
_
No financing is associated with the negotiation and accomplishment of
stock
,
this merger.
,
„
..
.
.
,
Upon the effective date of the merger, the holders of shares of the common
Allegheny will be entitled to receive one share of
for each share already held in either or both companies.
The letters point out that both companies are outstanding producers of
the so-cailed stainless alloys, but that there is little duplication of equip¬
ment or of finished products.
Allegheny is noteworthy for its sheet, plate
and tubular products, none of which are manufactured by Iridium, while
Ludlum's alloy products are confined to wire, forgings and castings, none
of which are produced by Allegheny, and to hot-roiled and cold-finished
stocks of Ludlum and
common
Volume
Financial
146
bar products for the production of which Allegheny has only iimited equip¬
ment.
Neither melting capacity nor investment will be increased as a
res
Jit of the merger.
on the consolidated balance sheets of both
companies as
Based
of Dec. 31,
changes which may have occurred since
that date, the merger win result in an organization with fixed assets, after
depreciation, of $17,790,519, and with total assets of $31,815,060.
Com¬
bined current assets of $13,218,516 would compare with combined current
liabilities of $3,186,506, indicating a working capital of about $10,032,010.
Net sales of Allegheny Steel Co. in 1937 were $36,573,419, and those of
Ludlum $13,054,202.
Allegheny's net profit was $1,813,707, equai to
$2.10 a share on its common stock, and Ludlum's net profit was $1,120,422,
equal to $2.25 a share on its common stock.
For the four months ended April 30, 1938, Allegheny showed a net loss
estimated at $346,111, while Ludlum showed an estimated net loss of
$139,195.—V. 146, p. 3327.
1337, and without reflecting
American
any
Capital Corp.—Accumulated Dividend—
The directors have declared
of accumulations
the $3
value, payable July 1
paid on March 15,
last; dividends of 75 cents were paid on Dec. 24, Oct. 1, July 1 and April 1,
1937 and on Dec. 24,1936; 50 cents paid on Sept. 30, June 30 and March 31,
1936; 25 cents paid on Dec. 30, Oct. 1 and July 2, 1935, and with 75 cents
paid on March 25, 1935: Dec. 24, Sept. 25, June 4 and March 15, 1934, and
on Dec. 28, 1933.
The latter payment was the first made since Oct. 1,1933.
—V. 146, p. 1699.
on
cum.
to holders of record June 15.
pref. stock,
no par
A dividend of 50 cents
was
3797
American Gas & Power
Calendar
Years—
Operating
Power &
Light Co.— Smaller Dividend
an optional dividend of 34^ cents per share
optional dividend series 1936, payable July 1 to
holders of record June 10.
Previously regular dividends of 68M cents per
class
the
share
were
A
1936
1935
$686,918
34,387
Gross income.
I
Unconditional interest
Conditional interest
.....
.....
Net loss....
$666,965
242,946
$534,596
380,038
400,804
$424,018
359,920
36o,i62
$109,751
-
$555,666
21,069
$652,531
370,671
391,611
expenses.
$246,247
$299,063
Balance Sheet Dec. 31
Assets—Cash
1937
Liabilities—
1936
deposit...
$2,314
$13,933
Miscell. accts. rec.
Notes & accru. int.
70
420
(subs. cos.).
733,320
724,897
on
a
Long-terra
6% series......
Acer. int.
Invest, in cap. stks
of subs.cos.at re¬
Ctfs.
13,372,470
at
cos.
of indebt,
accr.
Invests,
affil.
4,687.000
882,233
721,738
Affiliated
2 096,758
3 ,186.482
3.077,035
Other invests.....
2,436
&
interest;
Subsidiary
re¬
corded book vals
cos..
71,663
Bk. & Tr. Co.).
Accounts payable.
trustee under deb.
Accrued
200,000
4,995
(3,294
189,637
189,637
1 ,002,592
103,797
1,000,562
1
\ 1,237
expenses./
366
250
Corn. stk. ($1 par)
300
prep, items
69,673
200,000
co
Notes pay. (Conti.
2,096.758
Special depos. with
Sundry
4 ,389,500
debs.
on
in hands of pub.
corded book valsl3 390,835
in sec. of
1936
1937
debt:
5% series......$6 .195,500 $6,244,500
300
Capital surplus
The directors have declared
on
1937
..
„
issue
American Cities
Co.—Earnings—
■
Gross revenues.
rec.
dividend of 25 cents per share on account
a
Chronicle
Earned surplus...
14,301
stock,
distributed.
*
Total
a
The company paid an optional dividend of 373^ cents per share on the
convertible class A stock, optional dividend series, on May 2, last.
Pre¬
viously reguiar quarterly dividends of 75 cents per share were distributed
on this issue.—V. 146,
p. 2353.
..$16,226,400116,209,029 '
$16,226.400$16,209,029
Total
Debentures due Aug. 1, 1953.—V. 146, p. 2522.
American Power & Light Co.
Period End: Apr. 30-—
(& Subs.)—Earnings—
1938—3 Mos.—1937
1938—12 Mos.—1937
Subsidiaries—
American
Crystal Sugar Co.—Dividend Omitted—
Directors took
action
no
on
the
commor.
dividend usuaLy due at
this
time.
A dividend of 25 cents was paid on March 24, last 50 cents paid on
Jan. 3, last, and on Oct. 1, 1937 75 cents paid on June 25, 1937 $1.50 paid
on March 15, 1937, and 50 cents paid on Jan.
2, 1937, and on Oct. 1, 1936,
this last being the initial distribution made by the company.—Y. 146,
p.
3487.
American
■/
Calendar
Express Co.—Earnings—
Years—
1937
Gross earnings
1935
1934
$5,221,348
4,085.227
5,740,512
4,758,651
4,211,620
100,000
$2,143,715
1,440,000
$1,651,287
1,080,000
$1,225,994
1,080,000
$1,136,121
1,080,000
$703,715
$571,287
$145,994
180,000
180,000
$9.17
180,000
c$6.81
$56,121
180,000
Keserves
Net earnings
Dividends (6%)
Net oper. revenues...
Other income (net)
),440,320
38,338
Gross income.....
1936
d$7,884,227 d$6,409.939 d$5,537,615
Oper.exps.&taxis
Operating revenues
$24,817,544
Oper. exps., incl. taxes.. 13,061,903
Prop, retire. & depl. re¬
serve approp_
2,315,321
Surplus for
b Shs. stk.
Earnings
year
$9,478,658
outstanding.
per share.
$11.91
$6.31
equal to 8.32%
capital of American Express Co.
d Includes profit on sale of IT. S.
Government, State, municipal and other marketable securities (net) of
$672,862 in 1937, $373,986 in 1936 and $633,163 in 1935.
of the
Assets and Liabilities Dec. 31
Assets—
Cash
1937
hand and
on
in
banks
\ x40574728 x40,331,414
/
Other
marketable
securities
Invest, in sub. and affil. companies
9,767,870
1,131,023
Accrued interest and accounts receivable
Land, buildings and equipment
Travelers'
checks
„.
&
travelers' letters of credit
issued against agreements for reimbursement
Other
assets.
9,979,308
1,170,355
5,561,504
5,603,904
2,005,904
2,500,998*
560,810
1.139,798
Total
$74,643,727 $71,154,087
Liabilities—
Capital
Surplus.
$18,000,000 $18,000,000
3,672,447
3.297,492
1,858.698
1,567,995
Reserves for contingencies
Travelers' checks and travelers' letters of credit
Checks & drafts not yet presented for payment
46,433,793
43,400,372
1,750,211
270,000
1,147,928
Dividends payable
630,000
Branch offices working funds & items in transit
Due to affiliated companies..
344,063
1,223,762
176,584
Accrued and current liabilities
728,146
Other liabilities
601.890
1,590,753
927,405
173,275
$74,643,727
_
_
_
_
3,975,019
CY71.369
$5,626,0/7
1,792,915
...
Pref. divs.
to public
applic. to min¬
ority interests.
x Includes U. S. Govt, securities (at cost), $10,460,506 ($12,021,061 in
1936); State and municipal bonds—U. S. $20,315,230 ($19,302,914 in 1936);
RR., utility and industrial bonds, $6,802,000 ($4,892,343 in 1936); Cana¬
„
and municipal bonds, $968,724
($1,005,024 in 1936); other securities $2,688,268 ($3,510,071 in 1936);
total, $41,234,728 ($40,731,414 in 1936); less reserve of $660,000 ($400,000
in 1936).—V. 145, p. 3809.
..
_
Total.
Sub.
cos.
_
Subs.)—Earnings—
1938—12 Mos.—1937
Maintenance
361,399
Depreciation
882,207
787,055
$6,045,312 $73,632,683 $71,572,245
1,839.375
22,896,969
22,220,726
329,914
4,422,754
4,113,318
837,083
10,050,982
9,507,843
833,385
10,276,762
9,898,608
$1,891,457
Other income.......4,092
$2,205,554 $25,985,214 $25,831,749
22,038
85,071
431,978
Operating income.
_
$1,895,549
877,183
424.341
I..
Balance
$594,024
$2,227,593 $26,070,285 $26,263,727
930,089
10,693,677
11.245,000
417,831
5.040,006
5,014,392
$879,672
$10,336,601 $10,004,334
$3,016,347
earned surplus.....
cos. earns.
applicable to A. G.
&
E. Co
$594,024
Int. from sub.
210,070
cos
slock
dividends
from sub.
cos.......
$879,672 $10,336,601 $10,004,334
234,086
2,942,375
3,285,002
Pref.
Foundries—Earnings—
American Steel
Ended April 30. 1938—
Company
Consolidated
Gross sales, less discounts, returns and allowances .$20,737,105 $26,864,008
Cost Of goods sold
19'2fH?S 2r 'nan'i ut
Depreciation
—
855,812
1,080,116
12 Months
Other Income
5,851
Total income
$975,626
44.431
Expense
Int. & other deduc'ns.
Pref. stk. divs.topublic
Balance
—.
171,658
177,811
$581,726
159,171
3,757
1,935,656
71,446
1,910.050
238,817
$1,276,686 $15,286,079 $15,438,203
59,377
746.218
643,233
170.853
2.051,046
2,390,523
177,811
2,133.738
2,133,738
$868,644 $10,355,077
$10,270,709
Note—Figures for periods prior to Jan. 1, 1938, restated to include an
additional charge at the rate of $100,000 per annum for amortization of
debt discount and expense.
Figures for periods prior to Jan. 1, 1937, also
restated to conform with new classification of accounts.-—V.
146. p. 3658.
Shipbuilding Co.—Stock Reduction Voted—
Stockholders at
20,000 shares of
p.
a
special meeting on May 31 approved retirement of
and 6,600 shares of preferred stock.—V. 146,
common
3001.
$1,810,337
17.778
— ------ — — -
167,775
199,004
-
S2 -421 807
$2,262,820
_
_
'
Interest on
Other security investments
Profits on securities
sold
Miscellaneous other income
Total income
Loss
on
—
1,090
203,136
155,795.
155,79.)
9o,768
102,464
provision for income taxes....-- $2,170,244
$2,004,562
property disposals
Other deductions----^
Company———■———Consolidated—
4 Mos.
8 Mos.
4 Mos.
31, *37 Apr. 30, '38 Dec. 31, '37 Apr. 30, '38
8 Mos.
Dec.
Income
before provision
Provision for normal
$2,930,470
Fed-
for surtax
$2,491,065
x$486,503
407,890
x$760,226
45,500
.
284,33o
eral income taxes
on
87,830
87,830
undistributed profits.
Minority int. in earnings
of affiliates
—------
carried to
earned surplus—.. $2,558,306
9,413
,
3,120
$1,985,932
x$535,123
Net income
x
Indicates loss,—V,
x$760,226
146, p- 3172.
Telephone & Telegraph Co.—Earnings—
Period End. Apr. 30—
Operating
reveniies
Unco Recti Me 0per. rev..
1938—Month—1937
1938—4 Mos.
1937
$8,459,986
$9,064,498 $34,766,240 $37,032,796
65,682
50,095
253,854
193,766
$9,014,403 $34,512,386 $36,839,030
revenues..
$8,394,304
6,680,571
6,471,520
$1,713,733
$2,542,883
Operating
Net oper. revenues
Operating taxes.
Net oper.
— --
income
Net income
146,
—V.
-------
26,425,801
1,087,293
811,877
4,439,760
3,385,196
$626,440
83,2.55
$1,731,006
979,594
$3,646,825
38,761,574
$7,727,407
44,562,218
American .Water Works & Electric Co.,
Output—
25,726,427
$8,086,585 $11,112,603
3172.
p.
Inc.—Weekly
'
electric properties of American Water
ended June 4, 1938, totaled 36,060,000
of 24.9% under the output of 48,018,000 kwh. for the
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
Output of electric energy of the
Works & Electric Co. for the week
kwh., a decrease
y^WeeklEnde'd—
May 21
May
June
1938
.39,542,000
--.—-37,701,000
28
38,603.000
4"
48.018,000
May 14
American
$795,034
1,253,235
1,535
1,090
203.139
operations..
income—Dividends..
•
securities—Marketable securities
Profit from
Other
-
165,681
$11,170,658 $10,739,711
$3,429,691
The above statements include full revenues without con¬
sideration for possible revenue losses of one subsidiary involved in rate
litigation for which a reserve has been provided by appropriations from
surplus.
For the 12 months'periods ended Apr. 30, 1938 and 1937, such
appropriations amounted to $624,678 and $563,616, respectively.
(2) Provision by subsidiaries for Federal surtax on undistributed profits
in the amount of $73,321 and $4,930 is included in the 12 months' periods
ended Apr. 30, 1938 and 1937, respectively.
No provision has been made
by American Power & Light Co. and subsidiaries thus far in 1938 for sur
tax on undistributed profits.—V. 146, p. 3659.
Operating expenses—-.
AmericanGas&Elec.Co.:
Bal. of sub.
i,259,387 $14,471,594 $14,129,389
98,559
391,404
476.555
731,137
2,909,532
2,913,123
Bal. carried to consol.
American
Total income..
Int. & other deduc'as.
Pref. stock dividends-
$4,249,320 $14,402,393 $14,100,426
10,067
69,201
28,963
Notes—(1)
Provision
Taxes
$4,249,320 $14,402,393 $14,100,426
__
consolidated;
Operating revenue
$5,703,529
Operating expenses.1,781,410
80,441
$3,837,519
91,346
729,826
_
for income taxes.-.-
1938—Month—1937
70,908
20,169
$3,818,196
19,323
Exps., incl. taxes
Int. & other deductions.
Income before
Apri 30—
$21,351,928
7,171,061
$3,818,196
•
1 on the
company's 6% preferred stock. A reguiar quarterly dividend of $1.50 per
share was paid on April 1, last.—V. 144, p. 3993.
American Gas & Electric Co. (&
56,062,36o $21,644,954
1,792,871
7,171,653
Amer. Pow. <& L. Co.—
Net equity in inc. of subs
Other income.....
Preferred Dividend-—
Directors voted to pass the dividend usually payable on July
Period End.
15.978,415
CV176.771
14,966
Net equity of A. P. &
L. Co. in inc. of subs.
dian and other foreign government, provinces
American Felt Co.—Passes
15,982,567
Cr.379,549
Portion
$71,154,087
Total
7,784,536
1936
$13,318,658 $10,106,500
1,101,842
.
943,198
Cash with affil. co.'soffices
U. S. Govt, securities..
.
$37,247,972 $37,153,572
$9,966,010
3,972,924
0120,343
to
public & other
deductions......
Int. charged toconstr..
Balance
b Par not fixed; treated as $100
per sh. c Net earns. American Express Co.
and the American Express Co., Inc.. $1,498,464 for 1935.
9,292,584
1,952,725
$9,923,313 $37,029,566 $36,966,051
42,697
218,406
187,521
Int.
_
,
$24,518,619 $98,854,038 $93,561,736
12,642,581
52,531,888
48,811,149
—V. 146, P.
3659.
1937
1936
1935
1934
51,191,000 44,766,000 38,207,000 35,691.000
50.723,000 44,605,000 38,269,000 35,528,000
50,672,000 44,105,000 37,878,000 35,634.000
43,061,000 36,505,000 33.692,000 31,356,000
3798
Chronicle
Financial
Anglo-Canadian Oil Co., Ltd.—Stock Offered—
An issue of
common stock was offered early in May by Neebitt, Thompson
Montreal. Price on application.
Transfer Agent and Registrar—Trust & Guarantee Co., Ltd., Calgary,
Alta., and Toronto, Ont., and Montreal Trust Co., Montreal, Que.
& Co., Ltd.,
Capitalization—
Authorized
-
Common shares (no par)
*
Operating revenues
Operation
Maintenance
Includes 692,650 shares outstanding as at April 9. 1938, 307,350 shares
the bankers have underwritten and 1,000,000 shares which the
bankers have under option, and is based upon option being exercised in full.
Drilling Contractors Ltd., a wholly owned subsidiary, now has out¬
guaranteed unconditionally
as to
$60,525
Dr3,670
$63,686
1,973
$672,098
Drl0,483
$522,958
30,359
Int. & amortization—_
$56,855
13,591
$65,659
13,547
$661,615
165,257
$553,317
163,585
(Engrs. P. S. Co.)__
687
Net oper. revenues...
principal and interest by Anglo-Canadian
Balance
Company—Company was incorp. under the laws of the Province of Alberta
in 1934 under the name of Anglo-Canadian Development & Holding Co.,
Ltd., and is today one of the largest independent oil producing companies
(through its subsidiary and associated companies) in Turner Valley.
During the past 16 months Anglo-Canadian, through its subsidian^ and
associated companies, has drilled to completion eight wells in South Turner
Valley and has also organized its own drilling subsidiary, Drilling Con¬
tractors Ltd., which owns and operates four complete heavy duty modern
rotary rigs and one standard rig.
The producing wells of the subsidiary and associated companies, in which
Anglo-Canadian owns a substantial interest, are under management contract
to the latter company, from which it receives an administration fee of up to
$250 per month per well. The production from these various wells has been
consolidated into tank farms, thereby eliminating a duplication of expense
and assuring the maximum efficiency of operations.
Listing—Shares are listed on the Toronto Stock Exchange, the Montreal
Curb Market and the Vancouver Stock Exchange.
Earnings and Prospects—The wells of the associated producing com¬
panies have not been in production long enough to have established a record
of earnings over a 12-month period.
Based upon the current field prices
and potential producing capacity, pro-rated at 42%, and after deducting
gross royalties and other expenses, the company's interest in the net earnings
of the present producing wells of associated companies, together with the
net profits of Drilling Contractors Ltd., is estimated for the current fiscal
year to be about $360,000, without allowing for possible production from
new wells now being drilled and without providing for any
change in allow¬
Int.
Balance for common dividends
a
y03,r
p.
3661.
Bell
____
Operating
Operating
Net income
—V.
Corp. (& Subs.)—Earnings—
of Properties Irrespective of
1937
$98,410,073
13,366,959
5,949,751
2,578,763
1,605,812
1,327,584
1,559,856
1,269,362
Total gross operating revs..$129,130,005
expenses and maint.
66,995,431
Provision for taxes....
16,131,244
i
Gas
__
Transportation
Water.
ItlCT6(ISB' "
mi.
"
Amount
"
%
4
__
$4,288,286
779,464
788,760
34,553
45,956
13
1
3
58,222
Under two decisions handed down June 3
$123,134,764
62,369,088
14,064,908
$5,995,241
4,626,343
2,066,336
7
15
$46,003,330
11,131,628
$46,700,768
9,953,053
x$697,438
1,178,575
xl
12
$36,747,715 x$l,876,013
x5
Heating
Ice
...
Net operating revenue.....
2% for nearly 16 years, a total of some $7,250,000.
Appeal from Judge
Dickinson's decision, however, is open to the Government.
The suits arose out of "war profits" totaling approximately $25,000,000
on ships built by Bethlehem and its subsidiaries for the Government during
the war.
The Government sought to recover $19,654,856 already paid the
companies.
The Court, however, upholding the findings of Special Master
William Clark Mason two years ago, permitted Bethlehem and its sub¬
sidiaries to retain the profits already paid in and ordered the U. S. Maritime
Commission, successor to the Emergency Fleet Corp. to pay an additional
$5,661,154 with interest from September, 1922.
The subsidiaries involved with the parent corporation are: Union Iron
Works, Harlan & Hollingsworth Corp., Samuel L. Moore & Sons Corp.,
Fore River Shipbuilding Co., and the Penn-Mary Steel Co.—V. 146, p. 3489.
Birmingham Gas Co.—Earnings—
,
1937
x
6
5
Indicatas decrease.
Note—The above statement excludes certain non-recurring expenses in
both years.
No provision is included for Federal surtax on undistributed
profits, if
any,
of the corporation and (or) its subsidiaries, for the
year
1938.
—V. 146, p. 3660.
Atlantic
Gulf
&
West
Indies
SS.
Period End. April 30—
1938—Month—1937
Operating revenues
$1,956,277
$2,130,099
Oper.exps. (incl.depr.).
1,932,956
2,051,619
Net oper. revenue
Lines
Gross income
Interest
deductions..
Provision for retirements and replacements
Amortization of debt discount and expense
(& Subs.)—
$9,780,119
8,788,113
Gross income
Interest, rentals, &c
Net loss
...
$992,006
189.250
222,396
def$15,550
$38,676
3,572
$166,454
15,617
$769,609
18,799
def$13,464
107,995
Other income
$355,705
2,086
Operating income....
$78,480
39,803
$42,249
112,590
$182,071
419,813
$788,409
444,590
$121,459
$70,341
$237,742
pf$343,905
Interest receivable from American Gas & Power Co.
Atlas Corp.—To Reduce
Bangor Hydro-Electric Co.—Earnings—
Period End. May 31—
Operating
Taxes accrued
Depreciation.
Net oper. revenue
Surplus
Dividend
on
on com.
pref. stock.
stock.
Balance-..—V.
58,684
30,000
11,052
$168,702
58,642
27,850
11,164
1938—12 Mos.—1937
$2,229,723
743,836
352,650
159,493
$2,150,459
719,953
270,150
148,397
$72,989
25,743
$71,046
23,993
$973,744
292,679
$1,011,958
363,220
$47,246
25,483
21,721
$47,052
25,483
18,101
$681,065
305,794
242,558
$648,738
305,794
209.975
$41
Fixed charges
Dividend
1938—Month—1937
$172,726
expenses.....
$3,468
$132,713
$132,969
146, p. 3003.
Bangor & Aroostook RR.—Change in Collateral—
The New
amount
York
of Bangor
$530,624
388,137
199,007
7,632
$63,198
65,204
loss$64,153
65.229
—
Bralorne Mines,
$1,076
Ltd.—Extra Dividend—
The directors have declared an extra dividend of 10 cents pwer share in
addition to a quarterly dividend of 15 cents per share on the common
stock,
no
par
value, both payable July 15 to holders of record June 30.
paid on April 14, last.
See also V. 146, p. 1703.
were
Output—
Company in May had production of $298,2(50 from milling of 15,107 tons
$19.74 a ton.
For first five months production totaled
1,4,53,900, an average of $19.45 a ton, compared with $1,107,188 or $15.81
a ton in period a
year ago.—V. 146, p. 1703.
!
of ore, an average of
Brazilian Traction, Light
Statistics of Combined
1937
559.37
Miles of track
Miles run....
Passengers carried
Kilowatt hours sold
Total consumers light &
& Power Co., Ltd.—Earns.
Companies for Calendar Years
1936
561.20
1935
560.84
1934
549.15
78,771,972
76,925,640
71,910,270
70,037,364
913,663,950 882,882,798 823,796,758 782,406,381
1352491613 1235689,195 1119889,308 1013977,127
472,563
442,057
413,526
meters).129,496,900 120,328,276 113,143,923
117,167
106,448
96,963
No. of telep. in oper....
182,840
165,852
149,034
power
Gas sold (cubic
Gas consumers
387,808
105.289,685
89,042
134,886
Combined Revenue Statement of Parent Company and Operating Subsidiaries
Calendar Years—
Gross
earns,
rev.
from oper.
1937
1936
1935
1934
.$38,555,900 $32,197,610 $30,221,757 $30,692,415
442,145
196,070
357,637
539,166
of oper. cos..
Capital—
Stockholders at a meeting on June 30 will vote on a proposed reduction in
capital from $44,794,585 to $41,081,559 by retiring 742,605 8-100 shares of
common stock of $5 par value owned
by corporation.—V. 146, p. 3660.
Gross earnings.
$672,444
381,646
220,897
6,702
—V. 146, p. 2032.
Misc.
—V. 146, p.3173.
.
Balance
1938—4 Mos.—1937
$8,251,699
7,895,994
$23,321
38,871
Taxes....
$519,502
11,121
$128,402
Net operating income.
Non-operating income
$1,988,680
1,469,177
$657,402
15,041
'
.
1936
$2,185,904
1,528,501
Calendar Years—
Operating revenues.
Operating expenses
Like amounts
Operating income
by Judge Oliver B. Dickinson
District Court at Philadelphia the corporation and five of its
S.
Net income..
Operating
Provision for,retirements
United
5
$34,871,702
_;—
Corp.—Wins $7,250,000 from
Ship Suit—
*
1938
-—$112,698,359
14,146,423
6,738,511
2,613,316
-
$5,700,253
3,902,215
Steel
Bethlehem
less than 1% to 4,561,530,811 units,
the previous 12 months' period.
m
w.
$7,724,765
2,024,512
$5,422,692
3,589.878
146, p. 3003.
States in War-Time
was up
May 31, production was 8.6% higher than in the previous year.
Sendout
totaled 23,150,391,100 cubic feet, an increase of 1,828,069,300 cubic feet.
...
$7,404,550
1,981,858
$1,438,345
987,516
subsidiaries will receive from the Government $5,661,154, with interest at
—V. 146, p. 3659.
*
$1,941,504
503,159
$1,440,116
978,758
income
Net oper.
$5,772,594 $22,728,699 $22,765,370
3,831,090
15,324,149
15,040,605
$1,952,726
512,610
Operating taxes
Gas sendout for May increased 101,118,100 cubic feet or 5.9% above
last year to a total of 1,817,219,500 cubic feet.
For the 12 months' ended
12 Months Ended April 30—
$5,730,379
3,777,653
revenues..
expenses
Net oper. revenues...
May Output Off 6.1%—
Electric
See also V. 146, p. 3661.
Telephone Co. of Pa.—Earnings—
Period End. Apr. 30—
1938—Month—1937
1938—4 Mos.—1937
Operating revenues.
$5,763,383
$5,785,043 $22,841,649 $22,809,663
Uncollectible oper. rev.'
33,004
12,449
112,950
44,293
For the month of May, Associated Gas & Electric System reports net
electric output of 356,292,182 units (kwh.).
This is a decline of 23,074,677
units or 6.1% below production of a year ago.
For the 12 months to
Acquisition
V
June 6 approved a plan of reorganization already
on
passed by the bondholders.
For the week ended June 3, Associated Gas & Electric System reports net
output of 77,634,162 units (kwh).
This is 6,784,714 units, or
8.0% below production for the comparable week a year ago.
It is believed that some of the decline this year is due to a wider observance
of the Memorial Day week-end resulting from depressed business conditions
as compared with last year.
^
Dates of
Corp., Ltd.—Stockholders Approve
..
The stockholders
electric
Associated Gas & Electric
Power
Beauharnois
Plan—
Co.—-Weekly Output—
Consolidated Statement of Earnings and Expenses
1, 1937, changes were made in accounting procedure,
months' figures are not exactly comparative.—V. 146,
Note—Dn Jan.
in the U.
over
$195,812
been made for Federal surtax on undistributed profits
liability for such tax cannot be determined until the end of
hence the above 12
Corp.—To Issue $1,000,000 Notes—
44,737,218 units
$233,066
37,254
$277,312
—
& surplus
156,666
$314,566
37,254
No provision has
for 1938 since any
Exchange Commission, a declaration (File 43-124) covering the issuance
of not to exceed $1,000,000 of promissory notes, with interest not to exceed
6%, to be issued to refund its now outstanding 5% promissory note, due
July 11, 1938.
increase of
$389,732
$493,101
178,535
Preferred dividend requirements—
The corporation, a subsidiary in the registered holding company system
of the Associated Gas & Electric Co., has fi«ed with the Securities and
an
$52,112
Balance..
Purpose—Proceeds from the sale of these shares will be used for the
purpose of liquidating outstanding current liabilities, which at March 31,
1938, amounted to $425,238, to provide working capital for the drilling of
further wells, and for the general corporate purposes of the company.—V.
146, p.3002.
May 31, System production
3,256
Balance
$42,576
Appropriations for retirement reserve
able production.
Associated Gas & Electric
1938—Month—1937
1938—12 Mos.——1937
$182,720
$168,028 $2,062,657
$1,791,548
92,705
78,162
1,052,783
956,122
8,411
7,038
90,413
82,386
a21,078
19,141
a247,362
230,082
Non-oper. inc. (net)
are
Oil Co. Limited.
Associated
.-
Tax«.T---!--
which
standing $300,000 1st & closed mortgage 5% year 5H% bonds, which
Rouge Electric Co.—Earnings—
Baton
Period End. April 30—
To lie
Outstanding
*2,000,000 shs,
3,000,000 shs.
June 11 > 1938
been deposited with the trustee as additional
collateral under the -xmsolidated refunding mortgage deed dated July 1,
1901, of the company.—V. 146, p. 3661.
due Aug. 1, 1939, have
bonds
Total rev. of oper. cos.$38,998,045 $32,393,680 $30,579,394 $31,231,581
Operating expenses17,379,793
14,507,503
14,144.485
14,616,593
Charge for depreciation
and renewals
6,809,016
8,286,742
8,008,054
8,067,847
Bond interest
1,979,221
1,984,786
2,000,103
3,435,104
Sink, funds & oth. chgs.
754,911
667,670
674,406
884,102
Prov. for gen. amortiz._
700,000
500,000
500,000
Bal.
being rev. to Bra¬
Traction, Lt.
Co., Ltd..$11,375,104
Int. on temp, invastm'ts
107,141
Miscellaneous income
105,286
zilian
& Power
$6,446,979
96,978
92,417
$5,252,346
77,419
211,987
$4,227,935
63,209
191,065
$6,636,374
Gross
rev.,
Brazilian
Traction, Light &
Power Co., Ltd
$11,587,531
$5,541,752
$4,482,209
392,486
331,514
23,604
4,915,586
23,604
346,710
500,000
23,604
Common dividends
401,250
300,000
23,604
7,024,091
Balance, surplus
$3,838,586
$1,304,698
$5,186,634
$3,611,895
Deduct—General & lebal
exps. & admin,
Gen. amortiz.
Pref. divs.
chgs..
reserves..
(6%)
Stock
Exchange has been notified tnat $5,000 principal
& Aroostook RR. Co., St. John River Extension 5%
Volume
Financial
146
Consolidated Balance Sheet (Co. and Sub. Cos.) Dec. 31
1937
1936
1935
$
$
$
Assets—
Burco, Inc.—Semi-Annual Report—
1934
$
Americus J.
cos.
securs.
owned
& adv. to
control'd
or
by sub. cos.,incl.prem.
paid on shs. of sub.
cos. acquired
85,767,111
lits., frans., contracts,
goodw., &c., disc't &
issue exps. on bonds &
debs.
45,305,082
Sinking fund investm'ts:
'
Rio de Jan. Tram., L.
& P. Co., Ltd., 1st
mtge. bds. at cost..
Sao Paulo El. Co.,Ltd.
1st mtge. bonds
2,156,619
Stores
in
hand
and
85,197,906
84,892,167
87,484,063
45,355,995
45,196,355
47,492,792
1,951,815
1,759,723
13.490,713
balances
Inv. (Govt. sees, at
on
6,915,817
4,976,574
15,550,878
cost)
Cash
7,481,598
9,121,552
7,290.760
8,283,138
4,448,714
16,892,030
7,185,051
4,452,448
18,990,912
24,118,109
889,425
14,363,183
..425,600,241 416,335,967 403,325,017 415,923,332
cos.
179,322,363
393,400
1,684,292
179,312,293 179,307,259
393,400
393,400
976,533
1,684,292
179,312,281
393,400
1,684,292
(.computed
cost)..
30-yr.5%
5% 50-yr. mtge. bonds 16,849,849
5% 22-year bonds
1,319,730
Tram., Lt. &
Power Co., Ltd.:
5% perpetual consol.
deb. stock
3,999,996
Sao Paulo El. Co., Ltd.:
5% 50-yr. 1st m. bds.
9,733,333
City of Santos Impts.Co.,
17,332,748
1,319,661
17,717,566
1,319,384
25,000,000
18,084,281
1.318,205
3,999.996
9,733,333
48,667
107,553
163,033
163,098
163,360
557,195
224,617
286,107
outstanding.
chgs. on cum.
pf. shs. & fund. debt..
898,728
ord.
shs.
newals
70,209,487
7,361,073
16,984,692
51,431,369
Trac.,
Lt.
30,890,419
29,585,721
24,399,087
reserve
145,412
145,412
145,412
includes provision for depreciation and
renewals of physical
companies owned or controlled by subsidiary cos.
a In addition,
bonds outstanding of companies owned or controlled by the sub.
cos. equivalent to $6,828,098 at par of exchange, on which the interest and
sinking fund charges for the year, amounting to $407,767, are provided out
of the revenue of the sub. cos.
b Includes insurance funds for injuries and
assets of
there
are
damages.—V. 146, p. 3490.
Bond Stores, Inc.—Dividend
divi¬
paid
paid on Dec. 15, Sept. 30
March 31, last, and dividends of 40 cents were
and on June 21,1937 this latter being the initial dividend.—V.
on
146,
p.
3175.
Corp.—New Treasurer, &c.—
of this corporation.
Mr.
Wright succeeds J. T. Mascuch, who held the offices of Secretary and
Treasurer, and who will now continue as Secretary.—V. 145, p. 3967.
Thomas B. Wright has been elected Treasurer
on
stock,
This compares
3329.
hand
.
British Columbia
Telephone Co.—Bonds Offered—W. C.
additional
B.
Price
market, to yield about 4lA%-
Bonds
are
907
rec.
12,500
Montreal Trust
legal investment for
Insurance Com¬
dated June 1, 1936 and mature June 1, 1961.
In the opinion of counsel, bonds will
be
a
life insurance companies under the Canadian and British
panies Act, 1932, Canada.
441
„
Authorized
Outstanding
$1,000,000
$11,000,000.
Company—Company was incorp. in 1916 by Private Act of the Dominion
of Canada, and with its predecessors has been in successful operation for
more than 37 years.
Company is the second largest privately-owned tele¬
phone operating company in Canada, serving a territory, including the
Cities of Vancouver and Victoria, having a population of approximately
695,000 and operating 119,800 telephones.
It owns and operates an ex¬
tensive long distance system, including four submarine cables from the
mainland to Vancouver Island connecting with Victoria.
Its lines also
connect with the western terminus of the Trans-Canada Telephone system.
Earnings—For the three years ended Dec. 31, 1935 to 1937, inclusive,
average
annual earnings available for bond interest, depreciation and
income taxes, were $2,320,965, equal to more than 4.63 times the annual
interest requirement of $500,745 on $3,111,000 of 5% series A bonds and
$7,671,000 of 4H% series B bonds to be outstanding.
After deducting
the average annual provision of $825,925 for depreciation from such average
annual earnings for the above-mentioned period, the balance is $1,495,039
equal to more than 2.98 times the annual interest requirement of $500,745
on $3,111,000 of 5% series A bonds and $7,671,000 of 4H % series B bonds
to be outstanding.—V. 146, p. 2842.
Brown Fence & Wire Co.—Sales—
totaled $480,724 as against $663,324 in April and $598,842
Sales for first 11 months of company's fiscal year amounted
against $4,040,823 in corresponding period of preceding
decline of $294,570 or 7.3%.—V. 146, P. 3175.
Sales in May
to
1937.
$3,746,253
fiscal year, a
as
dend
38,346
346",600
346,600
Dr48,200
94,405
22,380
declared.,
Preferred
stock.
stock
c
in treasury.
and
15,425
2,804
received..
1,387,483 el,773,829
b Common
94,405
stock.
fromI
Earned surp.
Oct. 1, 1934....
95,961
188,545
Capital surplus...
1,281,480
356,733
1,284,147
Loss for period....
$1,427,465 $1,942,028
.$1,427,465 $1,942,028
.
Represented by 94.405 no par shares,
c Represented by 34,660 no
par shares,
d Represented by 4,915 (4,820 in 1937) no par shares.
Note—No provision has been made for unrealized depreciation on secur¬
ities owned, amounting to $384,214, which is based on quoted market price
at
the
March 31, 1938, except 4.915 (4,820 in 1937)
cost has been accepted tentatively as the market
California Oregon Power
Delta Oil, Ltd., where
value.—V. 146, p. 2679*
Co.—Earnings—
1938
$4,640,037
2,021,723
$2,816,875
1,126
Dr44,607
.
1937
$4,550,192
1,733,317
$2,618,314
Years Ended April 30—
Operating revenues
Operating expenses, maintenance and taxes..
Dr54,710
(before approp. for retirement
reserve)
.....
Interast on notes and accounts receivable, &c—
612
and other income (before
$2,574,833
appropriation for retirement reserve)
300,000
Appropriation for retirement reserve—__
$2,762,776
$2,274,833
$2,462,776
238,188
844,930
203,216
202,948
Net operating revenue
Gross income
Rent for lease of electric
properties
(net)..
of
Amortization
preliminary
abandoned
costs
300,000
238,460
844,840
projects
of
45,046
45,046
7,270
16,542
,—_
Amortization of limited-term investment-Other income deductions
2,423
13,893
$1,115,165
$919,640
shown
in
\XJ
A llv7
IUV LUUOO
ouucuq UVUU
CXil J-V4
accordance with the
J- »
vv
-*•
Classifications ot Accounts prescribed by
regulatory commissions effective Jan. 1, 1937 which differ in certain respects
from the classifications previously followed by the company.
In certain
instances the figures prior to Jan. 1, 1937 have been adjusted in accordance
with the new Classifications of Accounts.
(2) No provision was made for
Federal income taxes or surtax on undistributed profits for 1936 as the
for that year
company claimed as a deduction in its final income tax return
the unamortized discount and- expense and redemption premium
pense on bonds and debentures
able income for 1936-
and ex¬
redeemed in 1936 which resulted in no tax¬
^
,
.
.
6% cum. pref. stock (par $100)
$1,000,000
4,500,000
6% cum. pref. stock (par $100)
4,500,000
4,500,000
Ordinary stock (par $100)
4,500,000
First mortgage bonds
11,000,000 xl 0,782,000
x $3,111,000
are authorized and outstanding as bonds of 5% series A.
$7,889,000, of which $7,671,000 (including this issue of $1,000,000) are to
be outstanding, are authorized as bonds of 414% series B.
As bonds of
5% series A are from time to time retired the authorized amount of bonds
of 4>£% series B will increase par for par up to the principal amount of
in May,
10,740
in¬
d Preferred
charge..
Balance Sheet Dec. 31
To Be
Capitalization—
$15,806
Z)r 49,150
Fed.
come tax.......
1,022
Furn. & fixtures..
int.
for
Preferrd stk. divi¬
"
813
divs.
$4,162
!
Accts. payable, &c
Prov.
1937
1938
Liabilities—
1937
$150,845
$23,327
..
rec
Notes-
Pitfield & Co., Ltd., Montreal, recently offered an
issue of $1,000,000 1st Mtge. bonds, 4^% series
at
$57,506
Prepaid expenses..
i V invd
Co., trustee.
$188,545
Amortization of debt discount and expense.
June 7 declared a dividend of 25i< cents per share on the
no par value, payable June 30 to holders of record June 16.
with $1.50 paid on Dec. 23, last $1 paid on Sept. 30 and
on June 25, 1937
50 cents paid on March 31, 1937 an extra dividend of $1
paid on Dec. 21, 1936, and an extra dividend of 50 cents in addition to a
regular quarterly dividend of 50 cents paid on Oct. 31, 1936.—V. 146, p.
Directors
$216,155
6,953
45,646
undistributed profits.
and
Interest charges
Briggs Mfg. Co.—To Pay 25-Cent Dividend—
common
$103,153
1938
bank
Net oper. revenue
Omitted—-
Directors at their recent meeting took no action on payment of a
dend on the common shares at this time.
A dividend of 20 cents was
Breeze
$96,199
$233,305
44,760
b
.425,600,241 416,335,967 403,325,017 415,923,332
Total.
in
Total.
34,729,005
145,412
Subsidiary companies
x$180,440
52,865
63,122,772
20,303,657
6,460,000
50,775,133
&
Pow. Co., Ltd..
loss$356,733
118.269
at March 31
Miscell. accts.
Profit & loss bal. Dec. 31
—Braz.
35
12,660
Balance Sheet March 31
Cash
See b
76,907,447
7,937,573
17,482,076
51,568,373
173
loss$238,464
pref. stock..
22,309
period
Sept. 30
Securities at cost..
8,625,057
18,526,841
51,766,387
reserves
See b
See b
See b
78,616,244
raserves
Gen. amortiz. reserve
This
as
797
28,532
Before provision for surtax on
Accrued
injuries &
Sinking fund
*
at
Deferred
546,846
2,809,089
550,865
3,512,133
pay.
damages
Prov. for deprec. & re¬
General
Balance
Notes
cred.&cred.bals_bl5,539,222 bl3,999,735 bl2,619,150 bl0,679,142
Ins. funds for
*
979
Balance (profit) for the
on
coupons
2,468
1,430
2,168
1,775
1,226
1,059
2,090
paid
Assets—
warr't.
3,211
1,273
2,420
2,425
1,226
2,207
1,137
4,393
2,337
Miscellaneous expenses
Provision for Federal income tax.
9,733,333
Accrued
on
custodians' fees
x
9,733,333
13,221
380
and
registrars'
Rent and office expenses
Federal and State taxes
as
$131,566
540
agents',
Divs. paid or accrued on
3,999,996
3,999,996
5% tramway debs
Sund.
180.406
$235,926
14,889
Directors' fees
Balance
88,132
loss375,512
Total
Ltd.:
Div.
94
loss$328,443
14,089
Total income
Interest
g.
Sao Paulo
Bond debs. & sh.
228
the basis of average
on
Insurance
Rio de Janeiro Tram., Lt.
& Pow. Co., Ltd.:
1st mtge.
bonds
$24,476
18,862
Legal and professional fees
Funded Debt—
a
1936
$23,655
31,637
Net profit realized on sale of securities
Transfer
Liabilities—
Ordinary shares
6% cum. pf. shs
Shares of subsidiary
1937
110
stocks
on
Salaries.
'.
Total.
Ended March 31
$17,822
29,137
bonds
Miscellaneous income
11,032,970
debit
&
Interest
Dividends
transit, incl. construct.
debtors
Income Account for 6 Months
1938
1,577,761
in
material
Sund.
Leonard, President, says:
March 3, 1938 company purchased from Howard F. Hansell Jr.,
325,0u0 shares of the capital stock of Delta Oil Co., Ltd. for the sum of
$725,000 and 25,000 shares of the capital stock of Insuranshares Corp. of
Dei. for $25,000.
5,000 shares of the latter ccrporation were subsequently
sold by Burco, Inc. for $10,000.
The entire transaction resulting in the purchase by Burco, Inc. of the
shares of Delta Oil Co., Ltd. and of Insuranshares Corp. of Del. is now
being investigated by various governmental agencies.
The officers and
directors of Burco, Inc. are prepared to take such action in the interest of
Burco, Inc. and its stockholders as may seem advisable or necessary upon
completion of such investigations.
The resignations of Ralph H. Robb, George A. Becker and Howard F.
Hansell Jr. as directors, and of George A. Burnell, as Vice-President and
Asst. Treasurer, and of E. J. Odgen as Secretary, have been secured; and
in their place William Ashley De Wolf has been elected Vice-President,
Secretary and a director, and Theodore Revillon has been elected a director.
On
Props., plant & equip.,
const, exps. (at cost),
incl. int. during con¬
struction, &c
...253,895,189 244.080,287 234,371,291 219,216,526
Cost of
3799
Chronicle
1937
5
Assets—
$
148,229
190,832
883,173
726,387
692,414
855,094
Accrued liabilities.
Accts. & notes rec.
351,857
434,442
Divs. pay .on
Mat'ls & supplies.
305,582
393,130
Indebted to afflls
44,454
41,829
67,547
deposit..
Other curr. assets
.
27,582
Investments
Fixed
$
$
LiabUtiies-—
Accounts payable.
Cash on hand and
on
1936
1937
1936
assets......36,005,713 35,018,142
2,930,497
3,161,155
Deferred charges..
pf.stk
Deferred
302,001
151,000
1,360
3,463
19,000,000
2,346,386
2,883,000
1,000,000
1,000.000
5,703,200
Reserves
115,248
2,883,000
liabilities
19,000,000
113,295
2,548,203
debt
Funded
7% cum. pref. stk,
($100 par)
6% cum. pref . stk.
($100 par).....
6% cum. series of
1927 pref. stock
Common stock..
6,847,100
5,703,200
6,847,100
surplus...
1,075,483
857,777
($100 par)
x
Earned
Total
x
....40,358.101 39,971,339
Total
..40,358,101 39,971,339
Represented by 82,061 no par shares.
calendar years was given in ' Chronicle
1233 —V. 146, p. 3175.
jsr0te—The income account for
of Feb. 19, page
California Water Service
12 Months
Co.—Earnings—
Ended April 30—
«o
$2,476,633
Gross revenue
before interest charges and provision
for Federal income taxes
—V. 146, p. 2528.
Gross income
Canadian Celanese,
JoFyqc,
$2,396,796
_
941,575
966,888
Ltd.—Common Dividend Deferred—
Directors deferred action on the common dividend due at this time.
A
dividend of 25 cents was paid on March 31, last, and previously regular
quarterly dividends of 40 cents per
share were distributed.—V. 146, p. 2842.
Financial
3800
Canadian
Industrial
Alcohol
Chronicle
Co., Ltd.—May Reconi-
in receipt
of a notice issued by the directors on May 26,
which throws some suggest ion towards the possibility of the reopening of
the discussion among the shareholders of the exchange offer received from
Hiram Walker-Gooderham & Worts Ltd, that was defeated by the former
shareholders on May 20.
Following a meeting of the directors of Canadian Industrial Alcohol,
the following notice was issued: "At a meeting of the directors of Canadian
Industrial Co. the result of the vote on the compromise or arrangement sub¬
mitted to the meetings held Friday (May 20) last, was discussed.
President
G. W, Scott informed the board that a number of requests directed both to
Canadian Industrial Alcohol Co. and to Hiram Walker-Gooderham &
Ltd.
Worts
are
had
been received from
shareholders
stock, both payable July 20 to holders of record July 10.
Similar amounts
were paid on Jan. 20 last and on Oct. 20 and
July 20, 1937.—V. 146, p. 435.
Columbia
on
of Canadian Industrial
Commonwealth Edison
were
1953
sold
before the formal
were
principal
stock of the company
Subsidiary Corp. are
excluded from such subscription offer.
The
subscription price will be $100 for each $100 of debentures aftd must
paid in full on or before June 24, 1938. the date when the warrants expire.
be
debentures will not be issued in denominations of "less than $100Therefore, subscriptions will have to be made for $100 of debentures or
multiples thereof.
Debentures subscribed for will be mailed by the company to the sub¬
scribers as soon as practicable after July 1, 1938, and will be accompanied
by a remittance equal to interest on the subscription price at the rate of
3 lA% per annum from the date of collection by the company of the sub->
scription price to July 1. 1938. the date of issue of the debentures.
Subscription may be made at the office of the company, 72 West Adams
Street, Chicago, before 3:00 o'clock p. m., Chicago Daylight Saving Time,
or at the office of Central Hanover Bank & Trust Co., 70 Broadway, New
York, before 4:00 o'clock p. in., Eastern Daylight Saving Time, in Chicago
The
offering
offered at prices to yield
or
New York funds.
The
"rights" will be dealt In
The Chicago Stock Exchange and New
on
railway equipment
costing $14,857,398.
Dated July
1938
1937
$3,430,000
$3,763,000
1,
1938; due July 1,
Principal and int. (Jan. & J.)
1958.
payable at office or agency of company in Chicago and New York.
De¬
finitive coupon debentures will be interchangeable denom. of $1,000, $o00
and $100; registerable as to principal only.
Red. after Sept. 15, 1938 as a
Earnings for 10-Day Period Ended May 31
Traffic earnings
subscribe for con¬
Stockholders of record have the privilege of subscribing for a
and
1945 inel.
Co,—Rights—
amount of debentures equal to $5 for each share of
held.
The shares of stock held by Commonwealth
The certificates are non-callable, are to be issued under Philadelphia plan
Payment of principal and divs. unconditionally guaranteed by Canadian
Pacific Railway.
Dated June 1, 1938; to mature $792,000 each June 1,
1939-1953 inclusive.
Principal and dividends (J. & D.) payable in lawful
money of Canada in the cities of Montreal or Toronto, at the holder's
option.
Bearer certificates in the denom. of $1,000 with dividend warrants
attached.
Royal Trust Co., Montreal, trustee.
In the opinion of counsel
these certificates will be a legal investment for life insurance companies
registered under the Canadian and British Insurance Companies Act 1932
Bonds maturing 1946 to
Corp.—SEC Opens Hearings
Stockholders of record June 9, are given the right to
Ry.—Equipments Offered—An issue of
$11,880,000 trust series E, 1938,15-year serial 3% certificates
was recently offered in the Canadian market by a
syndicate
headed by the Bank of Montreal.
made.
& Electric
vertible debentures, 3H % series due 1958, of the company. The maximum
amount offered is $42,303,800 and the minimum amount is $39,083.19o.
Canadian Pacific
from 3.40% to 3.75% according to maturity.
These certificates are to be secured by new standard
Gas
Application—-
The Securities and Exchange Commission announced June 7 that the
hearing with reference to the application of the corporation (File 51-12)
reopened and set for June 25.
The applicant has requested the
hearing be reopened for the purpose of considering the payment on Aug. 15
of the regular quarterly dividend on its cumulative 6% preferred stock,
series A cumulative preferred stock, 5% series, and 5% cumulative pref¬
erence stock, the aggregate amount of the dividends being approximately
$1,627,175.
Persons desiring to be heard in this proceeding should notify
the Commission on or before June 20, 1938.—V. 146, p. 3331.
"In view of the very large majority of the total votes cast in favor of the
proposals the board decided to request Hiram Walker-Gooderham & Worts
Lta. to keep the offer open, pending the dispatch to Canadian Industrial
Alcohol CO. shareholders of a report of the votes and the proceedings of
the meetings and the result in an effort to ascertain the views of the share¬
holders generally with respect to a resubmission of the offer."—V. 146,
'p. 3662.
amendments.
The maturities 1939 to
Dividend
has been
Alcohol Co., who urged, for various reasons, that the offer made by Hiram
Walker-Gooderham & Worts Ltd. be kept open and resubmitted.
was
Co., St. Louis—Extra Dividend—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
aider Plan—
Shareholders
June 11, 1938
Coca-Cola Bottling
Decrease
$333,000
whole
at any time, or in part from time to time, at option of company, on
30 days' published notice, by payment of principal amount thereof, accrued
int. thereon to date of redemption, and a premium of 4% if red. on or before
—V. 146, p. 3662.
Cannon Mills Co.-—Dividend Halved—
June 30, 1939; with successive reduction
in such premium of
each of the dates July 1, 1939 and Jan. 1 and July 1, 1940; and
Directors have declared a dividend of 25 cents per share on the common
no par value, payable July 1 to holders of record June 18.
Previously
regular quarterly dividends of 50 cents per share were distributed. See also
V, 144, p. 3999, for detailed record of previous dividend
payments.—
V. 146, p. 3176.
stock,
M of 1% on
with further
successive reductions in such premium of % of 1% on Jan. 1 and July 1
in each of the years 1941 to and incl. the year 1953; and if red. on or after
July 1, 1953, without premium.
1938. and at or
the conversion price of $2o
The debentures will be convertible on and after Sept. 1,
Canton &
Carthage RR.—Note—
The Interstate Commerce Commission
on
before maturity, into shares of the company at
May 27 authorized the
share, which price is subject to adjustment in certain cases, as provided
in the indenture.
In case of redemption prior to maturity, the conversion
privilege shall cease at the close of business on the fifth day prior to the
redemption date.
per
com¬
pany to issue a promissory note for not exceeding $280,000, to be delivered
to the Pearl River Valley Lumber Co. in
exchange for and in satisfaction
a like amount of outstanding notes.—V.
143, p. 1391.
of
For
Celanese Corp. of
Debenture Issue Voted—*
<
Stockholders at
special meeting held June 3 approved the issuance by
obligations of an unsecured
exceeding $20,000,000 principal amount, at such
times and on such terms as the board of directors
may determine.
Consent
was given by over
76% of the 7% cumulative series prior preferred stock,
which is now outstanding in the par amount of
$16,481,800.—V. 146, p.3005
to
up
but
a
Chesapeake & Potomac Telephone Co.—Gain in Phones
purpose
of issue and underwriters,
All
of
the
outstanding first mortgage
Chicago Burlington & Quincy RR.—Bonds—
The Interstate Commerce Commission
on May 20 authorized the com¬
1st & ref. mtge. 5% gold bonds,
pledged and repledged from time to
time as collateral security for notes which have been or
may be issued by
the applicant within the provisions of section 20a
(9) of the Interstate
Commerce Act, and also as additional security for certain serial collateraltrust notes, heretofore issued.—V. 146,
p. 3663.
Chicago Daily News, Inc.—Bonds Called—
A total of
have been
$167,400 10-year 5% sinking fund debentures due Jan. 1, 1945
redemption on July 1 at 103H and interest.
Pay¬
the City National Bank & Trust Co. of Chicago.—
2844.
called for
ment will be made at
V. 146, p.
to
Chicago Indianapolis & Louisville Ry.—Stock Exchange
Apply to SEC to Remove Securities from List—
The Board of Governors of the New York Stock
Exchange at its meeting
June 8 authorized the Committee on Stock List to make
application to the
Securities and Exchange Commission to strike from
listing and registra¬
tion
on
the Exchange, at such date as may be fixed by the Comm ission:
Chicago Indianapolis and Louisville Ry., 4% non-cunul. pref. stock
($100 par).
Detroit & Mackinac Ry., pref. stock
(5% non-cumul.) $100 par and
common stock, $100
par.
Market Street Ry., 6% curr.ul. pref. stock, $100 par;
6% 2nd pref. stock,
$100 par and common stock, $100 par.
Norfolk Southern RR'., capital stock, $100
par.
Pittsburgh Terminal Coal Corp., pref. stock (6% cuir.uU $100 par and
stock $1 par.
Robert Reis & Co., common stock, no par.
Wells, Fargo & Co., capital stock, $1 par.
V.
5%
gold bonds series A and
B
Chicago.
Weekly Output Off 11.4%—
of the Commonwealth Edison Co. group (inter¬
deducted) for the week ended June A, 1938 was 111,772,000
compared with 126,083,000 kilowatt-hours in the corres¬
ponding period last year, a decrease of 11.4%-.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
The electricity output
company sales
kilowatt-hours
•
net
pany to issue not exceeding $15,000,000,
series C, all or any part thereof to be
&c. see
and first mortgage collateral 5% gold bonds series A and B have been
called for redemption on July 18 at 110 and accrued interest.
Payment
will be made at the Continental Illinois National Bank <fc Trust Co. of
not
Company had a net gain of 1,392 stations during May, compared with a
gain of 1,492 in May, 1937, and a net gain of 1,414 in May, 1936.
For the first five months of the year, the
company had a net gain of 5,959
stations, compared with a net gain of 9,083 in the like
period of 1937 and a
net gain of 7,341 in corresponding period of 1936.—V. 146,
p. 3006.
regarding
Bonds Called—
the corporation of debentures or other funded
nature
details
146, p. 3664.
America—Preferred Dividend Deferred
Directors at their meeting held June 6 took no action on the semi-annual
dividend usually due at this time on the 7% cumulative first
participating
preferred stock. A regular dividend of $3.50 per share was paid on Dec. 31,
last.
Kilowatt-IIour Output
1938
Week Ended—
June
May 28.
May 21_
May 14—V. 146,
.
111,772,000
119,757,000
121,911,000
121,142,000
4
-
1937
Decrease
126,083,000
132,262,000
133,139,000
132,755,000
11.4%
9.5%
8.4%
8.7%
3664.
p.
Light & Power Co. of
Privately—Following a meeting
of the directors June 3, announcement was made that the
company's forthcoming issue of $18,000,000 30-year 3J4%
1st. ref. mtge .^sinking fund bonds, series O, has been sold
entirely, subject to the approval of the P. S. Commission of
Maryland, to six insurance companies at private sale.
Consolidated
Electric
Gas
Baltimore—Bonds
The proceeds from the
Sold
sale of the 3 lA % bonds will be applied to refunding
an $18,000,000 issue of 30-year S% % bonds, series K, sold to these same six
insurance companies in 1934. Negotiations were conducted by White, Weld
& Co. and associates.—V. 146, p. 3496.
Consolidated Lithographing
Corp.—New Vice-President
Robert C. Read has resigned from the headquarters
staff of the Socony-
Vacuum Oil Co. and will henceforth be associated with this corporation as
announcement made on June 3.
He will
also be Executive Vice-President of an associated company, Consolidated
Decalcomania Corp.—V. 146, p. 3665.
Vice-President, according to
an
Consolidated Retail Stores,
Period End.
May .31—
Sales.......
......
Inc.—Sales—
1938—Month—1937
$767,553
$658,792
1938—5 Mos.—1937
$3,585,398
$3,842,008
—V. 146, p. 3180.
common
New
Orleans Texas & Mexico
The Committee on
Governors stated that
Stock
List
Cosden Petroleum Corp .—Securities
in
par.
its recommendation
to the Board of
on the basis of information as to the
present status of
the Issuing corporations, their assets and
earnings, the number of shares,
and indicated market value of the issues
distribution
hands of the public,
outstanding in the
and the marketability and price range of the issues,
the continuance of listing on the New York Stock
Exchange of the securities
specified is not warranted.
The issues will continue on the list pending
action of the Commission.—V. 146, p. 3663.
Chicago Rock Island & Pacific Ry.—Hearing
The Interstate Commerce Commission has
June 28
on
application of trustees of the road
on Lease—
assigned oral argument for
properties of Chicago,
to lease
Rock Island & Gulf.—V. 146, p. 3663.
5% convert¬
convertible preferred stock and the common stock are
being notified that the securities reserved against these certificates have
been sold and that the net proceeds from the sale are now on deposit with
the company's agents for distribution.
ible bonds, the 5%
Certificate holders are now entitled for a period of six years to receive
their ratable portions of the net proceeds, without interest, upon surrender
of their scrip at the offices of the respective agents as follows: The Marine
Midland Trust Co., 120 Broadway, New York, in the case of the
Manufacturers Trust Co., corporate trust department, 45 Beaver
S.
Cordell has been elected Vice-President and General
Manager
of this company, it was announced on June 3His election follows the
completion of the consolidation of the Eastern oil marketing, export and
transportation properties of the Cities Service organization.
The companies included in the consolidation are the Cities
Service
Refining Co., Cities Service Oil Export Co., Crew Levick Co., Petroleum
Import & Export Corp., Inc., Cities Service Tank Line Co., Cities Service
Transportation Co. and A. R. Newcombe Oil Co.
Until Mr. Cordell's election, the activities of the Cities Service Oil Co.
of Pennsylvania were handled by a committee
consisting of general managers
and vice-presidents of the individual companies that are parts of the con¬
solidation.—V. 146, p. 3178.
.
>.;
bonds;
Street,
York, in the case of the preferred stock; and Guaranty Trust Co.,
corporate trust department, 140 Broadway, New York, in the case of the
common stock.
The scrip certificates will become void at the close of the
six-year period, on June 2, 1944.—V. 146, p. 2688.
New
Crescent Public Service Co.—Interest—
Cities Service Oil Co.—New Vice-President—Consolidation
John
Sold—
Holders of fractional scrip certificates for the first mortgage
Ry., capital stock, $100
Interest of 3% for the six months
period ended April 1, 1938, was paid
bonds, series B. Applicable
June 1, 1938, on the collateral trust 6% income
earnings, computed in accordance with the formula set forth in the trust
indenture securing the bonds, exceeded 3% and, therefore, this payment is
at the maximum rate and leaves the present balance of $2,291'on hand with
the trustee for future disbursements.
Interest payments on these bonds
aggregated 4% during the year 1937, 2%% in 1936, and 1% in 1935.
Consolidated results for the three months ended March 31. 1938, show
operating
revenue
of $652,573,
a
decrease of $8,800, or 1-33%, compared
with the corresponding period of 1937.
company and its subsidiaries, before
Consolidated gross income of the
provision for renewals, replacements,
three months period amounted
3.88%,—V. 146, p. 3010.
and retirements, fixed charges, &c., for the
to
$220,409,
an
increase of $8,250, or
Volume
Financial
146
Crown Drug
Eastern Utilities Associates (&
Co.—Sales—
1938—8 Mos.—1937
1938—Month—1937
Period End. May 31—
3801
Chronicle
$754,765
$5,765,369
$5,670,658
Period End. April 30—
Subs.)—Earnings1938—12 Mos.—1937
$8,285,427
4,294,141
291,514
764,710
1,050,547
$8,635,052
$1,884,515
13,809
$2,297,328
133,524
$1,898,324
528,300
10,264
$2,430,852
525,025
6,985
$150,035 &$1,359,760
a38,826
$1,898,841
77,652
$1,320,934
$1,821,189
28,810
$670,816
343,718
21,971
63,741
87,675
$742,153
$153,711
$186,150
Non-oper. income—net-
—V. 146, p. 3181.
Operating
Operation
1938—Month—1937
Net oper. revenues—
$681,206
Sales.
535
11,431
$154,246
43,147
3,954
$197,581
43,117
4,428
$107,144
revenues
Maintenance
Curtiss-Wright Corp.—New Vice Presidents—
Edward E. Wyman
Retirement
and William F. Goulding were on June 3
146, p. 3181.
appointed
accruals
res.
Taxes (incl. income)
370,665
23,658
63,718
97,962
4,189,185
334,079
728,790
1,085,669
Vice-Presidents of this corporation.—V.
Davega Stores Corp.—No Common Dividend—
took no action on payment of
$5, at this time.
A dividend of
Directors at their meeting held June 9,
dividend
a
on
the common shares,
par
37H cents was paid on Jan. 3 last; 50 cents was paid on July 1 and on
Jan. 2, 1937, and 15 cents per share was distributed -on July 1 and Jan. 2,
1936.
-In addition, an extra dividend of 50 cents was paid on March 25
1937, and an extra of 15 cents was paid on Jan. 2, 1936.—V. 145, p. 3815.
Balance
Interest & amortizationMisc. deductions
Balance
Preferred dividend deductions: B. V. G. & E. Co.
Detroit & Mackinac
See Chicago
Ry.-—To Delist Stocks—
The
Balance
Iudianapolis & Louisville Ry. above.—V. 146, p. 3497.
Denver & Salt Lake
Interstate Commerce Commission on May
19 authorized the com¬
pledge and repledge from time to time to and including June 30,
collateral security for short-term notes, not exceeding $590,000 of
series A, 4% first mortgage bonds.
The applicant proposes to borrow funds from Denver banks from time
to time, as required, in the total amount of $5 )0,0 )0, at a rate of interest
not to exceed 4% per annum and for terms not to exceed one year, in con¬
nection with the making of additions and betterments to its property,
estimated to cost $849,890, of which approximately $449,729 would be
chargeable to investment in road and equipment, and to pledge as coll.
security therefor $500,000 of the bonds now held in its treasury.—V. 146,
pany to
1939,
p.
___
___
Applicable to minority interest
21,522
Ry.—Bonds—
as
Earnings of sub.
Non-subsidiary income—
Diamond T Motor Car Co.—Dividend Omitted—
dividend ordinarily
on the common stock.
A regular quarterly
of 25 cents per share was paid on April 1, last.—V. 146, p. 3182.
dividend
Balance availablefor dividends and surplus..
April 30—
operation and non-operating income—net.—V.
Period End. May 31—
1937
1938
$49,147
_____
$224,998
earnings.—V.
146,
p.
provision for Federal surtax
on
Electric Power &
Period Ended Apr.
>
Steamship Lines, Inc., Ltd.—Granted Five-Year
Subs-idy by UniteA States—
A five-year operating subsidy contract carrying an annual subsidy of
approximately $3,000,000 to the company has been authorized by the
United States Maritime Commission.
receive an advance of $1,500,000 from the
Maritime Commission for necessary repairs to its fleet and a loan of $2,000,000 from the Reconstruction Finance Corporation for working capital.
Commission Chairman Emory S. Land said that completion of the trans¬
action is subject to the acceptance by the company and associated interests
in the Dollar organization of the terms and conditions under which the sub¬
sidy contract and advances were authorized by the Commission and the
In addition, the company may
Light Corp. / & Subs.)—Earnings—
A decision from the Dollar interests is called for within 10 days.
Cond-
prescribed for the transaction were embodied in formal resolutions
adopted by both the RFC and the Maritime Commission and delivered to
R.
Stanley Dollar, President of the company, in San Francisco June 6.
contract would carry the following provisions:
(1) A five-year operating-differential subsidy contract which, on the
basis of an operating fleet of 13 vessels and the initial subsidy percentages
established by the Commission, should yield the company an annual sub¬
sidy of approximately $3,000,000, or approximately $15,000,000 in the
contract period.
(2) An advance by the Commission of approximately $1,500,000 for
repairs on the subsidized vessels.
These are: President Coolidge, flagship
of the Dollar fleet; President Cleveland, President Taft, President Lincoln,
President Wilson, President Pierce, President Hayes, President Monroe,
President Adams, President Harrison, President Polk, President Garfield,
The proposed
Subordination by the Commission of its present first preferred ship
securing an outstanding indebtedness of the company to the
Commission of $7,474,193 to make possible a loan by the RFC of $2,000,000
to the company for working capital, which has already been approved by
(3)
RFC.
(4) Rearrangement of amortization requirements to provide for an orderly
repayment schedule of the old and new funded debt of the company.
Restrictive terms are set forth in the contract as follows;
The company shall execute a consolidated blanket first preferred ship
mortgage on the entire operating fleet to secure the new loan and a further
blanket preferred ship mortgage on the entire operating fleet additionally
to secure the indebtedness of the company which is to be subordinated.
(2) Limited personal guarantees of the subordinated indebtedness by
R. Stanley Dollar and H. M. Lorber to be secured by a pledge of their
(1)
Other income......
Gross income.
&C.)
Dome
286,577
Int. charged to construe.
Cr23,147
Dominion
& Lt. Corp.
Co.—Earnings—
1938
1937
$46,530 prof$39,323
normal Federal income taxes
and other charges but before provision for Federal surtax on undistributed
earnings—V. 145, p. 1899.
1,354,213
$2,188,382
$3,497,198
$9,744,239 $10,798,000
$3,497,198
$9,744,239 $10,798,000
611
1,332
El. Pow.
in income
Elec. Pow. A Lt. Corp.—
Net equity in inc.
Other income
of subs $2,188,382
......
-
415,151
$3,497,198
48,996
397,243
$9,744,850 $10,799,332
197,795
216,429
1,617,281
1,588,974
$1,728,445
$3,050,959
$7,929,774
$8,993,929
$29,300
$251,184
$314,419
$1,178,089
203,456
329,752
$2,188,382
Total—
Exps., incl. taxes
Int. and other deduc'ns.
44,786
Balance carried to con¬
solidated earned sur.
a
Fed. sur¬
undist. profits.
Incl. prov. for
tax on
Fed. sur¬
undist. profits,.
b Incl. prov.for
tax on
c
Incl. prov. for
tax on undist.
...—
Fed. sur¬
profits.
d Includes $418,505
2,668
representing non-recurring charges during the quarte,
1937 for reorganization expenses of
ended Dec. 31,
certain subsidiaries.
Only)
1938—12 Mos.—1937
Comparative Statement of Income (Company
Period Ended Apr.30—
1938—3 Mos.—1937
$532,090
$420,529
$2,069,476
611
$1,825,861
1,332
$53?.090
$420,529
48,996
$2,070,087
197,795
$1,827,193
216,429
$371,533
387,500
$1,872,292
,610,764
1,550.000
,550,000
9,743
38,974
def$25,710
$255,011
Otherj
Total
a
Expenses,
incl. taxes
before int.
deductions.
gold debs ...
Int. on Power Securities
Corp. coll. trust gold
bonds, Amer. 6% ser
Amort, of debt disct. and
exp. on gold debs
Prem. & exp. on Power
Securities Corp. bonds
& other
Int. on 5%
3 Months Ended March 31—
a
184,855
1,000,634
44,786
Net income
May 31 show a decrease of 1.89%
in comparison with the same period of last year, the 1938 total standing at
$1,486,876, as against $1,515,533 a year ago.
Total sales for the first 20-week period of this year are slightly lower at
$7,318,477, as against $7,540,582 in the same period of last year.—V. 146,
p. 3011.
2,353,454
630,473
Cr79,755
56,824
ofsubsidiaries
$3,050,979, compared
ago.—V. 146, p. 3333.
Stores, Ltd.—Sales—
Cr107,969
Net equity of
amounted to $604,701, compared with $601,-
Sales for the four-week period ended
Eason Oil
public—1,971,618
mi¬
nority interests
120 in April and $608,792 in May, 1937.
For the first five months production amounted to
with $3,109,670 in same period a year
1,995,155
d 1,483,505
56,481,459 $17,833,950 $20,086,720
7,934,507
7,904,856
1,983,627
$4,216,824
_
•
Portion applicable to
GFSmnsuKiaries
Mines, Ltd.-—May Output—
519,049
162,523
Crl7,262
486,324
-
Balance.
Drl,067
$8,090,909 $10,394,592 $33,932,585 $35,645,203
12,654,311
12,727,944
3,248,823
3,124,331
Other deductions......
Pref. divs. to
13,121,526
1,122,175 $10,438,761 $34,104,394 $35,709,943
689.294
797,639
94,124
108,462
862,379
861,103
138,293
139,728
b Other inc. deductions.
affiliated companies of
Bullion production in May
2,168
Dr2,091
(net)
Int. on long-term debt..
Other int. (notes, loans,
$102,451653
53,619,117
1,122,175 $10,440,852 $34,102,226 $35,711,010
Operating income
several stock interests in various Dollar companies.
(3) Limited guarantees of the subordinated indebtedness by Dollar
Steamship Line (a California corporation) and the Robert Dollar Co.,
Dollar Steamship Lines, Inc., Ltd., to be secured by
a pledge of collateral consisting of various stock interests of those guaran¬
teeing companies.—V. 146, p. 910.
.
Net oper. revenues
Rent from lease of plants
and President Van Buren.
mortgages
1938—12 Mos.—1937
1938—3 Mos.—1937
30—
Operating revenues
$26,530,549 $27,779,556 $108,133119
a Oper.
exps., incl. taxes 14,294,353
13,866,305
58,600,405
Property retire't & depl.
reserve appropriations
4,114,021
3,472,399
15,430,488
RFC.
tions
1938—5 A/OS.—1937
.9,914,447
$9,574,426
$2,541,745
$2,193,397
Subsidiaries—
Dollar
146, p. 3667.
Inc.—Sales-
1938—Month—1937
Sales
undistributed
274.
$1,965,473
declared until May.
—V. 146, p. 3011.
After deductions for operating expenses, normal Federal income taxes
x
and other charges but before
$1,4 74,604
Semi-annual dividend usually declared in April not
Note—Blackstone Valley Gas & Electric Co. on Jan. 1, 1937. adopted
the Federal Power Commission system of accounts, hence previous year's
12 months' ending figures are not exactly comparative, especially between
(W. S.) Dickey Clay Mfg. Co.—Earnings—
6 Months Ended
Net income..
$1,967,672
2,199
Amount not available for dividends and surplus..
Edison Brothers Stores,
x
134,531
$1,474,604
_____
Balance
a
Directors at their recent meeting voted to omit the
$1,609,236
$2,102,203
134,631
Total
„
Expenses, taxes and interest.
3666.
payable at this time
1.299,412
309,824
applicable to E. U. A
cos.
$1,792,379
1,792,379
309,824
$1,299,412
Applicable to E. U. A
_
$487,304
387,500
28,064
17,687
9,743
243
221
retired
38,974
Net loss
a
After deductions for operating expences,
Eastern
Period
Steamship Lines, Inc. f& Subs.)—Earnings—
End. April 30—
Operating revenue
Operating expense
1938—Month—1937
$769,846
$774,259
755,264
814,417
$40,158
$291,456
$258,172
812
3,281
3,475
53,734
58,671
225,408
233,556
$38,350
$98,017
$513,583
$488,253
Operating deficit.____prof$ 14,582
802
Other income
Other expense
Deficit.
1938—4 Mos — 1937
$2,451,325 $2,753,655
2,742,781
3,011,827
Notes—(1) The above statement covers operations after depreciation,
interest, rentals and local taxes, but before Federal income tax, capital
stock tax, capital gains or losses and other non-operating adjustments.
(2) The no-par convertible preferred stock dividend for the second quarter
was not declared.—V. 146, p. 3497.
Ebasco Services,
Inc.—Weekly Input—
For the week ended June 2,
Increase
Operating Subsidiaries of—
1938
1937
Amount
Co100,469,000 119,519,000 xl9,050,000
Electric Power & Light Corp. 48,774,000
55,410,000 x6,636,000
National Power & Light Co__ 75,566,000
79,631,000 x4,065,000
American Power & Light
x
Decrease.—V. 146, p. 3667.
»
%
xl5.9
xl2.0
x5.1
Tnrludes provision
(12 months)
for Federal surtax on
ended April 30, 1938,
$21,790
undistributed profits for period
$2,668.—V. 146, p. 3667.
RR.—Revamping Plan Would Drop Per sent Equity—
Bondholders Would Receive Common, Stockholders Get Warrants
Institutional holders of company's securities have completed a preliminary
Erie
draft of a
to
about
reorganization plan for the road which would reduce fixed charges
$8,000,000 or $8,500,000 annually from the present $15,000,000.
features of this group's proposals as given in the "Wall Street
The salient
J°?lfaGive^resent
common
common and preferred stockholders
in the new company from bondholders.
warrants to buy
mortgage position of the various liens.
(3)
first lien mortgages undisturbed.
(4) Raise new money througn sale of new securities to the Reconstruc¬
tion Finance Corporation.
Tne present ref. & impt. mtge. bondnolders would receive, among otner
(2)
Preserve present
Leave important
the common stock in the recapitalized road.
There are
of the refunding outstanding. The present preferred and
'stockholders would receive warrants good for five years to pur¬
chase tnis common from the bondholders and not from tne new company
as is the case in other reorganization plans.
Tnis would be tantamount
to giving the present equity holders a position in a new common with greatly
reduced cnarges at the cost of their help in retiring some of the present debt.
This provision is almost certain to be opposed vigorously by management
of Chesapeake & Ohio Ry., which holds a controlling interest in Erie stocks,
preferred and common. C. & O. management now is working on its own
plan for Erie reorganization and it was reported last week that Robert K.
new
1938 the kilowattr-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
$72,153
Net income
securities,
$100 000 000
common
3802
Financial
Young, Chairman of Alleghany Corp., which, through the C. & O., controls
tne Krie, and other interests were considering the possibility of a joint under¬
writing of a recapitalized Krie.
However, the large bondnolders are believed to be strongly opposed to
Jetting the present equity remain in control at the expense of the bond¬
holders.
This, it is claimed, would cause bondholders to sacrifice part of
their principal and interest and at the same time would give the equity,
througn its putting more funds in tne new company, a better security than
previously because of the scaling down of the debt.
The capital set-up of the company would leave equipment trust certificates
and Important first lien mortgages undisturbed; would provide a new prior
lien mortgage with a first lien on more mileage than at present, a new general
mortgage issue in place of the present issue, new convertible 4s and refund¬
ing and improvement 4s, new income bonds, new preferred stock issue and
stock.
new common
Chronicle
First National
mortgage bonds and convertible 4s, has not been settled, althougn it is
reported that all of the large holders are in virtual agreement on the plan.
In addition, negotiations with the Reconstruction Finance Corporation
as to the part it will
piay in putting new money into the road are in a
preliminary stage. It is understood that it is planned to sell some of the new
prior lien 4s to the RFC to up to $20,000,000.
The new capitalization, according to present plans, providing for fixed
charges of about $8,000,000 or to $8,500,000 and including income bond
interest, would be less than $10,000,000.
Preferred stock dividend would
require almost $2,000,000, bringing the total fixed and contingent charges
and preferred dividends to under $12,000,000.
At present it is reported that interest rate on Erie & Jersey first 6s and
Genesee River first 6s will be reduced to around 4?i %, but tnat otherwise
which now seems fairly well agreed upon by all
parties is the treatment to be accorded the prior lien 4s, 1996, of which
there are $35,000,000 now outstanding.
In the reorganization plan it is
proposed to give tnis issue 100% in new prior lien bonds.—V. 146, p. 3667.
El Paso Electric Co.
Period End. April 30—
99,665
13,865
a28,763
104,650
18,261
27,659
1938—12 Mos.—1937
$2,895,756
$2,728,755
1,210,236
1,228,558
163,701
188,108
a328,842
302,610
$89,008
Dr4,778
$79,636
5,055
$1,192,977
Dr38,075
$1,009,478
2,332
$84,230
36,162
Maintenance.
Taxes
Net oper. revenues.
Non-oper. income—net.
Balance
Int. & amort, (public)__
Int.
El
Paso
Electric
Co.
(Del.) (& Subs.)—Earnings—
$84,691
36,195
$1,154,901
438,955
$1,011,810
434,425
1938—Month—1937
$231,302
$230,206
Operating revenues
Operation.
(Del.)
2,083
25,000
25,000
$46,413
$690,946
336,250
46,710
$552,384
$307,985
$196,274
307,985
25,000
196,274
2,083
Balance
$45,984
Appropriations for retirement reserve
______
Preferred dividend requirements (public).
Balance applicable to El Paso Elec. Co. (Del.)
Earnings of M I'aso Electric Co. (Texas)
Note interest deducted frcm above earnings
-
_
...
Earnings of other subsidiary co
panies applicable
to El Paso Electric Co. (Del.)..
common
No provision has
$282,099
182,972
$206,340
dividends and surplus...
87,350
$308,624
26,525
$389,312
182,972
Balance
Preferred dividend requirements
a
25,000
$413,615
24,302
Expenses and taxes..
Balance for
46,710
80,629
Total...
profits for 1938, since
the epd of the year.
309,400
$99,127
been made for the Federal surtax
any
Note—Effective Jan.
on
undistributed
liability for such tax cannot be determined until
1, 1937, the subsidiary companies adopted the
146, p.
(M. H.) Fishman Co.,
Period End. May 31—
Federal Mining & Smelting Co.—To Retire Pref. Stock—
Payment will be
made at the office of D. A. Crockett, transfer
agent, room 3605, 120 Broad
p.
3668.
Stores in operation on
Price reductions ranging from $35 to $60 on cab-over-engine trucks have
placed in effect by this company. Reductions are the result of savings
been
a
Raymond W.
Iiuddon,
greater sales volume of this type of truck,
President.—V.
Florida Power &
146, p.
according to
3335-
year.—V. 146, P. 3186.
1937
;:j.
.
Fonda Johnstown & Gloversville RR.—Abandonment—
has authorized the trustee to
between Gloversville and Schenectady
The carrier was authorized to operate
the line of the Johnstown, Gloversville & Kingsboro Horse RR. and
The
Interstate
Commerce
Commission
the carrier's electric lines
and between Gloversville and Fonda.
over
under trackage rights over a line of Schenectady Ry. in Fulton,
Montgomery and Schenectady counties, New York.
Under a plan of reorganization filed by the bondholders substitution of
bus service on the electric lines is contemplated.—V. 146, p. 3498.
to operate
(Peter) Fox Brewing Co.—Extra Dividend—
extra dividend of 75 cents per share in ad¬
a regular quarterly dividend of 25 cents per share on the common
stock, both payable June 30 to holders of record June 15.
An extra of 20
cents was paid on June 26, 1937 and at the same time the regular quarterly
dividend was raised from 20 cents to 25 cents per share.—V. 146, p. 3013.
Directors have declared an
dition to
Galveston Houston
& Henderson
RR.—Reconstruction
Loan—
Interstate Commerce Commission on June 3 found the company,
the basis of present and prospective earnings, reasonably to be expected
meet its lixed charges witnout
a reduction
thereof through judicial
The
on
to
reorganization and approved conditionally, a loan of not to exceed $2,122,000 by the Reconstruction Finance Corporation.
The report of the Commission s lys in part;
The applicant requests a loan of $2,122,000 for a period of five years to
enable it to pay off and discharge in full the principal of its first lien &
refunding mortgage bonds, series A, due on April 1, 1938, outstanding in
tne hands of the public in the principal amount of $1,061,000 and to pay
in full the principal of the applicant's promissory note due April 1, 1938,
in the amount of $1,061,000, held by the Finance Corporation.
The applicant desires the loan for the term of five years.
It proposes,
however, to make payments to the Finance Corporation of $50,000 per
annum in amortization of the principal of the loan so long as the loan or
any part thereof in excess of $50,000 is outstanding.
As security for the repayment of the Joan applied fo*\ the applicant offers
$2,817,000 of proposed new 4% bonds to be issued by it. to be known as
first mortgage bonds, series B.
These bonds will be secured by its mortgage
dated April 1, 1933, to Central Hanover Bank & Trust Co., as trustee.
The series B bonds will constitute a direct first lien on all the applicants'
properties, rights, and franchises, now owned or hereafter acquired, and
will be further secured by assignment of the applicant's interest in the
operating agreements with its tenants as amended and supplemented.
They will mature April 1, 1963, and will be redeemable at option of the
applicant, in whole or in part, on any interest date, at percentages of the
principal amount ranging from lo2>£ in 1942 to luO in 1963. They will have
the benefit of a sinking fund providing for the retirement of the bonds by
delivery to the trustee, or redemption and payment at the principal amount
and accrued interest, of $59,000, principal amount, of the bonds on April 1
of each year or of such lesser amount, if any, by which such sum shall
exceed the total pyaments in such year in reduction of the loan herein under
consideration or of any other loans to the applicant secured in whole or in
part by the pledge of such'bonds.
On June 3, 1938, the Commission approved the proposed issue by the
applicant of not exceeding $2,801,500, of first mortgage bonds, series B.
The Commission has authorized the delivery to the Finance Corporation
as collateral security for the loan, $2,801,500, of
4% first mortgage bonds,
series B, dated April 1, 1938, and due April 1, 1963.
Trackage Agreement—Assumption of Obligation—
The ICC
on
June 3 issued
a
certificate authorizing the
Missouri-Kansas-
RR. of Texas and Guy A. Thompson, trustee of the InternationalGreat Northern RR., to operate, under revised trackage agreements, over
the railroad of the Galveston Houston & Henderson RR. in Galveston and
Texas
Harris Counties, Texas.
Authority was granted also to the Missouri-Kansas-Texas RR. of Texas
to Guy A.
Thompson, trustee of the International-Great Northern
RR., to assume, in equal shares, obligation and liability in respect of the
interest and sinking fund requirements of not exceeding $2,801,500 of
first mortgage bonds, series B, of the Galveston Houston & Henderson RR.,
and in respect of the interest and amortization payments of any note or
1936
notes secured
by the pledge of the series B bonds, which the latter company
issue to evidence a loan or loans to it from the RFC or from any other
payee.—V. 146, p. 2318.
may
Light Co. (& Subs.)—Earnings-—
Calendar Years—
1938—5 Mos—1937
$1,364,764
$1,324,305
$359,062
May 31, last, totaled 38, against 35 in preceding
and
Federal Motor Truck Co.—Prices Reduced—
obtained from
$344,434
new
A total of 5,505 shares of
7% cum. pref. stock, par $100, has been called
for retirement on June 30 at $100 and accrued dividends.
City.—Y. 146,
Inc.—Sales—
1938—Month—1937
Sales..
system of accounts prescribed by the Federal Power Commission, hence the
above 12 months' figures are not exactly comparative.—V. 146, p. 3667.
way, New York
Stores, Inc.—To Reduce Stock—
a meeting on June 27 will vote on a proposed reduction
stock by elimination of all authorized first preferred shares.—V.
1398.
Stockholders at
these issues will be undisturbed.
One portion of the plan
1938
11,
in capital
abandon
1
The treatment accorded some of the issues, notably the present general
June
1935
■
Gatineau Power Co.— To Vote
1934
Operating revenues
$15,219,168 $13,682,144 $12,508,684 $11,646,144
Oper exps.,incl. taxes._ a8,252,582
a7,318,130
7,017,703
6,633,483
Rent for leased property
25,904
25,223
39,332
41,375
on
Debentures—
A special meeting of holders of common shares of the company was clalled
for June 10 in Montreal for the purpose of authorizing the com pany to issue
debentures in an amount not to exceed $13,000,000 at an interest rate of
than 5%.
Interest and principal of the proposed issue would be
payable in Canadian funds only and the maturity is to be determined by
not more
Balance
Other income
>,940,682
42,385
Gross corporate inc..
Int. on mtge. bonds.
Int.
on
.
debentures
Other int. & deductions.
Prop, retire,
res. approp.
Net income.
Divs.
Divs.
a
on
$7 pref. stock._
on
$6,338,791
56,983,067
$6,367,203
2,6uu,0u0
1,320,000
259,781
884,458
2,600,000
$1,918,828
273,252
$6 pref. stock,,
.
Includes Federal surtax
28,412
$5,451,648
33,294
$4,971,285
25,579
$4,996,864
309,328
$5,484,943
2,600,000
1,320,000
217,023
634,000
436,836
438.820
$1,503,875
$911,083
$422,141
......I
.III.I
1,320,000
...
2,600,000
1,320,000
215,903
.
15,000
undistributed profits.
on
Consolidated Balance Sheet Dec. 31
1937
Plant, property,
franchises, &cl
Invest.—secur
1936
$
Assets—
$
61,220
145,024
552,970
Cash in banks—
on
demand
Special deposits
49,576
2,265.707
1,132,038
Prepayments...
66,477
69,825
Misc.curr. assets
69,484
72,963
Reacq.
cap. stk.
account
377,697
...
U. 8. Treas.
sec.
2,947,121
377,697
1,315,425
2,444,147
Notes and accts.
rec.—not
Unamort.
curr
1,271,327
1,157,194
1,055,212
1,121,218
debt
disc't & exp..
Unamort.
applicable
ser.
A 22 ,000,000
22,000,000
Note pay.
1,750
(Am.
Pow.&Lt.Co.)
Misc.
1 030,000
1,030,000
long-term
debt
1,500
24] 000
Contractual liab
Accts.
1,294,000
payable.
Matured interest
281,364
Customers' dep.
663,875
1,565", 889
Accrued accts..-I
Misc. curr.liabs.J
748,073
1,142,171
Mat. &
263,587
11,147
3,753
1,315,425
accr. int.
176,510
146,182
7, 631,121
_
Reserves
6,260,602
Contrlb. in aid of
to
construction
rents and tolls
Total
52,000,000
Municipal bonds
Sundry credits.
chgs.
Other def. chgs.
52 000,000
1st mtge. gold 5s
Loans payable—
Am. P & L
(3,856 shs. $7
pref. stock)..
Int. and redemp.
$
48,954,308
assumed
5,577
1.218,027
1,027,830
1936
48 ,954,308
6% debs.,
1,311,147
.
Notes receivable
Accts. receivable
Mat. & supplies.
$
„
the
38,287
264,712
Capital surplus.
821.778
260,016
821,778
10.500
Earned surplus.
3, 161,751
2,226,697
140,519,717
139,050.143
Total..... ..140,519,717
Gemmer Manufacturing Co.—Earnings—
Years Ended Dec. 31—
Gross profit from operations.
1937
1936
$630,628
132,897
$456,070
Selling, administrative and general expenses._____
x Net
operating profit
Miscellaneous income (net)
$497,731
11,647
$320,237
46,126
$599,378
$366,364"
100,000
59,000
2,000
no
c
shares: outstanding 10,000
shs.; $7 2d pref.
(entitled upon liquidation to $100 a sh.);
authorized, 100,000
shs.;
S m^nnn11?' 20,0)[)0 shs.; common, authorized, 5,003,000 shs.; outstanding,
(
Total income
Dividend received from wholly-owned subsidiary.
_
88,478
Prov. for Federal income & excess profits taxes..
Prov. for surtax on undistributed profits
84,500
1,500
Net income
$405,364
333,596
286,317
73,685
Surplus
Earnings
135,832
$511,856
Class A dividends paid
Class B dividends paid
per share on combined class A & B
stock.
$104,575
$3.95
;
$119,047
$3.17
After charging depreciation of $115,379 in 1937 and $101,489 in 1936
buildings, machinery and equipment.
Note—In the computation of surtax on undistributed profits, certain
"credits" have been taken which may or may not be ultimately allowed;
if disallowed, an additional tax liability of approximately $11,000 may
result, which amount has not been provided for in the above statement.
x
139,050,143
§£ pre/* cum. (entitled upon liquidation to $100
oV,P " pa?8,u )vit,h
Pref.; authorized, 500,000 shs.; outstanding (inc.
L 18fu,abIe m exchange for pref. stock of merged company), 160,000
17 ;U. pre*; cum. (entitled upon liquidation to $100 a sh.); pari passu with
$7 pref., authorized, 500,000
2.500,000 shs.—V. 146, p. 3498.
company.
on
ky
cum
of
Company is asking permission to authorize an issue of $10,000,000 of
5% sinking fund debentures, dated June 1,1938, and maturing June 1, 1949,
and $3,000,000 serial debentures, dated June 1, 1938 and maturing at rate
of $600,000 annually in years 1939 to 1943, inclusive.
The 1939 maturity
will carry interest at rate of 3 %, 1940 maturity 33^%, 1941 maturity 4%,
and 1942 and 1943 maturities 4H%.
Interest and principal of both issues
will be payable in Canadian funds only.
With each $1,000 of 5% sinking
fund debentures there will be attached a warrant entitling bearer to purchase
on or before Dec.
31, 1942, 10 common shares at approximately $10 per
share, proceeds from exercising of warrants to be applied in retirement of
the 5% sinking fund debentures.
It is company's intention to call for redemption the presently outstanding
$13,607,500 series A and B debentures, on or about July 22, 1938, at 101
and accrued interest.
Purpose of new issues is to provide in part funds for
the redemption.—V. 146, p. 3669.
Cap. stock (no
par)
1,459,397
.
1937
Liabilities—
x
directors
Balance Sheet Dec. 31,
1937
Assets—Cash in banks and on hand, $155,262; customers' accounts
receivable, less reserve of $2,000 for bad debts, $215,113; sundry accounts
receivable, $3,616; accrued interest and royalties receivable, $10,146;
investments
in
marketable
reduce to market value,
securities,
at
cost
less reserve
of $24,912
to
$95,198; inventories, at lower of cost or market,
$540,762; prepaid insurance, taxes and other charges, $39,031; balances due
employees, $826; land contract receivable, $17,205; cash in closed
banks, less reserve of $17,744 for possible loss in collection, $17,266; re-
from
«
Volume
Financial
146
Income Account
ceivable for sale of Canadian plant under terms of lease and sale agreement
dated Dec. 30, 1933, $7,783; investment in wholly-owned subsidiary, at
$23,149; cash surrender value of insurance on life of officer, subject to
trust agreement dated Oct. 9, 1936, $54,306; securities, at cost, $60,336;
sinking fund assets, $20,010; plant and equipment, at cost (less reserve for
depreciation, $831,131), $1,408,536; property not used in operations (less
reserve for depreciation of $180,604), $152,769; deferred charges, $17,829;
patents, $1; total, $2,839,143.
Liabilities—Note payable, bank, $100,000; accounts payable, $147,664;
accrued liabilities,
$118,348: dividend declared on class A stock, paid
Jan. 3, 1938, $23,419; 5^% gold debenture bonds, due Jan. 1, 1940, but
subject to retirement before that date in terms of sinking fund provisions,
$66,000; class A capital stock (authorized and issued, 40,000 shares having
a stated value of $37.50 per share, but a
liquidating and redemption value
of $45, plus accrued dividends at the rate of $3 per annum), $1,500,000;
class B capital stock (authorized and issued, 100,000 shares having a stated
value of $1 per share; after dividends of $3 per annum, this stock shares
pro rata with class A stock in any additional dividends), $100,000; (less
'treasury stock at stated value—class A, 8,775 shares, $329,063; and class B,
1,753 shares (incl. 973 shs. held for sale to employees), $1,753); earned sur¬
plus, $928,502; capital surplus, $186,025; total, $2,839,143.—V. 146, p.2850.
cost,
3803
Chronicle
(Parent Company Only) for the Years Ended Dec. 31
1937
Income from sub.
operating)
Di
cos.:
v. on common
Int.
on accts.
stock
and
$550,000
con¬
vertible
obligations
(to extent earned)..
$464,026
$319,371
$295,422
12L456
28,040
li0~043
108~003
18,052
30,139
$314,530
$191,275
$157,280
34,769
329,691
70,037
430,247
94,614
476,547
35,966
37,253
50,858
pf$1183,524
Provision for
918,359
25,093
2,916
71,439
191,686
$1,233,244
Income from affil.
Other income
General expenses
$85,198
$370,840
$406,091
308,668
22,538
co__.
taxes
Balance
Interest
&
Int.
on
funded debt
interest-bearing scrip
on
unfunded debt..
14,950
Amort, of debt discount
and expense.
______
Net loss.
Divs.
on $5 prior
pf. stk.
on $6,
$7 and $8
preferred stocks
Divs.
Gauley Coal Land Co .—Earnings—
Earnings Year Ended Dec. 31, 1937
Income—Coal royalties, less depletion.
Rentals
_________
___
$147,774
2,109
__________
Interest and dividends
$160,894
;
*
Administration and office
Depreciation
Reserve for Federal taxes
■
Common stocks:
Southeastern Electric & Gas Co
Southern Electric Utilities Co
.$13,430,190 $13,430,190
1,000
1,000
Interest-bearing convertible obligations:
9,000
Southeastern Electric & Gas Co
Net income after taxes
$58,339
,
Balance Sheet Dec. 31,
1937
Assets—Cash, $50,749; accrued income receivable, $1,353; accounts and
receivable, $9,702; marketable securities
(at market), $105,700;
accounts and notes receivable, $5,997; investments in New Gauley Coal
Corp., $242,227; fixed properties, less depreciation, $2,885,251; total,
$3,300,980.
Liabilities—Royalties collected in advance, $1,656; accrued expense,
$2,067; reserve for property taxes, $16,498; reserve for Federal and State
excise, $2,722; reserve for Federal income tax, $13,000; accumulated pref.
dividends,
$651,498; preferred stock ($1 par), $11,329; common stock
($100 par), $2,191,100; surplus, $411,110: total. $3,300,980.
notes
General Finance Corp.—Dividend Omitted—
on
Directors have decided to omit the dividend ordinarily due at this time
the common shares.
A dividend of 10 cents was paid on March 21, last
and
regular
quarterly dividends of .15 cents
distributed.
In
addition, an extra dividend
Nov. 20, last.—V. 146, p. 2850.
General Gas & Electric
per share were previously
of five cents was paid on
Deposits for matured
1936
(contra)
861,133
769,808
Totaloper. revenues._$24,275,470 $22,837,515 $10,475,272
expenses
9,581,412
8,626.878
4,039,143
1,392,782
1,473,456
641,218
$6,304,314
2,360,102
332,163
Operating
___
Prov. for retirement—renewals &
2,318,294
1,814,190
899,548
TAghilitie g-—«.
b$16,069,501 $11,869,491
1,090,823
858,621
Funded debt
Notes and accounts payable to affiliated cos
Matured notes and note interest (contra)
Accounts payable
Dividends accrued
on
260,019
21,971
12,496
$5 prior pref. stock
Taxes accrued
Interest accrued
a2,689,849
1,307,997
$8,233,142
$3,587,364
$2,152,922
154,417
63.724,554
.<
213,758
129,938
Dr48,204
Drl09,751
Gross income
$8,074,754
$8,363,080
$3,539,159
$2,043,171
6,839,468
6,998,142
2,992,285
1,679,178
Subsidiary companies de¬
ductions from income.
Gen. Gas &
Elec. Corp.
deductions
49,719
a
399.728
562,114
563,371
$1,185,566
Net income for year._
$965,209
b$15,241
b$199,378
Includes surtax on undistributed profits,
b Loss.
b
Prior preferred, 100,000
Represented by;
no
par
General Crude Oil
Co.—Earnings-
1936
$
$
Assets—
Fixed capital_.
Inv. in Assoc. G.
180,727,602 178,113,117
& E.
Co., inc.
Costs, operating and general expenses..
Operating loss___
Non-operating income.
47,460,809
50,540,414
145,352
69,367
140,922
2,500
19,804
104,849
241,353
751,650
500,603
*
'577,678
—
1,594,261
1,058,393
45,876
51,019
3,101,063
1,301,651
25,888
2,348,932
2,815,247
1,083,487
1,383,136
Appliance accounts receivable sold-Prepayments
1,365,333
885,961
180,206
_
—
___—
175,287
Balances in closed banks
414,278
66,486
442,324
7,130,584
561,064
7,581,359
______
unadjusted debits
_
&
—
expense..
833
157,056
172,261
93,772
368,156
799,189
7,249,434
243,645,772 252,578,579 242,770,137
Total
$174,576
225
...
---
16,069,501
87,148,642
19,630,800
11,869,491
.3,694,196
83.418,359
19,656,425
10,069,501
2,586,537
83,853,082
20,002,200
38,450
858,621
92,567,762
8,142,115
853
1,788,834
91,461,950
12,406,702
on
1937
hand, $145,017; accts. receivable, $141,-
790; due from stockholders & employees, $795; inventories, $239,758;
properties, plant & equipment (less: reserves for depreciation, depletion,
development costs & amortization, $5,688,814), $4,928,926; prepaid &
deferred charges, $2,358; accts. receivable, collectible from production,
$379,839; total, $5,838,480.
Liabilities—Accts. payable, $203,364; tax liabilities, $32,255; deferred
„
credits, collectible from production, $344,955; reserve for intangible drilling
costs & contingencies, $1,742,639; reserve for uncompleted sales contract,
$142,700; common stock (par $2.50), $2,910,120;
surplus, $462,447; total,
$5,838,480.—V. 146, p. 1877.
General Foods Corp,—To Build
Coffee Plant—
Company on June 6 started construction of a $1,000,000 coffee plant in
Hoboken, N. J,
The plant, to be the largest of its kind in the world, will
be erected on the North River waterfront on a IP-acre site and will comprise
500,000 square feet of floor ares.
for operation by the fall.—V. 146, p. 3500,
six structures, providing
will be ready
General Machinery Corp. (&
Gross
profit—before depreciation
It is expected it
Subs.)—Earnings—
1937
Earnings for the Year Ended Dec. 31,
v
$1,442,244
392,712
-
-
_
Selling and administrative expenses
$1 >049,532
1,090,823
92,996,100
3,932,988
_
751,650
500,603
401,297
1,699,434
1,113,080
60,777
1,712,793
1,466,564
52,027
920,478
1,183,976
199,718
736,159
1,403,350
772,047
Taxes accrued
1,036,401
Interest and miscellaneous accruals..
Consumers'service and line deposits-
1,437,439
1,366,600
Appliance accts. receivable sold
1,365,333
885,961
157,056
12,013,620
381,063
Reserve for doubtful accts. receivable
376,068
11,564,520
11,698,046
386,364
275,850
393,618
73,509
Retirement reserve.
Federal income tax reserve—
Reserve for balances in closed banks.
for unpaid cumulative
ferred dividends of subsidiares
Reserve
■_
non-refundable—
424,447
64,160
1,827,498
1,179,679
Depreciation
paid
279.857
238,954
451,775
168,941
353,821
124,848
270,828
414,385
331,886
243,645,771 252,578,579 242,770,137
for
246,536
13,171
-
Federal income,
cess
».
undistributed profits, and ex¬
profits taxes
Net
profit
:
—
-
414% convertible preferred stock
Common stock dividends-
dividends
-
178,461
$046,727
97,^61
80,595
Consolidated Balance Sheet Dec. 31, 1937
Assets—Cash, $463,493; notes & accts. receivable, $1,765,222; inventories,
$1,601,077; contracts in progress for U. S. Navy Dept. (less—progress
billed, $1,106,954), $278,224; deferred notes & accts.
receivable: due 1939-1941, $202,731; investments—at cost, $66,303; pre¬
ferred stock retirement fund, $29,035; buildings, machinery & equipment
(less—reserve for depreciation, $1,887,454), $1,254,378; land, $364,792;
special equipment—unamortized balance, $104,152 deferred charges, $201,780; total, $6,331,188.
,
Liabilities—Notes
payable—banks,
$650,000; accts. payable—trade,
$696,826; accrued taxes, wages, insurance, &c., $54,142; provision for 1937
Federal income, capital stock, undistributed profits, & excess profits taxes,
advances received or
.
$186,696; reserve for maintenance & contingent costs, $96,200; provision
payment to preferred stock retirement fund, $29,035; deferred accts.
payable—due 1939-1940, $15,110; 4conv. pref. stock ($100 par value),
$2,165,800; common stock (without par value) authorized 470,000 shares—outstanding 201,488 shares, $1,021,200; capital surplus, $743,461; earned
surplus—after transfer in 1936 of pre-existing earned surplus of predecessor
corporations, $672,718; total, $6,331,188.—V. 145, p. 3973.
for
pre¬
Misc. reserve and unadjusted credits-
Total--..-
1,273,961
$1,084,894
Interest
10,893,578
1,026,526
35,363
-
-
Total income
Provision
,
'
$174,351
Balance Sheet Dec. 31,
Other income.
—
for ext.,
charges....
Operating profit
Liabilities—-
Capital stock
Corporate surplus.
Capital surplus
Capital stock (preferred) of subs
Subsidiary cos.' common stock and
surplus applicable thereto.:
Fund. dt.—General Gas & Elec. Corp.
Subsidiary companies
Notes & accts. payable to affil. cos—
Bonds callable for redemption, incl.
premium and int. thereon (contra).
Matured bond interest, &c. (contra).
Advances from affiliated companies..
Notes payable
Accounts payable
Divs. declared or accr. on pref. stocks
Contrib.
$85,667
260,243
—
—
Assess—-Cash in banks and
1,031,388
Materials and supplies
Interest and dividends receivable.;—
Notes receivable
—
828,179
331,358
260,939
111,114
_
61,237
—
Accounts receivable..
Miscellaneous
.
1,026,526
&c
(contra)
Other special deposits
Cash (incl. working funds)
Abandoned property.Unamortized debt disc.
82,826
___
10.893,578
Deposits for matured bond interest,
&c.
— — -
Net income for period
56,023
Dep. for redemp. of called bonds, incl.
prem. and int. thereon (contra)
Sinking funds and other deposits with
trustees,
$
172,852
Note receivable from affiliated co
$1,984,946
410,459
128,564
Intangible development costs._;
...—
Depletion, lease amortization and abandonments..,
Depreciation
__;
Exploration expense
176,360,514
47,460,979
cos—
investments
— —— -----
Taxes
1935
se¬
curities to be received
Investments in other affiliated
Miscellaneous
1937
Gross operating income
Interest paid
1937
share
auth¬
value (entitled to $100 per share in liquidation after pay¬
ment of $100 per share on $5 prior preferred):
$6 convertible, series A,
335,814 shares; $6 convertible, series B, 283,990 shares; $7, 22,267 shares;
$8, 15,344 shares and common stocks:
Class A, 5,000,000 shares auth¬
orized, no par value, 4,911,749 shares; class B, 4,000,000 shares authorized,
par value 25 cents per share, 3,047,000 shares.—V. 146, p. 3500.
orized,
Net income before other
Consolidated Balance Sheet Dec. 31
178,002
63,058,743
813,342
.$81,505,710 $80,164,669
Includes notes receivable,
Income Account Year Ended Dec. 31,
Other income
22,447
3,018
25,000
1,155
15,000
shares authorized, $5 cumulative, no par value (entitled to $100 per
in liquidation), 60,000 shares; cumulative preferred, 660,000 shares
882,189
$7,860,996
Operating income
3,288,318
19,923
24,017
3,746
155,771
Miscellaneous accruals
576,938
a3,121,985
179
$81,505,710 $80,164,669
Capital stock
a
V
•
replacements
Taxes
19,923
8,603
Total
1934
$5,134,411
632,171
537,732
Maintenance.
260,019
Cash.
Total..
1935
313,376
3,224
notes and note interest, &c.
Capital surplus
Corporate surplus
$8,844,329
$21,027,674 $19,716,058
Gas revenues
1,521,545
1,478,694
Miscellaneous revenues.
1,726,250
1,642,763
revenues,
19,000,000
47,400,000
27,500
al,375,172
'_
Accts. receiv. from sub. (non-operating) cos
Other receivables
Calendar Years (Incl. Subs.)
1937
Electric
19,000,000
47,400,000
-
Southern Electric Utilities Co
Investment in other affiliated company
Reserves and miscellaneous unadjusted credits
Corp.—Earnings—
Consolidated Income Account for
1936
1937
Investments in two wholly-owned sub. (non-oper.)
companies (at company's valuation):
6,206
__
.
Assets—
56,280
31,069
Taxes
(paid in 4% interest bearing scrip
1933
Balance Sheet Dec. 31 (Parent Company Only)
4,962
______
x999,310
x For quarter ended in March,
due Dec. 30, 1942).
6,049
Sales of timber, less reserve
Total income.
1934
1935
1936
(non-
Financial
3804
General
on
Motors
Corp.—May Car Sales—The
following statement:
company
June 8 released the
May sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 104,115 compared with
216,654 in May a year ago.
Sales in April were 109,659. Sales for the first
five months of 1938 totaled 512,045 compared with 894,231 for the same
five months of 1937.
United States
Sales of General Motors cars to consumers in the
totaled
92,593 in May compared with 178,521 in May a year ago.
Sales in April
103,534.
Sales for the first five months of 1938 totaled 422,049 com¬
pared with 717,360 for the same five months of 1937.
Sales of General Motors cars to dealers in the United States totaled 71,676
Chronicle
June
11,
1938
less purchased for retirement (24.097 shares), $2,409,700; balance, $7,590.less uncalled payments, $5,692,725; balance, $1,897,575.
Second
preferred, entitled in liquidation to $100 per share: Authorized and issued
(20,000 shares), $20,000; general reserve, set up of amount paid in cash by
subscribers to 2d pref. stock, $1,680,000.
Common stock and surplus
account: Authorized and issued, 500,000 shares, par 10 cents; less 3,500
shares held in treasury, and surplus, $419,491.
z Dividends receivable only.
Note—Based on the market quotations at Jan. 1, 1937, the value of
marketable securities in the United States was less than the above book
value of approximately $1,017,135.—V. 146, p. 597.
300;
were
General Realty & Utilities Corp.
May compared with 180,085 in May a year ago.
Sales in April were
78,525.
Sales for the first five months of 1938 totaled 347,052 compared
with 716,798 for the same five months of 1937.
Total Sales to Dealers in United, States and Canada Plus Overseas Shipment
1937
1936
103,668
74,567
158.572
1 44,874
March.
109.555
196,721
April
May
109,659
104,115
260,965
238,377
216,654
203,139
226.681
188,010
229,467
222,603
98,268
121,146
169,302
184,059
134,597
217,931
181,188
204,693
121,943
167,790
124,680
39,152
127,054
182,754
185,698
3 Months Ended March 31—
Net income before depreciation
Net income after depreciation
1937
$135,671
39,248
1938
$140,734
27,801
—V. 146, P. 1398.
1935
94,267
94,449
(& Subs.)—Earnings
[Excluding Lefcourt Realty Corp.]
in
1,715.688
1938
January
February
June
July
August
September
-—-
—...
82,317
October
166,939
November
195,136
160.444
19,288
90,764
191,720
239,114
2,116.897
2.037,690
December
General Telephone
3,133 telephones for the month of May, 1937.
-
1937.
The
subsidiaries
phones.—V. 146,
have
now
p.
1938
63,069
January...
February..
March
103,534
92,593
Georgia & Florida RR.—Earnings-
June
July
August
September.
October...
November.
December.
Total.
126.691
155,552
1,594,215
Gibson Art
54,105
77,297
143,909
109,051
137,782
108,645
127,346
66,547
68.566
136,589
173,472
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
company-owned tele¬
operation 370,103
Week Ended May 311938
1937
$22,525
:v :
—Jan.
1
31—
1937
$534,207
to May
1938
$405,871
$28,479
1935
102,034
96,134
181,782
200,117
195,628
189,756
163,459
133,804
85,201
44,274
51,600
196,095
198,146
100,022
April
May.:
1936
1937
92,998
62,831
in
3187.
Operating revenues._
—V. 146, p. 3669.
Sales to Consumers in United Stales
The gain for the first five
months of 1938 totals 6,690 (exclusive of purchases) or 1.84% as compared
with a gain of 12,434 telephones or 3.71% for the corresponding period of
—
Total.
Corp.—Gain in Phones—
The corporation reports for its subsidiaries a gain of 1,978 companyowned telephones for the month of May, 1938 as compared with a gain of
122.198
1.278.996
Feb. 28, '38
100.729
$635,250
42,251
100,598
$461,389
2,395,879
2,297,053
$2,857,267
344,059
$2,789,453
393,575
Federal taxes....
Net
,
profit
Previous earned surplus.
Total
Dividends paid
Loss
Feb. 29, '36 Feb. 28, *35
$617,643
5561,714
51,853
68,074
89,034
77,422
Feb. 28. *37
$605,830
43,713
Deprec. of plant & equip.
*$492,401
$476,756
2,094,074
5416,218
1,914,910
$2,570,830
$2,331,128
237,510
36,267
137,054
rnach.. eqpt., &c
value of designs,
on
Book
1,720,213
Co.—Earnings—
Years Ended—
Net profit
100,000
&c., written off
verses,
Sales to Dealers in United States
1938
131,134
116,762
162,418
187,119
194,695
186,146
177,436
99.775
4,669
69,334
156,041
197,065
1,680,024
March
April
May
1936
70,901
49.674
216,606
180,085
199,532
162,390
157,000
58,181
136,370
153,184
108,232
February..
1937
56,938
63,771
76,142
78,525
71,676
January...
1,682.594
June
July
August
September.
187,869
October
November.
December.
1935
75,727
92.907
132.622
105,159
152,946
150,863
139.121
103,098
22.986
97.746
148,849
150.010
Earned
surplus at end
of year
$2.61
1,094,074
$2.27
Feb. 28.'38
Feb. 28,'37
$2,297,053
$2,395,879
$2 85
Balance Sheet
Assets—
Feb.28,'38 Feb.
Cash
$34,663
Inventories......
$21,523
100,729
100,599
57,908
Long-term
120,000
y Common stock. 1,000,000
Earned surplus
2,513,208
1.000,000
Accounts payable.
870,178
552,790
rec.
$700,533
833,243
454,518
Fed. inc. & undlst.
7,336
Accts. & notes
24.172
Other assets.
Real est., plant
x
Liabilities—
28,'37
$669,000
...
& equip., at cost
profits taxes....
Acer,
other
taxes,
int. & exps
909,978
912,153
Prepd. exps. & inv.
of supplies.....
Goodwill
Total
$2,513,208
$2.69
Earns, per sh. on com
23,715
21,892
1
1
....
z
1.370.934
Com. stock
66,084
120,000
2,395,879
pur.
Z>r793,511 Z>r757,573
& held in treas..
Unit sales of Chevrolet, Pontiac, Oldsmobile, Bulck, La Salle and Cadillac
passenger and commercial cars are included In the above figures.—V. 146,
TotaL.
P. 3669.
x
German Credit & Investment
Corp.—Earnings-
no
Income Account Years Ended Jan. 31
the U. S.—
1938
1937
$128,851
3,956
$131,183
2,581
Total income
Net profit on sale of sec.
$133,764
Profit
25,877
$112,717
4
1935
$65,405
1936
$69,779
5,741
$132,807
650,041
22,450
4,830
Expenses and taxes.
625
$75,520
30,972
13,869
$66,030
loss37,671
11,753
Interest on bonds
Loss on sales of securities
1,536
Germany (x)—
9,752
16,307
6,094
3,970
68,660
14,567
6,210
110,529
6,716
6,198
20,765
87,411
3,672
6,073
3,579
68,651
from
sale of real estate
over
$148,841
51,728
4,147
taxes
$918,487
64,865
549,173
15,099
$162,349
64.353
$194,255
64,334
Excess of amt. at which
RM depos. were carr'd
on the books over the1
Profit
$92,965
132)665
12L251
$289,349
$8,670
loss$34,667
Such of the profit and loss items as were
paid or received in Reichsmarks are calculated at RM 4.20 to $1.
D je to conditions now prevailing
and exchange restrictions in
force, the value of these items, measured in
x
is indeterminable.
During 1936 $6,814 (representing
of reichs$40,000 provided out of
income and return of capital) was received from the
liquidation
martcs balances,
y After applying a reserve for
profit and loss in prior years.
Marketable securs. at market prices
Assets in Germany (at cost)—
Cash in bank
Accounts
1938
$505,043
rec
Deposit with Conversion Office
German foreign debts
Marketable securities
Accrued interest receivable
1936
$42,424
5,793
-
2,160,360
23,494
43.150
for
*"
_
Long-term loans
Invest, in & doilar loan to sub
Stock of industrial corporation
Real estate
440,524
836
151083
10.961
445,350
857
225.333
73,441
513,148
16,647
956,615
71,751
56,673
64,610
2,107
$4,075,077
$4,106,573
$3,878,300
747
2,475
31,388
8,107
"9",984
4,066,716
y4,064,454
26,566
5,840
3,843,418
$4,106,573
$3,878,300
calculated at RM 4.20 to $1.
Due to conditions now
prevailing and exchange restrictions in force, the value of these assets,
measured in terms of dollars, is indeterminable,
y First preferred, entitled
in liquidation to $100 per share:
Authorized, (100,000 shs.), $10,000,000;
62,039
$1.20
—
...
99,262 shares of com. stock.
_
incurred.
y
$155,720
122,157
62.039
$0.95
Includes $$7,315,
res.
for
doubtful
on
accts.
hand, $133,156; accts. receivable, ($216,305*
allowances $21,249), $195,056; due from
&
($100,000, less reserve $99,999), $1; company s com.
stock—730 shares, at cost, $7,545; land, $23,968; bldgs., mach. & equip.
$1,784,108, less res. for deprec. $1,051,808), $732,300; deferred chgs.,
4,214; goodw., pats. & trade-marks, $1; total, $1,519,101.
Liabilities—Accts. & drafts payable (incl. $40,727 of accts. pay. for
completed portion of new bldgs., $143,737; accrued accts., $94,374; instal¬
est., mtge. due April 16,
1938, $10,000; real est. mtge.,
0%,
final instalment, due April 16, 1939, $10,000; preference cap. stock, $350
cum. div. (authorized and issued, 25,000 shares of no par value, having a
preference of $52.50 a share in liquidation) ($800,000. less retired.5,374
shares; and less 2,675 shares in treasury which cost $88,768), $257,5b»;
preference cap. stock outstanding, 16,951 shares, $542,432; com. cap. stock
(authorized, 112,500 shares of no par value; issued, 99,992 shares), $25,000'
surplus, $693,558; total, $1,519,101—V. 146, p. 1710.
Gilchrist Co.—Earnings-—
Years Ended Jan. 31—
Gross sales (incl. sales by
1938
1,028,135
$7,201,755
6.964,159
$*42,424
12,186
$237,596
$154,609
25,718
$255,011
,37,729
$128,892
Net sales.
Profit from operations
Other income (net).
......
.
Net income before provision for Fed. normal
Provision for Federal normal income tax
inc tax
—
Net income for the year
Dividends paid...
Earns, per share on 115,581 shares
1937
$8,229,890
$7,054,405
6,911,981
—.
$8,018,707
964.302
leased departments)
Merchandise and operating costs and expenses
$217,281
of capital stock.
31, 1938
$1.11
17,415
°I',7o2
$1.88
,
%
$262,753; customers
which approximately
fall due after Jan. 31, 1939), less reserve of $35,000 for doubtful
$1,685,739; inventories $572,356; cash surrender value of insur¬
Assets—-Cash—demand deposits, and cash on hand
accounts receivable (including instalment accounts of
accounts
policies on life of President $125,469; miscellaneous accounts receivable
$11,630; investment in subsidiary financing company, at cost (95% owned)
$9,500; miscellaneous investments (stocks of trade associations, &c.)
at
cost $19,527; equipment and improvements to leased property,
(less re¬
serves of $594,102) $342,643; prepaid expenses and deferred charges $40,611;
note receivable from employee, with accrued interest thereon (360 shares
of common stock of company held as collateral) $3,276; total $3,073,531.
Liabilities—Notes payable to banks $800,000; accounts payable and
accrued liabilities other than taxes $232,273; accrued Federal normal in¬
come, Federal capital stock, social security and State taxes, and city taxes
payable in lieu of rent on leased property $109,649; due to subsidiary financ¬
ing company $594; common stock (authorized, 200,000 shares without par
ance
254
$4,075,077
Capital stock & surplus account
are
60,042
—
Balance Sheet, Dec. 31, 1937
$103,000
r,T,°.^i
These assets
stock...
Assets—Cash in banks &
less
2
54 440
Liabilities—
Accounts payable
Securities purchased but not received.
Dividends payable
Reserve for taxes
x
on
on
Balance Sheet, Jan.
\
"
Prepaid taxes
1937
$797,251
z2,175
2,544,477
7,699
2,824,990
8,911
9,798
Total....-
share
-
Returns, allowances and discounts
Balance Sheet Jan. 31
Assets—
Assets in United States-Cash in bank
Divs. received & accrued interest..
x
per
52" 448
$179,062
preference stock
No surtax
ment on real
amt. realized in dollarsi
Other deductions
dollars,
on
on common
stk. of sub., at cost
y2,333
Total income
of
53,001
11,799
X39.742
y
sub., $10,116; merch. inventories (physical inventories at lower or cost or
market), $380,499; cash surr. value of life insur. policies, $32,244; cap.
cost
terms
59.751
undistributed profits was
Federal surtax on undistributed profits.
x
Int. received & accrued.
Dividends received
Rents received
Net profit on sale of sec.
$291,261
Net prof, from sales (after charging deprec.).
398,431
$260,263
Income charges, less income credits
Dividend
1936
$658,694
438,717
Amort. of patents t copyrights and trade-marks.
Pro vs. for Federal and State income taxes
Earnings
D"rl",437
(3) Relating to Assets in
rec.
$729,978
profit from sales
Selling and general expenses.
Dividends
France—
Excess of amt.
1937
Years Ended Dec. 31—
Gross
Net income
(2) Relating to Assets in
Expenses and
par
$16,606
$92,623
$760,399
$3,032,997 $2,946,512
Total
y
(A. C.) Gilbert Co.- -Earnings-
(1) Relating to Assets in
Interest received
$3,032,997 $2,946,512
reserve for depreciation of $461,763 in
1938 and $439,857 in
Represented by 200.000 no par shares, z Represented by 28,560
shares in 1938 and 27,300 no par shares in 1937-—V. 145, p- 436,
After
1937.
Volume
Financial
146
value; issued 117,696 shares) $555,145; surplus (earned) $1,404,395; less
treasury stock—2,115 shares at cost $28,525; total $3,073,531.
—V. 146,
p. 2042.
,
Gillette Rubber
Co.—Earnings—
sales,
after
all returns,
discounts, excise & sales taxes,
transportation & allowances
.$18,451,430
Cost of goods sold, selling, adminis. & gen. expenses, including
depreciation of $374,505
.
$821,328
95,000
51,788
long term indebtedness
Other income charges, less credits
on
obligations totaling $4,683,000, and that it will also be required to pay
approximately $6,700,000 of interest charges on July 1, 1938.
To meet its
requirements, the applicant proposes to borrow not exceeding $10,000,000, to be evidenced by a short-term note or notes to be issued
Dy it within
the limitations of Section 20a
(9) of the Interstate Commerce Act, and to
pledge appropriate amounts of available collateral therefor, including all or
a part of the
$15,000,000 of bonds mentioned above.—V. 146, p. 3669.
(H. L.) Green Co., Inc.—Sales—
Period Ended May 31—
Sales
profits ($107,800)
on
$674,540
159,204
.
__
undistributed
Balance to earned surplus for the year
$320,336
Balance Sheet Dec. 31, 1937
Assets—Cash
$162,809; Accounts and
notes
receivable from customers,
(less reserve for doubtful accounts of $43,326) $1,134,455; other accounts
$22,007; total inventories (at lower of cost or market)
$3,777,047; property, plant and equipment ($5,675,391, less reserves for
depreciation $2,732,107) $2,943,285; prepaid and deferred assets $1,691;
patents (less reserve for amortization $9,020) $6,824; total $8,048,118.
and notes receivable
Liabilities—Note payable to bank $300,000; accounts payable $136,200;
accrued liabilities $473,282; due to United States Rubber Co. $209,903;
first mortgage 5% bonds due Jan. 1, 1955, authorized and issued.
(5%
of original issue to be retired
annually, beginning Jan. 1, 1938) $1,000,000;
1938—4 Mos.—1937
$2,825,839
$9,105,715 $10,073,329
a
stores in operation on May 31, last, as compared with
year previous.—V. 146, p. 3337.
Greif Bros. Cooperage Corp. (&
6 Mos. End. Apr. 30—
Mfg. profit after deduct,
for
materials
used,
labor, mfg. exp. & depl.
Depreciation
Sell., gen. & admin, exp.
Other deductions (net).
1938
•
195,000
^
-
1938— Nonth—1937
$2,283,525
Company nad 133
137 stres
Net income before adjust, of invent. & provs. for taxes
Adjustment of invent, to market prices where required
Prov. for Fed. inc. taxes ($87,200), & surtax
3805
It
also states that it has paid or expects to pay during the first six
months of the current year, out of casn in its
treasury, certain or its maturing
17,630,102
Profit from operations
Interest
ment.
casn
Income Statement Year Ended Dec. 31, 1937
Net
Chronicle
Subs.)—Earnings—
1937
393,847
130,048
271,379
1936
$828,735
95,479
308,487
Cr32,215
1935
•
92,000
6,606
41,000
$454,916
93,778
235,606
Crl2,896
16,000
loss$18,914
1,841,171
$364,984
1,485,483
$189,571
995,107
$122,428
701,677
$1,822,257
$1,850,467
$1,184,678
$824,105
76,800
262,400
48,000
32,000
$1,745,458
$1,588,067
$1,136,678
$792,105
Cr8,666
20,000
.
Prov. for est. Fed. taxes.
Total surplus
Divs.
paid
common
class
on
$582,572
88,203
257,191
A
stock
notes
payable to United States Rubber Co. due $100,000 monthly be¬
ginning Jan. 20, 1939 $2,000,000; reserves for compensation insurance
($21,947) and contingencies, including income taxes for prior years $238,453; common capital stock (authorized and issued 200,000 shares par value
$10, less 238 shares in treasury) $1,997,620; paid-in and other capital
surplus $923,878; earned surplus Dec. 31,
1936 $448,445; balance to
earned surplus for year 1937 $320,336; total
$8,048,118.—V. 120, p. 1335.
1938
Marketable
1936
$1,599,236
1,099,835
Net profit from sales before deplet. & deprec
$499,400
152,172
274,485
$724,199
109,044
271,005
$72,744
Depletion and depreciation
$344,149
$1.55
at cost
143,113
862,597
2,455,627
162,475
187,538
rec.
$0.33
261,584
286,656
567,280
Condmsed Balance Sheet Dec. 31, 1937
Assets—Cash $372,3u6; accounts, notes and contracts receivable ($524,533 less reserve for losses and cash discounts $71,679) $452,855; inventories
$2,107,404;
replacement fund cash (restricted) $133,243; cash surrender
value of life insurance policies and other investments $42,303; property—
clay lands, plant sites, buildings, machinery and equipment ($9,170,234
less reserves for depletion and
depreciation $3,921,022) $5,249,212; de¬
ferred charges $127,938; total $8,485,262.
'
Liabilities—Accounts payable $136,623; accrued salaries, wages, com¬
pensation insurance, &c $74,350; accrued taxes (including Federal income
taxes for
1937) $95,703; replacement fund bank obligations $133,243;
notes payable to banks—due June 5,1940 $1,150,000; reserve for additional
income taxes for prior years $21,523; deferred credits $54,147'; capital stock
(authorized 500,000 shares no par; outstanding, 220,765 shares) $6,365,735;
surplus $453,937; total $8,485,262—Y. 145, p. 609.
Glidden Co.—Stockholders to Vote
&c_
exps.,
89,683
1,417,073
1,292,452
1
ment, &c
Goodwill
1
69,308
220,311
180,860
Acer,
435,558
228,194
int.,
taxes,
82,386
Land.bldgs..equip¬
ance
$1,500,000 $1,200,000
payable for
pur.,
&c
partly owned
Acct.
to
pay.
an
unconsol. subs..
29,978
Reserves
x
407,649
Capital stock... 2,491,113
1,745,458
Note Issue—
preferred stock
conv.
asking their consent to the issuance of $5,000,000 of one to seven-year un¬
notes bearing interest at average rate of approximately 3 % % for
of funding bank loans.
The letter states that the management has
arranged for borrowing of this money from certain institutions, subject to
the approval of the preferred stockholders.
Aside from reductions in the debt which may be anticipated through use
of earnings when conditions are favorable, the management will continue
plans to retire the unpaid portion of the unsecured note by sale of additional
common stock, according to the letter.
Consents from holders of two-thirds
of the conv. perferred stock are required before the notes now under conideratiion can be issued.—V. 146, p. 3669.
366,679
2.491,113
Surplus
1.588,067
Total
$6,444,740 $6,094,364
insur¬
premiums.
Total
.$6,444,740 $6,094,364'
Represented by 64,000 class A sharas and 54,000 class B shares, both
value,
y Includes $1,000,000 ($700,000 in 1937) note payable for
money borrowed from banks.—V. 146, p. 3669.
x
of
no par
Grumman
Aircraft
Engineering
ment Order—
Corp.—Gets
Govern¬
/
This corporation has received an order from the War Department for 26
short range amphibian airplanes and spare parts, amounting to $1,412,916.
The first plane will be delivered next fall.
These planes will be assigned
insular possessions and
over
are
powered
with
Pratt
&
will be used primarily as rescue craft.
They
Whitney Wasp Junior motors.
The Army's
interest in amphibians is due to their high performance in comparable tests
with land planes.
This is the first contract that Grumman has received from the
on
The management has sent a letter to holders of the
1937
borrowed
officer
Accts.
Affil companies—
1938
Notes payable for
from
153,873
670.073
2,681,675
Unexpired
Net income
Earns, per share on 220,765 shares of cap. stock
y
money
Timber properties.
Miscellaneous income charges (net)
$337,676
secur.
Other assets
$1,582,082
857,883
Liabilities—
1937
$472,156
Inventory
1937
Exp. of conduc. business (admin.,sell.& other exp.)
Consolidated Balance Sheet, April 30
Assets—
C&sh
Notes & accts.
Gladding, McBean & Co.—Earnings—
Years Ended Dec. 31—
Gross profit from sales before deplet, & deprec
Balance, April 30
Army, much
of their work in the past having been done for the Navy Department.
For the last three years, Grumman has been the Navy's sole source of
secured
supply for single-seat pursuit and fighting planes.
Scouting and bombing
aircraft and amphibians are produced for the Marines and Coast Guards.
purpose
—V. 146, p. 3015.
Gulf Colorado & Santa Fe
The
Interstate
Gulf States Utilities
Godchaux Sugars, Inc.
(& Subs.)- -Earnings—
Years End. Jan. 31—
1938
Income from operations.x$l,529,428
Int. & exp. on fund, debt
1935
$1,390,276
112,634
250,000
$1,354,488
127,746
200,000
$1,234,823
162,726
170,000
120,123
140,000
350,000
of property (est.)
Prov. for Fed. & State
1936
108,981
Prov. for depreciation-_
on
dismantlement
Period End.
1937
75,000
200,000
Ry.—Abandonment—
Commerce Commission on May 31
issued
certificate
a
permitting abandonment by the company of a branch line railroad extend¬
ing from a point of connection with the applicant's line at Ladonia in a
generally northerly direction to Honey Grove, approximately 11.70 miles,
all in Fannin County, Tex.—Y. 140, p. 802.
Co.—Earnings-
1938—Month—1937
$521,983
$452,556
211,923
189,614
24,561
27,305
a65,656
53,602
Taxes
$5,959,079
2,545,708
273,252
522,424
$184,778
11,497
$3,048,087
7,667
$2,617,695
139,593
$222,171
80,454
Maintenance
$6,686,753
2,574,575
323,255
a740,836
$217,099
5,072
April 30—
Operating revenues
Operation
$196,275
81,232
$3,055,754
972,567
$2,757,288
1.113,526
$115,043
$2,083,187
749,669
$1,643,762
755,177
$1,333,518
567,183
$888,585
567,183
$766,335
$321,401
1938—12 Mos.—1937
Loss
income taxes
200,000
Approp. to reserve
contingencies
Net
Divs.
for
$795,447
$7 pref. stock..
Arrived
$857,642
651,750
170,500
188,501
341,000
Divs. paid on class Astk.
$741,619
299,388
$732,098
Balance
$141,717
Appropriations for retirement reserve.
_
Balance
at
Preferred dividend requirements
discounts,
Balance for common dividends and surplus
has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
a
Condensed
Consolidated
1938
Cash
Balance Sheet
$
Jan.
1937
$
Assets—
1,015,058
31
1938
1937
$
Liabilities—
$
securities
22,700
Notes & accts. rec.
1,281,865
1,673,337
1,166,161
1,577,473
1st mortgage serial
89,073
43,350
79,078
Prov. for Fed. and
79,406
State inc. taxes.
10,044
20,942
67,439
61,070
9,066,536
8,761,123
Market,
Inventories
accrued expenses
bonds,
Planted & growing
Prepaid
expenses-
Notes receivable
(past
1st mtge.
due)
Investments
Prop.,
plant
&
equipment
Goodwill
&
trade¬
marks
1
658,307
100,000
100,000
200,000
170,000
5% serial
bonds
Res. for conting's.
b
Preferred stock
(S7 cumulative)
c
936,214
due cur¬
rently
crops
.
Class A stock...
d Class B stock...
,700,000
70,947
1,800,000
,671,500
2,700,000
,262,500
,470,528
4,262,500
128,801
3,205,850
Unamortized bond
dtsct. & expense
Total
142,284
117,175
13,411,689 13,025,4581
Total
After
1937.
—V.
146, P. 3188.
on
June 2 authorized the company
pledge and repledge from time to time to and including June 30, 1940,
collateral security, or as a part of the collateral security, for a short-term
note or notes, not
series
exceeding $15,000,000 of general-mortgage 6 % gold bonds,
F.
The report
of the Commission says in part:
The applicant states that its supply of available cash has been reduced
due largely to the application of more than $15,000,000 thereof during the
pst year to the retirement of funded debt and the purchase of new equip¬
(Harvey) Hubbell, Inc.—Dividend Reduced—
Directors have declared a dividend of 20 cents per share on the common
payable June 30 to holders of record June 18.
Previously regular
quarterly dividends of 30 cents per share were distributed.
In addition,
dividend of 50 cents was paid on Dec. 23, last.—V. 145, p. 3819.
an extra
(W.
F.)
Hall Printing Co.
(& Subs.)—Earnings—
Mar. 31 '37 Mar. 31 '37 Mar. 31 '36 Jan. 31 '35
profit from oper.. $3,134,007
$3,683,287 $2,636,848 $2,040,812
Gen,, admin, selling &
1,098,723
792,507
981,384
1,103,553
shipping expenses
927,315
950,015
914,711
864,045
Depreciation
57,208
Sundry charges (net)
Years Ended—
Gross
58,045
$1,665,022
d33,551
$894,325
91,490
loss$42,433
c 153,437
$1,346,623
363,124
$1,698,573
421,828
$985,815
441,170
392,302
$111,003
415,585
211,665
a37,319
271,347
188,578
76,464
115,297
89,078
$1,288,578
Miscell. earns, (net)...
Interest charges
Prov. for credit losses—
& ex¬
profits taxes.....
Other charges
Min.
of
Ry.—Bonds—
The Interstate Commerce Commission
to
as
„
stock
cess
1938—Month—1937
1938—5 Mos.—1937
$7,214,231
$8,617,454 $32,655,800 $34,647,842
Great Northern
...
1937, the company adopted the new system of
prescribed by the Federal Power Commission, which differs in
certain respects from the system the company previously followed, hence
the above 12 months' figures are not exactly comparative.—V. 146, p. 3669.
Note—Effective Jan. 1,
Prov. for Fed. inc.
(W. T.) Grant Co.—Sales—
Period Ended May 31—
Sales..,
the end of the year.
13,411,689 13,025,458
reserve for depreciation of $2,621,381 in 1938 and $2,474,595 in
b Represented by 26,715 no par shares in 1938 and 27,000 no par
shares in 1937.
c Represented by 85,250 no par shares,
d Represented by
83,250 no par shares in 1938 and 83,446 no par shares in 1937.—V. 146,
p. 2208.
a
No provision
accounts
Accts. payable and
1,107,818
55,210
a
amortization.
__
as follows:
Gross sales of sugars and other merchandise,
allowances, &c., $22,351,668; cost of sales and expenses,
$20,915,691; net operating profit, $1,435,977; other income (net), $93,450;
income from operations (as above), $1,529,428.
x
less
Balance
nterest &
165,000
income
on
Net oper. revenues—
Non-oper. inc.—net
(est.)
int.
in net income
partly-owned sub.
.
141,141
loss$13,200 loss$304,582
367,857
373,833
Earned per share
Nil
Nil
a Provision for loss on disposal of capital assets,
c Including equity of
$39,651 in current earnings of Chicago Roto print Co., a directly controlled
company not consolidated,
d Includes profit of $1,588 on sale by sub¬
Net profit..
—
Shs .cap .stk .out. (par$10)
$593,372
370,357
$1.49
$701,523
370,357
$1.76
sidiary company of common stock of parent company.
Mote—No provision has been made for surtaxes on undistributed
subsidiary companies since the dividends paid by
the year
profits or
these companies during
exceeded their net taxable incomes for the year.
3806
Financial
Chronicle
June 11,
Consolidated Balance Sheet March 31
1938
1937
$
Assets—
Cash
1938
Liabilities—
$
675,440
1,334,938
62,556
1,417,564
1,535,009
482,928
617,890
506,832
619.201
machinery, &c.. 10,487,069
due
from
11,221.482
Inventories.
—
..
Bals. rec., deferred
surp.
267,120
Funded debt
5,957,000
966
1,341
14,404
86,843
77.643
Aprlll, 1936...
1,246,435
bTreasury stock.. Dr346,968
...15,069,540
Total
15.683,4771
Total
Deferred
Other
615,872
Hartford
the $2 cum.
payable—trade
Notes payable
Salaries and wages payable
Acer. Fed. inc., AAA, cap. stk. &
Dr346,968
15,069,540 15,683,477
gen. taxes
add'l beet payments, based on quantity of
sugar sold and net received thereon to end of year
Preferred dividends payable
The Interstate
a
dividends
stock
Common
218,661
211,900
41,717
373.700
43,232
(payment
907,838
restrained
125,000
by court)
76,393
Reserve for
excess
of par
650,375
551,089
149,779
650,000
2,470,400
7,942,455
and
of
cost
over
6,000,000
136,376
value
46,878
5,429,000
First mortgage 6% bonds
Reserves for fire risks on uninsured property
for workmen's compensation liabilities
re¬
acquired preferred stock
Reserve for contingencies
650,000
7% cumulative preferred stock
Equity of common stockholders
2,383,800
c7,662,181
Total-
$26,689,350 $20,402,299
b After
for depreciation, obsolescence and valuation adjustment
1938 and $9,761,302 in 1937.
c Being investment and
earned surplus applicable to 500,000 shares of no par value authorized and
RR.—Abandonment
Commerce Commission on May 28 issued
$1,048,266
84,886
2,067,245
Other current liabilities
conv. s.
Western
$170,477
7,000,000
Acer,
Ltd.—Accumulated Dividend—
& Connecticut
$26,689,350 $20,402,299
-
Liabilities—
f. preference stock, par $30, payable
July 1 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. A dividend
of $1 was paid on April 1, last, and dividends of 50 cents per share were
paid in each of the 12 preceding quarters, the April 2, 1935, dividend being
the first to be paid on this issue since the regular quarterly dividend of 50
cents per share was distributed on Oct. 1, 1931.
Accumulations after the current dividend will amount to $6 per share.—
V. 146, p. 1400.
on
96,128
8,187,308
1,651,013
672,514
73,118
652,438
19,574
Accounts
644,747
The directors have declared a dividend of 50 cents per share on account of
accumulations
charges
assets
Total
1,551,560
After
Hamilton Cotton Co.,
108,272
9,922,629
1,682,096
Factory sites, farm properties ana lime quarries
depreciation of $13,305,676 in 1938 and $12,167,276 in 1937b Represented by 29,643 shares common stock at cost, and 1,498 shares
preferred stock at cost.—V. 144, p. 3838.
a
277
Investment in securities
4.000,000
218,740
2,505
80
2,200
b Buildings, machinery and equipment
800,000
4,000,000
Capital and pald-«
In surplus
615,872
Surp. arising from
appraisal
1,135,267
Surp. earned since
26,403
Prepd.&def. chgs.
_
$1,145,023
3,023.389
5.144,175
188,305
298,528
Spec, depos. for pref. stk. sk. fd. require, to date--
6,383,000
800,000
Common stock..
employees
Other Investments
172,899
Agricul. exps. applic. to current year
Other current assets
of sub
Preferred stock
■
...
Accounts and notes receivablq
'4 75", 000
Min. Int. In cap. <fc
Land, buildings,
a
Amts.
Inventories
918,690
79.209
435,917
Res for conting
1937
1938
$993,828
893,466
11,835,046
280,997
*
Cash
d Accounts receivable—trade
468,671
712,253
Deferred liabilities
56,606
Assets—
$
167,435
Accrued Ilabs
10,363
Value of life Ins..
Notes <fc sects. rec.
1937
S
Accounts payable.
1,517,539
1938
Consolidated Balance Sheet March 31
reserve
of $10,243,122 in
certificate
permitting abandonment by the trustees of the company of certain lines ol
(approximately 1.27 miles) of that company in Hartford County,
Conn., which form the so-called Collinsville wye, and abandonment of
operation thereof by them as trustees of the New York, New Haven &
Hartford RR.—V. 146, p. 2537.
issued;
railroad
reserves
paid-in value. $2,776,017; earned surplus, $4,886,163.
of $25,200 ($89,400 in 1937).—V. 146, p. 3501.
d
After
Hummel-Ross Fibre Corp .-—Earnings—
Earnings for the 12 Months' Period Ended April 30, 1938
Hat
Net sales
Corp. of America—Earnings-
6 Mos. End. Apr. 30—
Net profit after taxes,
1937
IMS
deprec., interest, &c..loss$129,961
1936
x$247,492
1935
$313,244
on
paid to employees other than officers in December and social security and
unemployment taxes which amounted to $37,937 more than in the corre¬
sponding period of last year.
Note—A write down of $243,468 representing a reduction to market as
at April 30, 1938 of hatters fur and fur content in inventory was made, of
which $106,461 was charged against reserves previously set up, and the
balance of $137,007 being charged against earnings.
Balance sheet at April 30, shows total current assets of $3,581,419 and
current liabilities of $370,624.
At April 30, 1937, current assets amounted
to
$4,080,309 and current liabilities were $659,972.—V. 146, p. 2370.
Hudson Coal Co.—Decision ReservedSupreme Court Justice Hammer on June 8 reserved decision
upon
the
B. Schofield, holder of five bonds
for permission to
examine Cornelius Vanderbilt, Leonor F. Loree and other officers of the
Delaware & Hudson Co. and its associated corporations.
Schofield is
same
time the court reserved decision on
Schofield's request that
order for his examination before trial be vacated.—V.
146, p. 3670.
,v
Profit from operations
Other income
i-,
Gross
sales
1938
1937
$23,400,267
$3,002,427
$5,834,219
22,826
$2,999,944
48,744
$5,772,062
1,414,725
41,302
$5,857,045
1,628,989
172,750
$3,048,688
1,413,017
41,302
$5,857,383
1,628,857
172,750
Net oper. profit
Other income—
$1,628,163
65,529
$4,055,306
98.442
$1,594,369
88,429
Gross income
Int. on 1st mtge. bonds.
Other interest
$1,693,692
206,648
39,992
49,396
$4,153,748
231,206
42,557
25,056
$1,682,799
206,648
$4,160,613
231,206
42,557
25,056
.
81,763
Gross operating profit $3,084,190
Sell.,
& adm. exps.
Prov. for special compen.
gen.
a
—
$510,834
30,469
Income deductions
Prov. for Fed. inc., excess profits & undis. profits taxes (taxes
for 1937 prorated on basis of net income; taxes for 1938 est.)
Net profit for the period
Common dividends
-
profits taxes for
$272,606.—-V. 146, p. 2695.
the
months
four
reacquired bonds
Net loss
17,566.048
$14,108,226 $2.3,192,049
11,108,282
17,419,987
on
sales and
39,992
49,396
6,332
S.
Wesley, Philadelphia lawyer, has been elected President of
A. Janney Jr.—V. 146, p. 1401.
Company paid a dividend of 25 cents per share on the common stock,
par value, on May 15 to holders of record May 5.
This was the first
dividend paid on the common shares since Dec. 31, 1931, when a special
dividend of 12Yi cents per share was distributed.
Company recently paid up ail accumulations on its 7% cumulative
preferred stock.—V. 146, p. 600.
no
85,321
Hygrade Sylvania Corp.—No Common Dividend—
of
Directors at their meeting held June 3 took no action on the payment
a dividend on the common shares at this time.
A dividend of 37H cents
per share was paid on April 1, last,.and previously regular quarterly divi¬
dends of 75 cents per share were distributed.—V. 146, p. 1554.
Idaho Power
Co.—Earnings—
rec.
64,525
89,642
expenses,
& accts. writ, off.
95,000
6,477
Prov. for Fed. inc. taxes
Interest
yl92,500
on
$2,194,149
4,382
$2,331,139
650,000
103,174
mortgage bonds
70,347
650,000
65,648
5,709
470,000
420,000
650",660
approp__
650",660
Dividends
Divs.
on
on
$1,534,648
243,600
170,742
pref. (7%) stock.
$6 pref. stock
on
common
500,000
stock
Surplus April 1
$1,013,107
5,166,438
$2,881,671
4,333,633
$1,006,412
5,208,184
$2,897,230
4,359,819
Total
Divs. on pref. stock
Divs. on common stock-
$6,179,545
168,382
1,125,000
$7,215,304
$6,214,596
168,382
1,125,000
$7,257,050
173,866
1,875,000
Plant, property,
franchises, &c. .41,870,685 38,888,968
Investments
17,331
9,155
x
Includes Federal surtax
Surplus March 31
$4,886,163
Net inc. per sh. on 500,OOOshs.
a
com.
stk. out-
$1.69
173,866
1,875,000
$5,166,438
$4,921,214
$5,208,184
$5.42
$1.68
$488,892
$5.45
$492,038
$691,006
$691,006
Sugar, by-products, beet seed, fertilizer, livestock and farm products,
less discounts, returns, freight allowances and
processing and floor stock tax.
y
Includes $1,116 undistributed profits tax.
z
Corporation and wholly-
owned subsidiaries.
'
Wiley Blair Jr., President, says in part:
Attention was called in last year's annual report to the fact that the
five-for-one split-up of the common stock in 1935 raised a
question as to
whether the common stock dividend limitation is now $2 or $10
per share
per calendar year.
Directors declared a dividend of 25c. per share on the
stock, payable Aug. 2, 1937, to holders of record July 15, 19,37.
As a dividend of $2 per share had been
paid on Feb. 1, 1937, this dividend
would have made total dividends in excess of $2 per share for the calendar
year.
An action was commenced by certain preferred stockholders in the
New York Supreme Court, to enjoin the payment of the 25c. dividend and
future dividends in excess of $2 per share in
any calendar year while any
preferred stock is outstanding.
The first Court held in effect that the
common
dividend limitation is $10 per share.
An appeal was taken by the preferred
stockholders to the Appellate Division of the N. Y.
Supreme Court, which,
with one of the five Judges dissenting, affirmed the
judgment of the lower
Court.
The preferred stockholders have
recently taken an appeal to the
Court of Appeals, the highest court of New York, which will
finally deter¬
mine the question.
It is believed that this appeal will be heard in the
fall term and that a final decision will be had late this
year.
Until that
final decision,
the payment of the 25c. dividend above referred to remains
enjoined.
$
...
Accts. receivable-
_
Mat'ls & supplies.
Prepayments....Misc.
curr.
assets.
y
1st mtge. 5s
1st mtge.
18,000,000
950,691
857,322
Long-term dt.,incl.
197,318
179,987
& Interest,
called for red—11,303,675
Customers' depos.
48,691
7,102
9,704
13,296
16,245
6,563
6,008
Accrued accounts,
321,000
Sundry credits
695,742
175,691
(671,807
1
Miscell. liabilities_
6,562
147,502
7,070
364,973
6,008
55,821
Contribs. in aid of
132,347
construction
Reserves
Total
j 883,583
Consign'ts (contra)
1,353,180
60,885
prem.
Earned
...57,997,242 41,607,836
—
surplus.--
Total
Represented by 28,457 no par shares,
7% preferred stock.—V. 146, p. 35u2.»
x
of
73,777
Misc. cur. liabils
Reacquired capi¬
tal stock
2,845,700
13,000,000
3^s
Accounts payable-
mater¬
Deferred charges._
2,845,700
$
3,801,000
15,000.000 15,000,000"
13,970
649,485
ials (contra)
$6 cum. pref.stk.
par)
277,655
7,439
Mlscell. assets
Consigned
x
.1936
$
7% cum. pref. stk.
($100 par)..... 3,801,000
Common stk.($100
954,267
Special deposits -..11,303,675
Temp, cash invest.
998,287
Notes receivable-_
414,342
1937
Liabilities—
$
.....
demand
$1,070,010
31
Dec.
1936
Cash in banks—on
After deduc. for deprec.
x
Assets—
$1,140,792
243,600
170,7421
500,000
undistributed profits.
on
Balance Sheet
1937
CY7.127
417,5u0
_
Net income...
221,013
190,000
221,013
$2,198,531
C'r45,252
95,000
Dividends
Net income for year..
Dr 1,457
Other interest and deductions
Interest charged to construction
Property retirement res've
expenses
$2,332,596
Dr91
__
31,389
31,389
adj. livestock &
supply inv. to est. mkt.
Other misc. items (net).
1935
$4,303,534
2,109,385
$2,688,981
678,911
Net revenues from operation
Other income (net)
1936
$4,749,839
x2,417,243
$2,689,072
incl. taxes
55,830
to
Refunding
1937
$5,399,181
x2,710,109
revenues
6,332
Prov.
Prov.
Operating
Operating
Gross corporate income
90,572
un¬
was
Huntington & Broad Top Mountain RR. & Coal Co.—
re-
tirem'ts of plant prop.
for loss on accts.
profits, and
April 30, 1938
excess
ended
New President—
Years Ended Dec. 31—
Amort, of bd. disc. & exp
Premium on called and
105,600
$374,765
233,767
-
The net profit after estimated Federal income,
distributed
$4,055,776
104,837
Profit from sales
Other operating profits.
233,232
(Tom) Huston Peanut Co.—Common Divs. Resumed—
Corporation Only
$14,199,991
11.197.564
x
1,360
64,686
$489,204
21,630
-
Total income..
Year Ended March 31
Consolidated
1937
1938
Cost of goods sold
31,719
____
this company, succeeding the late Joseph
Holly Sugar Corp.—Earnings—
-z
——...
Taxes, other than Fed. inc., excess profits, & undis. profits taxes.
Selling, general and administrative expenses
Charles
Income Account for
-
Amortization of patents
suing for an injunction to restrain Delaware & Hudson officials from col¬
lecting interest on $35,000,000 of Hudson Coal Co. bonds issued in 1927.
an
1,615
—
Obsolescence.
motion of William
At the
-—
Depreciation
Depletion
$227,146
After providing for depreciation and taxes (other than the Federal tax
undistributed profits) and after deducting $65,955 extra compensation
x
---.$2,885,915
1,604,541
269,245
190,314
--
Costs and operating expenses
Maintenance and repairs
y
3,576,906
2,177,498
3,383,417
2,235,461
57,997,242 41,607,836
Represented by 3,210 shares
International Mercantile Marine Co.—Sells Three Ships
Stockholders at their annual meeting held June 6 voted approval of the
sale
of
the
ships
Virginia,
California and
Pennsylvania of the Panama
Pacific Line to the Federal Maritime Commission for operation in
to South America that the government
a
service
plans to start early in the fall.
Volume
Financial
14b
by the I. M. M. from the intercoastal service
when the government discontinued subsidy payments.
price of the ships was announced as $9,889,900.
The I. M. M.
will use $5,139,000 for payment of notes and accrued interest, secured by
mortgages on the three vessels, and $1,512,362 for payment of notes and
interest of the United States Lines, another subsidiary,
secured by a
Interstate Department Stores,
The ships were withdrawn
last spring
The sale
*
vessels acquired in 1931.
•
also will apply $2,250,000 against the purchase price of a
new ship the United States Lines will build as a replacement for the Levia¬
than, and the balance will be applied against the next maturing notes of
the United States Lines that were given for the construction of the liners
Manhattan and Washington.—V. 146, p. 3340.
Period Ended May 31—
Illinois Bell
Period End.
Telephone Co.—Earnings—
April 3D—
Operating revenues
Uncollectible oper. rev..
Operating revenues.
Operat ing expenses
__
Net oper.
income....
Net income
$28,524,831
18,965,109
$2,291,790
1,177,487
Net oper. revenues
Operating taxes
—V.
$7,276,162 $28,715,066
4,829,885
20,196,096
4,977,760
...
$2,446,277
1,166,771
$8,518,970
4,709,281
$9,559,722
4,659,796
$1,114,30,3
950,655
$1,279,506
$3,809,689
3,144,449
$4,899,926
4,233,792
1,119,335
146, p. 3188.
Illinois Zinc Co. (&
Interstate Natural Gas Co., Inc.—Earnings—
Gross sales less returns,
682,605
Balance Sheet Dec. 31,
...
provisions—Doubtful accounts
Development
Depreciation.
Depletion.
Idle plant and shut down expense
-
_
May 31, 1937.
for 100% stock dividend and 50 cent
dividend, both payable June 30, 1938.—V. 146, p. 3505.
per common share on
Current figure reflects adjustments
Investors
-
bal. March 31, 1938 (deficit since Oct. 1,
$131,677/
$107,225
receivable.
.
J
[
97,158
511.391
382,724
erties, equip.,&c 2,657,685
2,592,389
Inventories
1935) .$102,502
Adv.
4,806
43.729
3.954
Long-term liability
49,958
31,539
def'd charges
Oper.exp.,maint. & taxes
Capital stock
Paid-in surplus...
Earned deficit
$1,659,132
8,932
73,023
103,309
Total net earnings
Int. onmtge. bonds....
$129,722
58,519
$136,698
58,519
$1,732,155
702,234
12,588
7,858
26,250
150,975
89,528
337,500
$1,766,005
720,234
151,297
94,984
$31,482
$451,917
Net oper. earnings...
12,573
8,089
30,000
other fund. debt.
on
Amort. & other deducts.
Prov. for retirements
-
$20,540
315,000
$502,489
has been made in the above statement for the Fed¬
applicable to income included therein
Note—No provision
eral surtax on undistributed profits
1938, since the amount thereof cannot
this time.—V. 146, p. 3018.
for
Yo~,666
30,000
2,378,500 x2,378,500
336,595
336,595
102,502
$1,662,695
$121,225
•
8,497
$127,766
Other income
11,280
50,914
1
1
and
1938—Month—1937
1938—12 Mos.—1937
$324,926
$322,880
$4,064,573
$3,973,553
203,702
195,114
2,405,440
2,310,858
Net income
Reserve
&c
Del.—Earnings—
Iowa Southern Utilities Co. of
Period End. April 30—
payments on
accounts.
3.
65,515
Accruals
cust's
Patents, processes,
exps.
130,025
Accounts payable.
Syndicate—Obituary—
Ridgway, Chairman of the board died at his home on June
Gross oper. earnings
Int.
,
Mar. 31 ,*38 Dec. 31,'37
$400,000
pay.—bank $500,000
Notes
Mines, plant prop¬
Prepaid
18,462
Liabilities—
Mar. 31,*38 Dec. 31.*37
1
Accts
8,606
1,200
3,322
21,529
6,662
.$120,964
1938
Oct. 1, 1937
value as of May 31, 1938, with securities
adjusted to market prices, was $15.39 per share of common stock.
This compares with $32.03 per common share on April 30, last, and $59.30
owned
—V. 146, p. 2373.
13,179
Consolidated Balance Sheet
Assets—
1937
Assets—Cash, $74,478; notes & accts. receivable, $569,201; inventory—
supplies, $196,749; long-term notes, mtges. & deferred accts.
receivable, $3,617; gas lines & equipment, $19,588,598; less: reserve for
depreciation, amortization & depletion, $7,377,293; balance, $12,211,304;
prepaid & deferred accts., $16,168; total assets, $13,071,519.
Liabilities—Accts. & loans payable, $651,027; accrued liabilities, $563,830; capital stock, 952,953 shares outstanding, $6,529,530; surplus, $5,327,131; total liabilities, $13,071,519.—V. 145, p. 3011.
materials &
John Roy
Cash
5
$2,383,513
Net earnings...
66,467
...
Loss
Earned surplus,
1,826,190
878,090
776,027
68,170
1,703
Net loss from operations
Miscellaneous income credits—net
Net loss for six months ended March 31,
$5,863,826
Miscellaneous expenses
cash
Earned surplus, balance
.
_
Total earnings...
Operating expenses
Depreciation, amortization and depletion
67,382
Selling, administration, and general expense.
Reserve
_
Investment Co. of America—Asset Value—
allowances and discounts
_j
860,224
3,602
;
Miscellaneous income
The company reports net asset
1938
$681,816
the 6 Months Ended March 31,
Cost of sales
Interest expense
Year Ended Dec. 31, 1937
Income Account for
Gas earnings
Subs.)—Earnings-.—
Consolidated Statement of Income for
1937
1938—4 Mos.
$7,115,372
$9 ,187,051
—Y. 146, p. 3504.
Taxes
1938—Month—1937
1938—4 Mos.—1937
$7,286,4^6
$7,293,008 $28,783,978 $28,593,345
16,936
16,846
68,912
68,514
$7,269,550
Inc.—Sales—
1938—Month—1937
$2,585,979
$1,876,338
mortgage on
The company
3807
Chronicle
Isle
36,164
satisfactorily be determined at
Royale Copper Co. (Mich.)—Assessment—
The Boston Stock Exchange has
been informed that a call for the payment
to be known as Assessment No. 2, has been made
all the shares of the capital stock of the company, due and payable
before June 20, 1938, at the Old Colony Trust Co., 17 Court St.
of 50 cents per share,
Total
..$3,332,293 $3,229,454
Represented by 95,140 shares (no par) at
stated value of $25 per share.
Total.........$3,332.293 $3,229,454
x
—V. 146, p. 3503.
upon
on
stock, paid-in to the extent of $10
in until the close of June 15, 1938-
Ltd.—$1.50 Preferred Div.
Power Co.,
dividend of $1.50 per share on account of
the 7% cum. 1st pref. stock, par $100, payable July 2
June 15.
A like payment was made in each of the
The directors have declared a
accumulations
on
holders of record
preceding quarters and compares with $1 per share paid on Nov. 1,
July 2 and April 3, 1935, this latter being thC first payment made since
Oct. 1, 1931, when a regular quarterly dividend of $1.75 per share was
paid.—V. 146, P. 1879.
nine
International
Telephone & Telegraph Corp. (& Subs.
3 Months Ended March 31—
1938
Oper. revenues of telephone, cable and radio subs.,
and gross profit on sales of manufacturing subs. .$15,251,609
456,283
.......
Royalties
non-operating income—net
$16,246,038 $13,972,476
Total gross
earnings
Operating, selling, general expenses, taxes,
&c___. 11,213,320
Net earnings (after provision for depreciation of
$5,032,718
$2,833,260 in 1938 and $2,651,455 in 1937)..
Charges of Subsidiaries—
Int. on funded debt (incl. arr.ort. of bond disct. and
699,887
expense of $46,797 in 1938 and $19,564 in 1937)
Int. charges with respect to inter-company den and
notes of subsidiaries endorsed by Int. T. & T.
Corp. to New York banks
—.
Other interest charges (less interest charged to con¬
121,980
struction of $42,067 in 1938 and $38,081 in 1937)
Divs. on pref. stock of subs, outstanding in hands
of public (incl. cum. pref. divs. accrued but not
declared)
- — ....
.....
Minority com. stockholders' equity in net inc.—^-net
Int. charges of Int. T. & T. Corp. (parent co. only)Interest on debenture bonds
—
Other interest
_
...
Amortization of bond discount
Net income
.
—
and expense....
....
—
172,585
67,903
9,937,506
meeting held June 7 failed to take any action
$1.50 paid on Dec. 24, last; dividends of 50 cents paid in each of the three
preceding quarters; $1.50 paid on Dec. 21, 1936, and quarterly dividends
of 50 cents per share paid previously.—V. 146, p. 1555.
Inc.—Sales—
Jewel Tea Co.,
This company reports
that its sales for the four
Electric Co.—Earnings—
Kansas Gas &
Property retirement reserve
Net
operating re venues
(net)... —
2
600,000
l*,4dl
$2,232,347
14,730
$2,247,078
720,000
720,000
180,000
90,982
.
—....
_!...
Gross income
874
600.000
$2,299,632
investments.
appropriations.
Otlmr income
Interest on mortgage
1,442,437
43
— -
bonds....
...
180,000
Iu6,/31
Crl,945
bonds. ....— — - - «
ihtr interest and deductions
Interest charged to construction.
-
127,809
Net income
$2,299,336
$1,658,438
and other asset accounts. The amount
of consolidated net income should not be understood to represent U. S.
dollars actually received by or available to the corporation.
An appropriation of $6,500,000 was made during 1936 from the reserve
for revaluation of assets, &c. to the reserve for foreign exchange to provide
for losses in foreign exchange due to extraordinary or unusual events.
This
reserve was charged with the losses resulting from reduction in the value
of net current assets of French subsidiaries to Dec. 31, 1937, arising from
the devaluations of the French franc since Oct., 1936 by the result of official
actions.
In the quarter ended March 31, 1938 a further loss was charged
to the reserve in the amount of $725,151 arising from the translation of net
current assets of such subsidiaries at $0.0279 per French franc, the U. S.
dollar equivalent of the lower limit of the rate fixed for the franc on May 5,
1938.
Any subsequent loss which may result from ordinary fluctuations
from such rate will be treated as a charge to income account.
During the
quarter ended March 31, 1938 there was a net exchange loss of $648,648
arising from the translation of net current assets of German subsidiaries.
Of this amount $122,143 was charged to income and the balance of $526,505
was charged to the reserve for foreign exchange to apply against a corre¬
sponding credit of the same amount to the reserve during 1937.
All other profits or losses on foreign exchange have been included in the
income accounts in accordance with the policy adopted as of Jan. 1, 1936.
The consolidated income account for the three months ended March 31,
1938 includes a net loss on foreign exchange of $336,305 as compared with
a net profit of $282,246 for the same period of 1937.
No adjustments have been made with respect to the amounts at which
the investments in and advances to Spanish subsidiaries are carried on the
books of the corporation and its subsidiaries.
The extent of damage to
fixed property or losses of current assets which have been sustained or which
may be sustained by the Spanish subsidiaries as a result of the civil war is
not yet ascertainable.—V. 146, p. 3189.
— -~
Note—No provisions have
$1,294,846
equipment...$32,455,719
14,450
Cash in banks—on demand..
617,602
Special deposits
-:
2,199
Temporary cash invests.....
1,099,123
Investments....
—
-
—
5,550
528,197
522,041
i.
receivable
Materials & supplies....
—
Prepayments....
Other current & accrued assets
Deferred debits.
b
...
Reacquired cap. stock
Contra accounts„.;—
......
24,164
40,192
3,585,911
567,966
27,153
a
6% gold debenture bonds....
Accounts payable..........
Dividends declared
130,196
2,199
......
Matured long-term debt & int
174,684
299,042
166,057
43,169
9,896
Customers'deposits
Taxes accrued
I nterest accrued
Other curr. <fc accrued
liabils.
Deferred credits
Reserves..
Contra
...
accounts...
Earned surpl us
$39,490,268
.$14,227,122
16,000,000
3,000,000
167,125
Capital stock
A'A% 1st mtge. gold bonds..
Capital surplus
Total
undistributed
1936, since no taxable
for those periods.
Liabilities—
*4. s sets—**
Plant, prop. &
Accounts
CV1.875
$1,257,971
been made for Federal surtax on
profits for the 12 months ended Dec. 31, 1937 and
undistributable adjusted net income was indicated
Balance Sheet Dec. 31, 1937
Notes receivable-
$5,825,344
2,992,994
$2,281,200
Amortization of limited-term
51,971
1936
1937
$6,194,687
3,312,613
Interest on debenture
1,435,244
107,974
127,809
in
first*20
weeks of 1938 were $9,154,139, as compared with
$8,804,683 for a like period in 1937, an increase of 3.97% —V. 146, p. 3190.
8ales for the
.
174,717
55,586
weeks ended May 21,
compared with $1,844,297 for parallel weeks
1938, were $1,834,481. as
1937 3/ (locrcftSG of 53 ^/o
298,689
225,280
and settle¬
stamped to
payable on or before
Co.—No Common Dividend—
Jefferson Electric
Directors at their regular
Calendar Years—
carried on in currencies other than U.S.
dollars, and in preparing the foregoing income statements, all iten s of
revenue and expenses in foreign currencies have been translated into U. S.
dollars at average rates of exchange for the period except that depreciation
and certain other expenses have been translated at rates of exchange
of the 50 cents per share assessment
20, 1938.—V. 146, p. 756.
regarding payment of a dividend on the common shares at this time.
A dividend of 25 cents was paid on March 31, last, and compares with
$4,034,970
Note—Most of the operations are
applicable to the related property
June
111,518
390,479
361,163
—
1938 trading will begin in the "$11 paid" stock,
and after June 16 must be made in stock
ment for all trades on
indicate payment
425,124
176,983
Dividends and interest
Miscell. and
1937
$13,045,355
On June 16,
$15 par com.
50 per share, shall continue to be traded
Securities has ruled that the company's
The Committee on
International
to
or
Boston.
Total
....
.........
2,954,674
27,153
(
150,368
-—2,138,581
.$39,490,268
Represented by preferred (7%) cumulative; $100 par; pari passu with
$6 preferred; authorized, 100,000 shares; issued, 66,500 sharesi $6,650,000.
$6 preferred cumulative; no par (entitled upon liquidation to $100 a share) ;
pari passu with preferred (7%); authorized, 100,000 shares; issued, 15,511
shares $1,577,122.
Common no par; authorized and outstanding, 600,000
shares $6,000,000.
b Represented by 3,882 shares 7% preferred and
1,768 shares $6 preferred.—V. 146, p. 3505.
a
Keystone Steel &
Wire Co.— To Pay
June 7 declared a
the common stock, no par
June 14.
This compares with
on
Nov.
50 cents
Year-End Dividend
year-end dividend of 40 cents per share
value, payable June 27 to holders of record
15 Cents paid on April 15, last; 25 cents paid
1 last; 15 cents on Aug. 2, May 1 and on Feb. 1, 1937, and divs of
per share paid on this class of stock on Nov. 1 and on Aug. 1, 1946.
Directors on
on
3808
Financial
The current payment will bring the total for the present fiscal year, which
ends June 30 next, to 95 cents a share and, as far as can be determined at
this time, will enable the company to avoid completely the payment of an
undistributed profits tax on this fiscal year's earnings, according to W. H.
Sommer, President.
The company's inventories, which at Jan. 1 of this year stood at the
highest point in the company's history, will be reduced by the end of this
fiscal year to a point some $500,000 below inventories as of the same date
Mr. Sommer stated.
The company's industrial volume is still below normal.
The present
showing is made posible by a sustained demand for Keystone products
from the rural population of the country.—V. 146, p. 2857.
last year,
Chronicle
June
1938—3 Mos—a 1937
$177,718
$155,815
18.55 miles, all in Tioga and Chemung Counties, N. Y.
The railroad properties of the Lehigh Valley Rail Way are operated under
lease by the Lehigh Valley RR., which also owns
of the former company.—V. 146, p. 3507.
Total oper. revenues--.
124,711
Federal taxes
Federal normal &
—
128,315
444,166
Lehman Corp .—Dividend Reduced—
11,958
44,470
45,028
1,630
1,532
3,046
$38,819
$15,542
$176,071
$134,101
275
Dr645
1,295
DrQ81
$39,094
18,290
15,481
$14,897
18,897
15,314
$177,366
73,801
61,877
$133,420
594
631
2,409
2,597
Miscell. inc. deductions.
2,663
942
2,663
194
10,653
2,056
2,663
194
•Net income-.-------
$1,123
loss$22,803
$26,569
loss$10,699
Net operating
income-
—-------
Gross income—--on long-term debtGeneral interest
Amortiz. of bond disct.
Int.
has
77,610
March 31, 1937, but applicable to
Adjustments made subsequent to
in accordance with the requirements of the Revenue
It is estimated that the company has no liability for Federal
profits tax on its operations for the current period.—V.
been computed
145, p. 3348.
Key West Electric Co.—EarningsApril 30— 1938—Month—1937
Period End.
Maintenance—
$12,401
4,174
1,137
1,556
891
1,806
10,158
al9,131
8,598
21,161
$7,652
DrH77
$5,530
398
$74,246
Z>r2,544
$59,540
6,016
$6,775
1,892
$5,928
2.016
$71,702
24,470
$65,556
26,163
$3,866
$47,232
19.842
$39,393
$27,389
24,374
$19,393
24,374
$3,015
def$4,981
—
Taxes
Net oper. revenues—
Non-oper. incoo e (net).
Balance--:-
—
1938—12 Mos.—1937
$158,427
$146,625
54,892
57,326
$14,640
4,295
Operating revenues—..
Operation-..--
-----
Int. & amortization
$4,883
Balance
Appropriations for retirement reserve.-
—
Balance
Preferred dividend requirements
Balance for common dividends
a
on
Corp.—Sales—
1938—Month—1937
1938—4 Mos.—1937
$3,001,235
$3,651,429 $11,731,793 $12,562,405
-
—V. 146, p.
3191.
and surplus.
Includes $5,468 Federal income taxes, of which.
undistributed profits.
20,000
2,701 is Federal surtax
Note—rOn Jan. 1, 1937 changes were made in accounting procedure, hence
the above 12 n onths' figures are not
exactly
corr
Theatres, Ltd.—Accumulated Div.—
The directors have declared a dividend of $1.75 per share on account
parative.—V. 146, p. 3670.
(I. B.) Kleinert Rubber Co.—To Pay 10-Cent Dividend—
Directors have declared a dividend of 10 cents per share on the common
stock, payable June 30 to holders of record June 15.
A like amount was
paid on March 30 last and compares with a special dividend of five cents
and a quarterly dividend of 15 cents paid on Dec. 24 last; a special dividend
of 15 cents and a regular dividend of like amount paid on Sept. 30 last;
a dividend of 30 cents paid on April 30., 1937; a special dividend of 40 cents
paid on Dec. 24, 1936; 20 cents paid on Oct. 31,1936, and 10 cents paid on
April 30, 1936 and on Oct. 31, 1935, this latter dividend being the first
payment made since Dec. 1, 1930, when a dividend of 25 cents per share
was distributed/—V. 146, p. 1556.
of $3.50 was paid on June 30. 1937; dividends of $1.75 were paid on March
31, 1937; Dec. 15, Sept. 30, June 30 and March 31, 1936; on Dec. 21, Sept.
30, June 29 and April 1, 1935, and on Dec. 31, Oct. 1 and June 30, 1934.
Semi-annual payments of 3)4% were made on Jan. 15 and July 15, 1931.
—V. 146. p. 1715.
-
to Be
Inc.—Listing of Additional Stock—400,000 Shares
Corp.—To Borrow $f500,000—
Sold to Phoenix Securities
The New York Stock Exchange has authorized the listing of an addi¬
tional 400,000 shares of capital stock (no par) on official notice of issuance
on or before Jan. 1, 1939, making the total amount of capital stock applied
for
1,473,259 shares.
company's authorized capital of 1,500,000 shares of capital stock
Of the
there remains 426,741 shares that have not yet been issued.
These shares
are free of pre-emptive rights to stockholders and are subject only to options
aggregating 400,000 shares held by Phoenix Securities Corp., which options
be surrendered and released by Phoenix upon the issuance of the shares.
At a meeting of the directors held April 21, the board authorized the sale
of 400,000 shares of capital stock to Phoenix Securities Corp. at $1.25 per
share.
This authorization was given pursuant to a program of financing
to procure for the company funds aggregating $1,200,000 (of which the
sum of $400,000 is to be used to refund certain existing obligations.
This program contemplates the following financing;
(a) The borrowing of $600,000 from Marine Midland Trust Co., New
York, in participation with the Reconstruction Finance Corporation,
against the company's five-year note secured by a first mortgage covering
substantial portion of the company's fixed assets.
(b) The borrowing of an additional $100, >00 from Phoenix Securities
Corp., which loan is to be consolidated with the company's obligation to
the Phoenix arising out of its promissory note dated June 9, 1936, payable
to Phoenix in the principal sum of $400,00*), thus creating an obligation
in tne approximate sum of $500,000 to Phoenix, to be evidenced by the
company's 5% promissory note maturing one month after the maturity
of the five-year $600,000 note and first mortgage contemplated.
Said
promissory note to Phoenix is to be secured by a mortgage covering, among
other tings, the fixed assets of the company, subordinate, however, to the
$600,000 first mortgage.
(c) The sale of 400,000 shares of the capital stock to Phoenix for $590,000.
The program contemplates the employment of the funds derived from
the above mentioned financing substantially as follows:
(a) The payment of the company's promissory note to Marine Midland
Trust Co., dated Oct. 23, 1936, originally in the sum of $400,000 and now
$200,000, and the satisfaction and discharge of the mortgage securing
the promissory note.
(b) The payment of the company's $200,000 promissory note to Marine
Midland Trust Co., dated Feb. 23, 1938, and endorsed by Phoenix.
(c) The expenditure of $371,000 for the rehabilitation of the com¬
pany's stores.
(d) The balance of approximately $429,000 for additional working capital.
The consummation of this program is conditioned, among other things,
upon the company effecting certain improvements in its lease situations
where rentals are in excess of present market value of the premises under
ease.—V. 146, p. 3192.
are to
Louisville
Gas
Electric
&
(S. S.) Kresge Co.—Sales—
Period End. May
31—
Cash
1938—Month—1937
1938—5 Mos.—1937
$10,862,364 $13,000,561 $52,437,04j $56,<>25,960
During May company had 735 stores in operation of which 679 were
56 Canadian.
A year previous stores in operation totaled
733, with 6al American and 52 Canadian.—V. 146, p. 3191.
American and
sales
of
this
company
for
the
,^499|967j or 7.1 %.
Sales for the five months ended May 31
of May
$6,506,672,
were
hand & demand dep.
were
$29,747,804,
a
decrease of
588,184
Accounts payable
668,403
Div8. payable on pref. stock.
Accounts receivable—other..
119,799
Accrued liabilities...
Unbilled electricity and gas..
295,880
Indebtedness
&
independent group of bondholders on June 6, however, asked Judge Kirk¬
patrick to dismiss the cases, which were started two years ago, but he
deferred action until July 27 after he was told that the New York syndicate
has almost completed its plan, but he said that if an agreement is not made
by the next hearing he would feel inclined to dismiss the proceedings.—
V. 146, p. 281.
stocks of affil.
mtge. 5% 50-year gold bds_
73,318,317
7.286,013
Cumul. pref. stock ($100 par)
Class A
com.
stk. ($100 par).
Class B
.......
1938—5 Mos.—1937
$5,610,081
$6,209,026
.
com.
stk. ($10 par)—
Total
Total....
$94,925,370
Note—The income account for calendar years was
March 5, page 1558.—V. 146, p.
Lowell Gas
25,000,000
10,324,300
2,051,500
8,548,724
1,052,270
Capital surplus
53,930
.
1,009,000
12,408
12,501,996
Reserves
Earned surplus
.$94,925,370
given in "Chronicle" of
3192.
Light Co .—Earnings—
1937
1936
$742,640
605,066
$747,769
605,556
$137,574
13,189
$142,213
10,266
$150,763
38,461
600
$152,479
56,224
31,976
1,177
Interest received from American Utilities Associates
$61,105
1,522
$63,101
1,530
Net income.
Dividends on common stock
$62,627
121,924
$64,631
Calendar Years—
Operating
Operating
revenues
expenses
.
_
-
_
—
-
Net operating income.Non-operating income
Interest
1938—Month—1937
$1,141,692
$1,374,021
Deferred credits
6,002,503
Intangibles
97,241
133,983
Deferred liabilities
4,120,983
.
25,477
Gross
Bryant—Sales—
cos.
398,750
2,095,519
3y2% 1st & ref. mtge. bonds. 28,000,000
Louisville Lighting Co.,
1st
7,860
Other security investments..
sales of stock
Eosed themBoris Said, isanother and a on a unit underwriting syndicate,
fought one now working new plan. Representatives of an
eaded by
—
com.
$3,300,000
399,678
Indebtedness to affiliated
affiliated
Deferred charges
Industries—Reorganization—
Period End. May 31—
Net sales—
of
companies.------..
Commissions and expenses on
Bondholder, stockholder and creditor interests of the company and its
subsidiary, Pendleton Mfg. Co., textile manufacturers, were told by
Federal Judge William H, Kirkpatrick on June 6 that he was disposed to
dismiss the companies' petition to reorganize under Section 77-B of the
Federal Bankruptcy law, unless a definite plan of reorganization is agreed
upon by July 27.
*
Two plans have already gone by the way because the groups that pro-
Lane
Notes payable to banks....-
$2,438,017
rec.—customers..-
Property, plant & equipment.
$1,809,379, or 5.7%.—V. 146, p. 3191.
La France
on
companies.-
month
(Ky.)—Consolidated
TAnMHUpt,—
Materials and supplies
Accounts
Pref.
(S. H.) Kress & Co.—-Sales—
The
cl0or©ct$c
Co.
Balance Sheet Dec. 31, 1937—
Assets—
Sales-.-..----
of
accumulations on the 7% cum. pref. stock, par $100, payable June 30 to
holders of record June 18.
A dividend of $3.50 was paid on March 31 last;
dividends of $1.75 were paid on Dec. 15, and on Sept. 30 last; a dividend
61,054
the three months ended that date have been given effect to in this column.
Note—The accrual for Federal normal income tax in the current period
Act of 1936.
undistributed
Sales
Loft,
and expense
Amortization of flood rehabilitation cost
a
capital
payable July 8 to holders of record June 24.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition
a special dividend of 25 cents was paid on Oct. 8, 1937.—V. 146, p. 3191.
'Marcus) Loew's
State
income taxes—
Other income-
•
Directors have declared a dividend of 20 cents per share on the
477,875
12,558
Operating expenses
State, local
& miscell.
the entire capital stock
stock,
Period End. May 31—
1938—12 Mo*.—1937
$666,240
$660,050
1938
the line of the Erie RR. between Waverly and Elmira, approximately
over
Lerner Stores
Kentucky Power & Light Co.—Earnings—
Period End. Mar. 31—
11,
--— -
—
income.
—50,597
deductions
Provision for retirements and replacements.
Amortization of debt discount and expense.
—V. 146^ p. 3191.
Balance
Lehigh Valley RR.—Denies[Report of Proposal to Reduce
Interest Rates—
three-year period.
The dis¬
cussion regarding the carrier's interest payments was still in the informal
stage, it was said, and no definite proposal had been made.
Under the proposal the company, ft is stated, would
pay two-thirds of
the interest due on the cons. mtge. perpetual 6s and 50% of the interest
on
the three issues of gen. cons. mtge. bonds, due 2003.
it is
proposed to reduce the interest rate
Ry. 5s, 1954, to 4% annually.
on
In addition,
Lehigh Valley Harbor Terminal
Securities—
on May 31 authorized the com¬
pledge not exceeding $1,000,000 of general consolidated mortage
4 H % bonds as a part of the additional collateral
security for a promissory
note in the face amount of $5,000,000
Abandonment and
The
Operation—
Interstate Commerce
Commission on May 14 issued a certificate
(1) permitting abandonment by the Lehigh Valley Railway and abandon¬
operation by the Lehigh Valley RR. that portion of the Elmira
ment of
Cortland branch line of railraod
extending from a point at or near
the .village of Van Etten in a northwesterly direction to a
"point on the
westerly side of Ithaca St. in or near the village of Horseheads, approxi¬
and
mately 18.99 miles, all in Chemung and Schuyler Counties, N. Y., and
(2) authorizing the Lehigh Valley RR. to operate, under trackage rights.
—
—
—V. 146, p. 3192.
Ludlum Steel
Co.—Merger with Allegheny—
See Allegheny Steel Co. above.—V.
McColI-Frontenac Oil Co.,
146,
p.
3342.
Ltd.—New Directorate, dec.—
Despite determined opposition by minority shareholders and an attempted
injunction, the Texas Corp. succeeded on June 2 in obtaining control of
this company and electing its own directorate.
At the adjourned annual
The Interstate Commerce Commission
pany to
■
-
_
Officials of the road on June 8 denied the published report that a plan
had been submitted to a large group of institutional bondholders
proposing
a reduction of $1,859,000 in interest over a
due
---
three former
directors
was
meeting held June 2 a board which included.only
elected, thereby giving effect to the change in
by the Texas Corp. of about 34% of the
control involved in the acquisition
company's outstanding stock.
The new board consists of E. L. Patenaude, J. H. Gundy, A. A. Magee,
K. C.; C. P. Tomlinson, H. W. Thorpe, W. Z. Zimmerman, K. C.; G. S.
Harm, H. H. Bradburn, J. A. Wales and J. M. Pritchard.
On the old
board were John Irwin, A. J. Nesbit, P. A. Thomson, Mr. Wales, Mr.
Pritchard, Air Vice Marshal W. A. Bishop, Gordon F. Perry, S. S. Griffiths,
Mr. Bradburn and Brig. Gen. J. B. White.
A few minutes before the start of the meeting the Montreal Superior
Court
refused
an
injunction against the meeting.
Nesbitt, Thomson &
Co., Ltd., who financed McColl-Frontenac in its early days and control a
large block of its shares, requested the injunction on several grounds, of
which the most important were that it was
sought to transfer control from
Volume
Financial
146
Canadian to American hands and that the proxy form
holders in Texaco's interest was improper.
The
directors later elected J.
new
A.
issued to the share¬
President to
Wales of Montreal as
Irwin,
Montreal.
Elected Vice-Presidents were J. M.
Pritchard, Montreal; H. H. Bradburn, Winnipeg; C. P. Tomlinson, Hart¬
ford, Conn., and Air Vice Marshal W. Avery Bishop, Montreal.
Fred
Hunt, Montreal, continues as Secretary-Treasurer.—V. 146, p. 3021.
succeed
John
Michigan Bell Telephone Co.—Earnings—
Period End. Apr. 30—
Period End. May 31—
—V. 146, p.
1938— Month—1937
1938—5 Mos.—1937
$2,909,385
$3,265,958 $14,524,120 $15,016,033
Uncollec.
on
Jan. 2, 1937, Oct. 1, July and Jan. 1, 1936,
and on Oct. 1
1935.
In addition a year-end dividend of 50 cents was paid on Dec.
a special dividend of 25 cents per share was distributed on
1936.—V. 146, p. 1881.
,
and
McLellan Stores
—V.
20, 1937,
Dec. 22,
1938—4 Afos—1937
$6,013,406
$6,521,095
146, p. 3021.
Mack
Directors at their meeting held June 7 decided not to pay any
the common stock for the current quarter.
A regular quarterly
dividend
dividend
share was paid on March 31, last.
In addition a year-end
extra dividend of 25 cents was paid on Dec. 24, last, and a year-end extra
dividend of 50 cents was paid on Dec. 24, 1936.—V. 146, p. 3021.
of 25 cents per
Manhattan Ry.—Lease
$766,620
712,365
$838,188
813,893
£2,775,159
2,585,416
£3,410,477
3,311,364
3192,
Consolidated Earnings for 3
1935
$8,067,194
6,195,440
$6,930,450
6,463,167
$2,311,980
430,359
$1,871,754
340,274
$467,283
292,013
$1,438,767
762,964
Depreciation
)
Depletion
[
Leaseh. sip-rendered,&c.
1936
$8,536,830
6,224,850
$1,174,328
264,439
Operating profit
Other income (net)
1937
$8,484,354
7,310,026
Costs and expenses
$2,742,339
$2,212,028
$7o9,296
J 672,907
550,283
159,105
559,981
599,362
238,504
194,487
1282,710
_
3,567
Net income
Earnings
$1,233,026
$468,311
Note—No provision has been made
V. 146, p. 2699.
for surtax
Operating
Operating
1937
Gross
income
.
Amortization of preferred
--
participation units-
Participation units surrendered
depositary for retirement
$657,015
$1,120,875
Dividends
common
on
to
87,182
stock.
$1,127,930
500,000
Prop., plant A equipments
1937
$164,674
447,731
charges
_
Amortization of debt discount and expense
$627,930
1,912,557
150,078
1,038,956
22,119
4,597
24,216
3,866
—
Other income deductions
476,203
receivable---..
Accounts
315,152
1,630
1,412,225
Mdse., materials & supplies.
Special deposits..
1st mtge. 4%
..$25,594,097
Investments
Cash in bank and on hand—
income
r
Deferred charges
instalment
for
Due to affiliated company
9 took no action with regard to pay¬
usually due at this time on the 7 % prior preferred
6% preferred stocks.
Regular quarterly dividends of $1.75 and $1.50 per share, respectively,
were paid on the above issues on March 31 last.
Following the announcement of no action on the preferred dividends
the company issued the following statement:
"The company =howed a net profit for the first quarter of $381,815
and operated profitably in April and May.
Officials stated that the
directors believed that in the light of the present unsettled business con¬
ditions, together with the general uncertainties as to the future, the in¬
terest of the stockholders would be best served by conserving the cash
thus permitting it to take the best advantage
which might occur."—V. 146, p. 3021.
of the company,
Co.—Earnings—
1937
$72,504
27.053
and depletion, but before Federal income taxes.—
trustee, 67 Milk St., Boston.
To provide funds, arrangements
325,030
have been made for the company to
with interest at rate of
$30,424,697
......
b After adding $57,252 excess of liquidation
value over cost of 4,021.58 participating units reacquired and after deduct¬
ing $2,118,476 liquidation value of participation units outstanding.—V. 1"45,
p. 3351.
a
Called for redemption,
Minnesota Power &
Light Co.—Earnings-—
1937
1936
$6,822,747
3,126,127
$6,390,855
2,955,878
Calendar Years—
Operating revenues
Operating exps., incl. taxes.. —
Amortization of limited-term investments
....
....
6,729
500,000
Gross income..—
$2,984,976
$3,193,841
1,636,542
71,793
CV6.031
$2,986,290
1,649,746
64,440
appropriations.
.......
.......
bonds..
deductions...
construction
Interest on mortgage
Other interest and
450",oo5
$3,189,891
3,950
Property retirement reserve
—
1,313
Crl.524
$1,491,537
$1,273,627
747,882
700,639
5,680
7,440
Dividends on
567,980
530,265
Note—No provisions have been made for Federal surtax on undistributed
profits for the 12 months ended Dec. 31, 1937 and 1936, since no taxable
undistributed adjusted net income was indicated for those periods.
Net income
— .
stock...
stock—
$6 pref. stock
Dividends on 7% pref.
Dividends on 6% pref.
-
$4,000,000 on Aug. 8 for a two-year period
234% Per annum.
The terms of this borrowing will provide for prior
payment in whole or in part at any time.
In addition, a $300,000 advance
from New England Power Association will be retired.
Frank D. Comerford, Chairman, stated this financing was decided upon
to assure immediate cash savings to the company and pointed out that
permanent financing would undoubtedly be arranged during the period
of the bank loan.
A declaration under the Public Utility Holding Company
of 1935 will be filed with the Securities and Exchange Commission
Act
a
few days.—V.
146,
p.
444.
Balance Sheet Dec. 31
1937
Co.—New Directors—May Sell Stock—
Two new members were on
company,
June 6 elected to the board of directors of
manufacturers of "in-line" airplane engines, filling the
resignation of W. R. Atwood and William Keith
vacancies created by the
directors are Robert E. Gross and Cyril Chappellett,
President-Treasurer and Secretary, respectively, of the Lockheed Aircraft
The
new
Corp.
,
engaged during the past year in develop¬
ing a new type of airplane engine for the Lockheed organization, the elec¬
tion of the two Lockheed executives will not constitute any affiliation be¬
tween the two companies other than the business relationship resulting
from the engine development project which is now nearing completion, it
was asserted by representatives of both companies.
It was further revealed at the meeting that the Menasco Co. has been
granted a permit to sell and issue 124,038 shares of its capital stock, but it is
understood that no public offering of stock is contemplated.—V. 146,
Although this company has been
Sinking fund
Cash in banks
Accts. receivable..
Materials & suppl.
14,615
18,762
Misc. cur. assets..
15,957
20,478
Special deposits.-rec.
(not
159,821
178,170
Accts.
debt
A expense
i
1,531,295
1,587,847
7,500
244,671
7,500
hold improve—
debt & lnt
Accrued
Represented
by: 7%
87,520
329,972
15,021
Customers' deps..
90,693
91,098
accounts.11,712,388
1,476,107
10,757
Misc. cur. llabil
(
Matured A accrued
int.
on
long-term
debt. & redemp.
accounts
(cash In
special
146,932
deposits)
credits..
12,107
Accts. A contracts
34,648
(notcur.)._
5,011,082
Reserves
4,713,788
Contribution in aid
of
80,532,250 80,214,2371
330,789
long-term
construction
Earned surplus
Total
62,049
Dlvs. declared
pay.
Unamortized lease¬
Other def. charges.
Accounts payable.
Deferred
575
current
a
922,736
33,834
756,906
367,486
674,345
6,769
710,812
426,322
Prepayments
dlsct.
$
a34,673,300 34,674,400
Long-term debt. ..34,492,000 34,681,000
Matured
(on
Notes receivable..
Unamortized
1936
$
Liabilities—
Capital stock
76,981,444 76,072,271
2,501
3,001
867
Investments
„
dividend of 30 cents per share on the common
stock, payable June 11 to holders of record June 4.
This compares with 35
cents paid on March 17, last; a year-end dividend of 80 cents paid on Dec.
21, 1937, and 50 cents paid on Sept. 11, 1937.—V. 142, p. 2507.
Directors have declared a
$
fran¬
chises, &c
1247.
Meyer-Blanke Co.—Dividend Reduced—
1937
1936
$
Assets—
Plant, prop.,
demand).
Menasco Mfg.
p.
Total.....
$30,424,697
Total
Interest charged to
2049.
Massachusetts Utilities Associates—Bonds Called—
The company has called for redemption on Aug. 9, all of the outstanding
sinking fund gold debentures, series A, 5%, due April 1, 1949, at their
face value, plus a premium of 2%, together with accrued interest to Aug. 9.
at the principal office of First National Bank, Boston, paying agent and
Scott.
1,716,318
10,308,667
surplus
Other income
1938
$182,186
77,420
Profit
this
9,800
2,552,532
2,319,800
b Common stock & surplus..
Net operating revenues
3 Months Ended March 31—
Gross income......
within
630
income
Co.—Preferred Dividend Deferred—
Directors at their meeting on June
borrow
78,261
Reserves
above.—V. 146, p. 3343.
and
After depreciation
7,044
Consumers' deposits
a $6 1st pref. stock
Capital
Marshall Field &
x
438,868
818,912
1st pref. stk. cum. (par $100)
Participation units.........
Chicago, Indianapolis & Louisville Ry.
V. 146, p.
159,834
accts..
Accrued liabilities..........
To Delist Stocks—
x
$11,689,000
payable..
Llab.
Deferred
Mar-Tex Oil
bonds....
Accounts
$309,775prof$123,644
Net loss
$426,310
Liabilities—
Assets-
$664,674
500,000
71,972
$541,101
583,000
Balance Sheet Dec. 31,
operating revenue and other income (before
appropriation for retirement reserve).—
Appropriation for retirement reserve._
—
96,302
sinking fund
7,055
—
of any improvement
$498,282
Co..
preferred stocks—•
on
1937
$7,404,654
6,283,779
Net
resources
$766,945
172,359
>.
.....
Int. receivable from Am. Gas & Power
1938
$7,072,103
6,415,088
(before approp. for retire, res.)
income
ment of the dividends
$671,431
95,514
$854,143
137,988
87,871
stock expense.
.......
7,658
April 30—
Operating expenses, maintenance and taxes.
See
$1,464,903
472,453
243,087
76,824
1,107
$760,195
93,948
.
_
Amort, of debt discount & exp. (less premiums).
Dividends
$1,450,805
14,098
$1,570,905
469,237
247,878
85,941
7,653
-
deductions.
Provision for retirement and replacements.
Balance
$4,455,681
3,004,876
$1,544,30 •
26,596
Non-operating income
Interest
1936
$4,737,992
3,193,683
„
expenses..
San Francisco RR. & Power Co.]
[Including South
Nil
undistributed profits.—
1
revenues
Income payments on
Ry.—Earnings—
Total gross revenues...
Interest
$0.51
on
$628,283
make little delay in handing down
a decision as to affirmance or disaffirmance by the Interborough receiver
of the 999-year lease of the elevated properties, and also took under advise¬
ment the petition by the Manhattan bondholders' protective committee
to sell the Sixth Avenue line to the city for $12,500,000, less the amounts of
back taxes outstanding against the elevated system.—V. 146, p. 3671.
Gross
$942,659 loss$273,057
$0.66
$0.25
share
per
451,133
102,564
203,925
Calendar Years—
mortgage.
Judge Patterson indicated that he will
Market Street
Months Ended March 31
1938
Sales
Minneapolis Gas Light Co.—Earnings—
Ruling Awaited—
early decision on the Interborough Rapid Transit receiver's
application to disaffirm the Manhattan Ry. lease was cleared June 8.
Charles Franklin, counsel for the company told Federal Judge Robert P.
Patterson that he was willing to withdraw his recent request that the
court withhold its decision until July 15.
The plea of the Manhattan equity interests for a postponement of the
decision until July 15 was opposed by Boykin C. Wright, counsel for the
Manhattan Ry. first mortgage bondholders' protective committee.
He
contended that an immediate determination of the lease question is in the
best interests of bondholders, in view of the increasing defaults under the
The way to an
Net oper. revenue
$5,107,950
1,697,473
Fed. & State inc. taxes__
on
Other
$4,422,234
1,647,075
Mid-Continent Petroleum Corp.—Earnings—
Trucks, Inc.-'—Dividend Omitted—
Year Ended
$1,260,653
422,465
income
Totai income
Corp.—Sales—
1938—Month—1937
$1,666,879
$1,947,718
Period End. May 31—
Sales
$1,187,671
421,051
Net oper. income
a
paid
$3,314,806 $13,151,934 $13,032,091
2,054,153
8.729,700
7,924,141
75 cents per share in
regular quarterly dividend of 25 cents per share on the class
B stock, both payable July 1 to holders of record June 20.
A similar
extra was paid on April 1 and on Jan. 2, last and on Oct. 1 and July 1, 1937;
an extra of 50 cents was paid on April 1, 1937, and extra dividends of 25
cents were
Net oper. revenues...
—V. 146, p.
G.) McKee & Co.—Extra Dividend—
$3,340,348
,
22.703
rev
Operating taxes
Net
The directors have declared an extra dividend of
addition to
oper.
Operating revenues... $3,317,645
Operating expenses
2,129,974
196
201
3192.
(Arthur
1938—Month—1937
1938—4 Afos.—1937
$3,319,841 $13,225,525 $13,061,318
5,035
73,591
29,227
Operating re venues
McCrory Stores Corp.—Sales—
Sales
Stores in operation
3809
Chronicle
Total.
7,026
4,125,794
3,968,014
.......80,532,250 80,214,237
pref. cumul., $100 par; pari passu with 6%
.
--
.
pref and $6 pref.; outstanding, 80,073 shares, 6% pref., cumul., $100 par;
pari passu with 7% pref. and $6 pref.; outstanding, 460 shares $6 pref.,
cumul., no par; entitled upon liquidation to $100 a share; pari passu with
7% pref. and 6% pref.; outstanding, 71,260 shares common, $10 par;
outstanding, 2,000,000 shares.—V. 146, p. 3509.
Financial
3810
Mission
Chronicle
Corp.—To Pay $1 Dividend—
The directors have declared
Assets—
dividend of $1 per share on the common
a
June 11 j 1938
Consolidated Balance Sheet Dec. 31
Divs.
Net inc. after chgs. & Fed. inc. taxes
Earns, per share on cap. stk. outstand
x
Before
Federal
income
taxes
$1,395,878
>
$1.00
x$227,003
$0.16
and surtax
1936
1
Fixed
x
3, 926,468
200,171
493,565
7% cum. conv. pref
A stk. (par $100) 3,284,800
3,950,605
968,828
937,668
1
assets.---
Investments
3,287,900
1
.....
Good-will & pats..
Insur. deps., pre¬
V. 146, p.3344.
Missouri Public Service Corp.
(& Subs.)-
paid
Earnings—
other exps.
12 Months
Pertod Ended March 31—
1938—3 Mos.—1937
$362,383
$367,154
257,622
247,177
V :
Total operating revenues
Operating expenses.
.— ,—
State, local and miscell. Fed. taxes._
33,042
-
-
-
$71,719
$73,015
55,571
1,329
$89,136
55,571
1,430
$304,926
222,285
5,130
$9,979,067
858
1936,
CY241
$15,786
$31,277
After
$77,751
reserves
Interest
long-term debt.
on
General interest—
Net income
—V.
Total..... .—$10,803,560 $9,979,067
f or Years Ended March 3,1
1938
Change Bond Interest—
(less discts. & allow.) and inc.
from stemming operations..$55,613,034 $38,466,513 $26,876,090
Cost of sales, shipping, selling, gen.
and administrative expenses.... 48,214,236
33,872,651
23.669,452
Operating profit
..
—.
Profit
Other income
paid
86,424
ut not exceeding and the extent of all interest from Jan. 1,1938, which has
Sayment dates only totogether with surplus income available therefor, up to
Loss
Provision for Federal normal inc. tax.
1,083,287
Excess profits tax
Prov. for Fed. surtax on undis. profits
$3,222,631
486,776
10,782
been paid.
9,394
$4,822,105
88,753
17,245
Total income-....$7,828,668
Interest
Provision for flood damage
$3,206,638
3,998
32A27
3,616
80,431
300,434
45,389
sale of leaf tobacco
on
$4,593,862
1,983
193,832
$7,398,798
.
-..
off. & empl..
disposal of mach'y & equip..
463,957
Modine Manufacturing
Calendar Years—
1937
:
.
Co—Earnings—
'
1936
1935
$1,601,927
$1,216,075
$952,642
Sell., admin. & gen. exps
Prov. for Fed. & Wis. in¬
927 709
645,487
432,481
147,000
110,000
22,500
115,500
taxes
come
Surtax
—
—
.
—
_
.
39,500
undist. profits
on
$633,389
309,738
67,969
47,78i
Prov. for depreciation-.
Costs of exps. of mach. &
on
:
2,601
48,464
19,254
294,484
58.856
373,016
5,19)
619,836
393,467
34,221
144",447
....
—
—
-
Balance....
$5,663,221 b$3,573,617
3,114,906
2,440,037
$2,408,105
415,026
$2,548,315
Consolidated net income.
Dividends paid.
$1,993,079
415.465
$5.80
Shares capital stock outstanding-...
Earnings per share.___
—
$1,133,580
519,151
$6.88
519,151
$10.91
—
depreciation of $210,717 in 1938, $157,820 in
b Includes ihcome of Prudential Tobacco Co.,
(dissolved subsidiary) from April 1, 1936, to June 2, 1936 (date of
dissolution) and Philip Morris & Co., Ltd. (England) from March 2,
1937, to March 31, 1937.
a Includes
provision for
1937, and $98,8/2 in 1936.
tools, &c., charged off
Cr54,401
3,745
21,756
expenses.
CY46.816
CY36.856
CY34.268
6,533
18,391
6,815
22,271
4,234
9,410
$516,617
353,343
Miscellaneous income—
Loss on securities sold.
Miscellaneous
Prov. for add'l comp. to
1934
-
sales—_
Gross profit on
1936
1937
Sales
Dividends received
Company has filed with the Securities and Exchange commission a de¬
claration (File 43-125) covering a change in the interest provisions on
its $635,000 first mortgage gold bonds.6% series A, due July 1, 1953.
At
present interest is at the fixed rate of 6% per annum. Under the declaration,
interest from and after Jan. 1, 1938, would be payable on present interest
$2,980,117 in
Represented by 335,693 (302,701 in 1936) no par shares.—V. 145,
y
Interest received
145, p. 3351.
Missouri Service Co.— To
1.549,160
(Philip) Morris & Co., Ltd., Inc.—Earnings—
a
—
..
1,236,700
2,671,688
3824.
6.204
Taxes assumed on int. & miscellaneous
deductions
_
for depreciation of $3,320,389 in 1937 and
Consolidated Income Account
Gross income.
Common stock.
688,900
3,222,588
2,063,406
paid
Total........ $10,803,560
x
126.075
1.540
$298,722
1,296
conv.pref
stk.(par $100)
cum.
B
124,079
1,075.621
$87,411
1,725
....
7%
y
97,455
p.
-
1,376,938
Surplus
in advance.....
$1,501,957
32,566
329
income.
Net operating
inc.
Fed.
Ended 1938
Federal normal and State inc. taxes..
Other income (net).
for
taxes.........
&
taxes
on
578,491
2,003,788
Inventories......
$267,790
$0.19
undistributed profits.—
on
1, 969,498
1, 540,309
doubtful accts.).
$539", 884
338,094
Res.
(after provdg.for
1937
payable
pref. & com. stks
Accts. & bills receiv
1938
$627,281
liabilities
..$2 000,999 $1,425,987
Government bonds
300,000
160,000
Earnings for Quarter Ended March 31
accrd
Accts. pay. &
on
hand (net)
1936
1937
Liabilities—
1936
1937
Cash in banks &
stock, no par value, payable June 29 to holders of record June 10.
This
compares with 25 cents paid on Dec. 24 last, $1 paid on June 15, 1937, and
an initial dividend of 45 cents per share paid on Dec.
18, 1936.
$459,980
303,547
$412,430
75,637
$228,525
84,822
Inc.
Consolidated Balance Sheet March 31
Net profit..
—
Common dividends..
Earnings
share.
per
.
$156,433
$336,793
101,199
100.399
$5.14
.
101,149
$4.07
$4.54
Balance Sheet Dec. 31,
$143,703
100,849
$2.26
1937
$372,607; securities, at market quotations,
$275,198;
receivable, less reserve, $22,50u, $579,332; accrued
$1,529; inventories, $738,556; cash surrender value of
insurance on life of officer, $37,258; due from officers and employees,
$13,424; sundry accounts and claims receivable, $1,208; cash on deposit
subject to license contrats, contra, $5,370; land, $31,606; buildings,
machinery and equipment, &c. (less, reserve for depreciation, $418,994),
$620,240; deferred charges, $78,228; patents (less, reserve for amortization,
$9,709), $44,430; patterns, $1; total, $2,798,986.
Liabilities—Accounts payable, $211,348; accrued liabilities, $308,093;
reserve for loss on replacements, $12,500; resrrve for contingencies, $45,000,
reserve under license contracts, contra, $5,370; capital stock (105,000 shares
no par at stated value of $2,425 per share
($254,625), less 4,601 shares in
treasury, at stated value, $11,157), $243,468; paid-in surplus, $20,437;
earned surplus. $1,952,771; total, $2,798,986.—V.146, p. 1406.
Assets—Cash,
notes
and
accounts
intereest receivable,
on
hand-—.--
Mohawk
on Common Div.
omitted the dividend ordinarily due
A dividend of 25 cents was paid on
March 15, last, and previously regular quarterly dividends of 30 cents per
share w,ere distributed.
In addition, an extra dividend of 30 cents was paid
on Sept, 15, and extra of 20 cents was paid on June 15, 1937 and an extra of
50 cents was paid on Dec. 15, 1936.—V. 146, p. 1559.
Directors
Carpet Mills, Inc.-—No Action
Prepaid
Years Ended Dec.
1937
1
1936
$6 ),420
83,747
$61,939
88,280
$23,326
$26,341
Deductions
Deficit after charges.
General Balance Sheet Dec. 31
Assets—
1937
Investments
x
Liabilities—
1936
60,168
Int. matd. unpaid.
4,415
2,660
Unmatd. int. accrd
32,295
36,643
85,579
55,704
Sink,
12,661
13,676
Unadjusted credits
348,591
425,324
Sink. fund reserve
186,511
5,331
1,082,057
1,058,731
Deposits In lieu of
mtged. prop, sold
Sinking fund: bonds
Cash—
272,000
K(1
~5",331
Cash.
112,846
124,670
2,510
Special deposits...
Accrd. Int.
on
In sinking
4,265
fund
&
int.
accrued..
Prpfit
bds.
and
.
loss-
debit balance...
5,440
fund.
Accounts recelv
Unadjusted
1936
$1,000,000 $1,000,000
1,598,000
1,598,000
1st mtge. inc. bds.
&c...
property,
1937
Capital stock
..$1 575,455 $1,593,362
Real estate, mine
4,906
4,534
69,712
debits
146,749
1,292,171
s
6,500,000
Accounts payable.
1,120,877
1,618,174
Prov. for adv., re-
demp.
1,474,895
163,554
ctfs.
96,588
of
prem,
& coupons,
taxes, add'l com¬
2,736,262
1,641,989
3,535,510
Capital surplus.
4,786,886
3,535,510
4,786,885
Earned surplus
8.211,426
5,663,111
pensation,
z
1,837
5,408
38,446
and equipment. 2,384,243
Goodwill, tr'marks
&c__
Capital stock
6,438
54,118
1,475,467
(at cost or less)-
Bldgs.,
x
and
mach'y
brands,
at
cost in cash....
Total—
73,227
67,835
..29,240,960 23,745,6701
Total
29,240.960 23.745,670
After allowance for depreciation of $480,726
in 1938 and $319,532 in
Represented by 276,000 shares at $4 per share and 243,151 shares
$10 per share.
x
at
-
z
Transfer Agent—
The
Guaranty Trust Co. of N. Y. has been appointed transfer agent for
77,873 shares of 5% convertible cumulative preferred stock,
and an additional issue of 77,873 shares of common stock.—V
146, p. 3509.
a
new
issue of
series A,
.
Mountain
31-
.u-
8,850,000
2,235,137
17,053,299
expenses.
Land..
-Earnings-
Gross income
1,081,711
Cap.stk .of German
sub. (not consol.)
Misc. investments
1937
$
Notes pay., banks.
20,914,552
I inventories
the common stock on
Monon Coal Co.-
1938
Liabilities—
.
Marketable securi¬
their recent meeting
June 15.
at
S.
ties (at cost)--. 1,474,521
Acc'tsreceivable3,093,182
1937.
on
1937
5
Cash in banks and
$163,274
Balance, surplus.
common stock—
Shs. of
1938
Assets—
•
States
Telephone
&
Telegraph
Co.—
$30,000,000
Bond
Issue—The
first
long-term
public
financing by the company, an affiliate in the American
Telephone & Telegraph Co., took place June 9 with the
issuance of $30,000,000 of 30-year 334% debentures.
A
banking group headed by Morgan Stanley & Co., Inc.,
offered $27,750,000 of the issue at 102 and accrued int.,
to yield 3.147% to maturity.
The remainder of the issue,
or $2,250,000, will be sold privately to the Bankers Trust
Co. as trustee of the pension funds established by the
company and certain affiliates.
Other leading members of
the offering syndicate are Kuhn, Loeb & Co.; Kidder, Peabody & Co.; Lee Higginson Corp.; The First Boston Corp.;
Brown Harriman & Co., Inc., and Smith, Barney & Co.
The issue was oversubscribed the day of offering.
Dated June 1,
1938; due June 1, 1968. • Interest payable J. & D. 1 in
Coupon debentures in denoms. of $1,000 and $500, registerable
principal.
Registered debentures in denoms. of $1,000, $5,000,
$10,000 and $100,000.
Coupon debentures and registered debentures, and
the several denominations, interchangeable.
Red., at option of company,
N. Y. City.
Total.
x
$2,100,416 $2,022,903
|
Total..
$2,100,416 $2,022,903
After deducting depreciation of $357,364 in 1937 and $352,893 in 1936.
—V.
146,
p.
1718.
in whole
Montgomery Ward & Co.—Sales—
Period End. May 31—
1938—Month—1937
1938—4 Mos—1937
....$36,149,958 $39,140,008 $125773,369 $136327,259
Sales
—V.
146, p. 3509.
Moore
Corp., Ltd. (& Subs.)
Calendar Years—
Total
earns,
-Earnings-
1937
1936
1935
1934
$2,429,319
$2,194,635
453",358
$1,595,012
7,905
417,289
$1,285,421
462",624
505,000
457,450
218,840
after deduct,
all expenses incident to
operations.
Int.
on
sub.
.
...
cos.
bonds
Prov. for depreciation.
Prov. for Federal taxes.
_
.
Pref. class A divs..
Pref. class B divs
Common dividends
Balance of profit
$1,461,695
230,095
53,905
663,448
1$1,283,828
230,153
109,240
328,549
24,460
423,716
173,944
117,439
276,241
$663,301
230,153
117,439
138,120
$950,977
230,153
brought
$514,247
$615,885
$327,144
$177,589
1,549,160
Surp.
to
as
933,275
606,130
428,542
$2,063,406
335,693
$1,549,160
302,701
$3.12
$933,274
276,241
$606,130
276,241
$1.14
in part, upon at
Summary of Certain Information Contained in Prospectus
Company—The company, 73.23 % of the stock of which is owned by Ameri¬
Telephone & Telegraph Co., was incorp. in Colorado in 1911.
Com¬
pany is engaged in the telephone business in Arizona, Colorado, Montana,
New Mexico. Utah, Wyoming, in Idaho south of the Salmon River, and in
El Paso County, Texas.
The properties of the company consist mainly
of telephone instruments and facilities for their interconnection, the latter
consisting chiefly of central office switching equipment and connecting lines
can
#
Capitalization Outstanding as of March 31, 1938
Notes sold to trustee of pension
fund (4% demand notes)
a$4,001,553
demand notes)_a20,950,000
Advances from Amer. T, & T. Co., parent (5%
Capital stock (par $100)
—
$3.53
$2.18
48,049,700
At June 6, 1938, notes sold to trustee of Pension fund had been reduced
$3,986,713 and advances had increased to $22,900,000.
a
to
Purpose of Issue—Net proceeds, exclusive of accrued interest, from the
$30,000,000 of debentures, after deducting the estimated ex¬
of the company in connection with such sale, are expected to approxi¬
mate $29,891,000 of which $3,986,712 are to be applied to repay In full
the notes held by the trustee of the pension fund and $22,900,000 to repay
in full advances from American Telephone & Telegraph Co., parent.
The
remainder (approximately $3,004,000) has not been allocated to specific
sale of the
forward
Shs. com. stk. (no par)..
Earnings per share.....
least 60 days' notice, on any int. date, at follow¬
1943, 107%; thereafter
incl. June 1,1953, 1033^%
thereafter to and incl. June 1, 1958, 1023^ %; thereafter to and incl. June 1,
1964, 1013^%, and thereafter, 100%.
or
ing prices with accr. int.; to and incl. June 1,
to and incl. June 1,1948,105% thereafter to and
penses
I
'
Volume
Financial
146
and will be added
initially to the company's current cash and devoted
from time to time as may be necessary to extensions, additions and im¬
provements to telephone plant and to other corporate purposes of the
company.
While all of the advances presently outstanding from American
Telephone & Telegraph Co., parent, will be repaid from the proceeds of the
sale of these debentures, the company expects to continue its established
practice of borrowing from American Telephone & Telegraph Co. on de¬
uses
mand notes from time to time
Debentures—The debentures
need therefor may arise. ,
will be issued under an indenture dated as
Chronicle
On Dec. 31, 1937, the District Court of the U. 8. for the District of
Delaware approved, as properly filed, the
petition of the company for re¬
organization undo* Section 77-B of the Bankruptcy Act and after hearing
continued the company in possession of its business and
property.
Earnings for 12 Months Ended March 31
1938
of June 1, 1938, between company and Chase National Bank. New
This issue of debentures is not secured.
It is limited to
Operating
on
securities and notes receivable, &c.
Net operating revenue and other income (before1
W. E. Hutton & Co., Cine...
Lehman Brothers, N. Y
Kidder, Peabody & Co., N. Y. 2,000,000
Lee Higginson Corp., N. Y„__ 1,000,000
400,000
First Boston Corp., N. Y____
SchoellkopI,
1,750,000
Hutton
Pom-
&
Buffalo
eroy, Inc.,
Securities
Co., Inc.,
Co.
of
400,000
;
Milwaukee,
'
Y
1,750,000
Smith, Barney & Co., N. Y
1,750,000
Blyth & Co., Inc., N. Y
Inc., Milwaukee
400,000
—
Stone & Webster and Blodget,
$1,503,450
$1,315,595
$1,203,450
477,521
477,521
34,438
45,917
384,138
Rent for lease of electric property
Interest on funded debt.
Amortization of debt discount and expense
Other interest (net).-
Inc., N. Y_.
White, Weld & Co., N. Y___.
400,000
373,387
15,859
I
Other income deductions
300,000
9,000
....
400,000
750,000
750,000
Bonbright & Co., Inc.. N. Y__
1
400,000
F. S. Moseley & Co., Boston..)
2,500.000
242.717
2,834
Drl5,624
$1,615,595
300,000
400,000
400,000
Hornblower & Weeks, N. Y
.$5,000,000
Kuhn, Loeb & Co., N. Y
N.
Interest
of the several principal underwriters of $27,the several amounts underwritten by them re¬
Morgan, Stanley & Co., Inc.,
New York
$1,273,523
Net oper. revenue (before approp. for retirement
names
750,000 debentures, and
spectively are as follows:
$3,747,931
2,474.408
$1,428,164
243,345
2,025
Dr57,939
taxes!.!!"
York,
$30,000,000 but the indenture does not restrict the amount of other securities or
indebtedness, either secured or unsecured, which may be issued, incurred,
assumed or guaranteed by the company.
Brown Harriman &
expenses, maintenance and
1937
$4,149,376
2,721,212
as
trustee.
Underwriters—The
3811
(4)
Net income.
13,841
$273,031
$414,388
Notes—(1) In the above statement of income accounts, net income for
March 31, 1937 has been reduced by $26,171 to reflect
adjustments applicable to the period of 1936 included therein of amortiza¬
750,000
Coffin & Burr, Inc., Boston
350,000
Lazard Freres & Co., N. Y
600,000
R. L. Day &
350,000
Boetteher & Co., Denver
400,000
Dean Witter & Co., San Fran.
E. W. Clark & Co., Phila
350,000
400,000
400,000
Jackson & Curtis, Boston....
300,000
tion of debt discount and expense charged to surplus in 1937 and sundry
other items charged or credited to surplus in 1937 which have been applied
Clark, Dodge & Co., N. Y
250,000
retroactively in the accounts.
Dominick & Dominick, N. Y.
400,000
Glore, Forgan & Co., Chicago.
Graham, Parsons & Co., Phila.
400,000
Goldman, Sachs & Co., N. Y.
400,000
Blair, Bonner & Co., Chicago.
Alex. Brown & Sons, Bait
250,000
200,000
income tax
Estabrook & Co., Boston
Harris, Hall & Co. (Inc.), Chi.
400,000
Central Republic Co., Chicago
Hayden, Stone & Co., N. Y__
400,000
Mellon Securities Corp. .Pittsb.
Bos worth,
Chanute,
,
Lough-
ridge & Co., Denver...
Co., Boston
300,000
200,000
the year ended
(2)
No provision has been made for Federal
or for surtax on undistributed profits under the Revenue Act
of 1936 for the years 1936 or 1937 as it is estimated that no such taxes will
be payable for those years.
200,000
Balance Sheet. Dec. 31, 1937
Assets—
Cash
Comparative Income Statements
3 Mos. End.
Toll service
revenues..
revenues...
Miscellaneous
revenues.
Total...
Uncollectible oper. rev._
Operating revenues...
Current
maintenance.._
Depreciation
Traffic expenses
Commercial expenses...
Operating rents
Exec. & legal dept. exp.
Acc't'g & treas. dept. exp.
Provision for employees'
Cash
1937
1936
1935
$4,091,094 $16,029,576 $14,820,212 $13,859,275
1,507,012
7,205,265
6,541,804
5,735,610
264,272
989,414
823,736
890,022
$5,862,377 $24,224,254 $22,252,038 $20,418,620
28,439
79,891
60,766
61,941
$5,833,938 $24,144,363 $22,191,272 $20,356,679
1,024,998
3,530,497
3,901,389
3,202,919
905,988
3,527,828
3,715,941
3,770,591
1,054,526
4,309,931
3.779,469
3,464,437
581,331
2,334,108
2,230,793
2,077,466
108,227
441,683
417,275
405,620
5/,102
227,670
199,016
221,863
234,430
915,370
767,562
830,725
61,335
236,105
227,232
48,305
84,595
157,868
338,404
76,643
Cr42,781
2/4,636
Cr 182,2/4
136,811
3u9,036
235,565
Cr87,743
$7,661,646
55J.540
$6,643,807
523,456
70,811
benefits
Gen'l services & licenses.
Other general expenses.
_
Exp. chgd. to construc'n
Net oper. revenues
$1,639,239
Federal income taxes
112,416
State income taxes
23,312
94,069
592,365
_
Net operating income.
Other income
Total income
Int.
on
1
132,772
284,562
141,018
Cr72,693
$5,765,165
406,300
31,800
277,476
40,055
81,818
2,291,575
1.930,279
1,809,073
$817,078
7,794
$4,471,243
$4,068,200
$3,517,992
45,189
40.170
34,780
$4,516,432
$4,108,370
on notes
Accrued liabilities
37,958
Accounts and notes receiv..
478,620
1st mortgage gold bonds
265,661
Indebtedness to parent co...
8,182,250
6,947,292
on
Materials and supplies
Other current assets
79,004
Special cash deposits (contra)
10,700
Accounts payable mdse.
43,343
Investments (at cost)
Property,
plant
and
equip.
(incl. Intangibles)
Deferred charges...
31,067
After
a
c
$23,697.2871
reserve
Since Dec.
11,
43,343
204,611
43,840
Reserves.
1,989,533
7% cum. pref. stk. (par $100)
5,304,400
Earned surplus
Total
35,652
*
.
$23,697,287
.
of $105,277.
b Represented by 142,500 no par shares,
1937, date of recapitalization.—V. 146. p.
Telephone Corp.—Earnings—
Period Ended March 31,1938—
12 Mos.
3 Mos.
$37,548
Operating revenues
Oper. exps., maint., taxes (except Federal income
income taxes) & depreciation expense
107,000
$9,736
$46,652
$9,736
2,629
1,067
$46,688
10,598
5,301
$6,040
4,500
$30,788
18,000
$1,540
$12,788
36
Non-operating income
Gross income.
_
Bond interest
Other deductions.
Balance.
Preferred dividends paid or accrued—
Balance
of
$153,652
27,811
Net income from operations
a
statement of income and expense
the
253,303
892.603
852,823
805,478
company, adjusted to reflect depreciation
dividend accruals on basis of reorganization having
40,087
3,742
150,942
128,125
period.—V. 145,
16,708
139,128
12,589
$527,740
840.870
$3,456,178
3,843,976
$3,103,830
3,843,976
$2,608,138
3,843,976
sold to trus¬
142,500
b Common stock
c
Total........
sales
(contra).
deposits.......u
contracts disc'ted
Customers'
Unadjusted credits—
22,235,558
39,556
Other assets
Note—The above is
of pension fund...
Other interest
610,646
Indebtedness to affiliates
$3,552,772
tee
$155,260
.......
238,761
adv. from Amer.
Tel. & Tel. Co.
Int.
a
Accounts payable..
$275,014
deposit for bond int.
218,243
$824,872
Social Security taxes
Other taxes.
demand
Mt. Vernon
service pensions.
Em pi. sickness, accident,
&c.,
and
deposits
Calendar Years-
Mar. 31,'38
Local service
Liabilities—
hand
on
p.
from the books
expense
and preferred
been in effect for entire
3014.
11,031
(G. C.) Murphy Co.—Sales—
Net income
!
Dividends..
$105,908,434
Misc. physical property.
37,578
94,580
Investments in affiliates
Capital stock
Premiums
over
Cash
957,508
215,768
Advances (from parent)
Adv. billing and payments
20,950,000
Working funds.
25,133
and customers'deposits..
596,793
Accounts receivable
(net)
Material and supplies
1,905,964
1,443,453
213,964
Prepayments
Insurance fund
36,342
Other deferred charges.
140,947
4,001,553
Accounts payable.
Other current liabilities
2,338,684
Taxes accrued
13,948
Rents accrued..
Interest accrued
capital stock..840,870
76,698
Depreciation reserve..
National Distillers Products
732,590
TMs is
$111,258,282
a
Co.—Earnings—
Netoper.rev. (before approp. for retire, res've).
Rents from lease of properties
arising subsequent to
munication to the bondholders.
1936
$4,094,012
2,720,919
$3,634,622
2,395,501
income
$1,373,097
243,177
2,622
Dr58,054
$1,239,120
243,249
by Associated.
$1,260,839
2,507
$1,484,876
300,000
deductions
income
477,521
45,917
373,873
15,173
$1,184,876
12,000
477,521
45,917
389,541
12,615
$348,354
Rent for lease of electric property
on funded debt
Interest
Amortization of debt discount and expense
Other interest (net)
$247,281
Notes—(1) In the above statement of income accounts, net income for
the year ended Dec. 31,1936 has been reduced by $35,309, to reflect adjust¬
ments of amortization of debt discount and expense charged to surplus in
1937 and sundry other items charged or credited to surplus in 1937, which
The
applied retroactively in the accounts.
revenues
accordance
and expenses for the 12 months ended Dec. 31, 1937,
the classifications of accounts prescribed by the
with
Federal Power Commission and by the Public Utilities Commissioner of the
State of Oregon, effective Jan. 1, 1937, which differ in certain respects fro n
the classification previously followed by the company.
No provision has been made for Federal Income tax or for surtax
1937, as it is estimated that
undistributed profits for the years 1936 or
such taxes will be payable for those years
secured gold debentures, 5% series due
dated June 9, reporting the matters of
Dec. 4» 1936—the date of its last com-
dismissal by
Net operating revenue and other income (before
appropriation for retirement reserve)
$1,560,839
Appropriation for retirement reserve
300,000
in
protective committee for the
interest
1937
Miscellaneous non-operating revenues
Inc. from merchandising, jobbing & contract work.
(2)
Corp.—Debenture Holders'
Letter—Fight for Control Nearing
Service
Committee Issue
Close—Upset Price $9,000,000—
The
Calendar Years—
have been
Public
National
Protective
1978, has issued a circular letter
Operating revenues—.
Oper. exps., maintenance and taxes
Other income
Corp.—To Increase Prices
announced that its prices, effective July 1, will be increased
the new Federal tax (effective on that date) of 25 cents a gallon.
to apply on all distilled products.—Y. 146, p. 3194.
This company
to carry
146, P. 3672.
Mountain States Power
(3)
A new high has been
since, and including, December, 1937.
billings for the first five months of 1938 totaled
$17,851,185, up 5.3% over the previous record of $16,944,720 set for the
same period of 1937.—V.
146, p. 3194.
for May is a record high for the month.
reached every month
NBC's cumulative
6,119
Total
$3,442,280, up 7.1%
April of
31,386,741
Unappropriated surplus....
are
year.
The figure
40,023
on
Deferred credits
$111,258,282
Co.—Billingsfor May Up 7.1%—
A contra-seasonal gain of 4.0% was made over
this
19,795
Amortization reserve......
Total
May, 1937.
2,126,193
Dividend
Net
1938—5 Mos.—1937
$3,626,432 $14,571,940 $15,156,919
operation 2ul stores as compared with
Advertisers' expenditures for time in May rose to
78,575
278,611
Notes receivable
National Broadcasting
$48,049,700
capital stock..
on
Notes sold to trustee of pen¬
sion fund..
Other investments
Gross
$3,159,580
Liabilities—
Telephone plant
—V.
....
...
As of May 31, 1938, there was in
195 a year ago.—V. 146, p. 3194.
Balance Sheet March 31, 1938
Assets—
1938—Month—1937
Period End. May 31—
Sales..
od
no
(1)
15, 1937, the U. 8. Circuit Court of Appeals affirmed the
the District Court of the petition filed by Associated Gas &
under Section 77-B of the Bankruptcy Act; and on
1937, the U. S. Supreme Court denied the writ of certiorari sought
On Feb.
Electric Co. interests
May 18
This ended the possibility of a
"reorganization" under
86(2)° Immediately
thereafter one of the subsidiaries of Associated com¬
menced an action in New York Supreme Court against New York Trust
Co
(the trustee for the debentures) to compel distribution in kind of the
collateral—that is to say, instead of a sale at public auction as sought by
the committee, to compel the trustee to distribute the 712,411 shares of
the common stock of Jersey Central Power & Light Co. pro rata to the
holders of the $20,000,000 of debentures.
Such distribution would give
Associated control of Jersey Central without contending for it at the
auction block.
Committee, and also Public Service Corp. of New Jersey,
obtained leave of Court to intervene as defendants in this suit.
On July 30,
1937
the New York Supreme Court, gave judgment in favor of the de¬
fendants, which, on appeals was affirmed by the Appellate Division on
Nov
26
1937, and by the Court of Appeals on May 24, 1938.
This
ended the possibility of a distribution of the collateral in kind.
.
(3) During 1937 Associated, having acquired outstanding certificates or
deposit representing nearly $12,000,000 of debentures, reputedly demanded
a ret irn of the debentures against surrender of the certificates of deposit
and pavment of their pro rata share of the committee's charges and ex¬
penses.* Committee refused these demands and on Nov. 4, 1937, Associated
interests commenced an action in replevin against the committee,
^nat
action is pending, undetermined, but all proceedings in it are by stipulation
SUsp?mifrinission
New
lersev P.
^ ^ gecurjtjes and Exchange
S. Commission is
Commission and of the
required before Associated Gas & Electric
of its subsidiaries may lawfully bid for or purchase the collateral.
a subsidiary of Associated has recently made formal application to both or
those bodies for such permission; and has agreed with the committee that
if such permission is granted Associated will take no further steps to preCo
or any
3812
vent or
Financial
•
postpone the
auction sale and will there
collateral.
In the judgment
bondholders' interest that Associated
and, if Associated qualifies, that the
for the
at
(5^'We*advised in letter of July 31,
by Supreme Court Justice Frankenthaler.
The distribution will constitute
or the outstanding principal amount of each certificate.
With the present payment, the amount paid by the trustees to certificate
holders since May 13, 1935, will aggregate $4,130,671.
Frank L. Weil, William E. Russell and Raymond J. Scully, serving as
trustees of the $23,000,000 issue of series C-2, have declared an income
distribution of $225,401, payable June 30, to certificate holders of record
June 10.
This is equivalent to distribution of 1% on reduced value or
certificates.
The certificates were reduced Oct. 15, 1936, by payment of
bid not less than $9,000,000
2%
of the committee it is clearly to the
should qualify as a bidder, and bid;
upset price of the collateral be fixed
1936, that the upset price at auction,
10, 1936, was fixed at $5,000,000 and that we then held
undertaking of Public Service Corp. of New Jersey to bid not less
than $5,000,000 for the Jersey Central stock.
We later received a firm
undertaking from that corporation to bid no., less than $8,000,000.
In
the course of the litigation the time limits set in those undertakings expired
under compulsion of court injunctions, so that we now have no firm com¬
mitment from Pulbic Service Corp.
The fact that that corporation has
joined in and assisted the defense against all efforts of Associated to pre¬
vent an auction sale and the fact that Public Service Corp. gave us first
a firm commitment to bid $5,000,000 and later $8,000,000 would seem to
offer substantial evidence that it still has a lively interest in acquiring your
collateral notwithstanding we have no formal assurance of that fact nor
of what maximum amount it may choose to bid.
(6) Early in the proceedings and largely in order that our commitment
from Public Service Corp. of $8,000,000 might not go by the board if the
Court continued to enjoin the sale, the Court required that Associated
should bind itself to purchase for cash at 45 ($450 per $1,000) all debentures
or certificates of deposit tendered to it at any time up to 30 days after
final determination of the litigation.
You were promptly advised of this
on Dec. 4, 1936.
The prescribed limit for such tenders expires on June 23,
1938, that is, 30 days after the final determination of May 24, 1938.
(7) Upon the facts summarized in the foregoing paragraphs committee
will continue to act in accordance with its plan from the beginning, namely,
then set for Sept.
firm
a
\W%
an
Traffic Statistics Years Ended Dec. 31
reasonable opportunity for Associated to get govern¬
27.940
32.667
1.533
1.493
1.596
from
Freight Traffic—
2,406,051
2,160,657
1,897,834
No. of tons carried
No. of tons carried 1 m_3 11,743,720 304,657,853 278,946,015
No. of tons carried 1 mile
303,166
364,873
410,124
per mile of road
Average
miles
hauled,
146.98
141.00
142.00
each ton
If
received
Average amount
from each ton
per
1.560
1,867,697
260,898,507
279,874
139.69
2.366
2.254
1.534
1.694
75.09
66.27
63.34
81.57
mile (cents)
,
.—
Years Ended Dec
$4,578,658
93,971
Passenger revenue
Mail and express.
31
1936
1937
(Incl. Elec.)—
Freight revenue
1935
1934
$4,126,754
$4,277,653
$4,419,047
95.557
121,264
140,746
138,010
110,242
88,342
112,836
79,542
122,762
79,257
83,298
$4,871,214
948,893
650,591
$4,414,689
802,235
$4,618,921
865,335
$4,763,117
601,116
635,843
283,190
267,861
Transportation
1,699,992
302,667
1,631,288
270,387
260,288
1,734,66,3
224,179
$3,885,334
$3,572,888
21,924
841,801
333,992
181,978
23,293
$3,720,310
898,611
273,425
285,921
13,837
$3,623,131
985,880
$378,782
$302,538
$325,428
$489,652
18.006
17,064
20,069
17,163
130,010
26,694
129,915
124,088
124,757
26,701
1,417
1,872
10,920
1,260
1,732
5,846
7,241
6,858
transportation.
All other
Total oper. revenue.
_
structequipment
Maint. of way &
Maint. of
Traffic
Total oper. expenses._
Net
rev.
from ry. oper..
a340,752
244,422
Tax accruals, &c
Equipment rents (net)_.
Joint facility rents (net) _
1938—5 Mos.—1937
$6,969,840
income.
Net ry. oper.
$7,870,749
803,186
594,190
235,452
1,689,045
301,258
1,139,986
315,417
314,064
20,852
Other Income—
Miscell. rent income.
physi¬
Miscell. non-oper.
Co.—Sales—
cal property
Dividend income
1938—Month—1937
1938-—5 Mos.—1937
$4,267,112 $16,386,379 $17,234,157
$3,723,664
funded securs.
Inc. from
—V. 146, p. 3195.
from unfunded
securities & accounts.
Income
New Orleans
280
$184,244
563,026
$181,406
483,944
$155,563
480,991
$165,826
655,478
_
65,000
65,000
83,500
156,198
338
613
debt.
debt..
6,136
792,833
1,597
6,136
780,926
3,011
6,136
779,984
11,364
6,996
798,538
9,456
20,598
19,873
20,859
19,873
65
29
608
54
$323,541
$391,645
$421,810
$335,935
Gross income
be dated as of the date of issue and is to
instalment of $6,410.50 being payable
one year from the date of issue and the remaining instalments of $6,410.25
each being payable semi-annually thereafter.
The 1st mtge. bonds are to
be dated Aug. 1, 1935, to mature Aug. 1, 1965, and are to bear interest
semi-annually F. & A.
They are to be issued in exchange fo $171,000 of
company's 1st mtge. bonds, 5% series, due 1962, and $165,000 of 1st mtge.
bonds, 4K% series, due 1980, now held in company's treasury, which are to
Interest on funded
Int. on unfunded
on
funded debt
Miscell. income charges.
'
Net loss for year
a
Includes credit of $64,945,
ment
Corp.—Plans $32,000,000 Issue—
Consolidated Edison Co. of New York, Inc. have
New York Steam
Commission an application for authority
$32,000,000 of bonds of the Steam company.
The bonds are to
bear interest at not more than 3 H % annually and are to mature in not more
than 25 years.
Payment of interest and principal on the issue is to be
guaranteed by Consolidated Edison as the parent concern.
I.-*The proceeds from the issue, according to the application are to be used
for the redemption on Nov. 1 of the 1st mtge. 5 and 6% bonds of New York
Steam, aggregating $27,003,500.
The Steam concern also will reimburse
its treasury by $1,058,700 for the 1st mtge. bonds that it has reacquired
and retired, and also for 2,492 shares of its $7 cumul. pref. stock reacquired
and held in its treasury.
The balance of the money will be applied against
New York Steam's existing indebtedness of $4,800,000 to affiliated com¬
panies in the Consolidated Edison system.
The petition .stated that the $32,000,000 issue will be placed under a
mortgage to be dated July 1, 1938, with the City Bank Farmers Trust Co.
filed with the New York P. S.
to issue
which are to be redeemed are; $5,605,500
of series A 6% bonds due on May 1, 1947; $12,698,000 of 5% series due on
May 1, 1951, and $8,700,000 of 5% series due on Nov. 1, 1956.
Each
series is redeemable at 105.
Shareholders of Consolidated Edison approved the guarantee of the pro¬
jected issue of New York Steam bonds at their annual meeting on March 21.
The petition sets forth that the company is unable at this time to state a
definite price at which the proposed issue of bonds can be sold.
Morgan,
Stanley.& Co., Inc., will underwrite the issue.—V. 146, p. 3024.
Telephone Co.—-Gain in Phones—•
Company station gain during May amounted to 4,040, compared with a
gain of 13,840 stations during May, 1937.
For the first five months of 1938
the company reported a gain of 15,157 stations, compared with an increase
New York
stations in the like 1937 period—V. 146, p. 3198.
New York Title & Mortgage Co.—Distribution—
$545,976 to holders of series F-l certificates payable on
June 30 to the holders of record June 15, was announced June 4 by Aaron
Rabinowitz, James L. Clare and Lawrence N. Martin, the trustees appointed
A distribution of
Jan. 1, 1937.
.-v'--'
Balance Sheet Dec. 31
A 8S€t8"~~~~
1937
.
■
$
equipm't .32,470,875 32,088,708
on
leased
property-—.
59,202
Misc. phys. prop..
760,430
52,843
764,202
Capitalstock
16,000,000 16,000,000
16,201,345 16,335,810
210,442
197,798
Traffic, &c., bals.
56,170
Interest
387,049
3,728,990
387,172
929,568
Acer,
147,272
145,741
Special deposits ...
11,715
38,075
325
261
Loans & bills rec.
.
Traffic & car serv.
balance receiv..
30,713
36,442
35,027
Sinking funds
Misc. accts. receiv.
4,249,750
31,925
151,054
unpaid
int.,
Deferred
3,479,300
297,012
283,048
matured,
&c
Time drafts & deps
187,156
252,116
accounts
payable
576,062
investments
165,135
317,690
Vouchers & wages.
Miscell.
lieu of
99,640
mtgd, prop, sold
Inv. inaffil. cos.. 3,728,529
Cash
$
Funded debt
Road &
Other
1936
$
Liabilities—
Impts.
Deposit in
1937
1936
S
v-.■'
rents,
accounts
61,100
56,268
110,115.
1,170,824
55,352
Accrued deprec... 1,200,636
Unadjust. credits.
77,731
Surplus
1,039,189
Tax liability
102,426
1,435,463
135,554
26,239
35,388
Materials, &c
12,349
482,228
454,243
Other curr. assets.
119,687
Bal. from agents.
_
Int. and divs. rec._
12,349
ad¬
Working fund
4,374
4,399
vances
trustee.
The bonds of New York Steam
covering accruals account Railroad Retire¬
1936—this law, amended, effective
Act in
"
the registered holding company system of
Co., has filed with the Securities and Exchange
Commission, an application (File 32-93) for exemption from the require¬
ments for filing a declaration covering the issuance of $75,000 of 6% cus¬
tomers' receipts, fmder a customer finance plan for the construction of
rural electric line extensions.—V. 146, p. 3673.
300
348 '
Amortization of discount
Company proposes to sell
Associated Gas & Electric
roads.
Miscell. tax accruals
the note for cash, at
rW-'"-"
Income—
Deducts, from
Rents for leased
Miscellaneous rents
4% series, due 1965.
The note is to
mature in 39 instalments, the first
corporation and
560
Total non-oper. inc.--
New York State Electric & Gas Corp.—REA Loan—
Securities and Exchange Commission on June 4 issued an order
Company a subsidiary in
2,092
and
other reserve
The
Seeks Exemption—
3,382
1,437
Income from sinking
146, p. 3673.
exempting the sale to the Rural Electrification Administration by the corpo¬
ration (a direct subsidiary of NY PA NJ Utilities Co.) from the provisions
of Section 6 (a) of the Holding Company Act of a $250,000 2.88% note and
of the issue and pledge os collateral therefor of $336,000 of 1st mtge. bonds,
the trustee for cancellation.
its face value.
3,454
4,215
funds—
Miscellaneous income. . .
Texas & Mexico Ry.—To Delist Stock—
Indianapolis & Louisville Ry. above.—V.
be surrendered to
" 34.283
■
1.355
Income Account
3347.
See Chicago
8,440
21.97
Miscellaneous.
——
Period End. May 31—
•Sales
,
1.340
oper. revenues per
train mile (cents)—
Postponed-
(J. J.) Newberry
358,078
7,867,854
1.910
Net
All Lines
■
1.900
Average receipts per ton
makes no
Brothers, Inc.—Sales—
End. May 31—
1938—Month—1937
$1,539,192 $2,108,553
of 66,955
27.474
receipt per pass.
mile (cents)
_
at
—V. 146, p.
as
20.47
per
Neisner
The
8,267
18.72
each passenger (cents)
public auction of 712,411 shares of common stock of the Jersey
Central Power & Light Co., scheduled for June 8, has been adjourned until
July 6 by the New York Trust Co. as trustee.
The stock is pledged as
collateral for National Public Service Corp. debentures.—Y. 146, p. 3023
,
7,667
17.92
Avge.
recommendation as to which course you would
between cash now at $450 per $1,000 and
sale can be had and whether the bidding
will yield cash proceeds (after payment of expenses and charges) more than,
or less than, $9,000,000.
If you elect to take cash now you must tender
your certificates of deposit or your debentures to General utility Investors
Corp., Associated Investing Corp., and General Realty A Securities Corp.,
or any one of them, at the office of Transfer & Paying Agency, at No. 41
'j rinity Place, New York, before 3 o'clock p. m. on June 23, 1938.
Period
7,357
::i 1934
932.20
371,213
7,597,215
Avge. amount rec.
best pursue.
The alternative is
the chance as to when the auction
Sales-
342,011
6,402,022
carried
each passenger .
ponement or prevention.
(8) You will note that you have an option good only until June 23,
1938, either (1) io sell for cash at 45 your certificates of deposit and your
debentures, or (2) to hold the same awaiting the outcome of the auction
sale from the net proceeds of which debenture holders will get their dis¬
tributive share in cash and holders of certificates of deposit will get their
distributive share either in cash (if an outsider purchase the collateral
or in voting trust certificates
(if the committee purchase the collateral).
Auction |
342,037
6,130,699
833.27*
1 mileNo. pass, carried 1 mile
per mile of road
Average
miles
carried
the sale shall be adjourned to a day not
10, 1938; and in the latter event Associated will be free
whatever course it may be advised looking toward further post¬
"The sale
1935
920.11
No. of passengers
No. pass, carried
earlier than Oct.
The committee
834.97
1936
1937
Average miles operated .
Passenger Traffic—
permission to bid, we believe the situation will be cleared for a
complete carrying out of the plan.
Accordingly, we propose to request
and direct the trustee to adjourn the sale from time to time until Aug. 10,
1938.
If by that date Associated is qualified to bid the sale will be had
to pursue
RR.—Annual Report—
Norfolk Southern
mental
the upset price will be $9,000,000.
the no par
This com¬
of record June 10.
with $1.50 paid on Dec. 23 last; $1.75 on June 30, 1937 and on Dec.
22,1936; $1.25 paid on June 2.3,1936 and $1 per sinyre paid in December and
June of 1935 and 1934;
During 1933 a total of $1.50 pel share was dis¬
bursed; in 1932, $1.10; 1931, 50 cents, and in 1930 $2.50 per share.-*-V. 146'
p. 3024.
auction sale; second, to use its utmost endeavors to
40 days thereafter and
Associated cannot then qualify
Ltd.—$2 Dividend—
declared a dividend of $2 per share on
stock, payable June 27 to holders
pares
present and bidding at least two outside bidders able and anxious to
acquire your collateral, and third, to be prepared itself to bid if in its
judgment and discretion a purchase of the collateral by the committee
at a higher price than any offered by other bidders would be advantageous
to the holders of the committee's certificates of deposit.
If the sale be
within
principal.—V. 146, p. 3198.
The directors have
common
have
adjourned pending
account of
on
Noranda Mines,
•
first to bring on
June 11, 1938
Chronicle
Deferred assets
Unadjusted
debits
140,310
84,368
609,070
647,156
39,857,906 39,627,802
Total
39,857,906 39,627,802
Total
To Delist Stock—
See
Chicago Indianapolis
& Louisville Ry. above.
Petroleum Exploration, Inc.—Extra
declared an extra dividend
The directors have
-Y. 146, p.
3512.
Dividend
of 10 cents per share in
quarterly dividend of 25 cents per share on the common
stock, par $25, both payable June 15 to holders of record June 4.
amounts were paid on March 15 last.
An extra of 25 cents was paid on
addition
to
a
Like
10 cents were paid on Sept. 15, June 15
of 10 cents and a quarterly dividend of
Dec. 15, 1936, prior to which regular quarterly divi¬
15 last; extra dividends of
and March 15, 1937.
An extra
Dec.
35 cents were paid on
dends of 25 cents per
extra
share were distributed.
In addition, the
10 cents on June 15, 1936, and 12%
dividends were paid:
Dec. 15,
1934 and on Dec. 15,
1932.—V. 146, p. 1887.
following
cents on
Volume
Financial
146
3813
Chronicle
At the time of
(& Subs.)—Earnings
North Penn Gas Co.
Total gross earnings
...
Operation
...
__
Maintenance
1936
1935^
$2,641,566
1,492,964
$2,543,266
1,394,128
117,470
298,000
62,534
135,077
Prov. for retirement & deple. reserves
General taxes.
surtax).
Fed. <fc State inc. taxes (incl.
called for by such bonds.—Y. 130, p. 4066.
$2,393,445
L377.834
123,692
298,000
65,218
112,559
...
delivery of new securities the corporation is making pay¬
1, 1937, on its general mortgage bonds at the rate
ment of interest to Oct.
1937
Calendar Years—
-
^
_
82,639
248,000
55,137
78,189
Oklahoma Power & Water
Period End. Mar. 31—
Total oper. revenues
Operating
$576,055
198,416
204,375
1,868
13,178
2,098
14,470
$359,773
$1,305,769
736,894
$1,316,365
202,001
29,783
27,558
113,699
101,374
2,062
7,900
18,202
3,000
18,250
7,200
$99,995
$122,313
$433,974
26
22
294
$436,917
1,423
$100,021
70,250
expenses
$33^,668
unfunded debt.
on
...
$355,112
137,375
170,000
8315,899
137,932
160,000
.
Amort, of bond discount & expense..
136,974
250,000
Preferred dividends
Common dividends
,
1937
$122,335
$434,267
283,485
$
218,432
425,988
3,044
3,044
376,360
Cash
Working
a
371,308
funds—,
Notes
&
&
35,958
34,186
Dividends
Due
9,578
9,747
employees...
affil.
to
cos.
43,903
54,543
72,804
(current)
20,694
29,334
Reserves
5,248,204
Earned surplus—
494,407
Other accr. liabils.
Due fromaffil.cos.
61,509
Mat'Ls & supplies.
90,642
63,206
(current)
-
22,478
5,986
$40,033
$121,953
$108,440
$21,845
income;
operations for the current
Old Dominion Power Co. (&
After
a
Total
.........13,425,730 13,538,078
reserve
538,618
$752,202
478,056
14,860
60,646
58,675
2,632
325
6,749
$51,231
$167,111
$208,722
15,446
b Represented by 100,000 no par
of $55,854 in 1937 and
shares.—V. 146.P.3349.
(Del.)—Weekly Output—
Co. system for the week
0.4%, compared
Northern States Power Co.
Electric output of the Northern States Power
ended June 4, 1938 totaled 22,958,447 kwh,, a decrease of
with the corresponding week last year.—V. 146, p. 3674.
Nova Scotia Light & Power
Federal taxes
1936
1935
$1,989,856
1,169,848
$1,928,677
1,136,130
$1,815,928
1,083,717
$820,008
203,024
$792,547
197,151
$732,210
179,182
$586,344
119,715
$616,984
75,994
$595,396
$553,028
36,145
$706,059
$692,978
172,707
230,000
15,978
210,233
$626,799
241,649
150,000
3,386
$589,174
222,174
135,000
$287,3/2
$329,197
102,000
155,353
$231,763
75,000
103,569
$231,739
115,500
172,615
Balance
Taxes
Net oper. income
Miscellaneous income
Gross income
_.
_
_
_
Interest and exchange..
Provision for deprec'n..
Bond discount
Balance
Preferred
dividends
Ordinary dividends
Sheet
Balance
Plant & eauipm't.
Unamortized bond
discount,
137,057
661,078
3,054
&e
Deferred charges..
4,785
338
Sinking fund cash.
4,093",689
Investments
1,224,742
Mat'ls & supplies.
86,853
81,298
Accts. receivable..
146,041
276,510
Invest, securities—
4,002
148,002
Accts.
&
notes
subsidiary
Accr.
int.
Cash
x
558,778
60,528
.......
13,311,786 10.269,238
Represented by 34,523
no par
4,519,000
68,910
107,873
190,834
43,154
Accounts payable.
Surplus..........
271,041
10,269,238
1,561,279
99,966
Corp.—Earnings—
3 Months
292,131
39,292
22,866
1,559
91,962
6,166
9,466
accrued.
72,417
18,900
53,517
1937
1937
1936
%
$
1,475,982
1,989,254
727,660
694,976
1,275,482
1,137,939
437
497
(customers)
(at cost)
Indebt. of affiliates
(est.)
.....
Fixed assets
Other assets
-
112,586
149,737
518,538
(other)
Investments
518,538
1,197,520
77,564,144 75,875,638
7,189
2,230
1,109,898
8,392,537
Deferred charges..
8,626,304
x
2,321,292
11,525
9,455
After
reserve
881,714
867,826
liabilities
Long-term debt
4 ,057,760
Reserves
14,647,800
2 ,231,700
Common stk.
2,231,700
(par
Capital surplus
surplus
1, 603,834
308,090
1,603,834
299,337
91,216,647 90,160,441
3199.
Bondholders, noteholders and stockholders have been notified that the
plan of reorganization dated Sept. 15, 1937 has been consummated, having
been previously confirmed by the U. S. District Court for the Southern
District of New York.
The order of the Court confirming the plan pro¬
that the plan is binding upon all bondholders, noteholders, other
creditors and stockholders, whether or nt ithey^have approved or accepted
vides
$12,276
3,950
48
Interest on funded debt.
Other
interest..;
Other
27
deductions
Divs.
....
noteholders and stockholders may receive the
them under the plan, their bonds (or deposit
In order that bondholders,
securities issuable
to
receipts therefor), unsecured notes and certificates representing old capital
Empire Trust Co., 120 Broadway, New York,
stock must be surrendered to
properly executed letter of transmittal.
Old bonds sur¬
rendered for exchange pursuant to the plan should have the Oct. 1, 1927,
and subsequent coupons attached.
a
135,317
$148,999
31,677
2,239
$160,065
47,400
1,792
9,679
$180,676
47,400
1,539
$130,772
80,186
488
47
$6,412
6,423
$8,252
-6,658
$101,194
def$ll
pref. stk.
on
accr.
Balance
«
....
$1,594
$22,195
Excluding depreciation of
78,999
other accounts
or
transportation, shop, stores and
of non-operating property,
various operating property,
equipment and depreciation
being distributed among the
965
applicable.—Y. 146, p. 2863.
$50,586
laboratory
such depreciation
operating expense
Pacific Southern Investors, Inc.—Dividend Passed—
decided to omit the dividend ordinarily payable at this
Directors have
on the $2 class A common stock.
Dividends of $1 were paid on Dec. 15
and on July 1, 1937.
See V. 144, p. 4018, for record of previous dividend
payments.—V. 146, p. 1084.
time
Parisian Laundry
Co. of Toronto, Ltd.—Bonds Called—
mtge. 6M% bonds due 1947 have been called
All of the outstanding 1st
redemption on July 1 at 103.
Payment will be made
Toronto, Montreal or Toronto, Canada.—V. 125, p. 257.
& Vending Machine
Peerless Weighing
Gross
profit on
260,762
$520,125
264,784
$518,884
253,211
$290,253
$255,341
102,380
112,812
$265,674
95,984
$187,873
of deprec
profit (beforedeprec). _
administrative expense..
profit (before deprec.) ...
income—sundry
—..—
Net oper.
Other
x!935
$4ft3,805
35,079
$142,530
8,682
$169,690
8,724
$151,212
8,518
81,484
$178,414
42,959
461,799
$551,016
Total gross revenue.
Sell., gen. &
Corp.—Earns.
$486,779
33,346
machine earnings
sales.—r-
Direct cost of revenue—excl.
at the Bank of
1*936
1937
Calendar Years—
Gross revenue from
—.....
Deductions from income
Depreciation
.
3,072
$190,945
$190,945
19,908
—
82,573
—
Provision for
Net
1,802
Federal income taxes —
$86,662
profit
$61,209 loss$326,344
37,150
55,725
x Excluding Canadian Rhodes Manufacturing Co.,
Ltd.
—Federal tax return to be filed indicates that there will be no surtax
on undistributed profits for year ended Dec. 31, 1937.
preferred stock
Balance Sheet Dec.
31, 1937
transit, $137,020; accts. & notes
$8,500), $22,787; notes trade,
$3 066' accrued int. receivable, $98; inventories of saleable merchandise—
at cost', $6,168; other receivaDles, $95,253; investments & advances, $64,589;
coin oper machines—at cost, $956,804 finished parts for weighing & vend¬
ing machines, $75,884; fixed assets—at cost (less—reserve for depreciation,
$7,947), $22,870; deferred charges, $9,132; patents—at nominal value,
Assets—Cash on hand, in banks and in
receivable
(less—reserve for doubtful,
LfabtiUies—Accts. payable, $21,381; accruals, $14,274;
theft of weighing & vending machines, $4,112;
from fire &
reserve for loss
reserve for con¬
$140,000; pref. $3 non-cum.—no par value—issued & out¬
standing, or to be issued upon exchange of securities of predecessor corpora¬
18
tions 37,150 shares stateu at $20 per share, innimrl A-n/I Allfof O Tl
o/,IOU snares stated
-smu ijci nuaic, •*<*±o,wu, common—val,i»
$743,000;
tingencies,
a..
i
$1
per
I
_*
A
share—authorized
1 (1 f
ndrt
»»»
125,000 shares—issued and
outstanding, or to
exchange of securities of predecessor corporations, 111,793
$111,793; capital surplus, $304,114; earned surplus, $54,995; total,
be issued upon
shares,
plan.
accompanied by
$10,037
$10,898
3,950
Gross income
19, 190,000 19,190,000
$100)
One West 39th St. Corp.—Consummation of Plan—
new
$8,684
2,214
Other income.....
Dividends on
pref. stk.
(par $100)
Total
133,760
$131,458
28,607
v'w--=»
4,153,484
14, ,647,800
(par $100)
cum.
-1937
1938—12 Mos.
$742,537
$778,579
458,221
513,361
44 ,025,000 44,500,000
of $101,026 in 1937 and $91,515 in 1936.
of Feb. 26, page 1411.—V. 146, p.
the
■
Earnings—
Co.
1938—Month- 1937
$57,572
$61,587
36,632
41,500
10,903
11,403
Total income
Note—The income account for calendar years was given in "Chrinicla"
I
Orange & Rockland Electric
Period End. Apr. 30—
Operating revenues
Oper. exps., incl. taxes. .
a Depreciation
,000,000
,900,985
Earned
91,216,647 90,160,441
Total
$
liabilities
6%
.
July 1, 1943
335,713
7% cum. pref. stk.
Accts. & notes rec.
Unbilled elec.
358,238
to affiliate
Indebt.
Deferred
Materials & sup'ls
payable.
Notes payable -...
Accrued
Accounts & notes
rec.
6% real estate bonds due
3685.
p.
1936
$
Liabilities—
Accounts
demand deposits
Corp.—Bonds Called—
Gross oper.
and
March
145,
shown ending that date.—V.
redemption on July 1 at par and interest.
Payment
will be made at the City National Bank & Trust Co. of Chicago.—V. 137,
145. p. 3017.
Oklahoma Gas & Electric Co.—Balance Sheet Dec. 31-
x
1400 Lake Shore Drive
170,545
14,866
5,400
_
hand
adjustments made subsequent to
A total of $28,000 first mortgage
$462,677
74,717
Balance
on
$43,001
for
Net income from operations
Assets—
$384
have been called for
12 Months
$114,009
Other deductions
Cash
396
$9,650
Note—Effect has been given to
260,875
..13.311,786
—
Bond interest
Preferred dividends paid or
17,561
1,641
31, 1937, but applicable to the periods
p. 3206.
43,134
75,000
1,691,400
110,319
Period Ended March 31, 1938—
Balance.
17,503
396
loss.$6,208
Net income
252,669
V.
shares.—V. 146, p. 3674.
Ohio Central Telephone
4,375
332
Balance
reserves..
loan
Total
561
4,375
36,398
Amort, of bond discount
101,629
Operating revenues
Operating expenses, maint., taxes (except Federal
income taxes) and depreciation expense
—V.
1,661,755
1,661,755
129,333
Retirement res've.
Total
$35,460
long-term debt-
on
seem-.
deposits
Miscell.
43,231
1,700,000
& tax..
int.
Consumers'
106
$208,828
146,084
1,784
General interest
31*075
Bank
•260,919
bond
investments
2,000,000
Sundry accr. items
& other credits..
Acer.
195
$167,306
145,595
2,182
Gross income.
Int.
$
7,000,000
Ordinary stock..
Bonds
Ordinary stock div
of
cos..
on
$
Preference stock..
x
57
$51,288
36,399
467
Operating income..—
1936
Liabilities—
7,837,728
7,952,390
75,000
103,569
1937
S
$
260
31
Dec.
1936
1937
Assets—
31,403
150,000
3,548
49
Other income (net)
1934
$801,697
215,353
expenses
$35,411
income
oper.
Miscell. inc. deductions.
Co., Ltd.—Earnings—
$2,050,283
1,248,586
Gross earnings
Operating
Net
and expense
1937
Calendar Years—
$766,100
..
Federal normal and State
for uncollectible notes and accounts
$47,151 in 1936.
1938—12 A/os. —1937
$192,189
141,331
__
Operating expenses
State, local and miscell.
$264,962
136,238
13,538,078
..13,425,730
..
period.—V. 146,
Subs.)—Earnings—
1938—3 Mos.-—1937
Period End. Mar. 31—
Total oper. revenues.
income taxes.
Total
the current period
been
3199.
P.
5,018,196
533,976
22,310
6,141
5,605
1,695
undistributed profits tax on its
depos.
secur.
2,296
5,542
computed in accordnace with the requirements of the Revenue
Act of 1936.
It is estimated that the company has no liability for Federal
34,322
Cust.
...--
$438,340
298,307
3,129
73,596
80 3
Note—The accrual for Federal normal income tax in
has
248",532
accrued
debt
officers
from
70,379
31,625
15,288
212,850
Acer. int. on fund.
51,511
accts.
receivable-.
Due
69,628
Accrued taxes....
def'd charges
Net
377
688
funded debt.
on
Misc. inc. deductions
3,650,000
50,576
Accounts payable.
Prepaid accts. and
Gross income
General interest (net)
Amort, of bond disc, and
1,316,000
1,823,500
liabilities
Deferred
244,299
37,374
209,084
...
_
& exp.
income.
expense
645,300
637,500
$7 cum. pref. stock 1,316,000
b Common stock.
1,823,500
Funded debt—-. 3,450,000
stock....
&C..12.051.506 11,911,042
Inv. & advances..
405,031
403,274
225
Special deposits...
200
in proc.of amort.
$
$7 cum. prior pref.
-
franchises,
Bond disc.
1936
1937
$
Liabilities—
rts.,
prop.,
normal
tax___4
Other income (net)
Interest
1936
$
Assets—
State
&
income
Undistributed profits tax
31
Consolidated Balance Sheet Dec.
Plant,
Federal
216,833
Net oper.
I
Net income
752,623
State, local and miscell.
17,172
Interest
Interest
$551,645
$549,131
...
1938—12 A/os.—1937
$324,108
192,268
Federal taxes.
Net earnings
on funded debt
Co.—Earnings—
1938—3 A/os.—1937
(j»|
OQ9 A71
Accounts
of Canadian
solidated but
Rhodes Manufacturing Co.
investment is carried
have not been con¬
substantially below book value of
sub¬
contingencies includes provision for possible liability
for interest on Federal capital stock transfer stamp liability (predecessor
corporation) amounting to $28,688.
Corporation does not admit this
liability for interest and has appealed.—V. 146, p. 923.
sidiary.
Reserve for
3814
Financial
WE
DEAL
A. T. & T.
Teletype
Pere
Net oper. revenue
Consolidated,
Inc.—
Consolidated
Total
$243,055
70,409
—
:.
Net profit for the period
Consolidated Balance Sheet March 31,1938
Liabilities—
Crude oil
Notes payable
13,828
Accounts
inventory
Deferred
\
5,343
payable
10,191
1,670
1,450
Land, buildings & equipm't..
x430,002
Accrued
Oil and gas reserves..
y812,346
Accrued miscell. expenses
—
,
Drilling and shooting
Prepaid
z!26,656
taxes
Long-term
Deferred
17,228
expenses-
13,767
51
obligations
income
137,167
2,166
—
Capital stock class A 173,646
(shares outstanding)
1,041,876
Capital stock class B 100,000
(shares outstanding)
Capital surplus
1,000
surplus
Penn Western Gas & Electric
$595,429 def$344,101
$2,032,503
193,862
122,149
6,821
on
7,201
23,349
24,204
5,782
273,749
debt
5,681
271,530
25,655
1,095,045
24,859
1,086,898
$311,017 df$1488,150
$896,541
575
361
$311,017 df$l,488,725
$896,180
ferable to profit and
loss
To
def$293,603
Pledge Bonds—
on May 28 authorized the com¬
pledge and repledge from time to time to and including June 30.
1940, as collateral security for any short-term note or notes, not exceeding
$10 045,000 of 1st mtge. 4^% gold bonds, series C.
The bonds proposed
to be pledged are now held unencumbered in the company's treasury.
The applicant states that during a period of several months beginning
July 1, 1938, its cash working capital willl be depleted to such an extent
that, unless there is a substantial improvement in business, it will be-
borrow not exceeding $3,000,000, to be evidenced by short
be issued by it within the limitations of Section 20a(9)
to
necessary
term notes or notes to
of the Interstate Commerce Act, in order that it may meet its cash require¬
ments for the year 1938, and maintain adequate cash working capital.
As
collateral security for the note or notes, the applicant proposes to pledge and
repledge from time to time all
$1,409,864
Commerce
Commission
has
authorized
Robert
R.
Young
Corp., to serve as director of this railway while
holding similar positions with other roads.
Commission also authorized
Allen P. Kirby and William H. Wenneman to serve on the Pere Marquette
directorate.—Y. 146, p. 3514.
Pittsburgh Rys. Co. (& Subs.)—Earnings—
Calendar Years—
kind
P. 8. Co., and 2.2 shares of class B common stock of
Pennsylvania Gas &
Electric Corp. per share of stock of Penn Western Gas & Electric Co. held.
—V. 146, p. 2864.
of the bonds mentioned above.
Chairman of Alleghany
Co.—Liquidating Dividend
on June 1 voted a partial liquidation
dividend, payable in
on June 30 to holders of record June 2.
The distribution, pursuant to
the plan heretofore approved by the Securities and
Exchange Commission
and the stockholders of the
company, consists of one share of common
stock of American Railways Corp., 1.7 shares of common stock of Iowa
or any part
New Directors—
Interstate
Total
After reserve for depreciation of $80,206.
y After depletion reserve of
$177,858.
z After amortization reserve of $36,871.—V.
146, p. 3676.
x
The directors
$1,881,862
150,641
743,496
Income balance trans¬
61,306
$1,409,864|
$575,628 def$496,887
19,800
152,786
67,224
def$293,603
applied to sink¬
and other reserve
funds
i.
51,554
Earned
Total
$2,197,874
pany to
$87,667
-
Accrued payroll
Accrued interest
2,166
assets..
def$99,831
255,824
141,242
The Interstate Commerce Commission
\
$2,294
receivable
$687,021
47,339
64,052
ing
$44,980
Assets—
$88,840
49,524
Income
$40,342
4,638
— -
Cash in banks
$2,941,370
Net income
$313,464
273,122
Expenses, incl. depreciation, depletion, &c—
Net operating revenue..
Other income
$510,355
610,187
income
Interest
Earnings for 9 Months Ended Mar. 31, 1938
—
$872,595
185,574
Miscell. deductions from
equipment
revenue
Accounts
Other income.
$240,542
151,701
Rent for leased roads and
Valley Crude Oil Corp.—Earnings—
Drilling and cleaning
$7,646,598 $11,076,116
7,136,242
8,134,745
def$7,250
Operating income
Equip, rents, net
Joint facility rents, net--
a
A dividend of 60 cents per share was paid
on the $20 par shares previously outstanding on Dec. 24, 1936.—V.
146,
p.3676.
Revenue—Oil sales
1938—4 Mos.—1937
1938—Month—1937
$1,924,851
$2,986,027
1,684,308
2,113,431
def$27,908
20,658
Railway tax accruals..-
the $10 par shares.
on
Penn
Marquette Ry.—Earnings—
Period End. Apr. 30—
Total oper. revenues—
Total oper. expenses.-.
dividend of 25 cents per share on the capital
stock, par $10, payable June 30 to holders of record June 20.
A special
dividend of $2 was paid on Dec. 23, last, this latter being the initial dis¬
tribution
a. m. June 30 receive bids for the sale
general mortgage 4J4% bonds, series E, due July 1,
of $250,000 at prices not exceeding par and
of sufficient
it
1984 to exhaust the sum
interest.—V. 145, p. 3514.
PhiladelphLia
Mines
&
Enterprises
25-Cent Dividend—-
Directors have declared
1938
Phila. 22
—
St.
Patino
To Pay
11,
The Girard Trust Co. will until 11
to
YARNALL & CO.
Walnut
June
Pennsylvania RR .— Tenders-.—
IN
Pennsylvania RR. Serial 4s, 1950 to 1960
Missouri Public Service 1st 5s, 1960
Strawbridge & Clothier 1st 5s, 1948
Philadelphia Electric Co. Common Stock
Northern Central Rwy. Guaranteed Stock
1528
Chronicle
1937
Gross earnings
Operating
1936
1935
1934
$13,256,965 $13,009,912 $11,957,350 $12,024,470
8,535,894
7,806,785
7,187,629
7,004,530
1,246,412
1,314,035
1,192,935
1,119,795
612,303
524,495
339,778
385,747
expenses
Maintenance
Taxes
Net earnings
....
Other income
$2,862,354
17,827
$3,364,597
17,795
$3,237,009
8,054
4,206
$2,880,182
$3,382,393
$3,518,604
1,594,005
632,557
16,915
1,596,208
638,418
18,336
1,249,396
$2,249,623
$3,514,398
(J. C.) Penney Go.—Smaller Dividend—
Directors
common
June 7
on
stock,
no par
declared
a
of 75 cents
dividend
share
per
on
the
value, payable June 30 to holders of record June 17.
Previously, regular quarterly dividends of $1 per share were distributed.
In addition, an extra dividend of $1.50 was
paid on Dec. 23, last, and an
extra of $3.75 was paid on Dec. 15, 1936.
Total earnings
Interest on funded debt.
Int.
Approp. for retirem't
compared with $93,056,570 for the same period in 1937.
of $8,083,395.93 or
08.69%.—V. 146, p. 3200.
This is
a
Net loss
decrease
Net operating revenues...-.
Rent for lease of plant.
Operating income
Other income (net)
$37,427,032
21,/62,6(J5
21,094,119
2,785,467
2,293,964
.....$14,397,942 $14,038,948
22,586
—
Interest
on
—
$14,397,942
78,725
...
—
mortgage bonds
debentures
60o,000
226,790
Cr21,456
$8,226,333
2,597,658
457,848
791,040
4,134,009
income
on
Dividends
Dividends
on
Dividends
on common
on
600,000
210,833
CY15.405
1937
Assets—
85,823,466
1,502,309
Winking funds
1937
Liabilities—
S
88,506,085
1,312,194
Investments
1936
S
Cm.stk.($50pr.)
Prf.stk.(S50par)
$
2,500,000
2,500,000
2,500,000
2,500,000
Stks. of sub.cos.
27,695,920
27,695,920
505,946
1,513,774
Funded debt
30,089,000
29,956,000
299,336
1,239,337
Indbt. to affilts.
12,650,690
12,650,690
or
other deposits
Cash
1936
$
Fixed capital
...
Cash depstd. for
(not current).
preferred ($7) stock
$6 preferred stock.
$5 preferred stock.
stock
pymnt. of int.
153,450
153,450
Wkmns. compn.
58,095
rec_
55,647
88,278
Accts. payable..
185,155
190,639
Mat'ls & suppls.
542,046
561,485
Taxes accrued.
893,423
759,680
Sdry. accts.
Interest recble.-
Note—The above statement includes provisions of
$10,640 and $333 for
surtax on undistributed
profits of certain subsidiaries for the 12
months ended Dec.
31, 1937 and 1936, respectively.
.
55,223
4,267
Rentals
accrued
42,423
13,853
7,104
Accrued interest
263,444
264,990
439,856
273,030
Other
accr.
270,931
225,851
Other
cur.
6,536
Indeb. of affil
Deferred charges
Other assets
211,596
202,663
14,501,606
11,476,276
liab.
42,446
assts.
1,162,189
523,221
Deferred liablts.
8,661,963
6,932,060
Unadjust crdts.
Deficit.
$7,913,899
2,597,656
457,848
791,039
3,758,190
Interest charged to construction
^ Net
$14,016,362
141,121
$14,476,667 $14,157,483
5,445,000
5,448,155
Other interest and deductions.
Dividends
$2,433,126
-
Gross income.
on
1936
$38,946,014
...
$2,272,611
510,585
4,489
2,549,548
26,959
2,074,140
21,272
(Company and subsidiary and affiliated street railway cos.)
1937
Operating revenues
Operating expenses, including taxes
Property retirement reserve appropriations.
28,967
2,074.100
86,250
1,248,906
30,344
590,211
Consolidated General Balance Sheet Dec. SI
Pennsylvania Power & Light Co. (& Subs.)—Earnings
Calendar Years—
res.
Miscellaneous
2,074,142
85,800
$2,768,657
unfunded debt..
Amort, of dt. disc. & exp.
Sales—
Sales for the month of May, 1938, were
$18,853,048 as compared with
$22,821,562 for May, 1937.
This is a decrease of $3,968,514 or 17.39%.
Total sales from Jan. 1 to May 31, 1938, inclusive, were
$84,973,174 as
Interest
on
Int. chgd. to constr.—Cr.
Rents for lease ry. prop.
$3,245,063
1,633,258
635,873
7,640
1,249,374
32,907
2,074,116
60,300
484,738
M48.246
Retrmnt.
resrv.
16,695,148
15,373,658
Res. for conting.
2,257,635
2,257,636
Special reserve.
Surplus invst. in
5,000
5,000
plant property
125,592
77,147
196,918
196.919
.
Minority
Intrst.
of sbs. & affil.
rederal
Consolidated Balance Sheet Dec. 31,
Assets—
a
$224,612,536
Invest. & fund accounts
Cash in banks—on demand.
485,850
6,075,558
Cash In banks—time
depos.
812,500
Special deposits....
1,025,548
399,760
Temporary cash investments
Notes receivable
Other current &
2,188
*
4,089,175
4,290,567
179,252
280,311
5,011,983
818,027
!
accr. assets.
Deferred debits
Reacquired capital stock...
V. 146, p.3200
Capital stock
Subsidiary common stock
4lA% mtge. gold bonds
_
-$248,083,258
par
_
Accounts payable
$77,928,256
8,450
-
.
1.383,084
1,995,139
Mat. long-term debt & int..
Customers' deposits
64,088
6,851,316
Interest accrued.
1,559,307
129,312
Other current & accrued liab
Deferred credits
38,796
Reserves
22,737,369
Contributions
Minority interest..
417,828
....
84
3,261,699
Total
($7)
(entitled upon liquida-
i
a ^hare); pari passu with $6 pref. and $5 pref.; authorized,
515,000 shares; issued, 375,482 shares, $6 pref. cum.
(entitled upon liquida-
i.
a ?hare]:
Pas®u with pref. ($7)
500,000 shares; issued, 79,670 shares $5 pref. cum.
to
and $5 pref.; authorized,
(entitled upon liquidation
$100 a share); pari passu with pref.
($7) and $6 pref.; authorized, 500,000
shares, outstanding, 158,208 shares,
common; authorized, 2,200,000 shares;
outstanding, 1,879,095 shares,
b In aid of construction,
c In surplus of
subsidiary.
d Less amount accruing to
minority interest.—V. 146, p. 3676.
Period. End. Apr. 30—
1938—Month—1937
$1,718,572
$1,893,364
2705.
1938—4 Mos.—1937
1938—12 Mos.—1937
$4,809,616 $14,368,334 $14,478,974
3,497,715
10,252,361
10,716,563
$4,713,941
3,388,312
revenues
Net oper. income
$1,325,629
Drll8,319
count & expense
deductions
Net income
$4,115,973
Z)r337,872
$3,762,410
Dr99,805
$1,207,310
839,593
$1,248,294
846,466
$3,778,101
2,525,772
$3,662,606
2,542,130
81,453
61,878
243,168
159,879
244,778
177,958
$235,845
Gross income.
Int. on funded debt
Amortiz.
of
debt
dis¬
$1,311,901
Dr63,607
80,747
51,125
Other income.
Miscell.
p.
Indiana—Earnings—
$258,497
$849,281
$697,739
Note—For comparative purposes the results of operation for the portion
of the year 1936 included above'have been adjusted to exclude certain ad¬
justments recorded during the month of December, 1936, which were
applicable to a prior period and the surplus at the beginning of the period
has been adjusted accordingly.—-V. 146, p. 2866.
Providence & Worcester RR.—Dividend Deferred—
Directors scheduled to meet for dividend action June 8, adjourned until
June 29, due to lack of a quorum.
Quarterly rental payment from the
New Haven trustees is not due until June 30.
Although rental payments have been received regularly by the road
Peoples Drug Stores Co.—Sales—
Period End. May 31—
Sales
R
Oper. exps.& taxes
$248,083,258
cum.
106.738,268 102,655,325
Chicago Indianapolis & Louisville Ry. above.—V. 146,
Total oper.
708,526
Taxes accrued
value) pref.
Total
.
Public Service Co. of
10,000,000
Dividends declared
b
See
121,000,000
6% gold debentures
d Earned surplus
Represented by (no
102,655,325
Pittsburgh Terminal Coal Corp.—To Delist Stocks—
c
a
106,738,268
1937
Liabilities—
Plant, property & equii
(incl. intangibles)
Prepayments
Total...
to
1938—5 Mos.—1937
$8,709,533
$9,115,870
this
holders
time,
directors
the usual
of Providence
&
up
Worcester withheld from stock¬
quarterly dividend payments of $2.50 each due Jan. 1
and April 1, the desire being to conserve cash in view of possible contin¬
gencies.
The chief factor in this decision was the petition to the Inter-
Volume
146
Financial
Chronicle
State Commerce Commission filed by the State of Rhode Island and the
Rhode Island Commission on Foreign and Domestic Commerce that in
reorganization of the New Haven the lease of the Providence & Worcester
be rejected and that the latter be
operated either as an independent railroad
or
jointly by the New Haven, the New York Central and the Boston &
Maine.
A regular
—V. 141, p.
quarterly dividend of $2.50
765.
share
per
was
paid
on
Period End. April 30—
Operating
revenues
Operation
Maintenance.
Taxes......
1938—Month—1937
1938—12 Mos.—1937
$1,260,993
$1,285,224 $16,458,794 $15,663,352
460,719
450,522
5,838,952
6,123,697
94,577
85,023
1,240,937
955,330
al81,740
161,153
a2,210,648
1,927,699
Net oper. revenues.__
$523,957
Drl6,335
$7,168,257
Dr247,122
$6,656,626
463,011
320,262
$607,968
320,207
$6,921,135
3,852,494
$7,119,637
3,860,016
$187,359
$287,761
$3,068,641
1,479,832
$3,259,621
1,496,052
i
awr'uJd totekrt.—V?146?p! 3028°' 8250,446 at a prlce less than 103 and
Philadelphia Rapid Transit Co.—Reorganization—
m,.TJLV^C0no revised planDec.reorganization
of
System dated
Balance
retirement
reserve
Balance.
$1,763,569
550,000
1,583,970
$1,588,809
Prior preference dmclend requirements
Preferred dividend requirements
ino'o
o
torm a new company, Philadelphia Transportation Co., which
a single
owning and operating company.
public holders of stock and stock trust certificates of lessor
companies
exchange for their present securities approximately $40,000,000 of 3%-6% consolidated
mortgage bonds and approximately $10,300,000
of
participating preferred stock (par $30 per share) of Transportation combe
T he
550,000
1,583,970
t°H£*$annual interest (3 %)
mately $5,900,000 less, and the
annual rentals f ormerly
paid to the holders of such securities of lessor
panies under the old leases.
holdings into
prescribed
1, 1937, the company adopted the new system of
by the Federal Power Commission, which differs in
followed, hence
exactly comparative.—V. 146, p. 3677.
preferred stock of Transporta¬
tion company and one-half share of common stock of
Transportation com¬
Income Account Years Ended Dec. 31
1937
iiit'
divs. from inv.,
Net
(Philadelphia Co. Only)
1935
&'c-..$l 1,206,528
1934
1935
$11,254,849 $10,906,901
204,235
23,725
$10,795,777
159,034
105,927
181,224
20,000
revenue
Rent..
482
...
Other income deductions
Guar. div. on Con. Gas
132.227
preferred stock
Amort, of debt disc.& exp
Approp. for retire, res.
Int. charged to constr.GY
69,192
190,875
852,106
8,299
69,192
190,661
852,790
3,428
69,192
190,462
852,658
2,545
69,192
190,301
952,650
$6,740,347
15,574,605
2,165
$6,813,197
14,973,975
7,585
$6,491,617
14,254,849
416,561
$6,350,530
13,614,385
1,001,686
_
1.
Gross surplus
Divs. on pref. stock
Divs.
com.stk. (cash)
Invest, in stock, bonds
& note of subsidiaries
on
130", 749
145,267
126,638
1,804
$22,317,118 $21,794,757 $21,163,028 $20,966,601
2,343,552
2,343,573
2,343.677
2,343,681
3,840,264
3,840,244
3,840,189
3,840,211
written off
1,455,900
20,660
Miscellaneous charges..
36,335
512,834
15,047
5,164
Surplus, Dec. 31
x$14,656,741 $15,574,605 $14,973,975 $14,254,850
x
Unclassified as between capital and earned surplus, except as to
$1,431,250 designated as invested in stocks reacquired and $39,289
uesignated
as invested in plant
property, covering contributions in aid of construction.
Note—'The above statement of income and
surplus does not include
$3,297,613 of interest, rentals and dividends receivable for the year 1937
by certain subsidiary companies.
not earned
Note—The consolidated income
account for
calendar years
as
"Chronicle" of March 5, page 156:.
General Balance Sheet Dec. 31 (Phila. Co
1937
Assets-
other
fund
176,102
182,130
on cap¬
ital stock
787,176
133 ,038,698
787,176
134,450,182
2 ,299,008
2,287,418
Cash
Cash
on
deposit
for pay.of divs
Indebtedness
217,335
217,335
,181,838
23,241
485,362
Accts. receivable
26,546
re¬
1936
5
$
Common stock 48,003,310
Common scrip.,
2,319
x
48,003,190
2,439
10,000,000
y $6 cum. pf. stk 10,000,000
6% pref.stock.. 24,557,000
$5 pref. stock—
5,386,800
5% pref. stock..
24,557,000
15,850
5,386,800
15,850
Total fund, debt 60,172,000
Accts. payable.
85,659
Accrued taxes..
60,181,000
14,345
506,703
251,766
389,289
251,867
Accrued divs...
1,663,252
3,695
28,830
28,830
58,221
Other
accr.
liab.
to
affiliate
3,695
UnadJ. credits..
and
rents receiv..
070,747
12,812,834
,526,325
Deferred charges
6,618,288
18,734,065
137,477
15,436,452
Deprec.
14,328,131
13,893,320
reserves
Amort, of lease¬
holds
Invest
1,782
in
152
plant
property
Inv.
in
37,124
stocks
reacquired
1.431.250
Surplus
Total
x
198,452,432
14,106,231
Total...... .198.452.432
195,535,864
14,656,741
195,535,864
Represented by 4,800,331 shares (no par) in 1937; 1936, 4,800.319
y Represented by 100,000 shares (no par).
shares (no par),
Consolidated Balance Sheet Dec. 31
zl937
Assets
Fixed
ital stock
787,176
787,176
8,664,330
9,895,123
Sinking fund and
other deposits
Cash
Cash
pay,
1,711,328
13,973,324
for
of int. «fc
dividends
Notes accts.
Oth.
747,419
14,381,931
depos.
curr.
rec.
assets
Mat'l & supplies
Prepaid accts
...
Deferred charges
Other assets
zl937
Liabilities—
$
on cap-
Investments
(Co. and Sub. Cos .)
zl936
^
capital...355,788,456 349,066,483
Discount
6%
$5 pref. stock
5,386,800
370,785
15,850
10,000,000
5,386,800
10,000,000
48,003,310
48,003,190
Common scrip..
2,319
2,439
Duq. Lt. 5% pf. 27,.500,000
Cons. G.Pitts.pf
1,729,800
27,500,000
Kent.
West
1,390,270
1,729,800
1,390,270
3,725.000
3,725,000
521,886
521,886
Va.
4,048,132
423,525
3,765,322
Gas Co. 5% pf
Kent. W. Va. G.
556,918
341,311
4,156,510
646,363
$
24,557,000
cum. pf. stk.
Common stock.
$6
Sub. St. Ry.Cos.
370,785
3,991,207
*1936
$
pf. stk. 24,557,000
5% nori-cum. pf.
15,850
cum.
Min. int. in surp
of subs
17,592,542
17,739,566
16,761
82,864
Co.
com.
stk.
Funded debt.
.
288,409
283,171
.144,947,216 144,758,567
W'kmen's comp.
Accts.
Accr.
Oth.
109,108
108,102
payable.
1,556, .501
1,157,718
liabilities.
9,392,596
7,931,446
assets
2,713,249
2,529,553
curr.
Def'd liabilities.
555,178
1,483,446
Unad J. credits..
339,540
Res. for deprec.
71,299,409
353,153
66,200,514
Amort,
reserve.
105,676
183,928
Special
reserve.
5,689,967
Other reserves._
2,388,509
5,190,135
2,388,509
47,020,068
Surplus
Total
become, by virtue of the merger, the obligations of Transportation
which will assume all obligations of merging companies.
407,484,796
402.420,545
Total
x
Not including Beaver Valley Traction Co.
subsidiary.—V. 146, p. 3676.
com¬
Certain mortgages and ground rents on
property of merging companies
their wholly-owned subsidiaries will remain
outstanding.
Corporations Parties to the Plan—Philadelphia Rapid Transit Co. and 27
street
railway and traction companies will be parties to the plan, classified
forpurposes of the plan in three classes, as follows:
Class A Lessor Companies, viz.: Street
railway companies whose systems
are
leased to intermediate traction companies listed below as "class B lessor
Cath.
of
&
Balnbr.
45,267,202
..407,484.796 402,420,545
(in receivership)
ani
its
Sts.
Ry.
of the
City
as
follows:
Peoples Passenger Ry.
Philadelphia
Citizens Pass. Ry. of Philadelphia
Philadelphia City Pass. Ry.
Philadelphia & Darby Ry.
Continental Pass. Ry. of Philadelphia
Phila. & Gray's Ferry Pass. Ry.
Empire Passenger Ry. of Phila.
Ridge Avenue Pass. Ry.
Fairmount Pk. & Haddington Pass. Ry.
Frankford
&
Southwark
Philadelphia
2d & 3d Streets
Passenger Ry. of Phila.
17th & 19th Sts. Pass. Ry. of Phila.
City Pass. RR.
13th & 15th Streets Pass. Ry. of Phila.
Union Passenger Ry. of Philadelphia
Germantown Passenger Ry.
Green & Coates Sts. Phila. Pass. Ry.
West Philadelphia Pass. Ry.
Companies, viz.: Intermediate traction and street railway
ompanies whose systems
leased to Union Traction Co. of Philadelphia,
listed below under "class C lessor companies," such class B lessor companies
being as follows:
are
Philadelphia Traction Co.
(Peoples Traction Co.
Electric Traction Co. of Philadelphia
Hestonv. Mantua & Fairm. Pass. RR.
Class C Lessor
Companies, viz.: Traction and street railway companies,
other than wbolly-owned subsidiaries of P.R.T., whose systems are leased
direct to P.R.T., such class C lessor companies being as follows:
Union Traction Co. of Philadelphia
|
Darby Media & Chester Street Ry.
Darby & Yeadon Street Ry.
Doylestown & Willow Grove Ry.
Phila. & Willow Grove Street Ry.
'
Formation of Philadelphia Transportation Co.—By a merger agreement in a
plan,
P.R.T., all lessor companies and street railway companies whose stock is
wholly owned by lessor companies and (or) P.R.T. as listed in schedule A
(below) will merge into a single company with the corporate title Phila¬
delphia Transportation Co.
By virtue of this merger, Transportation com¬
pany will own, either directly or through stock ownership, all franchises
and property owned by P.R.T. or leased to P.R.T. by merging companies.
The ownership will be direct except in the case of certain subsidiaries of
merging companies listed in schedule B (below), which will remain in ex¬
istence as subsidiaries of Transportation company.
Property not owned
by or leased to P.R.T. and property (other than securities of any system
company) representing the sale proceeds of property formerly covered by
the old leases, now held in special funds subject to the leases, is not included
form to be approved by or on behalf of all corporations parties to the
in the merger.
Prior to the merger, (1) P.R.T. will acquire all the corporate powers,
franchises, property, rights and credits of Philadelphia Rural Transit Co.;
(2) Darby Media & Chester Street Ry. will acquire all the corporate powers,
franchises, property, rights and credits of D M & C Bus Co.; and
(3)P.R.T.
will
acquire all the corporate powers, fanchises, property, rights and ci t dits
Pennsylvania Rapid Transit Co.
The corporate powers, franchises,
property, rights and credits so acquired will be owned by Transportation
of
1.663.249
Indebtedness
ceivable
divs.,
given in
Only)
Accrued interest
of
affiliate
Accrued divs.
.
1937
Liabilities—
•
37,664,899
&
Investments
Int.,
S
38 128,266
deposits
Discount
1936
$
Fixed capital...
Sinking
Certain funded debt of P.R.T. and of lessor
companies will be refunded
new bonds or
obligations of Transportation company and the balance
of the present funded debt of said
companies will remain outstanding and
Class B Lessor
Net income
Previous surplus
Additions to surplus
share of common
with
funded debt
on
one
Transportation company in exchange for each share of, P.R.T.
stock.
companies," such class A lessor companies being
$10,978,569 $11,053,625 $10,747,868 $10,689,850
3,000,000
3,000,000
3,000,000
3,000,000
Amortiz. of leaseholds-.
2,121
464
1,217
1,860
Int.
The holders of P.R.T. common stock
will receive
or
and
General expenses.
Prov. for Fed. inc. taxes
pany.
pany,
Philadelphia Co.—Earningsr6V6nu6
common
stock, so that they will receive, in
exchange for each share of P.R.T. pre¬
ferred stock, one-half share of
participating
common
Note—Effective Jan.
com¬
<*ccurrRilated dividends on P.R.T.
preferred stock will be waived and
the holders of such stock will convert
one-half of their
stock of
certain respects from the system the
company previously
the above 12 months' figures are not
on the new bonds will be approxi¬
maximum interest pavable if earned
approximately $4,700,000 less, than the
total
(6%)jon the new bonds will be
the end of the year.
iiross
District Court for the Eastern
A
\nor^e
•ii
will
Balance deficit
$545,161
$370,401
a No
provision has been made for any Federal surtax on undistributed
profits for 1938, since any liability for such tax cannot be determined until
accounts
of the Philadelphia Rapid
1, 1937, amended June 1, 1938, was filed
District of Pennsylvania on
June 2, 1938.
digest of the plan follows;
Nature of Plan—Under the
plan, company and present lessor companies
Tnrm
pany •
Balance
Int. & amortization
Appropriations for
$588,525
19,443
$507,621
Non-oper. inc. (net)
Pittsburgh Steel Co.—Tenders—
Trusi"
^ Pittsburgh will until noon June 20 receive bids
ianoo°J of sufficient 20-year 6% s. f. debenture gold bonds dated
wfu
Oct. 2, 1937.
Puget Sound Power & Light Co. (& Subs.)—Earnings
3815
company.
,
Capitalization of Transportatim Company
The
authorized
capitalization of
Transportation
company
will
be
as
follows '•
1st & Ref. Mtqe. Bimds—These bonds will be secured by a mortgage
and deed of trust creating a direct lien upon all surface railway and motor
bus franchises and lines owned by Transportation company and all real
estate used in connection with such surface lines and certain additional
real estate (the lien on which real estate owned by wholly-owned subsidiaries
will be created by adherence mortgage), subject only to such existing prior
lien bonds, mortgages and ground rents as are not to be presently refunded,
as shown on schedule C (below).
The 1st & ref. mtge. bonds will be further
secured by the pledge of the equity in the stock of Market Street Elevated
Passenger Ry.
Bonds secured by this 1st & ref. mtge. will be issuable
for the following purposes only:
(i) For refunding purposes as follows: To refund $1,897,860 bonds listed
below to refund 1st & ref. mtge. bonds as same may from time to time ma¬
ture; to refund certain bonds, mortgages and ground rents of, or on property
owned by, companies merging to form Transportation company and com¬
panies which will be wholly-owned subsidiaries of Transportation company;
to refund any other funded debt, mortgages or ground rents which may at
any time be a direct prior lien on property subject or made subject to the
lien of the 1st & ref. mtge.; subject, however, as a condition precedent to
such refunding, to a certificate or one or more engineers or other representa¬
tives selected by the corporate trustees of the 1st & ref. and consolidated
mortgage bonds, that such refunding is reasonably necessary and proper
for the preservation and efficient operation of the property or business of
Transportation company and (or) its wholly-owned subsidiaries.
(ii) To provide new capital up to not more than 75% of the cost or value
of additions, betterments or extensions to the property of Transportation
company and (or) its wholly-owned subsidiaries.
The mortgage securing these 1st & ref. mtge. bonds will provide for the
issue of bonds from time to time for the purposes above set forth in different
series with different maturities, different rates of interest, different call
provisions, and other different provisions; and will provide for the release
of the lien thereof on any property which may become no longer used or use¬
ful in the business of Transportation company, upon the payment of the
salvage proceeds thereof, if any, to the trustee either for the sinking fund
or for use for additions,
betterments and extensions to property subject
or made subject
to the lien thereof and if a new transportation facility
is substituted for such property so abandoned Transportation company's
property interest in the same shall be made subject to the lien thereof
either directly or through stock ownership.
The mortgage will contain sinking fund provisions requiring the payment
to the trustee annually of an amount
equal to 1% of the maximum face
amount of 1st & ref. mtge. bonds which shall at any one time have been
outstanding in the hands of the public.
Bonds held in the treasury of
Transportation company, whether or not pledged, and bonds held in the
sinking fund shall not be deemed to be outstanding for the purpose of com¬
puting sinking fund payments.
Bonds purchased for the sinking fund fhall
be kept alive and the interest thereon added to the sinking fund payments.
All of the 1st & ref. mtge. bonds to be presently issued and distributed
will be of a single series and will be dated Oct. 1,1938 and mature on Oct. 1.
(a)
Financial
3816
1968, will bear interest at the rate of 4% per annum, with a provision
requiring Transportation company to pay interest without deduction for
any Pennsylvania personal property taxes or corporate loans taxes not
in excess of five mills per annum in the aggregate and will be callable by
by the trustee of the sinking fund, at any ime,
Transportation company, or
in whole or in part, at
face amount and accrued interest.
(b) Consolidated. Mortgage Bonds—These bonds will be secured by a
the mortgage securing the 1st & ref. mtge. bonds and
and properties.
Bonds secured by this con¬
solidated mortgage will be issuable for the following purposes only:
mortgage junior to
covering the same franchises
(1) In exchange for stock and (or) stock trust certificates of lessor com¬
panies outstanding in the hands of the public and (or) pledged to secure
outstanding collateral trust bonds, as set forth below.
For refunding the bonds listed below and for refunding consolidated
mortgage bonds and also for other refunding and additions, betterments
and extensions as set forth in the case of the 1st & ref. mtge. bonds, and
(ii)
subject to the same restrictions and conditions.
The mortgage will provide for the issue of bonds from time to time in
different series with different maturities, different rates of interest, different
sinking fund provisions and different call provisions, and other different
provisions; and will provide for the release of the lien thereof on any prop¬
erty which may become no longer used or useful in the business of Trans¬
portation company, upon the payment of the salvage proceeds thereof, if
any, to the trustee either for the sinking fund or for use for additions, bet¬
terments and extensions to property, subject or made subject to the lien
thereof, and if a new transportation facility is substituted for such prop¬
erty so abandoned Transportation company's property interest in the same
shall be made subject to the lien thereof either directly or through stock
'
ownership.
June
Chronicle
the aggregate $300,000 per year, shall
in the hands of the trustee of the con¬
solidated mortgage bonds.
Transportation company will also covenant
that in any year in which it shall pay any dividend on its common stock it
will, before paying such dividend, pay into such sinking fund the addi¬
tional sum of $200,000.
The sinking fund for the consolidated mortgage
bonds shall be applied to the purchase, at not exceeding face value, of con¬
solidated mortgage bonds.
Bonds purchased for the sinking fund shall be
canceled
1939---
and
-
-
— —
— —
„
Total
*
-
-
form to be approved by or on behalf of all cor¬
bonds to be presently issued and dis¬
will be dated Oct. 1, 1938 and mature
on Oct. 1, 2038.
They will bear a fixed rate of interest at the rate of 3%
per annum and in any year in which Transportation company would have
net income otherwise available for dividends, then such income shall be
applied toward the payment of additional interest upon the bonds; provided,
however, that such payments of additional interest on the bonds shall be
to the nearest ^ of 1% for which such net income is available and shall
never for any year exceed 3% in addition to the fixed interest of 3% per
annum.
Such additional interest shall be noncumulative and shall be paid#
only for such years in which the same shall be earned.
There will be a'
provision requiring Transportation company to pay interest without
deduction for any Pennsylvania personal property taxes or corporate loans
taxes not in excess of five mills per annum in the aggregate and the bonds
will be callable by Transportation company, or by the trustee of the sink¬
ing fund, at any time, in whole or in part, at face amount and accrued
All of the consolidated mortgage
tributed will be of a single series and
interest.
(c) Certain Prior Lien Bonds, Mortgages and Ground Rents to Remain
Outstanding—In addition to the 1st & ref. and consolidated mortgage bonds
to be issued by Transportation company, there will remain outstanding
certain now existing prior lien bonds, mortgages and ground rents of, or on
property owned by, companies merging to form Transportation company
and companies which will be wholly owned subsidiaries of Transportation
company, as shown below.
(d) Participating Preferred Stock—A presently authorized issue of approxi¬
mately 483,500 shares of participating preferred stock (par $30).
This
participating preferred stock will have voting rights share for share with the
common stock and will be non-cumulative, unless earned.
It will be en¬
titled to receive a prior preferred dividend of $1.20 per share in or for any
year before the payment of any dividends on the common stock, in or for
such year.
After the participating preferred stock shall have received a
dividend of $1.20 per share in or for any one year, it will not then be entitled
to receive any further dividend in or for such year unless a dividend of $1.20
per share shall have been paid in or for such year on the common stock;
after the common stock shall have received a dividend of $1.20 per share
in or for such year, the participating preferred stock will then be entitled to
participate with the common stock in all further dividends paid in or for
such year as follows: the amount of such further dividend per share of the
participating preferred stock shall be 1H times the amount of such further
dividend per share of the common stock.
Participating preferred stock
shall be redeemable by Transportation company at any time, in whole or
In part, at the par value thereof.
(e) Common Stock—A presently authorized issue of approximately 720,000
shares of common stock (no par), with voting rights share for share with the
participating preferred stock.
Distribution of Securities of Transportation Company
distribution of securities of
Transportation
company
will
under the old leases and that the maximum
equal 48.02%
annual interest thereon
(6%)
thereof (see table below).
(b)
To holders of stock and (or) stock trust certificates of class B lessor
companies, outstanding in the hands of the public, or in exchange therefor,
3%-6% consolidated mortgage bonds in such amounts that the fixed annual
interest thereon (3%) will equal 16.82% of the annual return formerly
received by the holders of such stocks and (or) stock trust certificates under
the old leases and that the maximum annual interest thereon (6%) will
equal 33-64% thereof (see table below).
(c) To holders of stock of class C lessor companies, outstanding in the
hands of the public, in exchange therefor, 3%-6% consolidated nmrtgage
bonds in such amounts that the fixed annual interest thereon (3 %) will equal
7.43% of the annual return formerly received by the holders of such stock
under the old leases and that the maximum annual interest thereon (6%)
will equal 14.86% thereof (see table below).
The consolidated mortgage bonds to be issued in
exchange for stock and
(or) stock trust certificates of lessor companies as above provided will be
of the 3%-6% series maturing Oct. 1, 2038.
The precise amount of such
bonds to be iasued in exchange for the stock and
(or) stock trust certifi¬
cates of each lessor company is shown below.
[In addition to the consolidated mortgage bonds to be issued in exchange
for stock and (or) stock trust certificates of lessor
companies, and in addi¬
tion to the consolidated mortgage bonds to be issued in
refunding outstand¬
ing bonds of lessor companies (below), there will also be issued: (1) to the
trustee of $527,000 Union Traction Co. of Phila.
4% sinking fund collateral
trust
mortgage bonds due July 1, 1952, outstanding, in exchange for the
existing collateral security therefor, $2,333,400 of 3%-6% consolidated
mortgage
bonds^of^Transportation company
the trustee of .$2,222,000 of 1 hiladelphia
due Oct. 1, 2038; and (2) to
Rapid Transit Co. 5% collateral
bonds due leb. 1, 1957, outstanding, in
exchange for the existing collateral
security therefor, $9,476,700 of the 3%-6% consolidated mortgage bonds.
These additional consolidated mortgage bonds, which will be in the total
face amount of $11,810,100, will be owned
by Transportation company and
not
outstanding
collateral
trust
in
the hands of the public but held by the trustees for the
bonds
as
collateral
security therefor; the two respective
consolidated mortgage bonds are in such amount that the fixed
interest, thereon would equal the interest and
sinking fund payments re¬
quired by the indentures under which the respective collateral trust bonds
amounts of
were
(d)
issued.
Such consolidated mortgage bonds shall be canceled
upon
8 the respective obligations which they will
the
secure.
To the holders of stock and (or) stock trust certificates of class A,
and C
*$1,897,860
—
—
Transportation com¬
pany will be issued to refund an additional $100,000 of Empire Pass. Ry.
1st mtge. 6s due 1935.
The additional 1st & ref. mtge. bonds will be owned
by Transportation company and not outstanding in the hands of the public
but held by the trustee of the sinking fund for the Phila. & Willow Grove
St. Ry. 4i^% mtge. bonds due July 1, 1939; they will be canceled when
$100,000 additional 1st & ref. 4% mt'ge. bonds of
the obligations they will secure are retired.
bonds" of lessor companies
of 3%-6% consolidated mort¬
of Transportation company, due Oct. 1, 2038:
listed below, in exchange therefor, $745,500
gage bonds
Present
Amount to
Amount
Be Issued
Total
------
500,000
250,000
$1,491,000
-
-
$495,500
$991,000
Darby Media & Chester St. Ry. 1st 4 J^s, 1936
Doylestown & Willow Grove Ry. 1st mtge. 4s, 1960
$745,500
The totals of all classes of capital securities of. and
of bonds, mor gages
ground rents on the property of, Transportation company and ,or)
wholly owned subsidiaries to be issued and outstanding upon the effec
tuation of the plan are shown in schedule E (below).
The amount thereof
in the hands of the public will be approximately $99,986,334.31.
and
its
Distribution
(a)
of Cash
by the
The stock and stock trust certificates of lessor companies held
public will be exchanged for the amounts of cash and securities of Trans¬
portation company set forth below.
The cash payments will total approxi¬
mately $2,200,000.
(b) The 7% cumulative preferred stock of P.R.T. will be exchanged for
cash and participating preferred stock and common stock of Transporta¬
tion company as set forth below.
The cash payments will total $280,000.
(c) All claims incident to or arising out of the ordinary operation of the
P.R.T. System, whether founded in contract or in tort, and including taxes,
will, under the plan, be paid in due course in cash.
(d) Transportation company shall assume liability for the payment of,
and will pay in full in cash, all taxes legally due or which may become due
to the
United States of America, the Commonwealth of Pennsylvania,
the City of Philadelphia and (or) any other taxing authority by the debtor,
the additional debtors, the trustees thereof, other merging companies and
(or) wholly-owned subsidiaries, whether or not proofs of claim therefor
have been filed in this reorganization proceeding (unless such taxes are fully
paid and satisifed prior to the confirmation of this second revised plan of
reorganization) and such taxes shall be assessed against, collected from, and
paid by Transportation company in the same manner and subject to the
same provisions of law as would be applicable to the debtor, the additional
debtors, other merging companies and wholly-owned subsidiaries had this
reorganization proceeding not intervened.
(e) Reasonable compensation for services rendered and reimbursement
for the actual and necessary expenses incurred in connection with the re¬
organization proceedings and the plan, as may be duly authorized and ap¬
proved by the Court, shall be paid in cash,
(f) The balance of cash in the P.R.T. treasury will be turned into the
treasury of Transportation company and shall be applicable to its corporate
purposes, except that said cash shall not be used for the payment of any
dividends on any stock of Transportation company.
(g) No further payments on account of rent or use and occupancy will
be made unless ordered by the Court.
Modification of Rights of P.R.T. Stockholders
preferred stock will waive their right to receive
accumulated dividends and will convert their holdings of
The holders of P.R.T.
all
unpaid and
preferred stock of Trans¬
stock of Transportation
P.R.T. preferred stock one half into participating
portation
company
and
one-half into
common
in place of 280,000 shares of P.R.T. preferred stock pres¬
ently outstanding (par $50 per share) they will receive 140,000 shares of
participating preferred stock of Transportation company (par $30) and
140,000 shares of (no par) common stock of Transportation company;
and the holders of P.R.T. preferred stock will also receive $1 in cash for
each share thereof at the time of exchange.
The P.R.T. common stockholders will convert their holdings of P.R.T,
company, so that
common stock,
share for share,
portation company.
into
(no par)
common
stock of Trans¬
■
of
of All Claims and Litigation and Classification
Claims of Creditors and Interests of Stockholders
Compromise
(a) To holders of stock and (or) stock trust certificates of class A lessor
companies outstanding in the hands of the public, in exchange therefor,
3%-6% consolidated mortgage bonds in such amounts that the fixed
annual interast thereon (3%) will equal 24.01% of the annual return for¬
merly received by the holders of such stocks and (or) stock trust certificates
will
132,100
896,760
100,000
—
1939
17th & 19th Streets Pass. Ry. of J?hila. 1st mtge. 6s,
porations parties to the plan.
prasent
follows:
150,000
&
Southwark ^Philadelphia City Passenger RR.
(West End Passenger Ry.) 1st mtge. 4s, 1935
Hestonvilie Mantua & Fairmount Pass. RR. consol. 5Hs, 1934
Frankford
ing companies and (or) of wholly-owned subsidiaries are reduced through
or refunding of such bonds, payments equal to the amount of
as
100,000
*100,000
-
(h) To holders of $1,491,000 of outstanding
such reductions, but not exceeding in
be made annually into a sinking fund
The
$200,000
219,000
- -
Philadelphia City Passenger Ry. 5% debs., 1935
Umpire Passenger Ily. of Phila. 1st mtge. 6s, 1935
Catherine & Bainbridge Sts. Ry. 1st mtge. 6s, 1935
retirement
be
1938
----
Darby & Yeadon St. Ry. 1st mtge. 4Hs. 1934.-Peoples Passenger Ry. 1st mtge. 4s, 1935--
„
The mortgage will contain sinking fund provisions as follows: When and
as the present sinking fund requirements of the outstanding bonds of merg¬
The mortgage will be in a
11,
To holders of the 280,000 outstanding shares of 7% cumulative pre¬
ferred stock of P.R.T., 140,000 shares of participating preferred stock of
Transportation company and 140,000 shares of common stock of Trans¬
portation company.
(f) To holders of the 579,926 outstanding shares of common stock of
P.R.T., 579,926 shares of common stock of Transportation company.
(g) To holders of $1,897,860 outstanding bonds of lessor companies,
in exchange therefor, $1,897,860 of 1st & ref. 4% mtge. bonds of Trans¬
portation Co., due Oct. 1, 1968, as follows:
'Face Amount
(e)
lessor^companies, outstanding in the hands
of the public, approxi¬
mately 343,500 shares of participating preferred stock of Transportation
company.
1 he precise amount of such participating preferred stock to be
issued in exchange for the stock and
(or) stock trust certificates of each
lessor company is shown below.
P.R.T. as one to be accepted by all parties in
compromise of all claims of all kinds and of all pending litigation
reorganization proceedings, either in the District Court or on appeal
in the Circuit Court of Appeals.
For the purposes of this plan, therefore,
the claims of creditors and the interests of stockholders of all corporations
This plan is proposed by
interest in
in the
parties to the plan are allowed and classified as follows, the
security of a different nature comprising a separate class:
holders of each
(a) The following separate classes of holders of outstanding stock
rights are modified or altered by the plan:
Total Shares
Phila. Rap. Tran. Co.—Pref—
Common
------
280,000
579,926
Catherine & Bainbridge Sts. Ry_
8,000
Citizens Pass. Ry. of Phila
Continental Passenger Ry
10,000
20,000
12,000
Empire Passenger Ry...
Fairmount
Park
Passenger
Frankford
&
6,000
&
Southwark
City Pass. Ry
Germantown
Phila.
Ry
Ry..
13th & 15th Sts. Pass. Ry.^t.
20,000;
Union Pass.
30,000
17th & 19th Sts. Pass.
—_
Ry. of Phila
West Phila. Pass. Ry
15,000
Traction Co
Peoples
Hestonvilie
10,000
175,000
200,000
Mantua
&
Fairm't
,
37,500
30,000
...
Passenger
15,000
21,204
Ridge Ave. Pass. Ry
2d & 3d Streets Pass. Ry
Electric Traction Co. of Phila..
Haddington
Ry
whose
Total Shares
Pass.
RR.—Common..
39,322
10,678
Preferred—-—.——.
Green & Coates Sts. Phila. Pass.
10,000
Philadelphia Traction Co—
—
400.000
Peoples Pass. Ry.—Common.—
60,000
Union Traction Co. of Phila....
600.000
23,000
Darby Media & Chester St. Ry..
20,000
4,000
12,388
Doylestown & Willow Grove Ry.
Phila. & Willow Grove St. Ry..
Preferred
Phila. City Pass.
Ry
Phila. & Darby Ry
Phila. & Grays Ferry Pass. Ry--
The plan is conditioned upon
each such class of outstanding
100
outstanding bonds and
altered by the plan:
A'tflOtlTlt
»
Catherine & Bainbridge Sts. Ry.
1st 6s,1935-------- —
Darby Media & Chester St. Ry, lst4>^s, 1936
Darby & Yeadon St. Ry. 1st 4Hs, 1934
Doylestown & Willow Grove Ry. 1st 4s, 1960—
Empire Passenger Ry. of Phila. 1st 6s, 1975.
Frankford & Southwark Philadelphia City Pass.
Pass.
Ry.)
1st 4s,
Hestonvilie Mantua &
and
10,000
2,016
its acceptance by a majority in amount of
stockholders.
The following separate classes of holders of
stock trust certificates whose rights are modified or
(b)
End
17.000
Darby & Yeadon Street Ry
—---
-
RR.
1935
Fairmount Pass.
$150,000
991,000
200,000
500,000
alOO.OOO
- — -
(West
132,100
- — --
RR. cons. 5Hs, 1934
*96,760
219,000
100,000
1939
Peoples Passenger Ry. 1st 4s, 1935
— Philadelphia City Pass. Ry. 5% debs., 193o—
Phila. Rapid Transit Co. coll. 5s, 1957
Phila. & Willow Grove St. Ry. 4Ms, 1939
17th & 19th Streets Pass. Ry. 1st 6s, 1939—-----Union Traction Co. of Phila. coll. trust 4s, 1952 —
,
Peoples Passenger Ry. stock trust certificates
Electric & Peoples Traction stock trust certificates
—
—
-bc2,222,000
d863,300
£22*959
—beo27,000
4.150,000
29,6c6,264
,
Volume
Financial
146
The plan is conditioned upon its approval by
each such class of creditors.
a
$100,000 additional Empire Pass.
two-thirds in amount of
1935,
1st mtge. 6s,
Ry. of Phila.
held by trustee of simdng fund for the Phila. & Willow Grove St. Ry. 4%&,
1939, will be refunded with $100,000 1st & ref. 4s of Transportation com¬
pany which will be owned by Transportation company and not outstand¬
ing in the hands of the public but held by sinking fund trustee, and will
be canceled upon the retirement of obligations which they will secure.
b Estimated amount giving effect to estimated sinking fund retirements
to Oct. 1, 1938.
c These
bonds are to remain outstanding, the collateral therefor to be
exchanged for $9,476,700 of 3%-6% consolidated mortgage bonds of Trans¬
portation company due Oct. 1, 2038, which will be owned by Transporta¬
tion company and not outstanding in hands of public but held by trustee
for P.R.T. 5% collateral bonds due Feb. 1, 1957, and will be canceled
upon the retirement of obligations which they will secure.
d These bonds are to remain outstanding, some of the securities in sulk¬
ing fund therefor, viz., $100,000 of Empire Pass. Ry. Co. of Phila., 6%
1st mtge. bonds, due Mar. 1, 1935, to be refunded with $100,000 1st & ref.
4% mtge. bonds of Transportation company.
$100,100 of additional
Phila. & Willow Grove St. Ry. 4^% mtge. bonds due July 1, 1939, are
held by the trustee of said sinking fund for said bonds.
The bonds in sink¬
ing fund will be owned by Transportation company and not outstanding
in hands of public but held by sinking fund trustee, and will be canceled
upon retirement of obligations which they will secure.
e
These bonds are to remain outstanding, the collateral therefor to be
exchanged for $2,333,400 of3%-6% consolidated mortgage bonds of Trans¬
portation company due Oct. 1,2038, which will be owned by Transportation
company and not outstanding in hands of public but held by trustee for
the Union Traction Co. of Phila. 4% 50-year sinking fund collateral trust
mtge. bonds due July 1, 1952, and will be canceled upon the retirement of
said obligations which they will secure.
(c) The rights of the following class are not modified or altered by the
plan; they are the holders of the following claims against the corporations
set forth below or against
property owned by them:
Chronicle
3817
22d St. &
Allegheny Ave. Pass. Ry. (89% owned by Phila. Traction Co
11% owned by Union Traction Co. of Phila.)
Walnut St. Conn. Pass. Ry. (100% owned
by Phila. Traction Co.)
—Frior to merger,
all of the corporate powers, franchises, property,
td8 .5 ^2^ credits of Philadelphia Rural Transit Co. and Pennsylvania
Rapid Transit Co. will be acquired by P.R.T. and those of D M & O Bu
Co. will be acquired
by Darby Media & Chester Street Ry.
Companies Not to Be Merged, All the Stock of Which Except as Noted Wilt
Be Owned by
Transportation Company-Schedule B
Chester & Philadelphia Ry.
(51% of stock will be owned by Transportation
company)
Market Street Elevated Passenger
Railway
Motor Real Estate Co.
Real Estate Holding Co.
Willow Grove Park Co.
'
Prior Lien Bonds, Mortgages and Ground Rents to Remain
Outstanding and
Which May Be Later Refunded by the Issue
of Philadelphia Transportation
Co.
Bonds—Schedule
C.
Continental Passenger Ry. of Phila. 1st mtge. 4s, 1959
Frankford & Southwark Philadelphia City Passenger
$280,000
RR.
(Lombard & South Street Pass. Ry. Co.) 1st mtge. 3Hs, 1951
150,000
Market Street El. Pass. Ry. 1st mtge. 4s, 1955
10,000,000
Peoples Passenger Ry. 2d mtge. 4s, 1961285,000
Peoples Passenger Ry. consol. mtge. 4s, 1962
246,000
Philadelphia City Pass. Ry. 1st mtge. 4s, 1960200,000
Phila. & Darby Ry. 1st mtge. 5i^s, 1957
100,000
Phila. Rapid Transit Co. 5% collateral bonds, 1957a2,222,000
Phila. Rapid Transit Co. 50-year 5s and 6s (2d mtge. on Market
Street Subway-Elevated)
b7,859,000
Phila. & Willow Grove St. Ry. 4>£s, 1939
b363,300
13th & 15th Sts. Pass. Ry. 1st mtge. 6s. 1944
436,000
Union Passenger Ry. of Phila. 1st mtge. 4s, 1961
500,000
Union Passenger Ry. of Phila. 2d mtge. 4s, 1960
250,000
Union Traction Co. of Phila. 4%
50-year s. f. coll. trust mtge.
bonds, 1952.
a527,000
West Phila. Pass. Ry. 1st mtge. 3^s, 1956-246,000
West Phila. Pass. Ry. 2d mtge. 5Ks, 1956750,000
—
-
-
-------
Mortgage Bonds Outstanding
-
Continental Passenger Ry. of Phila. 1st mtge. 4s, 1959
Frankford
&
Soutnwark
Philadelpnia City Passenger
$280,000
RR.
(Lombard & South St. Pass. Ry.) 1st mtge. 3^s, 1951
Market Street El. Pass. Ry. 1st mtge. 4s, 1955
150,000
10,000,000
Peoples Passenger Ry. 2d mtge. 4s, 1961
285,000
Peoples Passenger Ry. consol. mtge. 4s, 1962
246,000
Philadelphia City Passenger Ry. 1st mtge. 4s, Jan. 1, 1960
200,000
Phila. & Darby Ry. 1st mtge. 5Hs, 1957
-i
100,000
Phila. Rapid Transit Co. 50-year 5% and 6% sinking fund
bonds, 1962 (2d mtge. on Market St. Subway-Elevated)x7,859,000
13th & 15th Streets Pass. Ry. 1st 6s, 1944
i436,000
Union Passenger Ry. 1st 4s, 1961
500,000
Union Passenger Ry. 2d mtge. 4s, 1960
250,000
West Phila. Pass. Ry. 1st 3>2s, 1956
246,000
West Phila. Pass. Ry. 2d mtge. 5Hs, 1956
750,000
—
-_-
-
-
-
x
$283,000 additional P.R.T. Co. 50-year 6% sinking fund bonds due
Mar. 1, 1962, will be owned by Transportation company and not out¬
standing in the hands of the public but held by the trustee of the sinking
fund for the Phila. & Willow Grove St. Ry. Co. 4lA% mtge. bonds due
July 1, 1939; they will be canceled when said obligations they will secure
are
retired.
estate
mortgage bonds and
mortgages and ground rents
Total
a
Estimated amount
to Oct.
miscellaneous
Estate
1,1938.
4>£ % mtge. bonds, due July 1, 1939, will be owned by Transportation com¬
pany and not outstanding in the hands of the public but held by the trustee
of the sinking fund for Phila. & Willow Grove St. Ry. Co. bonds; they
will be canceled when
obligations they will secure
Real
Mortgages
Life
Estate
on
Following Properties of Companies
Insurance
Co.-—Blanket
3%-6% Consol.
Mtge. Bonds
Securities—
c
Co
4,000
Front
Chew
and
_
streets
-
_
____
251-53 South 15th Street-
-
Peoples Passenger Ry.—Pier 34 and east side Beach Street---Phila. Traction Co.—13th and Mt. Vernon streets
Union Traction Co. of Phila.—6739 Germantown Avenue
y Estimated amount
to Oct. 1, 1938.
35,000
_
Second and Erie Avenue
Penn and Comly streets
125,000
10,000
43,000
246,157
65,000
62,600
75,000
10,000
giving effect to estimated sinking fund retirements
M
Participating
Total
Cash
Preferred Stock
Per Old
Old
Per Old
Per Old
Total
Share
Share
Total
Citizens Pass. Ry.
Cont'lPass. Ry..
Frankf.
10,000
Share
$
$
$
1,120,600 112.06
136,000
13.60
35,000
3.50
20,000
832,400
41.62
101,000
5.05
26,000
1.30
6,000
144,060
24.01
17,400
2.91
3,000
.50
37,500
5,403,000 144.08
655.875
17.49
168.750
4.50
30,000
1,260,600
42.02
153,000'
5.10
39,300
1.31
10,000
480,300
48.03
58,300
5.83
15,000
1.50
19,919
Pk.
1,195,738
43,790
60.03
13.29
145,209
5,305
7.29
1.61
37,448
1,384
1.8
.42
&
Had. Pass. Ry.
Rising Sim Avenue and Knorr Street
Venango, Wissahickon and Hunting Park Avenue
iviill Road, Upper Darby, Pa—
retired.
Will Receive
Existing
Fairmount
mortgage—Metropolitan
y$l,320,000
are
Distribution of Securities of Philadelphia Transportation Co. and Cash to Be
Issued in Exchange for Stock and Stock Trust Certificates of Lessor
Companies Outstanding in the Hands of the Public
Shares
Listed■ Below
Motor
4,060,435
-
Motor Real Estate
Real
estate
b $283,000 additional P.R.T. Co. 50-year 6% sinking fund bonds, due
Mar. 1, 1962, and $100,100 additional Phila. & Willow Grove St. Ry.
Mortgage Bonds Outstanding
Co.—Philadelphia Rapid Transit Co. real
estate 1st mtge. 6s, of C. Benton Cooper, due Jan. 1,1944— $1,956,500
real
ab$28,474,735
giving effect to estimated sinking fund retirements
—
Class "A"
Real Estate
-
-
Real
& S'wark
Phil. City Pass.
RR
-
GrCnT)£lIlt)*11 ■'PflSS
Ry
-
-
Green &Coates St.
Phil. Pass. Ry.
Phila.
City Pass.
Ry__
Phil. & Darby Ry.
3,295
Phila. & Grays F'y
Pass. Ry------
12,296
393,718
32.02
47,708
3.88
12,296
1.00.
15,000
1,440,750
96.05
174,900
11.66
15,000
1.00
21,204
2,036,644
96.05
247,239
11.66
63,612
3.00
19,950
23,954
7,141
1,916,197
1,574,257
494,443
96.05
65.72
69.24
232,617
191,153
59,984
11.66
7.98
8.40
59,850
49,106
15.425
3.00
2.05
2.16
a4,150
1,328,747 320.18
161,227
38.85
27,680
6.67
11.22
16.86
22.43
12,930
27,780
2,572,000
^*.21
4.71
6.43
2,014
4,423
800,000
0.50
.75
2.00
6,640,626 224.30
1,903,370
64.29
592,125
20.00
5.57
227,612
0.38
9,180
.54
Ridge Ave. Pass.
Ry..
2d & 3d Sts. Pass.
Ground Rents
on
the Following Properties of Companies Listed Below (x)
Electric Traction Co. of Phila.—Penn St., S. of Laurel St.
Frankford &
Southwark Phila. City Pass.
25th and South streets
5,010
2,500
3,347
733
____
Phila. Traction Co.—Schuylkill Ave. So. of U. S. Naval HomeReal Estate Holding Co.—8 S. 33rd Street
______
Ground rents which do not have
tion thereof
are
stated at
the annual payment on a
an
10,000
35,000
50,000
333
stated principal amount for redemp¬
amount which represents a cap talization of
a
6% basis.
the extension
of the Broad Street Subway System lease to July 1, 1957, and the
granting
to Transportation company of exclusive
bus franchises to July 1, 1957.
City action necessary to effect the foregoing and to evidence the city's
necessary consents under the city-company contract of July 1, 1907, and
to effect any other changes which may be agreed upon in
city-company
relationships will be seasonably sought.
Further Provisions of the Plan—The agreement with the P.R.T. Employees'
Union dated Oct. 5, 1937, relating to wages and pensions and other mutural
benefits will be assumed by and binding upon Transportation company.
No executory contracts will be rejected under the plan.
Certain con¬
tracts, including the old leases and other inter-company contracts, will be
terminated or revised by mutual consent in the formation by merger of
Transportation company.
upon
Under "The Contract of 1907"
entered into between the City of Phila¬
delphia and P.R.T. as of July 1, 1907, pursuant to Ordinance of City Coun¬
cil, the consent of the city, given by Ordinance of City Council, will be
necessary to enable P.R.T. to take such steps as are necessary for the
to be consummated.
Such consent will be seasonably sought.
The plan will require prior approval by the Pennsylvania Public
plan
Utility
4
Sts.
Union Pass. Ry-W. Phil. Pass.Ry.
Peoples Pass. Ry.
stk. trust ctfs..
Class "B
Hestonv.
&
Mantua
Pass.
Fairm.
RR.—Com..
_
4,028
5,898
Preferred
Phila. Trac. Co..
400,000
45,194
99,440
8,972,000
El. & Peoples Tr.
Class "C"—
Union Tr.
...v.-.';.
Co. of
Philadelphia..- 598,979
Darby
Media
4,450,414
7.43
3,336,313
91.800
5.40
65,620
&
Ches.St.Ry--
17,000
3.86.
39,964,718
—.
10,304,990
2,204.205
a $1,000 Peoples Passenger
Ry. stock trust certificates,
b $1,000 Electric &
Peoples Traction stock trust certificates,
c Or stock trust certificates outstanding
in hands of public.
Total
Capital Securities
Rea
estate
mortgage
to Be Outstanding Upon Effectuation or Plan
bonds and miscellaneous real estate
mortgages and ground rents
Collateral trust bonds
Divisional lien bonds
$4,060,435
2,749,000
x21,665,300
:
Phi adelphia Transportation Co. 1st & ref. mtge. 4% bonds
Philadelphia Transportation Co. 3%-6% consol. mtge. bonds:
For stock and stock trust certificates of lessor companies
For refunding certain bonds of lessor companies
xl,897,860
•
y39,964,718
y745,500
$71 082 814
Companies All the Stock of Which Is Owned by P.R.T.
Philadelphia Transportation Co. participating preferred stock
(483,500 shares, par $30 per share)-..
.$14,505,000
Philadelphia
Transportation Co.
common
stock (719,926
shares, no par, with a stated value of $20 per share)-14,398,520
^
Broad St.
Boulevard St. Ry.
Rapid Transit Ry.
Bustleton & Byberry R. T. St. Ry.
Cayuga & Torresdale St. Ry.
Mt.
Broad St.
Moyamensing & Southwark R. T. St. Ry.
Parkside Rapid Transit St. Ry.
Pelham & Frankford St. Ry.
Champlost
Sansorn St. Connecting Ry.
St.
Conn.
Ry.
Connecting Ry.
Germantown Loop Ry.
Glenwood Rapid Transit St.
Frankford
Vernon Shawmont & Roxb.
St.
Ry.
Tioga & Frankford St. Ry.
Wayne Jet. Connecting Ry.
(B) Companies All the Stock of Which Is Owned by Union Traction Co. of Phila.
Beach St. Connecting Ry.
Glrard Avenue Pass. Ry.
Hillcrest Avenue Pass. Ry.
Brown & Parrish St. Ry.
Lehigh Avenue Ry. Co. of Phila.
Centennial Passenger Ry.
Citizens Clearfield & Cambria St. Ry.
Citizens East End Street Ry.
Phila.
Citizens North End St. Ry.
Snyder Avenue Ry.
Northern
Pass.
Ry.
Cheltenham
&
Jenkintown
Pass.
Ry.
East Aramingo Ave. Pass. Ry.
(C) Companies All the Stock of Which Is Owned as Follows:
Fairmount Park Ry. (100% owned by 13th & 15th Sts. Pass. Ry.)
Huntingdon St. Conn. Pass. Ry. (100% owned by Phila. Traction Co.)
Kessler Street Conn. Pass. Ry. (100% owned by Phila. Tractioif Co.)
Park Avenue & Carlisle St. Pass. Ry. Co. of Phila (100% owned by
13th & 15th Sts. Pass. Ry.)
Ridge Ave. Conn. Ry. (100% owned by Phila. Traction Co.)
Tioga & Venango Sts. Pass. Ry. of Phila. (100% owned by 13th & 15th
Pass.
Ry.)
^
$28,903,520
$383,100 additional divisional lien bonds and $100t,000 additional 1st
4% mtge. bonds will be owned by Transportation Co. and not out¬
standing in the hands of the public but held by the trustee of the sinking
fund for the Phila. & Willow Grove St. Ry. 4H% mtge. bonds, due July 1,
1939; they will be canceled when obligations they will secure are retired.
x
& ref
Ry.
Aramingo Ave. Pass. Ry.
Sts.
15th
Such approval will be seasonably sought.
Companies to Merge in Addition to Parties to the Plan—Schedule A
(A)
&
stock tr. ctfs— b29,606
City-Company Relationships—The plan is conditioned
Commission.
Ry.......
13th
Pass. Ry
RR.—
25th and Lombard streets
Germantown Pass. Ry.—Taney St. No. of Poplar St
27th and Poplar streets
2603 Poplar Street
Phila. City Pass. Ry.—Belmont Ave. and Jefferson St
x
$1,254
-
y
$11,810,100 additional 3%-6% consol. mtge. bonds
will be issued in
exchange of collateral security for the collateral trust bonds;.said additional
consol mtge. bonds will be owned by Transportation company and not out¬
standing in the hands of the public but held by the trustee of collateral
trust bonds; they will be canceled when the obligations they will secure are
retired.
Underliers Granted
an
Additional $1,000,000—
Judge George A. Welch of the U. 8. District Court at Philadelphia
granted the underliers an additional $1,000,000 allowance for the use
has
and
of their property, making $2,000,000 in all on their original
claim for $3,000,000 filed last Decemoer.
■
The $1,000,000 will be distributed among the security holders or record
as of Dec- 20, last, and the other $1,000,000 to those on record June 20,
occupancy
.
1938.
Judge Welch directed Union
Traction Co., the chief underlier, which filed
for $2,000,000 to P. R. T. as indemnity
later it should not have been made.—
the petition, to give its own bonds
for the refund if it should be held
V. 146, p.
3676.
,
.
of British Columbia, Ltd.—Earns.
Pioneer Gold Mines
Month of
1937
1936
$168,000
$180,000
$206,000
102,000
101,000
131,000
1938
May—
Gross
-
deprec.,
after expenses, before
depletion and taxes
—V. 146, p. 3353.
Net
Reece-Button-Hole Machine Co.—Larger Dividend—
dividend of 20 cents per share on the capital
July 1 to holders of record June 15.
A dividend
of 10 cents was paid on April 1 last, and previously regular quarterly divi¬
dends of 20 cents per share were distributed.
In addition, extra dividends
of 20 cqnts were paid on Oct. I, and July 1, 1937, and on Dec. 24, 1936.
Directors have declared a
stock, par $10, payable
$13,200,000
Regent Knitting Mills, Ltd.—Earnings-
A ssets—
company u.der Section 77-B
W. Alger, special master.
of the Federal Bankruptcy Act, before George
of a group of independent
committee, Bernard Bercu,
an accountant, explained that the balance sheets which he submitted in
evidence showed total assets of $13,200,000.
This amount, according to
Joseph M. Cohen, attorney for the committee, who presented Mr
Bercu
as a witness, added $5,909,000 to the balance placed in evidence by pro¬
ponents of the reorganization plan at previous hearings.
Among the readjustments listed by Mr. Bercu was a reduction to $4,500,000 of a claim by ltockefeller Center, Inc., for $9,150,628 fixed in a
previous report by Thomas D. Thacher, former Solicitor General.
Testifying for another group of independent bondholders represented by
David Stack, as attorney, D. H. Wolfes of D. H. Wolfes & Co., 60 Wall
St., a specialist In securities, gave the results of his study of the trustees
reports on the reorganization plan as a basis for evaluationg securities of
Submitting a financial statement in behalf
bondholders known as the George L. Schein
the company in the current market.
Answering in the affirmative the question
.
,
whether a new market had
Wolfes said quotations for the preferred shares
ranged from 45 bid to 55 asked, and for the common shares, from 5 to 554.
The recent price of a $1,000 bond of the corporation, he added, was $667.50.
He declared that "this tends to reflect the value of the new preferred and
common
stock to which it is proposed to convert the debentures. —
V. 146. p. 3516.
been created for them, Mr.
Railway & Light Securities Co.—Asset
Net assets of the company as
Per $100 bond
Values—
181-48
10.81
Int.
$399,964
205,928
24,962
100,000
250,477
23.374
100,000
18,614
941
24,042
137,710
19,280
1,717
1,574
6,404
12,220
2,996
exp
non-oper.
268,995
18,654
77,338
17,439
2,032
bank loan, &c—
on
Gen.
1,119
1,248
957
$77,824
$10,463
$28,852
17,706
for
bad
and
doubtful accounts
1,814
9,816
Reserve
bd.
of
Amort,
$69,176
Net profit
25,600
16,252
Preferred dividends
dividends
Common
9.929
prem.,
discount & expenses..
Balance Sheet Dec. 31, 1937
$29,881; accounts receivable (less reserve for bad and
doubtful accounts of $14,750) $105,826; inventories $983,470; life assurance
Assets—Cash
policy—(cash surrender value) $2,733; advanced commissions $10,111; pre¬
paid insurance, taxes, &c $9,938; advertising and stationary supplies
$10,670; bond premium, discount and expense $47,965; land, buildings,
machinery and equipment (less reserve for depreciation of $791,286); $821,614; goodwill $1; total $2,022,210.
Liabilities—Bills payable
$59,944; accounts payable $119,710;
accrued
and interest $17,177; provision for income taxes $13,000; 3% 1st
bonds (due 1938-1943) $150,000; 4% 1st mortgage bonds (due
1952)
$375,000; non-cumulative redeemable preferred stock (par $25)
$400,000; common stock (65,000 no par shares) $780,108; reserve for capital
losses $30,340; surplus $76,931; total $2,022,210.—V. 145, p. 2403.
charges
(Robert) Reis & Co.—To Delist Stock—
See
Chicago, Indianapolis & Louisville Ry.
above.—V. 146, p. 3678.
indicated
appreciation were realized.—V. 146, p. 2706.
Reliance Electric
& Engineering
Income Account
Raritan River RR.—New President—
Edward W.
$457,157
Amt. writ.-off reorg.exp.
29.89
possible normal Federal income tax, if the
$497,272
277,876
_—
Depreciation
330.72
183-48
10.56
preferred share
After allowance for
& other expenses.
Bond interest
1934
$467,085
-
Selling, delivery, admin.
mortgage
of May 31, 1938. compare as follows:
May 31, '38 Apr. 30. '38 *May 29/37
$195.89
$196.95
$274.75
Per common share
Gross profit—
1935
1936
1937
Calendar Years—
of the assets of the corporation, purporting to
by almost $6,000,000 the total previously estimated, was pre¬
sented June 8 at a hearing on the amended reorganization plan of the
A further readjustment
increase
*
3677.
—V. 146, p.
Radio-Keith-Orpheum Corp.—Group Finds
Per
June 11, 1938
Financial Chronicle
3818
Scheer, President of the Reading Co., the Central
RR. of
New Jersey and the New York & Long Branch RR., was elected President
of this railroad at a meeting of directors at New York. Mr. Scheer succeeds
George Holmes, deceased.—V. 142, p. 2338.
R. C. A. Communications, Inc.—Earnings—
1938—Month—1937
1938-^ Mos.—1937
$378,810
$445,142
$1,560,752 $1,771,526
Total tel. & cable op. exp.
356,166
344,155
1,438,102
1,382,532
Period End. Apr. 30—
Teleg.&cable oper. revs.
Co.—Earnings—
for Year Ended Dec. 31, 1937
$3,692,229
2,567,507
512,952
54,754
Sales, net
Cost of goods
sold
Selling, general and administrative expenses
Provision for depreciation
$557,017
Operating profit
8,075
Other income
$565,092
Total income
employees' pensions and unemployment benefits
Special experimental and development
(patents, goodwill, &c.)_.
Sundry deductions
Provision for Federal income and excess-profits taxes
Surtax on undistributed profits
19,600
Prov. for
28,075
40,683
1,000
34,390
$122,651
124,399
161,108
4,000
107,461
$388,994
129,648
153,790
4,000
137,256
62,590
$52,988
80,796
def$25,520
255,408
$223,595
314,306
$48,795
22,687
$133,784
28,974
$229,888
98,380
$537,901
112,786
$26,107
Net tel. & cable op .rev
$104,811
$131,508
$425,116
$100,986
$22,644
30,962
.
Other oper. revenues
Other oper. expenses...
40,920
1,000
Uncollec. oper. revs
Taxes assign, to oper...
25,482
def$13,795
Non-oper. income.
Gross income
Deduc's from gross inc..
Net
income
(Daniel) Reeves, Inc.—Earnings—
Dec. 26,
Dec. 28,
1935
1936
$23,211,756 $23,108,673 $22,165,722
17,528,600
16,737,245
17,523,480
Cost of sales
Gross profit
Distrib., sell., warehouse & gen exps.
Maintenance and repairs
Taxes (other than Fed. income tax)..
Depreciation and amortization
$5,580,074
4,863,105
$5,428,477
4,737,679
112.042
137,762
$5,688,276
4,877,193
84,719
»
208,630
150,793
Net inc. before Fed. income tax...
Provision for Fed. income tax
Prov. for surtax
Y Net income
Prem.
Co., Ltd. (& Subs.)—Earnings-
Reliance Grain
Dr 9,971
101,658
150,001
$1,892,020
$1,849,014
per share on
common
300,000
Bond
57,000
$0.68
$0.66
Cust.
$1,016,867
accts.
Misc.
Mdse.
accts.
$438,479
160,771
879
10,506
1,825,594
125,016
2,670
2,449,837
$562,002
Dec.
Premium
10,503
1,192,302
10,937
1,294,039
F'ds in closed bks.
26,
Net
Goodwill
x
y
$4,670,099
After
reserve
$4,774,9231
56,263
cum.
no
on
sale of invest.
on
y
...
loss$86,988
$254,717
$93,754
on
63^% cumul.
preferred stock
130,000
130,000
130,000
195,000
def$216,988
$124,717
def$36,246
$37,752
Net profit
Balance, surplus
1937
a
1937
300,000
300,000
Grain, coal & wood
Accts.
441,258
441,258
1,892,020
Cash
1,849,014
R'l est. & bldgs.,
mach'y,
impts., &c
$185,864
$192,427
21,311
2,500,000
30,074
2,500,000
758,405
819,513
5,424
11,938
Advanced exp. and
deferred
charges
Goodwill
Cash
Accts. receivable..
$4,670,099 $4,774,923
Total
145,
lnvent'y.
Life insurance
Prepaid insuranceTotal
1937
Accounts payable.
5,000
1,000
1,345,858
149,668
20,116
1,355,708
144,464
15,772
reserve
sundry
1936.
39,224
1936
$1,992,600
2,000,000
In
by
cos
...
215,164
cos
3% series bonds..
400,000
tr. sink, fund 20-
year
1,597,400
gold bonds.
2,000,000
Common stock.
Capital surplus.._
100,000
313,040
369,397
313,040
surplus—
503,898
799,955
2,600.162
5,066,431
7,177.017
100,000
102,091
140,318
6,142
5,757
5,066,431
7,177,017
168,843
40,747
111,369
Total
500,000
500,000
x
278,758
223,569
2,667,434
After
1936.
y
Total
of $1,722,295 in 1937 and $1,635,818 in
Represented.by 100,000 no par shares.—V. 145, p. 2404.
reserve
for depreciation
Reynolds Investing Co., Inc.—Protective
Total
48,513
80,076
Properties......
$4,991,647 $5,070,896
Committee—
independent stockholders protective committee to
and common, of the company, and to
support the new management of the company in opposing steps now being
taken to throw the company into bankruptcy under Section 77B of the
Bankruptcy Act, was announced June 4 by George Armsby, Chairman of
the committee, for which Carter, Ledyard & Milburn are counsel.
The formation of
$4,991,647 $5,070,8961
After deducting $754,200 in
69,115
Earned
Automobiles
other
accounts
9,212
&
y
86,877
Invest, in other
taxes....
Prov.
57,834
and
x
393,322
for Dom.
6M% cum.pref.stk 2,000,000
shares
74,515
284,364
28,545
Bond int. payable.
115,000
other
Memberships
1,855,670
4M% 15-yr. bonds 1,000,000
1st mtgs. and coll.
amts.
owing
sub.
exp—
and
for taxes,
&
4,514
57,904
Refinancing
Inv.
427,371
8,494
agree¬
ments
1937 and $733,042 in 1936 reserve for depreciation and amortization,
b After deducting $25,947 reserve for discount in 1937 and $25,581 in 1936.
c Represented by 25,000 shares of
no par value.—V. 146, p. 1726.
3
23,766
prepaid..
&
$
drafts (secured).
Prov.
property,
mtgs.
1936
Accounts payable.
on
expenses,
New season's mdse
Paid-in surplus...
Surplus
Farm
2241.
p.
Liabilities—
Accrued
Investment
b Mdse.
170,478
S
Bank loans & over¬
3,764,483
stored grain
Preferred stock...$1,992,600
c Common stock..
2,000,000
equip.,
1,554,170
313,664
storage
Liabilities—
$
26.534
& advances
receivable
1937
1936
13,503
...
Accrd.
par shares.—V.
1936
S
1,442,600
Earned surplus
$232,752
Consolidated Balance Sheet, Dec. 31
59,525
1,372,800
($100 par)
Common stock..
--
Divs.
Assets—
stock
45,731
1,650
sale of elevator
46,605
Regal Shoe Co.—Consolidated Balance Sheet Dec. 31—
Assets—
$173,892
11,479
19,000
Co., Inc
pref.
for depreciation of $979,062 in 1937 and
$899,842 in
Represented by 300,000
41,000
$93,754
$224,120
11,597
operating profit- loss$97,549
10,561
Interest
Total
21,600
658
Profit
$635,920
Paid-in surplus
(less reserve)...
Fixed assets
71,230
96,083
60,400
87,158
_
600
8,000
on
Divs. from investments.
Div. from Smith-Murphy
300,000
6M%
107,683
2,670
301,912
320
bonds pur¬
chased for sink, fund.
1936
45,756
taxes
Other taxes accr'd
expenses.
215,279
880
2,560
_
.
Prov. for income taxes.
Prov. for Fed. inc.
196,268
rec..
invest-
Salaries paid to executive
officers and directors
Accts. pay.& misc.
w'house
Invest, at cost
x
1937
accr'd liabilities.
& retail stores..
Prepaid
Liabilities—
1936
300,000
at
Dec. 25,
Dec. 26,
rec.,
less reserve
on
Profit
no par
stock
Dec. 25,
1937
Assets—
219,705
540
Directors' fees..
Comparative Balance Sheet Dec. 31
Cash
$677,924
152,520
86,478
interest
Deprec. on buildings and
machinery
$1,807,797
$0.66
Final balance
shares
Aug. 1 *33
Dec. 31, '34
$505,437
103,254
Drl',650
97,302
150,002
Year End.
Dec. 31,'35
$704,240
99,834
$133,627
Operating profit
Crl86
Dr6,967
92,788
150,002
Preferred dividends
Common dividends
Earnings
$300,335
1,762,992
Dr2,219
$302,682
1,807,797
Year End.
Dec. 31, '36
Year End.
Dec. 31,'37
Prov. for loss
Dr4,190
pref. stk. repurch. for retire
on
$348,214
47,879
$361,474
53,024
5,767
$292,575
1,849,014
Balance at end of previous year
Additional taxes applic. to prior years
Misc. adjust, inresp. of prior yrs. (net)
$349,521
Drl.306
$317,502
43,972
$348,839
51,166
5,098
undist. profits...
on
$16,273; accounts receivable
deposits, $4,608; sundry accounts
receivable, $1,401; property, plant and equipment (net); $513,343 goodwill,
patents, &c., $34,292; prepaid insurance and taxes, $17,070; total, $2,116,671.
Liabilities—Accounts payable,
$143,535; accrued liabilities, $11,186;
provision for future service charges on instalations, &c., $16,263; Federal
taxes on income (est.), $140,000; reserves, $94,600; common (par $5) stock
$750,000: capital surplus, $476,588; earned surplus, $484,499; total,
$2.116,671.—V. 145, p. 954.
r
89,983
108,630
142,662
149,663
$366,941
Z)rl8,102
$2.60
31, 1937
Balance Sheet, Dec.
Assets—Cash, $302,254; marketable securities, $15,456; trade note and
accounts
receivable
(after reserve of $10,000), $472,149; inventories,
Period—
Net operating profit...
Miscellaneous income (net)
$390,772
$150,000
Net profit.
Dividends paid on common stock
Earnings per share on 150,000 shs. of common stock (par $5)--
(employees), $6,306; mutual insurance
..4
5,882
46
87,325
51,400
$733,519; cash surrender value of life insurance,
-V.146, p.3202.
Years Ended—
Net sales
10,065
Amortization
an
represent all stockholders, preferred
Volume
Financial
146
Chronicle
crued
Federal
3819
old
such action is unwarranted and would result
depreciating the market price of the stock and might wipe out
It would also imperil negotiations now
being conducted by officers of the company and other interested persons
for settlement of pending litigation whereby $882,500 of cash which was
wrongfully abstracted from the company's treasury in Jan., 1938, will be
restored, according to the committee s letter to stockholders.
No deposit of stock is requested but stockholders are asked to send to
Leonard A. Wales, Room 3639, 15 Broad St., New York, secretary of the
committee, a letter authorizing the committee to oppose any proceeding
for the liquidation or reorganization of the company, in bankruptcy or
otherwise, or the appointment of any receiver or trustee of the company.
No financial obligation is incurred by stockholders and the authorization
expressly states that the committee has no right to vote stock represented
by it at any stockholders' meeting and no right to assent to any reorganiza¬
age benefit tax, $1,378; accrued unemployment com¬
pensation taxes, $818; oil and gas royalties payable. $2,299; unclaimed
checks, $310; accrued franchise tax, $1,025; due affiliated company (W. H.
Roeser, Inc.), $8,641; deferred profits on lease sales, $893,297; net equity
represented by 211,815 shares of capital stock outstanding, $3,849,433;
total, $4,812,627.—V. 146, p. 3202.
tion of the company.
Net profit
Dividends
In the committee's opinion
in further
the interest of the stockholders.
Richman Brothers Co. (&
Calendar Years—
Other
holders
of
5%
$2,071,574
251,000
$2,227,043
2,010,913
$2,100,339
1,787,460
$1,820,574
1,787,460
def$189.947
$216,129
$312,879
$33,114
Surtax provision $1,900.
Year Ended Dec. 31—
Net sales for period
secure.
accts.
98,694
82,901
3,705,314
127,708
Other assets
2,984,823
127,069
Rec. from employ,
for stk. sold &
del. & int.
on
earn.
fund...
i
241,327
Leaseholds and
Costs of manufacturing, bottling, &c
Government and State beer taxes.
Net earnings from operations.
$199,026
15,791
70,868
$50,137
-
*
Net profit
Dividends paid
—Apr. 2—
.3 Mos. Ended—
Roosevelt
Earnings
on
The
share
per
$0.49
4,100
""650
Interest
on
60,762
113,379
62,215
Note—Interest
amounts to
on
Selling, general and administrative expenses
Provision for depreciation, depletion and amortization..
1,139,497
_
266,010
6,437
87,298
.60,000
Interest and amortization of debenture discount
Federal income taxes
Net income
$547,784
Earnings per share
x Approximate,
the debentures has not been included as no liability
The interest from April, 1934, to Dec. 31, 1937,
1937
Assets—
Cash
1936
$59,851
70,546
63,328
46,519
less reserves
Inventories
48,257
payable.—
27,886
Inc., 4% debs—
Duetoaffil.cos.__
$115,285
6,853
$99,271
Accrued expenses.
N.Y. World's Fair,
a20,100
1,146
1,217,176
2,220,000
1,019
10-yr. 6% debs...
1,495,228
1,033,308
2,220,000
1,495,228
Trade ad v. due bills
18,366
12,609
Unearned income.
7,984
2,361
2,364,900
2,364,900
207,761
1,182,980
Accrued rentals.._
a20,100
employees-
2,969
2.650
Duefromaffil.cos.
1,876
930
and
1936
1937
Liabilities—
Accts.
Advance
$109,830
Notes & accts. rec.,
14,295
10,269
Invest., at cost.
21,024
Fixed assets (net). 5,979,215
Def. expenses
9,781
18,524
6,051,737
18,366
12,609
and postage
—
Trade adv. unused
$6,290,495 $6,276,346
Total
Total subscription,
a
4,163
$40,200.
6% non-cum. pref.
stock
Com. stk. (par $5)
207,761
1,389,323
Deficit...
$6,290,495 $6,276,345
Total
Assignable to lessor
on
account of rent,
$20,100;
$40,200, less amount paid thereon and credited by lessor to rent,
balance of subscription, per contra, $20,100.—V. 144, p. 2319.
4,010,000 shares common stock
;
x $0.14
Excluding State and Federal gasoline and oil taxes.
on
y
Ruud Mfg.
—V. 146, p. 3518.
tav~
Co. (& Subs.)—Earnings1937
$431,611
$420,735
$1,702,637
$1,630,428
Operating profit
Other charges (net)
Prov. for depreciation._
Extraordinary charge
716
472
2,801
1,816
Period End. Apr. 30—
$33,642
6,203
34,769
1934
1935
$73,367
Cr9,308
36,440
29,475
loss$38,119
9,019
33,569
Prov. for est. Federal &
Telephone Corp .—Earnings—
1938—Month—1937
Operating revenues
1936
$94,144
13,960
42,041
Calendar Years—
1 ———■
Rochester
46,457
$425,917
$332,688.
Inc., 4% debs..
Due from officers
Charges for dry hole losses and abandoned
Non-operating charges
37,492
109.463
.
Balance Sheet Dec. 31
960,322
$0.23
$10,612,350
6,303,398
2,201,925
$237,936
53,976
has been created therefor.
1935
$287,962
y$ 10,066,904
545,446
income
54,209
110,093
$225,555
S. R. & T. Co
Prepaid insur., tel.
Total operating
572
531
delayed payments: N. Y.
Depreciation—Building
Furniture and equipment.
Earnings for 3 Months Ended March 31, 1938
Cost of sales
"""612
3,045
_
Special tax assessment
Trustees' fees_
Corp.—Earnings—
Sales
155,400
3,508
3,720
$427,988
215,959
280,000
155,400
4,413
3,616
280,000
155,400
building and contents.
N. Y. World Fair,
Other operating revenue
$630,354
206,769
Franchise tax
net
Richfield Oil
1935
$1,952,105
1,524,117
211,364
280,125
'Building rent
Insurance
1936
$2,466,631
1,836,276
$665,486
Real estate taxes
earnings of a wholly owned subsidiary during the current
year but prior to the date of acquisition amounted to $43,057 and have not
been included in this report,
y Before surtax on undistributed profits,
z After depreciation, Federal income taxes &c.—V. 146, p. 3518".
x
1937
Ground rent
—
xl936
$317,674
960,322
$0.26
16,592,614
15,872,113
$2,559,290
1,893,804
Loss for period-
March 31
y$542,958
960,322
Total
Hotel, Inc.- -Earnings-
Operating income.
1937
1938
y$157,603
1,022,742
$0.08
134,089
Years Ended Dec. 31—
Reynolds Metals Co. (& Subs.)—Earnings~
Net profit
Shares common stock
254,981
162,124
15,872,113 16,592,6141
,
z
Dr407,482
cTreasury stock.. Dr399,157
1936.—V. 145, p. 777.
Balance Sheet, Dec. 31, 1937
Assets—Cash, $42,916; receivables (less reserves $15,767), $71,395;
inventories, $154,315; packaging and distributing equipment, $122,990;
property and plant (net), $683,553; other assets, $11,919; goodwill, $1;
total, $1,087,089.
Liabilities—Accounts payable, $52,035; notes payable, $29,009; taxes
payable and accrued, $5,316; 1937 Federal normal and surtax, $12,632;
customers' cash deposits on containers, $21,462: reserve for contingencies,
$21,300; capital stock ($1 par) $515,000; capital surplus, $122,304; paid-in
surplus, $110,050; earned surplus, $197,981; total, $1,087,089.—V. 145,
p. 1434.
112,366
1,034,476
1,073,711
a Represented
by 611,293 no par shares in 1937 and 603,446 no-par
shares in 1936.
b After reserves for depreciation and amortization,
c Rep¬
resented by 7,486 shares, at cost, in 1937 and 7,597 shares, at cost, in
34,298
51,500
634,466
51,802
taxes—
estimated
Deps. on stk. subscrip. (contra).,
a Capital stock...
112,366
3,674,138
$109,651
89,809
——-
_
451,987
Federal, State and
re¬
Total...
$1,782,602
730,293
853,284
$123,506
14,841
75,578
12,632
...
Other income.
Provision for depreciation
Federal normal tax and corporate surtax
_
$1,722,295
783,347
815,442
_
895,683
stk. sub-
on
Deferred expenses.
1936
369,433
Capital surplus... 1,603,166
1,411,986
Profit and loss....12,721,170 12,911,117
scrip. (contra)..
51,802
b Permanent assets 3,873,203
is solvent.—V. 146, p. 3678.
$
$
Accounts payable.
county
receivable
Deps.
1936
1937
Liabilities—
S
5,723,644
Inventory
Report—
1937
Includes $85 overprovision for preceding
2.047,572
7,174,674
modeling...
Renner Co.—Annual
y
1936
$
1,888,295
Customers'
been
counsel for the group.
"We believe that the best interests of the debenture holders are to keep
the company out of the bankruptcy court," the committee declares.
The
company
$2,405,339
305,000
$1,603,649
1,793,596
Cash
are
opinion is expressed that the
$2,590,643
x363,600
Consolidated Balance Sheet Dec. 31
William D. Moran is chairman of the committee and other members are
John L. Prescott and Charles J. Gregory.
McCauley, Spiegelberg, Davis
Gallagher
$1,856,064
y252,415
1937
request of certain bondholders who do not agree with the procedure
&
$1,792,861
278,713
—
U. S. Govt,
debentures has
1934
338.925
—
Assets—
formed "at the
presently
adopted by certain other bondholders who have instituted proceedings
against the Reynolds Investment Co. under section 77B of the Bankrupcy
Act and are asking for the appointment of a trustee."
for
1935
$2,066,414
year, no provision made for surtax.
Bondholders Group Formed—
committee
1936
276,192
Surplus for year
x
Subs.)—Earnings—
$2,369,496
221,146
income
Total income
Federal taxes
Other members of the committee are Byrne E. Baldwin, partner of Hayden, Stone & Co.; Henry Lockhart Jr., President, New York Shipbuilding
Corp.* Cleves Richardson, Louisville, Ky., and John J. White, President of
Tube Reducing Co.
On March 18, 1938, an entirely new board of directors was elected, none
of whom had had any previous connection with the company.
The new
directors are James Bruce, Vice-Pres. of National Dairy Products Corp.;
William A. Hanway, Vice-Pres. of International Hydro-Electric System;
Irving Rossi, also elected President, and E. O. Sowerwine, Assistant to the
President of Anaconda Copper Mining Co.
A
1937
Operating profit-..-— $1,579,872
Uncollectible oper rev__
1938—4 Mos.—1937
—
State taxes..
$430,895
299,682
Operating revenues—
Operating expenses-
$420,263
295,109
$1,699,836
1,205,422
$1,628,622
1,145,839
yl0,048
xl,912
4,000
Net oper.
$28,095
loss$l 1,331
44,903
loss$80,708
45,194
$14,847
39,177
$73,289
97,977
$54,025
73,482
$33,573
48,988
loss$33,019
104,375
profit
Investment income
47,689
_
Net oper. revenues—
$131,213
56,150
$125,154
39,934
a>494,414
224,461
$482,783
159,809
$75,063
50,673
Operating tares
$85,220
60,151
$269,953
172,239
$322,974
223,780
Net operating income,
Net income.-.!
—V. 146, p. 3030.
__
Roeser &
Net profit for year—
Dividends paid.
x Provision has been made for surtax on undistributed profits of RuudHumphrey Water Heater Co. of Texas.
Dividends paid by Ruud Mfg.
during 1936 exceeded the estimated Income subject to undistributed
profits tax and therefore no provision for such tax has been made against
the income of that company,
y No provision for surtax.
-
Co.
Pendleton, Inc.—Earnings—
Income Account
Balance Sheet Dec. 31, 1937
for 6 Months Ended March 31, 1938
Gross earnings
$627,293
158,400
55,883
Operating expenses
General expenses
rAssets—Cash on hand and on deposit, $49,458; trade notes and accountreceivable (less reserve, $19,000), $263,228; inventories, $991,132; invest
$993,721; capital stock of English subsidiary, $69,911; expense
to employees, &c., $3,418; note receivable' for rent of sub-let
(less reserve), $3,225; property, plants and equipment (net),
$525,072; patents, $1; deferred assets, $41,964; total, $2,941,131Liabilities—Notes payable (to banks),
$165,336; accounts payable,
$70,195; accrued taxes, $19,822; reserve for contingencies, $22,000; capital
stock (par $5), $612,355; capital surplus, $2,051,422; total, $2,941,131.—
V. 145, p. 2557.
ments,
advances
property, &c.
Operating income
$413,009
7,919
—,
Other income
—
Gross income
$420,929
21,117
Income charges
Income
-
_
-
$399,811
Net profit from sale or disposition of capital assets—incl. deferred
lease sales
_
Income
$461,940
85,000
20,000
Depreciation, depletion and amortization
Federal income taxes
Net income-.—
-
Dividends paid
Earnings
per
share
-
—-
on
62,129
211,815 shs. of cap. stk. (no par)
$356,940
52,954
$1.69
Balance Sheet March 31, 1938
Assets—Cash, $774,467; accounts receivable, $169,230; notes receivable,
$18,792; crude oil and natural gasoline, $13,616; materials and supplies,
$75,483; marketable securities, $292,310; advances to affiliated company,
$11,233; permanent Investment in affiliated companies, $92,700; fixed
assets (net), $2,339,382; deferred accounts, $1,008,601; prepaid charges,
$16,812; total, $4,812,627.
Liabilities—Accounts
payable, $33,065; accrued payrolls, $9,027; ac¬
crued Federal income tax, $8,352; accrued capital stock tax, $4,981; ac¬
.
Russ
Building Co., San Francisco—Earnings—
Revenues—Rentals
Garage
Miscellaneous
_
—
—
Total revenue
Oper. expenses
& taxes. _
of prop
Bond & note int. & amort
Amort. & deprec.
of disct. & expenses.-—
Excess
of
res.
for
1937
$830,456
36,152
1,890
1936
$784,505
2o,876
1,402
1935
$730,859
16,688
2,560
1934
$728,770
15,485
4,343
$868,498
Calendar Years—
$809,784
510,085
79,956
$750,107
506,127
$748,598
79,649
217,155
219,513
222,646
2T9, 771
x$58,602
x$89,666
559,971
79,936
547,415
71,078
bad
debts prov. from inc.
acct.
in prior years,
written back
Gr 11,968
on disposal of rest,
equipment
6,879
Net income for year—_
$16,811
Loss
x
Indicates loss.
$229
Financial
3820
Condensed Balance Sheet Dec.
937
(1937
s
$
1937
S
*
Assets—
Impts.
Liabilities—<•
leased
to
6,053,228
6,122,739
30,533
Organization exps.
7,240
62,263
35,317
39,362
169,082
175,977
33,177
14,602
31,778
35,317
Deferred charges..
208,929
217,727
property
Mach'y & equip.
.
Leasehold
167,162
229,078
.
Cash with trustee
.
7,327
Cash.
Accts. & notes rec.
Investments
..
over
1936
$
8
,
6% pref. stock—. 3,760,000
Common stock— 3,750,700
3,220,500
5-year 6H% notes
3,500
Ref. 6X% income
notes....
129,500
$956,314
378,671
$47,987
$607,593
250,166
$577,643
224,500
$357,426
149,114
60,000
$353,143
149,114
60,000
$148,311
$144,028
$83,708
18,015
,
Interest & amortization.
111,641
Balance
Appropriations for retirement reserve.
Balance
10,926,077 10,964,762
Total
10,926,077 10,964,762
Debenture dividend requirementsPreferred dividend requirements-.
—V. 145, p. 2557.
5, 10 & 25 Cent Stores, Inc. —Sales—
1938—5 Mos.—1937
1938—Month—1937
Rose's
Period End. May 31—
Sales
$422,318
$355,883
-
—V. 146, p.
$1,718,740
Balancefor common dividend and surplus...._
a
No provision has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
$1,831,043
the end of the year.
3202.
Note—On Jan. 1, 1937, changes were made in
hence the above 12 months' figures are not exactly
St. Joseph Ry., Light, Heat & Power Co —Bonds Called
This company announced that it will pay off or purchase on July 1,1938,
all of its outstanding first and refunding mortgage sinking fund 5% 30-year
bonds, due July 1, 1946, at 102H and accrued interest. Bonds should be
presented for payment on and after July 1 at the New York office of Bankers
Trust Co.—V.
146,
P.
A total of $60,000
Seaboard Air Line Ry.—Trustee—New President—
has notified the New York Stock Exchange that Maryland
of Seaboard Air Line Railway
first mortgage 50-year 4% gold bonds, due April 1, 1950, in place of the
The company
Continental Trust Co., effective as of April 4, 1938.
W. H. Coverdale was re-elected Chairman of the Board
on June 2; also
Powell Jr., co-receiver. This
as expressed in a reso¬
lution adopted in May at the first meeting since the road entered receiver¬
ship in 1930, to continue the corporate set-up of the company.
,
The vacancy of Secretary and Treasurer was filled by the election by the
board of B. F. Allen as a Vice-President and Treasurer and Assistant
Secretary and W. F. Cummings as Secretary and Assistant Treasurer.
J. J. O'Brien was named Assistant Secretary and R. C. Pierson Assistant
first mortgage 5% bonds due Aug. 1, 1940, have been
called for redemrjtion on Aug. 1 at 101
Payment will
First National Bank of Chicago.—V. 141, p. 2127.il
assumed office of Pres. formerly held by L. R.
be made at the
action
|^St. Joseph (Mo.) Water Co.—Preferred Stock Offered—
Public offering of 7,000 shares ($100 par) 6% cum. pref.
stock, for account of its parent company, American Water
Works & Electric Co., Inc., was announced June 6 by
W. C. Langley & Co. and H. M. Payson & Co.
The stock
which is offered by means of a prospectus is priced at $99.50
per share and accrued dividends from June 1, 1938.
as
Treasurer.
Mr.
Securities
1936
1937
$537,546
$543,897
238,036
23,874
22,504
24,388
22,576
$273,625
1,404
$274,857
816
$258,895
1,818
$275,674
$260,714
125,000
expenses
110,883
104,000
220,945
20,552
22,421
_
-
-
Provision for retirements
-
10,709
$56,313
58,221
*
$47,642
x43,912
$114,534
General operating expenses
$182,008
41,392
77,862
8,022
7,451
$91,554
5,489
20,304
Fixed charges on 5% debentures—
Provision for Federal taxes..
Cr360
Adjustment of accrual Dec. 31, 1936.
•
Net income
preferred stock.
6,557
stock-.
36,003
Dividends
on
Dividends
on common
x$65,761
135,362
$0.35
$0.32
capital surplus not available for dividends under
trust indenture for 10-year 5% convertible deben¬
$71,974
Balance, March 31, 1937---
Non-operating income.
bonds
on
1,203
2,463
$162,327
share common stock
Includes $7,117
of
restriction provided in
dated June 1, 1936.
tures
3,023
$148,827
Other income deductions
per
$153,690
__
larch 31
Comparative Balance Sheet
Net
income
Including maintenance and taxes (other than provision for income
taxes) but excluding provision for retirements.
Annual dividend requirements on the 7,000 shares of 6% cumul. pref.
stock are $42,000.
The amounts of net income as shown above, for the
years 1935, 1936, and 1937, were equivalent to approximately 3.5 times,
3.8 times, and 3.6 times, respectively, such annual dividend requirements.
a
Capitalization—
1st mtge. bonds, series A, 4% (1966)
6% cumul. pref. stock (par $100)
Common stock (no par)
Authorized
Outst'd'g.
$2,600,000
y7,000 shs
y40,000 shs
x
15,000 shs.
40,000 shs.
__
4,578,132
3,864,358
Coll. trust bonds..
225,000
19,043
20,550
Accts, pay. &accr.
125,395
6,710
18,826
Dlv.
77,903
25,793
13,191
Dealers' loss res..
86,824
8,794
11,423
9,124
Res. for credit loss
70,920
93,833
Defd income
70,470
58,698
224,449
Acc'ts receivable
Cash value life ins.
Sinking fund...
charges.
6,282
Furniture & fix'ts.
5%
8,616
20,304
b Automobiles
12,898
Underwriters—The
name
of each principal
underwriter and the respective
5,000 shs.
_2,000 shs.
St. Louis Southwestern Ry.—Fight Continues for Guilder
Payments—Federal Court Considers Case—
The U. S. Circuit Court of
Appeals for the Eighth Circuit at St. Louis
arguments and testimony on the Dutch guilder
reorganization proceedings of the company. The cases were
nearcl Deforo Judges
Stone, Sanborn and Van Valkenbergh at Kansas
City, Mo.
Com. stk.
The claims,
n^s
1 he
if allowed, would increase indebtedness on the road's 1st
unifying mtge. from $21,600,000 to about $37,000,000. The
appeals from orders of U. S. District Judge Charles B.
146, p.
at
bond would
increase
in value to about
$1,690.—V. 146,
p.
$5,336,467 $4,477,422
their
depreciated
b Used in the business at
1090.
meeting
Omitted—
regards to
A dividend of
quarterly divi¬
3202.
June 9 took no action with
on
dends of 75 cents per share were
tr
distributed.—V. 146, p.
Sheep Creek Gold Mines, Ltd.—Extra Dividend—
The directors have declared an extra
dividend of one cent per share in
a quarterly dividend cf three cents per share on the common
stock, both payable July 15 to holders of record June 30.
Like amo ints
were paid on April 13, last, and previously, regular quarterly dividends of
two cents per share were distributed.
In addition, extra dividend of one
cent per share were paid on Jan. 15, 1938, and on Oct. 15 and July 15, 1937.
—V. 146, p. 1259.
addition to
Sierra Pacific Power
The New
Co.—Tenders—
England Trust Co., Boston, Mass., will until 10 a. m., June 23
mortgage & refunding gold
receive bids for the sale to it of sufficient first
bonds series B 5^% due March 1, 1957 to exhaust the sum
prices not exceeding par and interest.—V. 146, p. 3521.
Simmons Co. (&
bonds bear
a multiple currency clause
giving the holders an option
in dollars or Dutch guilders, which by reason of the de¬
valuation of the dollar in 1933 are worth considerably more than they were
when the bonds were issued in 1912.
If the guilders were allowed, a $1,000
365,900
541,448
7,117
58,644
Schenley Distillers Corp.—Common Dividend
Directors
Ji* Louis. limiting the claims to $21,600,000.
u
For redemption of debentures,
500,000
437,116
576,052
36,035
71,974
payment of a dividend on the common stock at this time.
50 cents was paid on March 31, last and previously regular
were on
to elect payment
(par $4)
Total
.$5,336,467 $4,477,422
Total
amounts.—V.
has taken under advisement
hearings
417,500
debs
Earned surplus
claiirw in the
terminal &
conv.
55,759
241,812
Capital sin-plus
amounts underwritten are as follows:
W. C. Langley & Co., New York
H. M. Payson & Co., Portland, Me
—V. 146, p. 3355.
payments
6% cum. pref. stk.
(par $25)
of bonds authorized
a
of $16,000 at
Subs.)—Earnings—
Earnings for the 12 Months Ended
April 30, 1938
$38,666,769
Net sales
31,357,335
Cost and administration expenses
Profit
3679.
$7,309,434
277,464
—
Other income
San Diego Consolidated Gas & Electric Co.—Balance
Sheet Dec. 31—
Assets-
1937
1936
$
Cash..
a
$
718,616
1,708,755
616,583
580,220
Accts. and notes
rec.
(customers)
Materials and sup¬
plies (at cost)_
Oth. current assets
1937
$
Liabilities—
Notes payable
$
400,000
Accounts payable
Divs. pay. on pref.
202,912
433,591
.
stock
540,036
30,115
1936
110,119
110,119
461,211
Accrued llabilitles.
965,677
Indebt. to affiliate
7,675
15,500,000
319,927
Invest'ts (at cost).
Long-term debt
Fixed assets
Deferred liabilities
30,600
30,600
41,519,480 39,166,938
Deferred charges.. 2,223,861
2,295,525
304,486
Reserves
7%
cum.
9 ,704,768
9,116,269
6 292,500
6,292,500
.10 032,500
10,032,500
1,846,764
pref. stk.
(par $100)
Com.
stock
S100)
After
.45,679,292 44,305,237
reserve
of
1, 927,977
Total..
45,679,292 44,305,237
$117,870 in 1937 and $120,332 in 1936.
Th? j?Som£aSc£unt ^7^ ended Dec- 31. 1937,
page 1258.—V. 146, p. 3356.
—
Preferred dividends of subsidiary
-
$7,586,898
1,150,581
1,025,026
902,687
945,051
1,132,331
360,000
3,755
was given on
Note—Above figures do not include net income or losses of foreign branches
subsidiaries, other than Simmons, Ltd. (Canada), as the results of these
companies cannot be determined until the end of their fiscal years (Nov. 30)
or
which time
Combined net income of
fiscal year ended Nov. 30, 1937,
physical inventories are taken.
such foreign branches and subsidiaries for
amounted to $56,654.—Y. 146, p. 3521.
,
Skelly Oil Co. —oO-Cent Dividend—
directors
common
was
Feb. 19,
$2,067,467
Net income
The
a
—
Maintenance of properties
Advertising
Ordinary taxes
Foreign and Federal income taxes, &c_._
at
(par
Earned surplus
Total
—:■
—
Depreciation.
17,511
15 500,000
Total income
Interest, &c
866.735
61,988
1937
$2,257,000
290,000
$437,793
Repossessions
a
Coll. trust notes.-$3,063,000
$613,090
Notes receivable..
Deferred
1938
Liabilities—
1937
1938
Assets—
Cash..—...
Indenture provides for the issuance of bonds in series.
The amount
by the indenture is unlimited, except that additional
bonds may be issued only under the terms of the indenture,
y Owned by
American Water Works & Electric Co., Inc.
History and Business—Company was incorp. Dec. 9, 1879, in Missouri,
for a term of 50 years.
Corporate existence has been extended for a period
of 50 years from Dec. 8, 1929.
Company is engaged in the business of collecting, purifying, selling, and
distributing water for public and private use and consumption and for fire
service purposes in the City of St. Joseph, Mo., and adjacent suburbans
territory.
Population (1930 Federal Census), 80,935 and company estimates
that population of territory now served is approximately 84,000.
x
144,013
(par $4)..—
Shares of common stock outstanding
Earnings
x
Interest
1937
1938
$238,394
74,457
96,915
1935
$567,655
246,418
$275,030
Operating
Acceptance Corp.—Earnings—
los. Ended March 31—
3
,
and the
Ream, George
removed from the Executive Committee
Balance, Dec. 31.
Earnings for Calendar Years
Provision for income taxes
was
was
Earned finance, interest. &c
Direct income charges
time upon not less than 30 nor more than 60 days' notice at $105
per share and accrued divs.
Entitled, in event of any liquidation, whether
voluntary or involuntary, to be paid .the par value thereof plus accumulated
divs., before any distribution or payment shall be made to the holders of the
common stock.
Transfer Agent: agents of St. Joseph Water Co., 50 Broad
St., New York.
Registrar: New York Trust Co., New York.
a
,
Powell also
enlarged to five by the addition of Robert C.
H. Burgess and Edward D. Levy.—V. 146, p. 3520.
at any
Total operating revenues
in line with the desire of stockholders,
was
committee
The 6 % cumul. pref. stock is entitled to cumul. divs. payable Q .-M.
Pref.
to assets and divs. over the common stock.
lied, as a whole or in part
Issuance—Authorised by the P. S. Commission of Missouri in Feb., 1933.
accounting procedure,
comparative.—V. 146,
3679.
Trust Co. has been appointed successor trustee
2707.
p.
St. Joseph Stock Yards Co.—Bonds Called—
^
16,044
4,125,000
capital stock... 4,125,000
Total
767,827
110,563
211,544
122,210
expenses
from
proc.
31,570
$986,745
379,152
$78,179
7>480
Net oper. revenues.J.
Non-oper. inc.—net
Balance
22,546
$78,980
30.992
8,377
18,907
$84,189
Taxes..
3,500
129,233
87,381
$982,136
4,609
$940,270
801
66,879
9,625
a22,035
Maintenance
Accts. pay. & accrd
Accrd. int. payable
$2,030,205
67,306
Operation
134,500
7,479
7,479
Contract payable.
$2,214,024
862,334
118,389
a251,164
$52,138
Operating revenues
3,290,000
1st mtge. 6s
1938—12 Mos.—1937
1938—Month—1937
$183,155
$172,342
Period End. April 30—
3,750,000
3,750,700
Deficit
Excess of par value
Earnings—
Savannah Electric & Power Co.-
31
1936
11, 1938
June
Chronicle
paid
have
declared
a
dividend of 50 cents per share on the
stock, payable July 25 to holders of record June 20. A like amount
on Dec. 15, Sept. 30 and on July 1, 1937, this latter being the
first dividend
paid
on
Dec. 15, 1930 when a quar¬
paid.—Y. 146, p. 3522.
the common stock since
terly dividend of 50 cents per share was
Volume
Financial
146
Siscoe Gold Mines,
Co. for the tnree months Dec., 1936 to Feb., 1937, incl.
such stock for the three months ended
May 31, 1937,
Ltd.—Production
May production totaled $206,717 from a total of
dicating an average recovery of $11.15 a ton against $200,432 in Ap
$220,210 in May, 1937.—V. 146, p. 3357.
18,53l^ns lulled,Jn-
Socony-Vacuum Oil Co., Inc.—Report to Employees—Total employment and total payrolls in Socony-Vacuum reached new
high levels last year, according to the company s annual report to employees,
m^InIour
operations, not including 50% owned
56,144 employees, who were paid $89,684,678.
were
compam^
the
repo t
states6
^
"Aboutf 20,000 of these employees are in countries other than the united
StThe report
points out that the capital necessary to Provide these 56,144
jobs amounted to $680,828,000, or an average of $12,126
Jod.
^
"The tax collector got an especially large share of
gross r
or $3 99
1937," the report states, "amounting to a total of$124,292 J73,
T"h.g
per share of stock (including gasoline taxes collected for'theBtatwj.
is nearly five times what the stockholders took out
applying
last year.
Deducting the taxes in 50% owned coxr^am^
PP yi
the remainder to our 56,144 employees before mentioned>
received
amounted to $2,087 per job.
How this compared with what you received
on the job, you can figure for
yourself."
ration and
Discussing the employee pension plan, death benefit
than
sick leave policies, the report states: "The pension Plan
18^nv Varuuin's
the Federal or State Social Security Acts.
In 1937, Sroony-Vacuum s
retired employees received $3,236,821 in Pensions .Dependents or 304
employees received death benefits amounting to ^758,006dunngtne y
•
"In most of the company's plants, Socony-Vacuuna
employes
been working two years or more receive two weeks
vacation wit
p y.
Those working only one year receive one week's vacation wrtl1 pay.
15 years of service, it is general company policy to give three
v
tion.
In the United States over 7.200 employees received s ck leave during
the year, and the
company paid them nearly $400,000 in wages during
aM
rYf^Lai
who
t
The report refers to the proposed capital expenditures
000, in the United States in 1938, and points out:
„
of about $65,000,.
Thi
"These capital expenditures mean more work and more jobs. .*
why the company does not distribute all its profits to the stoclmolan
,
needs to
keep part of the profits of good times in the business to safegua
existence and help to pay wages during lean years, and to meet
requirements for new equipment and the development of new cruue
supplies, or to pay off some of the long-term debts incuwed. And tna,
turn, is the reason why industry generally has believed that the uncus
tributed profits tax to be unsound; the tax puts a penalty
a corporat o
its
that
safeguards its life and its employees' welfare by keeping
profits in the business."—V. 146, p. 3522.
Southern California Telephone
144,
p.
Oil Corp., and Beaver Valley
(subsidiary of Philadelphia Co.)]
Rock
Period End. Mar. 31— 1938—Month—1937
Wk.
Co.—Gain in Phones—-
Jan . I 10
of May
1938
1QQ7
-jqoq
$2,726,226
$3,371,473 $46,216,485
$9,015,1161102,443,850 $98,855,522
4.847,013
58,008,662
52,726,439
$4,168,103 $44,435,188 $46,129,083
4,105
147,982
75,546
$3,629,165
Drl2,719
Net oper. revenue and
other income
$0,616,446
for retire., de¬
preciation & deple. res.
1,101,574
Uncollectible oper.
rev.
Net oper. revenues...
$2,477,786
Operating taxes
867,738
Net operating income.
$1,610,048
1,440,082
Net income
—V. 146, p. 3523.
ital expenditures
$2,731,171 $10,062,953 $10,221,582
3,610,803
3,766,075
928,743
$6,296,878
5,679,759
$6,610,779
6,009,775
1938
1937
$3,387,400
2,372,658
$3,978,785
2,771,406
3 Months Ended April 30—
Sales, net of discounts, returns and allowances
Cost of goods sold
Gross profit
Selling, advertising and administrative expense.-Deprec. and amort., plant and equipment
Loss from operations
Interest.
$1'
n
v;'823
l.1Ugo,»
vo,voo-
1 143.746
•
g
10,00a
$33,103
9,825
10,260
24,475
$136,211
$77,663
Cr7,563
7,064
017,919
$52,680
'■—
*'iy*
-
-
-----
Expense of idle properties less income
Amort.ofdt.disct.&exp.
112,075
Other interest..
Divs. on pref. cap. stock
22,092
by sub. company
5,766
41,667
5,766
41,667
69,192
500,000
funded debt.
flood & re¬
28,685
30,214
o76,248
habilitation expenses.
Other income deductions
20,833
19,367
Crl8,898
13,385
Dr2,682
312,500
186,874
Cr229,967
82,667
Cr79,544
$1,771,484 $16,001,742
$17,695,732
guar,
Approp
for special
969,626
res_.
_
......
_____
fluctuation
in
foreign
rates
-
-
-p::
exchange
terest
Amort,
on
of
Int. charged to construct
Balance
$1,208,287
Divs. on cap. stock held
_
by public
Minority interest in
...
Net loss
146,
2709.
p.
Spiegel, Inc.—Sales—
Period Ended May 31—
1938—Month—1937
1938—5 Mos.—1937
Sales
$4,501,566
$4,916,782 $17,676,823 $19,948,336
—V. 146, p. 3357,3203.
Standard Gas & Electric Co.—New Directors
for Service
Unit—Electric Output—
new
members
elected—Hance H. Cleland, President of CaliforniaOregon Power Co., to take the place of C. M. 3rewer, deceased; Z. E. Merrill
were
recently elected President of Mountain States Power Co.; and G. V. Rork,
newly elected President of Northern States Power Co. (Wis.).
The operating companies in the Standard Gas & Electric Co. system
reported electric output for the 12 months ended March 31, 1938, amounting
5,551,953,961 kwh., an increase of 3.74% over the output for the 12 months
ended March 31, 1937; while gas output for the 12 months ended March 31,
1938, amounted to 46,733,778,000 cubic feet, an increase of 0.51% over the
gas output for the period ended March 31, 1937.
Total electric output is
now
running approximately 6% below corresponding periods of 1937, with
being slightly above that for similar periods of last year.
total gas output
Statement of Income
Dividends from others.
on fund, debt of affil
1
Int. onindebt. of affils..
Profit
an
on
red. of
402,051
130,625
329,386
351,946
135,113
420,238
$486,063
20,844
$7,182,674
247,855
$7,096,343
272.874
$465,219
368,247
6,269
368,247
7,189
$6,934,819
4,418,970
84,843
$6,823,469
4,418,970
72,754
6,793
17,806
7,560
17,806
74,347
213,672
66,445
213,581
$56,191
$64,417
$2,142,987
$2,051,719
by
28.-125
.
Expenses and
taxes
Gross income
on
funded debt
Other interest
Fed. & State tax
I
35,266
affiliate
_
Int.
33,403
10,885
3,973
$455,306
sees,
33,403
10,885
$476,085
20,779
_
Int.
V
on
686,926
9,248,545
8,789,227
Cr20j212
118,111
95,664
563,725
$464,237
$966,447
$6,657,533
$8,333,780
33,403
3,973
33,403
35,266
402,051
329,386
351,946
420,238
$501,613
$1,035,116
$7,388,970
$9,105,964
20,844
247,855
272,874
$1,014,272
368,247
7,189
$7,141,115
4,418,970
84,843
$8,833,090
4,418,970
72,754
un¬
Bal.'of income of sub.
Other
inc. of Std .G. & E.:
Divs.from non-affil.cos
Int. onindebt. of affils..
Total
Exps. & taxes of Stand.
20,779
on
$480,834
368,247
6,269
funded debt
on
int.
6,793
74,347
66,445
17,806
213,672
213,581
&
expense
net
7,560
17,806
on funded debt.
Amort, of debt disct.
Consol.
,
•
charges...
Int.
income...
$81,719
$613,470 x$2,349,283 x$4.061,340
12 months ended March 31, 1938 includes approximately
$1,082,000 of undistributed earnings of certain subsidiary companies and
approximately $876,000 of deficit of other subsidiary companies or a net
amt. of approximately $206,000 applicable to capital stocks held by Standard
Gas & Electric Co.
Of the former amount approximtaely $945,000 is not
available for distribution to Standard Gas & Electric Co. in the form of
dividends on common stocks of certain of the subsidiary companies due
For
x
the
principally to accumulation of dividends on preferred stocks in prior periods
and to the retention of surplus for other purposes.
For the 12 months ended
1937 undistributed earnings of subsidiary companies applicable
to capital stocks held by Standard Gas & Electric Co. amounted to approxi¬
mately $2,010,000, of which amount approximately $1,160,000 was re¬
stricted for the reasons explained above.
Note—For comparative purposes the above figures have been revised to
reflect certain cnanges in classification, due to tne uniform system of
accounts whicu became effective Jan. 1, 1937, and for the 12 months ended
March 31,
1937 have been further revised to reflect equalization of adjust¬
subsequently, but which are applicable to that period.
ments recorded
Steps Being Taken to Put Plan into Effect—
An order
was
of Delaware at
ment
of the
entered June i by the U. S. District Court
on
for the District
Wilmington approving the proposed certificate of amend¬
certificate of incorporatiion and the certificate of
amended
of the company and also approving the supple¬
between the company and Guaranty Trust Co. of
National Bank & Trust Co. of Chicago
amendment of the py-laws
New York and Continental Illinois
trustees.
These instruments are being executed to put
into effect provisions of the
plan of reorganization of Nov. 1, 1937 as modified in the reorganization
proceedings, which modified plan was confirmed by the Court March 5,
1938, according to Bernard W. Lynch, President of the company.
Mr. Lynch stated that arrangements are now being made for notification
of security holders of the company of a date for a meeting for the election
of a new board of directors as provided for in the modified plan.
It is ex¬
pected that the election,
which will be the final step in the
reorganization, will be held the latter part of tnis
company's
month.
Weekly Output—
Electric output of the
public utility operating companies in the Standard
week ended June 4, 1938 totaled 90,-
885,140 kwh., a decrease of 11.2% compared
int.
with the corresponding week
last year.
companies in the Standard
May 28, 1938 totaled 96,compared with the corresponding week
Electric output of the public utility operating
Gas & Electric Co. system for the week ended
323,972 kwh., a decrease of 8.9%
last
year.—V. 146, p. 3524.
Standard Tube Co.—-FJarnings—
Earnings for 3 Months Ended March
Net loss after taxes,
—V. 146, p.
31, 1938
$43,962
deprec., amort., int. and other deductions
3358.
Standard
Net May
(Company Only)
Period End. Mar. 31— 1938 —Month—1937
1938—12 Mos.—1937
Inc. fromdivs.& int.,&c.:
Divs. from p. u. affiliates1
$6,320,612
$406,509
$427,824
$6,160,921
,
382,370
.
Gas & Electric Co. system for the
The board of directors of Public Utility Engineering & Service Corp. has
been increased to 14 members.
At a meeting held in Chicago on May 27,
three
69,192
500,000
764,262
'
distributed net income
as
__
Miscellaneous income.
-V.
$3,059,432 $31,683,088 $33,597,246
102,290
1,227,504
1,228,364
971,622
11,656,386
12,208,782
110,431
1,367,641
1,377,388
9,891
214,968
132,295
h ed .& State tax on in¬
mental trust agreement
Loss.....
to
37,000
$*,511,789
102,289
•—
$128,648
—
sale of buildings
due
12,570,383
37,000
March 31,
(A. G.) Spalding & Bros.—Earnings-
Profit
12,863,082
3,083
3,083
Gross income.
Rents for lease of props.
Int. on funded debt
led. & State tax
$7,199,591 $28,793,107 $28,128,791
17,907,209
18,730,154
4,468,420
$1,802,428
1,632,992
1,109,693
Amort, of contract, cap¬
Other interest
1938—Month—.1937
424
$7,247,811
$7,224,667 $28,920,393 $28,230,424
31,575
25,076
127,286
101 A>33
Operating revenues.. $7,216,236
Operating expenses
4,738,450
$4,172,208 $44,583,170 $46,204,629
Approp.
M°iqT7
/
$57,250,725
Southwestern Bell Telephone Co.—Earnings
revenues
Co,
Net oper. revenue
Other income (net)
Consol. net inc. before
deduct,
of
income
.
Period End. Apr. 30—
Traction
1938—12 Mos.—1937
Sub. P. U. Companies:
Operating revenues
$8,616,802
Oper.exps. .maint.&taxes
4,987,637
Ry.—Earnings—
Gross earnings (est.)
on
Deep
u.
cos.
applic. to
Standard G. & E. Co.
—V. 146, p. 3680.
Loss
of
G. & E. Co.
—Fourth
Operating
Earnings of Company and Subsidiaries
[Exclusive
p.
4023.
Southern
The dividend on
was recorded as
income by Standard Gas & Electric Co. in the montn of
May, 1937.
Thus
tne amounts of such dividends included in the above figures are $35,323
forthe month of March, 1938, $459,205 for the 12 months ended March 31,
1938 and $282,588 for the 12 months ended March 31, 1937.
part 01
Company reports 678,190 telephones in service as of May 31,
iy^A7 •
net gain of 964 for the
month, as compared with a gain during May,
of 2,582.
During the first five months of 1938, connections increased
to
as compared with a
gain of 22,546 in the corresponding period a year ago.
—V.
3821
Chronicle
Oil
Co.
of
N.
J —President
Drop 33-35%—New Financing a
Company is considering new money
Farish Predicts
Possibility—
financing to the extent of $60,000,000
$80,000,000, it was learned June 7 following the annual meeting at which
indicated, after a question by a stockholder, that
new financing this year was in the realm of possibility.
A stockholder, mentioning the smaller cash position at the end of 1937
as against the previous year, queried Mr. Farish about the possibility of
new financing.
Mr. Farish answered "we are not long on cash."
"May I infer that we may expect some financing," asked the stockholder.
"That is possible," said Mr. Farish.
In discussing the earnings situation of the company, Mr. Farish said
profits for the first four months this year were estimated to show a reduction
of 21 % or 22% as compared with the same period of 1937.
"April was worse than March and February," he added.
"My guess is
at the present time that for the full year we probably will show 33% to
35% less profit than last year—that is assuming that things carry on about
as
they are if there is any real improvement in general business in the
fall we will share in it unquestionably."
,
Mr. Farish gave it as his judgment that if the conservation authorities
continue as at present the crude price structure will probably hold.
"You must understand though that fuel oil prices are down and in¬
dustrial lubricant consumption is very low, and that wholesale gasoline
prices are also low," he said.
"The profit margins are not as satisfactory
as last year."
'
to
W. S. Farish, President,
_
ff
funded debt
p
Net income.
Note—The above figures do not include dividends on Louisville Gas &
Electric Co. (Del.) class B common stock owned by Standard Gas & Electric
Financial
3822
Mr. Parish said that
more
by company this y^r will be
$170,000,000 in 1937.—V. 146, p. 3358.
Island Edison
Corp.—To Extend Bonds—
Corporation has filed with the Securities and Exchange Commission a
(Pile 43-126) under the Holding Company Act covering the
issuance of $2 000.000 4% refunding and improvement mortgage bonds.
of the konds had previously
1938, and the declaration proposes their further
—V. 146, p. 2061.
been extended to July 15.
extension to July 1, 1939.
Steel Co. of Canada,
Charles Seward Wilcox,
Board, died on June 6. He was
Sun Ray Drug
Co.—Sales—
Stores in operation
Gross income
Sunray Oil Corp.—Earnings—
1937
*938
■
,
abandonment, depl.,
deprec.
Estimated.—V. 146, p. 2710.
Directors have declared an extra dividend of 25 cents per share in ad¬
a semi-annual dividend of 50 cents per share on the ordinary stock
2 to holders of record
July 2,1937.—V. 144, p. 4025.
Co.—Ordered
&
Swift
Desist from
and
Sales
Following a seven-year investigation into the sales and distribution
practices of the company, Secretary of Agriculture Wallace has announced
that he has ordered the company to cease and desist from certain allegedly
mfair sales and distribution practices.
In an accompanying report containing broad charges of unfair trade
practices by the company, the Secretary assented that it repeatedly had
violated the Stockyards and Packers Act in the period from 1930 to 1937.
Specifically, the Secretary charged that Swift had acted in violation of
the law by denying certain purchasers discounts while at the same time
granting them to others and by giving long-term credit to some purchasers
and short-term credit to others.
He further charged that the company,
to the detriment of "fair trade," had required some purchasers to pay for
meats on the basis of factory weights at the time of packing while other
purchasers paid only on the actual weight at the time of sale.
Departmental officials explained later that the findings were based on an
investigation of the company's activities in the East, but that the order
would apply to operations of the company throughout the country.—
V. 146, p. 2550.
Syracuse Lighting Co., Inc.—Pref. Price
Set by Appraisers
York State Supreme Court have
recommended that the value of 4,300 shares of preferred stock of the
company be set at $1 above the redemption prices quoted on these issues
in each case.
The values fixed by the three appraisers were as follows: For
the 8% preferred stock, $121; for the 6H % preferred, $111; and for the 6%
appointed
by
the N6w
appraisers were appointed at the request of a group
of holders of
Syracuse Lighting preferred shares headed by Hartford Fire Insurance Co.,
who demanded cash for their stock and refused to exchange their shares for
the $5 preferred stock of Central New York Power Corp., when that com¬
formed through consolidation of Syracuse Lighting with 11 other
Niagara Hudson Power Corp. subsidiaries on July 31,1937.—V. 145, p. 958.
pany was
Taggart Corp.—Registrar—
The Marine Midland Trust Co. of New York has been appointed registrar
for the preferred and common stock
Texas
of this corporation.—V. 146, p. 3525.
City Terminal Ry.—Bonds Called—
A total of $4,900 first mortgage
6% bonds due Jan. 26, 1941, have been
made
called for redemption on July 26 at 100 and interest. Payment will be
at the City National Bank & Trust Co., Chicago.—V. 124, p. 789.
Tobacco & Allied Stocks,
Inc.—$1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, payable July 15 to holders of record July 1.
This compares with
$3 paid on Dec. 24, last; $1 paid on June 15, 1937; $1.25 paid on Dec. 28,
1936; $1 paid on.N.ov. 16, and on Aug. 3, 1936; $4 paid on Dec. 31, 1935;
$1.50 on July 10, 1935; $2 on Dec. 31, 1934; $1 on Nov. 1 and July 16,
1934, and 50 cents per share paid on March 1, 1934, and on July 15, 1933.
—V.145, p.3984.
Twin States
Gas & Electric Co.-
c
cation of company for approval of the sale of all its properties within New
York State to New York Power & Light Corp. The company is to receive
$586,000 in cash plus an amount in cash equal to the value of certain net
quick assets as may exist at the date of conveyance. Properties involved
are reported to have an original cost of $650,588 and a book cost of $621 ,894
as of Feb. 28.—V.
146, p. 3528.
Includes $418,505 representing non-recurring charges during the quarter
Comparative Statement of Income (Company Only)
Period End. April 30—
1938—3 Mos.—1937
Oper. revs.—natural gas $2,504,377
Oper. exps., incl. taxes..
1,823,664
Prop, retire, res. approp218,900
Net
1938—12 Mos.—1937
b$6,992,034
b5,403,606
b497,300
operating revs.—
natural gas
$461,813
Other income
^93,360
$1,608,218
103,335
106,936
$1,351,838
Interest on debentures.
501,525
Int. on notes and loans.429,054
Other interest
11,254
$1,501,282
a
Other inc. deductions.
Gross income.
_
Other deductions
429,054
1,916
b$l,091,128
6,183,647
571,167
Int. charged to construe.
729,852
2,046",479
280
Cr95
Net income
a
$6,651,267
$5,921,415
$6,703,608
c975,188
1,759,604
27,844
2,393
$408,089
$1,072,228
$3,874,656
$3,938,674
Incl. prov.
for Federal
undis.prof its
surtax on
b Items
marked
$320,177
$144,147
distribution
Represents
interest on United Gas Public Service Co. 6% debentures from Nov. 5,
1937 on which date said debentures were assumed by this company.—V. 146,
p. 3681.
so
United
operations of natural gas
and subsequent to July 28, 1937.
represent
properties acquired on
c
Shipyards, Inc.—Deal Completed—
Eugene G. Grace, President of Bethlehem Steel Corp., announced June
2 that the Bethlehem Shipbuilding Corp., Ltd., a subsidiary, had purchased
the constructional and repair facilities of United Shipyards, Inc., for about
$9,320,000.
The properties involved include the plants at Mariners Harbor, S. I.,
and the Fletcher plant, Jersey
City.
Bethlehem did not, however, acquire the accounts receivable or
take over outstanding liabilities of the United,-Mr. Grace said.
It has
agreed, however, to complete work now in progress for United's account.
The newly acquired properties will be known as the New York plant of
the Bethlehem Shipbuilding Corp., Ltd., and will be in charge of George
H. Bates as general manager.
The individual plants have been designated
the Staten Island works, with Charles H. Boylan manager; the Brooklyn
Fifty-sixth Street works with John T. Wiseman manager: the Brooklyn
Twenty-seventh Street works under Walter Crane, and the Hoboken
works with George Brown in charge.
A group of owners of Class B stock of United Shipyards took court action
in an effort to block sale of the company's assets on the ground that the
price was too low and that certain officials of the United, or the interests
they represented, would obtain private advantage from the sale.
Supreme Court Justice Bernard L. Shientag denied their application on
May 23 for a temporary injunction restraining the company, and stock¬
holders on May 26 voted their approval.—V. 146, p. 3529.
the Morse and Crane plants in Brooklyn,
United States Leather
Co.—Capital Reduced—
Stockholders at their annual meeting on March 9
voted to decrease the
7% cumulative prior
preference stock, and reduce the capital of the company from $13,003,721
to $9,271,996 so as to give effect to such retirement; they also voted to
charge to the capital surplus account the deficit in the earned surplus account
as of Oct. 31, 1937.—V.
146, p. 3530.
United States Steel
See under "Indications
—Y. 146, p. 3681.
of
Corp.—May Shipments—
Business
Activity"
on
a
preceding page.
Utilities Elkhorn Coal Co.—Committee—
and an order,
the debtor in
dated May 23, 1938, has been entered temporarily continuing
possession of its property, subject to the rights of the receiver
profits of the mortgaged property appointed by the New
York Supreme Court.
Pursuant to the order, dated May 23, 1938, a hearing will be held before
the U. S. District Court on June 20, to determine whether or not the Court
of the rents and
shall continue the debtor in possession of its property.
All claims or interests of creditors of the debtor shall be filed and evidenced
on or before June 30 and no claim or interest shall be allowed to
participate
plan of reorganization of the debtor except upon order for cause
shown, unless filed or evidenced on or before said date.
All such claims
any
be filed not with the Court, but with
the attorneys for the debtor,
Wright, Gordon, Zachry & Parlin, 63 Wall
St., New York.
All claims of the holders of the first mortgage fee 6%
sinking fund 15year
320,177
144,147.
Note—Figures previously published for prior periods have in certain cases
Corp.—Bankruptcy—
The petition of the corporation for a reorganization and for relief under
Section 77B of the Bankruptcy Act has been approved, as properly filed
and interests of such creditors shall
$529,600
$47,000
authorized capital stock by retiring 37,318 shares of
The Federal Power Commission has set June 23 for hearing on an appli¬
in
$8,762,521 $11,636,487
been rearranged in the above statement.
-Hearing Date Set for
Sale of Property—•
241 West 34th St.
$86,850
Federal
undis.profits
b Incl. prov. for Federal
surtax on undis.profits
preferred stock, $106.
The
$4,177,736
$76,300
69,359
57,202
Inc.. prov. for
Practices—
Appraisers
$2,145,501
$8,838,953 $11,754,727
19,230
48,881
ended Dec. 31, 1937 for reorganization expenses of subsidiaries.
Cease
to
Like amounts were paid
June 17.
12,853
surtax on
dition to
both payable July
12,178
earned surplus
a
Ltd.—Extra Dividend—
$4,202,809
12,220
to
Bal. carried to consol.
.
Supertest Petroleum Corp.,
Cr4,679
$2,157,891
212
minority interests
$304,846
*$305,300
•
50,000
405,063
475,765
19,985
charged to construe-
Balance
Pref. divs. to public
Portion
applicable
•
3 Months Ended March 31—
Int.
$5,294,086 $13,585,649 $16,092,907
653,762
511,274
151,828
229,250
57.313
207,394
1,620,250
1,287,682
405,063
2,195,629
1,930,420
475,455
29,176
c507,404
7,119
Cr57,229
Cr30,046
Cr5,501
$3,214,876
110,851
Other deductions
$2,344,598
32
$2,454,251
36
--—
—V. 146, P. 3033.
on
79,309
124,320
Interest on mtge. bonds.
on coii. trust bondsInterest on debentures..
7,181,991
8,654,322
2,126,029
$5,346,809 $13,695,753 $16,169,269
70.126
581,118
704.952
122,849
691,222
781,314
$3,259,887
Other interest
1938—Month-—1937
$417,953
$464,835
Period End. May 31—
x
Net oper. revenues—
Other income
b Other inc. deductions.
Int.
Sales
Profit after interest,
but before taxes
(& Subs.)—Earnings—
2,414,945
appropriations
Ltd.—Obituary—
Chairman of the
82.—V. 146, p. 122.
1938
Period End. April 30—
1938—3 Mos.—1937
1938—12 Mos.—1937
Totaloper.revenues
$11,173,838 $12,871,055 $44,829,161 $43,287,065
a
Oper. exps., incl. taxes
5,499,006
5,398,217
22,479,086
19,935,805
Prop, retire. & depl. res.
declaration
The maturity date
June 11,
United Gas Corp.
capital expenditures
than $150,000,000 against
■
Staten
Chronicle
bonds, due May 1, 1939, of Pennsylvania Operating Corp.
may
be
evidenced by a verified statement and proof of claim to be filed by president
and directors of The Manhattan
Co., as successor trustee under the in¬
denture dated as of April 1, 1924.
Federal District Judge William H. Holly at Chicago has appointed a
bondholders' committee consisting of three members in an effort to work
toward arbitration of the claim of the company amounting to $1,100,000
against Utilities Power & Light Corp., the parent company which is under
77B proceedings. The committee is composed of John S. Miller, Chairman,
John A. Dawson and
out
a
p.
George H. Ralph. The committee will proceed to work
whereby bondholders will receive adequate settlement from
that reorganization of the utility may be speeded.—V. 146,
plan
U. P. & L.
so
1093.
Utilities Employees Securities
Co.—Earnings—
Earnings for the 12 Months Ended April 30, 1938
Income ("interest and dividends)
General expenses
Provision
for
$1,532,505
1
111,927
126,661
taxes
Balance
Interest on income bonds, notes and subscriptions thereto, &c_
Balance
_
_
$1,293,917
603,544
$690,372
_
—V. 145, p. 453.
United-Carr Fastener
The board
of
Corp.—Transfer Agent—
directors, by resolution adopted
on
May 26,
1938, have
rescinded the appointment of
City National Bank and Trust Co. of Chicago,
as transfer agent of the common
stock of the corporation, effective as of the
close of business on May 31, 1938.—Y.
146, p. 3681.
United
•
ItOi p. 00<6«7
United
Operating revenues
OperationMaintenance
Cigar-Whelan Stores Corp.—Option Approved—
Stockholders approved on June 6 the
granting of an option to the Presithe company to buy 225,000 shares of authorized common stock.—
V
Virginia Electric & Power Co.—Earnings—
Period End. April 30—
Taxes
Net oper. revenues
$601,380
Dr8,397
Corp.—Preferred Dividend Omitted—
Balance
Directors at their meeting on June 6 took no action on the
payment of a
on the $3 cumulative
preference stock at this time.
A regular
Interest & amortization.
$609,676
Dr17,404
$7,301,021
Dr179,397
$6,995,910
Cr40,001
$592,983
146,645
$592,272
145,090
$7,121,624
1,741,867
$7,035,911
1,762,339
$446,338
Non-oper. inc.—net
•
1938—Month—1937
1938—12 Mos—1937
$1,487,574
$1,449,294 $17,947,859 $16,835,016
568,136
543,760
6,962,^86
6,428,902
105,839
114,161
1,445,692
1,289,025
a212,218
181,697
a2,239,059
2,121,179
$447,182
$5,379,757
$5,273,572
dividend
quarterly dividend of 75 cents per share
was
paid
on
April 1, last.
The company said that because of the recent decline
and fluctuations in
the indicated market value of the securities held in the
corporation's portlonoit was deemed advisable to defer action on the dividend.—V.
146.
p. 2711.
United Gas
Week Ended--
Improvement Co.—Weekly Output—
june 4 >38
system (kwh.)
—V.
146, p. 3682.
78,624,955
May 28 '38
84,056,580
June 5 '37
84,257,870
Balance
Appropriations for retirement reserve
Balance.
_
2,052,438
Preferred dividend requirements
Balance for
dividends and
1,996,666
$3,327,318
1,171,432
-
$3,276,906
1,171,620
$2,105,286
a No
provision has been made for the Federal surtax on undistributed
profits for 1938 since any liability for such tax cannot be determined until
common
the end of the year.
surplus
$2,155,886
Volume
Financial
146
Note—Effective Jan. 1, 1937, the company adopted the new system
accounts
of
Van de Kamps Holland Dutch
directors
have
declared
an
extra
hence
3683.
Period End. May 31—
n
of
.
Sates---
Western Maryland
cents per share
in
addition to the regular quarerly dividend of 6H cents per share on
the new no par common shares now outstanding, both payable June 30
31,
Dec. 20, and Sept. 30, these later being the initital disburse¬
to holders of record June
last, and
on
ments
the
on
new
10.
Similar payments were made on March
shares.'—V. 146, p. 1419.
Walgreen Co»
'SclIgs
Period End. May 31—
1938—Month—1937
1938—8 Mos.—1937
Sales
$5,253,457
$5,664,306 $45,940,253 $45,322,695
In first five months of calendar year net sales amounted to $27,103,324,
„
compared with $27,246,571 in first five months of 1937, a decrease
as
$143,247
or
of
0.5%.—V. 146, p. 3208.
Washington Properties, Inc.—Interest—
The
board
of directors
has
declared
interest
on
the general mortgage
income bonds for the six months' period ended April 30, 1938, at the rate
of 2.5%. Checks for the interest payment will be mailed Aug. 1, 1938, by
Central Hanover Bank & Trust Co., New York, to bondholders of record
July 20,
1938.
Surplus income available for interest for this period was $19,713 less
than for the same period in the previous year.
Taxes paid in this period
were $22,918 more than in the same period of the previous year.
Wells
See
_
1938
—VSS146rnpn 368(?fc•> —
$310,868
Fargo & Co.—To Delist Stock—
Louisville
Ry. above.—Y.
146, p. 3363.
West Point Mfg. Co.—Dividend Omitted—
last, and dividends of 30 cents were paid on Jan. 3, last, and on Oct. 1,
1937, this last being the initial distribution on this issue.—V. 146, p. 1731
West Texas
The directors
Utilities
Co.—Accumulated Dividend—
June 2 declared a dividend of $2 per share on account of
the $6 cum. pref. stock, no par value, payable July 1
to holders of record June 15.
Dividends of $2.50 were paid on April 1 and
accumulations
on
on
Dec. 15, last; a dividend of $2 was paid on Oct. 1, 1937; one of $1.87H
was paid on July 1, 1937; one of $2.50 was paid on April 1, 193/; $1.50 was
paid on Jan. 2, 1937; $1.12H paid on Oct. 1, 1936, and dividends of 75
on
share were paid on July 1, 1936, and each quarter since and incl.
1933, prior to which regular quarterly dividends of $1.50 per share
paid.—V. 146, p. 3533.
West Virginia Pulp & Paper Co.,
(& Subs.)—Earnings—
Consolidated Income Statement for the Six Months Ended April 30, 1938
Profits from
1937. The corporation also has ad¬
vised the Exchange that there shall be payable to the
corporation as a
condition precedent to such conversion and for the purpose of effecting an
equitable adjustment of dividends on the 6% preferred stock and $5 cumu¬
lative convertible prior preferred stock an amount
equal to $2.25 per share
of 6% preferred stock surrendered
during the period June 15, 1938, to
June 30, 1938, and $1 per share of 6% preferred stock surrendered
the period July 1,1938, to
Sept. 14, 1938, both inclusive.—V. 146,
on
June
8 decided to
$1,853,094
Provisions for depreciation and depletion
p.
on
on
the
dividend
common
paid on April 1, last,
Dec. 24, 1937 and each
was
3683.
Whiting Corp.—Pays $1.25 Dividend—
The company paid a dividend of $1.25 per share on its common stock,
$20, on April 26 to holders of record April 25. This dividend was paid
70 cents in cash and 55 cents in five-year promissory notes bearing 4% int.
Cash dividends of 20 cents were paid on Feb. 15, last, and on Nov. 15,
1937; dividends of 15 cents were paid on Aug. 15 and on May 15, 1937;
$1.50 paid on April 13, 1937; 12)4 cents per share distributed on Feb. 15,
1937, Nov. 15, 1936, and on Aug. 15, 1936, and dividends of 10 cents,
per share were paid on May 15 and Feb. 15, 1936, and on Nov. 15, 19351
—V. 144, p. 3P99; V. 141, p. 2600.
(H. F.) Wilcox Oil & Gas Co.—Stock Decreased—
Stockholders at their annual meeting on April 5 voted to reduce the
authorized preferred stock from 47,019 shares to 8,841 shares and the
authorized common stock from 1,150,000 shares to 600,000 shares.
An
amendment regarding this reduction was filed with the Secretary of State
of Delaware on April 28, last.—V. 146, p. 3363.
CF. W.) Woolworth Co.—Sales—
Period End. May 31—
_
1938—Month—1937
1938—5 Mos.—1937 ^
$22,714,431 $24,562,000 $109,906,960 $109,642,929
—V. 146, p. 3534.
Worcester Suburban Electric
233,821
37,154
share were paid
par
1,281,890
Interest and amortization of debt expense
Provision for Federal income taxes
defer action
A dividend of 25 cents
three months previously.
The company issued the following statement:
"Action on the common dividend was deferred until the July meeting
when the earnings for the first six months can be determined."—V. 146,
Sales.
Total income
during
3533.
p.
White Rock Mineral Springs Co.—Com. Div. Omitted—
Directors
ordinarily due at this time.
$1,696,690
' 156,404
income, net
1937
$457,756 $5,406,871 $7,717,424
plan of recapitalization dated June 8,
operations, before provision for deprec., depletion
and Federal income taxes
Jan. 1 to May 31
1938
1938, has been fixed as the date up to which exchanges and conversions of
6 % preferred stock
may be made for $5 cumulative convertible prior pre¬
ferred stock and common stock of the corporation in accordance with the
cents per
Oct. 1,
May 311937
Wheeling Steel Corp.—Exchange Date Fixed—
mS?r?°ra^on ^as notified the New York Stock Exchange that Sept. 15,
,
Directors have decided to omit the dividend ordinarily due at this time
the common stock, par $20. A dividend of 20 cents was paid on April 1,
Other
Ry.—Earnings—
and dividends of 35 cents
per
Chicago, Indianapolis &
1938—5 Mos.—1937
$3,391,000 $11,283,000 $11,879,000
-Week Ended
on
were
1938—Month—1937
$2,793,000
—V. 146, p. 3363.
Bakers, Inc.—Extra Div.
dividend
3823
Western Auto Supply Co.—Sales—'
prescribed by the Federal Power Commission, which differs in
certain respects from the system the company previously followed,
the above 12 months' figures are not exactly comparative.—V. 146, p.
The
Chronicle
Co.—Hearing—1
^ 1
A
hearing has been set for June 24, by the Securities and Exchange
with
respect
to
the application (File 32-88) of company
for exemption from the requirement for filing a declaration coveringlthe
issue of 24,433 shares ($25 par) capital stock.—V. 146, p. 3208.
Commission
kr
-
_.et profit
—Y. 146, p.
$300,228
2390.
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY
tracts in the Santos contract.
COMMERCIAL EPITOME
points
Friday Night, June 10, 1938
Coffee—Orf the~6th inst. futures closed 1 to 2 points off
in the Santos contract, with sales totaling
only 4
Rio contract
effected.
3^to 1 points higher, but only
was
lots.
one
The
sale
Overjthe holidays Santos spot prices in Brazil
was
were
reduced 100 reis to 19.200 for soft 4s and to 16.300 for hard
4s.
Rio 5s
J,off 200 reis at 13.200.
were
dearth
unchanged to 1 point lower, with transactions
totaling only six lots. The Rio sales were two lots, and that
contract was 2 points lower to 3 points higher at the close.
Abnormal quiet prevailed in the coffee futures market, as
itjhas for several days past. Current lack of interest reflects
the limited interest in actuals, which, despite lower prices,
attracted very little demand. The Havre market closed 1 to
2 francs higher. The spot price for Rios 7s in Brazil was ad¬
sales of 13 lots.
was
believed
duejto the general uncertainty and continued recession of
Last prices in Brazil for spots were 100 reis
general business.
lower for soft Santos 4s at 19.100.
unchanged.
amounted
to
Hard 4s at 16.200
were
Brazil destruction in the last half of May
506,000 bags compared with 411,000 in the
first half of the month.
Brazil
Since the start of the crop year
destroyed 13,715,000 bags, which is slightly more
than the export volume for the same period. Today futures
closed 8 to 10 points net higher, with sales totaling 11 con¬
of sellers rather
than any
new
A few buyers and a
developments, sent
7
Rio coffee prices
closed
as follows:
4.27 (March4.27 May
4.211
July__
September
December,
—
Santos coffee
July
September
_
4.19
4.18
prices closed
—
_
December
as follows:
5.86 (March.
5.931 May
-_._5.96
5.98
—
5.951
*
.
Increased
Use,
According to New York Coffee and Sugar Exchange
—Deliveries in 11 Months of Crop Year Increased
0.8 of 1%
World
On the 8th inst. futures closed
Lack of interest in the market
The Rio contract closed 3 to 5
with sales of 12 contracts.
In the early afternoon Santos contracts
points higher, while Rios were unchanged to 1 point
Cost and freight offers from Brazil were light and
higher.
about unchanged, with Santos coffees offered atjabout 6.70c.
Milds were unchanged.
Havre futures were unchanged to
1 y2 francs higher.
were
1 to 8
points net nigher in the Rio contract, with sales total¬
ing 14 contracts. The Santos contract closed 3 to 2 points
up, with sales totaling 40 contracts.
Trading in coffee
futures while more active than yesterday, continued slow.
In early afternoon Santos contracts were unchanged to 1
point lower, with March at 5.85c., off 1 point. Rios were
unchanged to 4 points lower, with March at 4.12c., also off
1 point.
The official spot price in Santos was 100 reis off
on hard 4s.
Cost and freight offers were unchanged.
An
easier tone developed in mild coffees with Manizales reported
sold at 9%c. and offered for shipment at 934- Havre futures
were 34 franc lower to 34 franc higher.
On^the 9th inst. futures closed 1 point higher to 1 point
lower in the Santos contract, with sales totaling only 4 lots.
The Rio contract closed unchanged to 2 points higher, with
up,
coffee futures higher.
On the 7 th inst.
futures closed
vanced 200 reis to 11.100.
GOODS—WOOL—ETC.
Coffee
Coffee is
one
Consumption
Shows
of the few, if not the only, major
modities to show
an
increased
use,
world
com¬
the New York Coffee &
Sugar Exchange pointed out on June 2, adding that the
lowed
price level, which stemmed primarily from Brazil's recent
reduction in coffee taxes, was probably the prime reason for
the increased consumption.
World consumption, as meas¬
ured by deliveries to consuming channels, totaled 23,240,959
bags for the 11 months of the crop year, July, 1937 thru
May, 1938, as against 23,045,606 bags during the com¬
parable period of 1936-37, an increase of 195,353 bags or 0.8
of 1 %.
The Exchange's announcement further said:
A
break down
of deliveries reveals,
the Exchange
says,
that whereas
during the
deliveries in Europe
totaled 10,500,000 bags against 10,410,000 bags in 1936-37, an increase of
90,000 bags or 9 % and shipments to other than U. S. and Europe froln.Brazil
rose to 1,288,000 bags against 1,049,000, a gain of 239,000 bags or 22.8%.
Brazil's share of distribution during the 11 months was 13,264,193 bags
11,452,959 bags were distributed in the U. S. against 11,586,606
previous season, a decrease of 133,647 bags or 1.2%,
as
146,675 bags or 1,1%.
behind
Distribution of coffee of all other growths
against 13,117,5-18 in 1936-37, an increase of
At the six
months point, Jan. 1, Brazilian deliveries were 15.9%
those of the previous season.
aggregated 9,976,766 bags against 9,928,088 bags during the previous year,
increase of 48,678 bags or 0.5 of 1%.
It is interesting to note that at
an
the six months point,
deliveries of other than Brazilian growths were
ahead of the comparable
1936-37 season.
12.7%
Financial
3824
futures closed unchanged to
Cocoa—On the 6th inst.
1
point higher.- The opening range was 4 to 6 points up from
previous finals. Transactions totaled 153 lots or 2,050 tons,
Trading was restricted during the opening session of the
week.
Some evening up of the July delivery, which is the
next to fall due, and a smattering of short covering accounted
for most of the transactions.
Local closing: June, 4.16;
July, 4.21; Sept., 4.34; Oct., 4.39; Dec., 4.49; Jan., 4.54;
March, 4.63; May, 4.74. • On the 7th inst. futures closed
unchanged to 2 points higher. Opening sales were at a loss
of 3 to a gain of 2 points. Sales totaled 150 lots for the day,
or 1,943 tons.
London, which reopened for business after
the Whitsuntide holidays, ranged 3d. lower to unchanged on
the outside, and ruled 134d. easier to 3d. higher on the
Terminal Cocoa Market, with 900 tons trading.
Evening
the feature on the local Board,
switching for this purpose,
Hedging remained light, as did outside interest.
Local
closing: June, 4.16; July, 4.21; Sept., 4.34; Oct., 4.39;
Dec., 4.49; Jan., 4.54; March, 4.65. On the 8th inst. futures
closed unchanged to 2 points up.
The cocoa market continued relatively dull.
In the early afternoon prices were
unchanged to 4 points higher.
A little scattered manufacturer buying provided the demand, while some commission house liquidation supplied the contracts.
Warehouse stocks decreased 2,300 bags.
They now total 670,296
bags.
A year ago the total was 1,281,406 bags.
Local
closing: July, 4.21; Sept., 4.35; Dec., 4.51; March, 4.65;
May, 4.75.
On the 9th inst. futures closed 22 to 18 points net higher,
The opening range was unchanged to 3 points up.
Transactions totaled 403 lots, or 5,400 tons.
London outside prices
moved 3d. higher, while futures on the Terminal Cocoa
Market there ran 6d. to 3d. higher, with 180 tons trading,
Local sales were bolstered by extensive switches out of July
of the July delivery
up
There
.
was
a
fair
was
of
volume
A total of 210 lots
into the deferred futures.
volved.
thus in-
was
Local
closing: July, 4.41; Sept., 4.55; Oct., 4.60;
Dec., 4.72; Jan., 4.77; March, 4.87; May, 4.93.
Today
futures closed 1 to 4 points down.
Transactions totaled 197
contracts.
Profit taking caused a recession in the cocoa
market following yesterday's sharp rise of 18 to 22 points,
prices slipping 4 to 6 points.
The market's undertone was
steady, however. Licensed warehouse stocks continued to
decrease.
The overnight loss was 1,700 bags, reducing the
total to 664,376 bags.
That compares with 1,294,128 bags
a year ago.
Local closing: July, 4.37; Sept., 4.51; Oct., 4.57;
Dec., 4.68; Jan., 4.73; March, 4.83; May, 4.92.
■
_
.
_
Sugar—On the 6th inst. futures closed 1 point down to
1
point
to
Buying
up.
was
heavy
on
163 lots, 70 of which were in
the opening, amounting
September at 1.92c. and
1.93c., but by closing time that price had dwindled to 1.88c.
There
ooo
292 lots effected
were
m
switche
a/iw
o.
.
t
o
the
^rorir?^ tWpUn
vnlnrriA
9 77n
ke bas^s of
w
ing
annH
LS
2*72c
but there
were
as
1.50c.
+ho
kft
tonight, also
a
later
as
finmove
in
ms
one-day cut to 4.40c. a pound.
In early afternoon prices
4 to 5 points higher, with September at 1.87c.
Sales
to one o'clock totaled 350 lots.
While no sales were made in
the raw market, the tone was firmer, with sellers holding for
2.75c., whereas late yesterday bids of 2.68c. were solicited
unsuccessfully.
In the world sugar market prices rallied
34 to 1 point in sympathy with the domestic recovery,
September selling at 0.93 of a cent.
Futures were % lower
to 24 higher in London, while raws were reported sold at
0.95c.
Today prices closed 1 to 2 points up.
Transactions
totaled 310 contracts.
Domestic sugar futures continued
active, but so evenly balanced were buy and sell orders that
prices registered little change.
In early afternoon September
was selling at 1.85c., unchanged.
In the raw market spot
sugar advanced 4 points to 2.74c. on further sales.
The
demand for raws was due to the large refined movement
brought about this week when the price was dropped to
4.40c. for one day.
World sugar contracts were whirled
upward, reflecting the firm tone of London and new hopes
that the International Sugar Council when it meets in London
July 5, will do something constructive.
This market closed
y2 to 2 points net higher, with sales totaling 175 contracts,
London futures were 34 to 134 higher, while raws sold for
9634®* f.o.b. Cuba,
Prices
July...
follows:
were as
1.82 J March (new).
jlS^rySew)
.....1.92
--——.-1.86 May
1.94
Lard—On the 4th mst. futures closed unchanged toT5
points higher. Trading was light, with prices advancing 2 to
5 points, these gams being fairly well maintained to the close,
Lard stocks at Chicago during the month of May increased
4,500,000 lbs., but this increase was about in line with trade
expectations. On May 31 stocks of lard at Chicago totaled
68,564,983 pounds, against 64,141,708 pounds on April 30
and 118,027,028 pounds
on
May 31, 1937.
Spot lard at
Liverpool declined 3d. per cwt., July advanced 3d. and September also gained 3a. Receipts of hogs at the leading
Western packing centers on Saturday totaled 11,100 head,
against 9,000 head for the same day a year ago. On the 6th
inst. futures closed unchanged to 5 points off. Trading was
extremely light. Export shipments of lard from the Port of
New York today totaled 121,040 pounds, destined for Malta
and Hamburg. Chicago hog prices were steady and closed
5c. to 10c. higher.
Sales of hogs ranged from $8.35 to
at the principal Western markets were
$8.85. Total receipts
58,600 head, against 46,400 head for the
same
day
a year
ago. The top price at Chicago today was $8.90. On the 7th
inst. futures closed 7 to 10 points net higher. Scattered short
covering in lard futures resulted in a moderate upturn. The
opening range was unchanged to 2 points higher on the nearby
™on4hs a'ld 5 to
Poin.ts Mgher on the more distant de-
liveries.
At one stage prices showed maximum gams
15 points.
Liverpool lard futures were very quiet
of 10
after
^ie two holidays, with futures unchanged to 3d. lower.
g
high
TmSftiLont wfw+orf
nmsn'fi/t of£»rpfhSd
the South and West to
sales
June
were
9
nf
todav to
e
Chronicle
prices at Chicago
FanJ.ed
were
5c. to 15c. higher.
Sales of hogs
$8-35 to $8-90- Total hog marketings at the
lea(hng Western packing centers amounted to 52,500 head,
a&ainst 49,683 head for the same day last year. On the 8th
^±^"SZst^^^nntoSL nricTwere
%S:
are
dueTjufy \! and STOduSwi °boThat 273? The
suS contract' btosed UMhaneed' to 1 nofnt lower
world
Tradine
don
was
auiet
with onlv 53 lots beinc transacted
Lon-
Tto&totg; alttttSS'
was
1 to 2
points lower, with the exception of July, which was unchanged
at 1.83c. The turnover took a sharp drop. As compared with
a volume of better than 700 lots in the
previous session, the
total yesterday amounted to only 78 lots, or 3,900 tons.
The drop in business reflected the
uncertainty of the immediate trend. The immediate picture is disappointing largely
because of poor consumption
In the market for raws the
spot price dropped back to 2.70c. from the previous day's
2.72c. basis.
The
new
level
was
established
on
sales of 15,000
bags of Puerto Ricos, due June 28, to National, and 1,000
tons of Philippines due June 15 at 2.70c. to
Pennsylvania.
The only other reported sale was 3,140 tons of
Philippines
due July 10 at 2.72c. to Sucrest. The world
sugar contracts
closed
y2point lower to K point higher, with volume only
61 lots, half of which was in switches and straddles. On the
8th inst. futures closed 5 to 2 points net lower.
totaled 339 contracts. Disappointed
Transactions
longs liquidated sugar
futures in the domestic market, with the result that
prices
dropped 2 to 3 points in the early trading. The raw market
was lower, with 3,000 tons of
Philippines due to arrive July 2,
reported sold to the Pennsylvania at 2.70c. That price also
was paid late
yesterday. Bidders were exercising caution.
Up to May 28 the Philippines had entered 87.5% of the
sugar quota.
In the refined market the news was collapse
of the movement to set in motion a refined
buying wave in
the South and West.
The world sugar market was unchanged, with March, 1939, selling at 0.9534> transactions
totaling 130 contracts. London futures were unchanged
to yd. higher.
On the 9th inst. futures/closed 3 points
higher except for
was up 1 point.
Transactions totaled 551 lots.'
The market was strong and active on the
overnight news
May, which
that refiners had made
a
bid for business by announcing a
tre itm p^un"
fof^on
New York
stoed
and Liverpool. Liverpool lard futures were 6d. lower to 3d.
higher. Western hog marketings totaled 56,100 head, against
38,200 head for the same day a year ago and 45,068 head
f *
g
y
0 years ag0"
g
es range
n„
a„iia?
?
.
j
,
,
^
q,,0n the 9th ^
closed 12 40 15 P,0I?ts nft ^gher.
J1!? gams registered today were mfluenced largely by the
fA16 raarkets'
th«demaf1 commg principally
®h«ts covering. Lard shipments from the Port of
/esterdY,
44-450 Pounds' destined for
£^p Liverpool lard futures were unchanged from the
P™™lls flnals-
Hog
prices at
Chicago closed 10c. higher,
I.h|ot0pJ,"c? reported was #9.10. Sales ranged from $8.60
4°«9- Jottd^eipts for the Western run were 45,900 head,
f
?8amst 39'50« Lead for the same day a year ago. Today
futures closed 5 to 9 points net higher. The market was
[airl7 active, though no real aggressiveness was shown in the
bu^ng or selling, traders apparently awaiting the government ^am report to be issued after the close,
daily closing prices of lard futures in Chicago
Mon-
M
September IIIIIIZIIIII
Decomber
8^30
8-40
Tuo\\
W£d\2 hols*
¥.25
8.35
8.32
hol.
I
on
f 'ln
8'42
wot"'
8'20
830
—"
F8 32
H0L'
8.52
8 52
Pork— (Export), mess, $26.8734 P®r barrel (per 200
pounds); family, $24.8734 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export), steady.
Family (export), $28
per barrel (200 pounds), nominal.
Cut Meats: Quiet,
Pickled Hams: Picnic, loose, c.a.f.—4 to 6 lbs., 1334c*»
6 to 8 lbs., 13c.; 8 to 10 lbs., 1234®*
Skinned, loose, c.a.f.—•
14 to 16 lbs., 18c.; 18 to 20 lbs., 1734®• Bellies: Clear, f.o.b.
New York—6 to 8 lbs., 18c.; 8 to 10 lbs., 17c.; 10 to 12 lbs.,
1634®* Bellies: Clear, Dry Salted, boxed, New York—16
to 18 lbs., 1234c.; 18 to 20 lbs., 1234®*; 20 to 25 lbs., 11 %c.;
25 to 30 lbs., 1134c. Butter: Creamery, Firsts to Higher
than Extra and Premium Marks: 2234®* to 2534®* Cheese:
Volume
146
Financial
State, Held '36, 22c. to 24c.; Held '37, 19J^c. to 21 He.
Eggs: Mixed Colors, Checks to SpecialjPacks—17c. to[2134c.
Oils—Linseed oil in tank
cars is quoted 8.0c. to 8.2c. per
Quotations: China Wood: Tanks, 9.5c. to 9.7c.; Drums,
1034b. bid.
Coconut: Crude, Tanks, .0334 offered, no bid;
Pacific Coast, .02% offered, no bid.
Corn: Crude, West,
Tanks, nearby, .07 bid.
Olive: Denatured, Spot Drums,
85 to 95.
Soy Bean: Crude, Tanks, West, .05 to .05%;
L.C.L., N. Y., .075 offered.
Edible: Coconut, 76. degrees,
934c.
Lard: Prime, 9c.; Extra Winter Strained, 834c.
Cod: Crude, Norwegian, light filtered, 31c. offered, no bid.
Turpentine: 28%c. to 3034c.
Rosins: $4.70 to $7.70.
Chronicle
interests.
June
7.95©
7.97©
7.80©
7.82 @
July
August
September
7.77 @
7.75 @
October
7.99 November
n
December
—-
n
7.75©
7.76 @
January
Rubber—On the 6th inst. futures closed 26 to 29
points
Transactions totaled 1,920 tons.
The opening
range was 6 to 16 points up from the previous finals.
A
stronger stock market together with substantial buying for
factory account, gave the market a good strong upward surge.
London and Singapore were closed, but will reopen for
business tomorrow.
Local closing: June, 11.52; July, 11.53;
Aug., 11.60; Sept., 11.66; Dec., 11.85; Jan., 11.90; March,
12.00; May, 12.10.
On the 7th inst. futures closed un¬
changed to 3 points higher. Transactions totaled 2,260 tons.
Buying again by factories and commission houses in the
net
higher.
afternoon steadied the rubber futures market.
The
opening
7 to 14 points lower on commission house selling.
Prices reached the highs for the session when factories and
commission houses bought during the final hour.
Spot
standard No. 1 ribbed sheets in the actual market, re¬
mained unchanged at 11 %c.
Some cheap shipment rubber
was in the outside market today, but the
activity in general
remained quiet.
Stocks in England for the week ended
June 4 showed an increase of 1,314 tons over the previous
period.
Local closing: June, 11.54; July, 11.56; Sept.,
11.69; Dec., 11.86; Jan., 11.91; March, 12.01; May, 12.13.
On the 8th inst. futures closed 17 to 27 points net higher.
range was
Transactions
totaled
245
The
pronounced
strength displayed in the market today was attributed largely
to buying by brokers presumably acting for manufacturing
interests.
They took 25 lots of December contracts, which
were supplied by London operators, dealers and professionals.
In early afternoon the market stood 14 to 16 points higher
after having opened 2 points lower to 6 points higher.
Sales
contracts.
to
early afternoon totaled 960 tons. London and Singapore
steady, unchanged to l-16d. higher. Local
closing: July, 11.73; Sept., 11.87; Dec., 12.03; Jan., 12.18;,
March, 12.18; May, 12.30.
On the 9th inst. futures closed 30 to 34 points net higher.
closed dull but
The firmness of
this market
was
attributed to substantial
buying by commission houses and factories.
London
indicate
that
orders
from
Cables from
continental
Europe
strengthened prices abroad.
The volume on the local ex¬
change was good, with 4,400 tons sold. Spot No. 1 standard
ribs also followed the upward trend and closed %c. higher
at 12
Many quarters in the outside market report a
fair amount of shipment business.
Some factory business
was
also done.
Local closing: June, 12.04; July, 12.06;
Aug., 12.13; Sept., 12.20; Dec., 12.34; Jan., 12.40; March,
12.50.
Today futures closed 4 to 8 points off. Transactions
totaled 387 contracts.
On continuation of the outside buy¬
ing movement rubber futures opened 10 to 15 points higher
Realizing sales then caused the market to sell off, with the
result that in early afternoon gains had been reduced to 2 to
5 points with July at 12.08c., Sept. at 12.15 and Dec. at
12.36.
Sales to that time totaled 2,190 tons.
Lond9n
was
unchanged to 3-16d. higher.
It was estimated
United Kingdom stocks had increased 450 tons this week.
Local closing: July, 12.02; Sept., 12.12; Oct., 12.17; Dec.,
12.29; Jan., 12.32; March, 12.43; May, 12.56.
steady,
the 4th inst. futures closed 32 to 37 points
higher. The opening range was 12 points lower to 9
points higher. Trading was unusually active for a Saturday
session, transactions totaling 5,240,000 pounds. The spot
situation showed little or no change.
Local closing: June,
8.70; Sept., 8.95; Dec., 9*.30; March, 9.57; June, 9.82. On
the 6th inst. futures closed 15 to 20 points net lower. The
opening range was 5 points advance to 20 points decline.
The tone of the market weakened during the later dealings
under selling attributed to profit-taking.
Prices closed at
the lows of the day. Transactions totaled 2,480,000 pounds.
The certificated stocks of hides in warehouses licensed by the
Exchange- increased by 2,662 hides to a total of 789,506
hides.
Trading in the domestic spot hide market was slow
most of the session, the only sales heard of including a lim¬
ited quantity of April-May branded cows at 834c. a pound.
Local closing: June, 8.55; Sept., 8.85; Dec., 9.15; March,
9.42; June, 9.67.
On the 7th inst. futures closed 2 to 4
points net higher. The opening range was 25 points decline
to 4 points advance.
As the session progressed, the market
improved. Business dragged most of the session, but the
list worked gradually higher after the opening bell.
The
major portion of the buying was once again credited to com¬
mission houses, while the selling was attributed to trade
Hides—On
net
totaled
2,840,000 pounds.
Local
closmg: June, 8.58; Sept., 8.88; Dec., 9.17; March, 9.46;
June, 9.09. On the 8th inst. futures closed 8 to 10
points
net
lb.
Cottonseed Oil sales, including switches, 114 contracts.
Crude, S. E., 6%c.
Prices closed as follows:
Closing quotations were as follows:
3825
Transactions
lower.
Transactions
totaled
37
contracts.
Heaviness
prevailed^ during
most of the session, though volume was
Prices started 8 to 33 points lower, from which levels
there was no real
rallying tendency. No news of importance
light.
H16 SP°^ markets.
Local closing: June, 8.50; Sept.,
8.80; Dec., 9.08; June, 9.59.
On the 9th inst. futures closed 14 to
11 points net
transactions totaled 4,440,000
pounds.
higher,
The opening range
10 points lower to 5
points 'higher, but reflecting the
trend m the securities and other
commodities markets, the
list worked
steadily
was
higher during the later dealings and at
over the previous
Reports current today had it that about 125,000
caliskms have been sold in the west at
14c. for lights and
15c. for heavies, a
drop of lc a pound.. Stocks of certificated
hides in warehouses licensed
by the exchange increased by
3,013 hides to a total of 792,876 hides.
Local closing: June,
8.72; Sept., 9.02; Dec., 9.30; March, 9.50; June, 9.75.* Today
futures closed 37 to 39
points net lower. Transactions totaled
123 contracts.
An easy trend
developed in the hide futures
market on news that
spot hide prices had been reduced on
actual trades.
In early afternoon the market was 11 to 15
points lower, with Sept. at 8.85 and Dec. at 9.15c. Transac¬
tions to that time totaled
1,480,000 pounds. An increase of
2,110 hides in certificated stocks was reported, bringing the
total up to 794,986 hides.
Local closing: Sept., 8.65; Dec.,
the linal bell showed substantial
advances
dose.
Ocean Freights—Business has been
spotty throughout
the week, shippers
continuing to charter tonnage on a small
scale.
Inquiry for grain
tonnage
exceptionally slow.
Montreal to
Antwerp, July, 14c. Grain: Gulf to Antwerp or Rotterdam,
June 25-July 5th
canceling, 2s. 434d., option Havre, 2s. 9d.
Gulf to Antwerp or
Rotterdam, July 15-30th canceling,
2s. 434d.
Scrap: Atlantic range to Italy, June, $5.10 (rate
unconfirmed).
Sugar:
Cuba to L.L.G.A.R.A.,
June,
15s. 6d.
Cuba to Marseilles, June, 16s. 6d.
Time: Round
trip, North of Hatteras to Canada, June, $1.
Charters included:
of
Grain Booked:
was
Two loads,
Coal—According to figures furnished by the Association
American Railroads, the shipments of anthracite into
eastern New York
and New England for the week ended
May 21st have amounted to 1,776 cars, as compared with
1,694 cars during the same week in 1937, showing an increase
of 82 cars, or approximately 4,100 tons.
Shipments of an¬
thracite for the current calendar year
up to and including the
week ended May 21st, have amounted to
31,945 cars, as
compared with 37,252 cars during the same period in 1937,
showing a decrease of close to 265,350 tons. Shipments of
bituminous coal into this territory
during the week ended
May 21st have amounted to 977 cars, as compared with
1,522 cars during the corresponding week in 1937. Calendar
year shipments of bituminous coal have amounted to 34,341
cars, as compared with 45,643 cars during the same period
in 1937, indicating a decrease estimated at 565,100 tons.
Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the' end of the department headed
"Indications of Business Activity," where they are covered
more
fully.
Wool—The
raw
wool situation remains virtually un¬
The general uncertainty and adverse conditions
of the business world exercise a depressing influence on wool
values, which are mostly nominal at the moment, with graded
wools comparatively higher than original bag wools, which
seem to be seeking a permanent position indicated approxi¬
mately by the loan price. Mills, however, are reported as
still under pressure for lower fabric prices during the current
period of uncertainty regarding wool values, in which the
changed.
raw
material and its semi-manufactures continue to show
an
Mills in present need of wool are paying
60 to 62c. for Class 3 wool, whether territory or Texas.
When it is a matter of future requirements, they are seeking
wool in the primary markets at prices below Boston parity.
Wools are being sold by growers in the territory States at
56 to 62c., clean, delivered, Boston, with the average price
around 60c.
Many of these wools so purchased have been
turned over to mills at but a slight advance.
Some dealers
are taking a little wool from the country, but only what they
can sell.
There is no buying to stock.
A cable from Mel¬
bourne, Australia, states that the National Council of Wool
Selling Brokers officially estimates the forthcoming clip at
2,970,000 bales, a decrease of 200,000 bales from the present
year's clip.
Silk—On the 6th inst. futures closed unchanged to 34c
easing tendency.
Trading was at a complete standstill in the local
sales being recorded. Never in the history of the
present exchange, which goes bhek to July, 1933, did the
volume ever hit zero on the floor, although several such days
were recorded on the old National Raw Silk Exchange.
The
uncertain conditions in Japan and the lack of demand here
are probably the causes of the present dearth of business in
silk.
The average quotation of crack double extra advanced
134c. to $1 -57. Yokohama was 2 to 11 yen better, and Kobe
ruled unchanged to 4 yen higher.
Grade D remained un¬
changed at both cities at 685 yen. Spot sales in both centers
amounted to 650 bales, while futures transactions totaled
higher.
market,
no
Financial
3826
2,400 bales.
Local closing: June, 1.51; July, 1.48; Aug.,
1.47; Sept., 1.46H; Oct., 1.46M; Dec., 1.46.
On the 7th
inst. futures closed He. to 2c. net lower.
After opening
with no trading, the market weakened on lower cables, with
the trade hedging and Japanese interests here selling.
The
volume was better today, with 970 bales sold.
The average
of crack double extra declined 2c. to $1.55.
reported a loss of 11 to 17 yen while Kobe was
8 to 14 yen lower.
Grade D at both cities was 5 yen weaker
at 680 yen.
Spot sales in the Japanese markets amounted to
1,125 bales, while futures transactions totaled 4,450 bales.
Local closing: June, 1.50; July, 1.47H; Aug., 1.45H' Oct.,
1.45; Nov., 1.44H; Dec., 1.44H. On the 8th inst. futures
closed He. up to 2 cents down.
Trading was light and prices
had an easier undertone in sympathy with the Japanese
markets, which continued to decline. Crack double extra in
New York spot market declined 2c. to $1.54 a pound.
The
Yokohama Bourse closed 2 to 12 yen lower.
In the outside
market grade D silk was 12H y©u lower at 667H yen a bale.
Local closing: June, 1.49H; July, 1.46H; Aug., 1.45; Sept.,
1.45H; Oct., 1.44; Nov., 1.44; Dec., 1.43H; Jan., 1.43.
On the 9th inst. futures closed H to 2He. up.
Following
quotation
Yokohama
upward trend of the other commodities and the firmer
showed substantial gains
Transactions totaled 770
bales.
Average quotation of crack double extra declined
He. to $1.52H» Yokohama reported a range of unchanged
to 9 yen higher, while Kobe ruled unchanged to 6 yen better.
Grade D closed at 665 yen in both cities, down 2H yen at
Yokohama and the same at Kobe. Spot sales in both centers
amounted to 675 bales and futures transactions totaled
3,750 bales.
Local closing: June, 1.50; July, 1.48; Aug.,
1.46; Sept., 1.46; Oct., 1.46; Nov., 1.45H; Dec., 1.45HToday futures closed unchanged to 1 cent down. Transac¬
tions totaled 31 contracts.
The market was firm in sym¬
June 11, 1938
Chronicle
for the week ending this evening reach a total
bales, of which 9,572 were to Great Britain4619
to France, 8,617 to Germany, 2,674 to Italy, 1,798 to Japan,
and 11,004 to other destinations.
In the corresponding week
last year total exports were 72,882 bales.
For the season to
date aggregate exports have been 5,374,057 bales, against
5,216,777 bales in the same period of the previous season.
Below are the exports for the week:
The exports
of 34,284
Exported to—
Week Ended
Houston...
-
Lake Charles
-
—
Mobile.
Norfolk........
Galveston
2,286
559
Houston
163
2,357
304
Corpus Christi..
—
—
—
—
—
—
-
-
-
<-
-
—
—
419
2,054
290
653
763
5,082
6
5
162
624
34
256
475
6
2
4
36
16,715
-
-
-
-
m
-
-
-
-
-
665
121
-
*»aa
-
-
1,803
-
-
—-
—
---
—
-
--
-
.
-
-
-
„
-
321
240
283
—
356
—
—
—
-
—
—
—
—
«.
—
O
m.
—
37
3
—
3
•
147
3,517
1
1
—
21
2,143
mm
—
—
—
226
21
776
776
5,047
20,069
Baltimore
248
--
2,440
-
-
50
741
11,004
34,284
619
8,617
2,674
1,798
16,646
4,005
4,248
10,731
26,604
350
10,298
72,882
-...
31,595
9,58 4
9,232
5,509
9,285
16
10,106
75,327
Exported to—
Great
Exports from—
Britain
Galveston—.
290,484 186,071
264,462 169,332
92,349 75,145
Houston.....
Corpus Christi
Ger¬
France
Total
Other
Japan
China
243,710 154,884
187,939
187,626 128,600
57,294 52,979
127,008
43,542 266,142 1372,778
28,085 212,938 1118,051
3,829 58,285 373,439
Italy
many
33,558
'
123
4,250
456,083 253,420
Beaumont...
Orleans.
6,819
24,435
99,904
1,543
41,388
54,176
102,154
Lake Charles.
Mobile......
Jacksonville..
Pensacola, &c.
Savannah
18,779
--
-
3,825
■
-
-
-
-
-
148,315 150,809
2,841
4,131
43,519 14,534
-
—
-
914
5,745
2,461
1,156
-
-
50
following table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared
total since
with last year:
w
^
----
_
1,742
53,827
6,321
97,652
8,814
„
----
----
163,326
1,200
35,243
17,484
14,944
9,019
'
Wilmington..
-
-
---
-
6,018
Norfolk
York...
200
-
----
2,157
1,160
1,130
—
-
-
J-.
-
144
18
398
Philadelphia..
271
561
322
200
30,901
10,863
1,163
-
-
-
-
Los Angeles..
103,083
22,397
Francisco
25,340
100
-
-
-
1,621
-
----
2,235
----
-
250
8,561
8,110
'
-
——
-
-
-
-
2
562
2,127
73,534
3,481
390,149
181,924
55
55
'
---«
"•
-
—
—
-
«.
--
~
147,679
6,657
78,269
68,552
3,535
•
Seattle
Total
-
10
286
Baltimore
-
---
934
32
..
-
420
-
341
Boston
1,000
;
'
22,815
4,369
5,373
7,719
3,149
Gulfport
New
-
....
....
1577,293 743,796
1936-37 1149,701 703,140
1935-36 1344,604 684,850
611,282
89,841 985,804 5374,057
716,965 386,145 1545,88'
23,028 691,914 5216,777
38,498 915 907 5683,394
857,042 .508,999
837,639 378,674 1483.222
been our practice to include in the
Canada, the reason being that virtually
it is impossible to give
returns concerning the same from week to week,
while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view
NOTE—Exports
to
Canada—It has
never
above table reports of cotton shipment" to
all the cotton destined to the Dominion comes overland and
however, of the numerous Inquiries we are receiving regarding the matter, we
have
the exports
were
15,914 bales.
1938, there
1936-37.
For the nine months ended April 30.
197.955 bales exported as against 222,856 bales for the eight months of
were
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
June 10 at—
Ger¬
Other
Britain
Foreign
wise
600
1,100
251
623
Houston
243
1,258
_
Orleans..
3,000
Total
2,000
27,900
98
10,441
4,913
21,200
9,219
4,304
250
2,543
Galveston
New
France
Stock
Coast¬
many
Great
13,261
Savannah
"564
"174
t390
Mobile
Other ports
Total 1938..
4,310
Stock
*
15,017
7,011
4,962
34,897
13,329
35,711
4,508
4,202
1,966
2,434
7,335
3,784
Total 1936
1936-37
will
that for the month of April the exports to the Dominion the present season
been
14,124 bales.
In the corresponding month of the preceding season
say
Total 1937....
1937-38
195,377
60
----
-
Norfolk
The
64,403
26,177
18,391
-
'
100
52,258
8,923
12,042 1270,478
4,143
--
357
36,241
725
-
-
395
at
11,510
rnm-m-
-
200
139
-
177
-
45,666
Charleston
Totals this week.
1,234
1,234
ar
1,200
Charleston
Wilmington
155
----
-
603
....
From
New
5,014
551
'
-
-
-
-
305
J
9,572
523
Lake Charles
Norfolk
-
21
-
-
300
'
1,062
100
----
248
88
1,087
Mobile
Savannah
6,646
5,127
■
'
----
f
304
-
903
New Orleans
'
at-
—
6,079
4,788
1,746
1,127
286
662
—
—
179
379
930
193
.
Total
Fri.
100
-
Aug. 1,1937 to
June 10. 1938
Total
Thurs.
\ '
•
...
Total
Total
Wed.
-
1,834
----
----
337
Los Angeles
San
Tues.
..
14
-
---
-
San Francisco...
bale. Local closing: June, 1.49H; July, 1.47; Sept.,
1.45H; Oct., 1.46; Nov., 1.45H; Dec., 1.45; Jan., 1.45.
Mon.
1,095
-
-
-
'
---
—
Charleston...
Sat.
—
—
•
100
Savannah
Charleston..
pathy with the Japanese markets. November sold at 1.46,
and December at 1.46H» both up H cent, on trades in 180
bales.
In the New York spot market the price of crack
double extra silk advanced 2 cents to $1.55HThe Yoko¬
hama Bourse closed 6 to 9 yen higher, while the price of
Grade D silk in the outside market advanced 10 yen to 675
Receipts at—
2,980
■
-
155
1936.
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 20,069
bales, against 17,425 bales last week and 14,112 bales the
previous week, making the total receipts since Aug. 1, 1937,
6,997,288 bales, against 6,193,781 bales for the same period
of 1936-37, showing an increase since Aug. 1, 1937, of
803,507 bales'.
V-
•
305
-
-
-
..
1937
The Movement
-
-
2,018
New Orleans
Total
grams
6,466
Total
Other
China
Japan
819
'
Total
Friday Night, June 10, 1938
of the Crop, as indicated by our tele¬
Italy
many
2,847
4,027
Corpus Christi..
securities market, raw silk futures
and held these gains to the close.
COTTON
France
Britain
Galveston
the
yen a
Ger¬
Great
Exports from—
4,770
1,205
65o,482
705.003
693,541
142.729
39,329
48,448
28.768
114,997
52,166 2,428,297
29,237 1,224,169
64,038 1,471,137
Estimated.
.
Receipts to
This
Galveston
Since Aug
This
Since Aug
Week
June 10
1, 1937
Week
1,1936
438 1,694,457
6,079 1,889,563
4,788 1,800,962
304
399,419
11,847
5",082 2,093,423
1.087
211,279
77,770
3,615
523
128,429
1,200
193,499
1
78,893
3
27,745
226
55,518
...
Houston
Corpus Christ!
Beaumont
New Orleans
Mobile
Pensacola, &c
Jacksonville
Savannah
Char las ton
Lake Charles
Wilmington
Norfolk.
New York
1,655 1,285,565
7
283,888
23,146
9",128 2,000,726
5,185
308,582
98,835
""60
4,208
2,453
137,314
1,432
168,269
56,000
26,400
798
40,600
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
343,890
269,996
26,945
15,170
331,206
49,338
3,878
.
2,038
135,700
26,592
5,201
14,991
22,414
100
Boston
776
Baltimore
Totals
25,326
20,069 6,997,288
In order that
comparison
2,169
65,791
200
3,741
1,050
4,497
1,350
23,325 6,193,781 2,480,463 1,253,406
may
Speculation
1937
1938
be made with other years,
Receipts at—
1937-38
1936-37
ing the
close
largely
to the
which at the
438
1935-36
1934-35
1933-34
1932-33
Houston
4,788
5,082
1,087
1,655
9,128
5,185
2,453
New
Orleans.
Mobile
523
Savannah
Brunswick
Charleston
7,237
3,511
16,033
1,464
3,310
2,026
6,906
7,376
7,535
10,297
423
3.003
302
331
2,910
14,609
21,870
18,307
4,687
2,474
"""527
"""900
"6",871
of
___
Wilmington
__
T.266
1,432
"""835
65
30
104
over
798
1,304
256
518
354
l'M
"2",236
~1,846
"""508
"2", 190
3
Total this wk_
belt,
but
Traders
beneficial.
are
concerned
over
of
insect
changed
Fundamentally,
activity.
but
little
during
On the 4th inst. prices
the past
cotton
the
situation
week.
closed 3 to 5 points net higher.
With
Liverpool market closed for the Whitsuntide holidays,
the local market took its cue from Bombay, where prices
more
early.
the United
than reflected
States market
advance of
Houses with Bombay connections were fair buyers
There also
fact
that
was
that
buying for Liverpool account despite
was closed.
The market here
market
opened steady at 2 to 3 points advance and continued up¬
ward until net gains wrere
also
was
a
fair amount of
registered of 6 to 9 points.
newr
Street
houses,
steadier
tone
and
to
the
the
market
stock
Tlvre
outside buying through Wall
felt
market.
the influence of
At
the
the extreme high
•
N'port News.
All others
.
much of the cotton
persistent rains in the belt, especially in view of complaints
352
226
fairly
was
This firmness was attributed
the week.
heavy rains
"
Norfolk
delivery
future
present stage of the growing crop are regarded
anything
as
the
6,079
for
cotton
active, with the market showing considerable firmness dur¬
Friday.
Galveston
in
"3". 158
22,325
32,597
34.833
14,317
72,682
Since Aug. 1__ 6,997,288 6,193,781 6,598,257 3,972,899 7.134,242 8,338,534
20,069
point of the day values represented a recovery of 44 to 46
points
from
the
low
of
the
recent
Southern spot markets as officially
decline
reported
on
were
Tuesday.
unchanged
Volume
146
Financial
Chronicle
points higher. Average price of middling at the 10
designated spot markets today was 8.11c. On the 6th inst.
prices closed 15 to 17 points off. The market opened 6 to 9
points lower and continued to sag with only occasional
feeble rallies.
European markets were
celebration of the Whitsuntide
holidays.
closed
for
7A
correction of
a
in
prices closed 12 to 13 points net higher.
of the cotton belt, combined with
outside markets
session.
15-16
1 In. &
Inch
Inch
Longer
.64 on
.89
on
and
absence
of
Part of the advance
lost
was
from
pressure
one
time
during
before the close
realizing,
on
.31 on
.53
on
.83
on
.05 on
St. Mid
.06 off
.14 on
.35
on
on
.76
on
.98
on
Mid
.65 off
.45 off
.34
.24 off
on
.82
on
♦St. Low Mid..
.61
on
.26
on
.46 on
.34 off
.16 off
Tinged—
.28 off
.22 off
.17 off
.13 off
Good Mid
St. Mid
.78 off
♦Mid
.51
on
.76
on
.98
.34 on
.61
on
.82
Even
St. Low Mid...
.59 off
Low Mid
1.37 off
♦St. Good Ord. 2.22 off
♦Good Ord.... 2.80 off
.26
on
.46
on
Mid
.34 off
Yel. Stained-
Good Mid
1.19 off 1.05 off
♦St. Mid
1.71 off 1.65 off 1.57 off
2.42 off 2.36 off 2.32 off
.16 off
.28 off 1.22 off
♦Mid
.17 off 2.13 off
Good
highest,
lowest
Saturday
Monday
Tuesday
June 4
June 6
June 7
New
Orleans
local account.
Traders are concerned over persistent rains
belt, especially in view of complaints of insect activi¬
ties, and for a time the market gave the appearance of a
June 10
7.86 n
7.86 n
7.95n
8.087/
8.067/
7.88- 8.00
7.85-
7.94
7.93- 8.00
8.02- 8.19
Closing.
8.09- 8.25
8.06
7.89- 7.90
7.89-
7.91
7.98
8.11
8.09
8.07//
7.91//
7.90W
7.99n
8.12 n
8.097/
8.097/
7.93//
8.107/
Range-
8.07- 8.16
7.94-
Closing
8.11
7.95
■
Aug.—
Range..
Closing.
Sept.—
Range..
Closing
.
7.91n
8.007/
8.13//
7.88- 7.99
7.96- 8.04
8.05- 8.23
8.11- 8.28
7.93
8.02
8.15
8.11
Oct.—
.
8.05
——
Nov.—
Range..
Closing
8.12n
7.96n
8.11- 8.18
.
7.96-
7.94//
8.03n
8.167/
8.137/
8.07
7.91- 8.01
7.99- 8.06
8.08- 8.26
8.15- 8.32
Dec.—
Range..
8.14
7.98
7.96
8.05
8.18
8.15
Range..
8.12- 8.18
7.97- 8.06
7.91- 7.98
8.00- 8.07
8.09- 8.25
8.15- 8.32
Closing
8.14
7.98//
7.96 n
8.05
8.18
8.15
8.16//
8.01//
7.98 n
8.07 n
8.207/
8.187/
7.96- 8.05
8.07- 8.11
8.13- 8.30
8.20- 8.36
8.00- 8.01
8.10
8.22
8.21
8.02ra
8.11n
8.247/
8.237/
8.09- 8.14
8.16- 8.32
8.25- 8.37
8.13
8.26
8.25
Closing.
Jan.(1939)
.
Feb.—
Range.
.
Closing.
Mar.—
Range.
Closing
April—
.
8.16-
.
8.19
8.04
8.23
8.02-
8.10
—
Range..
8.21TZ
8.05//
Range..
8.22- 8.25
8.05-
Closing.
8.23
8.077/
Closing
May—
.
8.15
8.00-
8.09
8.04
—
—
Nominal.
n
Range for future prices at New York for week ending
and since trading began on each option:
June 10, 1938,
Option Jot—
Range for Week
Range Since Beginning of Option
.
1938.
June
July
June
6
8.25
June
27 1937
Oct.
8 1937
11.36
July
27 1937
May 25 1938
9.39
Feb.
18 1938
7.70
10
Aug. 27 1937 11.36 July
7.65
8.31
7.88
1938..
Aug
9.63
May 31 1938
9.48
Feb.
23 1938
1938
Sept. 1938..
Oct.
1938..
Nnv
"7.88 June" "7
8"28
June" 10
7
8.32
June
10
7
8.32
June
10
1938
7.73
Apr
1939
May 1939..
8.00
7
June
7
June
8.36
8.37
June
June
10
Feb.
23 1938
3 1938
8.81
June
3 1938
7.77
10
23 1938
9.51
June
May 31 1938
9.20
Aprl
29 1938
8.34
7.96
May 31 1938
May 31 1938
Feb.
7.74
8.18
Mar. 1939..
and
Friday
June 9
8.05- 8.11
June
for
Thursday
June 8
8.03n
June
and
at
Range..
7.91
houses
Wednesday
prices
follows:
Range..
Closing.
7.91
commission
closing
as
July—
1938..
from
.19 off
June{1938)
1939
oped
and
New York for the
past week have been
1939..
devel¬
.38 off
.81 off
.60 off
.43 off
1.41 off 1.30 off 1.22 off
...
future contract.
on
Futures—The
Dec.
demand
.57 off
Mid..f_.
♦Mid
Not deliverable
.91 off
Cray—
.79 off 2.78 off
St. Mid
Feb
active
more
.15 off
.42 off
2.91 off 2.86 off 2.85 off
on
♦
.32 off
.58 off
1.54 off 1.44 off 1.36 off
2.32 off 2.27 off 2.21 off
♦Low Mid
on
St. Mid
Jan.
rains, a
.48 off
.75 off
♦St. Low Mid..
Extra White—
Good Mid
lished
heavy
1.46 off 1.38 off 1.31 off
2.29 off 2.24 off 2.21 off
♦Low Mid
.79 off
2.80 off
but closing prices were substantially higher
than previous finals.
When the weather details were pub¬
showing
.10
on
.51
Basis
St. Low Mid._.
.59 off
Low Mid
1.37 off
♦St. Good Ord. 2.22 9ff
♦Good Ord
.11
on
Spotted,—
Good Mid.
.58
St. Good Mid..
Good Mid
St. Mid
Mid
much
over
abroad, sent cotton values up $1 a bale at
the
%
Longer
technical position than to
any
On the 9th inst.
firmness
1 In. &
Inch
White—
Mid. Fair
further
change in the
general situation.
Consequently, the declining tendency
undermined confidence.
Buyers were timid, and late in the
day liquidation developed in some later months by recent
buyers. Southern spot markets, as officially reported, were
15 to 18 points lower.
Average price of middling at the 10
designated spot markets was 7.96c. On the 7th inst. prices
closed unchanged to 4
points lower. Trading was relatively
quiet, prices fluctuating within a range of 9 to 11 points.
The market opened
steady and 3 to 4 points off, and early
showed losses of 4 to 8
points in response to lower Liverpool
cables and pressure from
foreign selling on differences. The
selling came principally from Bombay and Liverpool, with
the former inclined to
liquidate contracts. There was more
or less
foreign hedge selling, though the Continent and the
Far East were on the
buying side.
Otherwise, contracts
were
scarce, and when the selling from abroad subsided,
prices rallied 9 to 11 points. Later the market lost most of
these gains. On the
whole, the market showed no important
new characteristics nor
any decided trend.
Southern spot
markets, as officially reported, were unchanged to 1 point
higher. Average price of middling at the 10 designated spot
markets was 7.96c.
On the 8th inst. prices closed 9 to 10
points net higher. The market opened steady and 5 to 7
points higher in response to steadier markets at Liverpool
and Bombay and on
overnight foreign buying of distant
positions and absence of selling pressure from abroad. The
trade bought on
recessions, but seemed little disposed to
follow advances.
The weekly weather and
crop bulletin
showed improved conditions
during the latter part of the
week, following an unfavorable start. Spot cotton continued
quiet. Mills were not buying except in a limited way, while
offers from the South continued
light, with prices in the
open market still about lc. a pound under the Government
loan.
Southern spot markets, as
officially reported, were
5 to 12 points higher.
Average price of middling at the 10
designated spot markets was 8.04c.
Heavy rains
15-16
Inch
Bombay was open
with prices sharply
lower, and during the day selling by
Bombay houses supplied a large percentage of the contracts.
Most of the pressure was in
July, and that month, which had
led the advance late last
week, was relatively heavy. There
was some
Liverpool and Continental selling despite their
holidays, and there was some selling which was believed to
be in connection with
hedges against foreign growths. Trade
houses were good
buyers of July at times, but this demand
was
readily supplied. The action was interpreted as indi¬
cating that last week's upturn had been due more to the
on
3827
22
to
May 25 1938
May 31 1938
8.34
May 25 1938
8.94
May
7.81
9.50
14 1938
in the
real weather market for the first time this season.
ern
spot
South¬
markets,
as
officially reported, were 10 to 15
Average price of middling at the 10 desig¬
nated spot markets was 8.17c.
points higher.
Today prices closed 1 to 4 points off.
After registering
good gains on the onening, prices turned about in the
subsequent dealing and closed with a barely steady tone.
A short time before the close of business, active
positions
showed an advance of 4 points to a decline of 1
point from
the closing levels of the previous day in a moderate volume
of sales.
initial
The market made good gains on the
opening, with
8 to 10 points above yesterday's final
quotations
Although brokers with Bombay affiliations sold
July and October contracts in a small way, they bought
heavily in the March and May deliveries, with their pur¬
range.
the
chases
on
of
these
months
estimated
at
around
10,000
Volume of Sales for Future
for
more
Scattered
Japanese brokers bought the
showers throughout
reported overnight.
As
a
near
the cotton belt
Wed.
Thurs.
8.06
Middling upland
Tues.
7.89
7.89
7.98
8.11
for deliveries
on
contract
on
June 16, 1938.
Fri.
8.19
grade and
established
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 9.
the New
York
June 4
June 6
June 7
June 8
June 9
June 9
36,500
54,600
39,900
41,800
22,800
37,800
659,300
25,200
23,900
23,700
16,000
16,200
15,000
36,500
463.800
1,800
.......
21,400
20,300
October...:
24,600
32,400
July (1938)
December
1,000
2,100
1,200
4,300
137,100
18,000
317,500
7,600
68,900
January (1939)
March
12,100
7,900
6,900
19,900
1,000
10,400
May
18,400
6,400
4,000
4,300
8,300
............
3,6000
546,600
Inactive months—
February-April(1939)
Total all futures
100
,
121,600
200
77,500 115,600 112,900
92,500 140,800 2,193,400
Open
Contracts
New Orleans
June 1
June 2
June 3
June 4
June 6
June 7
June 7
July (1938)
October.—.—.
5,500
5,750
4,250
1,900
2,350
3,250
84,350
14,600
12,000
11,550
6,500
6.200
9,750
158,250
December
10,100
4,550
7,500
6,750
5,900
7,900
79,900
500
January (1939)
250
300
•
1,600
6,600
March
2,000
2" 900
5,950
"650
1,800
1,700
31,800
May
1,050
600
5,000
700
650
2,800
10.350
33,750
25,800
34,500
16,500
17,200
27,000
371,250
Total all
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts f^r
staple in relation to the base grade, Middling
on
con¬
Street buying has been encouraged by the rainy
spell.
The official quotation for middling upland cotton in tht>
New York market each day for the past week has been:
Mon.
contracts
Open
were
result, price-fixing and' scattered
Sat.
open
Contracts
JuneZ
New York
bales
Wall
June 4 to June 10—
delivery and
and the New Orleans Cotton Exchange,
,tfrom which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Trade support in the July option also was
pronounced, and there was further short cqvering in
tracts.
future
Cotton Exchange
the opening.
all active positions.
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
futures
The Visible
Supply of Cotton tonight,
cable and telegraph,
as
afloat
are
is
as
follows.
as
made
Foreign stocks
up
as
by
well
this week's returns, and consequently all foreign
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
figures
only.
are
Financial
3828
.—bales-1,009,000
160,000
1,169,000
230,000
208,000
10,000
909,000
173,000
198,000
14,000
Total Great Britain
Stock at Bremen
Stock at Havre
• -
Stock at Hotter dam
Stock at Barcelona
------
1938
1935
1936
1937
778,000
131,000
1938
June 10—
Stock at Liverpool-..
Stock at Manchester.
...12.59c.
11.79c.
109,000
1937
1936
1935
727,000
667,000
1934
1933
1932
...
1931
—
199,000
106,000
21,000
74,000
47,000
210.000
150,000
13,000
66,000
53,000
22,000
15,000
23", 000
79,000
Stock at Venice and Mestre
Stock at Trieste------
11,000
7,000
10,000
8,000
598,000
426,000
536,000
482,000
.-
1927
1926
11.9.5c.
...
—
.
...
...
...
12.25c.
9.35c.
5.10c.
8.4.5c.
1914
13.65c.
18.80c.
1921
1913
21.10c.
17.05c.
18.50c.
23.55c.
28.85c.
29.10c.
1920
1912
12.35c.
-11.75c.
-
1928
1925
1924
1923
1922 .—.22.85c.
12.50c.
40.00c.
1919 -.--32.90c.
1911
15.90c.
1918
29.70c.
1910
15.40c.
1917
1909
1916
23.80c.
12.90c.
1915
9.70c.
1907
11.30c.
11.40c.
13.25c.
Market and Sales at New
1908
York
25.000
Continental Stocks
-.
15.25c.
1930
1929
8.19c.
—...
599,000
68,000
818,000
June 11, 1938
Chronicle
Stock at Genoa
Total
—
10,000
stocks
1,767,000 1,335,000 1,263,000 1,149,000
125 000
178,000
128,000
India cotton afloat for Europe--86,000
186,000
178,000
129,000
American cotton afloat for Europe
131,000
164,000
136,000
141,000
Egypt, Brazil,&c.,afl't for Europe
197,000
199,000
157.000
195,000
Stock in Alexandria, Egypt
395,000
860,000
757,000
Stock in Bombay, India.1,262,000 1,034,000
Total European
Stock in U. S. interior towns
U. S. exports
3,703
today
Total visible supply
5,323,282
318,000
61,000
129,000
165,000
24,000
129,000
1,253,406
1,030,520
16,592
116,000
178,000
240,000
65,000
2,480,463
U.S. port stock
2,138,409
stock
exports today
U. S. interior
3,703
-
259,000
48,000
143,000
113,000
107,000
186,000
follows:
199,000
33,000
147,000
92,000
108,000
178,000
1,474,432
1,244,820
11,030
1,535,175
1,517,933
31,304
6,005,575 3,126,518 3,9-0,412 3,487,282
Total American
Brazil, die.—
East Indian,
356,000
Liverpool stock
44,000
52,000
28,000
Manchester stock
Bremen stock.
Havre stock
stock
Europe
Other Continental
Indian afloat for
197,000
afloat
Egypt, Brazil, &c.,
Egypt
Bombay, India
Stock in Alexandria,
Total East India,
359,000
460,000
70,000
44,000
33,000
31,000
128,000
141,000
157,000
1,034,090
1,262,000
400,000
35,000
61,000
64,000
52,000
37,000
72,000
125,000
14,000
69,000
178,000
136,00.
195,000
757,000
164,000
199,000
860,000
Total American
Peruvian Tanguis,
5,224,518 5,881,412 5,323,282
7.06d.
6.82d.
6.76d.
12.61c.
11.80c.
11.95c.
8.44d.
11.89d.
9.14d.
8.50d.
3.68d.
6.06d.
5.51d.
5.82d.
£.49d,
8.51d.
" _
C.P.Oomra No.l
3.75d.
supply
8,460,575
Middling uplands, Liverpool
4.43d.
Middling uplands, New York—.
8.19c.
Total visible
Sakei, Liverpool—__
Egypt, good
—
Broach, fine, Liverpool
g'd fair, L'pool
staple,s'fine, Liv
Friday
5.96d.
At
Interior
the
Towns
is,
movement—that
the
corresponding period of the previous year—is set out in
detail below:
47,136
Season
Week
42
Ala.. Blrm'am
Stocks
June
Week
10
236
28,855
102
49,807
58,095
297
12
36
171,144
353
89,767
118
209
25,666
140
2,144
1,812
101,131
570
32,268
65,886
94
23,991
Hope
448
'
mm
mm
mm
mm
mm
795
92
mm m.
mm
m
5,610
3,850
'
36,546
81
23,592
19,784
Rock
12
145,855
141
88,098
210
192,714
1,072
Newport—.
69
46,397
187,154
3
20,365
77
142
281
64,662
27,981
142,063
Jonesboro—
Little
Pine
58
Bluff.
Albany
,
«■
»
-
-
492
17,554
195
881
46,184
16,167
m
mm
mm
m.
81
13,445
31,177
62,126
Walnut Rge
Ga
184
12
29,405
430
403
45,391
231,039
28,659
Atlanta
4,402
167,173
2,493
Augusta
744
173,237
2,096
131,673
1,130
358,978
201,709
4,221
Columbus..
500
26
Athens
435
600
34,500
—
403
—
22,732
2,573
50,697
1
29,316
7
164,612
39,012
262,080
62,843
20,997
39,378
260,195
592
87
Columbus..
Greenwood-
82
40,585
301,182
693
58,510
759
Jackson
64
66,036
390
24,567
29
~
247
18,830
City
444
10,729
82
6,164
19
149
76,067
-
3,098
159
26,552
4
51,396
51
3,062
3,997
3,713
324,045
3,798
1,201
1,655
1,857
2,846
879,881
13,233
707,293
.14,692 1,378,547
25,604
1,420.785
25,114
2,169
776
Overland to N. Y., Boston, &c—
Oklahoma—
8,758
83
3,658
162
10,544
29
3,161
522,051
1,789
140,889
14
176,761
637
85,572
2,099
3,515
556,088
229,498
6,399 2545,651
38,932
16,253
56,026
75,624
308,199
1,614
<
15 towns *.
144,955
2,469
Tenn., Mem's
14,630 2638,530
28,133
Texas, Abilene
46,011
S. C., Gr'ville
1,331
Austin
mmmmrn~
7,519
1
1.447
18,042
18,461
'
mm
-
Total to be deducted
Leaving total net overland.*
2
Paris
13,976
"io
2,263
~~17
6,422
4
114,423
203
33,722
100
1,298
4,225
93,529
39
22,835
57
82,828
71,794
546
62
__
Dallas
173
668
15,661
55
624
8,952
"~8
35,156
206
7,639
«.*
-
-
..
-
40
13,701
-
118
42,030
1
19,090
16
.
Waco
Total. 56 towns
13,603
465,994
318,464
7,604
545,388
18,000
875,397
Including movement by rail to Canada.
.
foregoing shows the week's net overland movement
this year
has been 9,097 bales, against 18,000 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 184,686 bales.
The
1936-37
-1937-38
In
Receipts at ports to June 10-
Week
over
Southern
875,397
6,135,000
114,166 12,717,371171,325 13,204,178
*29,176
1,387,078*34,426
*153,534
mill
consumption to May 1
takings
_
998,658
454,025-
_
136,899
84,990
week
14,049,302
14,558,474
North spinn's'takings to
*
6,193,781
6,997,288 23,325
1,060,083 18,000
4,660,000130,000
9,097
85,000
Southern consumption to June 10
Aug. 1
Week
Aug. 1
20,069
-
Net overland to June 10
of
Since
Since
Sight and Spinners'
Takings
14,927
June 10
1,627,158
1,167,987 14,198
Decrease.
Movement into sight in
previous years:
Bales
Week—
1934—June 15
Since Aug.
1—
131,138 1935
94,869 1934117,078 1933
1936—June 12
1935—June 14
—
-
— —
-------
Bales
13,124,871
8,875,783
12,430,208
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:
Closing Quotations for
Week
Middling Cotton on-
Ended
Salurday Monday
June 10
Tuesday
Wed'day Thursday
Friday
7.98
Galveston-
7.80
7.80
7.92
8.05
8.01
8.22
8.07
7.79
8.16
8.31
8.31
7.88
8.01
7.99
8.12
8.26
8.24
8.35
8.35
Savannah
8.21
8.05
8.07
7.79
8.05
Norfolk
8.30
8.15
8.15
8.20
Montgomery..
Augusta
Memphis—
8.15
8.00
8.00
8.0.5
8.20
8.20
8.36
8.19
8.20
8.28
8.41
8.39
8.20
New Orleans
..
Mobile
7.96
8.15
8.00
8.00
8.10
8.20
8.05
7.97
8.10
8.10
8.00
7.90
7.85
7.90
Little Rock
7.85
7.95
8.05
8.10
7.55
7.55
7.63
7.76
7.74
7.63
7.76
7.74
Dallas-..
7.71
7.54
Fort Worth
7.71
7.54
New Orleans Contract
2,168
----
San Antonio
Texarkana
309
5,126
Market—The closing quotations
145
'
Robstown..
9,638
5,595
— _
283,712
9,097 1,060,083
Inland, &c., from South
280
122
Brenham
65,791
209
4,610
Between interior towns
Houston
43
154
N.C.. Gr'boro
*
~184
204
5", 169
4,772
19,947
196,903
"
Yazoo
Mo., St,. Louis
10,551
13,149
52,153
19
1,533
323.481
156,512
5,348
9,619
218,532
166,977
3,866
5,661
Via Virginia points
Total gross overland
Deduct Shipments—
Aug. 1
3,798
3,200
195,511
126,131
3,972
6,075
Via Rock IslandVia Louisville
Week
Aug. 1
3,062
1,700
Via St. Louis
22,831
23
22,024
45
«
125,750
77,522
35,700
700
480
•
m.
897
Miss.. Clarksd
~
mm
21,198
58,797
___
-
46,886
156
Vicksburg..
m¥
100,176
147,354
73
18,025
-
14,021
17,657
5
30,492
16,902
29
Macon
Rome.
-
7,831
36,085
5,610
14,357
10,064
229
1,543
10
La., Shrevep't
Natchez
9,298
'
32,150
47,249
35,869
2,598
m mm
86
■
31,625
mm
60,451
54,557
«■»
Since
Since
Week
Via Mounds, &c
24,344
32,765
65
Helena
22,871
7,812
168,184
60,410
City
Forest
1936-37
1937-38
June 10—
Shipped—
Came into sight during
Total in sight June 10
121
1,419
55,371
66
Selma
Ark.,Blythev.
11
week and since
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
June
82,813
9,387
52,906
758
52,789
69,237
212
Montgom 'y
Stocks
Week
Season
Week
8,120
1,877
66,292
12,060
Eulaula
Receipts
Ship¬
ments
Ship¬
199,336
Overland Movement for the Week and Since Aug. 1—
Excess
ments
Receipts
27
152",200
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Total marketed.___
Towns
"27
"27
Since Aug. 1
Interior stocks in excess
Movement to June 11. 1937
Movement to June 10, 1938
Total
27
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Contr'ct
Spot
Total week-
*
week have been 88,000 bales.
The above figures for 1938 shows a decrease from last
week of 29,825 bales, a gain of 3,236,057 over 1937, an
increase of 2,579,163 bales over 1936,
and a gain of
3.137,293 bales over 1935.
Continental imports for past
Closed
Steady
Steady
Steady
Steady
Steady——
Barely steady- _
Via other routes, &c-__
2,455,000 2,098,000 1,941,000 1,836,000
6,005,575 3,126,518 3,940,412 3,487,282
&c
■
Steady, 3 pts. adV—
Quiet, 17 pts. dec—
Steady, unchangedSteady, 9 pts. adv__
Steady, 13 pts. adv_
Steady, 8 pts. adv—
Saturday
Monday
Tuesday
Wednesday.
Thursday
,
653,000
Market
Closed
__
,
SALES
Futures
Spot Market
—
as
totals of American and other descriptions are
Of the above,
American—
Stock in
1,535,175 1,474,432
1,517,933 1,244,820
11.030
31,304
8,460,575 5,224,518 5,881,412
—
Liverpool stock
-balesManchester stock
—
Bremen stock
Havre stock
Other Continental stock
American afloat for Europe
U.S.
1,253,406
1,030,520
16,592
—2,480,463
2,138,409
Stock in U. S. ports
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
The total sales of cotton on the spot
90,990
12
13,415
79,577
19,646 6015,414
54,072 1030,520
22.568 6556,449
2
market for
Friday
589
51,744 2138,409
leading contracts in the New Orleans cotton
the past week have been as follows:
for
June 10
June(1938)
July..
Includes the combined totals of 15 towns in Oklahoma.
August
have
September#
during the week 29,176 bales and are tonight
1,107,889 bales less than at the same period last year. The
receipts of all the towns have been 2,922 bales more than
December.
The
above
totals
show
that
the
interior
stocks
decreased
the
same
week last year.
October
_
*
November
Jan.(1939)
February
_
March
April
New York
The
Quotations for 32 Years
quotations for middling upland at New York on
been as follows:
June 10 for each of the past 32 years have
May...,,
Tone—
Spot
Options
Quiet.
_.
Steady
Dull
Steady
Volume
Officers
of
Election
change
New
as
President, Robert
Clayton B. Jones as
The Exchange's announcement had the follow¬
regarding the new officers:
Treasurer.
say
and
Vice-President,
as
Knell has been Vice-President of the Exchange
Mr.
andJNew
Cotton
York
June 6 elected Frank J. Knell
on
Murray
ing to
of
Exchanges—The New York Cotton Ex¬
Wool Top
York
J.
Financial
146
since the death of
Alpheus C. Beane in September of last year.
Prior to becoming VicePresident, he had been a member of the Board of Managers for eight years
and Secretary of the Exchange for four years.
He has served during the
last four years as Chairman of the Committee on Commissions'and has been
a member of other standing and special committees.
He became a member
of the Cotton Exchange in 1924.
Mr. Murray has been a member of the Board of Managers for the last
two years and Chairman of the Warehouse and Delivery Committee for
the
past
mittees
year.
of the
Chronicle
Telegraph—Reports to us by telegraph this
evening denote that the condition of cotton is generally
good in Texas.
Northwest Texas reports that some re¬
planting is yet to be done.
Rains in the eastern part of the
belt have been too
Rain
™
Election.
Top Exchange also elected its
officers on June 6.
Robert J. Murray, who is Vice-President
of the Cotton Exchange, was elected President; Joseph R.
Walker, First Vice-President; Max W. Stoehr, Second VicePresident, and Clayton B. Jones, Treasurer.
Mr. Murray succeeds Frank J. Knell in the presidency
and Mr. Stoehr succeeds H. Clyde Moore in the second
Vice-presidency. Mr. Walker has been First Vice-President
and Mr. Jones has been Treasurer during the past year.
The
New
York
Wool
June 6, six are new members
on
and five have served
70
82
2.86
98
62
80
2.32
96
77
dry
dry
66
81
94
74
84
92
3
74
83
4
0.73
94
64
79
3
2.02
96
62
79
Kerrviile
2
0.34
96
60
78
Lampasas
Luling
Nacogdoches..
2
1.08
98
64
81
1
0.84
2.56
98
64
81
90
64
0.27
4.37
92
70
92
77
81
78
2
—
Palestine
2
Paris
San Antonio
4
3
1
0.16
94
64
68
0.20
96
66
2
1.18
92
62
4
0.90
94
64
79
1
0.54
67
81
4
1.22
95
92
66
79
Little Rock
3
0.12
90
64
Pine
4
0.99
91
65
78
3
93
97
66
80
94
74
84
94
68
60
Taylor
Weatherford
Oklahoma—Okmhdma City
Arkansas—Eldorado
Fort
Smith—
Bluff
Louisiana—Alexandria
Amite
2
New Orleans
2
4.06
0.19
0.04
Shreveport
Mississippi—Meridian
Vicksburg
2
1.32
2
Alabama—Mobile
2
Birmingham
Montgomery
Florida—Jacksonville
2
0.28
0.48
1.54
0.10
0.12
0.94
2
1
2
81
81
77
77
59
78
90
66
81
76
78
90
71
80
90
60
75
94
66
80
92
68
92
80
Miami
4
1.24
86
68
77
Pensacola
2
0.47
88
72
80
3
0.62
0.66
94
68
81
88
60
74
92
62
94
62
74
78
91
71
Tampa
Georgia—Atlanta
3
Augusta
Macon
South Carolina—Charleston.-
0.34
0.52
0.96
2
1
2
Greenwood
93
62
81
78
94
62
78
70
1
0.80
0.26
0.20
86
54
Charlotte
1
0.92
90
56
73
Raleigh
Wilmington..
3
3
1,28
0.74
90
88
58
74
75
0.84
89
62
62
1.16
90
60
0.71
86
56
1
Columbia
North Carolina—Ashevilie
3
-
Of the 11 members of the Board of Governors who were
elected
94
Henrietta
who were
members and 10 have served during
the past year.
The new members are:
Bernard J. Conlin,
Tinney C. Figgatt, Benjamin R. Hay ward, Thomas F.
Russell Jr., and John H. Scatterty.
Those who have served
on
the Board during the past year are:
John C. Botts,
Eric Alliot, James Coker, Richard T. Harriss, William J.
Jung, Jerome Lewine, Charles S. Montgomery, Perry E.
Moore, Alvin L. Wachsman, and Phillip B. Weld.
Henry H.
Royce was relected as Trustee of the Gratuity Fund for a
period of three years.
D. Stanley Friedlander, James B.
Irwin, and James C. Royce were elected as Inspectors of
1.20
—-—ThermometerLow
Mean
High
Dallas
new
are
96
76
58
82
0.34
3
£
0.10
3
l
Brenham.
Brownsville
Corpus Christi-.-.
/
Inches
2
Amarillo
Austin
Abilene
Rainfall
Days
•
-
Texas—Galveston
In addition, he has serevd as a member of other com¬
Exchange.
He is in charge of the New York office of
Of the 15 members of the Board of Managers
frequent for best results and cultivation
delayed.
of cotton has been somewhat
Weil Brothers.
elected, five
3829
Returns by
-
Tennessee—Mempnis
Chattanooga.
2
2
Nashville
3
75
75
71
during the past year.
The new members are: E .Malcolm
Deacon, Norman E. Dupee, Lawrence P. Hills, Stanley H.
Lawton, Kenneth W. Marriner, and Amos Stevens.
Those
who served during the past year are Marshall Geer Jr.,
Frank J. Knell, Philip B. Weld, Arthur 0. Wellman, and
J. Victor di Zerega.
D. Stanley Friedlander, James B.
Irwin, and James C. Royce were elected as Inspectors 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:
Election.
Memphis
June 10
Loans
CCC
of
Aggregated
$234,858,524
on
5,377,044 Bales Through June 2—The Commodity Credit
Corporation announced
Loans" received
June 3 that "Advices of Cotton
on
by it through June 2, 1938, showed loans
disbursed by the Corporation and lending agencies of
$234,-
858,524.38 on 5,377,044 bales of cotton.
This includes loans
of $6,805,740.31 on 161,958 bales which have been paid
and the cotton released.
The loans average 8.39 cents
Bales
Stale—
—
Arkansas:.----——--.-..—.
California
—
Missouri
125,807
566,364
71,158
North
995
—
-
———-—-——
Louisiana
Mississippi
—
Member
of
i
—
—
———
—
New Mexico--
Oklahoma
Tennessee
120,607
84,672
;
—
Texas.
587,182
48,668
.
South Carolina
442,443
76,813
—
Carolina
293,653
Georgia——
Bales
State—
780,212
Alabama
Arizona.
253,527
279,598
Virginia
New
York
——————
1,635,710
9,635
Exchange—At a
Cotton
meeting of the Board of Managers of the New York Cotton
Exchange held
White
&
business,
member
on
June 9, Leslie Gordon White of L. Gordon
Los
Co.,
Angeles,
who
do
a
cotton exporting
elected to membership.
Mr. White is also
of the Los Angeles Cotton Exchange.
was
Death of George M. Shutt, Former
York Cotton
June 8 at
a
President of New
Exchange—George M. Shutt, former Presi¬
dent of the New York Cotton Exchange,
on
He
was
change
sorrow
at the death of Mr. Shutt, who was a member of the
Exchange for more than 42 years and an officer of the
Exchange for many years.
The resolutions adopted follow:
Whereas,
It has pleased Almighty God to call \to his eternal rest our
beloved fellow member, George M. Shutt, we, the Board of Managers of
with deep sorrow the loss of one
who for more than '2 years has been a member of this Exchange.
No man has stood higher in the counsels of the Exchange.
No man has
given of himself to the Exchange more generously.
No man has been
more appreciated for his sterling qualities of uprightness and courage than
has George M. Shutt.
He served the Exchange for two years as President, two years as VicePresident, was a member of the Board of Managers for 20 years, a Trustee
of the Gratuity Fund for 11 years, and in the past several years Assistant
Treasurer.
For many years he served on important standing and special
committees.
Always has he been quick to help, by word and by deed,
We mourn our loss.
That the Board of Managers tender to the bereaved
family deep sympathy in the loss that they have sustained; and be it
Be
Above zero of gauge-
26.2
17.2
of gauge-
11.7
11.4
9.4
7.8
33.6
18.8
World's
it Resolved,
further
That as a mark of respect to Mr. Shutt's memory, the flag
upon the New York Cotton Exchange Building be half staffed for a period
of 30 days; and be it further
Resolved,
That these resolutions be spread upon the minutes of this
Board of Managers.
Resolved,
zero
Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton
for the last two
also
for the week and since Aug. 1
from all
seasons
obtainable;
are
the
sources
takings
or
from which statistics
out of
amounts gone
sight for the like period:
Cotton
1936-37
1937-38
Takings,
Week and Season
Season
Week
Visible supply June 3
Visible supply Aug. 1
American in sight to June 10-
Other supply to June
Season
Week
5,431,341
8,490,400
4,339*.022
84,990 14,558,474
21,000 2,327,000
567,000
2,000
18,000 2,023,200
463,000
8,000
-
Bombay receipts to June 9—
Other India ship'ts to June 9Alexandria receipts to June 8-
8_* b—
8,624,390 24,277,696
Total supply
Deduct—
8,460,575
Visible supply June 10
Total takings to June 10 a—
Of which American
Of which other—
8,460,575
163,815 15,817,121
150,815 10,970,321
13,000 4,846,800
136",899
42,000
31,000
1,400
10,000
4,899", 258
14,049,302
2,943,000
1,074,000
1,855,200
524,000
5,652,640 25,344,760
5,224,518
5,224,518
428,122 20,120,242
251,722 14,014,042
176,400
6,106,200
Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
bales in 1937-38 and 6,135,000 bales in 1936-37—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 11,157,121 bales in 1937-38 and 13,985,242 bales in
1936-37 of which 6,310,321 bales and 7,879,042 bales American.
*
Embraces receipts in Europe from
a
This total embraces since Aug.
Southern mills, 4,660,000
6 Estimated.
Receipts
from
the
Plantations—The following table
indicates the actual movement each
tions.
The figures
week from the planta¬
do not include overland receipts
nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop
Week
which winally reaches the market through the outports.
Receiyls at Ports
Stocks at Interior Towns
Receipts from Plantations
End.
the New York Cotton Exchange, record
his fellow members.
1937
6.3
-Above zero of gaugeAbove zero of gauge-
died of heart disease
his home in New Rochelle, N. Y.
old.
The Board of Managers of the Cotton Ex¬
on June
9 adopted resolutions expressing their
74 years
12.7
zero
.Above
pound.
New
June 11
Feet
of gauge-
Above
ShreveportVicksburg
Figures showing the number of bales on which loans have
been made by States are given below:
Florida
1938
Feet
New Orleans
Nashville
Cotton
per
•
1938
1937
.
1936
1938
1937
1936
1938
1937
1936
Mar.
11.
92,663
18.
67.994
67,954
54.793
25.
47.032
61,190
44,595
59,427
38,439 2479,799 1744,860 2012,824
47,370 2460,874 1685,484 1967,167
48,797 2431,771 1622,611 1940,895
71.853
49,069
17,929
2,043
Nil
Nil
1,713
22,025
6,06
Apr.
Nil
Nil
8.
51,480
50,142
26,976
42,828
35.770 2397,991 1569.244 1902,472
35.607 2362,621 1503,310 1871,482
34,922 2338,818 1440,172 1833,913
10,815
16,110
15.
3,173
Nil
NU
22.
30,687
34.771 2322.171 1387.245 1814,475
20,044 2289,937 1322,016 1779,076
14,040
13,710
15,333
45,944
40,673
44,904
Nil
29.
Nil
24,610
16,918
17,042
14,112
40,825
31,296
28,231
25,457
39,157 2263,791 1255,379 1732,379
40,509 2237,238 1206.606 1693,071
45,482 2216,336 1162,626 1651,649
52,470 2194,843 1107,259 1594,234
Nil
3.
17.425
23,761
47,072 2167,585 1064,946 1554,313
Nil
10.
20,069
23,325
32,597 2138.409 1030,520 1517,933
Nil
1.
May
6.
13.
2027-
Nil
4,617
Nil
Nil
NU
Nil
Nil
Nil
Nil
1,20
4,060
Nil
Nil
June
Nil
Nil
Nil
7,151
Nil
The above statement shows:
(1) That the total receipts
from the plantations since Aug. 1, 1937, are 8,410,924 bales;
in 1936-37 were 6,216,627 bales and in 1935-36 were 6,998,758
(2) That, although the receipts at the outports the
bales.
Chronicle
Financial
3830
the actual movement from
nil bales, stock at interior towns having
past week were 20,069 bales,
plantations
was
decreased 29,176 bales during the week.
of India cotton at
India Cotton Movement from All
Porta—The receipts
Bombay and the shipments from all India
ports for the week
and for the
season
from Aug. 1
1936-37
1937-38
cabled,
as
1935-36
Since
Since
Week
Week
Aug. 1
Since
Week
Aug. 1
42.000 2,943,000
21,000 2,327.00(
Bombay-—
For the Week
Bales
.
GALVESTON—To Genoa—June 2—Ada "O," 819
819
To Liverpool—June 4—Aquarius, 1,924
1,924
To Manchester—June 4—Aquarius, 923
923
To Copenhagen—June 7—Kexholm, 721
721
To Gdynia—June 7—Kexholm, 1,823
1,823
To Gothenburg—June 7—Kexholm, 436
436
NEW ORLEANS—To Gdynia—June 2—Vigrid, 700
700
To Japan—June 3—Nor den, 100
100
To Liverpool—June 2—West Tacook, 1,343
1,343
To Manchester—-June 2—West Tacook, 675
—675
To Genoa—June 6—Ada O., 1,834
1,834
To Gothenburg—June 7—Gorm,
75__
75
To Guayaquil—June 4—Sixaola, 12
12
To San Felipe—June 8—Contessa, 25
25
To Sydney—June 8—Spreybank, 250
250
SAVANNAH—To Liverpool—June 8—Socarappa ,30
30
To Manchester—June 8—Socarappa, 125
125
LAKE CHARLES—To Ghent—June 7—Endicott, 151.:
151
To Havre—June 7—Endicott, 14
14
To Rotterdam—June 7—Endicott, 400
400
To Genoa—June 7—Crawford, 100
100
NORFOLK—To Hamburg—June 6—Waukegan, 55
June 10—
Vincent, 193
248
LOS ANGELES—To Liverpool——Drechtdijk, 337
337
To Havre——San Mateo, 200
200
To Dunkirk——San Mater, 100
100
To Bremen——Seattle, 1,083
1,083
MOBILE—To Manchester—May 29—Daytona, 100
100
To Trieste—June3—Maria, 21
21
CORPUS CHRISTI—To Dunkirk—June 2—Ostende, 261
261
To Havre—June 2—Ostende, 44
44
CHARLESTON—To Antwerp-rJune 1—Flour Spar, 1,035
1,035
To Rotterdam—June 1—Flour Spar, 199
199
SAN FRANCISCO—To England—88
88
To Belgium—50—
50
-
—
June 9
Receipts—
June 11, 1938
•
.
Aug. 1
56,000 2,794,000
Since Aug. I
Exports
-
Great
Conti¬
Japan Ac
Britain
nent
China
Conti¬
Jap'ndc
nent
China
Total
89,000
Great
from—
98,000
82,000
7,000
10,000
105,000
242,000 667,000 948,000
357,000 1401,000 1840,000
373,000 1198,000 1676,000
Britain
Total
Bombay—
10,000
10,000
1937-38-
9",000
1936-37-
3", 000
1936-36—
39,000
Other Indla-
1937-38..
1,000
2,000
194,000
373,000
567,000
•
1936-37-
17,000
14.000
31,000
436,000
638,000
1074.000
f
1935-36-.
1,000
30,000
31,000
336,000
562,000
898,000
615,000
667,000 1515,000
,
1,000
To
Japan—603
603
^
Total
34,284
Totai all—
1937-38..
1,000
11,000
1936-37-
26,000
1935-36..
1,000
14,000
33,000
233,000
12,000
89~000
129,000
518,000
995,000 1401,000 2914,000
7,000
41,000
441.000
935,000 1198,000 2574.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
21,000 bales.
Exports from all India ports record a decrease
of 117,000 bales during the week, and since Aug. 1 show a
decrease of
1,399,(XX) bales.
Alexandria
Shipments—We now re¬
cable of the movements of cotton at Alexan¬
ceive weekly a
The following
dria, Egypt.
for the
and
Receipts
Stand-
High
High
ard
.67c.
Trieste
d.45c.
.60c.
Piraeus
Fiume
d.45c.
.60c.
Salonica
.67c.
Barcelona
.52c.
.67c.
Japan
Shanghai
*
d.45c.
6.0c.
Bombay
Olso
.58c.
.73c.
Stockholm
.63c.
.78c.
Density
*
.67c.
Genoa
»
No quotations,
x
as
Standard
85c.
1.00
d.85c.
Venice
1.00
.85 c.
1.00
Copenhag'n.57c.
.72c.
Naples
d.45c.
.60c.
d.45c.
.60c.
.57c.
.72c.
.50c.
.65c.
Leghorn
Bremen
.52c.
.67c.
Gothenb'g
Hamburg
.52c.
.67c.
x
Only small lots,
d Direct steamer.
past week and for the corresponding week of the
previous two
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
years:
1937-38
Alexandria, Egypt,
1936-37
1935-36
May 20
June 8
Forward
Total stocks
Of which American
Receipts (centars)—
7,000
8,810,723
90,000
9,996,361
This week
Since Aug. 1-
4,000
8,199,438
This
Week
Exports (Bales)—
Since
Aug.
This
1
4,000 170,486
6,000 165,467
18,000 666,831
25,213
Week
Since
Aug.
This
Week
Total imports
Of which American
1
Since
12,000
Aug.
To Continent & India
To America
r Total exports
1
4,000 187,308
5,000 200,085
14,000 692,480
1,000 42,234
190,898
8",000 152,420
15,000 622,601
The tone of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
each
23,000 1001933
36,014
Note—A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended June 8
Spot
Quiet.
HOLI¬
Futures
HOLI¬
DAY.
Mld.Upl'dH
Quiet.
Quiet.
4.40d.
4.49d.
4.54d.
HOLI¬
j
Market
Barely stdy Steady, un¬ Steady, un¬
6 to
f
Market,
DAY
pts. changed to changed to
decline.
1 pt. dec.
2 pts. adv.
i
opened
9
Steady,
3 to
i
(
4
Very stdy.
Steady,
pts. 3 to 4 pts. 3 to 4 pts.
decline.
advance.
advance.
1937
Shirt¬
Cotton
Lbs.
8X
ings, Common
Middl'g
32s Cop
to Finest
Upl'ds
Twist
d.
d.
Twist
Friday
DAY.
Prices of futures at
Lbs.
Thursday
(
P. M.
8H
Wednesday
1
P. M.
4
32s Cop
Tuesday
(
12:15
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady on account of the holidays.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
Monday
Saturday
Market.
90,000 cantars and the foreign shipments 28,000 bales.
1938
111,000
33,000
.—
Of which American
28,000 1027997 24,000 1122107
To Liverpool—_
To Manchester, &c
May 27
June 3
June 10
48,000
50,000
20,000
1,203,000 1,173,000 1,169,000
797,000
776,000
769,000
51,000
28,000
17,000
21,000
3,000
14,000
94,000
88,000
94,000
16,000
21,000
26,000
36,000
1,197,000
794,000
39,000
;
Amount afloat.
.
ard
Rotterdam ,52c.
are
High
♦
Havre
Inc.,
Stand-
Density
New
from
cotton
.67c.
Density
.52c.
Manchester,52c.
Antwerp
.52c.
Liverpool
the receipts and shipments
are
Freights—Current rates for
Cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
Shirt¬
ings, Common
Cotton
Middl'g
Upl'ds
to Finest
June 4
d.
June 10
Liverpool for each day
Tues.
Mon.
Sat.
are
Wed.
given below:
Thurs.
Fri.
to
d.
s.
d.
8.
d
d.
a.
d.
s.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Mar.
New Contract
d.
d.
11— lOXOllX 10
@10
3
5.06
13^@15
10
18..
10H@11H 10
@10
3
5.10
14
@15H
10
4>4@10 7X
7^@10 10H
7.88
July (1938)
4.27
4.30
4.31
4.34
4.36
4.37
25..
10
@11K
10
@10
3
4.97
14
@15Ji
10
714 @10 1014
7.95
October
4.39
4.42
4.43
4.46
4.48
4.49
1—
9H@HH
9
9
@10
4.91
7.97
January (1939).. HOL
4.45
4.47
4.48
4.51
4.53
4.54
HO LI-
9H@im
9
9
@10
4.79
9
@11
7.87
March
4.49
4.51
4.52
4.54
4.56
4.58
DA
9
9
@10
4.89
14K@15K 10
14^@15H 10
14M@15J4 10
714 @10 1014
8-
9
@11
7.47
May..
4.52
4.54
4.55
4.57
4.59
4.61
9
9
@10
4.94
14H@15M
10
6
@10
7 49
July
4.80
14
10
6
@10
9
7.22
October
4.69
6
@10
9
7.45
7.94
d.
December
Apr.
1522„
9^@11H
29.
9«@10K
9
9
@10
9
6
@
9
6
@
9
4.77
14H@15X 10
14X@15X 10
@10
9
9
4^@
9
7M
4.68
14H@15H 10
6
@10
9
9
9
3
@
9
6
4.46
14
10
6
@10
9
@
9
3
4.43
14
@10
9
3
4.54
6
@10
8
7.06
_
_
4.49
d.
d.
4.52
Y
7.31
9
10
@15
13H@14 H 10
6
@
„
d.
7.36
3
_
d.
7.29
27-
4.45
w
HOL.
d.
d.
7.12
20—
9X@10X
9M@10^
9^@10^
@15
9
4.57
4.59
December
May
6—
13.
@10
9
9
9
@15
6
3-
8?4@ 9%
9
10..
m
9
Bales
HOUSTON—To
Hamburg—June 2—Oakwood, 261
June 8—
Gonzenheim, 357
;
2—Oakwood,
2,444
June
8—Gonzen¬
heim, 3,404
Oporto—June 2—Oakwood,212.
Japan—June 7—Taketoyo Maru, 1,095
Oourna—June2—Oakwood, 120
Malaga—June 2—Oakwood, 108
Gijon—June 2—Oakwood, 50
Abo—June 2—Oakwood, 100
1
Buena Ventura—May 20—Ruth Lykes, 90
_I
" II
Copenhagen—June 4—Toronto. 387; Kexholm, 332__
Oslo—June 4—Toronto, 50; Kexholm, 100
Gdynia—June 4—Toronto, 441; Kexholm, 1,089. .June 6
—Vigrid, 1,114
Gothenburg—June 4—Toronto, 207; Kexholm, 487
Ghent—June 8—Burgerdijk, 136
_
To
To
To
To
To
__
__
To
_
To
__
To
To
To
_
__
_
To Rotterdam—June
8—Bergerdijk, 33
To Enchede—June 8—Burgerdijk, 26
To Tallin—June 8—Burgerdijk, 42
To Reval—June 8—Burgerdijk, 3
To Liverpool—June 6—Aquarius, 1,787
To Manchester—June 6—Aquarius, 2,240
~
5,848
212
1,095
very strong grain
—
—
-
4.63
4.66
4.68
..
ideas
standard
on
20c.
higher.
Mills recently marked their
grades
bakery
In
responded promptly
market
market.
while advertised family
and
cerning the
ciable
108
15c.
per
barrel
brands, semolina and
rye
higher,
flour all
spite of the strength displayed
flour markets,
wheat
interest.
crops,
and pessimistic reports
in
local
Apparently
buyers
only
showed
no
con¬
appre¬
routine trade was being
worked.
50
100
Wheat—On the 4th inst. prices
90
719
150
higher.
ward
2,644
694
136
IIIIIUIII
II
IIIII
II
"
42
3
26
----- —
a
120
33
I
to
the wheat
11III
_
-
W
Friday Night, June 10, 1938
Flour—Flour prices in this
moved
_
_
4.64
—
618
To Bremen—June
To
4.62
__
'
BREADSTUFFS
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 34,284 bales.
The shipments in aetail, as made
up from mail and telegraphic reports, are as follows:
To
4.60
4.61
..
lune
;
d.
a.
1,787
2,240
was
spreading north¬
through the domestic wheat belt, combined with other
bullish factors, started a
2 cents
a
closed 13^c. to 2}^c. net
Indications that rust infection
a
bushel
farmer had exhibited
buying spurt that lifted wheat prices
A report from Norfolk, Neb., said
today.
a
sample of wheat headed
very
short
and covered with black rust. Other messages from Kansas
said wheat
was
not
City
filling satisfactorily in central Nebraska,
Volume
Financial
146
Black rust spores were
Another report from
Enid, Okla., said rust was developing rapidly south of there. *
Rust talk, coupled with advances in stocks and passage of
with heavy
detected
the
leaf rust in large
areas.
experimental stations.
at
buying
priming bill, gave the market enough
pump
support to extend wheat
from the recent five year
price recoveries to around 4 cents
lows. On the 6th inst. prices closed
conditions
for crops in areas where black rust has been a menace, had a
depressing effect on values, prices dropping 1 Mc. net lower.
The feeling prevailed that the price decline reflected better
Predictions of favorable weather
y2 to 7/ic. lower.
wheat in the South¬
chances that the bulk of domestic winter
would
west
Whether this outcome
ahead of rust.
mature
be known for
days.
Contributing to the dowmward impetus of
Chicago market was a decline of 5c. in premiums for
will
actually take place,
cannot
however,
about 10
the
Canadian and United States export
to have come to a
on
of
a
cent, largely
holiday
At first the Chicago market rose
As
owing to misgivings about black rust.
than countered later by
On the 7th inst. prices
bearish weather predictions.
1
business both appeared
halt, demand being restricted by a
European exchanges.
bullish influence, this was more
a
Temporarily,
delivery of wheat in Winnipeg.
immediate
closed
The market in the early trading was
and irregular.
Later, however, prices advanced
y2 to 234c. net higher.
feverish
sharply 234c.
bushel
a
on
the Chicago Board.
and
domestic Southwest
would likely be much higher than expected,
loan price
reports from numerous areas of the
crop
Assertions
widespread that the United States government wheat
were
indicated sensationally
quality.
tributed
disappointing yields as well as poor
Broad general buying of wheat futures was at¬
to mills, exporters and previous-speculative sellers.
Buying started when Chicago prices momentarily showed a
decline because of sharp downturns of the Liverpool market
on
immediate
of
lack
Chicago were prompt to act on rapidly
increasing reports of
black
that
word
rust
DAILY
CLOSING PRICES OP WHEAT
Sat. Mon.
-_
„
No. 2 red
DAILY
87%
CLOSING
PRICES
OF
Sat. Mon.
,
73
December
74 %
71%
Season's High and
July
September
When
December
Made
77%
On the 8th inst.
As a result of disappoint¬
ing rumors that the United States Government wheat loan
price would be lower than recently hoped for, the Chicago
prices closed 34c. to Mc. net lower.
market declined
a
cent today.
Elaborate reports about the
expected terms of the loan were insufficiently clear to allow
definite trade conclusions. As a result, buying of f utures here
was
restricted with the day's bottom
before
dealings
ended.
were
harvested domestic winter crop grain
cars
at
quotations reached just
Increased arrivals of newly
southwest, notably 120
Texas, served as an additional weight
Fort Worth,
of buyers who are awaiting
the government crop report due from Washington on Friday.
Late estimates that North American export business had
totaled 500,000 bushels, failed to overcome price losses here.
Adding to the subsequent downward trend of prices in
Chicago was an official estimate the Australian crop would be
6,500,000 bushels larger than preliminary figures. Further¬
more, output in France was officially the largest since 1934,
about 40,000,000 bushels larger than - that harvested last
values, and
so
too did hesitancy
Sat. Mon.
,
July
October.
December
79
prices closed 1%
to 2%c. up.
Sudden
soaring of wheat prices today, associated with sensational
reports of widespread domestic winter crop damage, shot
the market here upward 2%c. a bushel.
Buying became
general and was more than sufficient to take care of the
profit-taking that later developed.
Statements credited
to milling sources were current that 35,000,000 acres of the
American bread wheat crop have been seriously injured
9th
inst.
by three frost periods, and that the hard winter belt has
been especially ravaged.
Reports also from B. W. Snow
and other
prospects
crop
authorities indicated that recent auspicious
of bumper
successive
frosts
but were then
winter crop
a
yields were radically
occurred
regarded
as
in
changed.
late March and
The
early April,
beneficial because of giving the
seasonable transient setback.
Today's devel¬
opments apparently showed that the setback was irrepar¬
able, and had damaged 75% of the winter crop.
%c. off to %c. .up.
Late rallies in
wheat
prices today virtually overcame transient down¬
turns of about lc. a bushel.
Most traders were expecting
that today's government crop report, due after the close,
would indicate a comparatively large production of winter
wheat.
This expectation was based on belief that the
official estimates of yield would take into consideration
Today prices closed
of June 1, and would not include
developments since that date.
To a large extent, changes
only the crop prospects as
values
prepare
June
resulted
from
evening up
of accounts
so
as
to
for any surprise in the United States Government
report, due after the close.
North American
crop
Wed.
Fri.
74
75
77
74%
75%
77%
Made
When
May 31, 1938
May 31, 1938
May 31, 1938
WINNIPEG
Fri.
Thurs.
102%
82
80%
100% HOL.
78% HOL.
77
HOL.
101%
79%
77%
Corn—On the 4th inst.
prices closed %c. down to 34c.
light and prices declined fractionally.
There was very little in the news to influence prices one way
or the other.
On the 6th inst. prices closed %c. to ye. net
lower. Trading was relatively light, with a heavy undertone
prevailing during most of the session. Curtailment of export
demand was largely responsible for the heaviness that pre¬
vailed. On the 7th inst. prices closed 34c to 34c. net higher.
This was far from a full response to the sharp advance in
up.
,
Trading
was
-
wheat
of
heaviness
The relative
values.
corn
futures
was
reported largely due to lack of any appreciable export busi¬
ness, and rather liberal offerings at rural centers.
On the
8th inst. prices closed 24c. off to lc. up. Trading was rela¬
tively light, with prices moving irregularly. There was no
pick-up in the export demand, and this appears to be dis¬
couraging any aggressive buying.
On the 9tli inst. prices closed % to %c. advance.
With
the
attention
focused
appeared
for the time
in
corn
in
wheat.
values
on
were
wheat
markets, the
grains
other
These fractional
neglected.
gains
the pronounced strength
due largely to
Today prices closed unchanged to ^c. higher.
was relatively quiet, though steady.
Traders
This market
did not appear inclined to do much pending the government
crop
was
Open interest in
report to be issued after the close.
corn
42,284,000 bushels.
DAILY
OF CORN IN NEW YORK
CLOSING PRICES
Mon.
Sat.
No. 2yellow
— -
Thurs.
Wed.
Tues.
70%
71%
70%
71
Fri.
71%
71%
CHICAGO
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
July
57%
58%
56%
57%
56%
September
57%
56%
57%-
58%
57%
58%
December
56%
56%
56
56%
56%
56%
High and
July
66%
September
63%
December
56%
Oats—On
4th
the
inst.
and
Low
Season's
When Made
Sept. 30, 1937 July..
Mar. 26, 1938 neptemue.
June
9, 1938 December
53%
57%
When
Made
May 31, 1938
0^%
52%
prices closed
34c.
May
31, 1938
net
higher.
was light and without feature.
On the 6th inst.
prices closed %c. to 34 . net lower. Heaviness in this grain
was influenced largely by the lack of firmness in wheat and
corn.
On the 7th inst. prices closed 34c. to 24c. net higher.
Trading was light, with the undertone firm. On the 8th inst.
prices closed %c. to %c. down. The heaviness of wheat and
corn induced some selling of oats, with cons9quent declines.
Trading
On
prices closed
the 9th inst.
market
This
frac¬
Today prices closed %c. decline to 34c. advance.
little of interest in this market, business being
tionally.
There
%c. off to 34c. up.
extremely dull, with prices moving just
was
was
almost entirely routine.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO
Sat.
December..
Season's
Mon.
High and
July
September
32%
30%
Oct.
Jan.
December
28
June
4,
26%
and
26%
27%
When Made
25%
25
Apr.
5.1938
May 31,1938
26%
May 31, 1938
OATS FUTURES IN WINNIPEG
Mon.
Wed.
Tues.
Thurs.
Fri.
44%
35%
44% HOL.
44%
36%
43%
37
-
Fri.
27%
Low
Season's
44%
October-.--.
36% HOL.
----HOL,
36%
33%
33%
--
—
27%
19381December
—
December.-
26%
26%
2, 1937 [ July _ .
10, 1938(September
DAILY CLOSING PRICES OF
July
26%
-
I
When Made
Thurs.
26%
27
26%
26%
28
-
Wed.
Tues.
26%
27%
26%
July
September
Sat.
the
67%
68%
71
Tues.
100%
78%
77%
-103%
80%
year.
On
and
Low
CHICAGO
Thurs.
72%
73%
75%
DAILY CLOSING PRICES OF BONDED WHEAT IN
_
Season's
territory east of the Mississippi River.
of
Season's
Feb.
90%
90%
IN
Wed.
73
74%
75%
Fri.
Thurs.
88%
Tues.
71 u
72%
74%
Sept. 28, 1937 July.
9,1938 September
June
9,1938 December
105%
92 %
Wed.
88%
FUTURES
WHEAT
YORK
IN NEW
Tues.
86%
July..
September
spreading through soft wheat
was
Open
practically nil.
interest in wheat totaled 67,066,000 bushels.
together with
deterioration in the United States winter crop,
on
wheat export business overnight was
reopening after holidays abroad.
Liverpool tumbles were
of
It soon developed that
apparently based altogether on talk
European demand.
Purchasers in
3831
Chronicle
Rye—On the 4th inst. prices closed 24c. to 134c. higher.
of the rye market was influenced in. no small
measure by the pronounced firmness of wheat.
Some good
buying of rye futures was reported, with short covering
playing its part in the advance. On the 6th inst. prices
closed 34c. to 24c. net lower. With bearish crop and weather
reports and declining markets in other grains, rye followed
the general trend and values worked lower. On the 7th inst.
prices closed ye. to 24c. not higher. The firmness of rye
was
attributed largely to the bullish crop reports and of
course the sharp upward movement in wheat.
On the 8th
inst. prices closed 34c. to 24c- lower.
There was very little
of interest in this market, prices apparently being influenced
The strength
by the downward
trend of the other grains.
On the 9th inst. prices
This
closed 1% to 2c. net higher.
pronounced strength in rye was attributed largely to the
extremely bearish crop reports and the sharp upturn in
wheat
values.
Today prices closed unchanged to 34c.
higher.
Trading
was
light,
fluctuations extremely
with
narrow.
DAILY
CLOSING PRICES
OF RYE
Sat.
FUTURES IN CHICAGO
Mon.
Wed.
Tues.
Thurs.
'December.-.-
51
50
51%
50%
51%
50%
53%
51%
51%
51%
50%
July
September
52
51%
53%
Fri.
53%
52
53%
July
September
72%
69%
Feb.
Feb.
9, 1938 July
9, 1938 September
49%
48
June
June
Made
1,1938
1,1938
December
54
June
9, 1938 December
50%
June
2,1938
Season's
High and
When Made
Season's
Low
and
When
3832
Financial
DAILY
CLOSING PRICES
OF
RYE
Mem.
Sat.
July
FUTURES
53%
53%
52%
Chronicle
53%
53%
OF BARLEY FUTURES
1*
Sal. Mon. Tues.
57%
55%
55
50%
49%
48
48%
.
July
October.
December
—
Wed.
HOL.
54 %
48 % HOL.
49
Wheat
United States—
4.75
No. 2 yellow,
all rail
1#
No. 2 white....
38*4
71%
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
2,000
2,000
12~666
113,000
2,000
245,000
3,000
1,000
685,000
190,000
106,000
4,865,000
399,000
270,000
156,000
16,000
768,000
1,314,000
39,000
43,000
46,000
5,000
114,000
194,000
46,0(X)
4,000
12,000
826,000
531,000
44,000
3,000
6,000
40,000
866,000
168,000
7,000
108,000
6,000
7,151,000
9,068,000
1,181,000
447,000
410,000
179,000
262,000
1,257,000
92T666
209^666
1,425,000
188,000
4,906,000
11,000
202,000
302,000
2,002,000
968,000
449,000
940,000
2,000
160,000
139,000
152,000
1,734,000
3,964,000
— -
Chicago....
-
------ -
—
afloat-----------
On Lakes.--;
Oats, New York—
Corn, New York—
25,000
1,000
Peoria.--.---—------
Rye, No. 2 f.o.b. bond N. Y_. 71%
Barley, New York—
47% lbs.malting
56%
Chicago, cash
35-52
7,000
761,000
Kansas City
"
1,000
9,000
239,000
584,000
.
4.00
Fancy pearl,Nos.2.4&7.5.00@5.25
31,000
26,000
6,000
^
Indianapolis
GRAIN|
"2:655
96,000
New Orleans. J,
1.70
Coarse
13,000
292,000
Baltimore
St. LOUIS
Barley goods—
23~,000
51,000
76,000
Sioux City..-.
Corn flour
Wheat, New York—
No. 2red, c.i.f., domestic
90%
Manitoba No. 1, f.o.b. N. Y. 123 %
78,000
Omaha
_
30,000
afloat
St. Joseph
Rye flour patents
4.45
Seminola, bbl., Nos. 1-3..6.65
Oats good
2.30
5.05(8)5.50
4.30(^4.45
Barley
Bushels
669,000
Philadelphia
Hutchinson
Hard winter patents
Hard winter clears
Rye
Bushels
Wichita
FLOUR
Spring oats, high;protein_5.85@6.25
Spring patents
5.30@5.70
Clears, first spring
4.70%5.10
Soft winter straights
4.HKS4.50
Hard winter straights
4.85@5.30
Oats
Bushels
Forth Worth
follows:
were as
Corn
Bushels
27,000
New York
Galveston
HOL
--
Closing quotations
WINNIPEG
Thurs. Fri.
IN
1938
11
STOCKS
Bushels
Fri.
Thurs.
52% HOL.
52% HOL.
"
DAILY CLOSING PRICES
June
GRAIN
WINNIPEG
Wed.
Tires.
53
52%
-
October
IN
------
Milwaukee—-
_
-
-——
Minneapolis-----------
3,798,000
Duluth
2,361,000
255,000
2,800,000
130,000
3,327,000
4,087,000
5,000
545,000
--
471,000
63,000
27,919,000 23,990,000
8,843,000
9,143,000
4,577,000
Detroit
__
—
-
.
Buffalo
-
.
-
— -
-—-
-
On Canal
Total June 4, 1938...
30,237,000 25,460,000
Total May 28, 1938
Total June
12,696,000
5, 1937
grain
Note—Bonded
2,000
not
4,041,000
included
1,782,000
4,329,000
1,876,000
4,972,000
above: Oafs—On
total, 340,000 bushels, against 258,000 bushels in 1937.
Lakes, 340,000 bushels;
Barley—On Lakes, 434,000;
434,000 bushels, against 1,174,000 bushels in 1937.
Wheat—-New York,
137,000 bushels; New York afloat, 100,000; Buffalo, 186,000; on Lakes, 3,246,000;
Erie, 258,000; total, 3,927,000 bushels, against 9,696,000 bushels in 1937.
total,
Wheal
Wheat
Flour
Receipts at—
bbls. 196 lbs
Chicago
bush 60 lbs
228,000
--
-
bush 56 lbs bush 48 lbs
6,000
219,000
Total June 4, 1938.--
25,675,000
41,000
60,000
218,000
6,000
6,000
201,000
94,000
285,000
73,000
1,000
75,000
Total June
142,000
2,000
122,000
80,000
36,000
49:666
American-
19,000
541,000
543,000
161,000
36,000
15,000
133,000
78,000
23,000
47,000
32,000
6,000
Joseph.
Wichita
16:666
49,000
3,961,000
1,118,000
5,586,000
30,097,000
4,869,000
1,115,000
6,165,000
5, 1937
41,010,000
4,292,000
568,000
3,480,000
8,843,000
1,734,000
1,118,000
3,964,000
27,919,000 23,990,000
Canadian.-.---.-—— 25,675,000
-
Total June 4, 1938---
Total May 28, 1938——
939,000
"1:666
231,000
168:660
2,000
Tot. wk. '38
400,000
135,000
1,270,000
305,000
3,144,000
2,465,000
1,009,000
Same wk '37
3,013,000
903,000
Same wk '36
406,000
5.767,000
6,617,000
2,226,000
189,000
980,000
2,086,000
7,114,000
609,000
5,1937
shipment of wheat and corn, as furnished by
Exchange, for the week
ended June 3, and since July 1, 1937, and July 1, 1936, are
shown in the following:
Week
Exports
June
bbis 196 lbs
bush 60 lbs
Oats
bush 56 lbs
York.
91,000
Philadelphia
23,000
103,000
3,000
Baltimore..
12,000
3,000
Rye
Barley
bush 56 lbs bush 48 lbs
"6:666
3,000
24,000
18,000
9,000
27:606
78:600
387,000
2,064,000
2,985,000
St. John, W
95:666
474:660
1,105:666
579:666
llLOOO
74:660
1,576:666
351:666
118:666
218,000
2,851,000
6,281,000
147,000
706,000
1,465,000
6,029,000
38,974,000
37,845,000
1,805,000
1,563,000
6,343,000
Same Jan. 1
Week 1937.
237,000
1,799,000
801,000
260,000
144,000
25,000
6,103,000
22,977,000
16,609,000
1,844,000
1,736,000
340,000
Since Jan. 1
1937
*
..
Corn
made
10,000
"2:660
Rivers
1938
July 1,
1938
1937
1936
Bushels
Bushels
Bushels
Bushels
Bushels
3,882,000 173,211,000 178,713,000
336,000 77,596,000 63,328,000
1,425,000 61,731,000 159,998,000
2,022,000 114,919,000 96,904,000
576,000
13,864,000
9,472,000
232,000
Loans
on
5,310,000
75,874,000
7,000
720,000
9,607,000
26,421,000
2,838,000 185,144,000 373,891,000
30,216,000
925,000
76,757,000
18,982,000
9,793,000 347,382,000 419,301,000
CCC Through June 2 Aggregated
43,282,743 Bushels—Announcement was
of
June 3
by the Commodity Credit Corporation that
by it through June 2,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 43,282,743 bushels of corn.
Such
loans aggregated $20,971,490.36, based on a loan rate of
50 cents per bushel, of 23^ cubic feet of ear corn
testing
up to
143^% moisture; the average amount loaned per
on
"Advices of Corn Loans" received
bushel determined in this
Receipts do not include grain passing through New Or.eans for foreign ports
through bills of lading.
manner
thus far has been 0.4845
cents.
The exports from the several seaboard ports for the week
on
23,930,000
8,473,000 465,251,000 538,631,000
$20,971,490
"4:606
Quebec
Tot. wk. '38
.
India
June 3,
1936
Other
Total.
28,000
Halifax
Since
July 1,
July 1,
1937
countries
14:606
170,000
16:660
Boston
Since
5,000
47:660
_
._
Week
July 1,
15,000
96,000
411,000
Galveston.
Argentina.
Australia
bush 32 lbs
484,000
53,000
Sorel
Thr.
Black Sea.
Corn
Since
Bushels
No. Amer.
Wheat
3,
Corn
Since
1938
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, June 4, 1938, follow:
Flour
5,586,000
2,852,000
2,550,000
2,897,000 10,494,000
2,444,000
8,452,000
Broomhall to the New York Produce
Wheat
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
16,404,000 304,094,000 169,862,000 124,229,000 24,180,000 88,401,000
Montreal
3,961,000
53,594,000 23,990,000 12,804,000
60,334,000 25,460,000 14,012,000
53,706,000
4,041,000
8,869,000
The world's
Since Aug. 1
New Orl'ns*
3,484,000
20,000
"LOGO
1,066,000
Buffalo
New
1,220,000
188,000
Total May 28, 1938
Total June
4,000
Receipts at—
882,000
870,000
Summary—
199,000
City.
1936
60,000
291,000
179,000
35,000
1935
Bushels
9,465,000
102,000
Omaha
1937
Barley
Bushels
8,246,000
15,000
City
Rye
Bushels
Other Can. & other elev.
414,000
108:000
Peoria.
Oats
Bushels
7,964,000
407,000
658,000
2,896,000
515,000
woo
Louis..
Corn
Bushels
Canadian—
Lake, bay, river & seabd.
It. William & Ft. Arthur
474,000
264,000
Indianapolis
Slous
bush 32 lbs
Barley
129,000
lLOOO
Toledo
St.
Rye
3,477,000
449,000
Duluth
Kansas
Oats
bush 56 lbs
290,000
Minneapolis
Milwaukee.
St.
Corn
have been made
ended
Saturday, June 4, 1938,
annexed
shown in the
are
statement:
Figures showing the number of bushels
by States are given below:
Slate—
Bushels
Colorado
2,327
Illinois
Iowa..
7,413,691
1,026,336
25,102,427
Kansas
25,377
Indiana
Exports from—
Wheat
Corn
Bushels
New York
Bushels
33,000
Houston.
Flour
Oats
Barrels
227,000
Bushels
Barley
Rye
Bushels
Bushels
49,265
Baltimore
"i:666
411:666
Sorel
Quebec
llLOOO
579,000
New Orleans
127,000
87,000
8,000
Galveston.
647,000
2,985:666
47:660
Montreal
2,064,000
28,000
St. John, West
74:660 1.576:666
Total week 1938.
3,520,000 5,859,000
2,121,000
_
Same week 1937
474:666 l,l"05,666
"2:660
35l".666
118:660
107,265
105,000
159,000
78,675
592,000 1,456,000
45,000
177,000
The destination of these exports for the week and since
July 1, 1937, is
below:
as
Flour
Wheat
Corn
Week
Since
Week
Since
July 1
June 4
July 1
June 4
July 1
1937
1938
1937
1938
1937
Barrels
Kingdom
Week
1938
United
Since
June 4
July 1 to—
Barrels
Bushels
Bushels
Bushels
Bushels
44,675
2,204,981
1,855,000
Continent
66,690,000 3,904,000 40,082,000
18,875
502.087
1,650,000
So. & Cent. Amer.
13,500
586,500
14.000
West Indies
51,623,000 1,955,000 36,000,000
172,000
1,210,000
23,500
1,373,000
1,000
.
Brit. No. Am. Col.
2,000
4,715
251,768
68,000
5,000
1,000
2,109:666
12,000
27,000
Other countries-..
Total 1938
The
107,265
4,945,336
78,675
Total 1937
5,083,695
visible
3,520,000 121,700,000 5,859,000 76,272,000
2,121,000 110,908,000
7,000'
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 4, were as follows:
1,399,401
Nebraska
3,398,198
96,112
Ohio
South
Dakota
1,185,753
Wisconsin
4,203
3,628,918
At the beginning of the week abnormally cool weather, holding over
from last week, prevailed over the Atlantic area, especially in the North¬
eastern States where some first-order stations reported minimum temper¬
the freezing point.
Considerable frost occurred from New
England southward to the middle Appalachian Mountain sections. There¬
after, there was a rapid warming up in Eastern States, and, as the week
progressed, higher temperatures prevailed quite generally over the country,
with unusual warmth in most western sections.
During the first half of
the week precipitation was rather
frequent from the Central Valleys east¬
ward, but thereafter fair weather was the general rule, although local areas
had more
or less rainfall.
For the week, as a whole, the temperature
averaged considerably below
Pennsylvania southward to northern Alabama
the minus departures ranging mostly from
3 degrees to 5 degrees.
In the Central Valleys near-normal warmth pre¬
vailed, through rather generally, temperatures averaged somewhat above
normal.
From the Rocky Mountains westward unusually high tempera¬
tures were experienced, with
previous records for the season broken in parts
of the Southwest.
It was especially warm in the Great Basin of the West
and the interior of the Pacific States, where the average temperature for
the week ranged
mostly from 8 degrees to as much as 13 degrees above
normal from New Jersey and
and central Georgia, with
Exports for Week
and Since
Bushels
Missouri
atures around
Halifax
Three Rivers
"16:666
95:666
which loans
Weather Report for the Week Ended June 8—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 8, follows:
420,000
16,000
Philadelphia
Minnesota-
State—
on
normal.
Precipitation
was
widespread, although mostly light to moderate,
over
the eastern half of the country some sections had heavy to excessive falls.
The greatest amounts were
reported in the extreme Southeast, principally
in the State of Florida, where the weekly totals in most places
ranged
from 2 to more than 4 inches.
There were some heavy, local rains in the
south-central Mississippi and lower Missouri Valleys, with amounts locally
ranging up to nearly 4 inches.
In the western Great Plains rainfall was
light to moderate, and generally west of the Rocky Mountains the week
was
rainless.
While a few areas remain unfavorably dry, moderate warmth to abnor¬
mally high temperatures, in conjunction with mostly adequate soil mois¬
ture, made a good growing week in much the greater portion of the country.
At the beginning of the week the nights were too cool for warm-weather
Volume
Financial
146
in the more eastern States and there was some frost damage
vegetation in many localities from New England southward to
crops
to tender
northern
West Virginia, but thereafter the reaction to warmer weather was favor¬
able in this area, as well as in the central and western portions of the country.
In the Southeast, especially Florida, heavy rains continued and vegetation
improved rapidly while citrus fruits continue to drop, there is much
new growth and some June bloom.
►» In the Central Valleys rainfall was mostly light to only moderate, but
there is still considerable complaint of wet fields delaying farming opera¬
tions. especially in Indiana and Missouri.
In other valley States con¬
siderable work was accomplished, although fields planted to row crops have
become weedy in many places.
In the Great Plains the general condition
continues unusually satisfactory.
However, in northern sections the topsoil is becoming somewhat dry and rain is needed to maintain the good
growing conditions that have prevailed to the present time.
Severe drought continues in the Southwest, especially New Mexico ana
Arizona where conditions are becoming serious.
Few dry-land crops have
been planted in these States and ranges have become very dry. with stock
water shortage serious in places and some livestock being moved.
Kain
is needed also in the north Pacific area, while abnormally high temperatures
have caused rapid evaporation quite generally west of the Rocky Mountains
has
.
especially the eastern
However, in general, except the Southwest, conditions con¬
unusually favorable over the western half of the country, some States
where rain would
now
reporting the best in many years.
Small Grains—The weather during the week was
small grains, although in some
rank with consequent lodging.
generally favorable to
central-valley sections growth has
been too
Harvesting winter wheat has begun northward to extreme southeastern
Kansas, while the crop is ready to harvest in southern Kentucky,
in
Texas harvest and threshing have advanced well to the northwestern part,
with the crop heading generally in the Panhandle.
Favorble weather ror
maturing was noted in Kansas, with condition now fair to very g°oa:
although damage is showing from late-spring frosts, leaf rust, and wet
weather harvest is expected to be general in the eastern two-thirds or tms
State in bout two weeks.
.
Progress and condition of wheat ranged from fair to excellent in the unio
Valley, with the crop filling well in most portions.
In theNorthwest,
winter wheat is in good to excellent condition and is largely headed in
Washington.
.
Spring wheat made good advance in the northern Great Plains, althougn
rank growth was noted in some sections.
In South Dakota the crop ranges
from 15 inches tall to knee-high.
Spring oats are ripening northward to
Tennessee, while they are heading to Maryland and southern Illinois.
Harvest of this crop is advancing in the Southeast, although delayed locally
by rain. Other small grains are in generally satisfactory condition, witn nax
seeding making good advance in northern sections and some early up to
good stands in North Dakota.
Corn—Corn planting has been about
completed rather generally,
although
unplanted in a few States, especially Indiana ana
persisted too wet for field work in most places.
In Illinois about 90% of the crop has been put in with some three-fourths
up.
In the Plains States corn is making generally good progress, althougn
in southern sections there is considerable complaint of weedy fields because
of lack of cultivation, while cutworms are troublesome in some parts.
there is considerble still
Missouri where the soil has
J* In Minnesota the work was planted about duringdays week, with
Iowa much field crop
accomplished eight the late on the
n
was
average,
planting
nearly completed, except for a small acreage for silage and where local
conditions made replanting necessary much corn has been cultivated once,
generally, and considerable twice in the western and southern portions oi
this State, with some fields nearly a foot high.
»
In
Cotton—In general the weather was rather favorable for cotton.
the eastern belt temperatures averaged considerably below normal, Dut
they were above normal from the Mississippi Valley westward.
Kainiau
was rather heavy in much of the east and locally in western districts, but
moderate. In reports ror
of weevil in a good many
in most sections the weekly totals were light to
the week, mention was made of the appearance
parts of the belt.
,
.
..
,
„
In Texas progress of cotton was generally good, with cultivation advanc¬
ing, although some planting and considerable replanting are yet to be done
in northwestern areas there is some picking in the south with the first baie
marketed from Starr County on May 31.
In Oklahoma there was still too
much rain in the east, but planting is nearing completion and progress or
early cotton is fair to good.
...
,
In the central States of the belt the week was rather favorable, althougn
,
^
other
first part of the week, but warmer weather thereafter was
and progress was noted.
Squares are general in the southern
with plants blooming in some southern counties, while
tne
more favorable
half of Georgia,
the late crop is
stands in northern South Carolina.
In Isorth Carolina,
wet weather, progress in general was poor to only lair until
There is considerable complaint in this State of grassy
showing better
because of cool,
the latter part.
fields, with fair weather needed.
Bureau furnished the
Weather
following resume of
conditions in the different States:
Temperatures and precipitation near normal.
and some fields being replanted.
Corn good
fields cultivated.
Wheat and oats goodSouthwestern tobacco transplanted
transplanting elsewhere finished and
worked out once.
Meadows rather short.
Planting peanuts completed.
Virginia—Richmond:
Cotton stands good to poor
late
planting
Eastern
truck
delayed
some
delayed.
Rainy and cool first part, followed by fair
of week.
Harvesting wheat, potatoes and peaches
and cultivating corn, tobacco and other crops at close of week, with fair
weather needed for continuing this work.
Progress of cotton poor to fair
too cool and wet and fields becoming grassy.
North
and
Carolina—Raleigh:
warmer
latter part
Carolina—Columbia: Mostly wet and cool to 4th, then fair and
Favorable for general crop growth, but some damage locally
Pastures, gardens and truck improved.
Favorable
for sweet potato transplanting.
Early corn tasseling in central.
Wheat
and oat harvests further delayed in north.
Stands of late cotton in north
South
warmer.
from excessive rains.
improved, elsewhere squares
forming
progress
good last few days.
Recent heavy rains somewhat unfavorable for cul¬
favorable for good growth of all vegeta¬
tion.
Cotton squaring generally in south and blooming in many southern
counties weather somewhat favorable for,weevil activity.
Very favorable
for transplanting sweet potatoes
this crop late account recent drought,
Georgia—Atlanta:
tivation of corn and cotton, but
but
now
making satisfactory progress.
Heavy rains and moderate temperatures.
Con
of cotton fairly good squares forming and blooming
Florida—Jacksonville:
dition and progress
beginning in central.
Early corn good and maturing late poor.
Sweet
potatoes good.
Tobacco being gathered and cured.
Truck improved
season about over in south.
Citrus much improved some dropping, but
,
June bloom.
warmth and rainfall in most sec¬
Cultivation and chopping
of cotton good progress crop rather late and poor stands in some locali¬
ties, especially in north.
Corn good.
Oats mostly harvested good crop.
Vegetables fair to good, but need rain in some sections.
Pastures good.
Louisiana—New Orleans: Only scattered light showers all crops except
cotton need rain.
Progress of cotton good and condition generally good,
though some poor locally because of lice chopping about completed and
some squaring in south.
Corn, rice, cane, sweet potatoes and truck gen¬
erally good, but some local damage to com from borer.
Setting sweet
potatoes hindered locally by dry soil.
Texas—Houston:
Temperatures averaged somewhat above normal.
Moderate to locally heavy rains, but dryness continued in south.
Con¬
ditions favored insect activity in north-central.
Progress and condition
of winter wheat good to excellent during week and harvesting and thresh¬
ing advanced well to northwest heading now general in Panhandle.
Harvesting oats and minor grains made good advance.
Corn mostly fair
to good condition.
Cotton generally good cultivation well advanced
some planting and considerable replanting yet to be done in northwest
squaring and blooming in south and some picking first bale from Starr
County marketed May 31.
Truck, ranges and cattle generally good.
Oklahoma—Oklahoma City: Moderate temperatures and rainfall, ex¬
cept heavy showers in northeast, extreme north-central and small areas
of west
Mostly favorable for farm work, except too wet in some eastern
localities
Cotton planting mostly good advance and this work nearing
completion progress of early planted fair to good and chopping fair advance.
much new
growth starting and some
Alabama—Montgomery:
tions first of week
good.
Oats
ripening and
begun, but not general
spotted, ranging from rather poor to very
harvesting done.
Winter wheat harvest
combing started condition fair to very good.
corn
some
some
Grasshoppers increasing and some damage.
Arkansas—Little Rock: Progress of cotton
fair to 4th, due to cool¬
but very good remainder of week.
Soil too. wet for cultivation in
north, but too dry in southeast for growth of late cotton con¬
ness,
west
and
dition
of crop
fair to very good, but many fields very grassy and some
chopping fair advance and squaring plentifully in south.
fair to excellent
condition fair to very good, but needs
cultivation in many localities.
Very favorable for all other crops.
Tennessee—Nashville: Warm, with favorable showers.
Condition and
stands
poor
Progress of
corn
progress of corn very good but irregular ground
second time.
Condition and progress of cotton
wet but some cultivated
fairly good.
Condition
cutting will go for¬
Spring oats ripening hay good.
Tobacco starting
and being cultivated.
Potatoes good sweet potatoes starting.
and progress of winter wheat
ward as ground dries.
to grow
excellent, but
a
little rust
THE DRY GOODS TRADE
r
v
Moderate
scattered showers last part.
New York, Friday Night, June 10, 1938.
While the advent of real summer weather served to stimu¬
late retail trade to
extent, the dollar volume of sales
materially below last year's correspond¬
ing period, although in evaluating this year's figures account
should be taken of the fact that prices now average substan¬
tially below last year.
Summer apparel lines, of course,
profited mostly from the improved demand, whereas home
furnishings continued neglected.
Department store sales
for the week ended May 28, according to the Federal Reserve
Board, declined 19%.
For New York and Brooklyn stores,
the Federal Reserve Bank of New York reported a decrease
of 18.7%, while in Newark the decline.reached 24.1 %.
For
the entire month of May a decrease in sales averaging 17%
was
shown.
Relatively least unfavorable results were
established in the Dallas district, with a decline of 5%,
whereas in the Philadelphia district the maximum decrease,
of 27%, was registered.
In the New York area the loss in
sales amounted to 15%.
Trading in the wholesale dry goods markets continued
spotty.
While some additional orders for fill-in and pro¬
motional merchandise were received, their total remained
restricted, reflecting the low degree of retail activities.
Pending the inventory period at the end of the current month,
no real
upturn in sales is anticipated, although hopes are
expressed that a seasonal pickup in business will be witnessed
during the first half of next month.
Business in silk goods
expanded moderately as scattered orders on piece goods for
promotional purposes came into the market.
Trading in
rayon yarns turned a trifle more active with weavers showing
increased interest in offerings.
While total takings of yarns
continued to range far below last year, the statistical posi¬
tion was believed to be headed for a mild improvement,
partly in view of the fact that labor troubles in one of the
major viscose plants are likely to result in a further reduction
some
continued to range
of output.
,,
it is too wet locally in the north and rain would be beneficial in some
sections.
In the east temperatures were too low for good results during
The
3833
Progress and condition of
be beneficial in some sections,
Great Basin.
tinue
Chronicle
Domestic
Cotton Goods—Trading in the gray cloths
early during the period under review, remained
very quiet as the resumption of operations by a number of
mills induced new caution on the part of users.
The low
prices revealed at the opening of bids on the purchases of
Government relief agencies also served to depress sentiment.
Later in the week a mild revival in activities developed,
markets
partly under the influence of a firmer tone in the raw cotton
market, where, in line with other commodities, a mild re¬
currence of inflation psychology appeared to be taking root,
and also in response to reports about a somewhat improved
movement of finished goods.
Predictions were heard that,
with a continued better trend in the raw cotton market, an
early revival in the demand for gray cloths may be antici¬
pated, inasmuch as converters as well as bag manufacturers
none too well supplied with goods.
Business
goods remained inactive, and sales of lawns were
confined to small fill-in lots.
Towards the end of the week
said to be
are
in
fine
considerable interest
interest
cloths
was
were
developed in fancy OsnabUrgs, and more
Closing prices in print
6c.; 39-inch 72-76's,
also shown in dimities.
as
follows: 39-inch 80's,
5%c.; 39-inch 68-72's, 4% to 4%c.; 38K-inch 64-60's,
to 4 3-16c. 383^-inch 60-48's, 3^c.
Woolen
Goods—Trading in men's
wear
4Ls
fabrics experi¬
mild improvement as clothing manufacturers placed
moderate-sized re-orders on fall suitings, and the advent of
enced
a
summer temperatures resulted in an accelerated demand
light materials on quick deliveries.
A number of mills
were able
to increase operations somewhat, although the
real
for
majority of producers held to their previous'drastic curtail¬
ment schedules.
Reports from retail clothing centers im¬
proved perceptibly as the warmer weather
sumer
interest.
Business in
stimulated
women's wear goods
con¬
turned
being booked on
tweeds and different classes of dress
materials.
The somewhat better flow of goods in distribu¬
tive channels proved an important factor in stimulating
fairly
active,
with
substantial orders
boucles as well as on
buying activities on the part of garment
manufacturers.
Foreign Dry Goods—Trading in linens continued
with orders restricted to occasional small lots, both in
dull
the
goods and household divisions.
While reports from
foreign primary centers again stressed the retarding influ¬
ence
of the pending Anglo-American tariff negotiations,
slightly better inquiries were said to have come into the mar¬
ket, although the price structure continued depressed.
Busi¬
ness in burlap remained
negligible, with transactions con¬
fined to scattered fill-in lots for spot delivery.
Domesti¬
cally lightweights were quoted at 3.35c., heavies at 4.65c.
dress
I
June 11,
Chronicle
Financial
3834
1938
Y., various purposes bonds were sold to an ac¬
11,665,000 Yonkers, N.
headed by the Chase National Bank of New York on its
for $425,000 3Ms, due serially from 1939 to
1958, and $1,240,000 4s, due from 1939 to 1948, incl., a net
interest cost of about 3.876%.
The banking group reoffered
the 4s to yield from 2.25% to 3.80%, according to maturity,
and the 3Ms on a basis of from 2.25% to 3.90%.
count
of 100.119
bid
Specialists in
Illinois & Missouri Bonds
J., emergency relief bonds were sold to Colyer,
1,596,000 Newark, N.
Inc., of Newark, as 4s at 100.61, a basis of
The bonds are due from 1939 to 1946, incl.,
placed privately by the bankers.
'
Robinson & Co.,
about 3.85%.
and were
School District, Pa., 2M% bonds, due from
1,500,000 Pittsburgh
1939 to 1963, inch, were taken by Phelps, Fenn & Co. of New
STIFEL, NICOLAUS &. CO., Inc.
106 W. Adams St.
WIRE
MUNICIPAL
BOND
They
mature yearly from 1939 to 1963, incl., and were offered on a
yield basis of from 0.40% to a price of par, according to ma¬
turity.
314 N. Broadway
6IRECT
CHICAGO
York and associates at 1-00.83, a basis of about 2.18%.
ST.
LOUIS
1,498,000 South Dakota (State of) rural credit refunding bonds, due
June 15, 1948, were awarded to the Wells-Dickey Co. of Min¬
neapolis and associates as 3 Ms at 100.37, a basis of about
3.21%.
Reoffered to yield 3.046%.
This award followed
cancellation by the State of an earlier private sale of an issue
SALES IN MAY
of $998,000.
Long-term financing by States and municipalities during
the month of May involved the disposal of issues in the
aggregate principal amount
is almost twice the volume
of $91,137,700.
1,000,000 West Virginia (State of)
road bonds, maturing annually
from 1939 to 1963, incl., were awarded to a group headed by
Young, Moore & Co. of Charleston as 2s and 2Ms at a price of
100.01, a net interest cost of about 2.23%.
While the total
placed in the earlier month, when
In the following we
only $50,031,658, the bulk of the larger out¬
accounted for by the City of New York, which
the figure was
put was
brought out an issue'of $50,000,000.
The appearance of
this borrower in the capital market significantly testified to
the strong character of the tax-exempt market in the recent
month, as the city had previously floated, in early March, a
loan of $43,000,000.
In fact, the city is believed to have
anticipated its new capital requirements in order to take
advantage of the excellent conditions which prevailed
throughout the recent month for municipals.
Moreover,
the marked success which featured the underwriting of the
of borrowings of $8,612,200 by the State of
Louisiana, $5,000,000 by Allegheny County, Pa., and $2,500,000 by the State of New Mexico.
Then, too, sales al¬
ready scheduled for the coming week comprise $6,000,000
by Philadelphia School District, Pa.; $5,000,000 by the City
of Philadelphia; $2,468,000 by the State of Tennessee and
$2,500,000 by Buffalo, N. Y.
The grand total of municipal financing negotiated during '
appearance
the first five months of 1938 reached $363,259,067, as com¬
pared with $444,755,296 in the same period
last
year.
The
figure was augmented to the large degree due to the
disposal in the month of January of no less than $207,228,381
bonds.
Comparative figures for the initial five months in
previous years are $505,848,680 in 1936, $535,274,577 in
1935, $404,443,913 in 1934, only $123,025,591 in 1933, ami
$439,675,147 in 1932.
A record of output during the fivemonth period of each year since 1893 appears further on in
this discussion.
In speaking of the strikingly favorable
market conditions currently prevailing, it is to be noted that
much of the improvement has been due to the creation of
extreme ease in the money and credit market by the Federal
Government.
This was brought about in mid-April when a
reduction
in reserve
requirements, coupled with other
manoeuvers
calculated to greatly increase the available
supply of credit, were made effective by the Federal Govern¬
ment.
It might be pertinent to observe that the directly
opposite policy adopted by the Administration at the close
of January, 1937, contributed much to the unfavorable status
of the market for municipals, also other fixed-income se¬
curities, throughout most of last year.
The issues of $1,000,000 or more placed on the market
during the past month were:
1937
$50,000,000 New York, N. Y., obligations, comprising $40,000X00 serial
issues due annually from 1939 to 1978, inch, and $10,000,000
40-year corporate stock, were awarded to the National CityBank of New York and associates at a price of 100.50 for the
serial liens as 3Ms and the term loan as 3s, the net
interset
cost to the city being 3.1309%.
In reoffering the $40,000,000
bonds the bankers priced the maturities 'from 1939 to 1959,
inch, to yield from 0.60% to 3.20%; the 1960 to 1968 maturi¬
ties were priced at 100.50, with the remaining instruments
being priced at 100.25.
The $10,000,000 40-year 3% corporate
stock issue was purchased by the City Comptroller as sinking
fund investments at a price of 99 M.
4,135,000 Salt River Project Agricultural Improvement and Power
District, Ariz., bonds, maturing from 1948 to 1964, incl.,
and optional beginning in the earliest year, were sold to an
account headed by Blyth & Co., Inc., New York, as 4Ms, at
97.10, a basis of about 4.61% to optional date.
2,150,000 Los
Angeles,
water
inch,
were
Calif.,
Department of Water and Power
bonds, due yearly from 1942 to 1948,
purchased as 2Ms and 2Ms by an account headed by
works
revenue
Lenman Bros, of New York
basis of about 2.465%.
1,
1939, were offered to investors at prices ranging from 100.75 '
at
100.04,
a
The bonds, which are redeemable at par on and after Nov.
to
102.
2,100,000 Cleveland, Ohio, 3% and 3M% bonds, due serially from
1939 to 1963, incl., were purchased by Lehman Bros, of New
York and others at 100.03, a basis of about 3.07%.
Reoffered on a yield basis of from 1.50% to 3.15%, according to
coupon rate and maturity.
2,000,000 Rochester, N. Y., 2% public improvement bonds, due an¬
nually from 1939 to 1958, incl., were awarded to a group man¬
aged by Halsey, Stuart & Co., Inc., New York, at 100.583,
a
basis of about 1.94%.
Reoffered to yield from 0.35% to
2.10%, according to maturity.
Int. Rale
Name
Page
3387
3063
Eldorado, Texas.--.
Akron, Ohio
3382
3549
3695
3227
c
Greenville, N. C
3227
Hillsdale, Mich
3227
x
....
Green Twp. S. D., Pa—-..not exc.
3701
3230
4M%
not exc. 6%
---
not exc. 4%
3%
Island Lake, Minn
3384
d New Mexico (State of)
3549
Palm
3389
Sanders Co. H. S. D. 2, Mont.not exc. 6%
3554
e
South Corning, N. Y
not exc. 5%
3553
Union Township, N. J
No bids
Offering canceled
Bids rejected
Offering postponed
No bids
Rosedale»Ind. S. D., Texas...not exc. 4%
3383
not exc. 3%
County
Beach
not exc. 4%
No bids
Bids rejected
No bids
Offering postponed
Offering postponed
No bids
Bids rejected
Bid unopened
No bids
Bids rejected
Bids rejected
Offering canceled
No bids
Offering postponed
25,000
25,000
100,000
6,000
55,000
---
3226 Arnaudvlile, La.--
3695
Special
not exc. 4M%
TaxS. D.No. 8, Fla
x
Report
Amount
S616.000
10,000
120,000
43,000
35,000
175,000
145,000
75,000
45,000
15,000
85,000
130,000
6,500
2,500,000
4%
not exc. 6%
Baker, Mont
not exc. 6%
a Center Township. Ind
.not exc. 4%
b Contra Costa County, Calif.not exc. 4%
Crescent City, Calif
not exc. 4M%
Dowaglac, Mich......—...
4%
East Pittsburgh 8. D., Pa..-.
x
3230
$50,000,000 emission in May, also the various other loans
brought out in that period, has encouraged a large number of
other public bodies to negotiate loans at this time.
Thus,
on the first day of June a number of important projects were
concluded, such as the sale of $60,000,000 State of Pennsyl¬
vania llA% one-year notes and the award by Boston, Mass.,
of $11,494,000 bonds.
The week just ended witnessed the
list the issues which failed of sale dur-
May, representing offerings by 19 municipalities, the
aggregate principal amount being $4,211,500.
Page number
of the "Chronicle" is given for reference purposes:
ng
a New offering date is June 15.
c Building bids exceeded amount of bond Issue.
d Sale was held on June 7, result of which appears on
held June 8.
Rate of interest was to be named by bidder,
b Bids
were
asked
on
June 6.
Federal grant will be
sought,
succeeding page,
Sale was
e
Sales of notes and other evidences of temporary
credit by
municipalities amounted to $20,748,150 during
the month of May.
The City of New York, usually the
largest contributor to this type of financing, did not find it
necessary to undertake any temporary borrowing in the re¬
cent
month.
Not only was no new financing required,
but the heavy volume of taxes collected made it possible for
the city to pay off early in the month the last of the total of
$95,000,000 that had been borrowed on revenue bills in the
first quarter of the year.
At the same time, it was an¬
nounced that the cash position of the municipal treasury
indicated that no additional loans in anticipation of taxes
would be necessary until possibly after July 1.
A feature
of last month's temporary borrowing was the extremely
attractive rate at which the City of Boston, Mass,, was able
to negotiate a loan of $2,000,000.
The successful bidder
named a rate of 0.58% and also paid a premium of $78, the
terms being the best achieved by the city so far in the current
year.
Similar credit cost as much as 1.58% and 1.24% dur¬
ing the first two months.
The Dominion Government was responsible for virtually
all of the Canadian bond financing completed last month,
having accounted for $139,825,000 of the grand total of
$141,614,969.
The sale by the Government consisted of
about $90,000,000 for refunding and $50,000,000 for new
capital purposes.
Holders of an issue maturing Oct. 15,
1938, accepted new bonds to the extent of $89,825,000.
Temporary borrowing by the Dominion comprised the sale
of two series of refunding' Treasury bills aggregating $50,States and
000,000.
No
United
States
Possessions financing was undertaken
in this country during May.
The Territory of Hawaii has
announced details of an issue of $2,886,000 bonds for sale
on
June 27.
In the
following table we furnish a comparison of all the
obligations put out in May for the last five
various forms of
years:
•
•
1938
Perm, loans (U. S.).
*
Temp, l'ns (U. S.)_
1937
1936
1935
5
S
S
S
91,137,700
20,748.150
51,219,386 105,152,749
15,417,157
97,045,066
Can. loans (perm.)-—
Placed in Canada. 141,614,969 116,022.673
None
Placed inU. S-__.
None
21,071,500
"
''':v
1934
S
78,274,868
79,788,577
30,830,000
73,925,627
65,616,182
58,046,639
None
None
Bds. of U. S. Foss'ns
None
None
None
None
None
Gen. fd.
None
None
None
None
None
Total
bds.;N.Y.C
None
253,500.819 264,287.125 141,641,406 174,721,050 211.760 843
*
Including temporary securities issued in N. Y. City: None in May, 1938: 521,000,000 in May, 1937: 85,000,000 in May, 1936; S17,iOO.OOO in May, 1935, and
834,530,000 in May, 1934.
The number of
municipalities emitting permanent bonds
made during May, 1938,
This contrasts with 275
and the number of separate issues
were
311 and 367, respectively.
-
Volume
Financial
146
April, 1938, and with 324 and 374 for May, 1937.
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 352 for
►**For
Month of
May
Five Months
May
$91,137,700 $363,239,067
51,219,386
444,755,296
1938
1937
1915
42,691,129
1914
1913
34,133,614
83,234,579
98,852,064
1934
79,788,577
505,848,680
535,274,57
404,443,913
1933
44.790,533
123,025.591
1910
1932
87,334,298
1909
1931
174,998,521
439,675,147
730,576,915
613,897,001
519,680,721
648,612,959
723,958,401
608,255,147
612,184,802
546,293,435
423,089,026
536,116,865
356,003,428
277,548,512
205,273,378
123,945,201
193,068,268
235,908,881
1936
105,152,749
78,274,868
1935
1930
1929
144,872,096
176,356,781
.
154,707,953
216,463,588
1928
1927
..
137,480,159
1926
190,585,636
117,445,017
95,088,046
1925
1924
1923
1922
106,878,872
63,442,294
1921
1919....
37,280,635
46,319,625
1918
33,814,730
1920
For the
Five Months
213,952,380
303,153,440
179,493,040
196,803.386
195,791,550
143,476,335
145,000,867
137,476,515
93,957,403
80,651,623
92,706,300
113,443,246
62,649,815
59,211,223
Month of
For the
1917
23,743,493
191'6
29,006.488
1912
1900
33,765,245
18,767,754
27,597,869
25,280,431
15,722,336
14,895,937
16,569,066
55,110,016
14,846.227
20,956,404
14,562,340
9,623,264
1899
7,897,642
1898
7,036,926
8,258,927
10,712,538
11,587,766
14,349,410
4.093,969
1911
.
....
1908
1907
....
1906
1905
1904
1903
1902
....
........
1901
1897
1896
1895
1894
1893
47,754,962
58.273,539
33,996,634
34,373,622
56,890,312
30,384,656
41,084,172
50,067,615
30,774,180
H
The Legislature should have the right by general law to abolish or
organize any county or municipal offices and provide for the exercise of
the functions of such offices by other officers of the same units of governm®nt, subject to the powers of county and municipal home rule.
city with a Population of 50,000 or more should be permitted to
}
establish itself
Projects to Be Rushed to Completion—The
press release (No. 3311) was made available by
Federal agency on June 8:
as the Legislature may impose.
Any village with a population of 5,000 or more should be permitted
itself by locai law, approved by a majority of its voters, as a
separate consolidated village-town government and provide for the exercise
or town functions within its
territory by local law. subject to such restric-
the Legislature may impose.
£s
K
That the Legislature be impowered to reduce the number of counties
by redrawing the county lines according to population density, wealth, and
geographic factors, and further to establish regional governments under the
direct supervision of the State in areas where 50% or more of the area is
in the forest preserve.
Public Finances
A The Governor and the Legislature should be permitted to set up a
budget reserve by levying taxes in excess of the immediate require¬
ments so as to save the interest charges on borrowings and to prepare for
the burdens of times and depression during times of prosperity.
_
State
B
Debt and tax limits should be based upon the average assessed valua¬
last five years instead of the current year.
tions of the
O
The
should be permitted to extend the scope of
existing exemptions only by general laws adopted by a two-thirds vote of
the members of each house.
E All public borrowing except
of the current non-Federal program, Mr. Gray
still under construction roughly 1,200 projects
$623,000,000.
This entails site
employment for workers, purchase of light and heavy construction mate¬
rials and equipment, and resulting indirect employment in factories, mate¬
rial yards, in production of raw materials and their transportation.
These
activities spread employment and contribute to the indirect employment
arising from PWA projects.
The Bureau of Labor Statistics of the United
States Department of Labor estimates that for every man-hour of direct
employment created on the site of a project, two-and-a-half man-hours are
worked behind the lines producing and supplying materials and equipment.
The work remaining to be done on the old PWA projects will provide
certain activity for the construction industry until the new jobs are put
under way, Mr. Gray said.
The speed with which new projects are put
into construction depends entirely upon the alacrity with pmich towns and
cities file applications for projects and upon the speed with which they
Summing up tne status
said that there is classified as
of approximately
subsequently let contracts.
"PWA will do everything it can to expedite projects," Mr. Gray declared,
"but the ultimate speed depends upon action by the municipalities."
According to the Bureau of Labor Statistics, for every $1,000,000 of con¬
struction contracts for public buildings on the PWA program, 344,000
man-hours of direct employment is created at the site and $293,000 of pay¬
rolls released.
It also means that $348,000 worth of the six principal
building materials (iron and steel products, lumber, brick and tile, cement,
heating equipment and plumbing) must be purchased thus creating 367,000
man-hours of employment in these industries.
Orleans Funded Debt Analyzed—
analysis of the funded debt of the State
of New Orleans and other branches of
the
State, including the Orleans Parish School Board,
Board of Levee
Commissioners, Orleans Levee District,
Board of Administrators of the Charity Hospital of Louisiana
at New Orleans and the Board of Supervisors of the Louisiana
State University and Agricultural and Mechanical College.
A maturity calendar of bonded indebtedness of the State
of Louisiana as of April 15, 1938, also appears in this elabor¬
ate assemblage.
Copies of the booklet may be secured from
the firm upon request.
its first edition of an
of Louisiana, the City
State—Resolutions Transmitted to Constitutional
Convention—Copies of the resolutions adopted at the Schenec¬
tady meeting of the New York State Committee of the
Municipal League on April 22 and 23, were trans¬
mitted on June 2 to the delegates to the State Constitutional
Convention at Albany.
We give herewith the text of several
of the findings of the said committee, of particular interest in
municipal finance circles, as brought out in these resolutions:
National
Municipal Home Rule
The power of the Legislature to pass special laws affecting the property,
affairs and government of particular cities by emergency procedure should
A
this field only by
the Legislature authority to act in
general laws applicable in terms and in effect alike to all cities.
B The Legislature should, by general or special law, be permitted to grant
be exercised as provided by local laws passed
locally at the discretion of the cities concerned.
C Cities should be given power to repeal or modify special laws pertaining
to their property, affairs, and government which have been passed under
additional powers to cities, to
emergency procedure by the Legislature.
D The State should not be permitted
on
cities except
to impose mandatory
by general law applying in terms
expenditures
and in effect alike to all
cities.
E
Villages with a population
of 5,000 or more should be given the same
powers of home rule as cities.
F Counties should be permitted to
adopt optional forms of government
by majority vote of the entire county withoi t a spiit referendum, except
that an optional form transferring a function of government from units of
government within a county should take effect with regard to such transfer
only if approved by a majority of the voters within the entire area of the
units to which and from which the function is transferred.
G The Legislature should be permitted to grant counties the right to
draw up and adopt their own forms of county government, subject to such
restrictions as the Legislature may impose.
.
•
to
Ah election and counting boards,
contain
wherever
members
or
central and local, should be required
representatives of at least three political parties
third party polls as much as 5% of the votes, noc more than half
the members in any case belong to any one party and should be appointed
a
only after passing competitive or qualifying civil service examinations,
tw
Methods of Amending the Constitution
A The people should have the authority to amend the Constitution by
means of a large petition and popular vote, with a required interval of at
least eight months between the filing of such petition and the final vote by
the people.
B The Legislature should have the right to submit proposed amendments
to the Constitution after they have been passed by the Legislature in two
different years, the second vote to
than four years after the first, and
be not less than six months nor more
after the Governor has been requested,
during the two months following the adjournment of the Legislature in
which the proposal has first been approved, to make his recommendation.
Manual of Legal Investments Prepared—The First Boston
Corp., New York, has prepared a manual, revised to June 1,
1938, itemizing securities now believed to be legal investments
for savings banks in New York State.
This edition includes securities brought to the market
subsequent to publication of the official
list issued by the
Superintendent of Banking last July.
It omits rail¬
road bonds which in their opinion no longer qualify as legal
undbr the specifications set forth in the recently enacted
amendment to the law in relation to savings banks.
State
An amendment to the
Banking Law provides that by a two-thirds vote
Board, additional corporate interest-
of all the members of the Banking
eligible for investment by savings banks,
for such eligibility shall have
banks or by a trust company all of
not less than 20 savings banks.
In
this connection it is understood that a list of s ^ch boDds has been submitted
to the Banking Board but as yet no decision has been made public.
bearing obligations not otherwise
be made eligible, provided application
may
been made by not less than 20 savings
the capital stock of which is owned by
prepared
on
legal investments
in Connecticut.)
White, Dunbar & Co., Inc., of New Orleans, has just pub¬
lished for information of investors throughout the country
be abolished, leaving
A The Legislature should have authority to require permanent personal
registration anywhere in the State.
B Personal registration of some kind should be required throughout the
(A similar manual has been
News Items
New York
should be required to operate under effective
budget systems according to regulations enacted by the Legislature.
All units of government
O
authorized by Congress, work is being pushed to wind up con¬
struction of projects with an estimated total cost of approximately $1,000,000,030, Howard A. Gray, Assistant Administrator, said today.
Finishing touches to some of the larger projects and completion of many
smaller jobs started late in the preceding PWA programs means that sub¬
stantial construction work will continue on a diminishing scale until the
full force of the new ] 938 program is felt.
Wnile the new projects are being
prepared for construction, work will proceed on the projects now oeing
erected but the peak of the economic and employment benefits of these
projects has been passed.
Louisiana and New
temporary borrowing should be financed
by serial bonds.
State.
1938
program
allotments
Legislature should be required to impose restrictions on the rate
of borrowing of
municipalities bonded up to 70% of their debt limit so that
such municipalities can approach their debt limits only at a progressively
decreasing rate.
D The Legislature should be prohibited from granting tax exemption
Elections
following
the above
clears its decks for the rew
the Public Works Administration
total
a
J
ADMINISTRATION
Old
with
majority vote of its voters at
to establish
annual
**As
a
subject to such restrictions
F
WORKS
by local law, approved by
general election, as a separate consolidated city-county government and
Provide for the exercise of county functions within its territory by local law,
to new classes of property and
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.
PUBLIC
3835
Chronicle
.
United States—Report on Tax Administration in Various
States—Although 42 States rely on several departments to
administer their taxes, six have unified their major taxes
under the head of a single commission or administrative
board,
June
the
Federation
of
Tax Administrators
noted
on
1.
Massachusetts, which has maintained a unified tax system since 1865, is
regarded as the "father" of the present trend.
However, the Bay State's
single-headed Department of Corporations and Taxation does not handle
motor vehicle licensing, although it administers all other State taxes.
The
States in which only one person or
commission administers the major State
North Carolina, New York, Pennsylvania, Oklahoma, Rhode
Kentucky.
Meanwhile, many other States have broadened the powers of their tax
commissions in the attempt to secure more revenue to meet their increasing
fiscal needs.
The Georgia Legislature in special session this year passed a
law abolishing its tax commission and placing administration of State taxes
taxes
are
Island and
under
a
revenue
commissioner.
In addition, to increasing unification in
administering the taxes, all States except
California and Arizona provide
rather than the election of tax administrative heads.
The number of agencies administering the eight most important taxes on
the basis of revenue which they produce varies from one agency in six States
for the appointment
The taxes are administered by two agencies in 16 States,
9, and by four in 12 States.
Missouri, Colorado, Maine,
Hampshire use five agencies to administer their eight
to five in five.
three in
by
Minnesota and New
most
important
taxes.
In Missouri, for example, the tax commission*
and supervises the collection of real and
determines the rate of assessment
personal property taxes, while income and sales taxes are administered by
the State auditor, estate and inheritance taxes by the treasurer, motor
vehicle taxes by the secretary of State, and gasoline taxes by the State oil
inspector.
State to Convene at Louisville June 21-24—
annual conference of the National
Association of Secretaries of State, to be held at Louisville,
Secretaries of
Announcement of the 21st
Ky., June 21 to 24, was made by the Council of State Gov¬
Secretaries of State from most of the 48 States
ernments.
are
expected to attend.
The conference
will hear reports of its committees
which have investi¬
gated mutual problems of Secretary of State offices during the year, and
will hold round table discussions on many of the questions.
One of the
topics which will come up for consideration is that of uniformity in election
procedure among the States, including standardization of ballot forms.
At
present the variations in election procedure include wide differences in regis¬
tration, arrangement of names on the ballot, absentee voting, provisions for
secrecy of the ballot, and restriction of illegal voting.
Other problems scheduled for consideration include improvement of
Sthte publications.
The conference will consider methods of establishing
standards of contents and greater uniformity in makeup for all the State
publications, after receiving the report of Edward J. Hughes, Secretary of
State of Illinois, Chairman of the publications committee.
Such questions
as
uniform trade mark registration and simplified office procedure will
also be considered.
Financial
3836
Chronicle
June 11, 1938
'
Kentucky will address a dinner meeting of the
conference June 22.
Dwight H. Brown, Secretary of State of Missouri,
and President of the Association, will open the meeting.
Other speakers
who will appear on the program include: Secretaries or State Charles D.
Arnett, Kentucky: Robert Gray, Florida: Edward Clark, Texas; John Wil¬
son, Georgia; Frederic W. Cook, Massachusetts, and Mike Holm, Minne¬
Governor A. B. Chandler of
ARIZONA
DOUGLAS, Ariz.—BONDSSOLD—It is stated by Henry M. Beard, City
Clerk, that a total of $25,091.13 paving, sidewalk, curb and gutter bonds
authorized recently by the City Council, have been taken by the contractor
in payment for work.
sota.
NAVAJO COUNTY SCHOOL DISTRICT NO. 16 (P. O. Holbrook).
Ariz.—BOND SALE—The issue of $3,000 school bonds offered June 6
146, P. 3547—was awarded as
to Dahlberg, Durand
Tucson.
Dated June 1, 1938 and due serially from 1939 to 1944
& Co. of
incl.
—V.
Bond
Proposals and Negotiations
ALABAMA
BONDS
ARKANSAS
COFFEE COUNTY (P. O. Elba), Ala.—WARRANTS OFFERED TO
PUBLIC—A $200,000 issue of 5% State gasoline tax road warrants is being
offered by Watkins, Morrow & Co. of Birmingham, for public investment.
Denom. $1,000.
Dated May 15, 1938.
Due $10,000 on Nov. 15, 1938,
and May and Nov. 15, 1939 to May 15, 1948.
Prin. and int. (M. & N.)
Markets in all State, County
& Town Issues
lerchants National
Kayable in New YorkBank of Mobile.Nationalwarrants issued for road con¬
City, the First These Bank of Birmingham, or the
struction purposes, are payable solely from each County's
Gas Tax apportionment.
The constitutionality of the
share of the State
SCHERCK, RICHTER COMPANY
levy on gasoline
consumption as well as the method of distribution has been upheld by
the State Supreme Court.
The issuance of these warrants and pledge
of revenue has also been upheld and approved by the State Supreme Court.
Legality approved by
LANDRETH BUILDING,
Reed, Hoyt, Washburn & Clay of New York.
ARKANSAS
COOSA COUNTY (P. O. Rockford), Ala.— WARRANTS OFFERED
TO PUBLIC—An issue of $140,000 5% State gasoline tax road warrants is
ARKANSAS, State ni—CONSTITUTIONAL AMENDMENTSOUGTH
ON DEBT SECURITY—It is stated that petitions are now in circulation
throughout the State, seeking a constitutional amendment which would
strengthen the position of the State's debt and increase confidence in the
State's obligations.
The amendment, which would be voted upon in November, would super¬
sede the 1934 bond refunding agreement and make impossible such legis¬
lative action as that taken at the recent session removing bridge tolls.
The proposed amendment would include the following provisions:
1. That the first $10,985,000 of highway revenue collected annually be
pledged solely for highway and bridge district debt retirement services.
2. That the State guarantee to apply a minimum of $8,985,000 annually
on retirement of its highway and bridge district obligations, making up the
amount from other tax sources if present highway revenue sources fail to
Watkins, Morrow k Co. of Birmingham, for public in¬
May 15, 1938. Due as follows:
and Nov. 15, 1939 to 1941; $12,000,
May and $11,000, Nov. 15, 1942; $11,000, May and Nov. 15, 1943, and
$11,000 on May 15, 1944.
Prin. and int. (M. & N.) payable in New York
City, the First National Bank of Birmingham, or at the Merchants Na¬
tional Bank of Mobile.
(The conditions governing the offering of the
Coffee County warrants, described above, also apply to ohis offering.)
being offered by
Denom. $1,000.
Dated
$12,000 on Nov. 15, 1938, and on May
vestment.
COUNTY
CRENSHAW
(P.
O.
Luverne), Ala.— WARRANTS OF¬
PUBLIC—An issue of $160,000 5% State gasoline tax warrants
offered Dy Watkins, Morrow k Co. of Birmingham, for general
invstment.
Denom. $1,000.
Dated May 1,1938.
Due $8,000 on Nov. 1,
1938, and on May and Nov. 1, 1939 to May 1, 1948.
Prin. and int.
(M. k N .) payable in New York City, the First National Bank of Birming¬
ham, or the Merchants National Bank of Mobile. (The same conditions
governing the offering of the Coffee County warrants also apply to this
FERED TO
is being
offering.)
produce that amount.
3. That any highway revenue in excess of $10,985,000 annually go
the State treasury for use in matching Federal road funds or for new
LAMAR
LAUDERDALE COUNTY (P. O. Florence), Ala.—MATURITY—
It is stated by the County Superintendent of Schools that the $6,000 school
addition bonds purchased by Ward, Sterne & Co. of Birmingham as 3Hs
at par, as noted here recently—V. 146, p. 3695—are due from Jan. 15,
1940 to 1945, inclusive.
F
into
road
highway fund to 15% of the
total receipts from taxes on gasoline and other motor vehicle fuels.
4. That any statute attempting to divert the funds placed in the special
bond and highway accounts to any other purpose or to permit such funds
construction and for building up the county
'■
COUNTY (P. O. Vernon), AIa.— WARRANTS ^OFFERED
TO PUBLIC—Watkins, Morrow & Co. of Birmingham, are offering for
public subscription a $200,000 issue of 5% State gasoline tax road warrants.
Denom. $1,000.
Dated May 1, 1938.
Due $10,000 on Nov. 1, 1938, and
on May and Nov.
1, 1939 to May 1, 1948.
Prin. and int. (M. & N.)
payable in New York City, the First National Bank of Birmingham, or the
Merchants National Bank of Mobile.
(The same conditions governing
the offering of the Coffee County warrants also apply to tnis offering.)
»
ST. LOUIS, MO.
to be borrowed be
5.
That the
void.
State will not reduce the gasoline tax, the motor
vehicle
other tax from which highway revenue is derived.
sponsored by the Arkansas Good Roads and Debt
Service Association of which Henry B. Hardy, State Senator of Greenbrier
is President.
Purpose of the amendment, it is explained, is to establish
confidence in the State's bonds, in turn making possible sale or exchange
of low-interest bearing bonds to replace the present high interest bearing
obligations.
Interest now averages more than 4H% on the State's $148,000,000 of highway debt.
license fees
or
any
The amendments are
,
PARAGOULD, Ark.—MATURITY—It is now reported by the City
semi-annual electric plant revenue bonds pur¬
the Public Works Administration, as noted here in March,
mature on March and Sept, 1 from 1941 to 1960, inclusive.
Clerk that the $100,000 4%
chased at par by
MARION COUNTY (P. O.
TO PUBLIC—An issue
Hamilton), Ala.— WARRANTS OFFERED
of $150,000 4?^% State gasoline tax
warrants
is
being offered by Watkins, Morrow k Co. of Birmingham, for public in¬
vestment.
Denom.
$1,000.
Dated May 1, 1938.
Due as follows:
$8,000 on Nov. 1, 1939, and on May and Nov. 1, 1940 to 1942; $8,000 on
May, and $8,500 on Nov. 1, 1943; $8,500, May and Nov. 1, 1944 to 1946;
$8,500, May, and $9,000, Nov. 1, 1947, and $9,000 on May 1, 1948.
Prin. and int. (M. & N.) payable in New York City, the First National
Bank of Birmingham, or tne Merchants National Bank of Mobile.
(The
conditions governing the offering of these warrants are similar to those
applying to the Coffee County
public offering.)
MONTGOMERY
COUNTY
(P.
O.
Montgomery),
Ala.—BOND
OFFERING—It is stated by Cyrus B. Brown, President of the Board of
Revenue, that he will sell at public auction on June 13, at 10 a. m., a $40,000
refunding road and bridge bonds.
Bidders to name the
bonds shall bear, at not less than par and accrued interest.
Denom. $1,000.
Dated April 15, 1938 due on April 15, 1958.
Rate is
not to exceed 4%, payable A. & O.
The bonds shall be sold to the highest
bidder, subject to a legal opinion to be furnished by the county.
A certi¬
fied check for $800, payable to the county, is required with bid.
issue of coupon
rate of interest the
CALIFORNIA
FORNlX,
State of— WARRANT SALE—A $688,533.33 issue of
registered revolving fund replenishment warrants was offered for sale on
June 10 and was awarded to R. H. Moulton & Co. of Los Angeles, paying
par for $630,000 at 0.50%, the remainder at 0.75%.
Warrants to be dated
and delivered June 14, 1938.
Call date will be on or about Aug. 31, 1938.
The second best bid was a joint offer by the Bankamerica Co., and the
American Trust Co., both of San Francisco, on a rate of 0.75%, plus a
premium of $323.61.
CALI
O. Martinez), Calif.—BOND SALE—
offered June 6—V. 146, p. 3695
Los Angeles, as 3s, for a pre¬
mium of $201, equal to 100.574, a basis of about 2.95%. Dated June 1,
1938 and due as follows: $1,000, 1939 to 1948 incl.; $2,000 from 1949 to
1953 incl. and $3,000 from 1954 to 1958 incl.
CONTRA COSTA COUNTY (P.
The $35,000 Orinda School District bonds
awarded to R. H. Moulton & Co. of
were
FRESNO
COUNTY
(P.
Fresno), Calif. — SIERRA
SCHOOL
be received until 10 a. m. on June 21,
O.
BOND OFFERING—-Sealed bids will
O. Seale), Ala.—BONDS OFFERED TO
PUBLIC—Watkins, Morrow & Co. of Birmingham, are offering for public
subscription an issue of $120,000 5% State gasoline tax road warrants.
Denom. $1,000.
Dated May 15,1948.
Due as follows: $6,000 on Nov. 15,
1938, and on May and Nov. 15,1939 to May 15,1948. Prin. and int. (M. &
N.) payablein New York City, at the First National Bank of Birmingham, or
RUSSELL
at
COUNTY
(P.
the Merchants National
Bank of Mobile.
this offering refer to those given
(For conditions governing
under the Coffee County notice, set out
above.)
SHELBY
COUNTY
(P. O. Columbiana), Ala. —
WARRANTS
PUBLICLY OFFERED—A $66,000 issue of 5% State gasoline tax road
warrants is being offered by Watkins, Morrow &
Co. of Birmingham,
for general investment.
Denom. $1,000.
Dated May 15, 1938.
Due as
follows: $6,000 on Nov. 15, 1938; $7,000, May and $6,000, Nov. 15, 1939
to 1941; $7,000, May and Nov.
15, 1942, and May 15. 1943.
Prin. and
int. (M. & N.) payable in New York City, the First National Bank of
Birmingham, or the Merchants National Bank of Mobile.
(Refer to
offering conditions listed above, under the Coffee County warrant offering,
which also apply in this case.)
SUMTER COUNTY (P. O. Livingston) Ala.— WARRANTS OFFERED
TO PUBLIC—A $200,000 issue of 5% semi-ann. State gasoline tax road
warrants are being offered by Watkins, Morrow k Co. of Birmingham, for
public subscription. Denom. $1,000. Dated May 15, 1938. Due as follows:
$10,000, Nov. 15, 1938, and on May and Nov. 15, 1939 to May 15, 1948,
incl.
Prin. and int. payable in New York City, the First National Bank
of Birmingham or the Merchants National Bank of Mobile.
These warfrants issued for road construction purposes, are payable solely from each
county's share of the State gas tax apportionment.
The constitutionality
of the levy on gasoline consumption as well as the method of distribution
has been upheld by the State Supreme Court.
The issuance of these war¬
rants and pledge of revenue has also been upheld and approved by tne State
Supreme Court.
Legality approved by Reed, Hoyt, Washburn & Clay,
WASHINGTON
COUNTY
(P.
O.
Chatham),
Ala.—WARRANTS
OFFERED FOR INVESTMENT—An issue of $120,000 5% State gasoline
tax road warrants is being offered for public subscription by Watkins,
&
Co.
of Birmingham.
Denom.
$1,000.
Dated
May
1,
1938.
Due $6,000 on Nov. 1,1938, and on May 1 and Nov. 1, 1939 to May 1, 1948.
Prin. and int. (M. & N.) payable in N. Y. City, the First National Bank of
Birmingham or the Merchants' National Bank of Mobile.
(The conditions
this offering are similar to those outlined under the Sumter
County notice.)
governing
„r^YA^TONV^TY JP' 9• Double Spring), Ala.— WARRANTS
PUBLICLY
OFFERED—Watkins, Morrow & Co. of Birmingham are
offering for public investment an $80,000 issue of 5% State gasoline tax
Denom. $1,000.
Dated May 15, 1938.
Due $4,000 on Nov.
15, 1938, and on May 15 and Nov. 15, 1939 to May 15, 1948.
Interest
payable M. & N.
Prin. and int. payable in N. Y. City, the First National
Bank of Birmingham or the Merchants National Bank of Mobile.
These
warrants.
warrants
issued
Board of County Supervisors, must accompany
The Sierra Union High School District has a
$5,324,040 and has
for road
construction
each
purposes,
are
payable solely from
county's share of the State gas tax apportionment.
The constitu¬
tionality of the levy on gasoline consumption as well as the method of
distribution has been upheld by the State Supreme Court.
The issuance
of these warrants and pledge of revenue has also been upheld and approved
by the State Supreme Court.
Legality approved by Reed, Hoyt, Wash¬
burn and Clay of New York.
an
the bid.
total assessed valuation of
outstanding bonded indebtedness of
$3,000.
BEACH, Calif.—BOND SALE—The $100,000 issue
of park and playground bonds offered for sale on june 6—V. 146, p. 3548-—
was awarded to the Security-First National Bank of Los Angeles, as 2J2s,
paying a premium of $599, equal to 100.599. a basis of about 2.395%.
Dated June 15, 1938.
Due $10,000 from June 15, 1939 to 1948 incl.
The second highest bid was an offer by R. H. Mo\ilton & Co. of Los
Angeles, of $389 premiupi on 2H % bonds.
HUNTINGTON
IMPERIAL
COUNTY
(P. O. El Centro),
ABLE ON TAX COLLECTIONS AND
Calif.—REPORT AVAIL¬
FINANCIAL
STATUS OF BOND
following statement was issued recently by the Gatzery
Co., 215 West 7th St., Los Angeles:
"The 1937-38 tax delinquency for Imperial County, Calif,
was 12.37%
as compared to
14.19% for the year 1936-37.. Notwithstanding this im¬
provement in tax collections a number of bond issues in the county are still
in default of principal and (or) interest payments.
"The general obligation highway bond issue shows a shortage of $24,872.10 in the fund as of May 21, 1938. The court house bond issue, both
road improvement districts as well as one high school district; and three
elementary school district bond issues are also in default of principal and
(or) interest payments.
.
.
.....
"A complete report showing tax collections and the financial condition
of all the bond and interest funds in Imperial County is available for distri¬
ISSUES—'The
we
will be
..
.
.
bution and
of New York.
Morrow
by E. Dusenberry, County Clerk, for the purchase of a $30,000 issue of
Sierra Union High School District bonds.
Interest rate is not to exceed
5%, payable J. & D.
Denom. $1,000.
Dated June 1, 1938.
Due on
June 1, 1939.
Prin. and int. payable at the office of the County Treasurer
in Fresno.
The bidder must determine the legality of the proceedings had
in connection with the issuance of said bonds and take up and pay for
them not later than June 30.
A certified check for $1,000, payable to the
glad to send a copy upon
request, free of charge.
also sent in by the above named company:
"George Varney, Treasurer of Imperial County, Calif., under date of
May 24, 1938, issued the following call for payment:
'We hereby call for payment, all bonds or coupons from various Im¬
perial County bond issues heretofore presented to us and not paid for lack
of funds.
Providing same have been listed with us for future payment and
bear our consecutive numbers shown after each issue described herewith:
The following statement was
^
.
"
Court house bearing our numbers
Highway bearing
our
numbers
_
3.848
--1
.
-
--■
bearing our numbers
bearing our numbers
Westmoreland Sanitary District bearing our numbers
The following Union High School Districts:
Calipatria U. H., bearing our numbers
The following Elementary School Districts:
Acacia School District bearing our numbers
Calexlco School District bearing our numbers
Imperial School District bearing our numbers-Jasper School District bearing our numbers
— -
Road Improvement District No. 5
Road Improvement District No. 9
j
11 >620
1 to
397
1 to 4,362
1 to
134
1 to
421
41
1,428
113
229
"'The above described bonds or coupons are called by our consecutive
numbers and will be paid upon presentation, except numbers canceled
under Chapter 280, 1935 California Statutes, which provides that if bonds
or coupons are not presented for payment within 30 days from date of this
-1
1
1
1
—
to
to
to
to
*
Volume
Financial
146
registered mail, then their numbers must be canceled
being held for them applied to the next
listed in line for payment.' "
notice by
list and the money now
coupons
from our
bondsior
FLORIDA ^BONDS
O. Bakersfield), Calif.—PANAMA SCHOOL
issue of coupon Panama School District bonds
146, p. 3378—was awarded to the California
Bank of Los Angeles as 2 Ms, paying a premium of $552.60, equal to
101.0047, a basis of about 2.55%.
Dated May 2, 1938.
Due from 1939
to 1948, incl.
The second highest bid was an offer of $363.00 premium on
2Mb, tendered by Blyth & Co., Inc., of San Francisco.
COUNTY
KERN
3837
Chronicle
(P.
■M "***. '
BOND SALE—The $55,000
offered for sale on June 6—V.
Clyde C. Pierce Corporation
JACKSONVILLE
COUNTY (P. O. Los Angeles), Calif.—BALD WIN
PARK SCHOOL BONDS VOTED—At an election held on June 3 the voters
approved the issuance of $25,000 Baldwin Park School District bonds by a
count of 521 to 102.
Interest rate is not to exceed 5%, payable semi¬
annually.
Due $1,000 from 1929 to 1963 incl.
It is stated by the Clerk of the Board of Trustees that these bonds w 11
probably be offered for sale in the next two weeks.
MONTEBELLO SCHOOL BOND SALE— The three issues of building
bonds aggregating $143,000, offered for sale on June 7—V. 146, p. 3695-—
were awarded jointly to Griffith, Wagenseller & Durst, and the William R.
Staats Co., both of Los Angeles, as 3Ms, paying a premium of $186, equal
to 100.13, a basis of about 3.73%.
The issues are divided as follows:
$75,000 elementary school bonds.
Due from June 1, 1939 to 1958, incl.
53,000 Junior High School bonds.
Due from June 1; 1940 to 1958 incl.
15,000 high school bonds.
Due $1,000 from June 1. 1944 to 1958, incl.
Branch Office:
LOS ANGELES
COUNTY (P. O. Los Angeles), Calif.—COMPARA¬
DELINQUENCY DATA—The following comparative figures
LOS ANGELES
TIVE TAX
delinquencies in the county and some of the municipalities therein
have just been made available by the Gatzert Co., Los Angeles:
Tax Delinquencies
1935-36
1936-37
1937-38
tax
on
Los Angeles City
Long Beach
Beverly Hills
—.——
City....
Inglewood
Monterey
—
Park.....
- —
Lynwood
4.07%
4.85%
3.78%
4.27%
9.80%
18.00%
—
Monica..
Culver
6.67%
5.73%
Pomona
5.71%
5.11%
4,94%
4.60%
5.98%5.23%
5.60%
4.45%
7.15%
6.22%
Los Angeles County
Santa
5.57%
16.17%
8.62%
22.30%
-.10.25%
——21.22%
32.35%
16.19%
6.93%
27.04%
25.06%
29.90%
10.87%
South Gate
16.67%
16.04%
Hawthorne
18.01%
15.03%
MONTEREY COUNTY (P. O. Salinas), Calif —SAN ARDO SCHOOL
BOND SALE—The $50,000 issue of San Ardo Union School District bonds
offered for sale on June 6-~V. 146, p. 3548—was awarded jointly to Dean
Witter & Co. and Donnellan & Co., Inc., both of San Francisco, paying a
premium of $125, equal to 100.25, on the bonds divided as follows: $6,000
as 5s, maturing $2,000 from July 1, 1939 to 1941; the remaining $44,000
as 3Ms, maturing on July 1 as follows:
$2,000, 1942 to 1960, and $3,000
in
9.74%
9.63%
20.29%
_____20.55%
Madre—
Sierre
FLORIDA
-
4
-
t
Barnett National Bank Building
taf
'
__._i.-_...
and 1962.
■
The second highest bid was a
1961
Lawson, Levy & Williams
maining $40,000 as 3 Ms.
First
National Bank
TAMPA
T. S. Pierce, Resident Manager
Building
FLORIDA
.BRADFORD
COUNTY
(P.
ACCEPTED—In connection with
Fla.—BOND
O.
Starke),
the
call for tenders on
TENDER
June 6,
of the
county road refunding bonds, noted in these columns recently—V. 146,
p. 3224—it is stated by A. J. Thomas, Clerk of the Board of County Com¬
missioners, that the comty accepted the bid of John Nuveen & Co. of
Chicago for $20,000 bonds priced at 98.25 and 98.50.
COUNTY (P. O. Fort
Lauderdale), Fla.—MUNICIPAL
REFUNDING BONDS READY FOR DELIVERY—It is announced by the
County Bondowners' Association that the refunding bonds of
Fort Lauderdale, Hollywood and the Broward County Port Authority
issued under the Plans of Composition confirmed by order of the U. S.
District Court on April 21, 1938, are now ready for delivery.
Bonds and certificates of deposit shculd be forwarded to the Corporate
Trust Department of the Continental Illinois National Bank & Trust Co.,
of Chicago.
Interest accruing on the refunding bonds up to and incl. the
first 1938 coupon, and not previously satisfied, will be paid at the time of
exchange.
A letter of transmittal for use in exchanging bonds and certificates of
deposit may be obtained from Robert M. Hart, Secretary of the association,
135 South La Salle St., Chicago, 111.
Broward
19356
EAU
GALLIE, Fla.—DEBT REFUNDING PROGRAM SUBMITTED
-^-Dee and Co., Inc., of West Palm Beach, Fla., and Corrigan, Miller &
Co., Inc., of Miami, Fla., fiscal agents for the above city, recently sub¬
mitted to bondholders the program for the city's outstanding indebtedness,
outline of which appeared in our columns on Nov. 27, 1937.
The bonds
will be approved by Chapman & Cutler, Esqs., of Chicago, whose approving
legal opinion will be furnished to bondholders.
Bondholders are requested
to forward their bonds to the exchange agent, Bank of Melbourne, Mel¬
bourne, Fla., with all past due coupons attached.
Exchange will be made
when 75% or more of the present outstanding bonds have been deposited
with the exchange agent.
The indebtedness of the city to be refunded is
approximately $413,000.
Defaults have existed almost consistently since
1927, and the city is in default on interest in the amount of $203,070.
FLORIDA, State of—BOND TENDERS INVITED—It is announced
by W. V. Knott, State Treasurer, that pursuant to Chapter 18852, Laws
Florida, he will receive until June 27, at. 10
a. m., (Eastern Standard
Time), sealed bids and /or/ tenders for trade for: $1,000 Sarasota County
Special Tax School District No. 10, 6% school building bond No. 2, dated
Feb. 1, 1928, and due on Feb. 1, 1931,
No. PDCA.
All bids and tenders should be submitted in duplicate and must be firm
of
,
joint offer of $22 premium, submitted by
and Kaiser & Co., for $10,000 as 4Ms, the re¬
COLORADO
for 15 days.
DISTRICT (P. O. Pueblo), Colo.—BONDS
SOLD—The Superintendent of Schools states that $6,500 gymnasium bonds
were purchased recently by Bosworth,
Chanute, Loughbridge & Co. of
AVONDALE SCHOOL
Denver.
TENDERS RECEIVED—In connection
unmatured refunding road and bridge
of indebtedness, and (or)
negotiable notes, it is reported by W. V. Knott, State Treasurer, that he
FLORIDA,
State
of—BOND
with the call for tenders of matured or
highway bonds, time warrants, certificates
or
received offerings from 21 holders
of bonds.
described in our issue of May 28—V.
The call for the above tenders was
CONNECTICUT
HARTFORD COUNTY
146, p. 3549.
METROPOLITAN DISTRICT (P. O. Hart-
Conn.—BOND OFFERING—Charies A. Goodwin, Chairman of
Commission, will receive sealed bids until 11 a. m. (Eastern
Standard Time) on June 20 for the purchase of $2,400,000 2M% coupon
or registered East Branch additional water supply bonds.
Dated July 1,
1938.
Denom. $1,000.
Due $60,000 on July 1 from 1939 to 1978 incl.
Principal and interest (J. & J.) payable at the office of the District Treas¬
urer.
The approving legal opinion of Storey, Thcrndike, Palmer & Dodge
of Boston will be furnished the successful bidder without charge. Payment
in full must be made by certified check covering the amount of the bid plus
interest at the rate of 2 M % on the face value of the bonds bid for from
July 1, 1938, to date of delivery, and bonds will be delivered on or about
July 1, 1938, at the office of the District Treasurer. It is requested that
bids be made on the basis of $100 and accrued interest. A certified check
for 2% of the bonds bid for, payable to the order of the District Treasurer,
must accompany each proposal.
The bonds are authorized by a special
Act of the General Assembly of the State, entitled "An Act Creating a
Metropolitan District Within the County of Hartford," passed at its
January session, 1929, and approved May 13, 1929, as amended by an
Act entitled "An Act Anendiug an Act Creating a Metropolitan District
Within the Cobnty of Hartford," approved April 30, 1931, and by vote of
the Metropolitan District passed at a meeting on June 6, 1938.
Purpose
of the loan is to finance construction of a dam with appurtenant works
on the East Branch of the Farmington River in Barkhamsted.
ford),
District
NEW
fund
Conn.—OTHER BIDS—The $50,000 1M% sewer
to F. 8. Moseley & Co. of New York, at 101.70, a
1.43%—V. 146, p. 3696—were also bid for as follows:
BRITAIN,
bonds awarded
basis of about
Bidder—■
Putman & Co.,
Hartford
—
First National Bank of Boston—,
— — — — — —
Kean, Taylor & Co., New York City
Coburn & Middlebrook, Hartford
Cooley & Co., Hartford—.
— — — —
Fate Bid
101.41
——101.391
———-101.274
—
101.245
——
— — _
—
-_.--_-_101.096
Hartford
100.879
Halsey, Stuart & Co., New York—--———-——100.789
R. F. Griggs Co., Waterbury—
—
—
100.361
Bancamerica-Blair Corp., New York. — ——_ — —
——100.351
F. W. Home & Co., Hartford
100.243
Tifft Bros., Hartford
100.01
Estabrook & Co.,
NEW
Conn.—NOTE SALE—Carey Congdon, Director of
sale on June 8 of $500,000 tax anticipation notes at
Due Sept. 30. 1938.
LONDON,
Finance, reported the
0.24%.
NEW
LONDON,
Conn .—REPORT
CITES
REDUCTION
IN
IN¬
DEBTEDNESS AND DELINQUENT TAXES DURING LAST FISCAL
PERIOD—The New London "Day" of June 3 contained the following:
The bonded debt of the city has been reduced $184,993.48 during the
past year, thereby reducing the per
uncollected taxes outstanding prior
than it was a year ago.
capita debt $6.93, and the amount of
to the current levy is $77,913.57 less
according to a financial statement as of June 1 pre¬
pared by Director of Finance Carey Congdon.
The report shows that as of June 1 of this year
ness
ago.
the net bonded indebted¬
of the city was $1,222,287.15 as compared with $1,407,280.63 a year
The per capita debt as of June 1 this year was $37.04 as compared
with $43,98 a year ago.
The present
report shows
$302,040.07 outstanding in uncollected taxes
1936 while a year ago the amount outstanding on levies
1935 was $379,953.64.
Of $108,629.43 outstanding in uncollected
taxes on levies up to 1933 as of June 1, 1937 only $35,004.52 remained
uncollected as of June 1 of this year, according to the report.
Of $102,032.42 uncollected a year ago on tne tax levy of 1934 the report
shows $46,030.19 still due as of the first of this month.
Of $169,291.79
due a year ago on the tax levy of 1935 there is now $90,448.50 still due.
levies up to
on
up
to
Conn .—HAS $7,000,000 DEBT MA RGIN—According
to a report on the finances of the city on April 30, 1938, recently issued by
Cecil J. Marlowe, Acting Controller, the city had a margin for further
debt incurrence on that date of $7,040,929.
The debt outstanding at that
time amounted to $11,549,233, this, according to report, being a reduction
of almost $8,000,000 during the period since 19J2.
The bonded debt limit,
based on present grand list, is $18,590,153.
On April 30 delinquent taxes
aggregated $5,977,035, including $4,062,090 of current taxes which became
due on that date.
No difficulty is anticipated in ccllecting the bulk of this
amount before the end of the fiscal year.
Taxes due for years prior to 1934
stood at $938,539.
NEW HAVEN,
ST.
LUCIE
INLET DISTRICT AND PORT
AUTHORITY (P. O.
Stuart), Fla.—BOND TENDERS ACCEPTED—In connection with the
call for tenders of bonds, noted here recently—V. 146, p. 3378—it is stated
by J. R. Poineroy, Clerk of the Circuit Court, that the Commissioners
accepted offerings as follows: County-wide refunding, $9,000 at 59.75, and
$5,000 at 62 and interest, $5,000 at 63 and interest, $5,000 at 64 and in¬
terest, Special District No. 12, $2,000 at 62, and Special District No. 16,
$2,000 at 62 and interest.
TAMPA, Fla.—RFC LOAN A UTHORIZED—It was announced on June 8
the Reconstruction Finance Corporation had authorized a loan of
that
$750,000 to the above city, to be used for street
work and building additions and betterments.
and sewer improvement
HAWAII
follow"
HAWAII, Territory of—FINANCIAL INFORMATION—The
ing official data is furnished in connection with the offering scheduled for
June 27, of the $2,886,000 public improvement bonds, described in detail
in our issue of May 28—V. 146, p. 3549:
Properly Tax Collections
PerCent
$7,857,113
^0.95
7,844,880
94.64
7,351,446
98.20
1937.
8,124,907
8,050,346
99.08
The gross assessed value of real and personal property in Hawaii for 1938
was $392,976,235.
Net taxable amount was $259,668,508.
Territorial debt as of May 31, 1938, $36,178,000, less $9,205,000, in the
sinking fund, leaves a net debt of $26,973,000.
Hawaii has no floating
debt.
After the next sale, the Territorial debt will be 15% over the limit
set by the Organic Act.
This excess was authorized by the Territorial
Legislature and approved by nets of the United States Congress, for the
purpose of relieving unemployment and providing necessary public im¬
Levy
$8,638,550
Cal. Year—
lsj34
Collected at End of Same Year
8,288,880
7,485.691
_
provements.
'
There remains less than $600,000 public improvement bonds authorized
but not sold.
No further sales of Territorial issues will be held before
Jsdiuiiry
1939»
*.
general obligation against the consolidated revenues of
and there is no litigation pending or threatened concerning
its validity. Hawaii has never defaulted on payment of principal or interest.
Last important sale of public improvement bonds was held in New York
City on Oct. 27, 1937, for $3,300,000 serials, maturing 1939 to 1956,
rate 3 1-10%, at par.
Hawaii has an area nearly as large as Rhode Island and Connecticut
combined.
Seventeen States paid less Federal internal revenue, including
Federal taxes, than Hawaii, during the fiscal year of 1937.
Principal sources of income: Sugar, pineapples, tourist trade and large
expenditures by the United States Army and Navy.
Total Bank Deposits
This issue is a
the Territory
1935
1936
1937
$94,907,844
$103,200,576
$111,143,722
396,715.
HONOLULU (City and County), Hawaii—BOND OFFERING— Sealed
bids will be received until 8.30 a. m.t on July 15, by D. L. Conkling, Treas¬
urer of the City and County, for the purchase of all or any part of $500,000
1934
1933 (Fiscal)
$75?951,944
Total
$83,903,334
population of the Territory,
3% coupon sewer, series B bonds.
Dated July 1, 1938.
Denom. $1,000.
„
Due $25,000 July 1. 1943 to
1962.
be received at the office of the Chemical Bank & Trust Co.,
New York City, up to 3 p. m. (Daylight Saving Time).
Principal and int.
payable at the office of the Treasurer of the City and County of Honolulu,
Bids will aiso
or
at the
Chemical Bank & Trust Co., New York City.
issued under an Act of the Congress
The bonds are
of the United States
Legislature of the Territory of Hawaii to
of Honolulu, a municipal corporation, to
issue sewer bonds," approved July 10, 1937, and pursuant to Act 210 of the
Session Laws of Hawaii, 1937, approved May 12, 1937.
The bonds are
exempt from taxation under the Federal Income Tax Law and by a decision
of the United States Supreme Court are exempt from taxation by any
State in the United States or any municipal or political subdivision of any
entitled "An Act to enable the
authorize the city and county
SUTh^bonds
are the absolute and unconditional general obligations of the
of Honolulu, payable as to both principal and interest from
consolidated net revenues of the city and county and will be passed upon
city and county
the
Financial
3838
their legality by Thomson, Wood & Hoffman,
successful bidders will be furnished with their opinion.
to
as
Chronicle
of New York, and
each bid will be understood as an
offer for all or any part of the total amount of bonds for which application
is made.
No bid will be accepted for less than the par valrn of the bonds
bid for and the right is reserved to reject any and all bids.
The bonds will
be delivered as may be mutually agreed upon by the purchaser and the
Treasurer of the city and county of Honolulu.
Form of proposal for pur¬
chase of bonds may be secured from the Chemical Bank & Trust Co. of
New York, or the above attorneys.
Enclose a certified check for 2% of
the par value of the bonds bid for, payable to the Treasurer of the city and
June
Unless otherwise stated in the bid,
Financial Statement
Assessed valuation of School District 36, according to the 1937 assessment
$22,187,368.
Bonds outstanding June 7, 1938—$549,500.
Tax collections for the last three years are as follows (the first installment
of the 1937 taxes has just been collected.
Collections amount to $209,209,
or 43% of the levy.):
Amount
Year of
1934
IDAHO
Amount of Levy
Levy
1936
LATAH
ILLINOIS
111.—NEW ISSUE OFFERING—Dodle, O'Connor & Co.,
Chicago, are making public offering of a new issue of $475,000 3M% water
and sewer revenue bonds.
Tne bonds are dated May 1. 1938, mature from
1941 to 1968, and are priced to yield from 1.75% to 3.30%.
They are
being issued to improve the water and sewerage system of the city and are
CANTON,
Collected
to
Per Cent
June 7,1938
$375,407
392,938
395,590
1935
BLUFFS, 111.—TO ISSUE BONDS—'The village will issue $17,000 rev¬
enue bonds in connection with a sewer project to be undertaken under the
direction of the Works Progress Administration.
1938
is
county.
COUNTY INDEPENDENT SCHOOL DISTRICT NO. 2
(P. O. Genessee) Idaho—BOND OFFERING—Sealed bids will be received
until June 27, by Kenneth F. Dean, Superintendent of Schools, for the
purchase of a $28,000 issue of construction bonds.
Dated July 1, 1938.
Due on Jan. I, 1958, optional on Jan. 1, 1940. These bonds were approved
by the voters at an election held on May 21, the count being 177 to 5.
11,
A certified check for 2% must accompany each pro¬
posal.
Bids to include accrued interest from June 15, 1938, to date of
delivery.
I Tinted bonds will be delivered by July 15.
& Cutler of Chicago.
87
85
81
$329,458
334,499
321,453
Population of Winnetka July 1,1937—12,859.
INDIANA
SCHOOL CITY,
Ind.—PLANS BOND ISSUE—1The
district has announced its intention to issue $11,500 not to exceed 4M%
interest school bonds, to mature in from 1 to 12 years.
Net assessed val¬
uation of taxable property is placed at $1,712,430 and bonded debt, ex¬
cluding the projected offering, amounts to $22,000.
BICKNELL
"*BLUE
SCHOOL TOWNSHIP (P. O. Moore land), Ind.—
school building bonds offered June 4—V. 146,
RIVER
BOND SALE—The $18,000
3379—were awarded to the Indianapolis Bond & Share Corp. of Indian¬
apolis, as 2Ms, at par plus a premium of $154, equal to 100.85, a basis of
about 2.31%.
Dated May 2, 1938 and due as follows: $1,000 July 1, 1939;
$1,000 Jan 1 and July 1 from 1940 to 1947 incl. and $1,000 Jan. 1, 1948.
p.
Other bids were as
follows:
payable from the net revenues derived from its operation.
The city's
ordinance provides for charging and collecting adequate rates for water
and sewerage service, which will provide sufficient funds at all times to
McNurlen & Huncilman
nto which regular montnly deposits
are are segregated in
{>ay principal and interest due. Revenues made. The city,a which has a
special fund
City Securities Corp
Fletcher Trust Co
Int. Rate
Bidder—
2M%
2M%
Kenneth S. Johnson
Premium
$31.75
201.50
2M%
121.00
2M%
3%
—
106.00
310.00
population of over 15,000, is located in the central part of the State.
The
estimated real value of tne property is approximately $16,000,000 and the
assessed valuation last year was $5,989,049.
Farmers State Bank of Mooreland
DETAILS—The above issue' is dated May 1, 1938, in
due on May 1 as follows: $10,000, 1941 to 1949 incl.;
$15 000, 1950 to 1956 incl.; $20,000, 1957 to 1962 incl.; $25,000 from 1963
to 1966 incl. and $30,000 in 1967 and 1968.
Prin. and int. (M. & N.)
payable at the First National Bank of Chicago.
Legality to be approved
by Chapman & Cutler of Chicago.
Byers, Superintendent of Schools, will receive sealed bids until 10 a. m. on
17, for the purchase of $48,000 3M% coupon heating plant bonds.
Dated June 17, 1938.
Denoms. $2,000 and $1,500.
Due semi-ann. in
from 1 to 18 years.
Prin. and int. (J. & D.) payable at the First National
Bank of Huntington.
Legal opinion of Milo N. Feightner.
CHICAGO, 111.—SCHOOL BOARD CALLS $6,912,000 WARRANTS—
made by the Chicago Board of Education of the retire¬
ment of the largest block of 1937 tax anticipation warrants called at one
time to date.
Call has been issued for the payment on June 10 of $6,912,000
the obligations, including
E2686-E5198; $1,699,000 of
taxpayers requesting the Board of Trustees to authorize the issuance of
$10,000 not to exceed 4M% interest general obligation water works con¬
struction bonds, to mature in not less than 10 or more than 20 years.
The
balance of the required funds will be obtained through the issuance of revenue
bonds and by a Works Progress Administration grant.
The net assessed
valuation of taxable property is $574,140 and the town has no bonds pre¬
$69,000 of the
sently outstanding.
BOND ISSUE
$1 000 denoms. and
Announcement is
$5,153,000 of the educational fund.
Nos.
the building fund, Nos. B2094-3908, and
playground fund, Nos. P91-159.
of
CHICAGO PARK DISTRICT, 111.—BONDS PUBLICLY OFFERED—
The Northern Trust Co. of Chicago made public offering this past week of
$550 000 5% series B refunding bonds, due Sept. 1, 1955, optional varoulsiy
March 1,1944 to 1952.
They were offerd to yield from 2.75% to 3.10% to
optional dates and 5% thereafter until redeemed.
The bonds are part or an
authorized issue of $80,909,700 series B refunding bonds which were brought
out in connection
were to
mature
with the refinancing of Chicago Park District bonds which
30, 1936.
subsequent to June
anticipation warrants 1 to 150 incl., dated Feb. 24, 1937, and in denoms.
of $1,000.
They were issued against the 1937 tax levy for corporate purposes
and will be payable at A. C. Allyn & Co,. Inc., Chicago.
tax
COMMUNITY HIGH SCHOOL DISTRICT NO. 430
(P. O. Danvers), 111.—BOND SALE—The $50,000 3% school building
bonds offered June 7—V. 146, p. 3696—were awarded to the Peoples Bank
of Bloomington, at par plus a premium of $2,000, equal to a price of 104,
a basis of about 2.52%.
Due Jan. 1 as follows: $3,000 from 1940 to 1949
incl. and $4,000 from 1950 to 1954 incl.
CITY,
SCHOOL
Ind.—BOND
KOUTS, I nd.—PLANS BOND ISSUE—A
COUNTY
MADISON
(P.
O.
Anderson),
petition
TOWNSHIP, III.—BOND ELECTION—A special elec¬
tion will be held sometime this month on an issue of $8,000 road improvement
E.
has been filed by
Ind.—PROPOSED
BOND
$125,000 to cover township poor relief claims.
~ST.
SCHOOL
JOHN
TOWNSHIP,
Lake
County,
Ind.—BONDS
APPROVED—The Advisory Board recently determined that an emergency
the issuance of $40,000 bonds.
TERRE HAUTE,
bonds awarded
tion
Ind.—OTHER BIDS—The $100,000 sewer construc¬
to the First National Bank of Chicago, as 2s, at a
price of 100.856, a basis of about 1.89%, as previously reported in these
columns—V. 146, p. 3696-—were also bid for as follows:
Int. Rale
Bidder—■
Bartlett, Knight & Co
Fletcher Trust Co
Harris Trust &
Savings Bank
Bancamerica-B lair Corp
Halsey, Stuart & Co., Inc
Inc
Brown Harriman & Co.,
John Nuveen & Co
Rate Bid
100.555
2%
2%
2%
2%
2%
2%
2%
2M%
2M%
DANVERS
ELIZABETH
OFFERING—C.
ISSUE—John Reddington, County Auditor, will call a meeting of County
Council to take up the matter of authorizing an additional bond issue of
existed requiring
PRESERVE DISTRICT (P. O. Chicago),
District has called for payment on June 13
COOK COUNTY FOREST
HI.— WARRANT CALL—The
HUNTINGTON
June
100.539
100.417
100.389
100.327
100.264
100.159
100.636
101.037
bonds.
DISTRICT NO. 86 (P. O. Joliet). III.—BOND
SALE—The $50,000 school refunding bonds offered June 6—V. 146, p. 3549
—were awarded to the Harris Trust & Savings Bank of Chicago, as 2Ms, at
par plus a premium of $1,535, equal to 103.07, a basis of about 2.54%.
Dated July 1, 1938 and due $20,000, July 1, 1956, and $30,000, July 1,
1957.
Second high bidder was the Mississippi Valley Trust Co. of St. Louis,
offering 103.05 for 2Ms.
JOLIET
Other
SCHOOL
WAYNE SCHOOL TOWNSHIP
(P. O. Indianapolis), Ind.—BOND
building bonds offered June 8—V. 146, p. 3380
awarded to the Fletcher Trust Co. of Indianapolis, as 2Ms, at par
SALE—The $63,000 school
—were
a premium of $71, equal to 100.11, a basis of about 2.235%.
Dated
June 8, 1938 and due $4,500 annually on July 1 from 1939 to 1952 incl.
The district asked for bids on bonds in the amounts of $63,000 and $70,000.
plus
bids:
Bidder
Int. Rate
•
Premium
Halsey, Stuart & Co., Inc
Paine, Webber & Co
Lewis, Williams & Co
Bartlett, Knight & Co
---3%
3%
$1,510
1,360
3%
1,325
750
Charles K. Morris & Co.-
3%
3%
3%
Channer Securities Co
__3M %
John Nuveen & Co.
525
390
800
111.—BONDS SOLD—C.
$23,000
3% road bonds at par plus a premium of $230, equal to 101, a basis of
about 2.80%.
Due Dec. 1. as follows: $2,000 from 1939 to 1942 Incl.
and $3,000 from 1943 to 1947 incl.
MANTENO
Hancock County, Ind .—GROUP
SEEKS BOND ISSUE—Owners of taxable real estate have petitioned the
Advisory Board to issue $11,000 bonds to complete construction of the
high school building in Fortville.
VERNON SCHOOL TOWNSHIP,
TOWNSHIP
(P.
O. Manteno),
All offers
were
for the lesser amount and the
unsuccessful bids follow:
Int.
Bidder—
Bartlett, Knight & Co
-
-
Rate
2M%
Premium
$717.00
2M%
636.00
City Securities Corp.
2M%
403.00
McNurlen & Huncilman.
2M%
2M %
504.00
450.00
Union Trust Co. of Indianapolis
—
Kenneth S. Johnson
W. McNear & Co. of Chicago purchased some time ago an issue of
MOUNT CARROLL, 111 .—DISC USS BOND ISSUE—Village Board
recently called a meeting of citizens at which the question of issuing bonds
to pay off outstanding tax warrants and for street improvements was the
topic of discussion.
NAPERVILLE SCHOOL DISTRICT NO.
Illinois
numoers
National
1 to 6 incl.,
PEKIN,
Bank
&
Trust
Co.,
July 1, 1938, at the Con¬
Chicago, refunding bonds
dated April 1, 1937.
F. Farmer, City Clerk, will
receive sealed bids until 8 p. m. on June 20, for the purchase of $14,500
3% judgment funding bonds.
Dated May 1, 1938.
One bond for ^.500,
other $1,000 each.
Due Nov. 1 as follows: $3,000 from 1940 to 1943, incl.
and $2,500 in 1944.
Bid to include ejq>ense incident to furnishing nad
printing and bonds.
Interest payable M. & N. certified check for 5% of
the amount bid must accompany each proposal.
The approving opinion
of Chapman & Cutler of Chicago will be furnished by the city.
111.—BOND
CENTER, Iowa—BOND SALE— The $7,000 issue of regis¬
tered sewer outlet and purifying plant bonds offered for sale on Juine 3—
V. 146, p. 3696—was purchased by Shaw, McDermott & Sparks of Des
Moines, as 3MS» paying a premium of $10, equal to 100.1428, according to
the Town Clerk.
Denom. $500. Dated July 1, 1938. Due in 1958. Inter¬
est payable J. & J.
78, DuPage County, 111.—
BOND CALL—W. M. Givler, District Treasurer, announces that pursuant
to terms of the bonds the district will redeem on
tinental
IOWA
DALLAS
OFFERING—Allen
RIDGEWAY, 111.—BOND ELECTION—W. E. Wathen. Village Clerk,
reports that on June 24 the voters will be asked to approve the issuance of
$49,000 water system bonds, comprising $41,500 revenue and $7,500 gen¬
DAVENPORT,
111.—BOND SALE—The
$3,500
street improvement
bonds offered June 6—V. 146, p. 3379—were awarded to T. F. Shuman, as
6s, at
a
price of 105.
Dated May 30, 1938 and due May 30, 1939.
SULLIVAN SCHOOL DISTRICT. 111.—BONDS SOLD—The H. C.
Speer & Sons Co. of Chicago purchased the $50,000 gymnasium bond issue
was
authorized at
WI NNETKA
an
BOARD
election
OF
on
Feb. 19.
EDUCATION
(P.
O.
Winnetka),
III.—
OFFERING—Sealed bids will be received by the Secretary of the
Board of Education until 8 p. m. on June 20 for the purchase of $40,000 not
to exceed 3% interest coupon, registerable as to principal only, school site
bonds.
Dated June 15, 1938.
Denom. $1,000.
Due June 15 as follows:
BOND
$3,000 from 1943 to 1948 incl. and $22,000 in 1950.
Principal and interest
(J. & D. 15) payable at the Continental Illinois National Bank & Trust Co.,
Chicago.
Bidder to name one rate of interest, expressed in a multiple of
M of 1%.
The Board of Education will pay for the printing of the bonds
and bear the expense in connection with the approval of issue by Chapman
by the City
$145,000, divided as follows:
rcci
uircdi
Denom. $1,000.
Dated July 1,1938.
The
printed bonds or legal opinion.
Payable at
municipality does not furnish
the City Treasurer's office.
Financial Statement
Assessed valuation
(real and personal property)
and credits
tnis issue)
60,751.
Tax collections: 1936, 96%;
Assessed valuation of moneys
Total bonded debt (including
Population,
-$55,183,501.00
12,793,610.00
1.9&9.217.98
1937, 94%.
DES MOINES,
Iowa—BOND OFFERING—It is reported that Rex
Ramsay, City Clerk, will receive both sealed and open bids until June 16,
10 a. m., for the pin-chase of the following issues of bonds, aggregating
$617,000:
Due Dec. 1, as follows:
$2,000 in 1939 to 1943,
$80,000 bridge bonds.
$4,000 in 1945 to 1949, $6,000 in 1950 to 1955 and $7,000 in 1956
and 1957.
These bonds are payable only out of the City Bridge
Fund, the tax for which is to be levied and pledged for the payment
at
SAVANNA, III.—BONDS DEFEATED—At the May 26 election the
proposed issue of $40,000 road improvement bonds was defeated by a vote
of 983 to 113.
that
of bonds aggregating
$85,000 refunding bonds.
Due on Jan. 1 as follows: $5,000 in 1952, $20,000,
1953; $5,000, 1955; $10,000, 1956; $20,000, 1957, and $25,000 In
1958.
An $8,500 certified check must accompany this bid.
60,000 street and sewer bonds.
Due on Jan. 1 as follows: $15,000 in 1945;
$30,000, 1946, and $15,000 in 1947.
A $6,000 certified check is
eral obligations.
ROODHOUSE,
Iowa—BOND OFFERING—It is stated
Clerk that he will receive bids until 10 a. m. on June 14, for the purchase of
two issues
of the bonds.
38,000 city improvement bonds.
Due Dec. 1, as follows: $2,000 in 1939
to 1943,
1945 to 1948 and $4,000 in 1949 to 1953.
These bond
are payable only out of the City Improvement Fund, the tax for
which is to be levied and
44,000
sewer
pledged for the payment of the bonds.
outlet'and purifying plant bonds.
Due $4,000 Dec. 1, 1942
These bonds are payable only out of
and 1943 and 1945 to 1953-
City Sewer Outlet and Furifying Fund, the tax for which is to
piedged for the payment of the bonds.
sewer bonds.
Due $7,000 Dec. 1, 1943 and 1945 to 1953.
These bonds are payable only out of the City Main Sewer Fund,
the tax for which is to be levied and pledged for the payment of
the
be levied and
70,000 main
the bonds.
Volume
3839
Financial Chronicle
146
1948
175,000 grading bonds.
Due Dec. 1, as follows:
$10,000 in 1945 to
and $15,000 in 1949 to 1957.
These bonds are payable only out
of the City Grading Fund for opening and extending University
Ave., the tax for which is to be levied and pledged for the payment
mission.
Bids shall be submitted
blank forms furnished by the above
on
Secretary.
The approving opinion of Long, Depew, Stanley, Weigand &
Wichita, and also a transcript of proceedings, will be furnished the
purchaser.
Enclose a certified check for 2% of the total amount of bid.
Hook of
of the bonds.
•
and
100,000 grading bonds. Due Dec. 1, as follows: $7,000 in 1946 to 1949
$9,000 in 1950 to 1957
These bonds are payable out of the City
Grading Fund, for opening, improving and repairing numerous
streets, the tax for which is to be levied and pledged for the pay¬
i
ment of tne bonds.
Louisiana
110,000 park and cemetery bonds.
Due Dec. 1, as follows:
$10,000 in
1941 to 1943 and $20,000 in 1945 to 1948.
These bonds are pay¬
able only out of the City Park and Cemetery Fund, the tax for
which is to be levied and pledged for tne payment of tne bonds.
Denom. $1,000.
Dated June 1, 1938.
Bids on any or all of the bonds
shall specify the rate of interest at which the bidder will take the bonds, at
par plus accrued interest.
Prin. and int. payable at the City Treasurers
office.
The bonds will be sold subject to-the approving opinion of Stipp.
Whitney National Bank
of
Perry, Bannister & Starzinger of Des Moines whose opinion will be furnished
A certified check for 5% of the bonds bid for, is required.
the purchaser.
DES
MOINES, Iowa—BONDS VOTED—At the
election held on
146, p. 3696—the voters
HOLSTEIN, Iowa—BOND SALE— The $20,000 issue of sewer bonds
offered for sale on June 7—V. 146, p. 3696—was awarded to the Holstein
State Bank, as 2Ms, paying a premium of $125,000, equal to 100.625, a
basis of about 2.56%.
Dated May 1, 1938.
Due $1,000 from Nov. 1
1939 to 1958; optional on and after Nov. 1,1941.
Iowa—BOND OFFERING—
Commission, that the County
June 14, a $250,000 issue of
primary road bonds.
Interest rate to be specified by bidder, at not less
than par and accrued interest.
Denom. $1,000.
Dated July 1, 1938.
Due on May 1 as follows:
$15,000,1945 to 1948; $50,000,1949 and $140,000
in 1950.
Prin. and int. payable at the office of the County Treasurer.
Bonds are optional on and after May 1, 1944.
Purchaser is required to
furnish blank bonds, while the county will furnish the approving opinion
of Chapman & Cutler of Chicago.
A certified check for $7,500 must
LYON COUNTY
We
are
(P. O. Rock Rapids),
informed by the Iowa State Highway
will offer for sale at 2 p. m. on
Treasurer
accompany
the bid.
MASON CITY INDEPENDENT SCHOOL
DISTRICT (P. O. Mason,
City), Iowa—BOND OFFERING—Sealed bids will be received until 3p.m.
on June 20, by R. L. James, Secretary of the Board of District Directors,
for the purchase of a $55,000 issue of refunding bonds.
After sealed bids
have been received open bids will be entertained.
Dated July 1, 1938.
Due on July 1 as follows: $3,000, 1939 to 1943, and $4,000, 1944 to 1953,
all incl.
All other circumstances being equal preference will be given to
the bid of par and accrued interest or better, specifying the lowest interest
rate for said bonds.
The district will furnish the approving opinion of
Chapman & Cutler of Chicago, and all bids should be so conditioned.
PALO ALTO COUNTY (P. O. Emmettsburg),
Iowa.—BOND OFFER-
ING—Casper Nelson, County Treasurer, will receive sealed and open bids
until 2 p. m. on Jupe 27 for the purchase of $500,000 coupon primary road
bonds.
Dated July 1, 1938.
Denom. $1,000.
Due May 1 as folows:
$30,000, 1945 to 1948 incl.
$100,000 in 1949, arid $280,000 in 1950.
Callable on any interest paying date after May 1, 1944. Bids should be
made on the basis of par and accrued interest or better for all of the bonds
to bear the same rate of interest, expressed in a multiple of M of 1%.
Principal
and
semi-annual interest
payable at the County
Treasurer's
In order to assure competitive bidding on a uniform and impartial
basis, sealed bids should be submitted on bidding blanks which may be
obtained from the County Treasurer and from the State Highway Com¬
office.
bids are to be made on condition that before a
acceptance, they will be reduced to writing on one of the bidding
The purchaser must agree to furnish blank bonds, and the county
mission at Ames.
final
All open
blanks.
approving opinion of Chapman & Cutler of Chicago, and
conditioned. Successful bidder will be required to accept
delivery and pay for the bonds at the County Treasurer's office, or through
a county seat bank when the bonds are ready for delivery and payment.
A certified check for 3%, payable to the order of the County Treasurer,
must accompany each proposal.
will furnish the
bids must be
so
SCHOOL DISTRICT (P. O. St.
Charles), Iowa—BOND OFFERING—It is stated by P. R. Sanders, Secre¬
tary of the Board of Education, that he will receive sealed bids until 2p.m.
on June 20, for the purchase of a $30,000 issue of building addition bonds.
Due as follows: $1,500, 1940 to 1948; $2,000, 1949 to 1956, and $500 in
1957; the last $13,000 maturing bonds are callable on Nov. 1, 1940, or any
interest paying date thereafter.
These bonds were approved by the voters
ST.
on
New
Orleans
LOUISIANA
June 6
approved the issuance of the $295,000 air¬
port extension and improvement bonds by a margin of about two to one.
—V.
Municipal Bonds
Bought and Sold
.
COVINGTON, La .—CERTIFICATES SOLD
-
It is stated by the Mayor
that $22,280 certificates of indebtedness approved recently by the Town
Council have been purchased by the Commercial Bank of Covington.
DUBBERLY
DISTRICT
SCHOOL
(P. O.
27
NO.
Minden), La.—
of construction and equipment bonds
146, p. 3380—was awarded to the Minden
Bank & Trust. Co. of Minden, as 3Ms, at par.
Due serially over a period
BOiVD
SALE—The
$8,000
issue
offered for sale onJune 7—V.
of 10 years.
LOUISIANA, State of—BOND SALE—The $8,612,200 issue of re¬
funding bonds offered for sale on June 4—V. 146, p. 3697—was awarded
to Edward Jones & Co. of New Orleans and associates at a price of par,
$86,000 in 1941; a total of $5,220,000 as 3MS» maturing on
Aug. 1; $174,000,
1942; $202,000, 1943: $134,000, 1944: $166,000, 1945; $199,000, 1946;
$234,000, 1947; $270,000, 1948; $210,000, 1949; $250,000, 1950; $293,000,
1951; $336,000, 1952; $656,000, 1953; $673,000, 1954; $698,000, 1955, and
$725,000 in 1956; the remaining $3,180,000 as 3Ms, maturing on Aug. 1:
$752,000, 1957; $780,000, 1958; $809,000, 1959, and $839,000 in 1960.
The only other bid was submitted by the following syndicate: Blyth &
Co. Hibernia National Bank, New Orleans, National Bank of Commerce,
Chemical Bank & Trust Co., New York Lehman Bros.
Blodget, Inc. Phelps, Fenn & Co. Equitable Se¬
Corp. Trust Co. of Georgia, Atlanta Bacon, Stevenson & Co.
Graham, Parsons & Co. Hannahs, Ballin & Lee Wells-Dickey Co. and
Fenner & Beane, for $5,432,200 3Ms and $3,180,000 3Ms, at 100.00 (net
interest cost 3.37918%).
,
It is stated that Newman, Harris & Co., Scharff & Jones, both of New
New
Orleans,
Stone & Webster and
curities
Darby & Co., Inc., of New York American Bank & Trust Co..
White, Dunbar & Co., Moore &
Huggins & Shober, Weil & Co., all of New Orleans;
Lamar, Kingston & Labouisse, Brown,
Corrigon & Co., Bronson & Scranton, Anagnosti & Walker, Louisiana
Savings Bank & Trust Co., Wheeler & Woolfoik, all of New Orleans; Bar¬
row, Leary&Co. of Shreveport; Walton & Jonesof Jackson;B. S. D'Antoni,
St. Denis J. Villere <fc Co., Wolfe & Fowler. T. J. Feibleman, Levy &
Rooney and Couturier & Derbes, all of New Orleans, were associated with
the above named in the purchase of the bonds.
Orleans
Nuslcch. Baudean & Smith, Dane & Weil,
Hyams, Woolfoik,
Robinson Humphrey Co. of Atlanta;
PARISH SCHOOL DISTRICT NO. 14 (P. O.
La.—BOND SALE—The $25,000 issue of school bonds
June 7—V. 146, p. 3380—was awarded to the Exchange
Natchitoches as 4s, paying a premium of $100, equal to 100.40,
NATCHITOCHES
Natchitoches),
offered for sale
Bank of
on
l^basis of about 3.94%. Dated June 1, 1938.
Due from June 1, 1939 to
VERMILION PARISH SCHOOL DISTRICTS (P. O. Abbeville), La.
—BONDS VOTED—At the election held on May 31 the voters approved the
issuance of bonds totaling $300,000, to be used for school construction and
improvement as follows: $115,000
Kaplan School District and $85,000
$100,000
Abbeville School District,
Gueydan School District.
CHARLES CONSOLIDATED
April 21.
SIOUX COUNTY
MARYLAND
CHESAPEAKE CITY, Md.—BOND SALE—The $60,000 4% coupon
and sewerage bonds offered June 7—V. 146, p. 3551—were
awarded to W. W. Lananan & Co. of Baltimore, at a price of 101.29, a
waterworks
basis of about 3.86%.
(P. O. Orange City), Iowa—BOND OFFERING—
bids wid be received by A. Balkema,
purchaser is required to furnish
A certified check for
the blank bonds.
3 %• must accompany the bid.
Bonds are optional on and after
lyiay 1, 1944.
The county is required to furnish an approving opinion by Chapman &
Cutler of Chicago, together with the transcript of proceedings. Interest rate
to be specified in bid, at not less than par and accrued interest.
Prin. and
int. payable at the office of the County Treasurer.
KANSAS
CHANUTE, Kan.—BONDS SOLD—It is stated by Ross Cooper, City
Clerk, that $25,000 library bonds approved by the voters on July 31, 1937,
have been sold jointly to the First National Bank, and the Bank of Com¬
merce, both of Chanute, as 2 Ms.
Due in from one to 10 years.
HAYS, Kan.-MATURITY—It is now reported by the City Clerk that
works improvement bonds purchased by Estes & Co. of
as 2MS at a price of 100.522, as noted in these columns recently—
V. 146, p. 3696—are due $3,000 from .Tune 1, 1940 to 1948, incl., giving a
basis of about 2.16%.
Coupon bonds, registerable in the City Clerk's
office or at the office of the State Treasurer.
Other bids are reported officially as follows:
the $27,000 water
Topeka
Premium
Int. Rate
$3.87 M
3.16 M
7.50 M
3.12 M
4.52 M
9.71 M
2M%
Stern Bros. & Co
Callender, Burke & McDonald
Baum, Bernheimer Co
Beecroft, Cole & Co
Columbian Securities Corp
L. C. Atkins & Co
...
2%%
2M & 2M%
2M%
2M%
2%%
.27 M
2 M%
.7 M
Lathrop-Hawk-Herrick Co. and Dunne-Israel Co.
2M %
Ranson-Davidson Co
follows: $2,500 from
MASSACHUSETTS
It is stated that both sealed and open
County Treasurer, until June 14 at 10 a. m. for the purchase of a $500,000
issue of primary road bonds.
Dated July 1, 1938.
Due on May 1 as fol¬
lows: $30,000. 1945 to 1948 $100,000, 1949, and $280,000 in 1950.
The
Dated June 1, 1938 and due as
from 1944 to 1958 incl.
1941 to 1943 incl.'and $3,500
ARLINGTON,
SALE— The issue of $300,000 notes
the Second National Bank of Boston at
Due $100,000 each on Nov. 17, 1938, May 12 and June
Mass .—NOTE
offered June 6 was awarded to
0.274% discount.
9, 1939.
ERVING, Mass.—NOTE
for the purchase at
OFFERING—Bids will be received on June
discount of $30,000 notes, due
13
Nov. 18, 1938.
Mass.—NOTE SALE—The issue of $200,000 revenue
anticipation notes offered June 7, were awarded to Jackson & Curtis of
Boston, at 0.54% discount.
Dated June 9, 1938 and payable Feb. 27,
1939, at the National Shawmut Bank of Boston.
Authenticated as to
FALL
RIVER,
fenuineness and validity Perkins
by the
Lopes, Gray, Boyden &
aforementioned bank, under advice of
of Boston.
will be received
of $200,000 notes,
7, April 14 and May 26, 1939.
FRAMINGHAM, Mass.—NOTE OFFERING—Bids
until 11 a. m. on June 13, for the purchase at discount
due
$50,000 each on Jan. 31, Marcn
GRAFTON, Mass.—NOTE SALE—The Merchants National Bank of
June 6 an issue of $100,000 notes at 0.37% discount.
$50,000 March 15 and $50,000 July 8, 1939.
The Merchants National
Bank of Worcester bid a rate of 0.50%.
Boston was awarded on
Due
HUDSON, Mass .—NOTE SALE— F.
on June 2 an issue of $50,000
April 1, 1939.
chased
W. Home & Co. of Hartford pur¬
Due
notes at 0.475% discount.
MASSACHUSETTS (State of)—NOTE
OFFERING—William E. Hur¬
until
State Treasurer and Receiver-General, will receive sealed bids
on June 16 for the purchase of $4,000,000 notes, dated June 30, 1938
and due June 23, 1939.
They are issued in accordance with statute creating
the State Emergency Finance Board and constitute renewal of a similar
amount maturing June 30, 1938.
Interest will be payable at maturity and computed on exact number of
ley,
noon
days on a 360-day year basis.
payable in Boston or N. Y. City,
Notes will be delivered in Boston
at option of purchaser.
and
Kan.—BOND OFFERING—Sealed bids will be re¬
ceived until 10 a. m. on June 17, by Z. A. Young, City Clerk, for the
purchase of an issue of $116,482.18 2% registered internal improvement,
paving bonds.
Denom. $1,000, one for $482.18.
Dated June 1, 1938Due serially in from 1 to 10 years.
Prin. and int. (J. & D.) payable at the
fiscal agency in Topeka.
A certified check for 2% of the bid is required.
(These bonds were authorized recently oy the City Commission, as noted
in our issue of June 4—V. 146, p. 3697.)
Mass.—NOTE SALE—The New England Trust Co. of
Boston was awarded on June 8 an issue of $60,000 notes at 0.16% discount,
plus $4 premium.
Due Nov. 15, 1938. Other bids were:
issue of 2% coupon
6—V. 146, p. 3697—
paying a premium of
COUNTY (P. O. East Cambridge), Mass.—BOND
of Boston were awarded on June 10 an issue of
$255,000 court house bonds as 1 Ms, at a price of 100.299.
Dated .Tune 15,
1938 and due serially from 1939 to 1948, incl.
The First Boston Corp.,
runnerup in the bidding, offered to pay 100.16 for lMs.
HUTCHINSON,
WICHITA, Kan.—BOND SALE— The $75,000
semi-ann. refunding bonds offered for sale on June
was awarded to the W.
E. Davis Co. of Topeka,
$1,427.25, equal to 101.903, a basis
Due from 1939 to 1948 incl.
WICHITA
SCHOOL
of about 1.63%.
DISTRICT
NO.
1
Dated June 1, 1938.
(P. O. Wichita), Kan.—
stated by Louis Gerteis, Secretary-Treasurer of
that he will receive sealed bids until 8 p. m. on
June 20, for the purchase of $110,000 refunding bonds.
Dated June 25, 1938.
Denom. $1,000.
Due $10,000 Feb. 1, 1943 to
1953.
Bids will be received at any interest rate from 1M% to 2M% Per
annum, in multiples of M of 1%.
Principal and interest payable at the
State Treasurer's office in Topeka.
Bids will be received for all or any part
of such bonds, and the Board expressly reserves the right to allot said bonds
or portions thereof among several bidders in the event the highest bid is not
for the entire issue, and also the right to reject any or all bids.
The sale
of these bonds is subject to rejection thereof by the State School Fund Com¬
BOND OFFERING—It is
the Board of Education,
MILTON,
Discount
Bidder—
0.18%
Boston (plus $8.50). —
Second National Bank of
National Shawmut Bank
National Bank of Boston
National Bank of Boston
Merchants
First
-
0.15%
0.19%
-
MIDDLESEX
SALE—R. L. Day & Co.
NEWTON, Mass.—BOND OFFERING—Francis Newhall, City Trea¬
will receive sealed bids until 1 p. m. (Daylight Saving Time) en
for the purchase of $100,000 coupon sewer bonds.
Dated June1,
1938.
Denom. $1,000.
Due June 1 as follows: $4,000 from 1939 to 1948,
incl. and $3,000 from 1949 to 1968. incl.
Bidder to name one rate of
interest in multiples of M of 1%.
Coupon bonds may be exchanged for
full registered bonds, except those within one year of maturity (Massachu¬
setts Statute).
Interest on registered bonds will be paid by check frcm the
surer,
June 14,
City
Treasurer's office.
Principal and semi-annual interest
National Bank of Boston.
Bonds are exempt
Massachusetts and present Federal income taxes and
First
payable at the
from taxation in
will be registered
Financial
3840
their face by the Old Colony Trust Co., Boston, registrar.
A legal
opinion by Hopes, Gray, Boyden & Perkins of Boston will be furnished the
purchaser at time of delivery of bonds, which will be about June 27.
Bids
must be for the entire issue and accompanied by a certified check fpr 1%
upon
Chronicle
office.
of the par value.
NORTHBOROUGH, Mae*.—BOND SALE—The $40,000 coupon high
bonds offered June 6—V. 146, p. 3697—were awarded to
school addition
WELLESLEY, Mass.—NOTE SALE—The Second National Bank of
was awarded on June 6 an issue of $100,000 notes at 0.18% dis¬
Boston
count, plus
Estabrook & Co. of Boston, as 2s, at a price of 100.433, a basis of about
1
Dated May 15, 1938 and due $2,000 on May 15 from 1939 to
1958, incl.
Other bids were:
955%.
Mass.—BOND OFFERING—Harold P, Newell, City Trea¬
11 a. m. (Daylight Saving Time) on
QUINCY,
will receive sealed bids until
surer,
14, for the purchase of $135,000 coupon fire station bonds.
June
Dated
Jan, 1, 1938.
Denom. $1,000. Due Jan. 1 as follows: $10,000 from 1939
to 1948, incl. and $5,000 from 1949 to 1955, incl.
Bidder to name one rate
of interest, expressed in multiples of M of 1%.
Principal and interest
(J. & J.) payable "at the National Shawmut Bank of Boston.
These bonds
are exempt from taxation in Massachusetts
and are engraved under the
supervision of and authenticated as to genuineness by the National Shawmut
Bank of Boston; their legality will be approved by Storey, Thorndike,
Palmer & Dodge of Boston, whose opinion will be furnished the purchaser.
All legal papers incident to this issue will be filed with said bank where they
may be inspected.
Bonds will be delivered to the purchaser at the National
Snawmut Bank of Boston, 40 Water St., Boston, on July 1, 1938.
Financial Statement
as
of June 1, 1938
Tax
Levy—1935, $4,332,270.76; 1936, $4,220,080.84; 1937, $4,143,524.18.
Uncollected Taxes—1935 and prior years, $8,724.02; 1936, $9,340.15;
1937, $666,433.30.
Gross debt including tax title loans
$4,439,500.00
,
™
Net debt
Cash
on
4,075,500.00
„
Sinking funds
None
-
hand
Notes outstanding from 1937 revenue
Tax titles held
Assessed valuation 1938
Loan against tax titles
Tax rate 1938..
1937 cash
on
..........
-
—
-
937,050.81
650,000.00
345,654.42
122,447,325.00
20,000.00
32.80
-
nand available for notes
awarded
June 7
on
an
issue of $50,000 notes at
0.24% discount.
Due
Dec. 21, 1938.
SPRINGFIELD, Mass.—BOND OFFERING—G. W. Rice, City Treas¬
will receive sealed bids until 11 a. m. (Daylight Saving Time) on
June 16 for the purchase of $310,000 coupon or registered bonds, divided
urer,
as
follows:
sewer loan of 1938 bonds.
Due $7,000
1968, inclusive.
100,000 municipal relief loan, Act of 1938, bonds.
from 1939 to 1948, inclusive.
$210,000
193765
on
July 1 from 1939 to
Due $10,000
on
July 1
All of the bonds will be dated July 1, 1938.
Both loans will be issued in
the form of coupon bonds of $1,000 each with interest warrants attached,
and will bear interest at
a
a
premium of $13.50.
Bidder—
rate to be named
y of 1%, payable J. & J.
A single rate must be named for each loan,
separately.
Both principal and interest on
coupon bonds will be payable at the First National Bank of Boston, and the
bonds will be exchangeable for registered bonds of $1,000 or any
multiple
thereof at any time more than one year before maturity.
Interest and
principal on registered bonds are payable at the City Treasurer's office,
which will transmit the interest by mail.
A certified check for 2% of the
amount of the bonds, payable to the order of the
city, must accompany
each proposal.
Legality will be approved by Storey, Thorndike, Palmer
& Dodge of Boston, and the bonds certified
by the First National Bank
Other bids:
Discount
Bidder—
Ellis Clayton & Co
:-0.153 %
0.17%
New England Trust Co
Washburn & Co
0.23%
__0.245%
0.249%
Newton, Abbe & Co
Wellesley National Bank
0.172%
First Nat. Bank of Boston—0.21%
WINTHROP, Mass.—NOTE SALE— The Merchants National Bank of
Boston was awarded on June 6 an issue of $75,000 notes at 0.182% dis¬
count.
Due Nov. 15, 1938.
Other bids:
'
;
,
Bidder—
Discount I
Bidder—
Second Nat. Bank of Boston
(New England
(plus $1.25 premium)
Discount
0-229%
Trust Co
0.27%
0.20% | First Nat. Bank of Boston
National Shawmut Bank
0.20%
|
WESTFI ELD,
Mass.—BOND OFFERING—Richard
P.
McCarthy,
City Treasurer, will receive bids until 11 a. m. (Daylight Saving Time)
on June 14 for the purchase of $20,000
coupon water mains bonds.
Dated
June 1, 1938.
Denom. $1,000.
Due $2,000 on June 1 from 1939 to 1948,
inclusive.
Bidder to name one rate of interest in a multiple of H of 1 %.
Principal and interest (J. & D.) payable at the First National Bank of
Boston.
These bonds will be valid general obligations of the city, exempt
from taxation in Massachusetts, and all taxable
property in the city will
be subject to the levy of unlimited ad valorem taxes to pay both principal
and interest.
They will be engraved under the supervision of and authenti¬
cated as to genuineness by the First National Bank of Boston; their legality
will be approved by Ely, Bradford, Thompson & Brown of Boston, whose
opinion will be furnished the purchaser.
The original opinion and complete
transcript of proceedings covering all details required in the proper issuance
of the bonds will be filed with the First National Bank of Boston, where
they may be inspected.
Bonds will be delivered to the purchaser on or
about June 24, 1938, at the First National Bank of Boston, 67 Milk St.
office, Boston.
Financial Statement June 1,1938
Assessed valuation, 1937 (including motor vehicle excise)
Total bonded debt (not including this issue)
$20,163,029.05
709,000.00
Water bonds
(included in total debt)
Sinking funds, other than water
367,000.00
None
Population, 19,000.
Tax levy 1937—$759,625.70; uncollected June 1,
1938, $111,387.05.
Tax levy 1936—$840,238.29; uncollected June 1,
1938, $13.
WINCHENDON,
offered
June 10
was
0.327% discount.
Mass.—NOTE SALE—The issue of $60,000 notes
awarded to the Second National Bank of Boston, at
Due April 12,1939.
Among other bids
were:
Bidder—
Discoun
Lee Higginson Corp
0.38%
0.46%
Whiting, Weeks & Knowles
WORCESTER,
by the bidder in multiples of
award of which will be made
Due Nov. 7, 1938.
Discount
Wellesley Trust Co
98,876.59
SHARON, Mass.'—NOTE SALE—The Second National Bank of Boston
was
June, 11, 1938
National Bank of Boston; legal opinion of Storey, Thorndike, Palmer &
Dodge of Boston wih be furnished the successful bidder.
Delivery will be
made about June 27 at the First National Bank of Boston, 67 Milk St.
Mass.—NOTE
SALE— The
$400,000
revenue
notes
offered June 10
were awarded to the Day Trust Co. of Boston, at
0.16%
Dated June 13, 1938 and due Nov. 25, 1938.
The Merchants
National Bank of Boston, next high bidder, named a rate of 0.17%.
discount.
MICHIGAN MUNICIPALS
of Boston.
TAUNTON,
Ma88.—BOND OFFERING—Howard A.
Briggs,
City
Treasurer, willl receive bids until 11 a' m. (Daylight Saving Time) on
June 14 for the purchase at discount of $200,000 notes issued in
anticipation
of revenue for the year 1938.
Dated June 14, 1938.
Denoms. $25,000,
Cray, McFawn & Petter
DETROIT
Council, validity of which has been approved by Storey, Thorndike, Palmer
& Dodge of Boston.
Legal papers incident to the issue will be available for
inspection at the First National Bank of Boston.
Notes will be delivered
about June 16 at the office of the aforementioned bank, 67 Milk
St.,
Boston, for Boston funds, and are payable in Boston at maturity.
Upon
written request to the City Treasurer, arrangement wull be made for
on
pay¬
N. Y.
City.
'
Uncollected
Tax Levy
$1,251,256.83
1,439,552.79
1937
1936
June i, 1938
$216,634.03
5,931.80
Total uncollected taxes prior to 1936
15,306.10
Assessed valuation, 1937, $33,819,388; net
debt, $1,062,766.52.
WALTHAM,
Mass.—NOTE SALE— The
issue
of
$100,000
notes
offered June 10 was awarded to the Waltham National Bank at
0.37%
discount.
Dated June 10, 1938 and due $50,000 each on
April 12 and
May 12, 1939.
The Merchants National Bank of Boston, second high
bidder, named a rate of 0.38%.
WATERTOWN, Mass.—BOND SALE—The $85,000 coupon municipal
relief bonds offered June 8 were awarded to the Second
National Bank of
Boston as l-^s, at a price of
101.034, a basis of about 1.30%.
Dated
June 1, 1938.
Denom. $1,000.
Due June 1 as follows: $9,000 from 1939
to 1943, incl., and $8,000 from 1944 to
1948, incl.
Prin. and int. (J. & D.)
payable at the Merchants National Bank of Boston.
Legality approved by
Storey, Thorndike, Palmer & Dodge of Boston.
Other bids
Bidder—
Goldman, Sachs & Co
Washburn & Co..
Halsey, Stuart & Co., Inc
g-L. Day & Co
\y%
101.09
100.941
lli%
1%%
_____
...
100.10
is/01
Stone & Webster and
Blodget, Inc
Newton, Abbe & Co
100.92
100.88
100.799
100.799
100.686
100.513
100.294
1K%
Estabrook & Co..
Rate Bid
iy%
iy%
iy%
\y%
1 y%
\y%
iy%
iy%
\y%
Bond, Judge & Co
H. C. Wainwrlght & Co
100.791
100.768
100.176
100.148
'
2%
Financial Statement
Tax Levy
$1,771,748.04
_r
rXrar—
100.929
2%
F. W. Home & Co
,
were:
int. Rate
Merchants National Bank of Boston..
E. H. Rollins & Sons, Inc
Chace, Whiteside & Co..
Tyler & Co
National Shawmut Bank
Lyons & Co
100.748
Uncollected May 1, 1938
$124.91
1,762,060.09
1,791,745.86
This
as
of May 1, 1938
$6,000.00
1,028,000.00
85,000.00
issue
Total
$1,119,000.00
-
WALTHAM,
surer,
will
Mass.—BOND OFFERING—H.
receive
sealed
bids until
11
a.
m.
W.
Cutter,
City
Trea¬
(Daylight Saving Time)
vt
a
multiple of k of 1%.
Principal
The bonds will be valid general
obligations of the city, exempt from taxation in
Massachusetts, and all
taxable property in the city will be
subject to the levy of unlimited ad
valorem taxes to pay both
principal and interest. Bonds will be engraved
under the supervision of and
authenticated as to genuineness by the First
and interest (J* & D.) payable in
Boston.
Rate
Bay Trust Co., Bay City
1 y
75.00
iy
1H
iy
iy
iy
1 y
25,000.00
CASSVILLE, Mich.—BONDS VOTED—At
authorized the issuance
107 to 29.
Par
30.00
318.20
25,000.00
m
7.00
21.00
201.25
1%
Watlmg, Lerchen & Hayes, Detroit 24,000.00
Paine, Webber & Co., Detroit
Par
$15.75
1.4
25,000.00-
,
_
Premium
iy2
1y2
1M
iy
iy
Peoples Com'l & Savings Bank, Bay City
Ryan, Sutherland & Co., Toledo
Stranahan, Harris & Co, Toledo
Braun, Bosworth & Co., Toledo 24,000.00
25,000.00
a
15.30
38.20
recent election the voters
of $17,000 school addition bonds
by
count of
a
CASEVILLE
SCHOOL
DISTRICT,
Mich.—BONDS
VOTED—A..
LeBlanc, Secretary of the Board of Education, reports that an issue of
$34,00 school bldg. addition bonds was approved by a vote of 197 to 29
at the May 6 election.
District is awaiting action on its request for PWA
approval of the project before proceeding with sale of the issue.
DETROIT, Mich.—TENDERS
WANTED—John N. Daley, City Con¬
troller, will receive sealed tenders until 10 a. m. on June 13 (bids to remain
firm until 1 p. m. of the
following day) of refunding bonds in the amount
of $175,000 under the
following conditions:
If callable bonds are offered at a
premiumm the yield shall be computed
to the first call date.
If callable bonds
are
offered at par or less than par:
yield shall be com¬
puted to the date of maturity.
All offerings shall be in writing and shall be sealed.
Offerings shall
show the purpose, the rate of interest, date of
maturity, the dollar value
and the yield.
Offerings will be accepted on the basis of the highest net
yield to the City as computed from the dollar price.
No bonds maturing
beyond 1959 will be accepted.
The City reserves the right on bonds pur¬
chased, which are delivered subsequent to June 20 th, to pay accrued interest
up to that date only.
The City reserves the right to reject any or all of¬
HAVEN, Mich.—BONDS SOLD—An issue of $4,752.70 special
paving bonds was purchased by the sinking fund.
5% interest, were sold at par, and mature as follows:
$1,152.70 in 1939, and $400 from 1940 to 1948, inclusive.
assessment
The bonds bear
HARRISVILLE, Mich.—BOND OFFERING—Charles B. Olds, City
Clerk, will receive sealed bids until 2 p. m. on June 13 a total of $30,000
4% bonds, divided as follows:
$10,000 general obligation water works bonds.
Due as follows: $400 from
1939 to 1943, incl.; $500 from 1944 to 1953, incl. and $600 from
1954 to 1958, inclusive.
20,000
'
interest in
a
Channer Securities Co., Chicago
Nat. Bank of Bay City and Harris Tr. <5c Sav. Bk
Martin Smith & Co, Detroit
John Nuveen & Co, Chicago
on
Jor )\e P^chase of $173,000 coupon municipal relief loan. Act of
J938 bonds. Dated Juneil ,1938. Denom. $1,000. Due June 1 as follows:
rom
1939 t0
194!» incI* and $17,000 from 1942 to 1948, incl.
Bidder to name one rate of
inoo
emergency
Halsey, Stuart & Co., Inc., Chicago, as iys, at par
premium of $216.82, equal to 100.293, a basis of about 1.11%, as
reported inV. 146, p. 3698, was also bid for as follows:
plus
GRAND
Population, 36,500.
Tax rate
1938, $181,765.28.
Borrowed against
Bonds Outstanding
,
Water bonds
Other bonds
issue of $74,000
to
ferings.
2,191.77
227,922.97
1937 assessed^ vacation, $51492,725.
1937, $35.00.
Tax titles May 1,
tax titles, none.
CITY, Mich.—OTHER BIDS—The
bonds awarded
Bidder—
Tax Collections
Year—
Telephone 9-8255
A.T.T. Tel. Grps. 7
MICHIGAN
BAY
or
ment of notes in
GRAND RAPIDS
Telephone Cherry 6828
A.T.T. Tel. DET 540-541
$10,000 and $5,000.
Due Dec. 15, 1938.
Notes will be engraved under
the supervision of the First National Bank of Boston, which will
guarantee
the signatures and certify they are issued by virtue of an order of
City
revenue water works bonds.
Due as follows:
$500, 1941 to 1944,
incl.; $1,000, 1945 to 1949, incl.; $500 from 1950 to 1957, incl. and
$1,000 from 1958 to 1968, inclusive.
All of the bonds
MAPLE
are
dated July 1, 1938.
VALLEY TOWNSHIP
SCHOOL
Trufant), Mich.—BONDS SOLD—The
ard City purchased
MICHIGAN
received
DISTRICT NO.
6
(P. O.
Howard City State Bank of How¬
issue of $10,000 school construction bonds..
(State of)—TENDERS
WANTED—Sealed tenders of
highway refunding bonds of the issues shown below wil
by Murray D. Van Wagoner, State Highway Commissioner
assessment district
be
an
Volume
Financial
146
the office of the Director of Finance,
Highway Dept., Room 332, State Office Bldg., Lansing.
until 2 p. m. on June 20, at
467
471
Assessment district.
473
State
Obligation of—
Monroe and Wayne counties, townships and district.
Macomb and St. Clair counties, townships and district.
Macomb and St. Clair counties, townships and district.
Macomb and Oakland counties, townships and district.
Monroe and Wayne counties, townships and district.
Oakland and Wayne counties, townships and district.
Wayne County serials dated May 1, 1933.
Road No.
418
449
451
462
463
481
484
Lenawee, Monroe and Washtenaw counties,
491
Monroe, Washtenaw and Wayne counties,
townships and district.
townships and district.
Townships.
492
Assessment district.
501
Macomb and St. Clair counties, townships and
district.
Macomb County, townships and district.
1120
sealed and marked "Tender of
Bonds," and shall specify the road assessment district number, the bond
numbers, the obligor
(whether township portion, County portion, or
assessment district portion on individual issues), and shall stipulate the
lowest price at which the ower will sell such bonds to the sinking fund with
Nov. 1 and subsequent coupons attached.
All bonds purchased shall be
delivered to the paying agent designated in the bond on or before June 25,
1938, accrued interest being computed to and including June 24.
No
tenders above par and accrued interest can be considered.
All tenders shall be submitted in writing,
MIDLAND,
were
as
Mich.—BOND SALE—'Martin,
Smith
Co.
&
of Detroit
junior revenue
of $16, equal to 100.032, a basis of
Dated April 1, 1938 and due $10,000 Oct. 1 from 1940 to
awarded
bonds
about
June 7
on
2.24%.
an
issue of
$59,000 water works
2 Ms, at par plus a premium
1944 incl.
•
The $37,749.27 bonds offered at the same time—V.
sold to the Carleton M. Hugby Corp. as follows:
$20,672.30 special assessment
sewer
146, p. 3698—were
(issued as general obligations)
bonds
price of 100.012 for $16,000 as lMs, due $4,000
June 1 from 1939 to 1942 incl., and $4,672.30 as 1Mb, matur¬
were
on
sold at
a
ing June 1, 1943.
17,076.97 special assessment street improvement bonds (also issued as
genera] obligations) were sold at a price of 100.008, divided as
follows: $12,000 as lMs, due $3,000 on June 1 from 1939 to
1942 incl., and the balance of $5,076.97 as lMs, due June 1,
1943.
MUSKEGON, Mich.—NOTES SOLD—The $35,000 not to exceed 4%
interest direct obligation tax anticipation notes offered June 7—V. 146,
p. 3698—were purchased by the city with investment funds, after no private
bids had been submitted.
Dated May 1, 1938 and due on or before April 1,
1939.
ADDITIONAL OFFERING—It is reported that at 11 a. m. on the same
date, the Ways and Means Committee will offer for sale special street
improvement bonds in the amount of $386,478.84.
TODD COUNTY INDEPENDENT
SCHOOL DISTRICT NO.
11
(P. O. Long Prairie), Minn.—BOND OFFERING—It is reported that
auction bids
of refunding
J.
Denom.
$1,000. Dated July 1, 1938.
Due on July 1 as follows:
$10,000, 1940 to
1946, and $7,000 in 1947.
Prin. and int. payable at any suitable bank or
trust company designated by the purchaser.
The district will furnish the
executed bonds and the approving opinion of Junell, Fletcher, Dorsey,
Barker & Colman of Minneapolis.
A certified check for $1,500, payable to
the district, must accompany the bid.
Carroll Haynes, District Clerk, will receive both sealed and
until June 16, at 8 p. m., for the purchase of a $77,000 issue
bonds.
Interest rate is not to exceed 2%%, payable J. &
.
WRIGHT COUNTY SCHOOL DISTRICT NO. 71 (P. O. Annan-
dale), Minn.—BOND OFFERING—Both sealed and auction bids will be
received until June 16, at 8 p. m., by J. D. De Chaney, District Clerk, for
the purchase of an $80,000 issue of refunding bonds.
Interest rate is not
152,280.00
910,000.00
52,900.00
—---
—
Adopted Sept. 11,
1934.
Assessed real
estate
$39,862,650.00
valuation
*
—.—
9,157,176.00
536,000.00
Payable from Interest and Sinking Fund:
Sinking fund total
Sinking fund applicable to water debt only—
248,595.43
37,300.00
City Tax
—Interest and Sinking Fund—
Levy
Collections
Levy
Collections
$299,020.94
$236,809.81
$136,587.50
$108,346.89
Year—
1937-38
1936-37—1935-36
1934-35
—
270,413.80
388,403.30
154,759.79
181,0.33.38
133,273.87
1.75,888.09
214,042.50
151,272.50
250,646.69
228,540.77
348,311.81
284,493.46
-
SCHOOLCRAFT TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O.
Schoolcraft), Mich.—BOND OFFERING—Maynard V. Brown, Secretary
will receive sealed bids until 9 a. m. (Eastern
Standard Time) on June 15 for the purchase of $27,000 not to exceed 4%
interest school building bonds.
Dated May 16, 1938.
Due May 15 as
follows:
$5,000, 1939; $5,200, 1940; $5,400, 1941; $5,600, 1942; $5,800 in
1943.
Coupon form in denoms. of $1,000 and $200.
Rate or rates of inter¬
est to be expressed in multiples of M of 1 %.
Principal and interest (annually
on May 15) payable at the District Treasurer's office.
A certified check for
2% of the issu^, payable to the order of the District Treasurer, must
accompany each proposal.
District is authorized and required by law to
levy upon all its taxable property such ad valorem taxes as may be necessary
to pay the bonds and interest thereon within the limitation prescribed by
the State Constitution.
An additional 11-mill levy has been voted for the
period 1938-1942, both incl.
Purchaser to pay the cost of printing the bonds
and bids shall be conditioned upon the purchaser's attorney .approving
legality of issue, cost of which must be paid by the purchaser.
of the Board of Education,
TOWNSHIP
WATERFORD
District
series A
on
June
SCHOOL
DISTRICT
NO.
8
(P.
O.
Mich.—TENDERS WANTED—Kenneth F. Oakes,
Secretary, will receive sealed tenders of 1936 refunding bonds of
and B, dated July 1, 1936, until 8 p. m. (Eastern Standard Time)
Drayton
Plains),
Prices should
17.
be quoted flat.
Minneapolis. The district will furnish the executed bonds and the approving
opinion of Junell, Driscoll, Fletcher, Doresy, Barker & Colman of Minne¬
apolis. A $2,000 certified check, payable to the district, must accompany
the bid.
MISSISSIPPI
SCHOOL
DISTRICT
(P.
O.
Albany),
1958.
Minn.—BONDS
3% school addition bonds by a count of 327 to 90.
It is expected that these
Minnesota.
Due in
bonds will be purchased by tne State of
v
HENNEPIN COUNTY INDEPENDENT CONSOLIDATED SCHOOL
(P. O. Mound), Minn.—BOND SALE DETAILS—
$200,000 3% semiin March—V. 146,
p. 2089—were sold at par and mature on July 1 as follows:
$12,400 in
1942, and $13,400 from 1943 to 1956.
DISTRICT NO. 85
It is reported by the Superintendent of Schools that the
ann. school bonds purchased by the State, as noted here
ROAD DISTRICT NO. 1 (P. C»
issue of $50,000 refunding bonds
syndicate composed of
George T. Carter, Inc. of Meriden; J. G. Hickman, Inc. of Vicksburg;
Merchants & Farmerns Bank of Macon, and the Bank of Brooksville, as
3 Ms, at par.
Dated Aug. 1, 1938 and duo Aug. 1 as follows: $2,000 from
1939 to 1948 incl. and $3,000 from 1949 to 1958 incl.
NOXUBEE COUNTY SEPARATE
Macon),
Misr.—BOND SALE—The
offered June 6—V. 146, p. 3382—was awarded to a
OKTIBBENA COUNTY SUPERVISORS DISTRICT
Minn.—BOND OFFERING—Sealed bids will be re¬
20, by N. Robert Hinsch, Village Clerk, for
issue of paving bonds.
Interest rate is not to
D.
Denom. $500. Dated June 20, 1938.
Due
$500 from June 20, 1941 to 1949, incl.
Bidders to name the rate of interest
in a multiple of M of 1 %.
Proposals must state the total number of bonds
bid for, and the total amount offered, including accrued interest.
Prin.
MAHTOMEDI,
the purchase of a $4,500
exceed 6%, payable J. &
and int. payable locally.
by Charles & Trauernicht of St.
OFFERING—George
M.
Link,
Secretary of the Board of Estimate and Taxation, will receive both sealed
for the purchase of four issues of
MISSOURI
CALLOWAY COUNTY (P. O. Fulton), Mo.—BOND ELECTION—The
will pass on the proposed issuance of $125,000 in courthouse con¬
struction bonds at an election to be heid on June 21.
SCHOOL
Stifel, Nicolaus & Co., Inc. of
said purchase.
July 1, 1939
Due from July 1,
1939 to 1948.
39,207 permanent improvement (land acquisition) bonds. Due on July 1
as follows:
$3,207 in 1939, and $4,000, 1940 to 1948.
Interest rate is not to exceed
6%, payable J. & J. Rate to be in multiples of
M or 1-10 of 1%, and must be the same
for all of the bonds.
Dated Julv 1,
Wood & Hoffman of New Yok
Said offerings will bear interest at a single rate per annum, payaole semi¬
annually. The bonds will be issued as coupon bonds, one in the amount of
$1,207.00, the balance in denom. of $1,000 and may be registered as to
Mo.—BOND SALE
St. Louis, was in joint account with the
Due on June 1, 1958; optional on June 1.
1948.
BONDS
OFFERED
FOR
INVESTMENT—The successful bidders
public subscription priced at 102.50, to yield
approximately 2.22% to optional date, and 2M% thereafter.
Financial Statement (Officially Reported May 16, 1938)
reoffered the above bonds for
Assessed valuation (all property) 1937
Bonded debt (including this issue)
Population
^Th^above
1937 (estimated), 33,469.
$19,716,276
-—
933,000
Bonded debt 4.6% of assessed
statement does not include the debt of other political sub¬
levy taxes upon property within district.
divisions which have power to
Statement of
Tax Collections
.
Amount Collected
Amount Levied
to June .30 Following
% Collected
$354,724.00
340,518.00
341,091.00
Year—
$336,589.00
340,580.00
x331,890.95
94.8%
100%
97.3%
Year
1935
1936
___
—
x
May 1, 1938.
To
Statement of
Receipts and Expenditures
Receipts
Period—
to 1948.
1938.
The approving opinion of Thomson,
will be furnished the purchaser.
Joplin),
(As officially reported May 16, 1938)
$500,000 water works bonds. Due from July 1, 1939 to 1948.
500,000 permanent improvement (paving) bonds.
Due from
drain) bonds.
(P. O.
DISTRICT
above firm in the
$1,289,207, divided as follows:
250,000 permanent improvement (storm
_____
voters
and auction bids until June 23, at 10 a. m.,
bonds aggregating
Louis. Mo,,
(P. O. Magnolia), Miss.—BOND SALE DETAILS—
It is now reported by the Chancery Clerk that the $270,000 4% semi-ann.,
refunding bonds purchased in April, as noted in these columns at the time—
V. 146, p. 3058—were sold at par to a group composed of Scharff & Jones,
Inc. of New Orleans, Kenneth G. Price & Co. of McComb, the Max T.
Allen Co. of Georgetown, and Wiggins & Co. of Jackson.
Dated April 1,
1938.
Due from April 1, 1943 to 1962 incl.
PIKE COUNTY
193711,
Minn.—BOND
NO. 2 (P. O.
Starkville), Mis a.—BONDS SOLD—It is stated by the Chancery Clerk
4M% semi-ann. refunding bonds were sold to Cady & Co. of
Columbus. Due $1,000 from Nov. 1, 1938 to 1962, incl. Legality approved
that $25,000
ceived until 8 p. m. on June
MINNEAPOLIS,
AUTHORIZED—It was announced by
June 8 that a loan of $50,000
and power plant, had been authorized.
ITTA BENA, Miss.—RFC LOAN
the Reconstruction Finance Corporation on
for the construction of a light
JOPLIN
VOTED—At the election held on May 27 the voters approved the issuance
of the $36,000
GREENVILLE, Miss.—BONDS SOLD—We are informed by Guy Drew,
City Clerk, that $30,000 improvement bonds were purchased by Frank
Robertshaw of Greenville, as 3 Ms, paying a premium of $175.00, equal to
100.583.
He states that the purchaser agreed to pay the expenses of
printing, delivery and legal approval on the bonds.
DETAILS—In connection with the sale of the SlOO.OOO school bonds to
Stix & Co. of St. Louis, as 2 Ms, at 100.827, a basis of about 2.41%,. as
noted in our issue of June 4—V. 146, p. 3699—we are now informed fhat
MINNESOTA
ALBANY
Dated Aug. 1, 1938.
on Aug. 1, as follows:
$5,000, 1939 to 1949; $10,000, 1950 and 1951',
and $5,000 in 1952; callable on Aug. 1, 1940, or any interest payment date
thereafter.
Prin. and int. payable at the First National Bank & Trust Co.,
$3,092,180.00
City's tax rate regulated by 15 mill tax limitation.
Assessed personal valuation.Water works bonds
Denom. $1,000.
3M%, payable F. & A.
Due
—
—
pledged for the payment thereof.
In addition to the purchase price, purchasers will be required to pay the
Board of Estimate and Taxation $1.25 per bond to apply on the expense
or the Board in
issuing and transporting the bonds to place of delivery.
Delivery will be made by the City Comptroller in New York City, in
Chicago, or in Minneapolis at a National Bank satisfactory to the pur¬
chasers, any charge made by said bank for delivery service to be paid
by the purchasars.
Said obligations will be sold to the bidder (or bidders) offering bids com¬
plying with the terms of this sale and deemed most favorable, subject to the
provision that the Board of Estimate and Taxation reserves the right to
reject any or all bids. Bids for a portion only of said issues will not be con¬
sidered until bids for all or none have been disposed of.
Sealed bids will be received until 10:00 o'clock a. m. of the date of sale,
and open bids will be asked for after that hour.
Bids offering an amount
less than par cannot be accepted. Each proposal must be accompanied by a
certified check (or bank cashier's check) payable to the City Treasurer
for an amount equal to 2% of the amount of the obligations bid for.
Pro¬
posals and subscriptions must state the total number of obligations bid for,
and total amount offered therefor, including principal and accrued interest
thereon from the date of said obligations to the date of delivery.
Delivery
will be made as soon after the date of sale as the bonds can be printed and
signed, for which approximately 15 days will be required.
Both principal and interest of said obligations will be payable at the fiscal
agency of the city in New York or at the office of the City Treasurer, at
the option of the holder.
to exceed
Financial Statement
8 5-6 sq. miles.
Population 1920, 36,570; 1930, 41,338
1937 (estimated) 51,947.
Incorporated 1870.
Total bonded debt $3,092,180 not including this issue.
General obligations
$1,977,000.00
Area of City,
Special assessmentsUtility, water, &c
Floating debt
principal and interest on application to the City Comptroller of
Minneapolis.
Heretofore no charge has been made for such registration.
Consideration is being given to the advisability of making a charge for future
without option of prior payment and will be tax exempt in the State of
Minnesota.
The full faith and credit of the City of Minneapolis will be
Assessment district.
Macomb County.
492
both
Said obligations will be issued pursuant to the terms of Sections 9 and
10 of Chapter XV of the Charter of the City of Minneapolis, will be
payable in "lawful money of the United States of America," will be
Assessment district.
475
3841
registrations.
473
Assessment district.
473A Assessment district.
481
Chronicle
July 1. 1935 to
July 1
1936 to
July l! 1937 to
June 30, 1936
June 30, 1937
May 1, 1938
$686,007.03
748,908.76
773,577.58
Expenditures
$425,418.54
467,070.73
439,675.22
Balance
$260,588.49
281,838.03
333,905.36
ST. JAMES SCHOOL DISTRICT (P. O. St. James), Mo.—BOND
OFFERING—It is stated by John F. Hodge, Superintendent of Schools,
received sealed bids until 7:30 p. m. on June 9, for the purchase of
a
$24,000 issue of 3M and 4% semi-ann. school, bonds.
DatedmAug. 1,
1938? Due $1,000 from 1944 to 1948; $1,500 in 1949, 1950, and $2,000 in
1951 to 1958.
that he
ST.
LOUIS,
Mo.—BOND ELECTION—It is stated by Charles L.
City Comptroller, that at the election to be held on
of bonds, aggregating $1,500,000, will be up for approval
Cunningham, Deputy
Aug. 2, two issues
Financial
3842
Chronicle
The proposals are as follows: $750,000 fire house construc¬
Works Progress Administration projects bonds.
by the voters.
tion, and $750,000
MONTANA
CLYDE
PARK, Mont.—BONDS NOT SOLD—The $10,000 not to ex¬
ceed 6% interest refunding water bonds offered June 6—V. 146, p. 3382—
were not sold, as no bids were received.
Dated Jan. J, 1938.
State
MONTANA,
REFERENDUM PENDING— In
of—BOND
con¬
these columns recently, that the issuance of
$3,000,000 highway debentures nad been requested.—V. 149, p. 3553—
we are advised as follows by W. O. Whipps, Secretary of the State Highway
nection with the report given in
Commission, in a letter dated June 2:
You are informed that tne proposal providing for the issuance of $3,000,000 in highway bonds has not yet been approved but must be initiated and
submitted to a vote of the people at the next General Election on Nov. 8.
The bonds in all
probability will not be for sale before some time next winter.
NEBRASKA
June
1938
11,
WESTFIELD, N. 3.—BOND OFFERING—Charles Clark, Town Clerk
will receive sealed bids until 8 p. m. (Daylight Saving Time) on June 29
for the purchase of $100,000 not to exceed 6% interest coupon or registered
storm water sewer bonds.
Dated June 15, 1938.
Due June 1 as follows:
$20,000 in 1939, and $10,000 from 1940 to 1947 incl.
Bidder to name a
single rate of interest, expressed in a multiple of M of 1%.
The price for
which the bonds may be sold cannot exceed $101,000.
Principal and
interest (J. & D.) payable at the Westfield Trust Co., Westfield.
Pur¬
chaser to pay accrued interest from date of bonds to date of delivery.
A
certified check for $2,000, payable to the order of the town, must accom-
Eany & Clay of New
each proposal.
urn
The approving legal opinion of Reed, Hoyt, WTash-
York City will be furnished the successful bidder.
NEW
MEXICO
ARTESIA, N. M.—BONDS SOLD—It is stated by T. H. Ragsdale, City
Clerk, that $30,000 3)4% semi-ann. municipal hospital bonds approved
by the voters on April 5, have been purchased by the State of New Mexico.
Denom. $1,000. Dated June 1, 1938.
Due $2,000 on June 1 from 1939 to
1953, incl.
\
' '
•'
EMERSON, Neb.—BONDS SOLD—It Is reported by the Village Clerk
the $36,000 314% semt-ann. refunding bonds authorized by the
Board of Trustees in April, as noted here at the time—V. 146, p. 2895—
have been sold.
Dated April 1, 1938.
GALLUP, N. Mex.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $80,00 314 % refunding bonds purchased by the State
Treasurer, as noted In these columns on April 23—V. 146, p. 2733—are
dated May 1, 1938, and mature $8,000 from May 1 1939 to 1948 incl.
Prin. and Int. (A. & O.) payable in Santa Fe and Gallup.
Legality ap¬
FRIEND, Neb.—BOND SALE DETAILS—It is now reported by the
City Clerk that the $34,000 3M% semi-ann. refunding bonds purchased
by the First Trust Co. of Lincoln, at a price of 100.24, as noted in tnese
columns on April 2—V. 146, p. 2250—are dated June 1, 1938, and mature
on June 1, 1953; optional on June 1,
1943, or any interest payment date
thereafter.
Prin. and int. (J. & D.) payable at the County Treasurer's
office.
Basis of about 3.20%.
proved by the Attorney General.
that
PLATTSMOUTH, Neb.—BOND SALE DETAILS—It is stated by the
City Clerk that the $28,000 3% semi-annual refunding bonds purchased
by the Greenway-Raynor Co. of Omaha, at a price of 100.21, as noted here
recently—V. 146, p. 3699—are dated June 1, 1938, and mature an Dec. 1
as follows:
$4,000 in 1943, and $8,000. 1944 to 1946, giving a basis of
about 2.96%.
SCOTTSBLUFF, Neb.—BOND SALE DETAILS—It is stated by the
City Clerk that the bonds aggregating $65,000. purchased by the Kirkpatrick-Pettis-Loomis Co. of Omaha, as noted here recently—V. 146, p.
§058—were sold at par, as follows:
^
$15,000 municipal building bonds as 2)4*.
Due in 20 years, optional in
«
five
years.
50,000 storm sewer bonds
Due in 10 years, optional in five years.
3s.
as
NEVADA
NEW
MEXICO, State of—BOND SALE— The $2,500,000 issue of
debentures offered for sale on June 7—V. 146, p. 3384—was
syndicate composed of Lazard Freres & Co., E. H. Rollins
& Sons, Eastman, Dillon & Co., all of New York; Wheelock & Cummins of
Des Moines; Brown, Schlessman, Owen & Co. of Denver; McDonald,
Coolidge & Co. of Cleveland; Braun, Bosworth & Co. of Toledo; J. N.
Hunson & Co., Inc., of New York; Boettcher & Co. of Denver, and Wm. R.
Compton & Co., Inc., of New York, at a price of 100.0621, a net interest
cost of about 2.60%. on the bonds divided as follows: $750,000 as 3s, ma¬
turing $125,000 on June 1 and Dec. 1, 1943; $250,000 on Dec. 1, 1944;
$125,000, June and Dec. 1,1945; the remaining $1,750,000 as 2)4s, maturing
as follows; $125,000 on June and Dec. 1,1946; $500,000, June, and $125,000,
Dec. 1, 1947; $500,000. June 1, 1948; $250,000, June 1, 1949, and $125,000
State highway
awarded to a
June
on
1, 1951.
OFFERED
BONDS
FOR
INVESTMENT—The
successful
group
re-
offered the above bonds for public subscription.
The offering consists of
$750,000 3% debentures, priced to yield from 1.85 to 2.35% for maturities
ranging from June 1, 1943, to Dec. 1, 1945; and $1,750,000 2Hs, priced to
yield 2.40% for the June 1, 1946, maturity; 2.45% for the Dec. 1, 1946,
maturity; at 100 to 99)4 for maturities ranging from June 1, 1947, to
June 1, 1948; and at prices to yield 2.65% for debentures maturing June 1,
1949, and 2.75% for the June 1, 1951, maturity.
CLARK COUNTY EDUCATIONAL DISTRICT NO.
1 (P. O. OverNev.—BOND SALE—The issue of $55,000 building bonds offered
3553—was awarded to the State Industrial Commission.
Dated July 1, 1938, and due July 1 as follows: $1,000 in 1940 and $3,000
ton),
NEW
June 6—V. 146, p.
from 1941
to 1958 incl.
BERNE FIRE DISTRICT
At the June 3 election
NEW HAMPSHIRE (State of)—PLANS BOND ISSUE—'The Governor
on June 1 authorized the State Water Resources
and Executive Council
Board
to
issue
$900,000 bonds for
the Pittsburgh
Project
Conservation
Reservoir.
NEW HAMPSHIRE WATER RESOURCES BOARD, N. H.—BOND
OFFERING—John Jacobson, Jr., Chairman, announces that he will receive
bids, care of James H. Perkins, 2d, 50 Federal St., Boston, until noon
(Daylight Saving Time) on June 15 for the purchase of $2,300,000 Pitts¬
burg Project bonds.
The Water Resources Board, a public corporation
created as an agency of the State of New Hampshire, will use the proceeds
to pay the cost of its initial project for controlling floods and
regulating
water on the Upper Connecticut River.
The bonds are in two series, as
follows:
,
$1,400,000 314% series A bonds, secured by a first lien on revenues from
the project, and to mature serially from 1940 to 1976 inclusive.
900,000 2% % series B bonds, secured by a second lien on such revenues
and guaranteed by the State of New Hamsphire.
They will
mature serially from 1976 to 1987 inclusive.
The bonds will be issued under
a
basic resolution of the
Board, and the
pledge of revenues will include a pledge of payments under a contract
between the Board and certain large users of water power on the Con¬
necticut River.
Bids will be received for the purchase of any one or more
of the following blocks of bonds or any combinations thereof:
(a) $1,000,000 of the series A bonds with the earliest maturities (being those
maturing on or before Dec. 1, 1938 and a portion of the
Dec., 1969 maturity):
(b)
400,000 (being the balance) of the series A bonds;
(c)
900,000 (being all) of the series B bonds.
Bids
are subject to the terms and conditions contained in "Information
to
Bidders," copies of which may be obtained from the Chairman of the
agency.
YORK
(P. O. Berne), N. Y.—BONDS VOTED—
approved by a
issue of $6,000 fire house bonds was
Bonds will be sold to mature $500 annually.
vote of 107 to 56.
HAMPSHIRE
NEW
an
BUFFALO, N. Y.—CERTIFICATE SALE—The $3,200,000 tax antici¬
pation certificates of indebtedness, comprising $750,000 series 1934-1935,
$550,000 series 1935-1936, $650,000 1936-1937, and $1,250,000 series
1937-1938, offered at public sale June 7—V. 146, p. 3699—were awarded
to the National City Bank of New York and the Manufacturers & Traders
Trust Co. of Buffalo, jointly, at 0.70% interest, at par plus a premium of
$40. Dated June 15, 1938, and due Dec. 15, 1938. Other bids were:
Bidder—
Int. Rate
Premium
Chemical Bank & Trust Co., Kidder, Peabody & Co.,
0.875%
Goldman, Sachs & Co. and R. H. Moulton & Co
Marine Trust Co. of Buffalo and Lee Higginson Corp_ 0.90%
Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.
and Ladenburg, Thalmann & Co
0.95%
Par
$19.75
331.00
BUFFALO, N. Y.—FINANCIAL STATEMENT—'The following is
given in connectino with the offering of $2,000,000 not to exceed 6%
interest bonds on June 14, reported in V. 146, p. 3699:
Financial Statement, April 30, 1938
Property Valuations
Fiscal Year—
1938-39
1937-38
1936-37
Assessed vslu&tions*
*
Real property
$927,268,080.00 $925,452,630.00 $925,368,130.00
38,199,510.00
37,719,260.00
37,949,185.00
Special franchise
Total
C.
P.
-$965,467,590.00 $963,171,890.00 $963,317,315.00
assessed
value
to
actual value:
Real.
100%
83%
all
rates
100%
82%
100%
82%
$29.01
Spec, franchise
Tax
$30,056
$26,724
purposes
(per $1,000)
Population of the city as of July 1,1937, estimated at 596.369. Population
1930 U.S. census was 573,076.
*
Figures for years prior to 1934-35 include personal property valuations.
per
Indebtedness, April 30, 1938 (Exclusive of Present Offerings)
NEW JERSEY
Total
ALLENTOWN, N. J .—BOND SALE—The $20,000 3)4% registered
public improvement bonds offered June 6—V. 146, p. 3553—were awarded
to the Farmers National Bank of A1
lentown, at par plus a premium of
$600, equal to 103, a basis of about 3.14%. Dated June 15, 1938, and due
$1,000 on June 15 from 1939 to 1958 incl.
r,AX,^NTIC C,TY, N. J.—BILL EMPOWERS
EXCESS OF LEGAL
State Legislature
BOND
ISSUE
IN
LIMIT—Under the provisions of a bill now before the
the city is empowered to exceed its legal debt limit in
issuing bonds in connection with the proposed $400,000 program of board¬
walk repairs and construction of a
yacht basis.
City assumes that the
Federal Government would put up 45% of the entire cost.
BOONTON, N. J.—SCHOOL
tion
BOND ISSUE VOTED—At
a
speciafelec-
June 3 the voters approved a bond issue of
$60,000 to finance the
Board of Education's cost of an addition to the John Hill
School, for which
a grant of $65,300 has been allotted
by the Works Progress Administration.
on
MONMOUTH COUNTY
(P. O. Freehold), N. 3.—BOND OFFERING
Halsey. County Treasurer, will receive sealed bids until 11 a. m.
(Daylight Saving Time) on June 22 for the purchase of $181,000 not to
—Van R.
exceed
6%
interest
registered improvement bonds.
Dated
Due July 1 as follows: $7,000 from 1939
to 1960, incl., and $9,000 from 1961 to
1963, incl.
Rate of interest to be
expressed in a multiple of M or l-10th of 1%.
Amount required to be
obtained through the sale or bonds is
$181,000.
Principal and interest
(J. & J.) payable at the County Treasurer's office and bids must be on bid¬
ding blank available at that office.
A certified check for
2% of the bonds
bid for, payable to the order oi the
County Treasurer, must accompany
each proposal
The approving legal opinion of Caldwell & Raymond of
N. Y. City will be furmsned the successful bidder.
JuJylx 1938.
n
coupon
or
PLANT FREE OF DEBT—Mayor
recently stated that final payment had been made of the
with the $1,500,000 municipal water works.
Our community,
he declared, "now has that which no other city in out
State of like size and population can
boast—a water system, modern in
every detail, free of any bond and other debt
obligation, and supplying the
best quality of water to 36,000
people." The project was started in 1888.
in
connection
W*TER COMMISSION
NOILS SOLD—Adams &
recently
$
General.
40,443,354.40
_■
Spl. assessm't.
Utildt., water,
143,250.00
_
Home
&
17,479,729.41
an issue
(P. O. Paterson), N. J.
Mueller of Newark purchased at private sale
of $200,000 notes at 0.90% interest.
Due in 3 months.
N*
w'j
bids:
x49,975.00
1,331,911.19 39,061.468.21
143,250.00
17,479,729.41 y5,185,804.24
work
29,165,000.00
Gen.refunding. 26,210,000.00
Def. refunding.
597,000.00
Tax loan
3,000,000.00
Tot.bond. dt..117,038,333.81
29,165,000.00
26,210,000.00
597,000.00
2,356,040.43
643,959.57
—
-
17,672,954.41
8,873,755.86 95,677,427.78
Unfunded Debt—
Judgments
497,623.18
rpax
Net
Debt
$
$
relief..
cert
0,11
Warrants
Contracts &
497,623.18
0
of indebted. _*
Ctfs. of indebt.
Bd. antic, notes
2,200,000.00
119,500.00
200,000.00
461,357.06
2,200,000.00
119,500.00
200,000.00
z461,357.06
un-
paid biUs
•
1,523,643.25 zl,523,643.25
Tot. unfd. debt
4,385,000.31
617,123.18
indebtedness.122,040,457.30 22,057,954.72
8,873,755.86 96,294,550.96
5,002,123.49
Grand total, all
x
Represents bonds (other than water and special assessment bonds) to
be retired during the remainder of the fiscal year for which the tax has been
levied,
y
Not deductible in determining net debt as total water debt is
z Exempt for the reason that cash on hand April 30, 1938,
already exempt,
BIDS—The $53,000
general Lmpt.
Debt
obligations totaled $6,574,371.75.
Margin—Subtracting the net debt of $96,294,550.96 from the con¬
stitutional limitation of $96,317,189.00
(10% of total valuations) leaves a
April 30 of $22,638.04. On July 1, 1938 this margin
by approximately $5,250,000,00, representing bonds
(other than water bonds) to be paid off in the 1938-39 budget.
borrowing margin
will
be
on
increased
Sinking Funds—
Cash
on
hand
Securities
or in bank (less commitments)
(City of Buffalo bonds)
Total
as rePort;Gd in V. 146, p. 3699,
BuMrr—--
•
were also bid for as follows:
'
H. B. Boland & Co
E. H. Rollins & Sons, Inc
Phillipsburg National Bank & Trust Co
Second National Bank & Trust Co. of
M. M. Freeman & Co
P'hillipsburg
Int. Rate
o3/%
3%
3)4%
Premium
$160.00
750.00
Par
3 M %
Par
3^%
399.99
$4,166,255.05
4,707,500.81
$8,873,755.86
Amount of term bonds for which sinking funds are provided. .$16,058,729.41
bonds sold to J. B. Hanauer & Co. of
Newark, as 2%s, at 100.591, a basis
r£u
Other
Amounts in
Sink. Funds
available to meet these
9MN£E» R* *•—WATERWORKS
Bianchi
issued
Exempt
Debt
$
Outstanding
Denom. $1,000.
Ovid C.
bonds
Bonded Debt—
Tax Data
Taxes for fiscal year beginning July 1, 1937, are due July 1, 1937, onehalf of which may be paid during the month of July without penalty and
one-half during the month of
December without penalty.
prepayment are allowed.
All unpaid taxes are sold annually
No discounts for
about June 1. Local taxes due and
unpaid on March 1 of each year are spread and added to general city tax
rolls of ensuing fiscal year, and collection enforced in the same manner as
general city taxes. •
Volume
Financial
146
3843
Chronicle
1933-34
1934-35
1935-36
1936-37
$
$
$
$
Gen.citytaxlevy21,262,218.63 24,614,987.93 21,431,778.82 25,743,480.51
ing the above mentioned bonds, is $291,500.
The population of the vil¬
lage (1930 census) was 2,254.
The bonded debt above does not include
the debt of any other subdivision having power to levy taxes upon any or
all of the property subject to the taxing power of the village.
The fiscal
year commences March 1.
The amount of taxes levied for the fiscal years
commencing March 1, 1935, March 1, 1936, and March 1, 1937, was
$89,746.13, $87,766.32 and $90,807.96, respectively.
The amount of
such taxes uncollected at the end of each of said fiscal years was respec¬
tively $20,573.26, $13,572.29 and $11,897.16.
The amount of such
taxes remaining uncollected as of June 1, 1938, is respectively »4,598.69,
$5,946.26 and $9,370.85.
The taxes of the fiscal year commencing March 1,
1938, amount to $100,345.83, of which amount $1,256.65 have been col¬
Unpaid local
lected.
The Constitution of the State of New York limits the amount to be
raised
by tax in any one year to "2% of the assessed valuation of all property, in
addition to providing for the principal and interest on existing indebtedness."
levied taxes in excess of actual requirements in
margin against delinquencies.
The city has never
to
provide
a
(a)
order
Tax Collection Data
.
Taxes levied for past four years with amounts collected in each year
and amounts uncollected on April 30,1938:
of levy,
as¬
434,502.36
sessments
Tot. to collect.21,696,720.99
350,499.15
24,965,487.08 21,646,483.10 25,867,092.33
19,136,555.81. 22,422,710.50 20,687,097.72
25,157,308.87
709,783.46
2.74%
Uncoil. at end
of yr.
2,560,165.18
11.8%
__
2,542,776.58
10.19%
959,385.38
577,264.10
of levy
Per cent uncoll'd
726,341.26
4.43%
Uncoll'd Apr. 30,
1938
(without
536,760.08
619,600.78
2.66%
2.91%
2.48%
(b) Taxes levied and amounts collected to April 30 of each
year compared with three previous years:
'
1934-35
1935-36
1936-37
$
$
$
Total
levy
(as
above)
24,965,487.08 21,646,483.10 25,867,092.33
Coll'd to Apr. 30
2.40%
year—present
22,110,814.52 19,887,885.58 24,005,999.34
27,015,228.25
penalties)
Per cent uncoll'd
each year
Uncollected
Accumulated
current
city
total
of
year) represented
was
,
J937-38
$
1,758,597.52
91.88%
BUFFALO
SEWER
AUTHORITY
(P.
O.
Buffalo),
N. Y.—BOND
of 1938, sewer bonds of¬
146, p. 3699—were awarded to Barrett, Herrick & Co.
of New York City, as 3.40s, at a price of 100.297, a basis of about 3.37%.
Dated .June 1, 1938 and due June 1 as follows: $2,000, 1940: $3,000, 1941
to 1947 inch; $4,000, 1948 to 1953 incl.; $5,000, 1954 to 1956 incl.; $6,000,
1957 to 1959 incl.; and $7,000 from 1960 to 1964 incl.
SALE—The $115,000 coupon or registered, series
CORTLANDT (P. O. Peekskill, N. Y.—CERTIFICATE OFFERING—
E. Lane, Jr., Town Supervisor, will receive sealed bids until 3 p. m.
(Daylight Saving Time) on June 21 for the purchase of $43,000 certificates
of indebtedness.
Dated June 1, 1938.
Due Oct. 15,1938.
Issued against
town-owned tax liens under authority of Section 32, of the Westchester
County Tax Act.
Legality to be approved by Dillon, Vandewater &
Moore of New York City.
?
W.
CUBA, FRIENDSHIP, CLARKSVILLE, NEW HUDSON, BELFAST,
ISCHUA, HINSDALE AND LYNDON CENTRAL SCHOOL DISTRICT
1 (P. O. Cuba), N. Y.—BOND OFFERING—Burton H. Little,Dis¬
trict Clerk, will receive sealed bids until 2p.m. (Eastern Standard Time)
on June 15 for the purchase of $305,000 not to exceed 5% interest coupon
or registered school bonds.
Dated June 1, 1938.
Denom. $1,000.
Due
June 1 as follows: $8,000, 1940 to 1943, incl.; $9,000, 1944 to 1946 incl.;
$10,000, 1947 and 1948; $11,000 in 1949 and 1950, and $12,000 from 1951
to 1967 incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of X or 1-10 of 1%.
Principal and interest (J. & D.) payable at
the Chase National Bank, New York City.
The bonds are general obliNO.
?;ations of the district,the order of Hay den M. Setchel, District Treasurer,
payable from unlimited taxes. A certified check
$6,100, payable to
or
accompany
each proposal.
Vandewater & Moore of New
The approving legal opinion of Dillon,
York City will be furnished the
successful
bidder.
Y.—BOND OFFERING—Grace K. Jenkins, Village
Clerk, will receive sealed bids until 11:15 a. m. (Eastern Standard Time)
on July 1 for the purchase of $20,000 not to exceed 6%
interest coupon
or registered sewer
oonds.
Dated July 1, 1938.
Denom. $1,000.
Due
$2,000 on July 1 from 1939 to 1948 incl.
Bidder to name a single rate of
interest, expressed in a multiple of Y or l-10th of 1%.
Principal and in¬
terest (J. & J.) payable at the First National Bank of Falconer, with New
York Exchange.
The village is authorized and required by law to levy on
all of its taxable property such ad valorem taxes as may be necessary to pay
both principal and intrest on the issue without limitation as to rate or amount
A certified check for $400, payable to the order of the village, must accomThe approving legal opinion of Heed, Hoyt, WashPany each proposal.
b
urn & Clay of New York City will be furnished the successful
bidder.
FALCONER,
N.
Financial Statement
The assessed valuation of the property, subject to the taxing power of
the village, is $2,272,897.63; the total bonded debt of the village, including
the bonds described above, is $167,200; the population of the village, ac¬
cording to the most recent United States census, is 3579; the bonded debt
of the village does not include the debt of any other subdivision having
power to levy taxes upon any or all of the property subject to the taxing
power of tne village.
„
Tne fiscal year of the village begins on March 1.
The amounts of taxes
fiscal years beginning March 1, 1935, March 1,
levied by the village for the
1936, and March 1, 1937, were respectively $50,650, $57,230.78, and $55,100; the amounts of such taxes uncollected at the end of the respective
were $10,673.28, $9,578.12, and $7,585; and the
such taxes which remained uncollected as of May 31, 1938, were
fiscal years,
amounts of
respectively
$6,921.52, $7,369.44, and $6,388.73.
than 44,000 slum dwellers.
Rentals for each room in
Financial Statement
subject to the taxing power of the
County is $21,281,677.
The total bonded debt of the County, including
the above mentioned bonds, is $411,000.
The population of the County
(1930 census) was 23,447. * The bonded debt above
the debt of any other subdivision having power to
stated does not include
levy taxes upon any or
of the County.
The fiscal
Nov. 1.
The amount of taxes levied for each of the fiscal
commencing Nov. 1, 1934, Nov. 1, 1935, and Nov. 1, 1936, was
respectively $483,956.84, $523,269.70, and $530,914.26.
The amount of
such taxes uncollected at the end of each of said fiscal years was respectively
$15,154, $17,973, and $28,654.
The amount of such taxes remaining
uncollected as of June 6, 1938, is $1,720.92, $5,056.16, and $7,042.12,
respectively.
The taxes of the fiscal year commencing Nov. 1, 1937
amount to $545,601.07, of which $465,966.83 have been collected.
all of the property subject to the taxing power
year commences
years
MALVERNE,
N.
Y.—BOND OFFERING—Albert J.
Clerk and Treasurer, will receive sealed bids until 4 p. m.
Brown, Village
(Daylight Sav¬
ing Time) on June 14 for the purchase of $7,500 not to exceed 5% interest
coupon or registered fire apparatus and equipment bonds.
Dated „uly 1,
1938.
Denom. $500.
Due $1,500 on July 1 from 1939 to 1943 incl.
Bidder to name a single rate of interest, expressed in a multiple of
or
l-10th of 1%.
Prin. and int. (J. & J.) payable at the Bank of Malverne,
with New York exchange.
The bonds are general obligations of the vil¬
lage, payable from unlimited taxes.
A certified check for
to the order of the village, must accompany each proposal.
ing opinion of Dillon, Vandewater & Moore of New York
furnished the successful bidder.
$200 payable
The approv¬
City will be
Financial Statement
subject to the taxing power of
The total bonded debt of the village, includ¬
The assessed valuation of the property
the Village is
$12,208,310.
the new dwellings will range
month, the lower figure being the estimated cost to
from $4.25 to
future residents
project.
In slum areas there, it was said, rents
as high as $20 a dwelling a month are now being paid for shelter alone.
Today's contracts, the third group approved by the President, were
signed last night at the White House on tne recommendation of Mr. Straus.
The number of family dwelling units in the Buffalo project is 696.
The
amount allotted, as in all similar projects, is not to exceed 90% of the
actual cost.
Baltimore, with $16,616,000 approved for 3,042 units, gets
the largest grant.
They will rent for $4 a room.
■
,
The other cities in this group are Allentown, Pittsburgh, Cleveland,
Columbus, Detroit and Birmingham.
•
NIAGARA FALLS, N.
Y.—BOND SALE—The $100,000 series A coupon
registered public works bonds offered June 6—V. i46, p. 3700—were
1 y,s at a price of 100.186, a basis
of about 1.47%.
Dated June 1, 1938 and due June 1 as follows: $10,000
from 1940 to 1943, incl., and $15,000 from 1944 to 1947, incl.
Other bids:
or
awarded to Shields & Co. of New York as
Rate Bid
Bidder—
Harris Trust & Savings
.
Washburn &
Co., Inc
Schlater, Noyas & Gardner, Inc
R. W. Pressprich & Co
Brown
&
Int. Rate
100.299
100.159
100.152
Bank, Chicago
Manufacturers & Traders Trust Co_.,_^
1.60'
1 -60'
100.078
-
1 -70%
100.259
1-7(P
100.180
Groll
1-70
1.75
1 -75
1.90%
PORT OF NEW YORK AUTHORITY. N. Y.—LEGAL OPINIONS
EMPHASIZE
INHERENT IMMUNITY OF OBLIGATIONS FROM
FEDERAL TAXATION—The bonds and revenues of the Port of New
York Authority are immune from Federal taxation, according to a state¬
ment issued April 10 by Frank C. Ferguson, Chairman of the 1 ort of New
York Authority.
Their immunity, he said, is not affected by the recent
decision of the Supreme Court in Helvering vs. Gerhardt, requiring certain
First
of Michigan Corp
Geo. B. Gibbons & Co., Inc
100.148
100.100
Halsey, Stuart & Co., Inc
Power City Trust Co
100.076
100.270
Authority employees to pay income tax.
Chairman Ferguson made this statement following an opinion by Julius
Henry Cohen, General Counsel of the Port Authority.
Mr. Ferguson
requested Mr. Cohen to advise him with respect to the
effect of the decision.
Supporting Mr. Cohen's opinion was a concurring
opinion of Thomson, Wood & Hoffman, New York, well known
Port
stated that he had
municipal
bond counsel.
opinion, Mr. Cohen said:
.
"There is no reason to believe that the Supreme Court of the United
States will at any time countenance the destruction of the essential sover¬
eignty of the State through Federal taxation of the revenues or the boirowicg power of the State, its political subdivisions or public instrumentalities.
It must never be forgotten that the power to raise revenues and the power
to borrow moneys are necessary to the very existence of any government.
In his
Without these powers no
government
could exist."
raise public funds through the issuance of bonds is the very
In his opinion, Mr. Cohen said:
...
"The borrowing function (exercised through the issuance of bonds) has
been exercised by the States 'from the beginning,' and one cannot conceive
The power to
life blood of the States.
of
a
State existing as a
governmental entity without power to exercise this
through its political subdivisions or other public
function both directly and
instumen tali ties.''
SAUGERTIES, N. Y.—OTHER BIDS—'Tne $65,000 improvement bonds
Inc., New York, as 2 j^s, at 100.317,
awarded to Schlater, Noyes & Gardner,
a
basis of about 2.21%,
as
previously noted in—V. 146, p.
3700—were
Other bids:
COUNTY
The assessed valuation of the property
a
of "Lakeview", the Buffalo
also bid for as follows:
(P. O. Lowville), N. Y.—BOND OFFERING—
Charles T. Taylor, County Treasurer, will receive sealed bids until 1 p. m.
(Eastern Standard Time) on June 16 for the purchase of $40,000 not to
exceed 4% interest coupon or registered highway bonds.
Dated July 1,
1938.
Denom. $1,000.
Due $4,000 on July 1 from 1939 to 1948 incl.
Bidder to name a single rate of interest, expressed in a multiple of H or
l-10th of 1 %.
Principal and interest (J. & J.) payable at the County Treas¬
urer's office.
The bonds are general obligations of the county, payable from
unlimited taxes.
A certified check for $800, payable to the order of the
County Treasurer, must accompany each proposal.
The approving opinion
of Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
LEWIS
President Roosevelt has approved loan contracts totaling $57,577,000 for
eight cities, including $3,643,000 for Buffalo.
According to Nathan Straus, Administrator of the United States Housing
Authority, these will provide new and decent housing at low cost for more
slum clearance projects in
.
$3.75
fered June 6—V.
must
We quote in part as follows from a
"Times" of .June 4:
1,861,092.99
$4,321,298.66.
YORK, N. Y.—NEW HOUSING LOANS TOTAL $57,577,000—
Washington dispatch to the New York
NEW
29,043,294.12
2,028,065.87
62.81%
93.02%
uncollected taxes, April 30, 1938 (exclusive of
by tax sale certificates purchased and held by the
2,854,672.56
Per cent collect'd
88.57%
,
MINETTO, N. Y.—BOND OFFERING—Frank Ranous, Town Clerk,
will receive sealed bids until 2 p.m. (Eastern Standard Time) on June 17
for the purchase of $26,000 not to exceed 6% interest coupon or registered
funding bonds.
Dated April 15, 1938.
Denom. $1,000.
Due $2,000 on
April 15 from 1939 to 1951 incl.
Prin. and int. (A. & O. 15) payable at
the First & Second National Bank & Trust Co., Oswego.
Bidder to name
a single rate of interest, expressed in a multiple of Y\ or l-10th of 1%.
A
certified check for $360, payable to the order of the Town Treasurer, must
accompany each proposal.
The approving legal opinion of Caldwell &
Raymond of New York City will be furnished the successful bidder. These
bonds are general obligations of the town payable both principal and in¬
terest from unlimited ad valorem taxes upon all the taxable property therein,
and are to be issued for the purpose of paying to certain taxing districts
in Oswego County a portion of the State and county taxes erroneously
assessed against the property in said districts in the year 1924, in accordance
with an order of the State Tax Commission equalizing said taxes, and under
the authority of the Tax Law and the Town Law of the State of New York.
Collected in year
of levy
,
123,611.82
214,704.28
Bidder—
Int. Rate
,
R.
C.
$109.85
2.40%
inl'an
?03.65
122.85
122.85
86.45
«§?*§£
214.50.
290.55
2.40%
2.40%
2.40%
D. White & Co.
Manufacturers & Traders Trust Co.
j
F. Herb & Co...
A. C. Allyn &
Premium
2.30%
Campbell, Phelps & Co
George B. Gibbons & Co., Inc
J. & W. Seligman & Co
2.40%
Co., Inc
Sherwood & Reichard
_
— — — ...
Roosevelt & Weigold, Inc
Marine Trust Co
2.40%
2.50%
2.60%
SALEM, HEBRON AND JACKSON CENTRAL SCHOOL DISTRICT
1 (P. O. Salem), N. Y.—BOND OFFERING— Fred A. Staedeli,
Clerk, will receive sealed bids until 2 p. m, (Eastern Standard
NO.
District
of $244,000 not to exceed 6%
and equipment bonds.
Dated June
Time) on June 14 for the purchase
coupon or registered building
Denom. $1,000.
Due June
interest
1, 1938.
1 as follows: $7,000 from 1941 to 1952 incl.
and $10,000 from 1953 to 1968 incl.
Bidder to name a single rate of in¬
terest, expressed in a multiple of \i or l-10th of 1%.
Prin and semi¬
annual interest (J. & D.) payable at the Salem National Bank, Salem,
with New York exchange.
A certified check for $5,000, payable to the
order of Charles McKee, District Treasurer, must accompany each pro¬
The approving legal opinion of Reed, Hoyt, Washburn & Clay of
City will be furnished the successful bidder.
The district is
levy such ad valorem taxes on all of its
taxable property, unlimited as to rate or amount, in order to provide for
payment of both principal and interest on the issue.
posal.
New
York
authorized and required by law to
Financial Statement
The assessed valuation of the property
subject to the taxing power
of
according to the 1937 assessment rcll, is $1,706,398.60 and the
full valuation is $2,380,587.12.
The real property valuation does not in¬
clude special corporation franchise valuation of $58,971.40, which is also
subject to taxation for school purposes.
The total bonded debt of said
district, including the bonds described above, is $244,000.00 the present
population of said district is approximately 3,000: the bonded debt above
stated does not include the debt of any other subdivision having power to
levy taxes upon any or all of the property subject to the taxing power of
the district
the district.
The school year commences July 1st and ends
district was duly organized on November 3, 1937,
of the Education Law of the State of New York.
June 30th next, Said
pursuant to Article 6-B
The first taxes for th
3844
purpose
Financial
of said district will be levied for the fiscal year commencing July 1,
County Treasurer by the
County Treasuer to the
1938.
Uncollected taxes will be reported to the
Board of Education and shall be paid by said
Treasurer of the School District.
SCARSDALE, N. Y.—BOND SALE—The $21,000
coupon or
registered
impt. bonds offered by the town on June 7—V. 140, p. 3700—were awarded
to the Fifth Ave. Bank of New York City; as Is, at par plus a premium of
Chronicle
Financial
Int. Rate
Adams, McKntee& Co., Inc.-
School notes (State
Scarsdale National Bank & Trust Co
$6.30
21.00
3.00
of North Carolina loans)
-——
$1,550,450
1935-1936
$
.Assessed val..„59,236,326.00
.53
Rate per $100-—
—
Uncollected
.53
.53
64
352,181.19
21,373.54
350,449.93
37,503.74
354,831.90
41,471.99
433,993.81
151,582.68
93.93
Levy
89.29
88.31
65.072
1.25%
9.66
1.25%
1.25%
1.40%
1.40%
8,40
4.20
27.30
18.90
F. Herb & Co
Marine Trust Co. of Buffalo-
1.50%.
20.76
1938-39 .-.-.-$87,000
1946-47
$72,000
1.60%
20-37
1939-40
1947-48
Mrs. Richard Block------
3 1-3%
Par
1940-41
72,000
72,000
71,000
73,000
76,000
51,000
Groll
Sherwood
—
Iieichard
&
C.
Assessed valuation of the property subject to the taxing power
of the village as shown upon the last complete assessment
roll for the year 1937
$70,592,787
Total bonded debt (including this issue)
2,298,550
Population, 1930 census, 9,664.
Bonded indebtedness of the village
as stated above does not include the debt of any other subdivision having
power to levy taxes upon any or all of the property subject to the taxing
power of said village.
Total ad valorem or general property taxes, in¬
cluding water district and sewer district taxes and assessments:
^
Fiscal Year Commencing March 1—
Total levy
Uncollected end of fiscal year
1935
$537,600
34,000
2.032
Uncollected May 1, 1938
.
1936
$535,600
22,000
3,605
1937
""
$539,900
24,700
18,943
SCOTTSVILLE, N. Y.—BOND SALE—The Central Trust Co. of Roch¬
\\
ester
purchased on June 9 an issue of $11,500 water bonds as 3.20s.
Dated
Denom. $500.
Due $500 on June 1 from 1939 to 1961 incl.
Principal and interest (J, & D.) payable at the First National Bank of
Caledonia, with New York exchange.
Legality approved by Dillon,
Vandewater & Moore of New York City.
June 1, 1938.
SOUTH CORNING (P. O.
Corning), N. Y.—bond sale—The $6,000
coupon or registered water works bonds offered June 8—V.
were
146,
p.
3554—
awarded to the Marine Trust Co. of Buffalo, as 3.40s, for a premium
of
$24.50, equal to 100.408, a basis of about 3.35%.
Dated June 1, 1938
and due $400 annually on June 1 from 1941 to 1955 incl.
SUFFOLK COUNTY (P. O. Riverhead), N. Y.—APPROVES LARGE
RELIEF BOND ISSUE—The Board of Supervisors recently authorized a
bond issue of $631,000, to mature in 10 years, for the purpose of refunding
a
similar amount of certificates of indebtedness issued to meet home relief
costs.
Following passage of the enabling resolution, opposition to which was
expressed by Supervisor Frederic J. Wood of Babylon on the ground that
his town does not favor bond issues for relief
purposes, it was explained by
Chairman Warren F. Greenhalgh that owing to a recent enactment
by the
State Legislature the county will no longer be able to extend relief cer¬
tificates from
the renewal
Percentage
collected
Population—1930 U. S. Census, 56,665; estimated present, 70,000.
Maturities of Bonds Outstanding, Including Bonds Now
85,000
86,000
92,000
97,000
55,000
67,000
66,000
------
1941-42
Financial Statement
year to year. At the same meeting, the Supervisors approved
$1,000,000 in tax anticipation notes.
1941-43
1943-44
1944-45
Comptroller, as sinking fund investments, of $250,000 4M% additional
bridge revenue bonds, we are advised that the bonds were sold at a price of
98, a basis of about 4.37%.
Dated March 1, 1938.
Registered form,
$1,000 denoms.
Due March 1, 1967.
Callable by purcnase or by lot.
Interest payable M. & S.
UTICA, N. Y.—certificate sale—The $1,000,000 tax anticipation
certificates of indebtedness offered June 8 were awarded to the Bank of the
Manhattan Co. of New York at 0.24% plus $7
premium.
Dated June
9,
-----
-
1945-46
1948-49
..
1949-50
1950-51
1951-52
1952-53
—
—
Offered
1953-54.$76,500
70,000
1954-55
1955-56
1956-57
------
1957-58
1958-59
1959-60
......
57,000
7,000
3,000
3,000
2,000
The county is not in default in payment of any of its bonds or bond int
COUNTY
SAMPSON
.
O. Clinton), N. c.—BOND OFFERING—
11 a. m. (Eastern Standard Time), on
June 14, by W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the purchase of two issues of refunding bonds aggregating $152,000, divided as follows:
(P.
bids will be received
Sealed
until
_
_
bonds."
Due as follows: $1,000, 1939 to 1952; $2,000, 1953
1957, and $3,000, 1958 to 1960, all incl.
119,000 road and bridge bonds.
Due as follows: $9,000, 1939; $5,000,
1940; $2,000, 1941 to 1952; $3,000, 1953 to 1955; $4,000, 1956 and
1957; $7,000, 1958; $9,000, 1959 and 1960, and $13,000, 1961 to
1963, all incl.
$33,000 school
to
Denom.
$1,000. Dated June 1, 1938.
No option of payment prior to
Coupon bonds, registerable as to principal alone.
Delivery
place of purchaser's choice.
There will be no auction.
Prin. and int.
(J. & D.) payable in lawful money in New York City.
A separate bid for each issue (not lass than par and accrued interest) is
required.
Bidders are requested to name the interest rate or rates, not ex¬
ceeding 6% in multiples of M of 1%; each bid may name one rate for part
of the bonds of either issue (having the earliest maturities) and another
rate for the balance; but no bid may name more than two rates for either
issue, and each bidder must specify in his bid the amount of bonds of each
rate
The bonds will be awarded, to the bidder offering to purchase the
bonds at the lowest int. cost to the county, and such cost to be determined
deducting the total amount of the premium bid from
the aggregate
amount of interest upon all of the bonds until their respective maturities.
Bids must be on a form to be furnished with additional information by
the above secretary, and must be accompanied by a certified check upon
an incorporated bank
or trust company, payable unconditionally to the
order of the State Treasurer for $3,040.
The approving opinion of Reed,
Hoyt, Washburn and Clay, New York City, will be furnished the purchaser^
maturity.
at
or
THOUSAND ISLANDS BRIDGE AUTHORITY
(P. O. Watertown),
N. Y.—bond sale details—In connection with the
previous report
in these columns—V. 146, p. 3229—of the sale to the New York State
$588,000
761,500
150,950
50,000
1936-1937
1937-1938
$
$
58,866,867.00 59,970,273.00 61,922,368.00
1934-1935
$
Bacon, Stevenson & Co
&
■
offered)
Total debt, including bonds now offered
Taxes—J
1938
.
Brown
J. & W. Seligman & Co
Manufacturers & Traders Trust Co-
11,
1938
1,
May
Revenue anticipation notes
Premium
1%
1.20%
1.20%
R. D. White & Co
Statement
Outstanding Debt—
Bonds for school purposes (including $60,000 now
Bonds for other than school purposes
$10, equal to 100.047, a basis of about 0.98%.
Dated June 1, 1938, and
due $7,000 on June 1 from 1939 to 1941, incl.
Other bids were:
Bidder—
June
SPINDALE, N. C.—NOTES SOLD—It is reported that $5,000 notes
purchased by the First Industrial Ban** of Rutherford, at 6%.
The notes are said to be dated June 1,1938 and are due on Occ. 10,1938.
have been
NORTH
CASS
Leonard)
DAKOTA
DISTRICT NO. 54 (P. O.
N. Dak.—BOND OFFERING—It is reported that sealed bids
COUNTY
SPECIAL
SCHOOL
will be received until 2 p. m. on June 16, by I. P. Fenne, District Clerk,
at the County Auditor's office in Fargo, for the purchase of a $13,300 issue
of school bonds.
Dated June 1, 1938.
Due on June 1 as follows; $550 in
1941, and $750 from 1942 to 1958. A certified check for 2 % must accompany
the bid.
1938, and due Nov. 9, 1938.
WESTCHESTER COUNTY (P. O. White
Plains), N. Y.—bond
OFb ering—William S. Coffey,
County Treasurer, will receive sealed bids
until noon (Daylight Saving
Time) on June 21 for the purchase of $625,000
not to
exceedj6% interest coupon_or registered bonds, divided as
$490,000 Saw Mill River~Valley Sanitary*"3ewer bonds? Due
follows:
$85,000, 1939; $35,000 from 1940 to 1950
$20,000 in 1951.
135,000 Central Yonkers sanitary sewer bonds.
Due $15,000
from 1939 to
1
incl.
on
17 by A. O. Benthagen, District Clerk,,for
construction bonds.
Interest rate is not
as
and
July 1
OHIO
on
NORTH
that
$12,000 refunding bonds
are
Ff8 °Lth,e ori&inal bonds.
u6
& Mitchell of New York.
now
being offered
for
exchange
Legality approved by Masslich
funding bonds, in order
to make effective a
ing plan.
GREENVILLE,
bonds, and
proposed refinanc¬
N.
c.—bond offering—Sealed bids will be re¬
(Eastern Standard Time) on June 14, by W. E.
Easterling, Secretary of the Local Government
Commission, at his office
Raleigh, for the purcnase of a $35,000 issue of coupon and
(or) registered
public improvement bonds.
Denom. $1,000.
Dated May 1, 1938.
Due
on May l as follows:
$1,000, 1940 to 1942, and $2,000, 1943 to 1958, all
incl.. without option of prior payment.
Prin. and int. (M. & N.) payable
in New York City in legal
tender; general obligations; unlimited tax.
until
11
a.
m.
^>iVieFy on or a^out June 27, at place of purchaser's
choice.
requested to name the interest rate or
rates, not exceeding
in multiples of M 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
costto the town, such cost to be determined
by deducting the total amount
of the premium bid from the
aggregate amount of interest
Bidders
6% per
are
annum
bonds until their respective maturities.
interest will be entertained.
Bids must
upon all
of the
No bid of less than par and accrued
be
accompanied by a certified check upon an
incorporated
bank or trust company payable
unconditionally to the order of the State
Treasurer for $700.
The approving opinion of
Malssich & Mitchell, New
York City, will be furmsned the
purchaser.
(These are the bonds that were offered for sale on
May 11, when all bids
were rejected, as noted here at that
time—V. 146, p. 3230.)
MARION,
N.
C.—-notes sold—It is reported that
$15,000
have been purchased at 4% by the First
National Bank of Marion.
$60,000
C?U£TYJP;, °JSalisbury), N.
an
---
------
-
-
-—
Premium
$158.00
104.40
102.00
73.85
(Eastern Standard Time) on June 16 for the purchase of $268,000
6% construction and improvement bonds.
Dated May 1, 1938.
Denom.
$1,000. Due Nov. 1 as follows: $21,000 from 1939 to 1946 incl. and $20,000
from 1947 to 1951 incl.
Bids may be made for ail or part of the issue and
may stipulate an interest rate other than 6 %, although where a fractional
rate is named such fraction must be in multiples of M of 1%.
Interest
payable M. & N. A certified check for $2,680, payable to the order of the
Board of Education, must accompany each proposal.
BALTIMORE,
Ohio—BOND
OFFERING—The
Village
Clerk
will
receive sealed bids until
water works bonds.
noon on June 20 for the purchase of $4,000 4%
Dated Nov. 1. 1937. Denom. $1,000.
Due $1,000 on
Nov. 1 from 1940 to 1943 incl.
Principal and interest (M. &
at the First National Bank, Baltimore.
Bidder may name an
other than
N.) payable
interest rate
fractional rate is specified such fraction
must be in multiples of M of 1 %. Offers may be made for all or part of the
issue. A certified check for $500, payable to the order of the Village Council,
4% although where
must accompany
a
each proposal.
BEDFORD CITY SCHOOL DISTRICT, Ohio—BONDS NOT SOLD—
No bids were submitted for the $39,000 4M % series S funding bonds offered
June 3—V. 146, p. 3386.
An effort will be made to sell the issue privately.
Dated March 1,
1938 and due Nov. 1,
as
follows: $3,000 in 1938 and $4,000
from 1939 to 1947, inclusive.
CARROLLTON, Ohio—BONDS AUTHORIZED—'The Village Council
passed
offer of $856.25 premium on 3
Ms, tendered
by John Nuveen & Co. of Chicago.
3M%
3M%
3M%
3M %
noon
exceed
on
Int. Rale
.
AKRON CITY SCHOOL DISTRICT, Ohio—BOND OFFERING—
Hazel Fleek, Clerk of teh Board cf Education, will receive sealed bids until
tari
a^out 2.998%. Dated June 1, 1938. Due
1 from 1941
1957
The second highest bid was
Bidder—
Saunders. Stiver & Co.
Stranahan, Harris & Co
P. E. Kline, Inc
Seasongood & Mayer
c.—bond sale—The
146, p. 3700—
was awarded jointly to the Wachovia
Bank & Trust Co. of Winston-Salem,
and Lewis & Hall, Inc., of
Greensboro, as 3s, paying a premium of $6,
SPRINGFIELD
COLUMBUS
ADENA, Ohio—BOND SALE—The $18,000 water works system con¬
struction bonds offered June 6—V. 146, p. 3230—were awarded to Paine,
Webber & Co. of Chicago, as 3s, for a premium of $212.07, equal to 101.178,
a basis of about 2.86%.
Dated May 1, 1938 and due $1,000 on Oct. 1 from
notes
issue of school bonds offered for sale on
June 7—V.
J^e
BUILDING, CLEVELAND
CINCINNATI
1939 to 1956 incl.
c2un^ authorities to issue $1,925,000 in refunding
in
AKRON
OHIO
'Brunswick: county (p. o.
Southport), n. c.—bonds auth¬
orized
It is reported that the Local
Government Commission has auth-
ceived
700 CUYAHOGA
CANTON
CAROLINA
ABERDEEN GRADED SCHOOL DISTRICT
(P. O. Aberdeen),
N. c.—BONIJ EXCHANGE—It is stated
by J. G. Farrell, District Treas¬
$230,000
MITCHELL, HERRICK 8 CO.
County Treasurer's office
July 1.
urer,
MUNICIPALS
county, payable from unlimited
all of its taxable property.
The Continental Bank &
Trust Co. of New York will supervise
preparation of tbe bonds and certify
as to their genuineness in all
respects, including signatures of county offi¬
cials.
A certified check for $12,500, payable to the order of
the County
Treasurer, must accompany each proposal.
Legal opinion of Hawkins,
Delafield & Longfellow of New York
City will be furnished the successful
bidder.
Bonds will be ready for
delivery at the
on
Dated July 1, 1938.
1947 incl.
All of the bonds will be dated
July 1, 1938.
Denom. $1,000.
Bidder
to name a single rate of interest,
expressed in a multiple of M or 1-10 of 1 %.
Principal and interest (J. & J.) payable at the County Treasurer's office.
The bonds are general obligations of the
ad valorem taxes
the purchase of a $10,000 issue of
to exceed 4%, payable J. & J.
Due $500 from July 1, 1939 to 1958,
incl.
Bids will be received at the County Auditor's office in Bottineau.
These bonds were approved by the voters at an election held on May 3.
A certified check for 2% of the bid is required.
Denom. $500.
follows:
July
DAYBREAK SCHOOL DISTRICT NO. 17 (P. O. Westhope), N. Dak.
—BOND OFFERING—Sealed bids will be received until 10 a. m. on June
time ago an ordinance authorizing an issue of $25,000 not to
interest sanitary sewer system and disposal plant bonds, to
$1,500 annually from 1939 to 1948, inclusive, and $2,000 from 1949
1953, inclusive.
some
6%
mature
to
CINCINNATI, Ohio—BOND SALE—The $600,000
coupon Cincinnati
June 7—V. 146, p. 3386—were
Co., both of New York
City, jointly, as 2s, at a price of 101.321, a basis of about 1.92%.
Dated
July 1, 1938 and due July 1, 1958.
The bankers reeoffered the issue at a
(Southern Ry.) refunding bonds offered
on
awarded to Shields & Co. and Francis I. duPont &
Volume
price to
present
Financial
146
yield 1.85%.
requirements
The bonds, according to the underwriters, meet the
legal investments for savings banks and trust
as
fiimds in New York, Massachusetts, Connecticut and in certain other
States.
3845
Chronicle
cific issue outstanding have deposited their securities, it is requested that
owners of the bonds of the aforementioned issues forward them to the de¬
positary, the Cleveland Trust Co., Corporate Trust Dept., Cleveland.
are being issued to refund a like amount of redeemable Cincinnati
Southern Ry. optional 4% bonds, due July 1, 1958, which have been called
They
for payment July 1,
1938.
In the opinion of counsel the bonds will, upon
valid and binding obligations of the City of Cincinnati,
payable, principal and interest from ad valorem taxes which may be levied
against all the taxable property therein, without limitation as to rate or
issuance, constitute
R. J. EDWARDS, Inc.
amount.
of taxable property
of the City of Cincinnati was
$807,677,550, while total bonded debt as of May 15, 1938 was $80,166,214
and net bonded debt, $38,903,415.
Cincinnati Southern Ry. extends from
Cincinnati, Ohio to Chattanooga, Tenn.
The line which is owned by the
city has been leased to the Cincinnati New Orleans & Texas Pacific Ry.
since 1881.
The leasehold agreement provides an additional payment out
of net profits over and above the fixed rental.
The city reports additional
receipts from this source each year 1933-37.
Second high bidder was an account composed of Lazard Freres & Co. of
New York and Braun, Bosworth & Co. of Toledo, which bid a price of
100.668 for 2s.
A large number of other offers were submitted for the loan.
The following is an official list of unsuccessful bids:
Bidder—
int. Rate
Premium
Lazard Freres & Co.; Braun, Bosworth & Co
2%
$4,008.00
The Chemical Bank. & Trust Co.; R. W. Pressprich & Co.
and Associates
2%
3,623.00
Barr Bros & Co., Inc.; H. C. Wainwright & Co
2%
954.00
The National City Bank of New York; Blyth & Co., Inc.,
L. F. Rothschild & Co.; Paine, Webber & Co., Mitchell,
Herrick & Co.; McDonald-Coolidge & Co
--2%
750.00
The First Boston Corp., Harris Trust and Savings Bank,
Mercantile-Commerce Bank & Trust Co.; First of
Michigan Corp.; Breed, Harrison Inc
2k%
19,979.40
Hill & Co.; Phelps, Fenn & Co.; Eastman, Dillon & Co.;
valuation
Assessed
Municipal Bonds Since 1892
Oklahoma City, Oklahoma
AT&T
Ok Cy
Long Distance 787
19
OKLAHOMA
JONES, Okla.—BOND OFFERING—It is stated by tne Town Clerk
that he will receive sealed bids until June 21, for the purchase of a $16,000
issue
of
sewer
Interest rate is not
bonds.
to exceed 6%, payable semi¬
Due $1,000 from 1942 to 1957, inclusive.
annually.
...
_
_
_
_
2k%
10,434.00
Trust Co.;
months, Oklahoma's fiscal year
as of next June 30, will be $8,500,000.
Income in the first 10 months
13.37% above the relative 1936-37 period, and appropriations by the
Legislature were 32% higher.
On the basis of revenue for the first 10
17,579.40
OREGON
16,068.00
Fifth-Third Union Trust Co.; Adams,
McEntee & Co
-CROOK COUNTY SCHOOL DISTRICT (P. O. Prineville),
BOND SALE—The $65,000 issue of construction bonds offered for
Junr
6—V.
Portland,
CLARK COUNTY (P. O. Springfield), Ohio—ADDITIONAL BID—
Seasongood & Mayer of Cincinnati named an interest rate of 3k% an(*
offered a premium of $16.85 for the $16,600 poor relief notes awarded
June 2, as previously noted in V. 146, p. 3700.1
PURCHASE
ISSUE—
Helen T. Howard, City Clerk, reports that an issue of $375,000
bonds will be absorbed by the municipal sinking funds.
deficiency
COLUMBUS,
Ohio—SIN KING
CROSS CREEK
FUND
TO
RURAL SCHOOL DISTRICT
(P. O. R. R. No. 1,
Mingo Junction), Ohio—BOND SALE DETAILS—In connection with the
146, p. 3700—of the purchase by the State Teachers'
Retirement System of $95,000 3 k % building bonds, we learn that the sale
was made, not at par, but at par plus a premium of $700, equal to 100.735,
previous report—V.
a
basis of about 3.20%.
EUCLID,
Due in 1958.
OFFERING—W.
Ohio—BOND
will receive sealed bids until noon on June
B.
Gilson,
City
Auidtor,
27 for the purchase of $42,000
Due
1941.
Interest payaole A. & O.
Bidder may name an interest rate other than
4k % although where a fractional rate is bid such fraction must be in
multiples of k of 1%. A certified check for $420, payable to the order of
4k % funding bonds. Dated July 1, 1938. Denom. $1,000 and $100.
Oct. 1 as follows:
$15,50d in 1939 $14,000 in 1940, and $12,500 in
the city, must accompany
each proposal.
tuM
m
mi
mi
Ohio—BONDS AUTHORIZED—The City Council
approved on May 26 an ordinance providing for an issue of $48,000 2k %
street improvement bonds.
Dated June 1, 1938.
Denom. $l,0OO.
Due
Sept. 1 as follows: $4,000 in 1939 and 1940 and $5,000 from 1941 to 1948,
inclusive.
Principal and interest (M. & S.) payable at the City Treas¬
IHMIDDLETOWN,
urer's office.
(P.
Due from June 1, 1940 to 1950 incl.
highest bid was an offer of 100.031 on 4s,
M. Adams & Co. of Portland.
The second
JOSEPHINE COUNTY SCHOOL
O.
Brooklyn
Cleveland,), Ohio—TENDERS
Station,
WANTED—Pursuant to provisions of the Plan for Muncipal Debt Read¬
justment of the city, John M. Graham, City Treasurer, announces that
approximately $75,000 is available for the purchase of refunding bonds
dated Oct. 1, 1936, and that he will receive sealed tenders of such securities
until noon on July 15.
Sale price must not exceed face value of bonds of¬
fered and the obligations tendered must be ready for delivery not later than
10 days thereafter.
The operation will be conducted in accordance with
the readjustment plan and Section 2293-5p of General Code of Ohio.
UMATILLA COUNTY UNION
group
COUNTY SCHOOL DISTRICT NO. 15 (P.
O
Ore.—BOND SALE—The $10,000 issue of school bonds
3—V. 146, p. 3701—was purchased by the Forest
Grove National Bank, according to report. Dated June 1, 1938. Due from
June 1, 1943 to 1955.
WASHINGTON
Forost
Grove)
offered for sale on June
COUNTY
106,222 street improvement bonds.
One bond for $1,222, others $1,000
each.
Due April 1 as follows: $21,222 in 1940; $21,000 from 1941
to 1943, incl., and $22,000 in 1944.
Prin. and int. (A. & O.)
payable at the Chemical Bank & Trust Co., N. Y. City.
r
All of the bonds are dated April 1, 1938.
Peck, Shaffer & Williams of Cincinnati.
Ohio—BOND
Legality to be approved by
OFFERING—Charles Austin, City Auditor,
21 for the purchase of $51,981
will receive sealed bids until noon on June
coupon or registered property portion street improvement bonds.
Dated June 1, 1938.
One bond for $981, others $1,000 each. Due June 1
as follows:
$10,981, 1940; $10,000 from 1941 to 1943 inci. and $11,000 in
3%
1942. Bidder may name a different rate of
tional rate is named such fraction must be
interest although where a frac¬
expressed in multiples of k of
Principal and interest (J. & D.) payable at the Chemical Bank &
Trust Co., New York City. Bonds will be printed in different denoms., at
purchaser's request, providing that the schedule of maturities remains
unchanged. They are issued in anticipation of collection of special assess¬
ments. A certified check for 1 % of the bonds bid for, payable to the order
1%.
the
Commissioner
of
the
Successful bidder to pay for
Treasury,
must
accompany
each proposal.
legal opinion.
Ohio—RFC LOAN AUTHORIZED—A loan of $20,000 for
purposes was authorized by the Reconstruction
Corporation, according to a Washington press release on June 8.
W WESTON,
waterworks
Finance
construction
WICKLIFFE, Ohio—ADDITIONAL BOND
EFFECT REFUNDING—Wayne E.
DEPOSITS NEEDED TO
Davis, Solicitor for the Village, re¬
cently announced that actual consummation of the plan for refinancing all
of the $983,611 of general and special assessment bonds issued and presently
outstanding is being delayed owing to failure to receive deposits of the re¬
quired 75% bonds in the case of four of the total of 10 issues making up
the total debt.
While
an
aggregate of
School District of
4k%
Price:
deposits of the issues shown below
effected:
Amount
$1,000
24,000
— ---6,000
3,000
program, involving the exchange of new refunding obligations,
set in motion unless holders of 75% of the par value of each spe¬
Street
improvement
Wickliffe sewer, special assessment.Wickliffe sewer, village portion....
St. Clair improvement, water main
I As the
cannot be
of Bonds
Yet Required
of Issue—
Wickliffe
16
(P.
O.
Philadelphia
Bond® due April 15, 1952
112.885 & Interest to net
3.10%
Moncure Biddle & Co.
1520 Locust St
.
Philadelphia
PENNSYLVANIA
ALLEGHENY COUNTY (P. O. Pittsburgh), P a .—BOND SALE
The $5,000,000 various purposes bonds offered June 7—146, p. 3387—were
awarded to a syndicate composed of Halsey, Stuart & Co., Inc., Bane-
Ladenburg, Thalmann & Co., Hallgarten & Co.,
George B. Gibbons & Co., Inc., all of New York;
Co., Buffalo; Stroud & Co., Inc., I hiladelphia; Glover & MacGregor, Inc., Pittsburgh; Mitchell, Herrick & Co.
and McDonald-Coolidge & Co., both of Cleveland; First of Michigan Corp.,
New York; Chandler & Co., Inc., Philadelphia; Schlater, Noves & Gardner,
Inc., New York; S. K. Cunningham & Co., Inc., Pittsburgh; Burr & Co.,
Inc., New York, and Walter Stokes & Co. of Philadelphia.
Tne bankers
named an interest rate of 2k%. pakl a price of 102.099, a basis of about
2.32%.
The sale consisted of the following:
america-Blair
Darby
& Co.,
Manufacturers
Corp.,
Inc.,
& Traders Trust
$2,480,000 road bonds, series 44.
1,020,000 bridge bonds, series 26.
750,000 park bonds, series 7.
300,000 tunnel improvement bonds, series
450,000 bridge bonds, series 19-H.
-
5.
Tne entire $5,000,000 bonds bear date of June 1, 1938, and mature June 1
follows: $170,000, 1939 to 1954 incl.; $165,000, 1955 to 1962 incl.; and
$160,000 from 1963 to 1968 incl.
Bonds pubiiciy offered—Halsey, Stuart & Co., Inc., and associate*? made
public re-offering of the bonds at prices to yield from 0.40% to 2.40%,
according to maturity.
Official offering advertisement appears on page n.
The bonds, according to the bankers, are legal investment for savings banks
and trust funds in the States of New York and Pennsylvania.
The offer by Halsey, Stuart & Co., Inc. was the highest of the total of
six bids submitted at the sale.
Second high bid of 101.87 for 2ks was made
as
2ks,
by the Mellon Securities Corp. of Pittsburgh.
Other bids, also for
follows: National City Bank of New York syndicate 101.71; Lazard
Freres & Co. group 101.32; Brown Harriman & Co., In6. and others 100.67;
Chase National Bank of New York account 100.319.
were as
$695,111 of bonds have been de¬
posited in approval of the plan, additional
are necessary before the refunding can be
lb Name
NO.
bonds, divided as follows:
office.
of
DISTRICT
$1,000 July 1, 1939; $1,000 Jan. 1 and $1,500 July 1, 1940; $1,500 Jan. 1
and July 1, 1941, and $1,500 Jan. 1, 1942.
Principal and interest (J. & J.)
payable at the County Treasurer's office.
The approving opinion of Teal,
Winfree, McCulloch, Shuler & Kelley of Portland will be furnished the
successful bidder.
composed of Stranahan,
Co. and
total of
$593,000 indebtedness liquidating bonds.
Denom. $1,000.
Due April 1
as follows:
$65,000 in 1940 and $66,000 from 1941 to 1948, incl.
Principal and interest (A. & O.) payable at the City Treasurer's
P TOLEDO,
SCHOOL
Hillsboro), Ore.—BOND OFFERING—Alice Wilcox, District Clerk, will
8 p. m. on June 20 for the purchase of $8,000 3%
school
bonds.
Dated July X, 1938.
Denom. $500.
Due as follows;
receive sealed bids until
Harris & Co., Inc., Braun, Bosworth & Co., Ryan, Sutherland &
Prudden & Co., all of Toledo, purchased privately on May 26 a
$699,222 3k%
HIGH SCHOOL DISTRICT NO. 2
(P. O. Pilot Rock) Ore.—BOND SALE—The $9,000 issue of school bonds
146, p. 3555—was awarded to the United
States National Bank of Portland, according to the District Clerk.
Dated
June 1, 1938. Due $1,000 from June 1, 1939 to 1947 incl.
offered for sale on June 2—V.
■
.
Ohio—BONDS SOLD—A
(P. O. Grant®
the successful bidder.
TOLEDO, Ohio—REDUCES BONDED DEBT—City's net bonded deb*
$23,053,317 from a high point of $31,"
100,211 in 1929, it was reported by the sinking fund in its annual report.
Average interest rate now is 4.139%.
Last year the city paid $2,821,818
in principal and interest on its debt.
Only $599,633 of new bonds were
TOLEDO,
DISTRICT NO. 27
Ore—BOND OFFERING—Elmer Whittaker, District Clerk, will
June 18 for the purchase of $7,500 4%
coupon building bonds.
Dated July 15, 1938.
Denom. $500. Due as
follows: $500 July 15, 1939; $1,000 Jan. 15 and $500 July 15 from 1940 to
1943 incl.; $1,000 Jan. 15, 1944. Principal and interest (J. & J. 15) payable
at the County Treasurer's office or at the fiscal agent of the State of Oregon
in New York City.
Bonds will be registerable as to principal only and bids
must be for at least par and accrued interest.
A certified check for $735,
payable to the order of the District, must accompany each proposal.
The
opinion of Orval J. Millard, District Attorney for Josephine County, that
the bonds are binding and legal obligations of the district will be furnished
Pass),
at the close of 1937 was reduced to
issued.
submitted by E.
receive sealed bids until 2 p. m. on
WASHINGTON
MONROEVILLE, Ohio—BONDS SOLD—An issue of $15,000 water
plant bonds has been sold to the State Teachers' Retirement System.
PARMA
as
Ore.—
sale on
146, p. 3387—was awarded to the Baker, Fordyce Co. of
4s, at a price of 100.12, a basis of about 3.98%.
Dated June
1, 1938.
*
.
Act of the 1937 Legislature, the State will offer 2% anticipa¬
and the first offering will be of
was
12,780.00
Bankers
an
tion notes to redeem outstanding warrants,
deficit
2k %
Clark & Co.
$5,700,000 the total of outstanding 4% warrants.
warrants.
the Oklahoma Supreme Court
$5,000,000
Smith, Barney & Co.; Northern Trust Co
2k %
Brown, Harriman & Co., Inc.; Kelley, Richardson & Co.;
Hayden, Miller & Co
2k%
Halsey-Stuart & Co., Inc.; Bancamerica Blair Corp.;
Otis & Co., Morse Bros
__.2k%
F. S. Moseley & Co.; Goldman, Sachs & Co.; Charles
„
involving
18,299.40
_
REDEMPTION REPORT—A
The April call was for a total of $5,000,000
Conditioned on a favorable opinion by
18,714.00
Lehman Bros.; Stone & Webster and Blodget, Inc.; Fox.
Einhorn & Co
2 k' %
of— WARRANT
State
is said to have reduced to
18,840.00
--2k%
A. C. Allyn & Co
t
OKLAHOMA,
total of $2,500,000 general revenue warrants were redeemed on May 16 on
a call by C. C. Childers, State Auditor, according to report.
This payment
Financial Statement
(Officially reported as of April
Assessed valuation, all taxable property,
including this issue..
Less sinking funds.
^
Net bonded debt
30, 1938)
$2.,577,543,6b0
1937
Total bonded debt,
-
---------
17.478,275
93,791,725
S. Census—1,374,410
Total bonded debt as shown in tne above financial statement is exclusive
of unfunded debt.
It is also exclusive of the debt of any other political
division having the power to levy taxes within the County.
Population—1930 U.
Financial
3846
.
MENT—The following is given in connection with the
Per Cent Collected
.
1937
End Fiscal Year
Levy
$17,593,701
19,289,576
20,253,806
SCHOOL
BRACKENRIDGE
81.43
83.81
89.01
DISTRICT,
$6,000,000 not to exceed 4%
p 3388:
To Dec. 31,1937
90.33
89.45
89.01
Pa .—BOND
Financial Statement
SALE— The
Philadelphia
$77,665,291.67
Less bonds and
District
TOWNSHIP
(P.
O.
Natrona),
Pa .—BOND
SALE—
The issue of $95,000 coupon bonds offered June 3—V. 146, p. 35o5—was
awarded to M. M. Freeman & Co. of Philadelphia, as 2*4s, at a price of
basis of about 2.63%.
Dated June 1, 1938 and due June 1 as
$10,000, 1942; $20,000, 1947; $5,000, 1949; $5,000, 1950; $5,000,
1952; $10,000, 1954; $20,000, 1955; $10,000 in 1956 and 1957.
a
follows:
LIGONIER TOWNSHIP (P. O. Ligonler), Pa .—BOND OFFERING—
O. E. Jonhson, Secretary of the Board of
Sjpervisors, will receive sealed
bids at the office of
Gregg & Copeland, First National Bank Bldg., Greens-
(Eastern Standard Time)
June 15 for the purchase of
$30,000 township bonds.,
Dated June 15, 1938.
Denom. $1,000.
Due
$5,000 on Dec. 15 in 1940, 1942, 1944, 1946, 1948 and 1950.
Bidder to
name the rate of interest, expressed in
multiples of *4 of 1%. Interest
payable semi-annually. A certified check for $1,000, payable to the order
of the Township Treasurer, must accompany each proposal. The
approving
opinion of Burgwin, Scully & Churchill of Pittsburgh will be furnished the
p. m.
on
successful bidder.
NORTHAMPTON COUNTY (P. O. Easton), Pa.—BOND OFFERING
—Sealed bids addressed to A. 8. Kichiine, County Controller, will be
received until 10a.m. (Eastern Standard Time) on June 14 for the purchase
or $200,000 2%
coupon, registerable as to principal only, refunding bonds.
Dated June 15, 1938. Denom. $1,000. Due June 15, as follows:
$10,000,
1950; $20,000, 1951; $30,000, 1952; $40,000, 1953, and $50,000 in 195^ and
1955.
Callable at county's option at par and accrued interest on
any
interest paying date.
Interest payable J. & D. 15, without deduction for
any tax or taxes except succession or inheritance taxes, now or hereafter
levied or assessed thereon under any present or future law of the Common¬
wealth of Pennsylvania, all of which taxes the
county assumes and agrees
to
pay. Bonds will not be sold at less than parr ana accrued interest. A
check for 2% of the issue bid for, payable to the order of the
County Treasurer, must accompany each proposal. The1 bonds are issued
subject to the favorable opinion of Townsend, Elliott & Munson of Phila¬
delphia.
certified
Financial Statement As of June 1, 1938 (After Giving
Effect to the Proposed
Financing)
Less,ndS autborizeti by vote of electors
$4,232,140.00
Sinking fund—Cash and County of Northampton electoral bonds
--$597,136.80
Revenue applicable within one year
114,306.07
Total deductions
Appropriations to sinking funds, July 1
to Dec. 31,1938
1
Income on investments of sinking funds,
June 3 to Dec. 31. 1938
711,442.87
Sinking fund—Cash & Co. of
Northampton non-electoral
bonds.
$1,160,904.84
Rev. applic. within one year
94,499.93
-
&
*75%
of
"certainly
the
bal.
-
of amt.
$529,196.13
v
budget
*
-aiWP---
$416,215.10
Note—This includes delinquent taxes in an amount sufficient together
with the cash
deposited in
312,161.33
194308
pledged to secure the payment of the principal, interest and State taxes
in connection with said loan.
In additions to bonds of School District of Philadelphia, the sinking funds
hold $15,000 of United States savings bonds.
Although these are a proper
investment, they are not a legal deduction in computing the School Dis¬
trict's net legal debt.
Limit of indebtedness:
Assessed valuation of real estate
1938)
$6,285,991.03
8,778,418.51
7% equals
_$12,289,785.91
including electoral bonds authorized, but not issued_
Comparison of Property Tax Levies and Collections
-
T
,
v
Collected to End
of Year of Levy
Amount
All prior years—
in§l
*9
1Q36
14
1037
i4
1988
1938
12*5 mills
Silfe
S
LSS
Amount
<£73
t„i* W«des MS real ®8tate and
no collections
occupation tax.
made to June 1,1938.
Property Valuation
years
has been as follows:
ni°
^«hbcX
x
%
074.54
55*.137.86
.
35.993.42
4.35
4.05
155,183.09
9.46
209,807.22
12.92
1,425,084.76 100.00
Tax Data
1, 1938, are payable on
Interest is due and
payable upon delinquent taxes at the rate of *5 of 1% a month until the
delinquent taxes are paid.
A percentage of the taxes remaining uncollected at the close of the current
year, based upon past experience, is included in the following year's budget
receipts.
School District of Philadelpnia files its own tax liens against
real estate.
Liens are filed within
three years after taxes become de¬
which begins Jan.
Jan. 1, 1938, and become delinquent on Jan. 1, 1939.
linquent.
Tax Collection
Report
beginning Jan. 1)
1936
1937
Total real estate taxes
$26,857,039.94 $25,398,203.23 $24,398,926.22
Uncollected, end of fiscal yr.
4,064,910.58
3,301,538.53
2.580,001.83
Uncollected as of Jan. 1,1937
2,037,344.10
3,301,538.53
Uncollected as of Jan. 1,1938
1,417,865.01
1,944,592.14
2,580,001.83
(Fiscal
year
1935
Total
real
estate
$43,912,859.94;
tax
school,
for
current
of 1938 is composed of: City,
year
$23,893,762.02.
Tax
Title Liens, Tax Limits, Ac.
Total of uncollected taxes for 1934 and prior years as of Jan. 1, 1938
(liens have been filed and are owned by School District of Philadelphia for
these taxes), $5,725,938.56.
By recent decision of the Supreme Court, the tax rate is limited for the
34 mills on the last assessed valuation of real estate
years 1938 and 1939 to 9
assessed for taxable purposes in the School District of Philadelphia.
limit of 934 mills applies to all expenditures, including debt service.
This
The
actual require¬
ments to provide a margin against delinquencies.
The Board of Public
Education anticipates that it will collect approximately 92% of its tax levy
School District of Philadelphia levies a tax in excess of its
for the year 1938 during the current year.
Population—City of Philadelphia
—Increase over Preceding
1,549.008
Funded
Debt
Maturing
Census—
Per Cent
7.0%
17.7%
19.7%
Number
127,182
274,771
255,311
Population
1,950,961
1,823,779
1920
During
Next
Four
Gross Debt
Years
Bonds Held in
Issued by
Sinking Funds
June 3, 1938
$598,000
909,000
1,009,100
1,292,700
School District
$4,000,000
5,400,000
5,501,000
5,850,000
$20,751,000
$3,808,800
Net
Amount
Outstanding
$3,402,000
4,491,000
4,491,900
4,557,300
$16,942,200
Pa.—BOND SALE—The $23,000 coupon refunding
Chandler & Co.
Philadelphia as 2s, at a price of 100.259, a basis of about 1.96.
Due
as follows:
$2,000 from 1939 to 1949, incl., and $1,000 in 1950.
Halsey,
Stuart & Co., Inc., second high bidder, offered 100.065 for 2s.
WAMPUM, Pa.-—BOND OFFERING—E. T. Algier, Borough Secretary,
the purchase of $30,000
1938.
Denom. $1,000.
Due $1,000 each year from 1940 to 1969, incl.; callable after 10 years.
Principal and interest (J. & J.) payable in Wampum.
Approving opinion
of Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
Issue was approved at the May 17 primary election.
WEST FIN LEY TOWNSHIP SCHOOL DISTRICT (P. O. Claysville,
R. D. 1), Pa.—BOND OFFERING—N. Ross Sprouls, District Secretary,
will receive sealed bids uhtil 10 a. m. on June 13 for the purchase of $10,750
3% funding bonds.
One bond for $750, others $1,000 each.
Due June 1
as follows: $750 in
1941, and $1,000 from 1942 to 1951 incl. Interest payable
J. & D.
Issue was approved by the Pennsylvania Department of Internal
Affairs on May 18.
WILLIAMSPORT, Pa .—BOND CALL—Eugene A. Shaffer, Qirector'of
Department of Accounts and Finance, announces the call for redemption of
bonds
100.13.
Dated June
1, 1938 and due
nri^?aw L«a]PproIe^ by Reed- Smith, Shaw & McClay of
one of the other bidders, offered to
I^y^OI) 03 fo?0 50s ar^man & Co.,
as
On June
Discount period to
a*—NOTE SALE—The issue of $425,000 promissory
awarded to the Chemical Bank & Trust Co., New
a price of
only) for the past two
1937, $2,637,721,753; 1938, $2,583,109,408.
Taxes for the current year,
_
«r\
v™*
York City, as n
0.50s, at
$16,640,533.74
Remaining borrowing capacity June 3, 1938
Assessed valuation of taxable property (real estate
•
$200,000.00
Uncollected
June 1,1938
%
*#1-267,155.02 *$916,344j62 *72.32
i
Ifn'Si'?! i"1$I'§75-89 72'82
J'SoS'SS-iS J-305,663.58 79.59
1-623.920.62 1,324,630.46 81.57
1,425,084.76
x
x
July 20,
$51,662,188.16
35,021,654.42
val.)—
will receive sealed bids until 8 p. m. on July 5 for
coupon sewer construction bonds.
Dated July 1,
-——$3,511,367.40
T0tal
$2,583,109,408.00
Authorized limitation of debt (2% of assessed
Net legal indebtedness June 3, 1938
bonds offered June 7—V. 146, p. 3701—were awarded to
$175,568,370.18
5% S ®
equals
rr„„
only (as of Feb. 4,
-
of
---$2,765,293.90
Total net indebtedness
£%£>
sinking fund to pay the outstand¬
SOUDERTON,
1,567,566.10
Total net indebtedness authorized
by Commissioners
Vonr
an emergency
ing principal and the interest an State taxes to become due on the loan of
$8,350,000 borrowed under the provisions of the Act of May 18, 1933,
P. L. 813 (Mansfield Act), under which certain delinquent taxes were
Philadelphia 4% bonds due July 1, 1938, and $500,000 City of Philadelphia
4% bonds due July 1, 1940.
School District of Philadelphia has paid to
the City of Philadelphia a total of $2,819,389.05 toward the extinguishment
of the $3,000,000 assumed debt.
*
Total deductions.
filiation, 1938
$35,021,654.42
was
Bal. outstand. not
Not
8,003,322.55
In addition to the above the following debt of the City of Philadelphia
assumed by the School District on Jan. 1, 1912: $2,500,000 City of
112,981.03
75% equals.—,.
478,022.01
promptly
9,396.337.36
Totals
approp. in 1938
*
and
legal indebtedness June 3,1938
Net
Year—
lienable
taxes
Less
._
$44,417,991.78
$914,992.80
—
1910
Liens
2,834,410.84
,33,247,299.89
Census
Net indebtedness authorized
by vote of electors
:
$3,520,697.13
Bonds authorized by County
Commissioners---$4,332,860.00
27,593,500.00
Debt, less bonds and cash held in sinking funds
Less other deductions permitted by law:
1930
T
—
collectible" delinquent taxes—.
measure.
burg, until 2
sinking funds.
Cash in School District sinking funds
105.58.
HARRISON
cash.in sinking funds:
District's proportion of City of
Philadelphia sinking funds applicable
to funded debt assumed by Sch. Dist_. $2,819,389.05
Bonds of School District held by School
School
6—V.
NEW OFFERING DATE—Borough Solicitor William J. Kearney has
since announced that the offering date has been changed to June 21.
101.39,
$77,661,000.00
4,291.67
indebtedness
Floating debt—Irredeemable ground rents.
Pa.—BOND
DUNMORE, Pa.—ANNEXATION GROUP OPPOSES BOND ISSUE—
According to Scranton press advices, the majority of the 1,173 taxpayers
who signed the Dunmore annexation to Scranton petitions are opposed to
theproposed issue of $480,000 bonds, bids on which wijltbe received June 14
—VT 146, p. 3701.
Purpose of the loan is to fund outstanding Judgments
and a special tax levy of 12 mills for five years to service the issue was'ordered
in a decree promulgated by Judge Will Leach, according to report.
In
the opinion of borough officials, the special levy may be reduced to possibly
8 mills.
Although voters rejected the bond issue at the lastfelection, it
was subsequently ascertained
by Solicitor William J. Kearney that a
Supreme Court decision permits boroughs to issue bonds fori any outstand¬
ing judgments "on the strength that judgments must be paid regardless
of a community's financial standing."
The taxpayers'! group previously
referred to has entered a general protest against the projected financing
and is expected to consider the adoption of a specific program to combat
the
74,661,000.00
-
Total bonded
SALE—The $12,000 4% storm sewer bonds
146, p. 3231—were awarded to Moore, Leonard &
Lynch of New York City, at par plus a premium of $753.72, equal to
106.281, a basis of about 3.02%.
Dated May 16, 1938 and due May 16,
as follows:
$1,000 from 1940 to 1947 incl. and $2,000 in 1948 and 1949.
Singer, Deane & Scribner of Pittsburgh was next high bidder with an
offer of
$3,000,000.00
School debt created by School District of
SCHOOL DISTRICT (P. O. Ebensburg),
Pa .—BOND OFFERING—John
P. Bloom, Secretary of the Board of
Education, will receive sealed bids until 7 p. m. on June 20 for the purchase
of $36,000 4% refunding and improvement bonds.
Dated June 1, 1938.
Denom. $1,000. Due June 1 as follows: $1,000, 1941; $2,000,1942; $1,000,
1943; $2,000, 1944 and 1945; $1,000, 1946; $2,000, 1947; $1,000, 1948;
$2,000. 1949 and 1950; $1,000 from 1951 to 1953 incl.; $2,000, 1954 and
1955; $1,000 from 1956 to 1958 incl. and $2,000 from 1959 to 1963 incl.
Interest bayable J. & D.
A certified check for $500, payable to theTorder
of the District Treasurer, must accompany each proposal.
Issue was
approved by the Pennsylvania Department of Internal Affairs on May 24.
June
,
School debt of City of Philadelphia as¬
sumed by School District Jan. 1,1912-
TOWNSHIP
CAMBRIA
CGRRY,
of June 3, 1938
as
Bonded indebtedness:
$40,000 coupon school bonds offered May 9—V. 146, p. 2899—were awarded
to Singer, Deane & Scriber, Pittsburgh, asF2J£s, at par plus a premium of
$253, equal to 100.632, a basis of about 3.37%.
Dated May 1, 1938 and
duo May 1 as follows: $5,000, 1940: $10,000, 1942
$5,000 in 1944/and
$10,000 in 1946 and 1947; optional on any interest date after May 1,1944.
offered
Pa.—FINANCIAL STATE¬
June 15 offering of
interest bonds, fully described in Y. 146,
PHILADELPHIA SCHOOL DISTRICT,
Taxes
Fiscal Year Ending
Dec. 31
1935
1936
June 11, 1938
Chronicle
_
,
On July
follows:
1—$75,000 4*4 % Impt. bonds, part of original issue of $100,000,
dated June 1, 1924 and due June 1, 1954.
$100,000 (original amount) 4% impt. bonds, dated June 1,
•
1928 and due June 1, 1958.
1—$10,100 4*4% impt. bonds, part of original issue of $35,000,
dated Jan. 1, 1919 and due Jan. 1, 1949.
$50,000 4*4% Impt. bonds, part of original issue of $60,000.
dated July 1, 1925 and due July 1, 1955.
$52,000 4*4% impt. bonds, part of original Issue of $60,000,
dated July 15, 1926 and due July 15, 1956.
Financial
146
Volume
RHODE
Budget for the State of North Carolina, and also technical adviser to
Louis.Douglas, former Director of the Budget for the United States.
ISLAND
CRANSTON, R. I.—NOTE SALE—The $100,000 revenue anticipation
June 8 were awarded to Chace, Wniteside & Co. of Boston
0.55% discount.
Dated June 15, 1938 and due June 8, 1939.
Other
notes offered
at
bids were:
Bidder—
Discount
,
0.579%
0.59%
0.625%
First National Bank of Boston
Stephen W. Tourteilot (plus $5 premium)
Second National Bank of Boston
CAROLINA
SOUTH
DORCHESTER COUNTY SCHOOL
3847
Chronicle
Population, 1930
St.
incl.
Jayment at par and Interest ceases on undercalled.of July 1.
accrued interest, date date
1939 and 1940.
,
Due on July
FRIENDSHIP, Tenn.—BONDS SOLD TO PWA—It is stated by the
Town Recorder that $3,000 4% semi-annual street improvement bonds
have been purchased at par by the Public Works Administration.
Chattanooga), Tenn.—BOND SALE—
The $188,000 issue of public works school, second series, bonds offered for
sale on June 9—V. 146. p. 3557—was awarded to Mackey, Dunn & Co. of
New York as 3.60s, paying a premium of $735.08, equal to 100.391, a basis
of about 3.57%.
Dated Jan. 1, 1938.
Due from Jan. 1, 1941 to 1978.
HAMI LTON COUNTY (P. O.
JACKSON, Tenn.—SEEK PWA GRANT, FOLLOWING REJECTION
rejection by the County Court of a pro¬
posed school bond issue of $125,000, steps are being taken by the City
Commission to obtain a Public Works Administration grant to match a
OF BONDS—Following the recent
local bond issue.
TENNESSEE, State of—BOND OFFERING—Sealed bids will be re¬
Gordon Browning, for the
$2,468,000, divided as follows:
ceived until 10 a. m. on June 13, by Governor
purchase of three issues of bonds aggregating
$1,500,000 State Institutional bonds.
Due on Dec. 1 as follows:
in 1948, and $1,099,000 in 1949.
750,000 refunding bonds.
Due on Dec. 1, 1949.
218,000 county reimbursement bonds.
Due on Dec. 1, 1949.
Denom. $1,000.
Dated June 1, 1938.
$401,000
11993445206870
...$14,706,500
15,945,000
46,309,000
9,172,000
Funding bonds.
Highway bonds
Bridge bonds
980,000
2,450,000
1,199,000
University of Tennessee bonds
Smoky Mountain Park bonds
Total outstanding bonds secured by sinking
Consolidated bonds
;
$90,761,500
fund retire, ctfs
13,665,000
$104,426,500
Tennessee Debt Reorganization
Sinking Fund Board and in
which is applicable to the
Since July 1, 1937, $741,000 of bonds
have been cancelled and $3,766,000of bonds maturing in 1939 have been
purchased into the Board of Liquidation.
Bond maturities during 1938
payment of principal and interest.
period are as follows:
9,400,000
December
1951
$667,000 $23,737,000 $24,404,000
,
Payments to be made from the Sinking Fund Board to the Board of
Liquidation for the payment of maturing bonds.
Assets on hand in the Board of
Liquidation to meet maturing
principal obligations
Transfers on July 1, 1938
Transfers on Aug. 1, 1938Transfers on Oct. 1, 1938
Transfers on Dec. 1, 1938
Transfers on Feb. 1, 1939
Transfers on July 1, 1939Transfers on Aug. 1, 1939Transfers
on
Transfers on
$14,130,000
2,097,000
-
250,000
50,000
2,500,000
70,000
2,366,000
250,000
50,000
2,641,000
-
-
Oct. 1, 1939
Dec. 1, 1939
—
$24,404,000
Total-
$2,097,000 will be transferred to the
This amount is now on hand in the Sinking Fund
It will be noted that on July 1, 1938,
Board of Liquidation.
Board awaiting transfer.
As of Dec. 31, 1938, there
will be on hand in the Board of Liquidation
818,430,000 to apply against bonds due in 1939. As will be noted above,
$13,601,000 matures in January and February of 1939, leaving $4,829,000
to apply against the December maturity.
For the payment of all principal and interest for this year, there is being
devoted to debt service purposes the monthly net proceeds of the bridge
tolls, averaging over $50,000 per month; $850,000 of the gasoline tax; and
the yearly payment of $307,500 from the tobacco tax.
This levy of some
$11,107,000 per year will be ample to take care of the maturing obligations
and payments as shown above, together with interest on all of the State's
outstanding indebtedness.
From July 1, 1938 to Dec. 2, 1939, the State will have liquidated $25,145,000 of its outstanding bonds.
Under the debt reorganization plan,
provision has also been made for the meeting of every future bond at
maturity from current revenues.
COUNfY (P.
contemplated.
Summary of the Condition of the General Fund
quarter, March 31,'38112,898,550
12,613,606
Expenditures out of appropriations
$284,944
3,896,450
Leaving a cash surplus of
There is expected to be collected during the 4th quarter
Making available for the 4th quarter
Maximum
Leaving
possible expenditines for the 4th quarter will be
a
free surplus at the end of the fiscal year
of the
.....
$4,181,394
4,070,106
$111,288
have been compiled by Mr. Henry Burke, Acting
Budget.
Mr. Burke has served as the Director of the
above figures
Director
O.
Erwin),
Tenn.—BOND TENDERS IN¬
Commissioner of Finance, that he
(Eastern Standard Time), on June 22,
of hignway refunding bonds, dated Aug. 1, 1935, due on Aug. 1, 1949.
The county will have available for the purchase of these bonds, a total
of $159,775.16.
These funds represent the balance due the county by the
State on account of highway reimbursements, and the payment thereof to
the county extinguishes the liability of the State to the county on account
of this series of bonds.
Funds applicable to this series will be applied to the
purchase of bonds tendered at the lowest price.
part of bonds so tendered and to reject any or
The right to accept any
all tenders is specifically
reserved.
On bonds
.
,
accepted, the county will pay accrued interest to June
this basis.
All tenders must
for a period of five days from June 22.
Immediate confirmation
made of accepted tenders, and payment therefor will be made after
tion and receipt of funds from the State.
Bonds tendered must
cribed accurately as to the designation and numbers.
and tenders must be submitted upon
1, 1938
be firm
will be
requisi¬
be des¬
TEXAS
ARANSAS PASS, Texas—BOND OFFERING—Sealed bids will be
ceived until 1 p. m. on June 11, by Frank W. Belken, City Secretary,
re¬
for
semi-ann. sea wall bonds.
Dated
1 in 1939 and 1940.
These bonds
are part of a $75,000 issue submitted to the voters for approval on June 6.
The remaining $25,000 will not be sold until after the 1939 assessed valua¬
tions of San Patricio County have been fixed and it is definately known
that there will be a sufficient surplus funds available from proceeds of the
1939 State ad valorem tax to pay same. The approving opinion of Chapman
the purchase of a $50,000 issue or 4%
June 15, 1938.
Due $25,000 on Sept.
&
Cutler
Chicago,
of
will
be furnished.
A
certified check for $1,000,
payable to Mayor J. B. Huff, must accompany the bid.
(These bonds were approved by the voters on June
.
6, by a count or
150 to 19.)
SPRING
SCHOOL DISTRICT (P. O. Big
DETAILS—It is reported by the Business
INDEPENDENT
Board or
1965 to 1967.
1957
York
Prin. and int. payable in New
and San Antonio.
BRAZORIA COUNTY ROAD DISTRICT NO. 29 (P. O. Angleton),
Texas—BONDS OFFERED TO PUBLIC—A $445,000 issue of 4%
bonds is being offered by Neuhaus & Co. of Huston, for general investment
Denom. $1,000.
Dated Aug. 15,1934. Dae on Aug. 15 as follows: $4,000
in 1938 and 1939; $5,000, 1940; $6,000, 194a; $5,000, 1942 and 1943;
$9,000, 1944; $13,000, 1945; $16,000, 1946; $17,000, 1947; $14,000,
$12,000, 194^ $4,000, 19.50; $7,000, 1951; $4,000, 1952; $35,000,
$38,000, 1954 and 1955; $40,000, 1956 to 1958;
1959, and
in 1960.
Prin. and int. (F. & A.) payable at the Central Hanover Bans: &
Trust Co., New York, or at the County Treasurer's office.
Legal approval
road
1948;
1953;
$44,000
^45,000,
& Moore of New York.
Texas—ADDITIONAL INFORMATION— It is
by Dillon, Vandewater
BURNET,
now re¬
bonds
noted
apprpved
Due over a 17-year
ported by the Town Attorney that the $25,000 5% semi-ann. sewer
contracted for purchase by the Brown-Crummer Co. of Wichita, as
here recently—V. 146, p. 3702—are dated June 1, 1938, and were
by the voters on May 30 by a count of 134 to 4.
period.
CHESTER, Texas—BONDS SOLD—It is stated by the
of Schools that $15,000 construction bonds approved by
December, have been purchased by the State of Texas.
EL PASO,
Superintendent
the voters last
Texas—WARRANTS SOLD—It is stated by G. R. Daniels,
the following warrants aggregating^100,000, have been
City Auditor, that
purchased jointly by Mahan, Dittmar & Co., and Dewar, Robertson &
Pancoast, both of San Antonio, jointly:
$86,000 airport, and $14,000
traffic signal system warrants.
TEXAS CITY, Texas—BOND OFFERING—It is reported that sealed
bids will be received by S. It. Halstead, City Secretary, until June 15, for
the purchase of a $45,000 issue of 5% semi-ann. sewer bonds. These bonds
were approved by the voters on April 5.
TYLER,
Y. 146, p.
Texas—BONDS VOTED—At the election
3557—the voters approved the issuance
and school auditorium
held on June 3—
of the $150,000 municipal
G. V. McNallie,
construction bonds, according to
VIRGINIA
31, the general fund of the State is in balance, and all indi¬
cations point to a continuation of this policy, not only for this fiscal year,
but for the next fiscal year as well.
No deficit funding of any nature is
Revenue collections to the end of the 3rd
3,680,000
3,030.000
2,600,000
2,110,000
1,710,000
1,640,000
1,430,000
1,240,000
1,050,000
City Clerk.
General Fund Budget
As of May
10,191,000
10,157,000
9,600,000
9,109,000
8,710,000
8,640,000
8,430,000
8,240,000
8,050,000
service requiremehts drop rapidly each year to
$25,000 or less from 1962 to 1967 when all the
VITED—It is stated by E. G. Robbins,
1963, and $4,000,
Total
debt
1956 and to
Approximate
Interest
Total
$4,920,000 $10,297,000
4,150,000
10,150,000
3,950,000
10,158,000
3,770,000
10,268,000
will receive sealed tenders until 3p.m.
BIG
70,000
13,601,000
Highway—January and February—
Note—After
■
,
Principal
$5,377,000
6,000,000
6,208,000
6,498,000
6,511,000
7,127,000
7,000,000
6,999,000
7,000,000
7,000,000
7,000,000
7,000,000
7,000,000
Year—
1945-
be converted
.
Manager that the $65,000 budding bonds purchased by the State
Education, as 4s at par, as noted here recently—V. 146, p. 3557—are
dated Nov. 15, 1937, and mature as follows: $500, 1938 to 1941; $1,000,
1942 to 1947; $2,000, 1948 to 1952; $2,500, 1953 to 1956 $3,000,
to
$666,000
Smoky Mt. Park
(Including all funded debt and also unfunded debt later to
into consolidated bonds.)
Spring), Texas—BOND SALE
1939
1938
$667,000
$112,555,325
Debt Service Requirements
UNICOI
As of May 31 there were assets, in the State
the Board of Liquidation, of $17,775,006.16
General fund
sinking fund assets for principal and interest
Total net indebtedness
$609,000 in
requested to stipulate the rate of interest the bonds are to
bear in multiples of M of 1 %.
The bonds 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 date of delivery.
As between bidders naming
the same rate of interest, the amount of premium bid will determine the
award.
Principal and interest payable at the fiscal agency of the State of
N. Y. City, or at the State Treasurer's office.
The bonds contain pro¬
visions for their registration as to principal alone or as to both principal and
interest.
All of said bonds are direct general obligations of the State for the
payment of which the full faith and credit of the State are pledged and as
additional security therefor there is also pledged the nnual net revenues of
all toll bridges now operated by the State or by any State agency, the first
$307,500 of the annual receipts of any tobacco tax heretofore or hereafter
levied until and including the fiscal year 1946-47, the annual proceeds of a
tax of 5 cents per gallon upon gasoline, the annual proceeds of all fees for
inspection of volatile substances provided for by Section 6821 of the Code
of Tennessee, one-half of the annual proceeds of motor vehicle registration
fees now or hereafter required to be paid to the State and the entire proceeds
of franchise taxes imposed by the Franchise Tax Law, being Chapter 100,
Public Acts of 1937, and all of said bonds are entitled to the benefit of the
proceeds of the foregoing taxes, fees and revenues and to share therein pro
rata with any other obligations of the State which are made a charge thereon
in accordance with the provisions of Chapter 165, Public Acts of Tennessee,
1937.
The approving opinion of Thomson, Wood & Hoffman, of New York,
will be furnished.
Enclose a certified check for 2% of the face amount of
the bonds bid for, payable to the State Treasurer.
Maturing Bonds—
$25,903,831
$130,330,331
17,775,006
Total gross indebtedness
Less
This
Financing
„
Funded Debt—
General bonds.
present indebtedness will mature.
Bidders are
and 1939 and the revenues for this
Assessed
31, 1938 Before Giving Effect to
Unfunded Debt—
Balance—County reimbursement debt
TENNESSEE
The
2,616,556; present estimate. 2,904,000.
Total funded debt
ELIZABETHTON, Ten
%1—LisOB—.nstated by B. O. TurLACDN
entine. Chairman of the Board of Water Commissioners, that 4M% water
revenue bonds, dated July 1, 1936, numbered 1 to 14, are being called for
.
census,
valuation 1937, $1,473,174,477.
Statement of Indebtedness as of May
Rural school bonds
DISTRICT NO. 18 (P. O.
George) S. C.—BOND SALE—The $16,000 issue of 4% semi-ann. school
bonds offered for sale on June 1, was awarded'to Johnson, Lane, Space &
Co. of Savannah, paying a premium of $443.20, equal to 102.76, a basis of
about 3.62%.
Dated July 1, 1938. Due $4,000 from July 1, 1945 to 1948,
Mr.
Financial Statement
ALEXANDRIA, Va.—BOND OFFERING— Sealed bids will be received
until noon on June 20, by Carl Budwesky, Acting City Manager, for the
purchase of a $500,000 issue of 3% coupon public improvement and fund¬
ing bonds.
Denom. $1,000.
Dated June 15, 1938.
Due on June 15 as
follows: $15,000, 1939 to 1948, and $14,000 from 1949 to 1973, all incl.
These bonds are part of an authorized issue of $700,000, the remaining
$200 000 of which shall be sold as and when authorized by the Council.
The bonds may be registered as to principal only.
Prin. and int. (J. & D.)
payable at the City Treasurer's office.
The purchaser will be furnished
with the opinion of Reed, Hoyt & Washburn of New York, that the bonds
are valid and binding obligations of the city.
A ceritfied check for 2% of
the face amount of the bonds bid for, payable to the city, is required.
NEWPORT
NEWS, Va .—BOND OFFERING—It is stated by A.
Clerk, that he will receive sealed bids until July 11, for
$98,000 issue of high school bonds.
Hamilton, City
purchase of a
M
the
3848
Financial
Chronicle
awarded to the bidder offering to take all of the bonds at not less than par,
whose bid provides the lowest total interest cost to the county.
Bidders
WASH INGTON
June 28.
eral obligations of tne
from 1940 to 1952.
Wash.— WATER
ANACORTES,
SYSTEM
BONDS
SIBLE DEFAULT—Writing in a recent issue of the
Niendorff,
Fred
FACING POS¬
Seattle "Post-Intel-
Financial Editor,
commented as follows on
the water revenue bond situation in the above city, on which we carried a
brief report in our issue of June 4—V. 146, p. 3702:
Faced with the possibility of default on $522,000 of outstanding water
revenue bonds and the necessity of extensive repairs to its system, the city
of Anacortes yesterday sought the aid of Seattle investment bankers.
It is proposing a service refunding issue, of similar amount, by which the
interest rate would be cut from 5% to 3%.
The likelihood of obtaining
bondholders' consent to the plan was discussed.
Briefly, the city contends that it will take $60,500 a year to service the
outstanding bonds over the next 12 years.
During the past 8 years only
$38,500 has been available, thus indicating a shortage of serviceing revenues
over the next 12 years of $22,000 annually.
Nor is that all the picture.
The city points out that nearly half its distribution system consists of
wooden mains that are from 35 to 40 years old, and that due to their age
they will have to be replaced within the next few years, thus entailing a
heavy expense to protect not only the water supply but the bondholders'
investment in the system.
It estimates that with prospective expenditures for repairs coming from
the water
revenues
the shortage in available bond servicing revenues will
be stepped up to $32,000 a year.
In a detailed statement on the emergency the city sums up its predica¬
(and it might be pointed out, that of the bondholders) in these words:
"The city recognizes a shortage is developing and is imminent, in their
water revenue bonds.
It desires to do every thing possible to correct this
situati n so as to meet its obligations equitably and to preserve its good
ment
name
required to designate denominations desired
on or before 1 p. m.,
These bonds are issued for the benefit of and are the direct gen¬
entire county.
They are payable out of irrepealable
unlimited ad valorem taxes, and are issued under authority of Chapter
Tne bonds may be registered
67.04 (1) (m), Wisconsin Statutes of 1937.
are
ARLINGTON, Wash.—110ND SALE— The $15,000 issue of coupon
street improvement bonds offered for sale on June 1—V. 146, p. 3390—
was awarded to the Arlington State Bank of Arlington, as 4s at par.
Due
lingencer",
revenue
adjustments
is
will
available to
not
not
produce
the
meet
necessary
revenue.
The
is proposing a refinancing program which will give the present
bondholders the opportunity of protecting their investment.
The pro¬
gram will allow the city, over a period of years, to gradually put its dis¬
tribution system back in repair and retire its refunding bonds more rapidly."
WEST
OF
SHEBOYGAN,
Wis.—BOND SALE—1The $250,000 issue of 2%%
semi-^nn.
General Sewer District bonds offered for sale on June 6
146, p. 3390—was awarded jointly to Smith, Barney & Co. of New
York, and the Illinois Co. of Chicago, at a price of 104.93, a basis of about
2.09%.
Dated March 15, 1938.
Due from March 15, 1944 to 1958.
coupon
—V.
Due Jan. 1,
COUNTY
VERNON
Road
(P.
O.
Viroquai,
Wis.—BOND
AND
NOTE
SALE—The bonds and notes aggregating $238,000 offered for sale on June 6
146, p. 3390—were awarded to the Milwaukee Co. of Milwaukee as
—V.
follows:
$98,000 highway improvement, series L, bonds
a basis of about
1.08%.
Dated May
as
1,
2s, at a price of 102.755,
1938.
Due on May 1,
1941.
140,000 2% corporate
purpose notes paying a premium of $1,405.00, equal
101.003, a basis of about 0.985% to maturity.
Dated July 15,
1938.
Due on July 15, 1939, callable on April 1. 1939.
to
Financial Statement
Assessed valuation (1937)
Total bonded indebtedness
$30,897,105
...
(including this issue)
All other indebtedness (temporary loans).
Tax Collection Record—Total tax levy,
_
365.54;
308,000
235,200
1935, $687,789.11; 1936, $743,May 1, $16,976.65; $27,176.81;
_
_
_
_
.
1937, $905,869.24.
Uncollected
$109,535.24.
*
Estimated population of Vernon County 28,700.
Vernon County has never defaulted on the payment of principal or interest
on any bond or note issue.
WINNECONNE,
VIRGINIA
Cutler
RUSK COUNTY (P. O. Ladysmith), Wis.—BOND OFFERING—It is
reported that sealed bids will be received until 11 a. m. on June 10, by the
County Clerk, for the purchase of a $94,000 issue of highway bonds.
$10,000.00
STATE
special
no
REEDSVILLE, Wis.—BOND SALE—The $25,000 issue of 4% semiann. sewer bonds offered for sale on June 2—V. 146. p. 3558—was awarded
.to the First Securities Co. of Manitowoc, paying a premium of $3,035,
equai to 112.14, a basis of about 2.83%.
Dated May 1, 1938.
Due from
Jan. 1. 1941 to 1958, incl.
The second highest oid Was an offer of $3,034 premium, submitted by the
Channer Securities Co. of Chicago.
Rate
distribution
years.
"The city
required with bids and
are
bidding forms are necessary.
The approving opinion of Chapman &
of Chicago will be furnished.
the increasing payments.
system will inevitably require extensive replacements during the next few
No deposits
principal only.
to
as
and credit.
"The
1938
11,
June
Wis.—BOND
OFFERING—Sealed
bids
will
be
re¬
ceived until 2 p. m. on June 24,
by Otto G. Ansorge, Village Clerk, for the
$20,000 3% semi-ann. general obligation intercepting sewers
and sewage disposal plant bonds.
Denom. $1,000.
Dated May 1, 1938.
Due on May 1 as follows:
$1,000, 1939 to 1956, and $2,000 in 1957. These
4i/2s
purchase of
1948-49 at 2.20-2.25% & int.
a
bonds will be sold for not less than par and accrued interest.
Legality
approved by the Attorney General.
A certified check for not less than 2%
of the par value of the bonds, payable to the Village Treasurer, must
a company bid.
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
3-9137
WYOMING
A. T. T. Tel. Rich. Va. 83
TETON
WEST
KANAWHA COUNTY,
VIRGINIA
W. Va.
(P. O. Charleston)—
BONDS UNDER CONSIDERATION—County is reported to be considering
the construction of a $600,000 courthouse to be financed by a bond issue
and
a
COUNTY
SCHOOL
45% Federal grant.
146, p. 3702—it is now reported that the bonds mature as folllows:
$1,000, 1941; $1,500, 1942 to 1945; $2,000, 1946 to 1954; $2,500, 1955 to
1958, and $2,000 in 1959, giving a basis of about 4.73%.
GLENDALE
(P. O. Kendall), Wis.—BOND OFFERING—Sealed bids
a. m., on June 18, by F. L.
Cueont, Town Clerk,
County Highway Commission, Sparta, Wis., for the
purchase of a $i2,000 issue of 3% nighway bonds.
Dated June a, 1938.
Due $4,000 from April 1, 1941 to 1943, incl.
Prin. and int. (A. & O.)
payable at the Farmers & Merchants Bank in Kendall.
Purchaser to bear
expense of legal opinion.
A certified check for 5% of the par value of the
bonds, payable to the Town Clerk, must accompany the bid.
will be received until 11
the office of the
KENOSHA, Wis.—BOND SALE—The $45,000 refunding school bonds,
comprising $35,000 series of 1932 and $10,000 series of 1930, offered on
June 6—V. 146, p. 3558—were awarded to John Nuveen & Co. of Chicago
as 3%s at par plus a premium of $287.50,
equal to 100.638, a basis of
about 3.18%.
Dated June 1, 1938 and due on June 1, 1948.
Other bids
were:
int. Rate
Bond, Judge & Co...—»-—
Premium
Brown Harriman &
Co., Inc
3.20%
3%%
360.00
Channer
Co
314%
342.00
Securities
McDougal & Condon, Inc
BONDS
OFFERED
$10.53
3%%
FOR
INVESTMENT—The
successful
46.37
bidder
Water bonds
$25,000
Net bonded debt
2,880,000
the debt of other political sub¬
on any or all property within the
city.
The City of Kenosha has no separate school or
park district or other
overlapping debt, except its proportion of Kenosha County debt, which we
estimate to be approximately $1,000,000.
These bonds, in the opinion of counsel, are full and direct
general obligations of the City of Kenosha, payable from unlimited ad valorem taxes
levied against all the taxable property therein.
MADISON Burke Sanitary District (P. O.
Madison), Wis.—BONDS
NOT SOLD—The $16,000 issue of 5%% semi-ann.
special sewer improve¬
ment bonds offered on May 17—V. 146,
p. 2738—was not sold as no bids
were received,
according to the District Secretary.
Dated June 1, 1938.
Due from 1939 to 1948, incl.
MAZOMANIE GRADED SCHOOL JOINT DISTRICT NO. 2
(P. O.
Mazomanie), Wis.—PRICE PAID—It is stated by Karl Schumann, Dis¬
trict Clerk, that the $7,500 3% coupon semi-ann.
refunding bonds purchased
by Harley, Hayden & Co. of Madison, as noted here recently—V.
146, p.
3702—were sold for a premium of $30.00, equal to 100.40, a basis of about
Due $500 from 1939 to 1953 incl.
MAZOMANIE
UNION
FREE
HIGH
Mazomanie), Wis.—PRICE PAID—We
SCHOOL
are now
DISTRICT
(P.
O.
informed that the $7,500
3% coupon semi-ann. refunding bonds purchased on May 27 by Harley,
Hayden & Co. of Madison, as noted here—V. 146, p. 3702—were sold at a
price of 101.00, a basis of about 2.85%.
Due $500 from 1939 to 1953 incl.
MILWAUKEE
COUNTY
(P. O.
Milwaukee), Wis.—BOND OFFER¬
ING—Sealed bids will be received until 10 a. m. (Central Standard
Tme)
June 27 by C. M. Sommers,
County Treasurer, for the purchase of a
$3,000,000 issue of coupon relief bonds.
Interest rate is not to exceed 3%,
payable J. & J.
Dated July 1, 1938.
Denom. $1,000 or such multiples
thereof as are desired by the successful bidder.
Due July 1, 1939.
The
county reserves the right to call and redeem all the bonds of this issue on or
on
a^,1aiiy time subsequent to March 1, 1939, at par and accrued interest to
call date, upon 15 days' notice.
Principal and interest payable at the
option of the holder at tne office of the fiscal agent in N. x.
City or at the
County Treasurer's office.
The purchaser must pay accrued interest to
the date of delivery.
Rate of interest must be in multiples of % or l-10th
of 1%, and must be the same for all of
the bonds.
The bonds will be
J.
Woodman,
considerable period
others
of time payment of interest on such loans, also all
presently outstanding, has been offered by the government at 50%
It is not known
of the contract rate.
agreed to surrender
coupons
that
on
as
to the extent that
holders have
basis.
ASHFIELD TOWNSHIP, Ont.—BOND SALE—The Midland Securi¬
ties Corp. of London, Ont., purchased $42,000 4% bonds due in 10 years.
CANADA (Dominion of)—MEASURE FOR LOANS TO MUNICIPALI¬
TIES RECEIVES SECOND READING— Under the provisions of a bill
sponsored by Charles Dunning, Minister of Finance, a fund of $30,000,000
is established to be used in paying the cost of improving or constructing
new
self-liquidating projects by municipalities throughout the country.
The measure received second reading on June 2.
Local units desirous of
participating in the program will be required to obtain approval of projects
by the respective Provincial Governments, with the latter guaranteeing
repayment of loans made by the Dominion.
The money will be available
to borrowers at 2% interest, payable over a long period of time.
Purpose
of the project is to provide work for the unemployed in the various com¬
munities.
ELMIRA,
Ont—BOND OFFERING—I.
receive sealed bids until
noon on
C.
Ernst,
Town Clerk, will
$83,000 3%%
June 13, for the purchase of
high school bonds, due serially in 30 years.
KINGSTON,
basis of about
E. Ames & Co. of Montreal
public school bonds at a price of 103.28,
Other bids:
Ont .—BOND SALE—A.
obtained award of $43,600 3%%
a
Population, 1930 Census, 50,240.
2.95%.
Jackson)
re-
subscription priced to yield 3.00%.
Financial Statement (As Furnished by Director
of Finance, May 23, 1938)
Actual value, taxable property
$88,249,625
Assessed valuation, 1937
70,599,700
Totai bonded debt, including this issue
2,905,000
divisions having power to levy taxes
O.
(Province
of)—JUNE 1
MATURITY DEFAULTED—
Secretary of the Provincial Treasurer's Department,
stated on June 6 that the government had defaulted on $2,000,000 4%
bonds which matured June 1,
1938.
They were issued June 1, 1908,
to finance purchase of the Bell Telephone System in Alberta.
The Province
had previously defaulted on three occasions the amounts and maturity
dates, according to report, being as follows: $2,846,000 April 1, 1936;
$1,109,000 Nov. 1, 1936. and $1,650,000 June 1, 1937.
Moreover, for a
S.
offered the above bonds for public
The above statement does not include
(P.
ALBERTA
with
V.
Bidder—
1
CANADA
Wis.—MATURITY— In connection
the sale of
the $37,000 water works mortgage bonds to the Channer Securities Co. of
Chicago as 4s, at a price of 93.00, noted in these columns recently—
at
NO.
OFFERING—It is stated by Effie Henrie, Clerk of the
Board of District Trustees, that the Board will sell at public auction on
July 1, at 4 p. m., a $15,000 issue of 4% school bonds.
Denom. $1,500.
Dated July 1, 1938.
Due $1,500 from July 1, 1943 to 1952 incl. Interest
payable on Jan. 1 in each year. No bid for less than par will be considered.
A certified check for 5% of the amount bid is required.
WISCONSIN
BUTTERNUT,
DISTRICT
Wyo.—BOND
3.125%.
Bidder—.
Due serially in 20 years.
Bidder—
Rate Bid
R. A. Daly & Co
Wood, Gundy & Co
R. H. Chambers & Co
Bell, Gouinlock & Co
Rate Bid
.102.317
103.14 J. L. Graham & Co
103.02 McLeod, Young, Weir & Co. 102.10
102.68 Gairdner & Co.
101.879
102.55 Hanson Bros., Inc
101.69
PORT ARTHUR, Ont.—OTHER BIDS—The following is a list of the
other bids submitted for the $45,000 4%
Fry & Co. of Toronto, at 102.31,
—V. 146, p. 3702:
The
following is
a
a
improvement bonds awarded to
basis of abojt 3.66%, as reported in
list of unsuccessful bids:
Bidder—
Bidder—
Rate Bid
Harris, Ramsay & Co
..102.17
Bell, Gouinlock & Co
101.91
McLeod, Young, Weir & Co. 101.80
Dominion Securities Corp
101.617
Laurence, Smith & Co
101.61
Harrison &
Co
101.04
—101.03
Mills, Spence & Co.
Jas. Richardson & Sons
100.62
100.55
Cochrane, Murray & Co
100%
101.526 Wood, Gundy & Co.99.53
Midland Securities.
R. A.
Rate Bid
Bartlett, Cayley & Co
Daly & Co.
Fairclough & Co
Dyment, Anderson & Co
A
Option
101.19
A. E. Ames & Co.
101.22
Craig Frank L
101.15
McGillis,
99.50
99.25
at
$101.51
ST. JEROME, Que.—BOND OFFERING—Emile Martin, City Clerk;
will receive sealed bids until 4
p. m. on June 13, for the purchase of $25,000
3%% improvement bonds, due serially in 20 years. Payable at St. Jerome
and Montreal.
STOUFVILLE,
Ont.—BONDS
SOLD—Local investors purchased
due in 15 years.
an
issue of $15,000 3% improvement bonds,
YARMOUTH, N. S.—BOND SALE—The Bank of Nova Scotia
was
awarded
the
an issue of $50,000
10-year bonds, paying a price of 100.51 for
obligations to bear interest at 3% for the first five years and 3%%
the next five years.
Other bids were:
over
Bidder—
Rate Bid
Bidder—
Bank of Montreal
100.29 Wood,
Gundy &
Co.
Cornell, Macgillivray, Ltd
100.11
Eastern Securities Co
A. E. Ames &
Co., Ltd. and
Johnston & Ward
T. M. Bell & Co...
Irving, Brennan
&
Co
99.80
Eastern Trust Co
Rate Bid
and
99.579
99,086
.'...101.00
99.661
YARMOUTH COUNTY, N. S.—BOND SALE—An issue of $30,000
4% bonds was sold toTrving, Brennan & Co. of Saint John.
@FedFRASER